A Business Loan Agreement is essential when a business seeks financing from a lender in the United States. This document serves as the primary contract governing the lending relationship, detailing all aspects of the loan including principal amount, interest rates, payment terms, security interests, and default provisions. The agreement must comply with both federal regulations (such as Truth in Lending Act) and state-specific lending laws. It's particularly important for protecting both parties' interests and providing clear recourse in case of default.
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1. Parties: Identifies the lender and borrower with full legal names and addresses
2. Background: Explains the context and purpose of the loan
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Terms: Specifies the principal amount, interest rate, and repayment terms
5. Repayment Schedule: Details the payment schedule including dates and amounts
6. Security and Collateral: Describes any assets securing the loan
7. Representations and Warranties: Statements of fact by the borrower about their business and financial condition
8. Events of Default: Lists circumstances that constitute default and consequences
9. Governing Law: Specifies which jurisdiction's laws govern the agreement
1. Insurance Requirements: Details required insurance coverage for collateral when specific assets are used as collateral
2. Guarantees: Terms of any personal or corporate guarantees when third-party guarantors are involved
3. Covenants: Specific actions the borrower must take or avoid, used for complex commercial loans or higher-risk borrowers
4. Prepayment Terms: Conditions and penalties for early repayment when early repayment restrictions are desired
1. Schedule A - Repayment Schedule: Detailed amortization table showing payment dates and amounts
2. Schedule B - Collateral Description: Detailed description of assets serving as collateral
3. Schedule C - Financial Covenants: Specific financial ratios or requirements to be maintained
4. Appendix A - Form of Compliance Certificate: Template for periodic compliance reporting
5. Appendix B - Form of Draw Request: Template for requesting loan disbursements if multiple draws are allowed
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