"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: ... "
"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."
"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?
"4.11 Debt Service. The Company agrees that as long as any principal balance remains outstanding under the Notes, 50% of the net proceeds from all of the following will be used to reduce the principal balance of the Notes: (i) sales of the Company�s assets (other than sales of inventory in the ordinary course of business); ..."
Must half of the proceeds from the sale of Dolphin non-gaming assets go toward Bricoleur note repayment?
IF there were a market for the Bricoleur notes, at what price would they trade? I think that they would trade at less than face value.