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Exhibit: 10.16T
SECURITY INTEREST AGREEMENT (#19) August 5, 1998
WHEREAS the ▇▇▇▇▇ Corp of ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ in Norwalk, Ct. (hereafter "▇▇▇▇▇)
is seeking to pay operational expenses and fund seasonal working capital
requirements, and
WHEREAS ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ (hereafter "▇▇▇▇▇▇▇") of White Oak Shade Road in New
Canaan, Ct. is willing to assist ▇▇▇▇▇ Corp by lending ▇▇▇▇▇ Corp $310,000.00
(three hundred ten thousand dollars and 00/100) to meet these requirements.
NOW THEREFORE, ▇▇▇▇▇ Corp agrees to provide a security interest to ▇▇▇▇▇▇▇ in
recognition of the value he is providing the Company and the risks therein.
▇▇▇▇▇ agrees to give ▇▇▇▇▇▇▇ a collateral interest in all Cash or Securities,
all Accounts Receivable both of ▇▇▇▇▇ 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 8% per annum.
▇▇▇▇▇▇▇ shall be entitled to perfect his security interest, if and when, ▇▇▇▇▇
is unable to repay this debt on its maturity; the entire $310,000.00 should be
repaid by October 5, 1998. In such circumstances, ▇▇▇▇▇▇▇ shall have a
collateral interest second only to that of First Union (if any) and ▇▇▇▇▇
▇▇▇▇▇▇▇, 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 ▇▇▇▇▇ to ▇▇▇▇▇▇▇; the collateral interest shall be reduced
pro rata.
AGREED: /s/ ▇. ▇. ▇▇▇▇▇▇ ACCEPTED: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Vice President/ CFO for
▇▇▇▇▇ Corp.
