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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 specifies the ongoing obligations for both parties and outlines the availability and terms of the loan. Loans may be referred to as credit facilities, and borrowers can have multiple loans under a single credit agreement, such as a Term Loan and a revolver, or separate tranches within a Term Loan for different purposes. The initial draft is usually prepared by the lender's lawyers, often based on the bank's preferred format or previous transactions, though borrower counsel may lead drafting in rare cases, particularly for companies involved in private equity acquisitions.
