Title: Exploring the Ohio Credit Agreement: Southwest Royalties, Inc. and Bank One Texas Introduction: In this detailed description, we delve into the Ohio Credit Agreement between Southwest Royalties, Inc. and Bank One Texas, shedding light on its purpose, terms, and variations. By utilizing relevant keywords, we better understand the significance and different types of credit agreements endorsed by these entities. Keywords: Ohio Credit Agreement, Southwest Royalties, Inc., Bank One Texas, terms, purpose, variations. 1. Definition and Purpose: The Ohio Credit Agreement refers to a legal document that outlines the terms and conditions for credit extended by Bank One Texas to Southwest Royalties, Inc. This agreement allows for borrowing funds, with predetermined limits, repayment terms, and other specific provisions aimed at governing the credit relationship. 2. Objectives: The Ohio Credit Agreement serves multiple objectives, including: — Facilitating the financing needs of Southwest Royalties, Inc. — Providing flexibility to meet financial obligations and fund business operations. — Establishing the terms and conditions for loan/credit utilization. — Clearly defining the rights, responsibilities, and obligations of both parties involved. 3. Elements of the Ohio Credit Agreement: a. Loan Amount: Specifies the maximum credit limit extended to Southwest Royalties, Inc., outlining any sub-limits for different categories of credit (e.g., revolving credit, term loans). b. Interest Rates: Defines the interest rates applicable to the borrowed funds, whether fixed or variable, and provides details about their calculation and adjustment. c. Repayment Terms: Outlines the repayment schedule, including installments, frequency, and durations. d. Security or Collateral: Specifies the assets or properties offered by Southwest Royalties, Inc. as collateral to secure the credit. e. Covenants: Lists the promises or commitments made by Southwest Royalties, Inc. to Bank One Texas, such as financial reporting, maintenance of certain financial ratios, and limitations on further indebtedness. f. Default and Remedies: Outlines the conditions that would constitute a default, along with remedies available to Bank One Texas in case of non-compliance by Southwest Royalties, Inc. 4. Types of Ohio Credit Agreement: a. Revolving Credit Agreement: Enables Southwest Royalties, Inc. to borrow, repay, and borrow again within a specified limit, providing flexibility for short-term financing needs. Interest accrues only on the amount borrowed. b. Term Loan Agreement: Involves a fixed loan amount borrowed by Southwest Royalties, Inc., which is repaid in installments over a predetermined period, typically with a fixed interest rate. c. Syndicated Credit Agreement: When credit is provided by Bank One Texas in collaboration with other lenders, sharing the risks and obligations. This type typically involves larger loan amounts. d. Condition Precedent Agreement: A specific type that requires the fulfillment of certain conditions (such as completing a merger/acquisition) before credit can be accessed. Conclusion: Understanding the Ohio Credit Agreement between Southwest Royalties, Inc. and Bank One Texas allows us to appreciate the purpose and intricacies involved. Whether it is revolving credit, term loans, syndicated agreements, or condition precedent arrangements, these credit agreements play a pivotal role in financing the objectives of Southwest Royalties, Inc. while ensuring structured lending procedures governed by the legal framework.
Ohio Credit Agreement between Southwest Royalties, Inc. and Bank One Texas
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