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Exhibit: 10.14T
SECURITY INTEREST AGREEMENT (#17) March 29, 1995
WHEREAS the Xxxxx Corp (d/b/a Soundprints) of 000 Xxxxx Xxxxxx in Norwalk, Ct.
(hereafter "Xxxxx") is seeking to pay various capital expenses including the
Energy Solutions payment of $6,800 to relamp and reballast a large portion of
the building, and
WHEREAS the Xxxxx Corp has to date been unable to secure financing for low cost,
three year funding, 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 $4,800.00
(four thousand eight hundred dollars and 00/100) for capital expenditures net of
the $2,000 rebate by South Norwalk Electric on March 29, 1995,
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 10% per annum. Xxxxx shall repay Xxxxxxx with monthly payments of $154.88 for
a period of thirty six months (totaling $5,575.77 over three years, including
interest of $775.77).
Xxxxxxx shall be entitled to perfect his security interest, if and when, Xxxxx
is unable to repay this debt on its maturity; the entire $4,800 should be repaid
by May 1, 1998. In such circumstances, Xxxxxxx shall have a collateral interest
second only to that of Union Trust (if any) and Xxxxx Xxxxxxx, 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
funds are repaid by Xxxxx to Xxxxxxx; 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, VP. Xxxxxxx X. Xxxxxxx
for Xxxxx Corp
Dated: March 30, 1995.
