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Exhibit: 10.10T
SECURITY INTEREST AGREEMENT (#13) September 25, 1992
WHEREAS the Xxxxx Corp of 000 Xxxxx Xxxxxx in Norwalk, Ct. (hereafter "Xxxxx")
is seeking to pay various operating expenses including those for $34,000 of
mailing charges for the catalog bound by Perlmuter and $16,000 of general
operating expenses,
WHEREAS the Xxxxx Corp has to date been unable to secure financing from other
sources for general purpose 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 $50,000.00
(fifty thousand dollars and 00/100) for its use for operating purposes.
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; the $34,000 for the catalog should
be repaid by Oct 30, 1992 with the remaining $16,000 due by February 1, 1993.
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
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 Xxxxxxx X. Xxxxxxx
for Xxxxx Corp
Dated: 9/28/92
