EXHIBIT C extracts
01/18/2008 357 Emergency Motion to Approve Postpetition Secured Financing
EXHIBIT C extracts
REVOLVING NOTE
$140,000.00
January ____, 2008
Lexington, Kentucky
FOR VALUE RECEIVED, the undersigned, STEPHEN PALMER, TRUSTEE FOR PLASTICON INTERNATIONAL, INC. (“Debtor”), debtor under chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”), before the United States Bankruptcy Court, Eastern District of Kentucky, at Lexington, Case No. 07-50934, solely as said Trustee, and not individually or
personally (“Maker”), hereby promises and agrees to pay to the order of PRINCETON PARTNERSHIP LLC (“Lender”), with its principal office at 1928 Marconi, St. Louis, Missouri 63110, the principal sum of ONE HUNDRED FORTY THOUSAND AND NO/100 DOLLARS ($140,000.00), or the amount actually disbursed and outstanding hereunder from time to time, together with interest on the principal sum disbursed and outstanding hereunder from time to time until fully paid, computed and payable in the manner set forth below. On May 1, 2008, the unpaid principal balance of this Note, and all accrued interest thereon, unless sooner paid, shall be due and payable in full.
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SECURITY AGREEMENT
THIS SECURITY AGREEMENT is made and entered into this the _____ day of January, 2008, by and between STEPHEN PALMER, Trustee for Plasticon International, Inc. (“Debtor”), debtor under chapter 11 of the United States Bankruptcy Code (“Bankruptcy Code”), before the United States Bankruptcy Court for the Eastern District of Kentucky, at Lexington, Case No. 07-50934, solely as said Trustee, and not individually or personally (the “Trustee”), and PRINCETON PARTNERSHIP LLC, with its principal place of business at 1928 Marconi Street, St. Louis, Missouri 63110 (the “Secured Party”).
IT IS AGREED BY THE PARTIES AS FOLLOWS:
1. Security Interest. For valuable consideration, the receipt of which is hereby acknowledged by Trustee, and to secure the obligations and indebtedness described in Paragraph 2 hereof, Trustee hereby pledges, sells, assigns, transfers and grants to Secured Party a continuing security interest in, and lien upon, the following described property, rights and interests now owned or hereafter acquired (all of which is sometimes collectively, and each item of which is sometimes individually, referred to herein as “Property”), Property, to-wit:
a. A first priority security interest in all property and assets of the Debtor’s estate of every kind or type whatsoever, tangible, intangible, real, personal and mixed, whether now owned or hereafter acquired or arising, wherever located and all property of the estate of the Debtor within the meaning of Section 541 of the United States Bankruptcy Code and all proceeds, rents and products of the foregoing, except for all causes of action of the Debtor arising or asserted under Chapter 5 of the Bankruptcy Code (“Avoidance Actions”), which shall not be considered part of the Property, and subject only to all prepetition perfected, valid, and
non-avoidable security interests in existence at the time of commencement of the chapter 11 case of the Debtor and to non-avoidable valid liens in existence at the time of the commencement of the Debtor’s chapter 11 case that are perfected subsequent to such commencement as permitted by Section 546(b) of the Bankruptcy Code.
b. A junior security interest in and lien on all Property that is subject to nonavoidable, valid and perfected liens in existence at the time of the commencement of the Debtor’s chapter 11 case or to non-avoidable valid liens in existence at the time of commencement of the Debtor’s chapter 11 case that are perfected subsequent to such commencement as permitted by Section 546(b) of the Bankruptcy Code.
2. Obligations Secured. This Security Agreement is made as collateral security for, and the security interest granted in the Property secures, the following, all of which are referred to hereinafter as the “Secured Obligations”:
a. A Revolving Note (“Note”) of even date herewith made by Trustee payable to the order of Secured Party, in the original principal amount of One Hundred Forty Thousand and No/100 Dollars ($140,000.00), together with all interest accrued thereon and any extensions, modifications or renewals thereof; and
b. All costs and expenses (including attorneys fees) incurred by Secured Party under this Security Agreement or the Note. |
