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A personal loan agreement is a legally binding document that outlines the terms and conditions of a loan between two parties: the lender and the borrower. Whether you're lending money to a friend,...
A collateral contract is usually a single term contract, made in consideration of the party for whose benefit the contract operates agreeing to enter into the principal or main contract, which sets out additional terms relating to the same subject matter as the main contract. [1] For example, a collateral contract is formed when one party pays ...
A 1926 promissory note from the Imperial Bank of India, Rangoon, Burma for 20,000 rupees plus interest. A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financing instrument and a debt instrument), in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee), either at a fixed or ...
Rule of 78s. Also known as the "Sum of the Digits" method, the Rule of 78s is a term used in lending that refers to a method of yearly interest calculation. The name comes from the total number of months' interest that is being calculated in a year (the first month is 1 month's interest, whereas the second month contains 2 months' interest, etc.).
Collateral (finance) In lending agreements, collateral is a borrower's pledge of specific property to a lender, to secure repayment of a loan. [ 1 ][ 2 ] The collateral serves as a lender's protection against a borrower's default and so can be used to offset the loan if the borrower fails to pay the principal and interest satisfactorily under ...
Credit Support Annex. A Credit Support Annex (CSA) is a legal document that regulates credit support (collateral) for derivative transactions. Effectively, a CSA defines the terms under which collateral is posted or transferred between swap counterparties to mitigate the credit risk arising from in the money derivative positions.
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