The Simple Loan Agreement serves as a fundamental legal instrument in the United States for documenting monetary lending arrangements. This agreement type is commonly used for personal loans, small business financing, and other straightforward lending situations where detailed commercial loan documentation may not be necessary. The Simple Loan Agreement includes key provisions regarding the loan amount, interest rate, repayment terms, and consequences of default, while ensuring compliance with applicable federal and state lending laws. It provides protection for both lender and borrower by clearly documenting their rights and obligations.
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1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Context of the loan and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Loan Amount and Purpose: Principal amount and intended use of funds
5. Interest Rate: Interest rate, calculation method, and payment schedule
6. Repayment Terms: Payment schedule, method, and duration
7. Default Provisions: Consequences of missed payments or breach
8. Representations and Warranties: Statements of fact and promises made by the borrower
9. Covenants: Ongoing obligations of the borrower during the loan term
10. Governing Law: Jurisdiction governing the agreement
1. Security: Details of any collateral securing the loan - include when loan is secured by assets
2. Guarantees: Third-party guarantees of repayment - include when a guarantor is involved
3. Prepayment Terms: Conditions for early repayment - include when early repayment is allowed or penalties apply
4. Insurance Requirements: Required insurance coverage - include when specific insurance is required for the loan
1. Schedule A - Repayment Schedule: Detailed payment amounts and due dates throughout the loan term
2. Schedule B - Security Details: Description and details of collateral if secured loan
3. Schedule C - Truth in Lending Disclosure: Federal required disclosures about loan terms and conditions
4. Schedule D - Guarantor Information: Details of guarantors if applicable
Relevant legal definitions
Agreement
Applicable Law
Borrower
Business Day
Default
Default Rate
Event of Default
Interest Rate
Lender
Loan
Loan Amount
Maturity Date
Payment Date
Principal
Promissory Note
Repayment Schedule
Security Interest
Term
Term of the Loan
Outstanding Balance
Collateral
Guarantor
Guaranty
Prepayment
Prepayment Fee
Security Agreement
Late Payment Fee
Insurance Requirements
Applicable Law
Borrower
Business Day
Default
Default Rate
Event of Default
Interest Rate
Lender
Loan
Loan Amount
Maturity Date
Payment Date
Principal
Promissory Note
Repayment Schedule
Security Interest
Term
Term of the Loan
Outstanding Balance
Collateral
Guarantor
Guaranty
Prepayment
Prepayment Fee
Security Agreement
Late Payment Fee
Insurance Requirements
Clauses
Principal and Loan Amount
Interest Rate
Payment Terms
Repayment Schedule
Default
Remedies
Representations and Warranties
Security
Prepayment
Late Payment
Events of Default
Notice Requirements
Assignment
Amendment
Severability
Governing Law
Dispute Resolution
Entire Agreement
Force Majeure
Termination
Costs and Expenses
Waiver
Indemnification
Insurance
Interest Rate
Payment Terms
Repayment Schedule
Default
Remedies
Representations and Warranties
Security
Prepayment
Late Payment
Events of Default
Notice Requirements
Assignment
Amendment
Severability
Governing Law
Dispute Resolution
Entire Agreement
Force Majeure
Termination
Costs and Expenses
Waiver
Indemnification
Insurance
Relevant Industries
Relevant Teams
Relevant Roles
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