SAMPLE LOAN AND SECURITY AGREEMENTWord下载.docx
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SAMPLE LOAN AND SECURITY AGREEMENTWord下载.docx
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DEFINEBUSINESSORNON-PROFIT>
withitsprincipalplaceofbusinessat<
GIVECOMPLETEADDRESS>
iseffectivethis______dayof________,<
YEAR>
_____,thefirstdayonwhichallpartiesheretohaveexecutedit.
PARTIDEFINITIONS
A)Asusedinthisdocument,thewordsandphrasessetforthbelowshallhavethefollowingmeanings:
1)“Agency”meansVermontAgencyofCommerceandCommunityDevelopment.
2)“AgencyProcedures”meanstheproceduresoftheAgencydescribedasAgencyproceduresfortheVermontCommunityDevelopmentProgram,astheymaybeamendedfromtimetotime.AcopymaybefoundintheVCDPGrantsManagementGuide;
usersareencouragedtoconsultVCDPstaffforcurrentlanguage.
3)“Borrower"
means<
COMPLETELEGALNAMEANDDESCRIPTION>
.
4)"
Collateral"
DEFINECOLLATERALBORROWERISOBLIGATING>
5)“Consortium”meansthe<
NAMEALLTOWNS/CITIES/VILLAGESofGRANTEES>
6)“Conversion”meanschangingtheformoffinancingofaproject,e.g.frombridgefinancingtopermanentfinancing,thatdoesnotincreasetheamountofdebt.
7)"
Debt"
meanstheLoanwhichthisdocumentsecures,anyandallrenewalsthereof,theindebtednessrepresentedthereby,andanyotherindebtednesswhichisnowormayhereafterbecomedueandowedfromBorrowertoLender.
SAMPLELOANANDSECURITYAGREEMENT-ConsortiumGrantees(continued)
8)"
Encumbrances"
meansthoseliensandencumbrances<
IFANY>
describedinAppendix1tothisLoanAgreement,listedintheorderoftheirpriority.<
IFAPPLICABLE>
9)"
Grant"
meanstheVermontCommunityDevelopmentProgramgrantawardedtotheConsortium,thetermsofwhicharereflectedintheGrantAgreement.
10)“GrantAgreement”meansGrantAgreement#____/__IG(__)betweentheConsortiumandtheStateofVermont,AgencyofCommerceandCommunityDevelopment,includingallattachmentsandamendmentsthereto.
11)“Grantee”meanstheConsortiumcomprisedof<
NAMEALLTOWNS/CITIES/VILLAGESOFGRANTEE>
thathasreceivedtheGrant,allofwhicharejointlyandseverallyliablefortheentireGrant.
12)"
HUD"
meanstheU.S.DepartmentofHousingandUrbanDevelopment.
13)“LeadGrantee”meansthe<
TOWN/CITY/VILLAGEofLEADGRANTEE>
14)“Lender"
meanstheConsortiumcomprisedof<
NAMEALLTOWNS/CITIES/VILLAGESofGRANTEES>
15)"
LoanAgreement"
meansthisLoanandSecurityAgreement.
16)“NationalObjective”meansthespecificgoalsandpurposesofthisprojectsetforthinAttachmentBoftheGrantAgreement,whichmustaddressthepurposessetforthinTitleI,section101(c)oftheFederalHousingandCommunityDevelopmentAct,42U.S.C.sections5301etseq.,andconformtoproceduressetforthinfederalregulationsat24C.F.R.section570.483.
17)“Personalguarantee”meanstheguaranteeofaprincipalofBorrowerthat,intheeventofBorrower’sdefaultwithrespecttothisLoan,theprincipalshallrepayanyoverdueinstallmentorinstallments,ortheentireamountofprincipalandinterest,thataredueandpayable.IftheprincipalofBorrowerismarried,theprincipal’sspouseshallalsosignandbeboundbythepersonalguarantee.
18)“Personalproperty”meansthepersonalpropertyownedortobeacquiredbyBorrowerfortheprojectasdescribedinAppendix2heretoandtobedescribedintheUCC-1.
19)"
Project"
meanstheprojectasdescribedinAttachmentBoftheGrantAgreement.
20)“Realproperty”meanstherealproperty(includingimprovements)describedinAppendix3tothisLoanAgreement,subjecttotheEncumbrancesdescribedinAppendix1tothisLoanAgreement.
21)"
Refinancing"
meanstherestructuringofalloraportionofadebt.
22)"
Sale"
meanstheexchange,transferorotherdisposition,inconsiderationofsomethingofvalue,orseriesofrelatedsales,exchanges,transfersordispositionsofallorsubstantiallyalloftherealproperty,personalpropertyorboth,whichtransferstitleandpossessionoftheproperty.Saleincludesbutisnotlimitedtoasaleunderforeclosure(includinganon-judicialforeclosuresalepursuantto12V.S.A.section4531a,etseq.)orasaleinlieuofortransferpursuanttocondemnationbyapublicauthority.
23)“Secretary”meanstheSecretaryoftheAgency.
24)"
SecurityInterest"
meanstheUCC-1,evidencingtheinterestinthePersonalProperty,andthemortgage,evidencingtheinterestintherealproperty,giventoLenderpursuanttothisLoanAgreement.
25)"
SeniorDebt"
meansloan(s)orotherfinancingarrangementsfortheProjectfromtheSeniorLenders,including,withoutlimitation,construction,bridgeandtakeoutfinancing(s),whichindebtednesswillbesecuredbymortgageandsecurityinterestsintheProject;
theterm"
includes,withoutlimitation,anyrefinancingorotherloanmadefortheProject,theproceedsofwhichareusedtorepayordischargeexistingSeniorDebt.
26)"
Seniorlenders"
ifany,means<
NAMEORNAMESOFLENDERS>
27)“StandbyAgreement”meansanagreementsignedbyLender,Borrowerandallpersonswhoown20%ormoreofBorrower,ortowhomBorrowerowesadebtandwhohaveagreedtoforegorepaymentofthatdebtwithoutpriorwrittenpermissionofLender.
28)"
VCDP"
meanstheVermontCommunityDevelopmentProgram.
<
ADDANYOTHERTERMSAPPLICABLETOTHISDOCUMENT>
PARTIICONSORTIUM
A)AVCDPgranttoaconsortiumgoestoallmembermunicipalities.Eachmunicipalityisjointlyandseverallyliableforperformingallofgrantees’andlender’sobligationsundertheGrantAgreementandallrelateddocuments.
B)Forefficiencyofmanagement,aleadgranteeisnamedtoserveasagentfortheconsortium.Theleadgranteeexecutesdocumentsonbehalfoftheconsortium,maintainstheconsortium’sofficialfiles,andotherwiseactsonbehalfoftheconsortium.
C)However,theloanisfromthegranteesasagroup;
thelenderistheconsortium,nottheleadgrantee.ThelegislativebodyofeachmembermunicipalityoftheconsortiummustpassallresolutionsrequiredbytheVCDP.
D)Theborrowermaybelocatedinamunicipalitydifferentfromtheleadgrantee.AlldocumentsrelatedtoaVCDPgranttoaconsortiumthatmustbefiledinlandrecordsarefiledinthelandrecordsofthemunicipalityinwhichtheprincipalplaceofbusiness,ortheparticularaidedenterprise,oftheborrowerislocated.
PARTIIICONSIDERATIONANDINCORPORATIONOFGRANTAGREEMENT
A)LendermakesthisLoantoBorrowerpursuantto,andasconsiderationforBorrower’sactivitiesassetforthin,theGrantAgreement,whichisincorporatedhereinbyreference,andacopyofwhichBorrowerandLendermaintainintheirrespectivefiles.
B)BorroweragreestorepaytheLoanunderthetermsofBorrower’sPromissoryNotetoLenderintheamountof_______dollars($______.__)dated_______,<
inaccordancewiththerevolvingLoanFundpoliciesandprocedures,ifapplicable>
PARTIVSURVIVALOFTHISLOANAGREEMENT
A)ThisLoanAgreementshallsurvivetheclosingcontemplatedhereunder,andallobligationspursuanttothisAgreementofeachpartyheretoshallcontinueuntiltheLoanhasbeenrepaidinfull.
PARTVPURPOSEOFTHELOAN
A)ThepurposeofthisloanshallbetosupporttheprojectandtheachievementoftheNationalObjective,asdescribedinAttachmentBoftheGrantAgreement.TheproceedsofthisLoanshallbeusedsolelyforBorrower’sspecificactivitiesinconnectionwiththeGrant.
PARTVITERMSOFTHELOAN
A)ThisLoanisintheamountof_______________dollars($_______.00),at__%interestperyear,compounded<
annually,monthly>
foraperiodof___years.
B)Paymentsofprincipalandinterestintheamountof$_____.__,payableonthe______dayofeach<
MONTH/ORIFANNUAL,ONTHEDAY/MONTHOFEACHYEAR>
shallbeginon_________,<
_______,andtheLoanshallbefullyrepaidnolaterthan<
DATE>
________________.
C)Deferredpaymentloan:
spellouttheexactterms,including:
1)whetherinterestaccruesduringtheperiodofdeferredpayments;
2)whetherthereareanypaymentsduringperiodofdeferral,suchaseitherprincipalorinterestonly,butnotboth;
3)datesandamountsofpayments,includingmonthandyearwhentheybeginandend;
4)whether,andifso,underwhatconditions(suchasfailuretousefororiginalpurpose),Lendercanunilaterallyterminatedeferralofloanand/ordeclareloantobeindefault(coordinatewithdefaultprovisionsinPartXVofthisLoanAgreement);
5)resultofterminationofdeferral,suchastotalprincipalandinterestdue,andanyadvancesbylender,becomingdueandpayableinfullwithinxperiodoftime.>
PARTVIIPREPAYMENT
A)BorrowermayprepayanyportionorallofthisLoanatanytimewithoutpenalty.AnyamountspaidinexcessoftheregularpaymentdueshallbeappliedtoreducetheprincipalamountoftheLoan.
PARTVIIIS
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