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Exhibit: 10.15T
SECURITY INTEREST AGREEMENT (#18) July 10, 1998
WHEREAS the ▇▇▇▇▇ Corp of ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ in Norwalk, Ct (hereafter "▇▇▇▇▇") is
seeking to pay $28,900.00 to upgrade its computer system, and
WHEREAS ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ (hereafter "▇▇▇▇▇▇▇") of White Oak Shade Road in New
Canaan, CT is willing to assist ▇▇▇▇▇ Corp by lending ▇▇▇▇▇ Corp $28,900.00
(twenty eight thousand nine hundred dollars and 00/100) to purchase the new
computer operating system.
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 $28,900.00 should be
repaid by July 10, 1999. In such circumstances, ▇▇▇▇▇▇▇ shall have a collateral
interest second only to that of First union (if any) and ▇▇▇▇▇ ▇▇▇▇▇▇▇, 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 ▇▇▇▇▇ to ▇▇▇▇▇▇▇; the collateral interest shall be reduced
pro rata.
AGREED: /s/ ▇. ▇. ▇▇▇▇▇▇ ACCEPTED: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Vice President/ CFO for
▇▇▇▇▇ Corp
Dated: July 10, 1998
