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Exhibit: 10.5T
SECURITY INTEREST AGREEMENT (#5) September 5, 1991
WHEREAS the Xxxxx Corp of 000 Xxxxx Xxxxxx in Norwalk, Ct. (hereafter "Xxxxx")
is seeking to pay various operating expenses including payment of property and
income taxes, and
WHEREAS the Xxxxx Corp needs additional cash, and has to date been unable to
secure financing from other sources, and
WHEREAS Xxxxxxx X. Xxxxxxx (hereafter "Xxxxxxx") of White Oak Shade Road in New
Canaan, Ct. is willing to assist Xxxxx Corp by lending Xxxxx Corp $30,000
(thirty thousand dollars) via his check # 858 for deposit into the Company's
account 000-000-000,
NOW THEREFORE, Xxxxx Corp agrees to provide a security interest to Xxxxxxx in
recognition of the value he is providing the Company and the risks inherent
therein. Given that this cash is necessary for the company to survive, that cash
has great value to Xxxxx.
Xxxxx agrees to give Xxxxxxx a collateral interest in all Cash or Securities,
all Accounts Receivable both of Xxxxx and its subsidiary, Soundprints, all
inventory of whatever kind, and all furniture and fixtures. This security
interest shall be limited to the amount referred to above, plus imputed interest
of 12% per annum.
Xxxxxxx shall be entitled to perfect his security interest, if and when, Xxxxx
is unable to repay this debt on its maturity on November 1, 1991. In such
circumstances, Xxxxxxx shall have a collateral interest second only to that of
Union Trust (if any), but in any event senior to all trade creditors and to all
other liabilities of the Company unless otherwise stated or stipulated by
legislation.
Both parties agree that there may be partial reductions under this agreement as
goods are imported and paid for by Xxxxx; the collateral interest shall be
reduced pro rata.
AGREED: /s/ Xxxxx X. Xxxxxxx ACCEPTED: /s/ Xxxxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx Xxxxxxx X. Xxxxxxx 9/16/91
for Xxxxx Corp
