Common use of DEFINITION OF PLEDGED PROPERTY Clause in Contracts

DEFINITION OF PLEDGED PROPERTY. For the purpose of securing prompt and complete payment and performance by the Company of all of the Obligations, the Company unconditionally and irrevocably hereby grants to the Secured Party a continuing security interest in and to, and lien upon, the following Pledged Property of the Company: all goods of the Company, including, without limitation, machinery, equipment, furniture, furnishings, fixtures, signs, lights, tools, parts, supplies and motor vehicles of every kind and description, now or hereafter owned by the Company or in which the Company may have or may hereafter acquire any interest, and all replacements, additions, accessions, substitutions and proceeds thereof, arising from the sale or disposition thereof, and where applicable, the proceeds of insurance and of any tort claims involving any of the foregoing; all inventory of the Company, including, but not limited to, all goods, wares, merchandise, parts, supplies, finished products, other tangible personal property, including such inventory as is temporarily out of Company’s custody or possession and including any returns upon any accounts or other proceeds, including insurance proceeds, resulting from the sale or disposition of any of the foregoing; all contract rights and general intangibles of the Company, including, without limitation, goodwill, trademarks, trade styles, trade names, leasehold interests, partnership or joint venture interests, patents and patent applications, copyrights, deposit accounts whether now owned or hereafter created; all documents, warehouse receipts, instruments and chattel paper of the Company whether now owned or hereafter created; all accounts and other receivables, instruments or other forms of obligations and rights to payment of the Company (herein collectively referred to as “Accounts”), together with the proceeds thereof, all goods represented by such Accounts and all such goods that may be returned by the Company’s customers, and all proceeds of any insurance thereon, and all guarantees, securities and liens which the Company may hold for the payment of any such Accounts including, without limitation, all rights of stoppage in transit, replevin and reclamation and as an unpaid vendor and/or lienor, all of which the Company represents and warrants will be bona fide and existing obligations of its respective customers, arising out of the sale of goods by the Company in the ordinary course of business; to the extent assignable, all of the Company’s rights under all present and future authorizations, permits, licenses and franchises issued or granted in connection with the operations of any of its facilities; all products and proceeds (including, without limitation, insurance proceeds) from the above-described Pledged Property.

DEFINITION OF PLEDGED PROPERTY. For the purpose of securing prompt and complete payment and performance by the Company of all of the Obligations, the Company unconditionally and irrevocably hereby grants to the Secured Party a continuing security interest in and to, and lien upon, the following Pledged Property of the Company: all goods of the Company, including, without limitation, machinery, equipment, furniture, furnishings, fixtures, signs, lights, tools, parts, supplies and motor vehicles of every kind and description, now or hereafter owned by the Company or in which the Company may have or may hereafter acquire any interest, and all replacements, additions, accessions, substitutions and proceeds thereof, arising from the sale or disposition thereof, and where applicable, the proceeds of insurance and of any tort claims involving any of the foregoing; all inventory of the Company, including, but not limited to, all goods, wares, merchandise, parts, supplies, finished products, other tangible personal property, including such inventory as is temporarily out of Company’s custody or possession and including any returns upon any accounts or other proceeds, including insurance proceeds, resulting from the sale or disposition of any of the foregoing; all contract rights and general intangibles of the Company, including, without limitation, goodwill, trademarks, trade styles, trade names, leasehold interests, partnership or joint venture interests, patents and patent applications, copyrights, deposit accounts whether now owned or hereafter created; all documents, shares of common stock, shares of preferred stock, warrants, options, warehouse receipts, instruments and chattel paper of the Company whether now owned or hereafter created; all accounts and other receivables, instruments or other forms of obligations and rights to payment of the Company (herein collectively referred to as “Accounts”), together with the proceeds thereof, all goods represented by such Accounts and all such goods that may be returned by the Company’s customers, and all proceeds of any insurance thereon, and all guarantees, securities and liens which the Company may hold for the payment of any such Accounts including, without limitation, all rights of stoppage in transit, replevin and reclamation and as an unpaid vendor and/or lienor, all of which the Company represents and warrants will be bona fide and existing obligations of its respective customers, arising out of the sale of goods by the Company in the ordinary course of business; to the extent assignable, all of the Company’s rights under all present and future authorizations, permits, licenses and franchises issued or granted in connection with the operations of any of its facilities; all products and proceeds (including, without limitation, insurance proceeds) from the above-described Pledged Property.. EXHIBIT B FORM OF SECOND PROMISSORY NOTE EXHIBIT C WARRANT LIST Holder Date issued Expire Date # shares ex. Price Registration Rights Xxxxxxx Xxxxxxxxxxx 12/17/2002 10/17/2005 50,000 $ 0.20 NO Xxxxx Xxxxx 04/22/2003 04/22/2006 1,200,000 $ 0.0048 NO Xxxxx Xxxxx 08/22/2003 08/22/2006 500,000 $ 0.0048 NO Veeravanallur Sundaram 06/09/2004 08/31/2007 18,750 $ 1.83 NO Xxxxx Xxxxxx 03/07/2005 09/07/2006 71,429 $ 0.36 NO Xxxxxx Xxxxxxx 03/08/2005 09/11/2006 25,000 $ 0.48 NO Xxxxxx Xxxxx 03/08/2005 09/11/2006 50,000 $ 0.48 NO Xxxxx Xxxxxx 03/11/2005 09/11/2006 25,000 $ 0.48 NO Xxxxxx Xxxxx 03/11/2005 09/11/2006 17,500 $ 0.48 NO Xxxxxxx Xxxxx 03/11/2005 09/11/2006 7,500 $ 0.48 NO