The Small Credit Agreement is designed for situations where relatively modest amounts of credit are extended, typically in the United States market. This document is essential when formalizing lending arrangements below $250,000, whether for personal or small business purposes. The agreement incorporates all necessary elements required by U.S. federal and state regulations, including TILA disclosures, interest calculations, and consumer protection provisions. It serves as a comprehensive yet accessible framework for documenting credit terms, repayment obligations, and security arrangements if applicable.
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1. Parties: Identifies and defines all parties to the agreement, including their legal status and contact details
2. Background: Sets out the context and purpose of the credit agreement
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the credit amount and permitted use of funds
5. Interest Rate and Fees: Details the interest rate, calculation method, and any applicable fees
6. Repayment Terms: Outlines payment schedule, method, and timing of repayments
7. Representations and Warranties: Standard declarations by the borrower about their status and capacity
8. Events of Default: Lists circumstances constituting default and consequences
9. Governing Law: Specifies applicable law and jurisdiction
1. Security: Details of any collateral or security arrangements - used when the loan is secured
2. Guarantees: Terms of any guarantees provided - used when a third party guarantees the loan
3. Insurance Requirements: Mandatory insurance coverage details - used when specific insurance is required
4. Prepayment Provisions: Terms for early repayment - used when early repayment is allowed
1. Repayment Schedule: Detailed payment amounts and due dates
2. Fee Schedule: Breakdown of all applicable fees
3. TILA Disclosure Statement: Required federal disclosures including APR
4. Security Details: Description of collateral if secured loan
5. Drawing Conditions: Conditions precedent to drawdown if applicable
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