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A credit agreement, also known as a loan agreement 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 multiple credit facilities. A borrower can have access to different types of loans, such as a Term Loan or a revolver, and a single Term Loan may consist of multiple tranches, each designated for specific purposes. Usually, the lender's lawyers draft the initial credit agreement based on a preferred form or precedent, although in rare cases, the borrower's counsel may lead the drafting process, particularly if the borrower is a company owned by a private equity firm.
