Nevada 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

Title: Understanding the Nevada Security Agreement between Jon H. Row berry and Franklin Covey Company Introduction: In Nevada, a Security Agreement forms an essential legal contract between two parties, providing a level of financial protection and assurance. This article aims to provide a detailed description of the Nevada Security Agreement between Jon H. Row berry and Franklin Covey Company, outlining its purpose, key components, and relevant keywords. It should be noted that while variations may exist, we will focus on the general structure and elements of this agreement. 1. Purpose of the Nevada Security Agreement: The Nevada Security Agreement serves as a legal agreement between Jon H. Row berry and Franklin Covey Company, ensuring the fulfillment of obligations, repayment of debts, and securing interest over a specific asset(s) until the terms outlined within the agreement are met. This agreement helps protect the interests of both parties involved. 2. Parties involved: a. Jon H. Row berry — The individual seeking financial assistance from Franklin Covey Company and offering a specific asset(s) as collateral. b. Franklin Covey Company — The entity providing financial assistance to Jon H. Row berry and receiving the specified assets as collateral. 3. Key Components of the Nevada Security Agreement: a. Definition of Collateral: The agreement must clearly identify the assets that will serve as collateral, such as real estate, equipment, accounts receivable, intellectual property, or any other valuable property or rights that Jon H. Row berry possesses. b. Obligations: The agreement will outline the specific obligations of Jon H. Row berry, including repayment terms, interest rates, and conditions for default. c. Grant of Security Interest: This clause grants Franklin Covey Company a security interest in the aforementioned collateral as a form of assurance for the loan provided. d. Representations and Warranties: Both parties must make certain representations and warranties regarding their legal capacity, ownership of the collateral, authority to enter into the agreement, and absence of other encumbrances. e. Default and Remedies: The agreement will define the circumstances under which a default occurs, the remedies available to Franklin Covey Company, and the process of enforcing those remedies or recovering the debts owed. f. Governing Law and Jurisdiction: A clause specifying Nevada as the governing law, and the chosen jurisdiction for any legal proceedings arising from the agreement, may be included. Types of Nevada Security Agreement: While variations may exist based on specific circumstances and requirements, some common types of Nevada Security Agreements include: 1. Real Estate Security Agreement: Jon H. Row berry pledges real estate property as collateral in exchange for financial support from Franklin Covey Company. 2. Equipment Security Agreement: Jon H. Row berry offers specific equipment owned by them as collateral, ensuring its security, in return for financial assistance. 3. Accounts Receivable Security Agreement: Jon H. Row berry pledges their accounts receivable or future payments as collateral in exchange for funds from Franklin Covey Company. Conclusion: The Nevada Security Agreement between Jon H. Row berry and Franklin Covey Company is a legally binding contract that provides financial protection and security for both parties involved. It outlines the obligations, terms, and conditions for the loan, as well as safeguards the interests of Franklin Covey Company through the collateral provided by Jon H. Row berry. Understanding these key elements is vital for anyone considering entering into such an agreement, ensuring the process remains transparent and legally enforceable.