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Promissory Note And Security Agreement
I need a Promissory Note and Security Agreement for a £500,000 business loan to be secured against our company's manufacturing equipment, with quarterly repayments over 5 years starting from March 2025.
1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Context of the loan and security arrangement
3. Definitions: Key terms used throughout the document
4. Promise to Pay: Core promise to repay the principal amount with specified interest
5. Payment Terms: Details of payment schedule, interest rates, and payment methods
6. Security Grant: Description of collateral and grant of security interest
7. Default Provisions: Events of default and consequences
8. Enforcement Rights: Lender's rights upon default
1. Prepayment Provisions: Terms for early repayment, use when early repayment is permitted
2. Guarantor Provisions: Include when there is a guarantor for the loan
3. Insurance Requirements: Include when specific insurance is required for the collateral
4. Cross-Default Provisions: Include when there are multiple related agreements
1. Schedule of Payments: Detailed payment schedule with dates and amounts
2. Schedule of Secured Assets: Detailed description of all assets serving as collateral
3. Form of Notice: Template for any required notices under the agreement
4. Conditions Precedent: List of conditions that must be met before drawdown
Authors
Additional Security
Advance
Authorisation
Business Day
Charged Assets
Collateral
Default
Default Interest
Default Rate
Enforcement Event
Event of Default
Finance Documents
Financial Indebtedness
Interest Payment Date
Interest Period
Interest Rate
Law
Lender
Loan
Maturity Date
Note
Outstanding Amount
Payment Date
Permitted Security
Principal Amount
Promissory Note
Relevant Jurisdiction
Repayment Date
Repayment Schedule
Security
Security Assets
Security Documents
Security Interest
Security Period
Taxes
Transaction Documents
Advance of Loan
Assignment
Borrower Representations
Borrower Undertakings
Conditions Precedent
Confidentiality
Costs and Expenses
Default Interest
Default Provisions
Enforcement
Events of Default
Further Assurance
Governing Law
Grant of Security
Interest
Notices
Payment Terms
Perfection of Security
Power of Attorney
Prepayment
Promise to Pay
Remedies
Representations and Warranties
Security Covenants
Security Release
Set-off Rights
Severability
Taxes
Term and Termination
Transfer and Assignment
Variation
Waiver
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