Texas 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 Texas Security Agreement between Jon H. Row berry and Franklin Covey Company is a legally binding document that outlines the terms and conditions regarding the collateral pledged by Jon H. Row berry for a loan or credit extended by Franklin Covey Company. This agreement provides security to the lender, ensuring that in the event of default or non-payment, they have rights to the pledged assets to recover their losses. The Texas Security Agreement typically contains the following key elements: 1. Parties Involved: The agreement clearly identifies the parties involved, namely Jon H. Row berry (referred to as the "Debtor") and Franklin Covey Company (referred to as the "Secured Party"). 2. Collateral Description: This section provides a detailed description of the collateral that Jon H. Row berry pledges as security for the loan. It could include real estate, personal property such as vehicles or equipment, or accounts receivable. 3. Secured Obligations: The agreement specifies the obligations for which the collateral is offered as security. This may include repayment of a loan, performance of certain services, or any other obligations agreed upon. 4. Grant of Security Interest: Here, Jon H. Row berry grants a security interest to Franklin Covey Company in the collateral described earlier. This means that the lender will have the right to maintain possession or control of the collateral until the obligations are fulfilled. 5. Default and Remedies: This section outlines the events or circumstances that constitute default, such as non-payment or violation of other terms of the agreement. It also describes the remedies available to the lender in case of default, such as seizing and selling the collateral to recover their losses. 6. Governing Law: The agreement specifies that it is governed by the laws of the state of Texas, ensuring that any disputes or legal proceedings will be resolved according to Texas law. Additionally, there may be different types of Texas Security Agreements between Jon H. Row berry and Franklin Covey Company depending on the specific purpose or nature of the loan. For instance, if the agreement is related to a mortgage loan, it may be called a Texas Mortgage Security Agreement. Similarly, if the agreement is for securing a line of credit, it may be referred to as a Texas Revolving Credit Security Agreement. These variations emphasize the specific context in which the agreement is implemented and the nature of the collateral being pledged. In all cases, the Texas Security Agreement serves as a crucial document that ensures the interests of both parties are protected and provides clarity regarding the rights and responsibilities associated with the pledged collateral.

The Texas Security Agreement between Jon H. Row berry and Franklin Covey Company is a legally binding document that outlines the terms and conditions regarding the collateral pledged by Jon H. Row berry for a loan or credit extended by Franklin Covey Company. This agreement provides security to the lender, ensuring that in the event of default or non-payment, they have rights to the pledged assets to recover their losses. The Texas Security Agreement typically contains the following key elements: 1. Parties Involved: The agreement clearly identifies the parties involved, namely Jon H. Row berry (referred to as the "Debtor") and Franklin Covey Company (referred to as the "Secured Party"). 2. Collateral Description: This section provides a detailed description of the collateral that Jon H. Row berry pledges as security for the loan. It could include real estate, personal property such as vehicles or equipment, or accounts receivable. 3. Secured Obligations: The agreement specifies the obligations for which the collateral is offered as security. This may include repayment of a loan, performance of certain services, or any other obligations agreed upon. 4. Grant of Security Interest: Here, Jon H. Row berry grants a security interest to Franklin Covey Company in the collateral described earlier. This means that the lender will have the right to maintain possession or control of the collateral until the obligations are fulfilled. 5. Default and Remedies: This section outlines the events or circumstances that constitute default, such as non-payment or violation of other terms of the agreement. It also describes the remedies available to the lender in case of default, such as seizing and selling the collateral to recover their losses. 6. Governing Law: The agreement specifies that it is governed by the laws of the state of Texas, ensuring that any disputes or legal proceedings will be resolved according to Texas law. Additionally, there may be different types of Texas Security Agreements between Jon H. Row berry and Franklin Covey Company depending on the specific purpose or nature of the loan. For instance, if the agreement is related to a mortgage loan, it may be called a Texas Mortgage Security Agreement. Similarly, if the agreement is for securing a line of credit, it may be referred to as a Texas Revolving Credit Security Agreement. These variations emphasize the specific context in which the agreement is implemented and the nature of the collateral being pledged. In all cases, the Texas Security Agreement serves as a crucial document that ensures the interests of both parties are protected and provides clarity regarding the rights and responsibilities associated with the pledged collateral.