Model Credit Agreement

Model Credit Agreement Template for England and Wales

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Key Requirements PROMPT example:

"I need a Model Credit Agreement for a £50 million bilateral term loan facility between ABC Bank plc as lender and XYZ Manufacturing Ltd as borrower, with quarterly repayments over 5 years starting March 2025."

Document background

The Model Credit Agreement is a foundational document used in commercial lending transactions under English and Welsh law. It provides a comprehensive framework for documenting credit facilities, incorporating market-standard provisions and regulatory requirements. This agreement type is particularly useful for bilateral and syndicated lending arrangements, offering flexibility to accommodate various facility types including term loans, revolving credits, and multi-currency facilities. The document includes essential provisions for facility administration, security arrangements, and regulatory compliance, while allowing customization to meet specific transaction requirements and market conditions.

Suggested Sections

1. Parties: Identification of lender(s) and borrower(s), including full legal names and addresses

2. Background: Context of the agreement and purpose of the facility

3. Definitions and Interpretation: Key terms used throughout the agreement and rules of interpretation

4. The Facility: Details of the credit facility, including amount, purpose, and availability

5. Conditions Precedent: Conditions that must be satisfied before drawdown

6. Repayment: Terms of repayment including schedule and mechanics

7. Interest: Interest calculation, payment dates, and default interest provisions

8. Representations and Warranties: Statements of fact made by the borrower

9. Covenants: Ongoing obligations of the borrower throughout the facility period

10. Events of Default: Circumstances that trigger default and remedies available

11. Changes to Parties: Rules regarding assignment and transfer

12. Administration: Payment mechanics, calculations, and notices

13. Governing Law and Jurisdiction: Choice of law and dispute resolution provisions

Optional Sections

1. Security: Terms of any security arrangements - used for secured facilities

2. Guarantee: Terms of any guarantee arrangements - used when guarantors are involved

3. Syndication Provisions: Terms governing multiple lenders - used for syndicated facilities

4. Increased Costs: Provisions for regulatory or legal changes affecting lenders' costs - used for longer-term or larger facilities

Suggested Schedules

1. Form of Drawdown Request: Standard form for requesting utilization of the facility

2. Conditions Precedent Documents: List of required documents and conditions

3. Repayment Schedule: Detailed payment dates and amounts

4. Form of Transfer Certificate: Standard form for transferring commitments between lenders

5. Form of Compliance Certificate: Template for periodic compliance reporting

6. Security Documents: Forms of security documentation (when applicable)

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

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Relevant Industries

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Industries

Consumer Credit Act 1974: Primary legislation governing consumer credit agreements in England and Wales, establishing the framework for consumer lending and protection

Financial Services and Markets Act 2000: Core legislation regulating financial services activities in the UK, including credit-related activities and financial promotions

Consumer Rights Act 2015: Key legislation protecting consumer rights, including provisions about unfair terms in consumer contracts and consumer credit agreements

Unfair Contract Terms Act 1977: Legislation regulating unfair terms in contracts, particularly relevant for business-to-business lending

Law of Property Act 1925: Fundamental property law legislation relevant for secured lending and mortgages

FCA Handbook - CONC: Consumer Credit sourcebook containing detailed regulations for consumer credit activities

FCA Handbook - MCOB: Mortgages and Home Finance sourcebook providing rules and guidance for mortgage lending

FCA Handbook - BCOBS: Banking Conduct of Business sourcebook covering general banking activities and lending

UK Money Laundering Regulations 2017: Regulations requiring credit institutions to implement measures to prevent money laundering and terrorist financing

UK GDPR: Data protection regulation governing how personal data must be handled in credit agreements and lending processes

Data Protection Act 2018: UK's implementation of data protection requirements, complementing UK GDPR in the context of lending

Basel III Requirements: International banking standards affecting capital adequacy and risk management for credit institutions

Contracts (Rights of Third Parties) Act 1999: Legislation governing how third parties may enforce terms of contracts, including credit agreements

Misrepresentation Act 1967: Legislation dealing with false statements made during contract formation, relevant for credit application processes

Financial Collateral Arrangements (No.2) Regulations 2003: Regulations governing financial collateral arrangements in credit agreements

Consumer Protection from Unfair Trading Regulations 2008: Regulations protecting consumers from unfair commercial practices in credit and lending

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Authors

Alex Denne

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