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EXHIBIT 10.3
INTELLECTUAL PROPERTY SECURITY AGREEMENT
This Intellectual Property Security Agreement is entered into as of May
13, 1999 by and between ZINDART LIMITED, a Hong Kong corporation ("LENDER") and
FFM ACQUISITION CORP., a California corporation to be known as Fast Forward
Marketing, Inc. ("GRANTOR").
RECITALS
A. Lender has agreed to make certain advances of money and to extend
certain financial accommodations to Grantor (the "LOANS") in the amounts and
manner set forth in that certain Loan and Security Agreement by and between
Lender and Grantor dated of even date herewith (as the same may be amended,
modified or supplemented from time to time, the "LOAN AGREEMENT"; capitalized
terms used herein are used as defined in the Loan Agreement). Lender is willing
to make the Loans to Grantor, but only upon the condition, among others, that
Grantor shall grant to Lender a security interest in certain Copyrights,
Trademarks and Patents to secure the obligations of Grantor under the Loan
Agreement.
B. Pursuant to the terms of the Loan Agreement, Grantor has granted
to Lender a security interest in all of Grantor's right, title and interest,
whether presently existing or hereafter acquired, in, to and under all of the
Collateral.
NOW, THEREFORE, for good and valuable consideration, receipt of which is
hereby acknowledged, and intending to be legally bound, as collateral security
for the prompt and complete payment when due of its obligations under the Loan
Agreement, Grantor hereby represents, warrants, covenants and agrees as follows:
AGREEMENT
To secure its obligations under the Loan Agreement, Grantor grants and
pledges to Lender a security interest in all of Grantor's right, title and
interest in, to and under its Intellectual Property Collateral (including,
without limitation, those Copyrights, Patents and Trademarks listed on Schedules
A, B and C hereto), and including, without limitation, all proceeds thereof
(such as, by way of example but not by way of limitation, license royalties and
proceeds of infringement suits), the right to xxx for past, present and future
infringements, all rights corresponding thereto throughout the world and all
re-issues, divisions continuations, renewals, extensions and
continuations-in-part thereof.
This security interest is granted in conjunction with the security
interest granted to Lender under the Loan Agreement. The rights and remedies of
Lender with respect to the security interest granted hereby are in addition to
those set forth in the Loan Agreement and the other Loan Documents, and those
which are now or hereafter available to Lender as a matter of law or equity.
Each right, power and remedy of Lender provided for herein or in the Loan
Agreement or any of the Loan Documents, or now or hereafter existing at law or
in equity shall be cumulative and concurrent and shall be in addition to every
right, power or remedy provided for herein, and the exercise by Lender of any
one or more of the rights, powers or remedies provided for in this Intellectual
Property Security Agreement, the Loan Agreement or any of the other Loan
Documents, or now or hereafter existing at law or in equity, shall not preclude
the simultaneous or later exercise by any person, including Lender, of any or
all other rights, powers or remedies.
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IN WITNESS WHEREOF, the parties have cause this Intellectual
Property Security Agreement to be duly executed by its officers thereunto duly
authorized as of the first date written above.
Address of Grantor: GRANTOR:
0000 Xxxxx Xxxx Xxxxxxxxx., Xxxxx 0000 FFM ACQUISITION CORP.
Xxxxx Xxxxxx, Xxxxxxxxxx 00000
By: /s/ Xxx Xxxxxx
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Name: Xxx Xxxxxx
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Title: President
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Address of Lender: LENDER:
c/o ChinaVest ZINDART LIMITED
000 Xxxxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxxxxxxx, Xxxxxxxxxx 00000
By: /s/
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Name:
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Title:
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EXHIBIT A
COPYRIGHTS
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DESCRIPTION REGISTRATION/APPLICATION REGISTRATION/APPLICATION DATE
NUMBER
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EXHIBIT B
PATENTS
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DESCRIPTION REGISTRATION/APPLICATION REGISTRATION/APPLICATION DATE
NUMBER
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EXHIBIT C
TRADEMARKS
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DESCRIPTION REGISTRATION/APPLICATION REGISTRATION/APPLICATION DATE
NUMBER
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