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Security Agreement
A legal contract that grants a lender a security interest in an asset or property offered as collateral for a loan.
Assigned
Transferred or allocated to a party or for a specific purpose.
Repossess
The act of taking back goods or property by a seller or lender from the buyer or borrower, usually due to failure to meet the terms of the sale or loan agreement.
Deficit
A financial situation where expenditures exceed revenue.
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