You want to buy goods – on credit. You first need a revolving credit from the seller. Or maybe you`re selling items and are willing to lend to trustworthy buyers. You must get the promise in writing. A revolving credit agreement sets out the terms of the credit. INTEREST & CAPITAL: The unpaid capital of this line of credit bears simple interest up to ____ % (____%) per year. Interest shall be calculated on the basis of the balance of the principal which may be adjusted from time to time to reflect additional advances under this Agreement. Interest on the unpaid balance of the loan is monthly, but is not due and payable until the principal balance of the loan is due and payable. The main balance of this note is due and payable to ____ There is no penalty for the early repayment of all or part of the capital. Not all credits require piles of paperwork. A revolving credit agreement is quite simple and often only exists between a single seller or store and a customer.
Maybe the customer regularly makes big purchases. Or maybe the customer owns a small business, but their check writing process takes a few days. If you are the seller, you can still benefit from a credit agreement. You may have just secured a client with significant expenses for life. What if they don`t pay by the hour? You can arrange a late penalty or interest with a revolving line of credit. A revolving line of credit can help make business a little easier for both buyers and sellers. Other names in this document: Revolving Line of Credit Agreement DEFAULT: The borrower is late in this note if any of the following events occur: (i) The borrower does not undertake to make the principal or interest payments required in accordance with this contract. (ii) the borrower is dissolved or wound up; (iii) the borrower must make an assignment to creditors or may not be able to admit in writing that it is unable to repay its debts when due; (iv) The borrower must bring a matter, proceeding or other action under an existing or future law of jurisdiction concerning bankruptcy, insolvency, reorganization or debt relief, or such action is brought against the undersigned; (v) The borrower undergoes a liquidator appointed for him or his property, or undergoes a seizure, seizure, deposit or execution. _____ establish a line of credit between the borrower and the lender in which the borrower may borrow from the lender up to ______ Our step-by-step interview process is more than a template and makes it easy to create a revolving credit agreement. Save, sign, print, and upload your document when you`re done.
SECURITY: this note must be secured by a mortgage («mortgage») on certain real estate of the borrower in ______ «Rocket Lawyer is a useful tool for professionals who need legal documents at an affordable price.» REMEDIES: In the event of delay in this Note, the Lender may declare the full amount due and due immediately due and payable under this Communication. . . .