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REVCARE INC
·
8-K
Sep 12, 2:54 PM ET
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REVCARE INC 8-K
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Contents
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(a) All goods, inventory, merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products including such inventory as is temporarily out of Debtor’s custody or possession or in transit and including any returns upon any accounts or other proceeds, including insurance proceeds, resulting from the sale or disposition of any of the foregoing and any documents of title representing any of the above;
(b) All general intangibles (other than the “Intellectual Property” described in paragraph (e)), contract right, leases, license agreements, franchise agreements, blueprints, drawings, purchase orders, customer lists, route lists, infringements, claims, computer programs, computer discs, computer tapes, literature, reports, catalogs, design rights, income tax refunds, payments of insurance and rights to payment of any kind;
(c) All accounts, contract rights, royalties, license rights and all other forms of obligations owing to Debtor, whether or not arising out of the sale or lease of goods, the licensing of technology or the rendering of services by Debtor, and whether or not earned by performance, and any and all credit insurance, guaranties, and other security therefor, as well as all merchandise returned to or reclaimed by Debtor;
(d) All documents, cash, deposit accounts, securities, investment property, letters of credit, certificates of deposit, instruments and chattel paper and Debtor’s books relating to the foregoing;
(e) All goodwill, trademarks, servicemarks, trade styles, trade names, patents, patent applications, copyright rights, copyright applications, copyright registrations and like protections in each work of authorship and derivative work thereof, whether published or unpublished; all trade secret rights, including all rights to unpatented inventions, know-how, operating manuals, license rights and agreements and confidential information, now owned or hereafter acquired; all mask work or similar rights available for the protection of semiconductor chips; all claims for damages by way of any past, present and future infringement of any of the foregoing, collectively the “Intellectual Property”. Lender’s Security Interest in any Intellectual Property is only to the extent that (i) such Intellectual Property is proceeds of collateral other than Intellectual Property or (ii) any collateral described in paragraph (c) above is proceeds of such Intellectual Property; and
(f) All Debtor’s books relating to the foregoing and any and all claims, rights and interests in any of the above and all substitutions for, additions and accessions to and proceeds thereof.
(g) All shares of capital stock in OCPS held by Debtor (the “Shares”); and
(h) All proceeds of, and all other profits, rentals or receipts, in whatever form, arising from the collection, sale, lease, exchange, assignment, licensing or other disposition of, or realization upon, any of the Collateral described in subclauses (a) through (g) above including, without limitation, all claims of Debtor against third parties for loss of, damage to or destruction of, or for proceeds payable under, or unearned premiums with respect to, policies of insurance with respect to any Collateral, and any condemnation or requisition payments with respect to any Collateral, in each case whether now existing or hereafter arising.
2.1 Those arising under the Perez Note;
2.2 Those arising under the New FBR Notes;
2.3 Those arising under any debt or convertible debt instruments issued by Debtor in an aggregate principal amount not to exceed $5,000,000, which may be issued by Debtor at any time over the next four (4) years, with a maturity not to exceed eight (8) years, from the date hereof, provided such instruments are approved by FBR.
4.1 Other Documents and Actions. Debtor will, from time to time, promptly execute and deliver all further instruments and documents and take all further action that may be necessary or desirable, or that the Secured Parties may reasonably request, in order to perfect and protect the security interests granted hereby or to enable the Secured Parties to exercise and enforce their rights and remedies hereunder with respect to any Collateral. Without limiting the generality of the foregoing, Debtor will: (a) execute and file such financing or continuation statements, or amendments thereto, and such other instruments or notices, as may be necessary or desirable, or as the Secured Parties may request, in order to perfect and preserve the security interests granted hereby and (b) upon the Secured Parties’ reasonable request, appear in and defend any action or proceeding that may affect Debtor’s title to or the security interests of the Secured Parties in the Collateral.
4.2 The Secured Parties Authorized. Debtor hereby authorizes the Secured Parties to file one or more financing or continuation statements, and amendments thereto, relating to all or any part of the Collateral without the signature of Debtor to the extent permitted by law.
4.3 Taxes and Claims. Debtor will pay promptly when due all property and other taxes, assessments and governmental charges or levies imposed upon, and all claims against, the Collateral (including claims for labor, materials and supplies), except to the extent the validity thereof is being contested in good faith.
4.4 Insurance. Debtor shall insure the Collateral against risk of loss or damage by fire, including extended coverage, theft, and other casualties in an amount equal to the full replacement cost thereof, without deduction for depreciation.
4.5 Corporate or Name Change. Debtor will give the Secured Parties sixty (60) days prior written notice of any change in Debtor’s name, identity, corporate structure or place of business.
4.6 No Distributions. OCPS shall not, and Debtor shall not cause OCPS to, pay any dividend or make any distribution to Debtor in respect of the Shares; provided, however, that nothing contained herein shall prohibit payments of the Secured Obligations out of the assets of OCPS.
(a) sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant any option with respect to, any of the Collateral, except in the ordinary course of business; or
(b) create or suffer to exist any lien, security interest or other charge or encumbrance upon or with respect to any of the Collateral to secure indebtedness of any person except in the ordinary course of business, as disclosed on Schedule 1 or as otherwise permitted by the Secured Obligations or under this Agreement.
(a) Debtor and the Secured Parties hereby designate , to act as the pledgeholder (the “Pledgeholder”) of the Shares during the term of this Agreement. Except as provided above, the designated Pledgeholder may be changed only upon the mutual consent of the parties. Concurrently with the execution of this Agreement, Debtor shall deliver to Pledgeholder a certificate registered in the name of Debtor with separate stock assignment forms endorsed in blank and undated evidencing the Shares to be held by Pledgeholder in accordance with the terms of this Agreement. Debtor agrees to deposit with Pledgeholder in the same manner all additional share certificates evidencing additional Shares which may from time to time be issued by OCPS to Debtor during the term of this Agreement.
(b) Pledgeholder is not the agent of the Secured Parties or Debtor for the purposes of the Pledgeholder’s duties hereunder and is not responsible for knowing or interpreting any provision of the Secured Obligations or this Agreement. Pledgeholder shall perform his duties and obligations under this Agreement only upon receipt of written instructions of either the Secured Parties or Debtor, as the case may be, or their authorized agents or representatives. Copies of all instructions delivered to Pledgeholder shall concurrently be delivered to the noninstructing party at the address set forth on the signature page.
(c) In the event Pledgeholder receives conflicting instructions or demands or an objection to any one set of instructions, Pledgeholder shall immediately notify the parties of such conflict or objection and shall take no action of any nature whatsoever so long as such conflict or objection continues. In so doing, Pledgeholder shall not be or become liable for any damages to the parties for Pledgeholder’s failure to comply with conflicting demands or instructions. Pledgeholder shall continue to refrain from taking any action until all differences have been resolved by the mutual agreement of the parties, a copy of which shall be delivered to Pledgeholder, or until the rights of the parties have been finally adjudicated in a court of proper
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jurisdiction. Upon the request of either Debtor or the Secured Parties, Pledgeholder shall file a suit in interpleader or for a declaratory judgment for the purpose of having the respective rights of the parties adjudicated in respect to this Agreement and the Shares held by Pledgeholder. The parties jointly and severally agree to pay all costs and expenses, including reasonable attorneys’ fees, incurred by Pledgeholder; provided, however, the prevailing party in such action shall have the right to reimbursement from the other party for all costs and expenses including attorneys’ fees paid by such prevailing party to Pledgeholder pursuant to this Agreement.
(d) The parties shall jointly and severally indemnify, defend and hold Pledgeholder harmless from and against any and all claims, losses and liabilities, including attorneys’ fees, arising out of or in connection with serving as Pledgeholder, provided Pledgeholder shall not be indemnified for bad faith conduct or intentional misconduct.
(e) The parties agree so long as there is no default under the Secured Obligations or this Agreement, the Shares shall be held of record by Debtor. In the event of default, the Shares shall be held of record by the Secured Parties, and they may vote the Shares for all purposes as they determine in their sole discretion.
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