A commercial bank collateral note agreement is a legal document that includes all the terms and conditions associated with the loan that the borrower is getting from a commercial bank. It is a sort of written note including:
- Name of the bank and its address
- Principal loan amount along with the applicable interest rate
- The information like date on which note is getting sanctioned, and the date from which interest on the principal loan amount will be applicable.
- The basic options for paying back the loan with applicable terms and conditions
- Any declaration from the bank pertaining to the after effects of any change in the rate of interest or any other condition for the loan
With this note, the borrower agrees to follow the aforementioned terms and conditions. In this note agreement, the borrower also declares the collateral or the security that will be kept in lieu of the loans. This note also defines all the liabilities of both the parties pertaining to that collateral.
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