A term loan credit agreement is a document which outlines the terms and conditions of a loan between individuals, between individuals and loan providing organization, and between business organizations. This agreement is only applicable for the term loans. The term loans can be defined as the loans in which the debtor has to repay the loan amount within ten years of the loan sanction date. In this type of loan, the repayment schedule for the borrowers is usually set as per their cash flow ability.
The term loan credit agreement generally consists of four different sections such as the definition section, the mechanical section, the transaction specific section and the boilerplate section. The definition section describes the various terms relating to the loans. The mechanical section outlines the amount of loan to be sanctioned, the repayment period and the applicable interest rates. The transaction section demonstrates the responsibilities of both the parties towards each other. And, the final boilerplate section comprises of the law governing the loan agreement.
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