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Secured creditors are first in the payment hierarchy, followed by unsecured creditors. A secured creditor has a charge over a particular asset or a set of changing assets. Unsecured creditors don't hold a charge and receive money should there be some available once the above creditors have been paid.
Secured Parties means, collectively, the Administrative Agent, the Lenders, the Issuing Lenders, the Hedge Banks, the Cash Management Banks, each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 11.5, any other holder from time to time of any of any Secured Obligations ...
Since the borrower has more to lose by defaulting on a secured loan, and the lender has an asset to gain, this type of debt carries less risk for the lender. As a result, secured debt generally comes with lower interest rates when compared to unsecured debt.
The secured creditor holds priority on debt collection from the property on which it holds a lien. The unsecured creditor gets no such protection; its best method of repayment from its debtor is voluntary repayment.
A creditor has a security interest in collateral, and becomes a secured party, if and when a security interest "attaches." Under the UCC, a security interest generally does not attach unless three basic requirements are met.
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In order to become a secured party, one must (i) prepare a document which grants a security interest (which is the agreement between the parties) and (ii) also perfect on that security interest (which is the notice to the world of the security interest). Without both steps occurring, the lender will be unsecured.
If a borrower defaults on a secured credit product, the secured creditor has a legal right to the secured asset used as collateral. The secured asset may be seized by the secured creditor and sold to pay off any remaining obligations.
A deal in which a buyer or borrower (called a debtor) guarantees payment of an obligation by giving a security interest in property to the seller or lender (called a secured party).
A trustee, indenture trustee, agent, collateral agent, or other representative in whose favor a security interest or agricultural lien is created or provided for. A person that holds a security interest arising under UCC §§ 2-401, 2-505, 2-711(3), 2A-508(5), 4-210, or 5-118.
(2) A secured creditor participating in the meetings of the creditors and voting in relation to the repayment plan shall forfeit his right to enforce the security during the period of the repayment plan in accordance with the terms of the repayment plan. (b) the estimated value of the unsecured part of the debt.

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