Alabama Security Agreement between Jon H. Rowberry and Franklin Covey Company

• Category: Corporations - Public - Security
• State: Multi-State
• Control #: US-EG-9055
• Format: Word; Rich Text

Description

Security Agreement between Jon H. Rowberry and Franklin Covey Company dated September 23, 1999. 3 pages The Alabama Security Agreement between Jon H. Row berry and Franklin Covey Company is a legally binding contract that sets forth the rights and obligations of both parties in relation to the security interest granted by Jon H. Row berry to Franklin Covey Company. This agreement is specifically designed to comply with the laws and regulations of the state of Alabama. Under this agreement, Jon H. Row berry pledges certain collateral, which may include assets such as equipment, inventory, accounts receivable, and other property, as security for any present or future debts owed to Franklin Covey Company. The security interest ensures that Franklin Covey Company has a priority claim over these assets in the event of a default or non-payment by Jon H. Row berry. The Alabama Security Agreement states the terms and conditions of the pledge, including the duration of the security interest and the circumstances under which it may be enforced by Franklin Covey Company. It outlines the responsibilities of both parties, including the maintenance and insurance of the collateral, and the procedures to be followed in the event of a default. Different types of Alabama Security Agreements between Jon H. Row berry and Franklin Covey Company may include: 1. Traditional Security Agreement: This is the most common type of security agreement, where Jon H. Row berry pledges specific assets as collateral to secure the debt owed to Franklin Covey Company. 2. Floating Lien Agreement: In this type of agreement, Jon H. Row berry grants a security interest in a pool of assets, such as current and future inventory or accounts receivable, rather than specific assets. This provides flexibility for Jon H. Row berry to continue conducting business while still providing security to Franklin Covey Company. 3. Purchase Money Security Agreement: If Jon H. Row berry obtains financing from Franklin Covey Company to purchase specific assets, this type of agreement is executed. The assets being financed serve as collateral for the debt incurred for the purchase, and Franklin Covey Company will have a security interest in them. 4. Subordination Agreement: Sometimes, there may be multiple creditors who have security interests in Jon H. Row berry's assets. In such cases, a subordination agreement may be required to determine the order of priority among these creditors. This agreement allows Franklin Covey Company to agree to a lower priority than another creditor, ensuring that their security interest is subordinated to the other creditor's interest. These different variations of the Alabama Security Agreement provide flexibility, tailored to the specific circumstances and assets involved in securing the debt owed by Jon H. Row berry to Franklin Covey Company. It is crucial for both parties to carefully review and understand the terms and conditions outlined in the agreement before signing it to ensure their rights and interests are protected.

The Alabama Security Agreement between Jon H. Row berry and Franklin Covey Company is a legally binding contract that sets forth the rights and obligations of both parties in relation to the security interest granted by Jon H. Row berry to Franklin Covey Company. This agreement is specifically designed to comply with the laws and regulations of the state of Alabama. Under this agreement, Jon H. Row berry pledges certain collateral, which may include assets such as equipment, inventory, accounts receivable, and other property, as security for any present or future debts owed to Franklin Covey Company. The security interest ensures that Franklin Covey Company has a priority claim over these assets in the event of a default or non-payment by Jon H. Row berry. The Alabama Security Agreement states the terms and conditions of the pledge, including the duration of the security interest and the circumstances under which it may be enforced by Franklin Covey Company. It outlines the responsibilities of both parties, including the maintenance and insurance of the collateral, and the procedures to be followed in the event of a default. Different types of Alabama Security Agreements between Jon H. Row berry and Franklin Covey Company may include: 1. Traditional Security Agreement: This is the most common type of security agreement, where Jon H. Row berry pledges specific assets as collateral to secure the debt owed to Franklin Covey Company. 2. Floating Lien Agreement: In this type of agreement, Jon H. Row berry grants a security interest in a pool of assets, such as current and future inventory or accounts receivable, rather than specific assets. This provides flexibility for Jon H. Row berry to continue conducting business while still providing security to Franklin Covey Company. 3. Purchase Money Security Agreement: If Jon H. Row berry obtains financing from Franklin Covey Company to purchase specific assets, this type of agreement is executed. The assets being financed serve as collateral for the debt incurred for the purchase, and Franklin Covey Company will have a security interest in them. 4. Subordination Agreement: Sometimes, there may be multiple creditors who have security interests in Jon H. Row berry's assets. In such cases, a subordination agreement may be required to determine the order of priority among these creditors. This agreement allows Franklin Covey Company to agree to a lower priority than another creditor, ensuring that their security interest is subordinated to the other creditor's interest. These different variations of the Alabama Security Agreement provide flexibility, tailored to the specific circumstances and assets involved in securing the debt owed by Jon H. Row berry to Franklin Covey Company. It is crucial for both parties to carefully review and understand the terms and conditions outlined in the agreement before signing it to ensure their rights and interests are protected.