The credit agreement describes all the rules and regulations associated with the agreement. This includes the interest that must be paid on the loan and when and how to repay it. This provision establishes the understanding of the parties under the terms of the contract in the event of a problem. A condition precedent specifies all conditions precedent. For example, a condition precedent could be the requirement that the borrower sign an agreement to bring any dispute regarding the contract to arbitration. Institutional credit agreements must be agreed and signed by all parties involved. In many cases, these loan agreements must also be filed and approved by the Securities and Exchange Commission (SEC). If you want to cancel the contract, you must pay the financial company the money you still owe for the car within 30 days. A credit facility is an offer of financial support that a financial institution makes to a business.
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