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Guarantee and Collateral Agreement

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Title:

Guarantee and Collateral Agreement

Entities:

Date:

2008

Size:

Preview shows 33KB of 137KB total

Price:

$71

ID:

#3290243

► Financing ► Collateral ► Guarantee & Collateral Agreements

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GUARANTEE AND COLLATERAL AGREEMENT

made by

KAR HOLDINGS II, LLC,

and

KAR HOLDINGS, INC.

and certain of its Subsidiaries

in favor of

BEAR STEARNS CORPORATE LENDING INC.

Administrative Agent

Dated as of April 20, 2007

TABLE OF CONTENTS


			Page
SECTION 1. DEFINED TERMS			1
	1.1.	Definitions	1
	1.2.	Other Definitional Provisions	6

SECTION 2. GUARANTEE			7
	2.1.	Guarantee	7
	2.2.	Reimbursement, Contribution and Subrogation	8
	2.3.	Amendments, etc. with respect to the Borrower Obligations	9
	2.4.	Guarantee Absolute and Unconditional	9
	2.5.	Reinstatement	10
	2.6.	Payments	10

SECTION 3. GRANT OF SECURITY INTEREST			10

SECTION 4. REPRESENTATIONS AND WARRANTIES			12
	4.1.	Representations in Credit Agreement	12
	4.2.	Title; No Other Liens	12
	4.3.	Perfected First Priority Liens	12
	4.4.	Jurisdiction of Organization; Chief Executive Office	13
	4.5.	Inventory and Equipment	13
	4.6.	Farm Products	14
	4.7.	Pledged Stock and Pledged Notes	14
	4.8.	Receivables	14
	4.9.	Intellectual Property	14

SECTION 5. COVENANTS			16
	5.1.	Covenants in Credit Agreement	16
	5.2.	Delivery and Control of Instruments, Certificated Securities, Chattel Paper, Negotiable Documents, Investment Property and Letter-of-Credit Rights	16
	5.3.	Maintenance of Insurance	17
	5.4.	Payment of Obligations	18
	5.5.	Maintenance of Perfected Security Interest; Further Documentation	18
	5.6.	Changes in Locations, Name, etc.	18
	5.7.	Notices	19
	5.8.	Investment Property	19
	5.9.	Receivables	20
	5.10.	Intellectual Property	20

SECTION 6. REMEDIAL PROVISIONS			22
	6.1.	Certain Matters Relating to Receivables	22
	6.2.	Communications with Obligors; Grantors Remain Liable	23
	6.3.	Investment Property	23
	6.4.	Proceeds to be Turned Over to Administrative Agent	24
	6.5.	Application of Proceeds	25
	6.6.	Code and Other Remedies	25
	6.7.	Registration Rights	25
	6.8.	Deficiency	26


	6.9.	NSULC Shares	26

SECTION 7. THE ADMINISTRATIVE AGENT			27
	7.1.	Administrative Agent?s Appointment as Attorney-in-Fact, etc.	27
	7.2.	Duty of Administrative Agent	28
	7.3.	Financing Statements	29
	7.4.	Authority, Immunities and Indemnities of Administrative Agent	29

SECTION 8. MISCELLANEOUS			29
	8.1.	Amendments in Writing	29
	8.2.	Notices	29
	8.3.	No Waiver by Course of Conduct; Cumulative Remedies	29
	8.4.	Enforcement Expenses; Indemnification	30
	8.5.	Successors and Assigns	30
	8.6.	Set-Off	30
	8.7.	Counterparts	31
	8.8.	Severability	31
	8.9.	Section Headings	31
	8.10.	Integration	31
	8.11.	GOVERNING LAW	31
	8.12.	Submission To Jurisdiction; Waivers	31
	8.13.	Acknowledgements	32
	8.14.	Additional Grantors	32
	8.15.	Releases	32
	8.16.	WAIVER OF JURY TRIAL	33
	8.17.	Effectiveness of Obligations	33

SCHEDULES


Schedule 1		Notice Addresses
Schedule 2		Investment Property
Schedule 3		Jurisdictions of Organization and Chief Executive Offices
Schedule 4		Filings and Other Actions required for Perfection
Schedule 5		Inventory and Equipment Locations
Schedule 6		Intellectual Property
Schedule 7		Commercial Tort Claims

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