Iowa 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 Iowa Security Agreement between Jon H. Row berry and Franklin Covey Company is a legally binding document that outlines the terms and conditions of a loan provided by Jon H. Row berry to Franklin Covey Company, with the purpose of securing the repayment of the loan by granting a security interest in certain assets of the company. This agreement is governed by the laws of the state of Iowa. The Iowa Security Agreement serves as a means to ensure that Jon H. Row berry's investment in Franklin Covey Company is protected, guaranteeing the repayment of the loan in the event of default or non-payment. The agreement also provides clarity regarding the rights and responsibilities of both parties involved. Key aspects covered in the Iowa Security Agreement include: 1. Parties involved and their contact information: The agreement will clearly state the names and addresses of both Jon H. Row berry and Franklin Covey Company, as well as any necessary contact details for communication purposes. 2. Loan details: The agreement outlines the specific loan amount provided by Jon H. Row berry, the interest rate (if applicable), and the repayment terms agreed upon by both parties. 3. Asset description: The agreement identifies the assets that will be used as collateral, which typically include inventory, accounts receivable, equipment, and other valuable assets owned by Franklin Covey Company. The description will be detailed to precisely establish the assets covered under this agreement. 4. Security interest: This section stipulates that Jon H. Row berry will have a security interest in the identified assets, meaning that if the loan is not repaid as agreed, he will have the right to seize and sell these assets to recover the outstanding debt. Distinguishing Types of Iowa Security Agreement: There may be different types or variations of Iowa Security Agreements between Jon H. Row berry and Franklin Covey Company based on specific terms, such as: 1. Floating Security Agreement: This type of agreement allows for flexibility in the assets that can be used as collateral. It covers a changing pool of assets, such as inventory, which may vary in quantity and composition over time. 2. Fixed Security Agreement: In contrast to a floating agreement, a fixed security agreement specifies particular assets that are used as collateral. This type of agreement commonly involves equipment or specific property. 3. Purchase Money Security Agreement (PSA): In cases where Franklin Covey Company is using the loan to finance the purchase of specific assets, a PSA might be established. This agreement grants a security interest to Jon H. Row berry on the purchased assets until the loan is fully repaid. 4. Subordination Agreement: This agreement outlines the priority of Jon H. Row berry's security interest in relation to other creditors or lenders. It may provide clarity on the order of repayment if Franklin Covey Company faces financial difficulties. It is important for both Jon H. Row berry and Franklin Covey Company to carefully review and understand the terms of the Iowa Security Agreement before signing. Seeking legal advice is advisable to ensure compliance with applicable laws and to protect the interests of both parties involved.

Iowa Security Agreement between Jon H. Row berry and Franklin Covey Company is a legally binding document that outlines the terms and conditions of a loan provided by Jon H. Row berry to Franklin Covey Company, with the purpose of securing the repayment of the loan by granting a security interest in certain assets of the company. This agreement is governed by the laws of the state of Iowa. The Iowa Security Agreement serves as a means to ensure that Jon H. Row berry's investment in Franklin Covey Company is protected, guaranteeing the repayment of the loan in the event of default or non-payment. The agreement also provides clarity regarding the rights and responsibilities of both parties involved. Key aspects covered in the Iowa Security Agreement include: 1. Parties involved and their contact information: The agreement will clearly state the names and addresses of both Jon H. Row berry and Franklin Covey Company, as well as any necessary contact details for communication purposes. 2. Loan details: The agreement outlines the specific loan amount provided by Jon H. Row berry, the interest rate (if applicable), and the repayment terms agreed upon by both parties. 3. Asset description: The agreement identifies the assets that will be used as collateral, which typically include inventory, accounts receivable, equipment, and other valuable assets owned by Franklin Covey Company. The description will be detailed to precisely establish the assets covered under this agreement. 4. Security interest: This section stipulates that Jon H. Row berry will have a security interest in the identified assets, meaning that if the loan is not repaid as agreed, he will have the right to seize and sell these assets to recover the outstanding debt. Distinguishing Types of Iowa Security Agreement: There may be different types or variations of Iowa Security Agreements between Jon H. Row berry and Franklin Covey Company based on specific terms, such as: 1. Floating Security Agreement: This type of agreement allows for flexibility in the assets that can be used as collateral. It covers a changing pool of assets, such as inventory, which may vary in quantity and composition over time. 2. Fixed Security Agreement: In contrast to a floating agreement, a fixed security agreement specifies particular assets that are used as collateral. This type of agreement commonly involves equipment or specific property. 3. Purchase Money Security Agreement (PSA): In cases where Franklin Covey Company is using the loan to finance the purchase of specific assets, a PSA might be established. This agreement grants a security interest to Jon H. Row berry on the purchased assets until the loan is fully repaid. 4. Subordination Agreement: This agreement outlines the priority of Jon H. Row berry's security interest in relation to other creditors or lenders. It may provide clarity on the order of repayment if Franklin Covey Company faces financial difficulties. It is important for both Jon H. Row berry and Franklin Covey Company to carefully review and understand the terms of the Iowa Security Agreement before signing. Seeking legal advice is advisable to ensure compliance with applicable laws and to protect the interests of both parties involved.