Univec Inc (UNVC)

[stockmasterflash]

UNVC doesn't own any IP

It's lenders have a lien on it. But as usual, the federal government (IRS) supersedes private liens

https://www.sec.gov/Archives/edgar/data/1029825/000121390007001222/fsb2a40907_univec.htm

Security Agreement and Intellectual Property Security Agreement

In connection with the Securities Purchase Agreement and as security for the Notes, we executed a Security Agreement and an Intellectual Property Security Agreement granting the Investors a continuing security interest in, a continuing first lien upon, an unqualified right to possession and disposition of, and a right of set-off against, in each case to the fullest extent permitted by law, all of the Company’s right, title and interest in all of our goods, inventory, contractual rights and general intangibles, receivables, documents, instruments, chattel paper, and intellectual property. Under the Security Agreement and Intellectual Property Security Agreement, events of default occur upon:

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The occurrence of an event of default (as defined in the Notes and listed below) under the Notes;

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Any representation or warranty we made in the Security Agreement or in the Intellectual Property Security Agreement shall prove to have been incorrect in any material respect when made;

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The failure by us to observe or perform any of our obligations under the Security Agreement or Intellectual Property Security Agreement for ten (10) days after receipt of notice of such failure from the Investors; and

3

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Any breach of, or default under, the Warrants.