security agreement

Popular Terms
Contract between a borrower and a secured lender, or between an obligee and obligor, that specifies which asset(s) is pledged as security, and under which conditions the lender or the obligor may foreclose on it.

Use 'security agreement' in a Sentence

When you go into a Bank or Personal Loan Company to get a secured loan, you will be required to provide different objects of values for a Security Agreement, which therefore you will be required to seize if you are no longer able to make your payment for said loan agreement.
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The security agreement had clearly explained the process if foreclosure was inevitable so we closely reread the document to appease our manager.
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They had a security agreement, which was to make sure everything was okay and everyone felt safe with the deal.
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