The Secured Loan Note is commonly used in the United States when a lender requires collateral to secure a loan transaction. This document serves as both evidence of debt and security agreement, combining the essential elements of a promissory note with security provisions. It's particularly useful for business loans, asset financing, and situations where the lender seeks additional protection beyond a simple promise to pay. The document must comply with both federal and state lending regulations, including the UCC and state-specific security interest laws. A properly executed Secured Loan Note provides the lender with clear rights to seize and sell the collateral if the borrower defaults on the loan.
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1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Context of the loan arrangement and purpose
3. Definitions: Key terms used throughout the document including 'Collateral', 'Event of Default', 'Interest Rate', etc.
4. Principal Amount: Amount of the loan and currency specifications
5. Interest Rate: Interest rate terms, calculation method, and compliance with applicable usury laws
6. Payment Terms: Repayment schedule, methods of payment, and allocation of payments
7. Security Interest: Description of collateral, security arrangements, and perfection requirements
8. Events of Default: Circumstances constituting default and consequences thereof
9. Representations and Warranties: Statements of fact and promises by the borrower regarding their status and the collateral
10. Covenants: Ongoing obligations of the borrower during the term of the loan
1. Prepayment Provisions: Terms for early repayment including any penalties or notices required
2. Guaranty: Terms of third-party guarantee when a guarantor is involved
3. Insurance Requirements: Required insurance on collateral when specific assets need to be insured
4. Tax Provisions: Allocation of tax responsibilities and tax-related representations
5. Assignment and Transfer: Terms governing the ability to assign or transfer the note
1. Schedule A - Collateral Description: Detailed description and identification of secured assets
2. Schedule B - Payment Schedule: Detailed repayment timeline including payment amounts and due dates
3. Schedule C - UCC Filing Information: Details required for UCC-1 financing statement filing
4. Schedule D - Permitted Liens: List of any existing liens or encumbrances permitted on the collateral
5. Appendix A - Guarantor Information: Details of guarantors including contact information and financial statements if applicable
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