Pennsylvania Security Agreement between PCSupport.com, Inc. and ICE Holdings North America A Pennsylvania Security Agreement is a legally binding contract that outlines the terms and conditions of securing a debt or loan provided by PCSupport.com, Inc. to ICE Holdings North America, hereinafter referred to as the Borrower. This agreement's purpose is to establish a security interest in certain assets of the Borrower to guarantee repayment of the debt or loan in the event of default. The Security Agreement includes various provisions that define the rights and responsibilities of the parties involved. It typically consists of the following important components: 1. Identification of the Parties: The agreement begins with the identification and contact details of both the parties involved, specifically PCSupport.com, Inc., as the secured party, and ICE Holdings North America, as the Borrower. 2. Description of Collateral: The Security Agreement specifies the collateral to be pledged by the Borrower to secure the debt or loan. This may include but is not limited to tangible assets such as vehicles, equipment, inventory, or intangible assets like accounts receivable, patents, copyrights, or other valuable rights. 3. Grant of Security Interest: This section establishes PCSupport.com, Inc.'s security interest in the collateral, stating that the Borrower grants a security interest in the specified assets. It also mentions that this interest remains in effect until the debt or loan is repaid in full. 4. Perfection of Security Interest: To ensure that PCSupport.com, Inc.'s security interest is valid against other potential claimants or creditors, this provision details the actions required to perfect the security interest. This commonly involves filing the appropriate forms with the appropriate Pennsylvania state authorities. 5. Representations and Warranties: Both parties make certain representations and warranties regarding their authority to enter into the agreement, the accuracy of provided information, and the validity of the security interest. 6. Events of Default and Remedies: This crucial section outlines the events that constitute default by the Borrower, such as non-payment, violation of other loan covenants, bankruptcy, or insolvency. It also states the remedies available to PCSupport.com, Inc. in such cases, which may include the right to take possession and sell the collateral to recover the outstanding debt. 7. Governing Law and Jurisdiction: The agreement specifies that it shall be governed by and interpreted according to the laws of Pennsylvania. Furthermore, the parties agree to submit to the jurisdiction of Pennsylvania courts for any dispute arising from the agreement. Types of Pennsylvania Security Agreement between PCSupport.com, Inc. and ICE Holdings North America: 1. Traditional Security Agreement: This is the standard type of security agreement that encompasses the provisions mentioned above. 2. Specific Collateral Security Agreement: In cases where PCSupport.com, Inc. is extending a loan to ICE Holdings North America and requiring security interest in a specific asset or group of assets, a specific collateral security agreement is used. This type of agreement focuses on the single or limited set of assets rather than the entire range of collateral. 3. Floating Lien Security Agreement: If PCSupport.com, Inc. is granting a loan to ICE Holdings North America with the understanding that the collateral may change over time (e.g., inventory that is constantly being bought and sold), a floating lien security agreement is used. This type of agreement allows for flexibility in adjusting the specific assets securing the loan without requiring frequent amendments to the agreement. In conclusion, a Pennsylvania Security Agreement between PCSupport.com, Inc. and ICE Holdings North America establishes the terms and conditions for securing a debt or loan by pledging collateral. By defining the rights and obligations of both parties, this agreement provides a legal framework to protect the interests of PCSupport.com, Inc. while ensuring the repayment of debts by ICE Holdings North America.
Pennsylvania Security Agreement between PCSupport.com, Inc. and ICE Holdings North America
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Just like real estate deeds, security agreements should be recorded at state offices and made available to the public. Recording a security agreement?filing / registering it with the state?does a number of things for both parties involved.
A security agreement is a document that provides a lender a security interest in a specified asset or property that is pledged as collateral. Security agreements often contain covenants that outline provisions for the advancement of funds, a repayment schedule, or insurance requirements.
If a security agreement lists a business property as collateral, the lender might file a UCC-1 statement to serve as a lien on the property. A security agreement mitigates the default risk faced by the lender.
Security agreements are generally used to supplement a secured promissory note. The note is the borrower's actual promise to repay the money it received.
At a minimum, a valid security agreement consists of a description of the collateral, a statement of the intention of providing security interest, and signatures from all parties involved. Most security agreements, however, go beyond these basic requirements.
What is a General Security Agreement? A GSA is a contract signed between two parties, a borrower and a lender. The GSA protects the lender by creating a security interest in all or some of the assets of the borrower. In sum, the GSA outlines the terms and conditions of the loan, and lists the assets used for security.