Document:

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                                                                     Exhibit 4.6

                     AMENDED AND RESTATED SECURITY AGREEMENT

       THIS AMENDED AND RESTATED SECURITY AGREEMENT, dated as of June 25, 2003
by and among GLOBAL IMAGING SYSTEMS, INC., a corporation organized under the
laws of Delaware (the "Company"), and the Subsidiaries of the Company party
hereto (the "Subsidiary Grantors", and together with the Company and each
additional Grantor who executes a Joinder Agreement, the "Grantors", each
individually, a "Grantor"), and WACHOVIA BANK, NATIONAL ASSOCIATION (formerly
known as First Union National Bank), a national banking association, as
administrative agent (the "Administrative Agent") for the benefit of itself and
the financial institutions (the "Lenders") as are, or may from time to time
become, parties to the Credit Agreement referred to below.

                              STATEMENT OF PURPOSE

       Pursuant to the Credit Agreement dated as of July 31, 1998 (as amended
and restated by the Amended and Restated Credit Agreement dated as of June 23,
1999 and as further amended, restated, supplemented or otherwise modified as of
the date hereof, the "Existing Credit Agreement"), by and among the Company and
certain of its Subsidiaries, as borrowers, the lenders party thereto and the
Administrative Agent, the lenders party thereto extended certain credit
facilities to the Company and such Subsidiaries.

       Pursuant to the terms of the Existing Credit Agreement, the Company and
certain of its Subsidiaries and the Administrative Agent entered into a Security
Agreement dated as of July 31, 1998 (as amended by the Amended and Restated
Credit Agreement dated as of June 23, 1999 and as further amended, restated,
supplemented or otherwise modified as of the date hereof, the "Existing Security
Agreement") pursuant to which the Company and certain of its Subsidiaries
granted to the Administrative Agent a security interest in the collateral
described therein to secure the obligations of the Company and certain of its
Subsidiaries under the Existing Credit Agreement.

       Pursuant to the terms of the Second Amended and Restated Credit Agreement
dated as of the date hereof (as amended, restated, supplemented or otherwise
modified from time to time, the "Credit Agreement") by and among the Grantors,
the Lenders and the Administrative Agent, such parties have amended and restated
their respective rights and obligations under the Existing Credit Agreement.

       To induce the Lenders and the Administrative Agent to amend and restate
the Existing Credit Agreement, and as a condition to the making of any
Extensions of Credit under the Credit Agreement, the Administrative Agent and
the Lenders have required the Grantors, and the Grantors desire, to amend and
restate the Existing Security Agreement.

       NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

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       SECTION 1. Definitions. (a) Unless otherwise defined herein, the terms
defined in the Credit Agreement and used herein shall have the meanings given to
them in the Credit Agreement and the following terms are used herein as defined
in the UCC: "Account", "Account Debtor", "Authenticate", "Chattel Paper";
"Commercial Tort Claim", "Deposit Account", "Documents", "Equipment", "Fixture",
"General Intangible", "Instrument", "Inventory", "Investment Property", "Letter
of Credit Rights", "Proceeds", "Record", "Securities Account", "Securities
Intermediary", and "Supporting Obligation".

       (b) The following additional terms, when used in this Agreement, shall
have the following meanings:

       "Accounts Aging Report" means a detailed aged trial balance of all
Accounts existing as of a specified date, specifying the names, addresses, face
value and dates of invoices of each Account Debtor obligated on any Accounts so
listed.

       "Agreement" means this Amended and Restated Security Agreement, as the
same may be amended, restated, supplemented or otherwise modified from time to
time.

       "Assignment of Claims Act" means the Assignment of Claims Act of 1940 (41
U.S.C. Section 15, 31 U.S.C. Section 3727, and 31 U.S.C. Section 3737),
including all amendments thereto and regulations promulgated thereunder.

       "Collateral" shall have the meaning given thereto in Section 2(a) hereof.

       "Collateral Account" means any cash collateral account established with
the Administrative Agent pursuant to Section 6 hereof.

       "Control" means the manner in which "control" is achieved under the UCC
with respect to any Collateral for which the UCC specifies a method of achieving
"control".

       "Copyright License" means any written agreement now or hereafter in
existence granting to any Grantor any right to use any Copyright.

       "Copyrights" means, collectively, all of the following now owned or
hereafter created or acquired by any Grantor: (a) all copyrights, rights and
interests in copyrights, works protectable by copyright, copyright registrations
and copyright applications, including, without limitation, any thereof referred
to on Schedule I hereto (as such schedule may be amended, restated, supplemented
or otherwise modified from time to time); (b) all renewals of any of the
foregoing; (c) all income, royalties, damages and payments now or hereafter due
and/or payable under any of the foregoing or with respect to any of the
foregoing, including, without limitation, damages or payments for past or future
infringements of any of the foregoing; (d) the right to sue for past, present
and future infringements of any of the foregoing; and (e) all rights
corresponding to any of the foregoing throughout the world.

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       "Financing Statements" shall mean (i) the Uniform Commercial Code Form
UCC-1 Financing Statements with respect to the Collateral previously filed with
respect to those Grantors which are parties to the Existing Security Agreement
and (ii) the Uniform Commercial Code Form UCC-1 Financing Statements with
respect to the Collateral to be filed with respect to those Grantors which are
not parties to the Existing Security Agreement, in each case in the
jurisdictions set forth in the Perfection Certificate.

       "Government Contract" means a contract between any Grantor and an agency,
department or instrumentality of the United States or any state, municipal or
local Governmental Authority located in the United States.

       "Intellectual Property" means, collectively, all of the following of any
Grantor: (a) all systems software, applications software and internet rights,
including, but not limited to, screen displays and formats, internet domain
names, web sites (including web links), program structures, sequence and
organization, all documentation for such software, including, but not limited
to, user manuals, flowcharts, programmer's notes, functional specifications, and
operations manuals, all formulas, processes, ideas and know-how embodied in any
of the foregoing, and all program materials, flowcharts, notes and outlines
created in connection with any of the foregoing, whether or not patentable or
copyrightable, (b) concepts, discoveries, improvements and ideas, (c) any useful
information relating to the items described in clause (a) or (b), including
know-how, technology, engineering drawings, reports, design information, trade
secrets, practices, laboratory notebooks, specifications, test procedures,
maintenance manuals, research, development, manufacturing, marketing,
merchandising, selling, purchasing and accounting, (d) Patents, Patent rights
and Patent applications, Copyrights and Copyright applications, Trademarks,
Trademark rights, trade names, trade name rights, service marks, service mark
rights, applications for registration of Trademarks, trade names and service
marks, and Trademark, trade name and service mark registrations and Patent
Licenses, Trademark Licenses, Copyright Licenses, (e) other licenses to use any
of the items described in the foregoing clauses (a), (b), (c) and (d) or any
other similar items of any Grantor necessary for the conduct of its business and
(f) all goodwill associated with the items described in the foregoing clauses
(a), (b), (c), (d) and (e); provided that for the purpose of Section 4(e)(iii)
hereof, the assignment, transfer and conveyance of the Intellectual Property set
forth therein shall not include any intent to use application or registration of
trademark prior to the filing of a verified statement of use.

       "Patent License" means any written agreement now or hereafter in
existence granting to any Grantor any right to use any invention on which a
Patent is in existence.

       "Patents" means, collectively, all of the following now owned or
hereafter created or acquired by any Grantor: (a) all patents and patent
applications including all patentable inventions, including, without limitation,
any thereof referred to on Schedule II hereto (as such schedule may be amended,
restated, supplemented or otherwise modified from time to time); (b) all
reissues, divisions, continuations, renewals, extensions and
continuations-in-part of any of the foregoing; (c) all income, royalties,
damages or payments now or hereafter due and/or payable under any of the
foregoing or with respect to any of the foregoing, including, without
limitation, damages or payments for past or future infringements of any of the
foregoing; (d) the right to sue for past,

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present and future infringements of any of the foregoing; and (e) all rights
corresponding to any of the foregoing throughout the world.

       "Perfection Certificate" means a certificate dated as of even date
herewith (as supplemented from time to time), setting forth the corporate or
other names, the jurisdiction of incorporation or organization, the chief
executive office or principal place of business in each state and the other
current locations of each Grantor and such other information as the
Administrative Agent deems pertinent to the perfection of security interests,
completed and supplemented with the schedules and attachments contemplated
thereby to the satisfaction of the Administrative Agent, and duly certified by a
Responsible Officer of each Grantor so authorized to act.

       "Permitted Liens" means all Liens respecting the Collateral permitted
pursuant to Section 11.3 of the Credit Agreement.

       "Schedule of Inventory" means a schedule of Inventory based upon each
Grantor's most recent physical inventory and its perpetual inventory records,
showing each Grantor's cost of all such Inventory with a monthly reconciliation
to the general ledger inventory account of each Grantor.

       "Secured Obligations" means the Obligations as defined in the Credit
Agreement and any renewals or extensions of any of the Obligations.

       "Security Interests" means the security interests granted pursuant to
Section 2 hereof, as well as all other security interests created or assigned as
additional security for the Secured Obligations pursuant to the provisions of
this Agreement.

       "Trademark License" means any written agreement now or hereafter in
existence granting to a Grantor any right to use any Trademark.

       "Trademarks" means, collectively, all of the following now owned or
hereafter acquired by any Grantor: (a) all Trademarks, trade names, corporate
names, company names, business names, fictitious business names, trade styles,
service marks, logos, other business identifiers, prints and labels on which any
of the foregoing have appeared or appear, all registrations and recordings
thereof, and all applications in connection therewith, including registrations,
recordings and applications in the United States Patent and Trademark Office or
in any similar office or agency of the United States, any state thereof or any
other country or any political subdivision of any thereof, all of which
registrations, recordings and applications in the United States Patent and
Trademark office are listed on Schedule III hereto (as such schedule may be
amended, restated, supplemented or otherwise modified from time to time); (b)
all reissues, extensions and renewals of any of the foregoing; (c) all income,
royalties, damages and payments now or hereafter due and/or payable under any of
the foregoing or with respect to any of the foregoing, including, without
limitation, damages or payments for past or future infringements of any of the
foregoing; (d) the right to sue for past, present and future infringements of
any of the foregoing; and (e) all rights corresponding to any of the foregoing
throughout the world.

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     "UCC" means the Uniform Commercial Code as in effect in the State of North
Carolina; provided that if by reason of mandatory provisions of law, the
perfection or the effect of perfection or non-perfection of the Security
Interests in any Collateral is governed by the Uniform Commercial Code as in
effect in a jurisdiction other than North Carolina, "UCC" means the Uniform
Commercial Code as in effect in such other jurisdiction for purposes of the
provisions hereof relating to such perfection or effect of perfection or
non-perfection.

     "Vehicles" means all cars, trucks, trailers, construction and earth moving
equipment of any Grantor and other vehicles covered by a certificate of title
law of any state, and all tires and other appurtenances to any of the foregoing.

     SECTION 2. The Security Interests.

     (a)  In order to secure the payment and performance of all of the Secured
Obligations, the Grantors hereby grant to the Administrative Agent, for the
ratable benefit of itself and the Lenders, a continuing security interest in and
to all of the Grantors' estate, right, title and interest in and to all of the
following property, whether now or hereafter owned or acquired by the Grantors
or in which the Grantors now have or hereafter have or acquire any estate,
right, title or interest, and whenever located (collectively, along with any
other property of any Grantor which may from time to time secure the Secured
Obligations, the "Collateral"):

          (i)     all Accounts;

          (ii)    all Inventory;

          (iii)   all Documents;

          (iv)    all Equipment;

          (v)     all Fixtures;

          (vi)    all Instruments;

          (vii)   all General Intangibles;

          (viii)  all Investment Property;

          (ix)    all Vehicles;

          (x)     all Deposit Accounts;

          (xi)    all Commercial Tort Claims identified on Schedule V (as such
                  schedule may be amended, restated, supplemented or otherwise
                  modified from time to time);

          (xii)   all Letter of Credit Rights;

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          (xiii)  all Intellectual Property;

          (xiv)   all Chattel Paper;

          (xv)    all money, cash and currency;

          (xvi)   All books and records (including, without limitation, customer
     lists, credit files, computer programs, printouts and other computer
     materials and records) of any Grantor pertaining to any of the Collateral;

          (xvii)  All personal property of each Grantor, whether tangible or
     intangible, not otherwise described above; and

          (xviii) All products and Proceeds of all or any of the Collateral
     described in clauses (i) through (xvii) hereof and all Supporting
     Obligations given by any Person with respect to any of the foregoing.

     (b)  The Security Interests are granted as security only and shall not
subject the Administrative Agent or any Lender to, or transfer to the
Administrative Agent or any Lender, or in any way affect or modify, any
obligation or liability of any Grantor with respect to any of the Collateral or
any transaction in connection therewith.

     SECTION 3. Representations and Warranties. Each Grantor represents and
warrants as follows:

     (a)  Each Grantor has the requisite power and authority and the legal right
to execute and deliver, to perform its obligations under, and to grant the
Security Interests in the Collateral pursuant to, this Agreement and has taken
all necessary corporate, limited liability company or partnership action to
authorize its execution, delivery and performance of, and grant of the Security
Interests on the Collateral pursuant to, this Agreement.

     (b)  This Agreement constitutes a legal, valid and binding obligation of
each Grantor enforceable in accordance with its terms, except as enforceability
may be limited by bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting the enforcement of creditors' rights generally. The
Administrative Agent and the Lenders and any successors or assigns of the
Administrative Agent or any Lender are entitled to rely on the information
contained herein and in the Perfection Certificate.

     (c)  Each Grantor is the sole owner of, and has good, indefeasible and
marketable title to all of its respective Collateral, free and clear of any
Liens other than the Permitted Liens.

     (d)  No Grantor has performed or failed to perform any acts that would
prevent or hinder the Administrative Agent from enforcing any of the terms of
this Agreement. Other than financing statements or other similar or equivalent
documents or instruments with respect to Permitted Liens, no financing
statement, mortgage, security agreement or similar or equivalent document or

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instrument covering all or any part of the Collateral is on file or of record in
any jurisdiction. No Collateral is in the possession or Control of any Person
asserting any claim thereto or security interest therein, except that (a) the
Administrative Agent or its designee may have possession or Control of
Collateral as contemplated hereby, (b) a depositary bank may have Control of a
Deposit Account owned by a Grantor at such depositary bank pursuant to Section
9-104(a)(1) of the UCC and a Securities Intermediary may have Control over a
Securities Account owned by a Grantor at such Securities Intermediary pursuant
to Section 9-106(b)(1), in each case subject to the terms of any deposit account
control agreement or Securities Account control agreement, as applicable, in
favor of the Administrative Agent, and (c) a bailee, consignee or other Person
may have possession of the Collateral as contemplated by, and so long as, the
applicable Grantors have complied to the satisfaction of the Administrative
Agent with the applicable provisions of Section 4(a)(iii) and Section 4(a)(iv)
hereof.

     (e)  All of the information set forth in the Perfection Certificate is true
and correct as of the date hereof.

     (f)  With respect to any Inventory of the Grantors: (i) all Inventory is,
and shall be at all times, located at places of business listed in the
Perfection Certificate or as to which the applicable Grantor has complied with
the provisions of Section 4(a)(i) hereof, except Inventory in transit from one
such location to another such location; (ii) no Inventory is, nor shall at any
time or times be, subject to any Lien whatsoever, except for Permitted Liens;
(iii) no Inventory in aggregate value exceeding $500,000 at any time is, nor
shall at any time or times be, kept, stored or maintained with a landlord,
bailee, warehouseman, carrier, processor or other third party (other than a
carrier delivering Inventory to a purchaser in the ordinary course of the
applicable Grantor's business) unless the Administrative Agent shall have
received prior written notice of such storage and the applicable Grantor has
complied to the satisfaction of the Administrative Agent with the provisions of
Section 4(a)(iv) hereof; and (iv) no Inventory in aggregate value exceeding
$500,000 at any time is, nor shall at any time or times be, kept, stored or
maintained with a consignee unless the Agent shall have received prior written
notice of such consignment and the applicable Grantor has complied with the
provisions of Section 4(a)(iv) and 4(c)(ii)hereof.

     (g)  With respect to any Intellectual Property the loss, impairment or
infringement of which might have a Material Adverse Effect:

          (i)     such Intellectual Property is subsisting and has not been
     adjudged invalid or unenforceable, in whole or in part;

          (ii)    such Intellectual Property is valid and enforceable;

          (iii)   such Grantor has made all necessary filings and recordations
     to protect its interest in such Intellectual Property, including, without
     limitation, recordations of all of its interests in the Patents and
     Trademarks in the United States Patent and Trademark Office and its claims
     to the Copyrights in the United States Copyright Office;

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          (iv)    such Grantor is the exclusive owner of the entire and
     unencumbered right, title and interest in and to such Intellectual Property
     and no claim has been made that the use of such Intellectual Property does
     or may violate the asserted rights of any third party; and

          (v)     such Grantor has performed and will continue to perform all
     acts and has paid and will continue to pay all required fees and taxes to
     maintain each and every item of Intellectual Property in full force and
     effect.

     (h)  The Financing Statements are in appropriate form for filing and
constitute valid and perfected security interests in the Collateral in favor of
the Administrative Agent for the ratable benefit of itself and the Lenders, as
collateral for the Secured Obligations, prior to all other Liens and rights of
others therein except for the Permitted Liens (to the extent that a security
interest therein may be perfected by filing pursuant to the UCC) and all filings
and other actions necessary or desirable to perfect and protect such Security
Interests have been duly taken.

     (i)  As of the date hereof, all Investment Property (including, without
limitation, Securities Accounts and cash management accounts that are Investment
Property) owned by any Grantor is listed on Schedule IV (as such schedule may be
amended, restated, supplemented or otherwise modified from time to time).

     (j)  As of the date hereof, no Grantor holds any Chattel Paper, Instruments
or Documents in the ordinary course of its business.

     (k)  As of the date hereof, all Commercial Tort Claims owned by any Grantor
are listed on Schedule V (as such schedule may be amended, restated,
supplemented or otherwise modified from time to time).

     (l)  As of the date hereof, all Deposit Accounts (including, without
limitation, cash management accounts that are Deposit Accounts) owned by any
Grantor are listed on Schedule VI (as such schedule may be amended, restated,
supplemented or otherwise modified from time to time).

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     SECTION 4. Further Assurances; Covenants.

     (a)  General.

          (i)     No Grantor will change the jurisdiction of its organization,
     location of its chief executive office or principal place of business in
     any state unless it shall have given the Administrative Agent thirty (30)
     days prior written notice thereof, the Administrative Agent shall have
     filed in the new jurisdiction all financing statements and financing
     statement amendments which the Administrative Agent deems necessary and the
     applicable Grantor shall have delivered to the Administrative Agent an
     opinion of counsel with respect thereto in accordance with Section
     4(a)(vii) hereof. No Grantor shall change the locations where it keeps or
     holds any Collateral or any records relating thereto from the applicable
     location described in the Perfection Certificate unless such Grantor shall
     have given the Administrative Agent thirty (30) days prior written notice
     of such change of location; provided, however, that any Grantor may keep
     Inventory at, or in transit to, any location described in the Perfection
     Certificate. No Grantor shall in any event change its jurisdiction of
     organization or the location of any Collateral if such change would cause
     the Security Interests in such Collateral to lapse or cease to be
     perfected.

          (ii)    No Grantor will change its name, identity or corporate or
     other structure in any manner unless it shall have given the Administrative
     Agent thirty (30) days prior written notice thereof and delivered an
     opinion of counsel with respect thereto in accordance with Section 4
     (a)(vii) hereof.

          (iii)   The Grantors will maintain the Administrative Agent's Lien on
     the Collateral as a first priority perfected Lien thereon, subject only to
     Permitted Liens. Upon the request of the Administrative Agent and at the
     sole expense of the Grantors, each Grantor will promptly and duly execute
     and deliver, and have recorded, such further instruments and documents and
     take such further actions as the Administrative Agent may reasonably
     request for the purpose of obtaining or preserving the full benefits of
     this Agreement and of the rights and powers herein granted, including,
     without limitation, (i) in the case of Investment Property, Chattel Paper,
     Letter of Credit Rights, Deposit Accounts and any other relevant
     Collateral, taking any actions reasonably necessary to enable the
     Administrative Agent to obtain Control with respect thereto, (ii) the
     assignment of any material contract, (iii) with respect to Government
     Contracts, assignment agreements and notices of assignment, in form and
     substance satisfactory to the Administrative Agent, duly executed by any
     Grantors party to such Government Contract in compliance with the
     Assignment of Claims Act (or analogous state Applicable Law), and (iv) all
     applications, certificates, instruments, registration statements, and all
     other documents and papers the Administrative Agent may reasonably request
     and as may be required by law in connection with the obtaining of any
     consent, approval, registration, qualification, or authorization of any
     Person deemed necessary or appropriate for the effective exercise of any
     rights under this Agreement. Pursuant to Section 9-509 of the UCC and any
     other Applicable Law, each Grantor authorizes the Administrative Agent to
     file or record financing statements and other filing or recording documents
     or instruments with respect to the Collateral without the signature of such

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     Grantor in such form and in such offices as the Administrative Agent
     determines appropriate to perfect the Security Interests of the
     Administrative Agent under this Agreement. Such financing statements may
     describe the Collateral in the same manner as described herein or may
     contain an indication or description of Collateral that describes such
     property in any other manner as the Administrative Agent may determine, in
     its sole discretion, is necessary, advisable or prudent to ensure the
     perfection of the Security Interest in the Collateral granted herein,
     including, without limitation, describing such property as "all assets" or
     "all personal property." Further, a photographic or other reproduction of
     this Agreement shall be sufficient as a financing statement or other filing
     or recording document or instrument for filing or recording in any
     jurisdiction. Each Grantor hereby authorizes, ratifies and confirms all
     Financing Statements and other filing or recording documents or instruments
     filed by Administrative Agent prior to the date of this Agreement. The
     Grantors shall pay the costs of, or incidental to, any recording or filing
     of the Financing Statements and any other financing statements, financing
     statement amendments or continuation statements concerning the Collateral.

          (iv)    If any Collateral exceeding in value (A) $1,000,000 in the
     aggregate is at any time in the possession or control of any landlord or
     (B) $500,000 in the aggregate is at any time in the possession or control
     of any consignee, warehouseman, bailee (other than a carrier transporting
     Inventory to a purchaser in the ordinary course of business), processor, or
     any other third party, such Grantor shall notify in writing such Person of
     the Security Interests created hereby, shall use its reasonable efforts to
     obtain such Person's written agreement in writing to hold all such
     Collateral for the Administrative Agent's account subject to the
     Administrative Agent's instructions, and shall cause such Person to issue
     and deliver to the Administrative Agent warehouse receipts, bills of lading
     or any similar documents relating to such Collateral to the Administrative
     Agent, duly endorsed in a manner reasonably satisfactory to the
     Administrative Agent; provided that if such Grantor is not able to obtain
     such agreement and cause the delivery of such items, the Administrative
     Agent, in its sole discretion, may require such Collateral to be moved to
     another location specified thereby. Further, each Grantor shall perfect and
     protect such Grantor's ownership interests in all Inventory stored with a
     consignee against creditors of the consignee by filing and maintaining
     financing statements against the consignee reflecting the consignment
     arrangement filed in all appropriate filing offices, providing all written
     notices required under the UCC to notify any prior creditors of the
     consignee of the consignment arrangement, and taking such other actions as
     may be appropriate to perfect and protect such Grantor's interests in such
     inventory under Section 2-326, Section 9-103, Section 9-324 and Section
     9-505 of the UCC or otherwise. All such financing statements filed pursuant
     to this Section 4(a)(iv) shall be assigned, on the face thereof, to the
     Administrative Agent, for the ratable benefit of itself and the other
     Lenders.

          (v)     Each Grantor will cause the Administrative Agent, for the
     ratable benefit of itself and the Lenders, to be named as loss payee on
     each insurance policy covering risks relating to any of its Inventory,
     Fixtures, Equipment and Vehicles, as reasonably requested by the
     Administrative Agent. Each Grantor will deliver to the Administrative
     Agent, upon request of the Administrative Agent, the insurance policies for
     such insurance. Each such

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     insurance policy shall provide that all insurance proceeds shall be
     adjusted with and payable to the Administrative Agent and provide that no
     cancellation or termination thereof shall be effective until at least
     thirty (30) days have elapsed after receipt by the Administrative Agent of
     written notice thereof. Each Grantor shall arrange for certifications
     evidencing that the requirements of this Section 4(a)(v) have been
     satisfied, to be made to the Administrative Agent and each insured party by
     each insurer or its authorized representative with respect thereto. The
     Administrative Agent agrees that, as long as no Default or Event of Default
     has occurred and is continuing, any such proceeds received by it in an
     aggregate amount of (i) less than $2,500,000 shall be promptly paid over to
     the Grantors and (ii) greater than or equal to $2,500,000 shall be promptly
     paid over to the Grantors who hereby agree to use such proceeds in a
     diligent manner to replace or restore the damaged property to which such
     insurance proceeds relate within one hundred twenty (120) days of receipt
     of such proceeds. All such loss proceeds not so utilized within such one
     hundred twenty (120) day time period shall be applied to the Secured
     Obligations in accordance with Section 4.4(b)(ii) and 4.4(b)(v) of the
     Credit Agreement. Any surplus shall be paid by the Administrative Agent to
     the Grantor or applied as may be otherwise required by law. Any deficiency
     thereon shall be paid by the Grantor to the Administrative Agent, on behalf
     of itself and the Lenders, on demand.

          (vi)    Each Grantor will, promptly upon request, provide to the
     Administrative Agent all information and evidence the Administrative Agent
     may reasonably request concerning the Collateral, and in particular the
     Accounts, to enable the Administrative Agent to enforce the provisions of
     this Agreement.

          (vii)   Prior to each date on which any Grantor proposes to take any
     action contemplated by Section 4(a)(i) or Section 4 (a)(ii) hereof, such
     Grantor shall, at the request of the Administrative Agent, at the cost and
     expense of such Grantor, cause to be delivered to the Administrative Agent
     and the Lenders an opinion of counsel, satisfactory to the Administrative
     Agent, to the effect that all financing statements and amendments or
     supplements thereto, continuation statements and other documents required
     to be recorded or filed in order to perfect and protect the Security
     Interests and priority thereof against all creditors of and purchasers from
     such Grantor have been filed in each filing office necessary or desirable
     for such purposes and that all filing fees and taxes, if any, payable in
     connection with such filings have been paid in full.

          (viii)  After the occurrence of an Event of Default, from time to time
     upon request by the Administrative Agent, each Grantor shall, at its cost
     and expense, cause to be delivered to the Administrative Agent and the
     Lenders an opinion or opinions of counsel, satisfactory to the
     Administrative Agent, as to the enforceability of the Loan Documents and
     the Lien of the Administrative Agent and Lenders on the Collateral and
     other property of the Grantors and such other matters relating to the
     transactions contemplated hereby as the Administrative Agent or the
     Required Lenders may reasonably request.

          (ix)    Each Grantor will comply in all material respects with all
     Applicable Laws applicable to the Collateral or any part thereof or to the
     operation of such Grantor's business.

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          (x)     Each Grantor will pay promptly when due all material taxes,
     assessments and governmental charges or levies imposed upon the Collateral
     or in respect of its income or profits therefrom, as well as all claims of
     any kind (including, without limitation, claims for labor, materials and
     supplies) against or with respect to the Collateral, except that no such
     charge need be paid if (A) the validity thereof is being contested in good
     faith by appropriate proceedings, (B) such proceedings do not involve any
     danger of the sale, forfeiture or loss of or creation of a Lien on any of
     the Collateral or any interest therein and (C) such charge is adequately
     reserved against on such Grantor's books in accordance with GAAP.

          (xi)    The Grantors shall not

                  (1)   sell, assign (by operation of law or otherwise) or
          otherwise dispose of any of the Collateral, except as permitted by the
          Credit Agreement;

                  (2)   create or suffer to exist any Lien or other charge or
          encumbrance upon or with respect to any of the Collateral to secure
          indebtedness of any Person or entity, except as permitted by the
          Credit Agreement;

                  (3)   permit any Deposit Account to be held by or at any
          depositary bank other than the bank which held such Deposit Account as
          of the date hereof as set forth on Schedule VI; or

                  (4)   permit any Investment Property to be held by or at any
          Securities Intermediary other than the Securities Intermediary which
          held such Investment Property as of the date hereof as set forth on
          Schedule IV.

     (b)  Accounts, Etc.

          (i)     Each Grantor shall use all reasonable efforts to cause to be
     collected from its Account Debtors, as and when due, any and all amounts
     owing under or on account of each Account (including, without limitation,
     Accounts which are delinquent, such Accounts to be collected in accordance
     with lawful collection procedures) and to apply forthwith upon receipt
     thereof all such amounts as are so collected to the outstanding balance of
     such Account. The costs and expenses (including, without limitation,
     attorney's fees), of collection of Accounts incurred by such Grantor or the
     Administrative Agent shall be borne by such Grantor.

          (ii)    Upon the occurrence and during the continuance of any Event of
     Default, upon request of the Administrative Agent or the Required Lenders,
     each Grantor will promptly notify (and each Grantor hereby authorizes the
     Administrative Agent so to notify) each Account Debtor in respect of any
     Account that such Account has been assigned to the Administrative Agent
     hereunder and that any payments due or to become due in respect of such
     Account are to be made directly to the Administrative Agent or its
     designee.

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<PAGE>

          (iii)   Each Grantor will perform and comply with all of its
     obligations in respect of Accounts and General Intangibles and the exercise
     by the Administrative Agent of any of its rights hereunder shall not
     release such Grantor from any of its duties or obligations.

          (iv)    No Grantor will (A) amend, modify, terminate or waive any
     material provision of any agreement giving rise to an Account in any manner
     which could reasonably be expected to materially adversely affect the value
     of such Account as Collateral, (B) fail to exercise promptly and diligently
     each and every material right which it may have under each agreement giving
     rise to an Account (other than any right of termination) or (C) fail to
     deliver to the Administrative Agent a copy of each material demand, notice
     or document received by it relating in any way to any agreement giving rise
     to an Account.

          (v)     Other than in the ordinary course of business as generally
     conducted by each Grantor over a period of time, no Grantor will (A) grant
     any extension of the time of payment of any of the Accounts with a face
     amount in excess of $250,000 or (B) compromise, compound or settle the same
     for less than the full amount thereof, release, wholly or partially, any
     Person liable for the payment thereof, or allow any credit or discount
     whatsoever thereon.

          (vi)    At the request of the Administrative Agent or Required
     Lenders, the Grantors shall deliver to the Administrative Agent with a copy
     for each Lender an Accounts Aging Report.

                                       13

<PAGE>

     (c)  Inventory, Etc.

          (i)     At the request of the Administrative Agent or Required
     Lenders, the Grantors shall deliver to the Administrative Agent a Schedule
     of Inventory. Unless otherwise indicated in writing by the Grantors, each
     Schedule of Inventory delivered by the Grantors to the Administrative Agent
     shall constitute a representation with respect to the Inventory listed
     thereon or referred to therein that: (A) all such Inventory is located at
     places of business listed in the Perfection Certificate or as to which the
     applicable Grantor has complied with the provisions of Section 4(a)(i)
     hereof or on the premises identified on the then current Schedule of
     Inventory or is Inventory in transit from one such location to another such
     location; (B) no such Inventory is subject to any Lien whatsoever, except
     for Permitted Liens; (C) no such Inventory in aggregate value exceeding
     $1,000,000 at any time is, nor shall at any time or times be, kept, stored
     or maintained with a landlord unless the Required Lenders have given their
     prior written consent and the applicable Grantor has complied with the
     provisions of Section 4(a)(iv); (D) no such Inventory in aggregate value
     exceeding $500,000 at any time is, nor shall at any time or times be, kept,
     stored or maintained with a bailee, warehouseman, carrier, processor or
     other third party (other than a carrier delivering Inventory to a purchaser
     in the ordinary course of such Grantor's business) unless the Required
     Lenders have given their prior written consent and the applicable Grantor
     has complied with the provisions of Section 4(a)(iv); and (E) no such
     Inventory in aggregate value exceeding $500,000 is, nor shall at any time
     or times be, kept, stored or maintained with a consignee unless the
     Required Lenders have given their prior written consent and the applicable
     Grantor has complied with the provisions of Section 4(a)(iv) and 4(c)(ii).

          (ii)    If at any time during the term of this Agreement, any
     Inventory is placed by any Grantor on consignment with any Consignee, such
     Grantor shall, prior to the delivery of any such consigned Inventory: (A)
     provide the Administrative Agent with all consignment agreements and other
     instruments and documentation to be used in connection with such
     consignment, all of which agreements, instruments and documentation shall
     be reasonably acceptable in form and substance to the Administrative Agent;
     (B) prepare, execute and file appropriate financing statements with respect
     to any consigned Inventory showing the Consignee as debtor, the Grantor as
     secured party and the Administrative Agent as assignee of secured party;
     (C) prepare, execute and file appropriate financing statements with respect
     to any consigned Inventory showing the Grantor as debtor and the
     Administrative Agent as secured party; (D) after all financing statements
     referred to in clauses (B) and (C) above shall have been filed, conduct a
     search of all filings made against the Consignee in the Consignee's
     jurisdiction of organization and in all jurisdictions in which the
     Inventory to be consigned is to be located while on consignment, and
     deliver to the Administrative Agent copies of the results of all such
     searches; (E) notify, in writing, prior to the date of delivery of the
     Inventory to the Consignee, all creditors of the Consignee which would be
     holders of security interests in the Inventory to be consigned that the
     Grantor expects to acquire a purchase money security interest in certain
     Inventory of the Consignee, all of which Inventory shall be described in
     such notice by item or type, and (F) if requested by the Administrative
     Agent, deliver an opinion of counsel to the effect that all financing

                                       14

<PAGE>

     statements and amendments or supplements thereto, continuation statements
     and other documents required to be recorded or filed in order to perfect
     and protect the Security Interests and priority thereof against all
     creditors of and purchasers of the Grantor and such Consignee have been
     filed in each filing office necessary or desirable for such purposes and
     that all filing fees and taxes, if any, payable in connection with such
     filings have been paid in full.

     (d)  Equipment, Etc. Each Grantor will protect, preserve and maintain each
     item of Equipment material to its business in accordance with sound
     business practices in the same condition, repair and working order as when
     acquired, ordinary wear and tear and immaterial impairments of value and
     damage by the elements excepted, and in accordance with any manufacturer's
     manual, and will as quickly as practicable provide all maintenance, service
     and repairs necessary for such purpose and will promptly furnish to the
     Administrative Agent a statement respecting any material loss or damage to
     any of the Equipment.

     (e)  Intellectual Property.

          (i)     Each Grantor shall notify the Administrative Agent promptly
     (a) of its acquisition after the Closing Date of any material Patent,
     Patent License, Trademark or Trademark License and (b) if it knows, or has
     reason to know of any adverse determination or development (including,
     without limitation, the institution of, or any such determination or
     development in, any proceeding in the United States Patent and Trademark
     Office or any court) regarding such Grantor's ownership of any material
     Patent or Trademark, its right to register the same, or to keep and
     maintain the same. In the event that any material Patent, Patent License,
     Trademark or Trademark License is infringed, misappropriated or diluted by
     a third party, the affected Grantor shall notify the Administrative Agent
     promptly after it learns thereof and shall, unless such Grantor and the
     Administrative Agent shall jointly determine that any such action would be
     of immaterial economic value, promptly sue for infringement,
     misappropriation or dilution and to recover any and all damages for such
     infringement, misappropriation or dilution, and take such other actions as
     may be appropriate under the circumstances to protect such Patent, Patent
     License, Trademark or Trademark License. In no event shall any Grantor,
     either itself or through any agent, employee or licensee, file an
     application for the registration of any material Patent or Trademark with
     the United States Patent and Trademark Office or any similar office or
     agency in any other country or any political subdivision thereof, unless
     simultaneously therewith it informs the Administrative Agent, and, upon
     issuance of such Patent or Trademark, executes and delivers any and all
     agreements, instrument, documents and papers the Administrative Agent may
     reasonably request to evidence the Security Interests in such Patent or
     Trademark and the goodwill and general intangibles of such Grantor relating
     thereto or represented thereby. Each Grantor hereby constitutes the
     Administrative Agent its attorney-in-fact to execute and file all such
     writings for the foregoing purposes, all acts of such attorney being hereby
     ratified and confirmed, and such power, being coupled with an interest,
     shall be irrevocable until the Revolving Credit Commitment has terminated
     and the Secured Obligations are paid in full.

                                       15

<PAGE>

          (ii)    Each Grantor shall: (a) preserve and maintain in all material
     respects rights in the Intellectual Property; and (b) upon and after the
     occurrence of an Event of Default, use its best efforts to obtain any
     consents, waivers or agreements necessary to enable Administrative Agent to
     exercise its remedies with respect to the Intellectual Property. No Grantor
     shall abandon any right to file a Copyright, Patent or Trademark
     application that is material to the business of such Grantor nor shall such
     Grantor abandon any such pending Copyright, Patent or Trademark
     application, or Copyright, Copyright License, Patent, Patent License,
     Trademark or Trademark License without the prior written consent of
     Administrative Agent.

          (iii)   The Grantors hereby assign, transfer and convey to
     Administrative Agent, effective upon the occurrence and during the
     continuance of any Event of Default, the nonexclusive right and license to
     use all Intellectual Property owned or used by the Grantors, together with
     any goodwill associated therewith, all to the extent necessary to enable
     Administrative Agent to realize on the Collateral (including, without
     limitation, completing production of, advertising for sale and selling the
     Collateral) and any successor or assign to enjoy the benefits of the
     Collateral. This right and license shall inure to the benefit of all
     successors, assigns and transferees of Administrative Agent and its
     successors, assigns and transferees, whether by voluntary conveyance,
     operation of law, assignment, transfer, foreclosure, deed in lieu of
     foreclosure or otherwise. Such right and license is granted free of charge,
     without requirement that any monetary payment whatsoever be made to Grantor
     by Administrative Agent.

     (f)  Vehicles. The Company will maintain each material Vehicle in good
operating condition, ordinary wear and tear and immaterial impairments of value
and damage by the elements excepted, and will provide all maintenance, service
and repairs necessary for such purpose. Upon the request of the Administrative
Agent, all applications for certificates of title or ownership indicating the
Administrative Agent's first priority Lien on the Vehicle covered by such
certificate, and any other necessary documentation, shall be filed in each
office in each jurisdiction which the Administrative Agent shall deem advisable
to perfect its Liens on the Vehicles. Prior thereto, each certificate of title
or ownership relating to each Vehicle shall be maintained by the applicable
Grantor in accordance with Applicable Law to reflect the ownership interest of
such Grantor.

     (g)  Indemnification. Each Grantor agrees to pay, and to save the
Administrative Agent and the Lenders harmless from, any and all liabilities,
costs and expenses (including, without limitation, legal fees and expenses) (i)
with respect to, or resulting from, any and all excise, sales or other taxes
which may be payable or determined to be payable with respect to any of the
Collateral, (ii) with respect to, or resulting from, complying with any
Applicable Law applicable to any of the Collateral or (iii) in connection with
any of the transactions contemplated by this Agreement (except to the extent any
such liabilities, costs and expenses result from the gross negligence or willful
misconduct of the Administrative Agent or Lenders). In any suit, proceeding or
action brought by the Administrative Agent under any Account for any sum owing
thereunder, or to enforce any provisions of any Account, each Grantor will save,
indemnify and keep the Administrative Agent and the Lenders harmless from and
against all expense, loss or damage suffered by reason of any defense, setoff,
counterclaim, recoupment or reduction or liability whatsoever of the Account
Debtor or any other obligor thereunder, arising out of a breach by any Grantor
of any obligation

                                       16

<PAGE>

thereunder or arising out of any other agreement, indebtedness or liability at
any time owing to or in favor of such Account Debtor or obligor or its
successors from any Grantor (except to the extent any such expense, loss or
damage results from the gross negligence or willful misconduct of the
Administrative Agent or Lenders). The obligations of the Grantors under this
Section 4(g) shall survive the termination of the other provisions of this
Agreement.

     SECTION 5. Reporting and Recordkeeping. Each Grantor respectively covenants
and agrees with the Administrative Agent and the Lenders that from and after the
date of this Agreement and until the Commitments have terminated and all Secured
Obligations have been paid in full:

     (a)  Maintenance of Records Generally. Each Grantor will keep and maintain
at its own cost and expense complete and accurate records of the Collateral,
including, without limitation, a record of all payments received and all credits
granted with respect to the Collateral and all other dealings with the
Collateral. All Chattel Paper given to such Grantor with respect to any Accounts
will be marked with the following legend: "This writing and the obligations
evidenced or secured hereby are subject to the security interest of Wachovia
Bank, National Association, as Administrative Agent". For the Administrative
Agent's and the Lenders' further security, each Grantor agrees that upon the
occurrence and during the continuation of any Default or Event of Default, such
Grantor shall deliver and turn over any such books and records directly to the
Administrative Agent or its designee. Each Grantor shall permit any
representative of the Administrative Agent to inspect such books and records in
accordance with Section 9.11 of the Credit Agreement and will provide
photocopies thereof to the Administrative Agent upon its reasonable request.

     (b)  Certain Provisions Regarding Maintenance of Records and Reporting Re:
Accounts.

          (i)     In the event any amounts due and owing in excess of $250,000
     individually or $500,000 in the aggregate are in dispute between any
     Account Debtor and any Grantor, such Grantor shall provide the
     Administrative Agent with written notice thereof promptly after such
     Grantor's learning thereof, explaining in detail the reason for the
     dispute, all claims related thereto and the amount in controversy.

          (ii)    Each Grantor will promptly notify the Administrative Agent in
     writing if any Account or Accounts, the face value of which exceeds
     $250,000 individually or $500,000 in the aggregate, arises or arise out of
     a Government Contract. Each Grantor will take any action required or
     requested by the Administrative Agent or give notice of the Administrative
     Agent's Security Interest in such Accounts under the provisions of the
     Assignment of Claims Act or any comparable law or act enacted by any state
     or local Governmental Authority. Any notifications or other documents
     executed and delivered to the Administrative Agent in connection with the
     Assignment of Claims Act or any comparable state law may be promptly filed
     with the appropriate Governmental Authority by the Administrative Agent or
     held by the Administrative Agent until the Administrative Agent or the
     Required Lenders decide in its or their sole discretion to make any such
     filing.

          (iii)   The Grantors will promptly upon, but in no event later than
     five (5) Business Days after: (A) the Grantor's learning thereof, inform
     the Administrative Agent, in writing,

                                       17

<PAGE>

     of any material delay in such Grantor's performance of any of its
     obligations to any Account Debtor and of any assertion of any claims,
     offsets or counterclaims by any Account Debtor and of any allowances,
     credits and/or other monies granted by such Grantor to any Account Debtor,
     in each case involving amounts in excess of $250,000 for any single Account
     or Account Debtor or in excess of $500,000 in the aggregate for all
     Accounts and Account Debtors; and (B) the Grantor's receipt or learning
     thereof, furnish to and inform the Administrative Agent of all adverse
     information relating to the financial condition of any Account Debtor with
     respect to Accounts exceeding $250,000 individually or $500,000 in the
     aggregate.

     (c)  Further Identification of Collateral. Each Grantor will, if so
requested by the Administrative Agent, furnish to the Administrative Agent
statements and schedules further identifying and describing the Collateral and
such other reports in connection with the Collateral as the Administrative Agent
may reasonably request, all in reasonable detail.

     (d)  Notices. In addition to the notices required by Section 5(b) hereof,
each Grantor will advise the Administrative Agent promptly, in reasonable
detail, (i) of the acquisition or ownership by such Grantor after the date
hereof of any Collateral which, to the knowledge of such Grantor, constitutes a
material Commercial Tort Claim, Deposit Account or Investment Property, (ii) of
any material Lien or claim made or asserted against any of the Collateral, (iii)
of any material adverse change in the composition of the Collateral, and (iv) of
the occurrence of any other event which could have a material adverse effect on
the Collateral or on the validity, perfection or priority of the Security
Interests.

     SECTION 6. Collateral Account.

     (a)  There is hereby established with the Administrative Agent a Collateral
Account in the name and under the exclusive dominion and Control of the
Administrative Agent for the benefit of itself and the other Lenders. There
shall be deposited from time to time into such account the cash proceeds of the
Collateral required to be delivered to the Administrative Agent pursuant to
Section 6(b) hereof or any other provision of this Agreement. Any income
received by the Administrative Agent with respect to the balance from time to
time standing to the credit of the Collateral Account, including any interest or
capital gains on investments of amounts on deposit in the Collateral Account,
shall remain, or be deposited, in the Collateral Account together with any
investments from time to time made pursuant to subsection (c) of this Section 6,
shall vest in the Administrative Agent, shall constitute part of the Collateral
hereunder and shall not constitute payment of the Secured Obligations until
applied thereto as hereinafter provided.

     (b)  Upon the occurrence and during the continuance of an Event of Default,
if requested by the Administrative Agent, each Grantor shall instruct all
Account Debtors and other Persons obligated in respect of all Accounts to make
all payments in respect of the Accounts either (i) directly to the
Administrative Agent (by instructing that such payments be remitted to a post
office box which shall be in the name and under the Control of the
Administrative Agent) or (ii) to one or more Deposit Accounts at other banks in
any state in the United States (provided that such Deposit Accounts accounts at
other banks are subject to control agreements duly executed by each Grantor and
such bank in form and substance satisfactory to the Administrative Agent,
pursuant to which

                                       18

<PAGE>

such other bank shall have agreed to remit all proceeds of such payments
directly to the Administrative Agent for deposit into the Collateral Account or
as the Administrative Agent may otherwise instruct such bank). If thereafter the
proceeds of any Collateral shall be received by any of the Grantors, such
Grantor will promptly deposit such proceeds into the Collateral Account and
until so deposited, all such proceeds shall be held in trust by such Grantor for
and as the property of the Administrative Agent, for the benefit of itself and
the Lenders and shall not be commingled with any other funds or property of such
Grantor. At any time after the occurrence and during the continuance of an Event
of Default, the Administrative Agent may itself so instruct each Grantor's
Account Debtors. All such payments made to the Administrative Agent shall be
deposited in the Collateral Account.

     (c)  Amounts on deposit in the Collateral Account shall be promptly
liquidated and applied to the payment of the Secured Obligations in the manner
specified in Section 10 hereof.

     SECTION 7. General Authority.

     (a)  The Grantors hereby irrevocably appoint the Administrative Agent their
true and lawful attorney, with full power of substitution, in the name of each
Grantor, the Administrative Agent, the Lenders or otherwise, for the sole use
and benefit of the Administrative Agent and the Lenders, but at the Grantors'
expense, to exercise, at any time from time to time all or any of the following
powers:

          (i)     to file the Financing Statements and any financing statements,
     financing statement amendments and continuation statements referred to in
     Sections 4(a)(i), 4(a)(ii), 4(a)(iii) and 4(c)(ii) hereof;

          (ii)    to demand, sue for, collect, receive and give acquittance for
     any and all monies due or to become due with respect to any Collateral or
     by virtue thereof;

          (iii)   to settle, compromise, compound, prosecute or defend any
     action or proceeding with respect to any Collateral;

          (iv)    to sell, transfer, assign or otherwise deal in or with the
     Collateral and the Proceeds thereof, as fully and effectually as if the
     Administrative Agent were the absolute owner thereof; and

          (v)     to extend the time of payment of any or all thereof and to
     make any allowance and other adjustments with reference to the Collateral;

provided that the Administrative Agent shall not take any of the actions
described in this Section 7 except those described in clause (i) above unless an
Event of Default shall have occurred and be continuing and the Administrative
Agent shall give the Grantors not less than ten (10) days' prior written notice
of the time and place of any sale or other intended disposition of any of the
Collateral, except any Collateral which is perishable or threatens to decline
speedily in value or is of a type customarily sold on a recognized market. The
Grantors agree that any such notice constitutes

                                       19

<PAGE>

"reasonable Authenticated notification of disposition" within the meaning of
Section 9-611 of the UCC (to the extent such Section is applicable).

     (b)  Ratification. The Grantors hereby ratify all that said attorney shall
lawfully do or cause to be done by virtue hereof. This power of attorney is a
power coupled with an interest and shall be irrevocable.

     (c)  Other Powers. The Grantors also authorize the Administrative Agent at
any time and from time to time, to execute, in connection with the sale provided
for in Section 8 hereof, any endorsements, assignments or other instruments of
conveyance or transfer with respect to the Collateral.

     SECTION 8. Remedies Upon Event of Default.

     (a)  If any Event of Default has occurred and is continuing, with the
consent of the Required Lenders, the Administrative Agent may, or upon the
request of the Required Lenders, the Administrative Agent shall, exercise on
behalf of itself and the Lenders all rights of a secured party under the UCC
(whether or not in effect in the jurisdiction where such rights are exercised)
or any other Applicable Law and, in addition, with the consent of the Required
Lenders, the Administrative Agent may, or upon the request of the Required
Lenders, the Administrative Agent shall (i) exercise all other rights and
remedies granted to the Administrative Agent and/or the Lenders in this
Agreement and in any other instrument or agreement securing, evidencing or
relating to the Obligations and (ii) (A) withdraw all cash, if any, in the
Collateral Account and investments made with amounts on deposit in the
Collateral Account, and apply such monies, investments and other cash, if any,
then held by it as Collateral as specified in Section 10 hereof and (B) if there
shall be no such monies, investments or cash or if such monies, investments or
cash shall be insufficient to pay all the Secured Obligations in full, sell the
Collateral or any part thereof at public or private sale, for cash, upon credit
or for future delivery, and at such price or prices as the Administrative Agent
may deem satisfactory. The Administrative Agent or any Lender may be the
purchaser of any or all of the Collateral so sold at any public sale (or, if the
Collateral is of a type customarily sold in a recognized market or is of a type
which is the subject of widely distributed standard price quotations or if
otherwise permitted under applicable law, at any private sale) and thereafter
hold the same, absolutely, free from any right or claim of whatsoever kind. Each
Grantor will execute and deliver such documents and take such other action as
the Administrative Agent deems reasonably necessary or advisable in order that
any such sale may be made in compliance with law. Upon any such sale the
Administrative Agent shall have the right to deliver, assign and transfer to the
purchaser thereof the Collateral so sold. The Administrative Agent may disclaim
any warranties of title, possession and quiet enjoyment in connection with any
such sale. Each purchaser at any such sale shall hold the Collateral so sold to
it absolutely, free from any claim or right of whatsoever kind, including any
equity or right of redemption of any Grantor. To the extent permitted by law,
each Grantor hereby specifically waives all rights of redemption, stay or
appraisal which it has or may have under any law now existing or hereafter
adopted. The notice of such sale shall be given to the Grantors ten (10) days
prior to such sale and (A) in case of a public sale, state the time and place
fixed for such sale, and (B) in the case of a private sale, state the day after
which sale may be consummated. Any such public sale shall be held at such time
or times within ordinary business hours and at such place or places as the
Administrative Agent may fix in the notice of such sale. At any such sale the

                                       20

<PAGE>

Collateral may be sold in one lot as an entirety or in separate parcels, as the
Administrative Agent may determine. The Administrative Agent shall not be
obligated to make any such sale pursuant to any such notice. The Administrative
Agent may, without notice or publication, adjourn any public or private sale or
cause the same to be adjourned from time to time by announcement at the time and
place fixed for the sale, and such sale may be made at any time or place to
which the same may be so adjourned. In case of any sale of all or any part of
the Collateral on credit or for future delivery, the Collateral so sold may be
retained by the Administrative Agent until the selling price is paid by the
purchaser thereof, but the Administrative Agent shall not incur any liability in
case of the failure of such purchaser to take up and pay for the Collateral so
sold and, in case of any such failure, such Collateral may again be sold upon
like notice. The Administrative Agent, instead of exercising the power of sale
herein conferred upon it, may proceed by a suit or suits at law or in equity to
foreclose the Security Interests and sell the Collateral, or any portion
thereof, under a judgment or decree of a court or courts of competent
jurisdiction. The Grantors shall remain liable for any deficiency.

     (b)  For the purpose of enforcing any and all rights and remedies under
this Agreement, the Administrative Agent may (i) require each Grantor to, and
each Grantor agrees that it will, at its expense and upon the request of the
Administrative Agent, forthwith assemble all or any part of the Collateral as
directed by the Administrative Agent and make it available at a place designated
by the Administrative Agent which is, in the Administrative Agent's opinion,
reasonably convenient to the Administrative Agent and such Grantor, whether at
the premises of such Grantor or otherwise, (ii) to the extent permitted by
applicable law, enter, with or without process of law and without breach of the
peace, any premise where any of the Collateral is or may be located and, without
charge or liability to the Administrative Agent, seize and remove such
Collateral from such premises, (iii) have access to and use such Grantor's books
and records relating to the Collateral and (iv) prior to the disposition of the
Collateral, store or transfer such Collateral without charge in or by means of
any storage or transportation facility owned or leased by such Grantor, process,
repair or recondition such Collateral or otherwise prepare it for disposition in
any manner and to the extent the Administrative Agent deems appropriate and, in
connection with such preparation and disposition, use without charge any
Trademark, trade name, Copyright, Patent or technical process used by such
Grantor.

     (c)  Without limiting the generality of the foregoing, if any Event of
Default has occurred and is continuing,

          (i)     the Administrative Agent may license, or sublicense, whether
     general, special or otherwise, and whether on an exclusive or non-exclusive
     basis, any Patents or Trademarks included in the Collateral throughout the
     world for such term or terms, on such conditions and in such manner as the
     Administrative Agent shall in its sole discretion determine;

          (ii)    the Administrative Agent may (without assuming any obligations
     or liability thereunder), at any time and from time to time, enforce (and
     shall have the exclusive right to enforce) against any licensee or
     sublicensee all rights and remedies of any Grantor in, to and under any
     Patent Licenses or Trademark Licenses and take or refrain from taking any
     action under any thereof; provided, however, that no such actions shall
     result in the failure of such Patent Licenses or Trademark Licenses to
     remain in compliance with all Applicable Law,

                                       21

<PAGE>

     and the Grantors hereby release the Administrative Agent and each of the
     Lenders free and harmless from and against any claims arising out of, any
     lawful action so taken or omitted to be taken with respect thereto except
     with respect to the gross negligence or willful misconduct of the
     Administrative Agent or the Lenders; and

          (iii)   upon request by the Administrative Agent, the Grantors will
     execute and deliver to the Administrative Agent a power of attorney, in
     form and substance satisfactory to the Administrative Agent, for the
     implementation of any lease, assignment, license, sublicense, grant or
     option, sale or other disposition of a Patent or Trademark. In the event of
     any such disposition pursuant to this Section 8, the Grantors shall supply
     their know-how and expertise relating to the manufacture and sale of the
     products bearing Trademarks or the products or services made or rendered in
     connection with Patents, and its customer lists and other records relating
     to such Patents or Trademarks and to the distribution of said products, to
     the Administrative Agent.

     SECTION 9. Limitation on Duty of Administrative Agent in Respect of
Collateral. Beyond reasonable care in the custody thereof, the Administrative
Agent shall have no duty as to any Collateral in its possession or control or in
the possession or control of any agent or bailee or any income thereon or as to
the preservation of rights against prior parties or any other rights pertaining
thereto. The Administrative Agent shall be deemed to have exercised reasonable
care in the custody of the Collateral in its possession if the Collateral is
accorded treatment substantially equal to that which it accords its own
property, and the Administrative Agent shall not be liable or responsible for
any loss or damage to any of the Collateral, or for any diminution in the value
thereof, by reason of the act or omission of any warehouseman, carrier,
forwarding agency, consignee or other agent or bailee selected by the
Administrative Agent in good faith.

     SECTION 10. Application of Proceeds. Upon the occurrence and during the
continuance of an Event of Default, the proceeds of any sale of, or other
realization upon, all or any part of the Collateral shall be applied by the
Administrative Agent in accordance with Section 5.5 of the Credit Agreement, and
then to payment to the Grantors or their successors or assigns, or as a court of
competent jurisdiction may direct, of any surplus then remaining from such
proceeds. The Administrative Agent may make distribution hereunder in cash or in
kind or, on a ratable basis, in any combination thereof.

     SECTION 11. Concerning the Administrative Agent. The provisions of Article
XIII of the Credit Agreement shall inure to the benefit of the Administrative
Agent in respect of this Agreement and shall be binding upon the parties to the
Credit Agreement in such respect. In furtherance and not in derogation of the
rights, privileges and immunities of the Administrative Agent therein set forth:

          (a)  The Administrative Agent is authorized to take all such action as
     is provided to be taken by it as Administrative Agent hereunder and all
     other action incidental thereto. As to any matters not expressly provided
     for herein, the Administrative Agent may request instructions from the
     Lenders and shall act or refrain from acting in accordance with written
     instructions from the Required Lenders (or, when expressly required by this
     Agreement or

                                       22

<PAGE>

     the Credit Agreement, all the Lenders) or, in the absence of such
     instructions, in accordance with its discretion.

          (b)  The Administrative Agent shall not be responsible for the
     existence, genuineness or value of any of the Collateral or for the
     validity, perfection, priority or enforceability of the Security Interests,
     whether impaired by operation of law or by reason of any action or omission
     to act on its part (other than any such action or inaction constituting
     gross negligence or willful misconduct). The Administrative Agent shall
     have no duty to ascertain or inquire as to the performance or observance of
     any of the terms of this Agreement by any Grantor.

     SECTION 12. Appointment of Collateral Agents. At any time or times, in
order to comply with any legal requirement in any jurisdiction or in order to
effectuate any provision of the Loan Documents, the Administrative Agent may
appoint another bank or trust company or one or more other Persons, either to
act as collateral agent or agents, jointly with the Administrative Agent or
separately, on behalf of the Administrative Agent and the Lenders with such
power and authority as may be necessary for the effectual operation of the
provisions hereof and specified in the instrument of appointment (which may, in
the discretion of the Administrative Agent, include provisions for the
protection of such collateral agent similar to the provisions of Section 11
hereof).

     SECTION 13. Expenses. In the event that the Grantors fail to comply with
the provisions of the Credit Agreement, this Agreement or any other Loan
Document, such that the value of any Collateral or the validity, perfection,
rank or value of the Security Interests are thereby diminished or potentially
diminished or put at risk, the Administrative Agent if requested by the Required
Lenders may, but shall not be required to, effect such compliance on behalf of
the Grantors, and the Grantors shall reimburse the Administrative Agent for the
costs thereof on demand. All insurance expenses and all expenses of protecting,
storing, warehousing, appraising, insuring, handling, maintaining and shipping
the Collateral, any and all excise, stamp, intangibles, transfer, property,
sales, and use taxes imposed by any state, federal, or local authority or any
other Governmental Authority on any of the Collateral, or in respect of the sale
or other disposition thereof, shall be borne and paid by the Grantors; and if
the Grantors fail promptly to pay any portion thereof when due, the
Administrative Agent or any Lender may, at its option, but shall not be required
to, pay the same and charge the Grantors' account therefor, and the Grantors
agree to reimburse the Administrative Agent or such Lender therefor on demand.
All sums so paid or incurred by the Administrative Agent or any Lender for any
of the foregoing and any and all other sums for which the Grantors may become
liable hereunder and all costs and expenses (including reasonable attorneys'
fees, legal expenses and court costs) incurred by the Administrative Agent or
any Lender in enforcing or protecting the Security Interests or any of their
rights or remedies thereon shall be payable by the Grantors on demand and shall
bear interest (after as well as before judgment) until paid at the rate then
applicable to Base Rate Loans under the Credit Agreement and shall be additional
Secured Obligations hereunder.

     SECTION 14. Notices. All notices, communications and distributions
hereunder shall be given or made in accordance with Section 14.1 of the Credit
Agreement.

                                       23

<PAGE>

     SECTION 15. Rights and Remedies Cumulative; Non-Waiver; etc. The
enumeration of the rights and remedies of the Administrative Agent and the
Lenders set forth in this Agreement is not intended to be exhaustive and the
exercise by the Administrative Agent and the Lenders of any right or remedy
shall not preclude the exercise of any other rights or remedies, all of which
shall be cumulative, and shall be in addition to any other right or remedy given
hereunder or under the Loan Documents or that may now or hereafter exist in law
or in equity or by suit or otherwise. No delay or failure to take action on the
part of the Administrative Agent or any Lender in exercising any right, power or
privilege under this Agreement or any other Loan Document shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right,
power or privilege preclude other or further exercise thereof or the exercise of
any other right, power or privilege or shall be construed to be a waiver of any
Event of Default. No course of dealing between the Borrowers, the Administrative
Agent and the Lenders or their respective agents or employees shall be effective
to change, modify or discharge any provision of this Agreement or any of the
other Loan Documents or to constitute a waiver of any Event of Default. This
Agreement is a Loan Document executed pursuant to the Credit Agreement.

     SECTION 16. Successors and Assigns. This Agreement is for the benefit of
the Administrative Agent and the Lenders and their successors and assigns (as
permitted by the Credit Agreement), and in the event of an assignment of all or
any of the Secured Obligations, the rights hereunder, to the extent applicable
to the indebtedness so assigned, may be transferred with such indebtedness. This
Agreement shall be binding on the Grantors and their successors and assigns;
provided, that except to the extent expressly permitted pursuant to the terms of
the Credit Agreement, the Grantors may not assign any of their rights or
obligations hereunder without the prior written consent of the Administrative
Agent and the Lenders.

                                       24

<PAGE>

     SECTION 17. Set-Off. Each Grantor hereby irrevocably authorizes the
Administrative Agent and each Lender at any time and from time to time pursuant
to Section 14.3 of the Credit Agreement, without notice to such Grantor or any
other Grantor, any such notice being expressly waived by each Grantor, to
set-off and appropriate and apply any and all deposits (general or special, time
or demand, provisional or final), in any currency, and any other credits,
indebtedness or claims, in any currency, in each case whether direct or
indirect, absolute or contingent, matured or unmatured, at any time held or
owing by the Administrative Agent or such Lender to or for the credit or the
account of such Grantor, or any part thereof in such amounts as the
Administrative Agent or such Lender may elect, against and on account of the
obligations and liabilities of such Grantor to the Administrative Agent or such
Lender hereunder and claims of every nature and description of the
Administrative Agent or such Lender against such Grantor, in any currency,
whether arising hereunder, under the Credit Agreement, any other Loan Document
or otherwise, as the Administrative Agent or such Lender may elect, whether or
not the Administrative Agent or any Lender has made any demand for payment and
although such obligations, liabilities and claims may be contingent or
unmatured. The Administrative Agent and each Lender shall notify such Grantor
promptly of any such set-off and the application made by the Administrative
Agent or such Lender of the proceeds thereof; provided that the failure to give
such notice shall not affect the validity of such set-off and application. The
rights of the Administrative Agent and each Lender under this Section 17 are in
addition to other rights and remedies (including, without limitation, other
rights of set-off) which the Administrative Agent or such Lender may have.

     SECTION 18. Amendments, Waivers and Consents. No term, covenant, agreement
or condition of this Agreement may be amended or waived, nor may any consent be
given, except in the manner set forth in Section 14.11 of the Credit Agreement.

     SECTION 19. Powers Coupled with an Interest. All authorizations and
agencies herein contained with respect to the Collateral are irrevocable and
powers coupled with an interest.

     SECTION 20. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED
AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NORTH CAROLINA, WITHOUT
REFERENCE TO THE CONFLICTS OR CHOICE OF LAW PRINCIPLES THEREOF.

     SECTION 21. Consent to Jurisdiction. Each Grantor hereby irrevocably
consents to the personal jurisdiction of the state and federal courts located in
Mecklenburg County, North Carolina, in any action, claim or other proceeding
arising out of or any dispute in connection with this Agreement, any rights or
obligations hereunder, or the performance of such rights and obligations. Each
Grantor hereby irrevocably consents to the service of a summons and complaint
and other process in any action, claim or proceeding brought by the
Administrative Agent or any Lender in connection with this Agreement, any rights
or obligations hereunder, or the performance of such rights and obligations, on
behalf of itself or its property, in the manner provided in Section 14.1 of the
Credit Agreement. Nothing in this Section 21 shall affect the right of the
Administrative Agent or Lender to serve legal process in any other manner
permitted by Applicable Law or affect the right of the Administrative Agent or
any Lender to bring any action or proceeding against any Grantor or its
properties in the courts of any other jurisdictions.

                                       25

<PAGE>

     SECTION 22. Binding Arbitration; Waiver of Jury Trial; Preservation of
Remedies.

     (a)  Binding Arbitration. Upon demand of any party, whether made before or
after institution of any judicial proceeding, any dispute, claim or controversy
arising out of, connected with or relating to this Agreement ("Disputes"),
between or among the parties to this Agreement shall be resolved by binding
arbitration as provided herein. Institution of a judicial proceeding by a party
does not waive the right of that party to demand arbitration hereunder. Disputes
may include, without limitation, tort claims, counterclaims, claims brought as
class actions, claims arising from Loan Documents executed in the future, or
claims concerning any aspect of the past, present or future relationships
arising out of or connected with this Agreement. Arbitration shall be conducted
under and governed by the Commercial Financial Disputes Arbitration Rules (the
"Arbitration Rules") of the American Arbitration Association ("AAA") and Title 9
of the U.S. Code. All arbitration hearings shall be conducted in Charlotte,
North Carolina. The expedited procedures set forth in Rule 51, et seq. of the
Arbitration Rules shall be applicable to claims of less than $1,000,000. All
applicable statutes of limitation shall apply to any Dispute. A judgment upon
the award may be entered in any court having jurisdiction. Notwithstanding
anything foregoing to the contrary, any arbitration proceeding demanded
hereunder shall begin within ninety (90) days after such demand thereof and
shall be concluded within one-hundred and twenty (120) days after such demand.
These time limitations may not be extended unless a party hereto shows cause for
extension and then such extension shall not exceed a total of sixty (60) days.
The panel from which all arbitrators are selected shall be comprised of licensed
attorneys selected from the Commercial Finance Dispute Panel of the AAA. The
single arbitrator selected for expedited procedure shall be a retired judge from
the highest court of general jurisdiction, state or federal, of the state where
the hearing will be conducted. The parties hereto do not waive any applicable
Federal or state substantive law except as provided herein.

     (b)  Jury Trial. EACH GRANTOR AND THE ADMINISTRATIVE AGENT HEREBY
ACKNOWLEDGES THAT BY AGREEING TO BINDING ARBITRATION IT HAS IRREVOCABLY WAIVED
ITS RESPECTIVE RIGHTS TO A JURY TRIAL WITH RESPECT TO ANY ACTION, CLAIM OR OTHER
PROCEEDING ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT, ANY
RIGHTS OR OBLIGATIONS HEREUNDER, OR THE PERFORMANCE OF SUCH RIGHTS AND
OBLIGATIONS.

     (c)  Preservation of Certain Remedies. Notwithstanding the preceding
binding arbitration provisions, the parties hereto and the other Loan Documents
preserve, without diminution, certain remedies that such Persons may employ or
exercise freely, either alone, in conjunction with or during a Dispute. Each
such Person shall have and hereby reserves the right to proceed in any court of
proper jurisdiction or by self help to exercise or prosecute the following
remedies, as applicable: (i) all rights to foreclose against any real or
personal property or other security by exercising a power of sale granted in the
Loan Documents or under Applicable Law or by judicial foreclosure and sale,
including a proceeding to confirm the sale, (ii) all rights of self help
including peaceful occupation of property and collection of rents, set off, and
peaceful possession of property, (iii) obtaining provisional or ancillary
remedies including injunctive relief, sequestration, garnishment, attachment,
appointment of receiver and in filing an involuntary bankruptcy

                                       26

<PAGE>

proceeding, and (iv) when applicable, a judgment by confession of judgment.
Preservation of these remedies does not limit the power of an arbitrator to
grant similar remedies that may be requested by a party in a Dispute.

     SECTION 23. Injunctive Relief; Punitive Damages.

     (d)  The Grantors recognize that, in the event the Grantors fail to
perform, observe or discharge any of their obligations or liabilities under this
Agreement, any remedy of law may prove to be inadequate relief to the Lenders.
Therefore, the Grantors agree that the Lenders, at the Lenders' option, shall be
entitled to temporary and permanent injunctive relief in any such case without
the necessity of proving actual damages.

     (e)  The Administrative Agent, the Lenders and the Grantors (on behalf of
themselves and their Subsidiaries) hereby agree that no such Person shall have a
remedy of punitive or exemplary damages against any other party to a Loan
Document and each such Person hereby waives any right or claim to punitive or
exemplary damages that they may now have or may arise in the future in
connection with any Dispute, whether such Dispute is resolved through
arbitration or judicially.

     SECTION 24. Severability. If any provision hereof is invalid and
unenforceable in any jurisdiction, then, to the fullest extent permitted by law,
(a) the other provisions hereof shall remain in full force and effect in such
jurisdiction and shall be liberally construed in favor of the Administrative
Agent and the Lenders in order to carry out the intentions of the parties hereto
as nearly as may be possible; and (b) the invalidity or unenforceability of any
provisions hereof in any jurisdiction shall not affect the validity or
enforceability of such provision in any other jurisdiction.

     SECTION 25. Headings. The various headings of this Agreement are inserted
for convenience only and shall not affect the meaning or interpretation of this
Agreement or any provisions hereof.

     SECTION 26. Counterparts. This Agreement may be executed by the parties
hereto in several counterparts, each of which shall be deemed to be an original
and all of which shall constitute together but one and the same agreement.

     SECTION 27. Amendment and Restatement; No Novation. This Agreement
constitutes an amendment and restatement of the Existing Security Agreement
effective from and after the date hereof. The execution and delivery of this
Agreement shall not constitute a novation of the Existing Security Agreement.

                             [Signatures To Follow]

                                       27

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed under seal by their duly authorized officers, all as of the day and
year first written above.

                      GRANTORS:

                      GLOBAL IMAGING SYSTEMS, INC.

                      By:  /s/ Raymond Schilling
                          ------------------------------------------------------
                      Name:  Raymond Schilling
                      Title: CFO, Senior Vice President, Treasurer and Secretary

                      GLOBAL OPERATIONS TEXAS, L.P.

                      By:    Global Imaging Systems, Inc.
                      Its:   General Partner

                      By:  /s/ Raymond Schilling
                          ------------------------------------------------------
                      Name:  Raymond Schilling
                      Title: CFO, Senior Vice President,
                             Treasurer and Secretary of
                             such Borrower

                  [Signatures Continued on the Following Page]

[Amended and Restated Security Agreement]

<PAGE>

                                         GRANTORS:

                                         GLOBAL IMAGING OPERATIONS, LLC,
                                         GLOBAL IMAGING FINANCE COMPANY, LLC,
                                         AMERICAN PHOTOCOPY EQUIPMENT
                                           COMPANY OF PITTSBURGH, LLC,
                                         BERNEY OFFICE SOLUTIONS, LLC,
                                         BUSINESS EQUIPMENT UNLIMITED,
                                         CAMERON OFFICE PRODUCTS, LLC,
                                         CONNECTICUT BUSINESS SYSTEMS, LLC,
                                         CONWAY OFFICE PRODUCTS, LLC,
                                         COPY SERVICE AND SUPPLY, INC.,
                                         DUPLICATING SPECIALTIES, INC.,
                                         EASTERN COPY PRODUCTS, LLC,
                                         ELECTRONIC SYSTEMS, INC.,
                                         ELECTRONIC SYSTEMS OF RICHMOND, INC.,
                                         QUALITY BUSINESS SYSTEMS, INC.,
                                         SOUTHERN BUSINESS COMMUNICATIONS, INC.,
                                         CARR BUSINESS SYSTEMS, INC.,
                                         CAPITOL OFFICE SOLUTIONS, LLC,
                                         DISTINCTIVE BUSINESS PRODUCTS, INC.,
                                         LEWAN & ASSOCIATES, INC.,
                                         PROVIEW, INC.,
                                         CENTRE BUSINESS PRODUCTS, INC.,
                                         DANIEL COMMUNICATIONS, INC.,
                                         OFFICE TECH, LLC,
                                         COLUMN OFFICE EQUIPMENT, INC.,
                                         PACIFIC OFFICE SOLUTIONS, INC.,
                                         AVPRESENTATIONS, INC.,
                                         ECOM-DIVISION, INC.,
                                         N&L ENTERPRISES, LLC,
                                         NORTHEAST COPIER SYSTEMS, LLC,
                                         ARIZONA OFFICE TECHNOLOGIES, INC.,
                                         COMMERCIAL EQUIPMENT COMPANY,
                                         MODERN BUSINESS MACHINES, LLC

                                         By:   /s/ Raymond Schilling
                                             -----------------------------------
                                         Name:  Raymond Schilling
                                         Title: See Attached Schedule A

                  [Signatures Continued On The Following Page]

[Amended and Restated Security Agreement]

<PAGE>

                                ADMINISTRATIVE AGENT:

                                  WACHOVIA BANK, NATIONAL ASSOCIATION
                                  (formerly known as First Union National Bank),
                                  as Administrative Agent

                                  By:  /s/ Mark B. Felker
                                      ------------------------------------------
                                  Name:  Mark B. Felker
                                  Title: Managing Director<PAGE>

                                                                     Exhibit 4.7

                      AMENDED AND RESTATED PLEDGE AGREEMENT

     THIS AMENDED AND RESTATED PLEDGE AGREEMENT, dated as of June 25, 2003, is
made by GLOBAL IMAGING SYSTEMS, INC., a corporation organized under the laws of
Delaware (the "Company"), and the Subsidiaries of the Company party hereto as
pledgors (the "Subsidiary Pledgors" and, together with the Company and each
additional Subsidiary who executes a Joinder Agreement as pledgor, the
"Pledgors" and, each individually, a "Pledgor") and the Issuers and
Partnerships/LLCs (each as hereinafter defined) party hereto in favor of
WACHOVIA BANK, NATIONAL ASSOCIATION (formerly known as First Union National
Bank), a national banking association, as Administrative Agent (the
"Administrative Agent"), for the ratable benefit of itself and the financial
institutions (the "Lenders") that are, or may from time to time become, parties
to the Credit Agreement (as hereinafter defined).

                              STATEMENT OF PURPOSE

     Pursuant to the Credit Agreement dated as of July 31, 1998 (as amended and
restated by the Amended and Restated Credit Agreement dated as of June 23, 1999
and as further amended, restated, supplemented or otherwise modified as of the
date hereof, the "Existing Credit Agreement"), by and among the Company and
certain of its Subsidiaries, as borrowers, the lenders party thereto and the
Administrative Agent, the lenders party thereto extended certain credit
facilities to the Company and such Subsidiaries.

     Pursuant to the terms of the Existing Credit Agreement, the Company and
certain of its Subsidiaries entered into a Pledge Agreement dated as of July 31,
1998 (as amended by the Amended and Restated Credit Agreement dated as of June
23, 1999 and as further amended, restated, supplemented or otherwise modified as
of the date hereof, the "Existing Pledge Agreement") pursuant to which the
Company and certain of its Subsidiaries granted to the Administrative Agent a
security interest in the collateral described therein to secure the obligations
of the Company and certain of its Subsidiaries under the Existing Credit
Agreement.

     Pursuant to the terms of the Second Amended and Restated Credit Agreement
dated as of the date hereof (as amended, restated, supplemented or otherwise
modified from time to time, the "Credit Agreement") by and among the Pledgors,
the Issuers, the Partership/LLCs, the Lenders and the Administrative Agent, such
parties have amended and restated their respective rights and obligations under
the Existing Credit Agreement.

     To induce the Lenders and the Administrative Agent to amend and restate the
Existing Credit Agreement, and as a condition to the making of any Extensions of
Credit under the Credit Agreement, the Administrative Agent and the Lenders have
required the Pledgors, the Issuers and the Partnership/LLCs, and the Pledgors,
the Issuers and the Partnership/LLCs desire, to (i) amend and restate the
Existing Pledge Agreement and (ii) deliver the Pledged Stock and grant a
security

<PAGE>

interest therein and in the Partnership/LLC Interests to the Administrative
Agent, for the ratable benefit of itself and the Lenders.

     The Pledgors are the legal and beneficial owners of (a) the shares of
Pledged Stock (as hereinafter defined) issued by certain corporations
(collectively, the "Issuers") as specified on Schedule I hereto and incorporated
herein by reference (as such schedule may be amended, restated, supplemented or
modified from time to time) and (b) the Partnership/LLC Interests (as
hereinafter defined) in the partnerships and limited liability companies
(collectively, the "Partnerships/LLCs") listed on Schedule I hereto and
incorporated herein by reference (as such schedule may be amended, restated,
supplemented or modified from time to time).

     NOW, THEREFORE, in consideration of the foregoing premises and to induce
the Administrative Agent and the Lenders to enter into and make available
Extensions of Credit pursuant to the Credit Agreement, the Pledgors, the Issuers
and the Partnership/LLCs hereby agree with the Administrative Agent, for the
ratable benefit of itself and the Lenders, as follows:

     1.   Defined Terms. Unless otherwise defined herein, terms which are
defined in the Credit Agreement and used herein are so used as so defined, and
the following terms shall have the following meanings:

          "Code" means the Uniform Commercial Code as in effect in the State of
     North Carolina; provided that if by reason of mandatory provisions of law,
     the perfection or the effect of perfection or non-perfection of the
     Security Interests in any Collateral is governed by the Uniform Commercial
     Code as in effect in a jurisdiction other than North Carolina, "Code" means
     the Uniform Commercial Code as in effect in such other jurisdiction for
     purposes of the provisions hereof relating to such perfection or effect of
     perfection or non-perfection.

          "Collateral" means the Stock Collateral and the Partnership/LLC
     Collateral.

          "Obligations" means the Obligations as defined in the Credit Agreement
     and any renewals or extensions of any of such Obligations.

          "Partnership/LLC Collateral" means all of the Partnership/LLC
     Interests of the Pledgors in the Partnerships/LLCs and all Proceeds
     therefrom.

          "Partnership/LLC Interests" means the entire partnership or membership
     interest of the Pledgors in each Partnership/LLC listed on Schedule I
     hereto (as such schedule may be amended, restated, supplemented or modified
     from time to time), including, without limitation, the Pledgors' capital
     accounts, their interest as partners or members in the net cash flow, net
     profit and net loss, and items of income, gain, loss, deduction and credit
     of the Partnerships/LLCs, their interests in all distributions made or to
     be made by the Partnerships/LLCs to the Pledgors and all of the other
     economic rights, titles and interests of the Pledgors as partners or
     members of the

                                       2

<PAGE>

     Partnerships/LLCs, whether set forth in the partnership agreement or
     membership agreement of the Partnerships/LLCs, by separate agreement or
     otherwise.

          "Perfection Certificate" means a certificate dated as of even date
     herewith (as supplemented from time to time), setting forth the corporate
     or other names, the jurisdiction of incorporation or organization, the
     chief executive office or principal place of business in each state and the
     other current locations of each Pledgor and such other information as the
     Administrative Agent deems pertinent to the perfection of security
     interests, completed and supplemented with the schedules and attachments
     contemplated thereby to the satisfaction of the Administrative Agent, and
     duly certified by a Responsible Officer of each Pledgor so authorized to
     act.

          "Pledge Agreement" means this Pledge Agreement, as amended, restated,
     supplemented or otherwise modified from time to time.

          "Pledged Stock" means the shares of capital stock of each Issuer
     listed on Schedule I hereto (as such schedule may be amended, restated,
     supplemented or modified from time to time), together with all stock
     certificates, options or rights of any nature whatsoever that may be issued
     or granted by such Issuer to the Pledgors while this Pledge Agreement is in
     effect.

          "Proceeds" means all "Proceeds" as such term is defined in Section
     9-102(64) of the Code on the date hereof and, in any event, shall include,
     without limitation, all dividends or other income from the Pledged Stock
     and the Partnership/LLC Interests, collections thereon, proceeds of sale
     thereof or distributions with respect thereto.

          "Stock Collateral" means the Pledged Stock and all Proceeds therefrom.

     2.   Pledge and Grant of Security Interest. The Pledgors hereby deliver to
the Administrative Agent, for the ratable benefit of the Administrative Agent
and the Lenders, all the Pledged Stock and hereby grant to the Administrative
Agent, for the ratable benefit of the Administrative Agent and the Lenders, a
first priority security interest in the Pledged Stock and all other Collateral,
as collateral security for the prompt and complete payment and performance when
due (whether at the stated maturity, by acceleration or otherwise) of the
Obligations.

     3.   Stock Powers; Register of Pledge. Concurrently with the delivery to
the Administrative Agent of each certificate representing one or more shares of
Pledged Stock, the Pledgors shall deliver an undated stock power covering such
certificate, duly executed in blank by the applicable Pledgor with, if the
Administrative Agent so requests, signature guaranteed.

     4.   Pledgors Remain Liable. Anything herein to the contrary
notwithstanding, (a) the Pledgors shall remain liable to perform all of their
duties and obligations as partners or members of the Partnerships/LLCs to the
same extent as if this Pledge Agreement had not been executed, (b) the exercise
by the Administrative Agent or any Lender of any of its rights hereunder shall
not release

                                       3

<PAGE>

the Pledgors from any of their duties or obligations as partners or members of
the Partnerships/LLCs, and (c) neither the Administrative Agent nor any Lender
shall have any obligation or liability as a partner or member of the
Partnerships/LLCs by reason of this Pledge Agreement.

     5.   Representations and Warranties. To induce the Administrative Agent and
the Lenders to execute the Credit Agreement and make any Extensions of Credit
and to accept the security contemplated hereby, the Pledgors hereby represent
and warrant that:

          (a)  each Pledgor has the corporate or other organizational power,
     authority and legal right to execute and deliver, to perform its
     obligations under, and to grant the Lien on the Collateral pursuant to,
     this Pledge Agreement and has taken all necessary corporate or other
     organizational action to authorize its execution, delivery and performance
     of, and to grant the Lien on the Collateral pursuant to, this Pledge
     Agreement;

          (b)  this Pledge Agreement constitutes a legal, valid and binding
     obligation of each Pledgor enforceable against each Pledgor in accordance
     with its terms, except as enforceability may be limited by bankruptcy,
     insolvency, reorganization, moratorium or similar laws affecting the
     enforcement of creditors' rights generally and by the availability of
     equitable remedies;

          (c)  the execution, delivery and performance of this Pledge Agreement
     will not violate any provision of any material Applicable Law or material
     contractual obligation of any Pledgor and will not result in the creation
     or imposition of any Lien on any of the properties or the revenues of any
     Pledgor pursuant to any Applicable Law or contractual obligation, except as
     contemplated hereby and by the Credit Agreement;

          (d)  no consent or authorization of, filing with, or other act by or
     in respect of, any arbitrator or Governmental Authority and no consent of
     any other Person (including, without limitation, any stockholder or
     creditor of any Pledgor or any Issuer or any general or limited partner or
     member of any Partnership/LLC), is required in connection with the
     execution, delivery, performance, validity or enforceability of this Pledge
     Agreement, except (i) as may be required in connection with the disposition
     of the Pledged Stock and the Partnership/LLC Interests by laws affecting
     the offering and sale of securities generally, and (ii) filings under the
     Uniform Commercial Code;

          (e)  no Material litigation, investigation or proceeding of or before
     any arbitrator or Governmental Authority is pending or, to the knowledge of
     any Pledgor, threatened by or against any Pledgor or against any of its
     properties or revenues with respect to this Pledge Agreement or any of the
     transactions contemplated hereby. For purposes of this Section 5(e) only,
     "Material" shall mean any such litigation, investigation or proceeding with
     an actual or potential amount in controversy greater than $1,000,000 or
     that would have or could lead to a Material Adverse Effect on any Pledgor;

                                       4

<PAGE>

          (f)  the shares of Pledged Stock listed on Schedule I (as such
     schedule may be amended, restated, supplemented or modified from time to
     time) constitute all of the issued and outstanding shares of all classes of
     the capital stock of each Issuer that is a domestic Subsidiary and
     constitute sixty-six percent (66%) of all of the issued and outstanding
     shares of all classes of capital stock of each Issuer that is a foreign
     Subsidiary, and Schedule I (as such schedule may be amended, restated,
     supplemented or modified from time to time) accurately reflects each
     Pledgor's Partnership/LLC Interest in each of the Partnerships/LLCs and the
     Partnership/LLC Interests pledged by each Pledgor constitute all of the
     outstanding ownership interests in which each Pledgor has any right, title
     or interest in each Partnership/LLC which is a domestic Subsidiary and
     constitutes sixty-six percent (66%) of the outstanding ownership interests
     in which each Pledgor has any right, title and interest in each
     Partnership/LLC which is a foreign Subsidiary;

          (g)  all the shares of the Pledged Stock have been duly and validly
     issued and are fully paid and nonassessable and all of the Partnership/LLC
     Interests have been duly and validly issued;

          (h)  each Pledgor is the record and beneficial owner of, and has good
     and marketable title to, the Pledged Stock and Partnership/LLC Interests
     listed on Schedule I (as such schedule may be amended, restated,
     supplemented or modified from time to time) free of any and all Liens or
     options in favor of, or claims of, any other Person, except the Lien
     created by this Pledge Agreement;

          (i)  the jurisdiction in which each Pledgor is located for purposes of
     Section 9-307 of the Code is listed in the Perfection Certificate;

          (j)  upon delivery to the Administrative Agent of the stock
     certificates evidencing the Pledged Stock, the Lien granted pursuant to
     this Pledge Agreement will constitute a valid, perfected first priority
     Lien on the Collateral, enforceable as such against all creditors of the
     Pledgors and any Persons purporting to purchase any of the Collateral from
     any Pledgor;

          (k)  none of the Partnership/LLC Interests (i) are traded on a
     Securities exchange or in Securities markets, (ii) by their terms expressly
     provide that they are Securities governed by Article 8 of the Code or (iii)
     are Investment Company Securities (as such term is defined in Section
     8-103(b) of the Code); and

          (l)  the Pledgors have delivered to the Administrative Agent true and
     complete copies of the partnership agreements and operating agreements, as
     applicable, for each of the Partnerships/LLCs, which partnership agreements
     and operating agreements are currently in full force and effect and have
     not been amended or modified except as disclosed to the Administrative
     Agent in writing.

     6.   Certain Covenants. The Pledgors covenant and agree with the
Administrative Agent, for the ratable benefit of the Administrative Agent and
the Lenders, that, from and after the

                                       5

<PAGE>

date of this Pledge Agreement until the Obligations are paid in full and the
Commitments are terminated:

          (a)  At the request of the Administrative Agent, the Pledgors shall
     cause each of the partners and members of each of the Partnerships/LLCs to
     execute a consent in the form attached hereto evidencing the consent of
     such partners and members to the pledge of the Partnership/LLC Interests
     pursuant to this Pledge Agreement.

          (b)  The Pledgors agree that as partners or members in the
     Partnerships/LLCs they will abide by, perform and discharge each and every
     obligation, covenant and agreement to be abided by, performed or discharged
     by the Pledgors under the terms of the partnership agreements and operating
     agreements, as applicable, of the Partnerships/LLCs, at no cost or expense
     to the Administrative Agent and the Lenders.

          (c)  If any Pledgor shall, as a result of its ownership of the
     Collateral, become entitled to receive or shall receive any stock
     certificate (including, without limitation, any certificate representing a
     stock dividend or a distribution in connection with any reclassification,
     increase or reduction of capital or any certificate issued in connection
     with any reorganization), option or rights, whether in addition to, in
     substitution of, as a conversion of, or in exchange for any of the
     Collateral, or otherwise in respect thereof, such Pledgor shall accept the
     same as the agent of the Administrative Agent, hold the same in trust for
     the Administrative Agent and deliver the same forthwith to the
     Administrative Agent in the exact form received, duly indorsed by such
     Pledgor to the Administrative Agent, if required, together with an undated
     stock power covering such certificate duly executed in blank by such
     Pledgor and with, if the Administrative Agent so requests, signature
     guaranteed, to be held by the Administrative Agent, subject to the terms
     hereof, as additional collateral security for the Obligations; provided,
     that at no time shall the Pledged Stock or Partnership/LLC Interests of any
     Issuer or Partnership/LLC that is a foreign Subsidiary exceed sixty-six
     percent (66%) of the Pledged Stock or Partnership/LLC Interests of such
     Subsidiary. In addition, any sums paid upon or in respect of the Collateral
     upon the liquidation or dissolution of any Issuer or Partnership/LLC shall
     be held by the Administrative Agent as additional collateral security for
     the Obligations.

          (d)  Without the prior written consent of the Administrative Agent, no
     Pledgor will (i) vote to enable, or take any other action to permit, any
     Issuer or Partnership/LLC to issue any stock, partnership interests,
     limited liability company interests or other equity securities of any
     nature or to issue any other securities convertible into or granting the
     right to purchase or exchange for any stock, partnership interests, limited
     liability company interests or other equity securities of any nature of
     such Issuer or Partnership/LLC, (ii) except as expressly provided to the
     contrary herein or in the Credit Agreement, consent to any modification,
     extension or alteration of the terms of any partnership agreement or
     operating agreement of the Partnerships/LLCs, (iii) except as expressly
     provided to the contrary herein or in the Credit Agreement, accept a
     surrender of any partnership agreement or operating agreement of any of the
     Partnerships/LLCs or waive any breach of or default under any partnership
     agreement or operating agreement of any of the Partnerships/LLCs by

                                       6

<PAGE>

     any other party thereto, (iv) except as expressly permitted pursuant to the
     terms of the Credit Agreement, sell, assign, transfer, exchange, or
     otherwise dispose of, or grant any option with respect to, the Collateral,
     or (v) create, incur or permit to exist any Lien or option in favor of, or
     any claim of any Person with respect to, any of the Collateral, or any
     interest therein, except for the Lien provided for by this Pledge
     Agreement. The Pledgors will defend the right, title and interest of the
     Administrative Agent in and to the Collateral against the claims and
     demands of all Persons whomsoever.

          (e)  At any time and from time to time, upon the written request of
     the Administrative Agent, and at the sole expense of the Pledgors, the
     Pledgors will promptly and duly execute and deliver such further
     instruments and documents and take such further actions as the
     Administrative Agent may reasonably request for the purposes of obtaining
     or preserving the full benefits of this Pledge Agreement and of the rights
     and powers herein granted. If any amount payable under or in connection
     with any of the Collateral shall be or become evidenced by any promissory
     note, other instrument or chattel paper, such note, instrument or chattel
     paper shall be immediately delivered to the Administrative Agent, duly
     endorsed in a manner satisfactory to the Administrative Agent, to be held
     as Collateral pursuant to this Pledge Agreement.

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

          (g)  On or prior to the formation or acquisition of any Subsidiary of
     any Pledgor, the Pledgors agree to execute such amendments and supplements
     to this Pledge Agreement as are required by the Credit Agreement,
     including, without limitation, the Joinder Agreement attached to the Credit
     Agreement, and such other documents and instruments as required pursuant to
     Section 9.12 of the Credit Agreement.

     7.   Cash Dividends and Distributions; Voting Rights. Unless an Event of
Default shall have occurred and be continuing and the Administrative Agent shall
have given notice to the Pledgors of the Administrative Agent's intent to
exercise its rights pursuant to Section 8 below, the Pledgors shall be permitted
to receive all cash dividends and shareholder, partnership and membership
distributions paid in accordance with the terms of the Credit Agreement in
respect of the Collateral and to exercise all voting and corporate, partnership
or membership rights, as applicable, with respect to the Collateral; provided,
that no vote shall be cast or corporate, partnership or membership right
exercised or other action taken which, in the Administrative Agent's reasonable
judgment, would impair the Collateral or which would be inconsistent with or
result in any violation of any provision of the Credit Agreement, the Notes, any
other Loan Documents or this Pledge Agreement.

     8.   Rights of the Administrative Agent.

                                       7

<PAGE>

     (a)  If an Event of Default shall occur and be continuing and the
Administrative Agent shall give notice of its intent to exercise such rights to
the Pledgors, (i) the Administrative Agent shall have the right to receive any
and all cash dividends paid in respect of the Pledged Stock and partnership and
membership distributions in respect of the Partnership/LLC Interests and make
application thereof to the Obligations in the order set forth in Section 5.5 of
the Credit Agreement and (ii) all shares of the Pledged Stock and the
Partnership/LLC Interests shall be registered in the name of the Administrative
Agent or its nominee, and the Administrative Agent or its nominee may thereafter
exercise (A) all voting, corporate, partnership, membership and other rights
pertaining to such shares of the Pledged Stock or Partnership/LLC Interests at
any meeting of shareholders, partners or members of the applicable Issuer or
Partnership/LLC or otherwise and (B) any and all rights of conversion, exchange,
subscription and any other rights, privileges or options pertaining to such
shares of the Pledged Stock or Partnership/LLC Interests as if it were the
absolute owner thereof (including, without limitation, the right to exchange at
its discretion any and all of the Pledged Stock or Partnership/LLC Interests
upon the merger, consolidation, reorganization, recapitalization or other
fundamental change in the corporate structure of the applicable Issuer or
Partnership/LLC, or upon the exercise by the Pledgors or the Administrative
Agent of any right, privilege or option pertaining to such shares of the Pledged
Stock or the Partnership/LLC Interests, and in connection therewith, the right
to deposit and deliver any and all of the Pledged Stock or the Partnership/LLC
Interests with any committee, depositary, transfer agent, registrar or other
designated agency upon such terms and conditions as it may determine), all
without liability except to account for property actually received by it, but
the Administrative Agent shall have no duty to the Pledgors to exercise any such
right, privilege or option and shall not be responsible for any failure to do so
or delay in so doing.

     (b)  The rights of the Administrative Agent and the Lenders hereunder shall
not be conditioned or contingent upon the pursuit by the Administrative Agent or
any Lender of any right or remedy against the Pledgors or against any other
Person which may be or become liable in respect of all or any part of the
Obligations or against any collateral security therefor, guarantee thereof or
right of offset with respect thereto. Neither the Administrative Agent nor any
Lender shall be liable for any failure to demand, collect or realize upon all or
any part of the Collateral or for any delay in doing so, nor shall the
Administrative Agent be under any obligation to sell or otherwise dispose of any
Collateral upon the request of the Pledgors or any other Person or to take any
other action whatsoever with regard to the Collateral or any part thereof.

     9.   Remedies. If an Event of Default shall occur and be continuing, upon
the request of the Required Lenders, the Administrative Agent shall exercise, on
behalf of itself and the Lenders, all rights and remedies granted in this Pledge
Agreement and in any other instrument or agreement securing, evidencing or
relating to the Obligations, and in addition thereto, all rights and remedies of
a secured party under the Code. Without limiting the generality of the foregoing
with regard to the scope of the Administrative Agent's remedies, the
Administrative Agent, without demand of performance or other demand,
presentment, protest, advertisement or notice of any kind (except any notice
required by Applicable Law referred to below) to or upon the Pledgors, any
Issuer, any Partnership/LLC or any other Person (all and each of which demands,
defenses, advertisements and notices are hereby waived), may in such
circumstances forthwith collect, receive, appropriate and realize upon the
Collateral, or any part thereof, and/or may forthwith sell, assign, give option
or

                                       8

<PAGE>

options to purchase or otherwise dispose of and deliver the Collateral or any
part thereof (or contract to do any of the foregoing), in one or more parcels at
public or private sale or sales, in the over-the-counter market, at any
exchange, broker's board or office of the Administrative Agent or any Lender or
elsewhere upon such terms and conditions as it may deem advisable and at such
prices as it may deem best, for cash or on credit or for future delivery without
assumption of any credit risk. The Administrative Agent or any Lender shall have
the right upon any such public sale or sales, and, to the extent permitted by
Applicable Law, upon any such private sale or sales, to purchase the whole or
any part of the Collateral so sold, free of any right or equity of redemption in
the Pledgors, which right or equity is hereby waived or released. The
Administrative Agent shall apply any Proceeds from time to time held by it and
the net proceeds of any such collection, recovery, receipt, appropriation,
realization or sale, after deducting all reasonable costs and expenses of every
kind incurred in respect thereof or incidental to the care or safekeeping of any
of the Collateral or in any way relating to the Collateral or the rights of the
Administrative Agent and the Lenders hereunder, including, without limitation,
reasonable attorneys' fees and disbursements of counsel thereto, to the payment
in whole or in part of the Obligations, in the order set forth in Section 5.5 of
the Credit Agreement, and only after such application and after the payment by
the Administrative Agent of any other amount required by any provision of
Applicable Law, including, without limitation, Section 9-615 of the Code, need
the Administrative Agent account for the surplus, if any, to the Pledgors. To
the extent permitted by Applicable Law, the Pledgors waive all claims, damages
and demands they may acquire against the Administrative Agent or any Lender
arising out of the exercise by them of any rights hereunder. If any notice of a
proposed sale or other disposition of Collateral shall be required by Applicable
Law, such notice shall be deemed reasonable and proper if given at least ten
(10) days before such sale or other disposition.

     10.  Registration Rights; Private Sales.

     (a)  If the Administrative Agent shall determine to exercise its right to
sell any or all of the Pledged Stock pursuant to Section 9 hereof, and if in the
opinion of the Administrative Agent it is necessary or advisable to have the
Pledged Stock, or that portion thereof to be sold, registered under the
provisions of the Securities Act of 1933, as amended (the "Securities Act"), the
Pledgors will cause the applicable Issuer to (i) execute and deliver, and cause
the directors and officers of the applicable Issuer to execute and deliver, all
such instruments and documents, and do or cause to be done all such other acts
as may be, in the reasonable opinion of the Administrative Agent, necessary or
advisable to register the Pledged Stock, or that portion thereof to be sold,
under the provisions of the Securities Act, (ii) to use its best efforts to
cause the registration statement relating thereto to become effective and to
remain effective for a period of one year from the date of the first public
offering of the Pledged Stock, or that portion thereof to be sold, and (iii) to
make all amendments thereto and/or to the related prospectus which, in the
opinion of the Administrative Agent, are necessary or advisable, all in
conformity with the requirements of the Securities Act and the rules and
regulations of the Securities and Exchange Commission applicable thereto. The
Pledgors agree to cause the applicable Issuer to comply with the provisions of
the securities or "Blue Sky" laws of any and all jurisdictions which the
Administrative Agent shall designate and to make available to its security
holders, as soon as practicable, an earnings statement (which need not be
audited) which will satisfy the provisions of Section 11(a) of the Securities
Act.

                                       9

<PAGE>

     (b)  The Pledgors recognize that the Administrative Agent may be unable to
effect a public sale of any or all the Pledged Stock, by reason of certain
prohibitions contained in the Securities Act and applicable state securities
laws or otherwise, and may be compelled to resort to one or more private sales
thereof to a restricted group of purchasers which will be obliged to agree,
among other things, to acquire such securities for their own account for
investment and not with a view to the distribution or resale thereof. The
Pledgors acknowledge and agree that any such private sale may result in prices
and other terms less favorable than if such sale were a public sale and,
notwithstanding such circumstances, agree that any such private sale shall be
deemed to have been made in a commercially reasonable manner. The Administrative
Agent shall be under no obligation to delay a sale of any of the Pledged Stock
for the period of time necessary to permit the applicable Issuer to register
such securities for public sale under the Securities Act, or under applicable
state securities laws, even if the applicable Issuer would agree to do so.

     (c)  The Pledgors further agree to use their best efforts to do or cause to
be done all such other acts as may be necessary to make such sale or sales of
all or any portion of the Collateral pursuant to this Section 10 valid and
binding and in compliance with any and all other Applicable Laws. The Pledgors
further agree that a breach of any of the covenants contained in this Section 10
will cause irreparable injury to the Administrative Agent and the Lenders not
compensable in damages, that the Administrative Agent and the Lenders have no
adequate remedy at law in respect of such breach and, as a consequence, that
each and every covenant contained in this Section 10 shall be specifically
enforceable against the Pledgors, and the Pledgors hereby waive and agree not to
assert any defenses against an action for specific performance of such covenants
except for a defense that no Event of Default has occurred under the Credit
Agreement.

     11.  Amendments, etc. With Respect to the Obligations. The Pledgors shall
remain obligated hereunder, and the Collateral shall remain subject to the Lien
granted hereby, notwithstanding that, without any reservation of rights against
the Pledgors, and without notice to or further assent by the Pledgors, any
demand for payment of any of the Obligations made by the Administrative Agent or
any Lender may be rescinded by the Administrative Agent or such Lender, and any
of the Obligations continued, and the Obligations, or the liability of the
Pledgors or any other Person upon or for any part thereof, or any collateral
security or guarantee therefor or right of offset with respect thereto, may,
from time to time, in whole or in part, be renewed, extended, amended, modified,
accelerated, compromised, waived, surrendered, or released by the Administrative
Agent or any Lender, and the Credit Agreement, the Notes, any other Loan
Documents and any other documents executed and delivered in connection therewith
may be amended, modified, supplemented or terminated, in whole or part, as the
Lenders (or the Required Lenders, as the case may be) may deem advisable from
time to time, and any guarantee, right of offset or other collateral security at
any time held by the Administrative Agent or any Lender for the payment of the
Obligations may be sold, exchanged, waived, surrendered or released. Neither the
Administrative Agent nor any Lender shall have any obligation to protect,
secure, perfect or insure any other Lien at any time held by it as security for
the Obligations or any property subject thereto. The Pledgors waive any and all
notice of the creation, renewal, extension or accrual of any of the Obligations
and notice of or proof of reliance by the Administrative Agent or any Lender
upon this Pledge Agreement; the Obligations, and any of them, shall conclusively
be deemed to have been created, contracted or incurred in reliance upon this
Pledge Agreement; and all dealings between the

                                       10

<PAGE>

Pledgors, on the one hand, and the Administrative Agent and the Lenders, on the
other, shall likewise be conclusively presumed to have been had or consummated
in reliance upon this Pledge Agreement. The Pledgors waive diligence,
presentment, protest, demand for payment and notice of default or nonpayment to
or upon the Pledgors with respect to the Obligations.

     12.  No Subrogation. Notwithstanding any payment or payments made by the
Pledgors hereunder, or any setoff or application of funds of the Pledgors by the
Administrative Agent, or the receipt of any amounts by the Administrative Agent
with respect to any of the Collateral, the Pledgors shall not be entitled to be
subrogated to any of the rights of the Administrative Agent against any Borrower
or any guarantor or against any other collateral security held by the
Administrative Agent for the payment of the Obligations, nor shall the Pledgors
seek any reimbursement from any Borrower or any guarantor in respect of payments
made by the Pledgors in connection with the Collateral, or amounts realized by
the Administrative Agent in connection with the Collateral, until all amounts
owing to the Administrative Agent and the Lenders on account of the Obligations
are paid in full and the Credit Agreement is terminated. If any amount shall be
paid to the Pledgors on account of such subrogation rights at any time when all
of the Obligations shall not have been paid in full, such amount shall be held
by the Pledgors in trust for the Administrative Agent, segregated from other
funds of the Pledgors, and shall, forthwith upon receipt by the Pledgors, be
turned over to the Administrative Agent in the exact form received by the
Pledgors (duly indorsed by the Administrative Agent, if required) to be applied
against the Obligations, whether matured or unmatured, in such order as set
forth in the Credit Agreement.

     13.  Irrevocable Authorization and Instruction to Issuers and
Partnerships/LLCs. The Pledgors hereby authorize and instruct each Issuer and
Partnership/LLC to comply with any instruction received by it from the
Administrative Agent in writing that (a) states that an Event of Default has
occurred and is continuing and (b) is otherwise in accordance with the terms of
this Agreement, without any other or further instructions from the Pledgors, and
the Pledgors agree that such Issuer and Partnership/LLC shall be fully protected
in so complying.

     14.  Limitation on Duties Regarding Collateral. The Administrative Agent's
sole duty with respect to the custody, safekeeping and physical preservation of
the Collateral in its possession, under Section 9-207 of the Code or otherwise,
shall be to deal with it in the same manner as the Administrative Agent deals
with similar securities and property for its own account. Neither the
Administrative Agent, any Lender nor any of their respective directors,
officers, employees or agents shall be liable for failure to demand, collect or
realize upon any of the Collateral or for any delay in doing so or shall be
under any obligation to sell or otherwise dispose of any Collateral upon the
request of the Pledgors or otherwise.

     15.  Application of Proceeds. Upon the occurrence and during the
continuance of an Event of Default, the proceeds of any sale of, or other
realization upon, all or any part of the Collateral shall be applied by the
Administrative Agent in accordance with the terms of Section 5.5 of the Credit
Agreement, and then to payment to the Pledgors or their successors or assigns,
or as a court of competent jurisdiction may direct, of any surplus then
remaining from such proceeds. The Administrative Agent may make distribution
hereunder in cash or in kind or, on a ratable basis, in any combination thereof.

                                       11

<PAGE>

     16.  Powers Coupled with an Interest. All authorizations and agencies
herein contained with respect to the Collateral constitute irrevocable powers
coupled with an interest.

     17.  Severability. If any provision of this Pledge Agreement is invalid and
unenforceable in any jurisdiction, then, to the fullest extent permitted by law,
(a) the other provisions hereof shall remain in full force and effect in such
jurisdiction and shall be liberally construed in favor of the Administrative
Agent and the Lenders in order to carry out the intentions of the parties hereto
as nearly as may be possible; and (b) the invalidity or unenforceability of any
provisions hereof in any jurisdiction shall not affect the validity or
enforceability of such provision in any other jurisdiction.

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

     19.  Rights and Remedies Cumulative; Non-Waiver, etc. The enumeration of
the rights and remedies of the Administrative Agent and the Lenders set forth in
this Pledge Agreement is not intended to be exhaustive and the exercise by the
Administrative Agent and the Lenders of any right or remedy shall not preclude
the exercise of any other rights or remedies, all of which shall be cumulative,
and shall be in addition to any other right or remedy given hereunder or under
the Loan Documents or that may now or hereafter exist in law or in equity or by
suit or otherwise. No delay or failure to take action on the part of the
Administrative Agent or any Lender in exercising any right, power or privilege
under this Agreement or any other Loan Document shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, power or
privilege preclude other or further exercise thereof or the exercise of any
other right, power or privilege or shall be construed to be a waiver of any
Event of Default. No course of dealing between the Borrowers, the Administrative
Agent and the Lenders or their respective agents or employees shall be effective
to change, modify or discharge any provision of this Pledge Agreement or any of
the other Loan Documents or to constitute a waiver of any Event of Default. This
Pledge Agreement is a Loan Document executed pursuant to the Credit Agreement.

     20.  Amendments, Waivers and Consents. No term, covenant, agreement or
condition of this Pledge Agreement may be amended or waived, nor may any consent
be given, except in the manner set forth in Section 14.11 of the Credit
Agreement.

     21.  Successor and Assigns. This Pledge Agreement is for the benefit of the
Administrative Agent and the Lenders and their successors and assigns (as
permitted by the Credit Agreement), and in the event of an assignment of all or
any of the Obligations, the rights hereunder, to the extent applicable to the
indebtedness so assigned, may be transferred with such indebtedness. This Pledge
Agreement shall be binding on the Pledgors and their successors and assigns;
provided that except to the extent expressly permitted pursuant to the terms of
the Credit Agreement, the Pledgors may not assign any of their rights or
obligations hereunder without the prior written consent of the Administrative
Agent and the Lenders.

                                       12

<PAGE>

     22.  Governing Law. THIS PLEDGE AGREEMENT SHALL BE GOVERNED BY, CONSTRUED
AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NORTH CAROLINA, WITHOUT
REFERENCE TO THE CONFLICTS OR CHOICE OF LAW PRINCIPLES THEREOF.

     23.  Notices. All notices and communications hereunder shall be given to
the addresses and otherwise in accordance with Section 14.1 of the Credit
Agreement.

     24.  Control Agreement; Acknowledgement by Issuers.

     (a)  The Pledgors hereby authorize and instruct each Issuer and
Partnership/LLC to comply, and each Issuer and Partnership/LLC hereby agrees to
so comply, with any instruction received thereby from the Administrative Agent
in accordance with the terms of this Pledge Agreement with respect to the
Collateral, without any consent or further instructions from the Pledgors (or
other registered owner), and the Pledgors agree that such Issuer and
Partnership/LLC shall be fully protected in so complying. Each Issuer and
Partnership/LLC agrees that its agreement set forth in the preceding sentence
shall be sufficient to create in favor of the Administrative Agent, for the
benefit of the Lenders, "control" of the Partnership/LLC Interests within the
meaning of such term under Sections 8-106(c) and 9-106 of the Code.
(Notwithstanding the foregoing, nothing in this Pledge Agreement is intended or
shall be construed to mean or imply that the Partnership/LLC Interests
constitute "securities" within the meaning of such term under Section
8-102(a)(15) of the Code or otherwise to limit or modify the application of
Section 8-103(c) of the Code. Rather, the Administrative Agent has requested
that this provision be included in this Pledge Agreement solely out of an
abundance of caution in the event the Partnership/LLC Interests are,
nevertheless, deemed to constitute "securities" under the Code.)

     (b)  Each Issuer and Partnership/LLC acknowledges receipt of a copy of this
Pledge Agreement and agrees to be bound thereby and to comply with the terms
thereof insofar as such terms are applicable to it. Each Issuer and
Partnership/LLC agrees to notify the Administrative Agent promptly in writing of
the occurrence of any of the events described in Section 6(c) of this Pledge
Agreement. Each Issuer and Partnership/LLC further agrees that the terms of
Section 10 of this Pledge Agreement shall apply to it with respect to all
actions that may be required of it under or pursuant to or arising out of
Section 10 of this Pledge Agreement.

     25.  Concerning the Administrative Agent. The provisions of Article XIII of
the Credit Agreement shall inure to the benefit of the Administrative Agent in
respect of this Pledge Agreement and shall be binding upon the Pledgors and the
Lenders. In furtherance and not in derogation of the rights, privileges and
immunities of the Administrative Agent therein set forth:

          (a)  The Administrative Agent is authorized to take all such action as
     is provided to be taken by it as Administrative Agent hereunder and all
     other action incidental thereto. As to any matters not expressly provided
     for herein, the Administrative Agent may request instructions from the
     Lenders and shall act or refrain from acting in accordance with written
     instructions from the Required Lenders (or, when expressly required by this
     Agreement or

                                       13

<PAGE>

     the Credit Agreement, all the Lenders) or, in the absence of such
     instructions, in accordance with its discretion.

          (b)  The Administrative Agent shall not be responsible for the
     existence, genuineness or value of any of the Collateral or for the
     validity, perfection, priority or enforceability of the security interests
     therein purported to be granted by this Pledge Agreement, whether impaired
     by operation of law or by reason of any action or omission to act on its
     part (other than any such action or inaction constituting gross negligence
     or willful misconduct). The Administrative Agent shall have no duty to
     ascertain or inquire as to the performance or observance of any of the
     terms of this Pledge Agreement by the Pledgors.

     26.  Consent to Jurisdiction. The Pledgors hereby irrevocably consent to
the personal jurisdiction of the state and federal courts located in Mecklenburg
County, North Carolina, in any action, claim or other proceeding arising out of
or any dispute in connection with this Pledge Agreement, any rights or
obligations hereunder, or the performance of such rights and obligations. The
Pledgors hereby irrevocably consent to the service of a summons and complaint
and other process in any action, claim or proceeding brought by the
Administrative Agent or any Lender in connection with this Pledge Agreement, any
rights or obligations hereunder, or the performance of such rights and
obligations, on behalf of itself or its property, in the manner provided in
Section 14.1 of the Credit Agreement. Nothing in this Section 26 shall affect
the right of the Administrative Agent or any Lender to serve legal process in
any other manner permitted by Applicable Law or affect the rights of the
Administrative Agent or any Lender to bring any action or proceeding against the
Pledgors or their properties in the courts of any other jurisdictions.

     27.  Binding Arbitration; Waiver of Jury Trial; Preservation of Remedies.

     (a)  Binding Arbitration. Upon demand of any party, whether made before or
after institution of any judicial proceeding, any dispute, claim or controversy
arising out of, connected with or relating to this Pledge Agreement
("Disputes"), between or among the parties to this Pledge Agreement shall be
resolved by binding arbitration as provided herein. Institution of a judicial
proceeding by a party does not waive the right of that party to demand
arbitration hereunder. Disputes may include, without limitation, tort claims,
counterclaims, claims brought as class actions, claims arising from Loan
Documents executed in the future, or claims concerning any aspect of the past,
present or future relationships arising out of or connected with this Pledge
Agreement. Arbitration shall be conducted under and governed by the Commercial
Financial Disputes Arbitration Rules (the "Arbitration Rules") of the American
Arbitration Association ("AAA") and Title 9 of the U.S. Code. All arbitration
hearings shall be conducted in Charlotte, North Carolina. The expedited
procedures set forth in Rule 51, et seq. of the Arbitration Rules shall be
applicable to claims of less than $1,000,000. All applicable statutes of
limitation shall apply to any Dispute. A judgment upon the award may be entered
in any court having jurisdiction. Notwithstanding anything foregoing to the
contrary, any arbitration proceeding demanded hereunder shall begin within
ninety (90) days after such demand thereof and shall be concluded within
one-hundred and twenty (120) days after such demand. These time limitations may
not be extended unless a party hereto shows cause for extension and then such
extension shall not exceed a total of sixty (60) days. The panel from which all
arbitrators are selected shall be comprised of licensed attorneys selected from
the Commercial Finance

                                       14

<PAGE>

Dispute Panel of the AAA. The single arbitrator selected for expedited procedure
shall be a retired judge from the highest court of general jurisdiction, state
or federal, of the state where the hearing will be conducted. The parties hereto
do not waive any applicable Federal or state substantive law except as provided
herein.

     (b)  Waiver of Jury Trial. EACH PLEDGOR HEREBY ACKNOWLEDGES THAT BY
AGREEING TO BINDING ARBITRATION IT HAS IRREVOCABLY WAIVED ITS RESPECTIVE RIGHTS
TO A JURY TRIAL WITH RESPECT TO ANY ACTION, CLAIM OR OTHER PROCEEDING ARISING
OUT OF ANY DISPUTE IN CONNECTION WITH THIS PLEDGE AGREEMENT, ANY RIGHTS OR
OBLIGATIONS HEREUNDER, OR THE PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS.

     (c)  Preservation of Certain Remedies. Notwithstanding the preceding
binding arbitration provisions, the parties hereto and the other Loan Documents
preserve, without diminution, certain remedies that such Persons may employ or
exercise freely, either alone, in conjunction with or during a Dispute. Each
such Person shall have and hereby reserves the right to proceed in any court of
proper jurisdiction or by self help to exercise or prosecute the following
remedies, as applicable: (i) all rights to foreclose against any real or
personal property or other security by exercising a power of sale granted in the
Loan Documents or under Applicable Law or by judicial foreclosure and sale,
including a proceeding to confirm the sale, (ii) all rights of self help
including peaceful occupation of property and collection of rents, set off, and
peaceful possession of property, (iii) obtaining provisional or ancillary
remedies including injunctive relief, sequestration, garnishment, attachment,
appointment of receiver and in filing an involuntary bankruptcy proceeding, and
(iv) when applicable, a judgment by confession of judgment. Preservation of
these remedies does not limit the power of an arbitrator to grant similar
remedies that may be requested by a party in a Dispute.

     (d)  Injunctive Relief. The Pledgors recognize that, in the event the
Pledgors fail to perform, observe or discharge any of their obligations or
liabilities under this Agreement, any remedy of law may prove to be inadequate
relief to the Lenders. Therefore, the Pledgors agree that the Lenders, at the
Lenders' option, shall be entitled to temporary and permanent injunctive relief
in any such case without the necessity of proving actual damages.

     (e)  Punitive Damages. The Administrative Agent, the Lenders and the
Pledgors (on behalf of themselves and their Subsidiaries) hereby agree that no
such Person shall have a remedy of punitive or exemplary damages against any
other party to a Loan Document and each such Person hereby waives any right or
claim to punitive or exemplary damages that they may now have or may arise in
the future in connection with any Dispute, whether such Dispute is resolved
through arbitration or judicially.

     28.  Counterparts. This Pledge Agreement may be executed by the parties
hereto in several counterparts, each of which shall be deemed to be an original
and all of which shall constitute together but one and the same agreement.

                                       15

<PAGE>

     29.  Entire Agreement; Term of Agreement. This Pledge Agreement, together
with the other Loan Documents, constitutes the entire agreement with respect to
the subject matter hereof and supersedes all prior agreements with respect to
the subject matter hereof. This Pledge Agreement shall remain in effect through
and including the date upon which all Obligations shall have been indefeasibly
and irrevocably paid and satisfied in full and the Commitments terminated.

     30.  Amendment and Restatement; No Novation. This Pledge Agreement
constitutes an amendment and restatement of the Existing Pledge Agreement
effective from and after the date hereof. The execution and delivery of this
Pledge Agreement shall not constitute a novation of the Existing Pledge
Agreement.

                           [Signatures Page To Follow]

                                       16

<PAGE>

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

                                PLEDGORS AND/OR ISSUERS AND/OR
                                PARTNERSHIPS/LLCS:

                                GLOBAL IMAGING SYSTEMS, INC.

                                By:  /s/ Raymond Schilling
                                    --------------------------------------------
                                Name:  Raymond Schilling
                                Title: CFO, Senior Vice President, Treasurer and
                                       Secretary

                                GLOBAL OPERATIONS TEXAS, L.P.

                                By:    Global Imaging Systems, Inc.
                                Its:   General Partner

                                       By:  /s/ Raymond Schilling
                                           -------------------------------------
                                       Name:  Raymond Schilling
                                       Title: CFO, Senior Vice President,
                                              Treasurer and Secretary

                  [Signatures Continued On The Following Page]

[Amended and Restated Pledge Agreement]

<PAGE>

                                         GLOBAL IMAGING OPERATIONS, LLC,
                                         GLOBAL IMAGING FINANCE COMPANY, LLC,
                                         AMERICAN PHOTOCOPY EQUIPMENT
                                           COMPANY OF PITTSBURGH, LLC,
                                         BERNEY OFFICE SOLUTIONS, LLC,
                                         BUSINESS EQUIPMENT UNLIMITED,
                                         CAMERON OFFICE PRODUCTS, LLC,
                                         CONNECTICUT BUSINESS SYSTEMS, LLC,
                                         CONWAY OFFICE PRODUCTS, LLC,
                                         COPY SERVICE AND SUPPLY, INC.,
                                         DUPLICATING SPECIALTIES, INC.,
                                         EASTERN COPY PRODUCTS, LLC,
                                         ELECTRONIC SYSTEMS, INC.,
                                         ELECTRONIC SYSTEMS OF RICHMOND, INC.,
                                         QUALITY BUSINESS SYSTEMS, INC.,
                                         SOUTHERN BUSINESS COMMUNICATIONS, INC.,
                                         CARR BUSINESS SYSTEMS, INC.,
                                         CAPITOL OFFICE SOLUTIONS, LLC,
                                         DISTINCTIVE BUSINESS PRODUCTS, INC.,
                                         LEWAN & ASSOCIATES, INC.,
                                         PROVIEW, INC.,
                                         CENTRE BUSINESS PRODUCTS, INC.,
                                         DANIEL COMMUNICATIONS, INC.,
                                         OFFICE TECH, LLC,
                                         COLUMN OFFICE EQUIPMENT, INC.,
                                         PACIFIC OFFICE SOLUTIONS, INC.,
                                         AVPRESENTATIONS, INC.,
                                         ECOM-DIVISION, INC.,
                                         N&L ENTERPRISES, LLC,
                                         NORTHEAST COPIER SYSTEMS, LLC,
                                         ARIZONA OFFICE TECHNOLOGIES, INC.,
                                         COMMERCIAL EQUIPMENT COMPANY,
                                         MODERN BUSINESS MACHINES, LLC

                                         By:  /s/ Raymond Schilling
                                             -----------------------------------
                                         Name:  Raymond Schilling
                                         Title: See Attached Schedule A

[Amended and Restated Pledge Agreement]

<PAGE>

                               ADMINISTRATIVE AGENT:

                               WACHOVIA BANK, NATIONAL ASSOCIATION
                               (formerly known as First Union National Bank), as
                               Administrative Agent

                               By:  /s/ Mark B. Felker
                                   ---------------------------------------------
                               Name:  Mark B. Felker
                               Title: Managing Director

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