EXHIBIT 10.3
TRADEMARK SECURITY AGREEMENT
TRADEMARK SECURITY AGREEMENT, dated as of April 2, 2004, by
DARLING INTERNATIONAL INC., a Delaware corporation ("Grantor"), in favor of
GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation, in its capacity as
Administrative Agent for Lenders ("Administrative Agent").
W I T N E S S E T H:
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WHEREAS, pursuant to that certain Credit Agreement dated as
of the date hereof by and among Grantor, the Persons named therein as Credit
Parties, Administrative Agent and the Persons signatory thereto from time to
time as Lenders (including all annexes, exhibits or schedules thereto, as from
time to time amended, restated, supplemented or otherwise modified, the "Credit
Agreement"), Lenders have agreed to make the Loans and to incur Letter of Credit
Obligations for the benefit of Grantor;
WHEREAS, Administrative Agent and Lenders are willing to
make the Loans and to incur Letter of Credit Obligations as provided for in the
Credit Agreement, but only upon the condition, among others, that Grantor shall
have executed and delivered to Administrative Agent, for itself and the ratable
benefit of Lenders, that certain Security Agreement dated as of the date
herewith (including all annexes, exhibits or schedules thereto, as from time to
time amended, restated, supplemented or otherwise modified, the "Security
Agreement");
WHEREAS, pursuant to the Security Agreement, Grantor is
required to execute and deliver to Administrative Agent, for itself and the
ratable benefit of Lenders, this Trademark Security Agreement;
NOW, THEREFORE, in consideration of the premises and mutual
covenants herein contained and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, Grantor hereby agrees
as follows:
1. DEFINED TERMS. All capitalized terms used but not otherwise
defined herein have the meanings given to them in Annex A thereto to the Credit
Agreement.
2. GRANT OF SECURITY INTEREST IN TRADEMARK COLLATERAL. Grantor hereby
grants to Administrative Agent, on behalf of itself and Lenders, a continuing
first priority security interest in all of Grantor's right, title and interest
in, to and under the following, whether presently existing or hereafter created
or acquired (collectively, the "Trademark Collateral"):
(a) all of its Trademarks and Trademark Licenses to which
it is a party including those referred to on Schedule I hereto;
(b) all reissues, continuations or extensions of the
foregoing;
(c) all goodwill of the business connected with the use of,
and symbolized by, each Trademark and each Trademark License; and
(d) all products and proceeds of the foregoing, including,
without limitation, any claim by Grantor against third parties for past, present
or future (i) infringement or dilution of any Trademark or Trademark licensed
under any Trademark License or (ii) injury to the goodwill associated with any
Trademark or any Trademark licensed under any Trademark License.
3. SECURITY AGREEMENT. The security interests granted pursuant to
this Trademark Security Agreement are granted in conjunction with the security
interests granted to Administrative Agent, on behalf of itself and Lenders,
pursuant to the Security Agreement. Grantor hereby acknowledges and affirms that
the rights and remedies of Administrative Agent with respect to the security
interest in the Trademark Collateral made and granted hereby are more fully set
forth in the Security Agreement, the terms and provisions of which are
incorporated by reference herein as if fully set forth herein.
4. COUNTERPARTS. This Trademark Security Agreement may be executed in
any number of separate counterparts, each of which shall collectively and
separately constitute one agreement. Delivery of an executed signature page of
this Trademark Security Agreement by facsimile transmission shall be effective
as delivery of a manually executed counterpart hereof.
[signature page follows]
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IN WITNESS WHEREOF, Grantor has caused this Trademark Security
Agreement to be executed and delivered by its duly authorized officer as of the
date first set forth above.
DARLING INTERNATIONAL INC., AS GRANTOR
By: /s/ John O. Muse
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Name: John O. Muse
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Title: Executive Vice President
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ACCEPTED AND ACKNOWLEDGED BY:
GENERAL ELECTRIC CAPITAL
CORPORATION, as Administrative Agent
By: /s/ Texas Howard
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Name:
---------------------------------------
Title:
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ACKNOWLEDGMENT OF GRANTOR
STATE OF Texas )
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) ss.
COUNTY OF Dallas )
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On this 1st day of April, 2004 before me personally appeared John O.
Muse, proved to me on the basis of satisfactory evidence to be the person who
executed the foregoing instrument on behalf of DARLING INTERNATIONAL INC., who
being by me duly sworn did depose and say that he is an authorized officer of
said corporation, that the said instrument was signed on behalf of said
corporation as authorized by its Board of Directors and that he acknowledged
said instrument to be the free act and deed of said corporation.
/s/ Peggy J. Jones
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Notary Public
{seal}
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SCHEDULE I
TO
TRADEMARK SECURITY AGREEMENT
TRADEMARK REGISTRATIONS
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OWNER TRADEMARK REGISTRATION/ SERIAL NO. REGISTRATION/ APPLICATION COUNTRY
DATE
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Darling International Inc. Darling 0118391 September 4, 1917 U.S.
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Darling International Inc. (Design) 0517063 November 1, 1949 U.S.
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Darling International Inc. Torvac 1705424 August 4, 1992 U.S.
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Darling International Inc. Clean Star 2000 2076211 July 1, 1997 U.S.
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Darling International Inc. Dairy Boss 2144802 March 17, 1998 U.S.
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Darling International Inc. Boss Hog 2149597 April 7, 1998 U.S.
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Darling International Inc. Esteem 2173792 July 14, 1998 U.S.
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OWNER TRADEMARK REGISTRATION/ SERIAL NO. REGISTRATION/ APPLICATION COUNTRY
DATE
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Darling International Inc. Promeal 2182756 August 18, 1998 U.S.
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Darling International Inc. (Design) 2204928 November 24, 1998 U.S.
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Darling International Inc. Peptide Plus 2241902 April 27, 1999 U.S.
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Darling International Inc. Darling Restaurant 2342415 April 18, 2000 U.S.
Services
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Darling International Inc. The Grease Team 2344569 April 25, 2000 U.S.
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Darling International Inc. Clean Star 2345825 April 25, 2000 U.S.
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Darling International Inc. C-Meal 2369226 July 18, 2000 U.S.
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