The Thirteenth Bank of Neoxian: daily contracts: 2019-07-25

The Bank of Neoxian shall loan the sum of 3100 steem to @news-today. They promise to repay 3565 steem in six months time.

@news-today shall hereafter be known as the lendee…
To insure payment of this loan, the lendee promises to hand over their Owner key(s) to the bank. The bank will give back new active and posting keys to the lendee. The lendee affirms that the owner key(s) are given voluntarily and their account(s) are not stolen. They promise not to initiate the Stolen account recovery procedure.
The lendee agrees that if the Bank decides to change the active key(s) and keep them private, this does not constitute of breach of contract.
Lendee also consents to Bank changing the trustee if the Bank so chooses.
The Lendee promises not to power down the account(s) to the point where the collateral would be less than the owed value, or if it is necessary to powerdown to pay the loan, then the full powerdown should go to the bank.
The Lendee agrees this contract remains valid regardless of any flags this contract post might receive.
Owner key(s) will be returned upon successful completion of loan.

In addition to @new-todays owner password, 8.5 of the Neoxagm miners are considered collateral for the loan. They are not to be unstaked or moved until the loan is complete. They are subject to seizure in the event the loan is not paid after six months.

In the event of a default, a penalty of 100 steem shall be accessed. At that point, any Steem, SBD, or the 8.5 Neoxagm miners shall be sold until the loan + interest + penalty are paid. Any remaining assets shall be returned to the lendee.

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