SEC Contract Filing

Filing Date: 2018-12-21

Document Content:
<DOCUMENT>
<TYPE>EX-10.25
<SEQUENCE>6
<FILENAME>s002591x1_ex10-25.htm
<DESCRIPTION>EXHIBIT 10.25
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 <div style="text-align: right;">Exhibit 10.25<br>
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 <div style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold; text-align: right;">EXECUTION COPY</div>
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 <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">THIRD AMENDED AND RESTATED SECURITY AGREEMENT</font></div>
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 <div style="text-indent: 36pt; text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">THIS THIRD AMENDED AND RESTATED SECURITY AGREEMENT (as the same may be amended, restated, supplemented or otherwise modified
 from time to time, this &#8220;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Security Agreement</u></font>&#8221;) is entered into as of September 27, 2018 by and among PHOTRONICS, INC., a Connecticut corporation (the &#8220;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Company</u></font>&#8221;), the Subsidiaries of the Company listed on the signature pages hereto (together with the Company, the &#8220;<font style="font-size: 10pt; font-family: &quot;Times
 New Roman&quot;;"><u>Initial Grantors</u></font>,&#8221; and together with any additional Subsidiaries, whether now existing or hereafter formed or acquired which become parties to this Security Agreement from time to time by executing a Supplement
 hereto in substantially the form of <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Annex I</u></font>, the &#8220;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Grantors</u></font>&#8221;), and JPMORGAN
 CHASE BANK, N.A., a national banking association, in its capacity as contractual representative (the &#8220;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Collateral Agent</u></font>&#8221;) for itself and for the Holders of Secured
 Obligations (as defined in the Credit Agreement identified below).&#160; Capitalized terms used herein (including, without limitation, <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Article I</u></font> hereof) and not
 otherwise defined herein shall have the respective meanings ascribed to such terms in the Credit Agreement.</font></div>
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 <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">PRELIMINARY STATEMENT</font></div>
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 <div style="text-indent: 36pt; text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">WHEREAS, the Company, certain Subsidiaries of the Company from time to time parties thereto as borrowers (together with the
 Company, the &#8220;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Borrowers</u></font>&#8221;), the financial institutions from time to time party thereto as lenders (collectively, the &#8220;<font style="font-size: 10pt; font-family:
 &quot;Times New Roman&quot;;"><u>Lenders</u></font>&#8221;), and JPMorgan Chase Bank, N.A., as administrative agent thereunder (the &#8220;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Administrative Agent</u></font>&#8221;) have
 entered into that certain Fourth Amended and Restated Credit Agreement of even date herewith (as the same may be amended, restated, supplemented or otherwise modified from time to time, the &#8220;<font style="font-size: 10pt; font-family: &quot;Times New
 Roman&quot;;"><u>Credit Agreement</u></font>&#8221; and the agreements, documents and instruments executed and/or delivered pursuant thereto or in connection therewith, including, without limitation, any guaranty delivered in connection therewith, the &#8220;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Loan Documents</u></font>&#8221;), which Credit Agreement amends and restates in its entirety the Existing Credit Agreement (as defined in the Credit Agreement), providing, subject to
 the terms and conditions thereof, for extensions of credit and other financial accommodations to be made by the Lenders to or for the benefit of the Borrowers;</font></div>
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 <div style="text-indent: 36pt; text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">WHEREAS, the Credit Agreement, among other things, re-evidences the Borrowers&#8217; outstanding obligations under the Existing Credit
 Agreement and provides, subject to the terms thereof, for future extensions from time to time of credit and other financial accommodations by the Lenders to the Borrowers;</font></div>
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 <div style="text-indent: 36pt; text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">WHEREAS, as a condition precedent to the effectiveness of an amendment to the Existing Credit Agr