The Credit Term Agreement serves as a fundamental legal instrument in Malaysian financial transactions, establishing the terms and conditions under which credit is extended from one party to another. This document is essential when businesses or individuals seek credit facilities from financial institutions or other credit providers in Malaysia. It encompasses crucial elements such as credit limits, interest calculations, repayment schedules, and security requirements, all aligned with Malaysian banking regulations and financial laws. The agreement is designed to protect both the credit provider's interests in securing repayment and the borrower's rights under Malaysian consumer protection legislation. It's particularly relevant in commercial lending, trade finance, and business expansion scenarios where formal credit arrangements are necessary.
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1. Parties: Identifies and provides full details of the creditor and debtor, including registration numbers for companies
2. Background: Explains the context of the credit arrangement and the purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Credit Terms: Specifies the credit amount, interest rate, and payment terms
5. Payment Obligations: Details the debtor's obligations regarding payments, including timing and method
6. Interest and Fees: Specifies all applicable interest rates, late payment charges, and administrative fees
7. Security: Describes any security or collateral provided for the credit facility
8. Representations and Warranties: States the legal promises and factual assertions made by both parties
9. Events of Default: Lists circumstances that constitute default and their consequences
10. Termination: Outlines conditions and procedures for terminating the agreement
11. Governing Law and Jurisdiction: Specifies Malaysian law as governing law and establishes jurisdiction for disputes
1. Insurance Requirements: Required when specific insurance coverage is needed for the credit facility
2. Guarantee Provisions: Included when a third-party guarantee is part of the credit arrangement
3. Cross-Default: Used when the agreement needs to reference other credit facilities or agreements
4. Assignment: Included when either party may need to transfer their rights or obligations
5. Force Majeure: Optional clause for circumstances beyond parties' control affecting performance
6. Refinancing Options: Included when offering possibilities for restructuring the credit terms
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment amounts and due dates
2. Schedule 2 - Interest Rate Calculations: Formula and examples of interest calculations
3. Schedule 3 - Security Details: Detailed description of any collateral or security provided
4. Appendix A - Required Documents: List of documents required for credit approval and maintenance
5. Appendix B - Fee Schedule: Comprehensive list of all applicable fees and charges
6. Appendix C - Contact Information: Contact details for notices and communications between parties
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