Secured Note
A bilateral lending agreement, the note represents a contractual obligation to lend and borrow money at a specified interest rate.
Investopedia Commentary
This is just a standard lending agreement. Secured notes can be modified to have additional restrictions added to them in order to increase the value and decrease the default risk.
Related Links
The Importance of Your Credit Rating
See also: Bullet Loan, Collateral, Loan, Soft Loan, Unsecured Loan