Provide revolving credit facilities to a corporate borrower with this Revolving Credit Agreement for Ontario lenders.
- The Agreement allows the borrower to borrow and reborrow funds up to a stated maximum amount.
- The purpose of the credit facility is to finance the borrower's general operations, and the borrower agrees not to use the funds for any other purpose.
- The borrower grants the lender a first priority security interest over all of the borrower's personal property, and a guarantee and postponement of claim from a principal of the borrower, as security for repayment.
- Representations and warranties from both the borrower and the guarantor, including environmental warranties.
- The guarantor must maintain a specified ratio of current assets to current liabilities, and of total liabilities to tangible net worth.
- The total amount due may be repaid without penalty at any time.
The Ontario Revolving Credit Agreement
template is provided in MS Word format, and is fully editable to meet your needs.