Loan Agreements
A typical commercial loan agreement will contain provisions concerning the lender’s obligation to lend funds, closing conditions for the loan, disbursement terms and conditions limiting advance obligations, payment terms, the representations and warranties of the borrower, the covenants of the borrower, events of default and remedies, and various miscellaneous provisions.
By nature, most commercial loan agreements seem to have more definitions than all other provisions combined. Given the volume and impact of the definitions to the overall agreement, it is important to understand each of the definitions and how it is used in the overall loan document package. It is not uncommon for Loan Agreements to contain 35 to 50 pages of definitions. Aside from the number of terms, substantive agreements were often placed within the definitions creating difficulties with how and where the definitions were used. Care should always be taken to digest the definitions.
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