Cooperative Credit Agreement
1. Introduction
This Cooperative Credit Agreement ("Agreement") is entered into as of August 9, 2065, by and between TechEssa, with its principal place of business at San Bernardino, CA 92401, and ForBiz, with its principal place of business at Irving, TX 75038. Each party may be referred to individually as a "Party" and collectively as the "Parties".
2. Purpose
The purpose of this Agreement is to establish the terms and conditions under which the Parties will cooperate in extending credit facilities to each other to promote mutual economic benefit and growth.
3. Definitions
For the purposes of this Agreement, the following terms shall have the meanings set forth below:
3.1 "Credit Facility"
Refers to the borrowing arrangement agreed upon by the Parties under this Agreement.
3.2 "Contribution"
Refers to the funding or resources provided by one Party to the other under the terms agreed herein.
4. Credit Facility
The Parties agree to provide mutual credit facilities under the following terms:
Credit Limit: Each Party agrees to extend credit to the other not exceeding $200,000.
Interest Rate: The interest rate applicable to each credit facility shall be 15%.
Repayment Terms: The borrowed funds shall be repayable within [Repayment Term] from the date of borrowing, subject to periodic review.
5. Obligations of the Parties
Each Party shall be responsible for:
Adhering to the terms and conditions set forth in this Agreement.
Cooperating fully to ensure the effective administration and oversight of the credit facilities.
Providing all necessary documentation and information required under this Agreement.
6. Confidentiality
Both Parties agree to maintain the confidentiality of all information exchanged under this Agreement, except where disclosure is required by law.
7. Term and Termination
This Agreement shall commence on the date first above written and continue in effect until November 6, 2088, unless terminated earlier by either Party by giving 15 days written notice to the other Party.
8. Dispute Resolution
In the event of any dispute arising out of or in connection with this Agreement, the Parties agree to attempt resolution through mutual discussion. If no resolution is achieved, the dispute shall be settled by [Arbitration/Mediation] in accordance with the rules of [Arbitration/Mediation Body].
9. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of [Jurisdiction].
10. Signatures
IN WITNESS WHEREOF, the Parties hereto have executed this Cooperative Credit Agreement as of the date first above written.
Party A:
Party B:
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