The Line of Credit Contract is a fundamental financial agreement used in Danish business and consumer lending. This document is essential when a borrower requires flexible access to funds up to a preset limit, rather than a fixed loan amount. It is commonly used for business working capital, expansion projects, or personal financial management. The agreement must comply with Danish financial regulations, including the Danish Credit Agreements Act (Kreditaftaleloven) and the Financial Business Act (Lov om finansiel virksomhed). The contract includes comprehensive details about credit limits, interest rates, drawdown procedures, repayment terms, security arrangements, and the parties' rights and obligations. It's particularly important that the document incorporates all mandatory consumer protection provisions when the borrower is an individual rather than a business entity.
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Key Requirements PROMPT example:
Line Of Credit Contract
I need a Line of Credit Contract under Danish law for a medium-sized manufacturing company, with a €5 million credit limit and quarterly financial covenant reporting requirements, to be used for working capital purposes.
1. Parties: Identification of the lender and borrower with full legal names and registration details
2. Background: Context of the agreement and purpose of the credit facility
3. Definitions: Definitions of key terms used throughout the agreement
4. The Credit Facility: Details of the credit limit, purpose, and general terms of the facility
5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
6. Interest and Fees: Specification of interest rates, calculation methods, and applicable fees
7. Drawdown Mechanics: Procedures and requirements for drawing down the credit facility
8. Repayment Terms: Terms for repayment including minimum payments and payment schedules
9. Representations and Warranties: Statements of fact and assurances given by the borrower
10. Covenants: Ongoing obligations of the borrower during the term of the facility
11. Events of Default: Circumstances that constitute default and their consequences
12. Security: Details of any security or collateral required for the facility
13. Termination: Circumstances and procedures for terminating the facility
14. General Provisions: Standard legal provisions including notices, amendments, and governing law
1. Guarantees: Required when the credit facility is supported by third-party guarantees
2. Insurance Requirements: Included when specific insurance coverage is required from the borrower
3. Special Drawing Rights: For facilities with specific drawing conditions or restrictions
4. Currency Provisions: Required for multi-currency facilities
5. Financial Covenants: Included for corporate borrowers where financial metrics need to be maintained
6. Consumer Protection Rights: Required when the borrower is a consumer rather than a business
7. Data Protection: Detailed GDPR compliance section when extensive personal data processing is involved
1. Schedule 1 - Facility Details: Specific details of the credit facility including limits, interest rates, and fees
2. Schedule 2 - Conditions Precedent Documents: List of required documents and conditions to be satisfied
3. Schedule 3 - Drawing Notice Form: Template form for requesting drawdowns
4. Schedule 4 - Calculation of Interest and Fees: Detailed methodology for calculating interest and fees
5. Schedule 5 - Reporting Requirements: Forms and timing for required financial reporting
6. Appendix A - KYC Requirements: List of required know-your-customer documentation
7. Appendix B - Security Documents: Forms and details of required security documentation
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Commercial Real Estate
Manufacturing
Retail
Technology
Healthcare
Construction
Transportation & Logistics
Professional Services
Agriculture
Energy
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit Administration
Corporate Banking
Operations
Client Relations
Documentation
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Manager
Financial Controller
Legal Counsel
Compliance Officer
Risk Manager
Corporate Banking Manager
Relationship Manager
Credit Analyst
Contract Administrator
Business Development Manager
Financial Advisor
Account Manager
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