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A credit agreement, also known as a loan or facility agreement, is a fundamental document in commercial lending transactions, typically spanning 100 to 200 pages. It details the obligations of both parties and specifies the terms of the loan(s), which may be referred to as credit facilities. Borrowers can access multiple loans through a single credit agreement, including term loans and revolving credit, and a term loan may be divided into several tranches, each designated for different purposes. The initial draft of the agreement is usually prepared by the lender's lawyers, based on the bank's preferred form or precedents from similar transactions, though borrower lawyers may lead the drafting process in rare cases, such as when a company is owned or acquired by private equity.
