Phoenix Arizona Borrower Security Agreement between ADAC Laboratories and ABN AMRO Bank

• Category: Corporations - Public - Security
• State: Multi-State
• City: Phoenix
• 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. A Phoenix Arizona Borrower Security Agreement is a legal contract entered into between ADAC Laboratories and ABN AFRO Bank. This agreement outlines the terms and conditions of the security provided by ADAC Laboratories to the bank in order to secure a loan or credit facility. It serves as a means to protect the bank's financial interests in case the borrower defaults on the loan payments. This agreement includes various clauses and provisions that define the obligations and responsibilities of both parties. Some key elements typically covered in a Phoenix Arizona Borrower Security Agreement may include: 1. Identifying Information: The agreement starts by providing the legal names and details of both parties, i.e., ADAC Laboratories (the borrower) and ABN AFRO Bank (the lender). 2. Loan/Debt Description: The agreement specifies the purpose of the loan, the loan amount, the interest rate, repayment terms, and any other relevant financial details. 3. Security Interest: ADAC Laboratories grants security interest to ABN AFRO Bank over certain collateral, such as property, equipment, inventory, or accounts receivable owned by ADAC Laboratories. This collateral serves as a guarantee for the loan and can be seized by the bank in case of default. 4. Perfection of Security Interest: This section outlines the steps and requirements for perfecting the security interest, ensuring that the collateral is legally binding and enforceable. 5. Borrower Representations: ADAC Laboratories makes various representations and warranties, confirming the accuracy of financial statements, the legality of the collateral, and the absence of any liens or encumbrances. 6. Covenants and Reporting: The borrower agrees to fulfill certain obligations during the term of the agreement, such as maintaining insurance on the collateral, providing financial statements, giving notice of any material changes, etc. 7. Events of Default: This section outlines the circumstances under which ABN AFRO Bank can declare the borrower in default, such as non-payment, violation of the agreement terms, bankruptcy, or insolvency. 8. Remedies: The agreement describes the remedies available to the bank in case of default, including the right to seize and liquidate the collateral, as well as the right to pursue legal action to collect any outstanding debt. Different types or variations of Phoenix Arizona Borrower Security Agreements may exist based on the specific circumstances and loan requirements. These variations may include agreements tailored for different industries, collateral types, or loan purposes. However, it is important to review the specific agreement document to identify any unique features or specific names associated with the agreement between ADAC Laboratories and ABN AFRO Bank.

A Phoenix Arizona Borrower Security Agreement is a legal contract entered into between ADAC Laboratories and ABN AFRO Bank. This agreement outlines the terms and conditions of the security provided by ADAC Laboratories to the bank in order to secure a loan or credit facility. It serves as a means to protect the bank's financial interests in case the borrower defaults on the loan payments. This agreement includes various clauses and provisions that define the obligations and responsibilities of both parties. Some key elements typically covered in a Phoenix Arizona Borrower Security Agreement may include: 1. Identifying Information: The agreement starts by providing the legal names and details of both parties, i.e., ADAC Laboratories (the borrower) and ABN AFRO Bank (the lender). 2. Loan/Debt Description: The agreement specifies the purpose of the loan, the loan amount, the interest rate, repayment terms, and any other relevant financial details. 3. Security Interest: ADAC Laboratories grants security interest to ABN AFRO Bank over certain collateral, such as property, equipment, inventory, or accounts receivable owned by ADAC Laboratories. This collateral serves as a guarantee for the loan and can be seized by the bank in case of default. 4. Perfection of Security Interest: This section outlines the steps and requirements for perfecting the security interest, ensuring that the collateral is legally binding and enforceable. 5. Borrower Representations: ADAC Laboratories makes various representations and warranties, confirming the accuracy of financial statements, the legality of the collateral, and the absence of any liens or encumbrances. 6. Covenants and Reporting: The borrower agrees to fulfill certain obligations during the term of the agreement, such as maintaining insurance on the collateral, providing financial statements, giving notice of any material changes, etc. 7. Events of Default: This section outlines the circumstances under which ABN AFRO Bank can declare the borrower in default, such as non-payment, violation of the agreement terms, bankruptcy, or insolvency. 8. Remedies: The agreement describes the remedies available to the bank in case of default, including the right to seize and liquidate the collateral, as well as the right to pursue legal action to collect any outstanding debt. Different types or variations of Phoenix Arizona Borrower Security Agreements may exist based on the specific circumstances and loan requirements. These variations may include agreements tailored for different industries, collateral types, or loan purposes. However, it is important to review the specific agreement document to identify any unique features or specific names associated with the agreement between ADAC Laboratories and ABN AFRO Bank.