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It introduces the purpose of the agreement, highlights the role of the borrower and bank, and outlines recurring core provisions found across commercial loans. 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Legal documents in particular are hard for entrepreneurs to understand, so many gloss over them. However, they carry immense importance, as bad or wrong documents can cost a lot of money.  \nSocial Enterprise Associates (SEA) and the International Transactions Clinic (ITC) at the University of Michigan Law School collaborated to produce four annotated commentaries (Social Enterprise Associates Tip Sheets \\#5-8) to assist entrepreneurs interested in creating and operating ventures in the United States by providing clear and easy-tounderstand language that deciphers common business legal documents. These four documents are:  \nTip Sheet \\#5 – Articles of Incorporation  \nTip Sheet \\#6 – Articles of Organization (LLC)  \nTip Sheet \\#7 – Commercial Loan Agreement  \nTip Sheet \\#8 – Biggest Concerns for Foreign Investment in the U.S.  \nCommercial Loan Agreement  \nAs the name indicates, a commercial loan agreement is the basic document used by an entrepreneur to receive debt financing from a bank. The specifics ofthe document will vary depending on the type of lending institution, the location of the lending institution, the type of loan, and the nature of the entrepreneur’s business. However, a number of important features will remain constant for all commercial loans. Representations, Negative Covenants, Affirmative Covenants, Conditions Precedent, and Defaults and Remedies are found in nearly every loan agreement. The following is a sample or template Loan Agreement that includes all the aforementioned categories and is annotated with brief, layman explanations ofthe important features of the Agreement.  \n-1-  \nSocial Enterprise Associates’ Tip Sheet \\#7: Commercial Loan Agreement [www.socialenterprise.NET](www.socialenterprise.NET)  \nLOAN AGREEMENT  \nThis Loan Agreement (\"Agreement\") is made as ofthe____________________ day of__________ , 20 _____ by and between   , a corporation, a limited liability company, a limited partnership, an individual, a general partnership, other with its principal place of business at___________________________________ (the\"Borrower\") and   , with offices at   (the \"Bank\") . The Borrower has applied to the Bank for a   Term Loan;   Line of Credit;   Revolving Credit;   Standby Credit/Term Loan, and the Bank is willing to provide such credit facility to the Borrower on the terms set forth herein.  \nTherefore, the parties hereto hereby agree as follows:  \nThe yellow boxes below provide explanations in regular English, about what the document says and what it means.  \nThe beginning of the form contains the introductory clause. The introductory clause simply recites the parties to the agreement (i.e., You and the Bank), the date of the agreement, and the type of agreement being entered (e.g., a Line of Credit) .  \nForm Agreements like the one here will often have checkboxes and blank lines to fill in.  \nNote: Introductory clauses often contain a lot of legalese; i.e., words like Whereas, Therefore, and Resolved. Lawyers don‟t always do this just tobe obnoxious. Often, depending on the type of agreement and the jurisdiction, certain elements of an agreement must be expressed a certain way in order to be enforceable. This makes it risky for lawyers to depart from tried and true formulas. They don‟t like to fix things that aren‟t broken.  \n1. THE LOAN. The Bank agrees to loan to the Borrower ","cbCaig62SUuXOdSn","https://ap.wps.com/l/cbCaig62SUuXOdSn","pdf",756968,"English","# Introduction\n## Why legal documents matter\n## SEA and ITC tip sheets overview\n# Commercial Loan Agreement\n## Purpose and parties\n## Core recurring features\n## Loan agreement structure\n# Loan Agreement Form (Sample)\n## Introductory clause\n## The Loan (Section 1)\n## Advances and repayment (Section 2)","[{\"question\":\"How does the agreement describe the loan in the form section?\",\"answer\":\"The agreement states the principal amount, identifies the loan as evidenced by a promissory note, and incorporates related documents referenced in a schedule section.\"}]","SEATipSheet7 - Commercial Loan Agreement - Quick guide to key features | PDF",1789574961]