The Loan and Security Agreement is a fundamental document in secured lending transactions within the United States. This agreement is utilized when a lender requires collateral to secure a loan, combining what historically might have been two separate agreements (a loan agreement and a security agreement) into one comprehensive document. It must comply with Article 9 of the Uniform Commercial Code and various federal and state lending regulations. The agreement typically includes detailed provisions about the loan terms, collateral description, rights and obligations of parties, default scenarios, and remedies available to the lender.
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1. Parties: Identifies and defines the lender and borrower with full legal names and addresses
2. Background/Recitals: States the purpose of the loan and context of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Loan Terms: Details of the loan amount, interest rate, payment schedule, and maturity date
5. Security Interest: Description of collateral and grant of security interest
6. Representations and Warranties: Statements of fact by borrower regarding their legal and financial status
7. Covenants: Ongoing obligations of the borrower during the loan term
8. Events of Default: Circumstances constituting default and consequences
9. Remedies: Lender's rights and remedies upon default
1. Guaranty: Terms of any third-party guarantee - include when a third party is guaranteeing the loan
2. Insurance Requirements: Specific insurance requirements for collateral - include when collateral requires insurance coverage
3. Financial Covenants: Specific financial ratios or requirements - include for commercial loans with financial performance requirements
4. Subordination Provisions: Terms regarding priority of security interests - include when multiple creditors are involved
1. Schedule of Collateral: Detailed description of all assets serving as collateral
2. Payment Schedule: Detailed amortization schedule showing payment dates and amounts
3. UCC Financing Statements: Forms for filing security interests
4. Guaranty Agreements: Separate agreements from guarantors
5. Insurance Certificates: Proof of required insurance coverage
6. Corporate Resolutions: Authorization documents for corporate borrowers
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