termination of agreement...
posted on
Sep 18, 2012 05:12PM
current 99.2 termination..
"In acknowledgment of this letter both Duane Morris and e.Digital hereby agree that, other than e.Digital's obligation to pay Duane Morris its share of any remaining Ikegami royalty payments, the termination is in full, with no residual rights or obligations on behalf of either party, specifically with regard to paragraph 5, "Miscellaneous'', and associated "Lien" and "Security Interest" outlined in the paragraph."
The highlight should point to instrument 99.1 agreement between e.Digital and DM.
From the 99.1 agreement between e.Digital and DM
"5. Miscellaneous .
a. The Company hereby grants Duane Morris a lien which attaches to all claims,
causes of action, and recoveries by the Company, which lien shall secure all
amounts payable to Duane Morris pursuant to this Agreement or otherwise. Subject
to any outstanding liens for financing, the Company also grants a security interest to
Duane Morris in the Norris Patents to secure the Company?s obligations under the
terms of this Agreement, including but not limited to, Duane Morris? right to 15% of
the reasonable value of the Norris Patents in the event of an Alternative Transaction.
The Company will cooperate in signing such documents as Duane Morris reasonably
believes to be necessary to perfect its security interest in the Norris Patents."
We shold then see a formal filing for release of lien and the 15% security interest....???
doni