Document:

exv10w23

Exhibit
10.23

	 	 	 
	DEBTOR NAME AND ADDRESS

	 	          SECURED PARTY NAME AND ADDRESS
	 
	 	 
	 

	 	Brooke Credit Corporation
	 

	 	10950 Grandview Dr., Ste. #600
	 

	 	Overland Park, KS 66210
	Type:
o individual
o partnership þ
corporation o                    
	 	 
	State of organization/registration
(if applicable) DE                     

                    
	 	 
	o if checked, refer to addendum for additional
Debtors and signatures.

	 	 

COMMERCIAL
SECURITY AGREEMENT

The date
of this Commercial Security Agreement (Agreement) is 09-27-2007.

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)
o Debtor
þ SunCoast Holdings, Inc.,
Brandywine Insurance Holdings, Inc., SunCoast Capital, Inc., Patriot
Risk Services, Inc., Patriot Risk Management, Inc., and Patriot Risk
Management of Florida, Inc. (Borrower) owes to Secured Party:

	 	o	 	Specific Debts. The following debts and all extensions, renewals, refinancings, modifications,
and replacements (describe):
	 
	 	þ	 	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 or
performance of the Property. “Proceeds” includes anything acquired 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 to Debtor or Borrower.

PROPERTY DESCRIPTION. The Property is described as follows:

	 	þ	 	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.
	 
	 	þ	 	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.
	 
	 	þ	 	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.
	 
	 	þ	 	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.
	 
	 	þ	 	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.
	 
	 	þ	 	Documents: All documents of title including, but not limited to, bills of lading, dock warrants
and receipts, and warehouse receipts.
	 
	 	o	 	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.
	 
	 	þ	 	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.
	 
	 	þ	 	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.
	 
	 	þ	 	Deposit Accounts: All deposit accounts including, but not limited to, demand, time, savings,
passbook, and similar accounts.
	 
	 	þ	 	Specific Property Description: The Property includes, but is not limited by, the following (if
required, provide real estate description):
	 
	 	 	 	See Extension of Security Agreement

     USE OF PROPERTY. The Property will be used for
o personal
þ
business o agricultural 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.

	 	 	 
	DEBTOR

	 	SECURED PARTY
	 

	 	Brooke Credit Corporation
	 
	 	 
	 

	 	/s/ Micheal Lowry
	 

	 	 
	 

	 	Micheal Lowry
	 

	 	President and CEO

			
	

    © 2000 Bankers Systems, Inc., St. Cloud, MN Form SA-BUS 7/24/2001	  	(page 1 of 2)

 

GENERAL PROVISIONS. Each Debtor’s obligations under this Agreement are independent of the
obligations of any other Debtor. Secured Party may sue each Debtor individually or together with any
other Debtor. Secured Party may release any part of the Property and Debtor will remain obligated
under this Agreement. The duties and benefits of this Agreement will bind the successors and
assigns of Debtors and Secured Party. No modification of this Agreement is effective unless made in
writing and signed by Debtor and Secured Party. Whenever used, the plural includes the singular and
the singular includes the plural. Time is of the essence.

APPLICABLE LAW. This Agreement is governed by the laws of the state in which Secured Party is
located. In the event of a dispute, the exclusive forum, venue, and
place of jurisdiction will be
the state in which Secured Party is located, unless otherwise required by law. If any provision of this
Agreements unenforceable by law, the unenforceable provision will be
severed and the remaining
provisions will still be enforceable.

NAME AND LOCATION. Debtor’s name indicated on page 1 is Debtor’s exact legal name. If Debtor is an
Individual, Debtor’s address is Debtor’s principal
residence. If Debtor is not an individual,
Debtor’s address is the location of Debtor’s chief
executive offices or sole place of business. If
Debtor is an entity organized and registered under state law. Debtor has provided Debtor’s state of
registration on page 1. Debtor will provide verification of registration and location upon Secured
Party’s request. Debtor will provide Secured Party with at least 30 days
notice prior to any change
in Debtor’s name, address, or state of organization or
registration.

WARRANTIES AND REPRESENTATIONS. Debtor has the right, authority, and power to enter into this
Agreement. The execution and delivery of this Agreement will not violate any agreement governing
Debtor or Debtor’s property, or to which Debtor is a party. Debtor mates the following warranties
and representations which continue as long as this Agreement is in effect:

	(1)	 	Debtor is duly organized and validly existing in all
jurisdictions in which Debtor does business;
	 
	(2)	 	the execution and performance of the terms of this Agreement have been duly authorized, have
received all necessary governmental approval, and will not violate any provision of law or
order;
	 
	(3)	 	other than previously disclosed in Secured Party, Debtor has
not changed Debtor’s name or
principal place of business within the last 10 years and has not used any other trade or
fictitious name; and
	 
	(4)	 	Debtor does not and will not use any other name without Secured Party’s prior written consent.

Debtor owns all of the Property, and Secured Party’s claim to the Property is ahead of the claims
of any other creditor, except as otherwise agreed and disclosed to Secured Party prior to any
advance on the Secured Debts. The Property has not been used for any purpose that would violate any
laws or subject the Property to forfeiture or seizure.

DUTIES TOWARD PROPERTY. Debtor will protect the Property and Secured Party’s interest against any
competing claim. Except as otherwise agreed, Debtor will keep the Property in Debtor’s possession
at the address indicated on page 1 of this Agreement. Debtor will
keep the Property in good repair
and use the Property only for purposes specified on page 1. Debtor will not use the Property in
violation of any law and will pay all taxes and assessments levied or assessed against the
Property. Secured Party has the right of reasonable access to inspect the Property, including the
right to require Debtor to assemble and make the Property available to Secured Party. Debtor will
immediately notify Secured Party of any loss or damage to the Property. Debtor will prepare and
Keep books, records and accounts about the Property and Debtor’s business, to which Debtor will
allow Secured Party reasonable access.

Debtor will not sell, offer to sell, license, lease, or otherwise transfer or encumber the Property
without Secured Party’s prior written consent. Any disposition of the Property will violate Secured
Party’s rights, unless the Property is inventory sold in the ordinary course of business at fair
market value. If the Property includes chattel paper or instruments, either as original collateral
or as proceeds of the Property. Debtor will record Secured Party’s interest on the face of the
chatted paper or instruments.

If the Property includes accounts, Debtor will not settle any account for less than the full value,
dispose of the account by assignment, or make any material change in the terms of any account
without Secured Party’s prior written consent. Debtor will collect all accounts in the ordinary
course of business, unless otherwise required by Secured Party. Debtor will keep the proceeds of
the accounts, and any goods returned to Debtor, in trust for Secured
Party and will not commingle the proceeds or returned goods with any of the Debtor’s other
property. Secured Party has the right to require Debtor to pay Secured Party the full price on any
returned items. Secured Party may require account debtors to make payments under the accounts
directly to Secured Party. Debtor will deliver the accounts to Secured Party at Secured Party’s
request. Debtor will give Secured Party all statements, reports,
certificates, lists of account
debtors (showing names, addresses, and amounts owing), invoices applicable to each account, and any
other data pertaining to the accounts as Secured Party requests.

If the Property includes farm products, Debtor will provide Secured Party with a list of the
buyers, commission merchants, and selling agents to or through whom Debtor may sell the farm
products. Debtor authorizes Secured Party to notify any additional parties regarding Secured
Party’s interest in Debtor’s farm products, unless prohibited by law. Debtor agrees to plant,
cultivate, and harvest crops in due season. Debtor will be in default if any loan proceeds are used
for a purpose that will contribute to excessive erosion of highly erodible land or to the
conversion of wetland to produce or to make possible the production of an agricultural commodity,
further explained in 7 CFR Part 1940, Subpart G, Exhibit M. If Debtor pledges the Property to
Secured Party (delivers the Property into the possession or control of Secured Party or a
designated third party). Debtor will, upon receipt, deliver any proceeds and products of the
Property to Secured Party. Debtor will provide Secured Party with any notices, documents, financial
statements, reports, and other information relating to the Property Debtor receives as the owner of
the Property.

PERFECTION OF SECURITY INTEREST. Debtor authorizes Secured Party to file a financing statement
covering the Property. Debtor will comply with, facilitate, and otherwise assist Secured Party in
connection with obtaining possession or control over the Property for purposes of perfecting
Secured Party’s interest under the Uniform Commercial Code.

INSURANCE. Debtor agrees to keep the Property issued against the risks reasonably associated with
the Property until the Property is released from this Agreement. Debtor will maintain this
insurance in the amounts Secured Party requires. Debtor may choose the insurance company, subject
to Secured Party’s approval, which will not be unreasonably withheld Debtor will have the
insurance provider name Secured Party as loss payee on the insurance policy. Debtor will give
Secured Party and the insurance provider immediate notice of any loss. Secured Party may apply the
insurance proceeds toward the Secured Debts. Secured Party may require additional security as a
condition of permitting any insurance proceeds to be used to repair or replace the Property. If
Secured Party acquires the Property in damaged condition, Debtor’s rights to any insurance policies
and proceeds will pass to Secured Party to the extent of the Secured Debts. Debtor will immediately
notify Secured Party of the cancellation or termination of insurance. If Debtor fails to keep the
Property insured, or fails to provide Secured Party with proof of insurance, Secured Party may
obtain insurance to protect Secured Party’s interest in the Property. The insurance may include
coverages not originally required of Debtor, may be written by a company other than one Debtor
would choose, and may be written at a higher rate than Debtor could obtain if Debtor purchased the
insurance.

AUTHORITY TO PERFORM. Debtor authorizes Secured Party to do anything Secured Party deems reasonably
necessary to protect the Property and Secured Party’s interest in the Property. If Debtor fails to
perform any of Debtor’s duties under this Agreement, Secured Party is authorized, without notice to
Debtor, to perform the duties or cause them to be performed. These authorizations include, but are
not limited to, permission to pay for the repair, maintenance, and preservation of the Property and
take any action to realize the value of the Property. Secured Party’s authority to perform for
Debtor does not create an obligation to perform, and Secured Party’s failure to perform will not
preclude Secured Party from exercising any other rights under the law or this Agreement. If Secured
Party performs for Debtor, Secured Party will use reasonable care. Reasonable care will not include
any steps necessary to preserve rights against prior parties or any duty to take action in
connection with the management of the Property.

If Secured Party comes into possession of the Property, Secured Party will preserve and protect the
Property to the extent required by law. Secured Party’s duty of care with respect to the Property
will be satisfied if Secured Party exercises reasonable care in the safekeeping of the Property or
in the selection of a third party in possession of the Property.

Secured Party may enforce the obligations of an account debtor or other person obligated on the
Property, Secured Party may exercise Debtor’s rights with respect to the account debtor’s or other
person’s obligations to make payment or otherwise render performance to Debtor, and enforce any
security interest that secures such obligations.

PURCHASE MONEY SECURITY INTEREST. If the Property includes items purchased with the Secured Debts,
the Property purchased with the Secured Debts will remain subject to Secured Party’s security
interest until the Secured Debts are paid in full. Payments on any non-purchase money loan also
secured by this Agreement will not be applied to the purchase money loan. Payments on the purchase
money loan will be applied first to the non-purchase money portion of the loan. If any, and then to
the purchase money portion in the order in which the purchase money
Property was acquired. If the
purchase money Property was acquired at the same time, payments will be applied in the order
Secured Party selects. No security interest will be terminated by application of this formula.

DEFAULT. Debtor will be in default If:

	(1)	 	Debtor (or Borrower, if not the same) fails to make a payment in full when due;
	 
	(2)	 	Debtor fails to perform any condition or keep any covenant on this or any debt or agreement
Debtor has with Secured Party;
	 
	(3)	 	a default occurs under the terms of any instrument or agreement evidencing or pertaining to
the Secured Debts;
	 
	(4)	 	anything else happens that either causes Secured Party to reasonably believe that Secured
Party will have difficulty in collecting the Secured Debts or significantly impairs the value
of the Property.

REMEDIES. After Debtor defaults, and after Secured Party gives any legally required notice and
opportunity to cure the default, Secured Party may at Secured Party’s option do any one or more of the following:

	(1)	 	make all or any part of the Secured Debts immediately due and accrue interest at the highest
post-maturity interest rate;
	 
	(2)	 	require Debtor to gather the Property and make it available to Secured Party in a reasonable
fashion;
	 
	(3)	 	enter upon Debtor’s premises and take possession of all or any part of Debtor’s property for
purposes of preserving the Property or its value and use and operate Debtor’s property to
protect Secured Party’s interest, all without payment or compensation to Debtor;
	 
	(4)	 	use any remedy allowed by state or federal law, or provided in any agreement evidencing or
pertaining to the Secured Debts.

If Secured Party repossesses the Property or enforces the obligations of an account debtor, Secured
Party may keep or dispose of the Property as provided by law. Secured Party will apply the proceeds
of any collection or disposition first to Secured Party’s expenses of enforcement, which includes
reasonable attorneys’ fees and legal expenses to the extent not prohibited by law, and then to the
Secured Debts. Debtor (or Borrower, if not the same) will be liable for the deficiency, if any.

By choosing any one or more of these remedies, Secured Party does not give up the right to use any
other remedy. Secured Party does not waive a default by not using a remedy.

WAIVER. Debtor waives all claims for damages caused by Secured Party’s acts or omissions where
Secured Party acts in good faith.

NOTICE AND ADDITIONAL DOCUMENTS. Where notice is required, Debtor agrees that 10 days prior written
notice will be reasonable notice to Debtor under the Uniform Commercial Code. Notice to one party
is notice to all parties. Debtor agrees to sign, deliver, and file any additional documents and
certifications Secured Party considers necessary to perfect, continue, or preserve Debtor’s
obligations under this Agreement and to confirm Secured Party’s lien status on the Property.

			
	 	 	 
	 © Bankers Systems, Inc., St. Cloud, MN Form SA-BUS 7/24/2001

(page 2 of 2)exv10w24

Exhibit 10.24

	 	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	 

	 	Brooke Credit Corporation
	 	EXTENSION OF SECURITY
	 	 	 	 	 
	 

	 	 

	 	10950 Grandview Dr.,Ste. #600
	 	AGREEMENT DATED:
	 	 	 	 	 
	 

	 	 

	 	Overland Park, KS 66210
	 	     09-27-2007
	 	 	 	 	 
	 
	 	 	 	 	 	 
	DEBTOR’S NAME AND ADDRESS
	 	SECURED PARTY’S NAME AND ADDRESS	 	 

     For value received, the Debtor hereby grants the Secured Party a security interest in the
following additional collateral:

(a) All of Debtor’s personal property, whether tangible or intangible, and all of Debtor’s
interest in property and fixtures, now owned or existing or hereafter acquired and wherever
located, including without limitation, the following: (i) all furniture, inventory, machinery,
vehicles, equipment, goods and supplies; (ii) all accounts, including without limitation, the
debtor’s depository accounts; (iii) all instruments,
documents (including, without limitation, the
customer files), policies and certificates of insurance, securities, negotiable instruments, money,
chattel paper, investment property, deposits, warehouse receipts and things in action; (iv) all
general intangibles and rights to payment or proceeds of any kind, including without limitation,
rights to insurance premiums, rights to insurance and reinsurance proceeds, dividends,
distributions, proceeds and letter of credit proceeds; (v) all documents and contract rights and
interests of any kind, including without limitation, the rights and interests set forth in any
agency/producer agreement and insurance policy, and the rights and interests set forth in all
Material Agency Agreements and in all Managing Agreements with any Insurance Entity; (vi) all
intellectual property rights and similar assets, including without limitation trademark rights,
service mark rights, rights to licenses and rights to names, customer lists, trade secrets,
goodwill, trade names, permits and franchises, payment intangibles, computer programs, etc.;

(b) All
of SunCoast Holdings, Inc.’s (“SH”) right, title and
interest in Brandywine Insurance
Holdings, Inc. (“BIH”) and Patriot Risk Management, Inc., a Delaware corporation (“PRM”), whether
evidenced by stock certificates or otherwise, together with all dividends and other income,
payments and distributions of any kind payable to SH in its capacity as the sole stockholder of
BIH and PRM;

(c) All telephone numbers, rights to the lease of office space, post office boxes or other mailing
addresses, rights to trademarks and use of trade names, rights to software licenses,
and rents received by Debtor for the lease of office space;

(d) All deposit accounts, disbursement accounts, accounts receivable, commission receivables,
economic interest of Debtor, all chattel paper, contract rights, instruments, documents,
general intangibles, inventory and goods in procoss of Debtor, whether now in existence or owned
or hereafter coming into existence or acquired, wherever located, and all returned
goods, and repossessions end replacements thereof;

(e) All commissions, policy fees, service fees, underwriting fees, claims fees, administrative and
processing fees, fronting fees, risk menagemant and loss/cost control fees, investment
income, management fees (including without limitation, case and captive management fees), premium
finance revenues, reinsurance brokerage commissions end all other revenue
collectively, “Revenue” payable to Debtor and any assignment thereof;

(f) All “MGA Operations’’ being defined hereunder as Debtor’s policy administration agreements,
related service fees, and any agency, producer, broker, and managing general agency agreements or
similar such contracts (collectively, “Managing Agreements”) with any insurance company,
reinsurance company, managing general agency, broker or other insurance supplier (collectively,
“Insurance Entities”), the policies Debtor has written or placed pursuant to such agreements, the
right to commissions and policy fees (new, renewal, additional or other) for any of the foregoing,
and Debtor’s customer list and policy information for said customers, and with respect to all of
the foregoing, whether now owned by Debtor or at any time hereafter acquired;

(g) Any property, tangible or intangible, in which Debtor grants Secured Party a security
interest in any other Loan Document;

(h) All “Premium Finance Operations” being defined hereunder as Debtor’s or their affiliates
existing or future premium finance business, all tangible and Intangible property associated
therewith, and all Revanue less amounts due Insurance Entities) derived directly or indirectly
therefrom; and

(i) All additions, attachments, parts, repairs, accessories, accessions, replacements and
substitutions to or for any of the foregoing and any proceeds and products of the above
described property.

     By signing below, Debtor acknowledges that this document describes additional collateral
which Is subject to all terms and conditions of the Security Agreement referred to above.

Authorized Signature(s) of Secured Party — sign below only If filing this document.

	 	 	 	 	 
	 

	 	Debtor	 	 
	 

	 	 	 	 
	 

	 	 	 	TITLE
	 

	 	Debtor	 	 
	 

	 	 	 	 
	 

	 	 	 	TITLE
	 

	 	Debtor	 	 
	 

	 	 	 	 
	 

	 	 	 	 TITLE

© 1984.
1990 BANKERS SYSTEMS, INC., ST. CLOUD, MN 56301
(1-800-397-2341) FORM SA-E 3/7/90

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