A construction facility credit agreement is a legal document which is drafted when a corporate or a business organization takes a commercial loan from a credit organization for the purpose of construction.
The document marks out all the terms and conditions that are associated with the loan. It is necessary for both the parties to agree to the terms and conditions in the agreement and put their signature.
The construction facility credit loan can be a revolving credit loan, term loan or a committed facilities loan and the loan type is mentioned in the agreement.
The other details usually mentioned in the agreement include:
- The effective date of the agreement
- The contact details of both the parties
- The principal amount of the loan
- The interest rate of the loan
- The purpose of taking the loan that is details about the construction process
The details of the administrative agent if any
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