Security Agreement For Loan

1. INTRODUCTION. This commercial and security loan agreement („agreement“) governs your commercial loan („loan“) from Chef Choice Equipment Rentals Inc. („Chef Choice“). The accompanying trade and security agreement (the „complement“) and the pre-authorized loan and credit agreement („PAD agreement“) are included as a reference and are considered part of this agreement. Please read it and keep it for your reference. In this agreement, the terms „you,“ „your“ and „borrower“ are the individuals or corporations who sign this agreement or in the name of which this agreement is signed. The words „Lender,“ „we,“ „we“ and „our“ mean Chef Choice Equipment Rentals Inc. or its successors and divestment recipients. Both the borrower and the lender must sign the general security agreement. In addition, the creditor may require an individual or corporation Corporation Corporation a corporation incorporated by individuals, shareholders or shareholders for the purpose of making a profit.

Companies can enter into contracts, take legal action and be sued, hold assets, transfer federal and regional taxes and borrow money from financial institutions. (z.B. insurance company) as guarantor. A guarantor is a person or organization that promises to repay a loan if the borrower is unable to process it. Subsequently, all security agreements must be registered in the Register of Personnel Title Titles (PPSR). It is not possible to use already mortgaged assets as collateral to secure a new credit contract. All parties to the agreement should consider the details of the general security agreement to ensure that each party is secure and that the information is legitimate and up-to-date. 50.

GUARANTEE. Each signatory identified as guarantor on the signature page (the „guarantor“) guarantees, jointly and repeatedly (more than one) the immediate payment of all obligations contracted by the borrower under this agreement to lenders, including their successors and assignees, unconditionally. Each guarantor agrees to repay the bonds on request, without the lender first having to impose the payment against the borrower. This is a guarantee for payment, not pickup. This is an absolute, unconditional, primary and persistent commitment and will remain in effect until the first time: (i) all commitments have been impractically paid in full and Lender has terminated this guarantee, or (ii) 30 days after the date on which the written retraction information is actually received and accepted by Lender. No retraction affects: (i) the debts of the bond revoked under this guarantee, (ii) the obligations created, agreed upon, assumed, acquired or incurred prior to the entry into force of this withdrawal; (iii) commitments made after this revocation came into force as a result of an agreement or commitment made prior to the effective date of this revocation, contracted, taken over, acquired or acquired; or (iv) the obligations that arising from the agreements or instruments in force at the time and which are then the safest.