Credit Service Agreement Template for Austria

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Key Requirements PROMPT example:

Credit Service Agreement

"I need a Credit Service Agreement under Austrian law for a corporate lending facility of €5 million to a manufacturing company, with quarterly interest payments and a term of 5 years starting March 2025, including provisions for early repayment and collateral requirements."

Document background
The Credit Service Agreement is a fundamental document used in Austrian banking and financial services to establish and govern credit relationships between financial institutions and their customers. This agreement is essential when any form of credit service is being provided in Austria, whether for consumer or corporate lending. The document must comply with the Austrian Banking Act (BWG), Consumer Credit Act (VKrG), and other relevant financial regulations. It typically includes detailed provisions on credit facilities, interest calculations, security arrangements, regulatory compliance, and customer obligations. The agreement is structured to meet specific Austrian legal requirements while providing flexibility for different types of credit services and customer needs. This document is particularly important given Austria's strict banking regulations and consumer protection framework.
Suggested Sections

1. Parties: Identification of the credit institution and the customer, including registration/license numbers and contact details

2. Background: Context of the agreement and brief description of the credit services to be provided

3. Definitions: Definitions of key terms used throughout the agreement

4. Credit Services Scope: Detailed description of credit services, products, and facilities being provided

5. Terms and Conditions: Core terms including credit limits, interest rates, fees, and payment terms

6. Representations and Warranties: Statements of fact and assurances from both parties

7. Customer Obligations: Customer's responsibilities including information provision and compliance with credit terms

8. Lender Obligations: Credit institution's commitments and service standards

9. Interest and Fees: Detailed breakdown of interest calculation, fees, charges, and payment methods

10. Security and Collateral: Requirements for any security or collateral arrangements

11. Default and Remedies: Events of default and consequences, including collection procedures

12. Data Protection: Handling of personal data in compliance with DSG and GDPR

13. Anti-Money Laundering: AML compliance requirements and procedures

14. Term and Termination: Duration of agreement and termination provisions

15. Governing Law and Jurisdiction: Confirmation of Austrian law application and jurisdiction

Optional Sections

1. Online Services: Terms for digital banking and online credit management services, required if online services are provided

2. Insurance Requirements: Mandatory insurance provisions, needed if specific insurance is required for the credit facility

3. Third-Party Rights: Rights of guarantors or other third parties, required if third parties are involved in the credit arrangement

4. Special Drawdown Conditions: Special conditions for credit utilization, needed for complex credit facilities

5. Cross-Default Provisions: Links to other financial agreements, required if multiple credit facilities exist

6. Foreign Currency Provisions: Required if credit is provided in non-EUR currency

Suggested Schedules

1. Schedule 1 - Pricing Schedule: Detailed breakdown of all applicable interest rates, fees, and charges

2. Schedule 2 - Credit Facility Details: Specific details of credit limits, utilization methods, and repayment terms

3. Schedule 3 - Security Details: Details of any security or collateral arrangements

4. Schedule 4 - Required Documentation: List of required customer documentation and verification requirements

5. Schedule 5 - Service Level Standards: Detailed service standards and processing timeframes

6. Appendix A - Standard Forms: Standard forms for credit requests, declarations, and notices

7. Appendix B - Regulatory Disclosures: Mandatory regulatory disclosures and warnings required under Austrian law

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
Clauses
Relevant Industries

Banking

Financial Services

Consumer Credit

Corporate Lending

Real Estate

Manufacturing

Retail

Professional Services

Technology

Healthcare

Construction

Agriculture

Relevant Teams

Legal

Finance

Compliance

Risk Management

Credit Operations

Treasury

Customer Relations

Documentation

Corporate Banking

Retail Banking

Operations

Internal Audit

Relevant Roles

Chief Financial Officer

Head of Legal

Corporate Counsel

Credit Manager

Risk Manager

Compliance Officer

Banking Relationship Manager

Financial Controller

Treasury Manager

Credit Analyst

Legal Counsel

Contract Manager

Banking Operations Manager

Customer Service Manager

Documentation Specialist

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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