Loan Corporate Form With Collateral
Description
How to fill out Line Of Credit Or Loan Agreement Between Corporate Or Business Borrower And Bank?
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FAQ
Examples of acceptable collateral for business loans may include: Real estate. Business equipment. Vehicles. Inventory. Accounts receivable. Cash. Investments (i.e., stocks, bonds, etc.) Personal assets.
Collateral guarantees a loan, so it needs to be an item of value. For example, it can be a piece of property, such as a car or a home, or even cash that the lender can seize if the borrower does not pay.
Collateral documents include any documents granting a security interest in collateral by the borrower, parent or subsidiary in favor of the lender and all other documents required to be executed or delivered pursuant to those documents. Collateral documents do not include guaranties.
Examples of collateral documents are a security agreement, guarantee and collateral agreement, pledge agreement, deposit account control agreement, securities account control agreement, mortgage, and UCC-1s.
A contract for a collateral loan should clearly state what asset(s) are being used to secure the loan and include a clause on what could happen to the asset if the borrower defaults. It should also clearly outline the circumstances under which the collateral could be forfeited to the lender.