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Exhibit: 10.12T
SECURITY INTEREST AGREEMENT (#15) March 12, 1993
WHEREAS the Xxxxx Corp of 000 Xxxxx Xxxxxx in Norwalk, Ct. (hereafter "Xxxxx")
is seeking to pay various operating expenses including the Smithsonian Royalty
payment of $25,000 and Xxxxxx Xxxxxx for $10,000 as well as for 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 $45,000.00
(forty five thousand dollars and 00/100) for its use for operating purposes on
March 15, 1993.
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 entire $45,000 should be
repaid by May 15, 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: 3/15/93
