Installment Note Bank Deposit as Collateral

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

INSTALLMENT NOTE - BANK DEPOSIT AS COLLATERAL

**DATE:** {{issue_date}}

**AMOUNT:** {{currency}} {{loan_amount}}

**FOR VALUE RECEIVED,** the undersigned, {{borrower_name}} (the “Borrower”), residing at {{borrower_address}}, promises to pay to the order of {{lender_name}} (the “Lender”), located at {{lender_address}}, the principal sum of {{currency}} {{loan_amount}} ({{loan_amount_words}}), together with interest thereon at the rate of {{interest_rate}}% per annum.

REPAYMENT TERMS

The principal sum and accrued interest shall be payable in {{number_of_installments}} ({{number_of_installments_words}}) consecutive monthly installments of {{currency}} {{installment_amount}} ({{installment_amount_words}}) each, commencing on {{first_payment_date}}, and continuing on the {{day_of_month}} day of each month thereafter until the entire principal and interest are fully paid. All payments shall be made to the Lender at the address stated above, or at such other place as the Lender may designate in writing.

COLLATERAL

To secure the repayment of this Note, the Borrower hereby pledges and grants to the Lender a security interest in a bank deposit account held at {{bank_name}}, Account Number: {{account_number}}, with an initial balance of not less than {{currency}} {{collateral_amount}} (the “Collateral”). The Borrower agrees to maintain this Collateral throughout the term of this Note. In the event of default, the Lender shall have the right to liquidate the Collateral and apply the proceeds towards the outstanding balance of this Note.

DEFAULT

The occurrence of any of the following shall constitute an event of default under this Note:

a) Failure of the Borrower to pay any installment of principal and interest when due.

b) Breach by the Borrower of any of the terms or conditions of this Note or any other agreement between the Borrower and the Lender.

c) Insolvency or bankruptcy of the Borrower.

REMEDIES ON DEFAULT

Upon the occurrence of an event of default, the entire unpaid principal sum, together with all accrued interest, shall, at the option of the Lender, become immediately due and payable without notice or demand. The Lender shall have all rights and remedies available under applicable law, including but not limited to the right to realize on the Collateral.

GOVERNING LAW

This Note shall be governed by and construed in accordance with the laws of {{country_name}}.

WAIVER

The Borrower and all endorsers, sureties, guarantors, and other parties liable for the payment of this Note waive presentment, demand, protest, and notice of dishonor.

ENTIRE AGREEMENT

This Note constitutes the entire agreement between the Borrower and the Lender with respect to the subject matter hereof and supersedes all prior negotiations, understandings, and agreements, whether written or oral.

SIGNATURES

_____________________________

**Borrower Signature**

{{borrower_name}}

Date: {{signature_date}}

_____________________________

**Lender Signature**

{{lender_name}}

Date: {{signature_date}}