Title: Understanding the New Jersey Security Agreement between Jon H. Row berry and Franklin Covey Company Introduction: A New Jersey Security Agreement is a legal document designed to establish a lien or pledge on specific assets to secure a debt or obligation between two parties. In this case, we will explore the intricacies of the New Jersey Security Agreement between Jon H. Row berry and Franklin Covey Company. This agreement serves as a legal framework for ensuring repayment and protection for Franklin Covey Company in the event of default or non-payment by Jon H. Row berry. Keywords: New Jersey Security Agreement, Jon H. Row berry, Franklin Covey Company, lien, pledge, debt, obligation, repayment, protection, default, non-payment. Types of New Jersey Security Agreements between Jon H. Row berry and Franklin Covey Company: 1. Asset-Based Security Agreement: An asset-based security agreement stipulates that Jon H. Row berry will pledge specific assets, such as property, stocks, or intellectual property, as collateral against the debt or obligation owed to Franklin Covey Company. This type of agreement provides additional protection to the creditors by ensuring they have a claim on tangible assets in case of default. 2. Receivables Security Agreement: In a receivables' security agreement, Jon H. Row berry grants Franklin Covey Company a security interest in his accounts receivable, meaning any outstanding payments he is entitled to receive from clients, customers, or other debtors. This agreement allows Franklin Covey Company to collect payments directly from the debtors in case of non-payment or default by Jon H. Row berry. 3. Personal Guarantee Security Agreement: A personal guarantee security agreement involves Jon H. Row berry personally guaranteeing the repayment of the debt or obligation to Franklin Covey Company. With this agreement, Jon H. Row berry assumes personal liability for the repayment, ensuring Franklin Covey Company has recourse in case of default. 4. Intellectual Property Security Agreement: An intellectual property security agreement involves Jon H. Row berry granting a security interest in his intellectual property, such as patents, copyrights, or trademarks, to Franklin Covey Company. This agreement allows Franklin Covey Company to exercise control and potentially recover its investment by leveraging Jon H. Row berry's intellectual property in the event of default. 5. Equipment Security Agreement: This type of agreement involves Jon H. Row berry granting Franklin Covey Company a security interest in specific equipment or machinery. In case of non-payment or default, Franklin Covey Company can seize and sell the equipment to recover the outstanding debt. Conclusion: The New Jersey Security Agreement between Jon H. Row berry and Franklin Covey Company is a legally binding contract that protects the interests of Franklin Covey Company in the event of non-payment or default. By utilizing various types of security agreements, such as asset-based, receivables, personal guarantee, intellectual property, and equipment agreements, Franklin Covey Company ensures a higher level of financial security and protection.
New Jersey Security Agreement between Jon H. Rowberry and Franklin Covey Company
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