The Basic Loan Agreement is a fundamental legal instrument used across the United States for documenting lending transactions. This agreement is essential when any party wishes to lend money to another party and needs to establish legally enforceable terms. The document typically includes key provisions about the loan amount, interest rates (compliant with state usury laws), repayment terms, default conditions, and remedies. A Basic Loan Agreement can be used for both personal and business loans, though complexity may vary. It must comply with federal regulations such as the Truth in Lending Act and state-specific lending laws.
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1. Parties: Identifies and defines the lender and borrower
2. Background/Recitals: States the context and purpose of the loan
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Terms: Specifies principal amount, interest rate, and repayment terms
5. Repayment Provisions: Details payment schedule, method, and prepayment terms
6. Events of Default: Lists circumstances constituting default and consequences
7. Representations and Warranties: Statements of fact by borrower about their status and ability to repay
8. Governing Law: Specifies jurisdiction governing the agreement
1. Security: Details of collateral if loan is secured - used for secured loans only
2. Guarantees: Terms of any third-party guarantees - used when loan includes guarantors
3. Insurance Requirements: Required insurance coverage for collateral - used for secured loans with valuable collateral
4. Covenants: Ongoing obligations of the borrower - used for business loans or complex arrangements
1. Repayment Schedule: Detailed schedule of payment dates and amounts
2. Collateral Description: Detailed description of security/collateral if applicable
3. Disclosure Statement: Required disclosures under Truth in Lending Act
4. Guarantor Documents: Additional documentation for guarantors if applicable
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