The Secured Credit Agreement is essential when a lender requires collateral to secure a loan under U.S. law. This document is commonly used in commercial lending transactions where the borrower pledges specific assets as security for the loan. The agreement must comply with UCC Article 9 requirements and other applicable federal and state regulations. It typically includes detailed provisions about the collateral, perfection of security interests, representations and warranties, covenants, and events of default. The Secured Credit Agreement protects both lender and borrower by clearly defining their rights and obligations throughout the loan term.
Secured Credit Agreement for the United States
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Key Requirements PROMPT example:
Secured Credit Agreement
"Need a Secured Credit Agreement for a $5 million manufacturing equipment loan to be secured by the equipment and company inventory, with quarterly repayments over 5 years starting March 2025 and including specific covenants about maintaining equipment condition."
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1. Parties: Identifies lender, borrower, and any guarantors
2. Background: States purpose of loan and context of agreement
3. Definitions: Defines key terms used throughout agreement
4. Loan Amount and Terms: Specifies principal amount, interest rate, and repayment terms
5. Security Interest: Describes collateral and grants security interest
6. Representations and Warranties: Borrower's statements about financial condition and collateral
7. Covenants: Ongoing obligations of borrower including financial covenants and reporting requirements
8. Events of Default: Circumstances constituting default and remedies
9. Enforcement Rights: Lender's rights and remedies upon default
10. Miscellaneous: Standard boilerplate provisions including governing law, notices, and amendments
1. Guaranty Provisions: Terms of guarantee when third-party guarantors are involved
2. Insurance Requirements: Specific insurance requirements for collateral and borrower
3. Subordination Provisions: Terms regarding priority of security interests when multiple secured creditors exist
4. Tax Provisions: Specific tax-related obligations and allocations
5. Intercreditor Provisions: Terms governing relationships between multiple creditors
1. Schedule of Collateral: Detailed description and itemization of all collateral securing the loan
2. Schedule of Permitted Liens: List of pre-existing liens and encumbrances allowed on collateral
3. Payment Schedule: Detailed repayment schedule including dates, amounts, and calculation methodology
4. UCC Financing Statements: Forms for perfecting security interest in the collateral
5. Financial Covenants Schedule: Detailed financial ratios and requirements that borrower must maintain
6. Compliance Certificate: Form of certificate for periodic compliance reporting
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