HomeMy WebLinkAbout1636 SECURITY AGREEMENT
ACCOUNTS RECEIVABLE AND INVENTORY
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This Agreement wade this - 20th day of March , 19_,
between Florida Bank at Fort Pierce, Fort Pierce, Florida, hereinafter _
called "Bank" and World of Plastics, Inc., hereinafter called "Debtor",
having principal places of business at Quitman Industrial Park, Quitman,
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Mississippi 39355 and 3206 Enterprise Road, Fort Pierce, Florida 33450.
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1. Debtor hereby assigned and grants to Bank a security
interest in all of its Receivables and Inventory (as herein defined)
now owned or hereafter acquired and all proceeds arising therefrom in
which Debtor now has or hereafter may acquire any rights, together with ~
entor whether arisin from
any monies due from manufacturers of inv y g }
rebates, warranty services, bonuses or otherwise, in order to secure
the payment of all indebtedness of Debtor to Bank, whether primary, i
secondary, direct, contingent, sole, joint or several, and any extensions
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or renewals, together with all attorney's fees, costs and expenses
incident to the collection of the indebtedness and the enforcement
and protection of the security interest hereby created.
The term "Inventory" shall mean goods held by Debtor for sale
• or lease, including raw materials, work in process and materials used
or consumed in the business, together with the proceeds of the Inventory.
e The term "Receivables" means and includes accounts, contract
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rights, instruments, documents, chattel paper, general intangibles and
all forms of obligations owing to Debtor; all proceeds thereof; all of
Debtor's rights to any merchandise which is represented thereby; and all
Debtor's right, title, and interest including guaranties with respect
to each Receivables, as well as the right of stoppage in transit. -
The tezm "Collateral" as used in the Agreement shall include
Inventory, Receivables or both, as the context requires.
Debtor, if requested, shall provide Bank with schedules
describing all Inventory and/or Receivables provided for by this
Agreement and written confirmation of purchases from Debtor's suppliers
~ or sales to or assignments by Debtor's customers; provided, however, that
Debtor's failure to execute and deliver those schedules and confirmations
shall not affect or limit Bank's security interest or other rights in
and to the Inventory or Receivables. Debtor also shall furnish with
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