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borrower demand for payment to bank

Sample Borrower Demanding Payment Banking Letters

by emily on December 31, 2011

Letter from Secured Creditor to Borrower Demanding Payment

 

[DATE, ex. Wednesday, January 28, 2011]

 

 

[NAME, COMPANY AND ADDRESS, ex.

Danny Graham

ABC Bank

123 Lane

Area 456

City, State, Pin Code]

 

Dear [NAME, ex. Mr. Graham],

 

This is a notice hereby given that [NAME OF THE BORROWER] has defaulted in payment of its indebtedness to us. As of [DATE, ex. February 3, 2011], [NAME OF THE BORROWER] the indebtedness amounts to [COMPLETE DEBT AMOUNT, INCLUSIVE OF PRINCIPAL AND INTEREST, ex. $56,256] inclusive of all advances and accrued interest.

 

We therefore demand payment in full of [NAME OF THE BORROWER] unpaid indebtedness to us in the amount of [COMPLETE DEBT AMOUNT, INCLUSIVE OF PRINCIPAL AND INTEREST, ex. $56,256] on or before [LAST DATE FOR REPAYMENT, ex. July 30, 2011], failing of which will force us to take such action as may be necessary to effect repayment, including realization under any collateral security delivered to the us.

 

Kindly manage yourself accordingly.

Yours faithfully,

[Your Name, ex. Mark Anthony]

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Sample Credit Line Arrangement Variable Rate of Interest Repayable On Demand Letter

by emily on March 5, 2012

Credit Line Arrangement Variable Rate of Interest – Repayable On Demand

REVOLVING CREDIT LINE

 

[Document date]

 

[Borrower name]

[Borrower address]

 

Dear Sir/Madam,

 

Sub – Establishment of Revolving Credit Facility

 

[Lender name], the lender is happy to propose to set up a revolving credit facility in the figure and on the terms mentioned below:

Borrower   -   [Borrower name]

Credit Facility – Revolving credit line in the limit of $[Highest loan amount] (the ‘Credit’).

Purpose      - [State purpose for which loan is to be sanctioned]

Interest – The interest on the total principal amount and, past due interest compounded monthly will be payable every month – on the first day of every month throughout the period of the Credit, and, also as before demand for payment or judgment, or together at a per annum price equal to the prime interest rate declared by the [bank name] from time to time, as a reference rate in effect for decisive interest rates on commercial loans plus [mention the % above prime lender].

Term & Maturity – The Credit are repayable on demand.

Availment – [date on which loan proceeds are available to be advanced]

Security   - [State any security the borrower gives - guarantees, mortgages etc.]

Positive Covenants – Till the time the amounts due for the Credit are paid in full, the borrower agrees to do the following:

[State here the affirmative points the borrower agrees on – e.g. the borrower will give financial statements every month to the lender etc.]

Negative Covenants – Till the due amounts are paid in full, the borrower shall not, without the written approval form the Lender, do any of these:

[State her any negative covenants of the borrower – e.g., the borrower will not take a loan from any other person/association.]

 

Yours truly,

 

____________________________________

 

Accepted ______________________, 20___

 

____________________________________

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Sample Promissory Note, Fixed Term, Variable Rate of Interest Letter

by emily on March 10, 2012

Promissory Note, Fixed Term, Variable Rate of Interest, Interest Only Until Maturity, Acceleration of Payment In The Event Of Default in Payment

PROMISSORY NOTE -

 

[Loan Amount]                                                                                 Due: [Loan Maturity Date]

 

FOR VALUE RECEIVED, the undersigned, [Borrower name], the ‘Borrower’ hereby acknowledges itself grateful to [Lender name], the ‘Lender’, and swears to pay to the Lender the principal sum of [loan amount] in official money of [USA currency] with interest thereon at a changeable rate per annum equivalent to the interest rate commonly known as the ‘prime rate’ of interest declared from time to time by [Bank Name of Lender] as a reference rate then in effect for concluding interest rates on commercial loans plus [Amount above prime rate], calculated and due monthly, not in advance, on the 1st day of each and every month, and both before and after demand, maturity, non-payment and evaluation until paid.

This is to for that:

The principal sum and interest shall be outstanding and payable as follows:

1.       Interest shall be paid on monthly basis on the last business day of each month; and

2.       The total principal amount and all interest accumulated shall be paid on [Loan Maturity Date].

In the event of non-payment of principal or, interest mentioned in this promissory note, the whole remaining principal amount, and all interest accrued shall, at the decision of the Lender, becomes due immediately and payable without a notice.

The Lender may allot all of its right, title and interest in, to and under this promissory note. All required payments shall be made by the Borrower with no right of set-off or counterclaim.

 

Dated: [date]

…………………………………………..                  ………………………………………….

Witness                                                                        Seller Name

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Sample Demend Promissory Note Letter

by emily on March 2, 2012

Promissory Note, Payable on Demand, Variable Interest, Principal Payable on Maturity

 

 

DEMAND PROMISSORY NOTE

 

 

 

[Loan Amount]                                                                           Due:  ON DEMAND

 

 

 

FOR VALUE RECEIVED, the undersigned, [borrower name], the ‘Borrower’, hereby acknowledges itself obliged to [Lender name], the ‘Lender’, and swears to pay ON DEMAND to the Lender or, as otherwise instructed in writing by the Lender, the principal sum of $[loan amount] in legal money of [currency of the United States of America] with interest at a changeable rate per annum equivalent to the interest rate commonly known as the ‘prime rate’ of interest declared from time to time by [Bank name of the Lender] as a reference rate then in effect for concluding interest rates and amount more than prime rate, calculated and owed monthly, not in advance, on the [day] of each and every month, beginning (first loan payment date), and both before and after claim, maturity, non-payment and judgment until paid.

 

 

The Lender may allot all of its right, title and interest in, to and under this promissory note. The payments required to be made within shall be made by the Borrower with no any right of set-off or counterclaim.

 

 

Dated: [document date]

 

 

 

 

…………………………………………..                  ………………………………………….

Witness                                                                        Seller Name

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