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Running Account Credit Agreement

Running Account Credit Agreement Template for Netherlands

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Key Requirements PROMPT example:

Running Account Credit Agreement

"I need a Running Account Credit Agreement for a consumer credit facility with a €25,000 limit, to be used for a retail banking product launch in March 2025, compliant with Dutch consumer protection laws."

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Document background
This Running Account Credit Agreement template is designed for use by financial institutions and credit providers operating in the Netherlands. It is specifically structured to comply with Dutch financial regulations, including the Financial Supervision Act (Wft), the Dutch Civil Code, and EU consumer credit directives. The agreement is suitable for establishing revolving credit facilities with consumers or businesses, detailing credit limits, interest calculations, withdrawal mechanisms, and repayment terms. It includes mandatory consumer protection provisions, information disclosure requirements, and rights of withdrawal as required by Dutch law. The document should be used when establishing new revolving credit facilities and should be reviewed periodically to ensure continued compliance with evolving Dutch financial regulations and consumer protection requirements.
Suggested Sections

1. Parties: Identification of the credit provider and the borrower with full legal names and addresses

2. Background: Context of the agreement and purpose of the credit facility

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

4. Credit Facility: Details of the credit facility including credit limit, interest rate, and withdrawal mechanisms

5. Interest and Fees: Comprehensive breakdown of interest calculation, fees, and charges

6. Payments and Statements: Payment terms, minimum payment requirements, and statement provision details

7. Borrower's Representations and Warranties: Borrower's confirmations regarding their financial situation and ability to repay

8. Credit Provider's Rights and Obligations: Credit provider's commitments and rights under the agreement

9. Borrower's Rights and Obligations: Borrower's commitments and rights, including right of withdrawal

10. Default and Consequences: Events of default and their consequences

11. Term and Termination: Duration of the agreement and termination provisions

12. Data Protection: Handling of personal data and privacy provisions

13. Communications: Methods and requirements for official communications between parties

14. Governing Law and Jurisdiction: Confirmation of Dutch law application and jurisdiction

Optional Sections

1. Security: Include when specific security or collateral is required for the credit facility

2. Insurance: Include when credit-related insurance is offered or required

3. Third Party Rights: Include when guarantors or other third parties are involved

4. Special Drawing Conditions: Include when specific conditions apply to certain types of drawings

5. Additional Card Holders: Include when the facility allows for additional card holders

6. Foreign Currency Provisions: Include when transactions in foreign currencies are permitted

7. Online Banking Services: Include when specific online banking features are part of the facility

8. Rewards Program: Include when the credit facility includes a rewards or loyalty program

Suggested Schedules

1. Schedule 1 - Pricing Schedule: Detailed breakdown of all applicable interest rates, fees, and charges

2. Schedule 2 - Drawing Conditions: Specific conditions and procedures for drawing on the credit facility

3. Schedule 3 - Direct Debit Authorization: Form for setting up automatic payments

4. Appendix A - Standard European Consumer Credit Information: Mandatory pre-contractual information form as required by EU regulations

5. Appendix B - Privacy Notice: Detailed privacy policy and data processing information

6. Appendix C - Complaints Procedure: Information about the complaint handling process

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































Clauses






























Relevant Industries

Banking

Financial Services

Consumer Finance

Retail Banking

Commercial Banking

Credit Services

Consumer Lending

FinTech

Relevant Teams

Legal

Compliance

Risk Management

Consumer Banking

Credit Operations

Product Development

Retail Banking

Commercial Banking

Documentation

Customer Service

Regulatory Affairs

Relevant Roles

Credit Manager

Legal Counsel

Compliance Officer

Risk Manager

Consumer Banking Manager

Account Manager

Financial Services Officer

Credit Risk Analyst

Product Development Manager

Retail Banking Officer

Commercial Banking Manager

Legal Documentation Specialist

Regulatory Compliance Manager

Customer Service Manager

Industries







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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