EXHIBIT 2.14



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FIRST AMENDED AND RESTATED

GUARANTEE AND COLLATERAL AGREEMENT



made by





IFCO SYSTEMS N.V.,



IFCO SYSTEMS NORTH AMERICA, INC.,

as Borrower,



and certain of their Subsidiaries



in favor of



BANK ONE, NA

as Administrative Agent



Dated as of December 23, 2002



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TABLE OF
CONTENTS



|                                          |  |                                                                   |  | Page
|----------------------------------------- |  | ----------------------------------------------------------------- |  | ----
|SECTION 1. DEFINED TERMS                  |  | 1                                                                
|1.1                                       |  | Definitions                                                       |  | 1   
|1.2                                       |  | Other Definitional Provisions                                     |  | 6   
|                                         
|SECTION 2. GUARANTEE                      |  | 7                                                                
|2.1                                       |  | Guarantee                                                         |  | 7   
|2.2                                       |  | Right of Contribution                                             |  | 8   
|2.3                                       |  | No Subrogation                                                    |  | 8   
|2.4                                       |  | Amendments, etc. with respect to the Borrower Obligations         |  | 8   
|2.5                                       |  | Guarantee Absolute and Unconditional                              |  | 9   
|2.6                                       |  | Reinstatement                                                     |  | 10  
|2.7                                       |  | Payments                                                          |  | 10  
|                                         
|SECTION 3. GRANT OF SECURITY INTEREST     |  | 10                                                               
|                                         
|SECTION 4. REPRESENTATIONS AND WARRANTIES |  | 11                                                               
|4.1                                       |  | Representations in Credit Agreement                               |  | 11  
|4.2                                       |  | Title; No Other Liens                                             |  | 11  
|4.3                                       |  | Perfected First Priority Liens                                    |  | 12  
|4.4                                       |  | Jurisdiction                                                      |  | 12  
|4.5                                       |  | Intentionally Omitted.                                            |  | 12  
|4.6                                       |  | Farm Products                                                     |  | 12  
|4.7                                       |  | Pledged Securities                                                |  | 12  
|4.8                                       |  | Receivables                                                       |  | 12  
|4.9                                       |  | Intellectual Property                                             |  | 13  
|                                         
|SECTION 5. COVENANTS                      |  | 13                                                               
|5.1                                       |  | Covenants in Credit Agreement                                     |  | 13  
|5.2                                       |  | Delivery of Instruments and Chattel Paper                         |  | 13  
|5.3                                       |  | Maintenance of Insurance                                          |  | 14  
|5.4                                       |  | Payment of Obligations                                            |  | 14  
|5.5                                       |  | Maintenance of Perfected Security Interest; Further Documentation |  | 14  
|5.6                                       |  | Changes in Locations, Name, etc                                   |  | 15  
|5.7                                       |  | Notices                                                           |  | 15  
|5.8                                       |  | Investment Property                                               |  | 15  
|5.9                                       |  | Receivables                                                       |  | 16  
|5.10                                      |  | Intellectual Property                                             |  | 17  
|                                         
|SECTION 6. REMEDIAL PROVISIONS            |  | 19                                                               
|6.1                                       |  | Certain Matters Relating to Receivables                           |  | 19  
|6.2                                       |  | Communications with Obligors; Grantors Remain Liable              |  | 20  
|6.3                                       |  | Pledged Stock                                                     |  | 20  
|6.4                                       |  | Proceeds to be Turned Over To Administrative Agent                |  | 21  



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|6.5                                 |  | Intentionally Omitted                                       |  | 21
|----------------------------------- |  | ----------------------------------------------------------- |  | --
|6.6                                 |  | Code and Other Remedies                                     |  | 21
|6.7                                 |  | Waiver; Deficiency                                          |  | 22
|                                   
|SECTION 7. THE ADMINISTRATIVE AGENT |  | 22                                                         
|7.1                                 |  | Administrative Agents Appointment as Attorney-in-Fact, etc |  | 22
|7.2                                 |  | Duty of Administrative Agent                                |  | 24
|7.3                                 |  | Authorization to File Financing Statements                  |  | 24
|7.4                                 |  | Authority of Administrative Agent                           |  | 25
|                                   
|SECTION 8. MISCELLANEOUS            |  | 25                                                         
|8.1                                 |  | Amendments in Writing                                       |  | 25
|8.2                                 |  | Notices                                                     |  | 25
|8.3                                 |  | No Waiver by Course of Conduct; Cumulative Remedies         |  | 25
|8.4                                 |  | Enforcement Expenses; Indemnification                       |  | 25
|8.5                                 |  | Successors and Assigns                                      |  | 26
|8.6                                 |  | Set-Off                                                     |  | 26
|8.7                                 |  | Counterparts                                                |  | 27
|8.8                                 |  | Severability                                                |  | 27
|8.9                                 |  | Section Headings                                            |  | 27
|8.10                                |  | Integration                                                 |  | 27
|8.11                                |  | GOVERNING LAW                                               |  | 27
|8.12                                |  | Submission To Jurisdiction; Waivers                         |  | 27
|8.13                                |  | Acknowledgments                                             |  | 28
|8.14                                |  | Additional Grantors                                         |  | 29
|8.15                                |  | Releases                                                    |  | 29
|8.16                                |  | Restatement                                                 |  | 29
|8.17.                               |  | RELEASE OF CLAIMS                                           |  | 30
|8.18                                |  | WAIVER OF JURY TRIAL                                        |  | 30



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FIRST AMENDED
AND RESTATED GUARANTEE AND COLLATERAL AGREEMENT, dated as of December 23, 2002, made by each of the signatories hereto, in favor of BANK ONE, NA, as Administrative Agent (in such capacity, the Administrative Agent) for the banks
and other financial institutions (the Lenders) from time to time parties to the Third Amended and Restated Credit Agreement, dated as of December 20, 2002 (as amended, supplemented or otherwise modified from time to time, the
Credit Agreement), among IFCO SYSTEMS N.V., IFCO SYSTEMS NORTH AMERICA, INC., a Delaware corporation (the Borrower), the several banks and other financial institutions or entities from time to time parties to
the Credit Agreement, and the Administrative Agent.



W I T N E S S E T H:



WHEREAS, pursuant to the 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, the Borrower is a member of an affiliated group of
companies that includes each other Grantor;



WHEREAS, the proceeds of the extensions of credit under the Credit Agreement will be used in part to enable the Borrower to make valuable transfers to one or more of the other Grantors in connection with the operation of their
respective businesses;



WHEREAS, the Borrower and
the other Grantors are engaged in related businesses, and each Grantor will derive substantial direct and indirect benefit from the making of the extensions of credit under the Credit Agreement; and



WHEREAS, it is a condition precedent to the obligation of the
Lenders to make their respective extensions of credit to the Borrower under the Credit Agreement that the Grantors shall have executed and delivered this Agreement to the Administrative Agent for the ratable benefit of the Lenders;



NOW, THEREFORE, in consideration of the premises and to induce
the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective extensions of credit to the Borrower thereunder, each Grantor hereby agrees with the Administrative Agent, for the ratable
benefit of the Lenders, as follows:



SECTION 1.
DEFINED TERMS



1.1 Definitions. (a) Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement, and the following terms which are defined in the Uniform Commercial Code in



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effect in the State of Texas on the date hereof are used herein as so defined: Accounts, Chattel Paper,
Documents, Equipment, Farm Products, Goods, Instruments, Inventory and Payment Intangibles.



(b) The following terms shall have the following meanings:



Agreement: this First Amended and Restated Guarantee and Collateral Agreement, as the same may be amended, supplemented
or otherwise modified from time to time.



Borrower Credit Agreement Obligations: the collective reference to the unpaid principal of and interest on the Loans and Reimbursement Obligations and all other obligations and liabilities of the Borrower
(including, without limitation, interest accruing at the then applicable rate provided in the Credit Agreement after the maturity of the Loans and Reimbursement Obligations and interest accruing at the then applicable rate provided in the Credit
Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such
proceeding) to the Administrative Agent or any Lender, 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, this
Agreement, the other Loan Documents or any Letter of Credit, or any other document made, delivered or given in connection therewith, in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs,
expenses or otherwise (including, without limitation, all reasonable fees and disbursements of counsel to the Administrative Agent or to the Lenders that are required to be paid by the Borrower pursuant to the terms of any of the foregoing
agreements).



Borrower Hedge Agreement
Obligations: the collective reference to all obligations and liabilities of the Borrower (including, without limitation, interest accruing at the then applicable rate provided in any Specified Hedge Agreement after the filing of any
petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) to any Lender or any
affiliate of any Lender, 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 therewith, in each case whether on account of principal,
interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all reasonable fees and disbursements of counsel to the relevant Lender or affiliate thereof that are required to be paid by the
Borrower pursuant to the terms of any Specified Hedge Agreement).



Borrower Obligations: the collective reference to (i) the Borrower Credit Agreement Obligations, (ii) the Borrower Hedge Agreement Obligations, but only to the extent that, and only so long as, the
Borrower Credit Agreement Obligations are secured and



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guaranteed pursuant thereto, and (iii) all other obligations and liabilities of the
Borrower, 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, this Agreement (including, without limitation, all reasonable fees and
disbursements of counsel to the Administrative Agent or to the Lenders that are required to be paid by the Borrower pursuant to the terms of this Agreement).



Collateral: as defined in Section 3.



Commercial Tort Claims: a claim arising in tort with respect to which the claimant is a
Grantor.



Copyrights: (i) all
copyrights arising under the laws of the United States, any other country or any political subdivision thereof, whether registered or unregistered and whether published or unpublished (including, without limitation, those listed in Schedule
4), all registrations and recordings thereof, and all applications in connection therewith, including, without limitation, all registrations, recordings and applications in the United States Copyright Office, and (ii) the right to obtain all
renewals thereof.



Copyright
Licenses: any written agreement naming any Grantor as licensor or licensee (including, without limitation, those listed in Schedule 4), granting any right under any Copyright, including, without limitation, the grant of rights to
manufacture, distribute, exploit and sell materials derived from any Copyright.



Deposit Account: as defined in the Uniform Commercial Code of any applicable jurisdiction and, in any event, including, without limitation, any demand, time, savings, passbook or
like account maintained with a depositary institution.



General Intangibles: all general intangibles as such term is defined in Section 9.102(42) of the Uniform Commercial Code in effect in the State of Texas on the date hereof and, in any event, including,
without limitation, with respect to any Grantor, all Commercial Tort Claims, Payment Intangibles and all contracts, agreements, instruments and indentures in any form, and portions thereof, to which such Grantor is a party or under which such
Grantor has any right, title or interest or to which such Grantor or any property of such Grantor is subject, as the same may from time to time be amended, supplemented or otherwise modified, including, without limitation, (i) all rights of such
Grantor to receive moneys due and to become due to it thereunder or in connection therewith, (ii) all rights of such Grantor to damages arising thereunder and (iii) all rights of such Grantor to perform and to exercise all remedies thereunder, in
each case to the extent the grant by such Grantor of a security interest pursuant to this Agreement in its right, title and interest in such contract, agreement, instrument or indenture is not prohibited by such contract, agreement, instrument or
indenture without the consent of any other party thereto, would not give any other party to such contract, agreement, instrument or indenture the right to terminate its obligations thereunder, or is



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permitted with consent if all necessary consents to such grant of a security interest have
been obtained from the other parties thereto (it being understood that the foregoing shall not be deemed to obligate such Grantor to obtain such consents); provided, that the foregoing limitation shall not affect, limit, restrict or impair the grant
by such Grantor of a security interest pursuant to this Agreement in any Receivable or any money or other amounts due or to become due under any such contract, agreement, instrument or indenture.



Grantor: each signatory hereto, together
with any other entity that may become a party hereto.



Guarantor Obligations: with respect to any Guarantor, all obligations and liabilities of such Guarantor which may arise under or in connection with this Agreement (including, without limitation, Section 2) or any
other Loan Document to which such Guarantor is a party, in each case whether on account of guarantee obligations, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all reasonable fees and
disbursements of counsel to the Administrative Agent or to the Lenders that are required to be paid by such Guarantor pursuant to the terms of this Agreement or any other Loan Document).



Guarantors: the collective reference to each Grantor other than the Borrower.



Hedge Agreements: as to any
Person, all interest rate swaps, caps or collar agreements or similar arrangements entered into by such Person providing for protection against fluctuations in interest rates or currency exchange rates or the exchange of nominal interest
obligations, either generally or under specific contingencies.



Intellectual Property: the collective reference to all rights, priorities and privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise,
including, without limitation, the Copyrights, the Copyright Licenses, the Patents, the Patent Licenses, the Trademarks and the Trademark Licenses, and all rights to sue at law or in equity for any infringement or other impairment thereof, including
the right to receive all proceeds and damages therefrom.



Intercompany Note: any promissory note evidencing loans made by any Grantor to Holdings or any of its Subsidiaries.



Investment Property: the collective reference to (i) all investment property as such term is defined in
Section 9.102(49) of the Texas UCC and (ii) whether or not constituting investment property as so defined, all Pledged Notes and all Pledged Stock.



Issuers: the collective reference to each issuer of a Pledged Security.



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Letter-of-Credit Rights: all rights to payment or performance under a
letter of credit (as defined in the Texas UCC) whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance.



Obligations: (i) in the case of the Borrower, the Borrower Obligations, and (ii) in the
case of each Guarantor, its Guarantor Obligations.



Patents: (i) all letters patent of the United States, any other country or any political subdivision thereof, all reissues and extensions thereof and all goodwill associated therewith, including, without
limitation, any of the foregoing referred to in Schedule 4, (ii) all applications for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part thereof, including, without limitation,
any of the foregoing referred to in Schedule 4, and (iii) all rights to obtain any reissues or extensions of the foregoing.



Patent License: all agreements, whether written or oral, providing for the grant by or to any Grantor of any right to
manufacture, use or sell any invention covered in whole or in part by a Patent, including, without limitation, any of the foregoing referred to in Schedule 4



Personal Property: as defined in the Personal Property Security Act, R.S.O. 1990 c.
P. 10, or other similar Canadian provincial legislation.



Pledged Notes: all promissory notes listed on Schedule 2, all Intercompany Notes at any time issued to any Grantor and all other promissory notes issued to or held by any Grantor (other than promissory notes
issued in connection with extensions of trade credit by any Grantor in the ordinary course of business).



Pledged Securities: the collective reference to the Pledged Notes and the Pledged Stock.



Pledged Stock: the shares of Capital Stock
listed on Schedule 2, together with any other shares, stock certificates, options or rights of any nature whatsoever in respect of the Capital Stock of any Person that may be issued or granted to, or held by, any Grantor while this Agreement
is in effect.



Proceeds: all
proceeds as such term is defined in Section 9.102(65) of the Texas UCC in effect on the date hereof and, in any event, shall include, without limitation, all dividends or other income from the Investment Property, collections thereon or
distributions or payments with respect thereto.



Receivable: any right to payment for goods sold or leased or for services rendered, whether or not such right is evidenced by an Instrument or Chattel Paper and whether or not it has been earned by performance
(including, without limitation, any Account).



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Securities Act: the Securities Act of 1933, as amended.



Specified Hedge Agreement: any Hedge
Agreement (a) entered into by (i) the Borrower or any of its Subsidiaries and (ii) any Lender or any affiliate thereof, as counterparty, and (b) which has been designated by such Lender and the Borrower, by notice to the Administrative Agent not
later than 90 days after the execution and delivery by the Borrower or its Subsidiary thereof, as a Specified Hedge Agreement. The designation of any Hedge Agreement as a Specified Hedge Agreement shall not create in favor of the Lender or affiliate
thereof that is a party thereto any rights in connection with the management or release of any Collateral or any Guarantor Obligations.



Texas UCC: the Uniform Commercial Code as from time to time in effect in the State of Texas.



Trademarks: (i) all trademarks, trade
names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos and other source or business identifiers, and all goodwill associated therewith, now existing or hereafter adopted or acquired, all
registrations and recordings thereof, and all applications in connection therewith, whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any
political subdivision thereof, or otherwise, and all common-law rights related thereto, including, without limitation, any of the foregoing referred to in Schedule 4, and (ii) the right to obtain all renewals thereof



Trademark License: any agreement, whether
written or oral, providing for the grant by or to any Grantor of any right to use any Trademark, including, without limitation, any of the foregoing referred to in Schedule 4.



Vehicles: all cars, trucks, trailers, construction and earth moving equipment and other
vehicles covered by a certificate of title law of any state and all tires and other appurtenances to any of the foregoing; provided that the Administrative Agent does not intend to cause any Grantor to notate the liens created by this Agreement on
any certificate of title covering trailers.



1.2
Other Definitional Provisions. The words hereof, herein, hereto and hereunder and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement, and Section and Schedule references are to this Agreement unless otherwise specified.



(a) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.



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(b) Where the
context requires, terms relating to the Collateral or any part thereof, when used in relation to a Grantor, shall refer to such Grantors Collateral or the relevant part thereof.



SECTION 2. GUARANTEE



2.1 Guarantee. (a) Each of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees to the
Administrative Agent, for the ratable benefit of the Lenders and their respective successors, indorsees, transferees and assigns, the prompt and complete payment and performance by the Borrower when due (whether at the stated maturity, by
acceleration or otherwise) of the Borrower Obligations.



(b) Anything herein or in any other Loan Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder and under the other Loan Documents shall in no event exceed the amount which can be guaranteed by
such Guarantor under applicable federal and state laws relating to the insolvency of debtors (after giving effect to the right of contribution established in Section 2.2).



(c) Each Guarantor agrees that the Borrower Obligations may at any time and from time to time exceed the
amount of the liability of such Guarantor hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Administrative Agent or any Lender hereunder.



(d) The guarantee contained in this Section 2 shall remain in
full force and effect until (i) all the Borrower Obligations and the obligations of each Guarantor under the guarantee contained in this Section 2 shall have been satisfied by payment in full, (ii) no Letter of Credit shall be outstanding and (iii)
the Commitments shall be terminated, notwithstanding that from time to time during the term of the Credit Agreement the Borrower may be free from any Borrower Obligations.



(e) No payment made by the Borrower, any of the Guarantors, any other guarantor or any other Person or
received or collected by the Administrative Agent or any Lender from the Borrower, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or
from time to time in reduction of or in payment of the Borrower Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such payment (other than any payment
made by such Guarantor in respect of the Borrower Obligations or any payment received or collected from such Guarantor in respect of the Borrower Obligations), remain liable for the Borrower Obligations up to the maximum liability of such Guarantor
hereunder until the Borrower Obligations are paid in full, no Letter of Credit shall be outstanding and the Commitments are terminated.





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2.2 Right
of Contribution. Each Subsidiary Guarantor hereby agrees that to the extent that a Subsidiary Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Subsidiary Guarantor shall be entitled to seek and
receive contribution from and against any other Subsidiary Guarantor hereunder which has not paid its proportionate share of such payment. Each Subsidiary Guarantors right of contribution shall be subject to the terms and conditions of Section
2.3. The provisions of this Section 2.2 shall in no respect limit the obligations and liabilities of any Subsidiary Guarantor to the Administrative Agent and the Lenders, and each Subsidiary Guarantor shall remain liable to the Administrative Agent
and the Lenders for the full amount guaranteed by such Subsidiary Guarantor hereunder.



2.3 No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any Guarantor by the Administrative Agent or any Lender, no Guarantor
shall be entitled to be subrogated to any of the rights of the Administrative Agent or any Lender against the Borrower or any other Guarantor or any collateral security or guarantee or right of offset held by the Administrative Agent or any Lender
for the payment of the Borrower Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Borrower or any other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts
owing to the Administrative Agent and the Lenders by the Borrower on account of the Borrower Obligations are paid in full, no Letter of Credit shall be outstanding and the Commitments are terminated. If any amount shall be paid to any Guarantor on
account of such subrogation rights at any time when all of the Borrower Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Administrative Agent and the Lenders, segregated from other funds of
such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Administrative Agent in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Administrative Agent, if required), to be applied
against the Borrower Obligations, whether matured or unmatured, in such order as the Administrative Agent may determine.



2.4 Amendments, etc. with respect to the Borrower Obligations. Each Guarantor shall remain obligated hereunder notwithstanding
that, without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the Borrower Obligations made by the Administrative Agent or any Lender may be rescinded by the
Administrative Agent or such Lender and any of the Borrower Obligations continued, and the Borrower Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset
with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by the Administrative Agent or any Lender, and the Credit Agreement and the other
Loan Documents and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Administrative Agent (or the Required Lenders or all Lenders, as the case may be)
may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by the Administrative Agent or any Lender for the payment of the Borrower



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Obligations may be sold,
exchanged, waived, surrendered or released. Neither the Administrative Agent nor any Lender shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Borrower Obligations or for the guarantee
contained in this Section 2 or any property subject thereto.



2.5 Guarantee Absolute and Unconditional. Each Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Borrower Obligations and notice of or proof of reliance by the Administrative
Agent or any Lender upon the guarantee contained in this Section 2 or acceptance of the guarantee contained in this Section 2; the Borrower Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or
renewed, extended, amended or waived, in reliance upon the guarantee contained in this Section 2; and all dealings between the Borrower and any of the Guarantors, on the one hand, and the Administrative Agent and the Lenders, on the other hand,
likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Section 2. Each Guarantor waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or
upon the Borrower or any of the Guarantors with respect to the Borrower Obligations. Each Guarantor understands and agrees that the guarantee contained in this Section 2 shall be construed as a continuing, absolute and unconditional guarantee of
payment without regard to (a) the validity or enforceability of the Credit Agreement or any other Loan Document, any of the Borrower Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any
time or from time to time held by the Administrative Agent or any Lender, (b) any defense, set-off or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by the Borrower or any other
Person against the Administrative Agent or any Lender, or (c) any other circumstance whatsoever (with or without notice to or knowledge of the Borrower or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal
discharge of the Borrower for the Borrower Obligations, or of such Guarantor under the guarantee contained in this Section 2, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies
hereunder against any Guarantor, the Administrative Agent or any Lender may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against the Borrower, any other Guarantor or any
other Person or against any collateral security or guarantee for the Borrower Obligations or any right of offset with respect thereto, and any failure by the Administrative Agent or any Lender to make any such demand, to pursue such other rights or
remedies or to collect any payments from the Borrower, any other Guarantor or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of the Borrower, any other Guarantor
or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or
available as a matter of law, of the Administrative Agent or any Lender against any Guarantor. For the purposes hereof demand shall include the commencement and continuance of any legal proceedings.



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2.6
Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Borrower Obligations is rescinded or must otherwise be
restored or returned by the Administrative Agent or any Lender upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or
conservator of, or trustee or similar officer for, the Borrower or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made.



2.7 Payments. Each Guarantor hereby guarantees that payments hereunder will be paid to the
Administrative Agent without set-off or counterclaim in Dollars.



SECTION 3. GRANT OF SECURITY INTEREST



Each Grantor hereby assigns and transfers to the Administrative Agent, and hereby grants to the Administrative Agent, for the ratable benefit of the Lenders (and any affiliates of any Lender to which Hedge Agreement Obligations are
owing), a continuing security interest in, all of the following property now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest
(collectively, the Collateral), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of such Grantors Obligation:



(a) all Accounts;



(b) all Chattel Paper;



(c) all Deposit Accounts;



(d) all Documents;



(e) all Equipment (including, without
limitation, all parts thereof, all accessions thereto and all replacements therefor);



(f) all General Intangibles;



(g) all Instruments;



(h) all Intellectual Property;



(i) all Inventory (including, without limitation, all accessions thereto);



(j) all Investment Property;



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11





(k) all Personal Property;



(l) the Cash Collateral Account;



(m) all Letter-of-Credit Rights;



(n) all Vehicles;



(o) all Goods and other property not otherwise described above;



(p) all books and records (including, without limitation, customer lists, marketing information, credit files, price lists, operating
records, vendor and supplier price lists, sales literature, computer software, computer hardware, computer disks and tapes and other storage media, printouts and other materials and records) pertaining to the Collateral; and



(q) to the extent not otherwise included, all Proceeds and
products of any and all of the foregoing and all collateral security and guarantees given by any Person with respect to any of the foregoing.



SECTION 4. REPRESENTATIONS AND WARRANTIES



To induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective
extensions of credit to the Borrower thereunder, each Grantor hereby represents and warrants to the Administrative Agent and each Lender that:



4.1 Representations in Credit Agreement. In the case of each Guarantor, the representations and warranties set forth in Section 4
of the Credit Agreement as they relate to such Guarantor or to the Loan Documents to which such Guarantor is a party, each of which is hereby incorporated herein by reference, are true and correct in all material respects, and the Administrative
Agent and each Lender shall be entitled to rely on each of them as if they were fully set forth herein, provided that each reference in each such representation and warranty to the Borrowers or Holdings knowledge shall, for the purposes
of this Section 4.1, be deemed to be a reference to such Guarantors knowledge.



4.2 Title; No Other Liens. Except for the security interest granted to the Administrative Agent for the ratable benefit of the Lenders pursuant to this Agreement and the other Liens permitted to
exist on the Collateral by the Credit Agreement, such Grantor owns each item of the Collateral free and clear of any and all Liens or claims of others. No financing statement or other public notice with respect to all or any part of the Collateral
is on file or of record in any public office, except such as have been filed in favor of the Administrative Agent,



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for the ratable benefit of the
Lenders, pursuant to this Agreement or as are permitted by the Credit Agreement.



4.3 Perfected First Priority Liens. The security interests granted pursuant to this Agreement (a) constitute valid security interests in all of the Collateral located in the United States or
Canada in favor of the Administrative Agent, for the ratable benefit of the Lenders, as collateral security for such Grantors Obligations, enforceable in accordance with the terms hereof against all creditors of such Grantor and any Persons
purporting to purchase any Collateral from such Grantor (other than purchasers in the ordinary course of business) and (b) are prior to all other Liens on the Collateral in existence on the date hereof except for Liens permitted by the Credit
Agreement. Upon the filing of appropriate financing statements or other similar such documentation, and Secured Partys control of all Investment Property, Deposit Accounts and Letter-of-Credit Rights, such security interests shall constitute
perfected security interests in the Collateral.



4.4 Jurisdiction. On the date hereof, such Grantors jurisdiction of organization (which is such Grantors location pursuant to the Texas UCC) is specified on Schedule 3.



4.5 Intentionally Omitted.



4.6 Farm Products. None of the Collateral constitutes,
or is the Proceeds of, Farm Products.



4.7
Pledged Securities. (a) The shares of Pledged Stock pledged by such Grantor hereunder constitute all the issued and outstanding shares of all classes of the Capital Stock of each Issuer owned by such Grantor.



(b) All the shares of the Pledged Stock have been duly and
validly issued and are fully paid and nonassessable.



(c) Each of the Pledged Notes constitutes the legal, valid and binding obligation of the obligor with respect thereto, enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and other similar laws relating to or affecting creditors rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair
dealing.



(d) Such Grantor is the record and
beneficial owner of, and has good and marketable title to, the Investment Property pledged by it hereunder, free of any and all Liens or options in favor of, or claims of, any other Person, except the security interest created by this Agreement, and
as permitted under the Credit Agreement.



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4.8
Receivables. (a) No amount payable to such Grantor under or in connection with any Receivable is evidenced by any Instrument or Chattel Paper which has not been delivered to the Administrative Agent.



(b) The amounts represented by such Grantor to the Lenders
from time to time as owing to such Grantor in respect of the Receivables will at such times be accurate in all material respects.



4.9 Intellectual Property. (a) Schedule 4 lists all Intellectual Property owned by such Grantor in its own name on the date
hereof.



(b) On the date hereof, all material
Intellectual Property of such Grantor described on Schedule 4 is valid, subsisting, unexpired and enforceable, has not been abandoned and does not infringe the intellectual property rights of any other Person.



(c) Except as set forth in Schedule 4, on the date
hereof, none of the Intellectual Property is the subject of any licensing or franchise agreement pursuant to which such Grantor is the licensor or franchisor.



(d) No holding, decision or judgment has been rendered by any Governmental Authority which would limit, cancel or question the validity
of, or such Grantors rights in, any Intellectual Property in any respect that could reasonably be expected to have a Material Adverse Effect.



(e) No action or proceeding is pending, or, to the knowledge of such Grantor, threatened, on the date hereof (i) seeking to limit, cancel
or question the validity of any Intellectual Property or such Grantors ownership interest therein, or (ii) which, if adversely determined, would have a material adverse effect on the value of any Intellectual Property.



SECTION 5. COVENANTS



Each Grantor covenants and agrees with the Administrative
Agent and the Lenders that, from and after the date of this Agreement until the Obligations shall have been paid in full, no Letter of Credit shall be outstanding and the Revolving Credit Commitments shall have terminated:



5.1 Covenants in Credit Agreement. In the case of each
Guarantor, such Guarantor shall take, or shall refrain from taking, as the case may be, each action that is necessary to be taken or not taken, as the case may be, so that no Default or Event of Default is caused by the failure to take such action
or to refrain from taking such action by such Guarantor or any of its Subsidiaries.



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5.2
Delivery of Instruments and Chattel Paper. If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any Instrument, Certificated Security or Chattel Paper, such Instrument, Certificated Security
or Chattel Paper shall be immediately delivered to the Administrative Agent, duly indorsed in a manner reasonably satisfactory to the Administrative Agent, to be held as Collateral pursuant to this Agreement.



5.3 Maintenance of Insurance. Such Grantor will
maintain, with financially sound and reputable companies, insurance policies (i) insuring the Inventory, Equipment and Vehicles against loss by fire, explosion, theft and such other casualties as may be reasonably satisfactory to the Administrative
Agent and (ii) insuring such Grantor and the Administrative Agent, for the benefit of the Lenders, against liability for personal injury and property damage relating to such Inventory, Equipment and Vehicles, such policies to be in such form and
amounts and having such coverage as may be reasonably satisfactory to the Administrative Agent and the Lenders.



(b) All such insurance shall (i) provide that no cancellation, material reduction in amount or material change in coverage thereof shall
be effective until at least 30 days after receipt by the Administrative Agent of written notice thereof, (ii) name the Administrative Agent as insured party or loss payee, (iii) if reasonably requested by the Administrative Agent, include a breach
of warranty clause and (iv) be reasonably satisfactory in all other respects to the Administrative Agent.



(c) The Borrower shall deliver to the Administrative Agent a report of a reputable insurance broker with respect to such insurance
substantially concurrently with the delivery by the Borrower to the Administrative Agent of its audited financial statements for each fiscal year and such supplemental reports with respect thereto as the Administrative Agent may from time to time
reasonably request.



5.4 Payment of
Obligations. Such Grantor will pay and discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all taxes, assessments and governmental charges or levies imposed upon the Collateral or in respect
of income or profits therefrom, as well as all claims of any kind (including, without limitation, claims for labor, materials and supplies) against or with respect to the Collateral, except that no such charge need be paid if the amount or validity
thereof is currently being contested in good faith by appropriate proceedings, reserves in conformity with GAAP with respect thereto have been provided on the books of such Grantor and such proceedings could not reasonably be expected to result in
the sale, forfeiture or loss of any material portion of the Collateral or any interest therein.



5.5 Maintenance of Perfected Security Interest; Further Documentation. (a) Such Grantor shall maintain the security interest created by this Agreement as a perfected security interest (except in
the case of Vehicles and Deposit Accounts) having at least the



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priority described in Section
4.3 and shall defend such security interest against the claims and demands of all Persons whomsoever.



(b) Such Grantor will furnish to the Administrative Agent and the Lenders from time to time statements and schedules further identifying
and describing the assets and property of such Grantor and such other reports in connection with the Collateral as the Administrative Agent may reasonably request, all in reasonable detail.



(c) At any time and from time to time, upon the written
request of the Administrative Agent, and at the sole expense of such Grantor, such Grantor will promptly and duly execute and deliver, and have recorded, such further instruments and documents and take such further actions as the Administrative
Agent may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted, including, without limitation, (i) the filing of any financing or continuation statements under
the Uniform Commercial Code (or other similar laws) in effect in any jurisdiction with respect to the security interests created hereby and (ii) in the case of Investment Property, Deposit Accounts and any other relevant Collateral, taking any
actions necessary to enable the Administrative Agent to obtain control (within the meaning of the applicable Uniform Commercial Code) with respect thereto.



5.6 Changes in Locations, Name, etc. Such Grantor will not, except upon 20 days prior written
notice to the Administrative Agent and delivery to the Administrative Agent of all additional executed financing statements and other documents reasonably requested by the Administrative Agent to maintain the validity, perfection and priority of the
security interests provided for herein:



(i)
change its jurisdiction of organization from that referred to in Section 4.4; or



(ii) change its name, identity or corporate structure to such an extent that any financing statement filed by the Administrative Agent in connection with this Agreement would become misleading.



5.7 Notices. Such Grantor will advise the
Administrative Agent and the Lenders promptly, in reasonable detail, of:



(a) any Lien (other than security interests created hereby or Liens permitted under the Credit Agreement) on any of the Collateral which would adversely affect the ability of the Administrative Agent to exercise any of its
remedies hereunder; and



(b) of the occurrence of
any other event which could reasonably be expected to have a material adverse effect on the aggregate value of the Collateral or on the security interests created hereby.



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5.8
Investment Property. (a) If such Grantor shall become entitled to receive or shall receive any stock certificate (including, without limitation, any certificate representing a stock dividend or a distribution in connection with any
reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option or rights (if in deliverable form) in respect of the Capital Stock of any Issuer, whether in addition to, in substitution of,
as a conversion of, or in exchange for, any shares of the Pledged Stock, or otherwise in respect thereof, such Grantor shall accept the same as the agent of the Administrative Agent and the Lenders, hold the same in trust for the Administrative
Agent and the Lenders and deliver the same forthwith to the Administrative Agent in the exact form received, duly indorsed by such Grantor to the Administrative Agent, if required, together with an undated stock power covering such certificate duly
executed in blank by such Grantor and with, if the Administrative Agent so requests, signature guaranteed, to be held by the Administrative Agent, subject to the terms hereof, as additional collateral security for the Obligations. Except as provided
in the Credit Agreement, any sums paid upon or in respect of the Investment Property upon the liquidation or dissolution of any Issuer shall be paid over to the Administrative Agent to be held by it hereunder as additional collateral security for
the Obligations, and in case any distribution of capital shall be made on or in respect of the Investment Property or any property shall be distributed upon or with respect to the Investment Property pursuant to the recapitalization or
reclassification of the capital of any Issuer or pursuant to the reorganization thereof, the property so distributed shall, unless otherwise subject to a perfected security interest in favor of the Administrative Agent, be delivered to the
Administrative Agent to be held by it hereunder as additional collateral security for the Obligations. Except as provided in the Credit Agreement, if any sums of money or property so paid or distributed in respect of the Pledged Securities shall be
received by such Grantor, such Grantor shall, until such money or property is paid or delivered to the Administrative Agent, hold such money or property in trust for the Lenders, segregated from other funds of such Grantor, as additional collateral
security for the Obligations.



(b) Except as
provided in the Credit Agreement, without the prior written consent of the Administrative Agent, such Grantor will not (i) vote to enable, or take any other action to permit, any Issuer to issue any stock or other equity securities of any nature or
to issue any other securities convertible into or granting the right to purchase or exchange for any stock or other equity securities of any nature of any Issuer, (ii) sell, assign, transfer, exchange, or otherwise dispose of, or grant any option
with respect to, the Investment Property or Proceeds thereof except pursuant to a transaction expressly permitted by the Credit Agreement), (iii) create, incur or permit to exist any Lien or option in favor of, or any claim of any Person with
respect to, any of the Investment Property or Proceeds thereof, or any interest therein, except for the security interests created by this Agreement or (iv) enter into any agreement or undertaking restricting the right or ability of such Grantor or
the Administrative Agent to sell, assign or transfer any of the Pledged Securities or Proceeds thereof.



(c) In the case of each Grantor which is an Issuer, such Issuer agrees that (i) it will be bound by the terms of this Agreement relating
to the Pledged Securities issued by it and



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will comply with such terms
insofar as such terms are applicable to it, (ii) it will notify the Administrative Agent promptly in writing of the occurrence of any of the events described in Section 5.8(a) with respect to the Pledged Securities issued by it and (iii) the terms
of Sections 6.3(c) and 6.7 shall apply to it, mutatis mutandis, with respect to all actions that may be required of it pursuant to Section 6.3(c) or 6.7 with respect to the Pledged Securities issued by it.



5.9 Receivables. (a) Other than in the ordinary course
of business consistent with its past practice, such Grantor will not (i) grant any extension of the time of payment of any Receivable, (ii) compromise or settle any Receivable for less than the full amount thereof, (iii) release, wholly or
partially, any Person liable for the payment of any Receivable, (iv) allow any creditor discount whatsoever on any Receivable or (v) amend, supplement or modify any Receivable in any manner that could adversely affect the value thereof.



(b) Such Grantor will deliver to the
Administrative Agent a copy of each material demand, notice or document received by it that questions or calls into doubt the validity or enforceability of more than 5% of the aggregate amount of the then outstanding Receivables.



5.10 Intellectual Property. (a) Such Grantor (either
itself or through licensees) will (i) continue to use each material Trademark on each and every trademark class of goods applicable to its current line as reflected in its current catalogs, brochures and price lists in order to maintain such
Trademark in full force free from any claim of abandonment for non-use, (ii) maintain as in the past the quality of products and services offered under such Trademark, (iii) use such Trademark with the appropriate notice of registration and all
other notices and legends required by applicable Requirements of Law, (iv) not adopt or use any mark which is confusingly similar or a colorable imitation of such Trademark unless the Administrative Agent, for the ratable benefit of the Lenders,
shall obtain a security interest in such mark pursuant to this Agreement and take reasonable steps to perfect such security interest promptly, and (v) not (and not permit any licensee or sublicensee thereof to) do any act or knowingly omit to do any
act whereby such Trademark may become invalidated or impaired in any way, except to the extent that such Grantor reasonably determines that any Trademark is of no further value.



(b) Such Grantor (either itself or through licensees) will not do any act, or omit to do any act, whereby any
material Patent may become forfeited, abandoned or dedicated to the public.



(c) Such Grantor (either itself or through licensees) (i) will employ each material Copyright and (ii) will not (and will not permit any licensee or sublicensee thereof to) do any act or knowingly omit
to do any act whereby any material portion of the Copyrights may become invalidated or otherwise impaired. Such Grantor will not (either itself or through licensees) do any act whereby any material portion of the Copyrights may fall into the public
domain.



(d) Such Grantor (either itself or
through licensees) will not do any act that knowingly uses any material Intellectual Property to infringe the intellectual property rights of any other Person.





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(e) Such
Grantor will notify the Administrative Agent and the Lenders immediately if it knows, or has reason to know, that any application or registration relating to any material Intellectual Property may become forfeited, abandoned or dedicated to the
public, or of any adverse determination or development (including, without limitation, the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office, the United States Copyright
Office or any court or tribunal in any country) regarding such Grantors ownership of, or the validity of, any material Intellectual Property or such Grantors right to register the same or to own and maintain the same.



(f) Whenever such Grantor, either by itself or through any
agent, employee, licensee or designee, shall file an application for the registration of any Intellectual Property with the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency in any other
country or any political subdivision thereof, such Grantor shall report such filing to the Administrative Agent within five Business Days after the last day of the fiscal quarter in which such filing occurs. Upon request of the Administrative Agent,
such Grantor shall execute and deliver, and have recorded, any and all agreements, instruments, documents, and papers as the Administrative Agent may request to evidence the Administrative Agents and the Lenders security interest in any
Copyright, Patent or Trademark and the goodwill and general intangibles of such Grantor relating thereto or represented thereby.



(g) Such Grantor will take all reasonable and necessary steps, including, without limitation, in any proceeding before the United States
Patent and Trademark Office, the United States Copyright Office or any similar office or agency in any other country or any political subdivision thereof, to maintain and pursue each application (and to obtain the relevant registration) and to
maintain each registration of the material Intellectual Property, including, without limitation, filing of applications for renewal, affidavits of use and affidavits of incontestability.



(h) In the event that any material Intellectual Property is infringed, misappropriated or diluted by a third
party, such Grantor shall (i) take such actions as such Grantor shall reasonably deem appropriate under the circumstances to protect such Intellectual Property and (ii) if such Intellectual Property is of material economic value, promptly notify the
Administrative Agent after it learns thereof.



5.11 Letter of Credit Rights. If such Grantor is at any time a beneficiary under a letter of credit now or hereafter issued in favor of such Grantor, Grantor shall promptly notify the Administrative Agent thereof and, at the
request and option of the Administrative Agent, Grantor shall, pursuant to an agreement in form and substance satisfactory to the Administrative Agent, either (i) arrange for the issuer and any confirmer of such letter of credit to consent to an
assignment to the Administrative Agent of the proceeds of any drawing under such letter of credit or (ii) arrange for the Administrative Agent to become the transferee beneficiary of such letter of credit, with the Administrative Agent agreeing, in
each case, that the proceeds of any drawing under such letter of credit are to be applied in accordance with the Credit Agreement.



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5.12
Commercial Tort Claims. If such Grantor shall at any time hold or acquire a Commercial Tort Claim, such Grantor shall immediately notify the Administrative Agent in writing of the details thereof and grant to the Administrative Agent in such
writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance acceptable to the Administrative Agent, provided that it does not adversely affect such Commercial
Tort Claim.



5.13 Deposit Accounts. For
each Deposit Account that such Grantor at any time opens and maintains, such Grantor shall, at Administrative Agents request and option, pursuant to an agreement in form and substance satisfactory to Administrative Agent, either (i) cause the
depository bank which maintains such Deposit Account to agree to comply at any time with instructions from Administrative Agent to such depository bank directing the disposition of funds from time to time credited to such Deposit Account, without
further consent of such Grantor, or (ii) arrange for Administrative Agent to become the customer of such depository bank with respect to the Deposit Account, with such Grantor being permitted, only with the consent of Administrative Agent to
exercise rights to withdraw funds from such Deposit Account. Administrative Agent agrees with such Grantor that Administrative Agent shall not give any such instructions or withhold any withdrawal rights from such Grantor unless an Event of Default
has occurred and is continuing. The provisions of this Section 5.13 shall not apply to (a) any Deposit Account for which such Grantor, the applicable depository bank, and Administrative Agents have entered into a cash collateral agreement specially
negotiated among such Grantor, such depositary bank, and Administrative Agent for the specific purpose set forth therein, (b) Deposit Accounts for which Administrative Agent is the depositary bank, and (c) Deposit Accounts specially and exclusively
used for payroll, payroll taxes, and other employee wage and benefit payments to or for the benefit of such Grantors salaried employees.



SECTION 6. REMEDIAL PROVISIONS



6.1 Certain Matters Relating to Receivables. (a) The Administrative Agent shall have the right to make test verifications of the
Receivables in any manner and through any medium that it reasonably considers advisable, and each Grantor shall furnish all such assistance and information as the Administrative Agent may require in connection with such test verifications. At any
time during the existence and continuance of an Event of Default, upon the Administrative Agents request and at the expense of the relevant Grantor, such Grantor shall cause independent public accountants or others satisfactory to the
Administrative Agent to furnish to the Administrative Agent reports showing reconciliations, aging and test verifications of, and trial balances for, the Receivables.



(b) The Administrative Agent hereby authorizes each Grantor to collect such Grantors Receivables,
subject to the Administrative Agents direction and control, and the Administrative Agent may curtail or terminate said authority at any time after the occurrence and during the continuance of an Event of Default. Any payments of Receivables,
when collected by



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any Grantor, (i) shall be
forthwith deposited by such Grantor in the exact form received, duly indorsed by such Grantor to the Administrative Agent, in the Lockbox Account, and (ii) until so turned over, shall be held by such Grantor in trust for the Administrative Agent and
the Lenders, segregated from other funds of such Grantor. Each such deposit of Proceeds of Receivables shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in the deposit.



(c) At the Administrative Agents request, each Grantor
shall deliver to the Administrative Agent all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to the Receivables, including, without limitation, all original orders, invoices and shipping
receipts.



6.2 Communications with Obligors;
Grantors Remain Liable. (a) The Administrative Agent in its own name or in the name of others may at any time communicate with obligors under the Receivables to verify with them to the Administrative Agents satisfaction the existence,
amount and terms of any Receivables provided that in the absence of an Event of Default, such communication may be had only with the Borrowers prior approval, which shall not be unreasonably withheld.



(b) Anything herein to the contrary notwithstanding, each
Grantor shall remain liable under each of the Receivables to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise thereto. Neither the
Administrative Agent nor any Lender shall have any obligation or liability under any Receivable (or any agreement giving rise thereto) by reason of or arising out of this Agreement or the receipt by the Administrative Agent or any Lender of any
payment relating thereto, nor shall the Administrative Agent or any Lender be obligated in any manner to perform any of the obligations of any Grantor under or pursuant to any Receivable (or any agreement giving rise thereto), to make any payment,
to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party thereunder, to present or file any claim, to take any action to enforce any performance or to collect the
payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times.



6.3 Pledged Stock. (a) Unless an Event of Default shall have occurred and be continuing and the Administrative Agent shall have
given notice to the relevant Grantor of the Administrative Agents intent to exercise its corresponding rights pursuant to Section 6.3(b), each Grantor shall be permitted to exercise all voting and corporate rights with respect to the Pledged
Securities; provided, however, that no vote shall be cast or corporate right exercised or other action taken which, in the Administrative Agents reasonable judgment, would impair the Collateral or which would be inconsistent with
or result in any violation of any provision of the Credit Agreement, this Agreement or any other Loan Document.



(b) If an Event of Default shall occur and be continuing and the Administrative Agent shall give notice ofits intent to exercise such
rights to the relevant Grantor



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or Grantors, (i)the
Administrative Agent shall have the right to receive any and all cash dividends, payments or other Proceeds paid in respect of the Pledged Securities and make application thereof to the Obligations in accordance with the Credit Agreement and (ii)any
or all of the Pledged Securities shall be registered in the name of the Administrative Agent or its nominee, and the Administrative Agent or its nominee may thereafter exercise (x) all voting, corporate and other rights pertaining to such Pledged
Securities at any meeting of shareholders of the relevant Issuer or Issuers or otherwise and (y) any and all rights of conversion, exchange and subscription and any other rights, privileges or options pertaining to such Pledged Securities as if it
were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Pledged Securities upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the
corporate structure of any Issuer, or upon the exercise by any Grantor or the Administrative Agent of any right, privilege or option pertaining to such Pledged Securities, and in connection therewith, the right to deposit and deliver any and all of
the Pledged Securities with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Administrative Agent may determine), all without liability except to account for property actually
received by it, but the Administrative Agent shall have no duty to any Grantor to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing.



(c) Each Grantor hereby authorizes and instructs each Issuer
of any Pledged Securities pledged by such Grantor hereunder to (i) comply with any instruction received by it from the Administrative Agent in writing that is in accordance with the terms of this Agreement, without any other or further instructions
from such Grantor, and each Grantor agrees that each Issuer shall be fully protected in so complying, and (ii) pay any dividends or other payments with respect to the Pledged Securities directly to the Administrative Agent.



6.4 Proceeds to be Turned Over To Administrative Agent.
In addition to the rights of the Administrative Agent and the Lenders specified in Section 6.1 with respect to payments of Receivables, all Proceeds received by any Grantor consisting of cash, checks and other near-cash items shall be held by such
Grantor in trust for the Administrative Agent and the Lenders, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be deposited into the Lockbox Account.



6.5 Intentionally Omitted.



6.6 Code and Other Remedies. If an Event of Default
shall occur and be continuing, the Administrative Agent, on behalf of the Lenders, may exercise, in addition to all other rights and remedies granted to them in this Agreement and in any other instrument or agreement securing, evidencing or relating
to the Obligations, all rights and remedies of a secured party under the Texas UCC or any other applicable law. Without limiting the generality of the foregoing, the Administrative Agent, without demand of performance or other demand, presentment,
protest, advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), may in such
circumstances forthwith



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collect, receive, appropriate
and realize upon the Collateral, or any part thereof, and/or may forthwith sell, sell by deferred payment, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or any part thereof (or contract to do
any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, brokers board or office of the Administrative Agent or any Lender or elsewhere upon such terms and conditions as it may deem advisable and at
such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. The Administrative Agent or any Lender shall have the right upon any such public sale or sales, and, to the extent permitted by law,
upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Grantor, which right or equity is hereby waived and released. Each Grantor further agrees, at the
Administrative Agents request, to assemble the Collateral and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably select, whether at such Grantors premises or elsewhere. The
Administrative Agent shall apply the net proceeds of any action taken by it pursuant to this Section 6.6, after deducting all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of
any of the Collateral or in any way relating to the Collateral or the rights of the Administrative Agent and the Lenders hereunder, including, without limitation, reasonable attorneys fees and disbursements, to the payment in whole or in part
of the Obligations, in such order as the Administrative Agent may elect, and only after such application and after the payment by the Administrative Agent of any other amount required by any provision of law, including, without limitation, Section
9.615 of the Texas UCC, need the Administrative Agent account for the surplus, if any, to any Grantor. To the extent permitted by applicable law, each Grantor waives all claims, damages and demands it may acquire against the Administrative Agent or
any Lender arising out of the exercise by them of any rights hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before
such sale or other disposition.



6.7 Waiver;
Deficiency. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay its Obligations and the fees and disbursements of any attorneys employed (including
in-house counsel) by the Administrative Agent or any Lender to collect such deficiency.



SECTION 7. THE ADMINISTRATIVE AGENT



7.1 Administrative Agents Appointment as Attorney-in-Fact, etc. (a) Each Grantor hereby irrevocably constitutes and appoints the Administrative Agent and any officer or agent thereof, with
full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or in its own name, for the purpose of carrying out the terms of
this Agreement, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, each
Grantor hereby gives the Administrative Agent the power and



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23





right, on behalf of such
Grantor, without notice to or assent by such Grantor, to do any or all of the following:



(i) in the name of such Grantor or its own name, or otherwise, take possession of and indorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under
any Receivable or with respect to any other Collateral and file any claim or take any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the Administrative Agent for the purpose of collecting any and all such
moneys due under any Receivable or with respect to any other Collateral whenever payable;



(ii) in the case of any Intellectual Property, execute and deliver, and have recorded, any and all agreements, instruments, documents and papers as the Administrative Agent may request to evidence the
Administrative Agents and the Lenders security interest in such Intellectual Property and the goodwill and general intangibles of such Grantor relating thereto or represented thereby;



(iii) pay or discharge taxes and Liens levied or placed on or
threatened against the Collateral, effect any repairs or any insurance called for by the terms of this Agreement and pay all or any part of the premiums therefor and the costs thereof;



(iv) execute, in connection with any sale provided for in Section 6.6 or 6.7, any indorsements, assignments
or other instruments of conveyance or transfer with respect to the Collateral; and



(v) (1) direct any party liable for any payment under any of the Collateral to make payment of any and all moneys due or to become due thereunder directly to the Administrative Agent or as the
Administrative Agent shall direct; (2) ask or demand for, collect, and receive payment of and receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral; (3) sign and
indorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications, notices and other documents in connection with any of the Collateral; (4) commence and prosecute any
suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any portion thereof and to enforce any other right in respect of any Collateral; (5) defend any suit, action or proceeding brought
against such Grantor with respect to any Collateral; (6) settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases as the Administrative Agent may deem appropriate; (7) assign any
Copyright, Patent or Trademark (along with the goodwill of the business to which any such Copyright, Patent or Trademark pertains), throughout the world for such term or terms, on such conditions, and in such manner, as the Administrative Agent
shall in its sole discretion determine; and (8) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though the



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24





Administrative Agent were the absolute owner thereof for all purposes, and do, at the Administrative Agents option and such Grantors expense, at any time, or from time to time, all acts and things which the Administrative
Agent deems necessary to protect, preserve or realize upon the Collateral and the Administrative Agents and the Lenders security interests therein and to effect the intent of this Agreement, all as fully and effectively as such Grantor
might do.



Anything in this Section 7.1(a) to the
contrary notwithstanding, the Administrative Agent agrees that it will not exercise any rights under the power of attorney provided for in this Section 7.1(a) unless an Event of Default shall have occurred and be continuing.



(b) If any Grantor fails to perform or comply with any of its
agreements contained herein, the Administrative Agent, at its option, but without any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement.



(c) The expenses of the Administrative Agent incurred in
connection with actions undertaken as provided in this Section 7.1, together with interest thereon at a rate per annum equal to the rate per annum at the Adjusted Base Rate, from the date of payment by the Administrative Agent to the date reimbursed
by the relevant Grantor, shall be payable by such Grantor to the Administrative Agent on demand.



(d) Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done by virtue hereof. All powers, authorizations and agencies contained in this Agreement are coupled with an
interest and are irrevocable until this Agreement is terminated and the security interests created hereby are released.



7.2 Duty of Administrative Agent. The Administrative Agents sole duty with respect to the custody, safekeeping and physical
preservation of the Collateral in its possession, under Section 9.207 of the Texas UCC or otherwise, shall be to deal with it in the same manner as the Administrative Agent deals with similar property for its own account. Neither the Administrative
Agent, any Lender nor any of their respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or
otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Administrative Agent and the Lenders
hereunder are solely to protect the Administrative Agents and the Lenders interests in the Collateral and shall not impose any duty upon the Administrative Agent or any Lender to exercise any such powers. The Administrative Agent and the
Lenders shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents shall be responsible to any Grantor for any act or
failure to act hereunder, except for their own gross negligence or willful misconduct.



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25





7.3
Authorization to File Financing Statements. Each Grantor hereby irrevocably authorizes Administrative Agent at any time and from time to time to file, without the signature of such Grantor, in any jurisdiction any amendments to existing
financing statements and any initial financing statements and amendments thereto that (a) indicate the Collateral (i) as all assets of Debtor and all proceeds thereof, and all rights and privileges with respect thereto or words of
similar effect, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the Texas UCC, or (ii) as being of an equal or lesser scope or with greater detail; (b) contain any other information
required by subchapter E of Article 9 of the UCC for the sufficiency or filing office acceptance of any financing statement or amendment, including whether such Grantor is an organization, the type of organization and any organization identification
number issued to Grantor; and (c) are necessary to properly effectuate the transactions described in the Credit Agreement, as determined by Administrative Agent in its discretion. Each Grantor agrees to furnish any such information to Administrative
Agent promptly upon request. Each Grantor further agrees that a carbon, photographic or other reproduction of this Agreement or any financing statement describing any Collateral is sufficient as a financing statement and may be filed in any
jurisdiction by Administrative Agent.



7.4
Authority of Administrative Agent. Each Grantor acknowledges that the rights and responsibilities of the Administrative Agent under this Agreement with respect to any action taken by the Administrative Agent or the exercise or non-exercise by
the Administrative Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Administrative Agent and the Lenders, be governed by the Credit
Agreement and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Administrative Agent and the Grantors, the Administrative Agent shall be conclusively presumed to be acting as agent for the
Lenders with full and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority.



SECTION 8. MISCELLANEOUS



8.1 Amendments in Writing. None of the terms or provisions of this Agreement may be waived, amended,
supplemented or otherwise modified except in accordance with Section 10.1 of the Credit Agreement.



8.2 Notices. All notices, requests and demands to or upon the Administrative Agent or any Grantor hereunder shall be effected in
the manner provided for in Section 10.2 of the Credit Agreement; provided that any such notice, request or demand to or upon any Guarantor shall be addressed to such Guarantor at its notice address set forth on Schedule 1.



8.3 No Waiver by Course of Conduct;
Cumulative Remedies. Neither the Administrative Agent nor any Lender shall by any act (except by a written instrument pursuant to Section 8.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to
have acquiesced in any Default or Event of Default. No failure to



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26





exercise, nor any delay in
exercising, on the part of the Administrative Agent or any Lender, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or
further exercise thereof or the exercise of any other right, power or privilege. A waiver by the Administrative Agent or any Lender of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which the
Administrative Agent or such Lender would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, maybe exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law.



8.4 Enforcement Expenses;
Indemnification. (a) Each Guarantor agrees to pay, or reimburse each Lender and the Administrative Agent for, all its costs and expenses incurred in collecting against such Guarantor under the guarantee contained in Section 2 or otherwise
enforcing or preserving any rights under this Agreement and the other Loan Documents to which such Guarantor is a party, including, without limitation, the reasonable fees and disbursements of counsel to each Lender and of counsel to the
Administrative Agent (including in each case, in-house counsel).



(b) Each Guarantor agrees to pay, and to save the Administrative Agent and the Lenders harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes
which may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by this Agreement.



(c) Each Grantor will indemnify the Administrative Agent and each Lender from and against any and all
claims, losses and liabilities growing out of or resulting from this Agreement (including enforcement of this Agreement), WHETHER OR NOT SUCH CLAIMS, LOSSES AND LIABILITIES ARE IN ANY WAY OR TO ANY EXTENT CAUSED BY OR ARISING OUT OF SUCH INDEMNIFIED
PARTYS OWN NEGLIGENCE OR STRICT LIABILITY, except to the extent such claims, losses or liabilities are proximately caused by such indemnified partys individual gross negligence or willful misconduct.



(d) Each Guarantor agrees to pay, and to save the
Administrative Agent and the Lenders harmless from, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution,
delivery, enforcement, performance and administration of this Agreement to the extent the Borrower would be required to do so pursuant to Section 10.5 of the Credit Agreement,



(e) The agreements in this Section shall survive repayment of the Obligations and all other amounts payable
under the Credit Agreement and the other Loan Documents.



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27





8.5
Successors and Assigns. This Agreement shall be binding upon the successors and assigns of each Grantor and shall inure to the benefit of the Administrative Agent and the Lenders and their successors and assigns; provided that no
Grantor may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Administrative Agent.



8.6 Set-Off. Each Grantor hereby irrevocably authorizes the Administrative Agent and each Lender during the continuation of a
Default or Event of Default, without notice to such Grantor or any other Grantor, any such notice being expressly waived by each Grantor, to set-off and appropriate and apply any and all deposits (general or special, time or demand, provisional or
final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by the Administrative Agent or such Lender to
or for the credit or the account of such Grantor, or any part thereof in such amounts as the Administrative Agent or such Lender may elect, against and on account of the obligations and liabilities of such Grantor to the Administrative Agent or such
Lender hereunder and claims of every nature and description of the Administrative Agent or such Lender against such Grantor, in any currency, whether arising hereunder, under the Credit Agreement, any other Loan Document or otherwise, as the
Administrative Agent or such Lender may elect, whether or not the Administrative Agent or any Lender has made any demand for payment and although such obligations, liabilities and claims may be contingent or unmatured. The Administrative Agent and
each Lender shall notify such Grantor promptly of any such set-off and the application made by the Administrative Agent or such Lender of the proceeds thereof, provided that the failure to give such notice shall not affect the validity of
such set-off and application. The rights of the Administrative Agent and each Lender under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off) which the Administrative Agent or such
Lender may have.



8.7 Counterparts. This
Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.



8.8 Severability. Any provision of this
Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.



8.9 Section Headings. The Section headings used in this Agreement are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation hereof.



8.10 Integration. This Agreement and the other Loan Documents represent the agreement of the Grantors, the Administrative Agent and the Lenders with respect to the subject matter hereof and
thereof, and there are no promises, undertakings, representations or warranties



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28



by the Administrative Agent or any Lender relative to subject matter hereof and thereof not expressly set
forth or referred to herein or in the other Loan Documents.



8.11 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF TEXAS, EXCEPT TO THE EXTENT THAT PERFECTION OR NON-PERFECTION OF THE SECURITY INTERESTS CREATED
HEREBY, IN RESPECT OF ANY PARTICULAR COLLATERAL, ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF TEXAS.



8.12 Submission To Jurisdiction; Waivers. Each Grantor hereby irrevocably and unconditionally:



(a) submits for itself and its property in any legal action
or proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the Courts of the State of Texas, the
courts of the United States of America for the Northern District of Texas, and appellate courts from any thereof;



(b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter
have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;



(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy
thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Grantor at its address referred to in Section 8.2 or at such other address of which the Administrative Agent shall have been notified
pursuant thereto;



(d) agrees that nothing
herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and



(e) if such Grantor is organized under a jurisdiction outside the United States, such Grantor irrevocably
and unconditionally appoints CT Corporation System (the Texas Process Agent), as its agent to receive on behalf of itself and its property, service of copies of the summons and complaint and any other process which may be served
in any such action or proceeding in any such Texas State or Federal court and agrees promptly to appoint a successor Texas Process Agent (which successor Texas Process Agent shall accept such appointment in writing prior to the termination, for any
reason, of the appointment of the initial Texas Process Agent) and promptly to provide written notice to the Administrative Agent and each Lender of the appointment of such successor Texas Process Agent. In any such action or proceeding in such
Texas State or Federal court sitting in Texas, such service may be made on such Grantor by delivering a



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29





copy of such process to in
care of the appropriate Texas Process Agent at such Texas Process Agents address. Each such Grantor hereby irrevocably and unconditionally authorizes and directs such Texas Process Agent to accept such service on its behalf.



(f) waives, to the maximum extent not prohibited by law,
any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages.



8.13 Acknowledgments. Each Grantor hereby acknowledges that:



(a) it has been advised by counsel in the negotiation,
execution and delivery of this Agreement and the other Loan Documents to which it is a party;



(b) neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to any Grantor arising out of or in connection with this Agreement or any of the other Loan Documents,
and the relationship between the Grantors, on the one hand, and the Administrative Agent and Lenders, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and



(c) no joint venture is created hereby or by the other Loan
Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Grantors and the Lenders.



8.14 Additional Grantors. Each Subsidiary of the Borrower that is required to become a party to this Agreement pursuant to Section
6.9 of the Credit Agreement shall become a Grantor for all purposes of this Agreement upon execution and delivery by such Subsidiary of a Joinder Agreement in the form of Annex 1 hereto.



8.15 Releases. (a) At such time as the Loans, the Reimbursement Obligations and the other Obligations
(other than Borrower Hedge Agreement Obligations) shall have been paid in full, the Revolving Credit Commitments have been terminated and no Letters of Credit shall be outstanding or the principal amount thereof shall be cash collateralized, the
Collateral other than cash securing outstanding Letters of Credit shall be released from the Liens created hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent and
each Grantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Grantors. At the request and sole expense of any Grantor following any such
termination, the Administrative Agent shall deliver to such Grantor any Collateral held by the Administrative Agent hereunder, and execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such
termination.



(b) If any of the Collateral shall
be sold, transferred or otherwise disposed of by any Grantor in a transaction permitted by the Credit Agreement, then the Administrative Agent, at the request and sole expense of such Grantor, shall execute and deliver to such Grantor



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30





all releases or other
documents reasonably necessary or desirable for the release of the Liens created hereby on such Collateral.



8.16 Restatement. This Agreement restates, amends and continues in its entirety that certain Guarantee and Collateral Agreement
dated March 8, 2000, given by Grantors in favor of the Administrative Agent (the Original Agreement), effective as of the date hereof, and all of the terms and provisions hereof shall supersede the terms and provisions thereof. This
Agreement renews, extends and continues all liens, rights and security interests existing by virtue of the Original Agreement, but the terms and provisions and conditions of such liens, rights and security interests shall hereafter be governed in
all respects by this Agreement. IFCO Systems Canada, Inc. hereby confirms that those certain collateral documents covering Collateral located in the province of Quebec dated as of October 11, 2002, executed and delivered by IFCO Systems Canada, Inc.
for the benefit of the Administrative Agent, including without limitation, a Deed of Hypothec, the Bond and the Movable Hypothec and Pledge, continue to secure all present and future obligations of IFCO Systems Canada, Inc. under and pursuant to
this Agreement and the Credit Agreement.



8.17. RELEASE OF CLAIMS. EACH GRANTOR (FOR ITSELF AND ITS SUCCESSORS, AGENTS, ASSIGNS, TRANSFEREES, OFFICERS, DIRECTORS, EMPLOYEES, SHAREHOLDERS, ATTORNEYS AND AGENTS) HEREBY RELEASES ANY AND ALL CLAIMS, CAUSES OF ACTION OR
OTHER DISPUTES IT MAY HAVE AGAINST THE ADMINISTRATIVE AGENT, ANY OF THE LENDERS, LEGAL COUNSEL TO THE ADMINISTRATIVE AGENT OR LENDERS, CONSULTANTS HIRED BY ANY OF THE FOREGOING, OR ANY OF THEIR RESPECTIVE AFFILIATES, SUBSIDIARIES, SHAREHOLDERS,
AGENTS, DIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES, SUCCESSORS OR ASSIGNS OF ANY KIND OR NATURE ARISING OUT OF, RELATED TO, OR IN ANY WAY CONNECTED WITH THE EXISTING AGREEMENT, THE ORIGINAL AGREEMENT, OR THE DOCUMENTS EXECUTED IN CONNECTION
THEREWITH, IN EACH CASE WHICH MAY HAVE ARISEN ON OR BEFORE THE CLOSING DATE. EACH GRANTOR HEREBY ACKNOWLEDGES THAT IT HAS READ THIS AGREEMENT AND HAS CONFERRED WITH ITS COUNSEL AND ADVISORS REGARDING ITS CONTENT, INCLUDING THIS SECTION 8.17, AND IS
FREELY AND VOLUNTARILY ENTERING INTO THE LOAN DOCUMENTS TO WHICH IT IS A PARTY, AND HEREBY AGREES TO WAIVE ANY CLAIM THAT THE TERMS OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (INCLUDING, WITHOUT LIMITATION, THE RELEASES CONTAINED HEREIN) ARE
INVALID OR OTHERWISE UNENFORCEABLE.



8.18
WAIVER OF JURY TRIAL. EACH GRANTOR AND, BY ACCEPTANCE OF THE BENEFITS HEREOF, EACH AGENT AND EACH LENDER, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.



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31





THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS OF THE
PARTIES.



[Remainder of Page Left Blank
Intentionally]





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IN WITNESS
WHEREOF, each of the undersigned has caused this Guarantee and Collateral Agreement to be duly executed and delivered as of the date first above written.



IFCO SYSTEMS NORTH AMERICA, INC.By:

/s/    KARL POHLERName: Title:

Karl Pohler Chief Executive Officer






By:

/s/    DAVID S. RUSSELLName: Title:

David S. Russell President






IFCO SYSTEMS N.V.By:

/s/    KARL POHLERName: Title:

Karl Pohler Chief Executive Officer






By:

/s/    MICHAEL W. NIMTSCHName: Title:

Michael W. Nimtsch Chief Financial OfficerIFCO SYSTEMS VIRGINIA, INC. IFCO SYSTEMS FLORIDA, INC. IFCO SYSTEMS WISCONSIN, INC. NLD, INC. IFCO SYSTEMS CALIFORNIA, INC. IFCO SYSTEMS BUTNER, INC. IFCO SYSTEMS PENNSYLVANIA, INC. IFCO SYSTEMS INDIANA,
INC. VALLEY CRATING AND PACKAGING, INC. IFCO SYSTEMS WATERLOO, WI, INC. IFCO SYSTEMS MAINE, INC. BLACK RIVER FOREST PRODUCTS, INC. PALEX-TEXAS,
INC. IFCO SYSTEMS IOWA, INC.IFCO SYSTEMS NORTH CAROLINA, INC. IFCO SYSTEMS LOUISIANA, INC. IFCO SYSTEMS ARIZONA, INC. NLP TRANSPORT, INC. AZ PALLET, INC. BROMLEY ACQUISITION COMPANY, INC. IFCO SYSTEMS OHIO, INC.




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PALLET MANAGEMENT SERVICES, INC. IFCO SYSTEMS WESTERN REGION, INC.By:

/s/    DAVID S. RUSSELLDavid S. Russell, Presidnet






PALEX TEXAS HOLDINGS, INC.By:

/s/    DAVID S. RUSSELLDavid S. Russell, Presidnet




IFCO SYSTEMS CHICAGO, INC. IFCO SYSTEMS HOLDING COMPANY, INC. IFCO SYSTEMS WASHINGTON, INC. MONTEBELLO IFCO SYSTEMS, INC. ERC SYSTEMS, INC. IFCO SYSTEMS ZELLWOOD, INC. IFCO SYSTEMS MINNESOTA,
INC. IFCO SYSTEMS GEORGIA, INC. IFCO SYSTEMS ILLINOIS, INC. IFCO SYSTEMS CHARLOTTE, INC. IFCO SYSTEMS MIAMI,
INC. IFCO SYSTEMS MINNEAPOLIS, INC. IFCO SYSTEMS SOUTH CAROLINA, INC. IFCO SYSTEMS KANSAS, INC. IFCO SYSTEMS MICHIGAN, INC.




By:

/s/    GAYLE
DALICANDROGayle Dalicandro, President








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IFCO SYSTEMS CONTAINER LLCBy:

IFCO Systems Chicago, Inc., its Member




By:

/s/    GAYLE
DALICANDROGayle Dalicandro, President






By:

ERC Systems, Inc., its Member






By:

/s/    GAYLE
DALICANDROGayle Dalicandro, President






PALEX-TEXAS L.P.By:

PalEx-Texas, Inc., its general partner






By:

/s/    DAVID S.
RUSSELLDavid Russell, President




SCHOELLER U.S., INC.By:

/s/    DAVID S.
RUSSELLDavid Russell, President






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IFCO-U.S., L.L.C.By:

Schoeller U.S., Inc., its Member




By:

/s/    DAVID S. RUSSELLDavid Russell, President






By:

IFCO Systems North America, Inc., its Member




By:

/s/    DAVID S.
RUSSELLDavid Russell, President






IFCO SYSTEMS CANADA INC.






By:

/s/    DAVID S.
RUSSELLDavid Russell, President






DSF REALTY I, INC.By:

/s/    GAYLE DALICANDROName: Title:

Gayle Dalicandro, President






DSF REALTY II, INC.By:

/s/    GAYLE DALICANDROName: Title:

Gayle Dalicandro, President






IFCO POOLING SERVICES, INC.By:

/s/    GAYLE DALICANDRO






---

Gayle Dalicandro President






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Schedule
1



NOTICE ADDRESSES OF GUARANTORS





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Schedule
2



DESCRIPTION OF PLEDGED SECURITIES



Pledged Stock:



|Issuer |  | Class of Stock |  | Stock Certificate No. |  | No. of Shares
|------ |  | -------------- |  | --------------------- |  | -------------



Pledged Notes:



|Issuer |  | Class of Stock |  | Payee |  | Principal Amount
|------ |  | -------------- |  | ----- |  | ----------------





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Schedule
3



JURISDICTION OF ORGANIZATION





|Grantor |  | Jurisdiction of Organization
|------- |  | ----------------------------





---



Schedule 4



INTELLECTUAL PROPERTY



|I. |  | Copyrights and Copyright Licenses:
|-- |  | ----------------------------------



|II. |  | Patents and Patent Licenses:
|--- |  | ----------------------------



|III. |  | Trademarks and Trademark Licenses:
|---- |  | ----------------------------------





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Annex I

to

Guarantee and Collateral Agreement



JOINDER AGREEMENT



,
 a corporation (the Subsidiary), hereby agrees with Bank One, NA, as
Administrative Agent (the Administrative Agent), under the Third Amended and Restated Credit Agreement, dated as of December 20, 2002, among IFCO Systems North America, Inc., a Delaware corporation (the
Borrower), IFCO Systems N.V., a public limited liability company organized under the laws of the Netherlands (Holdings), the Lenders parties thereto, and the Administrative Agent (as modified from
time to time, the Credit Agreement, the capitalized terms of which are used herein unless otherwise defined herein), and the First Amended and Restated Guarantee and Collateral Agreement dated as of December 23, 2002 by
Holdings, Borrower and the Subsidiary Guarantors (as amended and modified from time to time, the Guarantee and Collateral Agreement), in connection with the Credit Agreement, as follows:



In accordance with Section 6.9(c) of the Credit
Agreement, the Subsidiary hereby (a) joins the Guarantee and Collateral Agreement as a party thereto and assumes all the obligations of a Guarantor (as defined in the Guarantee and Collateral Agreement) under the Guarantee and Collateral Agreement,
(b) agrees to be bound by the provisions of the Guarantee and Collateral Agreement as if the Subsidiary had been an original party to the Guarantee and Collateral Agreement, and (c) confirms that, after joining the Guarantee and Collateral Agreement
as set forth above, the representations and warranties set forth in the Credit Agreement and the Guarantee and Collateral Agreement with respect to the Subsidiary are true and correct in all material respects as of the date of this Joinder
Agreement. In connection with the foregoing, the Subsidiary has and does hereby grant a security interest in and to its Collateral (as that term is defined in the Guarantee and Collateral Agreement), which is hereby made a part thereof, as security
for the obligations secured by the Guarantee and Collateral Agreement.



For purpose of notices under the Guarantee and Collateral Agreement, the notice address for the Subsidiary is as set forth on Schedule 1 attached hereto.



Schedules 1, 2, 3, and 4, to the Guarantee and Collateral Agreement are supplemented with the
information regarding the Subsidiary set forth on Schedules 1, 2, 3, and 4 (Guarantee and Collateral Agreement) to this Joinder Agreement.





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THERE ARE NO
UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.



IN
WITNESS WHEREOF, this Joinder Agreement is executed and delivered as of the  day of , 20
.





[ADDITIONAL GRANTOR]By:Name:Title:








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Annex II

to

Guarantee and Collateral Agreement



ACKNOWLEDGMENT AND CONSENT



The
undersigned hereby acknowledges receipt of a copy of the First Amended and Restated Guarantee and Collateral Agreement dated as of December 20, 2002 (the Agreement), made by the Grantors parties thereto for the benefit of Bank
One, NA, as Administrative Agent. The undersigned agrees for the benefit of the Administrative Agent and the Lenders as follows:



1. The undersigned will be bound by the terms of the Agreement and will comply with such terms insofar as such terms are applicable to the
undersigned.



2. The undersigned will notify the
Administrative Agent promptly in writing of the occurrence of any of the events described in Section 5.8(a) of the Agreement.



3. The terms of Section 6.3(a) of the Agreement shall apply to it, mutatis mutandis, with respect to all actions that may be
required of it pursuant to Section 6.3(a) of the Agreement.



[NAME OF ISSUER]By:Name: Title:Address for Notices: