Title: Understanding the Virginia Revolving Credit Agreement between PCSupport.com, Inc. and ICE Holdings North America, LLC Introduction: In the realm of business transactions, the Virginia Revolving Credit Agreement holds significant importance. This article aims to provide a detailed description of this agreement between PCSupport.com, Inc. and ICE Holdings North America, LLC. It explores the essential elements, functions, and potential variations of the Virginia Revolving Credit Agreement. Key Relevant Keywords: Virginia Revolving Credit Agreement, PCSupport.com, Inc., ICE Holdings North America, LLC, types, detailed description 1. Overview of the Virginia Revolving Credit Agreement: The Virginia Revolving Credit Agreement is a legally binding contract established between PCSupport.com, Inc. and ICE Holdings North America, LLC. This agreement outlines the terms and conditions of a revolving credit facility provided by ICE Holdings North America, LLC to PCSupport.com, Inc. 2. Purpose and Functions: The primary objective of the Virginia Revolving Credit Agreement is to provide a flexible line of credit for PCSupport.com, Inc., enabling them to acquire working capital, finance inventory purchases, meet operational expenses, and fund business growth. The agreement allows PCSupport.com, Inc. to borrow, repay, and reborrow funds as needed, up to a predetermined credit limit. 3. Key Elements and Terms: a. Credit Limit: The Virginia Revolving Credit Agreement establishes the maximum amount PCSupport.com, Inc. can borrow from ICE Holdings North America, LLC at any given time. The credit limit is determined based on various factors, including the creditworthiness of PCSupport.com, Inc. b. Interest Rate: The agreement entails the interest rate applicable to the outstanding balance of the revolving credit facility. The interest rate can be fixed or variable, subject to negotiation between the parties involved. c. Repayment Terms: The agreement sets forth the repayment terms and schedules, including the minimum monthly payments, payment due dates, and any additional fees or penalties for late payments. d. Fees and Costs: The Virginia Revolving Credit Agreement may specify any upfront fees, annual fees, late fees, or other costs associated with maintaining the revolving credit facility. e. Collateral: Depending on the terms negotiated, PCSupport.com, Inc. may be required to provide collateral to secure the revolving credit facility. 4. Varied Types of Virginia Revolving Credit Agreement: a. Secured Revolving Credit Agreement: Under this type of agreement, PCSupport.com, Inc. pledges a specific asset(s) as collateral. The collateral minimizes the lending risk and generally allows for a higher credit limit or lower interest rates. b. Unsecured Revolving Credit Agreement: In this variation, PCSupport.com, Inc. is not required to provide collateral. However, this may result in a lower credit limit, higher interest rates, or more stringent underwriting requirements. Conclusion: The Virginia Revolving Credit Agreement between PCSupport.com, Inc. and ICE Holdings North America, LLC is a pivotal tool in funding business operations and growth. By understanding the key elements and varying types of this agreement, both parties can establish clear expectations and foster a strong financial relationship.
Virginia Revolving Credit Agreement between PCSupport.com, Inc. and ICE Holdings North America, LLC
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