Credit agreements are usually written, but there is no legal reason why a credit agreement should not be a purely oral agreement (although oral agreements are more difficult to enforce). There are usually „standard“ negotiating points raised by borrowers, for example.B. a standard definition of significant adverse changes/effects usually focuses on the impact that may have something on the debtor`s ability to fulfill its obligations under the corresponding facility agreement. The borrower may try to limit this to his own obligations (and not those of other debtors), the borrower`s payment obligations and (sometimes) his financial obligations. The categorization of credit agreements by type of facility generally leads to two main categories: LIBOR: the London Interbank Offered Rate (LIBOR) is a daily reference rate based on the interest rates at which banks can borrow unsecured funds from other banks. It is usually defined for the purposes of a facility agreement by referring to a set of screens (usually the British Bankers Association interest settlement rate for the currency and the period in question) or the base reference rate, which is the average rate at which the bank can obtain information about the London interbank market. .