Delaware 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 A Delaware Security Agreement is a legally binding contract entered into between Jon H. Row berry and Franklin Covey Company, providing security for a financial transaction between the two parties. This agreement serves as a protection mechanism for the lender (Franklin Covey Company) by securing its interests in case of default or non-payment by the borrower (Jon H. Row berry). The agreement outlines the terms and conditions of the security arrangement, specifying the collateral that Jon H. Row berry pledges against the loan or credit extended by Franklin Covey Company. Some relevant keywords associated with a Delaware Security Agreement include: 1. Security Interest: This refers to the legal claim that Franklin Covey Company holds over the collateral provided by Jon H. Row berry. It ensures that if Jon H. Row berry defaults on the loan, Franklin Covey Company has the right to take possession of the collateral and recover its losses by selling it. 2. Collateral: The assets or property offered by Jon H. Row berry to secure the loan are referred to as collateral. It can include tangible assets like real estate, vehicles, equipment, inventory, or intangible assets such as intellectual property, accounts receivable, or securities. The specific collateral will be listed in detail within the agreement. 3. Perfection of Security Interest: This phrase signifies the steps taken to establish the priority of the security interest over the collateral. It involves filing a UCC-1 Financing Statement with Delaware's Secretary of State or any other appropriate authority to notify potential third-party creditors that Franklin Covey Company has a security interest in the designated collateral. 4. Default: A default occurs when Jon H. Row berry fails to fulfill their obligations under the loan agreement, such as non-payment, violation of covenants, or any other breach of terms. The agreement should define the specific conditions that constitute default and the consequences that Franklin Covey Company can exercise in such a scenario. 5. Remedies: In the event of a default, this section outlines the actions Franklin Covey Company can take to protect its interests. Remedies may include seizing and selling the collateral, pursuing legal action for full repayment, or any other actions permitted by law. Regarding different types of Delaware Security Agreements between Jon H. Row berry and Franklin Covey Company, it is pertinent to note that the terms may vary depending on the nature of the loan or credit extended, the amount involved, and the specific requirements of each party. However, some common variations may include: 1. Real Estate Security Agreement: When the collateral offered by Jon H. Row berry consists of real estate properties like land, buildings, or residential houses, a Real Estate Security Agreement will be formulated to establish the security interest in those assets. 2. Equipment Security Agreement: This type of agreement focuses on securing the interest of Franklin Covey Company in specific equipment or machinery provided as collateral by Jon H. Row berry. 3. Accounts Receivable Security Agreement: If Jon H. Row berry pledges their accounts receivable as collateral, an Accounts Receivable Security Agreement is crafted. It enables Franklin Covey Company to collect outstanding invoices directly from the borrowers' customers in case of default. In summary, a Delaware Security Agreement between Jon H. Row berry and Franklin Covey Company is a legally binding contract that provides security for a financial transaction. It establishes the terms, conditions, and collateral involved, ensuring Franklin Covey Company has recourse and protection in case of default.

A Delaware Security Agreement is a legally binding contract entered into between Jon H. Row berry and Franklin Covey Company, providing security for a financial transaction between the two parties. This agreement serves as a protection mechanism for the lender (Franklin Covey Company) by securing its interests in case of default or non-payment by the borrower (Jon H. Row berry). The agreement outlines the terms and conditions of the security arrangement, specifying the collateral that Jon H. Row berry pledges against the loan or credit extended by Franklin Covey Company. Some relevant keywords associated with a Delaware Security Agreement include: 1. Security Interest: This refers to the legal claim that Franklin Covey Company holds over the collateral provided by Jon H. Row berry. It ensures that if Jon H. Row berry defaults on the loan, Franklin Covey Company has the right to take possession of the collateral and recover its losses by selling it. 2. Collateral: The assets or property offered by Jon H. Row berry to secure the loan are referred to as collateral. It can include tangible assets like real estate, vehicles, equipment, inventory, or intangible assets such as intellectual property, accounts receivable, or securities. The specific collateral will be listed in detail within the agreement. 3. Perfection of Security Interest: This phrase signifies the steps taken to establish the priority of the security interest over the collateral. It involves filing a UCC-1 Financing Statement with Delaware's Secretary of State or any other appropriate authority to notify potential third-party creditors that Franklin Covey Company has a security interest in the designated collateral. 4. Default: A default occurs when Jon H. Row berry fails to fulfill their obligations under the loan agreement, such as non-payment, violation of covenants, or any other breach of terms. The agreement should define the specific conditions that constitute default and the consequences that Franklin Covey Company can exercise in such a scenario. 5. Remedies: In the event of a default, this section outlines the actions Franklin Covey Company can take to protect its interests. Remedies may include seizing and selling the collateral, pursuing legal action for full repayment, or any other actions permitted by law. Regarding different types of Delaware Security Agreements between Jon H. Row berry and Franklin Covey Company, it is pertinent to note that the terms may vary depending on the nature of the loan or credit extended, the amount involved, and the specific requirements of each party. However, some common variations may include: 1. Real Estate Security Agreement: When the collateral offered by Jon H. Row berry consists of real estate properties like land, buildings, or residential houses, a Real Estate Security Agreement will be formulated to establish the security interest in those assets. 2. Equipment Security Agreement: This type of agreement focuses on securing the interest of Franklin Covey Company in specific equipment or machinery provided as collateral by Jon H. Row berry. 3. Accounts Receivable Security Agreement: If Jon H. Row berry pledges their accounts receivable as collateral, an Accounts Receivable Security Agreement is crafted. It enables Franklin Covey Company to collect outstanding invoices directly from the borrowers' customers in case of default. In summary, a Delaware Security Agreement between Jon H. Row berry and Franklin Covey Company is a legally binding contract that provides security for a financial transaction. It establishes the terms, conditions, and collateral involved, ensuring Franklin Covey Company has recourse and protection in case of default.