A Line of Credit Promissory Note is commonly used in Austrian business and banking practice when parties seek to establish a flexible borrowing arrangement with enhanced enforceability. This document type combines the convenience of a revolving credit facility with the legal certainty of a promissory note under Austrian law. It is particularly useful for businesses requiring ongoing access to working capital or individuals needing flexible credit arrangements. The document typically includes detailed provisions on credit limits, drawdown procedures, interest calculations, and repayment terms, all structured to comply with Austrian banking regulations and civil law requirements. It's especially relevant when the lender requires additional security in the form of a negotiable instrument while providing revolving credit facilities.
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1. Parties: Identification of the lender (credit provider) and borrower with full legal names and addresses
2. Background: Brief context of the credit facility arrangement and purpose of the promissory note
3. Definitions: Key terms used throughout the document including 'Credit Limit', 'Interest Rate', 'Draw Down', etc.
4. Promise to Pay: Formal promissory note language confirming the borrower's unconditional promise to pay
5. Credit Facility Terms: Details of the line of credit including credit limit, availability period, and purpose
6. Interest Rate and Calculations: Specification of interest rate(s), calculation method, and payment frequency
7. Drawdown Mechanics: Procedures and conditions for drawing down funds under the facility
8. Repayment Terms: Specifications for repayment including minimum payments, prepayment rights, and maturity
9. Events of Default: Circumstances constituting default and consequences thereof
10. Representations and Warranties: Standard declarations by the borrower regarding their legal capacity and financial condition
11. Governing Law and Jurisdiction: Confirmation of Austrian law governance and jurisdiction for disputes
1. Security Arrangements: Required if the line of credit is secured by collateral or assets
2. Guarantor Provisions: Included when there is a third-party guarantor for the credit facility
3. Financial Covenants: Required for corporate borrowers or larger credit facilities with financial maintenance requirements
4. Insurance Requirements: Included when specific insurance coverage is required for secured assets
5. Change of Control Provisions: Required for corporate borrowers to address ownership changes
6. Cross-Default Provisions: Included when the borrower has other significant credit arrangements
7. Consumer Protection Clauses: Required when the borrower qualifies as a consumer under Austrian law
1. Drawdown Request Form: Standard form for requesting draws under the credit facility
2. Repayment Schedule: If applicable, amortization or minimum payment schedule
3. Fee Schedule: Detailed breakdown of all applicable fees and charges
4. Security Details: If secured, detailed description of collateral and security arrangements
5. Conditions Precedent Checklist: List of required documents and conditions for initial drawdown
6. Compliance Certificate: Template for periodic financial covenant compliance certification
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