LOAN AND SECURITY AGREEMENT (Accounts Receivable & Inventory Line of Credit)Loan and Security Agreement • March 2nd, 2007 • Orange 21 Inc. • Ophthalmic goods • California
This Loan and Security Agreement (Accounts Receivable & Inventory Line of Credit), is entered into as of February 26, 2007, between BFI Business Finance, a California corporation (the “Lender”), with its headquarters’ office located at 1655 The Alameda, San Jose, CA 95126 and Spy Optic, Inc. (the “Borrower”), a(n) California corporation, with its sole place of business (if it has only one), chief executive office (if it has more than one place of business) or residence (if an individual) located at 2070 Las Palmas Drive, Carlsbad, California 92011 (the “Chief Executive Office”).
GENERAL CONTINUING GUARANTYOrange 21 Inc. • March 2nd, 2007 • Ophthalmic goods
For good and valuable consideration, and in order to induce BFI Business Finance, a California corporation (“Lender”), to extend and/or continue to extend financial accommodations to Spy Optic, Inc., a California corporation (“Borrower”), pursuant to the terms and conditions of that certain Loan and Security Agreement and/or promissory note (individually and collectively, the “Agreement”), dated February 26, 2007, evidencing and otherwise relating to a loan by Lender to Borrower in the original principal amount of Five Million and 00/100 Dollars ($5,000,000.00) (the “Loan”), or pursuant to any other present or future agreement between Lender and Borrower, and in consideration thereof, and in consideration of any loans, advances, or financial accommodations heretofore or hereafter granted by Lender to or for the account of Borrower, whether pursuant to the Agreement, or otherwise, Orange 21 Inc. , a Delaware corporation (“Guarantor”), whose address is 2070 Las Palmas Drive, Carlsbad, Ca
