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Creditor Agreement

Creditor Agreement Template for Austria

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Key Requirements PROMPT example:

Creditor Agreement

"I need a Creditor Agreement under Austrian law for a €2.5 million business loan to a manufacturing company, with quarterly repayments over 5 years starting March 2025, including security over the company's equipment and a personal guarantee from the managing director."

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Document background
The Creditor Agreement is a fundamental legal instrument used in Austrian financial and commercial transactions to formalize lending arrangements between parties. This document is essential when establishing credit relationships, whether in commercial lending, business financing, or structured credit arrangements. The agreement must comply with Austrian legal requirements, including the Civil Code (ABGB), Enterprise Code (UGB), and where applicable, banking and consumer protection laws. It typically includes detailed provisions on credit terms, security interests, representations and warranties, and enforcement mechanisms. The Creditor Agreement is particularly important in protecting the lender's interests while ensuring clear obligations for the borrower, and can be adapted for various lending scenarios from simple bilateral arrangements to complex syndicated facilities.
Suggested Sections

1. Parties: Identification and details of the creditor(s) and debtor(s), including registration numbers and addresses

2. Background: Context of the credit arrangement and purpose of the agreement

3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement

4. Credit Amount and Purpose: Specification of the credit amount, currency, and permitted use of funds

5. Interest and Fees: Details of interest rates, calculation methods, and any applicable fees

6. Repayment Terms: Repayment schedule, payment methods, and prepayment provisions

7. Conditions Precedent: Conditions that must be satisfied before the credit becomes available

8. Representations and Warranties: Statements of fact and assurances given by the debtor

9. Covenants: Ongoing obligations and restrictions on the debtor's activities

10. Events of Default: Circumstances constituting default and consequences thereof

11. Notices: Communication requirements and contact details

12. Governing Law and Jurisdiction: Specification of Austrian law as governing law and jurisdiction for disputes

13. Execution: Signature blocks and execution requirements

Optional Sections

1. Security: Details of any collateral or security arrangements - include when credit is secured

2. Guarantee: Terms of any guarantees - include when there are third-party guarantors

3. Syndication Provisions: Rules for multiple creditors - include in syndicated credit arrangements

4. Assignment and Transfer: Rules for transferring rights under the agreement - include when transfer rights are important

5. Tax Provisions: Detailed tax implications and responsibilities - include when tax considerations are complex

6. Information Undertakings: Specific reporting requirements - include for business credits or larger amounts

7. Currency Provisions: Rules for handling multiple currencies - include in cross-border transactions

8. Force Majeure: Provisions for unforeseen circumstances - include when specifically requested

Suggested Schedules

1. Repayment Schedule: Detailed amortization table showing payment dates and amounts

2. Security Details: Detailed description of security assets and registration requirements

3. Form of Drawdown Notice: Template for requesting disbursement of funds

4. Conditions Precedent Documents: List of required documents and evidence

5. Compliance Certificate: Template for periodic compliance certification

6. Fee Schedule: Detailed breakdown of all applicable fees and charges

7. Contact Details: Complete list of relevant contact persons and addresses

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Applicable Law
Austrian Business Day
Availability Period
Break Costs
Business Day
Credit Amount
Collateral
Commitment
Conditions Precedent
Default
Default Interest
Default Rate
Drawdown
Drawdown Date
Drawdown Notice
Effective Date
Event of Default
Facility
Finance Documents
Financial Indebtedness
Financial Statements
Guarantee
Interest Payment Date
Interest Period
Interest Rate
Legal Reservations
Margin
Material Adverse Effect
Maturity Date
Outstanding Amount
Payment Date
Permitted Security
Potential Default
Principal
Reference Banks
Reference Rate
Repayment Date
Repayment Schedule
Security
Security Documents
Security Interest
Signing Date
Subsidiary
Tax
Transaction Documents
Utilization
Clauses
Credit Facility
Interest
Repayment
Security Interest
Representations and Warranties
Conditions Precedent
Covenants
Information Undertakings
Financial Covenants
Events of Default
Acceleration
Set-off
Payment Mechanics
Tax Gross-up
Increased Costs
Indemnities
Costs and Expenses
Assignment and Transfer
Amendments and Waivers
Confidentiality
Notices
Calculations
Partial Invalidity
Remedies and Waivers
Governing Law
Enforcement
Jurisdiction
Force Majeure
Anti-Money Laundering
Regulatory Compliance
Data Protection
Currency Provisions
Syndication
Agency Provisions
Dispute Resolution
Termination
Relevant Industries

Banking & Financial Services

Real Estate

Manufacturing

Commercial Services

Retail

Construction

Agriculture

Technology

Healthcare

Transportation & Logistics

Energy & Utilities

Hospitality & Tourism

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Credit Administration

Corporate Governance

Business Development

Investment

Operations

Relevant Roles

Chief Financial Officer

Finance Director

Credit Manager

Legal Counsel

Corporate Lawyer

Risk Manager

Treasury Manager

Loan Officer

Compliance Officer

Financial Controller

Banking Relationship Manager

Credit Risk Analyst

Corporate Secretary

Business Development Manager

Investment Manager

Industries
Austrian Civil Code (ABGB - Allgemeines bürgerliches Gesetzbuch): Primary legislation governing contractual relationships, obligations, and creditor rights in Austria. Particularly relevant are sections 859-937 on contracts and sections 1375-1450 on loans and credit.
Enterprise Code (UGB - Unternehmensgesetzbuch): Regulates commercial transactions and business-related credit agreements, particularly relevant if either party is acting in a business capacity.
Banking Act (BWG - Bankwesengesetz): Relevant if the creditor is a financial institution, governing banking operations and credit provision requirements.
Consumer Protection Act (KSchG - Konsumentenschutzgesetz): Applies if the debtor is a consumer, providing additional protection and specific requirements for consumer credit agreements.
Austrian Insolvency Code (IO - Insolvenzordnung): Governs creditor rights and priorities in case of debtor insolvency, including provisions for debt restructuring and bankruptcy proceedings.
Security Interests Act (Pfandrecht regulations in ABGB): Provisions regarding collateral and security interests, particularly relevant if the credit agreement includes any form of security.
Interest Rate Act (ZinsG - Zinsengesetz): Regulates maximum interest rates and usury provisions applicable to credit agreements.
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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