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Fixed Sum Credit Agreement

Fixed Sum Credit Agreement Template for Germany

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Key Requirements PROMPT example:

Fixed Sum Credit Agreement

"I need a Fixed Sum Credit Agreement under German law for a €500,000 business loan between Deutsche Bank AG and a medium-sized manufacturing company, with quarterly repayments over 5 years and security over the company's equipment."

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Document background
The Fixed Sum Credit Agreement is essential for documenting loans with predetermined amounts in Germany, used when a lender provides a specific sum to a borrower for a defined period. This document type is fundamental in German banking practice and must comply with strict regulatory requirements under the German Civil Code (BGB), German Banking Act (KWG), and EU Consumer Credit Directive. It's particularly important for both consumer and business lending, containing mandatory provisions for consumer protection, transparency in interest calculations, and clear repayment terms. The agreement must include specific statutory requirements such as withdrawal rights, APR calculations, and detailed information obligations, making it a crucial tool for financial institutions operating in Germany.
Suggested Sections

1. Parties: Identification of the lender and borrower with full legal names, addresses, and registration details

2. Background: Brief context of the credit agreement and its purpose

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

4. Loan Amount and Purpose: Specification of the fixed sum being lent and its intended use

5. Interest Rate and Charges: Details of the interest rate, APR calculation, and any associated charges as required by PAngV

6. Repayment Terms: Schedule of repayments, including amounts, frequency, and duration

7. Disbursement Conditions: Conditions precedent for the disbursement of the loan

8. Representations and Warranties: Standard declarations by the borrower regarding their capacity and financial situation

9. Information Rights: Lender's rights to receive information and borrower's reporting obligations

10. Events of Default: Circumstances that constitute default and their consequences

11. Right of Withdrawal: Statutory withdrawal rights and process as per German law

12. Data Protection: GDPR and BDSG compliant provisions on personal data processing

13. Governing Law and Jurisdiction: Confirmation of German law application and jurisdiction

Optional Sections

1. Security: Details of any collateral or guarantees, used when the loan is secured

2. Insurance Requirements: Mandatory insurance provisions, included when specific insurance is required

3. Co-borrower Provisions: Additional terms for cases involving multiple borrowers

4. Prepayment Terms: Specific provisions for early repayment, included when different from statutory provisions

5. Assignment and Transfer: Terms for transferring the loan, included when transferability is desired

6. Electronic Communication: Provisions for digital correspondence, included when online services are offered

Suggested Schedules

1. Schedule 1 - Repayment Schedule: Detailed amortization table showing all payments, interest, and principal amounts

2. Schedule 2 - Standard European Consumer Credit Information: Standardized pre-contractual information form as required by EU directive

3. Schedule 3 - Fee Schedule: Comprehensive list of all applicable fees and charges

4. Schedule 4 - Withdrawal Form: Standard form for exercising the right of withdrawal

5. Appendix A - General Terms and Conditions: Bank's standard terms and conditions

6. Appendix B - Data Privacy Notice: Detailed information about personal data processing

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
Annual Percentage Rate (APR)
Banking Day
Borrower
Business Day
Conditions Precedent
Credit Amount
Default Interest
Disbursement Date
Due Date
Early Repayment
Event of Default
Fixed Interest Rate
Interest Payment Date
Interest Period
Lender
Loan Account
Maturity Date
Nominal Interest Rate
Payment Schedule
Principal Amount
Repayment Date
Repayment Schedule
Security
Security Documents
Standard European Consumer Credit Information
Term of the Loan
Total Amount Payable
Withdrawal Notice
Withdrawal Period
Relevant Industries

Banking

Financial Services

Consumer Finance

Corporate Lending

Real Estate

Retail

Manufacturing

Small and Medium Enterprises

Construction

Technology

Relevant Teams

Legal

Compliance

Credit Risk

Banking Operations

Finance

Treasury

Documentation

Regulatory Affairs

Customer Relations

Risk Management

Relevant Roles

Legal Counsel

Credit Officer

Compliance Manager

Banking Director

Loan Officer

Risk Manager

Contract Manager

Financial Controller

Credit Risk Analyst

Legal Director

Banking Operations Manager

Treasury Manager

Relationship Manager

Documentation Specialist

Industries
German Civil Code (Bürgerliches Gesetzbuch - BGB) §§ 488-507: Core regulations for credit agreements, including mandatory content requirements, right of withdrawal, and general contractual obligations between creditor and debtor
German Banking Act (Kreditwesengesetz - KWG): Regulatory framework for credit institutions and financial services, including licensing requirements and supervisory provisions
Price Information Regulation (Preisangabenverordnung - PAngV): Regulations regarding the disclosure of prices and interest rates, including the calculation and display of the annual percentage rate (APR)
EU Consumer Credit Directive 2008/48/EC as implemented in German law: Harmonized rules for consumer credit agreements, including pre-contractual information requirements and standardized information format
German Money Laundering Act (Geldwäschegesetz - GwG): Requirements for customer identification and verification in financial transactions
General Data Protection Regulation (GDPR) and German Federal Data Protection Act (BDSG): Requirements for handling personal data in credit agreements and related processes
German Act Against Unfair Competition (UWG): Regulations regarding fair commercial practices and marketing of credit products
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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