The Demand Loan Agreement is a critical document used when parties wish to establish a flexible lending arrangement where the lender maintains maximum control over the timing of repayment. This type of agreement is commonly used in the United States for business financing, bridge loans, or family lending situations. The document must comply with federal regulations such as the Truth in Lending Act and state-specific usury laws. It typically includes detailed terms about interest calculation, default provisions, and any security arrangements, while maintaining the distinctive feature that the entire loan can be called due at the lender's discretion.
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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 relationship between parties
3. Definitions: Key terms used throughout the agreement including interest rate, business day, default, and other relevant definitions
4. Loan Amount and Terms: Principal amount, interest rate calculation method, and payment terms
5. Demand Nature: Lender's right to demand repayment at any time and notice requirements
6. Events of Default: Circumstances constituting default and consequences thereof
7. Representations and Warranties: Borrower's assertions about their legal and financial status
8. Governing Law: Jurisdiction governing the agreement and dispute resolution provisions
1. Security: Details of any collateral securing the loan, including description and maintenance requirements
2. Guarantees: Terms and conditions of third-party guarantees of the loan
3. Insurance Requirements: Required insurance coverage for collateral and proof of insurance obligations
4. Subordination: Priority of the loan relative to other debt and related arrangements
1. Payment Schedule: Details of any scheduled payments and calculation methods
2. Collateral Description Schedule: Detailed description of security including serial numbers, locations, and values
3. Truth in Lending Disclosure: Federal required disclosures about loan terms, APR, and fees
4. UCC Filing Information: Details for UCC filings including filing locations and requirements
Relevant legal definitions
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