ASSIGNMENT OF COLLATERAL AND SURRENDER OF POSSESSION
Exhibit
2.1
AND
SURRENDER
OF POSSESSION
TO:
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Pafco
Investments, LLC
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000
Xxxxxxx Xxxxxx
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Passaic,
New Jersey 07055
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Pursuant
to paragraph 8(B) of a Security Agreement executed by the parties hereto
on
January 31, 2005, and in accordance with the provisions of N.J.S.A. 12A:§9-609,
and
for
good and valuable consideration, the Certo Group, LLC, a New Jersey limited
liability company, a/k/a L.A. Foods Services, a/k/a L.A. Management Services,
a/k/a
L.A. Services, having an address at 000 Xxxxxxxx Xxxxxx, Xxxxxxxx, Xxx Xxxxxx
00000
(collectively, the “Debtor”), hereby assigns to Pafco Investments, LLC (“Secured
Party”)
all right, title and interest of the Debtor in the Collateral more particularly
described
in Exhibit “A” hereto, and further consents to and authorizes the Secured Party
to
take
immediate possession of the Collateral.
All
expenses incurred by the Secured Party in retaking possession of the
Collateral,
enforcing of Pafco’s rights under the Security Agreement, securing and
preserving
the value of the Collateral, and, thereafter, disposing of the Collateral,
including
reasonable attorneys’ fees and legal expenses as and to the extent permitted by
law,
shall be paid by the Debtor and are secured by the security interest in the
Collateral. The
Debtor hereby expressly authorizes any person in whose possession or
control
the Collateral may be found to surrender the Collateral to the Secured Party
without
inquiry or proof of default.
IN
WITNESS WHEREOF, the Debtor
has duly executed this Assignment of Collateral
and Surrender of Possession on this 10th day
of December,
2007.
THE
CERTO GROUP, LLC
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By:
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/s/
Xxxxxxx Xxxxx
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Xxxxxxx
Xxxxx,
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Managing
Member
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In
the
Presence of:
/s/
illegible
EXHIBIT
A
Collateral.
The “Collateral” covered by this Assignment is all the The Certo Group, LLC’s
(“Debtor’s”) property described below, which it now owns or will acquire or
create, immediately upon the acquisition or creation of this, and includes,
but
is not limited to, any items listed on any schedule or list attached
here:
A.
Accounts Chattel Paper, Instruments and Documents.
All
of
the Debtors right, title and interest in and to all accounts (as defined in
the
Uniform Commercial Code), including, without limitation, all accounts
receivable, contract rights, and other rights of the Debtor to payment for
goods
sold or leased or for services rendered, whether earned by performance or otherwise,
all
chattel paper (as defined in the Uniform Commercial Code), all
instruments (as defined in the Uniform Commercial Code) and all documents (as
defined in the Uniform Commercial Code); in each case whether now or hereafter
existing or now owned or hereafter acquired and wherever located; and all
accessions and additions thereto, substitutions and replacements therefor,
and
the products and Proceeds thereof.
B.
Inventory.
All
Inventory and Goods, now owned or subsequently acquired, including, but not
limited to, raw materials, work in process, finished goods, tangible property,
stock in trade, wares, and merchandise used in or sold in the ordinary course
of
business, including Goods whose sale, lease or other disposition by Debtor
has
given rise to any Accounts, and which Goods have been returned to, or
repossessed by, or stopped in transit by Debtor.
C.
Equipment (General).
All
of
the Debtors right, title and interest in and to all equipment (as defined in
the
Uniform Commercial Code), including, without limitation, all machinery,
apparatuses, furniture, furnishings, appliances, fixtures, vehicles, parts,
accessories and all other similar goods used in or in connection with the
operation of the Debtors business of every type and description, in each case
whether now or hereafter existing or now owned or hereafter acquired and
wherever located; and all accessions and additions thereto, substitutions and
replacements therefor, and the products and Proceeds thereof.
X.
Xxxxxxxx, Etc.
Proceeds
and proceeds of hazard insurance and eminent domain or condemnation awards
of
all of the foregoing described properties or interest in properties, including
all products of, and accessions to, those properties or interests in
properties.
E.
General Intangibles
All
of the Debtors right, title and
interest in and to all general intangibles (as defined in the Uniform Commercial
Code), including, without limitation, all rights, interests, choses in action,
causes of action, claims, and all other intangible property of every kind and
nature: all corporate and other business records; all filings with governmental
authorities; all loans, royalties, and other obligations receivable; all
inventions, designs, trade secrets, computer programs, software, printouts
and
other computer materials; all licenses, franchises, customer lists, credit
files
and correspondence; all tax refunds and tax refund
claims; all
rights under leases, contracts. subleases, licenses, concessions, franchise
agreements and other contracts and contract rights; all patents, patent
applications, trademark applications, trade secrets, goodwill, copyrights,
registrations; all rights of indemnification; all proceeds of insurance of
which
the Debtor is beneficiary; and all letters of credit, guaranties, liens,
security interests and other security held by or granted to the Debtor; and
all
other intangible property, whether or not similar to the foregoing, in each
case
whether now or hereafter existing or now owned or hereafter acquired and
wherever located; and all accessions and additions thereto, substitutions and
replacements therefor and the products and Proceeds thereof.
Definition
of Proceeds.
As
used
herein the term Proceeds shall have the meaning set forth in Article 9 of the
Uniform Commercial Code and, to the extent not otherwise included, shall
include, but not be limited to, (i) any and all proceeds of any insurance,
causes and rights of action or settlements thereof, escrowed amounts of
property, judicial and arbitration judgments and awards, payable to the Debtor
from or in respect of any person from time to time; (ii) any and all payments
(in any form whatsoever) made or due and payable to the Debtor from time to
time
in connection with any requisition, confiscation, condemnation, seizure or
forfeiture of all or any p claims, of the Debtor for losses or damages arising
out of or relating to or for any breach of any agreements, covenants,
representations or warranties or any default whether or not with respect to
or
under any of the foregoing collateral (without limiting any direct or
independent art of the foregoing collateral by any governmental authority;
(iii) all rights of the Pafco
with respect to the collateral): and (iv) any and all other amounts from time
to
time paid or payable under or in connection with the foregoing
collateral
The
properties and interest in properties in this Paragraph are sometimes
individually and collectively called “Collateral.”