Revolving Credit Agreement
1. Purpose
The purpose of this Revolving Credit Agreement is to establish the terms and conditions under which the Lender will provide the Borrower with a revolving line of credit. This credit facility is intended to provide the Borrower with working capital and to facilitate ongoing business operations.
2. Definitions
2.1 Borrower
The Borrower is the entity described in Schedule A, which forms an integral part of this Agreement.
2.2 Lender
The Lender is the entity described in Schedule B, which forms an integral part of this Agreement.
2.3 Credit Limit
The maximum amount available to the Borrower under this facility, as detailed in Section 3 of this Agreement.
3. Credit Limit
The Lender agrees to make available to the Borrower a revolving line of credit not to exceed the sum of ninety thousand dollars ($90,000). The Borrower may, from time to time, borrow, repay, and reborrow up to this limit subject to the terms and conditions herein.
4. Interest Rate and Payment
The outstanding principal balance of the revolving credit shall accrue interest at a rate of 12% per annum. Interest shall be calculated on a daily basis and payable monthly in arrears on the last business day of each month.
5. Term
This Agreement shall commence on January 8, 2065 (start date) and shall continue in full force and effect until January 9, 2070 (end date), unless terminated earlier pursuant to Section 7.
6. Representations and Warranties
The Borrower represents and warrants that all financial information provided to the Lender is accurate and complete. Furthermore, the Borrower affirms that it has the authority to enter into this Agreement and perform its obligations hereunder.
7. Termination
The Lender may terminate this Agreement and demand repayment of all outstanding amounts upon the occurrence of any of the following events: (a) the Borrower's insolvency, (b) a material breach of this Agreement by the Borrower, or (c) the Borrower's default in payment obligations.
8. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of [State].
9. Signatures
This Agreement is duly executed by the authorized representatives of the parties as of the date first above written.
Party A:
Party B:
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