Document:

ABL Notice of Grant of Security Interest in Canadian Trademarks

 Exhibit 10.25 
 EXECUTION COPY 
 ABL NOTICE OF GRANT OF SECURITY INTEREST IN CANADIAN TRADE-MARKS 
 THIS ABL NOTICE OF GRANT OF SECURITY INTEREST IN CANADIAN TRADE-MARKS (this “Notice”), dated as of August 30, 2007, is made by each
of the signatories hereto (each, a “Grantor”) in favor of the Canadian Agent and Canadian Collateral Agent for the banks and other financial institutions (collectively the “Lenders”) that are parties to the ABL
Credit Agreement, dated as of August 30, 2007 (as amended, amended and restated, waived, supplemented or otherwise modified from time to time, together with any agreement extending the maturity of, or restructuring, refunding, refinancing or
increasing the Incurred Indebtedness under such agreement or successor agreements, the “ABL Credit Agreement”), among the Parent Borrower, the Canadian Agent and Canadian Collateral Agent, and the other parties thereto. 

WHEREAS, pursuant to the ABL Credit Agreement, the Lenders have severally agreed to make extensions of credit to the Borrower upon the terms and
subject to the conditions set forth therein; 
 WHEREAS, in connection with the ABL Credit Agreement, the Canadian Borrower and the other
Grantors executed and delivered a Canadian Guarantee and Collateral Agreement, dated as of August 30, 2007, in favor of the Canadian Collateral Agent (as the same may be amended, restated, supplemented, waived or otherwise modified from time to
time, the “Canadian ABL Guarantee and Collateral Agreement”); 
 WHEREAS, pursuant to the Canadian ABL Guarantee and
Collateral Agreement, each Grantor granted to the Canadian Collateral Agent a security interest in its Intellectual Property, including Trademarks; and 
 WHEREAS, each Grantor has duly authorized the execution, delivery and performance of this Notice; 
 NOW
THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, and in order to induce the Lenders to make extensions of credit to the Grantors on the terms and subject to the conditions of the ABL Credit Agreement, each
Grantor agrees, for the benefit of the Canadian Collateral Agent, as follows: 
 SECTION 1. Definitions. Unless otherwise defined
herein or the context otherwise requires, terms used in this Notice, including its preamble and recitals, have the meanings provided or provided by reference in the ABL Credit Agreement and the Canadian ABL Guarantee and Collateral Agreement.

 SECTION 2. Confirmation of Security Interest. Each Grantor hereby confirms that pursuant to the Canadian ABL Guarantee and
Collateral Agreement, subject to existing licenses to use the Trademarks granted by such Grantor in the ordinary course of 

 
its business, it granted to the Canadian Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in all of the Trademarks of
such Grantor (including, without limitation, those items listed on Schedule A hereto under such Grantor’s name) and to the extent not otherwise included, all Proceeds and products of any and all of the Trademarks, as collateral security
for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations of such Grantor, except that no security interest is or will be granted pursuant thereto in any right,
title or interest of such Grantor under or in any Trade-mark Licenses with Persons other than Holding, Borrower, a Restricted Subsidiary or an Affiliate thereof for so long as, and to the extent that, the granting of such a security interest
pursuant thereto would result in a breach, default or termination of such Trademark Licenses. 
 SECTION 3. Purpose. This Notice has
been executed and delivered by the Grantors for the purpose of recording the security interest granted pursuant to the Canadian ABL Guarantee and Collateral Agreement with the Canadian Intellectual Property Office. This Notice is expressly subject
to the terms and conditions of the Canadian ABL Guarantee and Collateral Agreement. The Canadian ABL Guarantee and Collateral Agreement (and all rights and remedies of the Lenders thereunder) shall remain in full force and effect in accordance with
its terms. 
 SECTION 4. Acknowledgment. Each Grantor does hereby further acknowledge and affirm that the rights and remedies of the
Lenders with respect to the security interest in the Trademarks are fully set forth in the ABL Credit Agreement and the Canadian ABL Guarantee and Collateral Agreement, the terms and provisions of which (including the remedies provided for therein)
are incorporated by reference herein as if fully set forth herein. 
 SECTION 5. Counterparts. This Notice may he executed in
counterparts, each of which will be deemed an original, but all of which together constitute one and the same original. 
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 IN WITNESS WHEREOF, the parties hereto have caused this Notice to be duly executed and delivered by their
respective officers thereunto duly authorized as of the day and year first above written. 
  

			
	HD SUPPLY CANADA INC.
		
	By:	 	/s/ Ricardo Nunez
	 Name:
 Title:
	 	 Ricardo Nunez
 Vice President and
Secretary

			
	MERRILL LYNCH CAPITAL CANADA INC.
		
	By:	 	 
	Name: Title:	 	

 [ABL Credit Agreement] 

 Schedule A 
 Trademarks 
 HD Supply Canada Inc. 
  

							
	 	 	 	 
	Trademark	 	Status	 	Ser. No./Reg. No.	 	App. Date/Reg. Date
	 	 	 	 
	B (and design)	 	Registered	 	TMA501,299	 	Sept. 28, 1998
	 	 	 	 
	BRAFASCO (and design)	 	Registered	 	TMA501,301	 	Sept. 28, 1998
	 	 	 	 
	BRAFASCO	 	Registered	 	TMA501,302	 	Sept. 28, 1998
	 	 	 	 
	SESCO	 	Registered	 	TMA490,410	 	Feb. 24, 1998
	 	 	 	 
	BRAFASCO	 	Registered	 	TMA176,256	 	May 21, 1971
	 	 	 	 
	SERIE PRO SERIES	 	Registered	 	TMA633,250	 	Feb. 21, 2005
	 	 	 	 
	L LITEMOR (and design)	 	Registered	 	TMA323,499	 	Feb. 13, 1987

 [ABL Credit Agreement]Pledge of Bond Agreement

 Exhibit 10.26 
 PLEDGE OF BOND AGREEMENT 
  

			
	GRANTED BY:	    	 HD SUPPLY CANADA INC., a corporation duly incorporated pursuant to the laws of the Province of Ontario, having its registered office at 40
King Street West, Suite 5800, in the City of Toronto, Province of Ontario, M5H 3S1
  
 (hereinafter the “Grantor” and such term shall include its successors and assigns)

		
	IN FAVOUR OF:	    	 MERRILL LYNCH CAPITAL CANADA INC., a corporation duly constituted pursuant to the laws of the Province of Ontario, having its registered
office at 181 Bay Street, Suite 400, BCE Place, in the City of Toronto, Province of Ontario, M5J 2V8, as Canadian agent under the Credit Agreement (as hereinafter defined) and as mandatary for the Secured Parties (as hereinafter defined)

 
 (hereinafter the “Agent”, and such terms shall include its successors and
assigns)

 WHEREAS the Grantor has issued the Bond (as hereinafter defined) pursuant to a Deed of Hypothec and Issue
of Bonds executed on August 30, 2007 before Mtre. Marc Daigneault, Notary, by the Grantor in favour of Merrill Lynch Capital Canada Inc., as “fondé de pouvoir” (in such capacity the “Attorney”, and such
term shall include its successors and assigns) for the holders of the bonds issued thereunder (the “Deed of Hypothec”); 
 WHEREAS
the parties hereto have agreed to the pledge of the Bond in order to secure the Secured Obligations (as hereinafter defined). 
 THEREFORE THE PARTIES
HAVE AGREED AS FOLLOWS: 
  

	1.	INTERPRETATION 

  

	 	1.1	The preamble shall form part hereof as if recited herein at length. 

  

	 	1.2	Unless specifically indicated otherwise, all capitalized terms and expressions used herein and not expressly defined herein shall have the same meaning as that ascribed to them in
the Credit Agreement. 

  

	 	1.3	In the present Agreement, unless there is something in the context that is contrary, the following terms and expressions shall have the following meanings: 

 

	 	1.3.1	 “Agreement” means this Pledge of Bond Agreement, and the expressions “this Agreement”, “present Agreement”,
“herein”, “hereby”, “hereunder”, “hereof” and similar expressions refer to the 

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Agreement, including all schedules thereto and all amendments, modifications, supplements, extensions, consolidations, substitutions, renewals or
replacements of any of the foregoing; 

  

	 	1.3.2	“Bond” means the THREE BILLION DOLLARS in lawful money of Canada (CAN$3,000,000,000) nominal principal amount 25% Demand Bond represented by certificate no. 01,
payable on demand to the Agent and issued by the Grantor pursuant to the Deed of Hypothec; 

  

	 	1.3.3	“Credit Agreement” means the ABL credit agreement dated as of August 30, 2007 among HDS Acquisition Subsidiary, Inc. and certain of its subsidiaries, including
the Grantor, that are or may become parties thereto, the several Canadian Borrowers and Subsidiary Borrowers party thereto, several banks and other financial institutions from time to time parties thereto, Merrill Lynch Capital, as administrative
agent and U.S. ABL collateral agent for the ABL Lenders thereunder, Merrill Lynch Capital Canada Inc., as Canadian agent and Canadian collateral agent, and the other parties party thereto, as amended, supplemented, restated or replaced from time to
time; 

  

	 	1.3.4	“Pledge” has the meaning ascribed thereto in paragraph 2.1 hereof; 

  

	 	1.3.5	“Pledged Property” has the meaning ascribed thereto in paragraph 2.1 hereof; 

  

	 	1.3.6	 “Secured Obligations” means the collective reference to: all obligations and liabilities of the Grantor in respect of the unpaid principal of and
interest on (including, without limitation, interest accruing after the maturity of the Canadian Facility Revolving Credit Loans and Reimbursement Obligations with respect to Canadian Facility Letters of Credit and interest accruing after the filing
of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Grantor, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) the Canadian Facility
Revolving Credit Loans, the Reimbursement Obligations with respect to Canadian Facility Letters of Credit, and all other obligations and liabilities of the Grantor to the Secured Parties, whether direct or indirect, absolute or contingent, due or to
become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, the Credit Agreement, the Canadian Facility Revolving Credit Loans, the Canadian Facility Letters of Credit, the other Loan Documents, any
Interest Rate Protection Agreement, Permitted Hedging Arrangement or Bank Products Agreement entered into with any Person who was at the time of entry into such agreement a Lender or an affiliate of any Lender, any Guarantee Obligation of any
Canadian Borrower or any of their Subsidiaries as to which any such Secured Party is a beneficiary, the provision of cash management services by any Lender or an Affiliate 

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thereof to a Canadian Borrower or any Subsidiary thereof, or any other document made, delivered or given in connection therewith, in each case whether on
account of principal, interest, reimbursement obligations, amounts payable in connection with the provision of such cash management services or a termination of any transaction entered into pursuant to any such Interest Rate Agreement or Permitted
Hedging Arrangement fees, indemnities, costs, expenses or otherwise (including, without limitation, all reasonable fees, expenses and disbursements of counsel to the Agent or any other Secured Party that are required to be paid by the Grantor
pursuant to the terms of the Credit Agreement or any other Loan Document); and 

  

	 	1.3.7	“Secured Parties” means the collective reference to (i) the Agent, the Attorney and each Other Representative, (ii) the Canadian Facility Lenders,
(iii) with respect to any Interest Rate Agreement, Currency Agreement or Commodities Agreement with a Canadian Borrower or any of its Subsidiaries, any counterparty thereto that, at the time such agreement or arrangement was entered into, was a
Lender or an Affiliate of any Lender, (iv) with respect to any Bank Products Agreement with a Canadian Borrower or any of its Subsidiaries, any counterparty thereto that, at the time such agreement or arrangement was entered into, was a Lender
or an Affiliate of any Lender and (v) their respective successors and assigns and their permitted transferees and endorsees. 

  

	2.	DESCRIPTION OF THE PLEDGED PROPERTY 

  

	 	2.1	The Grantor has concurrently herewith delivered and pledged (the “Pledge”) to the Agent, which shall hold same for the benefit of the Secured Parties, the
following: 

  

	 	2.1.1	the Bond; and 

  

	 	2.1.2	the certificate or certificates that represent or may represent such Bond further to the assignment, cancellation or replacement of said Bond; 

 (collectively, the “Pledged Property”). 
  

	 	2.2	The Agent hereby acknowledges receipt of the Bond. 

  

	 	2.3	The Grantor hereby acknowledges and agrees that the Agent has full authority to act on behalf of the Secured Parties in all matters relating to this Agreement and the Bond,
including, without limitation, to hold and receive payment of the Bond on behalf and for the benefit of the Secured Parties and that any Person dealing with the Agent in respect of any such matter, including the Attorney, need not enquire further as
to the authority of the Agent to act on behalf of the Secured Parties. 

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	 	2.4	The Grantor further acknowledges that the Agent and the Attorney may purchase, acquire and be the holder of the Bond notwithstanding the provisions of Section 32 of An Act
respecting the special powers of legal persons (Québec) and that the Bond constitutes a title of indebtedness, as such term is used in Article 2692 of the Civil Code of Québec. 

  

	3.	SECURED OBLIGATIONS AND AMOUNT OF PLEDGE 

  

	 	3.1	The Pledge shall secure payment of the Secured Obligations. 

  

	 	3.2	The amount for which the Pledge is hereby granted is THREE BILLION DOLLARS in lawful money of Canada (CAN$3,000,000,000), with interest thereon from the date hereof at the rate of
25% per annum. 

  

	4.	REPRESENTATIONS AND WARRANTIES 

  

	 	4.1	The Grantor hereby represents and warrants to the Agent that: 

  

	 	4.1.1	the Grantor has full power and authority to grant the Pledge created by this Agreement and to execute, deliver and perform its obligations under this Agreement, and such execution,
delivery and performance does not contravene any of the Grantor’s charter documents or by-laws or any agreement, instrument or restriction to which the Grantor is a party or by which the Grantor or the Pledged Property is bound;

  

	 	4.1.2	except for any consent that has been obtained and is in full force and effect, no consent of any Person (other than the Grantor) is required, or purports to be required, for the
execution, delivery and performance of this Agreement; 

  

	 	4.1.3	the execution of this Agreement, the compliance with its provisions and the performance of its covenants shall not entail or result in any breach of or default under any other
agreement or document to which the Grantor is bound; and 

  

	 	4.1.4	this Agreement and the Bond have been duly authorized, executed and delivered by the Grantor and are valid and binding obligations of the Grantor enforceable against the Grantor in
accordance with their terms. 

  

	5.	COVENANTS 

 The Grantor hereby covenants and agrees
with the Agent: 
  

	 	5.1	to perform all acts and execute all deeds and documents necessary to give full effect to the Pledge and to ensure that it is at all times enforceable against third Persons and that
the Bond or any portion thereof is held by the Agent on behalf and in favour of the Secured Parties; and 

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	 	5.2	to pay all costs and expenses relating to this Agreement and to the exercise of all rights in favour of the Secured Parties resulting from the present Agreement, as well as all
costs and expenses incurred to set up the rights of the Secured Parties against third Persons and all discharge fees and all fees relating to the detention of the Bond by a depositary or an agreed upon third party. 

  

	6.	RIGHTS OF THE AGENT 

  

	 	6.1	The Grantor hereby expressly acknowledges and agrees that for the purposes hereof the Agent shall be the sole holder of the Bond and that in such capacity the Agent is entitled to
and will collect, at all times as of and from the date hereof, the claim represented by the Bond. 

  

	 	6.2	Whether or not an Event of Default has occurred, the Agent shall be considered as the owner of the Bond for all purposes of the Deed of Hypothec. The Agent is hereby authorized to
exercise all rights, remedies, powers, privileges, guarantees and recourses available to a Bondholder under the Deed of Hypothec. 

  

	7.	SUCCESSORS AND ASSIGNS 

  

	 	7.1	The rights hereby conferred upon any of the Secured Parties shall benefit all their respective successors and permitted assigns, including any entity resulting from the
amalgamation, merger or consolidation of any of the Secured Parties with any other Person(s), and any Person(s) succeeding to the business of any of the Secured Parties. The obligations of the Grantor hereunder shall bind the successors and
permitted assigns of the Grantor, including any Person(s) resulting from the amalgamation or merger of the Grantor with any other Person(s). 

  

	8.	EVENT OF DEFAULT 

  

	 	8.1	Notwithstanding the fact that the Bond is payable on demand, the Agent agrees that it will not demand payment of the Bond until such time as an Event of Default shall have occurred.

  

	 	8.2	At any time that an Event of Default has occurred, the Agent may demand payment of the Bond, declare the Bond to be immediately due and payable and collect the money owed thereunder
or sell the Bond and/or exercise any other right that, under applicable Law, is available to it under the Pledge. 

  

	 	8.3	It is further agreed that notwithstanding any of the provisions of the Bond, payment to the Agent of interest for any period in respect of the Secured Obligations shall be deemed
payment in satisfaction of the interest payment for the same period under the Bond. The Agent, in realizing on the Bond or the Pledge constituted hereby and notwithstanding the nominal value of the Bond, shall not claim under the Bond any greater
amount in the aggregate for principal and interest than the aggregate of all sums then owing by the Grantor to any Secured Party on account of Secured Obligations. 

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	 	8.4	Notwithstanding the provisions of Article 1572 and the second paragraph of Article 2743 of the Civil Code of Québec, as well as any other legal rule concerning the
imputation of payments, the Agent may apply the amounts received pursuant to the provisions of this Agreement in accordance with the terms of the Credit Agreement. 

  

	9.	MISCELLANEOUS 

  

	 	9.1	The Pledge constituted under this Agreement is in addition to, and not in substitution of or in replacement for, any other hypothec, pledge, security, guarantee or other right held
by or benefiting the Agent, the Attorney or any of the Secured Parties. 

  

	 	9.2	Except as otherwise specified herein, all notices, requests, demands or other communications to or upon the respective parties hereto shall be deemed to have been duly given or made
by the party to which such notice, request, demand or other communication is required or permitted to be given or made under this Agreement when delivered to such party in accordance with the provisions of the Credit Agreement in respect of notices
and communications. 

  

	 	9.3	This Agreement shall be governed by, and construed in accordance with, the laws of the Province of Québec and the laws of Canada applicable therein. 

 

	 	9.4	This Agreement may be executed in any number of separate counterparts, each of which shall collectively and separately constitute one agreement. 

  

	 	9.5	The parties hereto confirm that the present Agreement has been drawn up in the English language at their request. Les parties aux présentes confirment que la
présente convention fut rédigée en anglais à leur demande. 

 [Signature pages follow] 

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 SIGNED as of this Thirtieth (30th) day of August, 2007. 
  

											
		 		 		 	HD SUPPLY CANADA INC.
					
		 		 		 	Per:	 	/s/ Maxime B. Rhéaume
		 		 		 		 	Name:	 	Maxime B. Rhéaume
		 		 		 		 	Title:	 	Quebec Authorized Signatory
				
	 ACCEPTED AND AGREED as of the
 above-mentioned date.
	 		 		 	
				
	MERRILL LYNCH CAPITAL CANADA INC., as Canadian agent	 		 		 	
					
	Per:	 	/s/ D. James Papadimitriou	 		 		 	
		 	Name:	 	D. James Papadimitriou	 		 		 	
		 	Title:	 	Authorized Representative

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