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EXHIBIT 10.23
CROSS-DEFAULT AND CROSS-COLLATERALIZATION AGREEMENT
August 1, 1997
Names and Addresses of the Parties:
KeyBank, National Association ("Lender")
SEATTLE METROPOLITAN COMMERCIAL BANKING CENTER
000 0xx Xxxxxx, 00xx Xxxxx
Xxxxxxx, XX 00000
NEW WEST EYEWORKS, INC.
0000 XXXX XXXXXXXX XXX.
XXXXX, XX 00000
Reference is hereby made to the following described credit arrangements
between Lender and the Borrowers (inclusive of all future amendments,
modifications, renewals or extensions thereof):
LOAN NUMBER NOTE DATE NOTE FACE AMOUNT MATURITY DATE
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387236-2009701 080197 $2,000,000.00 080102
387236-1009501 080197 $3,000,000.00 080199
It is agreed between Lender and the Borrower(s) that a default under one
of such credit arrangements is and shall be a default under all of such credit
arrangements. If any of such credit arrangements is payable on demand, without
regard to the occurrence of a specified event of default, then, (i) the
occurrence of a demand for payment under a credit arrangement payable on demand
is and shall be an event of default under a credit arrangement not payable on
demand and (ii) the occurrence of an event of default under any of such credit
arrangements shall be a basis for demanding payment of any of such credit
arrangements as are payable on demand.
It is further agreed that all collateral which secures any of such credit
arrangements shall secure all of such credit arrangements.
KEYBANK NATIONAL ASSOCIATION NEW WEST EYEWORKS, INC.
BY:
---------------------------- /s/ Xxxxx Xxxx, CEO & President
Authorized Officer ---------------------------------
/s/ Xxxxxx XxXxxxx, CFO
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