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Credit And Security Agreement for the United States

Credit And Security Agreement Template for United States

A Credit and Security Agreement is a comprehensive legal document used in the United States that combines lending terms with security arrangements. It establishes the terms under which a lender will extend credit to a borrower while simultaneously creating a security interest in the borrower's assets as collateral. The agreement is governed by U.S. federal and state laws, particularly the Uniform Commercial Code (UCC), and includes detailed provisions for the credit facility, collateral requirements, representations and warranties, covenants, and events of default.

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What is a Credit And Security Agreement?

A Credit and Security Agreement is utilized when a lender requires security for a loan or credit facility. This document is essential in U.S. commercial lending transactions where the borrower pledges assets as collateral. The agreement combines what might otherwise be separate credit and security agreements into a single, comprehensive document. It must comply with federal regulations, state-specific UCC requirements, and other applicable laws. The Credit and Security Agreement typically includes detailed provisions about the credit terms, collateral description, perfection requirements, borrower covenants, and enforcement mechanisms.

What sections should be included in a Credit And Security Agreement?

1. Parties: Identifies the lender and borrower, and their legal status

2. Background/Recitals: Sets forth the context and purpose of the credit facility

3. Definitions: Defines key terms used throughout the agreement

4. Credit Facility Terms: Details of the loan amount, interest rates, and repayment terms

5. Security Interest: Description of collateral and grant of security interest

6. Representations and Warranties: Statements of fact by borrower about their legal and financial condition

7. Covenants: Ongoing obligations of the borrower during the loan term

8. Events of Default: Circumstances that constitute default and remedies

9. Miscellaneous: Standard legal provisions including governing law, notices, etc.

What sections are optional to include in a Credit And Security Agreement?

1. Guaranty Provisions: Terms relating to guarantors when third-party guarantors are involved

2. Multiple Borrower Provisions: Terms governing joint liability when multiple borrowers exist

3. Subordination Terms: Priority of security interests when multiple secured creditors exist

What schedules should be included in a Credit And Security Agreement?

1. Schedule of Collateral: Detailed listing of all assets serving as collateral

2. Schedule of Permitted Liens: List of pre-existing liens allowed under the agreement

3. Schedule of Intellectual Property: List of IP assets if included in collateral

4. Form of Compliance Certificate: Template for periodic compliance reporting

5. Form of Borrowing Base Certificate: Template for calculating available credit

6. Form of Promissory Note: Template for any required promissory notes

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Document Type

Security Agreement

Cost

Free to use
Clauses





























Industries

Uniform Commercial Code (UCC): Primary body of law governing secured transactions, particularly Article 9 (Secured Transactions), Article 1 (General Provisions), Article 3 (Negotiable Instruments), and Article 8 (Investment Securities)

Truth in Lending Act (TILA): Federal law requiring lenders to provide standardized disclosures about credit terms and costs

Equal Credit Opportunity Act (ECOA): Federal law prohibiting discrimination in credit transactions based on race, color, religion, national origin, sex, marital status, age, or public assistance status

Fair Credit Reporting Act (FCRA): Federal law regulating the collection, dissemination, and use of consumer credit information

Dodd-Frank Wall Street Reform: Comprehensive financial reform legislation affecting lending practices and consumer protection in financial transactions

State UCC Variations: State-specific adoptions and modifications to the Uniform Commercial Code that may affect secured transactions

State Usury Laws: State-specific regulations governing maximum interest rates and related charges that can be imposed on loans

State Banking Regulations: State-specific rules governing banking operations and lending practices within the state

Federal Reserve Regulations: Rules and guidelines issued by the Federal Reserve System affecting lending practices and banking operations

SEC Regulations: Securities and Exchange Commission rules that may apply if the transaction involves securities as collateral

Bank Secrecy Act: Federal law requiring financial institutions to assist government agencies in detecting and preventing money laundering

UCC Filing Requirements: Rules governing the filing of UCC-1 Financing Statements and other documentation for perfecting security interests

Bankruptcy Code Provisions: Federal bankruptcy laws affecting creditors' rights and the treatment of security interests in bankruptcy

Consumer Protection Laws: Various state and federal laws designed to protect consumer interests in financial transactions

Industry-Specific Regulations: Specialized rules and requirements that apply to lending in particular industries or sectors

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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