California 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 California Security Agreement is a legally binding document between Jon H. Row berry and Franklin Covey Company that outlines the terms and conditions regarding the security interests held by Franklin Covey Company over certain assets owned by Jon H. Row berry. In this agreement, Jon H. Row berry grants Franklin Covey Company a security interest in specified collateral as security for the repayment of any outstanding debts or obligations. This collateral may include tangible property such as equipment, vehicles, or inventory, as well as intangible assets like accounts receivable, intellectual property rights, or contractual rights. By executing the California Security Agreement, Jon H. Row berry acknowledges and agrees that if he defaults on any of his obligations, Franklin Covey Company has the right to enforce the security interest and potentially seize and sell the collateral to recover the outstanding amount. This agreement is essential to protect the interests of Franklin Covey Company and ensures that they have a legal claim over the specified assets. There are various types of California Security Agreements that may be utilized between Jon H. Row berry and Franklin Covey Company, depending on the specific circumstances and the nature of the collateral involved. Some common types include: 1. Traditional Security Agreement: This is the standard type of agreement used to secure the repayment of a debt or obligation. It grants Franklin Covey Company a security interest in the specified collateral until the debt is fully satisfied. 2. Floating Lien Agreement: In certain cases, instead of securing a specific set of assets, this agreement establishes a floating lien over a revolving collateral pool. It allows Jon H. Row berry to use and replace collateral within the agreed-upon parameters, while still maintaining the security interest of Franklin Covey Company. 3. Inventory Financing Agreement: If the collateral primarily consists of inventory, this type of security agreement may be employed. It outlines the terms and conditions of Franklin Covey Company's security interest in the inventory, which acts as collateral until the repayment is made. 4. Intellectual Property Security Agreement: When the collateral involves intellectual property rights, such as copyrights, trademarks, or patents, this specialized type of security agreement is employed. It provides Franklin Covey Company with a security interest in the intellectual property, ensuring protection in case of default. In conclusion, a California Security Agreement between Jon H. Row berry and Franklin Covey Company establishes the terms and conditions of the security interests held by Franklin Covey Company over specific assets owned by Jon H. Row berry. Understanding the different types of agreements available helps ensure that the agreement chosen aligns with the unique circumstances of the collateral involved. This comprehensive and detailed agreement protects the interests of both parties and provides a clear framework for potential enforcement actions in case of default.