Release of Security Interest Agreement between Venturos AS and MediaBin, Inc.

Contract Categories: Business Finance › Release Agreements
Summary

Venturos AS, a Norwegian corporation, releases its security interest in certain collateral previously pledged by MediaBin, Inc., a Georgia corporation, under short-term advance agreements dated October 4, 2002, December 13, 2002, and December 30, 2002. While the security interest in the collateral is relinquished, MediaBin, Inc. remains obligated to repay the outstanding principal and interest, and Venturos AS retains all legal rights to enforce repayment.

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EX-10.5 7 dex105.htm RELEASE OF SECURITY INTEREST Release of Security Interest

Exhibit 10.5

RELEASE OF SECURITY INTEREST

          Venturos AS, a Norwegian corporation (“Lender”), hereby releases to MediaBin, Inc., a Georgia corporation (“Borrower”) and forever relinquishes all rights, title and interest in and to the Collateral (as such term is defined in those certain Short Term Advances dated October 4, 2002, December 13, 2002 and December 30, 2002 acknowledge that the obligations of Borrower under said Advances remain in full force and effect and that Lender retains all rights and remedies at law and equity with respect to the outstanding principal sum and interest advanced to Borrower pursuant to the Advance. 

VENTUROS AS

 

By:

/s/ RUNE DYBESLAND

 

 

 

Name:

Rune Dybesland

 

Title:

CFO