Credit Agreement

Definition

Credit Agreement. A contractual agreement in which a debtor receives something of value and agrees to repay the creditor at some date in the future, in some form (e.g., cash, securities, etc.), generally with interest. An agreement as originally issued, modified or replaced, whereby a credit institution grants a credit in the form of a deferred payment, a loan or other similar financial accommodation;

The definition of what constitutes a "credit agreement" is a broad one and it extends to cover (without limitation)

• loan agreements
• overdrafts
• hire purchase agreements
• conditional sale agreements
• pawn agreements
• credit card agreements and
• other agreements where goods or services are supplied, but payment for which is deferred or credit provided.

See Also

• Financial Products
• Credit Servicing Agreement

Disclaimer

This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.