The Employee Loan Agreement And Promissory Note is commonly used when employers provide financial assistance to employees for various purposes such as relocation, education, or emergency expenses. This document, governed by U.S. federal and state laws, serves dual purposes: it establishes the loan terms and conditions while creating a legally enforceable promise of repayment. The agreement typically includes specific provisions for repayment through payroll deductions, handling of the loan upon employment termination, and compliance with applicable tax regulations regarding below-market interest rates.
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1. Parties: Identification of employer (lender) and employee (borrower)
2. Background: Context of the loan arrangement and employment relationship
3. Definitions: Key terms used throughout the agreement
4. Loan Amount and Terms: Principal amount, interest rate, and repayment schedule
5. Repayment Provisions: Method and timing of repayment, including any payroll deductions
6. Default Provisions: Consequences of missed payments or termination of employment
7. Signature Block: Execution by both parties
1. Security/Collateral: Details of any assets securing the loan - used when loan is secured by specific assets
2. Early Repayment: Terms for early loan payoff - included when early repayment is allowed
3. Loan Forgiveness: Conditions under which loan may be forgiven - included when loan includes forgiveness provisions
1. Repayment Schedule: Detailed payment amounts and due dates
2. Payroll Deduction Authorization: Employee authorization for automatic payroll deductions
3. Truth in Lending Disclosure: Required federal disclosures about loan terms and costs
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