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It is easy to replace legacy systems with cloud computing services.
Collateral
An asset offered to secure a loan or other credit, which can be seized by the lender if the loan is not repaid.
Automatic-Perfection Period
A specified timeframe following the attachment of a security interest during which the interest is considered perfected without filing.
Perfected
In legal and financial contexts, refers to having completed all necessary legal steps to enforce rights regarding a security interest against third parties.
Proceeds
The total amount of money or assets derived from a transaction, such as the sale of goods, property, or a business activity.
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