PATENT SECURITY AGREEMENT
Exhibit 10.60
Patent Security Agreement, dated as of November 30, 2007, by Xxxxx & Wesson Corp., a Delaware
corporation, Xxxxxxxx/Center Arms Company, Inc., a New Hampshire corporation, and Bear Lake
Holdings, Inc., a Delaware corporation (collectively, the “Pledgors”), in favor of Toronto
Dominion (Texas) LLC, in its capacity as Administrative Agent pursuant to the Credit Agreement (in
such capacity, the “Administrative Agent”).
WITNESSETH:
WHEREAS, the Pledgors are party to a Pledge and Security Agreement, dated as of
November 30, 2007 (as amended, restated, supplemented or otherwise modified from time to time, the
“Security Agreement”) in favor of the Administrative Agent pursuant to which the Pledgors
are required to execute and deliver this Patent Security Agreement;
NOW, THEREFORE, in consideration of the premises and to induce the Administrative
Agent, for the benefit of the Secured Parties, to enter into the Credit Agreement, the Pledgors
hereby agree with the Administrative Agent as follows:
SECTION 1. Defined Terms. Unless otherwise defined herein, terms defined in the
Security Agreement and used herein have the meaning given to them in the Security Agreement.
SECTION 2. Confirmation of Grant of Security Interest in Patent Collateral. The
Pledgors hereby confirm the grant to the Administrative Agent for the benefit of the Secured
Parties in the Security Agreement of a lien on and security interest in and to all of their right,
title and interest in, to and under all the following Pledged Collateral of the Pledgors:
(a) Patents of the Pledgors, including but not limited to the Patents listed on
Schedule A attached hereto, in each case whether now owned or existing or hereafter
acquired or arising and wherever located; and
(b) all Proceeds of any and all of the foregoing (other than Excluded Property).
SECTION 3. Security Agreement. The Pledgors hereby acknowledge and affirm that the
rights and remedies of the Administrative Agent with respect to the security interest in the
Patents confirmed 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. In the
event that any provision of this Patent Security Agreement is deemed to conflict with the Security
Agreement, the provisions of the Security Agreement shall control unless the Administrative Agent
shall otherwise determine.
SECTION 4. Termination. Upon the payment in full of the Obligations (other than
contingent indemnification obligations) and automatic termination of the Security Agreement, the
Administrative Agent shall execute, acknowledge, and deliver to the Pledgors an instrument in
writing in recordable form evidencing the release of the collateral pledge, grant, assignment,
lien and security interest in the Patents under the Security Agreement and this Patent
Security Agreement.
SECTION 5. Counterparts. This Patent Security Agreement may be executed in any number
of counterparts, all of which shall constitute one and the same instrument, and any party hereto
may execute this Patent Security Agreement by signing and delivering one or more counterparts.
[Signature Page Follows]
-2-
[Signature Page to Xxxxx & Wesson Corp. Patent Security Agreement]
IN WITNESS WHEREOF, the Pledgors have caused this Patent Security Agreement to be
executed and delivered by its duly authorized offer as of the date first set forth above.
Very truly yours, XXXXX & WESSON CORP. |
||||
| By: | /s/ Xxxx X. Xxxxx | |||
| Name: | Xxxx X. Xxxxx | |||
| Title: | Vice President | |||
| XXXXXXXX/CENTER ARMS COMPANY, INC. |
||||
| By: | /s/ Xxxx X. Xxxxx | |||
| Name: | Xxxx X. Xxxxx | |||
| Title: | Vice President | |||
BEAR LAKE HOLDINGS, INC. |
||||
| By: | /s/ Xxxx X. Xxxxx | |||
| Name: | Xxxx X. Xxxxx | |||
| Title: | Vice President | |||
| Accepted and Agreed: TORONTO DOMINION (TEXAS) LLC, as Administrative Agent |
||||
| By: | /s/ Xxx Xxxxxx | |||
| Name: | Xxx Xxxxxx | |||
| Title: | Authorized Signatory | |||
SCHEDULE A
PATENTS
PATENTS
Registered Patents
| REGISTRATION | REGISTRATION | |||||||
| HOLDER | PATENT | NUMBER | DATE | |||||
| Xxxxx & Wesson Corp. | Handgun
|
D359098 | 6/6/95 | |||||
| Xxxxx & Wesson Corp. | Rear sight for a handgun
|
D352087 | 11/1/94 | |||||
| Xxxxx & Wesson Corp. | Pistol grip
|
D325953 | 0/0/00 | |||||
| Xxxxx & Xxxxxx Xxxx. | Xxxxxxx
|
X000000 | 1/21/97 | |||||
| Xxxxx & Wesson Corp. | Two-piece trigger
|
D371591 | 7/9/96 | |||||
| Xxxxx & Wesson Corp. | Magazine butt plate
|
D362044 | 9/5/95 | |||||
| Xxxxx & Wesson Corp. | Reversible magazine catch mechanism for handguns
|
4899476 | 2/13/90 | |||||
| Xxxxx & Wesson Corp. | Retainer for revolver yoke stud
|
4934081 | 6/19/90 | |||||
| Xxxxx & Wesson Corp. | Integral grip construction for handguns
|
4936036 | 6/26/90 | |||||
| Xxxxx & Wesson Corp. | Decocking mechanism for a semi-automatic firearm
|
5086579 | 2/1//92 | |||||
| Xxxxx & Wesson Corp. | Fail safe stop for a drill press control device
|
5127775 | 7/7/92 | |||||
| Xxxxx & Wesson Corp. | Hinged handcuffs
|
5205142 | 4/27/93 | |||||
| Xxxxx & Wesson Corp. | Square extractor for the removal of cartridge
cases from the xxxxxxxx of a revolver
|
5218148 | 6/8/93 | |||||
| Xxxxx & Wesson Corp. | Fire control mechanism for semi-automatic pistols
|
5386659 | 2/7/95 | |||||
| Xxxxx & Wesson Corp. | Safety trigger for a firearm
|
5402593 | 4/4/95 | |||||
| Xxxxx & Wesson Corp. | Butt plate assembly for handgun magazines
|
5438783 | 8/8/95 | |||||
| Xxxxx & Wesson Corp. | Magazine safety
|
5438784 | 8/8/95 | |||||
| Xxxxx & Wesson Corp. | Magazine cartridge guide
|
5615505 | 4/1/97 | |||||
| Xxxxx & Wesson Corp. | Semi-automatic pistol
|
5717156 | 2/10/98 | |||||
| Xxxxx & Wesson Corp. | Firearm having chamber status indicator and
firearm retrofitting method
|
6161322 | 12/19/00 | |||||
| Xxxxx & Wesson Corp. | Biometrically activated lock and enablement system
|
6260300 | 7/17/01 | |||||
| Xxxxx & Wesson Corp. | Firearm frame and barrel assembly, method of
assembling and assembly tool
|
6266908 | 7/31/01 | |||||
| Xxxxx & Wesson Corp. | Process for treating metal workpieces
|
6267825 | 7/31/01 | |||||
| REGISTRATION | REGISTRATION | |||||||
| HOLDER | PATENT | NUMBER | DATE | |||||
| Xxxxx & Wesson Corp. | Firing control system for non-impact fired
ammunition
|
6286241 | 9/11/01 | |||||
| Xxxxx & Wesson Corp. | A security apparatus for a firearm
|
6286242 | 9/11/01 | |||||
| Xxxxx & Wesson Corp. | Firearm having an intelligent controller
|
6321478 | 11/27/01 | |||||
| Xxxxx & Wesson Corp. | Blast shield apparatus and method of assembly for
a revolver
|
6330761 | 12/18/01 | |||||
| Xxxxx & Wesson Corp. | Backstrap module for a firearm
|
6345461 | 2/12/02 | |||||
| Xxxxx & Wesson Corp. | Firing mechanism for use in a firearm having an
electronic firing probe for discharging
non-impact fired ammunition
|
6345462 | 2/12/02 | |||||
| Xxxxx & Wesson Corp. | Authorization module for activating a firearm and
method of using same
|
6357156 | 3/19/02 | |||||
| Xxxxx & Wesson Corp. | Firing control system for non-impact fired
ammunition
|
6357157 | 3/19/02 | |||||
| Xxxxx & Wesson Corp. | Security apparatus for authorizing use of a
non-impact firearm
|
6360468 | 3/26/02 | |||||
| Xxxxx & Wesson Corp. | An electronically fired revolver utilizing
percussively actuated cartridges
|
6360469 | 3/26/02 | |||||
| Xxxxx & Wesson Corp. | Firing probe for use in a non-impact firearm
|
6360470 | 3/26/02 | |||||
| Xxxxx & Wesson Corp. | Ammunition magazine for use in a firearm adapted
for firing non-impact detonated cartridges
|
6370806 | 4/16/02 | |||||
| Xxxxx & Wesson Corp. | Firing pin block for pistol
|
6374526 | 4/23/02 | |||||
| Xxxxx & Wesson Corp. | A modular firearm and method for making the same
|
6393751 | 5/28/02 | |||||
| Xxxxx & Wesson Corp. | Electric firing probe for detonating
electrically-fired ammunition in a firearm
|
6397508 | 6/4/02 | |||||
| Xxxxx & Wesson Corp. | Slide assembly for a firearm
|
6405473 | 6/18/02 | |||||
| Xxxxx & Wesson Corp. | Electronic sight assembly for use with a firearm
|
6412208 | 7/2/02 | |||||
| Xxxxx & Wesson Corp. | A security apparatus for use in a firearm
|
6421944 | 7/23/02 | |||||
| Xxxxx & Wesson Corp. | A trigger assembly for use in a firearm having a
security apparatus
|
6425199 | 7/30/02 | |||||
| REGISTRATION | REGISTRATION | |||||||
| HOLDER | PATENT | NUMBER | DATE | |||||
| Xxxxx & Wesson Corp. | Method of assembling a firearm having a security
apparatus
|
6430860 | 8/13/02 | |||||
| Xxxxx & Wesson Corp. | Backstrap module configured to receive components
and circuitry of a firearm capable of firing
non-impact fired ammunition
|
6434875 | 8/20/02 | |||||
| Xxxxx & Wesson Corp. | Magazine safety
|
6457271 | 10/1/02 | |||||
| Xxxxx & Wesson Corp. | Firearm having chamber status indicator and
firearm retrofitting method
|
6493977 | 12/17/02 | |||||
| Xxxxx & Wesson Corp. | Magazine safety
|
6519887 | 2/18/03 | |||||
| Xxxxx & Wesson Corp. | Revolver-safety lock mechanism
|
6523294 | 2/25/03 | |||||
| Xxxxx & Wesson Corp. | Backstrap assembly for an electronic firearm
|
6523296 | 2/25/03 | |||||
| Xxxxx & Wesson Corp. | Scandium containing aluminum alloy firearm
|
6557289 | 5/6/03 | |||||
| Xxxxx & Wesson Corp. | Electronically fired revolver utilizing a latch
mechanism between trigger and hammer to implement
firing
|
6571502 | 6/3/03 | |||||
| Xxxxx & Wesson Corp. | Firearm frame and barrel assembly
|
6574898 | 6/10/03 | |||||
| Xxxxx & Wesson Corp. | Firearm having chamber status indicator and
firearm retrofitting method
|
6622411 | 9/23/03 | |||||
| Xxxxx & Wesson Corp. | Scandium containing aluminum alloy firearm
|
6711819 | 3/30/04 | |||||
| Xxxxx & Wesson Corp. | Firearm including biometric skin sensor
|
6711843 | 3/30/04 | |||||
| Xxxxx & Wesson Corp. | Apparatus and method for removing the slide of a
semi-automatic pistol
|
6865979 | 3/15/05 | |||||
| Xxxxx & Wesson Corp. | Compact locking block for semi-automatic pistols
|
6993864 | 2/7/06 | |||||
| Xxxxx & Wesson Corp. | Cylinder retaining mechanism
|
7059075 | 6/13/06 | |||||
| Xxxxx & Wesson Corp. | Magazine and slide lever assembly for a
semi-automatic firearm
|
7069683 | 7/4/06 | |||||
| Xxxxx & Wesson Corp. | Apparatus and method for removing the slide of a
semi-automatic pistol
|
7140141 | 11/28/06 | |||||
| Xxxxx & Wesson Corp. | Double locking handcuffs
|
7251964 | 08/07/07 | |||||
| Xxxxx & Wesson Corp. | Firing mechanism for semi-automatic pistols
|
7194833 | 03/27/07 | |||||
| Xxxxx & Wesson Corp. | Rimfire extractor for a revolver
|
7263795 | 09/04/07 | |||||
| REGISTRATION | REGISTRATION | |||||||
| HOLDER | PATENT | NUMBER | DATE | |||||
| Xxxxx & Wesson Corp. | Revolver for firing high velocity ammunition
|
7254913 | 08/14/07 | |||||
| Xxxxx & Wesson Corp. | Blast Shield Apparatus and Method of Assembly for
a Revolver
|
6330761 | 12/18/01 | |||||
| Bear Lake Holdings, Inc. | Hammer Block Device
|
4854065 | 08/08/89 | |||||
| Bear Lake Holdings, Inc. | Fire Control Mechanism for a Firearm
|
5615507 | 04/01/97 | |||||
| Bear Lake Holdings, Inc. | Barrel for Muzzle Loading Firearm
|
5639981 | 06/17/97 | |||||
| Bear Lake Holdings, Inc. | Fire Control System for Firearms
|
5680722 | 10/28/97 | |||||
| Bear Lake Holdings, Inc. | Barrel for Muzzle Loading Firearm
|
5782030 | 07/21/98 | |||||
| Bear Lake Holdings, Inc. | Ignition Assembly for Muzzle Loading Firearm
|
5907920 | 06/01/99 | |||||
| Bear Lake Holdings, Inc. | Breech Plug for Muzzle Loading Firearm
|
6219951 | 04/24/01 | |||||
| Bear Lake Holdings, Inc. | Breech Plug for Muzzle Loading Firearm
|
6532692 | 03/18/03 | |||||
| Bear Lake Holdings, Inc. | Lever-Operated Breechlock for Muzzle-Loading
Firearm
|
6604311 | 08/12/03 | |||||
| Xxxxxxxx Center Arms Company, Inc. | Ramrod for a Muzzle-Loading Firearm
|
6145235 | 11/14/00 | |||||
| Xxxxxxxx Center Arms Company, Inc. | Firearm Hammer with Adjustable Spur
|
7140138 | 11/28/06 | |||||
| Xxxxxxxx Center Arms Company, Inc. | Muzzle Loading Rifle with Movable Extractor
|
7257917 | 08/21/07 | |||||
Patent Applications
| APPLICATION | APPLICATION | |||||||
| HOLDER | PATENT | NUMBER | DATE | |||||
| Xxxxx & Wesson Corp. | High velocity ammunition system and firearm
|
20060011092 | 5/25/05 | |||||
| Xxxxx & Wesson Corp. | Firearm frame with configurable grip
|
20060150467 | 12/22/05 | |||||
| Xxxxx & Wesson Corp. | Firearm with modular sear and trigger mechanism
housings
|
20060156607 | 12/22/05 | |||||
| Xxxxx & Wesson Corp. | Positive striker lock safety for use with a firearm
|
20060162220 | 12/22/05 | |||||
| Xxxxx & Wesson Corp. | Fire control mechanism for a firearm
|
20060248772 | 12/22/05 | |||||
| Xxxxx & Wesson Corp. | Locking apparatus for a firearm
|
20060191182 | 12/22/05 | |||||
| Xxxxx & Wesson Corp. | Wire brushing for use with a firearm barrel
|
2006085508 | 12/22/05 | |||||
| Xxxxx & Wesson Corp. | Apparatus and method for firearm takedown
|
20060249014 | 12/22/05 | |||||
| Xxxxx & Wesson Corp. | Firearm extractor mechanism
|
20060185212 | 12/22/05 | |||||
| Xxxxx & Wesson Corp. | Objective lens assembly for telescopic device
|
Serial No. 09/902,807 | 7/12/01 | |||||
| Xxxxx & Wesson Corp. | Compensation system for a firearm
|
Serial No. 10/773,500 | 2/6/04 | |||||
| Xxxxxxxx Center Arms Company, Inc. | Muzzle Loading Rifle with Removable Breech Plug
|
20070137084 | 06/21/07 | |||||
| Xxxxxxxx Center Arms Company, Inc. | Muzzle Loading Rifle with Breech Plug Having Gas
Seal Facility
|
20070163162 | 07/19/07 | |||||
| Xxxxxxxx Center Arms Company, Inc. | Rifle Stock with Recoil Absorption Facility
|
20070175077 | 08/02/07 | |||||
| Xxxxxxxx Center Arms Company, Inc. | Lubricant Distribution Facility for Threaded Rifle
Breech
|
Serial No. 11/505,212 | 08/15/06 | |||||
| Xxxxxxxx Center Arms Company, Inc. | Muzzle Loading Rifle with Removable Breech Plug
|
Serial No. 11/649,458 | 01/03/07 | |||||
