Document:

Restricted Account Agreement

 Exhibit 10.25 
  
 RESTRICTED ACCOUNT AGREEMENT 
  
 This Restricted Account Agreement (this “Agreement”) is entered into this 30 day of July 2004, by and among NORTH
FORK BANK, a New York banking corporation with offices at 275 Broadhollow Road, Melville, New York 11747 (together with its successors and assigns, the “Bank”), AXTIVE CORPORATION, a Delaware corporation with offices at 5001 LBJ Freeway,
Suite 275 Dallas, TX 75244 (together with its successors and assigns, the “Company”), and LAURUS MASTER FUND, LTD., a Cayman Islands corporation with offices at 825 Third Avenue, 14th Floor, New York, New York 10022 (together with its
successors and assigns, “Laurus”). Unless otherwise defined herein, capitalized terms used herein shall have the meaning provided such terms in the Purchase Agreement referred to below. 
  
 WHEREAS, Laurus has provided financing to the Company, which financing is
evidenced by a Securities Purchase Agreement (as amended, modified or supplemented from time to time, the “Purchase Agreement”) and the Related Agreements referred to therein; 
  
 WHEREAS, the Company and Laurus have retained the Bank to provide certain services with respect to the Restricted Account
(as defined below); and 
  
 WHEREAS, the Company and Laurus have
agreed that an amount of cash equal to $3,833,500 shall be deposited by Laurus on behalf of the Company by wire transfer of immediately available funds into the Restricted Account, which cash shall be held by the Bank for the benefit of Laurus, as
security for the Company’s and its Subsidiaries’ obligations under the Purchase Agreement and the Related Agreements. For the purposes of this Agreement, the “Restricted Account” shall mean that certain deposit account (as
defined in Section 9-102 of the Uniform Commercial Code as in effect in the State of New York on the date hereof) described on Exhibit B hereto, which Restricted Account shall be maintained at the Bank and shall be in the sole dominion and control
of Laurus; 
  
 NOW THEREFORE, in consideration of the mutual
promises contained herein and for other good and valuable consideration the sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
  
 1. The Bank is hereby authorized to accept for deposit into the Restricted Account the sum of $3,833,500. The Bank hereby agrees to hold any and all
monies and other amounts from time to time on deposit and/or held in the Restricted Account for the benefit of the Laurus and shall not release any monies held in the Restricted Account until such time as the Bank shall have received a notice from
Laurus substantially in the form attached hereto as Exhibit A (a “Release Notice”). Following the receipt of a Release Notice from Laurus, the Bank agrees to promptly disburse the amount of cash referred to in such Release Notice to such
account as Laurus shall determine in its sole discretion. The Bank hereby agrees that it will only comply with written instructions originated by Laurus directing disposition of funds in the Restricted Account. The Company hereby irrevocably
authorizes the Bank to comply with any and all instructions given to the Bank by Laurus with respect to the Restricted Account without further 

 
consent by the Company. The Bank, the Company and Laurus agree that the Restricted Account is in Laurus’ sole dominion and control. 
  
 2. Each of the Company, Laurus and the Bank hereby agrees that the Restricted
Account shall not be closed, and the account name and account number in respect thereof shall not be changed, in any case, without the consent of the Laurus, except as specifically provided for in Section 9 below. 
  
 3. The Bank hereby subordinates any claims and security interests it may have
against, or with respect to, the Restricted Account (including any amounts from time to time on deposit therein) to the security interests of Laurus therein, and agrees that no amounts shall be charged by it to, or withheld or set-off or otherwise
recouped by it from, the Restricted Account or any amounts from time to time on deposit therein; provided that, in connection with all service charges and any other charges which the Bank is entitled to receive in connection with the servicing and
maintaining of the Restricted Account (such charges, collectively, the “Charges”), each of the Company, Laurus and the Bank hereby agrees that the Bank will collect such Charges in the following manner: (i) first, the Bank will charge
other deposit accounts maintained by the Company with the Bank, (ii) second, in the event that there are insufficient collected funds in such other deposit accounts to pay such Charges, the Bank will promptly notify the Company and Laurus with
respect to same and, within seven (7) business days of the Company’s receipt of such notice, the Company shall pay to the Bank the full amount of such Charges then due, and (iii) third, if the Company fails to pay to the Bank such Charges then
due within the time period set forth in the preceding clause (ii), the Bank will promptly provide a written notice to Laurus of such occurrence and, in such case, the Bank is hereby authorized, following a period of five (5) business days after the
receipt of such written notice by Laurus, to deduct such Charges then due from the Restricted Account, unless, during such five (5) business day period, Laurus agrees to promptly pay the amount of any such Charges then due to the Bank from its own
account. Except for the payment of the Charges as set forth in the immediately preceding proviso, the Bank agrees that it shall not offset, deduct or claim against the Restricted Account unless and until Laurus has notified the Bank in writing that
all of the Company’s obligations under the Purchase Agreement and the Related Agreements have been performed. 
  
 4. The Company and the Bank agree that the maintenance by the Bank of the Restricted Account shall be as agent for Laurus. The Bank shall be responsible
for the performance of only such duties as are set forth herein. The Bank’s duties hereunder, however, are merely ministerial, and the Bank shall have no liability or obligation to the Company or Laurus or to any other person for any act or
omission of the Bank in connection with the performance of the Bank’s duties in servicing and/or maintaining the Restricted Account, except for acts of gross negligence or willful misconduct by Bank. IN NO EVENT, HOWEVER, SHALL THE BANK HAVE
ANY RESPONSIBILITY FOR CONSEQUENTIAL, INDIRECT, SPECIAL OR EXEMPLARY DAMAGES OR LOST PROFITS, WHETHER OR NOT IT HAS NOTICE THEREOF, AND REGARDLESS OF THE BASIS, THEORY OR NATURE OF THE ACTION UPON WHICH THE CLAIM IS ASSERTED, NOR SHALL IT HAVE ANY
RESPONSIBILITY OR LIABILITY FOR THE VALIDITY OR ENFORCEABILITY OF ANY SECURITY INTEREST OR OTHER INTEREST OF LAURUS OR THE COMPANY IN THE RESTRICTED ACCOUNT. In furtherance of and without limiting the foregoing, the Company and Laurus agree that the
Bank shall not be liable for any damage or loss to them for any delay or failure of performance arising out of the acts or omissions of any third parties, including, but not limited to, various communication services, courier services, the Federal
Reserve system, any other bank or any third party who may be affected by funds transactions, fire, mechanical, 

  

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computer or electrical failures or other unforeseen contingencies, strikes or any similar or dissimilar cause beyond the reasonable control of the Bank. This
paragraph shall survive the termination of this Agreement. 
  
 5.
Except where the Bank has been grossly negligent or has acted in bad faith, each of Laurus and the Company and their respective successors and assigns will release the Bank from and shall indemnify and hold the Bank harmless from and against any and
all losses, claims, damages, liabilities, costs and expenses (including, without limitation, reasonable counsel fees, whether arising in an action or proceeding among the parties hereto or otherwise, without regard to the merit or lack of merit
thereof) to which the Bank may become subject, or which it may suffer or incur, arising out of or based upon this Agreement or the actions contemplated hereby. This paragraph shall survive termination of this Agreement. 
  
 6. The Bank shall be fully protected in acting on any order or direction by
Laurus respecting the items received by the Bank or the monies or other items in the Restricted Account without making any independent inquiry whatsoever as to Laurus’ rights or authority to give such order or direction or as to the application
of any payments made pursuant thereto. 
  
 7. Nothing in this
Agreement shall be deemed to prohibit the Bank from complying with its customary procedures in the event that it is served with any legal process with respect to the Restricted Account. 
  
 8. The rights and powers granted in this to Laurus have been granted in order to protect and further perfect its security
interests in the Restricted Account (including any amounts from time to time on deposit therein) and are powers coupled with an interest and will be affected neither by any purported revocation by the Company of this Agreement or the rights granted
to Laurus hereunder or by the bankruptcy, insolvency, conservatorship or receivership of the Company or the Bank or by the lapse of time. 
  
 9. This Agreement may not be amended or waived except by an instrument in writing signed by each of the parties hereto. This Agreement may be terminated
by the Bank upon giving the Company and Laurus thirty (30) days prior written notice. Laurus shall designate a successor bank on or prior to the effective date of such termination and the Bank shall deliver the balance in the Restricted Account to
such successor bank. Any notice required to be given hereunder may be given, and shall be deemed given when delivered, via telefax, U.S. mail return receipt requested or nationally recognized overnight courier to each of the parties at the address
set forth above. This Agreement may be executed in any number of counterparts, each of which shall be an original and all of which, when taken together, shall constitute one agreement. Delivery of an executed signature page of this Agreement by
facsimile transmission shall be effective as delivery of a manually executed counterpart hereof or thereof, as the case may be. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard
to its conflict of laws principles. This Agreement sets forth the entire agreement between the parties hereto as to the matters set forth herein and supersede all prior communications, written or oral, with respect to the matters herein. EACH OF THE
PARTIES HERETO HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM, ACTION, SUIT OR PROCEEDING ARISING OUT OF OR CONTEMPLATED BY THIS AGREEMENT. THE BANK, THE COMPANY AND LAURUS EACH HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE
FEDERAL AND NEW YORK STATE COURTS LOCATED IN THE COUNTY OF NEW YORK IN CONNECTION WITH ANY DISPUTE RELATED TO THIS AGREEMENT OR ANY MATTERS CONTEMPLATED HEREBY OR THEREBY. 
  
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 Agreed and accepted this 30th day of July, 2004. 
  
  

			
	NORTH FORK BANK
		
	By:	 	         /s/ Sheldon Selman

	 	 	         Name: Sheldon Selman
         Title:

	 	 	 
	 LAURUS MASTER FUND, LTD.

		
	 By:
	 	         /s/ David Grin

	 	 	         Name: David Grin
         Title:

	 	 	 
	 AXTIVE CORPORATION

		
	 By:
	 	         /S/ Graham C. Beachum III

	 	 	         Name: Graham C. Beachum III
         Title: President and Chief Operating Officer

  

 4 

 LIST OF OMITTED EXHIBITS 
  
 The exhibits to the foregoing Restricted Account Agreement listed below have been omitted. Axtive Corporation agrees
supplementally to furnish a copy of any omitted exhibit to the Securities and Exchange Commission upon request. 
  
 Exhibit A — Release Notice 
 Exhibit B
— Restricted Account [Information]Restricted Account Security Agreement

 Exhibit 10.26 
  
 AXTIVE CORPORATION 
 RESTRICTED
ACCOUNT SECURITY AGREEMENT 
  
 Date: July 30, 2004 
  
 To: Laurus Master Fund, Ltd. 
 c/o Ironshore Corporate Services, Ltd. 
 P.O. Box 1234 G.T 
 Queensgate House 
 South Church Street 
 Grand Cayman, Cayman Islands 
  
 To Whom It May Concern: 
  
 To secure the payment of all Obligations (as hereafter defined), Axtive Corporation, a
Delaware corporation (the “Assignor”), hereby assigns and grants to Laurus Master Fund, Ltd (“Laurus”) a continuing security interest in all of the Assignor’s right, title and interest in and to that certain deposit account
(Account Name: Axtive Corporation / Account Number 2704051370 (the “Restricted Account”) maintained with North Fork Bank (the “Bank”), and all contract rights, claims and privileges in respect of the Restricted Account, all cash,
checks, money orders and other items of value of the Assignor now or hereafter paid to, deposited in, credited to, held (whether for collection, provisionally or otherwise) for deposit in or otherwise in the possession or under the control of, or in
transit to, the Assignor or any agent, bailee or custodial thereof for deposit in the Restricted Account, and all interest and income received therefrom, all substitutions therefor and all proceeds thereof in any form (collectively, the
“Collateral”). Except as otherwise defined herein, all capitalized terms used herein shall have the meaning provided such terms the Securities Purchase Agreement referred to below. 
  
 1. The term “Obligations” as used herein shall mean
and include all debts, liabilities and obligations owing by the Assignor to Laurus arising under, out of, or in connection with: (i) that certain Securities Purchase Agreement dated as of the date hereof by and between the Company and Laurus (the
“Securities Purchase Agreement”) and (ii) the Related Agreements referred to in the Securities Purchase Agreement, as each may be amended, modified, restated or supplemented from time to time, are collectively referred to herein as the
“Documents”), or any documents, instruments or agreements relating to or executed in connection with the Documents or any documents, instruments or agreements referred to therein or otherwise, or any other indebtedness, obligations or
liabilities of the Assignor to Laurus, whether now existing or hereafter arising, direct or indirect, liquidated or unliquidated, absolute or contingent, due or not due and whether under, pursuant to or evidenced by a note, agreement, guaranty,
instrument or otherwise, in each case, irrespective of the genuineness, validity, regularity or enforceability of such 

 
Obligations, or of any instrument evidencing any of the Obligations or of any collateral therefor or of the existence or extent of such collateral, and
irrespective of the allowability, allowance or disallowance of any or all of the Obligations in any case commenced by or against the Assignor under Title 11, United States Code, including, without limitation, obligations or indebtedness of the
Assignor for post-petition interest, fees, costs and charges that would have accrued or been added to the Obligations but for the commencement of such case. 
  
 2. The Assignor hereby represents, warrants and covenants to Laurus that: 
  
 (a) it is a corporation validly existing, in good standing and organized under the laws of the State of
Delaware, and it will provide Laurus thirty (30) days’ prior written notice of any change in its jurisdiction of organization; 
  
 (b) its legal name, as set forth in its Certificate of Incorporation (or equivalent organizational document) as amended through the date
hereof, is Axtive Corporation and it will provide Laurus thirty (30) days’ prior written notice of any change in its legal name; 
  
 (c) its organizational identification number (if applicable) is
            , and it will provide Laurus thirty (30) days’ prior written notice of any change in its organizational identification number; 
  
 (d) it is the lawful owner of the Collateral and it has the
sole right to grant a security interest therein and will defend the Collateral against all claims and demands of all persons and entities; 
  
 (e) it will keep the Collateral owned by it free and clear of all attachments, levies, taxes, liens, security interests and encumbrances
of every kind and nature (“Encumbrances”), except Encumbrances securing the Obligations; 
  
 (f) the Assignor hereby indemnifies and saves Laurus harmless from all loss, costs, damage, liability and/or expense, including reasonable
attorneys’ fees, that Laurus may sustain or incur to enforce payment, performance or fulfillment of any of the Obligations and/or in the enforcement of this Restricted Account Security Agreement or in the prosecution or defense of any action or
proceeding either against the Assignor or Laurus concerning any matter growing out of or in connection with this Restricted Account Security Agreement, and/or any of the Obligations and/or any of the Collateral except to the extent caused by
Laurus’ own gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and nonappealable decision). 
  
 3. Upon the occurrence of any Event of Default (as defined in the Note) and at any time thereafter, Laurus may declare all Obligations
immediately due and payable and Laurus shall have the remedies of a secured party provided in the Uniform Commercial Code as in effect in the State of New York, this Restricted Account Security Agreement and other applicable law. Upon the occurrence
of any Event of Default and at any time thereafter, Laurus will have the right to take possession of the Collateral withdraw any and all monies or other Collateral contained in the Restricted Account. If 

	 	 
any notification of intended disposition of any Collateral is required by law, such notification, if mailed, shall be deemed properly and reasonably given if
mailed at least ten (10) days before such disposition, postage prepaid, addressed to the Assignor either at the Assignor’s address shown herein or at any address appearing on Laurus’ records for the Assignor. The Collateral and any
proceeds of any disposition of any of the Collateral shall be applied by Laurus to the payment of all expenses in connection with the sale or other disposition of the Collateral, including reasonable attorneys’ fees and other legal expenses and
disbursements and the reasonable expense of retaking, holding, preparing for sale, selling, and the like, and any balance of the Collateral and/or such proceeds may be applied by Laurus toward the payment of the Obligations in such order of
application as Laurus may elect, and the Assignor shall be liable for any deficiency. 

  
 4. If the Assignor defaults in the performance or fulfillment of any of the terms, conditions, promises, covenants, provisions or
warranties on the Assignor’s part to be performed or fulfilled under or pursuant to this Restricted Account Security Agreement, Laurus may, at its option without waiving its right to enforce this Restricted Account Security Agreement according
to its terms, immediately or at any time thereafter and without notice to the Assignor, perform or fulfill the same or cause the performance or fulfillment of the same for the Assignor’s account and at the Assignor’s cost and expense, and
the cost and expense thereof (including reasonable attorneys’ fees) shall be added to the Obligations and shall be payable on demand with interest thereon at the interest rate applicable to the principal amount of the Note. 
  
 5. The Assignor hereby appoints Laurus, any of Laurus’
officers, employees or any other person or entity whom Laurus may designate as our attorney; to file financing statements against the Assignor covering the Collateral; to sign the Assignor’s name on public records to the extent required to
perfect its lien in the Collateral and/or exercise remedies with respect to the Collateral; and to do all other things Laurus deems necessary to carry out this Restricted Account Security Agreement. The Assignor hereby ratifies and approve all acts
of the attorney and neither Laurus nor the attorney will be liable for any acts of commission or omission, nor for any error of judgment or mistake of fact or law other than their gross negligence or willful misconduct (as determined by a court of
competent jurisdiction in a final and non-appealable decision). This power being coupled with an interest, is irrevocable so long as any Obligations remains unpaid. The Assignor will from time to time at its expense promptly execute and deliver all
further instruments and documents and take all further action necessary or appropriate or that Laurus may reasonably request in order (i) to perfect and protect the security interest created or purported to be created hereby and the priority of such
security interest, (ii) to enable Laurus to exercise and enforce its rights and remedies hereunder in respect of the Collateral, and (iii) to otherwise effect the purposes of this Agreement. In the event that the Assignor does not promptly take the
actions set forth in this Section 6, Laurus may execute and deliver such instruments and/or documents on behalf of the Assignor to effect the purposes of this Agreement. 
  
 6. No delay or failure on Laurus’ part in exercising any right, privilege or option hereunder shall
operate as a waiver of such or of any other right, privilege, remedy or option, and no waiver whatever shall be valid unless in writing, signed by Laurus and 

	 	 
then only to the extent therein set forth, and no waiver by Laurus of any default shall operate as a waiver of any other default or of the same default on a
future occasion. Laurus’ books and records containing entries with respect to the Obligations shall be admissible in evidence in any action or proceeding, shall be binding upon the Assignor for the purpose of establishing the items therein set
forth and shall constitute prima facie proof thereof. Laurus shall have the right to enforce any one or more of the remedies available to Laurus, successively, alternately or concurrently. The Assignor agrees to join with Laurus in executing
financing statements or other instruments to the extent required by the Uniform Commercial Code in form satisfactory to Laurus and in executing such other documents or instruments as may be required or reasonably deemed necessary by Laurus for
purposes of affecting or continuing Laurus’ security interest in the Collateral. 

  
 7. This Restricted Account Security Agreement shall be governed by and construed in accordance with the laws of the State of New York and
cannot be terminated orally. All of the rights, remedies, options, privileges and elections given to Laurus hereunder shall inure to the benefit of Laurus’ successors and assigns. The term “Laurus” as herein used shall include Laurus,
any assignee of Laurus’ rights, title and/or interest under this Restricted Account Security Agreement and any other holder of the Obligations, and all of the terms, conditions, promises, covenants, provisions and warranties of this Restricted
Account Security Agreement shall inure to the benefit of each of the foregoing, and shall bind the representatives, successors and assigns of the Assignor. Each of Laurus and the Assignor hereby (a) waives any and all right to trial by jury in
litigation relating to this Restricted Account Security Agreement and the transactions contemplated hereby, (b) submit to the nonexclusive jurisdiction of any New York State court sitting in the borough of Manhattan, the city of New York and (c)
waive any objection the Assignor or Laurus may have as to the bringing or maintaining of such action with any such court. 
  
 8. All notices from Laurus to the Assignor shall be sufficiently given if mailed or delivered to the Assignor at its address set forth in
the Securities Purchase Agreement. 
  

 EXECUTED as of the date first written above. 
  
 COMPANY: 
  
 AXTIVE CORPORATION 

			
	 By:
	 	       /s/ Graham C. Beachum III

	 Name:
	 	Graham C. Beachum III
	 Its:
	 	President and Chief Operating Officer

  
 AGREED and consented
to as of the date first written above. 
  
 LAURUS: 
  
 LAURUS MASTER FUND, LTD. 

			
	 By:
	 	     /s/ David Grin

	 Name:
	 	     David Grin

	 Its:

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