The Running Account Credit Agreement is essential for businesses in Malaysia seeking flexible financing arrangements with financial institutions. This document is typically used when a borrower requires ongoing access to credit up to a predetermined limit, rather than a one-time loan. The agreement complies with Malaysian banking regulations, including the Financial Services Act 2013 and relevant Bank Negara Malaysia guidelines. It encompasses crucial elements such as facility limits, drawdown mechanisms, interest calculations, security arrangements, and operating procedures. The document is particularly suitable for businesses with fluctuating working capital needs or those requiring regular access to credit for operational purposes.
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1. Parties: Identification of the credit provider and the customer, including registration numbers and addresses
2. Background: Context of the agreement and relationship between parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Facility Terms: Core terms including credit limit, interest rates, and facility duration
5. Drawdown and Operation: Procedures for utilizing the credit facility and operational mechanics
6. Interest and Fees: Detailed breakdown of interest calculation, fees, and charges
7. Payments and Repayment: Payment terms, methods, and repayment obligations
8. Security: Security requirements and arrangements
9. Representations and Warranties: Standard declarations by the customer regarding their capacity and authority
10. Covenants: Ongoing obligations of the customer during the facility period
11. Events of Default: Circumstances constituting default and consequences
12. Termination: Conditions and procedures for terminating the facility
13. General Provisions: Standard clauses including notices, amendments, and governing law
1. Islamic Banking Provisions: Required when the facility needs to be Shariah-compliant
2. Guarantee: Include when a guarantor is required for the facility
3. Insurance: Required when specific insurance coverage is mandatory
4. E-Services: Include when electronic banking services are part of the facility
5. Joint and Several Liability: Required for multiple borrowers
6. Foreign Currency Provisions: Include when facility involves foreign currency transactions
7. Set-off Rights: Optional provisions for the bank's right to set-off against other accounts
8. Assignment and Transfer: Include when transfer rights are important for the facility
1. Schedule 1 - Facility Details: Specific details of credit limit, interest rates, and fees
2. Schedule 2 - Conditions Precedent: List of documents and conditions required before facility activation
3. Schedule 3 - Drawing Notice Form: Standard form for drawdown requests
4. Schedule 4 - Calculation of Interest: Detailed methodology for interest calculation
5. Schedule 5 - Security Documents: List and copies of security documents
6. Schedule 6 - Authorized Signatories: List of persons authorized to operate the account
7. Appendix A - Fee Schedule: Comprehensive list of all applicable fees and charges
8. Appendix B - Compliance Requirements: Regulatory compliance requirements and procedures
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