This installment note bank deposit as collateral template has 3 pages and is a MS Word file type listed under our finance & accounting documents.
Sample of our installment note bank deposit as collateral template:
INSTALLMENT NOTE - BANK DEPOSIT AS COLLATERAL This Installment Note With Bank Deposit as Collateral (the "Note") is made and effective the [DATE], BETWEEN: [YOUR COMPANY NAME] (the "Maker"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [INSTITUTION NAME] (the "Institution"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] TERMS OF NOTE For value received, Maker promises to pay to the order of Financial Institution the principal sum of [AMOUNT] with interest thereon at [%] per year in installment as follows: [NUMBER] monthly installments of [AMOUNT] each, beginning on [DATE], and on the same date of each month thereafter, ending on [DATE]. BANK DEPOSIT COLLATERAL Maker shall furnish collateral security for the indebtedness evidenced by this note by depositing with Institution on [DATE], [AMOUNT] for credit to the loan account number, in this note referred to as loan account, and an equal amount is to be deposited at regular [monthly] intervals thereafter, until the total sum equal to the face amount of this note is deposited. DEFAULT IN DEPOSITS If Maker fails to deposit money as agreed in Section 2, Maker shall pay to Institution, as liquidated damages, [cents] for each dollar not deposited. PERSONAL LOAN ACCOUNT AS PAYMENT OF NOTE When this note matures, by acceleration or any other manner, Institution may apply the amount on deposit in the personal loan account against the amount owing on this note. However, Maker shall still be liable for any indebtedness represented by this note that remains unpaid after this application. SECURITY INTEREST IN OTHER PROPERTY IN POSSESSION OF INSTITUTION As security for the payment of this note and for the payment of all other debt of Maker to Institution, including debt of every kind and description, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, and regardless of how the debt is evidenced, Maker grants to bank a continuing lien on all instruments, documents of title, policies of insurance, deposits, moneys, or any other property now or hereafter owned by Maker now or hereafter in the possession or under the control of Institution. ACCELERATION ON DEFAULT
