Revolving Credit Agreement

This Agreement is entered into between

​[Borrower.FirstName]​[Borrower.LastName], ("Borrower"), and

​[Lender.FirstName]​[Lender.LastName], ("Lender")

on [Document.CreatedDate].

Establishment of Account

The Lender agrees to provide a line of credit to the Borrower of up to a maximum amount of $ (insert amount). In exchange, the Borrower agrees to make regular payments on the outstanding balance according to the terms outlined in this Agreement. As of the opening date of this Agreement, the outstanding balance is $ (insert amount) and Borrower may access this amount at any time using their approved credit limit.

Terms and Conditions

1. The interest rate for this account will be (insert rate) percent, and it will be assessed monthly on the outstanding balance.

2. Payments must be made by Borrower according to the terms set out in this Agreement and can include a combination of fixed monthly payments and any accrued interest charges.

3. Borrower can request an increase or decrease to the credit limit by notifying Lender in writing.

4. Borrower must make timely and full payments on all outstanding balances to avoid any penalties or fees, such as late payment charges or overdraft fees.

5. In the event of a default on this agreement, Lender reserves the right to take legal action against the Borrower to recoup any outstanding payments.

6. Either party may terminate this Agreement upon written notice, and Borrower must pay all outstanding balances in full.

Maximum Amount

The unpaid balance on this account cannot exceed $ (insert amount) at any given time. If the balance approaches this level, the Borrower must take immediate action to bring it back below this limit.

Periodic Statement

The Borrower will receive a periodic statement from Lender every month, outlining the current balance and any accrued interest charges. The Borrower should review this statement carefully and contact the Lender immediately if there are any discrepancies.

Payment and Delinquent Fee

The Borrower is expected to make all payments on time, and Lender may assess a fee of $ (insert amount) if any payment is late or missed by (insert number) of days.

Prepayment Policy

The Borrower may pay off the outstanding balance on this account at any time without penalty. To do so, Borrower should contact the Lender directly to arrange for full payment of all amounts due.

Governing Law

This Agreement will be governed by the laws of the state of [Lender.State].

Cancellation Policy

Either party can cancel this Agreement at any time as long as all outstanding balances are paid in full. If the Borrower wishes to cancel the account, he or she must send written notice to Lender at least (insert number) days before the desired cancellation date.

We hereby agree to all the terms and conditions outlined in this Agreement, and we understand the financial obligations that come with it. We look forward to a long and successful relationship with Lender as we work together to build our credit and manage our finances effectively.