Clark Nevada Borrower Security Agreement between ADAC Laboratories and ABN AMRO Bank

• Category: Corporations - Public - Security
• State: Multi-State
• County: Clark
• Control #: US-EG-9234
• Format: Word; Rich Text

Description

Borrower Security Agreement (Intellectual Property) between ADAC Laboratories and ABN AMRO Bank, NV dated September, 1999. 21 pages. The Clark Nevada Borrower Security Agreement is a legally binding contract that outlines the terms and conditions of a loan between ADAC Laboratories and ABN AFRO Bank, with a specific focus on the security measures in place to protect the lender's interests. This agreement serves as a crucial document in any lending arrangement, ensuring the bank's financial security while providing ADAC Laboratories with the necessary funds. Key Terms and Clauses: 1. Borrower and Lender Information: The agreement will begin by providing the names and contact details of both ADAC Laboratories (as the borrower) and ABN AFRO Bank (as the lender). This section may also include any additional subsidiaries or affiliated companies that are party to the agreement. 2. Loan Amount and Purpose: This section will specify the precise amount of the loan provided by ABN AFRO Bank to ADAC Laboratories and the purpose for which the funds will be utilized. This may include, but is not limited to, working capital, research and development, acquisitions, or debt consolidation. 3. Security Measures: The agreement will outline the various security measures utilized by ABN AFRO Bank to secure the loan. This may include collateral, such as property, accounts receivable, inventory, or other valuable assets of ADAC Laboratories. The specific details of the collateral and the process for assessing its value will be mentioned here. 4. Conditions Precedent: This section highlights any conditions that must be met by ADAC Laboratories before the loan is considered effective. These conditions may include providing audited financial statements, insurance coverage, or any other documents or warranties requested by ABN AFRO Bank. 5. Interest Rates and Payment Terms: The agreement will clearly state the interest rate applicable to the loan, whether fixed or variable, and the frequency of interest calculations (monthly, yearly, etc.). Additionally, it will outline the repayment schedule, including the dates by which ADAC Laboratories must make principal and interest payments. 6. Events of Default: This clause covers the circumstances under which ABN AFRO Bank can declare a default or take action against ADAC Laboratories. These may include failure to make payments, breach of other loan covenants, insolvency, or change in control of the borrowing entity. 7. Rights and Remedies: This section will elaborate on the rights and remedies available to ABN AFRO Bank in the event of default by ADAC Laboratories. These may include the right to accelerate the loan, enforce the security interests, or pursue legal action to recover the outstanding debt. It is important to note that there may be multiple versions or variations of the Clark Nevada Borrower Security Agreement between ADAC Laboratories and ABN AFRO Bank, depending on factors such as loan amount, collateral, or specific terms negotiated by both parties. However, the core elements mentioned above are likely to be included in all iterations to protect the lender's interests and ensure clarity and enforceability within the lending relationship.

The Clark Nevada Borrower Security Agreement is a legally binding contract that outlines the terms and conditions of a loan between ADAC Laboratories and ABN AFRO Bank, with a specific focus on the security measures in place to protect the lender's interests. This agreement serves as a crucial document in any lending arrangement, ensuring the bank's financial security while providing ADAC Laboratories with the necessary funds. Key Terms and Clauses: 1. Borrower and Lender Information: The agreement will begin by providing the names and contact details of both ADAC Laboratories (as the borrower) and ABN AFRO Bank (as the lender). This section may also include any additional subsidiaries or affiliated companies that are party to the agreement. 2. Loan Amount and Purpose: This section will specify the precise amount of the loan provided by ABN AFRO Bank to ADAC Laboratories and the purpose for which the funds will be utilized. This may include, but is not limited to, working capital, research and development, acquisitions, or debt consolidation. 3. Security Measures: The agreement will outline the various security measures utilized by ABN AFRO Bank to secure the loan. This may include collateral, such as property, accounts receivable, inventory, or other valuable assets of ADAC Laboratories. The specific details of the collateral and the process for assessing its value will be mentioned here. 4. Conditions Precedent: This section highlights any conditions that must be met by ADAC Laboratories before the loan is considered effective. These conditions may include providing audited financial statements, insurance coverage, or any other documents or warranties requested by ABN AFRO Bank. 5. Interest Rates and Payment Terms: The agreement will clearly state the interest rate applicable to the loan, whether fixed or variable, and the frequency of interest calculations (monthly, yearly, etc.). Additionally, it will outline the repayment schedule, including the dates by which ADAC Laboratories must make principal and interest payments. 6. Events of Default: This clause covers the circumstances under which ABN AFRO Bank can declare a default or take action against ADAC Laboratories. These may include failure to make payments, breach of other loan covenants, insolvency, or change in control of the borrowing entity. 7. Rights and Remedies: This section will elaborate on the rights and remedies available to ABN AFRO Bank in the event of default by ADAC Laboratories. These may include the right to accelerate the loan, enforce the security interests, or pursue legal action to recover the outstanding debt. It is important to note that there may be multiple versions or variations of the Clark Nevada Borrower Security Agreement between ADAC Laboratories and ABN AFRO Bank, depending on factors such as loan amount, collateral, or specific terms negotiated by both parties. However, the core elements mentioned above are likely to be included in all iterations to protect the lender's interests and ensure clarity and enforceability within the lending relationship.