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

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

Description

This is a multi-state form covering the subject matter of the title. Cook Illinois Credit Agreement is a legal contract entered into between Southwest Royalties, Inc. (hereinafter referred to as "Borrower") and Bank One Texas (hereinafter referred to as "Lender"). This agreement serves as the basis for providing financial support to the Borrower in the form of credit facilities extended by the Lender. The Cook Illinois Credit Agreement is a binding document that outlines the terms and conditions under which the borrowing relationship is established between Southwest Royalties, Inc. and Bank One Texas. It delineates the rights, responsibilities, and obligations of both parties involved in the credit process. The agreement provides a framework for the Borrower to obtain credit for business purposes while ensuring the Lender has sufficient safeguards to protect its interests. This particular Cook Illinois Credit Agreement may encompass various types of credit facilities, tailored to meet the specific needs of Southwest Royalties, Inc. Below are some examples of the different types of credit facilities that could be included: 1. Revolving Line of Credit: The agreement may include a revolving line of credit, allowing the Borrower to borrow funds up to a predetermined maximum limit. This arrangement allows flexibility, as the Borrower can draw and repay funds within the specified limit as needed. Interest is charged only on the outstanding balance. 2. Term Loan: A term loan can be another component of the Cook Illinois Credit Agreement. This type of loan offers a fixed amount of funds provided to the Borrower, with a predetermined repayment schedule over a specific term. The Borrower is required to make regular payments against the principle and interest until the loan is fully repaid. 3. Letters of Credit: The agreement may also include provisions for the issuance of letters of credit by the Lender on behalf of the Borrower. These letters guarantee payment to third parties, ensuring the Borrower's performance under contractual obligations. The Borrower may be charged fees for this service. 4. Secured or Collateralized Credit: If deemed necessary, the Cook Illinois Credit Agreement may require the Borrower to provide collateral as security for the credit facilities extended. This collateral can be in the form of assets or guarantees to mitigate the risk for the Lender. In case of default, the Lender has the right to claim and liquidate the collateral to recover any outstanding debts. It is important to note that the specific terms, conditions, interest rates, deadlines, and any other necessary provisions of the Cook Illinois Credit Agreement will vary depending on the mutual agreement reached between Southwest Royalties, Inc. and Bank One Texas. The agreement will be legally binding on both parties once executed, and any modifications or amendments should be in writing and agreed upon by both parties.

Cook Illinois Credit Agreement is a legal contract entered into between Southwest Royalties, Inc. (hereinafter referred to as "Borrower") and Bank One Texas (hereinafter referred to as "Lender"). This agreement serves as the basis for providing financial support to the Borrower in the form of credit facilities extended by the Lender. The Cook Illinois Credit Agreement is a binding document that outlines the terms and conditions under which the borrowing relationship is established between Southwest Royalties, Inc. and Bank One Texas. It delineates the rights, responsibilities, and obligations of both parties involved in the credit process. The agreement provides a framework for the Borrower to obtain credit for business purposes while ensuring the Lender has sufficient safeguards to protect its interests. This particular Cook Illinois Credit Agreement may encompass various types of credit facilities, tailored to meet the specific needs of Southwest Royalties, Inc. Below are some examples of the different types of credit facilities that could be included: 1. Revolving Line of Credit: The agreement may include a revolving line of credit, allowing the Borrower to borrow funds up to a predetermined maximum limit. This arrangement allows flexibility, as the Borrower can draw and repay funds within the specified limit as needed. Interest is charged only on the outstanding balance. 2. Term Loan: A term loan can be another component of the Cook Illinois Credit Agreement. This type of loan offers a fixed amount of funds provided to the Borrower, with a predetermined repayment schedule over a specific term. The Borrower is required to make regular payments against the principle and interest until the loan is fully repaid. 3. Letters of Credit: The agreement may also include provisions for the issuance of letters of credit by the Lender on behalf of the Borrower. These letters guarantee payment to third parties, ensuring the Borrower's performance under contractual obligations. The Borrower may be charged fees for this service. 4. Secured or Collateralized Credit: If deemed necessary, the Cook Illinois Credit Agreement may require the Borrower to provide collateral as security for the credit facilities extended. This collateral can be in the form of assets or guarantees to mitigate the risk for the Lender. In case of default, the Lender has the right to claim and liquidate the collateral to recover any outstanding debts. It is important to note that the specific terms, conditions, interest rates, deadlines, and any other necessary provisions of the Cook Illinois Credit Agreement will vary depending on the mutual agreement reached between Southwest Royalties, Inc. and Bank One Texas. The agreement will be legally binding on both parties once executed, and any modifications or amendments should be in writing and agreed upon by both parties.