A Business Credit Agreement is essential when a business seeks to establish a formal lending relationship with a financial institution in the United States. This document is crucial for both secured and unsecured credit facilities, establishing clear terms for borrowing, repayment, and ongoing obligations. The agreement must comply with federal regulations such as TILA and ECOA, as well as state-specific lending laws. It typically includes detailed provisions for credit limits, interest calculations, payment schedules, financial covenants, and events of default.
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1. Parties: Identification of lender and borrower, including legal entity details
2. Background: Context of the credit agreement and purpose of the facility
3. Definitions: Key terms used throughout the agreement
4. Credit Facility Terms: Amount, interest rate, repayment terms, and duration
5. Conditions Precedent: Requirements that must be met before credit is extended
6. Representations and Warranties: Statements of fact by the borrower about its business and financial condition
7. Covenants: Ongoing obligations of the borrower during the term of the agreement
8. Events of Default: Circumstances that allow the lender to terminate the facility and demand repayment
1. Security: Details of collateral securing the loan - used when the credit facility is secured
2. Guarantees: Terms of any third-party guarantees - used when guarantors are involved
3. Subordination: Priority of the debt relative to other obligations - used when there are multiple creditors
1. Schedule of Fees: Detailed breakdown of all applicable fees and charges
2. Form of Drawdown Notice: Template for borrower to request funds under the facility
3. Financial Covenants Schedule: Detailed financial ratios and requirements
4. Security Documents: Details of collateral and security arrangements
5. Compliance Certificate: Template for periodic compliance reporting
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