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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 parties' ongoing obligations and the terms of the loan. Loans may be referred to as credit facilities and can include multiple loans under one agreement, such as a Term Loan and a revolver, or a single Term Loan divided into tranches for different purposes. The lender's lawyers generally draft the initial credit agreement, often using a preferred bank form or a precedent from a similar deal. Occasionally, the borrower’s counsel may draft, typically when the borrower is a company under private equity ownership or acquisition.
