EXHIBIT 4.3



U.S. PLEDGE AGREEMENT



U.S. PLEDGE AGREEMENT, dated as of November 13, 2003 (as amended, restated, modified and/or supplemented from time to time, this
Agreement), made by each of the undersigned (each, a Pledgor and, together with any other entity which becomes a party hereto pursuant to Section 30, collectively, the Pledgors), in favor of
CREDIT SUISSE FIRST BOSTON, acting through its Cayman Islands Branch, as Collateral Agent (together with any successor Collateral Agent, the Pledgee), for the benefit of the Secured Creditors (as defined below). Except as
otherwise defined herein, all capitalized terms used herein and defined in the Credit Agreement (as defined below) shall be used herein as therein defined.



W I T N E S S E T H :



WHEREAS, Quality Distribution, Inc. (Holdings), Quality Distribution, LLC (the Borrower), the lenders from time to
time party thereto (the Lenders), JPMorgan Chase Bank, as Documentation Agent (in such capacity, together with any successor documentation agent, the Documentation Agent), Deutsche Bank Securities Inc. and Bear
Sterns Corporate Lending Inc., as Co-Syndication Agents (in such capacity, together with any successor syndication agents, the Co-Syndication Agents), and Credit Suisse First Boston, acting through its Cayman Islands Branch, as
Administrative Agent (in such capacity, together with any successor administrative agent, the Administrative Agent), have entered into a Credit Agreement, dated as of November 13, 2003 (as amended, restated, modified and/or
supplemented from time to time, the Credit Agreement), providing for the making of Loans to, and the issuance of, and participation in, Letters of Credit for the account of the Borrower, all as contemplated therein (the Lenders,
each Letter of Credit Issuer, the Documentation Agent, the Co-Syndication Agents, the Administrative Agent, the Collateral Agent and the Pledgee are herein called the Lender Creditors);



WHEREAS, the Borrower may at any time and from time to time enter into one or
more Interest Rate Protection Agreements or Other Hedging Agreements with one or more Lenders or any affiliate thereof (each such Lender or affiliate, even if the respective Lender subsequently ceases to be a Lender under the Credit Agreement for
any reason, together with such Lenders or affiliates successors and assigns, if any, collectively, the Other Creditors and, together with the Lender Creditors, the Secured Creditors);



WHEREAS, pursuant to the Holdings Guaranty, Holdings has guaranteed to the
Secured Creditors the payment when due of all Guaranteed Obligations as described therein;



WHEREAS, pursuant to the Subsidiaries Guaranty, dated as of November 13, 2003 (as amended, restated, modified and/or supplemented from time to time, the SubsidiariesGuaranty), each
Subsidiary Guarantor has jointly and severally guaranteed to the Secured Creditors the payment when due of all Guaranteed Obligations as described therein;



WHEREAS, it is a condition precedent to the making of Loans to the Borrower and the issuance of, and participation in, Letters of Credit for the account
of the Borrower under



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the Credit Agreement and to the Other Creditors entering into Interest Rate Protection Agreements and Other Hedging Agreements, that each Pledgor shall have
executed and delivered to the Pledgee this Agreement; and



WHEREAS, each Pledgor will obtain benefits from the incurrence of Loans by the Borrower and the issuance of, and participation in, Letters of Credit for the account of the Borrower under the Credit Agreement and the entering into by the
Borrower of Interest Rate Protection Agreements or Other Hedging Agreements and, accordingly, desires to execute this Agreement in order to satisfy the condition described in the preceding paragraph and to induce the Lenders to make Loans to the
Borrower and issue, and/or participate in, Letters of Credit for the account of the Borrower and the Other Creditors to enter into Interest Rate Protection Agreements or Other Hedging Agreements with the Borrower;



NOW, THEREFORE, in consideration of the foregoing and other benefits accruing
to each Pledgor, the receipt and sufficiency of which are hereby acknowledged, each Pledgor hereby makes the following representations and warranties to the Pledgee for the benefit of the Secured Creditors and hereby covenants and agrees with the
Pledgee for the benefit of the Secured Creditors as follows:



1. SECURITY FOR OBLIGATIONS. This Agreement is made by each Pledgor for the benefit of the Secured Creditors to secure:



(i) the full and prompt payment when due (whether at stated maturity, by acceleration or otherwise) of all obligations, liabilities and
indebtedness (including, without limitation, principal, premium, interest (including, without limitation, all interest that accrues after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization
or similar proceeding of any Pledgor or any Subsidiary thereof at the rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in any such proceeding), reimbursement obligations under Letters of
Credit, fees, costs and indemnities) of such Pledgor owing to the Lender Creditors, whether now existing or hereafter incurred under, arising out of, or in connection with, the Credit Agreement and the other Credit Documents to which such Pledgor is
a party (including, in the case of each Pledgor that is a Guarantor, all such obligations, liabilities and indebtedness of such Pledgor under its Guaranty) and the due performance and compliance by such Pledgor with all of the terms, conditions and
agreements contained in the Credit Agreement and in such other Credit Documents (all such obligations, liabilities and indebtedness under this clause (i), except to the extent consisting of obligations, liabilities or indebtedness with respect to
Interest Rate Protection Agreements or Other Hedging Agreements, entitled to the benefits of this Agreement being herein collectively called the Credit Document Obligations);



(ii) the full and prompt payment when due (whether at stated
maturity, by acceleration or otherwise) of all obligations, liabilities and indebtedness (including, without limitation, indemnities, fees and all interest that accrues after the commencement of any case, proceeding or other action relating to the
bankruptcy, insolvency, reorganization or similar proceeding of any Pledgor at the rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in



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any such proceeding) owing by such Pledgor to the Other Creditors now existing or hereafter incurred under, arising out of or in connection with any Interest
Rate Protection Agreement or Other Hedging Agreement, whether such Interest Rate Protection Agreement or Other Hedging Agreement is now in existence or hereinafter arising (including, in the case of a Pledgor that is a Guarantor, all obligations,
liabilities and indebtedness of such Pledgor under its Guaranty in respect of the Interest Rate Protection Agreements and Other Hedging Agreements), and the due performance and compliance by such Pledgor with all of the terms, conditions and
agreements contained in each such Interest Rate Protection Agreement and Other Hedging Agreement (all such obligations, liabilities and indebtedness under this clause (ii) being herein collectively called the Other Obligations);



(iii) any and all sums advanced by the
Pledgee in order to preserve the Collateral (as hereinafter defined) or preserve its security interest in the Collateral;



(iv) in the event of any proceeding for the collection or enforcement of any indebtedness, obligations or liabilities of such Pledgor
referred to in clauses (i) and (ii) above, after an Event of Default shall have occurred and be continuing, the reasonable expenses of retaking, holding, preparing for sale or lease, selling or otherwise disposing of or realizing on the Collateral,
or of any exercise by the Pledgee of its rights hereunder, together with reasonable attorneys fees and court costs;



(v) all amounts paid by any Indemnitee as to which such Indemnitee has the right to reimbursement under Section 11 of this Agreement; and



(vi) all amounts owing to any Agent or any of
its affiliates pursuant to any of the Credit Documents in its capacity as such;



all such obligations, liabilities, indebtedness, sums and expenses set forth in clauses (i) through (vi) of this Section 1 being herein collectively called the Obligations, it being acknowledged and agreed that the
Obligations shall include extensions of credit of the types described above, whether outstanding on the date of this Agreement or extended from time to time after the date of this Agreement.



2. DEFINITIONS; REPRESENTATIONS. (a) Unless otherwise defined herein, all
capitalized terms used herein and defined in the Credit Agreement shall be used herein as therein defined. Reference to singular terms shall include the plural and vice versa.



(b) The following capitalized terms used herein shall have the definitions specified below:



Administrative Agent shall have the meaning set forth in
the recitals hereto.



Adverse Claim shall
have the meaning given such term in Section 8-102(a)(1) of the UCC.



Agreement shall have the meaning set forth in the first paragraph hereof.



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Borrower shall have the meaning set forth in the recitals hereto.



Certificated Security shall have the meaning given such
term in Section 8-102(a)(4) of the UCC.



Class shall have the meaning provided in Section 22 hereof.



Clearing Corporation shall have the meaning given such term in Section 8-102(a)(5) of the UCC.



Collateral shall have the meaning set forth in Section 3.1 hereof.



Collateral Accounts shall mean any and all accounts established and maintained by the Pledgee in the name
of any Pledgor to which Collateral may be credited.



Co-Syndication Agents shall have the meaning set forth in the recitals hereto.



Credit Agreement shall have the meaning set forth in the recitals hereto.



Credit Document Obligations shall have the meaning set forth in Section 1(i) hereof.



Credit Document Obligations Termination Date shall mean
that date upon which all Credit Document Obligations (other than those arising from indemnities for which no request has been made) have been paid in full and all Commitments and Letters of Credit under the Credit Agreement have been terminated.



Documentation Agent shall have the meaning
set forth in the recitals hereto.



Domestic
Corporation shall have the meaning set forth in the definition of Stock.



Event of Default shall mean any Event of Default under, and as defined in, the Credit Agreement and shall in any event include, without limitation, any payment default on any of the Obligations
after the expiration of any applicable grace period.



Excluded Pledged Subsidiary shall mean ATG Reinsurance Ltd., but only until (and not later than) the earlier to occur of (i) the first day on or after the 90th day following the Initial Borrowing Date on which the Pledgor
holding Equity Interests in such Excluded Pledged Subsidiary shall have obtained the consents and approvals necessary from any government authority to pledge such Equity Interests hereunder and (ii) the date on which the Equity Interests thereof are
actually pledged pursuant to the terms of this Agreement.



Exempted Foreign Entity shall mean any Foreign Corporation and any limited liability company or other entity organized under the laws of a jurisdiction other than the United States or any State or Territory thereof that,
in any such case, is treated as a corporation or an association taxable as a corporation for U.S. Federal income tax purposes.



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Financial Asset shall have the meaning given such term in Section 8-102(a)(9) of the
UCC.



Foreign Corporation shall have the
meaning set forth in the definition of Stock.



Holdings shall have the meaning set forth in the recitals hereto.



Indemnitees shall have the meaning set forth in Section 11 hereof.



Instrument shall have the meaning given such term in Section 9-102(a)(47) of the UCC.



Investment Property shall have the meaning given such term
in Section 9-102(a)(49) of the UCC; provided that, to the extent the term Investment Property as used herein includes Securities, Stock, Partnership Interests or Limited Liability Company Interests, such Equity Interests included
within such term shall be limited by the provisos to the respective definitions of Security, Stock, Partnership Interests or Limited Liability Company Interests, as the case may be.



Lender Creditors shall have the meaning set forth in the
recitals hereto.



Lenders shall have the
meaning set forth in the recitals hereto.



Limited
Liability Company Assets shall mean all assets, whether tangible or intangible and whether real, personal or mixed (including, without limitation, all limited liability company capital and interest in other limited liability companies), at
any time owned by any Pledgor or represented by any Limited Liability Company Interest.



Limited Liability Company Interests shall mean the entire limited liability company membership interest at any time owned by any Pledgor in any limited liability company (excluding any obligation of
any Pledgor to make any unpaid or uncalled capital commitments or contributions (or other payments of a similar nature) in respect of any such limited liability company); provided that the term Limited Liability Company Interest
as used herein shall not include any interest in a limited liability company that is not a Wholly-Owned Subsidiary of such Pledgor which may not be pledged hereunder by the terms of the operating agreement or other organizational documents of such
limited liability company, so long as (and only so long as) such pledge restriction remains in effect.



Location of any Pledgor has the meaning given such term in Section 9-307 of the UCC.



Non-Deliverable Notes shall mean promissory notes at any
time issued to, or held by, a Pledgor (other than Intercompany Notes) specifically designated by the Pledgor to the Pledgee in writing as Non-Deliverable Notes and which do not, collectively, exceed $1,000,000 in aggregate principal
amount at any time outstanding.



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Non-Voting Equity Interests shall mean all Equity Interests of any Person which are
not Voting Equity Interests.



Notes shall
mean (x) all Intercompany Notes at any time issued to each Pledgor and (y) all other promissory notes from time to time issued to, or held by, each Pledgor.



Obligations shall have the meaning set forth in Section 1 hereof.



Other Creditors shall have the meaning set forth in the recitals hereto.



Other Obligations shall have the meaning set forth in
Section 1 hereof.



Partnership Assets shall
mean all assets, whether tangible or intangible and whether real, personal or mixed (including, without limitation, all partnership capital and interest in other partnerships), at any time owned by any Pledgor or represented by any Partnership
Interest.



Partnership Interest shall mean
the entire general partnership interest or limited partnership interest at any time owned by any Pledgor in any general partnership or limited partnership (excluding any obligation of any Pledgor to make any unpaid or uncalled capital commitments or
contributions (or other payments of a similar nature) in respect of any such general partnership or limited partnership); provided that the term Partnership Interest as used herein shall not include any partnership interest in a
partnership that is not a Wholly-Owned Subsidiary of such Pledgor which may not be pledged hereunder by the terms of the partnership agreement or other organizational documents of such partnership, so long as (and only so long as) such pledge
restriction remains in effect.



Pledged
Notes shall mean all Notes at any time pledged or required to be pledged hereunder.



Pledgee shall have the meaning set forth in the first paragraph hereof.



Pledgor shall have the meaning set forth in the first paragraph hereof.



Proceeds shall have the meaning given such term in Section 9-102(a)(64) of the UCC.



Registered Organization shall have the meaning given such
term in Section 9-102(a)(70) of the UCC.



Required
Secured Creditors shall mean (i) at all times prior to the occurrence of the Credit Document Obligations Termination Date, the Required Lenders (or, to the extent required by Section 13.12 of the Credit Agreement, each of the Lenders) and
(ii) at all times on and after the Credit Document Obligations Termination Date, the holders of at least the majority of the then outstanding Other Obligations (determined by the Pledgee in such reasonable manner as is acceptable to it).



Requisite Creditors shall have the meaning set forth in
Section 22 hereof.



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Secured Creditors shall have the meaning set forth in the recitals hereto.



Secured Debt Agreements shall mean and includes (x)
this Agreement, (y) the other Credit Documents and (z) the Interest Rate Protection Agreements and Other Hedging Agreements entered into with any Other Creditors.



Securities Account shall have the meaning given such term in Section 8-501(a) of the UCC.



Securities Act shall mean the Securities Act of 1933, as
amended, as in effect from time to time.



Securities
Intermediary shall have the meaning given such term in Section 8-102(14) of the UCC.



Security and Securities shall have the meaning given such term in Section 8-102(a)(15) of the UCC and shall in any event also include all Stock and all Notes (to the extent same
constitute Securities under Section 8-102(a)(15); provided that, (i) to the extent that the term Security includes Stock, Partnership Interests or Limited Liability Company Interests, such Equity Interests included
within such term shall be limited by the provisos to the respective definitions of Stock, Partnership Interests or Limited Liability Company Interests, as the case may be, and (ii) the term Security as
used herein shall exclude the capital stock of the Excluded Pledged Subsidiary, so long as (and only so long as) same qualifies as the Excluded Pledged Subsidiary pursuant to the definition thereof.



Security Entitlement shall have the meaning given such
term in Section 8-102(a)(17) of the UCC.



Specified
Default shall have the meaning set forth in Section 5 hereof.



Stock shall mean (x) with respect to corporations incorporated under the laws of the United States or any State or territory thereof or the District of Columbia (each, a Domestic Corporation), all of
the issued and outstanding shares of capital stock of any Domestic Corporation at any time owned by any Pledgor and (y) with respect to corporations not Domestic Corporations (each, a Foreign Corporation), all of the issued and
outstanding shares of capital stock of any Foreign Corporation at any time owned by any Pledgor; provided that (i) the term Stock as used herein shall not include any interest in a corporation that is not a Wholly-Owned Subsidiary
of such Pledgor which may not be pledged hereunder by the terms of the certification of incorporation, by-laws or other organizational documents of such corporation, so long as (and only so long as) such pledge restriction remains in effect and (ii)
the term Stock as used herein shall exclude the capital stock of the Excluded Pledged Subsidiary, so long as (and only so long as) same qualifies as the Excluded Pledged Subsidiary pursuant to the definition thereof.



Termination Date shall have the meaning set
forth in Section 20 hereof.



Transmitting
Utility has the meaning given such term in Section 9-102(a)(80) of the UCC.



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UCC shall mean the Uniform Commercial Code as in effect in the State of New York from
time to time; provided that all references herein to specific Sections or subsections of the UCC are references to such Sections or subsections, as the case may be, of the Uniform Commercial Code as in effect in the State of New York on the
date hereof.



Uncertificated Security shall
have the meaning given such term in Section 8-102(a)(18) of the UCC.



Voting Equity Interests of any Person shall mean all classes of Equity Interests of such Person entitled to vote.



(c) Each Pledgor represents and warrants that on the date hereof: (i) each Subsidiary of such Pledgor, and the direct ownership thereof, is listed in
Annex B hereto; (ii) the Stock (and any warrants or options to purchase Stock) held by such Pledgor consists of the number and type of shares of the stock (or warrants or options to purchase any stock) of the corporations as described in Annex C
hereto; (iii) such Stock referenced in clause (ii) of this paragraph constitutes that percentage of the issued and outstanding capital stock of the issuing corporation as is set forth in Annex C hereto; (iv) the Notes held by such Pledgor consist of
the promissory notes described in Annex D hereto where such Pledgor is listed as the lender; (v) the Limited Liability Company Interests held by such Pledgor consist of the number and type of interests of the Persons described in Annex E hereto;
(vi) each such Limited Liability Company Interest referenced in clause (v) of this paragraph constitutes that percentage of the issued and outstanding equity interest of the issuing Person as set forth in Annex E hereto; (vii) the Partnership
Interests held by such Pledgor consist of the number and type of interests of the Persons described in Annex F hereto; (viii) each such Partnership Interest referenced in clause (vii) of this paragraph constitutes that percentage or portion of the
entire partnership interest of the Partnership as set forth in Annex F hereto; (ix) the exact address of each chief executive office of such Pledgor is listed on Annex G hereto; (x) the Pledgor has complied with the respective procedure set forth in
Section 3.2(a) hereof with respect to each item of Collateral described in Annexes C through F hereto; and (xi) on the date hereof, such Pledgor owns no other Securities, Stock, Notes, Limited Liability Company Interests or Partnership Interests.



3. PLEDGE OF SECURITIES, ETC.



3.1 Pledge. To secure the Obligations now or hereafter owed or to be
performed by such Pledgor, each Pledgor does hereby grant, pledge and assign to the Pledgee for the benefit of the Secured Creditors, and does hereby create a continuing security interest (subject to those Liens permitted to exist with respect to
the Collateral pursuant to the terms of all Secured Debt Agreements then in effect) in favor of the Pledgee for the benefit of the Secured Creditors in, all of its right, title and interest in and to the following, whether now existing or hereafter
from time to time acquired (collectively, the Collateral):



(i) each of the Collateral Accounts (to the extent a security interest therein is not created pursuant to the Security Agreement), including any and all assets of whatever type or kind deposited by such Pledgor in any
such Collateral Account, whether now owned or hereafter acquired, existing or arising, including, without limitation, all Financial Assets, Investment Property, monies, checks, drafts, Instruments, Securities or



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interests therein of any type or nature deposited or required by the Credit Agreement or any other Secured Debt Agreement to be deposited in such Collateral
Account, and all investments and all certificates and other Instruments (including depository receipts, if any) from time to time representing or evidencing the same, and all dividends, interest, distributions, cash and other property from time to
time received, receivable or otherwise distributed in respect of or in exchange for any or all of the foregoing;



(ii) all Securities owned or held by such Pledgor from time to time and all options and warrants owned by such Pledgor from time to time
to purchase Securities;



(iii) (x) all Limited
Liability Company Interests owned by such Pledgor from time to time and all of its right, title and interest in each limited liability company to which each such Limited Liability Company Interests relates and (y) all Partnership Interests owned by
such Pledgor from time to time and all of its right, title and interest in each partnership to which each such Partnership Interest relates, as the case may be, whether now existing or hereafter acquired, including, without limitation to the fullest
extent permitted under the terms and provisions of the documents and agreements governing such Limited Liability Company Interests and/or Partnership Interests and applicable law:



(A) all its capital therein and its interest in all profits, income, surpluses, losses, Limited Liability
Company Assets, Partnership Assets, and other distributions and payments to which such Pledgor shall at any time be entitled in respect of such Limited Liability Company Interests and/or Partnership Interests;



(B) all other payments due or to become due to such Pledgor
in respect of such Limited Liability Company Interests and/or Partnership Interests, whether under any limited liability company agreement, partnership agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or
otherwise;



(C) all of its claims, rights,
powers, privileges, authority, options, security interests, liens and remedies, if any, under any limited liability company agreement, operating agreement or partnership agreement, or at law or otherwise in respect of such Limited Liability Company
Interests and/or Partnership Interests;



(D)
all present and future claims, if any, of such Pledgor against any limited liability company and/or partnership for monies loaned or advanced, for services rendered or otherwise;



(E) all of such Pledgors rights under any limited liability company agreement, operating agreement or
partnership agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to such Limited Liability Company Interests and/or Partnership Interests, including any power to terminate,
cancel or modify any such limited



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liability company agreement, operating agreement or partnership agreement, to execute any instruments and to take any and all other action on behalf of and
in the name of any of such Pledgor in respect of such Limited Liability Company Interest or Partnership Interest and any such limited liability company and/or partnership, to make determinations, to exercise any election (including, but not limited
to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand, receive, enforce, collect or receipt for any of the foregoing or for any Limited
Liability Company Asset and/or Partnership Asset, to enforce or execute any checks, or other instruments or orders, to file any claims and to take any action in connection with any of the foregoing (with all of the foregoing rights only to be
exercisable upon the occurrence and during the continuation of an Event of Default; and



(F) all other property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments
representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any time and from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all
thereof;



(iv) all Financial Assets and
Investment Property owned by such Pledgor from time to time;



(v) all Security Entitlements owned by such Pledgor from time to time in any and all of the foregoing; and



(vi) all Proceeds of any and all of the foregoing;



provided that (x) except in the circumstances and to the extent provided by Section 8.12 of the Credit Agreement (in which case this
clause (x) shall no longer be applicable), no Pledgor shall be required at any time to pledge hereunder more than 65% of the total combined voting power of all classes of Voting Equity Interests of any Exempted Foreign Entity, (y) each Pledgor shall
be required to pledge hereunder 100% of the Non-Voting Equity Interests of each Exempted Foreign Entity at any time and from time to time acquired by such Pledgor, which Non-Voting Equity Interests shall not be subject to the limitations described
in preceding clause (x) and (z) except as otherwise required by Section 8.18 of the Credit Agreement, no Pledgor shall be required to pledge hereunder any Margin Stock owned by such Pledgor.



3.2 Procedures. (a) To the extent that any Pledgor at any time or from
time to time owns, acquires or obtains any right, title or interest in any Collateral, such Collateral shall automatically (and without the taking of any action by such Pledgor) be pledged pursuant to Section 3.1 of this Agreement and, in addition
thereto, such Pledgor shall (to the extent provided below) take the following actions as set forth below (as promptly as practicable and, in any event, within 10 Business Days after it obtains such Collateral, or such later date as the Pledgee
determines in its sole discretion) for the benefit of the Pledgee and the other Secured Creditors:



(i) with respect to a Certificated Security (other than a Certificated Security credited on the books of a Clearing Corporation or
Securities Intermediary), such Pledgor shall physically deliver such Certificated Security to the Pledgee, endorsed to the Pledgee or endorsed in blank;



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(ii) with respect to an Uncertificated Security (other than an Uncertificated Security
credited on the books of a Clearing Corporation or Securities Intermediary), such Pledgor shall cause the issuer of such Uncertificated Security to duly authorize, execute, and deliver to the Pledgee, an agreement for the benefit of the Pledgee and
the other Secured Creditors substantially in the form of Annex H hereto (appropriately completed to the satisfaction of the Pledgee and with such modifications, if any, as shall be reasonably satisfactory to the Pledgee) pursuant to which, subject
to Section 5 hereof, such issuer agrees to comply with any and all instructions originated by the Pledgee without further consent by the registered owner and not to comply with instructions regarding such Uncertificated Security (and any Partnership
Interests and Limited Liability Company Interests issued by such issuer) originated by any other Person other than a court of competent jurisdiction;



(iii) with respect to a Certificated Security, Uncertificated Security, Partnership Interest or Limited Liability Company Interest
credited on the books of a Clearing Corporation or Securities Intermediary (including a Federal Reserve Bank, Participants Trust Company or The Depository Trust Company), such Pledgor shall promptly notify the Pledgee thereof and shall promptly take
(x) all actions required (i) to comply with the applicable rules of such Clearing Corporation or Securities Intermediary and (ii) to perfect the security interest of the Pledgee under applicable law (including, in any event, under Sections 9-314(a),
(b) and (c), 9-106 and 8-106(d) of the UCC) and (y) such other actions as the Pledgee deems necessary or desirable to effect the foregoing;



(iv) with respect to a Partnership Interest or a Limited Liability Company Interest (other than a Partnership Interest or Limited
Liability Company Interest credited on the books of a Clearing Corporation or Securities Intermediary), (1) if such Partnership Interest or Limited Liability Company Interest is represented by a certificate and is a Security for purposes of the UCC,
the procedure set forth in Section 3.2(a)(i) hereof, and (2) if such Partnership Interest or Limited Liability Company Interest is not represented by a certificate or is not a Security for purposes of the UCC, the procedure set forth in Section
3.2(a)(ii) hereof;



(v) with respect to any
Note (other than a Non-Deliverable Note), physical delivery of such Note to the Pledgee, endorsed in blank, or, at the request of the Pledgee, endorsed to the Pledgee; and



(vi) after an Event of Default has occurred and is continuing, with respect to cash proceeds from any of the
Collateral described in Section 3.1 hereof, (i) establishment by the Pledgee of a cash account in the name of such Pledgor over which the Pledgee shall have control within the meaning of the UCC (and no withdrawals or transfers may be
made therefrom by any Person except with the prior written consent of the Pledgee) and (ii) deposit of such cash in such cash account.



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(b) In addition to the actions required to be taken pursuant to Section 3.2(a) hereof, each Pledgor shall
take the following additional actions with respect to the Collateral:



(i) with respect to all Collateral of such Pledgor whereby or with respect to which the Pledgee may obtain control thereof within the meaning of Section 8-106 of the UCC (or under any provision of the UCC
as same may be amended or supplemented from time to time, or under the laws of any relevant State other than the State of New York), such Pledgor shall take all actions as may be requested from time to time by the Pledgee so that control
of such Collateral is obtained and at all times held by the Pledgee; and



(ii) each Pledgor shall from time to time cause appropriate financing statements (on appropriate forms) under the Uniform Commercial Code as in effect in the various relevant States, covering all Collateral hereunder
(with the form of such financing statements to be satisfactory to the Pledgee), to be filed in the relevant filing offices so that at all times the Pledgees security interest in all Investment Property and other Collateral which can be
perfected by the filing of such financing statements (in each case to the maximum extent perfection by filing may be obtained under the laws of the relevant States, including, without limitation, Section 9-312(a) of the UCC) is so perfected.



3.3 Subsequently Acquired Collateral. If any Pledgor
shall acquire (by purchase, stock dividend, distribution or otherwise) any additional Collateral at any time or from time to time after the date hereof, (i) such Collateral shall automatically (and without any further action being required to be
taken) be subject to the pledge and security interests created pursuant to Section 3.1 hereof and, furthermore, such Pledgor will thereafter promptly take (or cause to be taken) all action (as promptly as practicable and, in any event, within 10
Business Days after it obtains such Collateral, or such later date as the Pledgee determines in its sole discretion) with respect to such Collateral in accordance with the procedures set forth in Section 3.2 hereof, and will promptly thereafter
deliver to the Pledgee (i) a certificate executed by an authorized officer of such Pledgor describing such Collateral and certifying that the same has been duly pledged in favor of the Pledgee (for the benefit of the Secured Creditors) hereunder and
(ii) supplements to Annexes A through G hereto as are necessary to cause such Annexes to be complete and accurate at such time. Without limiting the foregoing, each Pledgor shall be required to pledge hereunder the Equity Interests of any Exempted
Foreign Entity at any time and from time to time after the date hereof acquired by such Pledgor, provided that (I)(x) except in the circumstances and to the extent provided by Section 8.12 of the Credit Agreement, no Pledgor shall be required
at any time to pledge hereunder more than 65% of the total combined voting power of all classes of Voting Equity Interests of any Exempted Foreign Entity and (y) each Pledgor shall be required to pledge hereunder 100% of the Non-Voting Equity
Interests of each Exempted Foreign Entity at any time and from time to time acquired by such Pledgor and (II) except as otherwise required by Section 8.18 of the Credit Agreement, no Pledgor shall be required to pledge hereunder any Margin Stock
acquired by such Pledgor after the date hereof.



3.4
Transfer Taxes. Each pledge of Collateral under Section 3.1 or Section 3.3 hereof shall be accompanied by any transfer tax stamps required in connection with the pledge of such Collateral.



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4. APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC. The Pledgee shall have the right to appoint one or more
sub-agents for the purpose of retaining physical possession of the Collateral, which may be held (in the discretion of the Pledgee) in the name of the relevant Pledgor, endorsed or assigned in blank or in favor of the Pledgee or any nominee or
nominees of the Pledgee or a sub-agent appointed by the Pledgee.



5. VOTING, ETC., WHILE NO EVENT OF DEFAULT OR SPECIFIED DEFAULT. Unless and until there shall have occurred and be continuing any Event of Default under the Credit Agreement or a Default under Section 10.01 or 10.05 of the Credit Agreement
(each such Default, a Specified Default), each Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Collateral owned by it, and to give consents, waivers or ratifications in
respect thereof; provided that, in each case, no vote shall be cast or any consent, waiver or ratification given or any action taken or omitted to be taken which would violate, result in a breach of any covenant contained in, or be
inconsistent with any of the terms of any Secured Debt Agreement, or which could reasonably be expected to have the effect of impairing the value of the Collateral or any part thereof or the position or interests of the Pledgee or any other Secured
Creditor in the Collateral, unless expressly permitted by the terms of the Secured Debt Agreements. All such rights of each Pledgor to vote and to give consents, waivers and ratifications shall cease in case an Event of Default has occurred and is
continuing, and Section 7 hereof shall become applicable.



6.
DIVIDENDS AND OTHER DISTRIBUTIONS. Unless and until there shall have occurred and be continuing an Event of Default, all cash dividends, cash distributions, cash Proceeds and other cash amounts payable in respect of the Collateral shall be paid to
the respective Pledgor, provided, that all cash dividends payable in respect of the Pledged Stock which are reasonably determined by the Pledgee to represent in whole or in part an extraordinary, liquidating or other distribution in return of
capital shall be paid, to the extent so reasonably determined to represent an extraordinary, liquidating or other distribution in return of capital, to the Pledgee and retained by it as part of the Collateral. The Pledgee shall be entitled to
receive directly, and to retain as part of the Collateral:



(i) all other or additional stock, notes, certificates, limited liability company interests, partnership interests, instruments or other securities or property (including, but not limited to, cash dividends other than
as set forth above) paid or distributed by way of dividend or otherwise in respect of the Collateral;



(ii) all other or additional stock, notes, certificates, limited liability company interests, partnership interests, instruments or other
securities or property (including, but not limited to, cash (although such cash may be paid directly to the respective Pledgor so long as no Event of Default then exists)) paid or distributed in respect of the Collateral by way of stock-split,
spin-off, split-up, reclassification, combination of shares or similar rearrangement; and



(iii) all other or additional stock, notes, certificates, limited liability company interests, partnership interests, instruments or other
securities or property (including, but not limited to, cash) which may be paid in respect of the Collateral by reason of any consolidation, merger, exchange of stock, conveyance of assets, liquidation or similar corporate or other reorganization.



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Nothing contained in this Section 6 shall limit or restrict in any way the Pledgees right to receive the proceeds
of the Collateral in any form in accordance with Section 3 of this Agreement. All dividends, distributions or other payments which are received by any Pledgor contrary to the provisions of this Section 6 or Section 7 hereof shall be received in
trust for the benefit of the Pledgee, shall be segregated from other property or funds of such Pledgor and shall be forthwith paid over to the Pledgee as Collateral in the same form as so received (with any necessary endorsement).



7. REMEDIES IN CASE OF AN EVENT OF DEFAULT OR A SPECIFIED DEFAULT. (a) If
there shall have occurred and be continuing an Event of Default, then and in every such case, the Pledgee shall be entitled to exercise all of the rights, powers and remedies (whether vested in it by this Agreement, by any other Secured Debt
Agreement or by law) for the protection and enforcement of its rights in respect of the Collateral, and the Pledgee shall be entitled to exercise all the rights and remedies of a secured party under the Uniform Commercial Code as in effect in any
relevant jurisdiction and also shall be entitled, without limitation, to exercise the following rights, which each Pledgor hereby agrees to be commercially reasonable:



(i) to receive all amounts payable in respect of the Collateral otherwise payable under Section 6 hereof to
the respective Pledgor;



(ii) to transfer all
or any part of the Collateral into the Pledgees name or the name of its nominee or nominees;



(iii) to accelerate any Pledged Note which may be accelerated in accordance with its terms, and take any other lawful action to collect
upon any Pledged Note (including, without limitation, to make any demand for payment thereon);



(iv) to vote (and exercise all rights and powers in respect of voting) all or any part of the Collateral (whether or not transferred into
the name of the Pledgee) and give all consents, waivers and ratifications in respect of the Collateral and otherwise act with respect thereto as though it were the outright owner thereof (each Pledgor hereby irrevocably constituting and appointing
the Pledgee the proxy and attorney-in-fact of such Pledgor, with full power of substitution to do so);



(v) at any time and from time to time to sell, assign and deliver, or grant options to purchase, all or any part of the Collateral, or any
interest therein, at any public or private sale, without demand of performance, advertisement or, notice of intention to sell or of the time or place of sale or adjournment thereof or to redeem or otherwise purchase or dispose (all of which are
hereby waived by each Pledgor), for cash, on credit or for other property, for immediate or future delivery without any assumption of credit risk, and for such price or prices and on such terms as the Pledgee in its absolute discretion may
determine, provided at least 10 days written notice of the time and place of any such sale shall be given to the respective Pledgor. The Pledgee shall not be obligated to make any such sale of Collateral regardless of whether any such
notice of



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sale has theretofore been given. Each Pledgor hereby waives and releases to the fullest extent permitted by law any right or equity of redemption with
respect to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling the Collateral and any other security for the Obligations or otherwise. At any such sale, unless prohibited by applicable law, the Pledgee on
behalf of the Secured Creditors may bid for and purchase all or any part of the Collateral so sold free from any such right or equity of redemption. Neither the Pledgee nor any other Secured Creditor shall be liable for failure to collect or realize
upon any or all of the Collateral or for any delay in so doing nor shall any of them be under any obligation to take any action whatsoever with regard thereto; and



(vi) to set off any and all Collateral against any and all Obligations, and to withdraw any and all cash or
other Collateral from any and all Collateral Accounts and to apply such cash and other Collateral to the payment of any and all Obligations.



(b) If there shall have occurred and be continuing a Specified Default, then and in every such case, the Pledgee shall be entitled to vote (and exercise
all rights and powers in respect of voting) all or any part of the Collateral (whether or not transferred into the name of the Pledgee) and give all consents, waivers and ratifications in respect of the Collateral and otherwise act with respect
thereto as though it were the outright owner thereof (each Pledgor hereby irrevocably constituting and appointing the Pledgee the proxy and attorney-in-fact of such Pledgor, with full power of substitution to do so).



8. REMEDIES, CUMULATIVE, ETC. Each and every right, power and remedy of the
Pledgee provided for in this Agreement or in any other Secured Debt Agreement, or now or hereafter existing at law or in equity or by statute shall be cumulative and concurrent and shall be in addition to every other such right, power or remedy. The
exercise or beginning of the exercise by the Pledgee or any other Secured Creditor of any one or more of the rights, powers or remedies provided for in this Agreement or any other Secured Debt Agreement or now or hereafter existing at law or in
equity or by statute or otherwise shall not preclude the simultaneous or later exercise by the Pledgee or any other Secured Creditor of all such other rights, powers or remedies, and no failure or delay on the part of the Pledgee or any other
Secured Creditor to exercise any such right, power or remedy shall operate as a waiver thereof. Unless otherwise required by the Credit Documents, no notice to or demand on any Pledgor in any case shall entitle it to any other or further notice or
demand in similar or other circumstances or constitute a waiver of any of the rights of the Pledgee or any other Secured Creditor to any other or further action in any circumstances without notice or demand. The Secured Creditors agree that this
Agreement may be enforced only by the action of the Pledgee, in each case, acting upon the instructions of the Required Secured Creditors, and that no other Secured Creditor shall have any right individually to seek to enforce or to enforce this
Agreement or to realize upon the security to be granted hereby, it being understood and agreed that such rights and remedies may be exercised by the Pledgee for the benefit of the Secured Creditors upon the terms of this Agreement.



9. APPLICATION OF PROCEEDS. (a) All monies collected by the Pledgee upon any
sale or other disposition of the Collateral pursuant to the terms of this Agreement,



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together with all other monies received by the Pledgee hereunder, shall be applied in the manner provided in Section 8.4(b) of the Security Agreement for
Excluded Collateral.



(b) It is understood and
agreed that each Pledgor shall remain jointly and severally liable with respect to its Obligations to the extent of any deficiency between the amount of the proceeds of the Collateral pledged by it hereunder and the aggregate amount of such
Obligations.



10. PURCHASERS OF COLLATERAL. Upon any sale of
the Collateral by the Pledgee hereunder (whether by virtue of the power of sale herein granted, pursuant to judicial process or otherwise), the receipt of the Pledgee or the officer making such sale shall be a sufficient discharge to the purchaser
or purchasers of the Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Pledgee or such officer or be answerable in any way for the misapplication
or nonapplication thereof.



11. INDEMNITY. Each Pledgor
jointly and severally agrees (i) to indemnify, reimburse and hold harmless the Pledgee and each other Secured Creditor and their respective successors, assigns, employees, agents and affiliates (individually an Indemnitee, and
collectively, the Indemnitees) from and against any and all obligations, damages, injuries, penalties, claims, demands, losses, judgments and liabilities (including, without limitation, liabilities for penalties) of whatsoever
kind or nature, and (ii) to reimburse each Indemnitee for all reasonable costs, expenses and disbursements, including reasonable attorneys fees and expenses, in each case pursuant to subclause (i) or (ii) above, arising out of or resulting
from this Agreement or the exercise by any Indemnitee of any right or remedy granted to it hereunder or under any other Secured Debt Agreement (but excluding any obligations, damages, injuries, penalties, claims, demands, losses, judgments and
liabilities (including, without limitation, liabilities for penalties) or expenses of whatsoever kind or nature to the extent incurred or arising by reason of gross negligence or willful misconduct of such Indemnitee (as determined by a court of
competent jurisdiction in a final and non-appealable decision)). In no event shall the Pledgee hereunder be liable, in the absence of gross negligence or willful misconduct on its part (as determined by a court of competent jurisdiction in a final
and non-appealable decision), for any matter or thing in connection with this Agreement other than to account for monies or other property actually received by it in accordance with the terms hereof. If and to the extent that the obligations of any
Pledgor under this Section 11 are unenforceable for any reason, such Pledgor hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under applicable law. The indemnity obligations of
each Pledgor contained in this Section 11 shall continue in full force and effect notwithstanding the full payment of all the Notes issued under the Credit Agreement, the termination of all Interest Rate Protection Agreements and Other Hedging
Agreements and Letters of Credit, and the payment of all other Obligations and notwithstanding the discharge thereof.



12. PLEDGEE NOT A PARTNER OR LIMITED LIABILITY COMPANY MEMBER. (a) Nothing herein shall be construed to make the Pledgee or any other Secured Creditor
liable as a member of any limited liability company or as a partner of any partnership and neither the Pledgee nor any other Secured Creditor by virtue of this Agreement or otherwise (except as referred to in the following sentence) shall have any
of the duties, obligations or



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liabilities of a member of any limited liability company or as a partner in any partnership. The parties hereto expressly agree that, unless the Pledgee
shall become the absolute owner of Collateral consisting of a Limited Liability Company Interest or a Partnership Interest pursuant hereto, this Agreement shall not be construed as creating a partnership or joint venture among the Pledgee, any other
Secured Creditor, any Pledgor and/or any other Person.



(b)
Except as provided in the last sentence of paragraph (a) of this Section 12, the Pledgee, by accepting this Agreement, did not intend to become a member of any limited liability company or a partner of any partnership or otherwise be deemed to be a
co-venturer with respect to any Pledgor, any limited liability company, partnership and/or any other Person either before or after an Event of Default shall have occurred. The Pledgee shall have only those powers set forth herein and the Secured
Creditors shall assume none of the duties, obligations or liabilities of a member of any limited liability company or as a partner of any partnership or any Pledgor except as provided in the last sentence of paragraph (a) of this Section 12.



(c) The Pledgee and the other Secured Creditors shall not be
obligated to perform or discharge any obligation of any Pledgor as a result of the pledge hereby effected.



(d) The acceptance by the Pledgee of this Agreement, with all the rights, powers, privileges and authority so created, shall not at any time or in any
event obligate the Pledgee or any other Secured Creditor to appear in or defend any action or proceeding relating to the Collateral to which it is not a party, or to take any action hereunder or thereunder, or to expend any money or incur any
expenses or perform or discharge any obligation, duty or liability under the Collateral.



13. FURTHER ASSURANCES; POWER-OF-ATTORNEY. (a) Each Pledgor agrees that it will join with the Pledgee in executing and, at such Pledgors own expense, file and refile under the UCC or other applicable law such
financing statements, continuation statements and other documents, in form reasonably acceptable to the Pledgee, in such offices as the Pledgee (acting on its own or on the instructions of the Required Secured Creditors) may reasonably deem
necessary or appropriate and wherever required or permitted by law in order to perfect and preserve the Pledgees security interest in the Collateral hereunder and hereby authorizes the Pledgee to file financing statements and amendments
thereto relative to all or any part of the Collateral (including, without limitation, (x) financing statements which list the Collateral specifically and/or all assets as collateral and (y) in lieu of financing statements)
without the signature of such Pledgor where permitted by law, and agrees to do such further acts and things and to execute and deliver to the Pledgee such additional conveyances, assignments, agreements and instruments as the Pledgee may reasonably
require or deem advisable to carry into effect the purposes of this Agreement or to further assure and confirm unto the Pledgee its rights, powers and remedies hereunder or thereunder.



(b) Each Pledgor hereby constitutes and appoints the Pledgee its true and lawful attorney-in-fact, irrevocably, with full
authority in the place and stead of such Pledgor and in the name of such Pledgor or otherwise, from time to time after the occurrence and during the continuance of an Event of Default, in the Pledgees discretion, to act, require, demand,
receive and give acquittance for any and all monies and claims for monies due or to become due to such Pledgor under or arising out of the Collateral, to endorse any checks or other instruments or



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orders in connection therewith and to file any claims or take any action or institute any proceedings and to execute any instrument which the Pledgee may
deem necessary or advisable to accomplish the purposes of this Agreement, which appointment as attorney is coupled with an interest.



14. THE PLEDGEE AS COLLATERAL AGENT. The Pledgee will hold in accordance with this Agreement all items of the Collateral at any time received under this
Agreement and will act with reasonable care with respect thereto. It is expressly understood, acknowledged and agreed by each Secured Creditor that by accepting the benefits of this Agreement each such Secured Creditor acknowledges and agrees that
the obligations of the Pledgee as holder of the Collateral and interests therein and with respect to the disposition thereof, and otherwise under this Agreement, are only those expressly set forth in this Agreement and in Section 12 of the Credit
Agreement. The Pledgee shall act hereunder on the terms and conditions set forth herein and in Section 12 of the Credit Agreement.



15. TRANSFER BY THE PLEDGORS. Except as permitted (i) prior to the Credit Document Obligations Termination Date, pursuant to the Credit Agreement, and
(ii) thereafter, pursuant to the other Secured Debt Agreements, no Pledgor will sell or otherwise dispose of, grant any option with respect to, or mortgage, pledge or otherwise encumber any of the Collateral or any interest therein (except in
accordance with the terms of this Agreement and the other Secured Debt Agreements).



16. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGORS. (a) Each Pledgor represents, warrants and covenants as to itself and each of its Subsidiaries that, except as contemplated by Section 13.19 of the Credit
Agreement:



(i) it is the legal, beneficial
and record owner of, and has good and marketable title to, all of its Collateral consisting of one or more Securities, Partnership Interests and Limited Liability Company Interests and that it has sufficient interest in all of its Collateral in
which a security interest is purported to be created hereunder for such security interest to attach (subject, in each case, to no pledge, lien, mortgage, hypothecation, security interest, charge, option, Adverse Claim or other encumbrance
whatsoever, except the liens and security interests created by this Agreement or permitted under the Secured Debt Agreements);



(ii) it has full power, authority and legal right to pledge all the Collateral pledged by it pursuant to this Agreement;



(iii) this Agreement has been duly authorized, executed and
delivered by such Pledgor and constitutes a legal, valid and binding obligation of such Pledgor enforceable against such Pledgor in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors rights generally and by general equitable principles (regardless of whether enforcement is sought in equity or at law);



(iv) except to the extent already obtained or made, no
consent of any other party (including, without limitation, any stockholder, partner, member or creditor of such



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Pledgor or any of its Subsidiaries) and no consent, license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing
or declaration with, any governmental authority is required to be obtained by such Pledgor in connection with (a) the execution, delivery or performance of this Agreement by such Pledgor, (b) the validity or enforceability of this Agreement against
such Pledgor (except as set forth in clause (iii) above), (c) the perfection or enforceability of the Pledgees security interest in such Pledgors Collateral or (d) except for compliance with or as may be required by applicable securities
laws, the exercise by the Pledgee of any of its rights or remedies provided herein;



(v) neither the execution, delivery or performance by such Pledgor of this Agreement, or any other Secured Debt Agreement to which it is a
party, nor compliance by it with the terms and provisions hereof and thereof nor the consummation of the transactions contemplated therein: (i) will contravene any material provision of any applicable law, statute, rule or regulation, or any
applicable order, writ, injunction or decree of any court, arbitrator or governmental instrumentality, domestic or foreign, applicable to such Pledgor; (ii) will conflict or be inconsistent with or result in any breach of any of the terms,
covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien (except pursuant to the Security Documents) upon any of the properties or assets of
such Pledgor or any of its Subsidiaries pursuant to the terms of any indenture, lease, mortgage, deed of trust, credit agreement, loan agreement or any other material agreement, contract or other instrument to which such Pledgor or any of its
Subsidiaries is a party or is otherwise bound, or by which it or any of its properties or assets is bound or to which it may be subject; or (iii) will violate any provision of the certificate of incorporation, by-laws, certificate of partnership,
partnership agreement, certificate of formation or limited liability company agreement (or equivalent organizational documents), as the case may be, of such Pledgor or any of its Subsidiaries;



(vi) all of such Pledgors Collateral (consisting of
Securities, Limited Liability Company Interests and Partnership Interests) has been duly and validly issued, is fully paid and non-assessable and is subject to no options to purchase or similar rights;



(vii) each of such Pledgors Pledged Notes consisting
of Intercompany Notes and, to each Pledgors knowledge, each of such Pledgors Pledged Notes consisting of all other promissory notes, constitutes, or when executed by the obligor thereof will constitute, the legal, valid and binding
obligation of such obligor, enforceable in accordance with its terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
creditors rights generally and by general equitable principles (regardless of whether enforcement is sought in equity or at law);



(viii) the pledge, collateral assignment and delivery to the Pledgee of such Pledgors Collateral consisting of Certificated
Securities and Pledged Notes (other than Non-Deliverable Notes) pursuant to this Agreement creates a valid and perfected first priority security interest in such Certificated Securities and Pledged Notes, and the proceeds thereof, subject to no
prior Lien or encumbrance or to any agreement purporting



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to grant to any third party a Lien or encumbrance on the property or assets of such Pledgor which would include the Securities (other than the liens and
security interests permitted under the Secured Debt Agreements then in effect) and the Pledgee is entitled to all the rights, priorities and benefits afforded by the UCC or other relevant law as enacted in any relevant jurisdiction to perfect
security interests in respect of such Collateral; and



(ix) control (as defined in Section 8-106 of the UCC) has been obtained by the Pledgee over all of such Pledgors Collateral consisting of Securities (including, without limitation, Notes (other than Non-Deliverable Notes)
which are Securities) with respect to which such control may be obtained pursuant to Section 8-106 of the UCC, except to the extent that the obligation of the applicable Pledgor to provide the Pledgee with control of such
Collateral has not yet arisen under this Agreement; provided that in the case of the Pledgee obtaining control over Collateral consisting of a Security Entitlement, such Pledgor shall have taken all steps in its control so that
the Pledgee obtains control over such Security Entitlement.



(b) Each Pledgor covenants and agrees that it will defend the Pledgees right, title and security interest in and to such Pledgors Collateral and the proceeds thereof against the claims and demands of all persons whomsoever; and
each Pledgor covenants and agrees that it will have like title to and right to pledge any other property at any time hereafter pledged to the Pledgee by such Pledgor as Collateral hereunder and will likewise defend the right thereto and security
interest therein of the Pledgee and the other Secured Creditors.



(c) Each Pledgor covenants and agrees that it will take no action which would violate any of the terms of any Secured Debt Agreement.



17. LEGAL NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION AND/OR A TRANSMITTING UTILITY); JURISDICTION OF ORGANIZATION; LOCATION;
ORGANIZATIONAL IDENTIFICATION NUMBERS; CHANGES THERETO; ETC. The exact legal name of each Pledgor, the type of organization of such Pledgor, whether or not such Pledgor is a Registered Organization, the jurisdiction of organization of such Pledgor,
such Pledgors Location, the organizational identification number (if any) of each Pledgor, and whether or not such Pledgor is a Transmitting Utility, is listed on Annex A hereto for such Pledgor. No Pledgor shall change its legal name, its
type of organization, its status as a Registered Organization (in the case of a Registered Organization), its status as a Transmitting Utility or as a Person which is not a Transmitting Utility, as the case may be, its jurisdiction of organization,
its Location, or its organizational identification number (if any), except that any such changes shall be permitted (so long as not in violation of the applicable requirements of the Secured Debt Agreements and so long as same do not involve (x) a
Registered Organization ceasing to constitute same or (y) any Pledgor changing its jurisdiction of organization or Location from the United States or a State thereof to a jurisdiction of organization or Location, as the case may be, outside the
United States or a State thereof) if (i) it shall have given to the Collateral Agent not less than 15 days prior written notice of each change to the information listed on Annex A (as adjusted for any subsequent changes thereto previously made
in accordance with this sentence), together with a supplement to Annex A which shall correct all information contained therein for such Pledgor, and (ii) in connection with



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the respective such change or changes, it shall have taken all action reasonably requested by the Collateral Agent to maintain the security interests of the
Collateral Agent in the Collateral intended to be granted hereby at all times fully perfected and in full force and effect. In addition, to the extent that any Pledgor does not have an organizational identification number on the date hereof and
later obtains one, such Pledgor shall promptly thereafter deliver a notification of the Collateral Agent of such organizational identification number and shall take all actions reasonably satisfactory to the Collateral Agent to the extent necessary
to maintain the security interest of the Collateral Agent in the Collateral intended to be granted hereby fully perfected and in full force and effect.



18. PLEDGORS OBLIGATIONS ABSOLUTE, ETC. The obligations of each Pledgor under this Agreement shall be absolute and unconditional and shall remain in
full force and effect (subject to the provisions of Section 20) without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever (other than termination of this
Agreement pursuant to Section 20 hereof), including, without limitation:



(i) any renewal, extension, amendment or modification of, or addition or supplement to or deletion from any Secured Debt Agreement (other than this Agreement in accordance with its terms), or any other instrument or
agreement referred to therein, or any assignment or transfer of any thereof;



(ii) any waiver, consent, extension, indulgence or other action or inaction under or in respect of any such agreement or instrument including, without limitation, this Agreement (other than a waiver, consent or
extension with respect to this Agreement in accordance with its terms);



(iii) any furnishing of any additional security to the Pledgee or its assignee or any acceptance thereof or any release of any security by the Pledgee or its assignee;



(iv) any limitation on any partys liability or
obligations under any such instrument or agreement or any invalidity or unenforceability, in whole or in part, of any such instrument or agreement or any term thereof; or



(v) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other
like proceeding relating to any Pledgor or any Subsidiary of any Pledgor, or any action taken with respect to this Agreement by any trustee or receiver, or by any court, in any such proceeding, whether or not such Pledgor shall have notice or
knowledge of any of the foregoing.



19. SALE OF COLLATERAL
WITHOUT REGISTRATION. (a) If an Event of Default shall have occurred and be continuing and any Pledgor shall have received from the Pledgee a written request or requests that such Pledgor cause any registration, qualification or compliance under any
federal or state securities law or laws to be effected with respect to all or any part of the Collateral consisting of Securities, Limited Liability Company Interests or Partnership Interests, such Pledgor as soon as practicable and at its expense
will use its best efforts to cause such registration to be effected (and be kept effective) and will use its best efforts



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to cause such qualification and compliance to be effected (and be kept effective) as may be so requested and as would permit or facilitate the sale and
distribution of such Collateral consisting of Securities, Limited Liability Company Interests or Partnership Interests, including, without limitation, registration under the Securities Act, as then in effect (or any similar statute then in effect),
appropriate qualifications under applicable blue sky or other state securities laws and appropriate compliance with any other governmental requirements; provided, that the Pledgee shall furnish to such Pledgor such information regarding the
Pledgee as such Pledgor may request in writing and as shall be required in connection with any such registration, qualification or compliance. Each Pledgor will cause the Pledgee to be kept reasonably advised in writing as to the progress of each
such registration, qualification or compliance and as to the completion thereof, will furnish to the Pledgee such number of prospectuses, offering circulars and other documents incident thereto as the Pledgee from time to time may reasonably
request, and will indemnify, to the extent permitted by law, the Pledgee and all other Secured Creditors participating in the distribution of such Collateral consisting of Securities, Limited Liability Company Interests or Partnership Interests
against all claims, losses, damages and liabilities caused by any untrue statement (or alleged untrue statement) of a material fact contained therein (or in any related registration statement, notification or the like) or by any omission (or alleged
omission) to state therein (or in any related registration statement, notification or the like) a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same may have been caused
by an untrue statement or omission based upon information furnished in writing to such Pledgor by the Pledgee or such other Secured Creditor expressly for use therein.



(b) If at any time when the Pledgee shall determine to exercise its right to sell all or any part of the Collateral
consisting of Securities, Limited Liability Company Interests or Partnership Interests pursuant to Section 7 hereof, and such Collateral or the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under the
Securities Act, as then in effect, the Pledgee may, in its sole and absolute discretion, sell such Collateral or part thereof by private sale in such manner and under such circumstances as the Pledgee may deem necessary or advisable in order that
such sale may legally be effected without such registration. Without limiting the generality of the foregoing, in any such event the Pledgee, in its sole and absolute discretion (i) may proceed to make such private sale notwithstanding that a
registration statement for the purpose of registering such Collateral or part thereof shall have been filed under such Securities Act, (ii) may approach and negotiate with a single possible purchaser to effect such sale, and (iii) may restrict such
sale to a purchaser who will represent and agree that such purchaser is purchasing for its own account, for investment, and not with a view to the distribution or sale of such Collateral or part thereof. In the event of any such sale, the Pledgee
shall incur no responsibility or liability for selling all or any part of the Collateral at a price which the Pledgee, in its sole and absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility
that a substantially higher price might be realized if the sale were deferred until the registration as aforesaid.



20. TERMINATION; RELEASE. (a) On the Termination Date (as defined below), this Agreement shall terminate (provided that all indemnities set forth herein
including, without limitation, in Section 11 hereof shall survive any such termination) and the Pledgee, at the request and expense of such Pledgor, will execute and deliver to such Pledgor a proper instrument or instruments (including UCC
termination statements) acknowledging the



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satisfaction and termination of this Agreement (including, without limitation, UCC termination statements and instruments of satisfaction, discharge and/or
reconveyance), and will duly release from the security interest created hereby and assign, transfer and deliver to such Pledgor (without recourse and without any representation or warranty) such of the Collateral as may be in the possession of the
Pledgee and as has not theretofore been sold or otherwise applied or released pursuant to this Agreement, together with any moneys at the time held by the Pledgee or any of its sub-agents hereunder and, with respect to any Collateral consisting of
an Uncertificated Security, a Partnership Interest or a Limited Liability Company Interest (other than an Uncertificated Security, Partnership Interest or Limited Liability Company Interest credited on the books of a Clearing Corporation or
Securities Intermediary), a termination of the agreement relating thereto executed and delivered by the issuer of such Uncertificated Security pursuant to Section 3.2(a)(ii) or by the respective partnership or limited liability company pursuant to
Section 3.2(a)(iv)(2). As used in this Agreement, Termination Date shall mean the date upon which the Commitments under the Credit Agreement have been terminated and all Interest Rate Protection Agreements and Other Hedging
Agreements entitled to the benefits of this Agreement have been terminated, no Letter of Credit or Note (as defined in the Credit Agreement) is outstanding (and all Loans have been paid in full), all Letters of Credit have been terminated, and all
other Obligations (other than indemnities described in Section 11 hereof and described in Section 13.01 of the Credit Agreement, and any other indemnities set forth in any other Security Documents, in each case which are not then due and payable)
then due and payable have been paid in full.



(b) In the event
that any part of the Collateral is sold or otherwise disposed of (to a Person other than a Credit Party) (x) at any time prior to the Credit Document Obligations Termination Date, in connection with a sale or disposition permitted by Section 9.02 of
the Credit Agreement or is otherwise released at the direction of the Required Secured Creditors or (y) at any time thereafter, to the extent permitted by the other Secured Debt Agreements then in effect, and in the case of clauses (x) and (y), the
proceeds of such sale or disposition (or from such release) are applied in accordance with the terms of the Credit Agreement or such other Secured Debt Agreement, as the case may be, to the extent required to be so applied, the Pledgee, at the
request and expense of such Pledgor, will duly release from the security interest created hereby (and will execute and deliver such documentation, including termination or partial release statements and the like in connection therewith) and assign,
transfer and deliver to such Pledgor (without recourse and without any representation or warranty) such of the Collateral as is then being (or has been) so sold or released and as may be in the possession of the Pledgee (or, in the case of
Collateral held by any sub-agent designated pursuant to Section 4 hereto, such sub-agent) and has not theretofore been released pursuant to this Agreement.



(c) At any time that any Pledgor desires that Collateral be released as provided in the foregoing Section 20(a) or (b), it shall deliver to the Pledgee
(and the relevant sub-agent, if any, designated pursuant to Section 4 hereof) a certificate signed by an Authorized Officer of such Pledgor stating that the release of the respective Collateral is permitted pursuant to Section 20(a) or (b) hereof.
If reasonably requested by the Pledgee (although the Pledgee shall have no obligation to make any such request), the relevant Pledgor shall furnish appropriate legal opinions (from counsel, reasonably acceptable to the Pledgee) to the effect set
forth in the immediately preceding sentence.



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(d) The Pledgee shall have no liability whatsoever to any other Secured Creditor as the result of any
release of Collateral by it in accordance with (or which the Collateral Agent in the absence of gross negligence and willful misconduct believes to be in accordance with) this Section 20.



21. NOTICES, ETC. Except as otherwise specified herein, all notices, requests, demands or other communications to or upon
the respective parties hereto shall be sent or delivered by mail, telegraph, telex, telecopy, cable or courier service and all such notices and communications shall, when mailed, telegraphed, telexed, telecopied, or cabled or sent by courier, be
effective when deposited in the mails, delivered to the telegraph company, cable company or overnight courier, as the case may be, or sent by telex or telecopier, except that notices and communications to the Pledgee or any Pledgor shall not be
effective until received by the Pledgee or such Pledgor, as the case may be. All notices and other communications shall be in writing and addressed as follows:



(a) if to any Pledgor, c/o:



Quality Distribution, Inc.

3802 Corporex Park Drive

Tampa, Florida, 33619

Attention: Chief Financial Officer

Telephone No.: 813-569-7275

Facsimile No.: 813-630-9637



(b) if to the Pledgee, at:



Credit Suisse First Boston

11 Madison Avenue

New York, New York, 10010

Attention: Thomas Lynch

Telephone No.: 212-325-9205

Facsimile No.: 212-325-8304



(c) if to any Lender Creditor (other than the Pledgee), either (x) to the Administrative Agent, at the address of the Administrative Agent specified in the Credit Agreement, or (y) at such address as such Lender Creditor shall have
specified in the Credit Agreement;



(d) if to any Other
Creditor, at such address as such Other Creditor shall have specified in writing to the Pledgors and the Pledgee;



or at such other address or addressed to such other individual as shall have been furnished in writing by any Person described above to the party required to give notice
hereunder.



22. WAIVER; AMENDMENT. None of the terms and
conditions of this Agreement may be changed, waived, modified or varied in any manner whatsoever unless in writing duly signed by each Pledgor directly affected thereby and the Collateral Agent (with the consent of the Required Secured Creditors);
provided, that (i) additional Pledgors may be added



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as parties hereto from time to time in accordance with Section 30 without the consent of any other Pledgor or of the Secured Creditors, (ii) Pledgors may be
removed as parties hereto from time to time in accordance with Section 32 without any consent of any other Pledgor or of the Secured Creditors and (iii) any change, waiver, modification or variance affecting the rights and benefits of a single Class
(as defined below), with outstanding Obligations of the respective Class secured hereby at such time, of Secured Creditors (and not all Secured Creditors in a like or similar manner) shall require the written consent of the Requisite Creditors (as
defined below) of such Class; provided further, however, that notwithstanding anything to the contrary provided in clause (iii) of the immediately preceding proviso, (x) the Required Secured Creditors may agree to modifications
to this Agreement for the purpose, among other things, of securing additional extensions of credit (including, without limitation, pursuant to the Credit Agreement or any refinancing or extension thereof) and adding new creditors as Secured
Creditors hereunder (either as part of an existing Class of Secured Creditors or as a newly created Class) and such changes shall not require the written consent of the Requisite Creditors of the various Classes, so long as such extension (and
resulting addition) do not otherwise give rise to an express violation of the terms of the Credit Agreement or the other Secured Debt Agreements and (y) said clause (iii) shall not apply to any release of Collateral or any Pledgor (or the
termination of this Agreement) effected in accordance with the requirements of Section 20 or 32 of this Agreement, as the case may be. For the purpose of this Agreement, the term Class shall mean each class of Secured Creditors with
outstanding Obligations secured hereby at such time, i.e., whether (x) the Lender Creditors as holders of the Credit Document Obligations or (y) the Other Creditors as holders of the Other Obligations. For the purpose of this Agreement, the
term Requisite Creditors of any Class shall mean each of (x) with respect to the Credit Document Obligations, the Required Lenders and (y) with respect to the Other Obligations, the holders of at least a majority of all Other Obligations
outstanding from time to time under the Interest Rate Protection Agreements and Other Hedging Agreements (as determined by the Pledgee in such reasonable manner as is acceptable to it).



23. SUCCESSORS AND ASSIGNS. This Agreement shall create a continuing security interest in the Collateral and shall (i)
remain in full force and effect, subject to release and/or termination as set forth in Section 20, (ii) be binding upon each Pledgor, its successors and assigns; provided, however, that no Pledgor shall assign any of its rights or
obligations hereunder without the prior written consent of the Pledgee (with the prior written consent of the Required Secured Creditors), and (iii) inure, together with the rights and remedies of the Pledgee hereunder, to the benefit of the
Pledgee, the other Secured Creditors and their respective successors, transferees and assigns. All agreements, statements, representations and warranties made by each Pledgor herein or in any certificate or other instrument delivered by such Pledgor
or on its behalf under this Agreement shall be considered to have been relied upon by the Secured Creditors and shall survive the execution and delivery of this Agreement and the other Secured Debt Agreements regardless of any investigation made by
the Secured Creditors or on their behalf.



24. HEADINGS
DESCRIPTIVE. The headings of the several Sections of this Agreement are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Agreement.



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25. GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL. (a) THIS AGREEMENT AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT MAY BE BROUGHT IN
THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PLEDGOR HEREBY IRREVOCABLY ACCEPTS
FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH PLEDGOR HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK PERSONAL JURISDICTION OVER SUCH
PLEDGOR, AND AGREES NOT TO PLEAD OR CLAIM IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN ANY OF THE AFORESAID COURTS THAT ANY SUCH COURT LACKS PERSONAL JURISDICTION OVER SUCH PLEDGOR. EACH
PLEDGOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO ANY SUCH PLEDGOR AT ITS
ADDRESS FOR NOTICES AS PROVIDED IN SECTION 21 ABOVE, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. EACH PLEDGOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD
OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER CREDIT DOCUMENT THAT SUCH SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE PLEDGEE UNDER THIS AGREEMENT, OR ANY SECURED
CREDITOR, TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY PLEDGOR IN ANY OTHER JURISDICTION.



(b) EACH PLEDGOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF
THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY
SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.



(c) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF
OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.



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26. PLEDGORS DUTIES. It is expressly agreed, anything herein contained to the contrary
notwithstanding, that each Pledgor shall remain liable to perform all of the obligations, if any, assumed by it with respect to the Collateral and the Pledgee shall not have any obligations or liabilities with respect to any Collateral by reason of
or arising out of this Agreement, except for the safekeeping of Collateral actually in Pledgors possession, nor shall the Pledgee be required or obligated in any manner to perform or fulfill any of the obligations of any Pledgor under or with
respect to any Collateral.



27. COUNTERPARTS. This Agreement
may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A
set of counterparts executed by all the parties hereto shall be lodged with each Pledgor and the Pledgee.



28. 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.



29. RECOURSE. This Agreement is made with full
recourse to each Pledgor and pursuant to and upon all the representations, warranties, covenants and agreements on the part of such Pledgor contained herein and in the other Secured Debt Agreements and otherwise in writing in connection herewith or
therewith.



30. ADDITIONAL PLEDGORS. It is understood and
agreed that any Subsidiary of Holdings that is required to become a party to this Agreement after the date hereof pursuant to the requirements of the Credit Agreement or any other Credit Document, shall become a Pledgor hereunder by (x) executing a
counterpart hereof and/or a joinder agreement in form and substance satisfactory to the Pledgee and delivering same to the Pledgee, (y) delivering supplements to Annexes A through G, hereto as are necessary to cause such Annexes to be complete and
accurate with respect to such additional Pledgor on such date and (z) taking all actions as specified in this Agreement as would have been taken by such Pledgor had it been an original party to this Agreement, in each case with all documents
required above to be delivered to the Pledgee and with all documents and actions required above to be taken to the reasonable satisfaction of the Pledgee.



31. LIMITED OBLIGATIONS. It is the desire and intent of each Pledgor and the Secured Creditors that this Agreement shall be enforced against each Pledgor
to the fullest extent permissible under the laws applied in each jurisdiction in which enforcement is sought. Notwithstanding anything to the contrary contained herein, in furtherance of the foregoing, it is noted that the obligations of each
Pledgor constituting a Subsidiary Guarantor have been limited as provided in the Subsidiaries Guaranty.



32. RELEASE OF PLEDGORS. If at any time all of the Equity Interests of any Pledgor owned by the Borrower or any of its Subsidiaries are sold (to a Person
other than a Credit Party) in a transaction permitted pursuant to the Credit Agreement (and which does not



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violate the terms of any other Secured Debt Agreement then in effect), then, such Pledgor shall be released as a Pledgor pursuant to this Agreement without
any further action hereunder (it being understood that the sale of all of the Equity Interests in any Person that owns, directly or indirectly, all of the Equity Interests in any Pledgor shall be deemed to be a sale of all of the Equity Interests in
such Pledgor for purposes of this Section), and the Pledgee is authorized and directed to execute and deliver such instruments of release as are reasonably satisfactory to it. At any time that the Borrower desires that a Pledgor be released from
this Agreement as provided in this Section 32, the Borrower shall deliver to the Pledgee a certificate signed by a principal executive officer of the Borrower stating that the release of such Pledgor is permitted pursuant to this Section 32. If
requested by Pledgee (although the Pledgee shall have no obligation to make any such request), the Borrower shall furnish legal opinions (from counsel reasonably acceptable to the Pledgee, which include jurisdictionally qualified in-house counsel)
to the effect set forth in the immediately preceding sentence. The Pledgee shall have no liability whatsoever to any other Secured Creditor as a result of the release of any Pledgor by it in accordance with, or which it believes to be in accordance
with, this Section 32.



* * * *



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IN WITNESS WHEREOF, each Pledgor and the Pledgee have caused this Agreement to be executed by their duly
elected officers duly authorized as of the date first above written.



QUALITY DISTRIBUTION, INC.,as a PledgorBy:

/s/    Thomas
FinkbinerName: Thomas FinkbinerTitle: PresidentQUALITY DISTRIBUTION, LLC,as a PledgorBy:

/s/    Thomas
FinkbinerName: Thomas FinkbinerTitle: PresidentQD CAPITAL CORPORATION,as a PledgorBy:

/s/    Thomas
FinkbinerName: Thomas FinkbinerTitle: PresidentQUALITY CARRIERS, INC.,as a PledgorBy:

/s/    Thomas
FinkbinerName: Thomas FinkbinerTitle: PresidentCHEMICAL LEAMAN CORPORATION,as a PledgorBy:

/s/    Thomas
FinkbinerName: Thomas FinkbinerTitle: President




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TRANSPLASTICS, INC.,as a PledgorBy:

/s/    Thomas
FinkbinerName: Thomas FinkbinerTitle: Vice PresidentENVIROPOWER, INC.,as a PledgorBy:

/s/    Thomas
FinkbinerName: Thomas FinkbinerTitle: PresidentFLEET TRANSPORT COMPANY, INC.,as a PledgorBy:

/s/    Thomas
FinkbinerName: Thomas FinkbinerTitle: PresidentQUALA SYSTEMS, INC.,as a PledgorBy:

/s/    Thomas
FinkbinerName: Thomas FinkbinerTitle: Vice PresidentQSI SERVICES, INC.,as a PledgorBy:

/s/    Thomas
FinkbinerName: Thomas FinkbinerTitle: PresidentPOWER PURCHASING, INC.,as a PledgorBy:

/s/    Thomas
FinkbinerName: Thomas FinkbinerTitle: President




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AMERICAN TRANSINSURANCE GROUP, INC., as a PledgorBy:

/s/    Thomas
FinkbinerName: Thomas FinkbinerTitle: PresidentM T L OF NEVADA, as a PledgorBy:

/s/    James
RakitskyName: James RakitskyTitle: PresidentMEXICO INVESTMENTS, INC., as a PledgorBy:

/s/    Thomas
FinkbinerName: Thomas FinkbinerTitle: President




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Accepted and Agreed to:



|CREDIT SUISSE FIRST BOSTON acting through its Cayman Islands Branch,as Collateral Agent and Pledgee |  |                      |  | 
|--------------------------------------------------------------------------------------------------- |  | -------------------- |  | 
|                                                                                                    |  |                      |  | 
|By:                                                                                                 |  | /s/    Robert
Hetu   |  | 
|                                                                                                    |  | Name: Robert Hetu    |  | 
|                                                                                                    |  | Title: Director      |  | 
|                                                                                                    |  |                      |  | 
|By:                                                                                                 |  | /s/    David J.
Dodd |  | 
|                                                                                                    |  | Name: David J. Dodd  |  | 
|                                                                                                    |  | Title: Associate     |  | 



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Annex H

to

PLEDGE AGREEMENT



Form of Agreement Regarding Uncertificated Securities, Limited Liability

Company Interests and Partnership Interests



AGREEMENT (as amended, modified, restated and/or supplemented from time to time, this Agreement), dated as of
[ , 200_], among the undersigned pledgor (the Pledgor), CREDIT SUISSE FIRST BOSTON, acting
through its Cayman Islands Branch, not in its individual capacity but solely as Collateral Agent (the Pledgee), and [], as the issuer of the
Uncertificated Securities, Limited Liability Company Interests and/or Partnership Interests (each as defined below) (the Issuer).



W I T N E S S E T H :



WHEREAS, the Pledgor, certain of its affiliates and the Pledgee have entered into a Pledge Agreement, dated as of November
, 2003 (as amended, modified, restated and/or supplemented from time to time, the Pledge Agreement), under which, among other things, in order to secure the payment of the
Obligations (as defined in the Pledge Agreement), the Pledgor has or will pledge to the Pledgee for the benefit of the Secured Creditors (as defined in the Pledge Agreement), and grant a security interest in favor of the Pledgee for the benefit of
the Secured Creditors in, all of the right, title and interest of the Pledgor in and to any and all [uncertificated securities (as defined in Section 8-102(a)(18) of the Uniform Commercial Code, as adopted in the State of New York)
(Uncertificated Securities)] [Partnership Interests (as defined in the Pledge Agreement)] [Limited Liability Company Interests (as defined in the Pledge Agreement)], from time to time by the Issuer, whether now existing or
hereafter from time to time acquired by the Pledgor (with all of such [Uncertificated Securities] [Partnership Interests] [Limited Liability Company Interests] being herein collectively called the Issuer Pledged Interests); and



WHEREAS, the Pledgor desires the Issuer to enter into this
Agreement in order to perfect the security interest of the Pledgee under the Pledge Agreement in the Issuer Pledged Interests, to vest in the Pledgee control of the Issuer Pledge Interests and to provide for the rights of the parties under this
Agreement;



NOW THEREFORE, in consideration of the premises and
the mutual promises and agreements contained herein, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:



1. The Pledgor hereby irrevocably authorizes and directs the Issuer, and the
Issuer hereby agrees, to comply with any and all instructions and orders originated by the Pledgee (and its successors and assigns) regarding any and all of the Issuer Pledged Interests without the further consent by the registered owner (including
the Pledgor), and, following its receipt of a notice from the Pledgee stating that the Pledgee is exercising exclusive control of the Issuer Pledged Interests, not to comply with any instructions or orders regarding any or all of the
Issuer Pledged Interests originated by any person or entity other than the Pledgee (and its successors and assigns) or a court of competent jurisdiction.



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2. The Issuer hereby certifies that (i) no notice of any security interest, lien or other encumbrance or
claim affecting the Issuer Pledged Interests (other than the security interest of the Pledgee) has been received by it, and (ii) the security interest of the Pledgee in the Issuer Pledged Interests has been registered in the books and records of the
Issuer.



3. The Issuer hereby represents and warrants that (i)
the pledge by the Pledgor of, and the granting by the Pledgor of a security interest in, the Issuer Pledged Interests to the Pledgee, for the benefit of the Secured Creditors, does not violate the charter, by-laws, partnership agreement, membership
agreement or any other agreement governing the Issuer or the Issuer Pledged Interests, and (ii) the Issuer Pledged Interests consisting of capital stock of a corporation are fully paid and nonassessable.



4. All notices, statements of accounts, reports, prospectuses, financial
statements and other communications to be sent to the Pledgor by the Issuer in respect of the Issuer will also be sent to the Pledgee at the following address:



[]

[]

Attention: []

Telephone No.:
[]

Telecopier No.: []



5. Following its receipt of a notice from the Pledgee stating that the Pledgee is exercising exclusive control of the Issuer Pledged Interests
and until the Pledgee shall have delivered written notice to the Issuer that all of the Obligations have been paid in full and this Agreement is terminated, the Issuer will send any and all redemptions, distributions, interest or other payments in
respect of the Issuer Pledged Interests from the Issuer for the account of the Pledgee only by wire transfers to such account as the Pledgee shall instruct.



6. Except as expressly provided otherwise in Sections 4 and 5, all notices, instructions, orders and communications hereunder shall be sent or delivered
by mail, telegraph, telex, telecopy, cable or overnight courier service and all such notices and communications shall, when mailed, telexed, telecopied, cabled or sent by overnight courier, be effective when deposited in the mails or delivered to
overnight courier, prepaid and properly addressed for delivery on such or the next Business Day, or sent by telex or telecopier, except that notices and communications to the Pledgee or the Issuer shall not be effective until received. All notices
and other communications shall be in writing and addressed as follows:



(a)    if to the Pledgor, at:



___________________

___________________

___________________

___________________

Attention:

Telephone No.:

Fax No.:



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(b)    if to the Pledgee, at the address given in Section 4 hereof;



(c)    if to the Issuer, at:



___________________

___________________

___________________



or at such other address as shall have been
furnished in writing by any Person described above to the party required to give notice hereunder. As used in this Section 6, Business Day means any day other than a Saturday, Sunday, or other day in which banks in New York are
authorized to remain closed.



7. This Agreement shall be
binding upon the successors and assigns of the Pledgor and the Issuer and shall inure to the benefit of and be enforceable by the Pledgee and its successors and assigns. This Agreement may be executed in any number of counterparts, each of which
shall be an original, but all of which shall constitute one instrument. In the event that any provision of this Agreement shall prove to be invalid or unenforceable, such provision shall be deemed to be severable from the other provisions of this
Agreement which shall remain binding on all parties hereto. None of the terms and conditions of this Agreement may be changed, waived, modified or varied in any manner whatsoever except in writing signed by the Pledgee, the Issuer and the Pledgor.



8. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without regard to its principles of conflict of laws.



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IN WITNESS WHEREOF, the Pledgor, the Pledgee and the Issuer have caused this Agreement to be executed by
their duly elected officers duly authorized as of the date first above written.



[],as PledgorByName:Title:CREDIT SUISSE FIRST BOSTON, acting through its Cayman Islands Branch,not in its individual capacity but solely as Collateral Agent and PledgeeByName:Title:[],as the IssuerByName:Title:






4