This form is a Credit Agreement. A bank agrees to extend a line of credit to the borrower and the borrower agrees to execute a promissory note for the loan. The borrower also grants the bank a security interest in the premium finance notes listed in the agreement.
Arkansas Credit Agreement
Category:
State:
Multi-State
Control #:
US-00482
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Credit Agreement?
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FAQ
In business, a creditor-debtor relationship is defined by a debt agreement (or contract) which explicitly states the legal obligations, responsibilities and binding rights of both parties.
Creditors are individuals or entities that have lent money to another individual or entity. They typically charge interest and the money is owed back to them. For example, a bank lending money to a person to purchase a house is a creditor.
An Intercreditor Agreement stipulates creditor rights and priorities, which are critical if a borrower's financial capabilities erode and the borrower defaults. Creditors use the Agreement to reduce risks and provide certainty whenever they work with a common borrower.
The Lender agrees to loan _________ (total amount of the credit) to the Borrower. The Borrower agrees to repay the total amount in full before _________ , along with any interest incurred on the unpaid monies at the rate of ____% per year, beginning on _________ (date).
Under a line of credit agreement, the consumer takes out a loan that allows payment for expenses using special checks or a plastic card. The issuing bank agrees to pay on any checks written on or charges against the account, up to a certain sum.
A term used in accounting, 'creditor' refers to the party that has delivered a product, service or loan, and is owed money by one or more debtors. A debtor is the opposite of a creditor ? it refers to the person or entity who owes money.
CREDITOR AGREEMENT means the applicable agreement between a Creditor and LESSEE or between Creditors pursuant to which such Creditor owns, leases or has an interest in either an aircraft operated by LESSEE on which an Engine may be installed or in an aircraft engine which may be installed on the Airframe.