facility agreement
Also known as a facility letter or a loan agreement. An agreement (or letter) in which a lender (usually a bank) sets out the terms and conditions on which it is prepared to make a loan available to the borrower. It usually details the extent of the facility as well as the conditions of drawdown which may include the execution of a long form loan agreement and/or the giving of security by the borrower.
+ United Kingdom
Also known as a loan agreement or credit facility agreement or facility letter. An agreement or letter in which a lender (usually a bank or other financial institution) sets out the terms and conditions (including the conditions precedent (condition precedent)) on which it is prepared to make a loan facility available to a borrower.
The loan facility is typically a term loan, revolving facility or overdraft. A facility agreement may contain more than one loan facility.
Related links

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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