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Document Preview Security Agreement |
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Title: |
Security Agreement |
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Date: |
2007 |
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Size: |
Preview shows 34KB of 167KB total |
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Price: |
$72 |
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ID: |
#2835329 |
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Start of Preview |
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SECURITY AGREEMENT
dated as of January 31, 2007
among
MIDOCEAN SBR ACQUISITION CORP.,
as Borrower prior to the Merger,
SBARRO, INC.,
as Borrower following the Merger,
SBARRO HOLDINGS, LLC,
as Holdings,
THE OTHER LOAN PARTIES FROM TIME TO TIME PARTY HERETO,
BANK OF AMERICA, N.A.,
as Collateral Agent
TABLE OF CONTENTS1
| ARTICLE I | ||||
| DEFINITIONS | ||||
| Section 1.01 | Terms Defined in the Credit Agreement | 2 | ||
| Section 1.02 | Terms Defined in the UCC | 2 | ||
| Section 1.03 | Additional Definitions | 2 | ||
| Section 1.04 | Terms Generally | 11 | ||
| ARTICLE II | ||||
| THE SECURITY INTERESTS | ||||
| Section 2.01 | Grant of Security Interests | 11 | ||
| Section 2.02 | Collateral | 11 | ||
| Section 2.03 | Continuing Liability of Each Loan Party | 13 | ||
| Section 2.04 | Security Interests Absolute | 13 | ||
| Section 2.05 | Continuing Liabilities Under Collateral | 15 | ||
| Section 2.06 | Reserved | 15 | ||
| Section 2.07 | Reserved | 15 | ||
| Section 2.08 | L/C Cash Collateral Account | 15 | ||
| Section 2.09 | Prepayment Account | 16 | ||
| Section 2.10 | Investment of Funds in Collateral Accounts | 17 | ||
| ARTICLE III | ||||
| REPRESENTATIONS AND WARRANTIES | ||||
| Section 3.01 | Title to Collateral | 17 | ||
| Section 3.02 | Validity, Perfection and Priority of Security Interests | 17 | ||
| Section 3.03 | Reserved | 18 | ||
| Section 3.04 | No Consents | 18 | ||
| Section 3.05 | Deposit and Securities Accounts | 19 | ||
| ARTICLE IV | ||||
| COVENANTS | ||||
| Section 4.01 | Certain Consents and Authorizations; Account Control Agreements | 19 | ||
| Section 4.02 | Change of Name, Organizational Structure or Location; Subjection to Other Security Agreements | 19 | ||
| Section 4.03 | Further Actions | 20 | ||
|
1 |
The Table of Contents is not a part of the Security Agreement. |
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| Section 4.04 | Collateral in Possession of Other Persons | 20 | ||
| Section 4.05 | Reserved | 21 | ||
| Section 4.06 | Delivery of Instruments, Etc. | 21 | ||
| Section 4.07 | Notification to Account Debtors | 21 | ||
| Section 4.08 | Disposition of Collateral | 21 | ||
| Section 4.09 | Insurance | 22 | ||
| Section 4.10 | Reserved | 22 | ||
| Section 4.11 | Covenants Regarding Intellectual Property | 22 | ||
| Section 4.12 | Deposit Accounts and Securities Accounts | 24 | ||
| Section 4.13 | Electronic Chattel Paper | 24 | ||
| Section 4.14 | Claims | 25 | ||
| Section 4.15 | Letter-of-Credit Rights | 25 | ||
| ARTICLE V | ||||
| GENERAL AUTHORITY; REMEDIES | ||||
| Section 5.01 | General Authority | 25 | ||
| Section 5.02 | Authority of the Collateral Agent | 26 | ||
| Section 5.03 | Remedies upon Event of Default | 26 | ||
| Section 5.04 | Limitation on Duty of the Collateral Agent in Respect of Collateral | 30 | ||
| Section 5.05 | Application of Proceeds | 30 | ||
| ARTICLE VI | ||||
| COLLATERAL AGENT | ||||
| Section 6.01 | Concerning the Collateral Agent | 31 | ||
| Section 6.02 | Appointment of Co-Collateral Agent | 32 | ||
| ARTICLE VII | ||||
| MISCELLANEOUS | ||||
| Section 7.01 | Notices | 32 | ||
| Section 7.02 | No Waivers; Non-Exclusive Remedies | 33 | ||
| Section 7.03 | Compensation and Expenses of the Collateral Agent; Indemnification | 33 | ||
| Section 7.04 | Enforcement | 34 | ||
| Section 7.05 | Amendments and Waivers | 34 | ||
| Section 7.06 | Successors and Assigns | 35 | ||
| Section 7.07 | Governing Law | 35 | ||
| Section 7.08 | Limitation of Law; Severability | 35 | ||
| Section 7.09 | Counterparts; Effectiveness | 35 | ||
| Section 7.10 | Additional Loan Parties | 36 | ||
| Section 7.11 | Termination and Release | 36 | ||
| Section 7.12 | Entire Agreement | 37 | ||
| Section 7.13 | No Conflict | 37 | ||
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| Schedules: | ||||
| Schedule 1.03(a) | - | Claims | ||
| Schedule 3.05 | - | Deposit Accounts and Securities Accounts | ||
| Schedule 4.01 | - | Filings to Perfect Security Interests | ||
| Exhibits: | ||||
| Exhibit A | - | Form of Grant of Security Interest in Patents and Trademarks | ||
| Exhibit B | - | Form of Grant of Security Interest in Copyrights | ||
| Exhibit C | - | Form of Deposit Account Control Agreement | ||
| Exhibit D | - | Form of Consent to Assignment of Letter of Credit Proceeds | ||
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