COMMERCIAL SECURITY AGREEMENT
THIS COMMERCIAL SECURITY AGREEMENT dated March 23, 2007, is made and executed between OURPET’S COMPANY
(“Grantor”) and FIRSTMERIT BANK, N.A. (“Lender”).
GRANT OF SECURITY INTEREST. For valuable consideration, Grantor grants to Lender a security interest in the Collateral
to secure the Indebtedness and agrees that Lender shall have the rights stated in this Agreement with respect to the
Collateral, in addition to all other rights which Lender may have by law.
COLLATERAL DESCRIPTION. The word “Collateral” as used in this Agreement means the following described property,
whether now owned or hereafter acquired, whether now existing or hereafter arising, and wherever located, in which Grantor is
giving to Lender a security interest for the payment of the Indebtedness and performance of all other obligations under the
Note and this Agreement:
All Inventory, Chattel Paper, Accounts, Equipment and General Intangibles
In addition, the word “Collateral” also includes all the following, whether now owned or hereafter acquired, whether now
existing or hereafter arising, and wherever located:
(A) All accessories, attachments, accessories, tools, parts, supplies, replacements of and additions to any of the collateral
described herein, whether added now or later.
(B) All products and produce of any of the property described in this Collateral section.
(C) All accounts, general intangibles, instruments, rents, monies, payments, and all other rights, arising out of a sale, lease,
consignment or other disposition of any of the property described in this Collateral section.
(D) All proceeds (including insurance proceeds) from the sale, destruction, loss, or other disposition of any of the property
described in this Collateral section, and sums due from a third party who has damaged or destroyed the Collateral or from
that party’s insurer, whether due to judgment, settlement or other process.
(E) All records and data relating to any of the prop