Oklahoma Security Agreement regarding borrowing of funds and granting of security interest in assets

• Category: Corporations - Public - Security
• State: Multi-State
• Control #: US-EG-9502
• Format: Word; Rich Text

Description

Security Agreement between Caldera Systems, Inc. and The Canopy Group, Inc. regarding borrowing of funds and granting of security interest in assets dated September 1, 1998. 4 pages. The Oklahoma Security Agreement is a legal document that outlines the terms and conditions between a borrower and a lender regarding the borrowing of funds and the granting of a security interest in assets. It serves as a form of collateral for the lender, providing them with a guarantee of repayment in the event of default or non-payment. Keywords: Oklahoma Security Agreement, borrowing of funds, granting of security interest, assets, collateral, borrower, lender, repayment, default, non-payment. There are several types of Oklahoma Security Agreements, each catering to specific borrowing scenarios and granting different types of security interests in assets. These variations ensure that the agreement is tailored to the specific needs and preferences of both parties involved. Some common types of Oklahoma Security Agreements include: 1. Traditional Security Agreement: This is the standard type of security agreement wherein the borrower pledges specific assets, such as real estate, vehicles, or equipment, as collateral to secure the loan. It typically grants the lender a security interest in these assets until repayment is made in full. 2. Cross-Collateralization Agreement: In this type of agreement, the borrower pledges multiple assets as collateral for a loan. This allows the lender to gain a security interest in all the assets identified, enhancing their chances of recovery in case of default or non-payment. 3. Floating Lien Agreement: A floating lien agreement is used when the borrower offers a rotating pool of assets as collateral rather than specific ones. Typically, the borrower will maintain possession of these assets, but the lender will have a security interest in them. This type of agreement is commonly used for businesses that have a changing inventory, such as retail stores or manufacturing companies. 4. Accounts Receivable Financing Agreement: This agreement is mainly used by businesses that have outstanding customer invoices or receivables. The borrower pledges these accounts receivable as collateral, and the lender gains a security interest in them. If the borrower fails to repay the loan, the lender can collect the outstanding amounts directly from the customers to recover the debt. Note that while these are some common types of Oklahoma Security Agreements, there might be other variations depending on the specific borrowing and asset arrangement. It is crucial for both parties involved to carefully draft and review the security agreement to ensure that it meets their individual requirements and complies with the applicable laws and regulations. Seeking legal advice from a qualified professional is recommended to ensure the agreement's accuracy and validity.

The Oklahoma Security Agreement is a legal document that outlines the terms and conditions between a borrower and a lender regarding the borrowing of funds and the granting of a security interest in assets. It serves as a form of collateral for the lender, providing them with a guarantee of repayment in the event of default or non-payment. Keywords: Oklahoma Security Agreement, borrowing of funds, granting of security interest, assets, collateral, borrower, lender, repayment, default, non-payment. There are several types of Oklahoma Security Agreements, each catering to specific borrowing scenarios and granting different types of security interests in assets. These variations ensure that the agreement is tailored to the specific needs and preferences of both parties involved. Some common types of Oklahoma Security Agreements include: 1. Traditional Security Agreement: This is the standard type of security agreement wherein the borrower pledges specific assets, such as real estate, vehicles, or equipment, as collateral to secure the loan. It typically grants the lender a security interest in these assets until repayment is made in full. 2. Cross-Collateralization Agreement: In this type of agreement, the borrower pledges multiple assets as collateral for a loan. This allows the lender to gain a security interest in all the assets identified, enhancing their chances of recovery in case of default or non-payment. 3. Floating Lien Agreement: A floating lien agreement is used when the borrower offers a rotating pool of assets as collateral rather than specific ones. Typically, the borrower will maintain possession of these assets, but the lender will have a security interest in them. This type of agreement is commonly used for businesses that have a changing inventory, such as retail stores or manufacturing companies. 4. Accounts Receivable Financing Agreement: This agreement is mainly used by businesses that have outstanding customer invoices or receivables. The borrower pledges these accounts receivable as collateral, and the lender gains a security interest in them. If the borrower fails to repay the loan, the lender can collect the outstanding amounts directly from the customers to recover the debt. Note that while these are some common types of Oklahoma Security Agreements, there might be other variations depending on the specific borrowing and asset arrangement. It is crucial for both parties involved to carefully draft and review the security agreement to ensure that it meets their individual requirements and complies with the applicable laws and regulations. Seeking legal advice from a qualified professional is recommended to ensure the agreement's accuracy and validity.