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Revolving Loan Agreement for the United States

Revolving Loan Agreement Template for United States

A Revolving Loan Agreement is a legal contract governed by U.S. federal and state laws that establishes a flexible borrowing arrangement where a lender provides a maximum credit limit from which a borrower can repeatedly draw down, repay, and redraw funds. The agreement details the terms of borrowing, including interest rates, repayment obligations, financial covenants, and security arrangements. It must comply with federal regulations such as the Truth in Lending Act, state usury laws, and applicable banking regulations.

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Revolving Loan Agreement

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What is a Revolving Loan Agreement?

The Revolving Loan Agreement is essential for businesses seeking flexible access to working capital. It's commonly used when a company needs ongoing access to funds rather than a one-time loan. This agreement, governed by U.S. law, establishes the framework for multiple drawdowns and repayments, specifies credit limits, interest calculations, and repayment terms. It's particularly useful for managing seasonal cash flow fluctuations, inventory financing, or general working capital needs. The document must incorporate both federal requirements and state-specific lending regulations.

What sections should be included in a Revolving Loan Agreement?

1. Parties: Identifies all parties to the agreement, including their legal names, addresses, and roles (Lender and Borrower)

2. Background/Recitals: Sets forth the context and purpose of the revolving loan facility

3. Definitions: Defines key terms used throughout the agreement

4. Facility Details: Specifies the credit limit, purpose, and nature of the revolving facility

5. Interest and Fees: Details interest rates, calculation methods, and applicable fees

6. Drawdown Mechanics: Procedures for requesting and making draws under the facility

7. Repayment Terms: Specifies repayment obligations, including minimum payments and maturity

8. Representations and Warranties: Standard declarations about the parties' status and capacity

9. Covenants: Ongoing obligations of the borrower during the term of the facility

10. Events of Default: Circumstances constituting default and consequences

What sections are optional to include in a Revolving Loan Agreement?

1. Security: Details of any collateral securing the facility - include when the facility is secured

2. Guarantees: Terms of any guarantees provided - include when third-party guarantees are required

3. Accordion Feature: Provisions for increasing the facility amount - include when facility may be expanded in future

4. Multiple Currency Provisions: Terms for drawing in different currencies - include when multiple currencies are permitted

What schedules should be included in a Revolving Loan Agreement?

1. Form of Drawdown Notice: Standard form for requesting draws under the facility

2. Conditions Precedent: List of required documents and conditions for initial drawdown

3. Calculation of Interest: Detailed methodology for interest calculations

4. Security Details: Description of any collateral and security arrangements

5. Financial Covenants: Detailed financial ratios and calculations

6. Fee Schedule: Detailed breakdown of all applicable fees

Authors

Alex Denne

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

Jurisdiction

United States

Document Type

Loan Agreement

Sector

Banking

Cost

Free to use
Clauses


































Industries

Truth in Lending Act (TILA) and Regulation Z: Federal law requiring disclosure of credit terms and standardizing how costs associated with borrowing are calculated and disclosed

Equal Credit Opportunity Act (ECOA): Federal law that prohibits discrimination in lending based on race, color, religion, national origin, sex, marital status, age, or public assistance status

Fair Credit Reporting Act (FCRA): Federal law governing the collection, dissemination, and use of consumer credit information

Dodd-Frank Act: Comprehensive financial reform legislation that established the Consumer Financial Protection Bureau and implemented various financial regulations

Bank Secrecy Act (BSA): Federal law requiring financial institutions to assist government agencies in detecting and preventing money laundering

State Usury Laws: State-specific laws that set maximum interest rates that lenders can charge on loans

UCC Article 9: Uniform Commercial Code article governing secured transactions and the creation and enforcement of security interests in personal property

UCC Article 3: Uniform Commercial Code article governing negotiable instruments, including promissory notes

Securities Acts: Federal laws (1933 and 1934 Acts) governing securities transactions, which may apply if the loan agreement involves security interests

Federal Reserve Regulations: Banking regulations issued by the Federal Reserve that may affect lending practices and requirements

State Lending Regulations: State-specific rules governing lending practices, licensing requirements, and consumer protection measures

Bankruptcy Code: Federal laws governing bankruptcy proceedings that may affect the enforceability and treatment of the loan agreement

Anti-Money Laundering (AML) Regulations: Federal regulations requiring financial institutions to maintain programs to prevent money laundering

Tax Regulations: IRS rules and regulations governing the tax treatment of loan transactions and interest payments

ERISA: Federal law governing employee benefit plans, relevant if pension funds are involved in the lending arrangement

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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