Document:

Exhibit 10.20

 

GUARANTY

 

This GUARANTY (this “Guaranty”), dated as of
January 25, 2008, made severally and not jointly by each of the Guarantors
in favor of Administrative Agent for the benefit of Administrative Agent and
Lenders.

 

W I T N E S S E T H:

 

WHEREAS, each of the Guarantors and/or their
respective Affiliates is the beneficial and record owner of issued and
outstanding shares of Capital Stock of Body Central Acquisition Corp., a
Delaware corporation (“Parent”);

 

WHEREAS, pursuant to that certain Financing
Agreement dated as of October 1, 2006, and amended as of March 16,
2006, as of August 15, 2007, and, pursuant to that certain Waiver and
Third Amendment thereto (the “Third Amendment”), as of January 25,
2008, respectively (as so amended and as hereafter further amended, restated,
amended and restated, supplemented or otherwise modified and in effect from
time to time to the extent permitted hereunder, the “Financing Agreement”),
by and among Body Shop of America, Inc., a Florida corporation (“Body
Shop”), Catalogue Ventures, Inc., a Florida corporation (“CV,”
Body Shop and CV each a “Borrower” and, collectively, “Borrowers”),
Parent, Rinzi Air, L.L.C., a Florida limited liability company (“Rinzi,”
Parent and Rinzi each a “Financing Guarantor” and, collectively, “Financing
Guarantors;” and Financing Guarantors and Borrowers, each a “Loan Party”
and, collectively, “Loan Parties”), the financial institutions from time
to time parties thereto as Lenders thereunder (each a “Lender” and,
collectively, “Lenders”), and Dymas Funding Company, LLC, as
administrative agent (in such capacity, “Administrative Agent”) for the
Lenders;

 

WHEREAS, pursuant to Section 4 of the Third
Amendment, the Guarantors are required to (i) execute and deliver to the
Administrative Agent this Guaranty, and (ii) provide credit support for
the respective obligations hereunder by causing the Letters of Credit to be
delivered to Administrative Agent; and

 

WHEREAS, each Guarantor has determined that (i) such
Guarantor will derive substantial benefit and advantage from the Revolving
Loans made to Borrowers under the Financing Agreement, and (ii) such
Guarantor’s execution, delivery and performance of this Guaranty directly
benefit, and are in the best interests of, such Guarantor;

 

NOW, THEREFORE, in consideration of the premises
and the agreements herein and in order to induce the Lenders to make and
maintain the Revolving Loans pursuant to the Financing Agreement, each
Guarantor hereby agrees with Administrative Agent, for the benefit of
Administrative Agent and Lenders, as follows:

 

SECTION 1.          Definitions.  Reference is hereby made to the
Financing Agreement for a statement of the terms thereof. As used in this
Guaranty (including, without limitation, the preamble and recitals hereto), the
following terms shall have the respective meanings indicated below, such
meanings to be applicable equally to both the singular and plural forms of such
terms. Capitalized term used but not defined herein shall have the respective
meanings ascribed to such terms in the Financing Agreement.

 

 

“AIG” means AIG Global Asset Management
Holdings Corp.

 

“AIG Letter of Credit” means that certain
Standby Letter of Credit No. 61671700 in the original face amount of
$2,000,000, issued by Citibank, N.A. for the account of AIG and naming
Administrative Agent as beneficiary thereunder, a copy of which is attached
hereto as Exhibit A-1, as such Letter of Credit may be amended,
restated, amended and restated, supplemented or otherwise modified and in
effect from time, and including, without limitation, all substitutions
therefor, amendments thereto and modifications or extensions thereof.

 

“Angelo” means Beth Angelo, an individual.

 

“Angelo Letter of Credit” means that certain
Standby Letter of Credit No. F851678 in the original face amount of
$380,000 issued by SunTrust Bank for the account of Angelo and naming
Administrative Agent as beneficiary thereunder, a copy of which is attached
hereto as Exhibit A-3, as such Letter of Credit may be amended,
restated, amended and restated, supplemented or otherwise modified and in
effect from time, and including, without limitation, all substitutions
therefor, amendments thereof and modifications or extensions thereof.

 

“Bauguss” means Laurie E. Bauguss, an
individual.

 

“Bauguss Letter of Credit” means that
certain Standby Letter of Credit No. F851676 in the original face amount
of $380,000, issued by SunTrust Bank for the account of Bauguss and naming
Administrative Agent as beneficiary thereunder, a copy of which is attached
hereto as Exhibit A-5, as such Letter of Credit may be amended,
restated, amended and restated, supplemented or otherwise modified and in
effect from time, and including, without limitation, all substitutions
therefor, amendments thereof and modifications or extensions thereof.

 

“Guarantor Percentage” means, (i) with
respect to AIG, 33.33334%, (ii) with respect to WestView, 33.33334%, (iii) with
respect to Angelo, 6.33333%, (iv) (iii) with respect to Bauguss,
6.33333%, (v) with respect to Hill, 3.33333% and (vi) with respect to
Rosenbaum, 17,33333%.

 

“Guarantors” means AIG, WestView, Angelo,
Bauguss, Hill and Rosenbaum.

 

“Hill” means Curtis Hill, an individual.

 

“Hill Letter of Credit” means that certain
Standby Letter of Credit No. F851677 in the original face amount of
$200,000, issued by SunTrust Bank for the account of Hill and naming
Administrative Agent as beneficiary thereunder, a copy of which is attached
hereto as Exhibit A-4, as such Letter of Credit may be amended,
restated, amended and restated, supplemented or otherwise modified and in
effect from time, and including, without limitation, all substitutions
therefor, amendments thereof and modifications or extensions thereof.

 

“Letters of Credit” mean the AIG Letter of
Credit, the WestView Letter of Credit, the Angelo Letter of Credit, the Bauguss
Letter of Credit, the Hill Letter of Credit and the Rosenbaum Letter of Credit.

 

“Rosenbaum” means Jerrold Rosenbaum, an
individual.

 

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“Rosenbaum Letter of Credit” means that
certain Standby Letter of Credit No. F851675 in the original face amount
of $1,040,000 issued by SunTrust Bank for the account of Rosenbaum and naming
Administrative Agent as beneficiary thereunder, a copy of which is attached
hereto as Exhibit A-2, as such Letter of Credit may be amended,
restated, amended and restated, supplemented or otherwise modified and in
effect from time, and including, without limitation, all substitutions
therefor, amendments thereof and modifications or extensions thereof.

 

“WestView” means WestView Capital Partners,
L.P., a Delaware limited partnership.

 

“WestView Letter of Credit” means that
certain Standby Letter of Credit No. 5647 in the original face amount of
$2,000,000, issued by Sovereign Bank for the account of WestView and naming
Administrative Agent as beneficiary thereunder, a copy of which is attached
hereto as Exhibit A-6, as such Letter of Credit may be amended,
restated, amended and restated, supplemented or otherwise modified and in
effect from time, and including, without limitation, all substitutions
therefor, amendments thereto and modifications or extensions thereof.

 

SECTION 2.          Guaranty.

 

(a)                                  Each Guarantor hereby unconditionally and irrevocably and severally (and
not jointly) guarantees the punctual payment, as and when due and payable,
whether at stated maturity, by acceleration or otherwise, of any and all
Obligations in respect of (without duplication): (i) the outstanding
principal amount of Revolving Loans requested by the Borrowers and advanced by
the Revolving Loan Lenders under the Financing Agreement, (ii) accrued and
unpaid interest on such Revolving Loans, (iii) unpaid interest on the Term
Loans, to the extent such interest accrued during any period of time when an
Event of Default shall not have occurred and be continuing (iv) fees
payable by the Loan Parties pursuant to Section 2.06(b) (Unused Line
Fee), solely as it relates to Revolving Loans, Section 2.06(c) (LIBOR
Breakage Fees), and Section 3.03(b) (Letter of Credit Fees) of the
Financing Agreement, and (v) amounts charged to any Loan Account pursuant
to Section 3.01(c) of the Financing Agreement (collectively, the “Revolving
Obligations”), it being understood, for the avoidance of doubt, that
Revolving Obligations shall not include any amount charged by the
Administrative Agent to any Loan Account pursuant to Section 4.01 of the
Financing Agreement, other than any such amounts charged in respect of amounts
described in the foregoing. clauses (ii), (iii), (iv) and (v), all which amounts
may be charged by the Administrative Agent to any Loan Account and shall
constitute Revolving Obligations. Without limiting the generality of the
foregoing, each Guarantor’s liability shall extend to all amounts that
constitute part of the Revolving Obligations and would be owed by the Borrowers
or any other Loan Party to the Administrative Agent or the Lenders under any
Loan Document but for the fact that they are unenforceable or not allowable due
to the existence of a bankruptcy, reorganization or similar proceeding
involving any Loan Party; provided, that, notwithstanding the foregoing
or anything to the contrary set forth herein, the sole recourse of
Administrative Agent and Lenders against any Guarantor in respect of its
obligations hereunder shall be (A) in the case of AIG, to the AIG Letter
of Credit, (B) in the case of WestView, to the WestView Letter of Credit, (C) in
the case of Angelo, to the Angelo Letter of Credit, (D) in the case of
Bauguss, to the Bauguss Letter of Credit, (E) in the case of Hill, to the
Hill Letter of Credit, and (F) in the case of Rosenbaum, to the Rosenbaum
Letter of Credit, and this Guaranty shall not give rise to a general obligation
of any Guarantor, it being understood 

 

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and agreed that, in the
event that the proceeds from any Guarantor’s Letter of Credit are insufficient
to satisfy the Revolver Obligations in full in cash, such Guarantor shall not
be liable for any deficiency. Each Guarantor acknowledges and agrees that such
Guarantor has caused such Guarantor’s Letter of Credit to be delivered to
Administrative Agent to provide credit support for Guarantor’s obligations
hereunder to the extent provided herein and, in the event that Administrative
Agent is prevented from making a drawing under such Guarantor’s Letter of
Credit that is contemplated hereby as a result of the failure of such Guarantor
to cause the timely delivery to Administrative Agent of any required
amendments, modifications or supplements to, extensions of, or replacements for
such Guarantor’s Letter of Credit, in each case in appropriate form, or as a
result of any other circumstance beyond Administrative Agent’s direct control,
such Guarantor shall pay on demand to Administrative Agent (without duplication
of any amounts drawn by Administrative Agent under such Guarantor’s Letter of
Credit) an amount equal to such drawing, which amount shall be held as cash
collateral for such Guarantor’s obligations hereunder and shall be applied by
Administrative Agent to such obligations at the respective times and in the
respective amounts that otherwise would have been applicable to such Letter of
Credit pursuant to the terms hereof. In the event of any reduction pursuant to Section 2(c)(C) or
(D) hereof in the maximum amount that Administrative Agent could
have drawn under such Guarantor’s Letter of Credit had Administrative Agent not
been prevented from making a drawing under such Guarantor’s Letter of Credit,
Administrative Agent shall return to such Guarantor that portion of such cash
collateral that is in the amount of such reduction, at the respective times and
in the respective amounts that otherwise would have been applicable to such
Letter of Credit pursuant to the terms hereof.

 

(b)                                 If (i) the expiration date of any Letter of Credit is not
automatically extended in accordance with its original terms on or prior to the
date that is forty-five (45) days before the then current expiration date of
such Letter of Credit, or an original replacement letter of credit in lieu
thereof (x) in substantially the same form as such Letter of Credit, (y) in
an original face amount equal to the amount then available to be drawn under
such Letter of Credit, and (z) issued by a Person reasonably satisfactory
to Administrative Agent, is not delivered to Administrative Agent, on or prior
to the date that is forty-five (45) days before the then current expiration
date of such Letter of Credit, or (ii) in the case of the WestView Letter
of Credit, either an original amendment to the original WestView Letter of
Credit extending the final expiration date thereof to a date that is no later
than January 31, 2013, or an original replacement letter of credit in lieu
thereof (x) in substantially the same form as such Letter of Credit, except
that such Letter of Credit shall have a final expiration date that is no
earlier than January 31, 2013, (y) in an original face amount equal
to the amount then available to be drawn under such Letter of Credit, and (z) issued
by the same Person or another Person reasonably satisfactory to Administrative
Agent, is not delivered to Administrative Agent prior to the date that is
thirty (30) days after the Third Amendment Effective Date, Administrative Agent
may make a draw under such Letter of Credit in the full amount then available
to be drawn under such Letter of Credit and such amount so drawn shall be held
by Administrative Agent as cash collateral for the applicable Guarantor’s
obligations hereunder and shall be applied from time to time by Administrative
Agent to such obligations or, in the event of any reduction pursuant to Section 2(c)(C) or
(D) hereof in the maximum amount that Administrative Agent could
have drawn under such Letter of Credit, returned to the applicable Guarantor in
the amount of such reduction, at the respective times and in the respective
amounts that otherwise would have been applicable pursuant to the terms hereof
to such Letter of Credit; provided, that, in the event that

 

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following such draw, the
applicable Guarantor shall deliver to Administrative Agent, (x) an
original letter of credit in substantially the same form as the Letter of
Credit that Administrative Agent made such draw under (except that if such
Letter of Credit is the WestView Letter of Credit, such replacement Letter of
Credit shall have final expiration date that is no earlier than January 31,
2013), (y) in an original face amount equal to the amount of collateral
then held by Administrative Agent, and (z) issued by a Person reasonably
satisfactory to Administrative Agent, then Administrative Agent shall promptly
return the remaining unapplied portion of such cash collateral to such
Guarantor.

 

(c)                                  Notwithstanding anything to the contrary set forth herein, Administrative
Agent for itself and for and on behalf of each of the Lenders hereby agrees
that:

 

(A)                              if, at any time after the date hereof, Borrowers shall fail to make any
payment in respect of any Obligations when such payment is due and payable
pursuant to the terms of the Financing Agreement and the other Loan Documents,
Administrative Agent may make a draw under (i) the AIG Letter of Credit in
an amount equal to AIG’s Guarantor Percentage of any then outstanding Revolving
Obligations, (ii) the WestView Letter of Credit in an amount equal to
WestView’s Guarantor Percentage of any then outstanding Revolving Obligations, (iii) the
Angelo Letter of Credit in an amount equal to Angelo’s Guarantor Percentage of
any then outstanding Revolving Obligations, (iv) the Bauguss Letter of
Credit in an amount equal to Bauguss’ Guarantor Percentage of any then
outstanding Revolving Obligations, (v) the Hill Letter of Credit in an
amount equal to Hill’s Guarantor Percentage of any then outstanding Revolving
Obligations, and (vi) the Rosenbaum Letter of Credit in an amount equal to
Rosenbaum’s Guarantor Percentage of any then outstanding Revolving Obligations;
provided, that, to the extent the Administrative Agent makes a draw
under any Letter of Credit, the Administrative Agent agrees to make a ratable
draw under all Letters of Credit in an amount equal to each Guarantor’s
Guarantor Percentage; provided, further, that, in no event shall the
Administrative Agent make a draw under any Letter of Credit at any time in
respect of any payment (1) in an amount which exceeds the applicable
Guarantor’s Guarantor Percentage of such payment, or (2) in an amount
which exceeds the amount the Administrative Agent is permitted to draw
hereunder or thereunder at such time (including, without limitation, after
giving effect to any reductions described in paragraphs (C) and (D) below));

 

(B)                                until such time, after the occurrence and during the continuance of an
Event of Default, as Administrative Agent or the Required Lenders shall have
directed that such proceeds be applied pursuant to Section 4.03(b) of
the Financing Agreement, the proceeds of each drawing made from time to time by
Administrative Agent under the Letters of Credit shall be applied promptly by
Administrative Agent to reduce the then outstanding Revolving Obligations in
accordance with Section 4.03(a) of the Financing Agreement, and,
following the giving of any such direction, such proceeds shall be applied
pursuant to Section 4.03(b) of the Financing Agreement; and

 

(C)                                (i) if the Senior Leverage Ratio as of the last day of any two (2) consecutive
fiscal quarters of Parent and its Subsidiaries ending after the Third Amendment
Effective Date is less than 3.00 to 1.00, in each case as determined based on

 

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the
financial statements and related Compliance Certificate delivered to
Administrative Agent and Lenders with respect to each of such fiscal quarters
in accordance with the provisions of Sections 7.01(a)(ii) and (iii) of
the Financing Agreement, respectively, then, effective as of the later to occur
of (x) the date of such delivery and (y) March 31, 2009 (so long
as the aggregate outstanding principal balance of the Revolving Loans on each
of the thirty (30) consecutive days immediately preceding the later of such
dates was zero Dollars ($0.00)), or the first day following such later date on
which the aggregate outstanding principal balance of the Revolving Loans on
each of the thirty (30) consecutive days immediately preceding such date was
zero Dollars ($0.00), the amount that Administrative Agent may draw under each
Letter of Credit shall be reduced:

 

(1)                                  in the case of the AIG Letter of Credit, to the extent necessary to
cause the remaining amount available to be drawn thereunder to equal AIG’s
Guarantor Percentage of $3,000,000,

 

(2)                                  in the case of the WestView Letter of Credit, to the extent necessary to
cause the remaining amount available to be drawn thereunder to equal WestView’s
Guarantor Percentage of $3,000,000,

 

(3)                                  in the case of the Angelo Letter of Credit, to the extent necessary to
cause the remaining amount available to be drawn thereunder to equal Angelo’s
Guarantor Percentage of $3,000,000,

 

(4)                                  in the case of the Bauguss Letter of Credit, to the extent necessary to
cause the remaining amount available to be drawn thereunder to equal Bauguss’
Guarantor Percentage of $3,000,000,

 

(5)                                  in the case of the Hill Letter of Credit, to the extent necessary to
cause the remaining amount available to be drawn thereunder to equal Hill’s
Guarantor Percentage of $3,000,000, and

 

(6)                                  in the case of the Rosenbaum Letter of Credit, to the extent necessary
to cause the remaining amount available to be drawn thereunder to equal
Rosenbaum’s Guarantor Percentage of $3,000,000,

 

and Administrative Agent will, at each Guarantor’s
request and expense, take such actions as are reasonably requested by such
Guarantor to cause the stated amount of the applicable Letter of Credit to be
amended or otherwise modified to reflect any such reduction;

 

(D)                               if the Senior Leverage Ratio as of the last day of any two (2) consecutive
fiscal quarters of Parent and its Subsidiaries ending after the Third Amendment
Effective Date is less than 2.75 to 1.00, in each case as determined based on
the financial statements and related Compliance Certificate delivered to
Administrative Agent and Lenders with respect to each of such fiscal quarters
in accordance with the provisions of Sections 7.01(a)(ii) and (iii) of
the Financing Agreement, respectively, then, effective as of the later to occur
of (x) the date of such delivery and (y) June 30, 2009 (so long
as the aggregate outstanding principal balance of the Revolving Loans on each
of the thirty (30)

 

6

 

consecutive
days immediately preceding the later of such dates was zero Dollars ($0.00)),
or the first day following such later date on which the aggregate outstanding
principal balance of the Revolving Loans on each of the thirty (30) consecutive
days immediately preceding such date was zero Dollars ($0.00), the amount that
Administrative Agent may draw under each Letter of Credit shall be reduced to
zero Dollars ($0.00) (and all obligations of each Guarantor under this Guaranty
will terminate on such later date and Administrative Agent will, at each
Guarantor’s request and expense, return the applicable Letter of Credit to each
Guarantor or the issuer thereof for cancellation and return a copy of this
Guaranty to each Guarantor marked “cancelled”); and

 

(E)                                 So long as this Guaranty remains in effect, any Guarantor has any
liability or obligation hereunder or the Administrative Agent has any ability
to make any draw under any Letter of Credit or apply any cash collateral held
in lieu thereof, Administrative Agent and Lenders will not enter into any
written amendment, restatement, supplement or other modification of the
Financing Agreement or any of the other Loan Documents without the prior
written consent of each Guarantor.

 

SECTION 3.          Guaranty
Absolute; Continuing Guaranty; Assignments.

 

(a)                                  Each Guarantor guarantees that the Revolving Obligations will be paid
strictly in accordance with the terms of the Loan Documents (but in any event
subject to the terms and provisions of Section 2 hereof),
regardless of any law, regulation or order now or hereafter in effect in any
jurisdiction affecting any of such terms or the rights of the Administrative
Agent or the Lenders with respect thereto. Each Guarantor agrees that this
Guaranty is a present and continuing guaranty of payment and not of
collectibility, and that this Guaranty is and is intended to be independent of
and in addition to any other guaranty, endorsement, Collateral or other
agreement held by the Administrative Agent or the Lenders therefore or with
respect thereto, whether or not furnished by such Guarantor. A separate action
or actions may be brought and prosecuted against each Guarantor to enforce the
obligations of such Guarantor hereunder (and, without limiting the generality
of the foregoing, Administrative Agent may make draws under the Letters of
Credit pursuant to Section 2 hereof), in each case irrespective of
whether (i) any action for collection, enforcement or other remedies is
brought against any Borrower or any other Loan Party, (ii) any Borrower or
any other Loan Party is joined in any such action or actions, or (iii) Administrative
Agent or any Lender has resorted to any Collateral for satisfaction of the
Revolving Obligations. The liability of each Guarantor under this Guaranty
shall be irrevocable, absolute and unconditional irrespective of, and each
Guarantor hereby irrevocably waives any defenses it may now or hereafter have
in any way relating to, any or all of the following:

 

(i)                                     any lack of validity or enforceability of any Loan Document or any
agreement or instrument relating thereto;

 

(ii)                                  subject to Section 2(c)(E) hereof, any change in the
time, manner or place of payment of, or in any other term of, all or any of the
Obligations, or any other amendment, modification or waiver of or any consent
to departure from any Loan Document, including, without limitation, any
increase in the Obligations resulting from the extension of additional credit
to any Loan Party or otherwise;

 

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(iii)                               any taking, exchange, release, substitution or non-perfection of any
Collateral, or any taking, release or amendment or waiver of or consent to
departure from any guaranty (other than this Guaranty), for all or any of the
Obligations;

 

(iv)                              any change, restructuring or termination of the corporate, limited
liability company, partnership or other structure, as the case maybe, or
existence of any Loan Party;

 

(v)                                 any failure, omission or delay on the part of any Borrower, any other
Loan Party, Administrative Agent or any of the Lenders to conform or comply
with any term of any of the Loan Documents (other than this Guaranty) or any
failure of Administrative Agent or Lenders to give notice of any Default or
Event of Default or of any disposition or intended disposition of any Collateral;

 

(vi)                              any action or inaction by Administrative Agent or any of the Lenders
under or in respect of any of the Loan Documents, any failure, lack of
diligence, omission or delay on the part of Administrative Agent or any of the
Lenders to enforce, assert or exercise any right, power or remedy conferred on
them in any of the Loan Documents, or any other action or inaction on the part
of Administrative Agent or any of the Lenders;

 

(vii)                           any dissolution of any Guarantor (other than an Individual Investor) or
any voluntary or involuntary bankruptcy, insolvency, reorganization,
arrangement, readjustment, assignment for the benefit of creditors,
composition, receivership, liquidation, marshaling of assets and liabilities or
similar events or proceedings with respect to any Borrower or any other Loan
Party, as applicable, or any of their respective property or creditors, or any
action taken by any trustee or receiver or by any court in any such proceeding
including, without limitation, any proceeding under the Bankruptcy Code;

 

(viii)                        any merger or consolidation of any Borrower or any other Loan Party into
or with any Person, or any sale, lease or transfer of any of the assets of any
Borrower or any other Loan Party to any other Person;

 

(ix)                                any change in the ownership of the equity securities of any Borrower or
any other Loan Party or any change in the relationship between Borrower or any
other Loan Party, or any termination of any such relationship;

 

(x)                                   any release or discharge by operation of law of any Borrower or any
other Loan Party from any obligation or agreement contained in any of the Loan
Documents;

 

(xi)                                Administrative Agent’s or any Lender’s election, in any proceeding
instituted under the Bankruptcy Code, of the application of Section 1111(b)(2) of
the Bankruptcy Code;

 

(xii)                             any borrowing or grant of a security interest by any Borrower or any
other Loan Party as debtor-in-possession under Section 364 of the
Bankruptcy Code;

 

(xiii)                          the inability of Administrative Agent or any Lender to enforce the
Obligations of any Borrower or any other Loan Party as a result of the
automatic stay provisions of Section 362 of the Bankruptcy Code;

 

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(xiv)                         the disallowance, under Section 502 of the Bankruptcy Code, of all
or any portion of Administrative Agent’s or any Lender’s claim or claims for
repayment of the Obligations; or

 

(xv)                            any other circumstance (including any statute of limitations) or any
existence of or reliance on any representation by the Administrative Agent or
the Lenders that might otherwise constitute a defense available to, or a
discharge of, any Loan Party or any other guarantor or surety.

 

This Guaranty shall continue to be effective or be
reinstated, as the case may be, if at any time any payment of any of the
Revolving Obligations by any Loan Party or any Guarantor is rescinded or must
otherwise be returned by the Administrative Agent or the Lenders upon the
insolvency, bankruptcy or reorganization of any Loan Party, any Guarantor or
otherwise, all as though such payment had not been made.

 

(b)                                 This Guaranty is a continuing guaranty and shall (i) remain in full
force and effect with respect to each Guarantor until the earlier to occur of (A) the
reduction to zero Dollars ($0.00) of the amount available to be drawn under the
applicable Letter of Credit, or of the amount of any cash collateral held by
the Administrative Agent in lieu thereof, in each case in accordance with the
terms and provisions hereof and thereof, (B) the cash payment in full of
all amounts payable under this Guaranty and (C) the repayment in full of
all Revolving Obligations and the termination of the Revolving Loan Commitments
of all Lenders, (ii) be binding upon each Guarantor, its successors and
assigns, heirs, personal representatives and executors, as applicable, and (iii) inure
to the benefit of and be enforceable by the Administrative Agent, the Lenders
and their successors, pledgees, transferees and assigns, to the extent
permitted pursuant to the Financing Agreement.

 

SECTION 4.          Waivers.  Each Guarantor hereby
unconditionally waives, to the extent permitted by law: (i) demand,
presentment and protest, proof of notice of non-payment under any of the Loan
Documents, promptness, diligence, notice of acceptance and any other notice
with respect to any of the Revolving Obligations (including, without
limitation, notice of any Default or Event of Default under the Financing
Agreement or any other Loan Document) and this Guaranty or that are required by
statute, rule of law or otherwise, now or hereafter in effect, to preserve
intact any rights against such Guarantor, (ii) notice of any of the
matters referred to in Section 3 above, (iii) except as otherwise
expressly set forth herein, any requirement that the Administrative Agent or
the Lenders exhaust any right or take any action against any Loan Party or any
other Person or any Collateral, (iv) any requirement of diligence on the
part of any Person, and (v) any notice of any sale, transfer or other
disposition of any right, title or interest of Administrative Agent or Lenders
under the Financing Agreement or any other Loan Document. Each Guarantor
acknowledges that it will receive direct and indirect benefits from the
financing arrangements contemplated herein and in the Financing Agreement and
that the waivers set forth in this Section 4 are knowingly made in
contemplation of such benefits. Each Guarantor hereby waives any right to
revoke this Guaranty, and acknowledges that this Guaranty is continuing in
nature and applies to all Revolving Obligations, whether existing now or in the
future.

 

SECTION 5.          Subrogation.  No Guarantor may exercise any
rights that such Guarantor may now or hereafter acquire against any Loan Party
or any other guarantor that arise from the 

 

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existence, payment,
performance or enforcement of such Guarantor’s obligations under this Guaranty,
including, without limitation, any right of subrogation, reimbursement,
exoneration, contribution or indemnification and any right to participate in
any claim or remedy of the Administrative Agent and the Lenders against any
Loan Party or any other guarantor or any Collateral, whether or not such claim,
remedy or right arises in equity or under contract, statute or common law,
including, without limitation, the right to take or receive from any Loan Party
or any other guarantor, directly or indirectly, in cash or other property or by
set-off or in any other manner, payment or security solely on account of such
claim, remedy or right, unless and until all of the Obligations, including,
without limitation, the Revolving Obligations, and all other amounts payable
under this Guaranty shall have been paid in full in cash and all commitments to
lend under the Financing Agreement have terminated.

 

SECTION 6.          Representations
and Warranties.  Each Guarantor hereby represents and warrants
as follows:

 

(a)                                  This Guaranty is the legal, valid and binding obligation of such
Guarantor, enforceable against such Guarantor in accordance with its terms,
except as may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws.

 

(b)                                 Such Guarantor (i) has read and understands the terms and
conditions of the Financing Agreement and the other Loan Documents, and (ii) now
has and will continue to have independent means of obtaining information
concerning the affairs, financial condition and business of each Borrower and
the other Loan Parties, and has no need of, or right to obtain from the
Administrative Agent or any Lender, any credit or other information concerning
the affairs, financial condition or business of any Borrower or any of the
other Loan Parties that may come under the control of the Administrative Agent
or any Lender.

 

SECTION 7.          Notices, Etc.  All notices and other
communications provided for hereunder shall be in writing and shall be mailed,
telecopied or delivered, if to any Guarantor, to such Guarantor at its address
set forth on the signature page hereto, or if to the Administrative Agent,
to it at its address set forth in the Financing Agreement; or as to any such
Person at such other address as shall be designated by such Person in a written
notice to such other Person complying as to delivery with the terms of this Section 7.
All such notices and other communications shall be effective (i) if mailed
(by certified mail, postage prepaid and return receipt requested), when
received or three Business Days after deposited in the mails, whichever occurs
first; (ii) if telecopied, when transmitted and confirmation is received,
provided same is on a Business Day and, if not, on the next Business Day; or (iii) if
delivered, upon delivery, provided same is on a Business Day and, if not, on
the next Business Day.

 

SECTION 8.          CONSENT
TO JURISDICTION; SERVICE OF PROCESS AND VENUE.  ANY LEGAL ACTION OR PROCEEDING WITH RESPECT
TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS
OF THE STATE OF NEW YORK IN THE COUNTY OF NEW YORK OR OF THE UNITED STATES
DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND
DELIVERY OF THIS GUARANTY, EACH GUARANTOR HEREBY IRREVOCABLY ACCEPTS IN RESPECT
OF SUCH GUARANTOR’S PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION
OF THE

 

10

 

AFORESAID COURTS. EACH
GUARANTOR HEREBY IRREVOCABLY APPOINTS THE SECRETARY OF STATE OF THE STATE OF
NEW YORK AS ITS AGENT FOR SERVICE OF PROCESS IN RESPECT OF ANY SUCH ACTION OR
PROCEEDING AND FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY
OF THE AFOREMENTIONED COURTS AND IN ANY SUCH ACTION OR PROCEEDING BY THE
MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO
SUCH GUARANTOR AT SUCH GUARANTOR’S ADDRESS FOR NOTICES SPECIFIED IN SECTION 7
AND TO THE SECRETARY OF STATE OF THE STATE OF NEW YORK, SUCH SERVICE TO BECOME
EFFECTIVE TEN (10) DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL AFFECT
THE RIGHT OF THE ADMINISTRATIVE AGENT AND THE LENDERS TO SERVICE OF PROCESS IN
ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE
PROCEED AGAINST ANY GUARANTOR IN ANY OTHER JURISDICTION. EACH GUARANTOR HEREBY
EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY
OBJECTION WHICH SUCH GUARANTOR MAY NOW OR HEREAFTER HAVE TO THE JURISDICTION
OR LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO
ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM. TO THE EXTENT THAT ANY GUARANTOR HAS OR HEREAFTER MAY ACQUIRE
ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER
THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF
EXECUTION OR OTHERWISE) WITH RESPECT TO SUCH GUARANTOR OR SUCH GUARANTOR’S
PROPERTY, SUCH GUARANTOR HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF
SUCH GUARANTOR’S OBLIGATIONS UNDER THIS GUARANTY.

 

SECTION 9.          WAIVER OF JURY TRIAL, ETC.  EACH GUARANTOR AND ADMINISTRATIVE AGENT EACH
HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM CONCERNING ANY RIGHTS UNDER THIS GUARANTY OR THE OTHER LOAN
DOCUMENTS, OR UNDER ANY AMENDMENT, WAIVER, CONSENT, INSTRUMENT, DOCUMENT
OR OTHER AGREEMENT DELIVERED OR WHICH IN THE FUTURE MAY BE DELIVERED IN
CONNECTION HEREWITH OR THEREWITH, OR ARISING FROM ANY FINANCING RELATIONSHIP
EXISTING IN CONNECTION WITH THIS GUARANTY OR THE OTHER LOAN DOCUMENTS, AND
AGREES THAT ANY SUCH ACTION, PROCEEDING OR COUNTERCLAIM SHALL BE TRIED BEFORE A
COURT AND NOT BEFORE A JURY. EACH GUARANTOR CERTIFIES THAT NO OFFICER, REPRESENTATIVE,
AGENT OR ATTORNEY OF THE ADMINISTRATIVE AGENT OR ANY LENDER HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT THE ADMINISTRATIVE AGENT OR ANY LENDER WOULD NOT, IN
THE EVENT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM, SEEK TO ENFORCE THE
FOREGOING WAIVERS. EACH GUARANTOR HEREBY ACKNOWLEDGES THAT THIS PROVISION IS A
MATERIAL INDUCEMENT FOR THE ADMINISTRATIVE AGENT AND THE LENDERS ENTERING INTO
THIS AGREEMENT.

 

11

 

SECTION 10.        Miscellaneous.

 

(a)                                  No amendment or waiver of any provision of this Guaranty and no consent
to any departure by any Guarantor therefrom shall in any event be effective
unless the same shall be in writing and signed by such Guarantor and the
Administrative Agent, and then such waiver or consent shall be effective only
in the specific instance and for the specific purpose for which given.

 

(b)                                 No failure on the part of the Administrative Agent or any Lender to
exercise, and no delay in exercising, any right hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any right hereunder
preclude any other or further exercise thereof or the exercise of any other
right. The rights and remedies of the Administrative Agent and the Lenders
provided herein are cumulative and are in addition to, and not exclusive of,
any rights or remedies provided by law.

 

(c)                                  Any provision of this Guaranty which is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining
portions hereof or thereof or affecting the validity or enforceability of such
provision in any other jurisdiction.

 

(d)                                 This Guaranty shall (i) be binding on each Guarantor and such Guarantor’s
successors, assigns, heirs, personal representatives and executors, as
applicable, and (ii) inure, together with all rights and remedies of the
Administrative Agent and the Lenders hereunder, to the benefit of the
Administrative Agent and the Lenders and their respective successors,
transferees and assigns, to the extent permitted pursuant to the Financing
Agreement.

 

(e)                                  This Guaranty and the respective Letters of Credit represents the entire
agreement of each Guarantor, the Administrative Agent and the Lenders with
respect to the subject matter hereof, and there are no promises, undertakings,
representations or warranties by the Administrative Agent or any Lender
relative to the subject matter thereof not expressly set forth or referred to
herein or therein.

 

(f)                                    Section headings herein are included for convenience of reference
only and shall not constitute a part of this Guaranty for any other purpose.

 

(g)                                 THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAW OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE
PERFORMED IN THE STATE OF NEW YORK.

 

(h)                                 Each Investor Guarantor acknowledges that (i) as of the date
hereof, such Investor Guarantor has no defenses, claims or set-offs to the
enforcement of any liabilities, obligations and agreements owing to
Administrative Agent or any Lender, and (ii) Administrative Agent and each
Lender have fully performed all such Person’s respective obligations to such
Investor Guarantor and each Loan Party that the Administrative Agent or such
Lender, as the case may be, may have had or may have on or prior to the date
hereof. Each Investor Guarantor hereby irrevocably releases and forever
discharges Administrative Agent and each Lender and their respective
affiliates, subsidiaries, successors, assigns, directors, officers, employees,
agents, consultants and attorneys (each, a “Released Person”) of and
from all 

 

12

 

damages, losses,
claims, demands, liabilities, obligations, actions or causes of action
whatsoever that such Investor Guarantor may now have or claim to have currently
against any Released Person on account of or in any way touching, concerning,
arising out of or founded upon the Financing Agreement or any other Loan Document,
whether presently known or unknown and of every nature and extent whatsoever,
but only to the extent relating to matters arising on or prior to the date
hereof.

 

[Remainder of this page intentionally left blank;
signature page follows]

 

13

 

IN WITNESS WHEREOF, the undersigned Guarantor has
caused this Guaranty to be executed by an officer thereunto duly authorized, as
of the date first above written.

 

	
   

  	
  WESTVIEW CAPITAL PARTNERS, L.P.

  
	
   

  	
  By:

  	
  WestView Capital Management, L.P.,

  its general partner

  
	
   

  	
  By:

  	
  WVCP Management, LLC 

  its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ C. von Schroeter

  
	
   

  	
  Name:

  	
  C von Schroeter

  
	
   

  	
  Title:

  	
  Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  One International Place

  Seventh Floor

  Boston, Massachusetts 02110

  
	
   

  	
  Attention:

  	
  John Turner

  
	
   

  	
  Facsimile:

  	
  (617) 261-2060

  
				

 

 

IN WITNESS WHEREOF, the undersigned Guarantor has
caused this Guaranty to be executed by an officer thereunto duly authorized, as
of the date first above written.

 

	
   

  	
  AIG GLOBAL ASSET MANAGEMENT HOLDINGS CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael Meotti

  
	
   

  	
  Name:

  	
  Michael Meotti

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  
	
   

  	
   

  
	
   

  	
  277 Park Avenue  

  42nd Floor  

  New York, New York 10172

  
	
   

  	
  Attention:

  	
  Scott Gallin

  
	
   

  	
  Facsimile:

  	
  (646) 857-8842

  
				

 

 

IN WITNESS WHEREOF, the undersigned Guarantor has
caused this Guaranty to be executed as of the date first above written.

 

	
   

  	
  /s/ Beth Angelo

  
	
   

  	
  Beth Angelo, an individual

  
	
   

  	
   

  
	
   

  	
  c/o Body Shop of America, Inc.  

  6225 Powers Avenue  

  Jacksonville, Florida 32217

  
	
   

  	
  Facsimile:

  	
  (904) 448-5271

  

 

 

IN WITNESS WHEREOF, the undersigned Guarantor has
caused this Guaranty to be executed as of the date first above written.

 

	
   

  	
  /s/ Curtis V. Hill

  
	
   

  	
  Curtis Hill, an individual

  
	
   

  	
   

  	
   

  
	
   

  	
  c/o Body Shop of America, Inc.  

  6225 Powers Avenue  

  Jacksonville, Florida 32217

  
	
   

  	
  Facsimile:

  	
  (904) 448-5271

  
				

 

 

IN WITNESS WHEREOF, the undersigned Guarantor has
caused this Guaranty to be executed as of the date first above written.

 

	
   

  	
  /s/ Laurie Bauguss

  
	
   

  	
  Laurie E. Bauguss, an individual

  
	
   

  	
   

  	
   

  
	
   

  	
  c/o Body Shop of America, Inc.  

  6225 Powers Avenue  

  Jacksonville, Florida 32217

  
	
   

  	
  Facsimile:

  	
  (904) 448-5271

  
				

 

 

IN WITNESS WHEREOF, the undersigned Guarantor has
caused this Guaranty to be executed as of the date first above written.

 

	
   

  	
  /s/ Jerrold Rosenbaum

  
	
   

  	
  Jerrold Rosenbaum, an individual

  
	
   

  	
   

  	
   

  
	
   

  	
  c/o Body Shop of America, Inc.  

  6225 Powers Avenue  

  Jacksonville, Florida 32217

  
	
   

  	
  Facsimile:

  	
  (904) 448-5271

  
				

 

 

	
  ACKNOWLEDGED AND AGREED AS OF JANUARY 25, 2008

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  DYMAS FUNDING COMPANY, LLC, as Administrative
  Agent

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  Dymas Capital Management  Company, LLC, its Manager

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Albert M. Ricchio

  	
   

  	
   

  
	
  Name:

  	
  Albert M. Ricchio

  	
   

  	
   

  
	
  Title:

  	
  Managing DirectorExhibit 10.21

 

SECURITY AGREEMENT

 

This SECURITY AGREEMENT (this “Agreement”)
dated as of October 1, 2006, made by each of the Borrowers and each of the
Guarantors referred to below (each such Person is sometimes referred to herein
as a “Grantor” and, collectively, the “Grantors”) and each person
who becomes a Grantor hereto pursuant to a joinder substantially in the form
attached hereto as Exhibit B, in favor of Dymas Funding Company,
LLC, in its capacity as the Administrative Agent on behalf of the Lenders party
to the Financing Agreement referred to below.

 

W  I  T  N  E
S  S  E  T  H:

 

WHEREAS, Body Central Acquisition Corp., a Delaware
corporation (“Parent” and together with each other Person who becomes a
borrower under the Financing Agreement referred to below, the “Borrowers”),
each subsidiary of the Parent listed as a “Guarantor” on the signature pages thereto,
the financial institutions from time to time party thereto as “Lenders”,
and the Administrative Agent are parties to a Financing Agreement, dated as of
October 1, 2006 (such agreement, as amended, restated, supplemented or
otherwise modified from time to time, being hereinafter referred to as the “Financing
Agreement”), pursuant to which the Lenders have agreed to make Loans and
other financial accommodations set forth therein available to the Borrower;

 

WHEREAS, it is a condition precedent to the Lenders
making any Loan or other financial accommodation to the Borrower pursuant to
the Financing Agreement, that each Grantor shall have executed and delivered to
the Administrative Agent a security agreement providing for the grant to the
Administrative Agent for the benefit of the Lenders of a security interest in
all personal property of such Grantor;

 

WHEREAS, the Grantors are mutually dependent on
each other in the conduct of their respective businesses as an integrated
operation, with the credit needed from time to time by each Grantor often being
provided through financing obtained by the other Grantors and the ability to
obtain such financing being dependent on the successful operations of all of
the Grantors as a whole; and

 

WHEREAS, each Grantor has determined that the
execution, delivery and performance of this Agreement directly benefit, and are
in the best interest of, such Grantor;

 

NOW, THEREFORE, in consideration of the premises
and the agreements herein and in order to induce the Lenders to make and
maintain the Loans pursuant to the Financing Agreement, each Grantor hereby
jointly and severally agrees with the Administrative Agent, for the benefit of
the Lenders, as follows:

 

SECTION 1.           Definitions.

 

(a)           Reference is hereby made to the Financing Agreement for a statement of
the terms thereof.  All terms used in
this Agreement and the recitals hereto which are defined in the Financing
Agreement or in Article 9 of the Uniform Commercial Code (the “Code”)
as in effect from time to time in the State of New York and which are not
otherwise defined herein shall have the same meanings herein as set forth
therein.

 

 

(b)           The following terms shall have the respective meanings provided for in
the Code: “Accounts”, “Account Debtor”, “Cash Proceeds”, “Chattel Paper”, “Commercial
Tort Claim”, “Commodity Account”, “Commodity Contracts”, “Deposit Account”, “Documents”,
“Electronic Chattel Paper”, “Equipment”, “Fixtures”, “General Intangibles”, “Goods”,
“Instruments”, “Inventory”, “Investment Property”, “Letter of Credit”, “Letter-of-Credit
Rights”, Noncash Proceeds”, “Payment Intangibles”, “Proceeds”, “Promissory
Notes”, “Record”, “Security Account”, “Software”, “Supporting Obligations” and “Tangible
Chattel Paper”.

 

(c)           As used in this Agreement, the following terms shall have the respective
meanings indicated below, such meanings to be applicable equally to both the
singular and plural forms of such terms:

 

“Control” means the manner in which “control”
is achieved under the Code with respect to a particular item of Collateral.

 

“Copyright Licenses” means all licenses,
contracts or other agreements, whether written or oral, naming any Grantor as
licensee or licensor and providing for the grant of any right to use or sell
any works covered by any copyright (including, without limitation, all
Copyright Licenses set forth in Schedule II hereto).

 

“Copyrights” means (i) all domestic and
foreign copyrights, whether registered or not, including, without limitation,
all copyright rights throughout the universe (whether now or hereafter arising)
in any and all media (whether now or hereafter developed), in and to all
original works of authorship fixed in any tangible medium of expression,
acquired or used by any Grantor (including, without limitation, all copyrights
described in Schedule II hereto), (ii) all applications,
registrations and recordings thereof (including, without limitation,
applications, registrations and recordings in the United States Copyright
Office or in any similar office or agency of the United States or any other
country or any political subdivision thereof), (iii) all reissues,
divisions, continuations, continuations in part and extensions or renewals
thereof, (iv) all income, royalties, damages and payments now or hereafter
due and/or payable under any of the foregoing or with respect to any of the
foregoing, including damages or payments for past, present or future
infringements of any of the foregoing and (v) the right to sue for past,
present or future infringements of any of the foregoing.

 

“Excluded Deposit Accounts” means all
deposit accounts of each Grantor other than Specified Deposit Accounts, all of
which deposit accounts are listed as such on Schedule IV hereto.

 

“Intellectual Property” means the
Copyrights, Trademarks and Patents.

 

“Licenses” means the Copyright Licenses, the
Trademark Licenses and the Patent Licenses.

 

“Patent Licenses” means all licenses,
contracts or other agreements, whether written or oral, naming any Grantor as
licensee or licensor and providing for the grant of any right to manufacture,
use or sell any invention covered by any Patent (including, without limitation,
all Patent Licenses set forth in Schedule II hereto).

 

“Patents” means (i) all domestic and
foreign letters patent (and the inventions and improvements described and
claimed therein), design patents, utility patents, industrial designs,
inventions, trade secrets, ideas, concepts, methods, techniques, processes,
proprietary information, technology, know-how, formulae, rights of publicity
and other General Intangibles of like nature, 

 

2

 

now existing or hereafter.  acquired (including, without limitation, all domestic
and foreign letters patent (and the inventions and improvements described and
claimed therein), design patents, utility patents, industrial designs,
inventions, trade secrets, ideas, concepts, methods, techniques, processes,
proprietary information, technology, know-how and formulae described in Schedule II
hereto), (ii) all applications, registrations and recordings thereof
(including, without limitation, applications, registrations and recordings in
the United States Patent and Trademark Office, or in any similar office or
agency of the United States or any other country or any political subdivision
thereof), (iii) all reissues, divisions, continuations, continuations in
part and extensions or renewals thereof, (iv) all income, royalties,
damages and payments now and/or hereafter due and payable under any of the
foregoing or with respect to any of the foregoing, including, without
limitation, damages and payments for past, present and future infringements of
any of the foregoing and (v) the right to sue for past, present and future
infringements of any of the foregoing.

 

“Specified Deposit Account” shall mean one
or more deposit accounts described as such on Schedule IV hereto,
all of which deposit accounts are subject to a control agreement in form and
substance reasonably satisfactory to the Administrative Agent

 

“Trademark Licenses” means all licenses,
contracts or other agreements, whether written or oral, naming any Grantor as
licensor or licensee and providing for the grant of any right concerning any
Trademark, together with any goodwill connected with and symbolized by any such
trademark licenses, contracts or agreements and the right to prepare for sale
or lease and sell or lease any and all Inventory now or hereafter owned by any
Grantor and now or hereafter covered by such licenses (including, without
limitation, all Trademark Licenses described in Schedule II
hereto).

 

“Trademarks” means (i) all domestic and
foreign trademarks, service marks, collective marks, certification marks, trade
names, corporate names, company names, business names, fictitious business
names, internet domain names, trade styles, designs, logos and other source or
business identifiers and all general intangibles of like nature, now or
hereafter owned, adopted, acquired or used by any Grantor (including, without
limitation, all domestic and foreign trademarks, service marks, collective
marks, certification marks, trade names, business names, d/b/a’s, Internet
domain names, trade styles, designs, logos and other source or business
identifiers described in Schedule II hereto), (ii) all
applications, registrations and recordings thereof (including, without
limitation, applications, registrations and recordings in the United States
Patent and Trademark Office or in any similar office or agency of the United
States, any state thereof or any other country or any political subdivision
thereof), (iii) all reissues, extensions or renewals thereof, together
with all goodwill of the business symbolized by such marks and all customer
lists, formulae and other Records of any Grantor relating to the distribution
of products and services in connection with which any of such marks are used,
(iv) all income, royalties, damages and payments now and/or hereafter due
and payable under any of the foregoing or with respect to any of the foregoing,
including, without limitation, damages and payments for past, present and
future infringements of any of the foregoing and (v) the right to sue for
past, present and future infringements of any of the foregoing.

 

SECTION 2.           Grant of Security Interest.  As collateral security for the payment,
performance and observance of all of the Obligations (as defined in Section 3
hereof), each Grantor hereby pledges and assigns to the Administrative Agent,
and grants to the Administrative Agent for the benefit of the Lenders and other
holders of Obligations a continuing security interest in, right of setoff
against and an assignment to the Administrative Agent of, all personal property
and rights to personal property of such Grantor, in each case wherever located
and whether now or hereafter 

 

3

 

existing and whether now
owned or hereafter acquired fired, of every kind and description, tangible or
intangible, including, without limitation, the following (all being referred to
as the “Collateral”):

 

(a)           all Accounts;

 

(b)           all Chattel Paper (whether Tangible Chattel Paper or Electronic Chattel
Paper);

 

(c)           the Commercial Tort Claims specified on Schedule VI hereto;

 

(d)           all Deposit Accounts, all cash, and all other property from time to time
deposited therein and the monies and property in the possession or under the
control of the Administrative Agent or any Lender or any affiliate,
representative, agent or correspondent of the Administrative Agent or any
Lender;

 

(e)           all Documents;

 

(f)            all Equipment;

 

(g)           all Fixtures;

 

(h)           all General Intangibles (including, without limitation, all Payment
Intangibles);

 

(i)            all Goods;

 

(j)            all Instruments (including, without limitation, Promissory Notes);

 

(k)           all Inventory;

 

(l)            all Investment Property;

 

(m)          all Copyrights, Patents and Trademarks, and all Licenses;

 

(n)           all Letter-of-Credit Rights;

 

(o)           all Software;

 

(p)           all Supporting Obligations;

 

(q)           all other tangible and intangible personal property of such Grantor
(whether or not subject to the Code), including, without limitation, all bank
and other accounts and all cash and all investments therein, all Proceeds,
products, offspring, accessions, rents, profits, income, benefits, substitutions
and replacements of and to any of the property of such Grantor described in the
preceding clauses of this Section 2 (including, without limitation,
any proceeds of insurance thereon and all causes of action, claims and
warranties now or hereafter held by such Grantor in respect of any of the items
listed above), and all books, correspondence, files and other Records,
including, without limitation, all tapes, desks, cards, Software, data and
computer programs in the possession or under the control of such Grantor or any
other Person from time to time acting for such Grantor that at any time
evidence or contain information relating to any of the property described in 

 

4

 

the preceding clauses of
this Section 2 or are otherwise necessary or helpful in the
collection or realization thereof; and

 

(r)            all Proceeds, including all Cash Proceeds and Noncash Proceeds, and
products of any and all of the foregoing Collateral;

 

in each case howsoever such Grantor’s interest
therein may arise or appear (whether by ownership, security interest, claim or
otherwise).

 

SECTION 3.           Security for Obligations.  The security interest created hereby in the
Collateral constitutes continuing collateral security for the payment,
performance and observance of all of the Obligations, including, but not
limited to the following, whether now existing or hereafter incurred:

 

(a)           the prompt payment by each Grantor, as and when due and payable (by
scheduled maturity, required prepayment, acceleration, demand or otherwise), of
all amounts from time to time owing by it in respect of the Financing Agreement
and/or the other Loan Documents, whether now existing or hereafter created or
arising under the Financing Agreement and/or the other Loan Documents and all
renewals, extensions, restructurings, refinancings or increases related to such
amounts, including, without limitation, (i) principal of and interest on
the Loans (including, without limitation, all interest that accrues after the commencement
of any Insolvency Proceeding of any Grantor, whether or not the payment of such
interest is unenforceable or is not allowable due to the existence of such
Insolvency Proceeding), (ii) in the case of a Guarantor, all amounts from
time to time owing by such Grantor in respect of its guaranty made pursuant to
Article 10 of the Financing Agreement or under any other Guaranty to which
it is a party, including all obligations guaranteed by such Grantor,
(iii) all fees, commissions, expense reimbursements, indemnifications and
all other amounts due or to become due under any Loan Document and
(iv) all other “Obligations” (as defined in the Financing
Agreement); and

 

(b)           the due performance and observance by each Grantor of all of its other
obligations from time to time existing in respect of the Loan Documents.

 

SECTION 4.           Representations and Warranties.  Each Grantor jointly and severally represents
and warrants as follows (in each case, after giving pro forma effect to the
Body Shop Acquisition and the effectiveness of the Closing Date Joinder
Agreement):

 

(a)           There is no pending or, to the best knowledge of any Grantor, threatened
action, suit, proceeding or claim affecting any Grantor or to which any of the
properties of any Grantor is subject, before any Governmental Authority or any
arbitrator, or any order, judgment or award by any Governmental Authority or
arbitrator, that may adversely affect the grant by any Grantor, or the
perfection, of the security interest purported to be created hereby in the
Collateral, or the exercise by the Administrative Agent of any of its rights or
remedies hereunder.

 

(b)           All Equipment, Fixtures, Goods and Inventory now existing is, as of the
date hereof, located at the addresses specified therefor in Schedule III
hereto (and none of such locations are leased by such Grantor as lessee except
as designated on Schedule III hereto).  Each Grantor’s chief place of business and
chief executive office, the place where such Grantor keeps its Records
concerning Accounts and all originals of all Chattel Paper are located at the
addresses specified therefor in Schedule III hereto.  None of the Accounts is evidenced by
Promissory Notes or other 

 

5

 

Instruments except for
Promissory Notes evidencing aggregate indebtedness of not more than
$250,000.  Set forth in Schedule IV
hereto is a complete and accurate list, as of the date of this Agreement, of
each Deposit Account, Securities Account and Commodities Account of each
Grantor, together with the name and address of each institution at which each
such Account is maintained, the account number for each such Account and a
description of the purpose of each such Account.  Set forth in Schedule I hereto is
a complete and correct list of each trade name used by each Grantor and the
name of, and each trade name used by, each person from which such Grantor has
acquired any substantial part of the Collateral.

 

(c)           Each Grantor has delivered to the Administrative Agent complete and
correct copies of each License described in Schedule II hereto,
including all schedules and exhibits thereto, which represents all of the
Licenses existing on the date of this Agreement.  Each such License sets forth the entire
agreement and understanding of the parties thereto relating to the subject
matter thereof, and there are no other agreements, arrangements or
understandings, written or oral, relating to the matters covered thereby or the
rights of any Grantor or any of its affiliates in respect thereof.  Each License now existing is, and each other
License will be, the legal, valid and binding obligation of the parties
thereto, enforceable against such parties in accordance with its terms.  No default thereunder by any such party
exists, nor does any defense, offset, deduction or counterclaim exist
thereunder in favor of any such party.

 

(d)           The Grantors own and control, or otherwise possesses adequate rights to
use, all Trademarks, Patents and Copyrights, which are the only trademarks,
patents, copyrights, inventions, trade secrets, proprietary information and
technology, know-how, formulae and rights of publicity necessary to conduct its
business in substantially the same manner as conducted as of the date
hereof.  Schedule II hereto
sets forth a true and complete list of all Intellectual Property and Licenses
owned or used by each Grantor as of the date hereof.  All such Intellectual Property is subsisting
and in full force and effect, has not been adjudged invalid or unenforceable,
is valid and enforceable and has not been abandoned in whole or in part.  Except as set forth in Schedule II,
no such Intellectual Property is the subject of any licensing or franchising
agreement.  No Grantor has any knowledge
of any conflict with the rights of others to any Intellectual Property and, to
the best knowledge of each Grantor, no Grantor is now infringing or in conflict
with any such rights of others in any material respect, and to the best
knowledge of each Grantor, no other Person is now infringing or in conflict in
any material respect with any such properties, assets and rights owned or used
by any Grantor.  No Grantor has received
any notice that it is violating or has violated the trademarks, patents,
copyrights, inventions, trade secrets, proprietary information and technology,
know-how, formulae, rights of publicity or other intellectual property rights
of any third party.

 

(e)           The Grantors are and will be at all times the sole and exclusive owners
of, or otherwise have and will have adequate rights in, the Collateral free and
clear of any Lien except for (i) the Lien created by this Agreement and
(ii) the Permitted Liens.  No
effective financing statement or other instrument similar in effect covering
all or any part of the Collateral is on file in any recording or filing office
except (A) such as may have been filed in favor of the Administrative
Agent relating to this Agreement and (B) such as may have been filed to
perfect or protect any security interests or Liens permitted by the Financing
Agreement.  Except as disclosed on Schedule III
hereto, none of the Collateral is in the possession of any consignee, bailee,
warehouseman, agent or processor.  No
other Person has Control of the Collateral.

 

(f)            The exercise by the Administrative Agent of any of its rights and remedies
hereunder and in accordance herewith will not contravene any law or any
contractual restriction 

 

6

 

binding on or otherwise
affecting any Grantor or any of its properties and will not result in or require
the creation of any Lien upon or with respect to any of its properties.

 

(g)           No authorization or approval or other action by, and no notice to or
filing with, any Governmental Authority or other regulatory body, or any other
Person, is required for (i) the grant by any Grantor, or the perfection,
of the security interest purported to be created hereby in the Collateral or
(ii) the exercise by the Administrative Agent of any of its rights and
remedies hereunder, except (A) for the filing under the Uniform Commercial
Code as in effect in the applicable jurisdiction of the financing statements
described in Schedule V hereto, all of which financing statements
have been duly filed and are in full force and effect, (B) with respect to
the perfection of the security interest created hereby in the United States
Intellectual Property, for the recording of the appropriate Assignment for
Security, substantially in the form of Exhibit A hereto in the
United States Patent and Trademark Office or the United States Copyright
Office, as applicable, (C) with respect to the perfection of the security
interest created hereby in foreign Intellectual Property and Licenses, for
registrations and filings in jurisdictions located outside of the United States
and covering rights in such jurisdictions relating to the Intellectual Property
and Licenses, and (D) with respect to the perfection of the security
interest created hereby in Titled Collateral (as defined herein), for the
submission of an appropriate application requesting that the Lien of the
Administrative Agent be noted on the certificate of title or ownership,
completed and authenticated by the applicable Grantor, together with the
certificate of title, with respect to such Titled Collateral, to the
appropriate state agency.

 

(h)           This Agreement creates in favor of the Administrative Agent a legal,
valid and enforceable security interest in the Collateral, as security for the
Obligations.       The Administrative Agent’s having possession of all cash constituting
Collateral from time to time and Control of all Collateral where Control is the
sole means of perfection, the recording of the appropriate Assignment for
Security executed pursuant hereto in the United States Patent and Trademark
Office and the United States Copyright Office, as applicable, the submission of
an appropriate application requesting that the Lien of the Administrative Agent
be noted on the certificate of title or ownership, completed and authenticated
by the applicable Grantor, together with the certificate of title or ownership,
with respect to any Titled Collateral, to the applicable state agency, and the
filing of the financing statements described in Schedule V hereto
and, with respect to the Intellectual Property hereafter existing and not
covered by an appropriate Assignment for Security, the recording in the United
States Patent and Trademark Office or the United States Copyright Office, as
applicable, of appropriate instruments of assignment, result in the perfection
of such security interests.  Such security
interests are, or in the case of Collateral in which any Grantor obtains rights
after the date hereof, will be, perfected, first priority security interests,
subject only to the Permitted Liens and the recording of such instruments of
assignment, and the Administrative Agent shall be entitled to all of the
rights, priorities and benefits afforded by the Code or other applicable law as
enacted in any jurisdiction which relates to perfected security interests.  Such recordings and filings and all other
action necessary or desirable to perfect and protect such security interest
have been (or simultaneously with the closing of the transactions contemplated
by the Financing Agreement will be) duly taken and, with respect to Collateral
obtained after the date hereof, will be taken.

 

(i)            No Grantor holds any Commercial Tort Claims or is aware of any such
pending claims, except for such claims described in Schedule VI.

 

(j)            No Grantor holds Chattel Paper in the ordinary course of its business.

 

7

 

(k)           All Inventory is of good and merchantable quality, free from any
defects, such Inventory is not subject to any licensing, patent, trademark,
trade name or copyright agreement with any Person that restricts any Grantor’s
ability, to manufacture and/or sell the Inventory.  The completion and manufacturing process of
such Inventory by a Person other than the applicable Grantor would be permitted
under any contract to which such Grantor is a party or to which the Inventory
is subject.  None of the Inventory of any
Grantor has been or will be produced in violation of any provision of the Fair
Labor Standards Act of 1938, as amended, or in violation of any other law.

 

(l)            All information heretofore, herein or hereafter supplied to the
Administrative Agent by or on behalf of any Grantor with respect to the
Collateral is and will be accurate and complete in all material respects.

 

SECTION 5.           Covenants as to the Collateral.  So long as any of the Obligations shall
remain outstanding and all Commitments shall not have expired or terminated,
unless the Administrative Agent shall otherwise consent in writing:

 

(a)           Further Assurances.  Each Grantor will at its expense, at any time
and from time to time, promptly execute and deliver all further instruments and
documents and take all further action that may be reasonably necessary or that
the Administrative Agent may reasonably request in order to (i) perfect
and protect the security interest purported to be created hereby; (ii) enable
the Administrative Agent to exercise and enforce its rights and remedies
hereunder in respect of the Collateral; or (iii) otherwise effect the
purposes of this Agreement, including, without limitation: (A) marking
conspicuously all Chattel Paper and each License and, at the request of the
Administrative Agent, each of its Records pertaining to the Collateral with a
legend, in faun and substance satisfactory to the Administrative Agent,
indicating that such Chattel Paper, License or Collateral is subject to the
security interest created hereby, (B) if any Account shall be evidenced by
Promissory Notes or other Instruments or Chattel Paper, in an aggregate face
amount exceeding $250,000, delivering and pledging to the Administrative Agent
hereunder such Promissory Notes, Instruments or Chattel Paper, duly
endorsed and accompanied by executed instruments of transfer or assignment, all
in form and substance satisfactory to the Administrative Agent,
(C) executing and filing (to the extent, if any, that such Grantor’s
signature is required thereon) or authenticating the filing of, such financing
or continuation statements, or amendments thereto, as may be necessary or
desirable or that the Administrative Agent may reasonably request in order to
perfect and preserve the security interest purported to be created hereby,
(D) furnishing to the Administrative Agent from time to time statements
and schedules further identifying and describing the Collateral and such other
reports in connection with the Collateral as the Administrative Agent may
reasonably request, all in reasonable detail, (E) if any Collateral with a
fair market value in excess of $250,000 shall be in the possession of a third
party, notifying such Person of the Administrative Agent’s security interest created
hereby and obtaining a written acknowledgment from such Person that such Person
holds possession of the Collateral for the benefit of the Administrative Agent,
which such written acknowledgement shall be in form and substance reasonably
satisfactory to the Administrative Agent, (F) if at any time after the
date hereof, any Grantor acquires or holds any Commercial Tort Claim,
immediately notifying the Administrative Agent in a writing signed by such
Grantor setting forth a brief description of such Commercial Tort Claim and
granting to the Administrative Agent a security interest therein and in the
proceeds thereof, which writing shall incorporate the provisions hereof and
shall be in form and substance satisfactory to the Administrative Agent, (G) upon
the acquisition after the date hereof by any Grantor of any Titled Collateral
(other than an item of Equipment that is subject to a purchase money security
interest permitted by Section 7.02(a) of the 

 

8

 

Financing Agreement),
causing the Administrative Agent to be listed as the lienholder on such
certificate of title or ownership and delivering evidence of the same to the
Administrative Agent in accordance with the Financing Agreement and
(H) taking all actions required by any earlier versions of the Uniform
Commercial Code or by other law, as applicable, in any relevant Uniform
Commercial Code jurisdiction, or by other law as applicable in any foreign
jurisdiction.

 

(b)           Location of Equipment, Fixtures, Goods and Inventory.  Each Grantor will keep all
Equipment, Fixtures, Goods and Inventory (other than used Equipment and
Inventory sold in the ordinary course of business in accordance with Section 5(g) hereof)
at the locations specified therefor in Section 4(g) hereof or,
upon not less than thirty (30) days’ prior written notice to the Administrative
Agent accompanied by new Schedules III and V hereto
indicating each new location of such Collateral, at such other locations in the
continental United States as the Grantors may elect, provided that (i) all
action has been taken to grant to the Administrative Agent a perfected, first
priority security interest in such Collateral (subject only to Permitted
Liens), and (ii) the Administrative Agent’s rights in such Collateral,
including, without limitation, the existence, perfection and priority of the
security interest created hereby in such Collateral, are not adversely affected
thereby.  No collateral shall at any time
be in the possession or control of any warehouseman, bailee or any of Grantors’
agents or processors without the Administrative Agent’s prior written consent
and unless the Administrative Agent, if the Administrative Agent has so
requested, has received warehouse receipts or bailee lien waivers satisfactory
to the Administrative Agent prior to the commencement of such possession or
control.  Each Grantor shall, upon the
request of the Administrative Agent, notify any such warehouseman, bailee,
agent or processor of the security interests granted pursuant to this
Agreement, shall instruct such Person to hold all such Collateral for the
Administrative Agent’s account subject to the Administrative Agent’s
instructions and shall obtain an acknowledgement from such Person that such
Person holds the Collateral with a fair market value in excess of $250,000 for
the Administrative Agent’s benefit.

 

(c)           Condition of Equipment.  Each Grantor will maintain or cause the
Equipment to be maintained and preserved in good condition, repair and working
order as when acquired and in accordance with any manufacturer’s manual,
ordinary wear and tear excepted, and will forthwith, or in the case of any loss
or damage to any Equipment as quickly as practicable after the occurrence
thereof, make or cause to be made all repairs, replacements and other
improvements in connection therewith which are necessary or desirable,
consistent with past practice, or which the Administrative Agent may reasonably
request to such end.  Each Grantor will
promptly furnish to the Administrative Agent a statement describing in
reasonable detail any loss or damage in excess of $250,000 to any Equipment.

 

(d)           Taxes, Etc.  Each Grantor jointly and severally agrees to
pay promptly when due all property and other taxes, assessments and
governmental charges or levies imposed upon, and all claims (including claims
for labor, materials and supplies) against, the Collateral, except to the
extent the validity thereof is being contested in good faith by proper
proceedings which stay the imposition of any penalty, fine or Lien resulting
from the non-payment thereof and with respect to which adequate reserves in
accordance with GAAP have been set aside for the payment thereof.

 

(e)           Insurance.  Each Grantor will, at its own expense,
maintain insurance in accordance with the requirements of the Financing
Agreement.

 

9

 

(f)            Provisions Concerning the Accounts and the Licenses.

 

(i)            Each Grantor will (A) give the Administrative Agent at least 30
days’ prior written notice of any change in such Grantor’s name, identity or
organizational structure, (B) maintain its jurisdiction of incorporation
as set forth in Section 4(b) hereto, (C) immediately
notify the Administrative Agent upon obtaining an organizational identification
number, if on the date hereof such Grantor did not have such identification
number, and (D) keep adequate records concerning the Accounts and Chattel
Paper and permit representatives of the Administrative Agent pursuant to the
terms of the Financing Agreement to inspect and make abstracts from such
Records and Chattel Paper.

 

(ii)           Each Grantor will, except as otherwise provided in this subsection (f),
continue to collect, at its own expense, all amounts due or to become due under
the Accounts.  In connection with such
collections, each Grantor may (and, upon the occurrence and during the
continuance of an Event of Default, at the Administrative Agent’s direction,
will) take such action as such Grantor or the Administrative Agent may deem
necessary or advisable to enforce collection or performance of the Accounts; provided,
however, that the Administrative Agent shall have the right at any time,
upon the occurrence and during the continuance of an Event of Default, to
notify the Account Debtors or obligors under any Accounts of the assignment of
such Accounts to the Administrative Agent and to direct such Account Debtors or
obligors to make payment of all amounts due or to become due to such Grantor
thereunder, or otherwise render performance, directly to the Administrative
Agent or its designated agent and, upon such notification and at the expense of
such Grantor and to the extent permitted by law, to enforce collection of any
such Accounts and to adjust, settle or compromise the amount or payment
thereof, or exercise the rights of such Grantor with respect to the obligation
of the Account Debtor to make payment or otherwise render performance to such
Grantor and with respect to any property that secures the obligations of the
Account Debtor or any other Person obligated on the Collateral, in the same
manner and to the same extent as such Grantor might have done.  After receipt by any Grantor of a notice from
the Administrative Agent that the Administrative Agent has notified, intends to
notify, or has enforced or intends to enforce a Grantor’s rights against the
Account Debtors or obligors under any Accounts as referred to in the proviso to
the immediately preceding sentence, (A) all amounts and proceeds
(including Instruments) received by such Grantor in respect of the Accounts
shall be received in trust for the benefit of the Administrative Agent hereunder,
shall be segregated from other funds of such Grantor and shall be forthwith
paid over to the Administrative Agent in the same form as so received (with any
necessary endorsement) to be held as cash collateral and either
(i) credited to the Loan Account so long as no Event of Default shall have
occurred and be continuing or (ii) if an Event of Default shall have
occurred and be continuing, applied as specified in Section 7(b) hereof.  No Grantor will adjust, settle or compromise
the amount or payment of any Account or release wholly or partly any Account
Debtor or obligor thereof or allow any credit or discount thereon (other than
credits and discounts allowed in the ordinary course of business and in amounts
consistent with past practices) without the prior written consent of the
Administrative Agent.  In addition, upon
the occurrence and during the continuance of an Event of Default, the
Administrative Agent may (in its sole and absolute discretion) direct any or
all of the banks and financial institutions with which any Grantor either
maintains a Deposit Account or a lockbox or deposits the proceeds of any
Accounts to send immediately to the Administrative Agent by wire transfer (to
such account as the Administrative Agent shall specify, or in such other manner
as the Administrative Agent shall direct) all or a portion of such securities,
cash, investments and other items held by such institution.  Any such securities, cash, investments and
other items so received by the Administrative Agent shall (in 

 

10

 

the sole and absolute
discretion of the Administrative Agent) be held as additional Collateral for
the Obligations or distributed in accordance with Section 7 hereof.

 

(iii)          Upon the occurrence and during the continuance of any breach or default
under any License referred to in Schedule II hereto by any party
thereto other than a Grantor which, singly or in the aggregate with all other
then existing such breaches and defaults, could reasonably be expected to have,
either individually or in the aggregate, a Material Adverse Effect,
(A) the relevant Grantor will, promptly after obtaining knowledge thereof,
give the Administrative Agent written notice of the nature and duration
thereof, specifying what action, if any, it has taken and proposes to take with
respect thereto, (B) no Grantor will, without the prior written consent of
the Administrative Agent, declare or waive any such breach or default or
affirmatively consent to the cure thereof or exercise any of its remedies in
respect thereof, and (C) each Grantor will, upon written instructions from
the Administrative Agent and at such Grantor’s expense, take such action as the
Administrative Agent may deem necessary or advisable in respect thereof.

 

(iv)          Each Grantor will, at its expense, promptly deliver to the
Administrative Agent a copy of each notice or other communication received by
it by which any other party to any License referred to in Schedule II
hereto purports to exercise any of its rights or affect any of its obligations
thereunder which, singly or in the aggregate with all other such notices or
other communications, could reasonably be expected to have, either individually
or in the aggregate, a Material Adverse Effect, together with a copy of any reply
by such Grantor thereto.

 

(v)           In the ordinary course of its business and consistent with past
practices, each Grantor will promptly and diligently exercise each right which
it may have under each License (other than any right of termination) and will duly
perform and observe in all respects all of its obligations under each License
and will take all action necessary to maintain the Licenses in full force and
effect.  No Grantor will, without the
prior written consent of the Administrative Agent, cancel, terminate, amend or
otherwise modify in any respect, or waive any provision of, any License
referred to in Schedule II hereto which, singly or in the aggregate
with all other modifications, could reasonably be expected to have, either
individually or in the aggregate, a Material Adverse Effect.

 

(g)           Transfers and Other Liens.

 

(i)            Except to the extent expressly permitted by Section 7.02(c)(ii) of
the Financing Agreement, no Grantor will sell, assign (by operation of law or
otherwise), lease, license, exchange or otherwise transfer or dispose of any of
the Collateral.

 

(ii)           Except to the extent expressly permitted by Section 7.02(a) of
the Financing Agreement, no Grantor will create, suffer to exist or grant any
Lien upon or with respect to any Collateral.

 

(h)           Intellectual Property.

 

(i)            If applicable, each Grantor has duly executed and delivered the
applicable Assignment for Security in the form attached hereto as Exhibit A.  Each Grantor (either itself or through
licensees) will, and will cause each licensee thereof to, take all action
necessary to maintain all of the Intellectual Property in full force and
effect, including, without limitation, using the proper statutory notices and
markings and using the Trademarks on each applicable trademark class of goods
in order to so maintain the Trademarks in full force free from any claim of 

 

11

 

abandonment for non-use,
and no Grantor will (nor permit any licensee thereof to) do any act or
knowingly omit to do any act whereby any Intellectual Property may become
invalidated; provided, however, that so long as no Event of
Default has occurred and is continuing, no Grantor shall have an obligation to
use or to maintain any Intellectual Property (A) that relates solely to
any product or work, that has been, or is in the process of being,
discontinued, abandoned or terminated, (B) that is being replaced with
Intellectual Property substantially similar to the Intellectual Property that
may be abandoned or otherwise become invalid, so long as the failure to use or
maintain such Intellectual Property does not materially adversely affect the
validity of such replacement Intellectual Property and so long as such
replacement Intellectual Property is subject to the Lien created by this
Agreement or (C) that is substantially the same as another Intellectual
Property that is in full force, so long the failure to use or maintain such
Intellectual Property does not materially adversely affect the validity of such
replacement Intellectual Property and so long as such other Intellectual
Property is subject to the Lien and security interest created by this
Agreement.  Each Grantor will cause to be
taken all necessary steps in any proceeding before the United States Patent and
Trademark Office and the United States Copyright Office or any similar office
or agency in any other country or political subdivision thereof to maintain
each registration of the Intellectual Property (other than the Intellectual
Property described in the proviso to the immediately preceding sentence),
including, without limitation, filing of renewals, affidavits of use,
affidavits of incontestability and opposition, interference and cancellation
proceedings and payment of maintenance fees, filing fees, taxes or other governmental
fees.  If any Intellectual Property is
infringed, misappropriated, diluted or otherwise violated in any material
respect by a third party, the Grantors shall (x) upon learning of such
infringement, misappropriation, dilution or other violation, promptly notify
the Administrative Agent and (y) to the extent the Grantors shall deem
appropriate under the circumstances or as the Administrative Agent shall
reasonably request, promptly sue for infringement, misappropriation, dilution
or other violation, seek injunctive relief where appropriate and recover any
and all damages for such infringement, misappropriation, dilution or other
violation, or take such other actions as the Grantors shall deem appropriate
under the circumstances or as the Administrative Agent shall reasonably request
to protect such Intellectual Property. 
Each Grantor shall furnish to the Administrative Agent from time to time
(but, unless an Event of Default has occurred and is continuing, no more
frequently than quarterly) statements and schedules further identifying and
describing the Intellectual Property and Licenses and such other reports in
connection with the Intellectual Property and Licenses as the Administrative
Agent may reasonably request, all in reasonable detail and promptly upon
request of the Administrative Agent, following receipt by the Administrative
Agent of any such statements, schedules or reports, the Grantors shall modify
this Agreement by amending Schedule II hereto to include any
Intellectual Property or License, as the case may be, which becomes part of the
Collateral under this Agreement and shall execute and authenticate such
documents and do such acts as shall be necessary or, in the judgment of the
Administrative Agent, desirable to subject such Intellectual Property and
Licenses to the Lien and security interest created by this Agreement.  Notwithstanding anything herein to the
contrary, upon the occurrence and during the continuance of an Event of
Default, no Grantor may abandon or otherwise permit any Intellectual Property
to become invalid without the prior written consent of the Administrative
Agent, and if any Intellectual Property is infringed, misappropriated, diluted
or otherwise violated in any material respect by a third party, the Grantors will
take such action as the Administrative Agent shall deem appropriate under the
circumstances in its sole and absolute discretion to protect such Intellectual
Property.

 

(ii)           In no event shall any Grantor, either itself or through any agent,
employee, licensee or designee, file an application for the registration of any
Trademark or Copyright or the issuance of any Patent with the United States
Patent and Trademark Office or the United States 

 

12

 

Copyright Office, as
applicable, or in any similar office or agency of the United States or any
country or any political subdivision thereof unless it gives the Administrative
Agent written notice thereof within five (5) days before or after such
filing.  Upon request of the
Administrative Agent, each Grantor shall execute, authenticate and deliver any
and all assignments, agreements, instruments, documents and papers as the
Administrative Agent may reasonably request to evidence the Administrative
Agent’s security interest hereunder in such Intellectual Property and the
General Intangibles of such Grantor relating thereto or represented thereby,
and each Grantor hereby appoints the Administrative Agent its attorney-in-fact
to execute and/or authenticate and file all such writings for the foregoing
purposes, all acts of such attorney being hereby ratified and confirmed, and
such power (being coupled with an interest) shall be irrevocable until the
termination of all Commitments, the repayment of all of the Obligations in full
and the termination of each of the Loan Documents.

 

(i)            Deposit, Commodities and Securities Accounts.

 

(i)            On or prior to the date hereof, each Grantor shall cause each bank and
other financial institution with which such Grantor maintains any Specified
Deposit Account to execute and deliver to the Administrative Agent a control
agreement, in form and substance reasonably satisfactory to the Administrative
Agent, duly executed by such Grantor and such bank or financial institution, or
enter into other arrangements in form and substance satisfactory to the
Administrative Agent, pursuant to which such institution shall irrevocably
agree, inter alia, that (i) it will comply at any time with the
instructions originated by the Administrative Agent to such bank or financial
institution directing the disposition of cash, Commodity Contracts, securities, Investment
Property and other items from time to time credited to such account, without
further consent of such Grantor, which instructions the Administrative Agent
will not give to such bank or other financial institution in the absence of the
occurrence and continuance of an Event of Default, (ii) all cash,
Commodity Contracts, securities, Investment Property and other items of
such Grantor deposited with such institution shall be subject to a perfected,
first priority security interest in favor of the Administrative Agent,
(iii) any right of set off, banker’s Lien or other similar Lien, security
interest or encumbrance shall be fully waived as against the Administrative
Agent, and (iv) upon receipt of written notice from the Administrative
Agent during the continuance of an Event of Default, such bank or financial
institution shall immediately send to the Administrative Agent by wire transfer
(to such account as the Administrative Agent shall specify, or in such other
manner as the Administrative Agent shall direct) all such cash, the value of
any Commodity Contracts, securities, Investment Property and other items
held by it.  Without five
(5) Business Days’ prior written notice to the Administrative Agent, no
Grantor shall make or maintain any Deposit Account, Commodity Account or
Securities Account except for the accounts set forth in Schedule IV
hereto or an update thereof; provided, however, that a Grantor may
establish and maintain additional Excluded Deposit Accounts so long as such
Grantor provides written notice of such account or an update to Schedule IV
hereto to the Administrative Agent within five (5) days of opening such
account and a Grantor may establish and maintain additional Specified Deposit
Accounts so long as such additional Specified Deposit Accounts are subject to a
control agreement as provided above.  The
provisions of this paragraph 5(i) shall not apply to (A) Deposit
Accounts specially and exclusively used for payroll, payroll taxes and other
employee wage and benefit payments to or for the benefit of a Grantor’s
salaried employees; provided, that the funds on deposit in such Deposit
Accounts shall at no time exceed the actual payroll, payroll taxes and other
employee wage and benefit payments then owing by such Grantor, or
(B) account number
                              
in the name of Rinzi Air, L.L.C. 
maintained with Wachovia Bank, N.A.; provided, that the funds on
deposit in such account shall at no time exceed the actual amounts due and
owing by such Grantor in connection with the usage of the interest in a Piaggio
Avanti P-180 aircraft owned as of the Closing Date by Rinzi Air, L.L.C.

 

13

 

(ii)           Each Deposit Account maintained by each Grantor shall either be a
Specified Deposit Account, subject to a control agreement as provided above, or
shall be an Excluded Deposit Account, in which case, all funds in each Excluded
Deposit Account shall be deposited at least weekly into a Specified Deposit
Account; provided that (A) the balance of the funds maintained in
any Excluded Deposit Account shall not exceed (x) $50,000, at any time
during the period commencing November 15 through and including May 15
of any calendar year, and (y) $20,000, at any other time, and (B) the
aggregate balance of the funds maintained in all Excluded Deposit Accounts
shall not exceed (x) $3,000,000, at any time during the period commencing
November 15 through and including May 15 of any calendar year, and
(y) $2,000,000, at any other time.

 

(iii)          Each Grantor shall direct all Account Debtors to pay all Accounts and
other proceeds of Collateral directly to either a Specified Deposit Account or
an Excluded Deposit Account.  In
addition, Each Grantor shall take all such actions as Administrative Agent in
good faith deems necessary or appropriate to ensure that at all times on and
after the date hereof all cash payments constituting proceeds of Collateral in
the identical form in which such payment was made, whether by cash or check,
are sent directly to either a Specified Deposit Account or an Excluded Deposit
Account.

 

(iv)          Without in any way limiting the immediately preceding clause (i), upon
request by the Administrative Agent, each Grantor shall establish lock-box or
blocked accounts (collectively, “Blocked Accounts”) in such Grantor’s
name with such banks as are acceptable to the Administrative Agent (“Collecting
Banks”), subject to irrevocable instructions in a form specified by the
Administrative Agent, to which the obligors of all Accounts shall, after the
occurrence and during the continuance of an Event of Default, directly remit
all payments on Accounts and in which such Grantor will immediately deposit all
cash payments for Inventory or other cash payments constituting proceeds of
Collateral in the identical form in which such payment was made, whether by
cash or check.  In addition, the
Administrative Agent, for the benefit of the Administrative Agent and Lenders, may,
after the occurrence and during the continuance of an Event of Default,
establish one or more depository accounts at each Collecting Bank or at a
centrally located bank in the name of the Administrative Agent or such Grantor
as customer (collectively, the “Depository Account”).  From and after receipt by any Collecting Bank
of written notice from the. 
Administrative Agent to such Collecting Bank that an Event of Default
has occurred and is continuing, all amounts held or deposited in the Blocked
Accounts held by such Collecting Bank shall be transferred to the Depository
Account.  Subject to the foregoing, each
Grantor hereby agrees that all payments received by the Administrative Agent or
any Lender whether by cash, check, wire transfer or any other instrument, made
to such Blocked Accounts or otherwise received by the Administrative Agent or
any Lender and whether on the Accounts or as Proceeds of other Collateral or
otherwise will be the sole and exclusive property of Lenders.  Each Grantor, and any of its Affiliates,
employees, agents and other Persons acting for or in concert with such Grantor
shall, acting as trustee for the Administrative Agent and Lenders, receive, as
the sole and exclusive property of Lenders, any moneys, checks, notes, drafts or
other payments relating to and/or constituting proceeds of Accounts or other
Collateral which come into the possession or under the control of such Grantor
or any Affiliates, employees, agent, or other Persons acting for or in concert
with such Grantor, and immediately upon receipt thereof, such Grantor or such
Persons shall deposit the same or cause the same to be deposited in kind, in a
Blocked Account.

 

14

 

(j)            Titled Collateral.

 

(i)            Each Grantor shall (a) cause all Collateral now owned or hereafter
acquired by any Grantor, which under applicable law are required to be
registered, to be properly registered in the name of such Grantor,
(b) cause all Collateral now owned or hereafter acquired by any Grantor,
the ownership of which under applicable law, is evidenced by a certificate of
title or ownership (referred to herein as “Titled Collateral”), to be
properly titled in the name of such Grantor, with the Administrative Agent’s
Lien noted thereon and (c) deliver to the Administrative Agent (or its
custodian) originals of all such certificates of title or ownership for such
Titled Collateral.

 

(ii)           Upon the acquisition after the date hereof by any Grantor of any Titled
Collateral (other than an item of Equipment to be acquired that is subject to a
purchase money security interest permitted by Section 7.02(a) of the
Financing Agreement), such Grantor shall deliver to the Administrative Agent in
accordance with the Financing Agreement, originals of the certificates of title
or ownership for such Titled Collateral, together with the manufacturer’s
statement of origin, and an application duly executed by the appropriate
Grantor to evidence the Administrative Agent’s Lien thereon.

 

(iii)          Each Grantor hereby appoints the Administrative Agent as its
attorney-in-fact, effective the date hereof and terminating upon the
termination of this Agreement, for the purpose of, after the occurrence and
during the continuance of an Event of Default, (A) executing on behalf of
such Grantor title or ownership applications for filing with appropriate state
agencies to enable Titled Collateral to be retitled and the Administrative
Agent listed as lienholder thereof, (B) filing such applications with such
state agencies, and (C) executing such other documents and instruments on
behalf of, and taking such other action in the name of, such Grantor as the
Administrative Agent may deem necessary or advisable to accomplish the purposes
hereof (including, without limitation, for the purpose of creating in favor of
the Administrative Agent a perfected Lien on such Titled Collateral and
exercising the rights and remedies of the Administrative Agent hereunder).  This appointment as attorney-in-fact is
coupled with an interest and is irrevocable until all of the Obligations are
paid in full after all Commitments have been terminated.

 

(iv)          With respect to motor vehicles, any certificates of title or ownership
delivered pursuant to the terms hereof shall be accompanied by odometer
statements for each motor vehicle covered thereby.

 

(v)           So long as no Event of Default shall have occurred and be continuing,
upon the request of any Grantor, the Administrative Agent shall execute and
deliver to such Grantor such instruments as such Grantor shall reasonably
request to remove the notation of the Administrative Agent as lienholder on any
certificate of title for any Titled Collateral; provided that any such
instruments shall be delivered, and the release effective, only upon receipt by
the Administrative Agent of a certificate from such Grantor, stating that such
Titled Collateral, the Lien on which is to be released, is to be sold or has
suffered a casualty loss (with title thereto passing to the casualty insurance
company therefor in settlement of the claim for such loss), the amount that
such Grantor will receive as sale proceeds or insurance proceeds and whether or
not such sale proceeds or insurance proceeds are required by Section 2.05
of the Financing Agreement to be paid to the Administrative Agent to be applied
to the Obligations and, to the extent required by Section 2.05 of the
Financing Agreement, any proceeds of such sale or casualty loss shall be paid
to the Administrative Agent hereunder to be applied to the Obligations then
outstanding.

 

15

 

(k)           Control.  Each Grantor hereby agrees to take any or all
action that may be necessary or desirable or that the Administrative Agent may
reasonably request in order for the Administrative Agent to obtain Control in
accordance with Sections 9-104, 9-105, 9-106 and 9-107 of the Code with
respect to the following Collateral: (i) Deposit Accounts,
(ii) Electronic Chattel Paper, (ii) Investment Property and
(iii) Letter-of-Credit Rights, in each case if form and substance
acceptable to the Administrative Agent.

 

(l)            Inspection and Reporting.  Each Grantor shall permit the Administrative
Agent, or any agents or representatives thereof or such professionals or other
Persons as the Administrative Agent may designate (i) to examine and make
copies of and abstracts from such Grantor’s records and books of account,
(ii) to visit and inspect its properties, (iii) to verify materials,
leases, notes, Accounts, Inventory and other assets of such Grantor from
time to time, (iii) to conduct audits, physical counts, appraisals and/or
valuations, Phase I and Phase II Environmental Site Assessments or examinations
at the locations of such Grantor and (iv) to discuss such Grantor’s
affairs, finances and accounts with any of its directors, officers, managerial
employees, independent accountants or any of its other representatives, in each
case as provided in the Financing Agreement.

 

(m)          Corporate or Name Change.  Each Grantor will give the Administrative
Agent at least thirty (30) days prior written notice of any change in such
Grantor’s name, identity, mailing address, jurisdiction of organization or
corporate structure.  With respect to any
such change, the applicable Grantor will promptly execute and deliver such
instruments, documents and notices and take such actions, as the Administrative
Agent deems necessary or desirable to create, perfect and protect the security
interests of the Administrative Agent in the Collateral.

 

(n)           Instruments.  Each Grantor will deliver to the Administrative
Agent all Instruments, to the extent the aggregate face amount thereof exceeds
$250,000, duly endorsed and accompanied by duly executed instruments of
transfer or assignment, all in form and substance satisfactory to the
Administrative Agent.  Each Grantor will
also deliver to the Administrative Agent all security agreements securing any
Instruments and execute Uniform Commercial Code financing statement amendments
assigning to the Administrative Agent any Uniform Commercial Code financing
statements filed by such Grantor in connection with such security agreements.

 

(o)           Chattel Paper.  Each Grantor will deliver to the
Administrative Agent all Tangible Chattel Paper, to the extent the aggregate
face amount thereof exceeds $250,000, duly endorsed and accompanied by duly
executed instruments of- transfer or assignment, all in form and substance
satisfactory to the Administrative Agent. 
Each Grantor will also deliver to the Administrative Agent all security
agreements securing any Chattel Paper and execute Uniform Commercial Code
financing statement amendments assigning to the Administrative Agent any
Uniform Commercial Code financing statements filed by such Grantor in
connection with such security agreements. 
Each Grantor will mark conspicuously all Chattel Paper with a legend, in
form and substance satisfactory to the Administrative Agent, indicating that
such Chattel Paper is subject to the security interests granted pursuant to
this Agreement.

 

(p)           Letters of Credit.  Each Grantor will deliver to the Administrative
Agent all Letters of Credit, to the extent the aggregate face amount thereof
exceeds $250,000, duly endorsed and accompanied by duly executed instruments of
transfer or assignment, all in form and substance satisfactory to the
Administrative Agent.  Each Grantor will
also deliver to the Administrative Agent all security agreements securing any
Letters of Credit and execute Uniform Commercial Code 

 

16

 

financing statement
amendments assigning to the Administrative Agent any Uniform Commercial Code
financing statements filed by such Grantor in connection with such security
agreements.

 

(q)           General Intangibles.  Each Grantor shall use commercially
reasonable efforts to obtain any consents, waivers or agreements necessary to
enable the Administrative Agent to exercise remedies hereunder and under the
other Loan Documents with respect to any of such Grantor’s rights under any
General Intangibles, including such Grantor’s rights as a licensee of Software.

 

(r)            Credit Card Receivables.  All proceeds of credit card receivables shall
be deposited into a Specified Deposit Account. 
No Grantor shall, nor shall any Grantor permit any of its Subsidiaries
to, enter into or amend or modify any credit card processing agreement or
similar agreements or documentation to which it is a party which requires the
counterparties thereto to deliver proceeds of credit card receivables to
deposit accounts other than a Specified Deposit Account.

 

(s)           Collateral Description.  Each Grantor will furnish to the
Administrative Agent, from time to time upon request, statements and schedules
further identifying, updating, and describing the Collateral and such other
information, reports and evidence concerning the Collateral (and in particular
the Accounts) as the Administrative Agent may reasonably request, all in
reasonable detail.

 

(t)            Use of Collateral.  No Grantor will use or permit any Collateral
to be used unlawfully or in violation of any provision of applicable law, or
any policy of insurance covering any of the Collateral.

 

(u)           Records of Collateral.  Each Grantor shall keep full and accurate
books and records relating to its respective portion of the Collateral and
shall stamp or otherwise mark such books and records in such manner as the
Administrative Agent may reasonably request indicating that the Collateral is
subject to the security interests granted to the Administrative Agent under
this Agreement.

 

(v)           Federal Claims.  Each Grantor shall notify the Administrative
Agent of any Collateral which constitutes a claim against the United States
government or any instrumentality or agency thereof, the assignment of which
claim is restricted by federal law.  Upon
the request of the Administrative Agent, each Grantor shall take such steps as
may be necessary to comply with any applicable federal assignment of claims
laws and other comparable laws.

 

SECTION 6.           Additional Provisions Concerning the Collateral.

 

(a)           Each Grantor hereby (i) authorizes the Administrative Agent to file
one or more financing or continuation statements, and amendments thereto,
relating to the Collateral and (ii) ratifies such authorization to the
extent that the Administrative Agent has filed any such financing or
continuation statements, or amendments thereto, prior to the date hereof.  A photocopy or other reproduction of this
Agreement or any financing statement covering the Collateral or any part
thereof shall be sufficient as a financing statement where permitted by law.

 

(b)           Each Grantor hereby irrevocably appoints the Administrative Agent as its
attorney-in-fact and proxy, with full authority in the place and stead of such
Grantor and in the name 

 

17

 

of such Grantor or
otherwise, after the occurrence and during the continuance of an Event of
Default, in the Administrative Agent’s discretion, to take any action and to
execute any instrument which the Administrative Agent may deem necessary or
advisable to accomplish the purposes of this Agreement (subject to the rights
of a Grantor under Section 5 hereof), including, without
limitation, (i) to obtain and adjust insurance required to be paid to the
Administrative Agent pursuant to Section 5(e) hereof,
(ii) to ask, demand, collect, sue for, recover, compound, receive and give
acquittance and receipts for moneys due and to become due under or in respect
of any Collateral, (iii) to receive, endorse, and collect any drafts or
other Instruments, Documents and Chattel Paper in connection with clause (i) or
(ii) above, (iv) to file any claims or take any action or institute
any proceedings which the Administrative Agent may deem necessary or desirable
for the collection of, or to preserve the value of, any Collateral or otherwise
to enforce the rights of the Administrative Agent and the Lenders with respect
to any Collateral, (v) to execute assignments, licenses and other
documents to enforce the rights of the Administrative Agent and the Lenders
with respect to any Collateral, (vi) to pay- or discharge taxes or Liens
levied or placed upon or threatened against the Collateral, the legality or
validity thereof and the amounts necessary to discharge the same to be
determined by the Administrative Agent in its sole discretion, and such
payments made by the Administrative Agent to become obligations of such Grantor
to the Administrative Agent, due and payable immediately without demand,
(vii) to sign and endorse any invoices, freight or express bills, bills of
lading, storage or warehouse receipts, assignments, verifications and notices
in connection with Accounts, Chattel Paper and other documents relating to the
Collateral and (viii) generally to take any act required of such Grantor
by Section 5 and to sell, transfer, pledge, make any agreement with
respect to or otherwise deal with any of the Collateral as fully and completely
as though the Administrative Agent were the absolute owner thereof for all
purposes, and to do, at the Administrative Agent’s option and such Grantor’s
expense, at any time or from time to time, all acts and things that the
Administrative Agent deems necessary to protect, preserve or realize upon the
Collateral.  This power is coupled with
an interest and is irrevocable until all of the Obligations are paid in full
after all Commitments have been terminated.

 

(c)           For the purpose of enabling the Administrative Agent to exercise rights
and remedies hereunder, at such time as the Administrative Agent shall be
lawfully entitled to exercise such rights and remedies in accordance with the
provisions of the Financing Agreement and this Agreement, and for no other
purpose, each Grantor hereby grants to the Administrative Agent, to the extent
assignable, an irrevocable, non-exclusive license (exercisable without payment
of royalty or other compensation to any Grantor) to use, assign, license or
sublicense any Intellectual Property now owned or hereafter acquired by any
Grantor, wherever the same may be located, including in such license reasonable
access to all media in which any of the licensed items may be recorded or
stored and to all computer programs used for the compilation or printout
thereof.  Notwithstanding anything
contained herein to the contrary, but subject to the provisions of the
Financing Agreement that limit the right of a Grantor to dispose of its
property and Section 5(h) hereof, so long as no Event of
Default shall have occurred and be continuing, each Grantor may exploit, use,
enjoy, protect, license, sublicense, assign, sell, dispose of or take other
actions with respect to the Intellectual Property in the ordinary course of its
business.  In furtherance of the
foregoing, unless an Event of Default shall have occurred and be continuing,
the Administrative Agent shall from time to time, upon the request of a
Grantor, execute and deliver any instruments, certificates or other documents,
in the form so requested, which such Grantor shall have certified are
appropriate (in such Grantor’s judgment) to allow it to take any action
permitted above (including relinquishment of the license provided pursuant to
this clause (c) as to any Intellectual Property).  Further, upon the payment in full of all of
the Obligations after the cancellation or termination of the Commitments, the
Administrative Agent (subject to Section 10(e) hereof) shall
release and reassign to the Grantors all of the 

 

18

 

Administrative Agent’s
right, title and interest in and to the Intellectual Property, and the
Licenses, all without recourse, representation or warranty whatsoever.  The exercise of rights and remedies hereunder
by the Administrative Agent shall not terminate the rights of the holders of
any licenses or sublicenses theretofore granted by any Grantor in accordance
with the second sentence of this clause (c). 
Each Grantor hereby releases the Administrative Agent from any claims,
causes of action and demands at any time arising out of or with respect to any
actions taken or omitted to be taken by the Administrative Agent under the
powers of attorney granted herein other than actions taken or omitted to be
taken through the Administrative Agent’s gross negligence or willful
misconduct, as determined by a final determination of a court of competent
jurisdiction.

 

(d)           If any Grantor fails to perform any agreement contained herein, the
Administrative Agent may itself perform, or cause performance of, such
agreement or obligation, in the name of such Grantor or the Administrative
Agent, and the expenses of the Administrative Agent incurred in connection
therewith shall be jointly and severally payable by the Grantors pursuant to Section 8
hereof and shall be secured by the Collateral.

 

(e)           The powers conferred on the Administrative Agent hereunder are solely to
protect its interest in the Collateral and shall not impose any duty upon it to
exercise any such powers.  Except for the
safe custody of any Collateral in its possession and the accounting for moneys
actually received by it hereunder, the Administrative Agent shall have no duty
as to any Collateral or as to the taking of any necessary steps to preserve
rights against prior parties or any other rights pertaining to any
Collateral.  The Administrative Agent
shall be deemed to have exercised reasonable care in the custody and
preservation of the Collateral in its possession if the Collateral is accorded
treatment substantially equal to that which it accords its own property.  The Administrative Agent shall not be liable
or responsible for any loss or damage to any of the Collateral, or for any
diminution in the value thereof, by reason of the act or omission of any
warehouseman, carrier, forwarding agency, consignee or other agent or bailee
selected by the Administrative Agent in good faith.

 

(f)            Anything herein to the contrary notwithstanding (i) each Grantor
shall remain liable under the Licenses and otherwise with respect to any of the
Collateral to the extent set forth therein to perform all of its obligations
thereunder to the same extent as if this Agreement had not been executed,
(ii) the exercise by the Administrative Agent of any of its rights
hereunder shall not release any Grantor from any of its obligations under the
Licenses or otherwise in respect of the Collateral, and (iii) the
Administrative Agent shall not have any obligation or liability by reason of
this Agreement under the Licenses or with respect to any of the other
Collateral, nor shall the Administrative Agent be obligated to perform any of
the obligations or duties of any Grantor thereunder or to take any action to
collect or enforce any claim for payment assigned hereunder.

 

SECTION 7.           Remedies Upon Default.  If any Event of Default shall have occurred
and be continuing:

 

(a)           The Administrative Agent may exercise in respect of the Collateral, in
addition to any other rights and remedies provided for herein or otherwise
available to it, all of the rights and remedies of a secured party upon default
under the Code (whether or not the Code applies to the affected Collateral),
and also may (i) take absolute control of the Collateral, including,
without limitation, transfer into the Administrative Agent’s name or into the
name of its nominee or nominees (to the extent the Administrative Agent has not
theretofore done so) and thereafter receive, for the benefit of the
Administrative Agent, all payments made thereon, give all consents, waivers

 

19

 

and ratifications in
respect thereof and otherwise act with respect thereto as though it were the
outright owner thereof, (ii) require each Grantor to, and each Grantor
hereby agrees that it will at its expense and upon request of the
Administrative Agent forthwith, assemble all or part of the Collateral as
directed by the Administrative Agent and make it available to the
Administrative Agent at a place or places to be designated by the
Administrative Agent that is reasonably convenient to both parties (in which
event such Grantor shall, at its own expense, forthwith cause the same to be
moved to the place or places so designated by the Administrative Agent and
thereby delivered to the Administrative Agent, store and keep any Collateral so
delivered to the Administrative Agent at such place or places pending further
action by the Administrative Agent, and, while Collateral shall be so stored
and kept, provide such guards and maintenance services as shall be necessary to
protect the same and to preserve and maintain the Collateral in good
condition), and the Administrative Agent may enter into and occupy any premises
owned or leased by any Grantor where the Collateral or any part thereof is
located or assembled for a reasonable period in order to effectuate the
Administrative Agent’s rights and remedies hereunder or under law, without
obligation to any Grantor in respect of such occupation, (iii) without
notice except as specified below and without any obligation to prepare or
process the Collateral for sale, (A) sell the Collateral or any part
thereof in one or more parcels at public or private sale, at any of the
Administrative Agent’s offices or elsewhere, for cash, on credit or for future
delivery, and at such price or prices and upon such other terms as the
Administrative Agent may deem commercially reasonable and/or (B) lease,
license or otherwise dispose of the Collateral or any part thereof upon such
terms as the Administrative Agent may deem commercially reasonable, and
(iv) withdraw all cash in the Depository Accounts and apply such monies in
payment of the Obligations.  Each Grantor
agrees that, to the extent notice of sale or any other disposition of the
Collateral shall be required by law, at least ten (10) days’ notice to a
Grantor of the time and place of any public sale or the time after which any
private sale or other disposition of the Collateral is to be made shall
constitute reasonable notification.  The
Administrative Agent shall not be obligated to make any sale or other
disposition of Collateral regardless of notice of sale having been given.  The Administrative Agent may adjourn any
public or private sale from time to time by announcement at the time and place
fixed therefor, and such sale may, without further notice, be made at the time
and place to which it was so adjourned. 
Each Grantor hereby waives any claims against the Administrative Agent
and the Lenders arising by reason of the fact that the price at which the
Collateral may have been sold at a private sale was less than the price which
might have been obtained at a public sale or was less than the aggregate amount
of the Obligations, even if the Administrative Agent accepts the first offer
received and does not offer the Collateral to more than one offeree, and waives
all rights that such Grantor may have to require that all or any part of the
Collateral be marshalled upon any sale (public or private) thereof.  Each Grantor hereby acknowledges that
(i) any such sale of the Collateral by the Administrative Agent shall be
made without warranty, (ii) the Administrative Agent may specifically
disclaim any warranties of title, possession, quiet enjoyment or the like,
(iii) the Administrative Agent may bid (which bid may be, in whole or in
part, in the form of cancellation of indebtedness), if permitted by law, for
the purchase, lease, license or other disposition of the Collateral or any
portion thereof for the account of the Administrative Agent (on behalf of
Lenders) and (iv) such actions set forth in clauses (i), (ii) and
(iii) above shall not adversely effect the commercial reasonableness of
any such sale of the Collateral.  In
addition to the foregoing, (i) upon written notice to any Grantor from the
Administrative Agent, each Grantor shall cease any use of the Intellectual
Property or any trademark, patent or copyright similar thereto for any purpose
described in such notice; (ii) the Administrative Agent may, at any time
and from time to time, upon 10 days’ prior notice to any Grantor, license,
whether general, special or otherwise, and whether on an exclusive or
non-exclusive basis, any of the Intellectual Property, throughout the universe
for such term or terms, on such conditions, and in such manner, as the
Administrative Agent shall in its sole discretion determine; and (iii) the

 

20

 

Administrative Agent may,
at any time, pursuant to the authority granted in Section 6 hereof
(such authority being effective upon the occurrence and during the continuance
of an Event of Default), execute and deliver on behalf of a Grantor, one or
more instruments of assignment of the Intellectual Property (or any application
or registration thereof), in form suitable for filing, recording or
registration in any country.

 

(b)           Any cash held by the Administrative Agent as Collateral and all Cash
Proceeds received by the Administrative Agent in respect of any sale of or
collection from, or other realization upon, all or any part of the Collateral
may, in the discretion of the Administrative Agent, be held by the
Administrative Agent as collateral for, and/or then or at any time thereafter
applied (after payment of any amounts payable to the Administrative Agent
pursuant to Section 8 hereof) in whole or in part by the
Administrative Agent against, all or any part of the Obligations in such order
as the Administrative Agent shall elect, consistent with the provisions of the
Financing Agreement.  Any surplus of such
cash or Cash Proceeds held by the Administrative Agent and remaining after
payment in full of all of the Obligations after all Commitments have been
terminated shall be paid over to whomsoever shall be lawfully entitled to
receive the same or as a court of competent jurisdiction shall direct.

 

(c)           In the event that the proceeds of any such sale, collection or
realization are insufficient to pay all amounts to which the Administrative
Agent and the Lenders are legally entitled, the Grantors shall be jointly and
severally liable for the deficiency, together with interest thereon at the
highest rate specified in any applicable Loan Document for interest on overdue
principal thereof or such other rate as shall be fixed by applicable law,
together with the costs of collection and the reasonable fees, costs, expenses
and other client charges of any attorneys employed by the Administrative Agent
to collect such deficiency.

 

(d)           Each Grantor hereby acknowledges that if the Administrative Agent
complies with any applicable state, provincial, or federal law requirements in
connection with a disposition of the Collateral, such compliance will not
adversely effect the commercial reasonableness of any sale or other disposition
of the Collateral.

 

(e)           The Administrative Agent shall not be required to marshal any present or
future collateral security (including, but not limited to, this Agreement and
the Collateral) for, or other assurances of payment of, the Obligations or any
of them or to resort to such collateral security or other assurances of payment
in any particular order, and all of the Administrative Agent’s rights hereunder
and in respect of such collateral security and other assurances of payment
shall be cumulative and in addition to all other rights, however existing or
arising.  To the extent that any Grantor
lawfully may, such Grantor hereby agrees that it will not invoke any law
relating to the marshalling of collateral which might cause delay in or impede
the enforcement of the Administrative Agent’s rights under this Agreement or
under any other instrument creating or evidencing any of the Obligations or
under which any of the Obligations is outstanding or by which any of the
Obligations is secured or payment thereof is otherwise assured, and, to the
extent that it lawfully may, each Grantor hereby irrevocably waives the
benefits of all such laws.

 

(f)            The Administrative Agent or its agents or attorneys shall have the right
without notice or demand or legal process (unless the same shall be required by
applicable law), personally, or by agents or attorneys, (i) to enter upon,
occupy and use any premises owned or leased by any Grantor or where the
Collateral is located (or is believed to be located) until the Obligations are
paid in full without any obligation to pay rent to such Grantor, to render the
Collateral useable or 

 

21

 

saleable and to remove
the Collateral or any part thereof therefrom to the premises of the
Administrative Agent or any agent of the Administrative Agent for such time as
the Administrative Agent may desire in order to effectively collect or
liquidate the Collateral and use in connection with such removal any and all
services, supplies and other facilities of such Grantor; (ii) to take
possession of such Grantor’s original books and records, to obtain access to
such Grantor’s data processing equipment, computer hardware and Software
relating to the Collateral and to use all of the foregoing and the information
contained therein in any manner the Administrative Agent deems appropriate; and
(iii) to notify postal authorities to change the address for delivery of
such Grantor’s mail to an address designated by the Administrative Agent and to
receive, open and dispose of all mail addressed to such Grantor.

 

(g)           Each Grantor hereby irrevocably authorizes and empowers the
Administrative Agent, without limiting any other authorizations or empowerments
contained in any of the other Loan Documents, to assert, either directly or on
behalf of each Grantor, any claims any Grantor may have, from time to time,
against any other party to any of the agreements to which such Grantor is a
party or to otherwise exercise any right or remedy of such Grantor under any
such agreements (including, without limitation, the right to enforce directly
against any party to any such agreement all of such Grantor’s rights thereunder,
to make all demands and give all notices and to make all requests required or
permitted to be made by such Grantor thereunder).

 

SECTION 8.           Indemnity and Expenses.

 

(a)           Each Grantor jointly and severally agrees to defend, protect, indemnify
and hold the Administrative Agent harmless from and against any and all claims,
damages, losses, liabilities, obligations, penalties, fees, costs and expenses
(including, without limitation, reasonable legal fees, costs, expenses, and
disbursements of the Administrative Agent’s counsel) to the extent that they
arise out of or otherwise result from this Agreement (including, without
limitation, enforcement of this Agreement), except claims, losses or
liabilities resulting solely and directly from the Administrative Agent’s gross
negligence or willful misconduct, as determined by a final judgment of a court
of competent jurisdiction.

 

(b)           The Grantors will upon demand pay to the Administrative Agent the amount
of any and all costs and expenses, including the reasonable fees, costs,
expenses and disbursements of counsel for the Administrative Agent and of any
experts and agents (including, without limitation, any collateral trustee which
may act as agent of the Administrative Agent), which the Administrative Agent may
incur in connection with (i) the preparation, negotiation, execution,
delivery, recordation, administration, amendment, waiver or other modification
or termination of this Agreement, (ii) the custody, preservation, use or
operation of, or the sale of, collection from, or other realization upon, any
Collateral, (iii) the exercise or enforcement of any of the rights of the
Administrative Agent hereunder, or (iv) the failure by any Grantor to
perform or observe any of the provisions hereof If any Grantor fails to
promptly pay any portion of the above costs, fees and expenses when due or to
perform any other obligation of such Grantor under this Agreement, the
Administrative Agent or any other Lender may, at its option, but shall not be
required to, pay or perform the same and charge such Grantor’s account for all
fees, costs and expenses incurred therefor, and each Grantor agrees to
reimburse the Administrative Agent or such Lender therefor on demand All sums
so paid or incurred by the Administrative Agent or any other Lender for any of
the foregoing, any and all other sums for which any Grantor may become liable
hereunder and all fees, costs and expenses (including reasonable attorneys’
fees, legal expenses and court costs) incurred by the Administrative Agent or
any other Lender in enforcing or protecting the security interests granted to
the Administrative Agent 

 

22

 

pursuant to this
Agreement or any of their rights or remedies under this Agreement shall be payable
on demand, shall constitute Obligations, shall bear interest until paid at the
highest rate provided in the Financing Agreement and shall be secured by the
Collateral.

 

SECTION 9.           Notices, Etc.  All notices and other communications provided
for hereunder shall be in writing and shall be mailed (by certified mail,
postage prepaid and return receipt requested), telecopied or delivered, if to a
Grantor, to it at its chief executive office set forth in Schedule III
hereto and if to the Administrative Agent to it, at its address specified in
the Financing Agreement; or as to any such Person, at such other address as
shall be designated by such Person in a written notice to such other Person
complying as to delivery with the terms of this Section 9.  All such notices and other communications
shall be effective (i) if sent by certified mail, return receipt
requested, when received or three days after deposited in the mails, whichever
occurs first, (ii) if telecopied, when transmitted and confirmation is
received, or (iii) if delivered, upon delivery.

 

SECTION 10.         Grantors Remain Liable.  Anything herein to the contrary
notwithstanding: (a) each Grantor shall remain liable under the contracts
and agreements included in the Collateral to the extent set forth therein to
perform all of its duties and obligations thereunder to the same extent as if
this Agreement had not been executed; (b) the exercise by the
Administrative Agent of any of the rights hereunder shall not release any
Grantor from any of its duties or obligations under the contracts and
agreements included in the Collateral; (c) neither the Administrative
Agent nor any Lender shall have any obligation or liability under the contracts
and agreements included in the Collateral by reason of this Agreement, nor
shall the Administrative Agent nor any Lender be obligated to perform any of
the obligations or duties of any Grantor thereunder or to take any action to
collect or enforce any claim for payment assigned hereunder; and
(d) neither the Administrative Agent nor any Lender shall have any
liability in contract or tort for any Grantor’s acts or omissions.

 

SECTION 11.         Miscellaneous.

 

(a)           No amendment of any provision of this Agreement shall be effective
unless it is in writing and signed by each Grantor and the Administrative
Agent, and no waiver of any provision of this Agreement, and no consent to any
departure by any Grantor therefrom, shall be effective unless it is in writing
and signed by the Administrative Agent, and then such waiver or consent shall be
effective only in the specific instance and for the specific purpose for which
given.

 

(b)           No failure on the part of the Administrative Agent to exercise, and no
delay in exercising, any right hereunder or under any other Loan Document shall
operate as a waiver thereof; nor shall any single or partial exercise of any
such right preclude any other or further exercise thereof or the exercise of
any other right.  The rights and remedies
of the Administrative Agent or any Lender provided herein and in the other Loan
Documents are cumulative and are in addition to, and not exclusive of, any
rights or remedies provided by law.  The
rights of the Administrative Agent or any Lender under any Loan Document
against any party thereto are not conditional or contingent on any attempt by
such Person to exercise any of its rights under any other Loan Document against
such party or against any other Person, including but not limited to, any
Grantor.

 

(c)           Any provision of this Agreement which is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining
portions hereof or thereof or affecting the validity or enforceability of such
provision in any other jurisdiction.

 

23

 

(d)           This Agreement shall create a continuing security interest in the
Collateral and shall (i) remain in full force and effect until the later
of (A) the payment in full of the Obligations and (B) the termination
of all of the Commitments, and (ii) be binding on each Grantor and all
other Persons who become bound to this Agreement and shall inure, together with
all rights and remedies of the Administrative Agent and the Lenders hereunder, to
the benefit of the Administrative Agent and the Lenders and their respective
permitted successors, transferees and assigns. 
Without limiting the generality of clause (ii) of the immediately
preceding sentence, without notice to the Grantors, the Administrative Agent
and the Lenders may assign or otherwise transfer their rights and obligations
under this Agreement and any other Loan Document, to any other Person and such
other Person shall thereupon become vested with all of the benefits in respect
thereof granted to the Administrative Agent and the Lenders herein or
otherwise.  Upon any such assignment or
transfer, all references in this Agreement to the Administrative Agent or any
such Lender shall mean the assignee of the Administrative Agent or such Lender.  None of the rights or obligations of any
Grantor hereunder may be assigned or otherwise transferred without the prior
written consent of the Administrative Agent, and any such assignment or
transfer shall be null and void.

 

(e)           Upon the satisfaction in full of the Obligations and the termination of
all of the Commitments, (i) this Agreement and the security interests
created hereby shall terminate and all rights to the Collateral shall revert to
the Grantors and (ii) the Administrative Agent will, upon the Grantors’
request and at the Grantors’ expense, (A) return to the Grantors such of
the Collateral as shall not have been sold or otherwise disposed of or applied
pursuant to the terms hereof and (B) execute and deliver to the Grantors
such documents as the Grantors shall reasonably request to evidence such
termination, all without any representation, warranty or recourse whatsoever.

 

(f)            THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, EXCEPT AS
REQUIRED BY MANDATORY PROVISIONS OF LAW AND EXCEPT TO THE EXTENT THAT THE
VALIDITY AND PERFECTION OR THE PERFECTION AND THE EFFECT OF PERFECTION OR
NON-PERFECTION OF THE SECURITY INTEREST CREATED HEREBY, OR REMEDIES HEREUNDER, IN
RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAW OF A JURISDICTION
OTHER THAN THE STATE OF NEW YORK.

 

(g)           ANY LEGAL ACTION, SUIT OR PROCEEDING WITH RESPECT
TO THIS AGREEMENT OR ANY DOCUMENT RELATED THERETO MAY BE BROUGHT IN THE
COURTS OF THE STATE OF NEW YORK IN THE COUNTY OF NEW YORK OR THE UNITED STATES
OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE COURTS THEREOF,
AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH GRANTOR HEREBY ACCEPTS
FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE
JURISDICTION OF THE AFORESAID COURTS. 
EACH GRANTOR HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY LAW, ANY OBJECTION, INCLUDING, WITHOUT LIMITATION, ANY
OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON
CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY
SUCH ACTION, SUIT OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS AND CONSENTS
TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY
THE COURT.

 

24

 

(h)           EACH OF THE GRANTORS AND (BY ITS ACCEPTANCE OF THE
BENEFITS OF THIS AGREEMENT) THE ADMINISTRATIVE AGENT WAIVES ANY RIGHT IT MAY HAVE
TO TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, ARISING OUT OF, UNDER
OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE
OF CONDUCT, COURSE OF DEALING, VERBAL OR WRITTEN STATEMENT OR OTHER ACTION OF
THE PARTIES HERETO.

 

(i)            Each Grantor irrevocably consents to the service of process of any of
the aforesaid courts in any such action, suit or proceeding by the mailing of
copies thereof by registered or certified mail (or any substantially similar
form of mail), postage prepaid, to such Grantor at its address provided herein,
such service to become effective 10 days after such mailing.

 

(j)            Nothing contained herein shall affect the right of the Administrative
Agent to serve process in any other manner permitted by law or commence legal
proceedings or otherwise proceed against any Grantor or any property of any
Grantor in any other jurisdiction.

 

(k)           Each Grantor irrevocably and unconditionally waives any right it may
have to claim or recover in any legal action, suit or proceeding referred to in
this Section any special, exemplary, punitive or consequential damages.

 

(l)            For the avoidance of doubt, the parties hereto hereby acknowledge and
agree that all Schedules delivered hereunder and all other factual
information, if any, disclosed herein has been prepared on a pro forma basis after
giving effect to the Body Shop Acquisition and the Closing Date Joinder
Agreement.

 

(m)          Section headings herein are included for convenience of reference
only and shall not constitute a part of this Agreement for any other purpose.

 

(n)           This Agreement may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which shall be
deemed to be an original, but all of which taken together constitute one in the
same Agreement.

 

(o)           All of the obligations of the Grantors hereunder are joint and
several.  The Administrative Agent may,
in its sole and absolute discretion, enforce the provisions hereof against any
of the Grantors and shall not be required to proceed against all Grantors
jointly or seek payment from the Grantors ratably.  In addition, the Administrative Agent may, in
its sole and absolute discretion, select the Collateral of any one or more of
the Grantors for sale or application to the Obligations, without regard to the
ownership of such Collateral, and shall not be required to make such selection
ratably from the Collateral owned by all of the Grantors.  The release or discharge of any Grantor by
the Administrative Agent shall not release or discharge any other Grantor from
the obligations of such Person hereunder.

 

(p)           Each Grantor acknowledges and agrees that a breach of any of the
covenants contained in Section 5 hereof will cause irreparable
injury to the Administrative Agent and that the Administrative Agent has no
adequate remedy at law in respect of such breaches and therefore agrees,
without limiting the right of the Administrative Agent to seek and obtain
specific 

 

25

 

performance of other
obligations of any Grantor contained in this Agreement, that the covenants of
each Grantor contained in Section 6 hereof shall be specifically
enforceable against each Grantor.

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT
BLANK]

 

26

 

IN WITNESS WHEREOF, Grantor has caused this
Agreement to be executed and delivered by its officer thereunto duly
authorized, as of the date first above written.

 

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  
	
   

  	
  BODY CENTRAL ACQUISITION CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Carlo A. von
  Schroeter

  
	
   

  	
   

  	
  Carlo A. von
  Schroeder

  
	
   

  	
   

  	
  President

  

 

27

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