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This Practice Note is intended as an introductory guide to facility agreements (loan agreements) for those new to Lending transactions. It discusses the usual components of a bilateral, Committed facility agreement to a corporate borrower and links out to further information.

For a more comprehensive introductory guide to lending transactions, see Practice Note: Introductory guide to lending and for introductory information on drafting and negotiating a facility agreement, see Practice Notes: How to draft and negotiate a facility agreement and Drafting techniques and contract language.

Where appropriate, this Practice Note highlights relevant provisions in Precedent: Facility agreement (term loan): single company borrower—bilateral—with or without security or a guarantee and the Loan Market Association (LMA) investment grade multicurrency term facility agreement with/without observation shift (the LMA facility agreement) (available to LMA members on the LMA website). Note the LMA facilities agreements are for use on syndicated rather than bilateral transactions—see Practice Note: Bilateral, syndicated and club arrangements. For clause by clause commentary, see Practice Note: Loan Market Association investment grade facilities agreement—commentary.

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