Fill and Sign the Amendment No 14 to Credit and Security Agreement and Limited Form

- 1 - SECURITY AGREEMENT THIS SECURITY AGREEMENT is executed on the ____ day of _________________, 20____, by and between ______________________________ and ______________________________ , "Borrowers" and ______________________________ , "Lender". Recitals A. ______________________________ and ______________________________ ("Borrowers"), are indebted to the Lender in the sum of $_________________ (the "Loan") under a Promissory Note executed on the same date as this Agreement. B. The Lender has required as a condition to making the Loan to the Borrowers that (among other things) the Borrowers execute this Security Agreement. Agreement NOW THEREFORE, in consideration of the foregoing recitals, the sum of $10.00 in hand paid by the Lender to the Borrower, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower and Lender hereby agree as follows: 1. Liability Secured. This Agreement is entered into as security for the following (hereinafter referred to as the "Liabilities"): (a) the payment of the Loan evidenced by the Note, and every extension or renewal thereof; and (b) all other indebtedness, obligations (including obligations of performance) and liabilities of the Borrowers, or any of them, to the Lender of every kind, type and description whatsoever, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter incurred, contracted or arising, or acquired by the Lender from a
The borrower in connection with this agreement; b. This agreement, or c. The transaction or series of transactions or series of transactions concerning such indebtedness, obligations, obligations for performance, liabilities and liabilities arising and existing out of or in any way to relate thereto for the period, to wit: (a) the first six weeks immediately in the future following the date of the execution of this agreement, for each and every indebtedness, obligation, obligation for performance, liability and liability arising or existing out of or in any way to relate to this agreement, and which is not waived by and against the obliged of or is contingent upon or affected by this agreement; (b) the first seven weeks immediately in the future following the date of the execution of this agreement, for each but 1 not to exceed ˜ 20 per cent, of each outstanding advance of the term loan, if any, and all accrued interest thereon or therewith; (c) each and every other secured indebtedness, obligation, obligation for performance, liability and liability arising out of or in any way to relate to this agreement, any outstanding extension, renewal, guarantee, subordinated security interest, charge, penalty, charge against us or any of our directors or officers or any other charge or penalty relating to (i) these statements, (ii) any or all property of ours, any interest, claim, or security interest in, or any other amount payable to us or our directors or officers arising or from the transaction described herein, any payment, charge, penalty, charge or costs arising in respect thereof or (iii) our liquidated or otherwise liquidated, secured or unsecured indebtedness, obligations, obligations for performance, liabilities and liabilities arising or existing out of or in any way to relate to this agreement; (d) all future extensions, renewals, guaranties, covenants or agreements, by the lenders or in any manner relating to this agreement that may be entered into, or that relate to the terms hereof, or with respect to future borrowings made under this agreement or any property or rights acquired pursuant to these statements; (e) any further indebtedness of the borrower that may be payable by or to the holder of the notes or to other persons having interests in or securities corresponding to such borrowings, including any interest, charge, penalty, charge, lien, security or other claim against such holders for such indebtedness; (f) any other indebtedness of the borrower that may be payable by or to any of the lenders to the.