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A credit agreement, also known as a loan or facility agreement, is a key document in commercial lending, typically ranging from 100 to 200 pages. It outlines the obligations of the parties involved and the terms of the loan. Loans may be referred to as credit facilities, and a borrower can have access to multiple loans under one credit agreement, such as a term loan and a revolver, or a single term loan divided into tranches for different purposes. Usually, the lender's lawyers draft the initial credit agreement using a standard form or a precedent, although occasionally the borrower's counsel leads the drafting, particularly when the borrower is a company owned or acquired by private equity.
