Minnesota Credit Agreement between Southwest Royalties, Inc. and Bank One Texas

• Category: Corporations - Public - Credit
• State: Multi-State
• Control #: US-EG-9032
• Format: Word; Rich Text

Description

This is a multi-state form covering the subject matter of the title. Minnesota Credit Agreement between Southwest Royalties, Inc. and Bank One Texas is a legal document that outlines the terms and conditions of a credit arrangement between the two parties. It serves as a binding agreement that defines the obligations, rights, and responsibilities of both Southwest Royalties, Inc. and Bank One Texas. This credit agreement outlines the specific terms of the credit facility being extended to Southwest Royalties, Inc. by Bank One Texas. It typically includes important information such as the principal amount of the credit, interest rates, payment terms, and any applicable fees or charges. Key elements typically covered in a Minnesota Credit Agreement between Southwest Royalties, Inc. and Bank One Texas include: 1. Credit Facility Details: This section specifies the type and amount of credit extended by Bank One Texas to Southwest Royalties, Inc. It may outline whether the credit is in the form of a revolving credit line or a term loan, and the maximum credit limit available. 2. Interest Rates and Charges: The agreement will specify the interest rate applied to the credit and any other charges or fees, such as origination fees, commitment fees, or late payment penalties. 3. Repayment Terms: The repayment terms detail how and when Southwest Royalties, Inc. is required to repay the credit facility. It will outline the frequency and amount of payments, and may also include details about potential prepayment options or penalties. 4. Collateral and Security: In some cases, the agreement may require Southwest Royalties, Inc. to provide specific assets as collateral or security for the credit facility. This ensures that Bank One Texas has a means of recourse if Southwest Royalties, Inc. defaults on the credit. 5. Covenants and Conditions: The agreement may stipulate certain conditions or covenants that Southwest Royalties, Inc. must adhere to throughout the term of the credit facility. These may include requirements for financial reporting, insurance coverage, or limitations on certain business activities. 6. Events of Default and Remedies: This section outlines the circumstances under which Bank One Texas can declare a default, such as non-payment or a breach of the agreement. It also specifies the actions Bank One Texas can take in the event of default, such as accelerating payment, imposing penalties, or pursuing legal remedies. Different types of Minnesota Credit Agreements between Southwest Royalties, Inc. and Bank One Texas may include variations in the size and nature of the credit facility, the duration of the credit, or specific terms and conditions unique to the agreement. Examples can include revolving credit agreements, term loan agreements, or agreements with specific purpose restrictions. It is crucial for both Southwest Royalties, Inc. and Bank One Texas to carefully review and understand the terms of the Minnesota Credit Agreement before signing it, ensuring that both parties are aware of their respective rights and responsibilities. Seeking legal advice or consulting with financial professionals can provide additional clarity in navigating the complexities of such agreements.

Minnesota Credit Agreement between Southwest Royalties, Inc. and Bank One Texas is a legal document that outlines the terms and conditions of a credit arrangement between the two parties. It serves as a binding agreement that defines the obligations, rights, and responsibilities of both Southwest Royalties, Inc. and Bank One Texas. This credit agreement outlines the specific terms of the credit facility being extended to Southwest Royalties, Inc. by Bank One Texas. It typically includes important information such as the principal amount of the credit, interest rates, payment terms, and any applicable fees or charges. Key elements typically covered in a Minnesota Credit Agreement between Southwest Royalties, Inc. and Bank One Texas include: 1. Credit Facility Details: This section specifies the type and amount of credit extended by Bank One Texas to Southwest Royalties, Inc. It may outline whether the credit is in the form of a revolving credit line or a term loan, and the maximum credit limit available. 2. Interest Rates and Charges: The agreement will specify the interest rate applied to the credit and any other charges or fees, such as origination fees, commitment fees, or late payment penalties. 3. Repayment Terms: The repayment terms detail how and when Southwest Royalties, Inc. is required to repay the credit facility. It will outline the frequency and amount of payments, and may also include details about potential prepayment options or penalties. 4. Collateral and Security: In some cases, the agreement may require Southwest Royalties, Inc. to provide specific assets as collateral or security for the credit facility. This ensures that Bank One Texas has a means of recourse if Southwest Royalties, Inc. defaults on the credit. 5. Covenants and Conditions: The agreement may stipulate certain conditions or covenants that Southwest Royalties, Inc. must adhere to throughout the term of the credit facility. These may include requirements for financial reporting, insurance coverage, or limitations on certain business activities. 6. Events of Default and Remedies: This section outlines the circumstances under which Bank One Texas can declare a default, such as non-payment or a breach of the agreement. It also specifies the actions Bank One Texas can take in the event of default, such as accelerating payment, imposing penalties, or pursuing legal remedies. Different types of Minnesota Credit Agreements between Southwest Royalties, Inc. and Bank One Texas may include variations in the size and nature of the credit facility, the duration of the credit, or specific terms and conditions unique to the agreement. Examples can include revolving credit agreements, term loan agreements, or agreements with specific purpose restrictions. It is crucial for both Southwest Royalties, Inc. and Bank One Texas to carefully review and understand the terms of the Minnesota Credit Agreement before signing it, ensuring that both parties are aware of their respective rights and responsibilities. Seeking legal advice or consulting with financial professionals can provide additional clarity in navigating the complexities of such agreements.