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Security Agreement Clauses

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Article 9 of the Uniform Commercial Code (CDU) is adopted by the fifty states. It regulates secured transactions in which security rights in personal property are assumed. Article 9 regulates the establishment and enforcement of security rights in movable, intangible and movable property. 4.10 Release of security interests. Upon discharge of the security right in the asset in accordance with this Section, the lender shall promptly provide the borrower with the asset records and will execute, acknowledge and deliver to the borrower all documents, instruments and arrangements necessary to release all security rights in the collateral. Section 4.05 Waiver of Security Right. The mortgage is different from a security agreement. A mortgage is used to secure the lender`s rights by placing a lien on the title deed. Once all loan repayments have been made, the privilege is removed. However, the buyer does not own the property until all loan payments have been made. Although mortgages offer security similar to a security agreement, the asset in question does not already belong to the debtor. Section 4.12 Waiver of Security Right. No later than the occurrence of (a) the repayment of all obligations to Buyer and the performance of all obligations under the Program Agreements and (b) the occurrence of the date of termination, Buyer shall release its security right in all remaining repurchase assets and immediately execute the documents or instruments and immediately deliver to them such documents or instruments as Seller reasonably needs to prove such release; provided that such release is not required until the confirmation contract is terminated.

In connection with an authorized sale and all excluded assets, Buyer shall immediately sign and deliver to Seller a waiver of lien, essentially in the form set forth in Annex H to the Basic Agreement, and any other document or instrument reasonably necessary by Seller to prove the release of a security right. Transactions in which security rights in immovable property are acquired are governed by immovable property laws, which vary from country to country, and not by article 9. Article 9 regulates shares in personal property as security for all outstanding debts. Collateral may include: A securities contract is a legal document that provides a lender with a security right in real estate or asset pledged as collateral. It assigns the legal claim on the security right to the creditor in the event of default by the borrower. A security agreement provides for a lawful transfer of ownership from the borrower to the lender, while the debtor retains equitable rights in the asset. The lender then provides the loan. Until the borrower repays the loan, he retains the exclusive right of ownership and the right of redemption, which means that the lender cannot sell or modify the property. Once the refund has been made, the debtor can recover the guarantee. In the event of default by the debtor, the lender may acquire all rights in the assets set out in the security agreement.

Security agreements may be used to specify a security right that is already in the possession of the debtor, an intangible security right or a subsequently acquired asset. Section 4.16 Waiver of Security Right. Upon termination of this Agreement and (i) reimbursement of all obligations (other than unclaimed contingent claims) and performance of all obligations under the Program Agreements to the Administrative Agent for the benefit of Buyers, and (ii) as long as no event of default has occurred under it, the Administrative Agent and the Buyers will release their security interest in all remaining repurchase assets and will retain such documents. immediately and provide them with these documents without delay. or instruments that the Seller will reasonably need to prove such release. .

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