Credit Sales Agreement

Credit Sales Agreement Template for Denmark

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Document background

The Credit Sales Agreement is a fundamental legal instrument used in Danish commercial transactions where goods or services are sold on credit terms. This document is essential when a seller extends credit to a buyer, allowing for deferred payment under specified conditions. The agreement must comply with Danish law, including the Danish Credit Agreements Act (Kreditaftaleloven) and relevant EU regulations. It is particularly useful for businesses engaged in regular credit sales transactions and requires careful consideration of credit terms, security arrangements, interest calculations, and enforcement mechanisms. The document serves to protect both the credit provider's interests in securing payment and the purchaser's rights under Danish consumer protection laws, where applicable.

Suggested Sections

1. Parties: Identification and details of the credit provider and the purchaser/borrower

2. Background: Context of the agreement, including the purpose of the credit facility and any relevant business relationship

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

4. Credit Facility: Details of the credit amount, purpose, and availability

5. Interest and Fees: Interest rate calculations, payment schedules, and applicable fees

6. Payment Terms: Payment obligations, methods, currencies, and timing

7. Security: Basic security arrangements and guarantees for the credit

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

9. Borrower Covenants: Ongoing obligations and restrictions on the borrower

10. Events of Default: Circumstances constituting default and consequences

11. Enforcement and Remedies: Rights and remedies available upon default

12. Data Protection: Compliance with GDPR and Danish data protection requirements

13. Notices: Communication methods and contact details

14. General Provisions: Standard legal provisions including governing law, jurisdiction, and amendments

Optional Sections

1. Multiple Borrowers: Additional provisions for joint and several liability when there are multiple borrowers

2. Specific Asset Security: Detailed security arrangements when specific assets are used as collateral

3. Insurance Requirements: Specific insurance obligations for secured assets

4. Corporate Guarantees: Additional provisions when corporate guarantees are part of the security package

5. Early Repayment: Terms for early repayment options and any associated fees

6. Credit Rating: Provisions relating to maintenance of credit rating if applicable

7. Financial Covenants: Specific financial ratios and reporting requirements for business borrowers

8. Change of Control: Provisions dealing with changes in ownership or control of the borrower

9. Force Majeure: Provisions for unforeseen circumstances affecting performance

Suggested Schedules

1. Payment Schedule: Detailed repayment schedule including dates and amounts

2. Interest Calculation Methods: Detailed methodology for calculating interest and examples

3. Asset Description: Detailed description of any assets subject to security

4. Fee Schedule: Comprehensive list of all applicable fees and charges

5. Required Insurance: Specific insurance requirements and minimum coverage levels

6. Form of Notices: Template forms for various notices under the agreement

7. Conditions Precedent: List of documents and conditions required before credit availability

8. Compliance Certificates: Templates for periodic compliance certification

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