Oregon Credit Agreement is a legal document that establishes a financial arrangement between Southwest Royalties, Inc. and Bank One Texas. This agreement outlines the terms and conditions under which Bank One Texas provides credit facilities to Southwest Royalties, Inc. within the state of Oregon. The agreement generally includes various provisions and clauses designed to protect the interests of both parties involved. One type of Oregon Credit Agreement is a revolving credit facility. A revolving credit facility allows Southwest Royalties, Inc. to borrow funds up to a specified limit, repay the borrowed amount, and borrow again within the agreed duration of the agreement. This type of arrangement provides flexibility to Southwest Royalties, Inc. as they can access funds as needed for working capital requirements, investments, or other financial needs. Another type of Oregon Credit Agreement is a term loan. This type of credit facility provides Southwest Royalties, Inc. with a lump sum amount of money with a fixed repayment schedule. The term loan may be utilized for specific purposes like equipment purchases, facility expansions, or other long-term investment plans. The Oregon Credit Agreement between Southwest Royalties, Inc. and Bank One Texas typically includes comprehensive provisions related to interest rates, repayment terms, collateral requirements, events of default, and other relevant covenants. Interest rates may be fixed or variable depending on the agreement, and repayment terms are usually specified in monthly or quarterly installments over the agreed-upon period. Collateral requirements may involve the pledge of specific assets owned by Southwest Royalties, Inc. as security for the credit facility. Events of default represent conditions or breaches that trigger remedies or consequences for non-compliance with the terms of the agreement. These events can include late or missed payments, violation of financial ratios, bankruptcy, or material adverse changes in Southwest Royalties, Inc.'s financial condition. Oregon Credit Agreements often contain covenants to protect the interests of the lending institution. These covenants may include financial reporting requirements, limitations on additional borrowing, restrictions on asset sales or acquisitions, and requirements for maintaining certain financial ratios or benchmarks. In summary, the Oregon Credit Agreement between Southwest Royalties, Inc. and Bank One Texas is a legally binding document that sets out the terms and conditions of the credit facility provided by the bank. It can be in the form of a revolving credit facility or a term loan, and it includes provisions regarding interest rates, repayment terms, collateral requirements, events of default, and covenants.
Oregon Credit Agreement between Southwest Royalties, Inc. and Bank One Texas
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