Fillable Security Agreement printable pdf download

SECURITY AGREEMENT

This Security Agreement (“Agreement”) is entered this ______ day of ______________,

20___ by and between the Division of Consumer Protection (“Secured Party”), and

_____________________________________ (“Applicant”).

WITNESSETH

WHEREAS Applicant has applied with Secured Party for a certificate of registration

regarding:

o Telemarketing

o Health Spa

o Postsecondary Proprietary School

o Credit Services Organization

o Debt Management Company

Other __________________ ;

WHEREAS the applicable statute requires Applicant to provide a performance surety in

the form of a bond, letter of credit or certificate of deposit; and

WHERAS Applicant desires to comply with the surety requirement by granting to

Secured Party a security interest in that certain Certificate of Deposit Account No.

_____________________ (“Deposit Account”), which account is maintained by

_________________________________(“Bank”).

NOW THEREFORE, in consideration of their mutual covenants and promises contained

herein, the parties agree as follows:

SECURITY INTEREST. Applicant hereby grants to Secured Party a security

interest in the Deposit Account, including all financial assets now or hereafter credited to the said

account, and all replacements or substitutions or other disposition of any kind of the foregoing

(“Collateral”). This security interest shall secure the full payment and performance of

Applicant’s obligations as determined by the Secured Party under the statutes and rules that are

applicable to the registration that it has applied for.

PERFECTION OF SECURITY INTEREST. Applicant agrees to do all acts

which Secured Party deems necessary or desirable to protect the Collateral or to otherwise carry

out the provisions of this Agreement; including but not limited to the execution of a Deposit

Account Control Agreement.

WARRANTIES. Applicant warrants that the Collateral is maintained with Bank

solely in Applicant’s name, that it has title to the Collateral and that there are no other claims

against the Collateral. Applicant covenants to notify Secured Party of any claim, lien, security

interest or other encumbrance made against the Collateral and shall defend the Collateral against

any claim, lien, security interest or other encumbrance adverse to Secured Party.

MAINTENANCE OF COLLATERAL. Applicant shall preserve the Collateral

for the benefit of the Secured Party. So long as this Agreement is in force, neither the Applicant

nor any party other than the Secured Party may make withdrawals from the Deposit Account,

Security Agreement