A Promissory Note and Security Agreement are used to secure a loan, with the Promissory Note being a promise to repay and the Security Agreement outlining the terms of the loan and the rights of both parties.
This legal template could be about a promissory note and security agreement created by Genie AI, potentially designed to outline a borrower's commitment to repay a loan and provide collateral to secure the lender's interest in case of default.
