Ohio Form of Security Agreement between Everest and Jennings International, Ltd., Everest and Jennings, Inc., and BIL, Ltd.

• Category: Corporations - Public - Indebtedness and Financial Restructuring
• State: Multi-State
• Control #: US-CC-6-142
• Format: Word; Rich Text

Description

This form is a Security Agreement under which all real and personal property of corporation are pledged as collateral to secure payment and performance of borrower's obligations under certain promissory notes. Ohio Form of Security Agreement is a legally binding document that establishes the rights and obligations between parties involved in a financial transaction. Specifically, it governs the security interest taken by Everest and Jennings International, Ltd., Everest and Jennings, Inc., and BIL, Ltd. as the secured party and the debtor. Key features of the Ohio Form of Security Agreement include: 1. Identification of Parties: The agreement clearly identifies the parties involved, namely Everest and Jennings International, Ltd., Everest and Jennings, Inc., and BIL, Ltd. 2. Security Interest: The agreement outlines the security interest granted by the debtor (generally the borrower) to the secured party (lender). This can include specific assets or general collateral. The types of security interests may vary depending on the specific agreement and the nature of the transaction. 3. Obligations of Debtor: The agreement specifies the debtor's obligations, such as timely payment of debt, maintenance and preservation of collateral, and proper insurance coverage. It may also include clauses regarding creditor notification in case of any change in the debtor's address or company name. 4. Default and Remedies: The agreement details the conditions under which the debtor will be considered in default and the actions the secured party can take in such a situation. These actions may include additional fees, acceleration of debt, and the ability to repossess and sell the collateral to recover the outstanding debt. 5. Guarantors: If applicable, the agreement may include provisions relating to guarantors — individuals or other entities providing a guarantee or promising to pay the debt if the debtor defaults. 6. Governing Law: The Ohio Form of Security Agreement states that it will be governed by the laws of Ohio, ensuring compliance with the state's legal requirements and statutes. Types of Ohio Form of Security Agreement: 1. Real Estate Security Agreement: If the security interest involves real estate or immovable property, such as land or buildings, a real estate-specific security agreement may be executed to comply with Ohio's real property laws. 2. Chattel Security Agreement: In cases involving movable assets, a chattel security agreement may be utilized. This type of agreement covers tangible personal property like vehicles, equipment, inventory, or other assets that are not attached to real estate. It's important to note that the specific terms and provisions of the Ohio Form of Security Agreement can vary depending on the circumstances, complexity of the transaction, and the parties involved. Therefore, it is essential to consult legal professionals to ensure the agreement meets all necessary requirements and protects the interests of both the secured party and the debtor.

Ohio Form of Security Agreement is a legally binding document that establishes the rights and obligations between parties involved in a financial transaction. Specifically, it governs the security interest taken by Everest and Jennings International, Ltd., Everest and Jennings, Inc., and BIL, Ltd. as the secured party and the debtor. Key features of the Ohio Form of Security Agreement include: 1. Identification of Parties: The agreement clearly identifies the parties involved, namely Everest and Jennings International, Ltd., Everest and Jennings, Inc., and BIL, Ltd. 2. Security Interest: The agreement outlines the security interest granted by the debtor (generally the borrower) to the secured party (lender). This can include specific assets or general collateral. The types of security interests may vary depending on the specific agreement and the nature of the transaction. 3. Obligations of Debtor: The agreement specifies the debtor's obligations, such as timely payment of debt, maintenance and preservation of collateral, and proper insurance coverage. It may also include clauses regarding creditor notification in case of any change in the debtor's address or company name. 4. Default and Remedies: The agreement details the conditions under which the debtor will be considered in default and the actions the secured party can take in such a situation. These actions may include additional fees, acceleration of debt, and the ability to repossess and sell the collateral to recover the outstanding debt. 5. Guarantors: If applicable, the agreement may include provisions relating to guarantors — individuals or other entities providing a guarantee or promising to pay the debt if the debtor defaults. 6. Governing Law: The Ohio Form of Security Agreement states that it will be governed by the laws of Ohio, ensuring compliance with the state's legal requirements and statutes. Types of Ohio Form of Security Agreement: 1. Real Estate Security Agreement: If the security interest involves real estate or immovable property, such as land or buildings, a real estate-specific security agreement may be executed to comply with Ohio's real property laws. 2. Chattel Security Agreement: In cases involving movable assets, a chattel security agreement may be utilized. This type of agreement covers tangible personal property like vehicles, equipment, inventory, or other assets that are not attached to real estate. It's important to note that the specific terms and provisions of the Ohio Form of Security Agreement can vary depending on the circumstances, complexity of the transaction, and the parties involved. Therefore, it is essential to consult legal professionals to ensure the agreement meets all necessary requirements and protects the interests of both the secured party and the debtor.