0
Debtor in Possession. The debtor (a bankrupt, normally Co), has possession of assets, that while there may be pre-BK filing claims against, it is allowed to use to secure a new credit line, with the DIP lender having priority over the original ones. It is done to provide the funds needed to keep operations and such going, maintain property for example, while the Corp re-organizes with help of the court. During the re-org process, the old debts are expected to be satisfied, a new permanent credit lender found and the DIP financing paid off.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Is a credit card a verbal agreement?
No, it is not.
Does filing a prenuptial agreement keep one spouse's bad credit from attaching to the other spouse?
A prenuptial agreement does not have any bearing on whether credit will be affected.
What happens when the credit agreement is wrong?
You become a hobo
Can a merchant charge a credit card in advance?
If that is the agreement.
What kind of agreement is a credit default swap?
The agreement for a credit default swap is a document that states the buyer will reimburse the holder in the event of a loan default or other credit event. This is essentially insurance against someone not paying you what you are owed.
What is a revolving credit agreement?
A revolving credit agreement is a legal contract between a lender and a borrower whereby the lender agrees to lend up to a certain amount to the borrower for some period of time. The borrower agrees to make minimum periodic payments during the time that the revolving credit agreement is in force and pay off any balance due at the end of the contract period. Many revolving credit agreements automatically renew after the agreed period (unless the credit circumstances for the borrower have radically changed). An example of a revolving credit agreement is the credit card. A credit card has a credit limit ("up to a certain amount" or "maximum"), an expiration date ("some period of time") and minimum payment requirements ("minimum periodic payments"). Most credit card agreements are renewed before the original agreement (the card) expires.
What is credit agreement?
Debtor in Possession. The debtor (a bankrupt, normally Co), has possession of assets, that while there may be pre-BK filing claims against, it is allowed to use to secure a new credit line, with the DIP lender having priority over the original ones. It is done to provide the funds needed to keep operations and such going, maintain property for example, while the Corp re-organizes with help of the court. During the re-org process, the old debts are expected to be satisfied, a new permanent credit lender found and the DIP financing paid off.
Is a credit card contractual agreement enforceable if there is no signed copy of the card agreement in existence and can a contractual agreement exist only by the signing of the card and its use?
If there is no signed agreement then it is unenforceable as all of the terms relating to the contract are within this agreement.
How long will a forbearance agreement show on credit report?
I'm unsure.
Can a credit card company hold you responsible for a credit card if no application contract or agreement of terms exists?
If a card was received and used by the named person then a contract is implied and there does not need to be a written, signed agreement.
How to get out of a merchant account contract?
You must follow the agreement you made with the credit card processing account according to the terms and conditions on your merchant agreement.
Is there a Statute of Limitations for Credit card debts in Kentucky?
Debt collection in Kentucky is the longest time frame. The creditor has up to 15 years to collect on a written agreement. They have 5 years for an Oral agreement or Credit Card.
