North Carolina Borrower Security Agreement regarding the extension of credit facilities

• Category: Corporations - Public - Security
• State: Multi-State
• Control #: US-EG-9232
• Format: Word; Rich Text

Description

Borrower Security Agreement between ADAC Laboratories and ABN AMRO Bank, N.V. regarding the extension of credit facilities dated September, 1999. 13 pages. North Carolina Borrower Security Agreement is a legally binding document that outlines the terms and conditions between a borrower and a lender regarding the extension of credit facilities in the state of North Carolina. This agreement serves as a means of protecting the lender's interests by establishing collateral or other forms of security to ensure repayment. The agreement typically includes key components such as: 1. Parties involved: The agreement identifies the borrower and the lender, stating their legal names and contact details. 2. Purpose of the agreement: It clearly states that the agreement is being entered into for the purpose of securing the repayment of credit facilities extended by the lender to the borrower. 3. Extension of credit facilities: The agreement outlines the specific type of credit facilities being extended, such as loans, lines of credit, or mortgages. 4. Security interest: The borrower pledges certain assets, known as collateral, to secure the repayment of the credit facilities. These assets can include real estate, vehicles, equipment, inventory, or other valuable property. The agreement details the nature of the security interest and the specific collateral being offered. 5. Perfection of security interest: To ensure the lender's priority in case of default, the agreement may state the conditions required for perfecting the security interest. This may involve filing a UCC-1 financing statement or recording a mortgage or deed of trust. 6. Representations and warranties: The borrower represents and warrants that they have legal ownership and authority to pledge the collateral, and that no other parties have superior claims to the collateral. 7. Default and enforcement: The agreement defines the events that would constitute a default, such as non-payment or violation of other terms. It outlines the rights and remedies available to the lender in case of default, including the right to exercise the security interest and sell the collateral. Different types or variations of North Carolina Borrower Security Agreements related to the extension of credit facilities may include: 1. Real estate security agreement: This type of agreement specifically focuses on pledging real estate property as collateral for credit facilities. It may involve recording a mortgage or deed of trust to perfect the security interest. 2. Equipment security agreement: This agreement centers around the pledge of equipment or other movable assets as collateral for credit facilities. It may require filing a UCC-1 financing statement to perfect the security interest. 3. Inventory security agreement: When a borrower wishes to secure credit facilities using their inventory as collateral, this agreement comes into play. It outlines the terms and conditions regarding the use of inventory as security. In conclusion, a North Carolina Borrower Security Agreement pertaining to the extension of credit facilities is a crucial document that protects the lender's interests by establishing collateral or other forms of security. Different types may exist, such as real estate, equipment, or inventory security agreements, depending on the type of collateral being pledged.

North Carolina Borrower Security Agreement is a legally binding document that outlines the terms and conditions between a borrower and a lender regarding the extension of credit facilities in the state of North Carolina. This agreement serves as a means of protecting the lender's interests by establishing collateral or other forms of security to ensure repayment. The agreement typically includes key components such as: 1. Parties involved: The agreement identifies the borrower and the lender, stating their legal names and contact details. 2. Purpose of the agreement: It clearly states that the agreement is being entered into for the purpose of securing the repayment of credit facilities extended by the lender to the borrower. 3. Extension of credit facilities: The agreement outlines the specific type of credit facilities being extended, such as loans, lines of credit, or mortgages. 4. Security interest: The borrower pledges certain assets, known as collateral, to secure the repayment of the credit facilities. These assets can include real estate, vehicles, equipment, inventory, or other valuable property. The agreement details the nature of the security interest and the specific collateral being offered. 5. Perfection of security interest: To ensure the lender's priority in case of default, the agreement may state the conditions required for perfecting the security interest. This may involve filing a UCC-1 financing statement or recording a mortgage or deed of trust. 6. Representations and warranties: The borrower represents and warrants that they have legal ownership and authority to pledge the collateral, and that no other parties have superior claims to the collateral. 7. Default and enforcement: The agreement defines the events that would constitute a default, such as non-payment or violation of other terms. It outlines the rights and remedies available to the lender in case of default, including the right to exercise the security interest and sell the collateral. Different types or variations of North Carolina Borrower Security Agreements related to the extension of credit facilities may include: 1. Real estate security agreement: This type of agreement specifically focuses on pledging real estate property as collateral for credit facilities. It may involve recording a mortgage or deed of trust to perfect the security interest. 2. Equipment security agreement: This agreement centers around the pledge of equipment or other movable assets as collateral for credit facilities. It may require filing a UCC-1 financing statement to perfect the security interest. 3. Inventory security agreement: When a borrower wishes to secure credit facilities using their inventory as collateral, this agreement comes into play. It outlines the terms and conditions regarding the use of inventory as security. In conclusion, a North Carolina Borrower Security Agreement pertaining to the extension of credit facilities is a crucial document that protects the lender's interests by establishing collateral or other forms of security. Different types may exist, such as real estate, equipment, or inventory security agreements, depending on the type of collateral being pledged.