Bank of SECURITY AGREEMENT
California
This Agreement executed at SAN DIEGO, CALIFORNIA, on June 3, 1999 ______________
by ISLAND PACIFIC SYSTEMS CORPORATION_________________ (therein called "Debtor")
As security for the payment and performance of all of Debtor's obligations to
UNION BANK OF CALIFORNIA, N.A., (therein called "Bank") irrespectively of the
manner in which or the time of which such obligation arose or shall arise, and
whether direct or indirect, alone or with others, absolute or contingent, Debtor
does hereby grant a continuing security interest to Bank in all personal
property (therein called "Collateral"), whether now or hereafter owned or in
existence described as
A. MOTOR VEHICLES:
----------------------------------------------------------------------------------------
NEW NUMBER
YEAR TRADE NAME BODY TYPE SERIAL NUMBER OR OF
USED CYLINDERS
-----------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------
B. OTHER:
ALL ACCOUNTS, DEPOSIT ACCOUNTS, INSTRUMENTS, CHATTEL PAPER, DOCUMENTS, GENERAL
INTANGIBLES, INVENTORY, EQUIPMENT, FURNITURE, AND FIXTURES, NOW OR HEREAFTER
OWNED OR ACQUIRED BY DEBTOR, ALL PROCEEDS AND INSURANCE PROCEEDS OF THE
FOREGOING, ALL GUARANTEES AND OTHER SECURITY THEREFOR, AND ALL OF DEBTOR'S
PRESENT AND FUTURE BOOKS AND RECORDS RELATING THERETO (INCLUDING COMPUTER-STORED
INFORMATION AND ALL SOFTWARE RELATING THERETO) AND ALL CONTRACT RIGHTS WITH
THIRD PARTIES RELATING TO THE MAINTENANCE OF ANY SUCH BOOKS, RECORDS AND
INFORMATION.
The Collateral described above will be maintained at 00000 XXXXXXXXX XXXX. 00XX
XXXXX, XXXXXX, XX 00000-0000 ___________________________________________________
and any other locations.
C. ALL PERSONAL PROPERTY OF ANY KIND WHICH IS DELIVERED TO OR IN THE POSSESSION
OR CONTROL OF BANK OR ITS AGENTS:
D. PROCEEDS OF ANY OF THE ABOVE-DESCRIBED PROPERTY. The grant of a security
interest in proceeds does not imply the right of Debtor to sell or dispose of
any Collateral described therein without the express consent in writing by Bank.
The maximum amount of indebtedness to be secured as any one time is unlimited
unless an amount is inserted N/A _____________________________ $ _______________
MAXIMUM AMOUNT N/A
(To be completed only if an accommodation) N/A ________________________________
Is executing the Agreement as an Accommodation Debtor only and his liability to
the security interest created in Collateral described herein.
The Debtor being accommodated is N/A ___________________________________________
All terms and conditions on the reverse side hereof are incorporated herein as
though set forth in full.
ISLAND PACIFIC SYSTEMS CORPORATION
By: /s/ Xxxxx X. Xxxxx
-----------------------------------------------------------------------------
XXXXX X. XXXXX, / Chief Financial Officer
