Document:

<PAGE>

                                                                  Exhibit 10.37

                             UNCONDITIONAL GUARANTY

      FOR VALUE RECEIVED, and to induce CRESCENT REAL ESTATE EQUITIES LIMITED
PARTNERSHIP ("CRESCENT"), having an office at 777 Main Street, Suite 2100, Fort
Worth, Texas 76102, and VORNADO OPERATING L.P. ("VORNADO"), having an office at
210 Route 4 East, Paramus, New Jersey 07652 (collectively, "LENDER"), to lend to
AMERICOLD LOGISTICS, LLC, having an office at Glen Lake Parkway, Suite 800,
Atlanta, Georgia 30328 ("BORROWER"), the aggregate sum of ELEVEN MILLION SIX
HUNDRED THOUSAND DOLLARS ($11,600,000) (the "LOAN"), evidenced by (a) that
certain Promissory Note dated effective as of June 6, 2001, made payable to
Crescent (as it may be amended, the "CRESCENT NOTE") in the face amount of
$6,500,000, and (b) that certain Promissory Note dated effective as of June 6,
2001, made payable to Vornado in the face amount of $5,100,000 (as it may be
amended, the "VORNADO NOTE") (the Crescent Note and the Vornado Note are
hereinafter collectively referred to as the "NOTE"), and secured by, inter alia,
this Unconditional Guaranty ("GUARANTY"), which shall be secured by, inter alia,
the collateral (the "COLLATERAL") described in that certain Security Agreement
(as amended, the "SECURITY AGREEMENT"), dated as of the date hereof, made by
Borrower and each of the subsidiaries of Borrower listed on Schedule I hereto
(collectively, "GUARANTORS") in favor of Lender, the undersigned Guarantors,
hereby, jointly and severally, unconditionally and absolutely, undertake,
guarantee, and agree as follows:

1.    Guarantors hereby, jointly and severally, absolutely, irrevocably and
      unconditionally guarantee to Lender the prompt, absolute, and
      unconditional (i) payment of the principal sum evidenced by the Note
      together with all interest thereon (including payment of interest accruing
      on the Note after any petition under the applicable federal bankruptcy
      laws), as the same shall become due and payable under the Note (after the
      expiration of any applicable grace or cure period provided for the payment
      of the same), including any and all fees, expenses and any and all other
      sums of money that, at any time, may become due and payable, pursuant to
      the provisions of the Note, the Security Agreement, or any other document
      (collectively, the "LOAN DOCUMENTS") now or hereafter evidencing, securing
      or otherwise relating to the Note, and (ii) due and punctual performance
      and observance by Borrower of all other terms, covenants, and conditions
      of the Note and other Loan Documents, whether according to the present
      terms thereof, at any earlier or accelerated date or dates as provided
      therein, or pursuant to any extension of time or to any change or changes
      in the terms, covenants, or conditions thereof, now or hereafter made or
      granted. All sums due and payable hereunder by Guarantors to Lender shall
      be payable on demand of Lender. This is a guaranty of payment and not of
      collection.

2.    Any indebtedness or obligations of Borrower to Guarantors (or any of them)
      now or hereafter existing (including any rights of subrogation Guarantors
      (or any of them) may have as a result of any payment by Guarantors (or any
      of them) under this Guaranty), together with any interest thereon, shall
      be, and such indebtedness hereby is subordinated to the prior payment in
      full of the indebtedness of Borrower to Lender under the Note and all
      other Loan Documents. Guarantors agree that until satisfaction in full of
      Borrower's

<PAGE>

      obligations in connection with the Loan, none of the Guarantors will
      accept any payment or satisfaction of any kind of any indebtedness of
      Borrower to any of the Guarantors, and all of the Guarantors hereby assign
      to Lender all right, title, and interest in such indebtedness, including
      the right to file proofs of claim and to vote thereon in connection with
      any bankruptcy, insolvency, or reorganization proceeding, and including
      the right to vote on any plan of arrangement or reorganization. Further,
      Guarantors agree that until satisfaction in full of Borrower's obligations
      in connection with the Loan, (i) none of the Guarantors shall accept
      payment from any other guarantor of the Note by way of contribution on
      account of any payment made hereunder by Guarantors to Lender, (ii)
      Guarantors shall not take any action to exercise or enforce any rights to
      such contribution, and (iii) if any of the Guarantors should receive any
      payment, satisfaction, or security for any indebtedness of Borrower to
      Guarantors or for any contribution by any other guarantor of the Note for
      payment made hereunder by any of the Guarantors to Lender, the same shall
      be delivered to Lender in the form received, endorsed or assigned as may
      be appropriate for application on account of or as security for the
      indebtedness of Borrower to Lender and, until so delivered, shall be held
      in trust for Lender as security for the indebtedness of Borrower to
      Lender. Notwithstanding any provision of this Paragraph or this Guaranty
      to the contrary, if Guarantors (or any of them) are or become an "insider"
      (as defined from time to time in Section 101 of the Federal Bankruptcy
      Code) with respect to Borrower, then Guarantors waive irrevocably and
      absolutely any and all rights of subrogation, contribution,
      indemnification, reimbursement or any similar rights against Borrower,
      and/or any other guarantor of Borrower's obligations under the Note, with
      respect to this Guaranty, whether such rights arise under an expressed or
      implied contract or by operation of law. It is the intention of the
      parties hereto that none of the Guarantors shall be deemed to be a
      "creditor" (as defined in Section 101 of the Federal Bankruptcy Code) of
      Borrower by reason of the existence of this Guaranty in the event that
      Borrower becomes a debtor in any proceeding under the Federal Bankruptcy
      Code.

3.    Any lien or change on the Collateral or revenue or income to be realized
      therefrom, and all rights in and to the Collateral that Guarantors may
      have or obtain, shall be subordinated to the indebtedness of the Borrower
      to Lender under the Note.

4.    It is expressly understood and agreed that this is a continuing guaranty
      and that the obligations of Guarantors hereunder are and shall be absolute
      under any and all circumstances, without regard to validity, regularity,
      or enforceability of the Note or any of the other Loan Documents.
      Guarantors hereby acknowledge having received and reviewed a true copy of
      each of the Loan Documents.

5.    To the full extent that Guarantors may lawfully do so, Guarantors hereby
      jointly and severally waive and agree not to assert or take advantage of
      (a) the defense of the statute of limitations to collect and/or enforce
      performance of any of the obligations, liabilities or indebtedness that
      are hereby guaranteed under this Guaranty; (b) any defense that may arise
      by reason of (i) the lack of power or authority of Borrower or any other
      person or entity liable for the payment and/or performance of all or any
      portion of the obligations, liabilities or indebtedness that are hereby
      guaranteed under this Guaranty, including but not limited to any of the
      Guarantors, or (ii) the failure of Lender to file or enforce a claim

<PAGE>

      against the estate (whether in bankruptcy or any other proceeding) of
      Borrower or any other person or entity liable for the payment and/or
      performance of all or any portion of the obligations, liabilities or
      indebtedness that are hereby guaranteed under this Guaranty, including but
      not limited to any of the Guarantors; (c) the benefit of all homestead and
      all other exemptions to which any of the Guarantors may be entitled, and
      further waive presentment, demand for payment, protest, notice of protest,
      notice of discharge, notice of acceptance of this Guaranty, notice of
      non-performance and non-observance, and all other indulgences, proofs and
      notices of any kind whatsoever; (d) any defense based upon an election of
      remedies by Lender (including, if available, an election to proceed by
      non-judicial foreclosure); (e) any act or omission by Lender that destroys
      or otherwise impairs the subrogation rights of any of the Guarantors or
      the right of any of the Guarantors to proceed against Borrower for
      reimbursement, or both; or (f) the benefits of the provisions of any
      statute or any defense arising by reason of the cessation from any cause
      whatsoever of the liability of Borrower. It is the intent hereof that the
      Guarantors shall remain jointly and severally liable as principal until
      the payment and/or performance of all obligations, liabilities and
      indebtedness that are guaranteed under this Guaranty, notwithstanding any
      act, omission or thing which might otherwise operate as a legal or
      equitable discharge of any of the Guarantors.

6.    Guarantors further agree that the validity of this Guaranty and the
      obligations of Guarantors hereunder shall in no way be terminated,
      affected, or impaired by reason of the assertion by the Lender of any
      rights or remedies that it may have under or with respect to the Note, the
      Security Agreement, or under any other Loan Document against any person
      obligated thereunder or by reason of Lender's failure to exercise, or
      delay in exercising, any such right or remedy or any right or remedy
      Lender may have hereunder or in respect to this Guaranty, or by reason of
      the adjudicating in bankruptcy of any person obligated under the Note or
      any of the other Loan Documents, or the filing of a petition for any
      relief under the Federal Bankruptcy Code by any such person, or the
      dissolution of any or all of the Guarantors.

7.    Guarantors further covenant that this Guaranty shall remain and continue
      in full force and effect as to any assignment, sale, modification,
      extension, or renewal of the Note, the Security Agreement, or any other
      Loan Documents, or the release or exchange of the Collateral or other
      collateral for the Loan, or compromise of the obligations of the debt
      evidenced by the Note, or any such Loan Document or instrument, or the
      granting of any other indulgences or forbearance under any or all of such
      documents, all of which may be made, done, or suffered without notice to,
      or further consent of, any or all of the Guarantors.

8.    Guarantors agree that Lender may (without notice to any of the Guarantors)
      sell, assign, or transfer all or any portion of the indebtedness,
      obligations, and liabilities of Borrower, and, in that event, each and
      every successive assignee, transferee, or holder of all or any part of
      said indebtedness, obligations, or liabilities shall have the right to
      enforce this Guaranty by suit or other remedy as fully as if such
      assignee, transferee, or holder were herein by name specifically given
      such rights, powers, and benefits; provided, however, that Lender shall
      have an unimpaired right to enforce this Guaranty for any of the
      liabilities of the Guarantors that Lender has not sold, assigned, or
      transferred.

<PAGE>

9.    Guarantors agree that this Guaranty may be enforced by Lender against any
      of the Guarantors without first resorting to or exhausting any other
      security or collateral and without first having recourse to the Note or
      any of the Collateral through foreclosure proceedings or otherwise;
      provided, however, that nothing herein contained shall prevent Lender from
      suing on the Note, foreclosing on the Collateral pursuant to the Security
      Agreement, or from exercising any other rights under the Loan Documents,
      and if such foreclosure or other remedy is availed of, only the net
      proceeds therefrom, after deduction of all charges and expenses of every
      kind and nature whatsoever, shall be applied in reduction of any amount
      due to Lender, and Lender shall not be required to institute or prosecute
      proceedings to recover any deficiency as a condition of payment hereunder
      or enforcement hereof. Guarantors expressly waive any right to require
      that any action be brought against Borrower or any other guarantor. At any
      sale of the Collateral or other collateral given for the indebtedness or
      any part thereof, whether by foreclosure or otherwise, Lender may at its
      discretion purchase all or any part of the Collateral or collateral so
      sold or offered for sale for its own account and may, in payment of the
      amount bid therefor, deduct such amount from the balance due it pursuant
      to the terms of the Note, Security Agreement, and other Loan Documents.

10.   Guarantors agree that in the event this Guaranty is placed in the hands of
      an attorney for enforcement, Guarantors shall reimburse Lender for all
      expenses incurred, including reasonable attorneys' fees.

11.   This Guaranty shall be binding upon and enforceable against Guarantors,
      their heirs, legal representatives, administrators, executors, successors,
      and assigns, and shall inure to the benefit of, and may be enforced by,
      Lender and its successors and assigns. This Guaranty is independent of
      (and shall not be limited by) any other guaranty now existing or hereafter
      given. All pronouns and any variations thereof shall be deemed to refer to
      the masculine, feminine, neuter, singular or plural as the context may
      require.

12.   In addition to all other rights of Lender to accelerate the indebtedness
      guaranteed hereby, if (i) an event shall occur which, pursuant to the
      terms of the Note or any other Loan Document would entitle Lender to
      accelerate the indebtedness guaranteed hereby, but (ii) there shall be
      filed with respect to Borrower a petition in bankruptcy or for similar
      relief under the Federal Bankruptcy Code or any similar law, and by reason
      of such filing or as a result of any order of court, Lender shall be
      prevented from accelerating such indebtedness or after such acceleration
      if Borrower's right to make periodic payments of the indebtedness shall be
      reinstated, then Lender shall have the right to demand from Guarantors
      payment in full of, and Guarantors shall pay in full, all indebtedness
      guaranteed hereby, including all principal, interest, costs, fees and
      charges, whether or not then due and payable by Borrower.

13.   If at any time any payment, or portion thereof, made by or for the account
      of Guarantors on account of any of the obligations and liabilities
      hereunder is set aside by any court or trustee having jurisdiction as a
      voidable preference or fraudulent conveyance or otherwise restored or
      returned by Lender to Guarantors under any insolvency, bankruptcy or other
      federal and/or state laws or as a result of any dissolution, liquidation
      or reorganization of Borrower or upon, or as a result of, the appointment
      of any receiver,

<PAGE>

      intervenor or conservator of, or trustee or similar officer for, Borrower
      or any substantial part of its properties or assets, Guarantors agree that
      this Guaranty shall continue and remain in full force and effect or be
      reinstated, as the case may be, all as though such payment or payments had
      not been made.

14.   This Guaranty shall be governed, construed, and interpreted as to validity
      and enforcement and in all other respects in accordance with the laws of
      the State of Texas and cannot be modified, amended, or terminated orally.

15.   GUARANTORS KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE ALL RIGHTS TO
      TRIAL BY JURY IN ANY ACTION OR PROCEEDING INSTITUTED BY OR AGAINST LENDER
      WHICH PERTAINS DIRECTLY OR INDIRECTLY TO THIS GUARANTY, THE NOTE, THE LOAN
      EVIDENCED THEREBY, ANY OF THE LOAN DOCUMENTS, OR ANY ALLEGED TORTIOUS
      CONDUCT BY GUARANTORS, BORROWER OR LENDER, OR, IN ANY WAY, DIRECTLY OR
      INDIRECTLY, ARISING OUT OF OR RELATED TO THE RELATIONSHIP BETWEEN
      GUARANTORS, BORROWER AND LENDER. THIS PROVISION IS A MATERIAL INDUCEMENT
      FOR LENDER AGREEING TO MAKE THE LOAN.

16.   GUARANTORS IRREVOCABLY AUTHORIZE _____________________________, ESQ. OR
      __________________________________________, ESQ. TO APPEAR FOR ANY OR ALL
      OF THE GUARANTORS IN ANY COURT OF RECORD BEFORE WHICH SUCH ATTORNEY IS
      ADMITTED, TO WAIVE THE ISSUE OF SUMMONS OR OTHER PROCESS AND TO CONFESS
      JUDGMENT AGAINST ANY OR ALL OF THE GUARANTORS IN FAVOR OF LENDER FOR ALL
      AMOUNTS AND OBLIGATIONS DUE UNDER THIS GUARANTY INCLUDING, TO THE FULLEST
      EXTENT ALLOWED UNDER APPLICABLE LAW, ALL INTEREST AND COSTS (INCLUDING
      REASONABLE ATTORNEYS' FEES) AND TO RELEASE ALL ERRORS AND WAIVE ALL RIGHTS
      OF APPEAL AND THE BENEFIT OF ANY HOMESTEAD OR OTHER EXEMPTION LAWS.
      GUARANTORS APPOINT SUCH ATTORNEY AS GUARANTORS' ATTORNEY-IN-FACT (WHICH
      APPOINTMENT IS COUPLED WITH AN INTEREST AND IS IRREVOCABLE) TO EXECUTE AND
      DELIVER ON ANY OR ALL OF THE GUARANTORS' BEHALF SUCH FURTHER INSTRUMENTS
      AS MAY BE REQUIRED UNDER LAW OR RULES OF COURT TO EFFECT ENTRY OF SUCH
      CONFESSION OF JUDGMENT. GUARANTORS IRREVOCABLY WAIVE ANY CONFLICT OF
      INTEREST ARISING OUT OF THE FOREGOING AUTHORIZATION AND APPOINTMENT.
      ADDITIONALLY, AS APPROPRIATE UNDER APPLICABLE LAW, GUARANTORS IRREVOCABLY
      AUTHORIZE ANY CLERK OF THE COURT OR OTHER APPROPRIATE OFFICIAL TO ENTER AT
      LENDER'S DIRECTION, JUDGMENT BY CONFESSION AGAINST ANY OR ALL OF THE
      GUARANTORS IN FAVOR OF LENDER FOR ALL AMOUNTS AND OBLIGATIONS DUE UNDER
      THIS GUARANTY INCLUDING, TO THE FULLEST EXTENT ALLOWED UNDER APPLICABLE
      LAW, ALL INTEREST AND COSTS (INCLUDING REASONABLE ATTORNEYS' FEES). THE
      FOREGOING POWERS AND AUTHORITY MUST BE EXERCISED WITHOUT EXHAUSTION
      THEREOF

<PAGE>

      FROM TIME TO TIME, AS OFTEN AS LENDER SHALL ELECT, UNTIL GUARANTORS
      SATISFY ALL OF THEIR OBLIGATIONS UNDER THIS GUARANTY.

17.   All notices, demands or requests required or permitted under the terms of
      this Guaranty to be given by or to any party hereunder (a) shall be in
      writing, and (b) unless and until otherwise specified in a written notice
      by the respective parties or any of them, shall be sent to the parties at
      their following respective addresses:

      Crescent Real Estate Equities Limited Partnership   Each of the Guarantors
      777 Main Street, Suite 2100                         c/o Glen Lake Parkway
      Fort Worth, Texas, 76102                            Suite 800
      Attention: General Counsel                          Atlanta, Georgia 30328

      Vornado Operating L.P.
      210 Route 4 East
      Paramus, New Jersey, 07652
      Attention: Chief Financial Officer

      Each such notice, demand or request shall be deemed to have been properly
      served for all purposes (i) if hand delivered (effective upon delivery) or
      if sent by certified mail, return receipt requested, postage prepaid
      (effective three (3) days after deposit), or (ii) by facsimile
      transmission (effective upon electronic confirmation to the sending party
      of receipt of transmission), or (iii) if sent by reputable overnight
      courier (effective on the next business day following delivery to such
      courier), to the addressee at its address and/or facsimile number as set
      forth hereinabove.

18.   This Guaranty shall remain in full force and effect as a continuing
      guaranty and Lender may bring separate actions hereunder against the
      Guarantors (or any of them), from time to time, until one year and one day
      after the date upon which the entire principal amount of the Loan, all
      accrued but unpaid interest thereon and all other amounts due to Lender
      under this Guaranty or the Loan Documents have been paid in full.

19.   This Guaranty may be executed in multiple counterparts, each of which
      shall be deemed an original Guaranty, and all of which shall constitute
      one Guaranty.

20.   No modifications to or amendments of this Guaranty shall be effective
      unless and until such modification or amendment is made in writing and
      executed by Lender and Guarantor(s) (individually or collectively, as
      applicable).

21.   Guarantors represent that they have reviewed this Guaranty with the advice
      of legal counsel of their own choice, including, without limitation, terms
      herein providing for waiver of jury trial and for confession of judgment.

22.   If a court of competent jurisdiction shall find any provision hereof to be
      illegal or unenforceable, such provision shall be void and all other
      provisions hereof shall be enforced to the fullest extent allowed by law.
      This Guaranty may not be amended or modified without the written consent
      of Lender and each of the undersigned.

<PAGE>

23.   The parties hereto hereby acknowledge that, concurrently herewith,
      Crescent, Vornado, Borrower and each of the Guarantors are executing an
      Intercreditor Agreement with respect to the transactions described in the
      Loan Documents.

                         [signatures on following page]

<PAGE>

      IN WITNESS WHEREOF, each of the Guarantors have duly executed this
Guaranty this 7th day of June 2001, effective as of June 6, 2001.

                     [signatures appear on following pages]

<PAGE>

                                       VC CARTHAGE, L.L.C.

                                       By: AmeriCold Logistics, LLC, its sole
                                           member

                                           By:    /s/ Frederick B. Beilstein III
                                                  ------------------------------
                                           Name:  Frederick B. Beilstein III
                                                  ------------------------------
                                           Title: Executive Vice President
                                                  ------------------------------

<PAGE>

                                       KC UNDERGROUND, L.L.C.

                                       By: AmeriCold Logistics, LLC, its sole
                                           member

                                           By:    /s/ Frederick B. Beilstein III
                                                  ------------------------------
                                           Name:  Frederick B. Beilstein III
                                                  ------------------------------
                                           Title: Executive Vice President
                                                  ------------------------------

<PAGE>

                                       INLAND QUARRIES, L.L.C.

                                       By: AmeriCold Logistics, LLC, its sole
                                           member

                                           By:    /s/ Frederick B. Beilstein III
                                                  ------------------------------
                                           Name:  Frederick B. Beilstein III
                                                  ------------------------------
                                           Title: Executive Vice President
                                                  ------------------------------

<PAGE>

                                       VC OMAHA TEXAS, L.L.C.

                                       By: AmeriCold Logistics, LLC, its sole
                                           member

                                           By:    /s/ Frederick B. Beilstein III
                                                  ------------------------------
                                           Name:  Frederick B. Beilstein III
                                                  ------------------------------
                                           Title: Executive Vice President
                                                  ------------------------------

<PAGE>

                                         VC TEXAS, L.P.

                                         By: VC Omaha Texas, L.L.C., its General
                                             Partner

                                         By: AmeriCold Logistics, LLC, its sole
                                             member

                                          By:    /s/ Frederick B. Beilstein III
                                                 ------------------------------
                                          Name:  Frederick B. Beilstein III
                                                 ------------------------------
                                          Title: Executive Vice President
                                                 ------------------------------

<PAGE>

                                         VC SUPERIOR, L.L.C.

                                         By: AmeriCold Logistics, LLC, its sole
                                             member

                                           By:    /s/ Frederick B. Beilstein III
                                                  ------------------------------
                                           Name:  Frederick B. Beilstein III
                                                  ------------------------------
                                           Title: Executive Vice President
                                                  ------------------------------

<PAGE>

                                         CARMAR INDUSTRIES, L.L.C.

                                         By: AmeriCold Logistics, LLC, its sole
                                             manager

                                           By:    /s/ Frederick B. Beilstein III
                                                  ------------------------------
                                           Name:  Frederick B. Beilstein III
                                                  ------------------------------
                                           Title: Executive Vice President
                                                  ------------------------------

<PAGE>

                                         VC LOGISTICS, L.L.C.

                                         By: AmeriCold Logistics, LLC, its sole
                                         member

                                           By:    /s/ Frederick B. Beilstein III
                                                  ------------------------------
                                           Name:  Frederick B. Beilstein III
                                                  ------------------------------
                                           Title: Executive Vice President
                                                  ------------------------------

<PAGE>

                                         AMLOG CANADA, INC.

                                           By:    /s/ Frederick B. Beilstein III
                                                  ------------------------------
                                           Name:  Frederick B. Beilstein III
                                                  ------------------------------
                                           Title: Executive Vice President
                                                  ------------------------------

<PAGE>

                                 ACKNOWLEDGMENT

STATE OF GEORGIA           )
                           )        ss
COUNTY OF FULTON           )

      On this 7th day of June, 2001, before me appeared
Frederick B. Beilstein III, to me personally known, who being by me duly
sworn, did say that he/she is the EVP of Americold
Logistics, LLC, the sole member of VC Carthage, L.L.C., a Delaware
limited liability company, and said Frederick B. Beilstein III acknowledged
execution of the foregoing instrument to be the free act and deed of said
limited liability company.

      IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my
official seal the day and year last above written.

                                               /s/ illegible
                                               ---------------------------------
                                               Notary Public

My Commission Expires:

      1-10-03
----------------------

<PAGE>
                                 ACKNOWLEDGMENT

STATE OF    Georgia         )
                            )      ss
COUNTY OF   Fulton          )

      On this 7th day of June, 2001, before me appeared
Frederick B. Beilstein III, to me personally known, who being by me duly
sworn, did say that he/she is the EVP of Americold Logistics, LLC, the sole
member of KC Underground, L.L.C., a Delaware limited liability company, and said
Frederick B. Beilstein III acknowledged execution of the foregoing instrument to
be the free act and deed of said limited liability company.

      IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my
official seal the day and year last above written.

                                               /s/ illegible
                                               ---------------------------------
                                               Notary Public

My Commission Expires:
    1-10-03
----------------------

<PAGE>

                                 ACKNOWLEDGMENT

STATE OF    Georgia         )
                            )      ss
COUNTY OF   Fulton          )

      On this 7th day of June, 2001, before me appeared Frederick B. Beilstein
III, to me personally known, who being by me duly sworn, did say that he/she is
the EVP of Americold Logistics, LLC, the sole member of Inland Quarries, L.L.C.,
a Delaware limited liability company, and said Frederick B. Beilstein III
acknowledged execution of the foregoing instrument to be the free act and deed
of said limited liability company.

      IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my
official seal the day and year last above written.

                                               /s/ illegible
                                               ---------------------------------
                                               Notary Public

My Commission Expires:
    1-10-03
----------------------

<PAGE>

                                 ACKNOWLEDGMENT

STATE OF    Georgia         )
                            )      ss
COUNTY OF   Fulton          )

      On this 7th day of June, 2001, before me appeared Frederick B. Beilstein
III, to me personally known, who being by me duly sworn, did say that he/she is
the EVP of Americold Logistics, LLC, the sole member of VC Omaha Texas, L.L.C.,
a Delaware limited liability company, and said Frederick B. Beilstein III
acknowledged execution of the foregoing instrument to be the free act and deed
of said limited liability company.

      IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my
official seal the day and year last above written.

                                               /s/ illegible
                                               ---------------------------------
                                               Notary Public

My Commission Expires:

     1-10-03
----------------------

<PAGE>

                                 ACKNOWLEDGMENT

STATE OF    Georgia         )
                            )        ss
COUNTY OF   Fulton          )

      On this 7th day of June, 2001, before me appeared Frederick B. Beilstein
III, to me personally known, who being by me duly sworn, did say that he/she is
the EVP of Americold Logistics, LLC, the sole member of VC Omaha Texas, L.L.C.,
the General Partner of VC Texas, L.P., a Delaware limited partnership, and said
Frederick B. Beilstein III acknowledged execution of the foregoing instrument to
be the free act and deed of said limited partnership.

      IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my
official seal the day and year last above written.

                                               /s/ illegible
                                               ---------------------------------
                                               Notary Public

My Commission Expires:

     1-10-03
----------------------

<PAGE>

                                 ACKNOWLEDGMENT

STATE OF    Georgia         )
                            )        ss
COUNTY OF   Fulton          )

      On this 7th day of June, 2001, before me appeared Frederick B. Beilstein
III, to me personally known, who being by me duly sworn, did say that he/she is
the EVP of Americold Logistics, LLC, the sole member of VC Superior, L.L.C.,
a Delaware limited liability company, and said Frederick B. Beilstein III
acknowledged execution of the foregoing instrument to be the free act and deed
of said limited liability company.

      IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my
official seal the day and year last above written.

                                               /s/ illegible
                                               ---------------------------------
                                               Notary Public

My Commission Expires:

      1-10-03
----------------------

<PAGE>

                                 ACKNOWLEDGMENT

STATE OF Georgia            )
                            )      ss
COUNTY OF Fulton            )

      On this 7th day of June, 2001, before me appeared
Frederick B. Beilstein III, to me personally known, who being by me duly
sworn, did say that he/she is the EVP of Americold
Logistics, LLC, the sole member of Carmar Industries, L.L.C., a
Delaware limited liability company, and said Frederick B. Beilstein III
acknowledged execution of the foregoing instrument to be the free act and deed
of said limited liability company.

      IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my
official seal the day and year last above written.

                                               /s/  illegible
                                               ---------------------------------
                                               Notary Public

My Commission Expires:

1-10-03
----------------------

<PAGE>
                                 ACKNOWLEDGMENT

STATE OF Georgia            )
                            )        ss
COUNTY OF Fulton            )

            On this 7th day of June, 2001, before me appeared Frederick B.
Beilstein III, to me personally known, who being by me duly sworn, did say that
he/she is the EVP of Americold Logistics, LLC, the sole member of VC Logistics,
L.L.C., a Delaware limited liability company, and said Frederick B. Beilstein
III acknowledged execution of the foregoing instrument to be the free act and
deed of said limited liability company.

      IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my
official seal the day and year last above written.

                                               /s/ illegible
                                               ---------------------------------
                                               Notary Public

My Commission Expires:

1-10-03
----------------------

<PAGE>

                                 ACKNOWLEDGMENT

STATE OF Georgia            )
                            )      ss
COUNTY OF Fulton            )

                On this 7th day of June, 2001, before me appeared Frederick B.
Beilstein III, to me personally known, who being by me duly sworn, did say that
he/she is the EVP of AMLOG Canada, a Canada corporation, and said Frederick B.
Beilstein III acknowledged execution of the foregoing instrument to be the free
act and deed of said corporation.

      IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my
official seal the day and year last above written.

                                               /s/ illegible
                                               ---------------------------------
                                               Notary Public

My Commission Expires:

1-10-03
----------------------

<PAGE>

                                   SCHEDULE I

                                   Guarantors

                               VC Carthage, L.L.C.

                             KC Underground, L.L.C.

                             Inland Quarries, L.L.C.

                             VC Omaha Texas, L.L.C.

                                 VC Texas, L.P.

                               VC Superior, L.L.C.

                            Carmar Industries, L.L.C.

                              VC Logistics, L.L.C.

                               AMLOG Canada, Inc.<PAGE>
                                                                   Exhibit 10.38

            SECURITY AGREEMENT, dated as of June 6, 2001, made by AMERICOLD
LOGISTICS, LLC, a Delaware limited liability company (the "Company"), THE
SUBSIDIARIES OF THE COMPANY LISTED ON SCHEDULE I HERETO (the "Subsidiaries", and
together with the Company, the "Pledgor"), in favor of VORNADO OPERATING L.P., a
Delaware limited partnership ("Vornado"), and CRESCENT REAL ESTATE EQUITIES
LIMITED PARTNERSHIP ("Crescent" and together with Vornado, the "Lender").

                              W I T N E S S E T H :

            WHEREAS, the Company is the maker of (i) a Promissory Note, dated as
of even date herewith, in favor of Vornado (the "Vornado Note") in the original
principal amount of Five Million One Hundred Thousand Dollars ($5,100,000), and
(ii) a Promissory Note, dated as of even date herewith, in favor of Crescent
(the "Crescent Note" and, together with the Vornado Note, the "Note") in the
original principal amount of Six Million Five Hundred Thousand Dollars
($6,500,000);

            WHEREAS, to induce the Lender to accept the Note and advance the
debt evidenced thereby, the Company wishes hereby to secure its obligations
under the Note by granting to Lender a security interest in the Collateral (as
defined below);

            WHEREAS, pursuant to an Unconditional Guaranty, dated as of the date
hereof, made by the Subsidiaries in favor of the Lender, the Subsidiaries have
guarantied the obligations of the Company in respect of the Note and, in order
to secure such guaranty, wish hereby to grant to the Lender a security interest
in the Collateral; and

            NOW, THEREFORE, in consideration of the premises and of the mutual
covenants herein contained and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the parties hereby agree as follows:

            1.    Definitions.

            (a)   Terms Generally. The definitions ascribed to terms in this
Section 1 and elsewhere in this Agreement shall apply equally to both the
singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and
neuter forms. The words "include", "includes" and "including" shall be deemed to
be followed by the phrase "without limitation". The term "Person" shall refer to
an individual or any entity or association of any sort whatsoever. The terms
"Pledgor" and "Lender", as well as any other term that represents a group
comprising two or more Persons, shall be construed to mean each Person
comprising such group unless the context shall otherwise require.
<PAGE>
            (b)   Other Terms. The following terms shall have the meanings
ascribed to them below or in the Sections of this Agreement indicated below:

            "Agreement" shall mean this Agreement, as the same may from time to
time be amended, modified or supplemented.

            "Collateral" shall have the meaning assigned to such term in Section
2 of this Agreement.

            "Default" shall mean (i) the failure of the Pledgor to pay when due
any of the Secured Obligations, (ii) a default by Pledgor in its obligations
under Section 6(c) hereof, (iii) any default (other than one described in clause
(i) or (ii) above) under the Note or under this Agreement, or any
misrepresentation or breach of warranty, and in each case, the failure to cure
the same within 30 days after notice thereof from the Lender, provided that if
such default cannot with reasonable diligence by cured within said 30 day
period, but can be cured, then the Pledgor shall have such additional cure
period (not to exceed ninety (90) days) as may be required to effect such cure,
so long as the Pledgor shall be diligently prosecuting such cure to completion,
(iv) any "Event of Default" under the Kansas Future Advance Mortgage, Assignment
of Rents and Leases and Security Agreement, recorded May 1, 2001, as Document
No. 2001R-08551, in Book 4279, Page 13, in the Office of the Register of Deeds
for Wyandotte County, Kansas, as amended June 6, 2001 and (v) the filing by any
Person comprising Pledgor of a voluntary petition in bankruptcy or the
adjudication of any such Person as a bankrupt or insolvent, or the filing by or
against any such Person of any petition or answer seeking or acquiescing in any
reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under any present or future Federal, State or other statute,
law or regulation relating to bankruptcy, insolvency or other relief for
debtors, or any such Person seeking or consenting to or acquiescing in the
appointment of any trustee, receiver or liquidator of itself or of all or any
substantial part of the property conveyed hereby, or of any or all of the rents,
revenues, issues, earnings, profits or income thereof, or the making of any
general assignment for the benefit of creditors, or any admission in writing of
its inability to pay its debts generally as they become due.

            "Equipment" shall mean any machinery, apparatus, equipment,
materials, fittings, fixtures, chattels, articles of personal property and all
other property (real, personal or mixed), of every, nature, kind and
description, and all appurtenances and additions thereto and betterments,
renewals, substitutions and replacements thereof, now or hereafter owned by the
Pledgor or in which the Pledgor has or shall acquire an interest (to the extent
of such interest), wherever located, including any of the same now or hereafter
located on, attached to or contained in or used in connection with the business
of Pledgor or any one or more of the Lands or the Improvements, or placed on any
part thereof though not attached thereto, including all forklifts, racking,
heating, lighting,

                                       -2-
<PAGE>
plumbing, water heating, cooking, monitoring, ventilating, air conditioning,
refrigerating, sanitation, waste removal, incinerating or compacting plants,
systems, fixtures and equipment, elevators, escalators, stoves, ranges, indoor
and outdoor furniture, landscaping, indoor plants, tools, screens, awnings,
shades, blinds, curtains, draperies, partitions, carpets, rugs, furniture and
furnishings, vacuum systems, window washing and other cleaning systems, call
systems, sprinkler systems and other fire prevention and extinguishing apparatus
and materials, alarms, telecommunications, entertainment, recreational or
security systems and equipment, motors, machinery, pipes, ducts, conduits,
dynamos, engines, compressors, generators, boilers, stokers, furnaces, pumps,
tanks, and appliances, including any of the foregoing that is or shall become
fixtures. As used herein, "Equipment" shall exclude any item otherwise included
within the definition of "Equipment" that is leased by any one or more Persons
comprising Pledgor.

            "Improvements" shall mean all buildings, structures, fixtures and
improvements now or hereafter located on the Land.

            "Land" shall mean each parcel of land at the locations specified on
Schedule II hereto.

            "Landlords" shall mean, collectively, the landlords under each of
the Leases.

            "Leases" shall mean, collectively, (i) that certain Master Lease
Agreement, dated as of April 22, 1998, between URS Real Estate, L.P., as
Landlord, and URS Logistic, Inc., as amended, (ii) that certain Master Lease
Agreement, dated as of April 22, 1998, between Americold Real Estate, L.P., as
landlord, and Americold Corporation, as tenant, as amended, (iii) that certain
Master Lease Agreement, dated as of February 28, 1999, between Americold
Corporation, as landlord, and AmeriCold Logistics, LLC, as tenant, as amended,
(iv) that certain Master Lease Agreement, dated as of March 11, 1999, between
URS Logistics, Inc., as landlord, and AmeriCold Logistics II, LLC, as tenant, as
amended, (v) that certain Master Lease Agreement, dated as of March 11, 1999,
among VC Omaha Holdings, L.L.C. and certain of its Affiliates, collectively as
landlord, and AmeriCold Logistics, LLC, as tenant, as amended and (vi) that
certain Master Lease Agreement, dated as of March 11, 1999, among VC Omaha
Holdings, L.L.C. and Carmar Freezers Thomasville L.L.C., collectively as
landlord, and AmeriCold Logistics, LLC, as tenant, as amended.

            "Proceeds" shall mean "proceeds", as such term is defined in section
9-306(1) of the UCC, and shall include (i) any and all proceeds of any
insurance, indemnity, warranty or guaranty payable to the Pledgor from time to
time with respect to any of the Collateral, (ii) any and all payments (in any
form whatsoever) made or due and payable to the Pledgor from time to time in
connection with any requisition, confiscation,

                                       -3-
<PAGE>
condemnation, seizure or forfeiture of all or any part of the Collateral by any
governmental body, authority or agency, and (iii) any and all other amounts from
time to time paid or payable under or in connection with any of the Collateral.

            "Secured Obligations" shall mean the indebtedness evidenced by the
Note and all fees and other amounts now or hereafter owing by the Pledgor under
or in connection with the Note or this Agreement.

            "UCC" shall mean the Uniform Commercial Code as the same may from
time to time be in effect in the State of Georgia; provided, however, in the
event that, by reason of mandatory provisions of law, any or all of the
attachment, perfection or priority of the Lender's security interest in any
Collateral is governed by the Uniform Commercial Code as in effect in a
jurisdiction other than said State, the term "UCC" shall mean the Uniform
Commercial Code as in effect in such other jurisdiction for purposes of the
provisions hereof relating to such attachment, perfection or priority and for
purposes of definitions related to such provisions.

            2.    Grant of Security Interest. As collateral security for the
prompt and complete payment and performance when due (whether at stated
maturity, by acceleration or otherwise) of all the Secured Obligations and to
induce the Lender to extend credit to the Company in accordance therewith, the
Pledgor hereby assigns, conveys, mortgages, pledges, hypothecates, transfers,
sets over and grants to the Lender a security interest in all of the Pledgor's
right, title and interest in, to and under the following, whether now owned or
hereafter acquired by the Pledgor and wherever located (all of which being
hereinafter collectively called the "Collateral"):

            (i)   all Equipment of the Pledgor;

            (ii)  all books, ledgers, books of account, records, writings,
                  databases, computer hardware, computer software, information
                  and other property relating to, used or useful in connection
                  with, evidencing, embodying, incorporating, referring to, or
                  providing access to any of the foregoing, whether under the
                  possession or control of the Pledgor or any computer bureau or
                  service company from time to time acting for the Pledgor
                  (including all contract rights related thereto); and

            (iii) to the extent not otherwise included, all Proceeds of each of
                  the foregoing and all accessions to, substitutions and
                  replacements for, and rents, profits and products of each of
                  the foregoing.

            3.    Intentionally Omitted.

                                       -4-
<PAGE>
            4.    Intentionally Omitted.

            5.    Representations and Warranties. The Pledgor hereby represents
and warrants that:

            (a)   Except for the security interest granted to the Lender
pursuant to this Agreement, and except for the fair-market-value purchase option
in favor of the Landlords set forth in the Leases, the Pledgor is the sole
record and beneficial owner of each item of the Collateral in which it purports
to grant a security interest hereunder, having good and marketable title
thereto, free and clear of any and all Liens.

            (b)   No effective security agreement, collateral assignment,
financing statement, equivalent security or lien instrument or continuation
statement covering all or any part of the Collateral is on file or of record in
any public office, except such as may have been filed by the Pledgor in favor of
the Lender pursuant to this Agreement.

            (c)   After appropriate financing statements have been filed in the
locations identified on Schedule III, this Agreement is effective to create a
valid and continuing first priority Lien on and first priority perfected
security interest in the Collateral in favor of the Lender, prior to all other
liens (except for the fair-market-value purchase option in favor of the
Landlords set forth in the Leases).

            (d)   The Lender has received executed financing statements on Form
UCC-1 which are in a satisfactory form to permit filing in such jurisdictions as
may be necessary or desirable to perfect the Lender's security interest in the
Collateral, to the extent the Lender's security interest may be perfected by
filing under the UCC.

            (e)   The Pledgor's principal place of business and the place where
its records concerning the Collateral are kept is Americold Logistics, LLC, Glen
Lake Parkway, Suite 800, Atlanta, Georgia 30328, and the place where any other
Collateral (other than moveable equipment which officers and employees of the
Pledgor may be permitted to use at home or while traveling) is kept is located
at the locations identified in Schedule III hereto. The Pledgor will not change
such principal place of business, remove such records or change the location of
such Collateral unless (i) it has taken such action as is necessary to cause the
security interest of the Lender in the Collateral to continue to be perfected
and (ii) it has given thirty (30) days' prior written notice thereof to the
Lender.

            (f)   The execution, delivery and performance of this Agreement will
not violate any law, agreement or document governing the Pledgor or to which the
Pledgor or their respective properties are parties, except to the extent that a
written

                                       -5-
<PAGE>
consent thereto, in form satisfactory to the Lender, has been obtained prior to
the date thereof.

            (g)   As of the date hereof (and after consummation of the
transactions contemplated hereby) each of the entities comprising the Pledgor is
solvent; the fair market value of its assets exceeds its liabilities; it is
adequately capitalized in light of its ongoing business; and it is able to
satisfy its obligations as such obligations mature.

            (h)   The execution, delivery and performance by Pledgor of this
Agreement and all other Loan Documents (as defined in the Note) to which it is a
party: (i) are within the powers of Pledgor, (ii) have been duly authorized by
all requisite action; (iii) have received all necessary governmental approval;
and (iv) will not violate any provision of law, any order of any court or other
agency of government or the corporate charter or articles, bylaws, or
partnership agreement of Pledgor.

            (i)   This Agreement and all other Loan Documents constitute legal,
valid and binding obligations of each Person comprising Pledgor in accordance
with their respective terms.

            (j)   The Equipment is used primarily for the business operations of
Pledgor.

            (k)   As of the date hereof, the net book value of the Equipment, as
carried on the books and records of the Pledgor maintained in the ordinary
course of the Pledgor's business, is $25,973,000.

            6.    Covenants. The Pledgor covenants and agrees with the Lender
that from and after the date of this Agreement and until the Secured Obligations
are fully satisfied:

            (a)   Further Documentation. At any time and from time to time, upon
the written request of the Lender, and at the sole expense of the Pledgor, the
Pledgor will promptly execute and deliver any and all such further instruments
and documents and take such further action as the Lender may reasonably deem
necessary to obtain the full benefits of this Agreement and of the rights and
powers herein granted, including (i) filing any financing or continuation
statements under the UCC or any federal law with respect to the Liens and
security interests granted hereby, (ii) transferring Collateral to the Lender's
possession, and (iii) using all reasonable efforts to obtain waivers of liens
from landlords and mortgagees.

            (b)   Maintenance of Records. The Pledgor will keep and maintain at
its own cost and expense satisfactory and complete records of the Collateral.

                                       -6-
<PAGE>
            (c)   No Liens on Collateral. The Pledgor will not create, permit or
suffer to exist, and will defend the Collateral against and take such other
action as is necessary to remove, any lien on the Collateral (excluding,
however, the fair-market-value purchase option in favor the Landlords set forth
in the Leases), and will defend the right, title and interest of the Lender in
and to any of the Pledgor's rights in the Collateral against the claims and
demands of all persons whomsoever.

            (d)   Maintenance; Insurance. The Pledgor shall maintain the
Equipment in working order and in good repair and condition, reasonable wear and
tear excepted (except for such portions thereof as shall become obsolete or no
longer necessary for the Pledgor's business, in which case, provided that the
Pledgor replaces the same with Equipment of equal or greater value, the Pledgor
may dispose of the obsolete or unnecessary Equipment free and clear of the lien
of this Agreement), and shall keep all of the Equipment insured in accordance
with its past practices and in accordance with commercially reasonable industry
practice (including as to coverage amounts and deductibles).

            (e)   Right of Inspection. Upon reasonable notice to the Pledgor,
the Lender shall at all times have full and free access during normal business
hours to inspect the Equipment, as well as the books and records of the Pledgor,
and the Lender or its representatives may examine the same, take extracts
therefrom and make photocopies thereof.

            (f)   Continuous Perfection. The Pledgor will not change its name,
address or identity in any manner which might make any financing statement,
registration, continuation statement or any assignment form filed in connection
herewith seriously misleading within the meaning of section 9-402(7) of the UCC
(or any other then applicable provision of the UCC) or any other applicable law
unless the Pledgor shall have given the Lender at least thirty (30) days' prior
written notice thereof and shall have taken all action necessary or reasonably
requested by the Lender to amend such financing statement, continuation
statement or assignment form so that it is not seriously misleading.

            (g)   No Proceeding. The Pledgor shall not commence or join with any
other creditors of the Pledgor in commencing any bankruptcy, reorganization,
receivership or insolvency proceeding against the Pledgor or become a party to,
or cause the Pledgor to become a party to, any case, action, suit or proceeding
which may hinder or impair the recourse of the Lender to the Collateral.

            (h)   No Transfers. The Pledgor shall not sell, convey, transfer or
otherwise further encumber the Collateral (except pursuant to the
fair-market-value

                                       -7-
<PAGE>
purchase option in favor the Landlords set forth in the Leases, which shall
require the repayment in full of the Note).

            7.    The Lender's Appointment as Attorney-in-Fact. (a) The Pledgor
hereby irrevocably constitutes and appoints the Lender and any officer or agent
of the Lender, with full power of substitution, as its true and lawful
attorney-in-fact with full irrevocable power and authority in the place and
stead of the Pledgor and in the name of the Pledgor or in its own name, from
time to time in the Lender's discretion, for the purpose of carrying out the
terms of this Agreement, to take any and all appropriate action and to execute
and deliver any and all documents and instruments which may be necessary or
desirable to accomplish the purposes of this Agreement and, without limiting the
generality of the foregoing, hereby gives the Lender the power and right, on
behalf of the Pledgor, without notice to or assent by the Pledgor, to do the
following:

                  (i)   to execute and deliver all such deeds, assignments,
            bills of sale and other instruments (without recourse, warranty or
            representation of any kind) as Lender may consider to be necessary
            or appropriate;

                  (ii)  to pay or discharge taxes, liens, security interests or
            other encumbrances levied or placed on or threatened against the
            Collateral, to effect any repairs or any insurance called for by the
            terms of this Agreement and to pay all or any part of the premiums
            therefor and the costs thereof; and

                  (iii) (A) to commence and prosecute any suits, actions or
            proceedings at law or in equity in any court of competent
            jurisdiction to collect the Collateral or any part thereof and to
            enforce any other right in respect of any Collateral; (B) to defend
            any suit, action or proceeding brought against the Pledgor with
            respect to any Collateral; (C) to settle, compromise or adjust any
            suit, action or proceeding described above and, in connection
            therewith, to give such discharges or releases as the Lender may
            deem appropriate; and (D) generally to sell, transfer, pledge, make
            any agreement with respect to or otherwise deal with any of the
            Collateral as fully and completely as though the Lender were the
            absolute owner thereof for all purposes, and to do, at the Lender's
            option and the Pledgor's expense, at any time, or from time to time,
            all acts and things which the Lender reasonably deems necessary to
            protect, preserve or realize upon the Collateral and the Lender's
            security interest therein, in order to effect the intent of this
            Agreement, all as fully and effectively as the Pledgor might do.

            (b)   The Pledgor hereby ratifies, to the extent permitted by law,
all that said attorneys shall lawfully do or cause to be done in accordance with
this Section 7. The power of attorney granted pursuant to this Section 7 is a
power coupled with an interest and shall be irrevocable until the Secured
Obligations are indefeasibly paid in full.

                                       -8-
<PAGE>
            (c)   The powers conferred on the Lender hereunder are solely to
protect the Lender's interests in the Collateral and shall not impose any duty
upon it to exercise any such powers. The Lender shall be accountable only for
amounts that it actually receives as a result of the exercise of such powers and
neither it nor any of its officers, directors, employees or agents shall be
responsible to the Pledgor for any act or failure to act, except for its own
gross negligence or willful misconduct.

            (d)   Any and all statements of fact or other recitals made in any
bill of sale or assignment or other instrument evidencing any foreclosure sale
hereunder as to nonpayment of indebtedness, as to the occurrence of any default,
as to the Lender having declared all of such indebtedness to be due and payable,
or as to notice of time, place and terms of sale and of the properties to be
sold having been duly given by the Lender shall be taken as prima facie evidence
of the truth of the facts so stated and recited.

            8.    Remedies; Rights Upon Default. (a) If any Default shall occur
and be continuing, the Lender may exercise in addition to all other rights and
remedies granted to it in this Agreement and in any other instrument or
agreement securing, evidencing or relating to the Secured Obligations, all
rights and remedies of a secured party under the UCC. Without limiting the
generality of the foregoing, the Pledgor expressly agrees that in any such event
the Lender, without demand of performance or other demand, advertisement or
notice of any kind (except the notice specified below of time and place of
public or private sale) to or upon the Pledgor or any other person (all and each
of which demands, advertisements and/or notices are hereby expressly waived to
the maximum extent permitted by the UCC and other applicable law), may forthwith
collect, receive, appropriate, take possession of and realize upon the
Collateral, or any part thereof and take such other measures as Lender may deem
necessary for the care, protection and preservation of the Collateral, and/or
may forthwith hold, operate, sell, lease, assign, give an option or options to
purchase, or sell or otherwise dispose of and deliver said Collateral (or
contract to do so), or any part thereof, in one or more parcels at public or
private sale or sales, any exchange or broker's board or elsewhere at such
prices as it may deem best, for cash or on credit or for future delivery without
assumption of any credit risk. The Lender shall have the right upon any such
public sale or sales, and, to the extent permitted by law, upon any such private
sale or sales, to purchase the whole or any part of said Collateral so sold,
free of any right or equity of redemption, which equity of redemption the
Pledgor hereby releases. The Lender shall apply the net proceeds of any such
collection, recovery, receipt, appropriation, realization or sale, as provided
in Section 8(d) hereof, the Pledgor remaining liable for any deficiency
remaining unpaid after such application, and only after so paying over such net
proceeds and after the payment by the Lender of any other amount required by any
provision of law, including section 9-504(1)(c) of the UCC, need the Lender
account for the surplus, if any, to the Pledgor. The Pledgor agrees that the
Lender need not give more than ten days' notice (which notification shall be
deemed given when deposited in the mails, postage prepaid, addressed to the
Pledgor at its address referred to in Section 10 hereof) of the time and

                                       -9-
<PAGE>
place of any public sale or of the time after which a private sale may take
place and that such notice is reasonable notification of such matters. The
Pledgor shall remain liable for any deficiency if the proceeds of any sale or
disposition of the Collateral are insufficient to pay all amounts to which the
Lender is entitled.

            (b)   The Pledgor also agrees to pay, within ten (10) days after
demand therefor, all reasonable costs of the Lender, including reasonable
attorneys' fees and expenses, incurred in connection with the enforcement of any
of the Lender's rights and remedies hereunder or under the Note, as well as any
costs or expenses incurred by the Lender incidental to taking, holding,
preparing for sale, selling and the like or otherwise dealing with the
Collateral, together with interest thereon at an annual rate of three percent
(3%) in excess of the Interest Rate (as defined in the Note), and all such
expenses and interest shall be secured by the Collateral as provided herein.

            (c)   The Pledgor hereby waives presentment, demand, protest or any
notice (to the maximum extent permitted by applicable law) of any kind in
connection with this Agreement or any Collateral.

            (d)   The Proceeds of any sale, disposition or other realization
upon all or any part of the Collateral shall be distributed by the Lender in the
following order of priorities:

            First, to the Lender in an amount sufficient to pay in full the
      expenses of the Lender in connection with such sale, disposition or other
      realization, including all expenses, liabilities and advances incurred or
      made by the Lender in connection therewith, including reasonable
      attorneys' fees and expenses;

            Second, to the Lender in an amount equal to the aggregate amount of
      Secured Obligations which are then unpaid; and

            Finally, upon payment in full of all of the Secured Obligations, to
      the Pledgor, or its representatives or as a court of competent
      jurisdiction may direct, any surplus then remaining from such Proceeds.

            9.    Limitation on the Lender's Duty in Respect of Collateral;
Waivers by Pledgor.

            (a)   The powers conferred on the Lender hereunder are solely to
protect its interest in the Collateral and shall not impose any duty upon it to
exercise any such powers. Except for the exercise of reasonable care in the
custody and preservation of any Collateral in its possession as provided in this
Section 9 and for the accounting for moneys actually received by it hereunder,
the Lender shall have no duty as to any Collateral or as to the taking of any
necessary steps to preserve rights against prior parties or any other rights
pertaining to any Collateral. Without limitation of the foregoing, the

                                      -10-
<PAGE>
Lender shall not have any responsibility or liability for the collection of any
Proceeds of any Collateral or any invalidity, lack of value or uncollectability
of any Proceeds.

            (b)   To the extent permitted by law, each Person comprising the
Pledgor hereby waives and agrees not to assert or take advantage of:

                  (1)   Any right to require the Lender to proceed against any
      other person or to proceed against or exhaust any security held by the
      Lender at any time or to pursue any other remedy in the Lender's power or
      under any other agreement before proceeding against any other entity
      comprising the Pledgor or the Collateral hereunder;

                  (2)   Any defense that may arise by reason of (i) the
      incapacity, lack of authority, death or disability of any other person,
      (ii) the failure of the Lender to file or enforce a claim against the
      estate (in administration, bankruptcy or any other proceeding) of any
      other person or persons, (iii) any manner in which the Lender has
      exercised its rights and remedies under the Note, any other Loan Document,
      or this Agreement, or (iv) any cessation from any cause whatsoever of the
      liability of any other person or persons;

                  (3)   Demand, presentment for payment, notice of nonpayment,
      protest, notice of protest and, except as required by applicable law, all
      other notices of any kind, or the lack of any thereof, including, without
      limiting the generality of the foregoing, notice of the existence,
      creation or incurring of any new or additional indebtedness or obligation
      or of any action or non-action on the part of the Pledgor or the Lender or
      any endorser or creditor of the Pledgor or on the part of any other person
      whomsoever under this or any other instrument in connection with any
      obligation or evidence of indebtedness held by the Lender;

                  (4)   Any defense based upon an election of remedies by the
      Lender, including an election to proceed by non-judicial or judicial
      foreclosure of any security, whether real property or personal property
      security, or by transfer in lieu thereof, or any election of remedies,
      including remedies relating to real property or personal property
      security, which destroys or otherwise impairs the subrogation rights of
      any entity comprising the Pledgor;

                  (5)   Any right or claim of right to cause a marshalling of
      the assets of any entity comprising the Pledgor;

                  (6)   Any principle or provision of law, statutory or
      otherwise, which is or might be in conflict with the terms and provisions
      of this Agreement;

                  (7)   Any duty on the part of the Lender to disclose to any
      entity comprising the Pledgor any facts the Lender may now or hereafter
      know about any

                                      -11-
<PAGE>
      other entity comprising the Pledgor or Collateral, regardless of whether
      the Lender has reason to believe that any such facts materially increase
      the risk beyond that which any such entity intends to assume or has reason
      to believe that such facts are unknown to any such entity or has a
      reasonable opportunity to communicate such facts to such Person, it being
      understood and agreed that each Person comprising the Pledgor is fully
      responsible for being and keeping informed of the financial condition of
      the Company and each other entity comprising the Pledgor of the condition
      of the Collateral and of any and all circumstances bearing on the risk
      that liability may be incurred by each such entity hereunder;

                  (8)   Any invalidity, irregularity or unenforceability, in
      whole or in part, of the Note or this Agreement or any other Loan
      Documents;

                  (9)   Any deficiencies in the Collateral or any deficiency in
      the ability of the Lender to collect or to obtain performance from any
      persons or entities now or hereafter liable for the payment and
      performance of any Secured Obligation;

                  (10)  Any assertion or claim that the automatic stay provided
      by 11 U.S.C. Section 362 (arising upon the voluntary or involuntary
      bankruptcy proceeding of any entity comprising the Pledgor) or any other
      stay provided under any other debtor relief law (whether statutory, common
      law, case law or otherwise) of any jurisdiction whatsoever, now or
      hereafter in effect, which may be or become applicable, shall operate or
      be interpreted to stay, interdict, condition, reduce or inhibit the
      ability of the Lender to enforce any of its rights, whether now existing
      or hereafter acquired, which the Lender may have against any entity
      comprising the Pledgor;

                  (11)  Any modifications of the Note or other Loan Documents by
      operation of law or by action of any court, whether pursuant to the
      federal bankruptcy law or any other debtor relief law (whether statutory,
      common law, case law or otherwise) of any jurisdiction whatsoever, now or
      hereafter in effect, or otherwise;

                  (12)  Any defense based upon any statute or rule of law which
      provides that the obligation of a surety must be neither larger in amount
      nor in other respects more burdensome than that of the principal or any
      other surety or guarantor defense that might otherwise be available;

                  (13)  The defense of the statute of limitations in any action
      hereunder or in any action for the collection or performance of any of the
      Secured Obligations;

                                      -12-
<PAGE>
                  (14)  Any defense based upon the Lender's election, in any
      proceeding instituted under the Federal Bankruptcy Code, of the
      application of Section 1111(b)(2) of the Federal Bankruptcy Code or any
      successor statute;

                  (15)  Any defense based upon any borrowing or any grant of a
      security interest under Section 364 of the Federal Bankruptcy Code; and

                  (16)  Any defense based upon the relationship of any entity
      comprising the Pledgor to any other such entity.

            10.   Notices. Any communication, demand or notice to be given
hereunder shall be (i) delivered in person, (ii) sent via a courier service
guaranteeing overnight delivery, (iii) sent via telecopier or (iv) mailed by
registered or certified mail (postage prepaid, return receipt requested) to a
party at its address as indicated below.

            A communication, demand or notice given pursuant to this Section 10
shall be addressed:

            If to the Pledgor, at

                  c/o Americold Logistics, LLC

                  Glen Lake Parkway

                  Suite 800

                  Atlanta, Georgia 30328

                  Attention: President

                  Telecopier No.: 678-441-6852

                  With a copy to:

                  Arnall Golden Gregory LLP
                  2800 One Atlantic Center
                  1201 West Peachtree Street
                  Atlanta, Georgia 30309
                  Attention: Jonathan Eady, Esq.
                  Telecopier:   404-873-8501

                                      -13-
<PAGE>
                  If to the Lender, at

                  (i)      Vornado Operating L.P.
                           210 Route 4 East
                           Paramus, New Jersey 07652
                           Attention: Mr. Joseph Macnow
                           Telecopier No.: 201-843-2198

                           With a copy to:
                           Sullivan & Cromwell
                           125 Broad Street
                           New York, New York 10004
                           Attention: Arthur S. Adler, Esq.
                           Telecopier: 212-558-3588

                  (ii)     Crescent Real Estate Equities
                               Limited Partnership
                           777 Main Street, Suite 2100
                           Fort Worth, Texas 76102
                           Attention: General Counsel
                           Telecopier No.: 817-321-2010

                           With a copy to:
                           ShawPittman
                           2300 N Street, NW
                           Washington, D.C.  20037
                           Attention: Timothy H. Watkins, Esq.
                           Telecopier: 202-663-8007

or at such other address for a party as shall be specified by like notice. Any
notice delivered to a recipient in person in the manner herein provided shall be
deemed to have been duly given when received by the recipient. Any notice which
is sent via telecopier

                                      -14-
<PAGE>
in the manner provided herein shall be deemed to have been duly given to the
party upon acknowledgment of receipt at the telecopier number listed above for
such party. Any notice which is sent by registered or certified mail or by a
guaranteed overnight delivery service in the manner herein provided shall be
deemed to have been duly given to the party to which it is addressed upon
receipt of written acknowledgment of delivery to the address listed above for
such party.

            11.   Survival. To the fullest extent permitted by law, this
Agreement shall be deemed to be continuing in nature and shall remain in full
force and effect and shall survive the exercise of any remedy by the Lender
under the Note or other Loan Documents, including any foreclosure or transfer in
lieu thereof, unless (subject to the continuing survival of any indemnifications
herein contained), as a part of such remedy, all amounts payable, and all
obligations to be performed, under the Note and other Loan Documents are paid
and performed in full.

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

            13.   No Waiver; Cumulative Remedies. The Lender shall not by any
act, delay, omission or otherwise be deemed to have waived any of its rights or
remedies hereunder, and no waiver shall be valid unless in writing, signed by
the Lender, and then only to the extent therein set forth. A waiver by the
Lender of any right or remedy hereunder on any one occasion shall not be
construed as a bar to any right or remedy which the Lender would otherwise have
had on any future occasion. No failure to exercise nor any delay in exercising
on the part of the Lender of any right, power or privilege hereunder, shall
operate as a waiver thereof, nor shall any single or partial exercise of any
right, power or privilege hereunder preclude any other or future exercise
thereof or the exercise of any other right, power or privilege. The rights and
remedies herein provided are cumulative and may be exercised singly or
concurrently, and are not exclusive of any rights and remedies provided by law.
This Agreement is subject to enforcement at law or in equity, including actions
for damages or specific performance.

            14.   Successors and Assigns. This Agreement and all obligations of
the Pledgor hereunder shall be binding upon the successors and assigns of the
Pledgor, and shall, together with the rights and remedies of the Lender
hereunder, inure to the benefit of the Lender and its successors and assigns.

            15.   GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND BE
CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF GEORGIA (WITHOUT
REGARD TO

                                      -15-
<PAGE>
ITS CONFLICT OF LAWS RULES) AND THE UNITED STATES OF AMERICA FROM TIME TO TIME
IN EFFECT.

            16.   Reliance. Lender would not have advanced the amounts evidenced
by the Note without the Pledgor entering into this Agreement. Accordingly,
Pledgor intentionally and unconditionally makes the representations and
warranties and enters into the covenants and agreements as set forth above and
understands that, in reliance upon and in consideration of such representations,
warranties, covenants and agreements, this Agreement shall be delivered, as part
and parcel thereof, and acknowledges and agrees that specific monetary and other
obligations have been, are being and shall be entered into which would not be
made or entered into but for such reliance.

            17.   Waiver by Pledgor. Pledgor covenants and agrees that, upon the
commencement of a voluntary or involuntary bankruptcy, insolvency or
reorganization proceeding by or against Pledgor, Pledgor shall not seek or
support or cause Pledgor or any other person or entity to seek or support a stay
or other relief, whether injunctive or otherwise, pursuant to 11 U.S.C. Section
105 or any other provision of the Bankruptcy Reform Act of 1978, as amended, or
any other debtor relief law, (whether statutory, common law, case law or
otherwise) of any jurisdiction whatsoever, now or hereafter in effect, which may
be or become applicable, to stay, interdict, condition, reduce or inhibit the
ability of Lender to enforce any rights of Lender against Pledgor or the
Collateral by virtue of this Agreement or otherwise, nor will Pledgor oppose, or
cause Pledgor to oppose, any request by Lender for relief from any automatic
stay of the enforcement by Lender of any of its rights hereunder or under the
Note or other Loan Documents that may arise in connection with any such
proceeding.

            18.   Assignment. Lender may assign this Agreement so that the
assignee shall be entitled to the rights and remedies of Lender hereunder and in
the event of such assignment, Pledgor will not assert any claims or defenses it
may have against the assignee except those granted in this Agreement. Pledgor
may not assign its interests and obligations hereunder without Lender's prior
written consent, which consent may be withheld in Lender's sole discretion, and
any such attempted assignment without Lender's consent shall be null and void.

            19.   Jurisdiction. Each Person comprising the Pledgor irrevocably
agrees to a non-exclusive personal jurisdiction in the State of New Jersey and
the State of Texas.

            20.   Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, and all of which
together shall constitute a single instrument.

                                      -16-
<PAGE>
            21.   Time. Time is of the essence with respect to the performance
of each and every term hereof.

                                      -17-
<PAGE>
                                   VC CARTHAGE, L.L.C.

                                   By: AmeriCold Logistics, LLC, its sole member

                                      By:  /s/ Frederick B. Beilstein III
                                          --------------------------------------
                                      Name:  Frederick B. Beilstein III
                                          --------------------------------------
                                     Title:  Executive Vice President
                                          --------------------------------------

<PAGE>
                                  KC UNDERGROUND, L.L.C.

                                  By:  AmeriCold Logistics, LLC, its sole member

                                       By:    /s/ Frederick B. Beilstein III
                                          --------------------------------------
                                       Name:  Frederick B. Beilstein III
                                          --------------------------------------
                                       Title: Executive Vice President
                                          --------------------------------------

<PAGE>
                                  INLAND QUARRIES, L.L.C.

                                  By:  AmeriCold Logistics, LLC, its sole member

                                       By:    /s/ Frederick B. Beilstein III
                                          --------------------------------------
                                       Name:  Frederick B. Beilstein III
                                          --------------------------------------
                                       Title: Executive Vice President
                                          --------------------------------------

<PAGE>
                                  VC OMAHA TEXAS, L.L.C.

                                  By:  AmeriCold Logistics, LLC, its sole member

                                       By:    /s/ Frederick B. Beilstein III
                                          --------------------------------------
                                       Name:  Frederick B. Beilstein III
                                          --------------------------------------
                                       Title: Executive Vice President
                                          --------------------------------------

<PAGE>
                                  VC TEXAS, L.P.

                                  By:  VC Omaha Texas, L.L.C., its General
                                       Partner

                                  By:  AmeriCold Logistics, LLC, its sole member

                                       By:    /s/ Frederick B. Beilstein III
                                            ------------------------------------
                                       Name:  Frederick B. Beilstein III
                                            ------------------------------------
                                       Title: Executive Vice President
                                            ------------------------------------

<PAGE>
                                  VC SUPERIOR, L.L.C.

                                  By:  AmeriCold Logistics, LLC, its sole member

                                       By:    /s/ Frederick B. Beilstein III
                                          --------------------------------------
                                       Name:  Frederick B. Beilstein III
                                          --------------------------------------
                                       Title: Executive Vice President
                                          --------------------------------------

<PAGE>
                                  CARMAR INDUSTRIES, L.L.C.

                                  By:  AmeriCold Logistics, LLC, its sole
                                       manager

                                       By:    /s/ Frederick B. Beilstein III
                                          --------------------------------------
                                       Name:  Frederick B. Beilstein III
                                          --------------------------------------
                                       Title: Executive Vice President
                                          --------------------------------------

<PAGE>
                                  VC LOGISTICS, L.L.C.

                                  By:  AmeriCold Logistics, LLC, its sole member

                                       By:    /s/ Frederick B. Beilstein III
                                          --------------------------------------
                                       Name:  Frederick B. Beilstein III
                                          --------------------------------------
                                       Title: Executive Vice President
                                          --------------------------------------

<PAGE>
                                  AMLOG CANADA, INC.

                                       By:    /s/ Frederick B. Beilstein III
                                          --------------------------------------
                                       Name:  Frederick B. Beilstein III
                                          --------------------------------------
                                       Title: Executive Vice President
                                          --------------------------------------

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