Financial
Secured Promissory Note
Written loan agreement backed by collateral, defining repayment terms, interest rates, collateral description, and lender's rights in case of borrower default.
Key Clauses
1
Recitals Whereas
Defines recitals whereas terms and conditions.
2
Principal And Interest
Defines loan amount borrowed and interest rate charged over loan term.
3
Payment Terms
Specifies payment schedule, payment amounts, and procedures for loan repayment.
4
Collateral
Identifies specific assets securing loan and borrower's obligations regarding collateral maintenance.
5
Default
Defines default conditions and lender's rights to collect debt and seize collateral.
6
Representations And Warranties B
Defines representations and warranties b terms and conditions.
Use This Template
When You Need This
- Borrowing money while offering valuable assets as loan security
- Lending money with collateral protection reducing default risk exposure
- Obtaining lower interest rates by providing collateral backing for loans
- Securing business loans with equipment, inventory, or real estate collateral