ACCOUNTS RECEIVABLE AND INVENTORY SECURITY AGREEMENTSecurity Agreement • December 4th, 2009 • Phoenix Footwear Group Inc • Footwear, (no rubber) • California
Borrowers (individually and collectively, the “Borrower”) desires to obtain a Credit Facility and other financial accommodations from Lender, and Lender is willing to make such Credit Facility available to Borrower on the following terms and conditions to be secured by the Collateral hereinafter described. Therefore, the parties agree as follows:
MULTIPLE ADVANCE PROMISSORY NOTEPhoenix Footwear Group Inc • December 4th, 2009 • Footwear, (no rubber)
FOR VALUE RECEIVED, the undersigned, jointly and severally, (each, a “Maker”) promises to pay in accordance with the terms hereof and the Accounts Receivable and Inventory Security Agreement to the order of First Community Financial, a division of Pacific Western Bank, a California state-chartered bank (“Lender”), at its office located in Phoenix, Arizona, or at such other place as the holder hereof may from time to time designate in writing, the principal sum of **FOUR MILLION FIVE HUNDRED THOUSAND and No/100** Dollars ($4,500,000.00). The unpaid principal balance of this obligation at any time shall be the total amount advanced hereunder by the holder hereof, less the amount of payments made hereon by or for the undersigned.
INTELLECTUAL PROPERTY SECURITY AGREEMENTIntellectual Property Security Agreement • December 4th, 2009 • Phoenix Footwear Group Inc • Footwear, (no rubber) • Arizona
This Intellectual Property Security Agreement (this “Agreement”) is made as of this 4th day of December, 2009 by and between Phoenix Footwear Group, Inc., a Delaware corporation, Belt Company fka Chambers Belt Company, a Delaware corporation, Penobscot Shoe Company, a Maine corporation, H.S. Trask & Company, a Montana corporation, and Phoenix Delaware Acquisition, Inc., a Delaware corporation (individually and collectively, the “Pledgor”) and First Community Financial, a division of Pacific Western Bank (the “Secured Party”).
