Common Terms Agreement Vs Facility Agreement In Kings
Category:
State:
Multi-State
County:
Kings
Control #:
US-002WG
Format:
Word;
Rich Text
Instant download
Description
The document is a Retail Installment Agreement that outlines the key terms and obligations between the Seller and Purchaser regarding a purchase price, payment terms, interest rates, and remedies in case of default. Key features include a specified purchase price, simple interest rate, structured monthly payment installments, and conditions for late fees. The agreement establishes a purchase money security interest in the collateral, detailing what constitutes an event of default and the remedies available to the Seller under the Uniform Commercial Code. It includes a disclaimer of warranties, provisions for modifications, and governing law. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it helps them understand the financial and legal implications involved in installment purchases. Filling out this form correctly ensures compliance with relevant laws while protecting the rights of both parties. Moreover, legal professionals can leverage this agreement in various transaction scenarios, promoting clarity and effective communication between buyers and sellers.
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FAQ
Common Terms Agreement The CTA is an agreement among the financing parties and the borrower which sets out the terms that are common to all tranches of debt including definitions, conditions precedent, covenants, events of defaults and various miscellaneous provisions.
Mutual agreement is a condition in which two or more parties reach a consensus or express a shared understanding concerning particular terms or conditions. It implies that all participants consent to an offer made by one party, with acknowledgment and acceptance by the others.