Trade Credit Agreements are essential instruments in business-to-business transactions where suppliers extend credit to their customers. These agreements, governed by U.S. law, provide a formal framework for managing credit risk while facilitating trade. A Trade Credit Agreement typically includes credit limits, payment terms, security provisions, and remedies in case of default. It's particularly important in industries with regular supply chain transactions and helps businesses maintain healthy cash flow while building strong vendor-customer relationships. The agreement ensures compliance with federal and state regulations while protecting both parties' interests.
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1. Parties: Identification of creditor and debtor, including full legal names and addresses
2. Background: Context of the trade credit relationship and purpose of the agreement
3. Definitions: Key terms used throughout the agreement including credit terms, payment periods, and other relevant definitions
4. Credit Terms: Credit limit, payment terms, interest rates, and payment conditions
5. Security: Collateral arrangements and security interests
6. Representations and Warranties: Statements of fact by both parties regarding their capacity, authority, and financial condition
7. Covenants: Ongoing obligations of the debtor including financial covenants and operational requirements
8. Default and Remedies: Events of default and creditor's rights upon default
9. Term and Termination: Duration of the agreement and circumstances for early termination
10. General Provisions: Standard boilerplate clauses including notices, amendments, governing law, and jurisdiction
1. Personal Guarantee: Individual guarantee of corporate obligations, used when dealing with small businesses or high-risk customers
2. Insurance Requirements: Required insurance coverage for collateral, used when specific assets serve as collateral
3. Credit Review Procedures: Process for periodic credit reviews and adjustments, used for long-term credit arrangements
4. Cross-Default Provisions: Provisions linking defaults under other agreements, used when dealing with multiple agreements with the same party
5. Subordination Terms: Terms regarding the priority of the credit facility, used when there are multiple creditors
1. Schedule A - Credit Limits: Detailed breakdown of credit limits and sub-limits
2. Schedule B - Pricing and Payment Terms: Detailed pricing structure and payment schedules
3. Schedule C - Security Details: Description of collateral and security arrangements
4. Appendix 1 - Financial Covenants: Specific financial requirements and ratios to be maintained
5. Appendix 2 - Reporting Requirements: Required financial and operational reports and their frequency
6. Appendix 3 - Form of Compliance Certificate: Standard form for periodic compliance certification
Relevant legal definitions
Agreement
Approved Credit Limit
Business Day
Collateral
Credit Application
Credit Period
Credit Terms
Default
Default Interest Rate
Due Date
Effective Date
Event of Default
Financial Statements
Governing Law
Guarantor
Interest Rate
Late Payment Fee
Material Adverse Change
Maximum Credit Limit
Outstanding Balance
Payment Terms
Permitted Purpose
Purchase Order
Security Interest
Term
Trade Credit Facility
Transaction Documents
Working Day
Approved Credit Limit
Business Day
Collateral
Credit Application
Credit Period
Credit Terms
Default
Default Interest Rate
Due Date
Effective Date
Event of Default
Financial Statements
Governing Law
Guarantor
Interest Rate
Late Payment Fee
Material Adverse Change
Maximum Credit Limit
Outstanding Balance
Payment Terms
Permitted Purpose
Purchase Order
Security Interest
Term
Trade Credit Facility
Transaction Documents
Working Day
Clauses
Credit Terms and Limits
Payment Terms
Security and Collateral
Representations and Warranties
Conditions Precedent
Interest and Fees
Default
Remedies
Financial Covenants
Reporting Requirements
Guarantees
Insurance
Notices
Assignment
Confidentiality
Force Majeure
Termination
Governing Law
Dispute Resolution
Indemnification
Set-off Rights
Amendment and Waiver
Severability
Entire Agreement
Credit Review
Payment Terms
Security and Collateral
Representations and Warranties
Conditions Precedent
Interest and Fees
Default
Remedies
Financial Covenants
Reporting Requirements
Guarantees
Insurance
Notices
Assignment
Confidentiality
Force Majeure
Termination
Governing Law
Dispute Resolution
Indemnification
Set-off Rights
Amendment and Waiver
Severability
Entire Agreement
Credit Review
Relevant Industries
Relevant Teams
Relevant Roles
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