Exhibit 4.5
TRADEMARK SECURITY AGREEMENT
This TRADEMARK SECURITY AGREEMENT (this "Agreement"), dated as of October
15, 2002, is made between Golfsmith International, Inc., a Delaware corporation
(the "Grantor"), and U.S. BANK TRUST NATIONAL ASSOCIATION, as collateral agent
(together with its successor(s) thereto in such capacity, the "Collateral
Agent") for each of the Secured Parties.
W I T N E S S E T H :
WHEREAS, Golfsmith International, Inc., a Delaware corporation (the
"Company"), the Subsidiaries of the Company and the Collateral Agent, as
trustee, have entered into an Indenture, dated as of October 15, 2002 (as
amended, supplemented, amended and restated or otherwise modified from time to
time, the "Indenture"), and in connection therewith, the Company has issued (the
"Notes Issuance") its Senior Secured Notes due 2009 (and its Senior Secured
Notes due 2009, Series B to be issued in exchange therefor) (collectively, the
"Notes");
WHEREAS, various financial institutions, as lenders (the "Lenders"),
General Electric Capital Corporation, a Delaware corporation, as agent on behalf
of the Lenders (in such capacity, the "Lender Agent"), and the Grantor and
certain of its Affiliates have entered into that certain Credit Agreement, dated
as of October 15, 2002 (the "Credit Agreement"), pursuant to which the Lenders
have agreed to make certain loans and other financial accommodations from time
to time to the Borrowers (as defined therein) and the Grantor and such
Affiliates have entered into Collateral Agreements (as defined therein) with the
Lender Agent as well;
WHEREAS, the Collateral Agent, the Lender Agent and the Grantors have
entered into that certain Intercreditor Agreement, dated as of October 15, 2002
(such intercreditor agreement is the Intercreditor Agreement referred to and
defined in the Indenture, and as used herein, the term "Intercreditor Agreement"
has the meaning ascribed thereto in the Indenture), pursuant to which, among
other things, (a) the Lender Agent is recognized as having a first priority
interest in all of the Collateral (as defined in the Collateral Agreements)
(other than real property, Equipment and proceeds thereof) for the benefit of
itself and the Lenders and (b) the Collateral Agent is recognized as having (i)
a second priority interest in all of the Collateral (as defined in the
Collateral Agreements) (other than real property, Equipment and proceeds
thereof) for the benefit of itself, the Trustee and the Holders and (ii) a first
priority interest in all of the Collateral (as defined in the Collateral
Agreements) constituting real property, Equipment and proceeds thereof for the
benefit of itself, the Trustee and the Holders;
WHEREAS, in connection with the Indenture, the Grantor has executed and
delivered a Security Agreement, dated as of October 15, 2002 (as amended,
supplemented, amended and restated or otherwise modified from time to time, the
"Security Agreement");
WHEREAS, as a condition precedent to the Notes Issuance, the Grantor is
required to execute and deliver this Agreement and to grant to the Collateral
Agent a continuing security interest in all of the Trademark Collateral (as
defined below) to secure all Secured Obligations;
WHEREAS, the Grantor has duly authorized the execution, delivery and
performance of this Agreement; and
WHEREAS, it is in the best interests of each Grantor to execute this
Agreement inasmuch as such Grantor will derive substantial direct and indirect
benefits from proceeds of the Notes issued by the Company;
NOW, THEREFORE, for good and valuable consideration, the receipt of which
is hereby acknowledged, and in order to induce the Holders to acquire the Notes
and maintain the Indebtedness evidenced thereby, the Grantor agrees, for the
benefit of each Secured Party, as follows:
SECTION 1. Definitions. Unless otherwise defined herein or the context
otherwise requires, terms used in this Agreement, including its preamble and
recitals, have the meanings provided (or incorporated by reference) in the
Security Agreement.
SECTION 2. Grant of Security Interest. For good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, to
secure all of the Secured Obligations, the Grantor does hereby mortgage, pledge
and hypothecate to the Collateral Agent, and grant to the Collateral Agent a
security interest in, for its benefit and the benefit of each Secured Party, all
of the following property (the "Trademark Collateral"), whether now owned or
hereafter acquired or existing by it:
(a) all trademarks, trade names, corporate names, company names,
business names, fictitious business names, trade styles, service marks,
certification marks, collective marks, logos, other source of business
identifiers, prints and labels on which any of the foregoing have appeared
or appear, designs and general intangibles of a like nature (all of the
foregoing items in this clause (a) being collectively called a
"Trademark"), now existing anywhere in the world or hereafter adopted or
acquired, whether currently in use or not, all registrations and
recordings thereof and all applications in connection therewith, whether
pending or in preparation for filing, including registrations, recordings
and applications in the United States Patent and Trademark Office or in
any office or agency of the United States of America or any State thereof
or any foreign country, including those referred to in Item A of Schedule
IV attached hereto;
(b) all Trademark licenses, including each Trademark license
referred to in Item B of Schedule IV attached hereto;
(c) all reissues, extensions or renewals of any of the items
described in clause (a) and (b);
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(d) all of the goodwill of the business connected with the use of,
and symbolized by the items described in, clauses (a) and (b); and
(e) all proceeds of, and rights associated with, the foregoing,
including any claim by the Grantor against third parties for past, present
or future infringement or dilution of any Trademark, Trademark
registration or Trademark license, including any Trademark, Trademark
registration or Trademark license referred to in Item A and Item B of
Schedule IV attached hereto, or for any injury to the goodwill associated
with the use of any such Trademark or for breach or enforcement of any
Trademark license.
SECTION 3. Security Agreement. This Agreement has been executed and
delivered by the Grantor for the purpose of registering the security interest of
the Collateral Agent in the Trademark Collateral with the United States Patent
and Trademark Office and corresponding offices in other countries of the world.
The security interest granted hereby has been granted as a supplement to, and
not in limitation of, the security interest granted to the Collateral Agent for
its benefit and the benefit of each Secured Party under the Security Agreement.
The Security Agreement (and all rights and remedies of the Collateral Agent and
each Secured Party thereunder) shall remain in full force and effect in
accordance with its terms.
SECTION 4. Release of Security Interest. Upon payment in full in cash of
all Secured Obligations, the Collateral Agent shall, at the Grantor's expense,
execute and deliver to the Grantor all instruments and other documents as may be
necessary or proper to release the lien on and security interest in the
Trademark Collateral which has been granted hereunder.
SECTION 5. Acknowledgment. The Grantor does hereby further acknowledge and
affirm that the rights and remedies of the Collateral Agent with respect to the
security interest in the Trademark Collateral granted hereby are more fully set
forth in the Security 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 6. Related Document, etc. This Agreement is a Related Document
executed pursuant to the Indenture and shall (unless otherwise expressly
indicated herein) be construed, administered and applied in accordance with the
terms and provisions of the Indenture.
SECTION 7. Counterparts. This Agreement may be executed by the parties
hereto in several counterparts, each of which shall be deemed to be an original
and all of which shall constitute together but one and the same agreement.
SECTION 8. Subject to Intercreditor Agreement. Notwithstanding anything
herein to the contrary, the lien and security interest granted to the Collateral
Agent pursuant to this Agreement and the exercise of any right or remedy by the
Collateral Agent hereunder, in each case in respect of any collateral
constituting Noteholder Common Collateral (as defined in the Intercreditor
Agreement described below) are subject to the provisions of the Intercreditor
Agreement, dated as of October 15, 2002 (as amended, modified or supplemented
from time to time, the
-3-
"Intercreditor Agreement") among General Electric Capital Corporation as Senior
Agent, and U.S. Bank Trust National Association, as Collateral Agent, U.S. Bank
Trust National Association, as Trustee, and the Obligors, including the Grantors
hereunder named therein. In the event of any conflict between the terms of the
Intercreditor Agreement and this Agreement, the terms of the Intercreditor
Agreement shall govern.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered by their respective officers thereunto duly
authorized as of the day and year first above written.
GOLFSMITH INTERNATIONAL, INC.
By: /s/ XXXX X. XXXXXX
-------------------------------
Name: Xxxx X. Xxxxxx
Title: Vice President
U.S. BANK TRUST NATIONAL ASSOCIATION,
as Collateral Agent
By /s/ XXXXXXX X. XXXXXX
-------------------------------
Name: Xxxxxxx X. Xxxxxx
Title: Vice President
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SCHEDULE IV
to Trademark Security Agreement
Item A. Trademarks
TRADEMARK REGISTRATIONS
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TRADEMARK NUMBER REGISTRATION DATE COUNTRY
------------------------------------------------------------------------------------------------------
ACCUCORE 2,125,496 12/30/97 United States
------------------------------------------------------------------------------------------------------
BACKFLOW 2,121,599 12/16/97 United States
------------------------------------------------------------------------------------------------------
BECAUSE IT'S MORE THAN JUST A GAME 1,903,655 0/0/00 Xxxxxx Xxxxxx
------------------------------------------------------------------------------------------------------
BIMETALLIC 2,125,480 12/30/97 United States
------------------------------------------------------------------------------------------------------
BLACK CAT 1,983,048 6/25/96 United States
------------------------------------------------------------------------------------------------------
BLACK HAWK 2,152,015 4/21/98 United States
------------------------------------------------------------------------------------------------------
BLACKSMITH 2,125,856 12/30/97 United States
------------------------------------------------------------------------------------------------------
BOBTAIL 1,126,412 10/30/79 United States
------------------------------------------------------------------------------------------------------
BRASS MASTER 2,248,524 6/1/99 United States
------------------------------------------------------------------------------------------------------
BULL WHIP SHAFT (& DESIGN) 2,140,571 3/3/98 United States
------------------------------------------------------------------------------------------------------
CARBON STICK 2,190,347 9/22/98 United States
------------------------------------------------------------------------------------------------------
CARBON TOUR 2,253,665 6/15/99 United States
------------------------------------------------------------------------------------------------------
COMFORT 2,389,096 9/28/00 United States
------------------------------------------------------------------------------------------------------
COPPER CLASSIC 2,204,865 11/24/98 United States
------------------------------------------------------------------------------------------------------
CRYSTAL CAT 2,453,296 5/22/01 United States
------------------------------------------------------------------------------------------------------
CUSTOM MADE WEDGE SYSTEM 2,238,074 4/13/99 United States
------------------------------------------------------------------------------------------------------
DEAD STOP 2,139,044 2/24/98 United States
------------------------------------------------------------------------------------------------------
DESIGN/DEVICE/LOGO (BLACK CAT HEAD) 2,065,242 5/27/97 United States
------------------------------------------------------------------------------------------------------
DESIGN/DEVICE/LOGO (CAT HEAD OLD DESIGN) 1,518,085 12/27/88 United States
------------------------------------------------------------------------------------------------------
DESIGN/DEVICE/LOGO (CAT HEAD OLD DESIGN) 1,518,125 12/27/88 United States
------------------------------------------------------------------------------------------------------
DESIGNATED DRIVER 2,121,890 12/16/97 United States
------------------------------------------------------------------------------------------------------
EASY ON 1,434,797 3/31/87 United States
------------------------------------------------------------------------------------------------------
FIBER STAR 2,193,255 10/6/98 United States
------------------------------------------------------------------------------------------------------
FIRE STAR 2,130,690 1/20/98 United States
------------------------------------------------------------------------------------------------------
GOLFSMITH 1,447,761 7/14/87 United States
------------------------------------------------------------------------------------------------------
GRAND TITANIUM 2,266,938 8/3/99 United States
------------------------------------------------------------------------------------------------------
GREY HAWK 2,125,678 12/30/97 United States
------------------------------------------------------------------------------------------------------
INTERFACE 2,129,126 1/13/98 United States
------------------------------------------------------------------------------------------------------
JETSTREAM 2,124,015 12/23/97 United States
------------------------------------------------------------------------------------------------------
KILLER BEE 1,966,455 4/9/96 United States
------------------------------------------------------------------------------------------------------
KILLER BEE (& DESIGN) 1,997,989 9/3/96 United States
------------------------------------------------------------------------------------------------------
LADY HAWK 2,144,570 3/17/98 United States
------------------------------------------------------------------------------------------------------
LADY STERLING 2,144,569 3/17/98 United States
------------------------------------------------------------------------------------------------------
LIBERTY 1,416,763 11/11/86 United States
------------------------------------------------------------------------------------------------------
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TRADEMARK NUMBER REGISTRATION DATE COUNTRY
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------
XXXX XXX 2,325,087 0/0/00 Xxxxxx Xxxxxx
------------------------------------------------------------------------------------------------------
LYNX 1,446,493 0/0/00 Xxxxxx Xxxxxx
------------------------------------------------------------------------------------------------------
LYNX 943,571 9/26/72 United States
------------------------------------------------------------------------------------------------------
LYNX 53115 X/X Xxxxxx Xxxxxx
Xxxxxxxxxx
------------------------------------------------------------------------------------------------------
XXXX 00000 X/X Xxxxxx Xxxxxx
California
------------------------------------------------------------------------------------------------------
NIGHT HAWK 2,124,013 12/23/97 United States
------------------------------------------------------------------------------------------------------
O/S PROJECT 2,140,897 3/31/98 United States
------------------------------------------------------------------------------------------------------
PARALLAX 1,399,697 0/0/00 Xxxxxx Xxxxxx
------------------------------------------------------------------------------------------------------
PATHMARK 2,132,755 1/27/98 United States
------------------------------------------------------------------------------------------------------
PATRIOT 1,399,698 0/0/00 Xxxxxx Xxxxxx
------------------------------------------------------------------------------------------------------
PAW 2,013,921 00/0/00 Xxxxxx Xxxxxx
------------------------------------------------------------------------------------------------------
XXXXX XXXXX 0,000,000 00/00/00 Xxxxxx Xxxxxx
------------------------------------------------------------------------------------------------------
POSITRAC 2,125,832 12/30/97 United States
------------------------------------------------------------------------------------------------------
POWER TAPER 1,984,104 0/0/00 Xxxxxx Xxxxxx
------------------------------------------------------------------------------------------------------
PREDATOR 1,351,870 7/30/95 United States
------------------------------------------------------------------------------------------------------
PURE BALANCE 2,140,899 3/3/98 United States
------------------------------------------------------------------------------------------------------
ROUGH RIDER 2,258,083 6/29/99 United States
------------------------------------------------------------------------------------------------------
SEASONED PLAYER 2,129,129 1/13/98 United States
------------------------------------------------------------------------------------------------------
SHORT GAME SYSTEM 2,392,567 10/20/00 United States
------------------------------------------------------------------------------------------------------
SIGHT LINE 2,129,130 1/13/98 United States
------------------------------------------------------------------------------------------------------
SILVERSMITH 2,121,889 12/16/97 United States
------------------------------------------------------------------------------------------------------
SINGLE STROKE 2,193,256 10/6/98 United States
------------------------------------------------------------------------------------------------------
SNAKE EYES (& DESIGN) 1,889,946 4/18/95 United States
------------------------------------------------------------------------------------------------------
SOFT STROKE 2,129,128 1/13/98 United States
------------------------------------------------------------------------------------------------------
SONIC BOOM 2,156,583 5/12/98 United States
------------------------------------------------------------------------------------------------------
SONORA 2,301,230 12/21/99 United States
------------------------------------------------------------------------------------------------------
SONORA GOLF CO. 1,987,306 7/16/96 United States
------------------------------------------------------------------------------------------------------
SPECIAL FORCE 2,129,132 1/13/98 United States
------------------------------------------------------------------------------------------------------
SPEED BUMPS 2,124,011 12/23/97 United States
------------------------------------------------------------------------------------------------------
STERLING 2,129,131 1/13/98 United States
------------------------------------------------------------------------------------------------------
STINGER 2,374,557 8/8/00 United States
------------------------------------------------------------------------------------------------------
STOP ACTION 2,129,133 1/13/98 United States
------------------------------------------------------------------------------------------------------
SUNDANCE 2,129,127 1/13/98 United States
------------------------------------------------------------------------------------------------------
SUPER TRACK 2,249,691 6/1/99 United States
------------------------------------------------------------------------------------------------------
TEXAS CLASSIC 2,190,501 9/22/98 United States
------------------------------------------------------------------------------------------------------
TEXAS WEDGE 2,047,644 3/25/97 United States
------------------------------------------------------------------------------------------------------
TIGRESS 1,356,970 8/27/85 United States
------------------------------------------------------------------------------------------------------
TOUR CAVITY 2,255,633 6/22/99 United States
------------------------------------------------------------------------------------------------------
TOUR TECH 2,140,901 0/0/00 Xxxxxx Xxxxxx
------------------------------------------------------------------------------------------------------
TRI-RAIL 2,129,134 1/13/98 United States
------------------------------------------------------------------------------------------------------
WEED CUTTER 2,124,014 12/23/97 United States
------------------------------------------------------------------------------------------------------
XPC 1,274,437 4/17/84 United States
------------------------------------------------------------------------------------------------------
TRADEMARK APPLICATIONS
--------------------------------------------------------------------------------------
TRADEMARK APPLICATION NUMBER DATE OF APPLICATION COUNTRY
--------------------------------------------------------------------------------------
BLACK ROCK & DESIGN 75/233,850 1/30/97 United States
--------------------------------------------------------------------------------------
FIRE FORGED 76/181,735 12/12/00 United States
--------------------------------------------------------------------------------------
HI-C.O.R. 76/177,581 12/12/00 United States
--------------------------------------------------------------------------------------
QUICK STRIKE 76/105,038 8/8/00 United States
--------------------------------------------------------------------------------------
TOUR STEEL 76/181,734 12/12/00 United States
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Item B. Trademark Licenses
TRADEMARK LICENSES
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LICENSOR LICENSEE TRADEMARK DATE
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Golfsmith Int'l, L.P. Bali Leathers, Inc. LYNX, Cat Head Design, SNAKE 9/1/01
EYES, Snake Eyes Design, SNAKE
EYES & Design, & KILLER BEE &
Design,
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Golfsmith Int'l, L.P. Golf Gear Australia Pty. Ltd. SNAKE EYES, SNAKE EYES & 5/1/01
DESIGN & Snake Eyes Design
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Golfsmith Int'l, L.P. Golf Gear Australia Pty. Ltd. Cat Head Design & LYNX 5/1/01
trademarks
-------------------------------------------------------------------------------------------------------------------------
Golfsmith Int'l, L.P. Hwa Kyung, Inc. Cathead Design & LYNX 1/1/01
trademarks
-------------------------------------------------------------------------------------------------------------------------
Golfsmith Int'l, L.P. Mascot Leisure Business Corp. Design/Device/Logo (Cat Head), 9/1/00
LYNX, LYNX (Stylized), & LYNX,
LYNX (Stylized) & Design (Cat
Head Detailed)
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Golfsmith Int'l, L.P. Korea Golf Academy GOLFSMITH 1/1/02
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Golfsmith Int'l, L.P. Sumikin Xxxxxx Corp. Design/Device/Logo (Cat Eye), 3/1/00
Design/Device/Logo (Cat Head),
LYNX (New Font), LYNX
(Stylized), LYNX (with
Japanese Characters), LYNX &
Design (Cat Eye), & LYNX Golf
& Design (Cat Eye)
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Golfsmith Int'l, L.P. Xxxx Xxxxx d/b/a Performance STINGER 6/1/00
Golf, Inc.
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Golfsmith Int'l, L.P. Pro Select, Inc. TI CAT 7/9/02
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Golfsmith Int'l, L.P Cobra Golf, Inc. BIMETALLIC 1/1/99
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Golfsmith Int'l, L.P TTHGOLF "Marks & Images" 2/22/02
-------------------------------------------------------------------------------------------------------------------------
Spalding Sports Worldwide, Inc. Golfsmith Int'l, X.X. XXXXXXXX & Star, ASCENT, 3/1/02
BIRDIE, BIRD ON BALL &
-------------------------------------------------------------------------------------------------------------------------
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LICENSOR LICENSEE TRADEMARK DATE
-------------------------------------------------------------------------------------------------------------------------
Design,
CASH-IN, EPIC, LEGACY, PRO
IMPACT, PULSAR, TEE-FLITE,
TOUR 1000, TOUR IMPACT &
SYCHRODYNE
-------------------------------------------------------------------------------------------------------------------------
Spalding Sports Worldwide, Inc. Golfsmith Int'l, X.X. XXXXXXXX & Star, ASCENT, 3/1/02
BIRDIE, BIRD ON BALL & Design,
CASH-IN, EPIC, LEGACY, PRO
IMPACT, PUSAR, TEE-FLITE, TOUR
1000, TOUR IMPACT & SYCHRODYNE
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
The Boeing Company Golfsmith Int'l, L.P. 747 7/1/92
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T.H. Xxxxxx, Inc. Golfsmith Int'l, L.P. XXXXXX XXXXXX 7/1/95
-------------------------------------------------------------------------------------------------------------------------
T.H. Xxxxxx, Inc. Golfsmith Int'l, L.P. XXXXXX XXXXXX 1/1/00
-------------------------------------------------------------------------------------------------------------------------
T.H. Xxxxxx, Inc. Golfsmith Int'l, L.P. XXXXXX XXXXXX 1/1/00
-------------------------------------------------------------------------------------------------------------------------
Dunlop Slazenger Int'l Ltd. Golfsmith Int'l, L.P. JETSTREAM 11/25/96
-------------------------------------------------------------------------------------------------------------------------
Ski Dynastar, Inc. Golfsmith Int'l, L.P. ELASTEEL 6/10/99
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Xxxx, Inc. Golfsmith Int'l, L.P. CONTOUR 1/1/00
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