An Inventory Loan Agreement is essential for businesses seeking to finance their inventory purchases or maintain working capital. This document, governed by U.S. commercial law and the Uniform Commercial Code, establishes the framework for secured lending using inventory as collateral. It's commonly used when businesses need to maintain substantial inventory levels but require external financing to do so. The agreement includes crucial elements such as borrowing base calculations, inventory monitoring procedures, and security interest provisions to protect the lender's interests while providing the borrower with necessary working capital.
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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 of the inventory financing
3. Definitions: Key terms used throughout the agreement including 'Collateral', 'Borrowing Base', 'Eligible Inventory'
4. Loan Terms: Amount, interest rate, repayment schedule, and term of the loan
5. Security Interest: Description of collateral and grant of security interest
6. Representations and Warranties: Borrower's statements about business condition and inventory
7. Covenants: Ongoing obligations regarding inventory maintenance and reporting
8. Default Provisions: Events of default and remedies
1. Insurance Requirements: Specific insurance requirements for inventory - include when lender requires specific insurance coverage
2. Borrowing Base Certificate: Periodic reporting requirements for inventory levels - include for revolving facilities or when regular monitoring is required
3. Guaranty Provisions: Terms of any guarantees - include when personal or corporate guarantees are required
1. Schedule A - Inventory Description: Detailed description of inventory serving as collateral
2. Schedule B - Permitted Locations: Approved locations for storing inventory
3. Appendix 1 - Form of Borrowing Base Certificate: Template for periodic inventory reporting
4. Appendix 2 - UCC Filing Information: Details for UCC-1 financing statement filing
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