The Line of Credit Agreement is a fundamental financial instrument used in Danish business practice to provide flexible financing solutions. This document is typically employed when a borrower requires ongoing access to funds up to a predetermined limit, rather than a one-time loan disbursement. The agreement must comply with Danish financial regulations, including the Financial Business Act and Credit Agreements Act, and often incorporates relevant EU directives. It details crucial elements such as credit limits, drawdown procedures, interest calculations, security arrangements, and repayment terms. The document is particularly important for businesses seeking working capital solutions or individuals requiring flexible credit arrangements, and must be structured to ensure enforceability under Danish law while protecting both lender and borrower interests.
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Key Requirements PROMPT example:
Line Of Credit Agreement
I need a Line of Credit Agreement under Danish law for my manufacturing company to secure a €2 million revolving credit facility from Danske Bank, with the facility being secured by company inventory and requiring quarterly financial covenant reporting.
1. Parties: Identification of the lender (financial institution) and borrower, including full legal names, registration numbers, and addresses
2. Background: Context of the agreement and general purpose of the credit facility
3. Definitions: Definitions of key terms used throughout the agreement
4. The Credit Facility: Details of the credit line including the maximum amount, availability period, and purpose
5. Interest and Fees: Interest rate calculations, fee structure, and payment terms
6. Drawdown Conditions: Conditions precedent and procedures for accessing the credit line
7. Repayment Terms: Terms for repayment, including minimum payments and payment schedule
8. Security: Details of any security or collateral required for the credit facility
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 agreement
11. Events of Default: Circumstances that constitute default and consequences thereof
12. Term and Termination: Duration of the agreement and circumstances for termination
13. Notices: Communication requirements and contact details
14. Governing Law and Jurisdiction: Confirmation of Danish law governance and jurisdiction
15. Execution: Signature blocks and execution requirements
1. Guarantees: Required when there is a personal or corporate guarantee for the credit facility
2. Insurance Requirements: Included when specific insurance coverage is required for the credit facility
3. Change of Control: Relevant for corporate borrowers where ownership changes might affect the agreement
4. Assignment and Transfer: Include when either party needs the right to assign or transfer their rights
5. Syndication Rights: Required for larger facilities where the lender may want to syndicate the loan
6. Multiple Borrowers: Required when there are multiple entities borrowing under the same facility
7. Currency Provisions: Needed when the facility allows for multiple currencies
8. Tax Provisions: Detailed tax clauses required for complex corporate arrangements
1. Schedule 1 - Drawdown Notice Form: Template form for requesting drawdowns under the facility
2. Schedule 2 - Calculation of Interest and Fees: Detailed methodology for calculating interest and fees
3. Schedule 3 - Conditions Precedent: List of documents and conditions required before first drawdown
4. Schedule 4 - Security Documents: Forms and details of required security documents
5. Schedule 5 - Compliance Certificate: Template for periodic compliance certification
6. Appendix A - Authorized Signatories: List of persons authorized to request drawdowns
7. Appendix B - Bank Account Details: Details of accounts for disbursements and payments
8. Appendix C - Financial Covenants Calculations: Methodology for calculating financial covenants if applicable
Authors
Relevant legal definitions
Agreement
Applicable Law
Availability Period
Available Facility
Banking Day
Base Rate
Borrower
Business Day
Change of Control
Commitment
Compliance Certificate
Credit Limit
Default
Default Interest
Default Rate
Drawdown
Drawdown Date
Drawdown Notice
EURIBOR
Event of Default
Facility
Fee Letter
Finance Documents
Financial Indebtedness
Financial Statements
Group
Guarantee
Interest Payment Date
Interest Period
Interest Rate
Lender
LIBOR
Margin
Material Adverse Effect
Maturity Date
Outstanding Amount
Permitted Security
Potential Event of Default
Reference Banks
Relevant Jurisdiction
Repayment Date
Security
Security Documents
Security Provider
Subsidiary
Tax
Termination Date
Total Commitments
Transaction Documents
Utilization
Applicable Law
Availability Period
Available Facility
Banking Day
Base Rate
Borrower
Business Day
Change of Control
Commitment
Compliance Certificate
Credit Limit
Default
Default Interest
Default Rate
Drawdown
Drawdown Date
Drawdown Notice
EURIBOR
Event of Default
Facility
Fee Letter
Finance Documents
Financial Indebtedness
Financial Statements
Group
Guarantee
Interest Payment Date
Interest Period
Interest Rate
Lender
LIBOR
Margin
Material Adverse Effect
Maturity Date
Outstanding Amount
Permitted Security
Potential Event of Default
Reference Banks
Relevant Jurisdiction
Repayment Date
Security
Security Documents
Security Provider
Subsidiary
Tax
Termination Date
Total Commitments
Transaction Documents
Utilization
Clauses
Interpretation
Facility Terms
Purpose
Conditions Precedent
Drawdown
Interest
Fees
Repayment
Prepayment
Security
Representations and Warranties
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Changes to Parties
Payment Mechanics
Set-off
Notices
Calculations
Amendments and Waivers
Confidentiality
Counterparts
Assignment
Force Majeure
Severability
Entire Agreement
Third Party Rights
Governing Law
Dispute Resolution
Anti-Money Laundering
Data Protection
Sanctions Compliance
Currency Provisions
Tax Gross-up
Costs and Expenses
Indemnities
Facility Terms
Purpose
Conditions Precedent
Drawdown
Interest
Fees
Repayment
Prepayment
Security
Representations and Warranties
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Changes to Parties
Payment Mechanics
Set-off
Notices
Calculations
Amendments and Waivers
Confidentiality
Counterparts
Assignment
Force Majeure
Severability
Entire Agreement
Third Party Rights
Governing Law
Dispute Resolution
Anti-Money Laundering
Data Protection
Sanctions Compliance
Currency Provisions
Tax Gross-up
Costs and Expenses
Indemnities
Relevant Industries
Banking and Financial Services
Manufacturing
Retail
Real Estate
Construction
Technology
Healthcare
Agriculture
Professional Services
Transportation and Logistics
Energy
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Banking
Credit Administration
Operations
Business Development
Account Management
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Compliance Officer
Credit Risk Manager
Corporate Banking Manager
Relationship Manager
Financial Controller
Credit Analyst
Corporate Secretary
Managing Director
Business Development Manager
Account Manager
Risk Management Officer
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