A syndicated term loan agreement is a legally binding loan arrangement between a borrower and a group or syndicate of lenders involving multiple loan facilities and collateral assets. Under the syndicated loan agreement the borrower avails a term loan for a fixed period of time and the repayment is generally in installments or by a fixed amount at the end of tenure of the loan.
The loan agreement should be drafted and documented with proper due diligence and should contain all the details of the syndicate members, the facilities involved, the collateral guarantees, the amount and purpose of the term loan, the interest rates, the term for which the facility is extended, the remedies in case of default on part of the borrower and rights of all the parties involved in the agreement. This type of facility is generally availed by corporation in case of large facilities and large fund requirements.
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