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Title: |
Security Agreement |
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Date: |
2007 |
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Preview shows 5KB of 41KB total |
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Price: |
$47 |
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ID: |
#2942582 |
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SECURITY AGREEMENT
This SECURITY AGREEMENT (as the same may from time to time be amended, restated or otherwise modified, this ?Agreement?) is made as of the 12th day of July, 2007 by JUPITERIMAGES CORPORATION, an Arizona corporation (?Pledgor?), in favor of KEYBANK NATIONAL ASSOCIATION, as the administrative agent under the Credit Agreement, as hereinafter defined (?Agent?), for the benefit of Agent and the Lenders, as hereinafter defined.
1. Recitals.
JUPITERMEDIA CORPORATION, a Delaware corporation (together with its successors and assigns, ?Borrower?), is entering into that certain Credit and Security Agreement, dated as of July 12, 2007, with the lenders from time to time listed on Schedule 1 thereto (together with their respective successors and assigns and any other additional lenders that become party to the Credit Agreement, collectively, the ?Lenders? and, individually, each a ?Lender?), Agent, and Citizens Bank, N.A., as the syndication agent (as the same may from time to time be amended, restated or otherwise modified, the ?Credit Agreement?). Pledgor desires that the Lenders grant the financial accommodations to Borrower as described in the Credit Agreement.
Pledgor, a subsidiary of Borrower whose financing is provided by the Loans and Letters of Credit, as each term is defined in the Credit Agreement, deems it to be in the direct pecuniary and business interests of Pledgor that Borrower obtain from the Lenders the Commitment, as defined in the Credit Agreement, and the Loans and Letters of Credit, provided for in the Credit Agreement.
Pledgor understands that the Lenders are willing to grant such financial accommodations only upon certain terms and conditions, one of which is that Pledgor grant to Agent, for the benefit of the Lenders, a security interest in and a collateral assignment of the Collateral, as hereinafter defined, and this Agreement is being executed and delivered in consideration of the Lenders entering into the Credit Agreement and each financial accommodation granted to Borrower by the Lenders and for other valuable consideration.
2. Definitions. Except as specifically defined herein, (a) capitalized terms used herein that are defined in the Credit Agreement shall have their respective meanings ascribed to them in the Credit Agreement, and (b) unless otherwise defined in the Credit Agreement, terms that are defined in the U.C.C. are used herein as so defined. As used in this Agreement, the following terms shall have the following meanings:
?Account? means all of Pledgor?s accounts, as defined in the U.C.C.
?Account Debtor? means any Person obligated to pay all or any part of any Account in any manner and includes (without limitation) any guarantor thereof or other accommodation party therefor.
?Cash Collateral Account? means a commercial Deposit Account designated ?cash collateral account? and maintained by Pledgor with Agent, and any interest earned thereon, from which account Agent shall have the exclusive right to withdraw funds until all of the Obligations are paid in full.
?Cash Security? means all cash, instruments, Deposit Accounts, and other cash equivalents, whether matured or unmatured, whether collected or in the process of collection, upon which Pledgor presently has or may hereafter have any claim, wherever located, including but not limited to any of the foregoing that are presently or may hereafter be existing or maintained with, issued by, drawn upon, or in the possession of Agent or any Lender.
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