AGREEMENT TO ACCEPT COLLATERAL IN PARTIAL SATISFACTION OF OBLIGATIONS (STRICT FORECLOSURE)Agreement to Accept Collateral in Partial Satisfaction of Obligations (Strict Foreclosure) • July 2nd, 2010 • Advance Display Technologies Inc • Patent owners & lessors • Colorado
THIS AGREEMENT TO ACCEPT COLLATERAL IN PARTIAL SATISFACTION OF OBLIGATIONS (STRICT FORECLOSURE) (this “Agreement”) is made and entered into as of June 28, 2010, among ADVANCE DISPLAY TECHNOLOGIES, INC., a Colorado corporation (the “Company”), DEGEORGE HOLDINGS THREE, LLC, a Delaware limited liability company (the “Secured Party”) and ADTI MEDIA, LLC, a Delaware limited liability company and wholly owned subsidiary of the Secured Party (the “Assignee”).
AGREEMENT AND RELEASERelease Agreement • July 2nd, 2010 • Advance Display Technologies Inc • Patent owners & lessors • Colorado
This AGREEMENT AND RELEASE (“Release Agreement”) is made and entered into as of June 28, 2010, by and among ADVANCE DISPLAY TECHNOLOGIES, INC., a Colorado corporation (“Company”) and DEGEORGE HOLDINGS THREE, LLC, a Delaware limited liability company (“Lender”).
DeGeorge Holdings Three, LLCSenior Secured Revolving Credit Agreement • July 2nd, 2010 • Advance Display Technologies Inc • Patent owners & lessors
We refer to the Senior Secured Revolving Credit Agreement, dated November 6, 2008, between DeGeorge Holdings Three, LLC (“DH3”) and Advance Display Technologies, Inc. (“ADTI”), as amended by that certain First Amendment to Senior Secured Revolving Credit Agreement, dated as of June 15, 2009 (as further amended, modified or supplemented, the “Agreement”). DH3 hereby notifies you that an Event of Default has occurred and is continuing under Section 13(f) of the Agreement by virtue of the fact that ADTI has been insolvent because: (a) its total liabilities substantially exceed the value of its total Transferred Assets; and (b) it is unable to pay all of its debts as they come due.
