AGREEMENT FOR CROSS-DEFAULT AND CROSS COLLATERALIZATION
This Agreement made this 30th day of September, 1997 by Blue Fish
Clothing, Inc., a New Jersey Corporation, 0 Xxxxx Xxxxxx, Xxxxxxxxxx, Xxx Xxxxxx
00000 ("Borrower") and Xxxxxxxx X. Xxxxxxx ("Guarantor") to and for the benefit
of Carnegie Bank, N.A., 000 Xxxxxxxxx Xxxx, Xxxxxxxxx, Xxx Xxxxxx 00000
("Lender");
For and in consideration of certain credit accommodation made by Lender
to Borrower and guaranteed by the Guarantor as set forth in a certain Promissory
Note dated June 25, 1997, and related documents ("Loan Documents"), the Borrower
and Guarantor hereby agree as follows:
1. A default under the terms of the Loan Documents shall be deemed a
default under the terms of a certain Promissory Note dated June 25, 1997,
between Borrower and Lender in the original principal amount of $800,000.00; a
default under the terms of a certain Promissory Note dated June 25, 1997,
between Borrower and Lender in the original principal amount of $800,000.00
shall be deemed a default under the terms of the Loan Documents.
2. Upon the occurrence of any of the events, circumstances or
conditions of default as set forth in either the aforesaid Loan Documents or
Promissory Note, or both, the Lender shall then have all the rights and remedies
of a secured party under the Uniform Commercial Code, as enacted in New Jersey,
with regard to all collateral pledged as security under the aforesaid Loan
Documents and for the Promissory Note.
ATTEST: Blue Fish Clothing, Inc.,
a New Jersey Corporation
By:
-------------------------- --------------------------------
Xxxxxxxx X. Xxxxxxx, President
Witness:
-------------------------- --------------------------------
Xxxxxxxx X. Xxxxxxx, Individually
