RELEASE OF SECURITY AGREEMENT
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This RELEASE OF SECURITY AGREEMENT ("Agreement") is made and entered into
this 24th day of November, 2003, by AXESS AG ("Secured Party") and DESIGNA
ACCESS CORPORATION, an agent of Axess AG ("Agent"), with reference to that
certain Security Agreement, dated September 23, 2003 (the "Security Agreement"),
executed by Rapidtron, Inc., a Nevada corporation ("Debtor"), in favor of
Secured Party.
For valuable consideration, receipt of which is acknowledged, Secured Party
hereby acknowledges and agrees that the Obligations have been fully satisfied,
and Secured Party hereby releases and relinquishes the security interest created
by the Security Agreement. Debtor is hereby authorized to file a UCC-3
termination statement with the California Secretary of State and to take such
other action as may be necessary to terminate any financing statements filed
with respect to the Security Agreement.
Any capitalized term not otherwise defined herein shall have the same
meaning as ascribed to it in the Security Agreement.
"Secured Party"
AXESS AG
By: Designa Access Corporation
Its: Authorized Agent
By: /s/ W. Xxxxxx Xxxxxxxx
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Print Name: W. Xxxxxx Xxxxxxxx
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Its: Treasurer
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SCHEDULE I
DESCRIPTION OF COLLATERAL
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The first One Hundred Thousand Dollars (US$100,000) collected by Debtor,
beginning on September 23, 2003, pursuant to Debtor's contract rights, rights to
the payment of money (whether due or to become due and whether or not earned by
performance), in the following accounts receivable:
(Please attach Aging Detail Report)
Schedule I
