A secured term loan agreement is a comprehensive loan agreement which is signed between a debtor and a creditor in order to formally specify the terms, conditions and legalities of the loan. The agreement contains information such as the details of both the lenders and the borrowers, the loan term, and the security details, that is, the details of the asset that is kept as security.
The agreement should be prepared and documented in clear and specific terms to avoid any ambiguity and should be followed in letter and spirit by both the parties. Basically, the major focus of such agreement is to highlight the loan repayment methodology and what mechanism should be adopted in case the loan is not paid back within the stipulated deadline. It also defines procedures for liquidation of the security asset that is kept for the security of loan.
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