Exhibit 10.15
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DEBTOR NAME AND
ADDRESS
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SECURED
PARTY NAME AND ADDRESS |
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SunCoast Holdings,
Inc., Brandywine Insurance Holdings, Inc.
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Brooks Credit Corporation |
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and Patriot Risk
Services, Inc,
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10950 Grandview Dr., Ste. #600 |
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401 East Las Olas
Blvd, Suite 1540
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Overland Park, KS 66210 |
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Ft. Lauderdale, FL
33301
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Type: o individual o
partnership þ corporation
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state of
organization/registration (if applicable)
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o If checked, refer to addendum for additional
Debtors and signatures.
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COMMERCIAL SECURITY AGREEMENT
The date
of this Commercial Security Agreement (Agreement) is
03-30-2006
SECURED DEBTS. This Agreement will secure all sums advanced
by Secured Party under the terms of this Agreement and the payment
and performance of the following described Secured Debts that
(check one) þ Debtor
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(Borrower) owes to Secured Party:
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Specific Debts. The following debts and all extensions,
renewals, refinancings, modifications, and replacements
(describe): |
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All Debts. All present and future debts, even if this
Agreement is not referenced, the debts are also secured by other
collateral, or the future debt is unrelated to or of a different
type than the current debt. Nothing in this Agreement is a
commitment to make future loans or advances. |
SECURITY INTEREST. To secure the payment and performance of
the Secured Debts, Debtor gives Secured Party a security interest
in all of the Property described in this Agreement that Debtor owns
or has sufficient rights in which to transfer an interest, now or
in the future, wherever the Property is or will be located, and all
proceeds and products of the Property. “Property”
includes all parts, accessories, repairs, replacements,
improvements, and accessions to the Property: any original evidence
of title or ownership; and all obligations that support the payment
on performance of the Property. “Proceeds” includes
anything required upon the sale, lease, license, exchange, or other
disposition of the Property; any rights and claims arising from the
Property; and any collections and distributions on account of the
Property. This Agreement remains in effect until terminated in
writing, even if the Secured Debts are paid and Secured Party is no
longer obligated to advance funds in Debtor or Borrower.
PROPERTY DESCRIPTION. The Property is described as
follows:
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Accounts and Other Rights to Payment: All rights to
payment, whether or not earned by performance, including, but not
limited to, payment for
property or services sold, leased, rented, licensed, or assigned.
This includes any rights and interests (including all liens) which
Debtor may have by law or agreement against any account debtor or
obligor of Debtor. |
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Inventory: All inventory held for ultimate sale or
lease, or which has been or will be supplied under contracts of
service, or which are raw
materials, work in process, or materials used or consumed in
Debtor’s business. |
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Equipment: All equipment including, but not limited to,
machinery, vehicles, furniture, fixtures, manufacturing equipment,
farm machinery and equipment, shop equipment, office and record
keeping equipment, parts, and tools. The Property includes any
equipment described in a list or schedule Debtor gives to Secured
Party, but such a list is not necessary to create a valid security
interest in all of Debtor’s equipment. |
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Instruments and Chattel Paper: All instruments,
including negotiable instruments and promissory notes and any other
writings or records that
evidence the right to payment of a monetary obligation, and
tangible and electronic chattel paper. |
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General Intangibles: All general intangibles including,
but not limited to, tax refunds, patents and applications for
patents, copyrights, trademarks, trade secrets, goodwill, trade
names, customer lists, permits and franchises, payment intangibles,
computer programs and all supporting information provided in
connection with a transaction relating to computer programs, and
the right to use Debtor’s name. |
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Documents: All documents of title including, but not
limited to, bills of lading, dock warrants and receipts, and
warehouse receipts. |
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Farm Products and Supplies: All farm products including,
but not limited to, all poultry and livestock and their young,
along with their produce, products, and replacements; all crops,
annual or perennial, and all products of the crops; and all feed,
seed, fertilizer, medicines, and other supplies used or produced in
Debtor’s farming operations. |
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Government Payments and Programs: All payments,
accounts, general intangibles, and benefits including, but not
limited to, payments in kind, deficiency payments, letters of
entitlement, warehouse receipts, storage payments, emergency
assistance and diversion payments, production flexibility
contracts, and conservation reserve payments under any preexisting,
current, or future federal or state government program. |
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Investment Property: All investment property including,
but not limited to, certificated securities, uncertificated
securities, securities entitlements, securities accounts, commodity
contracts, commodity accounts, and financial assets. |
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Deposit Accounts: All deposit accounts including, but
not limited to, demand, time, savings, passbook, and similar
accounts. |
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Specific Property Description: The Property includes,
but is not limited by, the following (if required, provide real
estate description): |
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See Extension of Security Agreement |
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See also Addendum A dated March 30, 2008, attachad hereto
and Incorporated herein by this reference |
USE OF
PROPERTY, The property will be used for o personal þ
business o agriculture o
purposes.
SIGNATURES. Debtor agrees to the terms on pages 1 and 2 of
this Agreement and acknowledges receipt of a copy of this
Agreement.
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DEBTOR
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SECURED PARTY |
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Sunlose holding Inc,
Brandwine Insurance Holdings, Inc. and Patriot Risk Services,
Inc.
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Brooke Credit Corporation |
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/s/ Steven M.
Mariano
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/s/ Micheal Lowry |
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Steven M. Mariano,
CEO & President of SunCoast Holding, Inc
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Micheal Lowry |
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President |
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/s/ Steven M.
Mariano
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Steven M. Mariano, CEO & President of Brandwine Insurance
Holdings, Inc. and Risk Services Inc.
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