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Exhibit
10.2
AMENDED AND RESTATED
PLEDGE AND SECURITY AGREEMENT
dated as of July 17,
2008
between
EACH OF THE GRANTORS PARTY
HERETO
and
GOLDMAN SACHS CREDIT
PARTNERS L.P.,
as Collateral
Agent
TABLE OF
CONTENTS
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PAGE |
| SECTION 1. DEFINITIONS; GRANT OF
SECURITY |
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1 |
| 1.1 |
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General
Definitions |
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1 |
| 1.2 |
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Definitions; Interpretation |
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7 |
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| SECTION 2. GRANT OF
SECURITY |
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8 |
| 2.1 |
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Grant of
Security |
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8 |
| 2.2 |
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Certain
Limited Exclusions |
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8 |
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| SECTION 3. SECURITY FOR OBLIGATIONS;
GRANTORS REMAIN LIABLE |
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9 |
| 3.1 |
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Security
for Obligations |
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9 |
| 3.2 |
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Continuing Liability Under Collateral |
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10 |
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| SECTION 4. CERTAIN PERFECTION
REQUIREMENTS |
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10 |
| 4.1 |
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Delivery
Requirements |
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10 |
| 4.2 |
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Control
Requirements |
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10 |
| 4.3 |
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Intellectual Property Recording Requirements |
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11 |
| 4.4 |
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Other
Actions |
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13 |
| 4.5 |
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Timing
and Notice |
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13 |
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| SECTION 5. REPRESENTATIONS AND
WARRANTIES |
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14 |
| 5.1 |
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Grantor
Information & Status |
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14 |
| 5.2 |
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Collateral Identification, Special Collateral |
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14 |
| 5.3 |
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Ownership
of Collateral and Absence of Other Liens |
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15 |
| 5.4 |
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Status of
Security Interest |
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16 |
| 5.5 |
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Goods
& Receivables |
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16 |
| 5.6 |
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Pledged
Equity Interests, Investment Related Property |
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17 |
| 5.7 |
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Intellectual Property |
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17 |
| 5.8 |
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Miscellaneous |
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19 |
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| SECTION 6. COVENANTS AND
AGREEMENTS |
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19 |
| 6.1 |
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Grantor
Information & Status |
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19 |
| 6.2 |
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Collateral Identification; Special Collateral |
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19 |
| 6.3 |
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Ownership
of Collateral and Absence of Other Liens |
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20 |
| 6.4 |
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Status of
Security Interest |
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20 |
| 6.5 |
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Goods
& Receivables |
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20 |
| 6.6 |
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Pledged
Equity Interests, Investment Related Property |
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22 |
| 6.7 |
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Intellectual Property |
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24 |
| 6.8 |
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Miscellaneous |
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26 |
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| SECTION 7. ACCESS; RIGHT OF INSPECTION
AND FURTHER ASSURANCES; ADDITIONAL GRANTORS |
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26 |
| 7.1 |
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Access;
Right of Inspection |
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26 |
| 7.2 |
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Further
Assurances |
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26 |
| 7.3 |
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Additional Grantors |
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27 |
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| SECTION 8. COLLATERAL AGENT APPOINTED
ATTORNEY-IN-FACT |
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28 |
| 8.1 |
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Power of
Attorney |
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28 |
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| 8.2 |
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No Duty
on the Part of Collateral Agent or Secured Parties |
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29 |
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| SECTION 9. REMEDIES |
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29 |
| 9.1 |
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Generally |
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29 |
| 9.2 |
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Application of Proceeds |
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30 |
| 9.3 |
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Sales on
Credit |
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31 |
| 9.4 |
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Investment Related Property |
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31 |
| 9.5 |
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Grant of
Intellectual Property License |
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31 |
| 9.6 |
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Intellectual Property |
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32 |
| 9.7 |
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Cash
Proceeds; Deposit Accounts |
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33 |
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| SECTION 10. COLLATERAL
AGENT |
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34 |
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| SECTION 11. CONTINUING SECURITY
INTEREST; TRANSFER OF LOANS |
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34 |
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| SECTION 12. STANDARD OF CARE;
COLLATERAL AGENT MAY PERFORM |
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35 |
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| SECTION 13. MISCELLANEOUS |
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35 |
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| SECTION 14. AMENDMENT AND
RESTATEMENT |
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36 |
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| SECTION 15. REAFFIRMATION AND GRANT OF
SECURITY INTERESTS |
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36 |
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| SCHEDULE 5.1 — GENERAL INFORMATION |
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| SCHEDULE 5.2 — COLLATERAL IDENTIFICATION |
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| SCHEDULE 5.4 — FINANCING STATEMENTS |
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| SCHEDULE 5.5 — LOCATION OF EQUIPMENT AND
INVENTORY |
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| SCHEDULE 5.6 — PLEDGED EQUITY INTERESTS |
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| SCHEDULE 5.7 — INTELLECTUAL PROPERTY |
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| EXHIBIT A — PLEDGE SUPPLEMENT |
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| EXHIBIT B — UNCERTIFICATED SECURITIES CONTROL
AGREEMENT |
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| EXHIBIT C — SECURITIES ACCOUNT CONTROL
AGREEMENT |
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| EXHIBIT D — DEPOSIT ACCOUNT CONTROL AGREEMENT |
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| EXHIBIT E — TRADEMARK SECURITY AGREEMENT |
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| EXHIBIT F — COPYRIGHT SECURITY AGREEMENT |
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| EXHIBIT G — PATENT SECURITY AGREEMENT |
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ii
This AMENDED AND RESTATED
PLEDGE AND SECURITY AGREEMENT dated as of July 17, 2008 between
Hologic, Inc. (the “ Borrower ”) and certain
domestic subsidiaries of the Borrower party hereto from time to
time, whether as an original signatory hereto or as an Additional
Grantor (as herein defined) (other than the Collateral Agent, each,
a “ Grantor ”), and Goldman Sachs Credit
Partners L.P. (“ GSCP ”), as collateral agent
for the Secured Parties (as herein defined) (in such capacity as
collateral agent, together with its successors and permitted
assigns, the “ Collateral Agent ”).
RECITALS:
WHEREAS , the Borrower
and certain of the other Grantors entered into a Pledge and
Security Agreement dated as of October 22, 2007 (as amended,
restated, amended and restated, supplemented or otherwise modified
prior to the date hereof, the “ Existing Security
Agreement ”) with the Collateral Agent;
WHEREAS , subject to
the terms and conditions of that certain Amended and Restated
Credit and Guaranty Agreement dated as of the date hereof (as it
may be refinanced, amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the
“Credit Agreement” ) by and among the Borrower,
the other Grantors party thereto, as Guarantors, the Collateral
Agent, the other Agents party thereto and the Lenders party thereto
from time to time;
WHEREAS , subject to
the terms and conditions of the Credit Agreement, certain Grantors
may enter into one or more Hedge Agreements with one or more Lender
Counterparties;
WHEREAS , in
consideration of the extensions of credit and other accommodations
of the Lenders and the Lender Counterparties as set forth in the
Credit Agreement and the Hedge Agreements, respectively, each
Grantor has agreed to secure such Grantor’s obligations under
the Credit Documents and the Hedge Agreements as set forth herein;
and
WHEREAS , pursuant to
Section 3.2(j)(i) of the Credit Agreement, the Grantors are
required to execute and deliver certain agreements and documents in
order to perfect or continue the perfection of the Collateral
Agent’s security interest in the Collateral on the terms set
forth herein and accordingly are hereby amending and restating the
Existing Security Agreement in its entirety as set forth herein in
order to assure such perfection and/or continued perfection, as the
case may be;
NOW, THEREFORE , in
consideration of the premises and the agreements, provisions and
covenants herein contained, each Grantor and the Collateral Agent
agree as follows:
SECTION 1. DEFINITIONS; GRANT OF
SECURITY.
1.1 General
Definitions. In this Agreement, the following terms shall have
the following meanings:
“ Additional
Grantors ” shall have the meaning assigned in Section
7.3.
“ Agreement
” shall mean this Amended and Restated Pledge and Security
Agreement dated as of July 17, 2008, as it may be amended,
restated, amended and restated, supplemented or otherwise modified
from time to time, in accordance with the terms of the Credit
Agreement.
“ Borrower
” shall have the meaning set forth in the
preamble.
“ Cash Proceeds
” shall have the meaning assigned in
Section 9.7.
“ Collateral
” shall have the meaning assigned in
Section 2.1.
“ Collateral
Account ” shall mean any account established by the
Collateral Agent.
“ Collateral
Agent ” shall have the meaning set forth in the
preamble.
“ Collateral
Records ” shall mean books, records, ledger cards, files,
correspondence, customer lists, supplier lists, blueprints,
technical specifications, manuals, computer software and related
documentation, computer printouts, tapes, disks and other
electronic storage media and related data processing software and
similar items that at any time evidence or contain information
relating to any of the Collateral or are otherwise necessary or
helpful in the collection thereof or realization
thereupon.
“ Collateral
Support ” shall mean all property (real or personal)
assigned, hypothecated or otherwise securing any Collateral and
shall include any security agreement or other agreement granting a
lien or security interest in such real or personal
property.
“ Control
” shall mean: (1) with respect to any Deposit Accounts,
control within the meaning of Section 9-104 of the UCC,
(2) with respect to any Securities Accounts, Security
Entitlements, Commodity Contract or Commodity Account, control
within the meaning of Section 9-106 of the UCC, (3) with
respect to any Uncertificated Securities, control within the
meaning of Section 8-106(c) of the UCC, (4) with respect
to any Certificated Security, control within the meaning of
Section 8-106(a) or (b) of the UCC, (5) with respect
to any Electronic Chattel Paper, control within the meaning of
Section 9-105 of the UCC, (6) with respect to
Letter-of-Credit Rights, control within the meaning of
Section 9-107 of the UCC and (7) with respect to any
“transferable record”(as that term is defined in
Section 201 of the Federal Electronic Signatures in Global and
National Commerce Act or in Section 16 of the Uniform
Electronic Transactions Act as in effect in any relevant
jurisdiction), control within the meaning of Section 201 of
the Federal Electronic Signatures in Global and National Commerce
Act or in Section 16 of the Uniform Electronic Transactions
Act as in effect in the jurisdiction relevant to such transferable
record.
“ Copyright
Licenses ” shall mean any and all agreements, licenses
and covenants (whether or not in writing) providing for the
granting of any right in or to any Copyright or otherwise providing
for a covenant not to sue (whether such Grantor is licensee or
licensor thereunder) including, without limitation, each agreement
required to be listed in Schedule 5.2(II) under the heading
“Copyright Licenses” (as such schedule may be amended
or supplemented from time to time).
“ Copyright Security
Agreement ” means a Copyright Security Agreement
substantially in the form of Exhibit F.
“ Copyrights
” shall mean all United States, and foreign copyrights
(including Community designs), including but not limited to
copyrights in software and all rights in and to databases, and all
Mask Works (as defined under 17 U.S.C. 901 of the U.S. Copyright
Act), whether registered or unregistered and whether or not the
underlying works of authorship have
2
been published, moral rights,
reversionary interests, termination rights, and, with respect to
any and all of the foregoing: (i) all registrations and
applications therefor including, without limitation, the
registrations and applications required to be listed in Schedule
5.2(II) under the heading “Copyrights” (as such
schedule may be amended or supplemented from time to time),
(ii) all extensions and renewals thereof, (iii) the right
to sue or otherwise recover for past, present and future
infringements thereof, and (iv) all Proceeds of the foregoing,
including, without limitation, licenses, fees, royalties, income,
payments, claims, damages and proceeds of suit now or hereafter due
and/or payable with respect thereto, and (v) all other rights
of any kind accruing thereunder or pertaining thereto throughout
the world.
“ Credit
Agreement ” shall have the meaning set forth in the
recitals.
“ Excluded Asset
” shall mean any asset of any Grantor excluded from the
security interest hereunder by virtue of Section 2.2 hereof
but only to the extent, and for so long as, so excluded
thereunder.
“ Excluded Foreign
Equity Interests ” shall mean (i) the capital stock
of and/or any other equity interests in any Foreign Subsidiary that
is not a First-Tier Foreign Subsidiary and (ii) the capital
stock of any First-Tier Foreign Subsidiary not required to be
pledged pursuant to the terms of Section 5.10(b) of the Credit
Agreement.
“ Existing Security
Agreement ” shall have the meaning set forth in the
recitals.
“ Foreign
Intellectual Property ” shall mean any Collateral
(whether now owned or existing or hereafter acquired, created,
developed or arising) consisting of foreign, international, or
multi-national issued/registered Patents, registered Trademarks,
registered Copyrights, or any applications for the
foregoing.
“ Grantors
” shall have the meaning set forth in the
preamble.
“ GSCP ”
shall have the meaning set forth in the preamble.
“ Indemnitee
” shall mean the Collateral Agent, and its and its
Affiliates’ officers, partners, directors, trustees,
employees, agents.
“ Insurance
” shall mean (i) all insurance policies covering any or
all of the Collateral (regardless of whether the Collateral Agent
is the loss payee thereof) and (ii) any key man life insurance
policies.
“ Intellectual
Property ” shall mean, the collective reference to all
rights, priorities and privileges relating to intellectual
property, whether arising under the laws of the United States (or
of any state or political subdivision thereof) or of any Foreign
Jurisdiction or otherwise, including without limitation, the
Copyrights, the Copyright Licenses, the Patents, the Patent
Licenses, the Trademarks, the Trademark Licenses, the Trade
Secrets, and the Trade Secret Licenses, and the right to sue or
otherwise recover for past, present and future infringement or
other impairment thereof, including the right to receive all
Proceeds therefrom, including without limitation license fees,
royalties, income, payments, claims, damages and proceeds of suit,
now or hereafter due and/or payable with respect
thereto.
“ Intellectual
Property Licenses ” shall mean, collectively, the
Copyright Licenses, Patent Licenses, Trademark Licenses and Trade
Secret Licenses.
3
“ Investment
Accounts ” shall mean the Collateral Account, Securities
Accounts, Commodities Accounts and Deposit Accounts.
“ Investment Related
Property ” shall mean: (i) all “investment
property” (as such term is defined in Article 9 of the UCC)
and (ii) all of the following (regardless of whether
classified as investment property under the UCC): all Pledged
Equity Interests, Pledged Debt, the Investment Accounts and
certificates of deposit.
“ Majority
Holder ” shall have the meaning set forth in
Section 10.
“ Material
Intellectual Property ” shall mean any item of
Intellectual Property included in the Collateral which is material
to the business of the Grantors, taken as a whole, or is otherwise
of material value to the Grantors, taken as a whole.
“ Non-Assignable
Contract ” shall mean any agreement, contract or license
to which any Grantor is a party that by its terms purports to
restrict or prevent the assignment or granting of a security
interest therein (either by its terms or by any federal or state
statutory prohibition or otherwise irrespective of whether such
prohibition or restriction is enforceable under Section 9-406
through 409 of the UCC).
“ Patent
Licenses ” shall mean all agreements, licenses and
covenants (whether or not in writing) providing for the granting of
any right in or to any Patent or otherwise providing for a covenant
not to sue (whether such Grantor is licensee or licensor
thereunder), including, without limitation, each agreement required
to be listed in Schedule 5.2(II) under the heading “Patent
Licenses” (as such schedule may be amended or supplemented
from time to time).
“ Patent Security
Agreement ” means a Patent Security Agreement
substantially in the form of Exhibit G.
“ Patents
” shall mean all United States and foreign patents and
certificates of invention, inventions or similar industrial
property rights, and applications for any of the foregoing,
including, but not limited to: (i) each patent and patent
application required to be listed in Schedule 5.2(II) under the
heading “Patents” (as such schedule may be amended or
supplemented from time to time), (ii) all reissues, divisions,
continuations, continuations-in-part, extensions, renewals, and
reexaminations thereof, (iii) all improvements thereto,
(iv) the right to sue or otherwise recover for past, present
and future infringements thereof, (v) all Proceeds of the
foregoing, including, without limitation, license fees, royalties,
income, payments, claims, damages, and proceeds of suit now or
hereafter due and/or payable with respect thereto, and
(vi) all other rights of any kind accruing thereunder or
pertaining thereto throughout the world.
“ Pledged Debt
” shall mean all indebtedness for borrowed money owed to such
Grantor, whether or not evidenced by any Instrument, including,
without limitation, all indebtedness described on Schedule 5.2(I)
under the heading “Pledged Debt” (as such schedule may
be amended or supplemented from time to time), issued by the
obligors named therein, the instruments, if any, evidencing such
any of the foregoing, and all interest, cash, instruments and other
property or proceeds from time to time received, receivable or
otherwise distributed in respect of or in exchange for any or all
of the foregoing.
“ Pledged Equity
Interests ” shall mean all Pledged Stock, Pledged LLC
Interests, Pledged Partnership Interests and any other
participation or interests in any equity or profits of any business
entity including, without limitation, any trust.
4
“ Pledged LLC
Interests ” shall mean, other than any Excluded Asset,
all interests in any limited liability company and each series
thereof owned by any Grantor, including, without limitation, all
limited liability company interests listed on Schedule 5.2(I) under
the heading “Pledged LLC Interests” (as such schedule
may be amended or supplemented from time to time) and the
certificates, if any, representing such limited liability company
interests and any interest of such Grantor on the books and records
of such limited liability company or on the books and records of
any securities intermediary pertaining to such interest and all
dividends, distributions, cash, warrants, rights, options,
instruments, securities and other property or proceeds from time to
time received, receivable or otherwise distributed in respect of or
in exchange for any or all of such limited liability company
interests that constitutes “Collateral”
hereunder.
“ Pledged
Partnership Interests ” shall mean, other than any
Excluded Asset, all interests in any general partnership, limited
partnership, limited liability partnership or other partnership
owned by any Grantor, including, without limitation, all
partnership interests listed on Schedule 5.2(I) under the heading
“Pledged Partnership Interests” (as such schedule may
be amended or supplemented from time to time) and the certificates,
if any, representing such partnership interests and any interest of
such Grantor on the books and records of such partnership or on the
books and records of any securities intermediary pertaining to such
interest and all dividends, distributions, cash, warrants, rights,
options, instruments, securities and other property or proceeds
from time to time received, receivable or otherwise distributed in
respect of or in exchange for any or all of such partnership
interests that constitutes “Collateral”
hereunder.
“ Pledged Stock
” shall mean, other than any Excluded Asset, all shares of
capital stock owned by any Grantor, including, without limitation,
all shares of capital stock described on Schedule 5.2(I) under the
heading “Pledged Stock” (as such schedule may be
amended or supplemented from time to time), and the certificates,
if any, representing such shares and any interest of such Grantor
in the entries on the books of the issuer of such shares or on the
books of any securities intermediary pertaining to such shares, and
all dividends, distributions, cash, warrants, rights, options,
instruments, securities and other property or proceeds from time to
time received, receivable or otherwise distributed in respect of or
in exchange for any or all of such shares that constitutes
“Collateral” hereunder.
“ Pledge
Supplement ” shall mean an agreement substantially in the
form of Exhibit A hereto.
“ Receivables
” shall mean all rights to payment, whether or not earned by
performance, for goods or other property sold, leased, licensed,
assigned or otherwise disposed of, or services rendered or to be
rendered, including, without limitation all such rights
constituting or evidenced by any Account, Chattel Paper,
Instrument, General Intangible or Investment Related Property,
together with all of Grantor’s rights, if any, in any goods
or other property giving rise to such right to payment and all
Collateral Support and Supporting Obligations related thereto and
all Receivables Records.
“ Receivables
Records ” shall mean (i) all original copies of all
documents, instruments or other writings or electronic records or
other Records evidencing the Receivables, (ii) all books,
correspondence, credit or other files, Records, ledger sheets or
cards, invoices, and other papers relating to Receivables,
including, without limitation, all tapes, cards, computer tapes,
computer discs, computer runs, record keeping systems and other
papers and documents relating to the Receivables, whether in the
possession or under the control of Grantor or any computer bureau
or agent from time to time acting for Grantor or otherwise,
(iii) all evidences of
5
the filing of financing
statements and the registration of other instruments in connection
therewith, and amendments, supplements or other modifications
thereto, notices to other creditors, secured parties or agents
thereof, and certificates, acknowledgments, or other writings,
including, without limitation, lien search reports, from filing or
other registration officers, (iv) all credit information,
reports and memoranda relating thereto and (v) all other
written or non-written forms of information related in any way to
the foregoing or any Receivable.
“ Secured
Obligations ” shall have the meaning assigned in
Section 3.1.
“ Secured
Parties ” shall mean the Agents, Lenders, the Issuing
Bank, the Lender Counterparties and the Cash Management Providers
and shall include, without limitation, all former Agents, Lenders
and Lender Counterparties to the extent that any Obligations owing
to such Persons were incurred while such Persons were Agents,
Lenders or Lender Counterparties and such Obligations have not been
paid or satisfied in full.
“ Securities
” shall mean any stock, shares, partnership interests, voting
trust certificates, certificates of interest or participation in
any profit-sharing agreement or arrangement, options, warrants,
bonds, debentures, notes, or other evidences of indebtedness,
secured or unsecured, convertible, subordinated or otherwise, or in
general any instruments commonly known as “securities”
or any certificates of interest, shares or participations in
temporary or interim certificates for the purchase or acquisition
of, or any right to subscribe to, purchase or acquire, any of the
foregoing.
“ Specified German
Patents ” shall mean the patents issued/registered in the
Republic of Germany, each of which is identified in Schedule
5.2(II) as a “Specified German Patent.”
“ Trademark
Licenses ” shall mean any and all agreements, licenses
and covenants (whether or not in writing) providing for the
granting of any right in or to any Trademark or otherwise providing
for a covenant not to sue or permitting co-existence (whether such
Grantor is licensee or licensor thereunder), including, without
limitation, each agreement required to be listed in Schedule
5.2(II) under the heading “Trademark Licenses” (as such
schedule may be amended or supplemented from time to
time).
“ Trademark Security
Agreement ” means a Trademark Security Agreement
substantially in the form of Exhibit E.
“ Trademarks
” shall mean all United States, and foreign trademarks, trade
names, trade dress, corporate names, company names, business names,
fictitious business names, Internet domain names, service marks,
certification marks, collective marks, logos, other source or
business identifiers, designs and general intangibles of a like
nature, whether or not registered, and with respect to any and all
of the foregoing: (i) all registrations and applications
therefor including, without limitation, the registrations and
applications required to be listed in Schedule 5.2(II) under the
heading “Trademarks” (as such schedule may be amended
or supplemented from time to time), (ii) all extensions or
renewals of any of the foregoing, (iii) all of the goodwill of
the business connected with the use of and symbolized by the
foregoing, (iv) the right to sue for past, present and future
infringement or dilution of any of the foregoing or for any injury
to the related goodwill, (v) all Proceeds of the foregoing,
including, without limitation, license fees, royalties, income,
payments, claims, damages, and proceeds of suit now or hereafter
due and/or payable with respect thereto, and (vi) all other
rights of any kind accruing thereunder or pertaining thereto
throughout the world.
6
“ Trade Secret
Licenses ” shall mean any and all agreements (whether or
not in writing) providing for the granting of any right in or to
Trade Secrets (whether such Grantor is licensee or licensor
thereunder) including, without limitation, each agreement required
to be listed in Schedule 5.2(II) under the heading “Trade
Secret Licenses” (as such schedule may be amended or
supplemented from time to time).
“ Trade Secrets
” shall mean all trade secrets and all other confidential or
proprietary information and know-how whether or not such Trade
Secret has been reduced to a writing or other tangible form,
including all documents and things embodying, incorporating, or
referring in any way to such Trade Secret, including but not
limited to: (i) the right to sue or otherwise recover for
past, present and future misappropriation or other violation
thereof, (ii) all Proceeds of the foregoing, including,
without limitation, license fees, royalties, income, payments,
claims, damages, and proceeds of suit now or hereafter due and/or
payable with respect thereto; and (iii) all other rights of
any kind accruing thereunder or pertaining thereto throughout the
world.
“ UCC ”
shall mean the Uniform Commercial Code as in effect from time to
time in the State of New York; provided , however ,
that in the event that, by reason of mandatory provisions of law,
any or all of the perfection or priority of, or remedies with
respect to, any Collateral is governed by the Uniform Commercial
Code as enacted and in effect in a jurisdiction other than the
State of New York, the term “UCC” shall mean the
Uniform Commercial Code as enacted and in effect in such other
jurisdiction solely for purposes of the provisions hereof relating
to such perfection, priority or remedies.
“ United States
” shall mean the United States of America.
1.2 Definitions;
Interpretation
(a) In this Agreement, the
following capitalized terms shall have the meaning given to them in
the UCC (and, if defined in more than one Article of the UCC, shall
have the meaning given in Article 9 thereof): Account, Account
Debtor, As-Extracted Collateral, Bank, Certificated Security,
Chattel Paper, Consignee, Consignment, Consignor, Commercial Tort
Claims, Commodity Account, Commodity Contract, Deposit Account,
Document, Entitlement Order, Equipment, Electronic Chattel Paper,
Farm Products, Fixtures, General Intangibles, Goods,
Health-Care-Insurance Receivable, Instrument, Inventory,
Letter-of-Credit Right, Manufactured Home, Money, Payment
Intangible, Proceeds, Record, Securities Account, Securities
Intermediary, Security Certificate, Security Entitlement,
Supporting Obligations, Tangible Chattel Paper and Uncertificated
Security.
(b) All other capitalized
terms used herein (including the preamble and recitals hereto) and
not otherwise defined herein shall have the meanings ascribed
thereto in the Credit Agreement. The incorporation by reference of
terms defined in the Credit Agreement shall survive any termination
of the Credit Agreement until this agreement is terminated as
provided in Section 11 hereof. Any of the terms defined herein
may, unless the context otherwise requires, be used in the singular
or the plural, depending on the reference. References herein to any
Section, Appendix, Schedule or Exhibit shall be to a Section, an
Appendix, a Schedule or an Exhibit, as the case may be, hereof
unless otherwise specifically provided. The use herein of the word
“include” or “including”, when following
any general statement, term or matter, shall not be construed to
limit such statement, term or matter to the specific items or
matters set forth immediately following such word or to similar
items or matters, whether or not non-limiting language (such as
“without limitation” or “but not limited
to” or words of similar import) is used
7
with reference thereto, but
rather shall be deemed to refer to all other items or matters that
fall within the broadest possible scope of such general statement,
term or matter. The terms lease and license shall include sub-lease
and sub-license, as applicable. If any conflict or inconsistency
exists between this Agreement and the Credit Agreement, the Credit
Agreement shall govern. All references herein to provisions of the
UCC shall include all successor provisions under any subsequent
version or amendment to any Article of the UCC.
SECTION 2. GRANT OF
SECURITY.
2.1 Grant of Security.
Each Grantor hereby grants to the Collateral Agent a security
interest in and continuing lien on all of such Grantor’s
right, title and interest in, to and under all personal property of
such Grantor including, but not limited to the following, in each
case whether now owned or existing or hereafter acquired, created,
developed or arising and wherever located (all of which being
hereinafter collectively referred to as the “
Collateral ”):
(a) Accounts;
(b) Chattel Paper;
(c) Documents;
(d) General
Intangibles;
(e) Goods (including, without
limitation, Inventory and Equipment);
(f) Instruments;
(g) Insurance;
(h) Intellectual
Property;
(i) Investment Related
Property (including, without limitation, Deposit
Accounts);
(j) Letter-of-Credit
Rights;
(k) Money;
(l) Receivables and
Receivable Records;
(m) Commercial Tort Claims
now or hereafter described on Schedule 5.2;
(n) to the extent not
otherwise included above, all other personal property of any kind
and all Collateral Records, Collateral Support and Supporting
Obligations relating to any of the foregoing; and
(o) to the extent not
otherwise included above, all Proceeds, products, accessions, rents
and profits of or in respect of any of the foregoing.
2.2 Certain Limited
Exclusions. Notwithstanding anything herein to the contrary, in
no event shall the Collateral include or the security interest
granted under Section 2.1 hereof attach to (a) any lease,
license, contract or agreement to which any Grantor is a party, or
any of its
8
rights or interests thereunder, if and
to the extent that a security interest is prohibited by or would be
in violation of (i) any law, rule or regulation applicable to
such Grantor, or (ii) a term, provision or condition of any
such lease, license, contract, property right or agreement (unless
such law, rule, regulation, term, provision or condition would be
rendered ineffective with respect to the creation of the security
interest hereunder pursuant to Sections 9-406, 9-407, 9-408 or
9-409 of the UCC (or any successor provision or provisions) of any
relevant jurisdiction or any other applicable law (including the
Bankruptcy Code) or principles of equity); provided ,
however , that the Collateral shall include (and such
security interest shall attach) immediately at such time as the
contractual or legal prohibition shall no longer be applicable and
to the extent severable, shall attach immediately to any portion of
such lease, license, contract or agreement not subject to the
prohibitions specified in subclause (i) or (ii) of clause
(a) of this Section 2.2; provided further
that the exclusions referred to in clause (a) of this
Section 2.2 shall not include any Proceeds of any such lease,
license, contract or agreement; (b) any of the outstanding
capital stock of or other equity interest in a First-Tier Foreign
Subsidiary (to the extent such capital stock or other equity
interest is not excluded from the Collateral pursuant to clause
(ii) of the definition of Excluded Foreign Equity Interests)
in excess of 65% of the voting power of all classes of capital
stock of such First-Tier Foreign Subsidiary entitled to vote;
provided that immediately upon the amendment of the Internal
Revenue Code to allow the pledge of a greater percentage of the
voting power of capital stock in a First-Tier Foreign Subsidiary
without adverse tax consequences, the Collateral shall include, and
the security interest granted by each Grantor shall attach to, such
greater percentage of capital stock of each First-Tier Foreign
Subsidiary; (c) any Excluded Foreign Equity Interests;
provided , however , that, subject to the 65% limit
specified in clause (b) of this Section 2.2, the
Collateral shall include (and such security interest shall attach)
to the capital stock of First-Tier Foreign Subsidiaries to the
extent so required by the terms of Section 5.10(b) of the
Credit Agreement; (d) any “intent-to-use”
application for trademark or service mark registration filed
pursuant to Section 1(b) of the Lanham Act, 15 U.S.C.
§1051, prior to the filing under Section 1(c) or
Section 1(d) of the Lanham Act of a “Statement of
Use” or an “Amendment to Allege Use” with respect
thereto, solely to the extent, if any, that, and solely during the
period, if any, in which, the grant of a security interest therein
prior to such filing would impair the validity or enforceability of
any registration that issues from such intent-to-use trademark or
service mark application under applicable federal law; (e) any
property and/or assets of Grantors (other than, for purposes of the
$20,000,000 limit below, (i) Intellectual Property,
(ii) Investment proceeds or (iii) inter-company loan
proceeds) located outside of the United States, provided
that the aggregate value of such property and assets does not
exceed $20,000,000; or (f) any Third Wave Shares prior to
satisfaction of the Third Wave Condition; provided ,
however , that the Collateral shall include and such
security interest shall immediately and automatically attach to all
Third Wave Shares immediately upon the satisfaction of the Third
Wave Condition without any further action by any Person.
SECTION 3. SECURITY FOR OBLIGATIONS;
GRANTORS REMAIN LIABLE.
3.1 Security for
Obligations. This Agreement secures, and the Collateral is
collateral security for, the prompt and complete payment or
performance in full when due, whether at stated maturity, by
required prepayment, declaration, acceleration, demand or otherwise
(including the payment of amounts that would become due but for the
operation of the automatic stay under Section 362(a) of the
Bankruptcy Code, 11 U.S.C. §362(a) (and any successor
provision thereof)), of all Obligations with respect to every
Grantor (the “ Secured Obligations
”).
9
3.2 Continuing Liability
Under Collateral. Notwithstanding anything herein to the
contrary, (i) each Grantor shall remain liable for all
obligations under the Collateral and nothing contained herein is
intended or shall be a delegation of duties to the Collateral Agent
or any Secured Party, (ii) each Grantor shall remain liable
under each of the agreements included in the Collateral, including,
without limitation, any agreements relating to Pledged Partnership
Interests or Pledged LLC Interests, to perform all of the
obligations undertaken by it thereunder all in accordance with and
pursuant to the terms and provisions thereof and neither the
Collateral Agent nor any Secured Party shall have any obligation or
liability under any of such agreements by reason of or arising out
of this Agreement or any other document related thereto nor shall
the Collateral Agent nor any Secured Party have any obligation to
make any inquiry as to the nature or sufficiency of any payment
received by it or have any obligation to take any action to collect
or enforce any rights under any agreement included in the
Collateral, including, without limitation, any agreements relating
to Pledged Partnership Interests or Pledged LLC Interests, and
(iii) the exercise by the Collateral Agent of any of its
rights hereunder shall not release any Grantor from any of its
duties or obligations under the contracts and agreements included
in the Collateral.
SECTION 4. CERTAIN PERFECTION
REQUIREMENTS
4.1 Delivery
Requirements.
(a) With respect to any
Certificated Securities included in the Collateral, each Grantor
shall deliver to the Collateral Agent the Security Certificates
evidencing such Certificated Securities duly indorsed by an
effective indorsement (within the meaning of Section 8-107 of
the UCC), or accompanied by share transfer powers or other
instruments of transfer duly endorsed by such an effective
endorsement, in each case, to the Collateral Agent or in blank. In
addition, each Grantor shall cause any certificates evidencing any
Pledged Equity Interests included in the Collateral, including,
without limitation, any Pledged Partnership Interests included in
the Collateral or Pledged LLC Interests included in the Collateral,
to be similarly delivered to the Collateral Agent regardless of
whether such Pledged Equity Interests constitute Certificated
Securities. Notwithstanding the foregoing, the delivery
requirements set forth in this Section 4.1(a) shall not apply
to any certificates evidencing shares valued at less than $50,000
individually or $250,000 in the aggregate; provided that
such exception shall not apply to any certificates evidencing the
equity interests in the Borrower’s Subsidiaries.
(b) With respect to any
Instruments or Tangible Chattel Paper included in the Collateral,
each Grantor shall deliver to the Collateral Agent all such
Instruments or Tangible Chattel Paper to the Collateral Agent duly
indorsed in blank; provided , however , that such
delivery requirement shall not apply to any Instruments or Tangible
Chattel Paper having a face amount of less than $1,000,000
individually or $5,000,000 in the aggregate.
4.2 Control
Requirements.
(a) With respect to any
Deposit Accounts, Securities Accounts, Security Entitlements,
Commodity Accounts and Commodity Contracts included in the
Collateral, each Grantor shall ensure that the Collateral Agent has
Control thereof; provided , however , that such
Control requirement shall not apply to any (i) Deposit
Accounts with a value of less than, or having funds or other assets
credited thereto with a value of less than, $250,000 individually
or $1,000,000 in the aggregate, Deposit Accounts specifically and
exclusively used for payroll, payroll taxes and other employee wage
and benefit payments to or for the benefit of a Grantor’s
employees, and Deposit Accounts specifically and exclusively used
for cash collateral to secure letters of credit permitted under the
Credit Agreement and (ii) Securities Accounts, Security
Entitlements, Commodity Accounts and Commodity Contracts with a
value of less than, or having funds or other assets credited
thereto with a value of less than, $250,000 individually
or
10
$1,000,000 in the aggregate.
With respect to any Securities Accounts or Securities Entitlements,
such Control shall be accomplished by the Grantor causing the
Securities Intermediary maintaining such Securities Account or
Security Entitlement to enter into an agreement substantially in
the form of Exhibit C hereto (or such other agreement in form and
substance reasonably satisfactory to the Collateral Agent) pursuant
to which the Securities Intermediary shall agree to comply with the
Collateral Agent’s Entitlement Orders without further consent
by such Grantor. With respect to any Deposit Account, each Grantor
shall cause the depositary institution maintaining such account to
enter into an agreement substantially in the form of Exhibit D
hereto (or such other agreement in form and substance reasonably
satisfactory to the Collateral Agent), pursuant to which the Bank
shall agree to comply with the Collateral Agent’s
instructions with respect to disposition of funds in the Deposit
Account without further consent by such Grantor. With respect to
any Commodity Accounts or Commodity Contracts each Grantor shall
cause Control in favor of the Collateral Agent in a manner
reasonably acceptable to the Collateral Agent.
(b) With respect to any
Uncertificated Security included in the Collateral (other than any
Uncertificated Securities constituting Collateral credited to a
Securities Account), each Grantor shall cause the issuer of such
Uncertificated Security to either (i) register the Collateral
Agent as the registered owner thereof on the books and records of
the issuer or (ii) execute an agreement substantially in the
form of Exhibit B hereto (or such other agreement in form and
substance reasonably satisfactory to the Collateral Agent),
pursuant to which such issuer agrees to comply with the Collateral
Agent’s instructions with respect to such Uncertificated
Security without further consent by such Grantor.
(c) With respect to any
Letter-of-Credit Rights included in the Collateral (other than any
Letter-of-Credit Rights constituting a Supporting Obligation for a
Receivable in which the Collateral Agent has a valid and perfected
security interest) with a value in excess of $250,000 individually
or $1,000,000 in the aggregate, the Grantor shall ensure that
Collateral Agent has Control thereof by obtaining the written
consent of each issuer of each related letter of credit to the
assignment of the proceeds of such letter of credit to the
Collateral Agent.
(d) With respect any
Electronic Chattel Paper or “transferable record”(as
that term is defined in Section 201 of the Federal Electronic
Signatures in Global and National Commerce Act or in
Section 16 of the Uniform Electronic Transactions Act as in
effect in any relevant jurisdiction) included in the Collateral,
the Grantor shall ensure that the Collateral Agent has Control
thereof; provided , however , that such Control
requirement shall not apply to any Electronic Chattel Paper or
transferable record having a face amount of less than $1,000,000
individually or $5,000,000 in the aggregate.
4.3 Intellectual Property
Recording Requirements.
(a) In the case of any
Collateral (whether now owned or existing or hereafter acquired,
created, developed or arising) consisting of issued U.S. Patents or
pending U.S. Patent applications, the Grantor shall execute and
deliver to the Collateral Agent a Patent Security Agreement in
substantially the form of Exhibit G hereto (or a supplement
thereto) covering all such Patents in appropriate form for
recordation with the United States Patent and Trademark Office with
respect to the security interest of the Collateral
Agent.
(b) In the case of any
Collateral (whether now owned or existing or hereafter acquired,
created, developed or arising) consisting of registered U.S.
Trademarks or pending U.S. Trademark applications, the Grantor
shall execute and deliver to the Collateral Agent a
11
Trademark Security Agreement
in substantially the form of Exhibit E hereto (or a supplement
thereto) covering all such Trademarks, in appropriate form for
recordation with the United States Patent and Trademark Office with
respect to the security interest of the Collateral
Agent.
(c) In the case of any
Collateral (whether now owned or existing or hereafter acquired,
created, developed or arising) consisting of registered U.S.
Copyrights or pending U.S. Copyright applications, or consisting of
exclusive Copyright Licenses that constitute Material Intellectual
Property in respect of registered U.S. Copyrights for which any
Grantor is the licensee, the Grantor shall execute and deliver to
the Collateral Agent a Copyright Security Agreement in
substantially the form of Exhibit F hereto (or a supplement
thereto) covering all such Copyright and exclusive Copyright
Licenses, in appropriate form for recordation with the United
States Copyright Office with respect to the security interest of
the Collateral Agent.
(d) Subject to the timing
requirements set forth in the last sentence of this
Section 4.3(d) and the proviso to Section 5.10(a) of the
Credit Agreement, in the case of any Foreign Intellectual Property,
each Grantor shall (i) execute, deliver to the Collateral
Agent, and record security agreements (or supplements thereto),
covering all such Foreign Intellectual Property in appropriate form
for recordation with the applicable foreign, international or
multi-national registers, to insure the validity, perfection and
priority of the security interests of the Collateral Agent, and
(ii) take such additional actions or make such additional
filings or recordings as may be necessary or advisable, under the
laws of the applicable Foreign Jurisdiction to insure the validity,
perfection and priority of the security interest of the Collateral
Agent (all such actions being referred to herein collectively as
“ Foreign IP Perfection Filings ”);
provided , however , that the foregoing requirements
shall not apply with respect to any single Foreign Jurisdiction in
which effective Foreign IP Perfection Filings have not been made if
the consolidated revenues derived from the operations of the
Borrower and its Subsidiaries in such jurisdiction are less than 5%
of the consolidated revenues derived from all of the operations of
the Borrower and its Subsidiaries for the four Fiscal Quarter
period (the “ Measurement Period ”) ending on
the last day of the Fiscal Quarter or Fiscal Year, as the case may
be, for which financial statements are required to be delivered
pursuant to Section 5.1(b) or 5.1(c), respectively, of the
Credit Agreement (the “ Due Date ”) or if the
making of such filings remains subject to the expiration of any
grace period therefor contained in this Section 4.3(d) and/or
Section 4.5 of this Agreement or Section 5.10(a) of the
Credit Agreement; provided further that in no event
shall the consolidated revenues for such Measurement Period derived
from the operations of the Borrower and its Subsidiaries in all
Foreign Jurisdictions in which effective Foreign IP Perfection
Filings have not been made exceed 15% of the consolidated revenues
of all operations of the Borrower and its Subsidiaries for such
Measurement Period (the “ Overall Cap ”) (unless
the making of such filing remains subject to the expiration of any
grace period therefor contained in this Section 4.3(d) and/or
Section 4.5 of this Agreement or Section 5.10(a) of the
Credit Agreement). Subject to the timing and notice requirements
set forth in Section 4.5 of this Agreement and the proviso to
Section 5.10(a) of the Credit Agreement, the Borrower shall
make, and shall cause each other relevant applicable Grantor to
make, all such Foreign IP Perfection Filings as may be necessary or
advisable under the laws of the respective applicable jurisdictions
to insure the validity, perfection and priority of the security
interests of the Collateral Agent in all Foreign Intellectual
Property of the Grantors registered or issued in (x) the
Republic of Germany and the United Kingdom, within 90 days after
the date on which such Foreign Intellectual Property is acquired,
created, developed or arises (such filings in respect of the
Specified German Patents to be made on or prior to the date that is
30 days after the Restatement Date), and (y) such other
Foreign Jurisdiction(s) as may be necessary to cause the Overall
Cap not to be exceeded, within 90 days after the Due Date for the
financial statements in respect of any respective applicable
Measurement Period, as the case may be.
12
4.4 Other
Actions.
(a) If any issuer of any
Pledged Equity Interest constituting Collateral is organized under
the laws of a Foreign Jurisdiction, the Grantor in respect thereof
shall take such additional actions, including, without limitation,
causing the issuer to register the pledge of such Pledged Equity
Interests on its books and records or making such filings or
recordings, in each case as may be necessary or reasonably
advisable, under the laws of such issuer’s jurisdiction, to
insure the validity, perfection and priority of the security
interest of the Collateral Agent in such Pledged Equity
Interests.
(b) With respect to any
Pledged Partnership Interests and Pledged LLC Interests included in
the Collateral, if the Grantors own less than 100% of the equity
interests in any issuer of such Pledged Partnership Interests or
Pledged LLC Interests constituting Collateral, the Grantors shall
use their commercially reasonable efforts to obtain the consent of
each other holder of partnership interest or limited liability
company interests in such issuer to the security interest of the
Collateral Agent hereunder and following an Event of Default, the
transfer of such Pledged Partnership Interests and Pledged LLC
Interests constituting Collateral to the Collateral Agent of its
designee, and to the substitution of the Collateral Agent or its
designee as a partner or member with all the rights and powers
related thereto. Each Grantor consents to the grant by each other
Grantor of a Lien in all Investment Related Property constituting
Collateral to the Collateral Agent and without limiting the
generality of the foregoing consents to the transfer of any Pledged
Partnership Interest and any Pledged LLC Interest constituting
Collateral to the Collateral Agent or its designee following an
Event of Default for the purposes of enabling the Collateral Agent
to exercise rights and remedies under Section 9 hereof and to
the substitution of the Collateral Agent or its designee as a
partner in any partnership or as a member in any limited liability
company with all the rights and powers related thereto.
(c) With respect to any Goods
in excess of $100,000 individually or $1,000,000 in the aggregate,
which is covered by a certificate of title under a statute of any
jurisdiction under the law of which indication of a security
interest on such certificate is required as a condition of
perfection thereof, upon the reasonable request of the Collateral
Agent, (A) provide information with respect to any such Goods
(B) execute and file with the registrar of motor vehicles or
other appropriate authority in such jurisdiction an application or
other document requesting the notation or other indication of the
security interest created hereunder on such certificate of title,
and (C) deliver to the Collateral Agent copies of all such
applications or other documents filed during such calendar quarter
and copies of all such certificates of title issued during such
calendar quarter indicating the security interest created hereunder
in the items of Goods covered thereby.
4.5 Timing and Notice.
With respect to any Collateral in existence on the Restatement
Date, each Grantor shall comply with the requirements of
Section 4 on the Restatement Date (or in the case of
Section 4.3(d) hereof, such other dates as set forth therein)
and with respect to any Collateral hereafter acquired, created,
developed or arising such Grantor shall comply with the
requirements of Section 4 hereof: (a) in the case of any
Collateral other than Foreign Intellectual Property, within 45 days
after such Collateral is acquired, created, developed or otherwise
arises; and (b) in the case of any Collateral that is Foreign
Intellectual Property, within 90 days after such Collateral is
acquired, created, developed or otherwise arises (subject to the
timing requirements set forth in the proviso to
Section 5.10(a) to the Credit Agreement); provided, in any
such case, that the Collateral Agent may grant an extension
therefor if the applicable Grantor in respect thereof is using
commercially reasonable efforts to comply with such requirements.
Each Grantor shall promptly inform the Collateral Agent of its
acquisition, creation or development of any Collateral for which
any action is required by Section 4 hereof.
13
SECTION 5. REPRESENTATIONS AND
WARRANTIES.
Each Grantor hereby
represents and warrants, on each Credit Date (other than Credit
Dates for any Loans the proceeds of which are used solely to fund
the Third Wave Consideration and Related Expenditures) that the
following statements are true and correct; provided ,
however , that no Grantor shall or shall be deemed to have
made any representation or warranty in respect of any Third Wave
Shares prior to satisfaction of the Third Wave
Condition:
5.1 Grantor
Information & Status .
(a) Schedule
5.1(A) & (B) (as such schedule may be amended or
supplemented from time to time) sets forth under the appropriate
headings: (1) the full legal name of such Grantor,
(2) all trade names or other names under which such Grantor
currently conducts business, (3) the type of organization of
such Grantor, (4) the jurisdiction of organization of such
Grantor, (5) its organizational identification number, if any,
and (6) the jurisdiction where the chief executive office or
its sole place of business (or the principal residence if such
Grantor is a natural person) is located.
(b) Except as provided on
Schedule 5.1(C) (as such schedule may be amended or supplemented
from time to time), it has not changed its name, jurisdiction of
organization, chief executive office or sole place of business (or
principal residence if such Grantor is a natural person) or its
corporate structure in any way (e.g., by merger, consolidation,
change in corporate form or otherwise) and has not done business
under any other name, in each case, within the past five
(5) years.
(c) It has not within the
last five (5) years become bound (whether as a result of
merger or otherwise) as debtor under a security agreement entered
into by another Person, which has not heretofore been terminated
other than the agreements identified on Schedule 5.1(D) hereof (as
such schedule may be amended or supplemented from time to
time).
(d) Such Grantor has been
duly organized and is validly existing as an entity of the type as
set forth opposite such Grantor’s name on Schedule 5.1(A)
solely under the laws of the jurisdiction as set forth opposite
such Grantor’s name on Schedule 5.1(A) and remains duly
existing as such. Such Grantor has not filed any certificates of
dissolution or liquidation, any certificates of domestication,
transfer or continuance in any other jurisdiction.
(e) No Grantor is a
“transmitting utility” (as defined in
Section 9-102(a)(80) of the UCC).
5.2 Collateral
Identification, Special Collateral.
(a) On the Restatement Date
and within 30 days following the completion of the most recent
Fiscal Quarter prior to a Credit Date, Schedule 5.2 (as such
schedule may be amended or supplemented from time to time) sets
forth under the appropriate headings all of such Grantor’s:
(1) Pledged Equity Interests constituting Collateral, other
than any Pledged Equity Interests valued at less than $50,000
individually or $250,000 in the aggregate, provided that
such exception shall not apply to any Pledged Equity Interests
evidencing the equity interests in the Borrower’s
Subsidiaries, (2) Pledged Debt other than any Pledged Debt
having a face amount of
14
less than $250,000
individually or $1,000,000 in the aggregate, (3) Securities
Accounts, Security Entitlements, Commodity Accounts and Commodity
Contracts other than any Securities Accounts, Security
Entitlements, Commodity Accounts and Commodity Contracts having a
value of less than, or having funds or other assets credited
thereto with a value of less than, $250,000 individually or
$1,000,000 in the aggregate, (4) Deposit Accounts other than
any Deposit Accounts holding less than $250,000 individually or
$1,000,000 in the aggregate, (5) United States and foreign
registrations of and applications for Patents, Trademarks, and
Copyrights owned by such Grantor constituting Material Intellectual
Property, (6) Patent Licenses, Trademark Licenses, Trade
Secret Licenses and Copyright Licenses constituting Material
Intellectual Property other than employment related agreements or
consulting agreements with individuals to the extent that such
agreements can be characterized as Patent Licenses, Trademark
Licenses, Trade Secret Licenses and/or Copyright Licenses,
(7) Commercial Tort Claims other than any Commercial Tort
Claims having a value of less than $500,000 individually and
$2,000,000 in the aggregate, (8) Letter-of-Credit Rights for
letters of credit other than any Letters of Credit Rights worth
less than $250,000 individually or $1,000,000 in the aggregate,
(9) other than with salesman, servicemen, customers or such
items in transit, under repair or with assemblers, the name and
address of any warehouseman, bailee or other third party in
possession of any Inventory, Equipment and other tangible personal
property other than any Inventory, Equipment or other tangible
person property having a value less than $1,000,000 individually or
$5,000,000 in the aggregate, and (10) Material Contracts.
Within 30 days following the completion of the most recent Fiscal
Quarter prior to a Credit Date, such Grantor shall supplement such
schedules as necessary to ensure that such schedules are
accurate.
(b) None of the Collateral in
excess of $500,000 individually or $2,000,0
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