When a person or entity (“lender”) loans money to another person or entity (“borrower”), the loan is typically formalised with a written promissory note. In many instances the lender will ask for additional assurance in the form of collateral (such as property) if the borrower fails to repay the loan. This Secured Term Promissory Note and Security Agreement is due on or before a certain date in the future and also contains a Security Agreement which sets out the collateral for the loan. Having a written Secured Term Promissory Note and Security Agreement will prove invaluable if the borrower defaults when payment is due or in the event of litigation.

Among others, this form contains the following provisions:

• Amount and Date:This provision sets out the specific amount of money borrowed and the date and location where the note was signed;
• Parties: This provision sets out the names of the borrower and the lender;
• Repayment and Interest: This provision sets out the due date of the note and the interest rate;
• Default: This provision contains the penalties in the event of default.

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This lawyer-prepared packet includes:

1. General Information
2. Instructions and Checklist
3. Secured Term Promissory Note and Security Agreement for use in England and Wales

Law Compliance: This form complies with the laws of England and Wales