Santa Clara California General Security Agreement granting secured party secured interest

• Category: Corporations - Public - Security
• State: Multi-State
• County: Santa Clara
• 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 Santa Clara California General Security Agreement is a legal document that grants a secured party a secured interest in certain assets or property to secure the repayment of a debt or obligation. This agreement is commonly used in various business transactions, such as loans, financing arrangements, or other credit arrangements. The purpose of the General Security Agreement is to provide protection for the secured party by creating a security interest in the specified collateral. This collateral may include tangible assets like equipment, inventory, or real estate, as well as intangible assets such as intellectual property rights, accounts receivable, or contractual rights. By granting a secured interest, the borrower or debtor pledges the specified collateral as security for the repayment of the debt or performance of the obligation. The secured party, typically a lender or creditor, gains priority rights over other unsecured creditors in the event of default or non-payment. The Santa Clara California General Security Agreement complies with the applicable laws and regulations in the state, including the Uniform Commercial Code (UCC) Article 9, which provides guidelines for securing interests in personal property. There are different types of General Security Agreements that may vary depending on the specific circumstances and parties involved. Some common variations include: 1. Real Estate Security Agreement: This type of agreement is used when the collateral offered by the debtor is real property, such as land or buildings. 2. Chattel Mortgage: In cases where the collateral consists of movable property, such as vehicles, machinery, or equipment, a chattel mortgage is often used. It gives the secured party a lien on the specific chattel or personal property. 3. Floating Charge: A floating charge creates a security interest over a class or group of assets that may change or fluctuate over time. It allows the debtor to continue dealing with the specified assets in the ordinary course of business until a trigger event occurs, such as default, insolvency, or bankruptcy. 4. Debenture: A debenture is a type of document that contains both indebtedness and security provisions. It grants the secured party both a right to repayment of the debt and a security interest in specified assets. In conclusion, the Santa Clara California General Security Agreement granting secured party secured interest serves as a crucial legal tool to protect the interests of lenders, creditors, and other secured parties. It establishes a clear framework for securing assets or property and plays a vital role in business transactions that involve the provision of credit or financing.

A Santa Clara California General Security Agreement is a legal document that grants a secured party a secured interest in certain assets or property to secure the repayment of a debt or obligation. This agreement is commonly used in various business transactions, such as loans, financing arrangements, or other credit arrangements. The purpose of the General Security Agreement is to provide protection for the secured party by creating a security interest in the specified collateral. This collateral may include tangible assets like equipment, inventory, or real estate, as well as intangible assets such as intellectual property rights, accounts receivable, or contractual rights. By granting a secured interest, the borrower or debtor pledges the specified collateral as security for the repayment of the debt or performance of the obligation. The secured party, typically a lender or creditor, gains priority rights over other unsecured creditors in the event of default or non-payment. The Santa Clara California General Security Agreement complies with the applicable laws and regulations in the state, including the Uniform Commercial Code (UCC) Article 9, which provides guidelines for securing interests in personal property. There are different types of General Security Agreements that may vary depending on the specific circumstances and parties involved. Some common variations include: 1. Real Estate Security Agreement: This type of agreement is used when the collateral offered by the debtor is real property, such as land or buildings. 2. Chattel Mortgage: In cases where the collateral consists of movable property, such as vehicles, machinery, or equipment, a chattel mortgage is often used. It gives the secured party a lien on the specific chattel or personal property. 3. Floating Charge: A floating charge creates a security interest over a class or group of assets that may change or fluctuate over time. It allows the debtor to continue dealing with the specified assets in the ordinary course of business until a trigger event occurs, such as default, insolvency, or bankruptcy. 4. Debenture: A debenture is a type of document that contains both indebtedness and security provisions. It grants the secured party both a right to repayment of the debt and a security interest in specified assets. In conclusion, the Santa Clara California General Security Agreement granting secured party secured interest serves as a crucial legal tool to protect the interests of lenders, creditors, and other secured parties. It establishes a clear framework for securing assets or property and plays a vital role in business transactions that involve the provision of credit or financing.