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A credit agreement, also known as a loan or facility agreement, is the primary document in a commercial lending transaction, typically ranging from 100 to 200 pages. It outlines the ongoing obligations of the parties and the terms of the loan, which may include various types of loans such as Term Loans and revolvers. A single credit agreement can encompass multiple loans or tranches, each with specific details depending on their intended use. The initial draft is usually prepared by the lender's lawyers, based on a preferred form or similar transaction precedent. In rare cases, especially when a borrower is a company owned or acquired by private equity, the borrower's counsel may draft the agreement.