Trademark Assignment of Security Agreement between Verso Technologies, Inc. and Laurus Master Fund, Ltd.

Contract Categories: Business Finance › Security Agreements
Summary

Verso Technologies, Inc. has granted Laurus Master Fund, Ltd. a security interest in certain trademarks, including their associated goodwill and registrations, as listed in an attached schedule. This agreement is made as part of broader security arrangements between the parties, ensuring that Laurus has rights to the trademarks as collateral for obligations defined in prior agreements. The agreement is effective as of May 10, 2007, and outlines that Laurus's rights and remedies regarding the security interest are governed by the referenced security agreements.

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EX-10.7 3 g07388exv10w7.htm EX-10.7 PATENT ASSIGNMENT OF SECURITY EX-10.7 PATENT ASSIGNMENT OF SECURITY  

Exhibit 10.7
TRADEMARK ASSIGNMENT OF SECURITY
     WHEREAS, Verso Technologies, Inc., a Minnesota corporation (“Company”), has adopted, used and is using the marks shown in the attached Schedule A (the “Marks”), for which there are registrations or applications in the United States Patent and Trademark Office under the numbers shown in the attached Schedule A; and
     WHEREAS, Company entered into (i) a certain Security Agreement, dated as of September 20, 2006, among Company, certain subsidiaries of Company and Laurus Master Fund, Ltd. (“Laurus”) and (ii) a certain Intellectual Property Security Agreement, dated as of September 20, 2006, among Company, certain subsidiaries of Company and Laurus (as each may be amended, modified, restated or supplemented from time to time, collectively, the “Agreements”); and
     WHEREAS, pursuant to the Agreements, Company is granting to Laurus a security interest in the Marks, the goodwill of the business symbolized by the Marks, and the registrations and applications therefor.
     NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged, Company does hereby grant to Laurus a security interest in and to the Marks, together with the goodwill of the business symbolized by the Marks, and registrations and applications therefor, which security interest shall secure all the Obligations as defined in the Agreements and in accordance with the terms and provisions thereof.
     Company expressly acknowledges and affirms that the rights and remedies of Laurus with respect to the security interest granted hereby are more fully set forth in the Agreements.
Dated as of: May 10, 2007
         
  VERSO TECHNOLOGIES, INC.
 		  
  By:   /s/ Martin D. Kidder  
    Name:  Martin D. Kidder    
    Title:  CFO    
 
         
  LAURUS MASTER FUND, LTD.
 		  
  By:   /s/ David Grin  
    Name:   David Grin  
    Title:   Director