The Line of Credit Agreement and Note is essential for businesses and individuals seeking flexible access to funds in the United States. This document type is commonly used when a borrower needs ongoing access to credit rather than a one-time loan. It encompasses both the credit facility terms and the borrower's promise to repay, structured to comply with U.S. federal and state lending laws. The agreement typically includes draw procedures, interest calculations, repayment terms, security provisions if applicable, and borrower covenants. It's particularly valuable for managing working capital, seasonal cash flow needs, or ongoing business expenses.
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1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Purpose of the line of credit and relationship context
3. Definitions: Key terms used throughout the agreement including credit facility, interest rate, maturity date, and other relevant definitions
4. Credit Facility Terms: Credit limit, draw period, repayment terms, interest rate, and method of calculating interest
5. Conditions Precedent: Requirements that must be met before credit becomes available, including documentation and financial conditions
6. Representations and Warranties: Borrower's statements about their legal and financial status, authority, and compliance with laws
7. Covenants: Ongoing obligations of the borrower including affirmative and negative covenants
8. Events of Default: Circumstances that trigger default and remedies available to the lender
9. Governing Law: Jurisdiction and applicable law governing the agreement
1. Security Provisions: Details of collateral and security interest if the facility is secured
2. Guaranty Provisions: Terms of any personal or corporate guarantees provided as additional security
3. Financial Covenants: Specific financial metrics and ratios to be maintained by the borrower
4. Insurance Requirements: Specific insurance coverage requirements for borrower and/or collateral
1. Schedule A - Draw Request Form: Standard form for requesting advances under the facility
2. Schedule B - Fee Schedule: Detailed breakdown of all applicable fees including origination, unused line, and late payment fees
3. Schedule C - Collateral Description: Detailed description of security if secured facility, including UCC filing information
4. Schedule D - Required Financial Reports: List and format of required financial reporting and frequency of submission
5. Schedule E - Compliance Certificate: Form for periodic certification of compliance with agreement terms and covenants
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