The Line of Credit Loan Agreement serves as the primary document governing revolving credit facilities in the United States. It is commonly used when businesses or individuals need flexible access to funds up to a predetermined limit. This agreement type is essential for establishing credit terms, security requirements, and compliance with federal and state lending regulations. The document typically includes detailed provisions for drawdown procedures, interest calculations, repayment obligations, and default scenarios, while ensuring compliance with jurisdiction-specific requirements including TILA, ECOA, and state banking laws.
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1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Facility Details: Credit limit, term, and purpose of the line of credit
5. Interest and Fees: Interest rate, calculation method, and applicable fees
6. Drawdown Provisions: Terms and conditions for accessing the credit line
7. Repayment Terms: Payment schedule, minimum payments, and prepayment provisions
8. Representations and Warranties: Statements of fact by borrower regarding their status and capacity
9. Events of Default: Circumstances constituting default and consequences
10. Governing Law: Specification of applicable law and jurisdiction
1. Security: Details of any collateral securing the loan - include when the line of credit is secured
2. Guarantees: Terms of any guarantees provided - include when third-party guarantees are required
3. Insurance Requirements: Required insurance coverage for collateral - include when collateral must be insured
4. Financial Covenants: Specific financial requirements and ratios to be maintained - include for corporate borrowers
1. Schedule A - Fee Schedule: Detailed breakdown of all applicable fees and charges
2. Schedule B - Draw Request Form: Standard form for requesting advances under the facility
3. Schedule C - Compliance Certificate: Form for periodic certification of compliance with agreement terms
4. Schedule D - Security Documentation: Details of security arrangements and UCC filings if applicable
5. Schedule E - Required Insurance: Detailed requirements for insurance coverage of any collateral
Relevant legal definitions
Advance
Applicable Interest Rate
Availability Period
Available Facility
Banking Day
Base Rate
Borrowing
Borrowing Date
Business Day
Commitment
Credit Limit
Default
Default Interest Rate
Draw Notice
Drawdown
Event of Default
Facility
Finance Documents
Financial Indebtedness
Interest Payment Date
Interest Period
LIBOR/SOFR
Margin
Material Adverse Effect
Maturity Date
Outstanding Amount
Permitted Purpose
Potential Default
Prepayment
Reference Rate
Repayment Date
Security
Security Documents
Termination Date
Unutilized Commitment
Applicable Interest Rate
Availability Period
Available Facility
Banking Day
Base Rate
Borrowing
Borrowing Date
Business Day
Commitment
Credit Limit
Default
Default Interest Rate
Draw Notice
Drawdown
Event of Default
Facility
Finance Documents
Financial Indebtedness
Interest Payment Date
Interest Period
LIBOR/SOFR
Margin
Material Adverse Effect
Maturity Date
Outstanding Amount
Permitted Purpose
Potential Default
Prepayment
Reference Rate
Repayment Date
Security
Security Documents
Termination Date
Unutilized Commitment
Clauses
Interest and Fees
Drawdown Mechanics
Repayment
Prepayment
Security
Conditions Precedent
Representations and Warranties
Covenants
Financial Covenants
Information Undertakings
Events of Default
Acceleration
Set-off
Assignment and Transfer
Amendments and Waivers
Notices
Confidentiality
Costs and Expenses
Indemnification
Tax Gross-up
Currency Provisions
Severability
Governing Law
Dispute Resolution
Counterparts
Electronic Execution
Further Assurance
Entire Agreement
Force Majeure
Term and Termination
Drawdown Mechanics
Repayment
Prepayment
Security
Conditions Precedent
Representations and Warranties
Covenants
Financial Covenants
Information Undertakings
Events of Default
Acceleration
Set-off
Assignment and Transfer
Amendments and Waivers
Notices
Confidentiality
Costs and Expenses
Indemnification
Tax Gross-up
Currency Provisions
Severability
Governing Law
Dispute Resolution
Counterparts
Electronic Execution
Further Assurance
Entire Agreement
Force Majeure
Term and Termination
Relevant Industries
Relevant Teams
Relevant Roles
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