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Entertainment Gaming Asia Inc. Message Board

  • pjv2xyw9dww4b5 pjv2xyw9dww4b5 Dec 14, 2006 1:28 PM Flag

    Dolphin non-gaming assets

    In the SECURITY AGREEMENT ( http://sec.gov/Archives/edgar/data/1004673/000114420406018877/v042172_ex10-3.htm ) "by and among VendingData Corporation, a Nevada corporation ("Grantor"), and each of Bricoleur Partners, L.P., Bricoleur Enhanced, L.P., BRIC 6, L.P. and Bricoleur Offshore Ltd. ("Secured Parties")" are:

    "1.2 "Collateral" means and includes all present and future right, title and interest of Grantor in and to all of the assets of the Grantor, wherever located and whether presently owned or after acquired, including but not limited to: ... "

    and

    "2. Creation of Security Interest. Grantor hereby grants to Secured Parties to the extent permitted by law a security interest in and to all right, title and interest of Grantor in and to all presently existing and hereafter acquired Collateral. The security interest and pledge created by this Section 2 shall continue in effect so long as any of the Obligations (as defined below) remains unpaid."

    and

    "4. Representations, Warranties and Agreements. The Grantor hereby represents, warrants and agrees as follows:

    4.1 Title. The Grantor (i) has absolute title to each item of Collateral in existence on the date hereof, free and clear of all Liens except the Permitted Liens, (ii) will have, at the time the Grantor acquires any rights in the Collateral hereafter arising, absolute title to each such item of the Collateral, free and clear of all Liens except the Permitted Liens, (iii) will keep all of the Collateral free and clear of all Liens except the Permitted Liens, and (iv) will defend the Collateral against all claims or demands of all persons other than the Secured Parties. The Grantor will not sell or otherwise dispose of the Collateral or any interest therein, outside the ordinary course of business, without the prior written consent of the Secured Parties."

    Are Dolphin non-gaming assets "Collateral?" Will VNX need Bricoleur's permission to sell them? Would "Collateral" be viable security for the $3.50 per share price guarantee to Synwood/Purton? Could proceeds from the sale of "Collateral" be spent freely? Is PJ playing the piano for the cows again?

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