District of Columbia General Security Agreement granting secured party secured interest

• Category: Corporations - Public - Security
• State: Multi-State
• 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. The District of Columbia General Security Agreement is a legal document that grants a secured party a secured interest in specified collateral to secure a debt or obligation. This agreement ensures that the creditor has a priority claim on the assets of the debtor in case of default or non-payment. Keywords: District of Columbia, General Security Agreement, secured party, secured interest, collateral, debt, obligation, creditor, assets, default, non-payment Under the District of Columbia General Security Agreement, there are different types of secured interests that can be granted to the secured party. These variations are designed to meet the specific needs and arrangements between the creditor and the debtor. Some notable types of District of Columbia General Security Agreement granting secured party secured interests include: 1. Fixed Charge: This type of secured interest grants the creditor a specific claim on identified and predetermined assets of the debtor. These assets are usually specified and clearly defined in the agreement, such as property, equipment, or inventory. In case of default, the secured party can enforce its over these specific assets to recover the debt. 2. Floating Charge: Unlike a fixed charge, a floating charge grants the secured party a claim on a fluctuating pool of assets that changes over time. These assets may be present or future property of the debtor, including inventory, accounts receivable, or other movable goods. The floating charge allows the debtor to continue operating their business and dealing with these assets until a default event occurs. 3. Pledge: In a pledge arrangement, the debtor provides the collateral directly to the secured party as security for the debt. This can include physical assets such as inventory, stocks, or certificates of deposit. The secured party holds onto the pledged assets during the term of the agreement. If the debtor defaults, the secured party can enforce its rights by taking possession of the pledged assets. 4. Mortgage: The District of Columbia General Security Agreement also allows for the creation of a mortgage as a form of secured interest. Typically, used for real estate property, a mortgage grants the secured party an interest in the property until the debt is paid off. If the debtor fails to repay the debt, the secured party can initiate foreclosure proceedings to sell the property and recover the outstanding amount. In conclusion, the District of Columbia General Security Agreement is a legal contract that establishes a secured interest in specified collateral to secure a debt or obligation. It provides the creditor with priority rights over the debtor's assets in case of non-payment or default. Different types of secured interests, such as fixed charges, floating charges, pledges, and mortgages, can be granted under this agreement to accommodate various creditor-debtor arrangements.

The District of Columbia General Security Agreement is a legal document that grants a secured party a secured interest in specified collateral to secure a debt or obligation. This agreement ensures that the creditor has a priority claim on the assets of the debtor in case of default or non-payment. Keywords: District of Columbia, General Security Agreement, secured party, secured interest, collateral, debt, obligation, creditor, assets, default, non-payment Under the District of Columbia General Security Agreement, there are different types of secured interests that can be granted to the secured party. These variations are designed to meet the specific needs and arrangements between the creditor and the debtor. Some notable types of District of Columbia General Security Agreement granting secured party secured interests include: 1. Fixed Charge: This type of secured interest grants the creditor a specific claim on identified and predetermined assets of the debtor. These assets are usually specified and clearly defined in the agreement, such as property, equipment, or inventory. In case of default, the secured party can enforce its over these specific assets to recover the debt. 2. Floating Charge: Unlike a fixed charge, a floating charge grants the secured party a claim on a fluctuating pool of assets that changes over time. These assets may be present or future property of the debtor, including inventory, accounts receivable, or other movable goods. The floating charge allows the debtor to continue operating their business and dealing with these assets until a default event occurs. 3. Pledge: In a pledge arrangement, the debtor provides the collateral directly to the secured party as security for the debt. This can include physical assets such as inventory, stocks, or certificates of deposit. The secured party holds onto the pledged assets during the term of the agreement. If the debtor defaults, the secured party can enforce its rights by taking possession of the pledged assets. 4. Mortgage: The District of Columbia General Security Agreement also allows for the creation of a mortgage as a form of secured interest. Typically, used for real estate property, a mortgage grants the secured party an interest in the property until the debt is paid off. If the debtor fails to repay the debt, the secured party can initiate foreclosure proceedings to sell the property and recover the outstanding amount. In conclusion, the District of Columbia General Security Agreement is a legal contract that establishes a secured interest in specified collateral to secure a debt or obligation. It provides the creditor with priority rights over the debtor's assets in case of non-payment or default. Different types of secured interests, such as fixed charges, floating charges, pledges, and mortgages, can be granted under this agreement to accommodate various creditor-debtor arrangements.