The Credit Term Agreement is a fundamental financial document used in Denmark to establish and govern credit relationships between lending institutions and borrowers. It is typically employed when a party requires structured financing with specific repayment terms, whether for business operations, asset acquisition, or other financial needs. The agreement must comply with Danish financial regulations, including the Danish Credit Agreements Act, Financial Business Act, and relevant EU regulations. This document includes essential elements such as facility terms, interest calculations, repayment schedules, security provisions, and default remedies, all structured within the Danish legal framework. The Credit Term Agreement is particularly important for maintaining clear documentation of financial obligations while ensuring regulatory compliance and protecting both lender and borrower interests under Danish law.
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Key Requirements PROMPT example:
Credit Term Agreement
I need a Credit Term Agreement under Danish law for a 鈧5 million facility between ABC Bank A/S as lender and XYZ Manufacturing ApS as borrower, with quarterly repayments over 5 years starting March 2025, including standard security provisions and financial covenants for manufacturing sector borrowers.
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OR
1. Parties: Identification of the lender and borrower with full legal names and details
2. Background: Context of the credit agreement and purpose of the facility
3. Definitions: Definitions of key terms used throughout the agreement
4. The Facility: Details of the credit amount, purpose, and availability
5. Interest: Interest rate, calculation method, and payment terms
6. Repayment: Repayment schedule, methods, and prepayment terms
7. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
8. Representations and Warranties: Statements of fact and assurances given by the borrower
9. Covenants: Ongoing obligations of the borrower during the term of the facility
10. Events of Default: Circumstances that would constitute a default and consequences
11. Fees and Costs: All applicable fees, charges, and cost allocation
12. Notices: Communication methods and contact details for formal notices
13. Assignment and Transfer: Rights and restrictions regarding transfer of rights under the agreement
14. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction
15. Execution: Signature blocks and execution requirements
1. Security: Required when the credit facility is secured by specific assets or guarantees
2. Insurance Requirements: Included when specific insurance coverage is required for the credit facility
3. Financial Covenants: Required for business loans with specific financial performance requirements
4. Guarantor Provisions: Included when there are third-party guarantors for the facility
5. Special Drawdown Conditions: Required for facilities with multiple tranches or special drawdown requirements
6. Early Termination Rights: Included when specific early termination provisions are negotiated
7. Change of Control: Required for business borrowers where ownership changes might affect the facility
8. Cross-Default: Included when the facility is linked to other financial agreements
1. Repayment Schedule: Detailed amortization table or repayment structure
2. Interest Calculation Examples: Examples showing how interest is calculated in various scenarios
3. Form of Drawdown Notice: Template for requesting drawdowns under the facility
4. Conditions Precedent Documents: List of required documents and conditions to be satisfied
5. Fee Schedule: Detailed breakdown of all applicable fees and charges
6. Permitted Security: List of security interests permitted under the agreement
7. Compliance Certificate: Template for periodic compliance reporting
8. Required Insurance: Detailed specifications of required insurance coverage
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Manufacturing
Retail
Construction
Technology
Healthcare
Transportation
Agriculture
Energy
Professional Services
Hospitality
Education
Relevant Teams
Legal
Finance
Treasury
Credit
Compliance
Risk Management
Operations
Commercial
Corporate Banking
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Manager
Legal Counsel
Compliance Officer
Risk Manager
Account Manager
Banking Relationship Manager
Corporate Lawyer
Financial Controller
Credit Analyst
Business Development Manager
Financial Planning Manager
Operations Director
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