Consumer Loan Security Agreement

Real estate that can be declared as collateral under a security agreement includes inventory of products, furniture, equipment used by a company, home furnishings and real estate owned by the company. The borrower is responsible for maintaining security in good condition in the event of a default. The property classified as collateral should not be removed from the premises unless the property is required in the normal framework of operations. c) violations of other alliances. (i) the borrower or one of its subsidiaries has no conditions: The commitments or agreements contained in sections 5.03, 5.05 or 5.11 to 5.15, or (ii) any other clause, agreement or agreement contained in a transaction document (excluding other delay events covered in this article) and such a failure is maintained for the prior period of 30 days from (x) day , to which the agent communicates in writing to the borrower this default and y) the date on which the borrower was or should have experienced such a default; or for a security interest to be attached to the security held by subsequent buyers, it must be perfected. If the security contract for a security purchase is of interest to consumer products, perfection is automatic. Otherwise, the lender must register either the agreement itself or a UCC-1 funding declaration in an appropriate public place (usually the Secretary of State or a public enterprise commission under that person`s control). The enhancement of interest creates constructive communication, considered legally sufficient to inform the rest of the world of the lender`s rights over guarantees. When a borrower has used the same property as the guarantees for several guarantee agreements with different lenders, the first lender to register the interest is most entitled to that property. Under Dutch (Dutch) law, the Dutch civil code designates the guarantee as an agreement by which a third party undertakes a contractual creditor to comply with a debtor`s contractual obligations.