Financial
Equipment Financing Agreement
Asset-based lending contract for equipment purchase financing, covering equipment specifications, financing terms, security interests, insurance requirements, and default remedies for business equipment acquisition.
Key Clauses
1
Equipment Description
Identifies the financed equipment with specifications and serial numbers.
2
Financing Terms
Specifies loan amount, interest rate, term length, and payment schedule.
3
Security Interest
Grants the lender a security interest in the equipment until full payment.
4
Insurance Requirements
Requires the borrower to maintain adequate insurance on the equipment.
5
Default and Remedies
Defines events of default and the lender's remedies including repossession.
Use This Template
When You Need This
- Purchasing expensive business equipment through a financing arrangement
- A lender providing equipment financing to a business borrower
- Documenting security interests in financed equipment for UCC filings
- Structuring payment plans for heavy machinery or technology purchases