New Jersey Revolving Credit Agreement between PCSupport.com, Inc. and ICE Holdings North America, LLC

• Category: Corporations - Public - Credit
• State: Multi-State
• Control #: US-EG-9422
• Format: Word; Rich Text

Description

Revolving Credit Agreement between PCSupport.com, Inc. and ICE Holdings North America, LLC dated January 11, 2000. 70 pages. The New Jersey Revolving Credit Agreement is a legally binding contract between PCSupport.com, Inc. (the borrower) and ICE Holdings North America, LLC (the lender). This agreement outlines the terms and conditions under which the borrower can access a revolving line of credit provided by the lender in the state of New Jersey. The key objective of the New Jersey Revolving Credit Agreement is to provide PCSupport.com, Inc. with the necessary financial flexibility to meet its short-term working capital needs. Through this agreement, PCSupport.com, Inc. can borrow funds up to a specified credit limit, repay the borrowed amount, and re-borrow as needed during the term of the agreement. The agreement sets forth various important provisions, including but not limited to the following: 1. Credit Limit: The agreement defines the maximum amount of credit that PCSupport.com, Inc. can access at any given time. This limit is determined by mutual agreement between the parties involved and may be subject to review and adjustment periodically. 2. Interest Rate: The agreement outlines the interest rate that applies to the outstanding loan balance. This rate is typically based on a benchmark rate, such as the New Jersey Prime Lending Rate, plus a predetermined margin. 3. Repayment Terms: The agreement specifies the repayment terms, including the frequency and manner in which PCSupport.com, Inc. is required to repay the borrowed funds. This may include monthly or quarterly payments, and in some cases, interest-only payments. 4. Default and Remedies: The agreement outlines the consequences of default by PCSupport.com, Inc., such as late payments or breaching other terms of the agreement. It also details the remedies available to the lender in case of default, including the right to accelerate the outstanding balance and take legal action. 5. Fees and Expenses: The agreement may include provisions for various fees and expenses related to the maintenance of the revolving credit facility, such as commitment fees, administrative fees, and legal fees. It's important to note that there may be different types of New Jersey Revolving Credit Agreements between PCSupport.com, Inc. and ICE Holdings North America, LLC, depending on the specific needs and circumstances of the borrower. These types could include: 1. Fixed Credit Limit Agreement: This type of agreement sets a specific credit limit that PCSupport.com, Inc. can access throughout the term of the agreement. The borrower cannot borrow an amount exceeding the predetermined limit. 2. Revolving Credit Facility Agreement: This type of agreement provides PCSupport.com, Inc. with the flexibility to borrow and repay funds multiple times during the term of the agreement. The credit limit may be adjusted periodically based on the borrower's financial performance and the lender's discretion. 3. Quick Access Credit Agreement: This type of agreement is designed to provide PCSupport.com, Inc. with immediate access to funds for urgent financial needs. It may involve a simplified approval process and a faster disbursement of funds compared to other types of agreements. Overall, the New Jersey Revolving Credit Agreement between PCSupport.com, Inc. and ICE Holdings North America, LLC serves as an important financial tool, enabling the borrower to effectively manage its liquidity and cash flow requirements in the dynamic business environment of New Jersey.

The New Jersey Revolving Credit Agreement is a legally binding contract between PCSupport.com, Inc. (the borrower) and ICE Holdings North America, LLC (the lender). This agreement outlines the terms and conditions under which the borrower can access a revolving line of credit provided by the lender in the state of New Jersey. The key objective of the New Jersey Revolving Credit Agreement is to provide PCSupport.com, Inc. with the necessary financial flexibility to meet its short-term working capital needs. Through this agreement, PCSupport.com, Inc. can borrow funds up to a specified credit limit, repay the borrowed amount, and re-borrow as needed during the term of the agreement. The agreement sets forth various important provisions, including but not limited to the following: 1. Credit Limit: The agreement defines the maximum amount of credit that PCSupport.com, Inc. can access at any given time. This limit is determined by mutual agreement between the parties involved and may be subject to review and adjustment periodically. 2. Interest Rate: The agreement outlines the interest rate that applies to the outstanding loan balance. This rate is typically based on a benchmark rate, such as the New Jersey Prime Lending Rate, plus a predetermined margin. 3. Repayment Terms: The agreement specifies the repayment terms, including the frequency and manner in which PCSupport.com, Inc. is required to repay the borrowed funds. This may include monthly or quarterly payments, and in some cases, interest-only payments. 4. Default and Remedies: The agreement outlines the consequences of default by PCSupport.com, Inc., such as late payments or breaching other terms of the agreement. It also details the remedies available to the lender in case of default, including the right to accelerate the outstanding balance and take legal action. 5. Fees and Expenses: The agreement may include provisions for various fees and expenses related to the maintenance of the revolving credit facility, such as commitment fees, administrative fees, and legal fees. It's important to note that there may be different types of New Jersey Revolving Credit Agreements between PCSupport.com, Inc. and ICE Holdings North America, LLC, depending on the specific needs and circumstances of the borrower. These types could include: 1. Fixed Credit Limit Agreement: This type of agreement sets a specific credit limit that PCSupport.com, Inc. can access throughout the term of the agreement. The borrower cannot borrow an amount exceeding the predetermined limit. 2. Revolving Credit Facility Agreement: This type of agreement provides PCSupport.com, Inc. with the flexibility to borrow and repay funds multiple times during the term of the agreement. The credit limit may be adjusted periodically based on the borrower's financial performance and the lender's discretion. 3. Quick Access Credit Agreement: This type of agreement is designed to provide PCSupport.com, Inc. with immediate access to funds for urgent financial needs. It may involve a simplified approval process and a faster disbursement of funds compared to other types of agreements. Overall, the New Jersey Revolving Credit Agreement between PCSupport.com, Inc. and ICE Holdings North America, LLC serves as an important financial tool, enabling the borrower to effectively manage its liquidity and cash flow requirements in the dynamic business environment of New Jersey.