A Florida Security Agreement is a legally binding document that outlines the terms and conditions related to the security interest held by PCSupport.com, Inc. in certain assets owned by ICE Holdings North America. This agreement serves as a means of protecting PCSupport.com, Inc.'s investment and ensuring repayment or other fulfillment of obligations by ICE Holdings North America. The agreement provides a comprehensive description of the collateral that will be used to secure the agreement, which typically includes tangible assets such as equipment, inventory, and accounts receivable. The specific details of the collateral will be listed in an attached schedule or exhibit. Different types of Florida Security Agreements may exist between PCSupport.com, Inc. and ICE Holdings North America depending on the specific circumstances and nature of the transaction. Some common variations include: 1. Traditional Security Agreement: This is the most standard type of security agreement that outlines the general terms and conditions of the collateral used to secure the agreement. It establishes the rights and responsibilities of both parties and provides a framework for potential default scenarios. 2. Purchase Money Security Agreement (PSA): If PCSupport.com, Inc. provides financing to ICE Holdings North America for the purchase of specific assets, a PSA may be utilized. This type of agreement ensures that PCSupport.com, Inc. has a first-priority security interest in the newly acquired assets, providing them with a higher level of protection in case of default. 3. Floating Lien Security Agreement: In certain cases, the agreement may cover a broader range of assets by utilizing a floating lien. This allows PCSupport.com, Inc. to have a security interest in collateral that may change periodically, such as inventory or accounts receivable. The specific criteria for determining the inclusion of assets under the floating lien will be outlined in the agreement. 4. Cross Lateralization Agreement: If PCSupport.com, Inc. has multiple agreements with ICE Holdings North America, a cross lateralization agreement may be established. This type of agreement allows PCSupport.com, Inc. to use collateral designated under one agreement to secure obligations under another agreement. It provides PCSupport.com, Inc. with increased protection by expanding the range of assets available for recovery in case of default. Overall, the Florida Security Agreement between PCSupport.com, Inc. and ICE Holdings North America is a crucial legal document that outlines the terms and conditions for securing the obligations of ICE Holdings North America with specified collateral. The specific type of agreement will depend on the nature and scope of the transaction, ensuring that PCSupport.com, Inc. is adequately protected throughout the relationship.
A Florida Security Agreement is a legally binding document that outlines the terms and conditions related to the security interest held by PCSupport.com, Inc. in certain assets owned by ICE Holdings North America. This agreement serves as a means of protecting PCSupport.com, Inc.'s investment and ensuring repayment or other fulfillment of obligations by ICE Holdings North America. The agreement provides a comprehensive description of the collateral that will be used to secure the agreement, which typically includes tangible assets such as equipment, inventory, and accounts receivable. The specific details of the collateral will be listed in an attached schedule or exhibit. Different types of Florida Security Agreements may exist between PCSupport.com, Inc. and ICE Holdings North America depending on the specific circumstances and nature of the transaction. Some common variations include: 1. Traditional Security Agreement: This is the most standard type of security agreement that outlines the general terms and conditions of the collateral used to secure the agreement. It establishes the rights and responsibilities of both parties and provides a framework for potential default scenarios. 2. Purchase Money Security Agreement (PSA): If PCSupport.com, Inc. provides financing to ICE Holdings North America for the purchase of specific assets, a PSA may be utilized. This type of agreement ensures that PCSupport.com, Inc. has a first-priority security interest in the newly acquired assets, providing them with a higher level of protection in case of default. 3. Floating Lien Security Agreement: In certain cases, the agreement may cover a broader range of assets by utilizing a floating lien. This allows PCSupport.com, Inc. to have a security interest in collateral that may change periodically, such as inventory or accounts receivable. The specific criteria for determining the inclusion of assets under the floating lien will be outlined in the agreement. 4. Cross Lateralization Agreement: If PCSupport.com, Inc. has multiple agreements with ICE Holdings North America, a cross lateralization agreement may be established. This type of agreement allows PCSupport.com, Inc. to use collateral designated under one agreement to secure obligations under another agreement. It provides PCSupport.com, Inc. with increased protection by expanding the range of assets available for recovery in case of default. Overall, the Florida Security Agreement between PCSupport.com, Inc. and ICE Holdings North America is a crucial legal document that outlines the terms and conditions for securing the obligations of ICE Holdings North America with specified collateral. The specific type of agreement will depend on the nature and scope of the transaction, ensuring that PCSupport.com, Inc. is adequately protected throughout the relationship.
