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Loan Contract With Collateral for the United States

Loan Contract With Collateral Template for United States

A Loan Contract with Collateral is a legally binding agreement under U.S. law that documents a loan secured by specific assets. The agreement details the loan amount, interest rate, repayment terms, and describes the collateral securing the loan. It includes provisions for default, remedies, and the creation of security interests under Article 9 of the UCC. The contract ensures compliance with federal and state lending regulations while protecting both lender and borrower rights.

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Loan Contract With Collateral

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What is a Loan Contract With Collateral?

A Loan Contract with Collateral is essential when providing secured financing in the United States. This agreement is commonly used when a lender requires security for a loan, whether in business financing, asset purchases, or other transactions requiring collateral backing. The contract must comply with federal regulations including TILA and state-specific lending laws, while incorporating UCC Article 9 requirements for secured transactions. It serves to protect the lender's security interest in the collateral while providing clear terms and conditions for the borrower.

What sections should be included in a Loan Contract With Collateral?

1. Parties: Identification of lender and borrower with full legal names and addresses

2. Background: Context of the loan and purpose

3. Definitions: Key terms used throughout the agreement

4. Loan Amount and Terms: Principal amount, interest rate, payment schedule

5. Collateral Description: Detailed description of assets securing the loan

6. Security Interest: Creation and perfection of security interest in collateral

7. Representations and Warranties: Statements of fact and promises made by the borrower regarding their situation and the collateral

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

9. Events of Default: Circumstances constituting default and remedies

10. Remedies: Lender's rights and actions in case of default

11. Miscellaneous: Standard legal provisions including governing law, notices, and amendments

What sections are optional to include in a Loan Contract With Collateral?

1. Insurance Requirements: Requirements for insurance on collateral, used when collateral requires protection

2. Guarantor Provisions: Terms relating to third-party guarantors, included when loan includes guarantors

3. Prepayment Terms: Conditions for early repayment, included when early repayment is allowed

4. Cross-Default Provisions: Provisions linking default in other agreements, used for borrowers with multiple loans

5. Financial Covenants: Specific financial requirements for borrower, used primarily in commercial loans

What schedules should be included in a Loan Contract With Collateral?

1. Schedule A - Collateral Description: Detailed inventory or description of collateral assets

2. Schedule B - Payment Schedule: Amortization table or payment terms

3. Schedule C - UCC Financing Statements: Copies of filed UCC-1 forms

4. Appendix A - Insurance Certificates: Proof of required insurance coverage

5. Appendix B - Guarantor Documents: Guarantor agreements and related documentation

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

Loan Agreement

Sector

Banking

Cost

Free to use
Clauses


























Industries

Truth in Lending Act (TILA): Federal law requiring lenders to provide standardized disclosures about terms and costs of consumer credit, including APR, finance charges, and payment terms

Equal Credit Opportunity Act (ECOA): Federal law prohibiting discrimination in lending 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

UCC Article 9: Uniform Commercial Code article governing secured transactions, including creation and perfection of security interests in collateral

UCC Article 3: Uniform Commercial Code article governing negotiable instruments, including promissory notes used in loan transactions

UCC Article 1: Uniform Commercial Code general provisions applying to all commercial transactions, including good faith and fair dealing requirements

State Usury Laws: State-specific laws setting maximum permissible interest rates and defining usurious lending practices

State Consumer Protection Laws: State-specific regulations protecting consumers from unfair lending practices and providing additional rights

CFPB Regulations: Consumer Financial Protection Bureau rules governing consumer lending practices, disclosures, and borrower protections

Fair Debt Collection Practices Act: Federal law regulating debt collection practices and protecting borrowers from abusive collection methods

Bankruptcy Code Provisions: Federal laws governing treatment of secured loans in bankruptcy, including automatic stay and collateral disposition

Anti-Money Laundering Regulations: Federal requirements for lenders to verify borrower identity and source of funds to prevent money laundering

IRS Regulations: Tax implications and reporting requirements for loan transactions, including treatment of interest income and debt forgiveness

State Lending License Requirements: State-specific licensing and registration requirements for entities engaged in lending activities

State Foreclosure Laws: State-specific procedures and requirements for enforcing security interests and repossessing collateral upon default

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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