Texas 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. A Texas General Security Agreement is a legal contract that outlines the terms and conditions of a secured interest granted to a secured party. This agreement is commonly used in commercial transactions where a debtor grants the secured party the right to secure their interest in specific collateral. The secured party becomes entitled to the collateral in case of default or non-payment by the debtor. Keywords: Texas General Security Agreement, secured party, secured interest, collateral, legal contract, commercial transactions, default, non-payment. The Texas General Security Agreement serves as a critical legal instrument to protect the interests of both the debtor and the secured party involved in a commercial transaction. By executing this agreement, the debtor provides assurance that they will fulfill their financial obligations towards the secured party. In turn, the secured party gains a secured interest in the specified collateral, which acts as a form of guarantee against potential default or non-payment. In Texas, there are several types of General Security Agreements that grant secured parties secured interest. These can vary depending on the nature of the transaction and the specific collateral involved. Some notable types include: 1. Real Estate General Security Agreement: This type of agreement is used when the collateral in question is real estate property. By granting a secured interest in the property, the debtor provides assurance that they will fulfill their financial obligations. 2. Equipment General Security Agreement: In commercial transactions involving equipment or machinery, this type of agreement is utilized. The debtor pledges the equipment as collateral, granting the secured party a secured interest in case of default. 3. Inventory General Security Agreement: When inventory is used as collateral, this type of agreement is drafted. It enables the secured party to obtain a secured interest in the inventory until the debtor fulfills their obligations. 4. Accounts Receivable General Security Agreement: In this agreement, the debtor provides accounts receivable as collateral. By granting a secured interest in the accounts receivable, the secured party ensures protection against non-payment or default. 5. Intellectual Property General Security Agreement: In transactions involving intellectual property, such as copyrights or patents, this agreement is essential. It grants the secured party a secured interest in the intellectual property until the debtor fulfills their obligations. It is essential for all parties involved in a Texas General Security Agreement to understand the terms and conditions thoroughly. The agreement typically defines the rights and responsibilities of both the debtor and the secured party, including the events that would trigger default and the remedies available in case of default. In conclusion, a Texas General Security Agreement is a legal contract that grants a secured party a secured interest in specific collateral. The agreement serves as a vital tool in commercial transactions, ensuring the protection of the parties involved. Understanding the different types of General Security Agreements, such as those involving real estate, equipment, inventory, accounts receivable, and intellectual property, is crucial in selecting the appropriate agreement for a specific transaction.

A Texas General Security Agreement is a legal contract that outlines the terms and conditions of a secured interest granted to a secured party. This agreement is commonly used in commercial transactions where a debtor grants the secured party the right to secure their interest in specific collateral. The secured party becomes entitled to the collateral in case of default or non-payment by the debtor. Keywords: Texas General Security Agreement, secured party, secured interest, collateral, legal contract, commercial transactions, default, non-payment. The Texas General Security Agreement serves as a critical legal instrument to protect the interests of both the debtor and the secured party involved in a commercial transaction. By executing this agreement, the debtor provides assurance that they will fulfill their financial obligations towards the secured party. In turn, the secured party gains a secured interest in the specified collateral, which acts as a form of guarantee against potential default or non-payment. In Texas, there are several types of General Security Agreements that grant secured parties secured interest. These can vary depending on the nature of the transaction and the specific collateral involved. Some notable types include: 1. Real Estate General Security Agreement: This type of agreement is used when the collateral in question is real estate property. By granting a secured interest in the property, the debtor provides assurance that they will fulfill their financial obligations. 2. Equipment General Security Agreement: In commercial transactions involving equipment or machinery, this type of agreement is utilized. The debtor pledges the equipment as collateral, granting the secured party a secured interest in case of default. 3. Inventory General Security Agreement: When inventory is used as collateral, this type of agreement is drafted. It enables the secured party to obtain a secured interest in the inventory until the debtor fulfills their obligations. 4. Accounts Receivable General Security Agreement: In this agreement, the debtor provides accounts receivable as collateral. By granting a secured interest in the accounts receivable, the secured party ensures protection against non-payment or default. 5. Intellectual Property General Security Agreement: In transactions involving intellectual property, such as copyrights or patents, this agreement is essential. It grants the secured party a secured interest in the intellectual property until the debtor fulfills their obligations. It is essential for all parties involved in a Texas General Security Agreement to understand the terms and conditions thoroughly. The agreement typically defines the rights and responsibilities of both the debtor and the secured party, including the events that would trigger default and the remedies available in case of default. In conclusion, a Texas General Security Agreement is a legal contract that grants a secured party a secured interest in specific collateral. The agreement serves as a vital tool in commercial transactions, ensuring the protection of the parties involved. Understanding the different types of General Security Agreements, such as those involving real estate, equipment, inventory, accounts receivable, and intellectual property, is crucial in selecting the appropriate agreement for a specific transaction.