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