Phoenix Arizona General Security Agreement granting secured party secured interest

• Category: Corporations - Public - Security
• State: Multi-State
• City: Phoenix
• Control #: US-EG-9496
• Format: Word; Rich Text

Description

General Security Agreement between U.S. Wireless Data, Inc. and ComVest Capital Management, LLC regarding granting secured party secured interest dated December 30, 1999. 18 pages. A Phoenix Arizona General Security Agreement is a legal document granting a secured party the right to hold a secured interest in a borrower's assets. This agreement is crucial in protecting the interests of the lender or creditor in case the borrower defaults on the loan or fails to fulfill their obligations. It ensures that the lender has priority over other creditors when recovering their investment in the event of bankruptcy or liquidation. The agreement typically outlines the terms and conditions for the secured party, the collateral that is secured, and any agreed-upon obligations of the borrower. There are different types of Phoenix Arizona General Security Agreements granting secured party secured interest, including: 1. Real Estate General Security Agreement: This type of agreement secures the lender's interest in a borrower's real property, such as land, buildings, or any improvements on the property. It ensures that the lender has a first claim on the property if the borrower defaults on their loan. 2. Personal Property General Security Agreement: This agreement is used to secure the lender's interest in the borrower's personal property, excluding real estate. It encompasses movable assets such as inventory, equipment, vehicles, accounts receivable, or intellectual property. 3. Floating Charge General Security Agreement: This type of agreement allows the lender to secure a wide range of assets that may change over time. It ensures that the lender's interest is not limited to specific assets but extends to all present and future personal property owned by the borrower. 4. Cross-Collateralization General Security Agreement: In this agreement, the lender secures multiple loans or obligations from the borrower by using various collateral. It enables the lender to apply the security provided for one loan to other loans as well, providing additional protection if a borrower defaults on any of their obligations. It is crucial for both parties involved, the secured party and the borrower, to carefully review and understand the clauses and obligations outlined in the Phoenix Arizona General Security Agreement. Seeking legal advice or assistance in drafting or modifying this agreement can help ensure that it complies with local laws and adequately protects the interests of both parties.

A Phoenix Arizona General Security Agreement is a legal document granting a secured party the right to hold a secured interest in a borrower's assets. This agreement is crucial in protecting the interests of the lender or creditor in case the borrower defaults on the loan or fails to fulfill their obligations. It ensures that the lender has priority over other creditors when recovering their investment in the event of bankruptcy or liquidation. The agreement typically outlines the terms and conditions for the secured party, the collateral that is secured, and any agreed-upon obligations of the borrower. There are different types of Phoenix Arizona General Security Agreements granting secured party secured interest, including: 1. Real Estate General Security Agreement: This type of agreement secures the lender's interest in a borrower's real property, such as land, buildings, or any improvements on the property. It ensures that the lender has a first claim on the property if the borrower defaults on their loan. 2. Personal Property General Security Agreement: This agreement is used to secure the lender's interest in the borrower's personal property, excluding real estate. It encompasses movable assets such as inventory, equipment, vehicles, accounts receivable, or intellectual property. 3. Floating Charge General Security Agreement: This type of agreement allows the lender to secure a wide range of assets that may change over time. It ensures that the lender's interest is not limited to specific assets but extends to all present and future personal property owned by the borrower. 4. Cross-Collateralization General Security Agreement: In this agreement, the lender secures multiple loans or obligations from the borrower by using various collateral. It enables the lender to apply the security provided for one loan to other loans as well, providing additional protection if a borrower defaults on any of their obligations. It is crucial for both parties involved, the secured party and the borrower, to carefully review and understand the clauses and obligations outlined in the Phoenix Arizona General Security Agreement. Seeking legal advice or assistance in drafting or modifying this agreement can help ensure that it complies with local laws and adequately protects the interests of both parties.