A financing and security agreement is one that is entered into between two parties namely the borrower and the lender. The lender offers financing to the borrower on the basis of the security provided in the form of movable or immovable property. The property provided as security for obtaining financing from the lender is also known as collateral security. There is no physical transfer of ownership from the borrower to the lender but only documents are provided for obtaining the financing.
There are many clauses that are set out in this financing and security agreement that have to be agreed by the borrower and sign the agreement after reading all the clauses. Some of the clauses in the agreement are name and address of the lender and borrower, amount of money borrowed, date of borrowing, purpose of borrowing, collateral details provided by borrower, date of maturity of finance provided, interest rate charged on financing by lender, penalty for non-payment etc.
FINANCING AND SECURITY AGREEMENT
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