English translation: Agreement for Opening Straight Facility
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18:32 Jul 15, 2013
Spanish to English translations [PRO] Law/Patents - Law: Contract(s)
Spanish term or phrase:Contrato de Apertura de Crédito Simple.
Thank you all!! Adding more context as I'm not so sure about the terms. Yes, it is from Mexico. It's a loan to sugar companies coordinated by an arranger/administrative agent and a guarantor is also involved. What do you think?
Explanation: I believe this is the term most used by credit institutions.
AnthonyLee United States Local time: 11:08 Specializes in field Native speaker of: English, Spanish
2 hrs confidence:
Simple credit agreement
Explanation: Lacking further context, and unless this appears in a title in the source document, I think it's okay to do away with "opening." The idea of "opening" the line of credit may be conveyed elsewhere, or you can just leave it implied. "Credit facility" does of course exist, but it may not fit this context. "Loan" might work as well, although "crédito" does appear in the term.
Reference information: El contrato de apertura de crédito es aquel en virtud del cual un sujeto llamado acreditante, se obliga a poner a disposición de otro llamado acreditado, una determinada cantidad de dinero, o bien a contraer durante ese tiempo, una obligación a su nombre; y por su parte, el acreditado se obliga a restituir ese dinero o a pagar la obligación contratada, en el término pactado (art. 291, LGTOC).
Este tipo de contrato se divide en dos tipos: el contrato de crédito simple y el contrato de crédito en cuenta corriente.