A Promissory Note and Security Agreement is commonly used in lending transactions where a lender requires both a formal acknowledgment of debt and security over assets. This document type, governed by English and Welsh law, provides protection for lenders while offering borrowers a structured repayment framework. It includes detailed terms about the loan amount, interest rates, payment schedule, and specific assets provided as security. The agreement is particularly useful in commercial lending, asset-based financing, and structured private loans where formal security is required.
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1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Context of the loan and security arrangement
3. Definitions: Key terms used throughout the document
4. Promise to Pay: Core promise to repay the principal amount with specified interest
5. Payment Terms: Details of payment schedule, interest rates, and payment methods
6. Security Grant: Description of collateral and grant of security interest
7. Default Provisions: Events of default and consequences
8. Enforcement Rights: Lender's rights upon default
1. Prepayment Provisions: Terms for early repayment, use when early repayment is permitted
2. Guarantor Provisions: Include when there is a guarantor for the loan
3. Insurance Requirements: Include when specific insurance is required for the collateral
4. Cross-Default Provisions: Include when there are multiple related agreements
1. Schedule of Payments: Detailed payment schedule with dates and amounts
2. Schedule of Secured Assets: Detailed description of all assets serving as collateral
3. Form of Notice: Template for any required notices under the agreement
4. Conditions Precedent: List of conditions that must be met before drawdown
Relevant legal definitions
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