A Rhode Island Revolving Credit Loan and Security Agreement is a legally binding contract between Dixon Ticonderoga Co. and Dixon Ticonderoga, Inc., two entities engaged in the business of manufacturing and selling writing instruments and related products. This agreement outlines the terms and conditions under which Dixon Ticonderoga Co. grants a revolving credit loan to Dixon Ticonderoga, Inc., while also establishing the security measures in place to ensure repayment of the loan. In this agreement, Dixon Ticonderoga Co. acts as the lender, providing Dixon Ticonderoga, Inc. with a line of credit. The agreement specifies the maximum loan amount that can be borrowed, as well as the interest rate and repayment terms. The revolving credit nature of the loan allows Dixon Ticonderoga, Inc. to borrow funds as needed, up to the agreed-upon limit, and repay the borrowed amount over time. The Rhode Island Revolving Credit Loan and Security Agreement includes provisions regarding the collateral for the loan. Collateral is an asset or property that Dixon Ticonderoga, Inc. pledges as security for the loan. If Dixon Ticonderoga, Inc. fails to meet the repayment obligations, Dixon Ticonderoga Co. holds the right to seize and liquidate the collateral to recover the outstanding amount. The specific collateral details, such as type and value, are documented within this agreement. It is important to note that within the realm of Rhode Island Revolving Credit Loan and Security Agreements, there may be various types tailored to meet the specific needs and circumstances of Dixon Ticonderoga Co. and Dixon Ticonderoga, Inc. These may include: 1. Basic Revolving Credit Loan and Security Agreement: This type of agreement covers the fundamental terms and conditions surrounding the revolving credit loan, including loan limits, interest rate, repayment terms, and collateral requirements. 2. Amended and Restated Revolving Credit Loan and Security Agreement: This agreement is an updated version of the original agreement that may occur when the parties involved wish to modify certain terms or add new provisions. It serves to consolidate all prior modifications into a single revised document. 3. Revolving Credit Loan and Security Agreement with Guarantor: In cases where Dixon Ticonderoga, Inc. does not possess sufficient collateral or has a weaker credit standing, a guarantor may be involved. This agreement includes additional clauses that outline the role and responsibilities of the guarantor in guaranteeing the repayment of the loan. In conclusion, the Rhode Island Revolving Credit Loan and Security Agreement between Dixon Ticonderoga Co. and Dixon Ticonderoga, Inc. is a comprehensive document detailing the terms, conditions, and security measures associated with a revolving credit loan. Different types of this agreement may exist based on specific modifications or the involvement of a guarantor.
Rhode Island Revolving Credit Loan and Security Agreement between Dixon Ticonderoga Co. and Dixon Ticonderoga, Inc.
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