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Exhibit 4.10  

CONFORMED COPY  

 
 

SECURITY AGREEMENT    
    

        This SECURITY AGREEMENT (this "Agreement"), dated as of
March 16, 2004, is executed and delivered by each of Mrs. Fields Famous Brands, LLC, a Delaware limited liability company (the
"Company"), Mrs. Fields Financing Company, Inc., a Delaware corporation (the
"Co-issuer" and, together with the Company, the "Issuers"), and each Subsidiary of the
Company (other than the Co-Issuer) party hereto (such Subsidiaries, together with the Issuers, each a "Debtor" and individually and
collectively, and jointly and severally, the "Debtors"), in favor of THE BANK OF NEW YORK
("BNY"), as trustee under the Indenture (as defined below) (together with its successor(s) thereto in such capacity, the
"Trustee"), for its benefit and the benefit of the Holders, in light of the following: 

        WHEREAS, the Debtors and the Trustee, have entered into an Indenture, dated as of March 16, 2004 (as amended, restated,
supplemented or otherwise modified from time to time, the "Indenture"), pursuant to which the Issuers incurred indebtedness for certain notes (such
notes, together with all additional notes and all other notes issued thereunder in exchange for such notes and additional notes, the "Notes") and the
other Debtors have guaranteed the payment of the Notes and the other Obligations thereunder and under the other Indenture Documents; 

        WHEREAS, each Issuer desires to secure the Notes and its other Obligations under the Notes and the other Indenture Documents and each
other Debtor desires to secure its Guarantee under the Indenture by granting to the Trustee, for its benefit and for the benefit of the Holders, security interests in the Collateral as set forth
herein; 

        WHEREAS, each Debtor (other than Company) is a Subsidiary of the Company and will benefit from the proceeds of the Notes; and 

        WHEREAS, to induce the Initial Purchaser to purchase the Notes, each Holder to hold the Notes to be held by it and BNY to act in its
capacity as the Trustee, each Debtor desires to pledge, grant, transfer, and assign to the Trustee, for its benefit and the benefit of the Holders, a security interest in the Collateral to secure the
Secured Obligations, as provided herein. 

        NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and each intending to be bound hereby, the Trustee and each Debtor agree as follows: 

        1.    DEFINITIONS AND CONSTRUCTION.    

        Definitions.    All capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in
the Indenture. As used in this Agreement, the following terms shall have the following definitions: 

        "Account" means any "account" (as that term is defined in the Code), and any and all supporting obligations in respect thereof. 

        "Additional Documents" has the meaning set forth in Section 2.4(c) of this
Agreement. 

        "Agreement" has the meaning set forth in the preamble to this Agreement. 

        "BNY" has the meaning set forth in the preamble to this Agreement. 

        "Co-issuer" has the meaning set forth in the preamble to this Agreement.

 

        "Code" means the Uniform Commercial Code as in effect from time to time in the State of New York. 

        "Collateral" means all of each Debtor's now owned or hereafter acquired right, title, and interest in and to each of the following:
Accounts; such Debtor's Books; commercial tort claims; Deposit Accounts; Equipment; General Intangibles; Inventory; Investment Property (including all securities and Securities Accounts); Negotiable
Collateral; any money, or other assets of a Debtor which now or hereafter come into the possession, custody, or control of the Trustee; and the proceeds and products, whether tangible or intangible,
of any of the foregoing, including proceeds of insurance covering any and all Accounts, Debtor's Books, Deposit Accounts; Equipment, General Intangibles, Inventory, Investment Property, Negotiable
Collateral, real property, money, or other tangible or intangible property resulting from the sale, exchange, collection, or other disposition of any of the foregoing, or any portion thereof or
interest therein, and the proceeds thereof; provided, however, that, "Collateral" shall not include any
Excluded Assets. 

        "Collections" means all cash, checks, notes, instruments, and other items of payment (including insurance proceeds, cash proceeds of asset
sales, rental proceeds, and tax refunds). 

        "Commercial Tort Claim Assignment" has the meaning set forth in Section 2.4(b) of
this Agreement. 

        "Company" has the meaning set forth in the preamble to this Agreement. 

        "Control Agreement" means a control agreement, in form and substance reasonably satisfactory to the Trustee, executed and delivered by the
applicable Debtor, the Trustee, for the benefit of itself and the Holders, and the applicable (a) securities intermediary with respect to a Securities Account of such Debtor or (b) bank
with respect to a Deposit Account of such Debtor. 

        "Debtor" and "Debtors" have the respective the meanings set forth in the  preamble to this Agreement. 

        "Debtor's Books" means the applicable Debtor's now owned or hereafter acquired books and records (including all of its Records indicating,
summarizing, or evidencing its assets (including the Collateral) or liabilities, all of its Records relating to its business operations or financial condition, and all of its goods or General
Intangibles related to such information). 

        "Defeasance" means, with respect to any obligation, the defeasance thereof pursuant to a Legal Defeasance or Covenant Defeasance as
described under Section 8.01 of the Indenture. 

        "Deposit Account" means any "deposit account" (as that term is defined in the Code). 

        "Disposition" shall have the meaning ascribed to the term Asset Sale in the Indenture, and the words
"Dispose" and "Disposal" shall be interpreted similarly. 

        "Equipment" means "equipment" (as that term is defined in the Code), and includes machinery, machine tools, motors, furniture,
furnishings, fixtures, vehicles (including motor vehicles), tools, parts, goods (other than consumer goods, farm products, or Inventory), wherever located, including all attachments, accessories,
accessions, replacements, substitutions, additions, and improvements to any of the foregoing. 

        "Equity Interests" means all shares, units, options, warrants, interests, participations, or other equivalents (regardless of how
designated) of or in a corporation, partnership, limited liability company, or equivalent entity, whether voting or nonvoting, including general partner partnership interests, limited partner
partnership interests, common stock, preferred stock, or any other "equity security" (as such term is defined in Rule 3a11-1 of the General Rules and Regulations promulgated by the
SEC under the Exchange Act) of any Person (such Person, an "Equity Issuer").

 

        "Equity Issuer" has the meaning specified in the definition of the term "Equity Interests". 

        "Excluded Assets" means: 

        (i)    any
leasehold interest of any Debtor in real property; 

        (ii)   any
real property currently owned or acquired on or after the date hereof by any Debtor to the extent that such real property does not have (A) a purchase price
or (B) Fair Market Value, of greater than $750,000; 

        (iii)  contracts,
leasehold interests, permits, licenses or charter agreements (the "Contracts") of Debtors to the extent (and
only to the extent) that the Contracts by their terms prohibit the granting of a Lien thereon without consent and any required consent has not been obtained,  provided, that, the exclusion contained in
this clause (iii) shall not apply and shall in no way
be construed to apply (x) to the extent
that the granting of a Lien in, to or on any of the Contracts is or would be effective under Sections 9-406, 9-407, or 9-408 of the Code or other applicable law,
(y) so as to limit, impair, or otherwise affect the Trustee's Liens upon any rights or interests of Debtor in or to monies due or to become due under any of the Contracts (including any
Accounts), or (z) to limit, impair, or otherwise affect the Trustee's Liens upon any rights to or interests of Debtor in and to any proceeds from the sale, license, lease, or other dispositions
of any of the Contracts or any other asset; 

        (iv)  any
intent-to-use trademark or service mark application contained in the General Intangibles prior to the filing of a statement of use or
amendment to allege use applications, provided that the mark which is the subject of such applications shall constitute Collateral at such time as the same is used in commerce; 

        (v)   Equity
Interests of each Foreign Subsidiary to the extent that such Equity Interests held by such Debtor exceed 65% of the total combined voting power of all classes of
outstanding Equity Interests of such Foreign Subsidiary, including for purposes hereof, the ownership attributable to a Debtor through its Equity Interest in a subsidiary that is not a Subsidiary; 

        (vi)  the
Equity Interests of any Immaterial Subsidiary; and 

        (vii) the
Excluded Equity Interests of any Equity Issuer. 

        "Excluded Equity Interests" means, with respect to any Equity Issuer that is an Affiliate of the Company, that portion of each Equity
Interest in the case of a limited liability company, each unit, and in the case of a corporation, each share, of such Equity Issuer that would otherwise constitute Collateral to the extent the greater
of the par value, book value as carried by the Debtor that is the holder thereof or the market value of any percentage of each such unit or share of Equity Interests of such Equity Issuer in the
aggregate is equal to or greater than 20% of the aggregate principal amount at maturity of the Notes then outstanding. 

        "General Intangibles" means "general intangibles" (as that term is defined in the Code), including limited liability company interests,
payment intangibles, contract rights, rights to payment, rights arising under common law, statutes, or regulations, choses or things in action, goodwill, patents, trade names, trade secrets,
trademarks, servicemarks, copyrights, blueprints, drawings, purchase orders, customer lists, monies due or recoverable from pension funds, route lists, rights to payment and other rights under any
royalty or licensing agreements, infringement claims, computer programs, information contained on computer disks or tapes, software, literature, reports, catalogs, insurance premium rebates, tax
refunds, and tax refund claims, and any and all supporting obligations in respect thereof, and any other personal property other than Accounts, Deposit Accounts, goods, Investment Property, and
Negotiable Collateral.

 

        "Governmental Authority" means any federal, state, local, or other governmental or administrative body, instrumentality, department, or
agency or any court, tribunal, administrative hearing body, arbitration panel, commission, or other similar dispute-resolving panel or body. 

        "Indenture" has the meaning set forth in the recitals to this Agreement. 

        "Intellectual Property" means all patents, patent applications, trademarks, trademark applications, tradenames, trade dress, copyrights,
copyright registrations, technology, know-how and processes used in or necessary for the conduct of the business of any Debtor as currently conducted that are material to the condition
(financial or otherwise), business, or operations of such Debtor. 

        "Inventory" means "inventory" (as that term is defined in the Code). 

        "Investment Property" means "investment property" (as that term is defined in the Code), and any and all supporting obligations in respect
thereof. 

        "Issuers" has the meaning set forth in the recitals to this Agreement. 

        "Material Adverse Effect" means a material adverse effect on (A) the properties, business, prospects, operations, earnings, assets,
liabilities or condition (financial or otherwise) of the Issuers and the Subsidiaries of the Company, taken as a whole, (B) the ability of the Debtors to perform their obligations in all
material respects under any Indenture Document, (C) the enforceability of any Collateral Agreement or the attachment, perfection or priority of any of the Liens or security interests
intended to be created thereby, (D) the validity or enforceability of any of the Indenture Documents or (E) the consummation of any of the transactions contemplated under any of the
Indenture Documents. 

        "Negotiable Collateral" means letters of credit, letter of credit rights, instruments, promissory notes, drafts, documents, and chattel
paper (including electronic chattel paper and tangible chattel paper), and any and all supporting obligations in respect thereof. 

        "Notes" has the meaning set forth in the recitals to this Agreement. 

        "Permitted Disposition" means a Disposition consummated in accordance with the terms of Section 4.13 of the Indenture. 

        "Permitted Protest" means the right of any Debtor to protest any taxes (other than payroll taxes or taxes that are the subject of a United
States federal tax lien); provided that (a) a reserve with respect to such obligation is established on the books of such Debtor in such amount
as is required under GAAP, (b) any such protest is instituted promptly and prosecuted diligently by such Debtor in good faith, and (c) while any such protest is pending, there will be no
impairment of the enforceability, validity, or priority of any of the Trustee's Liens. 

        "Record" means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable
in perceivable form. 

        "Secured Obligations" means, with respect to each Debtor, all liabilities, obligations, or undertakings owing by such Debtor to the
Trustee or any Holder of any kind or description arising out of or outstanding under, advanced or issued pursuant to, or evidenced by the Indenture, this Agreement, or any of the other Indenture
Documents, irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, voluntary or involuntary, whether now existing or hereafter
arising, and including all interest, costs, indemnities, fees (including attorneys fees), and expenses (including interest, costs, indemnities, fees, and expenses that, but for the provisions of the
Bankruptcy Code, would have accrued irrespective of whether a claim therefor is allowed) and any and all other amounts which such Debtor is required to pay pursuant to any of the foregoing, by law, or
otherwise.

 

        "Securities Account" means any "securities account" (as that term is defined in the Code). 

        "Secured Parties" means the Trustee and the Holders. 

        "Trustee" has the meaning set forth in the preamble to this Agreement. 

        "Trustee's Liens" means the Liens granted by a Debtor to the Trustee under this Agreement or any other Indenture Document to which such
Debtor is a party. 

        "Voidable Transfer" has the meaning set forth in Section 11.8 to this Agreement. 

        1.1    Code.    Any terms used in this Agreement which are defined in
the Code shall be construed and defined as set forth in the Code unless otherwise defined herein. 

        1.2    Construction.    Unless the context of this Agreement clearly
requires otherwise, references to the plural include the singular, references to the singular include the plural, the term "including" is not limiting, and the term "or" has, except where otherwise
indicated, the inclusive meaning represented by the phrase "and/or." The words "hereof," "herein," "hereby," "hereunder," and similar terms in this Agreement refer to this Agreement as a whole and not
to any particular provision of this Agreement. Section, subsection, clause, schedule, and exhibit references are to this Agreement unless otherwise specified. Any reference in this Agreement or in any
of the other Indenture Documents to this Agreement or any of the other Indenture Documents shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements,
substitutions, joinders, and supplements, thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements,
substitutions, joinders, and supplements set forth therein). In the event of a direct conflict between the terms and provisions of this Agreement and the Indenture, it is the intention of the parties
hereto that both such documents shall be read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot
be resolved as aforesaid, the terms and provisions of the Indenture shall control and govern; provided,  however, that the inclusion herein of additional
obligations on the part of any Debtor and supplemental rights and remedies in favor of the Trustee, in
each case in respect of the Collateral, shall not be deemed a conflict with the Indenture. Any reference herein to the payment in full of the Secured Obligations shall mean the payment in full in cash
of all Secured Obligations other than contingent indemnification Secured Obligations. Any reference herein to any Person shall be construed to include such Person's successors and assigns. Any
requirement of a writing contained herein shall be satisfied by the transmission of a Record and any Record transmitted shall constitute a representation and warranty as to the accuracy and
completeness of the information contained therein. 

        1.3    Schedules and Exhibits.    All of the schedules and exhibits
attached to this Agreement shall be deemed incorporated herein by reference. 

        2.    CREATION OF SECURITY INTEREST.    

        2.1    Grant of Security Interest.    Each Debtor hereby grants to the
Trustee, for its benefit and for the benefit of the Holders, a continuing security interest in all of its right, title, and interest in all currently existing and hereafter acquired or arising
Collateral in order to secure prompt repayment of any and all of the Secured Obligations in accordance with the terms and conditions of the Indenture Documents and in order to secure prompt
performance by such Debtor of such Debtor's covenants and duties under the Indenture Documents. The Trustee's Liens in and to the Collateral shall attach to all Collateral without further act on the
part of the Trustee or any Debtor. Anything contained in this Agreement or any other Indenture Document to the contrary notwithstanding, except for Permitted Dispositions, no Debtor has any authority,
express or implied, to Dispose of any item or portion of the Collateral.

 

        2.2    Negotiable Collateral.    In the event that any Collateral,
including proceeds, is evidenced by or consists of Negotiable Collateral, and if and to the extent that perfection or priority of the Trustee's security interest is dependent on or enhanced by
possession, each Debtor, promptly upon the request of the Trustee, shall endorse and assign such Negotiable Collateral to the Trustee and deliver physical possession of such Negotiable Collateral to
the Trustee. 

        2.3    Collection of Accounts, General Intangibles, Negotiable
Collateral.    At any time after the occurrence and during the continuation of an Event of Default, the Trustee or the Trustee's designee may (a) notify
Account Debtors of any Debtor that the Accounts, chattel paper, or General Intangibles constituting Collateral have been assigned to the Trustee or that the Trustee has a security interest therein, or
(b) collect the Accounts, chattel paper, or General Intangibles constituting Collateral directly and charge the reasonable collection costs and expenses to the Debtors. Each Debtor agrees that
after the occurrence and during the continuance of an Event of Default, it will hold in trust for the Trustee, as the Trustee's trustee, any Collections that it receives and promptly will deliver said
Collections to the Trustee in their original form as received by such Debtor, together with any necessary endorsements thereto. 

        2.4    Filing of Financing Statements; Commercial Tort Claims; Delivery of Additional Documentation
Required.    

        (a)   Each
Debtor shall file all financing statements necessary or desirable to effectuate the transactions contemplated by this Agreement and the other Indenture Documents,
including any financing statement which describes the Collateral in an overbroad manner, such as "all assets of the Debtor" or "all personal property of the Debtor", and any continuation statement or
amendment with respect thereto, in any appropriate filing office, and such Debtor hereby authorizes the Trustee, but in no event shall the Trustee be required, to make any such filings not made by
such Debtor. 

        (b)   If
any Debtor acquires any commercial tort claims after the date hereof, such Debtor shall promptly (but in any event within 10 Business Days after such acquisition)
deliver to the Trustee a written description of such commercial tort claim and shall deliver a written agreement, in form and substance reasonably satisfactory to the Trustee, pursuant to which such
Debtor shall pledge and collaterally assign all of its right, title and interest in and to such commercial tort claim to the Trustee, as security for the Secured Obligations (a
"Commercial Tort Claim Assignment"). 

        (c)   Each
Debtor shall execute and deliver to the Trustee, any and all financing statements, original financing statements in lieu of continuation statements, fixture
filings, security agreements, pledges, assignments, Commercial Tort Claim Assignments, endorsements of certificates of title, and all other documents (collectively, the
"Additional Documents") that are necessary to create, perfect and continue perfected or to better perfect the Trustee's Liens in the Collateral (whether
now owned or hereafter arising or acquired, tangible or intangible, real or personal) (other than any motor vehicle having a Fair Market Value of less than $50,000, unless an Event of Default has
occurred and is outstanding), to create and perfect Liens in favor of the Trustee in any real property (other than real property constituting Excluded Assets), and in order to fully consummate all of
the transactions contemplated hereby and under the other Indenture Documents. Each Debtor, to the maximum extent permitted by applicable law, authorizes the Trustee to execute any such Additional
Documents in such Debtor's name and authorizes the Trustee to file such executed Additional Documents in any appropriate filing office if such Debtor refuses to, or fails timely to, execute and
deliver any Additional Documents. In addition, each Debtor shall (i) within 90 days of the date that any new material (i.e., with a Fair
Market Value in excess of $75,000) patentable, copyrightable, or trademarkable materials are acquired or generated by such Debtor, (A) provide the Trustee with a report of such material
patents, copyrights and trademarks, and (B) cause such material patents, copyrights and trademarks acquired or generated by such Debtor

 
that are not already the subject of a registration with the appropriate filing office (or an application therefor diligently prosecuted) to be registered with such appropriate filing office in a
manner sufficient to impart constructive notice of such Debtor's ownership thereof, and (ii) to the extent not previously done, within 90 days of such registration or application,
(A) cause to be prepared, executed, and delivered to the Trustee supplemental schedules to the applicable Indenture Documents to identify all Intellectual Property (including all such material
patents, copyrights and trademarks) for which such Debtor is the owner and with respect to which such Debtor has registered or applied after the date hereof as being subject to the security interests
created hereunder and (B) take such action as may be necessary to perfect the Lien of the Trustee in any such Intellectual Property and record such Lien with the United States Patent &
Trademark Office and the United States Copyright Office, as applicable. 

        2.5    Power of Attorney.    Subject to the terms of the Indenture,
each Debtor hereby irrevocably makes, constitutes, and appoints the Trustee (and any of the Trustee's officers, employees, or agents designated by the Trustee) as such Debtor's true and lawful
attorney, with power to: (a) if such Debtor refuses to, or fails timely to execute and deliver any of the documents described in  Section 2.4, sign the name of such Debtor on any of the
documents described in  Section 2.4; (b) at any time that an Event of Default has occurred and is continuing, sign such Debtor's name on any invoice or bill of
lading relating to the Collateral, drafts against Account Debtors, or notices to Account Debtors; (c) send requests for verification of Accounts; (d) endorse such Debtor's name on any
Collection item constituting Collateral
that may come into the Trustee's possession; (e) at any time that an Event of Default has occurred and is continuing, make, settle, and adjust all claims under such Debtor's policies of
insurance and make all determinations and decisions with respect to such policies of insurance; and (f) at any time that an Event of Default has occurred and is continuing, settle and adjust
disputes and claims respecting the Accounts, chattel paper, or General Intangibles constituting Collateral directly with Account Debtors, for amounts and upon terms which the Trustee determines in its
reasonable discretion to be reasonable, and the Trustee may cause to be executed and delivered any documents and releases which the Trustee determines to be necessary. The appointment of the Trustee
as each Debtor's attorney, and each and every one of the Trustee's rights and powers, being coupled with an interest, is irrevocable until, and shall terminate when, all of the Secured Obligations
have been paid in full or the Defeasance thereof shall have been consummated. 

        2.6    Right to Inspect.    The Trustee and its officers, employees,
or agents shall have the right, from time to time hereafter during normal business hours at mutually convenient times, or at any time following the occurrence and during the continuance of a Default
or an Event of Default, to inspect each Debtor's Books and make copies or abstracts thereof and to check, test, and appraise the Collateral, or any material portion thereof, in order to verify each
Debtor's financial condition or the amount, quality, value, condition of, or any other matter relating to, the Collateral. 

        2.7    Control Agreement.    Each Debtor agrees that it will not
transfer assets out of any of its Deposit Accounts or Securities Accounts; provided, however, that so
long as no Event of Default has occurred and is continuing or would result therefrom, each Debtor may use such assets (and the proceeds thereof) to the extent not prohibited by this Agreement or the
other Indenture Documents. Each Debtor agrees that it will take any and all reasonable steps in order for the Trustee to obtain control in accordance with Sections 9-104,
9-105, 9-106, and 9-107 of the Code with respect to any of its Securities Accounts, and each other Debtor agrees that (a) it shall take any and all
reasonable steps in order for the Trustee to obtain control in accordance with Sections 9-104, 9-105, 9-106, and 9-107 of the Code with respect to
(i) any of its Securities Accounts (to the extent that any such Securities Account contains cash, cash equivalents, or Investment Property in an aggregate amount in excess of $100,000 (other
than following the occurrence and during the continuance of any Event of Default)), (ii) any of its Deposit Accounts (to the extent that any such

 
Deposit Account has a balance in excess of $100,000 (other than following the occurrence and during the continuance of any Event of Default)), and (iii) any electronic chattel paper, Investment
Property, and letter-of-credit rights, in each case, to the extent the value thereof exceeds $100,000 (other than following the occurrence and during the continuance of any
Event of Default); provided further, however, that at any time that cash, cash equivalents, or
Investment Property in one or more Securities Accounts that are not subject to a Control Agreement are in an aggregate amount, or the aggregate balance of one or more Deposit Accounts that are not
subject to a Control Agreement is, in excess $50,000 for any consecutive five (5) day period, such Debtor shall immediately transfer or cause to be transferred into a Securities Account or
Deposit Account, as the case may be, that is subject to a Control Agreement an amount at least equal to the amount of such excess. No arrangement contemplated hereby or by any Control Agreement in
respect of any Securities Accounts or other Investment Property shall be modified by any Debtor without the prior written consent of the Trustee. Subject to the terms of the Indenture, upon the
occurrence and during the continuance of an Event of Default, the Trustee may notify any bank or securities intermediary to liquidate the applicable Deposit Account or Securities Account or any
related Investment Property maintained or held thereby and remit the proceeds thereof to the Trustee for application to the Secured Obligations in accordance with Section 6.10 of the Indenture. 

        3.    REPRESENTATIONS AND WARRANTIES.    

        Each
Debtor represents and warrants to each Secured Party insofar as the representations and warranties contained herein are applicable to such Debtor and its properties, as set forth in
this Section 3. 

        3.1    As to Equity Interests of Certain Subsidiaries.    The
Collateral comprised of Equity Interests of any Equity Issuer that is (a) a Subsidiary of the Company and (b) a general partnership, limited partnership or limited liability company
(i) are not dealt in or traded on securities exchanges or in securities markets, (ii) do not have terms expressly providing that they are securities governed by Article 8 of the
Uniform Commercial Code as in effect in the jurisdiction in which such Equity Issuer was formed, and
(iii) are not investment company securities, and are not, therefore, "securities" governed by Article 8 of the Code. 

        3.2    As to Affiliate Indebtedness.    No material Indebtedness owing
by any Affiliate of any Debtor to such Debtor is evidenced by a security. 

        3.3    No Encumbrances.    Such Debtor has good title to its personal
property assets and good and marketable title to its real property, in each case, free and clear of Liens except for Permitted Liens. 

        3.4    Equipment.    All of the Equipment of such Debtor used or held
for use in its business is, to the extent necessary for the operation of its business, fit for such purposes. 

        3.5    Location of Inventory and Equipment.    Except as set forth on  Schedule 3.5, the Inventory and Equipment of such Debtor is not stored with a bailee, warehouseman, or similar party and is located only at, or
in-transit between, the locations identified on Schedule 3.5 (as such Schedule may be updated pursuant to  Section 4.3). 

  

        3.6    State of Incorporation; Location of Chief Executive Office; FEIN; Organizational ID Number;
Commercial Tort Claims.    

        (a)   The
jurisdiction of organization of such Debtor is set forth on Schedule 3.6(a). 

        (b)   The
chief executive office of such Debtor is located at the address indicated on Schedule 3.6 (b) (as such
Schedule may be updated pursuant to Section 4.3). 

        (c)   Such
Debtor's FEIN and organizational identification number, if any, are identified on Schedule 3.6(c). 

        (d)   As
of the date such Debtor became a party hereto, such Debtor did not hold any commercial tort claims, except as set forth on  Schedule 3.6(d). 

        3.7    Due Organization and Qualification; Subsidiaries.    

        (a)   Such
Debtor is duly organized and existing and in good standing under the laws of the jurisdiction of its organization and qualified to do business in any state where
the failure to be so qualified reasonably could be expected to have a Material Adverse Effect. 

        (b)   Set
forth on Schedule 3.7(b), is a complete and accurate description of the authorized Equity Interests of the
Company, by class, and, as of the Issue Date, a description of the number of shares of each such class that are issued and outstanding. Other than as described on  Schedule 3.7(b), there are no
subscriptions, options, warrants, or calls relating to any shares of the Company's Equity Interests, including any
right of conversion or exchange under any outstanding security or other instrument. Except as described on Schedule 3.7(b), Company is not
subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any shares of its Equity Interests or any security convertible into or exchangeable for any of its
Equity Interests. 

        (c)   Set
forth on Schedule 3.7(c), is a complete and accurate list of the Company's direct and indirect Subsidiaries,
showing: (i) the jurisdiction of their organization, (ii) the number of shares of each class of Equity Interests authorized for each of such Subsidiaries, and (iii) the number and
the percentage of the outstanding shares of each such class owned directly or indirectly by Company. All of the outstanding Equity Interests of each such Subsidiary has been validly issued and is
fully paid and non-assessable. 

        (d)   Except
as set forth on Schedule 3.7(c), there are no subscriptions, options, warrants, or calls relating to any
shares of the Company's or any of its Subsidiaries' Equity Interests, including any right of conversion or exchange under any outstanding security or other instrument. Neither the Company nor any of
its Subsidiaries is subject to any obligation (contingent or otherwise) to repurchase or otherwise acquire or retire any shares of such Subsidiary's Equity Interests or any security convertible into
or exchangeable for any such Equity Interests. 

        3.8    Due Authorization; No Conflict.    

        (a)   The
execution, delivery, and performance by such Debtor of this Agreement and the other Indenture Documents to which it is a party have been duly authorized by all
necessary action on the part of such Debtor. 

        (b)   The
execution, delivery, and performance by such Debtor of this Agreement and the other Indenture Documents to which it is a party do not and will not (i) violate
any provision of federal, state, or local law or regulation applicable to such Debtor that could reasonably be expected to result in a Material Adverse Effect, the organic documents of such Debtor, or
any order, judgment, or decree of any court or other Governmental Authority binding on such Debtor, (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or
both) a default under any contractual obligation of such Debtor that could reasonably be expected to result in a Material Adverse Effect, (iii) result in or require the creation or imposition
of any Lien

 
of any nature whatsoever upon any properties or assets of such Debtor, other than Permitted Liens, or (iv) require any approval of such Debtor's interestholders or any approval or consent of
any Person under any material contractual obligation of such Debtor, other than consents or approvals that have been obtained and that are still in force and effect. 

        (c)   Other
than the filing of financing statements in the jurisdictions in which the Debtors are located for purposes of Sections 9-301 and 9-307 of
the Code and filings with the United States Patent & Trademark Office and the United States Copyright Office, and the recording of the Mortgages, the execution, delivery, and performance by
such Debtor of this Agreement and the other Indenture Documents to which such Debtor is a party do not and will not require any registration with, consent, or approval of, or notice to, or other
action with or by, any Governmental
Authority other than consents or approvals that have been obtained and that are still in force and effect or such consents and approvals that if not obtained could not reasonably be expected to result
in a Material Adverse Effect; provided, however, that the subsequent recordation of a trademark security
agreement, a copyright security agreement and a patent security agreement in the United States Patent and Trademark Office and the United States Copyright Office, as applicable, may be necessary to
perfect the security interest of the Debtor in the issued registrations and applications for other U.S. Intellectual Property that are acquired by any Debtor after the date hereof; and the taking of
actions outside the United States may be required in order to perfect the Trustee's lien in Intellectual Property included in the Collateral which is protected under non-U.S. law. 

        (d)   This
Agreement and the other Indenture Documents to which such Debtor is a party, and all other documents contemplated hereby and thereby, when executed and delivered by
such Debtor will be the legally valid and binding obligations of such Debtor, enforceable against such Debtor in accordance with their respective terms, except as enforcement may be limited by
equitable principles or by bankruptcy, insolvency, reorganization, moratorium, or similar laws relating to or limiting creditors' rights generally. 

        (e)   Upon
the filing of the financing statements in the jurisdictions in which the Debtors are located for purposes of Sections 9-301 and 9-307 of the
Code on and after the Issue Date, and filings with the United States Patent & Trademark Office within three (3) months of the date hereof and the United States Copyright Office within
one (1) month of the date hereof, the Trustee's Liens in the Collateral are validly created, perfected (with respect to Intellectual Property rights, to the extent such perfection and priority
may be achieved by filings made in the United States Patent and Trademark Office and the United States Copyright Office), and first priority Liens, subject only to Permitted Liens;  provided,
however, that the subsequent recordation of a trademark security agreement, a copyright
security agreement and a patent security agreement in the United States Patent and Trademark Office and the United States Copyright Office, as applicable, may be necessary to perfect the security
interest of the Debtor in the issued registrations and applications for other U.S. Intellectual Property that are acquired by any Debtor after the date hereof; and the taking of actions outside the
United States may be required in order to perfect the Trustee's lien in Intellectual Property included in the Collateral which is protected under non-U.S. law. 

        3.9    Intellectual Property.    Such Debtor owns, or holds licenses
to use, all Intellectual Property that is necessary to or used in the conduct of such Debtor's business as currently conducted by it. Attached hereto as  Schedule 3.9 (as updated from time to time)
is a true, correct, and complete listing of all registered and applied for Intellectual Property for
which such Debtor is the owner or the exclusive licensee and of all material Intellectual Property license agreements under which any Person other than such Debtor is the exclusive licensee thereof.
Such Debtor hereby certifies that, as of the date hereof, it does not own any copyrights that are used or necessary in the operation of its business as currently conducted by it.

 

        3.10    Deposit Accounts and Securities Accounts.    Set forth on  Schedule 3.10 are all of such Debtor's Deposit Accounts and Securities Accounts, including, with respect to each bank or securities intermediary
(i) the name and address of such Person, and (ii) the account numbers of the Deposit Accounts or Securities Accounts maintained with such Person. 

        4.    AFFIRMATIVE COVENANTS.    Each Debtor covenants and agrees that until payment in full of the Secured Obligations
or the Defeasance thereof, such Debtor shall do all of the following: 

        4.1    Maintenance of Properties.    Maintain and preserve all of its
properties which are necessary in the proper conduct to its business in good working order and condition, ordinary wear and tear casualties and Permitted Dispositions excepted, and comply at all times
with the provisions of all leases to which it is a party as lessee so as to prevent any material loss or forfeiture thereof or thereunder, except to the extent such lease is the subject of a Permitted
Disposition. 

        4.2    Insurance.    

        (a)   Company
shall comply with its obligations under Section 4.05(b) of the Indenture. Company shall deliver copies of all policies relating to insurance required
under such Section to the Trustee with a satisfactory lender's loss payable endorsement naming the Trustee as loss payee or additional insured, as appropriate. Each such policy of insurance or
endorsement shall contain a clause requiring the insurer to give not less than 30 days prior written notice to the Trustee in the event of cancellation of the policy for any reason whatsoever. 

        (b)   So
long as no Event of Default has occurred and is continuing, Company shall have the exclusive right to adjust any losses claimed after the Issue Date not exceeding
$1,000,000. At any time following the occurrence and during the continuance of an Event of Default, the Trustee shall have the exclusive right to adjust any losses claimed after the Issue Date without
any liability to Company whatsoever in respect of such adjustments. During the continuance of an Event of Default any monies received as payment for any loss under any insurance policy mentioned above
(other than liability insurance policies) or as payment of any award or compensation for condemnation or taking by eminent domain, shall be paid over to Company and treated as the Net Cash Proceeds of
an Asset Sale pursuant to Section 4.13 of the Indenture unless all or any portion of the Notes shall have been accelerated, in which case, such monies shall be paid over to the Trustee for
application to the Secured Obligations in accordance with Section 6.10 of the Indenture. 

        (c)   Company
will not and will not suffer or permit any of its Domestic Restricted Subsidiaries to take out separate insurance concurrent in form or contributing in the event
of loss with that required to be maintained under this Section 4.05(b) of the Indenture, unless the Trustee is included thereon as named insured with the loss payable to the Trustee under a
lender's loss payable endorsement or its equivalent. Company immediately shall notify the Trustee whenever such separate insurance is taken out, specifying the insurer thereunder and full particulars
as to the policies evidencing the same, and copies of such policies promptly shall be provided to the Trustee. 

        4.3    Location of Inventory and Equipment.    Keep its Inventory and
Equipment only at the locations identified on Schedule 3.5 and its chief executive office only at the location identified on  Schedule 3.6(b);
provided, however, that Company
may amend Schedule 3.5 and Schedule 3.6(b) so long as such amendment occurs by written
notice to the Trustee not less than 15 days prior to the date on which such Inventory or Equipment is moved to such new location or such chief executive office is relocated so long as such new
location is within the continental United States. 

        4.4    Post-Closing Covenant.    Within 60 days of
the Issue Date, the Company shall have delivered to the Trustee search results reflecting the filing of all Uniform Commercial Code

 
financing statements described in Section 2.4 and no such search results shall reflect any effective financing statements other than those
relating to Permitted Liens; provided, that if any such search results do reflect any effective financing statements relating to any Lien other than a
Permitted Lien, the applicable Debtor shall cause such financing statements to be terminated within 10 Business Days after its receipt of such search result. 

        5.    NEGATIVE COVENANTS.    Each Debtor covenants and agrees that until payment in full of the Secured Obligations or
the Defeasance thereof, such Debtor will not do any of the following: 

        5.1    Disposal of Assets.    Other than Permitted Dispositions,
Dispose of any of its assets. 

        5.2    Change Name.    Change its name, FEIN, organizational
identification number, state of organizational or organization identity; provided, however, that such
Debtor may change its name upon at least 10 Business Days, prior written notice to the Trustee of such change and so long as, at the time of such written notification, such Debtor provides any
financing statements or amendments to financing statements necessary to perfect and continue perfected the Trustee's Liens. 

        5.3    Inventory and Equipment with Bailees.    Except as set forth on  Schedule 5.3, store its Inventory or Equipment at any time now or hereafter with a bailee, warehouseman, or similar party without the Trustee's
prior written consent (such consent not to be unreasonably withheld) unless the aggregate Fair Market Value of all such Inventory or Equipment held by all bailees, warehousemen, and other similar
parties does not exceed $100,000. 

        5.4    Equity Interests of Certain Subsidiaries.    Permit any Equity
Issuer that is a general partnership, limited partnership or limited liability company to: (i) have its Equity Interests dealt in or traded on securities exchanges or in securities markets,
(ii) authorize the amendment of or amend the organic documents of
such Equity Issuer to provide that its Equity Interests are to be governed by Article 8 of the Uniform Commercial Code as adopted by the jurisdiction in which such Equity Issuer is formed, or
(iii) authorize the issuance of or issue certificates evidencing any of the Equity Interests of such Equity Issuer without the prior written consent of the Trustee (such consent not to be
unreasonably withheld). 

        6.    THE TRUSTEE'S RIGHTS AND REMEDIES.    

        6.1    Rights and Remedies.    Upon the occurrence and during the
continuance of an Event of Default and subject to the terms of the Indenture, in addition to all other rights and remedies available to the Trustee as provided hereafter, the Trustee may, at its
election, without notice of its election and without demand (other than any notice required to be provided to Company pursuant to the terms of the Indenture), do any one or more of the following, all
of which are authorized by each Debtor: 

        (a)   Proceed
directly and at once, without notice, against each Debtor to collect and recover the full amount or any portion of the Secured Obligations, without first
proceeding against Company, or against any security or collateral for the Secured Obligations; 

        (b)   Without
notice to any Debtor and regardless of the acceptance of any security or collateral for the payment hereof, appropriate and apply toward the payment of the
Secured Obligations (i) any indebtedness due or to become due from the Trustee to any Debtor and (ii) any moneys, credits or other property belonging to any Debtor at any time held by or
coming into the possession of the Trustee; 

        (c)   Exercise
in respect of the Collateral, in addition to other rights and remedies provided for herein and in the Indenture or otherwise available to it, all the rights and
remedies available to it at law (including those of a secured party under the Code) or in equity;

 

        (d)   Settle
or adjust disputes and claims directly with Account Debtors for amounts and upon terms which the Trustee considers advisable, and in such cases, the Trustee will
turn over (without recourse, representation or warranty) to the applicable Debtor all amounts amounts received by the Trustee in payment of such disputed Accounts that remain after deducting from such
received amounts all amounts owed to the Trustee pursuant to Section 8.3 and applying such received amounts to all other outstanding Secured
Obligations; 

        (e)   Without
notice or demand upon any Debtor, make such payments and do such acts as the Trustee considers reasonably necessary to protect its security interest in the
Collateral. Each Debtor agrees to assemble the Collateral if the Trustee so requires, and to make the Collateral available to the Trustee as the Trustee may designate. Each Debtor authorizes the
Trustee to enter the premises where the Collateral is located, to take and maintain possession of the Collateral, or any part of it, and to pay, purchase, contest, or compromise any encumbrance,
charge, or lien which in the Trustee's determination appears to be prior or superior to its security interest and to pay all expenses incurred in connection therewith. With respect to any of any
Debtor's owned premises, such Debtor hereby grants, to the fullest extent permitted by law and binding contract, the Trustee a license to enter into possession of such premises and to occupy the same,
without charge, for up to one hundred twenty (120) days in order to exercise any of the Trustee's rights or remedies provided herein, at law, in equity, or otherwise; 

        (f)    Without
notice to any Debtor (such notice being expressly waived), and without constituting of an acceptance of any collateral in full or partial satisfaction of an
obligation (within the meaning of the Code), set off and apply to the Secured Obligations any and all (i) balances and deposits of any Debtor held by the Trustee, or (ii) indebtedness at
any time owing to or for the credit or the account of any Debtor held by the Trustee; 

        (g)   Hold,
as cash collateral, any and all balances and deposits of any Debtor held by the Trustee to secure the full and final repayment of all of the Secured Obligations; 

        (h)   Ship,
reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell (in the manner provided for herein) the Collateral. Each Debtor
hereby grants the Trustee (to the fullest extent permitted by law and binding contract) a license or other right to use (subject to any existing exclusive licenses and, in the case of trademarks and
any property of similar nature, to sufficient rights to quality control and inspection in favor of such Debtor to avoid the risk of invalidation of such trademarks and property of similar nature),
without charge, each Debtor's labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks, service marks, and advertising matter, or any property of a similar
nature, as it pertains to the Collateral, in completing production of advertising for sale and selling any Collateral, and each Debtor's rights under all licenses and all franchise agreements shall
inure to the Trustee's benefit; 

        (i)    Sell
all or any part of the Collateral at either a public or private sale, or both, by way of one or more contracts or transactions, for cash or on terms, in such manner
and at such places (including a Debtor's premises) as the Trustee determines is commercially reasonable. It is not necessary that such Collateral be present at any such sale; 

        (j)    Give
notice of the disposition of the Collateral as follows: 

        (i)    The
Trustee shall give each Debtor a notice in writing of the time and place of public sale, or, if the sale is a private sale or some other disposition other than a
public sale is to be made of the Collateral, then the time on or after which the private sale or other disposition is to be made; and 

        (ii)   The
notice shall be personally delivered or mailed, postage prepaid, to each Debtor as provided in Section 9, at
least ten (10) days before the earliest time of disposition set forth in the notice; no notice needs to be given prior to the disposition of any portion of the

 
Collateral that is perishable or threatens to decline speedily in value or that is of a type customarily sold on a recognized market; 

        (k)   Credit
bid and purchase at any public or private sale all or any portion of the Collateral and each Debtor authorizes each Holder, at its election, without notice of its
election and without demand (other than any notice required to be provided to Company pursuant to the terms of the Indenture) to also credit bid and purchase at any public or private sale any portion
of the Collateral; 

        (l)    Seek
the appointment of a receiver or keeper to take possession of all or any portion of the Collateral or to operate same and, to the maximum extent permitted by law,
may seek the appointment of such a receiver or keeper without the requirement of prior notice or a hearing; 

        (m)  On
behalf of itself and the Holders, shall have all other rights and remedies available at law or in equity or pursuant to any other Indenture Document; and 

        (n)   Be
entitled to any deficiency that exists after disposition of the Collateral as provided above by immediate payment from each Debtor. Any excess will be returned,
without interest and subject to the rights of third Persons, by the Trustee to the applicable Debtor. 

        6.2    Remedies Cumulative.    The Trustee's rights and remedies under
this Agreement (which are hereby incorporated by reference as if set forth herein in full), the other Indenture Documents, and all other agreements shall be cumulative. The Trustee shall have all
other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by the Trustee of one right or remedy shall be deemed an election, and no waiver by
the Trustee of any Event of Default on any Debtor's part shall be deemed a continuing waiver. No delay by the Trustee shall constitute a waiver, election, or acquiescence by it. 

        7.    TAXES AND EXPENSES REGARDING THE COLLATERAL.    If any Debtor fails to pay any monies (whether taxes, rents,
assessments, insurance premiums, or, in the case of leased properties or assets, rents or other amounts payable under such leases) due to third Persons, or fails to make any deposits or furnish any
required proof of payment or deposit, all as required under the terms of this Agreement, then, the Trustee, in its sole discretion and without prior notice to any Debtor, may, but in no event be
required to, do any or all of the following: (a) make payment of the same or any part thereof (except to the extent that the validity of such assessment or tax is the subject of a Permitted
Protest); or (b) in the case of the failure to comply with Section 4.05(b) of the Indenture, obtain and maintain insurance policies insuring the applicable Debtor's ownership and use of
the Collateral, and take any action with respect to such policies as the Trustee deems prudent. Any amounts paid or deposited by the Trustee shall immediately become additional Secured Obligations,
and shall be secured by the Collateral. Any payments made by the Trustee shall not constitute an agreement by the Trustee to make similar payments in the future or a waiver by the Trustee, of any
Event of Default under this Agreement. The Trustee need not inquire as to, or contest the validity of, any such expense, tax, security interest, encumbrance, or lien and the receipt of the usual
official notice for the payment thereof shall be conclusive evidence that the same was validly due and owing. 

        8.    WAIVERS; INDEMNIFICATION.    

        8.1    Demand; Protest; etc.    Except as required by the Indenture
Documents or applicable law, each Debtor waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment, notice of any default, nonpayment at maturity,
release, compromise, settlement, extension, or renewal of Accounts, documents, instruments, chattel paper, and guarantees at any time held by the Trustee, on which such Debtor may in any way be
liable. 

        8.2    The Trustee's Liability for Collateral.    The Trustee shall
not in any way or manner be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage thereto

 
occurring or arising in any manner or fashion from any cause; (c) any diminution in the value thereof; or (d) any act or default of any carrier, warehouseman, bailee, forwarding agency,
or other Person except with respect to clauses (a) through (d) of this  Section 8.2, for liability
arising out of the Trustee's own gross negligence or willful misconduct. Except as set forth in the immediately
preceding sentence, all risk of loss, damage, or destruction of the Collateral shall be borne by each Debtor. 

        8.3    Indemnification.    Each Debtor shall pay, indemnify, defend,
and hold the Trustee, its affiliates, and each Person, if any, who controls the Trustee, or any of its affiliates within the meaning of the Securities Act or the Exchange Act (a
"Controlling Person"), and the respective partners, agents, advisors, employees, officers and directors of the Trustee, its affiliates and any such
Controlling Person (each, an "Indemnified Person") harmless (to the fullest extent permitted by law) from and against any and all claims, demands,
suits, actions, investigations, proceedings, and damages, and all reasonable attorneys fees and disbursements and other costs and expenses incurred in connection therewith (as and when they are
incurred and irrespective of whether suit is brought), at any time asserted against,
imposed upon, or incurred by any of them (a) in connection with or as a result of or related to the execution, delivery, enforcement, performance, or administration (including any restructuring
or workout with respect hereto) of this Agreement, any of the other Indenture Documents, or the transactions contemplated hereby or thereby or the monitoring of such Debtor's compliance with the terms
of this Agreement and the other Indenture Documents, and (b) with respect to any investigation, litigation, or proceeding related to this Agreement, any other Indenture Document, or the use of
the proceeds of the credit provided thereunder (irrespective of whether any Indemnified Person is a party thereto), or any act, omission, event, or circumstance in any manner related thereto
excluding, in each case, income and withholding taxes (all the foregoing non-excluded items, collectively, the "Indemnified Liabilities").
The foregoing to the contrary notwithstanding, no Debtor shall have any obligation to any Indemnified Person under this Section 8.3 with respect
to any Indemnified Liability that a court of competent jurisdiction finally determines to have resulted from the gross negligence or willful misconduct of such Indemnified Person. This provision shall
survive the termination of this Agreement and the repayment of the Secured Obligations. If any Indemnified Person makes any payment to any other Indemnified Person with respect to an Indemnified
Liability as to which any Debtor was required to indemnify the Indemnified Person receiving such payment, the Indemnified Person making such payment is entitled to be indemnified and reimbursed by
such Debtor with respect thereto. WITHOUT LIMITATION, THE FOREGOING INDEMNITY SHALL APPLY TO EACH INDEMNIFIED PERSON WITH RESPECT TO INDEMNIFIED LIABILITIES WHICH IN WHOLE OR
IN PART ARE CAUSED BY OR ARISE OUT OF ANY NEGLIGENT ACT OR OMISSION OF SUCH INDEMNIFIED PERSON OR OF ANY OTHER PERSON (OTHER THAN ANY GROSSLY NEGLIGENT ACT OR OMISSION OF SUCH INDEMNIFIED
PERSON).

        9.    NOTICES.    

        All
notices and other communications hereunder to the Trustee shall be in writing and shall be mailed, sent or delivered in accordance with the Indenture and all notices and other
communications hereunder to any Debtor shall be in writing and shall be mailed, sent or delivered in care of the Company in accordance with the Indenture. 

        10.    Choice of Law; Venue; and Waiver of Jury Trial.    THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS. EACH OF
THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT;  PROVIDED, HOWEVER, THAT ANY SUIT SEEKING

 
ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT THE TRUSTEE'S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE THE TRUSTEE ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL
OR OTHER PROPERTY MAY BE FOUND. EACH OF THE DEBTORS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR IN
CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 

        11.    GENERAL PROVISIONS.    

        11.1    Effectiveness.    This Agreement shall be binding and deemed
effective when executed and delivered by each Debtor and the Trustee. 

        11.2    Successors and Assigns.    This Agreement shall bind and inure
to the benefit of the respective successors and assigns of each of the parties; provided, however, that
no party may assign this Agreement or any rights or duties hereunder other than pursuant to the terms of the Indenture. 

        11.3    Section Headings.    Headings and numbers have been set forth
herein for convenience only. Unless the contrary is compelled by the context, everything contained in each section applies equally to this entire Agreement. 

        11.4    Interpretation.    Neither this Agreement nor any uncertainty
or ambiguity herein shall be construed or resolved against the Trustee or any Debtor, whether under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed by all
parties and shall be construed and interpreted according to the ordinary meaning of the words used so as to fairly accomplish the purposes and intentions of all parties hereto. 

        11.5    Severability of Provisions.    Each provision of this
Agreement shall be severable from every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision. 

        11.6    Amendments; Etc.    No amendment or waiver of any provision of
this Agreement nor consent to any departure by any Debtor herefrom shall in any event be effective unless the same shall be in writing and signed by the Trustee and each Debtor, and then such waiver
or consent shall be effective only in the specific instance and for the specific purpose for which given. No failure on the part of the Trustee to exercise, and no delay in exercising any right under
this Agreement, any other Indenture Document, or otherwise with respect to any of the Secured Obligations, shall operate as a waiver thereof; nor shall any single or partial exercise of any right
under this Agreement, any other Indenture Document, or otherwise with respect to any of the Secured Obligations preclude any other or further exercise thereof or the exercise of any other right. The
remedies provided for in this Agreement or otherwise with respect to any of the Secured Obligations are cumulative and not exclusive of any remedies provided by law. Notwithstanding the foregoing, the
parties hereto agree that in the event that Rule 3-16 of Regulation S-X under the Securities Act is amended, modified or interpreted by the SEC to require (or is
replaced with another rule or regulation, or any other law, rule or regulation is adopted, which would require) the filing with the SEC of separate financial statements of any Equity Issuer whose
Equity Interests constitute Collateral, the term "Excluded Equity Interests" shall be deemed amended (without further action or consent by any Debtor, the Trustee or any Holder) to the extent, and
only to the extent, necessary to avoid the requirement of filing with the SEC of such separate audited financial statements of such Equity Issuer, and for the avoidance of doubt, Collateral shall not
include any Excluded Equity Interests as amended. 

        11.7    Counterparts; Telefacsimile Execution.    This Agreement may
be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed

 
and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement. Delivery of an executed counterpart of this Agreement by
telefacsimile shall be equally as effective as delivery of an original executed counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by telefacsimile also
shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this
Agreement. 

        11.8    Revival and Reinstatement of Obligations.    If the incurrence
or payment of the Secured Obligations by any Debtor or the transfer by any Debtor to the Trustee of any property of such Debtor should for any reason subsequently be declared to be void or voidable
under any state or federal law relating to creditors' rights, including provisions of the Bankruptcy Code relating to fraudulent conveyances, preferences, and other voidable or recoverable payments of
money or transfers of property (collectively, a "Voidable Transfer"), and if the Trustee is required to repay or restore, in whole or in part, any such
Voidable Transfer, or elects to do so upon the reasonable advice of its counsel, then, as to any such Voidable Transfer, or the amount thereof that the Trustee is required or elects to repay or
restore, and as to all reasonable costs, expenses, and attorneys' fees of the Trustee related thereto, the liability of such Debtor automatically shall be revived, reinstated, and restored and shall
exist as though such Voidable Transfer had never been made. 

        11.9    Debtors Remain Liable.    Anything herein to the contrary
notwithstanding: 

        (a)   each
Debtor will remain liable under the contracts and agreements to which it is a party that is included in the Collateral to the extent set forth therein, and will
perform all of their duties and obligations under such contracts and agreements to the same extent as if this Agreement had not been executed; 

        (b)   the
exercise by the Trustee of any of its rights hereunder will not release any Debtor from any of its duties or obligations under any such contracts or agreements
included in the Collateral; and 

        (c)   neither
the Trustee nor any Holder will have any obligation or liability under any contracts or agreements included in the Collateral by reason of this Agreement, nor
will any such Person be obligated to perform any of the obligations or duties of any Debtor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. 

        11.10    Collateral Comprised of Equity Interests of
Subsidiaries.    The provisions of the Pledge Agreement, as they relate to Collateral comprised of Equity Interests of Equity Issuers that are Subsidiaries of any
Debtor and the Excluded Equity Interests related thereto are incorporated by reference herein, mutatis mutandis. 

        11.11    Continuing Security Interest.    This Agreement shall create
a continuing security interest in the Collateral and shall: (i) remain in full force and effect until the payment in full of all Secured Obligations or the Defeasance thereof except as
otherwise provided in the Indenture; (ii) be binding upon each Debtor and its successors and assigns, except as otherwise provided in the Indenture; and (iii) inure to the benefit of the
Trustee and its successors, transferees, and assigns. Upon the payment in full of all Secured Obligations or the Defeasance thereof, the security interests granted herein shall automatically terminate
and all rights to the Collateral shall revert to the applicable Debtor and all restrictions imposed on the exercise by such Debtor of any of its rights with respect to any Excluded Equity Interests
held by it shall be terminated. Upon any termination of any security interest referred to in this Section 11.11, the Trustee will, at Debtors'
expense, execute and deliver to each Debtor such documents without recourse, representation or warranty as such Debtor shall reasonably request to evidence such termination.

 

        11.12    Security Interest Absolute.    To the maximum extent
permitted by law, all rights of the Trustee, all security interests hereunder, and all obligations of each Debtor hereunder, shall be absolute and unconditional irrespective of: 

        (a)   any
lack of validity or enforceability of any of the Secured Obligations or any other agreement or instrument relating thereto, including any of the Indenture Documents; 

        (b)   any
change in the time, manner, or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any
consent to any departure from any of the Indenture Documents, or any other agreement or instrument relating thereto; 

        (c)   any
exchange, release, or non-perfection of any other collateral, or any release or amendment or waiver of or consent to departure from any guaranty for all
or any of the Secured Obligations; or 

        (d)   any
other circumstances that might otherwise constitute a defense available to, or a discharge of, any Debtor. 

To
the maximum extent permitted by law, each Debtor hereby waives any right to require the Trustee to: (A) proceed against or exhaust any security held from such Debtor; or (B) pursue
any other remedy in the Trustee's power whatsoever. 

        11.13    Postponement of Subrogation.    Each Debtor hereby agrees
that it will not exercise any rights which it may acquire by reason of any payment made hereunder, whether by way of subrogation, reimbursement or otherwise, until the prior payment in full of all
Secured Obligations or the Defeasance thereof. Any amount paid to any Debtor on account of any payment made hereunder prior to the payment in full of all Secured Obligations or the Defeasance thereof
shall be held in trust for the benefit of the Trustee and the Holders and shall immediately be paid to the Trustee, to be distributed to the Trustee for application against the Secured Obligations,
whether matured or unmatured, in accordance with the terms of the Indenture. In furtherance of the foregoing, for so long as any Secured Obligations remain outstanding or the Defeasance thereof shall
not have been consummated, each Debtor shall refrain from taking any action or commencing any proceeding against Company or any other Debtor (or any of their respective successors or assigns, whether
in connection with a bankruptcy proceeding or otherwise) to recover any amounts in respect of payments made under this Agreement to the Trustee or any Holder. 

[signature
page follows] 

   
        IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first above written. 

	 	 	THE COMPANY:

Mrs. Fields Famous Brands, LLC, a

    Delaware limited liability company
	

 	
 	

By:	
 	

/s/  MICHAEL WARD      

	 	 	Name:	 	Michael R. Ward
	 	 	Title:	 	Senior Vice President, General Counsel and Secretary
	

 	
 	
CO-ISSUER:

Mrs. Fields Financing Company, Inc., a

    Delaware corporation
	

 	
 	

By:	
 	

/s/  MICHAEL WARD      

	 	 	Name:	 	Michael R. Ward
	 	 	Title:	 	Senior Vice President, General Counsel and Secretary
	

 	
 	
SUBSIDIARY DEBTORS:

Great American Cookie Company

    Franchising, LLC, a Delaware limited

    liability company
	 	 	Mrs. Fields Franchising, LLC, a Delaware

    limited liability company
	 	 	Pretzel Time Franchising, LLC, a

    Delaware limited liability company
	 	 	Pretzelmaker Franchising, LLC, a

    Delaware limited liability company
	 	 	TCBY Systems, LLC, a Delaware limited

    liability company
	 	 	Mrs. Fields Gifts, Inc., a Utah corporation
	 	 	The Mrs. Fields' Brand, Inc., a Delaware

    corporation
	 	 	Great American Manufacturing, LLC, a

    Delaware limited liability company
	 	 	Mrs. Fields Cookies Australia, a Utah

    corporation
	 	 	TCBY International, Inc., a Utah

    corporation
	 	 	TCBY of Texas, Inc., a Texas corporation
	

 	
 	

By:	
 	

/s/  MICHAEL WARD      

	 	 	Name:	 	Michael R. Ward
	 	 	Title:	 	Senior Vice President, General Counsel and Secretary
	

 	
 	
TRUSTEE:

THE BANK OF NEW YORK,

    as Trustee
	

 	
 	

By:	
 	

/s/  MICHAEL PITFICK      

	 	 	Name:	 	Michael Pitfick
	 	 	Title:	 	Assistant Vice President

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Exhibit 4.11  

CONFORMED COPY  

 
  TRADEMARK SECURITY AGREEMENT    
    

        This TRADEMARK SECURITY AGREEMENT (this "Agreement"), dated as of
March 16, 2004, is made by each of GREAT AMERICAN COOKIE COMPANY FRANCHISING, LLC, a Delaware limited liability company,  PRETZELMAKER FRANCHISING, LLC,
 a Delaware limited liability company, PRETZEL TIME FRANCHISING, LLC, a
Delaware limited liability company, TCBY SYSTEMS, LLC, a Delaware limited liability company, and THE MRS. FIELDS'
BRAND, INC., a Delaware corporation (each, a "Debtor" and, collectively, the
"Debtors"), in favor of THE BANK OF NEW YORK ("BNY"), as
trustee under the Indenture (as defined below) (together with its successor(s) thereto in such capacity, the "Trustee"), for its benefit and the benefit
of the Holders, in light of the following: 

        WHEREAS, Mrs. Fields Famous Brands, LLC, a Delaware limited liability company (the
"Company"), Mrs. Fields Financing Company, Inc., a Delaware corporation (the
"Co-issuer" and, together with the Company, the "Issuers"), each Subsidiary of the Company
party thereto (including the Debtors) and the Trustee, have entered into an Indenture, dated as of March 16, 2004 (as amended, restated, supplemented or otherwise modified from time to time,
the "Indenture"), pursuant to which the Issuers incurred indebtedness for certain notes (such notes, together with all additional notes and all other
notes issued thereunder in exchange for such notes and additional notes, the "Notes") and the Guarantors (including the Debtors) have guaranteed the
payment of the Notes and the other Obligations thereunder and under the other Indenture Documents; 

        WHEREAS, each Debtor desires to secure its Guarantee under the Indenture by granting to the Trustee, for its benefit and for the benefit
of the Holders, security interests in the Trademark Collateral of such Debtor as set forth herein; 

        WHEREAS, the Debtors, together with the Issuers and the other Guarantors, have executed that certain Security Agreement, dated as of
March 16, 2004, in favor of the Trustee (the "Security Agreement"), pursuant to which each Debtor has granted to the Trustee, for the benefit of
itself and the Holders, security interests in (among other things) all general intangibles of such Debtor; 

        WHEREAS, each Debtor is a Subsidiary of the Company and will benefit from the proceeds of the Notes; and 

        WHEREAS, in accordance with the terms of the Indenture, each Debtor has agreed to execute and deliver this Agreement to the Trustee for
filing with the PTO and with any other relevant recording systems in any domestic or foreign jurisdiction, and as further evidence of and to effectuate the Trustee's existing security interests in the
trademarks and other general intangibles of such Debtor as described herein. 

        NOW, THEREFORE, for valuable consideration, the receipt and adequacy of which is hereby acknowledged, each Debtor hereby agrees in favor
of the Trustee, for the benefit of itself and the Holders, as follows: 

        1.    Definitions; Interpretation.    

        (a)    Certain Defined Terms.    All capitalized terms used herein and not otherwise defined herein shall have the
meanings ascribed to them in the Security Agreement. As used in this Agreement, the following terms shall have the following meanings: 

        "Agreement" has the meaning set forth in the preamble hereto. 

        "BNY" has the meaning set forth in the recitals hereto. 

        "Company" has the meaning set forth in the recitals hereto.

 

        "Debtor" and "Debtors" have the meaning set forth in the preamble hereto. 

        "Defeasance" means, with respect to any obligation, the defeasance thereof pursuant to a Legal Defeasance or Covenant Defeasance as
described under Section 8.01 of the Indenture. 

        "Event of Default" means any Event of Default under the Indenture. 

        "Indenture" has the meaning set forth in the recitals hereto. 

        "Notes" has the meaning set forth in the recitals hereto. 

        "Proceeds" means whatever is receivable or received from or upon the sale, lease, license, collection, use, exchange or other disposition,
whether voluntary or involuntary, of any Trademark Collateral of a Debtor, including "proceeds" as such term is defined in the UCC, and all proceeds of proceeds. Proceeds shall include (i) any
and all accounts, chattel paper, instruments, general intangibles, cash and other proceeds, payable to or for the account of such Debtor, from time to time in respect of any of the Trademark
Collateral of such Debtor, (ii) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to or for the account of such Debtor from time to time with respect to any of the
Trademark Collateral of such Debtor, (iii) any and all claims and payments (in any form whatsoever) made or due and payable to such Debtor from time to time in connection with any requisition,
confiscation, condemnation, seizure or forfeiture of all or any part of the Trademark Collateral of such Debtor by any Person acting under color of governmental authority, and (iv) any and all
other amounts from time to time paid or payable under or in connection with any of the Trademark Collateral of such Debtor or for or on account of any damage or injury to or conversion of any
Trademark Collateral of such Debtor by any Person. 

        "PTO" means the United States Patent and Trademark Office and any successor thereto. 

        "Record" means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable
in perceivable form. 

        "Secured Obligations" means, with respect to each Debtor, all liabilities, obligations, or undertakings owing by such Debtor to the
Trustee or any Holder of any kind or description arising out of or outstanding under, advanced or issued pursuant to, or evidenced by the Indenture, this Agreement, or any of the other Indenture
Documents, irrespective of whether for the payment of money, whether direct or indirect, absolute or contingent, due or to become due, voluntary or involuntary, whether now existing or hereafter
arising, and including all interest, costs, indemnities, fees (including attorneys fees), and expenses (including interest, costs, indemnities, fees, and expenses that, but for the provisions
of the Bankruptcy Code, would have accrued irrespective of whether a claim therefor is allowed) and any and all other amounts which such Debtor is required to pay pursuant to any of the foregoing, by
law, or otherwise. 

        "Security Agreement" has the meaning set forth in the recitals hereto. 

        "Trademark Collateral" and "Collateral" have the meaning assigned to the term "Trademark
Collateral" in Section 2. 

        "Trademarks" has the meaning set forth in Section 2. 

        "Trustee" has the meaning set forth in the preamble hereto. 

        "Trustee's Liens" means the Liens granted by each Debtor to the Trustee under this Agreement or the other Indenture Documents to which
such Debtor is a party. 

        "UCC" means the Uniform Commercial Code as in effect from time to time in the State of New York. 

        "United States" and "U.S." each mean the United States of America.

 

        "Voidable Transfer" has the meaning set forth in Section 19 to this Agreement. 

        (b)    Terms Defined in UCC.    Where applicable and except as otherwise defined herein, terms used in this Agreement
shall have the meanings assigned to them in the UCC. 

        (c)    Interpretation.    Unless the context of this Agreement clearly requires otherwise, references to the plural
include the singular, references to the singular include the plural, the term "including" is not limiting, and the term "or" has, except where otherwise indicated, the inclusive meaning represented by
the phrase "and/or." The words "hereof," "herein," "hereby," "hereunder," and similar terms in this
Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. Section, subsection, clause, schedule, and exhibit references are to this Agreement unless otherwise
specified. All of the exhibits or schedules attached to this Agreement shall be deemed incorporated herein by reference. Any reference in this Agreement or in any of the other Indenture Documents to
this Agreement or any of the other Indenture Documents shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements,
thereto and thereof, as applicable (subject to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements
set forth therein). In the event of a direct conflict between the terms and provisions of this Agreement and the Indenture, it is the intention of the parties hereto that both such documents shall be
read together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable conflict that cannot be resolved as aforesaid, the terms and
provisions of the Indenture shall control and govern; provided, however, that the inclusion herein of
additional obligations on the part of each Debtor and supplemental rights and remedies in favor of the Trustee, in each case in respect of the Trademark Collateral of such Debtor, shall not be deemed
a conflict with the Indenture. Any reference herein to the payment in full of the Secured Obligations shall mean the payment in full in cash of all Secured Obligations other than contingent
indemnification Secured Obligations. Any reference herein to any Person shall be construed to include such Person's successors and assigns. Any requirement of a writing contained herein shall be
satisfied by the transmission of a Record and any Record transmitted shall constitute a representation and warranty as to the accuracy and completeness of the information contained therein. The
captions and headings are for convenience of reference only and shall not affect the construction of this Agreement. References to statutes or regulations are to be construed as including all
statutory and regulatory provisions consolidating, amending or replacing the statute or regulation referred to. 

        2.    Security Interest.    

        (a)    Grant of Security in respect of the Secured Obligations.    To secure the prompt payment and performance of the
Secured Obligations, each Debtor hereby grants to the Trustee, for the benefit of itself and the Holders, a continuing security interest in all of such Debtor's right, title and interest in and to the
following property, whether now existing or hereafter acquired or arising and whether registered or unregistered (collectively, the "Trademark
Collateral"): 

        (i)    all
state (including common law) and federal trademarks, service marks and trade names, corporate names, company names, business names, fictitious business names, trade
styles, trade dress, logos, other source or business identifiers, designs and general intangibles of like nature, now existing or hereafter adopted or acquired, together with and including all
licenses therefor held by such Debtor, and all registrations and recordings thereof, and all applications filed or to be filed in connection therewith, including registrations and applications in the
PTO, any State of the United States (but excluding each application to register any trademark, service mark, or other mark prior to the filing under applicable law of a verified statement of use (or
the equivalent) for such trademark or service mark) and all

 
extensions or renewals thereof, including without limitation any of the foregoing identified on the Schedule attached hereto which lists the name of, and relates to, such Debtor (as the same may be
amended, modified or supplemented from time to time), and the right (but not the obligation) to register claims under any state or federal trademark law or regulation and to apply for, renew and
extend any of the same, to sue or bring opposition or cancellation proceedings in such Debtor's name or in the name of the Trustee for past, present or future infringement or unconsented use thereof,
and all rights arising therefrom throughout the world (collectively, the "Trademarks"); 

        (ii)   all
claims, causes of action and rights to sue for past, present or future infringement or unconsented use of any Trademarks of such Debtor and all rights arising
therefrom and pertaining thereto; 

        (iii)  all
general intangibles related to or arising out of any of the Trademarks and all the goodwill of such Debtor's business symbolized by the Trademarks or associated
therewith; and 

        (iv)  all
Proceeds of any and all of the foregoing. 

        (b)    Continuing Security Interest.    Each Debtor hereby agrees that this Agreement shall create a continuing
security interest in the Trademark Collateral of such Debtor which shall remain in effect until terminated in accordance with Section 18. 

        (c)    Incorporation into Security Agreement.    This Agreement shall be fully incorporated into the Security
Agreement and all understandings, agreements and provisions contained in the Security Agreement shall be fully incorporated into this Agreement. Without limiting the foregoing, the Trademark
Collateral of such Debtor as described in this Agreement shall constitute part of the Collateral in the Security Agreement. 

        (d)    Licenses.    Each Debtor may grant licenses of the Trademark Collateral of such Debtor in accordance with the
terms of the Indenture and the Security Agreement. 

        3.    Further Assurances; Appointment of the Trustee as Attorney-in-Fact.    Each Debtor at
its expense shall execute and deliver, or cause to be executed and delivered, to the Trustee any and all documents and instruments, in form and substance reasonably satisfactory to the Trustee, and
take any and all action, which are necessary to perfect and continue the perfection or to maintain the priority of, or provide notice of the security interest in the Trademark Collateral of such
Debtor held by the Trustee for the benefit of itself and the Holders and to accomplish the purposes of this Agreement. If any Debtor refuses to execute and deliver, or fails timely to execute and
deliver, any of the documents in accordance with the foregoing, the Trustee shall have the right (but not the obligation), in the name of such Debtor, or in the name of the Trustee or otherwise,
without notice to or assent by such Debtor, and such Debtor hereby irrevocably constitutes and appoints the Trustee (and any of the Trustee's officers or employees or agents designated by the Trustee)
as such Debtor's true and lawful attorney-in-fact with full power and authority (i) to sign the name of such Debtor on all or any of such documents or instruments and
perform all other acts that the Trustee reasonably deems necessary in order to perfect or continue the perfection of, maintain the priority or enforceability of or provide notice of the security
interest in the Trademark Collateral of such Debtor held by the Trustee for the benefit of itself and the Holders, and (ii) to execute any and all other documents and instruments, and to
perform any and all acts and things for and on behalf of such Debtor, which the Trustee may reasonably deem necessary or advisable to maintain, preserve and protect the Trademark Collateral of such
Debtor and to accomplish the purposes of this Agreement, including, at any time an Event of Default has occurred and is continuing, (A) to defend, settle, adjust or institute any action, suit
or proceeding with respect to the Trademark Collateral of such Debtor, (B) to assert or retain any rights under any license agreement for any of the Trademark Collateral of such Debtor, and
(C) to execute any and all applications, documents, papers and instruments for the Trustee to use the Trademark

 
Collateral of such Debtor, to grant or issue any exclusive or non-exclusive license with respect to any Trademark Collateral of such Debtor, and to assign, convey or otherwise transfer
title in or dispose of the Trademark Collateral of such Debtor. The power of attorney set forth in this Section 3, being coupled with an
interest, is irrevocable so long as this Agreement shall not have terminated in accordance with Section 18;  provided that the foregoing power of
attorney shall terminate when all of the Secured Obligations have been fully and finally paid and performed in full
or the Defeasance thereof shall have been consummated. 

        4.    Representations and Warranties.    Each Debtor represents and warrants to the Trustee, in each case to the best
of its knowledge, information, and belief, as follows: 

        (a)    No Other Trademarks.    The Schedule attached hereto which lists the name of, and relates to, such Debtor sets
forth a true and correct list of all of such Debtor's existing Trademarks (other than abandoned Trademarks) that are registered, or for which any application for registration has been filed with the
PTO or any corresponding or similar trademark office of any other U.S. jurisdiction, and that are owned or held (whether pursuant to a license or otherwise) and used by such Debtor. 

        (b)    Trademarks Subsisting.    Each of such Debtor's Trademarks listed in the Schedule attached hereto which lists
the name of, and relates to, such Debtor is subsisting and has not been adjudged invalid or unenforceable, in whole or in part, and, to the best of such Debtor's knowledge, each of the Trademarks set
forth on such Schedule is valid and enforceable. 

        (c)    Ownership of Trademark Collateral; No Violation.    To the best of such Debtor's knowledge, (i) such
Debtor has rights in and/or good and defensible title to the Trademark Collateral listed on the Schedule attached hereto which lists the name of, and relates to, such Debtor, (ii) such Debtor
is the sole and exclusive owner of the Trademark Collateral listed on such Schedule, free and clear of any Liens and rights of others (other than Permitted Liens), including licenses, registered user
agreements and covenants by such Debtor not to sue third persons, and (iii) with respect to any Trademarks for which such Debtor is either a licensor or a licensee pursuant to a license or
licensing agreement regarding such Trademark, each such license or licensing agreement is in full force and effect, such Debtor is not in material default of any of its obligations thereunder and,
(A) other than the parties to such licenses or licensing agreements, or (B) in the case of any non-exclusive license or license agreement entered into by such Debtor or any
such licensor regarding such Trademark, the parties to any other such non-exclusive licenses or license agreements entered into by such Debtor or any such licensor with any other Person,
no other Person has any rights in or to any of the Trademark Collateral of such Debtor. To the best of such Debtor's knowledge, the past, present and contemplated future use of the Trademark
Collateral of such Debtor by such Debtor has not, does not and will not infringe upon or violate any right, privilege or license agreement of or with any other Person or give any such Person the right
to terminate any such right, privilege or license agreement. 

        (d)    No Infringement.    To the best of such Debtor's knowledge, (i) no material infringement or unauthorized
use presently is being made of any of the Trademark Collateral of such Debtor by any Person, and (ii) the past, present, and contemplated future use of the Trademark Collateral of such Debtor
by such Debtor has not, does not and will not materially infringe upon or materially violate any right, privilege, or license arrangement of or with any other Person or give such Person the right to
terminate any such license arrangement. 

        (e)    Powers.    Such Debtor has the unqualified right, power and authority to pledge and to grant to the Trustee,
for the benefit of itself and the Holders, security interests in the Trademark Collateral of such Debtor pursuant to this Agreement, and to execute, deliver and perform its obligations in accordance
with the terms of this Agreement, without the consent or approval of any other Person except as already obtained.

 

        (f)    Filings, etc.    Other than the filing of a Uniform Commercial Code financing statement in the jurisdiction in
which such Debtor is organized, the filing of this Agreement with the PTO and such other consents or approvals that have been obtained and that are still in force and effect, the execution, delivery,
and performance by such Debtor of this Agreement and the Security Agreement do not and will not require any registration with, consent, or approval of, or notice to, or other action with
or by, any Governmental Authority or such consents, approvals, notices and actions that if not obtained, given or taken could not reasonably be expected to result in a Material Adverse Effect;  provided,
however, that the subsequent recordation of a trademark security agreement similar in form to
this Agreement in the PTO may be necessary to perfect the security interest of such Debtor in the issued registrations and applications for other Trademark Collateral of such Debtor that is acquired
by such Debtor after the date hereof; and the taking of actions outside the United States may be required in order to perfect the Trustee's Lien in the Trademark Collateral of such Debtor which is
protected under non-U.S. law. 

        (g)    Binding Obligations, etc.    This Agreement and the Security Agreement are the legally valid and binding
obligations of such Debtor, enforceable against such Debtor in accordance with their respective terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency,
reorganization, moratorium, or similar laws relating to or limiting creditors' rights generally. 

        (h)    Perfection of Liens.    On and after the date hereof, upon the filing of the financing statements and the
filing of this Agreement with the PTO, the Trustee's Liens in the Trademark Collateral of such Debtor are validly created, perfected, and first priority Liens, subject only to Permitted Liens;  provided,
however, that the subsequent recordation of a trademark security agreement similar in form to
this Agreement in the PTO may be necessary to perfect the security interest of such Debtor in the issued registrations and applications for other Trademark Collateral that is acquired by such Debtor
after the date hereof; and the taking of actions outside the United States may be required in order to perfect the Trustee's Lien in the Trademark Collateral of such Debtor which is protected under
non-U.S. law. 

        5.    Covenants.    So long as any of the Secured Obligations remain unsatisfied (other than contingent
indemnification obligations) and the Defeasance thereof shall not have been consummated, each Debtor agrees: (i) that it will comply in all material respects with all of the covenants, terms
and provisions of this Agreement, and (ii) that it will promptly give the Trustee written notice of the occurrence of any event that could reasonably be expected to have a material adverse
effect on any of the Trademarks and the Trademark Collateral of such Debtor, including any petition under the Bankruptcy Code filed by or against any licensor of any of the Trademarks for which such
Debtor is a licensee. 

        6.    Future Rights.    For so long as any of the Secured Obligations shall remain outstanding or the Defeasance
thereof shall not have been consummated, or, if earlier, until the Trustee shall have released or terminated, in whole but not in part, its interest in the Trademark Collateral of any Debtor, if and
when such Debtor shall obtain rights to any new Trademarks, or any reissue, renewal or extension of any Trademarks, the provisions of Section 2
shall automatically apply thereto and such Debtor shall give to the Trustee prompt notice thereof. Such Debtor shall do all things reasonably deemed necessary by the Trustee to ensure the validity,
perfection, priority and enforceability of the security interests of the Trustee in such future acquired Trademark Collateral. If such Debtor refuses to execute and deliver, or fails timely to execute
and deliver, any of the documents it is required to execute and deliver by the Trustee in connection herewith, such Debtor hereby authorizes the Trustee (but the Trustee shall not be obligated) to
modify, amend or supplement the Schedule attached hereto which lists the name of, and relates to, such Debtor and to re-execute this Agreement from time to time on such Debtor's behalf and
as its attorney-in-fact to include any future Trademarks which are or

 
become Trademark Collateral of such Debtor and to cause such re-executed Agreement or such modified, amended or supplemented Schedule to be filed with the PTO. 

        7.    Duties of the Trustee.    Notwithstanding any provision contained in this Agreement, neither the Trustee nor the
Holders shall have any duty to exercise any of the rights, privileges or powers afforded to it and shall not be responsible to any Debtor or any other Person for any failure to do so or delay in doing
so. Neither the Trustee nor the Holders shall have any duty or liability to exercise or preserve any rights, privileges or powers pertaining to the Trademark Collateral of such Debtor other than the
exercise of commercially reasonable behavior in accordance with applicable law. 

        8.    Events of Default.    The occurrence of any "Event of Default" under the Indenture shall constitute an Event of
Default hereunder. 

        9.    Remedies.    From and after the occurrence and during the continuation of an Event of Default, the Trustee shall
have all rights and remedies available to it under the Indenture and applicable law (which rights and remedies are cumulative) with respect to the security interests in any of the Trademark Collateral
of each Debtor. Such Debtor hereby agrees that such rights and remedies include the right of the Trustee as a secured party to sell or otherwise dispose of the Trademark Collateral of such Debtor
after the occurrence and during the continuance of an Event of Default, pursuant to the UCC. Such Debtor hereby agrees that the Trustee shall at all times have such royalty-free licenses,
to the extent permitted by law and the Indenture Documents, for any Trademark Collateral of such Debtor that is reasonably necessary to permit the exercise of any of the Trustee's rights or remedies
upon or after the occurrence of (and during the continuance of) an Event of Default with respect to (among other things) any tangible asset of such Debtor in which the Trustee has a security interest,
including the Trustee's rights to sell inventory, tooling or packaging which is acquired by such Debtor (or its successor, assignee or trustee in bankruptcy). In addition to and without limiting any
of the foregoing, upon the occurrence and during the continuance of an Event of Default, the Trustee shall have the right but shall in no way be obligated to bring suit, or to take such other action
as the Trustee reasonably deems necessary, in the name of such Debtor or the Trustee, to enforce or protect
any of the Trademark Collateral of such Debtor, in which event such Debtor shall do any and all lawful acts and execute any and all documents necessary to such enforcement. To the extent that the
Trustee shall elect not to bring suit to enforce such Trademark Collateral of such Debtor, such Debtor, in the exercise of its reasonable business judgment, agrees to use all reasonable measures and
its diligent efforts, whether by action, suit, proceeding or otherwise, to prevent the infringement, misappropriation or violation thereof by others and for that purpose agrees diligently to maintain
any action, suit or proceeding against any Person necessary to prevent such infringement, misappropriation or violation, except to the extent the Trademark Collateral of such Debtor that is the
subject of such infringement, misappropriation or violation is not material to such Debtor's business, as determined in the good faith business judgment of such Debtor. 

        10.    Binding Effect.    This Agreement shall be binding upon and inure to the benefit of and enforceable by each
Debtor and the Trustee for the benefit of itself and the Holders and their respective successors and assigns of each of the parties; provided,  however,
that neither party may assign this Agreement or any rights or duties hereunder except to the extent permitted under the Indenture. 

        11.    Notices.    All notices and other communications hereunder shall be in writing and shall be mailed, sent or
delivered to each party hereto at its address set forth on the Schedule attached hereto which lists the name of, and relates to, such Debtor in accordance with the Indenture. 

        12.    Choice of Law; Venue; and Waiver of Jury Trial.    THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES
OF CONFLICT OF LAWS. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE

 
STATE OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT; PROVIDED,  HOWEVER, THAT ANY SUIT
SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR OTHER PROPERTY MAY BE BROUGHT, AT THE TRUSTEE'S OPTION, IN THE COURTS OF ANY
JURISDICTION WHERE THE TRUSTEE ELECTS TO BRING SUCH ACTION OR WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. EACH DEBTOR HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY
RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

        13.    Entire Agreement; Amendment.    This Agreement and the other Indenture Documents, together with the Schedules
hereto and thereto, contains the entire agreement of the parties with respect to the subject matter hereof and supersede all prior drafts and communications relating to such subject matter. Neither
this Agreement nor any provision hereof may be modified, amended or waived except by the written agreement of the parties to this Agreement. No failure on the part of the Trustee to exercise, and no
delay in exercising any right under this Agreement, any other Indenture Document, or
otherwise with respect to any of the Secured Obligations, shall operate as a waiver thereof; nor shall any single or partial exercise of any right under this Agreement, any other Indenture Document,
or otherwise with respect to any of the Secured Obligations preclude any other or further exercise thereof or the exercise of any other right. Notwithstanding the foregoing, the Trustee may reexecute
this Agreement or modify, amend or supplement the Schedules hereto as provided in Section 6 hereof. 

        14.    Severability.    If one or more provisions contained in this Agreement shall be invalid, illegal or
unenforceable in any respect in any jurisdiction or with respect to any party, such invalidity, illegality or unenforceability in such jurisdiction or with respect to such party shall, to the fullest
extent permitted by applicable law, not invalidate or render illegal or unenforceable any such provision in any other jurisdiction or with respect to any other party, or any other provisions of this
Agreement. 

        15.    Counterparts; Telefacsimile Execution.    This Agreement may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.
Delivery of an executed counterpart of this Agreement by telefacsimile shall be equally as effective as delivery of an original executed counterpart of this Agreement. Any party delivering an executed
counterpart of this Agreement by telefacsimile also shall deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect the
validity, enforceability, and binding effect of this Agreement. 

        16.    Security Agreement.    Each Debtor acknowledges that the rights and remedies of the Trustee with respect to the
security interest in the Trademark Collateral of such Debtor granted hereby are more fully set forth in the Security Agreement and the other Indenture Documents and all such rights and remedies are
cumulative. 

        17.    No Inconsistent Requirements.    Each Debtor acknowledges that this Agreement and the other Indenture Documents
may contain covenants and other terms and provisions variously stated regarding the same or similar matters, and such Debtor agrees that all such covenants, terms and provisions are cumulative and all
shall be performed and satisfied in accordance with their respective terms. 

        18.    Termination.    Upon the payment and performance in full of the Secured Obligations or the Defeasance thereof,
this Agreement shall terminate, and the Trustee shall execute and deliver such documents and instruments without recourse, representation or warranty and take such further action reasonably requested
by any Debtor, at such Debtor's expense, as such Debtor shall reasonably request to evidence termination of the security interest granted by such Debtor to the Trustee for the benefit of itself and
the Holders hereunder, including cancellation of this Agreement by written notice from the Trustee to the PTO.

 

        19.    Revival and Reinstatement of Obligations.    If the incurrence or payment of the Secured Obligations by any
Debtor or the transfer by such Debtor to the Trustee of any property of such Debtor should for any reason subsequently be declared to be void or voidable under any state or federal law relating to
creditors' rights, including provisions of the Bankruptcy Code relating to fraudulent conveyances, preferences, and other voidable or recoverable payments of money or transfers of property
(collectively, a "Voidable Transfer"), and if the Trustee is required to repay or restore, in whole or in part, any such Voidable Transfer, or elects to
do so upon the reasonable advice of its counsel, then, as to any such Voidable Transfer, or the amount thereof that the Trustee is required or elects to repay or restore, and as to all reasonable
costs, expenses, and attorneys' fees of the Trustee related thereto, the liability of such Debtor automatically shall be revived, reinstated, and restored and shall exist as though such Voidable
Transfer had never been made. 

        20.    Each Debtor Remains Liable.    Anything herein to the contrary notwithstanding: 

        (a)   Each
Debtor will remain liable under the contracts and agreements included in the Trademark Collateral of such Debtor to the extent set forth therein, and will perform
all of its duties and obligations under such contracts and agreements to the same extent as if this Agreement had not been executed; 

        (b)   the
exercise by the Trustee of any of its rights hereunder will not release such Debtor from any of its duties or obligations under any such contracts or agreements
included in the Trademark Collateral of such Debtor; and 

        (c)   neither
the Trustee nor any Holder will have any obligation or liability under any contracts or agreements included in the Trademark Collateral of such Debtor by reason
of this Agreement, nor will any such Person be obligated to perform any of the obligations or duties of such Debtor thereunder or to take any action to collect or enforce any claim for payment
assigned hereunder. 

        21.    Postponement of Subrogation.    Each Debtor hereby agrees that it will not exercise any rights which it may
acquire by reason of any payment made hereunder, whether by way of subrogation, reimbursement or otherwise, until the prior payment in full of all Secured Obligations or the Defeasance thereof. Any
amount paid to such Debtor on account of any payment made hereunder prior to the payment in full of all Secured Obligations or the Defeasance thereof shall be held in trust for the benefit of the
Trustee and the Holders and shall immediately be paid to the Trustee, to be distributed to the Trustee for application against the Secured Obligations, whether matured or unmatured, in accordance with
Section 6.10 of the Indenture. In furtherance of the foregoing, for so long as any Secured Obligations remain outstanding or the Defeasance thereof shall not have been consummated, such Debtor
shall refrain from taking any action or commencing any proceeding against Company or any other Guarantor (or any of their respective successors or assigns, whether in connection with a bankruptcy
proceeding or otherwise) to recover any amounts in respect of payments made under this Agreement to the Trustee or any Holder. 

        22.    Security Interest Absolute.    To the maximum extent permitted by law, all rights of the Trustee, all security
interests hereunder, and all obligations of each Debtor hereunder, shall be absolute and unconditional irrespective of: 

        (a)   any
lack of validity or enforceability of any of the Secured Obligations or any other agreement or instrument relating thereto, including any of the Indenture Documents; 

        (b)   any
change in the time, manner, or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any
consent to any departure from any of the Indenture Documents, or any other agreement or instrument relating thereto;

 

        (c)   any
exchange, release, or non-perfection of any other collateral, or any release or amendment or waiver of or consent to departure from any guaranty for all
or any of the Secured Obligations; or 

        (d)   any
other circumstances that might otherwise constitute a defense available to, or a discharge of, such Debtor. 

        To
the maximum extent permitted by law, such Debtor hereby waives any right to require the Trustee to: (A) proceed against or exhaust any security held from such Debtor; or
(B) pursue any other remedy in the Trustee's power whatsoever. 

        [Signature
page follows] 

  

        IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement, as of the date first above written. 

	 	 	GREAT AMERICAN COOKIE COMPANY

    FRANCHISING, LLC, a Delaware limited

    liability company
	 	 	PRETZELMAKER FRANCHISING, LLC,

    a Delaware limited liability company
	 	 	PRETZEL TIME FRANCHISING, LLC,

    a Delaware limited liability company
	 	 	TCBY SYSTEMS, LLC, a Delaware limited

    liability company
	 	 	THE MRS. FIELDS' BRAND, INC.,

    a Delaware corporation
	

 	
 	

By:	

/s/  MICHAEL WARD      

	 	 	 	Name: Michael R. Ward
	 	 	 	Title: Senior Vice President, General

         Counsel and Secretary
	

 	
 	
THE BANK OF NEW YORK,

    as Trustee
	

 	
 	

By:	

/s/  MICHAEL PITFICK      

	 	 	 	Name: Michael Pitfick
	 	 	 	Title: Assistant Vice President

 
 

SCHEDULE I
  (Great American Cookie Company Franchising, LLC)    
    

Notice Addresses:
  Great American Cookie Company Franchising, LLC

[ADDRESS] 

The
Bank of New York,

    as Trustee

101 Barclay Street, Floor 8 West

New York, New York 10286

Attn: Corporate Trust Administration 

Trademarks:  

 
 

SCHEDULE II
  (Pretzelmaker Franchising, LLC)    
    

Notice Addresses:
  Pretzelmaker Franchising, LLC

[ADDRESS] 

The
Bank of New York,

    as Trustee

101 Barclay Street, Floor 8 West

New York, New York 10286

Attn: Corporate Trust Administration 

Trademarks:  

 
 

SCHEDULE III
  (Pretzel Time Franchising, LLC)    
    

Notice Addresses:
  Pretzel Time Franchising, LLC

[ADDRESS] 

The
Bank of New York,

    as Trustee

101 Barclay Street, Floor 8 West

New York, New York 10286

Attn: Corporate Trust Administration 

Trademarks:  

 
 

SCHEDULE IV
  (TCBY Systems, LLC)    
    

Notice Addresses:
  TCBY Systems, LLC

[ADDRESS] 

The
Bank of New York,

    as Trustee

101 Barclay Street, Floor 8 West

New York, New York 10286

Attn: Corporate Trust Administration 

Trademarks:  

 
 

SCHEDULE V
  (The Mrs. Fields' Brand, Inc.)    
    

Notice Addresses:
  The Mrs. Fields' Brand, Inc.

[ADDRESS] 

The
Bank of New York,

    as Trustee

101 Barclay Street, Floor 8 West

New York, New York 10286

Attn: Corporate Trust Administration 

Trademarks:  

QuickLinks

TRADEMARK SECURITY AGREEMENT

SCHEDULE I (Great American Cookie Company Franchising, LLC)

SCHEDULE II (Pretzelmaker Franchising, LLC)

SCHEDULE III (Pretzel Time Franchising, LLC)

SCHEDULE IV (TCBY Systems, LLC)

SCHEDULE V (The Mrs. Fields' Brand, Inc.)

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