[{"data":1,"prerenderedAt":536},["ShallowReactive",2],{"document-secured-installment-note-D440":3},{"document":4,"label":26,"preview":11,"thumb":27,"description":5,"descriptionCustom":6,"apiDescription":5,"pages":8,"extension":10,"parents":28,"breadcrumb":32,"related":40,"customDescModule":183,"customdescription":6,"mdFm":184,"mdProseHtml":535},{"description":5,"descriptionCustom":6,"label":7,"pages":8,"size":9,"extension":10,"preview":11,"thumb":12,"svgFrame":13,"seoMetadata":14,"parents":15,"keywords":25},"SECURED INSTALLMENT NOTE This Secured Installment Note (the \"Note\") is made and effective the [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Maker\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [INSTITUTION NAME] (the \"Institution\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] TERMS OF NOTE For value received, Maker promises to pay to the order of Institution, the principal sum of [AMOUNT] with interest thereon at [%] per annum in installments as follows: [NUMBER] monthly installments of [AMOUNT] each, beginning on [DATE], and on the same date of each month thereafter, ending on [DATE]. PREPAYMENT OF NOTE If this note is prepaid in full before [DATE], Institution shall charge Maker [AMOUNT] to cover acquisition costs of Institution. ACCELERATION ON DEFAULT If any installment due on this note is not paid at the time and place specified in this note, the entire unpaid balance shall be payable immediately at the election of Institution. COLLATERAL To secure the payment of this note, Maker has pledged with Institution the following property: [DESCRIBE] with a market value of [AMOUNT] as of [DATE]. Maker also pledges as collateral any additions to or substitutions for the pledged property, together with all money and other property held by Institution on deposit or otherwise for the account of Maker or in which Maker has an interest. ADDITIONAL COLLATERAL Institution may call for additional collateral if Institution determines in its sole discretion that additional collateral is necessary for its protection. If Maker fails to supply the additional collateral that Institution calls for within [NUMBER] days from the date of request, this note shall, at the option of Institution, become immediately due and payable. SALE OF COLLATERAL ON DEFAULT On default by Maker of any obligation of this note, Institution may immediately, and without notice or advertisement, sell at public or private auction the collateral pledged under this note. If the sale is public, Institution may purchase the collateral or any part thereof. PROCEEDS OF SALE",null,"Secured Installment Note","3",38,"doc","https://templates.business-in-a-box.com/imgs/1000px/secured-installment-note-D440.png","https://templates.business-in-a-box.com/imgs/250px/440.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#440.xml",{"title":6,"description":6},[16,19,22],{"label":17,"url":18},"Finance & Accounting","/templates/finance-accounting/",{"label":20,"url":21},"Business Loans","/templates/business-loan/",{"label":23,"url":24},"Promissory Notes","/templates/promisory-note/","secured installment note","Secured Installment Note Template","https://templates.business-in-a-box.com/imgs/400px/440.png",[29,16,19,22],{"label":30,"url":31},"Templates","/templates/",[33,34,37],{"label":30,"url":31},{"label":35,"url":36},"Legal Agreements","/templates/business-legal-agreements/",{"label":38,"url":39},"Loans & Promissory Notes","/templates/loans-and-promissory-notes/",[41,45,49,53,57,61,65,69,73,77,81,85,89,106,121,136,154,169],{"label":42,"url":43,"thumb":44,"extension":10},"Secured Lumpsum Promissory Note Agreement","/template/secured-lumpsum-promissory-note-agreement-D13041","https://templates.business-in-a-box.com/imgs/250px/13041.png",{"label":46,"url":47,"thumb":48,"extension":10},"Demand for Payment on Installment Promissory Note","/template/demand-for-payment-on-installment-promissory-note-D428","https://templates.business-in-a-box.com/imgs/250px/428.png",{"label":50,"url":51,"thumb":52,"extension":10},"Installment Note Bank Deposit as Collateral","/template/installment-note-bank-deposit-as-collateral-D430","https://templates.business-in-a-box.com/imgs/250px/430.png",{"label":54,"url":55,"thumb":56,"extension":10},"Installment Payment Acknowledgment","/template/installment-payment-acknowledgment-D216","https://templates.business-in-a-box.com/imgs/250px/216.png",{"label":58,"url":59,"thumb":60,"extension":10},"Prior Secured Party Notice","/template/prior-secured-party-notice-D408","https://templates.business-in-a-box.com/imgs/250px/408.png",{"label":62,"url":63,"thumb":64,"extension":10},"Subordination Agreement to Secured Debt","/template/subordination-agreement-to-secured-debt-D410","https://templates.business-in-a-box.com/imgs/250px/410.png",{"label":66,"url":67,"thumb":68,"extension":10},"Installment Sale Contract","/template/installment-sale-contract-D12709","https://templates.business-in-a-box.com/imgs/250px/12709.png",{"label":70,"url":71,"thumb":72,"extension":10},"Installment Payment Arrangement Letter Template","/template/installment-payment-agreement-D217","https://templates.business-in-a-box.com/imgs/250px/217.png",{"label":74,"url":75,"thumb":76,"extension":10},"Demand to Pay Promissory Note","/template/demand-to-pay-promissory-note-D207","https://templates.business-in-a-box.com/imgs/250px/207.png",{"label":78,"url":79,"thumb":80,"extension":10},"Balloon Note","/template/balloon-note-D426","https://templates.business-in-a-box.com/imgs/250px/426.png",{"label":82,"url":83,"thumb":84,"extension":10},"Credit Note","/template/credit-note-D13639","https://templates.business-in-a-box.com/imgs/250px/13639.png",{"label":86,"url":87,"thumb":88,"extension":10},"Delivery Note","/template/delivery-note-D12712","https://templates.business-in-a-box.com/imgs/250px/12712.png",{"description":90,"descriptionCustom":6,"label":91,"pages":8,"size":92,"extension":10,"preview":93,"thumb":94,"svgFrame":95,"seoMetadata":96,"parents":97,"keywords":104,"url":105},"PROMISSORY NOTE This Promissory Note (the \"Note\") is made and effective the [DATE], BETWEEN: [LENDER NAME] (the \"Lender\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] (the \"Borrower\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] TERMS FOR VALUE RECEIVED, the Borrower promises to pay to the order of Lender, at its principal office located at [ADDRESS], or at such other place that is designated in writing by the holder hereof, the principal sum of [AMOUNT], together with all charges and interest herein provided, payable at the rate and in the manner hereinafter set forth: Borrower shall make monthly payments of principal and interest at the rate of [%] per annum based upon an amortization of [NUMBER] months. Monthly payments shall be due on or before the first day of each month with the first payment being due on or before [DATE]. If not sooner paid, all amounts due under this Note, including principal, interest and other charges shall be due and payable in full on or before the first day of [MONTH], [YEAR] (the \"Maturity Date\"). Time is of the essence of the payment obligations hereunder and each monthly payment shall be due and payable on or before the first day of each month. This Note is and will be secured by a certain first priority security interest in all of the tangible and intangible property of the Borrower, to be recorded in all applicable governmental offices. The parties shall execute a separate security agreement, in form and substance acceptable to the Lender in all respects. Borrower agrees to execute any such security agreements presented by the Lender or other documents required by the Lender in order to perfect its security interest in the above described property. Said Security Agreement and any other instruments and documents executed in connection with or given as security for this Note shall hereinafter be referred to collectively as the \"Loan Documents.\" All of the terms, covenants, Conditions, representations and warranties contained in the Loan Documents are hereby made part of this Note to the same extent and with the same force and effect as if fully set forth herein. If all or any portion of any payment due hereunder is not received by the Lender within [NUMBER] calendar days after the date when such payment is due, Borrower shall pay a late charge equal to [%] of such payment, such late charge to be immediately due and payable without demand by Lender. Borrower shall have the right to prepay all (but not a portion) of the indebtedness evidenced by this Note at any time, by paying the Lender an amount equal to the sum of (I) the principal balance then outstanding, (ii) all interest accrued to the date of such prepayment, (iii) all interest calculated through the Maturity Date, and (iv) any late charge or charges then due and owing. If any payment under this Note is not paid in full by the [DAY] of any month during the term hereof or if the entire amount due as represented by this Note is not paid in full on or before the Maturity Date, or should default be made in the performance or observation of any of the terms, covenants, or conditions contained in the Loan Documents, or if any representation or warranty contained in the Loan Documents is breached or is or becomes untrue, this Note shall be in default, and the entire principal amount outstanding hereunder, accrued interest thereon, all late charges, if any, and any and all other charges due hereunder, shall, at Lender's option, immediately become due and payable, without further notice, the giving of such notice being expressly waived by the Borrower","Promissory Note",39,"https://templates.business-in-a-box.com/imgs/1000px/promissory-note-D434.png","https://templates.business-in-a-box.com/imgs/250px/434.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#434.xml",{"title":6,"description":6},[98,100,102],{"label":17,"url":99},"finance-accounting",{"label":20,"url":101},"business-loan",{"label":23,"url":103},"promisory-note","promissory note","/template/promissory-note-D434",{"description":107,"descriptionCustom":6,"label":108,"pages":109,"size":110,"extension":10,"preview":111,"thumb":112,"svgFrame":113,"seoMetadata":114,"parents":116,"keywords":115,"url":120},"LOAN AGREEMENT This Loan Agreement (\"Agreement\") is made and effective the [DATE], BETWEEN: [LENDER NAME] (the \"Lender\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] (the \"Borrower\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] Promise to Pay Within [NUMBER] months from today, Borrower promises to pay to Lender the sum of [AMOUNT], and interest and other charges stated below. Responsibility Although this Agreement may be signed below by more than one person, Borrower understands that both parties are individuals responsible for paying back the full amount. Breakdown of Loan Amount of Loan: Other (Describe): Amount Financed: Finance Charge: Total of Payments: Annual Rate: Repayment Borrower will repay the amount of this note in [NUMBER] equal uninterrupted monthly installments of [AMOUNT] each on the [DAY] of each month starting on the [DATE], and ending on [DATE]. Prepayment Borrower has the right to prepay the whole outstanding amount at any time","Loan Agreement","2",513,"https://templates.business-in-a-box.com/imgs/1000px/loan-agreement-D417.png","https://templates.business-in-a-box.com/imgs/250px/417.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#417.xml",{"title":115,"description":6},"loan agreement",[117,118,119],{"label":17,"url":99},{"label":20,"url":101},{"label":20,"url":101},"/template/loan-agreement-D417",{"description":122,"descriptionCustom":6,"label":123,"pages":124,"size":125,"extension":10,"preview":126,"thumb":127,"svgFrame":128,"seoMetadata":129,"parents":130,"keywords":134,"url":135},"INTER-COMPANY SERVICES AGREEMENT This Inter-Company Services Agreement (the \"Agreement\") is effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"First Party\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [SECOND PARTY NAME] (the \"Associate Company\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] PREAMBLE WHEREAS [YOUR COMPANY NAME] is a [SPECIFY INDUSTRY] company specialized in [SPECIFY COMPANY SPECIALIZATION]; WHEREAS Associate Company is a company specializing in [SPECIFY]; WHEREAS the parties and Company are desirous of working together in relation to the conduct of [SPECIFY PROJECT]; NOW THEREFORE this Agreement witnessed that in consideration of the premises and other good and valuable consideration, the parties hereto agree as follows: 1. DEFINITIONS In this Agreement, except where the context or subject matter is inconsistent therewith, the following terms shall have the following meanings: 1.1 \"Agreement\" shall mean this document, the annexed schedules, which are incorporated herein, together with any future written and executed amendments agreed to by the parties. 1.2 \"Affiliated Companies\" shall mean any corporation or other business enterprise, which directly or indirectly controls, is controlled by, or is under common control by a party. 1.3 \"Associated Staff\" shall mean any officer, director, employee, agent, or student of a Party, and any other person involved in the execution of this Agreement, excluding patients solely involved as subjects in studies. 1.4 \"Documentation\" shall mean all documents, regardless of form, relating to the Project. 1.5 \"Intellectual Property Rights\" shall mean any and all rights, title and interest in and to any and all ideas, discoveries, inventions, creations, works and know-how including, without limitation, patents, trademarks, service marks, designs, integrated circuit topographies, copyrights, including applications for any of the foregoing, as well as design rights, confidential information, trade secrets and any other similar intellectual property rights protected in [COUNTRY] and in any other country. 1.6 \"Material\" shall mean any and all information and materials, relating to a Party's business, business processes and methods of doing business, given to the other Party from time to time for review, data processing, or for any other reason, and all copies thereof regardless of form or storage medium, including, but not limited to, documentation, notes, formulae, components, drawings, data, flow-charts, plans, specifications, techniques, processes, algorithms, inventions, prototypes, protocols, patent portfolio, pre-clinical and clinical studies, contracts, marketing and other financial and business plans, and includes, without limitation, all confidential and proprietary information which is at any time so designated a Party by the other Party, either in writing or orally. 1.7 \"Project\" shall mean [DESCRIBE THE DETAILS OF THE PROJECT]. 1.8 \"Services\" shall mean the services as described in Subsection 2.1 hereof. 2. SCOPE OF WORK 2.1 The parties agree to act as independent contractors for each other. [YOUR COMPANY NAME] will perform professional services as described in Schedule \"A\" to this Agreement (the \"Company Services\"), a copy of which has been appended hereto and initialed by the parties for identification. Associate Company will perform professional services as described in Schedule \"B\" (the \"Associate Company Services\"), a copy of which has been appended hereto and initialed by the parties for identification. \"Services\" shall mean either or both of the Company Services and the Associate Company Services, as the case may be. 2.2 Each Party agrees to use its best efforts to assign personnel with the proper skill level and type of experience, to ensure that the Services will be completed in a timely and successful manner. 2.3 In the event that a Party does not have personnel with the proper skill level or experience to provide the Services required under the terms of this Agreement, such Party may engage the services of such competent personnel, or may subcontract or assign a portion of the Services to be rendered, with the prior written consent of the other Party to this Agreement. Notwithstanding such approval, the sub-contracting Party shall be primarily responsible and liable for the services rendered by such personnel, subcontractor or assignee and shall be responsible for the payment of the remuneration payable to such personnel, subcontractor or assignee, which shall be included in the total compensation described in Section 3 hereof. 2.4 Each Party will, on a regular basis, keep the other Party appraised of the work in progress under the terms of this Agreement and will meet from time to time with the other Party, to review the Services performed or to be performed under the provisions hereof. 3. FEES AND EXPENSES 3.1 Associate Company will pay [YOUR COMPANY NAME] for Company Services satisfactorily rendered pursuant to the payment schedule described in Schedule \"C\" to this Agreement (the \"Company Budget\"), a copy of which has been appended hereto and initialed by the Parties for identification. Company shall not be permitted to incur any cost or expense that would cause the Company Budget to be exceeded, without the prior written approval of [YOUR COMPANY NAME], in the form of an amendment to this Agreement. 3.2 [YOUR COMPANY NAME] will pay Associate Company for Associate Company Services satisfactorily rendered pursuant to the payment schedule described in Schedule \"D\" to this Agreement (the \"Associate Company Budget\"), a copy of which has been appended hereto and initialed by the parties for identification. Associate Company shall not be permitted to incur any cost or expense that would cause the Associate Company Budget to be exceeded, without the prior written approval of the Company, in the form of an amendment to this Agreement. 4. RELATIONSHIP OF THE PARTIES 4.1 As each Party is undertaking to perform professional services for the other, and is doing so as an independent contractor and not as an employee, agent, partner, or joint venturer of the other Party, the fees will be limited to those stated in Schedules \"C\" and \"D\", attached hereto, as the case may be. Neither Party will participate in any employee benefit plans of the other Party nor receive any other compensation beyond that stated in such Schedules \"C\" and \"D\". Neither Party will have any power or authority to bind the other or to assume or create any obligation or responsibility, express or implied, on the other's behalf or in the other's name, and neither Party will represent to any person or entity that it has such power or authority. 5. STATUS OF THE PARTIES 5.1 Neither Party is responsible for verifying the existence or sufficiency of the qualifications, authorizations, permits or licenses of the other Party and/or the other Party's employees. Each Party represents and warrants that it and any of its employees are authorized to work and are not acting and will not act during the term of this Agreement in violation of any applicable laws and the regulations thereunder or any agreement it has entered into with a third party. Each Party will indemnify the other Party against any and all claims, damages, losses and other liabilities including, but not limited to, fines, penalties, and/or attorneys' fees incurred by a Party because the other Party and/or the other Party's employees or agents are not authorized to perform all or part of the Services. 6. EQUIPMENT, TOOLS, MATERIALS AND/OR SUPPLIES 6","Inter-Company Services Agreement","17",98,"https://templates.business-in-a-box.com/imgs/1000px/inter-company-services-agreement-D886.png","https://templates.business-in-a-box.com/imgs/250px/886.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#886.xml",{"title":6,"description":6},[131,133],{"label":35,"url":132},"business-legal-agreements",{"label":35,"url":132},"inter company services agreement","/template/inter-company-services-agreement-D886",{"description":137,"descriptionCustom":6,"label":138,"pages":139,"size":140,"extension":10,"preview":141,"thumb":142,"svgFrame":143,"seoMetadata":144,"parents":145,"keywords":152,"url":153},"EQUIPMENT LEASE AGREEMENT This Equipment Lease Agreement (the \"Agreement\") is effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Lessor\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [COMPANY NAME] (the \"Lessee\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WITNESSETH that in consideration of the mutual covenants and agreements to be performed and kept during the terms hereof and of any renewal, the Lessor and the Lessee covenant and agree as follows: LEASE The Lessor hereby leases to the Lessee and the Lessee hereby leases from the Lessor the equipment described in [SPECIFY SCHEDULE] and in all other Schedules which may hereafter be executed by the [COMPANY NAME] for the purpose of adding equipment thereto, which equipment including all original and replacement items, parts, accessories, and additions relating thereto is hereafter called the \"Equipment\". EQUIPMENT DESCRIPTION The Lessee authorizes the Lessor to complete the description of the Equipment in [SPECIFY SCHEDULE] with the insertion of serial numbers and other details specifically identifying the Equipment, such schedule to be signed by both parties hereto and form part of this Lease. WARRANTIES BY LESSEE & LESSOR The Lessee and Lessor each represents and warrants that it has the power to enter into this lease, and that this lease is properly and lawfully authorized and executed by it. LESSOR'S WARRANTIES Lessor and Lessee acknowledge that there are no other warranties, conditions, terms, representations of inducements expressed or implied statutory or otherwise, save as are expressly contained in this lease. Lessor warrants that the equipment shall be delivered to the Lessee in accordance with the specifications contained in [SPECIFY SCHEDULE]. The Lessor makes no representations with respect to the suitability of the equipment to the Lessee's operations. Lessor's warranties shall not extend to any party assigned this Lease by Lessor pursuant to Clause [NUMBER] herein. WARRANTIES BY MANUFACTURERS Any warranties, conditions or guarantees by the manufacturers or suppliers of the Equipment are theirs alone and not the Lessor's but are for the joint and several benefit of and enforcement by the Lessee and the Lessor. Any claims of the Lessee in connection with manufacturer's warranties, conditions or guarantees shall be made directly by the Lessor (but not Lessor's assignee) on behalf of the Lessee against the manufacturer or supplier only. TITLE The Lessor covenants that it has good titles to the Equipment and the Lessee acknowledges the Lessor's ownership of and title to the Equipment and covenants to defend the same against any contrary claim. TERM The term of this lease with respect to each piece of Equipment shall commence on the date of acceptance thereof by the Lessee in accordance with Clause [NUMBER] herein and shall continue for the term specified in [SPECIFY SCHEDULE] hereto. Rental payments with respect to each piece of Equipment shall commence and accrue due to the Lessor on such date of acceptance of such piece of Equipment by the Lessee. POSSESSION, LOCATION The Lessee shall take and, when not in default hereunder, retain exclusive control of the Equipment from the Lessee's location shown on [SPECIFY SCHEDULE]. The Lessee shall not change such location without the Lessor's prior written consent, which will not be unreasonably withheld. PERSONAL PROPERTY, LANDLORD'S DISTRESS The Equipment is and shall remain personal and moveable property. The Lessee shall not affix the Equipment nor permit it to be affixed so that it becomes part of realty and shall notify the Lessee's, Landlords, mortgagees, insurers and all others who may have an interest in or claim against the premises where the Equipment is to be located. Any removal from such premises shall be at the Lessee's risk and expense. IDENTIFICATION PLATES The Lessor may affix plates, tags or markings to the Equipment showing its interest therein, and the Lessee may display its name and such other information as may reasonably promote its business, such Lessee's markings shall be mutually approved by the parties. All Lessee's markings must be removed by the Lessee upon termination of the lease. ORDER, DELIVERY, INSTALLATION Order and delivery and installations of the Equipment shall be entirely at the Lessor's risk and expense and shall be arranged by the Lessor on behalf of the Lessee in a manner and upon terms and conditions according to the Lessee's written instructions and, to the extent of such instructions are not provided for, according to the Lessor's sole discretion but still at the Lessor's risk and expense. The Lessor shall not be responsible for any costs, losses or damages suffered by the Lessee arising out of or in connection with delays in or refusal to accept delivery of equipment. INSPECTION The Lessee shall inspect the equipment prior to delivery and accept or reject it. Notice of rejections shall be received in writing within [NUMBER] hours by the Lessor and in the absence thereof, the Lessee shall be deemed conclusively to have accepted the Equipment. Rejection shall only occur if the equipment is not in accordance with the specifications contained in [SPECIFY SCHEDULE] or as the result of faulty materials or workmanship. RE-DELIVERY, REMOVAL AT TERMINATION Upon termination of this lease for any reason, the Lessee shall deliver the Equipment entirely at its own expense to an address as designated by the Lessor in the same condition as received, reasonable wear and tear from proper use only accepted, within [NUMBER] days of the date of termination. Brakes and tires will show no more than [PERCENTAGE %] wear for each year of the Lease has elapsed and the trailers must have all signage and customer specified paint removed and returned to a white color. All damages from accident and abuse must be repaired prior to the termination of the Lease in a manner approved by the Lessor. RENT: OTHER PAYMENTS: NO SET-OFF The Lessee shall pay to the Lessor rental in the amount and at the times shown in Schedule \"A\" hereto. The Lessee shall pay to the Lessor on demand all other amounts becoming payable hereunder. The Lessee shall make such payments to the Lessor at the address of the Lessor shown above or as otherwise designated by the Lessor, without any set-off or reduction whatsoever for claims the Lessee may assert against the Lessor. Any payment not paid by the due date shall bear interest thereafter at [PERCENTAGE %] per month. UNCONDITIONAL PAYMENT Lessee's obligation to pay rent and other amounts hereunder shall be absolute and unconditional under all circumstances and without limiting the generality of the foregoing, shall not be affected by the following: Failure of the Equipment to perform in the manner expected by the Lessee. Damage to or destruction of the Equipment so that it is either completely beyond repair or partially so and whether or not it is economically justifiable to repair. Theft of the Equipment or part thereof irrespective of whether the Equipment was insured by the Lessee or the Equipment is uninsured. Seizure of the Equipment by a third party (including landlord or mortgages of the premises on which the Equipment is located). USE: MAINTENANCE: REPAIR The Lessee shall comply with all applicable laws, rules and regulations of government or other authority, with all manufacturer's and Lessor's published operation and maintenance instructions and specifications, and with all terms of any insurance policy in connection with the Equipment. The Lessor may inspect the state of repair of the Equipment at any reasonable time. ALTERATIONS ETC. TO EQUIPMENT","Equipment Lease Agreement","7",71,"https://templates.business-in-a-box.com/imgs/1000px/equipment-lease-agreement-D1140.png","https://templates.business-in-a-box.com/imgs/250px/1140.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#1140.xml",{"title":6,"description":6},[146,149],{"label":147,"url":148},"Production & Operations","production-operations",{"label":150,"url":151},"Equipment Agreement","equipment-agreement","equipment lease agreement","/template/equipment-lease-agreement-D1140",{"description":155,"descriptionCustom":6,"label":156,"pages":109,"size":110,"extension":10,"preview":157,"thumb":158,"svgFrame":159,"seoMetadata":160,"parents":162,"keywords":161,"url":168},"PERSONAL GUARANTEE This Personal Guarantee (the \"Agreement\") is effective [DATE], BETWEEN: [FIRST PARTY NAME] (the \"Guarantor\"), an individual with his main address located at: [YOUR COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] (the \"Second Party\"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] I, [NAME OF GUARANTOR], residing at [COMPLETE ADDRESS], hereby personally and solidarity guarantee all of the obligations of [YOUR COMPANY NAME] and agree to be bound solidarity with [YOUR COMPANY NAME] for the prompt performance of [YOUR COMPANY NAME]'s obligations under that certain [SPECIFY] Agreement dated [DATE] (the \"Agreement\") between [YOUR COMPANY NAME] and [COMPANY NAME], including without limitation the payment of all goods, wares and merchandise as [YOUR COMPANY NAME] may from time to time select and purchase on credit from [COMPANY NAME], and hereby expressly renounce to the benefits of division and discussion. Furthermore, I agree that waive may extend the time for payment of any amounts owing to it by waive and/or may waive any default by waive without it in any way lessening or limiting my liability hereunder. Notwithstanding the foregoing, my guarantee hereunder to pay any and all amounts owing by [YOUR COMPANY NAME] to [COMPANY NAME] shall be limited to the sum of [AMOUNT] OR [%] of such outstanding amount.","Personal Guarantee","https://templates.business-in-a-box.com/imgs/1000px/personal-guarantee-D405.png","https://templates.business-in-a-box.com/imgs/250px/405.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#405.xml",{"title":161,"description":6},"personal guarantee",[163,164,165],{"label":17,"url":99},{"label":20,"url":101},{"label":166,"url":167},"Guaranties & Collateral","guaranties-collateral","/template/personal-guarantee-D405",{"description":170,"descriptionCustom":6,"label":171,"pages":172,"size":173,"extension":10,"preview":174,"thumb":175,"svgFrame":176,"seoMetadata":177,"parents":178,"keywords":181,"url":182},"SECURITY AGREEMENT This Security Agreement (the \"Agreement\") is made and effective [DATE], BETWEEN: [SECURED PARTY NAME] (the \" Secured Party\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] (the \"Debtor\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] For value received, the undersigned Debtor, promises to pay to the order of [name], together with any other holder of this note (\"Secured Party\"), [amount], with interest at the rate of [%] per annum. Payment shall be made in successive equal monthly installments of [amount]. Each such Installment is payable on the [day] of each month, commencing on [date]. Recitals WHEREAS, the Secured Party has extended to the Debtor a certain loan as evidenced by a certain promissory note, in the original principal amount equal to [amount] dated on even date herewith (the \"Note\"); and WHEREAS, the Debtor wishes to grant a first priority security interest in and to all of the Debtor's tangible and intangible personal property pursuant to the terms hereof; NOW, THEREFORE, for and in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties hereto covenant and agree as follows: DEFINITIONS The following terms shall have the meanings herein specified unless the context otherwise requires. Such definitions shall be equally applicable to the singular and plural forms of the terms defined: \"Contracts\" shall mean all contracts between the Debtor and one or more additional parties. \"Contract Rights\" shall mean all rights of the Debtor (including, without limitation, all rights to payment) under each Contract. \"Copyrights\" shall mean any [country] copyright to which the Debtor now or hereafter has title, as well as any application for a [country] copyright hereafter made by the Debtor. \"Equipment\" shall mean any \"equipment,\" as such term is defined in the [law or code] as in effect on the date hereof in the State of [state/province], now or hereafter owned by Debtor and, in any event, shall include, but shall not be limited to, all machinery, equipment, furnishings, fixtures and vehicles now or hereafter owned by the Debtor and any and all additions, substitutions and replacements of, any of the foregoing, wherever located, together with all attachments, components, parts, equipment and accessories installed thereon or affixed thereto. \"General Intangibles\" shall have the meaning assigned that term under the [LAW OR CODE] as in effect on the date hereof in the State of [state/province]. \"Goods\" shall have the meaning assigned that term under the [LAW OR CODE] as in effect on the date hereof in the State of [state/province]. \"Inventory\" shall mean all raw materials, workinprocess, and finished inventory of the Debtor of every type or description and all documents of title covering such inventory, and shall specifically include all \"inventory\" as such term is defined in the [law or code] as in effect on the date hereof in the State of [state/province], now or hereafter owned by the Debtor. \"Marks\" shall mean any trademarks and service marks now held or hereafter acquired by the Debtor, which are registered in the [country] Patent and Trademark Office, as well as any unregistered marks used by the Debtor in the [COUNTRY] and trade dress, including logos and/or designs, in connection with which any of these registered or unregistered marks are used. \"Obligations\" shall mean: (i) all indebtedness, obligations and liabilities (including, without limitation, guarantees and other contingent liabilities) of the Debtor to the Secured Party, including but not limited to the Note; (ii) any and all sums advanced by the Secured Party in order to preserve the Collateral or preserve its security interest in the Collateral; and (iii) in the event of any proceeding for the collection or enforcement of any indebtedness, obligations or liabilities of the Debtor referred to in clause (i), after an Event of Default shall have occurred and be continuing, the reasonable expenses of retaking, holding, preparing for sale or lease, selling or otherwise disposing or realizing on the Collateral, or of any exercise by the Collateral Agent of its rights hereunder, together with reasonable attorneys' fees and court costs. \"Patents\" shall mean any [country] patent to which the Debtor now or hereafter has title, as well as any application for a [country] patent now or hereafter made by Debtor. \"Proceeds\" shall have the meaning assigned that term under the [law or code] as in effect in the State of [state/province] on the date hereof or under other relevant law and, in any event, shall include, but not be limited to, (i) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to the Secured Party or the Debtor from time to time with respect to any of the Collateral, (ii) any and all payments (in any form whatsoever) made or due and payable to the Debtor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any governmental authority and (iii) any and all other amounts from time to time paid or payable under or in connection with any of the Collateral. \"Receivables\" shall mean any \"account\" as such term is defined in the [law or code] as in effect on the date hereof in the State of [STATE/PROVINCE], now or hereafter owned by Debtor and, in any event, shall include, but shall not be limited to, all of the Debtor's rights to payment for goods sold or leased or services performed by the Debtor, whether now in existence or arising from time to time hereafter, including, without limitation, rights evidenced by an account, note, contract, security agreement, or other evidence of indebtedness or security, together with (i) all security pledged, assigned, hypothecated or granted to or held by the Debtor to secure the foregoing; (ii) all of the Debtor's right, title and interest in and to any goods, the sale of which gave rise thereto; (iii) all guarantees, endorsements and indemnifications on, or of, any of the foregoing; (iv) all powers of attorney for the execution of any evidence of indebtedness or security or other writing in connection therewith; (v) all books, records, ledger cards and invoices relating thereto; (vi) all evidences of the filing of financing statements and other statements and the registration of other instruments in connection therewith and amendments thereto, notices to other creditors or secured parties, and certificates from filing or other registration officers; (vii) all credit information, reports and memoranda relating thereto and (viii) all other writings related in any way to the foregoing. GRANT OF SECURITY INTEREST The Debtor does hereby grant to the Secured Party a continuing security interest of first priority in all of the right, title and interest of the Debtor in, to and under all of the following property whether now existing or hereafter created or arising: ","Security Agreement","10",96,"https://templates.business-in-a-box.com/imgs/1000px/security-agreement-D915.png","https://templates.business-in-a-box.com/imgs/250px/915.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#915.xml",{"title":6,"description":6},[179,180],{"label":35,"url":132},{"label":35,"url":132},"security agreement","/template/security-agreement-D915",false,{"seo":185,"reviewer":197,"legal_disclaimer":201,"quick_facts":202,"at_a_glance":204,"personas":208,"variants":233,"glossary":262,"clauses":299,"how_to_fill":350,"common_mistakes":386,"faqs":411,"industries":439,"comparisons":464,"diy_vs_lawyer":478,"jurisdictions":491,"related_template_ids_curated":512,"schema":522,"classification":523},{"meta_title":186,"meta_description":187,"primary_keyword":188,"secondary_keywords":189},"Secured Installment Note Template | Free Word Download","Free secured installment note template for structured loan repayment backed by collateral. Covers payment schedule, interest, default, and remedies.","secured installment note template",[190,191,192,193,194,195,196],"installment loan agreement template","secured installment note word","secured note template free","promissory note with collateral template","business loan installment note","secured debt instrument template","installment promissory note free download",{"name":198,"credential":199,"reviewed_date":200},"Bruno Goulet","CEO, Business in a Box","2026-05-02",true,{"difficulty":203,"legal_review_recommended":201,"signature_required":201,"notarization_required":183},"advanced",{"what_it_is":205,"when_you_need_it":206,"whats_inside":207},"A Secured Installment Note is a legally binding debt instrument in which a borrower promises to repay a specific principal amount plus interest in fixed periodic installments, and pledges specific collateral as security for repayment. This free Word download covers the full repayment schedule, interest rate, collateral description, default triggers, and lender remedies in a single document you can edit online and export as PDF for execution.\n","Use it when lending or borrowing money in a structured transaction where the lender requires collateral — such as equipment financing, business acquisition loans, real property loans, or private intercompany advances — and both parties need an enforceable, documented repayment schedule.\n","Parties and principal amount, interest rate and calculation method, installment payment schedule, collateral description and security interest, prepayment terms, default triggers and cure periods, acceleration clause, lender remedies, and governing law. A promissory note and security agreement are combined into one instrument for straightforward secured lending.\n",[209,213,217,221,225,229],{"title":210,"use_case":211,"icon_asset_id":212},"Private lenders and investors","Documenting a secured loan to a business or individual borrower with defined repayment terms","persona-investor",{"title":214,"use_case":215,"icon_asset_id":216},"Small business owners","Borrowing from a private party to finance equipment or working capital against business assets","persona-small-business-owner",{"title":218,"use_case":219,"icon_asset_id":220},"Sellers financing a business sale","Accepting structured installment payments secured by the sold business's assets","persona-business-seller",{"title":222,"use_case":223,"icon_asset_id":224},"Equipment financing companies","Issuing a secured note for equipment purchases with the equipment serving as collateral","persona-equipment-lender",{"title":226,"use_case":227,"icon_asset_id":228},"Real estate investors","Structuring a private mortgage or bridge loan secured by real property","persona-real-estate-investor",{"title":230,"use_case":231,"icon_asset_id":232},"Corporate treasury departments","Formalizing intercompany loans with security interests to satisfy audit and tax requirements","persona-cfo",[234,238,242,246,250,254,258],{"situation":235,"recommended_template":236,"slug":237},"Unsecured loan where no collateral is pledged","Unsecured Promissory Note","promissory-note-D434",{"situation":239,"recommended_template":240,"slug":241},"Short-term loan repaid in a single lump sum at maturity","Demand Promissory Note","demand-to-pay-promissory-note-D207",{"situation":243,"recommended_template":244,"slug":245},"Seller financing the purchase of a business with installments","Business Purchase Agreement with Seller Financing","agreement-of-purchase-and-sale-of-business-assets-D318",{"situation":247,"recommended_template":248,"slug":249},"Mortgage-style loan secured by commercial real estate","Commercial Mortgage Note","mortgage-note-D1182",{"situation":251,"recommended_template":252,"slug":253},"Equipment purchase financed over 24–60 months","Equipment Financing Agreement","financing-agreement-D877",{"situation":255,"recommended_template":256,"slug":257},"Loan between related companies requiring arm's-length documentation","Intercompany Loan Agreement","inter-company-services-agreement-D886",{"situation":259,"recommended_template":260,"slug":261},"Consumer installment loan subject to state lending regulations","Consumer Loan Agreement","consumer-credit-application-D254",[263,266,269,272,275,278,281,284,287,290,293,296],{"term":264,"definition":265},"Principal","The original amount of money borrowed, before interest or fees are added.",{"term":267,"definition":268},"Security Interest","A lender's legal right to take and sell specific collateral if the borrower fails to repay the debt.",{"term":270,"definition":271},"Collateral","An asset pledged by the borrower to the lender as security for a loan — the lender may seize it upon default.",{"term":273,"definition":274},"Amortization","The process of spreading loan repayment over a schedule of fixed installments, each covering both principal reduction and interest.",{"term":276,"definition":277},"Acceleration Clause","A provision that makes the entire outstanding loan balance immediately due and payable upon a defined default event.",{"term":279,"definition":280},"Default","A borrower's failure to meet any material obligation under the note — typically a missed payment, insolvency, or breach of a covenant.",{"term":282,"definition":283},"Cure Period","A defined number of days after a default notice within which the borrower may correct the default before the lender exercises remedies.",{"term":285,"definition":286},"UCC Financing Statement (UCC-1)","A public filing under the Uniform Commercial Code that gives notice to third parties of a lender's security interest in personal property collateral.",{"term":288,"definition":289},"Per Annum Interest Rate","The annual rate of interest applied to the outstanding principal balance, stated as a percentage and used to calculate each installment's interest component.",{"term":291,"definition":292},"Prepayment Penalty","A fee charged to the borrower for repaying some or all of the principal ahead of schedule, compensating the lender for lost future interest.",{"term":294,"definition":295},"Maturity Date","The date on which the final installment is due and all remaining principal and accrued interest must be fully repaid.",{"term":297,"definition":298},"Recourse","The lender's right to pursue the borrower's personal or other assets beyond the pledged collateral if the collateral's value is insufficient to cover the outstanding debt.",[300,305,310,315,320,325,330,335,340,345],{"name":301,"plain_english":302,"sample_language":303,"common_mistake":304},"Parties and Principal Amount","Identifies the lender and borrower as legal entities and states the exact dollar amount being lent.","For value received, [BORROWER LEGAL NAME] ('Borrower'), a [STATE] [ENTITY TYPE], promises to pay to the order of [LENDER LEGAL NAME] ('Lender'), the principal sum of $[AMOUNT] USD, together with interest as set forth herein.","Using trade names instead of registered legal entity names. If the borrower defaults, enforcing a note against the wrong legal entity can delay or void recovery entirely.",{"name":306,"plain_english":307,"sample_language":308,"common_mistake":309},"Interest Rate and Calculation Method","States the annual interest rate, whether it is fixed or variable, and how interest accrues — typically on the outstanding principal balance using a 365-day year.","Interest shall accrue on the unpaid principal balance at the rate of [X]% per annum, calculated on the basis of a 365-day year, from the date of this Note until the principal is paid in full.","Omitting the calculation basis (365-day vs. 360-day year). A 360-day basis yields slightly more interest and can create a dispute if not explicitly agreed upon.",{"name":311,"plain_english":312,"sample_language":313,"common_mistake":314},"Installment Payment Schedule","Defines the amount of each payment, the payment frequency, the first payment date, and the maturity date when all remaining amounts are due.","Borrower shall repay this Note in [NUMBER] consecutive monthly installments of $[AMOUNT] each, beginning on [DATE] and continuing on the [DAY] of each month thereafter, with a final payment of all remaining principal and accrued interest due on [MATURITY DATE].","Setting a payment schedule without attaching an amortization table. Without the table, both parties may calculate the principal/interest split differently, creating accounting discrepancies.",{"name":316,"plain_english":317,"sample_language":318,"common_mistake":319},"Collateral Description and Security Interest","Identifies the specific asset(s) pledged as security, grants the lender a security interest in that collateral, and authorizes the lender to file a UCC-1 financing statement.","To secure repayment, Borrower hereby grants Lender a first-priority security interest in the following collateral: [DESCRIPTION OF COLLATERAL] ('Collateral'). Borrower authorizes Lender to file a UCC-1 financing statement or equivalent to perfect this security interest.","Describing collateral vaguely — 'all business assets' without specifics. Overly broad descriptions may not be perfected under UCC Article 9 and can be challenged by a bankruptcy trustee or competing creditor.",{"name":321,"plain_english":322,"sample_language":323,"common_mistake":324},"Prepayment","States whether the borrower may repay the loan early, and whether a prepayment penalty applies.","Borrower may prepay this Note in whole or in part at any time without penalty, provided that any partial prepayment shall be applied first to accrued interest and then to outstanding principal.","Leaving prepayment terms silent. Courts in some jurisdictions imply a right to prepay; in others, the lender can block early payoff. Silence creates a dispute when the borrower wants to refinance.",{"name":326,"plain_english":327,"sample_language":328,"common_mistake":329},"Default and Cure Period","Defines what constitutes a default — including missed payments, bankruptcy, and covenant breaches — and gives the borrower a defined window to cure before remedies are triggered.","An Event of Default occurs if: (a) Borrower fails to make any payment within [10] days of its due date; (b) Borrower commences or has commenced against it a bankruptcy or insolvency proceeding; or (c) Borrower breaches any material representation or covenant herein. Lender shall provide written notice of default, and Borrower shall have [15] calendar days to cure.","Setting no cure period at all. An immediate default trigger with no notice requirement is considered harsh by courts in most jurisdictions and can result in the acceleration clause being deemed unenforceable.",{"name":331,"plain_english":332,"sample_language":333,"common_mistake":334},"Acceleration","Allows the lender to declare the entire remaining principal and accrued interest immediately due upon an uncured default.","Upon an Event of Default that remains uncured after the applicable cure period, Lender may, at its sole discretion, declare the entire unpaid principal balance and all accrued interest immediately due and payable, without further notice or demand.","Making acceleration automatic rather than discretionary. Automatic acceleration can inadvertently trigger cross-default provisions in the borrower's other debt instruments, complicating recovery.",{"name":336,"plain_english":337,"sample_language":338,"common_mistake":339},"Lender Remedies","Lists the lender's options upon default, including repossessing and selling the collateral, pursuing a deficiency judgment for any shortfall, and recovering legal costs.","Upon default, Lender may: (a) take possession of and sell the Collateral in a commercially reasonable manner; (b) pursue a deficiency judgment against Borrower for any balance remaining after application of collateral proceeds; and (c) recover reasonable attorneys' fees and costs of collection.","Omitting a deficiency judgment right. If collateral value is less than the outstanding balance — common with depreciating equipment — the lender has no contractual basis to recover the shortfall without this clause.",{"name":341,"plain_english":342,"sample_language":343,"common_mistake":344},"Representations and Covenants","The borrower warrants that it has authority to enter the note, that the collateral is free of prior liens, and agrees to maintain and insure the collateral during the loan term.","Borrower represents that: (a) it has full authority to execute this Note; (b) the Collateral is free of all prior liens and encumbrances except as disclosed; and (c) Borrower shall maintain the Collateral in good condition, keep it insured for full replacement value, and not transfer or encumber it without Lender's prior written consent.","No covenant requiring the borrower to maintain collateral insurance. Uninsured collateral that is destroyed or damaged leaves the lender with a security interest in a worthless asset.",{"name":346,"plain_english":347,"sample_language":348,"common_mistake":349},"Governing Law and Dispute Resolution","Specifies which jurisdiction's law governs the note and how disputes are resolved — court litigation or binding arbitration.","This Note shall be governed by and construed in accordance with the laws of the State of [STATE], without regard to conflict-of-law principles. Any dispute arising hereunder shall be resolved in the state or federal courts located in [COUNTY/CITY], and the parties consent to personal jurisdiction therein.","Selecting a governing state with no connection to the transaction or the parties. Courts sometimes decline to apply a chosen law that has no reasonable relationship to the transaction, creating uncertainty about which rules apply.",[351,356,361,366,371,376,381],{"step":352,"title":353,"description":354,"tip":355},1,"Identify both parties using their full legal names","Enter the lender's and borrower's registered legal entity names, not trade names or DBAs. Include entity type (LLC, corporation, individual) and state of formation or residence.","Pull entity names from your state's business registry or the borrower's formation documents to ensure they match exactly — errors here can complicate enforcement.",{"step":357,"title":358,"description":359,"tip":360},2,"Set the principal amount, interest rate, and effective date","Enter the exact dollar amount being lent, the fixed or variable annual interest rate, and the date the note takes effect. Confirm the rate does not exceed the applicable state usury limit.","Check the usury ceiling in the governing state before finalizing the rate — many states cap interest rates for non-institutional lenders, and exceeding them voids the interest provision.",{"step":362,"title":363,"description":364,"tip":365},3,"Build and attach the amortization schedule","Calculate the periodic installment amount using a standard amortization formula or spreadsheet. Attach the full amortization table as an exhibit showing principal, interest, and remaining balance for each payment period.","Include the amortization table as Exhibit A and reference it explicitly in the payment schedule clause — this eliminates any ambiguity about how each payment is applied.",{"step":367,"title":368,"description":369,"tip":370},4,"Describe the collateral with precision","Identify the collateral by type, serial number, VIN, legal description, or other unique identifier. Attach a collateral schedule if multiple assets are pledged. Confirm the borrower holds clear title with no prior liens.","Run a UCC lien search on the borrower in the filing jurisdiction before closing to confirm there are no prior security interests that would subordinate your lien.",{"step":372,"title":373,"description":374,"tip":375},5,"Set default triggers and the cure period","Define each default event — missed payment, insolvency, unauthorized transfer of collateral — and specify the number of days the borrower has to cure after written notice. Typically 10–15 days for payment defaults and 30 days for covenant breaches.","Longer cure periods feel borrower-friendly but give you time to receive certified mail confirmation of notice before the period begins — shortening the cure with a vague notice method defeats the purpose.",{"step":377,"title":378,"description":379,"tip":380},6,"Define prepayment rights and any penalty","Choose whether prepayment is permitted freely, subject to a yield-maintenance fee, or restricted during an initial lockout period. State explicitly how prepayments are applied (interest first, then principal).","For equipment loans under 5 years, a no-penalty prepayment right is market standard and makes the note easier to refinance if the borrower's situation improves.",{"step":382,"title":383,"description":384,"tip":385},7,"Execute the note and file a UCC-1","Both parties sign the note; the borrower's signature should be witnessed or notarized if required by the governing state. The lender should file a UCC-1 financing statement in the correct jurisdiction within 5 business days of execution to perfect the security interest.","File the UCC-1 in the state where the borrower is organized (for entities) or domiciled (for individuals) — not where the collateral is physically located, unless the collateral is real property or fixtures.",[387,391,395,399,403,407],{"mistake":388,"why_it_matters":389,"fix":390},"Not perfecting the security interest with a UCC-1 filing","An unperfected security interest is unenforceable against a bankruptcy trustee or a subsequent creditor who perfects first. The lender becomes an unsecured creditor with no priority claim to the collateral.","File a UCC-1 financing statement in the borrower's state of organization within 5 business days of execution. Set a calendar reminder to renew it before the 5-year lapse date.",{"mistake":392,"why_it_matters":393,"fix":394},"Vague or overbroad collateral description","A description like 'all assets' without specifics may fail the UCC sufficiency test for certain asset classes and can be challenged by a bankruptcy trustee or competing secured creditor.","Identify collateral by category and unique identifier — asset type, serial number, account number, or legal description — and cross-reference the same language in both the note and the UCC-1 filing.",{"mistake":396,"why_it_matters":397,"fix":398},"Setting an interest rate above the state usury ceiling","In most US states, a usurious interest rate causes the excess interest — and in some states the entire interest provision — to be void. In a handful of states, the entire note is unenforceable.","Research the applicable state's usury limit before drafting. For rates above 10% per annum, confirm whether the borrower's entity type or the lender's license status affects the applicable ceiling.",{"mistake":400,"why_it_matters":401,"fix":402},"Omitting the deficiency judgment right","If collateral sells for less than the outstanding balance after default, the lender has no contractual basis to recover the shortfall without an explicit deficiency right — leaving a potentially significant loss unrecoverable.","Include explicit language authorizing the lender to pursue the borrower personally for any deficiency remaining after collateral liquidation, and confirm the governing state permits deficiency judgments for this asset class.",{"mistake":404,"why_it_matters":405,"fix":406},"Executing the note after funds are already disbursed","In several jurisdictions, a note signed after the lender advances funds may lack adequate consideration, making the security interest and restrictive covenants potentially unenforceable.","Execute all documents — the note, any security agreement, and the UCC-1 authorization — before or simultaneously with the disbursement of loan proceeds.",{"mistake":408,"why_it_matters":409,"fix":410},"No covenant requiring the borrower to maintain collateral insurance","If the collateral is destroyed, stolen, or damaged and the borrower carries no insurance, the lender holds a security interest in a worthless asset with no practical recourse beyond an unsecured deficiency claim.","Require the borrower to maintain property and casualty insurance on the collateral for at least its full replacement value and name the lender as loss payee throughout the loan term.",[412,415,418,421,424,427,430,433,436],{"question":413,"answer":414},"What is a secured installment note?","A secured installment note is a written promise to repay a specific loan amount in fixed periodic payments — typically monthly — with interest, backed by collateral the lender can seize if the borrower defaults. It combines the payment schedule of a promissory note with a security interest in identifiable assets, giving the lender a priority claim over other unsecured creditors if the borrower becomes insolvent.\n",{"question":416,"answer":417},"What is the difference between a secured installment note and an unsecured promissory note?","An unsecured promissory note is a borrower's plain promise to repay, with no collateral attached. If the borrower defaults, the lender must obtain a court judgment and then attempt to collect from whatever assets are available. A secured installment note gives the lender a pre-agreed right to specific collateral — meaning repossession and sale can begin without a court judgment in most US states and many other jurisdictions. The collateral generally allows the lender to offer a lower interest rate.\n",{"question":419,"answer":420},"What collateral can be used to secure an installment note?","Personal property — equipment, vehicles, inventory, accounts receivable, and intellectual property — is secured under Article 9 of the UCC in the United States. Real property (land and buildings) requires a mortgage or deed of trust instead of, or in addition to, a UCC filing. Financial assets such as brokerage accounts and cash deposits can also serve as collateral under a pledge or control agreement. The collateral must be described with sufficient specificity in both the note and any UCC-1 financing statement.\n",{"question":422,"answer":423},"Do I need to file a UCC-1 to make a secured installment note enforceable?","The note itself is enforceable between the parties whether or not a UCC-1 is filed. However, without a UCC-1 filing, the security interest is \"unperfected\" — meaning it has no priority over a bankruptcy trustee, a subsequent lien creditor who files first, or a buyer of the collateral in the ordinary course of business. Perfection through a UCC-1 filing is essential for the lender's collateral rights to survive a borrower bankruptcy.\n",{"question":425,"answer":426},"What happens when a borrower defaults on a secured installment note?","After the cure period expires, the lender may typically accelerate the entire outstanding balance and exercise remedies against the collateral. In most US states, the lender can repossess personal property collateral without a court order if it can do so without breaching the peace, then sell the collateral in a commercially reasonable manner. Any proceeds are applied to costs, then interest, then principal. If a shortfall remains and the note includes a deficiency clause, the lender may pursue the borrower for the balance.\n",{"question":428,"answer":429},"Is a secured installment note the same as a mortgage?","No. A mortgage (or deed of trust) is a security instrument used exclusively for real property. A secured installment note in the standard commercial sense secures personal property under Article 9 of the UCC. When real estate is the collateral, the transaction typically involves both a promissory note (the payment obligation) and a separate mortgage or deed of trust (the security instrument recorded in the land records).\n",{"question":431,"answer":432},"Can a secured installment note be prepaid early?","Only if the note explicitly permits prepayment. Some notes include a prepayment penalty — often called a yield-maintenance fee — that compensates the lender for interest income lost by early repayment. Others allow free prepayment at any time. If the note is silent on prepayment, the answer varies by jurisdiction: most US states imply a right to prepay, but lenders in some states can contractually prohibit it. Always address prepayment expressly in the document.\n",{"question":434,"answer":435},"What interest rate can a secured installment note charge?","The permissible rate depends on the governing state's usury laws and the nature of the parties. Many US states exempt commercial loans between businesses from usury ceilings entirely; others cap rates for non-bank lenders at 10–25% per annum regardless of the parties' status. Federal law preempts state usury limits for nationally chartered banks. Always verify the applicable ceiling before fixing the rate, particularly for loans to individuals or in states with strict consumer-lending statutes.\n",{"question":437,"answer":438},"Do I need a lawyer to prepare a secured installment note?","For straightforward equipment or business loans between commercial parties at arms' length, a high-quality template is usually sufficient for amounts under $100,000. Engage a lawyer when the loan exceeds $250,000, involves real property, crosses international borders, is part of a business acquisition, involves a regulated lending activity, or when the borrower's financial condition makes default a realistic near-term scenario. A 1–2 hour review typically costs $300–$700 and is worthwhile for any secured transaction with material risk.\n",[440,444,448,452,456,460],{"industry":441,"icon_asset_id":442,"specifics":443},"Equipment Finance and Leasing","industry-equipment-finance","Equipment serial number or VIN identifies collateral precisely; depreciation schedules inform both amortization terms and collateral valuation covenants throughout the note term.",{"industry":445,"icon_asset_id":446,"specifics":447},"Commercial Real Estate","industry-real-estate","Used alongside a mortgage or deed of trust for private bridge loans and mezzanine financing; maturity dates are typically 12–36 months with a balloon payment at term end.",{"industry":449,"icon_asset_id":450,"specifics":451},"Manufacturing","industry-manufacturing","Machinery and production equipment serve as collateral; covenants typically require the borrower to maintain equipment to manufacturer specifications and carry machinery breakdown insurance.",{"industry":453,"icon_asset_id":454,"specifics":455},"Professional Services","industry-professional-services","Used in firm acquisitions where the seller accepts structured installment payments secured by the acquired firm's accounts receivable or client contracts as a practical substitute for external financing.",{"industry":457,"icon_asset_id":458,"specifics":459},"Retail and E-commerce","industry-retail","Inventory financing secured by stock in trade; advance rates are typically 50–65% of inventory cost value, with a covenant requiring the borrower to maintain minimum inventory levels.",{"industry":461,"icon_asset_id":462,"specifics":463},"Technology / SaaS","industry-saas","IP assets — patents, software, and domain portfolios — serve as collateral; requires careful collateral description and a covenant against licensing or transferring the IP without lender consent.",[465,468,471,475],{"vs":236,"vs_template_id":466,"summary":467},"promissory-note-D430","An unsecured promissory note is a plain payment promise with no collateral. If the borrower defaults, the lender must sue, obtain a judgment, and then compete with other creditors to collect. A secured installment note gives the lender a pre-agreed right to specific collateral — priority in bankruptcy and a faster recovery path. Use the unsecured version only for small amounts or between parties with high mutual trust.",{"vs":108,"vs_template_id":469,"summary":470},"loan-agreement-D290","A loan agreement is a comprehensive bilateral contract covering representations, conditions precedent, financial covenants, reporting obligations, and events of default in full detail — typically used for larger, more complex credit facilities. A secured installment note is a streamlined single-document instrument suitable for straightforward private loans under $500,000 where a full credit agreement would be disproportionately complex.",{"vs":472,"vs_template_id":473,"summary":474},"Commercial Mortgage","commercial-lease-agreement-D12743","A commercial mortgage secures a loan specifically against real property and must be recorded in the land registry to create enforceable priority. A secured installment note under the UCC governs personal property collateral filed through a UCC-1 financing statement. When real estate is the collateral, a mortgage or deed of trust is required either instead of or in addition to a promissory note.",{"vs":138,"vs_template_id":476,"summary":477},"equipment-lease-agreement-D13404","An equipment lease transfers the right to use equipment for a defined period in exchange for periodic lease payments, but ownership remains with the lessor. A secured installment note finances the purchase of equipment with the borrower taking title immediately and the lender holding a security interest. Leasing preserves the borrower's capital and may have off-balance-sheet treatment; the installment note builds ownership equity with each payment.",{"use_template":479,"template_plus_review":483,"custom_drafted":487},{"best_for":480,"cost":481,"time":482},"Private commercial loans under $100,000 between businesses for equipment or working capital with clearly identified collateral","Free","30–60 minutes",{"best_for":484,"cost":485,"time":486},"Loans of $100,000–$500,000, seller-financed business acquisitions, or transactions involving complex or high-value collateral","$300–$700","1–3 days",{"best_for":488,"cost":489,"time":490},"Loans exceeding $500,000, real property collateral, regulated lending, cross-border transactions, or borrowers in financial distress","$1,500–$5,000+","1–3 weeks",[492,497,502,507],{"code":493,"name":494,"flag_asset_id":495,"note":496},"us","United States","flag-us","Security interests in personal property are governed by UCC Article 9. The lender must file a UCC-1 financing statement in the borrower's state of organization (for entities) or domicile (for individuals) to perfect the security interest. State usury laws vary significantly — several states have no ceiling for commercial loans between entities, while others cap non-bank lenders at 10–16% per annum. California, New York, and Texas each have distinct commercial lending rules worth checking before execution.",{"code":498,"name":499,"flag_asset_id":500,"note":501},"ca","Canada","flag-ca","Security interests in personal property are governed by provincial Personal Property Security Acts (PPSAs), which function similarly to UCC Article 9. The lender must register a financing statement in the province where the borrower is located. Interest rate disclosure requirements under the Interest Act apply to written instruments — partial-period rate statements must be expressed as an annual rate or the criminal rate cap (currently 35% effective annual rate under the Criminal Code) may apply. Quebec uses a distinct hypothec regime under the Civil Code.",{"code":503,"name":504,"flag_asset_id":505,"note":506},"uk","United Kingdom","flag-uk","Security interests granted by UK companies over personal property are typically created by way of a fixed or floating charge and must be registered at Companies House within 21 days of creation under the Companies Act 2006, or they are void against a liquidator and creditors. The Financial Services and Markets Act 2000 may require lenders to be FCA-authorized if lending is carried out by way of business to consumers. Consumer Credit Act 1974 imposes additional requirements for loans to individuals.",{"code":508,"name":509,"flag_asset_id":510,"note":511},"eu","European Union","flag-eu","Security interest regimes vary considerably by member state — Germany uses a Sicherungsübereignung (title transfer as security), France uses a nantissement, and the Netherlands uses a pandrecht. There is no unified EU equivalent of the UCC, so cross-border secured lending within the EU requires analysis of each relevant national law. Consumer loans across the EU are subject to the Consumer Credit Directive, which mandates standard annual percentage rate disclosure and a 14-day withdrawal right for qualifying consumer borrowers.",[237,513,257,514,515,516,517,518,519,520,237,521],"loan-agreement-D417","equipment-lease-agreement-D1140","personal-guarantee-D405","security-agreement-D915","lease-agreement-D1179","bill-of-sale-D1229","demand-for-extension-of-payment-date-D444","secured-lumpsum-promissory-note-agreement-D13041","asset-purchase-agreement-for-a-retail-business-D931",{"emit_how_to":201,"emit_defined_term":201},{"primary_folder":99,"secondary_folder":524,"document_type":525,"industry":526,"business_stage":527,"tags":528,"confidence":534},"loans-and-promissory-notes","agreement","general","all-stages",[529,530,531,532,533],"loan","legal","secured-installment-note","collateral","debt-instrument",0.95,"\u003Ch2>What is a Secured Installment Note?\u003C/h2>\n\u003Cp>A \u003Cstrong>Secured Installment Note\u003C/strong> is a legally binding debt instrument in which a borrower makes a written, enforceable promise to repay a specific principal amount plus interest in scheduled periodic installments — most commonly monthly — and simultaneously pledges identified collateral to the lender as security for that repayment obligation. Unlike a simple promise to pay, the security interest gives the lender a priority claim over the pledged asset that survives the borrower's insolvency and can be enforced without a court judgment in most jurisdictions. The document functions as both the payment contract and the security agreement, consolidating both obligations into a single executed instrument suitable for private business lending, equipment financing, seller-financed acquisitions, and intercompany loans.\u003C/p>\n\u003Ch2>Why You Need This Document\u003C/h2>\n\u003Cp>Lending or borrowing without a secured installment note exposes both parties to serious, concrete risk. A lender who advances funds on a handshake or an informal email becomes an unsecured creditor — last in line if the borrower files for bankruptcy, and without a defined schedule to enforce timely repayment. A borrower who signs a vague or incomplete note may face an acceleration demand at any time, with no cure period and no agreed dispute-resolution mechanism. Without a perfected security interest documented in writing and supported by a UCC-1 filing, the collateral provides no practical protection: a bankruptcy trustee can disregard an unperfected lien and treat the lender as unsecured. This template gives lenders an enforceable priority claim, gives borrowers a clear and predictable repayment schedule, and gives both parties a defined framework for handling default — reducing the dispute risk that turns private lending arrangements into costly litigation.\u003C/p>\n",1779808973457]