Document:

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                                                                    EXHIBIT 10.2

                             UNCONDITIONAL GUARANTY

         For and in consideration of the loan by COMERICA BANK-CALIFORNIA
("Bank") to Priority Fulfillment Services, Inc. and Priority Fulfillment
Services of Canada, Inc. (collectively, "Borrower"), which loan is made pursuant
to a Loan and Security Agreement between Borrower and Bank dated as of March 28,
2003, as amended, modified or restated from time to time (the "Agreement"), and
acknowledging that Bank would not enter into the Agreement without the benefit
of this Guaranty, the undersigned guarantor ("Guarantor") hereby unconditionally
and irrevocably guarantees the prompt and complete payment of all amounts that
Borrower owes to Bank and performance by Borrower of the Agreement and any other
agreements between Borrower and Bank, as amended from time to time (collectively
referred to as the "Agreements"), in strict accordance with their respective
terms.

         1. If Borrower does not perform its obligations in strict accordance
with the Agreements, Guarantor shall immediately pay all amounts due thereunder
(including, without limitation, all principal, interest, and fees) and otherwise
to proceed to complete the same and satisfy all of Borrower's obligations under
the Agreements. Without limiting the generality of the foregoing, Guarantor
agrees that its obligations hereunder include all obligations and liabilities
for which Borrower would otherwise be liable to Bank were it not for the
invalidity or unenforceability of them by reason of any proceeding involving
Borrower under any bankruptcy, insolvency or other similar law.

         2. If there is more than one guarantor, the obligations hereunder are
joint and several, and whether or not there is more than one Guarantor, the
obligations hereunder are independent of the obligations of Borrower, and a
separate action or actions may be brought and prosecuted against Guarantor
whether action is brought against Borrower or whether Borrower be joined in any
such action or actions. Guarantor waives the benefit of any statute of
limitations affecting its liability hereunder or the enforcement thereof, to the
extent permitted by law. Guarantor's liability under this Guaranty is not
conditioned or contingent upon the genuineness, validity, regularity or
enforceability of the Agreements.

         3. Guarantor authorizes Bank, without notice or demand and without
affecting its liability hereunder, from time to time to (a) renew, extend, or
otherwise change the terms of the Agreements or any part thereof; (b) take and
hold security for the payment of this Guaranty or the Agreements, and exchange,
enforce, waive and release any such security; and (c) apply such security and
direct the order or manner of sale thereof as Bank in its sole discretion may
determine.

         4. Guarantor waives any right to require Bank to (a) proceed against
Borrower or any other person; (b) proceed against or exhaust any security held
from Borrower; or (c) pursue any other remedy in Bank's power whatsoever. Bank
may, at its election, exercise or decline or fail to exercise any right or
remedy it may have against Borrower or any security held by Bank, including
without limitation the right to foreclose upon any such security by judicial or
nonjudicial sale, without affecting or impairing in any way the liability of
Guarantor hereunder. Guarantor waives any defense arising by reason of any
disability or other defense of Borrower or by reason of the cessation from any
cause whatsoever of the liability of Borrower. Guarantor waives any setoff,
defense or counterclaim that Borrower may have against Bank. Guarantor waives
any defense arising out of the absence, impairment or loss of any right of
reimbursement or subrogation or any other rights against Borrower. Until all of
the amounts that Borrower owes to Bank have been paid in full, Guarantor shall
have no right of subrogation or reimbursement for claims arising out of or in
connection with this Guaranty, contribution or other rights against Borrower,
and Guarantor waives any right to enforce any remedy that Bank now has or may
hereafter have against Borrower. Guarantor waives all rights to participate in
any security now or hereafter held by Bank. Guarantor waives all presentments,
demands for performance, notices of nonperformance, protests, notices of
protest, notices of dishonor, and notices of acceptance of this Guaranty and of
the existence, creation, or incurring of new or additional indebtedness.
Guarantor assumes the responsibility for being and keeping itself informed of
the financial condition of Borrower and of all other circumstances bearing upon
the risk of nonpayment of any indebtedness or nonperformance of any obligation
of Borrower, warrants to Bank that it will keep so informed, and agrees that
absent a request for particular information by Guarantor, Bank shall have no
duty to advise Guarantor of information known to Bank regarding such condition
or any such circumstances. Guarantor waives the benefits of California Civil
Code sections 2809, 2810, 2819, 2845, 2847, 2848, 2849, 2850, 2899 and 3433.

         5. Guarantor acknowledges that, to the extent Guarantor has or may have
certain rights of subrogation or reimbursement against Borrower for claims
arising out of this Guaranty, those rights may be

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impaired or destroyed if Bank elects to proceed against any real property
security of Borrower by non-judicial foreclosure. That impairment or destruction
could, under certain judicial cases and based on equitable principles of
estoppel, give rise to a defense by Guarantor against its obligations under this
Guaranty. Guarantor waives that defense and any others arising from Bank's
election to pursue non-judicial foreclosure. Without limiting the generality of
the foregoing, Guarantor waives any and all benefits and defenses under
California Code of Civil Procedure Sections 580a, 580b, 580d and 726, to the
extent they are applicable.

         6. If Borrower becomes insolvent or is adjudicated bankrupt or files a
petition for reorganization, arrangement, composition or similar relief under
any present or future provision of the United States Bankruptcy Code, or if such
a petition is filed against Borrower, and in any such proceeding some or all of
any indebtedness or obligations under the Agreements are terminated or rejected
or any obligation of Borrower is modified or abrogated, or if Borrower's
obligations are otherwise avoided for any reason, Guarantor agrees that
Guarantor's liability hereunder shall not thereby be affected or modified and
such liability shall continue in full force and effect as if no such action or
proceeding had occurred. This Guaranty shall continue to be effective or be
reinstated, as the case may be, if any payment must be returned by Bank upon the
insolvency, bankruptcy or reorganization of Borrower, Guarantor, any other
guarantor, or otherwise, as though such payment had not been made.

         7. Any indebtedness of Borrower now or hereafter held by Guarantor is
hereby subordinated to any indebtedness of Borrower to Bank; and such
indebtedness of Borrower to Guarantor shall be collected, enforced and received
by Guarantor as trustee for Bank and be paid over to Bank on account of the
indebtedness of Borrower to Bank but without reducing or affecting in any manner
the liability of Guarantor under the other provisions of this Guaranty.

         8. Guarantor agrees to pay a reasonable attorneys' fee and all other
costs and expenses which may be incurred by Bank in the enforcement of this
Guaranty. No terms or provisions of this Guaranty may be changed, waived,
revoked or amended without Bank's prior written consent. Should any provision of
this Guaranty be determined by a court of competent jurisdiction to be
unenforceable, all of the other provisions shall remain effective. This
Guaranty, together with any agreements (including without limitation any
security agreements or any pledge agreements) executed in connection with this
Guaranty, embodies the entire agreement among the parties hereto with respect to
the matters set forth herein, and supersedes all prior agreements among the
parties with respect to the matters set forth herein. No course of prior dealing
among the parties, no usage of trade, and no parol or extrinsic evidence of any
nature shall be used to supplement, modify or vary any of the terms hereof.
There are no conditions to the full effectiveness of this Guaranty. Bank may
assign this Guaranty without in any way affecting Guarantor's liability under
it. This Guaranty shall inure to the benefit of Bank and its successors and
assigns. This Guaranty is in addition to the guaranties of any other guarantors
and any and all other guaranties of Borrower's indebtedness or liabilities to
Bank.

         9. Guarantor represents and warrants to Bank that (i) Guarantor has
taken all necessary and appropriate action to authorize the execution, delivery
and performance of this Guaranty, (ii) execution, delivery and performance of
this Guaranty do not conflict with or result in a breach of or constitute a
default under Guarantor's Certificate of Incorporation or Bylaws or other
organizational documents or agreements to which it is party or by which it is
bound, and (iii) this Guaranty constitutes a valid and binding obligation,
enforceable against Guarantor in accordance with its terms.

         10. Guarantor covenants and agrees that Guarantor shall do all of the
following:

             10.1. Guarantor shall maintain its corporate existence, remain in
good standing in Delaware, and continue to qualify in each jurisdiction in which
the failure to so qualify could have a material adverse effect on the financial
condition, operations or business of Guarantor. Guarantor shall maintain in
force all licenses, approvals and agreements, the loss of which could have a
material adverse effect on its financial condition, operations or business.

             10.2. Guarantor shall comply with all statutes, laws, ordinances,
directives, orders, and government rules and regulations to which it is subject
if non-compliance with such laws could adversely affect the financial condition,
operations or business of Guarantor.

             10.3. At any time and from time to time Guarantor shall execute and
deliver such further instruments and take such further action as may reasonably
be requested by Bank to effect the purposes of this Agreement.

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             10.4. Guarantor shall not transfer, assign, encumber or otherwise
dispose of any shares of capital stock or other equity interest Guarantor may
now have or hereafter acquire in Borrower.

         11. This Guaranty shall be governed by the laws of the State of
California, without regard to conflicts of laws principles. GUARANTOR WAIVES ANY
RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT
OF THIS GUARANTY OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING
CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR
STATUTORY CLAIMS. Guarantor submits to the exclusive jurisdiction of the state
and federal courts located in Santa Clara County, California.

         IN WITNESS WHEREOF, the undersigned Guarantor has executed this
Guaranty as of this 28th day of March, 2003.

                                    PSFWEB, INC.

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                                    By:
                                    Title:<PAGE>

                                                                    EXHIBIT 10.3

As of March 28, 2003, for value received, the undersigned ("Debtor") pledges,
assigns and grants to Comerica Bank-California, a California banking association
("Bank"), whose address is 800 E. Campbell Road, Suite 254, Richardson, Texas
75081, a continuing security interest and lien (any pledge, assignment, security
interest or other lien arising hereunder is sometimes referred to herein as a
"security interest") in the Collateral (as defined below) to secure payment when
due, whether by stated maturity, demand, acceleration or otherwise, of all
existing and future indebtedness ("Indebtedness") to the Bank of Priority
Fulfillment Services, Inc. and Priority Fulfillment Services of Canada, Inc.
(both individually and collectively referred to as "Borrower") and/or Debtor.
Indebtedness includes without limit any and all obligations or liabilities of
the Borrower and/or Debtor to the Bank, whether absolute or contingent, direct
or indirect, voluntary or involuntary, liquidated or unliquidated, joint or
several, known or unknown, originally payable to the Bank or to a third party
and subsequently acquired by the Bank including, without limitation, any late
charges, loan fees or charges, and overdraft indebtedness, any and all
obligations or liabilities for which the Borrower and/or Debtor would otherwise
be liable to the Bank were it not for the invalidity or unenforceability of them
by reason of any bankruptcy, insolvency or other law, or for any other reason;
any and all amendments, modifications, renewals and/or extensions of any of the
above; all costs incurred by Bank in establishing, determining, continuing, or
defending the validity or priority of any security interest, or in pursuing its
rights and remedies under this Agreement or under any other agreement between
Bank and Borrower and/or Debtor or in connection with any proceeding involving
Bank as a result of any financial accommodation to Borrower and/or Debtor; and
all other costs of collecting Indebtedness, including without limit attorneys'
fees. Debtor agrees to pay Bank all such costs incurred by the Bank, immediately
upon demand, and until paid all costs shall bear interest at the highest per
annum rate applicable to any of the Indebtedness, but not in excess of the
maximum rate permitted by law. Any reference in this Agreement to attorneys'
fees shall be deemed a reference to reasonable fees, costs, and expenses of
counsel and paralegals, whether inside or outside counsel is used, whether or
not a suit or action is instituted, and to court costs if a suit or action is
instituted, and whether attorneys' fees or court costs are incurred at the trial
court level, on appeal, in a bankruptcy, administrative or probate proceeding or
otherwise.

Debtor further covenants, agrees, represents and warrants as follows:

1.   COLLATERAL shall mean all of the following property the undersigned now or
     later owns or has an interest in, wherever located:

     (a)  All of the following, whether now or hereafter existing, which are
          owned by Debtor or in which Debtor otherwise has any rights: all
          shares of stock of Priority Fulfillment Services, Inc., sixty-five
          percent (65%) of the ownership interest of Debtor in each of Priority
          Fulfillment Services of Canada, Inc. and PFSweb B.V., all certificates
          representing any such shares, all options and other rights,
          contractual or otherwise, at any time existing with respect to such
          shares, and all dividends, cash, instruments and other property now or
          hereafter received, receivable or otherwise distributed in respect of
          or in exchange for any or all of such shares.

     (b)  All additions, attachments, accessions, parts, replacements,
          substitutions, renewals, interest, dividends, distributions, rights of
          any kind (including but not limited to stock splits, stock rights,
          voting and preferential rights), products, and proceeds of or
          pertaining to the above including, without limit, cash or other
          property which were proceeds and are recovered by a bankruptcy trustee
          or otherwise as a preferential transfer by the undersigned.

     In the definition of Collateral, a reference to a type of collateral shall
     not be limited by a separate reference to a more specific or narrower type
     of that collateral.

2.   WARRANTIES, COVENANTS AND AGREEMENTS. The undersigned warrants, covenants
     and agrees as follows:

     2.1  The undersigned shall furnish to Bank, in form and at intervals as
          Bank may request, any information Bank may reasonably request and
          allow Bank to examine, inspect, and copy any of the undersigned's

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          books and records. The undersigned shall, at the request of Bank, mark
          its records and the Collateral to clearly indicate the security
          interest of Bank under this Agreement.

     2.2  At the time any Collateral becomes, or is represented to be, subject
          to a security interest in favor of Bank, the undersigned shall be
          deemed to have warranted that (a) the undersigned is the lawful owner
          of the Collateral and has the right and authority to subject it to a
          security interest granted to Bank; (b) none of the Collateral is
          subject to any security interest other than that in favor of Bank, (c)
          there are no financing statements on file, other than in favor of
          Bank; (d) no person, other than Bank, has possession or control (as
          defined in the Uniform Commercial Code) of any Collateral of such
          nature that perfection of a security interest may be accomplished by
          control; and (e) Debtor acquired its rights in the Collateral in the
          ordinary course of its business; provided that Debtor makes no
          representation as to the creation, perfection or priority of Bank's
          security interest in Debtor's ownership interest in PFSweb B.V.

     2.3  The undersigned will keep the Collateral free at all times from all
          claims, liens, security interests and encumbrances other than those in
          favor of Bank. The undersigned will not, without the prior written
          consent of Bank, sell, transfer or lease, or permit to be sold,
          transferred or leased, any or all of the Collateral. Bank or its
          representatives may at all reasonable times inspect the Collateral and
          may enter upon all premises where the Collateral is kept or might be
          located.

     2.4  The undersigned will do all acts and will execute or cause to be
          executed all writings requested by Bank to establish, maintain and
          continue an exclusive, perfected and first security interest of Bank
          in the Collateral (excluding Debtor's ownership interest in PFSweb
          B.V. and all proceeds thereof). The undersigned agrees that Bank has
          no obligation to acquire or perfect any lien on or security interest
          in any asset(s), whether realty or personalty, to secure payment of
          the Indebtedness, and the undersigned is not relying upon assets in
          which the Bank may have a lien or security interest for payment of the
          Indebtedness.

     2.5  The undersigned will pay within the time that they can be paid without
          interest or penalty all taxes, assessments and similar charges which
          at any time are or may become a lien, charge, or encumbrance upon any
          Collateral, except to the extent contested in good faith and bonded in
          a manner satisfactory to Bank. If the undersigned fails to pay any of
          these taxes, assessments, or other charges in the time provided above,
          Bank has the option (but not the obligation) to do so, and the
          undersigned agrees to repay all amounts so expended by Bank
          immediately upon demand, together with interest at the highest lawful
          default rate which could be charged by Bank to Borrower on any
          Indebtedness.

     2.6  Intentionally omitted.

     2.7  The undersigned at all times shall be in strict compliance with all
          applicable laws, including without limit any laws, ordinances,
          directives, orders, statutes, or regulations an object of which is to
          regulate or improve health, safety, or the environment ("Environmental
          Laws").

     2.8  Intentionally omitted.

     2.9  If Bank, acting in its sole discretion, redelivers Collateral to the
          undersigned or the undersigned's designee for the purpose of (a) the
          ultimate sale or exchange thereof; or (b) presentation, collection,
          renewal, or registration of transfer thereof; or (c) loading,
          unloading, storing, shipping, transshipping, manufacturing, processing
          or otherwise dealing with it preliminary to sale or exchange; such
          redelivery shall be in trust for the benefit of Bank and shall not
          constitute a release of Bank's security interest in it or in the
          proceeds or products of it unless Bank specifically so agrees in
          writing. Any proceeds of Collateral coming into the undersigned's
          possession as a result of any such redelivery shall be held in trust
          for Bank and immediately delivered to Bank for application on the
          Indebtedness. Bank may (in its sole discretion) deliver any or all of
          the Collateral to the undersigned, and such delivery by Bank shall
          discharge Bank from all liability or responsibility for such
          Collateral. Bank, at its option, may require delivery of any
          Collateral to Bank at any time with such endorsements or assignments
          of the Collateral as Bank may request.

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     2.10 At any time after and during the continuation of an Event of Default
          and without notice, Bank may (a) cause any or all of the Collateral to
          be transferred to its name or to the name of its nominees; (b) receive
          or collect by legal proceedings or otherwise all dividends, interest,
          principal payments and other sums and all other distributions at any
          time payable or receivable on account of the Collateral, and hold the
          same as Collateral, or apply the same to the Indebtedness, the manner
          and distribution of the application to be in the sole discretion of
          Bank; (c) enter into any extension, subordination, reorganization,
          deposit, merger or consolidation agreement or any other agreement
          relating to or affecting the Collateral, and deposit or surrender
          control of the Collateral, and accept other property in exchange for
          the Collateral and hold or apply the property or money so received
          pursuant to this Agreement; and (d) take such actions in its own name
          or in Debtor's name as Bank, in its sole discretion, deems necessary
          or appropriate to establish exclusive control (as defined in the
          Uniform Commercial Code) over any Collateral (other than Debtor's
          ownership interest in PFSweb B.V.) of such nature that perfection of
          the Bank's security interest may be accomplished by control.

     2.11 Bank may assign any of the Indebtedness and deliver any or all of the
          Collateral to its assignee, who then shall have with respect to
          Collateral so delivered all the rights and powers of Bank under this
          Agreement, and after that Bank shall be fully discharged from all
          liability and responsibility with respect to Collateral so delivered.

     2.12 The undersigned delivers this Agreement based solely on the
          undersigned's independent investigation of (or decision not to
          investigate) the financial condition of Borrower and is not relying on
          any information furnished by Bank. The undersigned assumes full
          responsibility for obtaining any further information concerning the
          Borrower's financial condition, the status of the Indebtedness or any
          other matter which the undersigned may deem necessary or appropriate
          now or later. The undersigned waives any duty on the part of Bank, and
          agrees that the undersigned is not relying upon nor expecting Bank to
          disclose to the undersigned any fact now or later known by Bank,
          whether relating to the operations or condition of Borrower, the
          existence, liabilities or financial condition of any guarantor of the
          Indebtedness, the occurrence of any default with respect to the
          Indebtedness, or otherwise, notwithstanding any effect such fact may
          have upon the undersigned's risk or the undersigned's rights against
          Borrower. The undersigned knowingly accepts the full range of risk
          encompassed in this Agreement, which risk includes without limit the
          possibility that Borrower may incur Indebtedness to Bank after the
          financial condition of Borrower, or Borrower's ability to pay debts as
          they mature, has deteriorated.

     2.13 The undersigned agrees that no security or guarantee now or later held
          by Bank for the payment of any Indebtedness, whether from Borrower,
          any guarantor, or otherwise, and whether in the nature of a security
          interest, pledge, lien, assignment, setoff, suretyship, guaranty,
          indemnity, insurance or otherwise, shall affect in any manner the
          unconditional pledge of the undersigned under this Agreement, and
          Bank, in its sole discretion, without notice to the undersigned, may
          release, exchange, modify, enforce and otherwise deal with any
          security or guaranty without affecting in any manner the unconditional
          pledge of the undersigned under this Agreement. The undersigned
          acknowledges and agrees that Bank has no obligation to acquire or
          perfect any lien on or security interest in any assets, whether realty
          or personalty, or to obtain any guaranty to secure payment of the
          Indebtedness, and the undersigned is not relying upon any guaranty
          which Bank has or may have or assets in which Bank has or may have a
          lien or security interest for payment of the Indebtedness.

     2.14 Intentionally omitted.

     2.15 The undersigned agrees to reimburse Bank upon demand for all costs and
          expenses (including, without limit, attorneys' fees) incurred in
          enforcing any of the duties or obligations of the undersigned under
          this Agreement or in establishing, determining, continuing or
          defending the validity or priority of Bank's security interest under
          this Agreement (other than with respect to PFSweb B.V.).

     2.16 The undersigned shall defend, indemnify and hold harmless Bank, its
          employees, agents, shareholders, affiliates, officers, and directors
          from and against any and all claims, damages, fines, expenses,
          liabilities

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          or causes of action of whatever kind, including without limit
          consultant fees, legal expenses, and attorneys' fees, suffered by any
          of them as a direct or indirect result of any actual or asserted
          violation of any law, including, without limit, Environmental Laws, or
          of any remediation relating to any property required by any law,
          including without limit Environmental Laws, INCLUDING ANY CLAIMS,
          DAMAGES, FINES, EXPENSES, LIABILITIES OR CAUSES OF ACTION OF WHATEVER
          KIND RESULTING FROM BANK'S OWN NEGLIGENCE, except to the extent (but
          only to the extent) caused by Bank's gross negligence or willful
          misconduct.

3.   COLLECTION OF PROCEEDS. The undersigned agrees to collect and enforce
     payment of all Collateral until Bank shall direct the undersigned to the
     contrary. Immediately upon notice to the undersigned by Bank and at all
     times after that, the undersigned agrees to fully and promptly cooperate
     and assist Bank in the collection and enforcement of all Collateral and to
     hold in trust for Bank all payments received in connection with Collateral
     and from the sale, lease or other disposition of any Collateral, all rights
     by way of suretyship or guaranty and all rights in the nature of a lien or
     security interest which the undersigned now or later has regarding
     Collateral. Immediately upon and after such notice, the undersigned agrees
     to (a) endorse to Bank and immediately deliver to Bank all payments
     received on Collateral or from the sale, lease or other disposition of any
     Collateral or arising from any other rights or interests of the undersigned
     in the Collateral, in the form received by the undersigned without
     commingling with any other funds, and (b) immediately deliver to Bank all
     property in the undersigned's possession or later coming into the
     undersigned's possession through enforcement of the undersigned's rights or
     interests in the Collateral. The undersigned irrevocably authorizes Bank or
     any Bank employee or agent to endorse the name of the undersigned upon any
     checks or other items which are received in payment for any Collateral, and
     to do any and all things necessary in order to reduce these items to money.
     Bank shall have no duty as to the collection or protection of Collateral or
     the proceeds of it, nor as to the preservation of any related rights,
     beyond the use of reasonable care in the custody and preservation of
     Collateral in the possession of Bank. The undersigned agrees to take all
     steps necessary to preserve rights against prior parties with respect to
     the Collateral. Nothing in this Section 3 shall be deemed a consent by Bank
     to any sale, lease or other disposition of any Collateral.

4.   DEFAULTS, ENFORCEMENT AND APPLICATION OF PROCEEDS.

     4.1  The occurrence of any "Event of Default" as defined in the Loan and
          Security Agreement of even date herewith between Borrowers and Bank,
          as from time to time amended, modified or restated, shall be an "Event
          of Default" under this Agreement.

     4.2  Upon the occurrence of any Event of Default, Bank may at its
          discretion and without prior notice to the undersigned declare any or
          all of the Indebtedness to be immediately due and payable, and shall
          have and may exercise any right or remedy available to it including,
          without limitation, any one or more of the following rights and
          remedies:

          (a)  Exercise all the rights and remedies upon default, in foreclosure
               and otherwise, available to secured parties under the provisions
               of the Uniform Commercial Code and other applicable law;

          (b)  Institute legal proceedings to foreclose upon the lien and
               security interest granted by this Agreement, to recover judgment
               against Borrower or any Guarantor for all amounts then due and
               owing as Indebtedness, and to collect the same out of any
               Collateral or the proceeds of any sale of it;

          (c)  Institute legal proceedings for the sale, under the judgment or
               decree of any court of competent jurisdiction, of any or all
               Collateral; and/or

          (d)  Personally or by agents, attorneys, or appointment of a receiver,
               enter upon any premises where Collateral may then be located, and
               take possession of all or any of it and/or render it unusable;
               and without being responsible for loss or damage to such
               Collateral, hold, operate, sell, lease, or dispose of all or any
               Collateral at one or more public or private sales, leasings or
               other dispositions at places and times and on terms and
               conditions as Bank may deem fit, without any previous

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               demand or advertisement; and except as provided in this
               Agreement, all notice of sale, lease or other disposition, and
               advertisement, and other notice or demand, any right or equity of
               redemption, and any obligation of a prospective purchaser or
               lessee to inquire as to the power and authority of Bank to sell,
               lease, or otherwise dispose of the Collateral or as to the
               application by Bank of the proceeds of sale or otherwise, which
               would otherwise be required by, or available to the undersigned
               under, applicable law are expressly waived by the undersigned to
               the fullest extent permitted.

          At any sale pursuant to this Section 4.2, whether under the power of
          sale, by virtue of judicial proceedings or otherwise, it shall not be
          necessary for Bank or a public officer under order of a court to have
          present physical or constructive possession of Collateral to be sold.
          The recitals contained in any conveyances and receipts made and given
          by Bank or the public officer to any purchaser at any sale made
          pursuant to this Agreement shall, to the extent permitted by
          applicable law, conclusively establish the truth and accuracy of the
          matters stated (including, without limit, as to the amounts of the
          principal of and interest on the Indebtedness, the accrual and
          nonpayment of it and advertisement and conduct of the sale); and all
          prerequisites to the sale shall be presumed to have been satisfied and
          performed. Upon any sale of any Collateral, the receipt of the officer
          making the sale under judicial proceedings or of Bank shall be
          sufficient discharge to the purchaser for the purchase money, and the
          purchaser shall not be obligated to see to the application of the
          money. Any sale of any Collateral under this Agreement shall be a
          perpetual bar against the undersigned with respect to that Collateral.
          At any sale or other disposition of the Collateral pursuant to this
          Section 4.2, Bank disclaims all warranties which would otherwise be
          given under the Uniform Commercial Code, including without limit a
          disclaimer of any warranty relating to title, possession, quiet
          enjoyment or the like, and Bank may communicate these disclaimers to a
          purchaser at such disposition. This disclaimer of warranties will not
          render the sale commercially unreasonable.

     4.3  The undersigned shall at the request of Bank after the occurrence of
          an Event of Default, notify the account debtors or obligors of Bank's
          security interest in any Collateral and direct payment of it to Bank.
          Bank may, itself, upon the occurrence of any Event of Default so
          notify and direct any account debtor or obligor. At the request of
          Bank, whether or not an Event of Default shall have occurred, Debtor
          shall immediately take such actions as the Bank shall request to
          establish exclusive control (as defined in the Uniform Commercial
          Code) by Bank over any Collateral which is of such a nature that
          perfection of a security interest may be accomplished by control.

     4.4  The proceeds of any sale or other disposition of Collateral authorized
          by this Agreement shall be applied by Bank in such order as the Bank,
          in its discretion, deems appropriate including, without limitation,
          the following order: first upon all expenses authorized by the Uniform
          Commercial Code and all reasonable attorneys' fees and legal expenses
          incurred by Bank; second to all amounts, if any, owing by the
          undersigned to Bank under this Agreement, and the balance of the
          proceeds of the sale or other disposition shall be applied in the
          payment of the Indebtedness, first to interest, then to principal,
          then to remaining Indebtedness and the surplus, if any, shall be paid
          over to the undersigned or to such other person(s) as may be entitled
          to it under applicable law. Debtor shall remain liable for any
          deficiency, which it shall pay to Bank immediately upon demand. Debtor
          agrees that Bank shall be under no obligation to accept any noncash
          proceeds in connection with any sale or disposition of Collateral
          unless failure to do so would be commercially unreasonable. If Bank
          agrees in its sole discretion to accept noncash proceeds (unless the
          failure to do so would be commercially unreasonable), Bank may ascribe
          any commercially reasonable value to such proceeds. Without limiting
          the foregoing, Bank may apply any discount factor in determining the
          present value of proceeds to be received in the future or may elect to
          apply proceeds to be received in the future only as and when such
          proceeds are actually received in cash by Bank.

     4.5  Nothing in this Agreement is intended, nor shall it be construed, to
          preclude Bank from pursuing any other remedy provided by law or in
          equity for the collection of the Indebtedness or for the recovery of
          any other sum to which Bank may be entitled for the breach of this
          Agreement by the undersigned. Nothing in this Agreement shall reduce
          or release in any way any rights or security interests of Bank
          contained in any existing agreement between Borrower, the undersigned
          or any Guarantor and Bank.

                                       5

<PAGE>

     4.6  No waiver of default or consent to any act by the undersigned shall be
          effective unless in writing and signed by an authorized officer of
          Bank. No waiver of any default or forbearance on the part of Bank in
          enforcing any of its rights under this Agreement shall operate as a
          waiver of any other default or of the same default on a future
          occasion or of any rights.

     4.7  The undersigned (a) irrevocably appoints Bank or any agent of Bank
          (which appointment is coupled with an interest) the true and lawful
          attorney of the undersigned (with full power of substitution) in the
          name, place and stead of, and at the expense of, the undersigned and
          (b) authorizes Bank or any agent of Bank, in its own name, at Debtor's
          expense, to do any of the following, as Bank, in its sole discretion,
          deems appropriate:

          (i)    to demand, receive, sue for, and give receipts or acquittances
                 for any moneys due or to become due with respect to any
                 Collateral and to endorse any item representing any payment on
                 or proceeds of the Collateral;

          (ii)   to execute and file in the name of and on behalf of the
                 undersigned all U. S. financing statements or other U.S. or
                 Canadian filings deemed necessary or desirable by Bank to
                 evidence, perfect, or continue the security interests granted
                 in this Agreement; and

          (iii)  to do and perform any act on behalf of the undersigned
                 permitted or required under this Agreement.

     4.8  Upon the occurrence of an Event of Default, the undersigned also
          agrees, upon request of Bank, to assemble the Collateral and make it
          available to Bank at any place designated by Bank which is reasonably
          convenient to Bank and the undersigned.

     4.9  The following shall be the basis for any finder of fact's
          determination of the value of any Collateral which is the subject
          matter of a disposition giving rise to a calculation of any surplus or
          deficiency under Section 9.615 (f) of the Uniform Commercial Code (as
          in effect on or after July 1, 2001): (a) the Collateral which is the
          subject matter of the disposition shall be valued in an "as is"
          condition as of the date of the disposition, without any assumption or
          expectation that such Collateral will be repaired or improved in any
          manner; (b) the valuation shall be based upon an assumption that the
          transferee of such Collateral desires a resale of the Collateral for
          cash promptly (but no later than 30 days) following the disposition;
          (c) all reasonable closing costs customarily borne by the seller in
          commercial sales transactions relating to property similar to such
          Collateral shall be deducted including, without limitation, brokerage
          commissions, tax prorations, attorneys' fees, whether inside or
          outside counsel is used, and marketing costs; (d) the value of the
          Collateral which is the subject matter of the disposition shall be
          further discounted to account for any estimated holding costs
          associated with maintaining such Collateral pending sale (to the
          extent not accounted for in (c) above), and other maintenance,
          operational and ownership expenses; and (e) any expert opinion
          testimony given or considered in connection with a determination of
          the value of such Collateral must be given by persons having at least
          5 years experience in appraising property similar to the Collateral
          and who have conducted and prepared a complete written appraisal of
          such Collateral taking into consideration the factors set forth above.
          The "value" of any such Collateral shall be a factor in determining
          the amount of proceeds which would have been realized in a disposition
          to a transferee other than a Bank, a person related to a Bank or a
          secondary obligor under Section 9-615(f) of the Uniform Commercial
          Code.

5.   MISCELLANEOUS.

     5.1  Until Bank is advised in writing by the undersigned to the contrary,
          all notices, requests and demands required under this Agreement or by
          law shall be given to, or made upon, the undersigned at the following
          address: PFSweb, -- Inc., 500 N. Central Expressway, 5th Floor, Plano,
          Texas 75074.

                                       6

<PAGE>

     5.2  The undersigned will give Bank not less than 30 days prior written
          notice of all contemplated changes in the undersigned's name, chief
          executive office, principal place of business, and/or location of any
          Collateral, but the giving of this notice shall not cure any Event of
          Default caused by this change.

     5.3  Bank assumes no duty of performance or other responsibility under any
          contracts contained within the Collateral.

     5.4  Bank has the right to sell, assign, transfer, negotiate or grant
          participations or any interest in, any or all of the Indebtedness and
          any related obligations, including without limit this Agreement. In
          connection with the above, but without limiting its ability to make
          other disclosures to the full extent allowable, Bank may disclose all
          documents and information which Bank now or later has relating to the
          undersigned, the Indebtedness or this Agreement, however obtained. The
          undersigned further agrees that Bank may provide information relating
          to this Agreement or relating to the undersigned or the Indebtedness
          to the Bank's parent, affiliates, subsidiaries, and service providers.

     5.5  The undersigned, to the extent not expressly prohibited by applicable
          law, waives any right to require the Bank to: (a) proceed against any
          person or property; (b) give notice of the terms, time and place of
          any public or private sale of personal property security held from
          Borrower or any other person, or otherwise comply with the provisions
          of Sections 9.611 or 9.621 of the Uniform Commercial Code; or (c)
          pursue any other remedy in the Bank's power. The undersigned waives
          notice of acceptance of this Agreement and presentment, demand,
          protest, notice of protest, dishonor, notice of dishonor, notice of
          default, notice of intent to accelerate or demand payment of any
          Indebtedness, any and all other notices to which the undersigned might
          otherwise be entitled, and diligence in collecting any Indebtedness,
          and agree(s) that the Bank may, once or any number of times, modify
          the terms of any Indebtedness, compromise, extend, increase,
          accelerate, renew or forbear to enforce payment of any or all
          Indebtedness, or permit Borrower to incur additional Indebtedness, all
          without notice to the undersigned and without affecting in any manner
          the unconditional obligation of the undersigned under this Agreement.
          The undersigned unconditionally and irrevocably waives each and every
          defense and setoff of any nature which, under principles of guaranty
          or otherwise, would operate to impair or diminish in any way the
          obligation of the undersigned under this Agreement, and acknowledges
          that such waiver is by this reference incorporated into each security
          agreement, collateral assignment, pledge and/or other document from
          the undersigned now or later securing the Indebtedness, and
          acknowledges that as of the date of this Agreement no such defense or
          setoff exists.

     5.6  The undersigned waives any and all rights (whether by subrogation,
          indemnity, reimbursement, or otherwise) to recover from Borrower any
          amounts paid or the value of any Collateral pledged by the undersigned
          pursuant to this Agreement.

     5.7  In the event that applicable law shall obligate Bank to give prior
          notice to the undersigned of any action to be taken under this
          Agreement, the undersigned agrees that a written notice given to the
          undersigned at least ten days before the date of the act shall be
          reasonable notice of the act and, specifically, reasonable
          notification of the time and place of any public sale or of the time
          after which any private sale, lease, or other disposition is to be
          made, unless a shorter notice period is reasonable under the
          circumstances. A notice shall be deemed to be given under this
          Agreement when delivered to the undersigned or when placed in an
          envelope addressed to the undersigned and deposited, with postage
          prepaid, in a post office or official depository under the exclusive
          care and custody of the United States Postal Service or delivered to
          an overnight courier. The mailing shall be by overnight courier,
          certified, or first class mail.

     5.8  Notwithstanding any prior revocation, termination, surrender, or
          discharge of this Agreement in whole or in part, the effectiveness of
          this Agreement shall automatically continue or be reinstated in the
          event that any payment received or credit given by Bank in respect of
          the Indebtedness is returned, disgorged, or rescinded under any
          applicable law, including, without limitation, bankruptcy or
          insolvency laws, in which case this Agreement, shall be enforceable
          against the undersigned as if the returned, disgorged, or rescinded
          payment or credit had not been received or given by Bank, and whether
          or not Bank relied upon

                                       7

<PAGE>

          this payment or credit or changed its position as a consequence of it.
          In the event of continuation or reinstatement of this Agreement, the
          undersigned agrees upon demand by Bank to execute and deliver to Bank
          those documents which Bank determines are appropriate to further
          evidence (in the public records or otherwise) this continuation or
          reinstatement, although the failure of the undersigned to do so shall
          not affect in any way the reinstatement or continuation.

     5.9  This Agreement and all the rights and remedies of Bank under this
          Agreement shall inure to the benefit of Bank's successors and assigns
          and to any other holder who derives from Bank title to or an interest
          in the Indebtedness or any portion of it, and shall bind the
          undersigned and the heirs, legal representatives, successors, and
          assigns of the undersigned. Nothing in this Section 5.9 is deemed a
          consent by Bank to any assignment by the undersigned.

     5.10 If there is more than one the undersigned, all undertakings,
          warranties and covenants made by the undersigned and all rights,
          powers and authorities given to or conferred upon Bank are made or
          given jointly and severally.

     5.11 Except as otherwise provided in this Agreement, all terms in this
          Agreement have the meanings assigned to them in Article 9 (or, absent
          definition in Article 9, in any other Article) of the Uniform
          Commercial Code, as those meanings may be amended, revised or replaced
          from time to time. "Uniform Commercial Code" means the California
          Commercial Code, as amended, revised or replaced from time to time.
          Notwithstanding the foregoing, the parties intend that the terms used
          herein which are defined in the Uniform Commercial Code have, at all
          times, the broadest and most inclusive meanings possible. Accordingly,
          if the Uniform Commercial Code shall in the future be amended or held
          by a court to define any term used herein more broadly or inclusively
          than the Uniform Commercial Code in effect on the date of this
          Agreement, then such term, as used herein, shall be given such
          broadened meaning. If the Uniform Commercial Code shall in the future
          be amended or held by a court to define any term used herein more
          narrowly, or less inclusively, than the Uniform Commercial Code in
          effect on the date of this Agreement, such amendment or holding shall
          be disregarded in defining terms used in this Agreement.

     5.12 No single or partial exercise, or delay in the exercise, of any right
          or power under this Agreement, shall preclude other or further
          exercise of the rights and powers under this Agreement. The
          unenforceability of any provision of this Agreement shall not affect
          the enforceability of the remainder of this Agreement. This Agreement
          constitutes the entire agreement of the undersigned and Bank with
          respect to the subject matter of this Agreement. No amendment or
          modification of this Agreement shall be effective unless the same
          shall be in writing and signed by the undersigned and an authorized
          officer of Bank. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
          ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF CALIFORNIA, WITHOUT
          REGARD TO CONFLICT OF LAWS PRINCIPLES.

     5.13 Debtor represents and warrants that Debtor's exact name is the name
          set forth in this Agreement. Debtor further represents and warrants
          the following and agrees that Debtor is, and at all times shall be,
          located in the following place:

          Debtor is a registered organization which is organized under the laws
          of one of the states comprising the United States (e.g. corporation,
          limited partnership, registered limited liability partnership or
          limited liability company), and Debtor is located (as determined
          pursuant to the Uniform Commercial Code) in the state under the laws
          of which it was organized, which is Delaware.

     5.14 A carbon, photographic or other reproduction of this Agreement shall
          be sufficient as a financing statement under the Uniform Commercial
          Code and may be filed by Bank in any filing office.

     5.15 This Agreement shall be terminated only by the filing of a termination
          statement in accordance with the applicable provisions of the Uniform
          Commercial Code, but the obligations contained in Section 2.16 of this
          Agreement shall survive termination.

                                       8

<PAGE>

     5.16 Debtor agrees to reimburse the Bank upon demand for any and all costs
          and expenses (including, without limit, court costs, legal expenses
          and reasonable attorneys' fees, whether inside or outside counsel is
          used, whether or not suit instituted and, if suit it instituted,
          whether at the trial court level, appellate level, in a bankruptcy,
          probate or administrative proceeding or otherwise) incurred in
          enforcing or attempting to enforce this Agreement or in exercising or
          attempting to exercise any right or remedy under this Agreement or
          incurred in any other matter or proceeding relating to this Security
          Agreement

6.   Intentionally omitted.

7.   THE UNDERSIGNED AND BANK ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A
     CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. EACH PARTY, AFTER CONSULTING
     (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR CHOICE,
     KNOWINGLY AND VOLUNTARILY, AND FOR THEIR MUTUAL BENEFIT WAIVES ANY RIGHT TO
     TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING THE PERFORMANCE OR
     ENFORCEMENT OF, OR IN ANY WAY RELATED TO, THIS AGREEMENT OR THE
     INDEBTEDNESS.

8.   THIS WRITTEN LOAN AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE
     PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS,
     OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
     AGREEMENTS BETWEEN THE PARTIES.

                   REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

                                       9

<PAGE>

DEBTOR:                                     BANK:

PFSWEB, INC., a Delaware corporation        COMERICA BANK-CALIFORNIA, a
                                             California banking corporation

By:
   ----------------------------------       By:
Signature of:                                  ---------------------------------
             ------------------------          Steven Moiles
Its:                                           Vice President
    ---------------------------------
                  Title

                                       10

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