The Fleet national bank liquid collateral agreement is a type of loan agreement generally signed between banks and borrowing organizations where bank offers the credit or accommodations or banking facilities to the borrowing organization. The borrowing organization pledges, transfers and assigns all the rights pertaining to the security interest that is collateral in return of the assigned loan. Such agreements include the information and particulars of collateral, principal loan amount, rate of interest and other detailed information regarding the loan.
The loan borrowing organization is required to agree that it will not permit or take any action of any sort pertaining to the collateral, like it will not make any attempt to assign or transfer the collateral to any other party in the duration in which loan is being paid back. In the event the borrowing organization is found involved in any such activities the collateral shall be seized and immediately liquefied by the bank to settle the loan amount.
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