Document:

Exhibit 4.3

 

Execution Version

 

$310,000,000

 

Accuride
Corporation

 

9.5%
Senior Secured Notes due 2018

 

 

REGISTRATION RIGHTS
AGREEMENT

 

July 29, 2010

 

CREDIT SUISSE SECURITIES (USA) LLC

As Representative of the
Several Purchasers,

c/o Credit Suisse Securities
(USA) LLC (“Credit Suisse”),

Eleven Madison Avenue,

New York, N.Y. 10010-3629

 

Ladies and Gentlemen:

 

Accuride Corporation, a Delaware corporation (the “Issuer”),
proposes to issue and sell, upon the terms set forth in a purchase agreement of
even date herewith (the “Purchase Agreement”)
by and between the Issuer, the guarantors (as defined below) and Credit Suisse,
as representative of the several purchases (collectively, the “Initial Purchasers”), an $310,000,000 aggregate principal
amount of its 9.5% Senior Secured Notes due 2018 (the “Initial
Securities”), the Initial Securities will be unconditionally
guaranteed (the “Guarantees”) by the guarantors
named therein (the “Guarantors” and
together with the Issuer, the “Company”).  The Initial Securities will be issued
pursuant to an Indenture, dated as of July 29, 2010 (the “Indenture”), among the Issuer, the Guarantors, Wilmington
Trust FSB, as trustee (the “Trustee”), and
Deutsche Bank Trust Americas, as collateral agent.  As an inducement to the Initial Purchasers,
the Company agrees with the Initial Purchasers, for the benefit of the holders
of the Initial Securities (including, without limitation, the Initial
Purchasers), the Exchange Securities (as defined below) and the Private
Exchange Securities (as defined below) (collectively the “Holders”),
as follows:

 

1.  Registered Exchange Offer.  The
Company shall, at its own cost, prepare and, not later than 150 days after (or
if the 150th day is not a business day, the first business day thereafter) the
date of original issue of the Initial Securities (the “Issue Date”),
file with the Securities and Exchange Commission (the “Commission”)
a registration statement (the “Exchange Offer
Registration Statement”) on an appropriate form under the Securities
Act of 1933, as amended (the “Securities Act”),
with respect to a proposed offer (the “Registered Exchange Offer”)
to the Holders of Transfer Restricted Securities (as defined in Section 6
hereof), who are not prohibited by any law or policy of the Commission from
participating in the Registered Exchange Offer, to issue and deliver to such
Holders, in exchange for the Initial Securities, a like aggregate principal
amount of debt securities of the Issuer, with guarantees by the Guarantors (the
“Exchange Securities”) issued under the
Indenture and identical in all material respects to the Initial Securities
(except for the transfer restrictions relating to the Initial Securities and
the provisions relating to the matters described in Section 6 hereof) that
would be registered under the Securities Act. 
The Company shall use commercially reasonable efforts to cause such
Exchange Offer Registration Statement to become effective under the Securities
Act within 240 days (or if the 240th day is not a business day, the first
business day thereafter) after the Issue Date of the Initial Securities and
shall keep the Exchange Offer Registration Statement effective for not less
than 30 days (or longer, if required by applicable law) after the date
notice of the Registered Exchange Offer is mailed to the Holders (such period
being called the “Exchange Offer
Registration Period”).

 

 

If the Company effects the Registered Exchange Offer, the Company will
be entitled to close the Registered Exchange Offer 30 days after the commencement
thereof provided that the Company has accepted all the Initial Securities
theretofore validly tendered in accordance with the terms of the Registered
Exchange Offer.

 

Following the declaration of the effectiveness of the Exchange Offer
Registration Statement, the Company shall promptly commence the Registered
Exchange Offer, it being the objective of such Registered Exchange Offer to
enable each Holder of Transfer Restricted Securities (as defined in
Section 6 hereof) electing to exchange the Initial Securities for Exchange
Securities (assuming that such Holder is not an affiliate of the Company within
the meaning of the Securities Act, acquires the Exchange Securities in the
ordinary course of such Holder’s business and has no arrangements with any person
to participate in the distribution of the Exchange Securities and is not
prohibited by any law or policy of the Commission from participating in the
Registered Exchange Offer) to trade such Exchange Securities from and after
their receipt without any limitations or restrictions under the Securities Act
and without material restrictions under the securities laws of the several
states of the United States.

 

The Company acknowledges that, pursuant to current interpretations by
the Commission’s staff of Section 5 of the Securities Act, in the absence
of an applicable exemption therefrom, (i) each Holder which is a
broker-dealer electing to exchange Securities, acquired for its own account as
a result of market making activities or other trading activities, for Exchange
Securities (an “Exchanging Dealer”), is required
to deliver a prospectus containing substantially the information set forth in (a) Annex
A hereto on the cover, (b) Annex B hereto in the “Exchange Offer
Procedures” section and the “Purpose of the Exchange Offer” section, and (c) Annex
C hereto in the “Plan of Distribution” section of such prospectus in connection
with a sale of any such Exchange Securities received by such Exchanging Dealer
pursuant to the Registered Exchange Offer and (ii) an Initial Purchaser
that elects to sell Exchange Securities acquired in exchange for Securities
constituting any portion of an unsold allotment is required to deliver a
prospectus containing the information required by Items 507 or 508 of
Regulation S-K under the Securities Act, as applicable, in connection with such
sale.

 

The Company shall use commercially reasonable efforts to keep the
Exchange Offer Registration Statement effective and to amend and supplement the
prospectus contained therein, in order to permit such prospectus to be lawfully
delivered by all persons subject to the prospectus delivery requirements of the
Securities Act for such period of time as such persons must comply with such
requirements in order to resell the Exchange Securities; provided, however,
that (i) in the case where such prospectus and any amendment or supplement
thereto must be delivered by an Exchanging Dealer or an Initial Purchaser, such
period shall be the lesser of 180 days and the date on which all Exchanging
Dealers and the Initial Purchasers have sold all Exchange Securities held by
them (unless such period is extended pursuant to Section 3(j) below)
and (ii) the Company shall make such prospectus and any amendment or
supplement thereto, available to any broker-dealer for use in connection with
any resale of any Exchange Securities for a period of not less than 90 days
after the consummation of the Registered Exchange Offer.

 

If, upon consummation of the Registered Exchange Offer, any Initial
Purchaser holds Initial Securities acquired by it as part of its initial
distribution, the Company, simultaneously with the delivery of the Exchange
Securities pursuant to the Registered Exchange Offer, shall issue and deliver
to such Initial Purchaser upon the written request of such Initial Purchaser,
in exchange (the “Private Exchange”)
for the Initial Securities held by such Initial Purchaser, a like principal
amount of debt securities of the Issuer, with guarantees by the Guarantors,
issued under the Indenture and identical in all material respects (including
the existence of restrictions on transfer under the Securities Act and the
securities laws of the several states of the United States, but excluding
provisions relating to the matters described in Section 6 hereof) to the
Initial Securities (the “Private Exchange
Securities”).  The Initial
Securities, the Exchange Securities and the Private Exchange Securities are
herein collectively called the “Securities”.

 

In connection with the Registered Exchange Offer, the Company shall:

 

(a)  mail to each
Holder a copy of the prospectus forming part of the Exchange Offer Registration
Statement, together with an appropriate letter of transmittal and related
documents;

 

(b)  keep the
Registered Exchange Offer open for not less than 30 days (or longer, if
required by applicable law) after the date notice thereof is mailed to the
Holders;

 

2

 

(c)  utilize the
services of a depositary for the Registered Exchange Offer with an address in
the Borough of Manhattan, The City of New York, which may be the Trustee or an
affiliate of the Trustee;

 

(d)  permit
Holders to withdraw tendered Securities at any time prior to the close of
business, New York time, on the last business day on which the Registered
Exchange Offer shall remain open; and

 

(e)  otherwise
comply with all applicable laws.

 

As soon as practicable after the close of the Registered Exchange Offer
or the Private Exchange, as the case may be, the Company shall:

 

(x)  accept for
exchange all the Securities validly tendered and not withdrawn pursuant to the
Registered Exchange Offer and the Private Exchange;

 

(y)  deliver to
the Trustee for cancellation all the Initial Securities so accepted for
exchange; and

 

(z)  cause the
Trustee to authenticate and deliver promptly to each Holder of the Initial
Securities, Exchange Securities or Private Exchange Securities, as the case may
be, equal in principal amount to the Initial Securities of such Holder so
accepted for exchange.

 

The Indenture will provide that the Exchange Securities will not be
subject to the transfer restrictions set forth in the Indenture and that all
the Securities will vote and consent together on all matters as one class and
that none of the Securities will have the right to vote or consent as a class
separate from one another on any matter.

 

Interest on each Exchange Security and Private Exchange Security issued
pursuant to the Registered Exchange Offer and in the Private Exchange will
accrue from the last interest payment date on which interest was paid on the
Initial Securities surrendered in exchange therefor or, if no interest has been
paid on the Initial Securities, from the date of original issue of the Initial
Securities.

 

Each Holder participating in the Registered Exchange Offer shall be
required to represent to the Company that at the time of the consummation of
the Registered Exchange Offer (i) any Exchange Securities received by such
Holder will be acquired in the ordinary course of business, (ii) such Holder
will have no arrangements or understanding with any person to participate in
the distribution of the Securities or the Exchange Securities within the
meaning of the Securities Act, (iii) such Holder is not an “affiliate,” as
defined in Rule 405 of the Securities Act, of the Company or if it is an
affiliate, such Holder will comply with the registration and prospectus
delivery requirements of the Securities Act to the extent applicable,
(iv) if such Holder is not a broker-dealer, that it is not engaged in, and
does not intend to engage in, the distribution of the Exchange Securities and (v) if
such Holder is a broker-dealer, that it will receive Exchange Securities for
its own account in exchange for Initial Securities that were acquired as a
result of market-making activities or other trading activities and that it will
be required to acknowledge that it will deliver a prospectus in connection with
any resale of such Exchange Securities.

 

Notwithstanding any other provisions hereof, the Company will ensure
that (i) any Exchange Offer Registration Statement and any amendment
thereto and any prospectus forming part thereof and any supplement thereto
complies in all material respects with the Securities Act and the rules and
regulations thereunder, (ii) any Exchange Offer Registration Statement and
any amendment thereto does not, when it becomes effective, contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading and (iii) any
prospectus forming part of any Exchange Offer Registration Statement, and any
supplement to such prospectus, does not include an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading.

 

2.  Shelf Registration.  If, (i) because of any change in law or
in applicable interpretations thereof by the staff of the Commission, the
Company is not permitted to effect a Registered Exchange Offer, as contemplated
by Section 1 hereof, (ii) the Registered Exchange Offer is not
consummated within 270 days of the Issue Date, (iii) any Initial Purchaser
so requests in writing with respect to the Initial Securities (or the Private
Exchange Securities) not eligible to be exchanged for Exchange Securities in
the Registered Exchange Offer and held by it following

 

3

 

consummation of the Registered Exchange Offer or (iv) any Holder
(other than an Exchanging Dealer) is not eligible to participate in the
Registered Exchange Offer or, in the case of any Holder (other than an
Exchanging Dealer) that participates in the Registered Exchange Offer, such Holder
does not receive freely tradable Exchange Securities on the date of the
exchange, the Company shall take the following actions:

 

(a)  The Company
shall, at its cost, as promptly as practicable (but in no event more than 30
days after so required or requested pursuant to this Section 2) file with
the Commission and thereafter shall use commercially reasonable efforts to
cause to be declared effective (unless it becomes effective automatically upon
filing) a registration statement (the “Shelf Registration
Statement” and, together with the Exchange Offer Registration
Statement, a “Registration Statement”) on an
appropriate form under the Securities Act relating to the offer and sale of the
Transfer Restricted Securities (as defined in Section 6 hereof) by the
Holders thereof from time to time in accordance with the methods of
distribution set forth in the Shelf Registration Statement and Rule 415
under the Securities Act (hereinafter, the “Shelf
Registration”); provided, however, that no Holder (other than an
Initial Purchaser) shall be entitled to have the Securities held by it covered
by such Shelf Registration Statement unless such Holder agrees in writing to be
bound by all the provisions of this Agreement applicable to such Holder.

 

(b)  The Company
shall use commercially reasonable efforts to keep the Shelf Registration
Statement continuously effective in order to permit the prospectus included
therein to be lawfully delivered by the Holders of the relevant Securities, for
a period of two years (or for such longer period if extended pursuant to Section 3(j) below)
from the Issue Date or such shorter period that will terminate when all the
Securities covered by the Shelf Registration Statement (i) have been sold
pursuant thereto or (ii) are no longer restricted securities (as defined
in Rule 144 under the Securities Act, or any successor rule thereof).

 

(c)  Notwithstanding
any other provisions of this Agreement to the contrary, the Company shall cause
the Shelf Registration Statement and the related prospectus and any amendment
or supplement thereto, as of the effective date of the Shelf Registration
Statement, amendment or supplement, (i) to comply in all material respects
with the applicable requirements of the Securities Act and the rules and
regulations of the Commission and (ii) not to contain any untrue statement
of a material fact or omit to state a material fact required to be stated
therein or necessary in order to make the statements therein, in light of the
circumstances under which they were made, not misleading.

 

3.  Registration Procedures.  In connection with any Shelf Registration
contemplated by Section 2 hereof and, to the extent applicable, any
Registered Exchange Offer contemplated by Section 1 hereof, the following
provisions shall apply:

 

(a)  The Company
shall (i) furnish to each Initial Purchaser, prior to the filing thereof
with the Commission, a copy of the Registration Statement and each amendment
thereof and each supplement, if any, to the prospectus included therein and, in
the event that an Initial Purchaser (with respect to any portion of an unsold
allotment from the original offering) is participating in the Registered
Exchange Offer or the Shelf Registration Statement, the Company shall use
commercially reasonable efforts to reflect in each such document, when so filed
with the Commission, such comments as such Initial Purchaser reasonably may
propose; (ii) include substantially the information set forth in Annex A
hereto on the cover, in Annex B hereto in the “Exchange Offer Procedures”
section and the “Purpose of the Exchange Offer” section and in Annex C hereto
in the “Plan of Distribution” section of the prospectus forming a part of the
Exchange Offer Registration Statement and include substantially the information
set forth in Annex D hereto in the Letter of Transmittal delivered pursuant to
the Registered Exchange Offer; (iii) if requested by an Initial Purchaser,
include the information required by Items 507 or 508 of Regulation S-K under
the Securities Act, as applicable, in the prospectus forming a part of the
Exchange Offer Registration Statement; (iv) include within the prospectus
contained in the Exchange Offer Registration Statement a section entitled “Plan
of Distribution,” reasonably acceptable to the Initial Purchasers, which shall
contain a summary statement of the positions taken or policies made by the
staff of the Commission with respect to the potential “underwriter” status of
any broker-dealer that is the beneficial owner (as defined in Rule 13d-3
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of Exchange Securities received by such
broker-dealer in the Registered Exchange Offer (a “Participating
Broker-Dealer”), whether such positions or policies have been
publicly disseminated by the staff of the Commission or such

 

4

 

positions or policies, in the reasonable judgment of the Initial
Purchasers based upon advice of counsel (which may be in-house counsel),
represent the prevailing views of the staff of the Commission; and (v) in
the case of a Shelf Registration Statement, include in the prospectus included
in the Shelf Registration Statement (or, if permitted by Commission
Rule 430B(b), in a prospectus supplement that becomes a part thereof
pursuant to Commission Rule 430B(f)) that is delivered to any Holder
pursuant to Section 3(d) and (f), the names of the Holders, who
propose to sell Securities pursuant to the Shelf Registration Statement, as
selling securityholders.

 

(b)  The Company shall
give written notice to the Initial Purchasers, the Holders of the Securities
and any Participating Broker-Dealer from whom the Company has received prior
written notice that it will be a Participating Broker-Dealer in the Registered
Exchange Offer (which notice pursuant to clauses (ii)-(v) hereof shall be
accompanied by an instruction to suspend the use of the prospectus until the
requisite changes have been made):

 

(i)  when the
Registration Statement or any amendment thereto has been filed with the Commission
and when the Registration Statement or any post-effective amendment thereto has
become effective;

 

(ii)  of any
request by the Commission for amendments or supplements to the Registration
Statement or the prospectus included therein or for additional information;

 

(iii)  of the
issuance by the Commission of any stop order suspending the effectiveness of
the Registration Statement or the initiation of any proceedings for that
purpose, of the issuance by the Commission of a notification of objection to
the use of the form on which the Registration Statement has been filed, and of
the happening of any event that causes the Company to become an “ineligible
issuer,” as defined in Commission Rule 405.

 

(iv)  of the
receipt by the Company or its legal counsel of any notification with respect to
the suspension of the qualification of the Securities for sale in any
jurisdiction or the initiation or threatening of any proceeding for such
purpose; and

 

(v)  of the
happening of any event that requires the Company to make changes in the
Registration Statement or the prospectus in order that the Registration
Statement or the prospectus do not contain an untrue statement of a material
fact nor omit to state a material fact required to be stated therein or necessary
to make the statements therein (in the case of the prospectus, in light of the
circumstances under which they were made) not misleading.

 

(c)  The Company
shall use commercially reasonable efforts to obtain the withdrawal at the
earliest possible time, of any order suspending the effectiveness of the
Registration Statement.

 

(d)  The Company
shall furnish to each Holder of Securities included within the coverage of the
Shelf Registration, without charge, at least one copy of the Shelf Registration
Statement and any post-effective amendment or supplement thereto, including
financial statements and schedules, and, if the Holder so requests in writing,
all exhibits thereto (including those, if any, incorporated by reference).  The Company shall not, without the prior
consent of the Initial Purchasers, make any offer relating to the Securities
that would constitute a “free writing prospectus,” as defined in Commission
Rule 405.

 

(e)  The Company
shall deliver to each Exchanging Dealer and each Initial Purchaser, and to any
other Holder who so requests, without charge, at least one copy of the Exchange
Offer Registration Statement and any post-effective amendment thereto,
including financial statements and schedules, and, if any Initial Purchaser or
any such Holder requests, all exhibits thereto (including those incorporated by
reference).

 

(f)  The Company
shall, during the Shelf Registration Period, deliver to each Holder of
Securities included within the coverage of the Shelf Registration, without
charge, as many copies of the prospectus (including each preliminary
prospectus) included in the Shelf Registration Statement and any amendment

 

5

 

or supplement thereto as such person may reasonably request. The
Company consents, subject to the provisions of this Agreement, to the use of
the prospectus or any amendment or supplement thereto by each of the selling
Holders of the Securities in connection with the offering and sale of the
Securities covered by the prospectus, or any amendment or supplement thereto,
included in the Shelf Registration Statement.

 

(g)  The Company
shall deliver to each Initial Purchaser, any Exchanging Dealer, any
Participating Broker-Dealer and such other persons required to deliver a
prospectus following the Registered Exchange Offer, without charge, as many
copies of the final prospectus included in the Exchange Offer Registration
Statement and any amendment or supplement thereto as such persons may
reasonably request.  The Company
consents, subject to the provisions of this Agreement, to the use of the
prospectus or any amendment or supplement thereto by any Initial Purchaser, if
necessary, any Participating Broker-Dealer and such other persons required to
deliver a prospectus following the Registered Exchange Offer in connection with
the offering and sale of the Exchange Securities covered by the prospectus, or
any amendment or supplement thereto, included in such Exchange Offer
Registration Statement.

 

(h)  Prior to any
public offering of the Securities, pursuant to any Registration Statement, the
Company shall register or qualify or cooperate with the Holders of the
Securities included therein and their respective counsel in connection with the
registration or qualification of the Securities for offer and sale under the
securities or “blue sky” laws of such states of the United States as any Holder
of the Securities reasonably requests in writing and do any and all other acts
or things necessary or advisable to enable the offer and sale in such
jurisdictions of the Securities covered by such Registration Statement;
provided, however, that the Company shall not be required to (i) qualify
generally to do business in any jurisdiction where it is not then so qualified
or (ii) take any action which would subject it to general service of
process or to taxation in any jurisdiction where it is not then so subject.

 

(i)  The Company
shall cooperate with the Holders of the Securities to facilitate the timely
preparation and delivery of certificates representing the Securities to be sold
pursuant to any Registration Statement free of any restrictive legends and in
such denominations and registered in such names as the Holders may request a
reasonable period of time prior to sales of the Securities pursuant to such
Registration Statement.

 

(j)  Upon the
occurrence of any event contemplated by paragraphs (ii) through (v) of
Section 3(b) above during the period for which the Company is
required to maintain an effective Registration Statement, the Company shall promptly
prepare and file a post-effective amendment to the Registration Statement or a
supplement to the related prospectus and any other required document so that,
as thereafter delivered to Holders of the Securities or purchasers of
Securities, the prospectus will not contain an untrue statement of a material
fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading.  If
the Company notifies the Initial Purchasers, the Holders of the Securities and
any known Participating Broker-Dealer in accordance with paragraphs (ii) through
(v) of Section 3(b) above to suspend the use of the prospectus
until the requisite changes to the prospectus have been made, then the Initial
Purchasers, the Holders of the Securities and any such Participating
Broker-Dealers shall suspend use of such prospectus, and the period of
effectiveness of the Shelf Registration Statement provided for in Section 2(b) above
and the Exchange Offer Registration Statement provided for in Section 1
above shall each be extended by the number of days from and including the date
of the giving of such notice to and including the date when the Initial
Purchasers, the Holders of the Securities and any known Participating
Broker-Dealer shall have received such amended or supplemented prospectus
pursuant to this Section 3(j). 
During the period during which the Company is required to maintain an
effective Shelf Registration Statement pursuant to this Agreement, the Company
will prior to the three-year expiration of that Shelf Registration Statement
file, and use commercially reasonable efforts to cause to be declared effective
(unless it becomes effective automatically upon filing) within a period that
avoids any interruption in the ability of Holders of Securities covered by the
expiring Shelf Registration Statement to make registered dispositions, a new
registration statement relating to the Securities, which shall be deemed the “Shelf Registration Statement” for purposes of this
Agreement.

 

6

 

(k)  Not later
than the effective date of the applicable Registration Statement, the Company
will provide a CUSIP number for the Initial Securities, the Exchange Securities
or the Private Exchange Securities, as the case may be, and provide the
applicable trustee with printed certificates for the Initial Securities, the
Exchange Securities or the Private Exchange Securities, as the case may be, in
a form eligible for deposit with The Depository Trust Company.

 

(l)  The Company
will comply in all material respects with all rules and regulations of the
Commission to the extent and so long as they are applicable to the Registered
Exchange Offer or the Shelf Registration and will make generally available to
its security holders (or otherwise provide in accordance with Section 11(a) of
the Securities Act) an earnings statement satisfying the provisions of Section 11(a) of
the Securities Act, no later than 45 days after the end of a 12-month period
(or 90 days, if such period is a fiscal year) beginning with the first month of
the Company’s first fiscal quarter commencing after the effective date of the
Registration Statement, which statement shall cover such 12-month period.

 

(m)  The Company
shall cause the Indenture to be qualified under the Trust Indenture Act of
1939, as amended, in a timely manner and containing such changes, if any, as
shall be necessary for such qualification. 
In the event that such qualification would require the appointment of a
new trustee under the Indenture, the Company shall appoint a new trustee
thereunder pursuant to the applicable provisions of the Indenture.

 

(n)  The Company
may require each Holder of Securities to be sold pursuant to the Shelf
Registration Statement to furnish to the Company such information regarding the
Holder and the distribution of the Securities as the Company may from time to
time reasonably require for inclusion in the Shelf Registration Statement, and
the Company may exclude from such registration the Securities of any Holder
that fails to furnish such information within a reasonable time after receiving
such request.

 

(o)  The Company
shall enter into such customary agreements (including, if requested, an
underwriting agreement in customary form) and take all such other action, if
any, as any Holder of the Securities shall reasonably request in order to
facilitate the disposition of the Securities pursuant to any Shelf
Registration.

 

(p)  In the case
of any Shelf Registration, the Company shall (i) make reasonably available
for inspection by the Holders of the Securities, any underwriter participating
in any disposition pursuant to the Shelf Registration Statement and any
attorney, accountant or other agent retained by the Holders of the Securities
or any such underwriter all relevant financial and other records, pertinent
corporate documents and properties of the Company and (ii) cause the
Company’s officers, directors, employees, accountants and auditors to supply
all relevant information reasonably requested by the Holders of the Securities
or any such underwriter, attorney, accountant or agent in connection with the
Shelf Registration Statement, in each case, as shall be reasonably necessary to
enable such persons, to conduct a reasonable investigation within the meaning
of Section 11 of the Securities Act; provided, however, that the foregoing
inspection and information gathering shall be coordinated on behalf of the
Initial Purchasers by you and on behalf of the other parties, by one counsel
designated by and on behalf of such other parties as described in Section 4
hereof.

 

(q)  In the case
of an underwritten offering pursuant to a Shelf Registration, the Company, if
requested by any Holder of Securities covered thereby, shall cause (i) its
counsel to deliver an opinion and updates thereof relating to the Securities in
customary form addressed the managing underwriters; (ii) its officers to
execute and deliver all customary documents and certificates and updates
thereof requested by any underwriters of the applicable Securities and
(iii) its independent public accountants to provide to any underwriter
therefor a comfort letter in customary form and covering matters of the type
customarily covered in comfort letters in connection with primary underwritten
offerings, subject to receipt of appropriate documentation as contemplated, and
only if permitted, by Statement of Auditing Standards No. 72.

 

(r)  If a
Registered Exchange Offer or a Private Exchange is to be consummated, upon
delivery of the Initial Securities by Holders to the Company (or to such other
Person as directed by the Company) in

 

7

 

exchange for the Exchange Securities or the Private Exchange
Securities, as the case may be, the Company shall mark, or caused to be marked,
on the Initial Securities so exchanged that such Initial Securities are being
canceled in exchange for the Exchange Securities or the Private Exchange
Securities, as the case may be; in no event shall the Initial Securities be
marked as paid or otherwise satisfied.

 

(s)  The Company
will use commercially reasonable efforts to (a) if the Initial Securities
have been rated prior to the initial sale of such Initial Securities, confirm
whether such ratings will apply to the Securities covered by a Registration
Statement, or (b) if the Initial Securities were not previously rated,
cause the Securities covered by a Registration Statement to be rated with the
appropriate rating agencies, if so requested by Holders of a majority in
aggregate principal amount of Securities covered by such Registration
Statement, or by the managing underwriters, if any.

 

(t)  In the event
that any broker-dealer registered under the Exchange Act shall underwrite any
Securities or participate as a member of an underwriting syndicate or selling
group or “assist in the distribution” (within the meaning of the Conduct Rules (the
“Rules”) of the Financial Industry
Regulatory Authority, Inc.) thereof, whether as a Holder of such
Securities or as an underwriter, a placement or sales agent or a broker or
dealer in respect thereof, or otherwise, the Company will assist such
broker-dealer in complying with the requirements of such Rules, including,
without limitation, by (i) if such Rules, including Rule 2720, shall
so require, engaging a “qualified independent underwriter” (as defined in Rule 2720)
to participate in the preparation of the Registration Statement relating to
such Securities, to exercise usual standards of due diligence in respect
thereto and, if any portion of the offering contemplated by such Registration
Statement is an underwritten offering or is made through a placement or sales
agent, to recommend the yield of such Securities, (ii) indemnifying any
such qualified independent underwriter to the extent of the indemnification of
underwriters provided in Section 5 hereof and (iii) providing such
information to such broker-dealer as may be required in order for such
broker-dealer to comply with the requirements of the Rules.

 

(u)  The Company
shall use commercially reasonable efforts to take all other steps necessary to
effect the registration of the Securities covered by a Registration Statement
contemplated hereby.

 

4.  Registration Expenses.  The Company shall bear all fees and expenses
incurred in connection with the performance of its obligations under Sections 1
through 3 hereof (including the reasonable fees and documented out-of-pocket
expenses, if any, of Skadden, Arps, Slate, Meagher & Flom LLP, counsel
for the Initial Purchasers, incurred in connection with the Registered Exchange
Offer, but only with respect to those reasonable fees and documented
out-of-pocket expenses incurred in connection with the blue sky qualification
of any Securities not to exceed $5,000), whether or not the Registered Exchange
Offer or a Shelf Registration is filed or becomes effective, and, in the event
of a Shelf Registration, shall bear or reimburse the Holders of the Securities
covered thereby for the reasonable fees and disbursements of one firm of
counsel designated by the Holders of a majority in principal amount of the
Initial Securities covered thereby to act as counsel for the Holders of the
Initial Securities in connection therewith. 
Notwithstanding anything above, the Company shall not bear any
underwriting discounts or commissions, brokerage commissions and transfer
taxes, if any, relating to the sale or disposition of Securities by a Holder.

 

5.  Indemnification.  (a)  The Company agrees to indemnify and
hold harmless each Holder of the Securities, any Participating Broker-Dealer
and each person, if any, who controls such Holder or such Participating
Broker-Dealer within the meaning of the Securities Act or the Exchange Act
(each Holder, any Participating Broker-Dealer and such controlling persons are
referred to collectively as the “Indemnified Parties”)
from and against any losses, claims, damages or liabilities, joint or several,
or any actions in respect thereof (including, but not limited to, any losses,
claims, damages, liabilities or actions relating to purchases and sales of the
Securities) to which each Indemnified Party may become subject under the
Securities Act, the Exchange Act or otherwise, insofar as such losses, claims,
damages, liabilities or actions arise out of or are based upon any untrue
statement or alleged untrue statement of a material fact contained in a
Registration Statement or prospectus or in any amendment or supplement thereto
or in any preliminary prospectus or “issuer free writing prospectus,” as
defined in Commission Rule 433 (“Issuer FWP”),
relating to a Shelf Registration, or arise out of, or are based upon, the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, and
shall reimburse the Indemnified Parties any reasonable and documented legal
fees of one outside

 

8

 

counsel or other documented out-of-pocket expenses reasonably incurred
by them in connection with investigating or defending any such loss, claim,
damage, liability or action in respect thereof; provided, however, that
(i) the Company shall not be liable in any such case to the extent that
such loss, claim, damage or liability arises out of or is based upon any untrue
statement or alleged untrue statement or omission or alleged omission made in a
Registration Statement or prospectus or in any amendment or supplement thereto
or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration
in reliance upon and in conformity with written information pertaining to such
Holder and furnished to the Company by or on behalf of such Holder specifically
for inclusion therein and (ii) with respect to any untrue statement or
omission or alleged untrue statement or omission made in any preliminary
prospectus relating to a Shelf Registration Statement, the indemnity agreement
contained in this subsection (a) shall not inure to the benefit of
any Holder or Participating Broker-Dealer from whom the person asserting any
such losses, claims, damages or liabilities purchased the Securities concerned,
to the extent that a prospectus relating to such Securities was required to be
delivered (including through satisfaction of the conditions of Commission
Rule 172) by such Holder or Participating Broker-Dealer under the
Securities Act in connection with such purchase and any such loss, claim,
damage or liability of such Holder or Participating Broker-Dealer results from
the fact that there was not conveyed to such person, at or prior to the time of
the sale of such Securities to such person, an amended or supplemented
prospectus or, if permitted by Section 3(d), an Issuer FWP correcting such
untrue statement or omission or alleged untrue statement or omission if the
Company had previously furnished copies thereof to such Holder or Participating
Broker-Dealer; provided further, however, that this indemnity agreement will be
in addition to any liability which the Company may otherwise have to such
Indemnified Party.  The Company shall
also indemnify underwriters, their officers and directors and each person who
controls such underwriters within the meaning of the Securities Act or the
Exchange Act to the same extent as provided above with respect to the
indemnification of the Holders of the Securities if requested by such Holders.

 

(b)  Each Holder of the Securities, severally and not
jointly, will indemnify and hold harmless the Company and each person, if any,
who controls the Company within the meaning of the Securities Act or the
Exchange Act from and against any losses, claims, damages or liabilities or any
actions in respect thereof, to which the Company or any such controlling person
may become subject under the Securities Act, the Exchange Act or otherwise,
insofar as such losses, claims, damages, liabilities or actions arise out of or
are based upon any untrue statement or alleged untrue statement of a material
fact contained in a Registration Statement or prospectus or in any amendment or
supplement thereto or in any preliminary prospectus or Issuer FWP relating to a
Shelf Registration, or arise out of or are based upon the omission or alleged
omission to state therein a material fact necessary to make the statements
therein not misleading, but in each case only to the extent that the untrue
statement or omission or alleged untrue statement or omission was made in
reliance upon and in conformity with written information pertaining to such
Holder and furnished to the Company by or on behalf of such Holder specifically
for inclusion therein; and, subject to the limitation set forth immediately
preceding this clause, shall reimburse, as incurred, the Company for any legal
or other expenses reasonably incurred by the Company or any such controlling
person in connection with investigating or defending any loss, claim, damage,
liability or action in respect thereof. 
This indemnity agreement will be in addition to any liability which such
Holder may otherwise have to the Company or any of its controlling persons.

 

(c)  Promptly after receipt by an indemnified party under
this Section 5 of notice of the commencement of any action or proceeding
(including a governmental investigation), such indemnified party will, if a
claim in respect thereof is to be made against the indemnifying party under
this Section 5, notify the indemnifying party of the commencement thereof;
but the failure to notify the indemnifying party shall not relieve the
indemnifying party from any liability that it may have under subsection (a) or
(b) above except to the extent that it has been materially prejudiced
(through the forfeiture of substantive rights or defenses) by such failure; and
provided further that the failure to notify the indemnifying party shall not
relieve it from any liability that it may have to an indemnified party
otherwise than under subsection  (a) or
(b) above.  In case any such action
is brought against any indemnified party and it notifies the indemnifying party
of the commencement thereof, the indemnifying party will be entitled to
participate therein and, to the extent that it may wish, jointly with any other
indemnifying party similarly notified, to assume the defense thereof, with
counsel reasonably satisfactory to such indemnified party (who shall not,
except with the consent of the indemnified party, be counsel to the
indemnifying party, which consent may only be withheld if (i) the
indemnifying party and the indemnified party shall have so mutually agreed; (ii) the
indemnifying party has failed within a reasonable time to retain counsel
reasonably satisfactory to the indemnified party; (iii) the indemnified
party shall have reasonably concluded, based on the advice of counsel, that
there may be legal defenses available to it that are different from or in
addition to those available to the indemnifying party; or (iv) the named

 

9

 

parties in any such proceeding (including any impleaded parties)
include both the indemnified party or its respective officers, directors or
affiliates and the indemnifying party and representation of both sets of
parties by the same counsel would present a conflict due to actual or potential
differing interests between them, and in any such event the reasonable and
documented fees of one such separate outside counsel shall be paid by the
indemnifying party), and after notice from the indemnifying party to such
indemnified party of its election so to assume the defense thereof the
indemnifying party will not be liable to such indemnified party under this Section 5
for any legal or other expenses, other than reasonable costs of investigation,
subsequently incurred by such indemnified party in connection with the defense
thereof.  No indemnifying party shall,
without the prior written consent of the indemnified party, effect any
settlement of any pending or threatened action in respect of which any
indemnified party is or could have been a party and indemnity could have been
sought hereunder by such indemnified party unless such settlement (i) includes
an unconditional release of such indemnified party from all liability on any
claims that are the subject matter of such action, and (ii) does not
include a statement as to or an admission of fault, culpability or a failure to
act by or on behalf of any indemnified party.

 

(d)  If the indemnification provided for in this Section 5
is unavailable or insufficient to hold harmless an indemnified party under
subsections (a) or (b) above, then each indemnifying party shall
contribute to the amount paid or payable by such indemnified party as a result
of the losses, claims, damages or liabilities (or actions in respect thereof)
referred to in subsection (a) or (b) above (i) in such
proportion as is appropriate to reflect the relative benefits received by the
indemnifying party or parties on the one hand and the indemnified party on the
other from the exchange of the Securities, pursuant to the Registered Exchange
Offer, or (ii) if the allocation provided by the foregoing clause (i) is
not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i) above but
also the relative fault of the indemnifying party or parties on the one hand
and the indemnified party on the other in connection with the statements or
omissions that resulted in such losses, claims, damages or liabilities (or
actions in respect thereof) as well as any other relevant equitable
considerations.  The relative fault of
the parties shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by
the Company on the one hand or such Holder or such other indemnified party, as
the case may be, on the other, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or
omission.  The amount paid by an
indemnified party as a result of the losses, claims, damages or liabilities
referred to in the first sentence of this subsection (d) shall be deemed
to include any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any action or claim which
is the subject of this subsection (d). 
Notwithstanding any other provision of this Section 5(d), the
Holders of the Securities shall not be required to contribute any amount in
excess of the amount by which the net proceeds received by such Holders from
the sale of the Securities pursuant to a Registration Statement exceeds the
amount of damages which such Holders have otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged
omission.  No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. 
For purposes of this paragraph (d), each person, if any, who controls
such indemnified party within the meaning of the Securities Act or the Exchange
Act shall have the same rights to contribution as such indemnified party and
each person, if any, who controls the Company within the meaning of the
Securities Act or the Exchange Act shall have the same rights to contribution
as the Company.

 

(e)  The agreements contained in this Section 5 shall
survive the sale of the Securities pursuant to a Registration Statement and
shall remain in full force and effect, regardless of any termination or
cancellation of this Agreement or any investigation made by or on behalf of any
indemnified party.

 

6.  Additional Interest Under
Certain Circumstances.  (a) 
Additional interest (the “Additional Interest”)
with respect to the Transfer Restricted Securities shall be assessed as follows
if any of the following events occur (each such event in clauses (i) through
(iii) below a “Registration Default”:

 

(i)  If by December 27,
2010, the Exchange Offer Registration Statement nor a Shelf Registration
Statement has been filed with the Commission;

 

(ii)  If by March 28,
2011, neither the Registered Exchange Offer is consummated nor, if required in
lieu thereof, the Shelf Registration Statement is declared effective by the
Commission; or

 

10

 

(iii)  If after
either the Exchange Offer Registration Statement or the Shelf Registration
Statement is declared (or becomes automatically) effective (A) such
Registration Statement thereafter ceases to be effective; or (B) such
Registration Statement or the related prospectus ceases to be usable (except as
permitted in paragraph (b)) in connection with resales of Transfer
Restricted Securities during the periods specified herein because either
(1) any event occurs as a result of which the related prospectus forming
part of such Registration Statement would include any untrue statement of a
material fact or omit to state any material fact necessary to make the
statements therein in the light of the circumstances under which they were made
not misleading, (2) it shall be necessary to amend such Registration
Statement or supplement the related prospectus, to comply with the Securities
Act or the Exchange Act or the respective rules thereunder, or (3) such
Registration Statement is a Shelf Registration Statement that has expired
before a replacement Shelf Registration Statement has become effective.

 

Additional Interest shall be paid in an amount equal to 0.25% per annum
of the principal amount of the Transfer Restricted Securities for the first 90
days from and including the date on which any such Registration Default shall
occur to but excluding the date on which all such Registration Defaults have
been cured.  The amount of Additional
Interest shall increase by an additional 0.25% per annum with respect to each
subsequent 90-day period until all Registration Defaults have been cured, provided, however, that Additional Interest for all
Registration Defaults shall not exceed an amount equal to .50% per annum of the
principal amount of the Transfer Restricted Securities.  Following the cure of all Registration
Defaults, the accrual of additional interest will cease.

 

(b)  A Registration Default referred to in
Section 6(a)(iii)(B) hereof shall be deemed not to have occurred and
be continuing in relation to a Shelf Registration Statement or the related
prospectus if (i) such Registration Default has occurred solely as a
result of (x) the filing of a post-effective amendment to such Shelf
Registration Statement to incorporate annual audited financial information with
respect to the Company where such post-effective amendment is not yet effective
and needs to be declared effective to permit Holders to use the related
prospectus or (y) other material events, with respect to the Company that
would need to be described in such Shelf Registration Statement or the related
prospectus and (ii) in the case of clause (y), the Company is proceeding
promptly and in good faith to amend or supplement such Shelf Registration
Statement and related prospectus to describe such events; provided, however,
that in any case if such Registration Default occurs for a continuous period in
excess of 30 days, Additional Interest shall be payable in accordance with the
above paragraph from the day such Registration Default occurs until such Registration
Default is cured.

 

(c)  Any amounts of Additional Interest due pursuant to
clause (i), (ii) or (iii) of Section 6(a) above will be
payable in cash on the regular interest payment dates with respect to the
Transfer Restricted Securities. The amount of Additional Interest will be
determined by multiplying the applicable Additional Interest rate by the
principal amount of the Transfer Restricted Securities, multiplied by a
fraction, the numerator of which is the number of days such Additional Interest
rate was applicable during such period (determined on the basis of a 360-day
year comprised of twelve 30-day months), and the denominator of which is 360.

 

(d)  “Transfer Restricted
Securities” means each Security until (i) the date on which
such Transfer Restricted Security has been exchanged by a person other than a
broker-dealer for a freely transferable Exchange Security in the Registered
Exchange Offer, (ii) following the exchange by a broker-dealer in the
Registered Exchange Offer of a Initial Security for an Exchange Note, the date
on which such Exchange Note is sold to a purchaser who receives from such
broker-dealer on or prior to the date of such sale a copy of the prospectus
contained in the Exchange Offer Registration Statement, (iii) the date on
which such Initial Security has been effectively registered under the
Securities Act and disposed of in accordance with the Shelf Registration
Statement or (iv) the date on which such Security has become freely
tradable pursuant to Rule 144 under the Act or otherwise.

 

7.  Rules 144 and 144A.  The
Company shall use commercially reasonable efforts to file the reports required
to be filed by it under the Securities Act and the Exchange Act in a timely
manner and, if at any time the Company is not required to file such reports, it
will, upon the request of any Holder of Initial Securities, make publicly
available other information so long as necessary to permit sales of their
securities pursuant to Rules 144 and 144A. 
The Company covenants that it will take such further action as any
Holder of Initial Securities may reasonably request, all to the extent required
from time to time to enable such Holder to sell Initial Securities without
registration under the Securities Act within the limitation of the exemptions provided
by Rules 144 and

 

11

 

144A (including the requirements of Rule 144A(d)(4)).  The Company will provide a copy of this
Agreement to prospective purchasers of Initial Securities identified to the Company
by the Initial Purchasers upon request. 
Upon the request of any Holder of Initial Securities, the Company shall
deliver to such Holder a written statement as to whether it has complied with
such requirements. Notwithstanding the foregoing, nothing in this
Section 7 shall be deemed to require the Company to register any of its
securities pursuant to the Exchange Act.

 

8.  Underwritten Registrations.  If
any of the Transfer Restricted Securities covered by any Shelf Registration are
to be sold in an underwritten offering, the investment banker or investment
bankers and manager or managers that will administer the offering (“Managing Underwriters”) will be selected by the Holders of a
majority in aggregate principal amount of such Transfer Restricted Securities
to be included in such offering.

 

No person may participate in any underwritten registration hereunder
unless such person (i) agrees to sell such person’s Transfer Restricted
Securities on the basis reasonably provided in any underwriting arrangements
approved by the persons entitled hereunder to approve such arrangements and (ii) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such
underwriting arrangements.

 

9.  Miscellaneous.

 

(a)  Amendments and Waivers.  The
provisions of this Agreement may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given,
except by the Company and the written consent of the Holders of a majority in
principal amount of the Securities affected by such amendment, modification,
supplement, waiver or consents.

 

(b)  Notices.  All
notices and other communications provided for or permitted hereunder shall be
made in writing by hand delivery, first-class mail, facsimile transmission, or
air courier which guarantees overnight delivery:

 

(1)  if to a Holder of the Securities, at the most current address
given by such Holder to the Company.

 

(2)  if to the Initial Purchasers;

 

Credit Suisse Securities (USA) LLC

Eleven Madison Avenue

New York, NY 10010-3629

Fax No.:  (212) 325-4296

Attention:  Transactions Advisory
Group

 

with a copy to:

 

Skadden, Arps, Slate, Meagher & Flom LLP

300 South Grand Avenue, Suite 3400

Los Angeles, CA 90071

Fax No.:  (213) 621-5341

Attention:  Casey T. Fleck

 

(3)           if to the Issuer or
the Guarantors, at the Issuer’s address as follows:

 

Accuride Corporation

7140 Office Circle

Evansville, IN 47715

Fax No.:  (812) 962-5429

Attention:  Stephen A. Martin

 

12

 

with a copy to:

 

Latham & Watkins LLP

233 South Wacker Dr., Suite 5800

Chicago, IL 60606

Fax No.:  (312) 993-9767

Attention:  Christopher Lueking

 

All such notices and communications shall be deemed to have been duly
given:  at the time delivered by hand, if
personally delivered; three business days after being deposited in the mail,
postage prepaid, if mailed; when receipt is acknowledged by recipient’s
facsimile machine operator, if sent by facsimile transmission; and on the day
delivered, if sent by overnight air courier guaranteeing next day delivery.

 

(c)  No Inconsistent Agreements.  The
Company has not, as of the date hereof, entered into, nor shall it, on or after
the date hereof, enter into, any agreement with respect to its securities that
is inconsistent with the rights granted to the Holders herein or otherwise
conflicts with the provisions hereof.

 

(d)  Successors and Assigns.  This
Agreement shall be binding upon the Company and successors and assigns.

 

(e)  Counterparts.  This
Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

 

(f)  Headings.  The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.

 

(g)  Governing Law.  THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.

 

(h)  Severability.  If
any one or more of the provisions contained herein, or the application thereof
in any circumstance, is held invalid, illegal or unenforceable, the validity,
legality and enforceability of any such provision in every other respect and of
the remaining provisions contained herein shall not be affected or impaired
thereby.

 

(i)  Securities Held by the
Company.  Whenever the consent or approval of Holders of a
specified percentage of principal amount of Securities is required hereunder,
Securities held by the Company or its affiliates (other than subsequent Holders
of Securities if such subsequent Holders are deemed to be affiliates solely by
reason of their holdings of such Securities) shall not be counted in
determining whether such consent or approval was given by the Holders of such
required percentage.

 

13

 

If the foregoing is in accordance with your understanding of our
agreement, please sign and return to the Issuer a counterpart hereof, whereupon
this instrument, along with all counterparts, will become a binding agreement
among the several Initial Purchasers, the Issuer and the Guarantors in
accordance with its terms.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  ACCURIDE CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen A. Martin

  
	
   

  	
   

  	
  Name: Stephen A. Martin

  
	
   

  	
   

  	
  Title: Vice President / General Counsel

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GUARANTORS

  
	
   

  	
   

  
	
   

  	
  ACCURIDE CUYAHOGA FALLS, INC.

  
	
   

  	
  ACCURIDE HENDERSON LIMITED LIABILITY COMPANY

  
	
   

  	
  ACCURIDE DISTRIBUTING, LLC

  
	
   

  	
  ACCURIDE EMI, LLC

  
	
   

  	
  AOT INC.

  
	
   

  	
  BOSTROM HOLDINGS, INC.

  
	
   

  	
  BOSTROM SEATING, INC.

  
	
   

  	
  BOSTROM SPECIALTY SEATING, INC.

  
	
   

  	
  BRILLION IRON WORKS, INC.

  
	
   

  	
  ERIE LAND HOLDING, INC.

  
	
   

  	
  FABCO AUTOMOTIVE CORPORATION

  
	
   

  	
  GUNITE CORPORATION

  
	
   

  	
  IMPERIAL GROUP HOLDING CORP. — 1

  
	
   

  	
  IMPERIAL GROUP HOLDING CORP. — 2

  
	
   

  	
  JAII MANAGEMENT COMPANY

  
	
   

  	
  TRANSPORTATION TECHNOLOGIES
  INDUSTRIES, INC.

  
	
   

  	
  TRUCK COMPONENTS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen A. Martin

  
	
   

  	
   

  	
  Name: Stephen A. Martin

  
	
   

  	
   

  	
  Title: Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  AKW GENERAL PARTNER
  L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Accuride Corporation, as Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen A. Martin

  
	
   

  	
   

  	
  Name: Stephen A. Martin

  
	
   

  	
   

  	
  Title: Vice President / General Counsel

  

 

[Signature Page to
Registration Rights Agreement]

 

 

	
   

  	
  ACCURIDE ERIE L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  AKW General Partner L.L.C., as General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Accuride Corporation, as Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen A. Martin

  
	
   

  	
   

  	
  Name: Stephen A. Martin

  
	
   

  	
   

  	
  Title: Vice President / General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  IMPERIAL GROUP, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Imperial Group Holding Corp. — 1, its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen A. Martin

  
	
   

  	
   

  	
  Name: Stephen A. Martin

  
	
   

  	
   

  	
  Title: Secretary

  

 

[Signature Page to
Registration Rights Agreement]

 

 

	
  The foregoing Registration
  Rights Agreement is hereby confirmed and accepted as of the date first above
  written.

  	
   

  
	
   

  
	
   

  	
   

  	
   

  
	
  CREDIT SUISSE SECURITIES (USA) LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Michael Speller

  	
   

  	
   

  
	
   

  	
  Name: Michael Speller

  	
   

  	
   

  
	
   

  	
  Title: Managing Director

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Acting on behalf of
  themselves and as the Representative of the several Purchasers

  	
   

  	
   

  
	
   

  	
   

  

 

[Signature Page to
Registration Rights Agreement]

 

 

ANNEX A

 

Each broker-dealer that receives Exchange Securities for its own
account pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities.  The Letter of Transmittal states that by so
acknowledging and by delivering a prospectus, a broker-dealer will not be
deemed to admit that it is an “underwriter” within the meaning of the
Securities Act.  This Prospectus, as it
may be amended or supplemented from time to time, may be used by a
broker-dealer in connection with resales of Exchange Securities received in
exchange for Initial Securities where such Initial Securities were acquired by
such broker-dealer as a result of market-making activities or other trading
activities.  The Company has agreed that,
for a period of 180 days after the Expiration Date (as defined herein), it will
make this Prospectus available to any broker-dealer for use in connection with
any such resale.  See “Plan of
Distribution.”

 

 

ANNEX B

 

Each broker-dealer that receives Exchange Securities for its own
account in exchange for Securities, where such Initial Securities were acquired
by such broker-dealer as a result of market-making activities or other trading
activities, must acknowledge that it will deliver a prospectus in connection
with any resale of such Exchange Securities. 
See “Plan of Distribution.”

 

 

ANNEX C

 

PLAN OF DISTRIBUTION

 

Each broker-dealer that receives Exchange Securities for its own
account pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities.  This Prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer in connection
with resales of Exchange Securities received in exchange for Initial Securities
where such Initial Securities were acquired as a result of market-making
activities or other trading activities. 
The Company has agreed that, for a period of 180 days after the
Expiration Date, it will make this prospectus, as amended or supplemented,
available to any broker-dealer for use in connection with any such resale.  In addition, until                 ,
20[·],  all dealers effecting transactions in the
Exchange Securities may be required to deliver a prospectus.(1)

 

The Company will not receive any proceeds from any sale of Exchange
Securities by broker-dealers.  Exchange
Securities received by broker-dealers for their own account pursuant to the
Exchange Offer may be sold from time to time in one or more transactions in the
over-the-counter market, in negotiated transactions, through the writing of
options on the Exchange Securities or a combination of such methods of resale,
at market prices prevailing at the time of resale, at prices related to such
prevailing market prices or negotiated prices. 
Any such resale may be made directly to purchasers or to or through brokers
or dealers who may receive compensation in the form of commissions or
concessions from any such broker-dealer or the purchasers of any such Exchange
Securities.  Any broker-dealer that
resells Exchange Securities that were received by it for its own account
pursuant to the Exchange Offer and any broker or dealer that participates in a
distribution of such Exchange Securities may be deemed to be an “underwriter”
within the meaning of the Securities Act and any profit on any such resale of
Exchange Securities and any commission or concessions received by any such
persons may be deemed to be underwriting compensation under the Securities
Act.  The Letter of Transmittal states
that, by acknowledging that it will deliver and by delivering a prospectus, a
broker-dealer will not be deemed to admit that it is an “underwriter” within
the meaning of the Securities Act.

 

For a period of 180 days after the Expiration Date the Company will
promptly send additional copies of this Prospectus and any amendment or
supplement to this Prospectus to any broker-dealer that requests such documents
in the Letter of Transmittal.  The
Company has agreed to pay all expenses incident to the Exchange Offer
(including the expenses of one counsel for the Holders of the Securities) other
than commissions or concessions of any brokers or dealers and will indemnify
the Holders of the Securities (including any broker-dealers) against certain
liabilities, including liabilities under the Securities Act.

 

(1) In addition, the legend required by Item 502(e) of
Regulation S-K will appear on the back cover page of the Exchange
Offer prospectus.

 

 

ANNEX D

 

o            CHECK HERE IF YOU ARE A
BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10
COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.

 

Name:  

Address: 

 

 

If the undersigned is not a broker-dealer, the undersigned represents
that it is not engaged in, and does not intend to engage in, a distribution of
Exchange Securities.  If the undersigned
is a broker-dealer that will receive Exchange Securities for its own account in
exchange for Initial Securities that were acquired as a result of market-making
activities or other trading activities, it acknowledges that it will deliver a
prospectus in connection with any resale of such Exchange Securities; however,
by so acknowledging and by delivering a prospectus, the undersigned will not be
deemed to admit that it is an “underwriter” within the meaning of the
Securities Act.Exhibit 4.4

 

Execution Version

	
   

  	
   

  

 

INTERCREDITOR AGREEMENT

 

Among

 

DEUTSCHE BANK TRUST COMPANY AMERICAS, 

together with any successor in such capacity,

as Initial ABL Agent

 

and

 

DEUTSCHE BANK TRUST COMPANY AMERICAS, 

together with any successor in such capacity,

as Senior Secured Notes Collateral Agent

 

Dated as of July 29, 2010

	
   

  	
   

  

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
  Page

  
	
  I. DEFINITIONS

  	
   

  	
  1

  
	
  1.1.

  	
  Defined Terms

  	
   

  	
  1

  
	
  1.2.

  	
  Terms Generally

  	
   

  	
  17

  
	
   

  	
   

  	
   

  	
   

  
	
  II. LIEN PRIORITIES

  	
   

  	
  18

  
	
  2.1.

  	
  Relative Priorities

  	
   

  	
  18

  
	
  2.2.

  	
  Prohibition on Contesting Liens

  	
   

  	
  19

  
	
  2.3.

  	
  No New Liens

  	
   

  	
  19

  
	
  2.4.

  	
  Similar Liens and Agreements

  	
   

  	
  20

  
	
  2.5.

  	
  Effectiveness of Lien Priorities

  	
   

  	
  20

  
	
   

  	
   

  	
   

  	
   

  
	
  III. EXERCISE OF REMEDIES; ENFORCEMENT

  	
   

  	
  20

  
	
  3.1.

  	
  Restrictions on the Senior Secured Notes Agent and the
  Senior Secured Notes Claimholders with respect to ABL Priority Collateral

  	
   

  	
  20

  
	
  3.2.

  	
  Restrictions on the ABL Agent and the ABL Claimholders with
  respect to Senior Secured Notes Priority Collateral

  	
   

  	
  23

  
	
  3.3.

  	
  Collateral Access Rights

  	
   

  	
  26

  
	
  3.4.

  	
  Senior Secured Notes General Intangibles Rights/Access to
  Information

  	
   

  	
  28

  
	
  3.5.

  	
  Set-Off and Tracing of and Priorities in Proceeds

  	
   

  	
  28

  
	
   

  	
   

  	
   

  	
   

  
	
  IV. PAYMENTS

  	
   

  	
  29

  
	
  4.1.

  	
  Application of Proceeds

  	
   

  	
  29

  
	
  4.2.

  	
  Payments Over in Violation of Agreement

  	
   

  	
  30

  
	
  4.3.

  	
  Application of Payments

  	
   

  	
  30

  
	
  4.4.

  	
  Revolving Nature of ABL Obligations

  	
   

  	
  30

  
	
   

  	
   

  	
   

  	
   

  
	
  V. OTHER AGREEMENTS 30

  	
   

  	
   

  
	
  5.1.

  	
  Releases

  	
   

  	
  30

  
	
  5.2.

  	
  Insurance

  	
   

  	
  31

  
	
  5.3.

  	
  Amendments to ABL Loan Documents and Senior Secured Notes
  Documents; Refinancing

  	
   

  	
  32

  
	
  5.4.

  	
  Bailees for Perfection

  	
   

  	
  33

  
	
  5.5.

  	
  When Discharge of ABL Obligations and Discharge of Senior
  Secured Notes Obligations Deemed to Not Have Occurred

  	
   

  	
  34

  
	
   

  	
   

  	
   

  	
   

  
	
  VI. INSOLVENCY OR LIQUIDATION PROCEEDINGS

  	
   

  	
  35

  
	
  6.1.

  	
  Finance and Sale Issues

  	
   

  	
  35

  
	
  6.2.

  	
  Relief from the Automatic Stay

  	
   

  	
  36

  
	
  6.3.

  	
  Adequate Protection

  	
   

  	
  36

  
	
  6.4.

  	
  Avoidance Issues

  	
   

  	
  37

  
	
  6.5.

  	
  Reorganization Securities

  	
   

  	
  37

  
	
  6.6.

  	
  Post-Petition Interest

  	
   

  	
  37

  
	
  6.7.

  	
  Separate Grants of Security and Separate Classification

  	
   

  	
  37

  
	
  6.8.

  	
  Asset Dispositions in an Insolvency or Liquidation
  Proceeding

  	
   

  	
  38

  
	
  6.9.

  	
  Section 1111(b) of the Bankruptcy Code; Sections
  363 and 364 of the Bankruptcy Code

  	
   

  	
  39

  

 

 

	
  VII. RELIANCE; WAIVERS; ETC.

  	
   

  	
  39

  
	
  7.1.

  	
  Reliance

  	
   

  	
  39

  
	
  7.2.

  	
  No Warranties or Liability

  	
   

  	
  39

  
	
  7.3.

  	
  No Waiver of Lien Priorities

  	
   

  	
  40

  
	
  7.4.

  	
  Obligations Unconditional

  	
   

  	
  41

  
	
   

  	
   

  	
   

  	
   

  
	
  VIII. MISCELLANEOUS

  	
   

  	
  41

  
	
  8.1.

  	
  Conflicts

  	
   

  	
  41

  
	
  8.2.

  	
  Effectiveness; Continuing Nature of this Agreement;
  Severability

  	
   

  	
  41

  
	
  8.3.

  	
  Amendments; Waivers

  	
   

  	
  42

  
	
  8.4.

  	
  Information Concerning Financial Condition of the Company
  and its Subsidiaries

  	
   

  	
  42

  
	
  8.5.

  	
  Subrogation

  	
   

  	
  42

  
	
  8.6.

  	
  SUBMISSION TO JURISDICTION; WAIVERS

  	
   

  	
  43

  
	
  8.7.

  	
  Notices

  	
   

  	
  44

  
	
  8.8.

  	
  Further Assurances

  	
   

  	
  44

  
	
  8.9.

  	
  APPLICABLE LAW

  	
   

  	
  44

  
	
  8.10.

  	
  Specific Performance

  	
   

  	
  44

  
	
  8.11.

  	
  Headings

  	
   

  	
  44

  
	
  8.12.

  	
  Counterparts

  	
   

  	
  44

  
	
  8.13.

  	
  Authorization

  	
   

  	
  45

  
	
  8.14.

  	
  No Third Party Beneficiaries

  	
   

  	
  45

  
	
  8.15.

  	
  Provisions Solely to Define Relative Rights

  	
   

  	
  45

  
	
  8.16.

  	
  Marshalling of Assets

  	
   

  	
  45

  
	
  8.17.

  	
  Exclusive Means of Exercising Rights under this Agreement

  	
   

  	
  45

  
	
  8.18.

  	
  Interpretation

  	
   

  	
  45

  
	
  8.19.

  	
  Capacity of Senior Secured Notes Agent

  	
   

  	
  46

  
	
  8.20.

  	
  Rights of Authorized Senior Secured Notes Agent

  	
   

  	
  46

  
	
   

  	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Exhibit A

  	
  —

  	
   

  	
  Form of
  Additional Joinder Agreement

  
						

 

 

Execution Version

 

INTERCREDITOR AGREEMENT

 

This Intercreditor Agreement (as amended, restated,
renewed, extended, supplemented or otherwise modified from time to time, this “Agreement”)
is dated as of July 29, 2010, and entered into by and among DEUTSCHE BANK TRUST COMPANY AMERICAS, in its capacity as
security agent under the ABL Credit Agreement (including its successors and
assigns from time to time in such capacity, the “Initial ABL Agent”),
and DEUTSCHE BANK TRUST COMPANY AMERICAS,
in its capacity as notes priority collateral agent under the Senior Secured
Notes Indenture (including its successors and assigns from time to time in such
capacity, the “Senior Secured Notes Collateral Agent”).  Capitalized terms used in this Agreement have
the meanings assigned to them in Section 1.

 

RECITALS

 

Accuride Corporation, a Delaware corporation (the “Company”),
the other Grantors party thereto from time to time, the ABL Lenders, the
Initial ABL Agent and the other arrangers and agents party thereto have entered
into that certain Credit Agreement, dated as of July 29, 2010 (as amended,
restated, supplemented or modified from time to time, the “Initial ABL
Credit Agreement”);

 

The Company has issued, or will issue, $310,000,000
principal amount of 9.5% senior secured notes due 2018 (the “Initial Senior
Secured Notes”) under an indenture, dated as of July 29, 2010 (as amended,
restated, supplemented or modified from time to time, the “Senior Secured
Notes Indenture”) among the Company, the guarantors party thereto, Wilmington
Trust FSB, in its capacity as trustee, and the Senior Secured Notes Collateral
Agent;

 

The Company may from time to time following the date
hereof issue Additional Pari Passu Senior Secured Notes Obligations to the
extent permitted by the ABL Credit Agreement and the Senior Secured Notes
Indenture;

 

In order to induce the ABL Agent and the ABL Lenders
to consent to the Grantors incurring the Senior Secured Notes Obligations and
granting the Liens to the Senior Secured Notes Agent and in order to induce the
Senior Secured Notes Agent and the Senior Secured Noteholders to consent to the
Grantors incurring the ABL Obligations and granting the Liens to the ABL Agent,
the ABL Agent, for itself and on behalf of each of the ABL Claimholders, and
the Senior Secured Notes Agent, for itself and on behalf of each of the Senior
Secured Notes Claimholders, have agreed to the relative priority of their
respective Liens on the Collateral and certain other rights, priorities and
interests as set forth in this Agreement.

 

AGREEMENT

 

In consideration of the foregoing, the mutual
covenants and obligations herein set forth and for other good and valuable
consideration, the sufficiency and receipt of which are hereby acknowledged,
the parties hereto, intending to be legally bound, hereby agree as follows:

 

I.  DEFINITIONS.

 

1.1.          Defined Terms. 
As used in this Agreement, the following terms shall have the following
meanings:

 

“ABL Administrative Agent” means the “Administrative
Agent” under the Initial ABL Credit Agreement and any successor or other
equivalent agent under any ABL Credit Agreement.

 

 

“ABL Agent” means the Initial ABL Agent and
any successor or other agent under any ABL Credit Agreement.

 

“ABL Claimholders” means, at any relevant
time, the holders of ABL Obligations at that time, including, the ABL Agent,
the ABL Administrative Agent, the ABL Co-Collateral Agents, the ABL Lenders and
any other collateral agent, trustee or other representative of any ABL Lender,
the Cash Management Creditors and the Secured Hedge Agreement Counterparties,
in each case solely in their capacities as such and not in any other capacity
(except to the extent that such ABL Claimholder is acting in such other
capacity for the primary purpose of benefiting its ABL Obligations).

 

“ABL Co-Collateral Agents” means the “Co-Collateral
Agents” under the Initial ABL Credit Agreement and any successor or other
equivalent agent under any ABL Credit Agreement.

 

“ABL Collateral” means all of the assets and
property of any Grantor, whether real, personal or mixed, with respect to which
a Lien is granted as security for any ABL Obligations.

 

“ABL Credit Agreement” means collectively,
(a) the Initial ABL Credit Agreement and (b) any other credit
agreement or credit agreements, one or more debt facilities, and/or commercial
paper facilities, in each case, with banks or other institutional or commercial
lenders providing for revolving credit loans, term loans, receivables financing
(including through the sale of receivables to such lenders or to special purpose
entities formed to borrow from (or sell such receivables to) such lenders
against such receivables), letters of credit, bankers’ acceptances, or other
borrowings, that has been incurred to replace (whether upon or after
termination or otherwise), refinance or refund in whole or in part from time to
time the Obligations outstanding under the Initial ABL Credit Agreement or any
other agreement or instrument referred to in this clause which (I) is
designated to each ABL Agent as an “ABL Credit Agreement” by (x) if the Initial
ABL Credit Agreement is then in effect, the Initial ABL Agent, (y) if the
Initial ABL Credit Agreement is not then in effect but if another ABL Credit
Agreement is then in effect, each ABL Agent, or (z) if no ABL Credit Agreement
is then in effect, the Company, and (II) the ABL Agent for such agreement shall
have executed a supplement to this Agreement agreeing to be bound hereby on the
same terms applicable to the Initial ABL Agent, whether or not such
replacement, refinancing or refunding occurs (i) with the original parties
thereto, (ii) on one or more separate occasions or
(iii) simultaneously or not with the termination or repayment of the
Initial ABL Credit Agreement or any other agreement or instrument referred to
in this clause, unless such agreement or instrument is not a Permitted
Refinancing Agreement.  Any reference to
the ABL Credit Agreement hereunder shall be deemed a reference to any ABL
Credit Agreement then in existence.

 

“ABL Default” means an “Event of Default” as defined
in the ABL Credit Agreement.

 

“ABL Lenders” means the “Lenders” under and
as defined in the ABL Credit Agreement or any other Person which extends credit
under the ABL Credit Agreement in each case solely in their capacities as such
and not in any other capacity.

 

“ABL Loan Documents” means the ABL Credit
Agreement and the “Loan Documents” as defined in the ABL Credit Agreement, the
Secured Cash Management Agreements and the Secured Hedging Agreements, and each
of the other agreements, documents and instruments executed pursuant thereto,
and any other document or instrument executed or delivered at any time in
connection with the ABL Credit Agreement, any Secured Cash Management Agreement
or any Secured Hedging Agreement, including any intercreditor or joinder
agreement among holders of ABL Obligations, to the extent such are effective at
the relevant time, as each may be amended, restated, supplemented, modified,
renewed, extended or Refinanced from time to time in accordance with the
provisions of this Agreement.

 

2

 

“ABL Mortgages” means a collective reference
to each mortgage, deed of trust and other document or instrument under which
any Lien on real property owned or leased by any Grantor is granted to secure
any ABL Obligations or under which rights or remedies with respect to any such
Liens are governed.

 

“ABL Obligations” means all Obligations
outstanding under the ABL Credit Agreement and the other ABL Loan Documents,
including any Secured Hedging Obligations and any Cash Management
Obligations.  “ABL Obligations”
shall include all interest accrued or accruing (or which would, absent
commencement of an Insolvency or Liquidation Proceeding, accrue) after
commencement of an Insolvency or Liquidation Proceeding in accordance with the
rate specified in the relevant ABL Loan Document, Secured Cash Management
Agreement or Secured Hedging Agreement, as the case may be, whether or not the
claim for such interest is allowed as a claim in such Insolvency or Liquidation
Proceeding.

 

“ABL Priority Collateral” means all now-owned
or hereafter acquired ABL Collateral that constitutes:

 

(a)           Accounts
and payment intangibles, other than Accounts that constitute identifiable
Proceeds of Senior Secured Notes Priority Collateral;

 

(b)           Inventory
and Documents for any Inventory;

 

(c)           Investment
Property, but specifically excluding any securities representing Senior Secured
Notes Pledged Collateral or Instruments that constitute identifiable Proceeds
of Senior Secured Notes Priority Collateral;

 

(d)           Commodity
Accounts, Deposit Accounts and Securities Accounts (including all cash, cash
equivalents, Money, checks, Instruments, funds, ACH transfers, wired funds,
Investment Property, and other funds and property held in or on deposit in any
of the foregoing, but excluding any identifiable Proceeds of Senior Secured
Notes Priority Collateral held in any of the foregoing);

 

(e)           General
Intangibles arising in connection with, or otherwise pertaining to, or
derivative of Accounts, Inventory and/or Documents for any Inventory,
Investment Property, Deposit Accounts, or Securities Accounts, but specifically
excluding any uncertificated securities representing Senior Secured Notes
Pledged Collateral;

 

(f)            Letter
of Credit Rights arising out of, or related to, or derivative of any of the
property or interests in property described in this definition;

 

(g)           letters
of credit transferred to the ABL Agent or any ABL Lender, or with respect to
which the Proceeds thereof have been assigned to the ABL Agent or any ABL
Lender, or on which the ABL Agent or any ABL Lender is named as beneficiary, in
each case arising out of, related to, or derivative of the property or
interests described in this definition;

 

(h)           Supporting
Obligations and Commercial Tort Claims, in each case, to the extent arising out
of, or related to, or derivative of the property or interests in property
described in this definition;

 

(i)            all
contracts, contract rights and other General Intangibles (other than any
Intellectual Property and the Senior Secured Notes Pledged Collateral), all
Documents, Chattel Paper, and Instruments (including promissory notes), in each
case, to the extent arising out of, or related to, or 

 

3

 

derivative
of the property or interests in property described in this definition
(including any and all contracts, contract rights and other General Intangibles
providing for or relating to the sale or other Disposition of Inventory);

 

(j)            to
the extent not otherwise described in this definition, all Receivables;

 

(k)           all
books and Records relating to the items referred to in the preceding clauses
(a) through (i) (including all books, databases, data processing software,
customer lists, engineer drawings, and Records, whether tangible or electronic,
which contain any information relating to any of the items referred to in the
preceding clauses (a) through (j));  and

 

(l)            all
collateral security and guarantees with respect to any of the foregoing and,
subject to Section 3.5, all proceeds, products, substitutions,
replacements, accessions, cash, Money, insurance proceeds, Instruments,
Securities, Security Entitlements, Financial Assets and Deposit Accounts
(except Deposit Accounts containing identifiable Senior Secured Notes Priority
Proceeds under clause (j) of the definition of “Senior Secured Notes Priority
Collateral”, but only to the extent of such identifiable Senior Secured Notes
Priority Proceeds) received as proceeds of any of the foregoing, but excluding
identifiable proceeds from Senior Secured Notes Priority Collateral
(collectively, “ABL Priority Proceeds”).

 

For purposes of clarification, and notwithstanding
anything to the contrary set forth in this Agreement, any of the items set
forth in this paragraph that are or become branded, or otherwise produced
through the use or other application of, any Trademarks or other Intellectual
Property, whether pursuant to the exercise of rights pursuant to Section 3.4
or otherwise, shall fully constitute ABL Priority Collateral, and no Proceeds
arising from any Disposition of any such ABL Priority Collateral shall be, or
be deemed to be, attributable to Senior Secured Notes Priority Collateral.

 

“ABL Security Documents” means any agreement,
document or instrument pursuant to which a Lien is granted securing any ABL
Obligations or under which rights or remedies with respect to such Liens are
governed in each case as amended, modified, renewed, replaced, or restated, in
whole or in part.

 

“Access Period” means for each parcel of
Mortgaged Premises, the period, which begins on the earlier of (a) the day
on which the ABL Agent provides the Senior Secured Notes Agent with an
Enforcement Notice and (b) the fifth Business Day (or such earlier date as
agreed by the Senior Secured Notes Agent) after the Senior Secured Notes Agent
provides the ABL Agent with notice that the Senior Secured Notes Agent (or its
agent) has obtained possession or control of such Mortgaged Premises in
connection with an Enforcement and ends on the earlier of (i) the 180th
day after the date (the “Initial Access Date”) when either (A) the ABL
Agent provides the Senior Secured Notes Agent with an Enforcement Notice
regarding a proposed Enforcement to be taken by ABL Agent on such Mortgaged
Premises, or (B) the ABL Agent receives notice from the Senior Secured Notes
Agent that it has been granted, and the ABL Agent initially has actually
obtained, the right (free of any restrictions imposed by Senior Secured Notes
Agent or any Senior Secured Claimholder) to take physical possession of,
remove, or otherwise control physical access to, or actually uses, the ABL
Priority Collateral located on such Mortgaged Premises plus such number of
days, if any, after the Initial Access Date that the ABL Agent is stayed or otherwise
prohibited by law or court order from exercising remedies with respect to ABL
Priority Collateral located on such Mortgaged Premises and (ii) the
Discharge of ABL Obligations.

 

“Account Agreements” means any lockbox
account agreement, pledged account agreement, blocked account agreement,
securities account control agreement, or any similar deposit or 

 

4

 

securities
account agreements among the Senior Secured Notes Agent and/or the ABL Agent,
one or more Grantors and the relevant financial institution depository or
securities intermediary.

 

“Accounts” means all present and future “accounts”
(as defined in Article 9 of the UCC).

 

“Additional Joinder Agreement” shall mean a
joinder agreement in the form of Exhibit B hereto.

 

“Additional Pari Passu Senior Secured Notes Agent”
means the Person appointed to act as trustee, agent or representative for the
holders of Additional Pari Passu Senior Secured Notes Obligations pursuant to
any Additional Pari Passu Senior Secured Notes Agreement.

 

“Additional Pari Passu Senior Secured Notes
Agreement” means the indenture, credit agreement or other agreement under
which any Additional Pari Passu Senior Secured Notes Obligations are incurred.

 

“Additional Pari Passu Senior Secured Notes
Obligations” means Indebtedness of the Grantors issued following the date
of this Agreement to the extent (a) such Indebtedness is designated in
writing to each Agent as “Additional Pari Passu Senior Secured Notes
Obligations” by the Company, (b) such Indebtedness is not prohibited by
the terms of the ABL Credit Agreement, the Senior Secured Notes Indenture, and
each then extant Additional Pari Passu Senior Secured Notes Agreement from
being secured by Liens on the Collateral ranking pari  passu with
the Liens securing the Senior Secured Notes Obligations, (c) the Grantors
have granted Liens, consistent with clause (b), on the Collateral to secure the
obligations in respect of such Indebtedness, and (d) the Additional Pari
Passu Senior Secured Notes Agent, for the holders of such Indebtedness has
entered into an Additional Joinder Agreement on behalf of the applicable Senior
Secured Notes Claimholders providing such Indebtedness acknowledging that such
holders shall be bound by the terms hereof applicable to Senior Secured Notes
Claimholders.

 

“Affiliate” means, with respect to a
specified Person, another Person that directly, or indirectly through one or
more intermediaries, controls or is controlled by or is under common control
with the Person specified.  For purposes
of this definition, a Person shall be deemed to “control” or be “controlled
by” a Person if such Person possesses, directly or indirectly, power to
direct or cause the direction of the management or policies of such Person
whether through ownership of equity interests, by contract or otherwise;
provided that neither any Agent nor any other ABL Claimholder or Senior Secured
Notes Claimholder (nor any Affiliate thereof) shall be considered an Affiliate
of the Company or any of its Subsidiaries.

 

“Agents” means the ABL Agent and the Senior
Secured Notes Agent.

 

“Agreement” has the meaning assigned to that
term in the Preamble to this Agreement.

 

“Authorized Senior Secured Notes Agent”
means, at any time, with respect to any Collateral, the Senior Secured Notes
Agent acting as collateral agent (or any equivalent capacity under the
applicable Senior Secured Notes Security Documents) for the Senior Secured
Notes Claimholders holding the greatest principal amount of Senior Secured
Notes Obligations then outstanding which are secured by such Collateral.

 

“Bankruptcy Code” means Title 11 of the
United States Code entitled “Bankruptcy,” as now and hereafter in effect, or
any successor statute.

 

5

 

“Bankruptcy Law” means the Bankruptcy Code
and any similar federal or state law for the relief of debtors.

 

“Business Day” means any day excluding
Saturday, Sunday and any day that shall be in The City of New York a legal
holiday or a day on which banking institutions are authorized by law or other
governmental actions to close.

 

“Capital Stock” means any and all shares,
interests, participations or other equivalents (however designated) of capital
stock of a corporation, any and all equivalent ownership interests (including,
without limitation, limited liability company interests, partnership interests
and other equity interests) in a Person (other than a corporation) and any and
all warrants, rights or options to purchase any of the foregoing.

 

“Cash Management Creditor” has the meaning
assigned to that term in the ABL Credit Agreement.

 

“Cash Management Obligations” means
(a) all obligations, liabilities, reimbursement obligations, fees, or
expenses owing by any Grantor to any Cash Management Creditor pursuant to or
evidenced by a Secured Cash Management Agreement and irrespective of whether
for the payment of money, whether direct or indirect, absolute or contingent,
due or to become due, now existing or hereafter arising, and (b) all
amounts that the ABL Agent or any ABL Lender is obligated to pay to a Cash
Management Creditor as a result of the ABL Agent or such ABL Lender purchasing
a participation from, or executing guarantees or indemnities or reimbursement
obligations to, a Cash Management Creditor with respect to the Cash Management
Services provided by such Cash Management Creditor to such Grantor.

 

“Cash Management Services” means any one or
more of the following financial products or accommodations extended to any
Grantor by a Cash Management Creditor: (a) credit cards, (b) credit
card processing services, (c) debit cards, (d) store or merchant
value cards, (e) purchase cards (including so-called “procurement cards”
or “P-cards”) or (f) cash management services (including treasury,
depository, overdraft, electronic funds transfer and other cash management
arrangements).

 

“Chattel Paper” means all present and future “chattel
paper” (as defined in Article 9 of the UCC).

 

“Claimholder” means any Senior Secured Notes
Claimholder or ABL Claimholder, as applicable.

 

“Collateral” means any and all of the assets
and property of any Grantor, whether real, personal or mixed, which constitute
ABL Collateral or Senior Secured Notes Collateral.

 

“Commercial Tort Claims” means all present
and future “commercial tort claims” (as defined in Article 9 of the UCC).

 

“Commodity Accounts” means all present and
future “commodity accounts” (as defined in Article 9 of the UCC).

 

“Company” has the meaning assigned to that
term in the Recitals to this Agreement.

 

6

 

“Company Subsidiary” means the subsidiaries
of the Company listed on the signature pages to the Acknowledgment hereof
(together with any subsidiary that delivers an Acknowledgment hereof after the
date hereof).

 

“Computer Software” means all computer
software programs and databases (including, without limitation, source code,
object code and all related applications and data files), firmware, and
documentation and materials relating thereto, and all rights with respect to
the foregoing, together with any and all options, warranties, service
contracts, program services, test rights, maintenance rights, improvement
rights, renewal rights and indemnifications and any substitutions,
replacements, additions or model conversions of any of the foregoing.

 

“Conforming Plan of Reorganization” means any
Plan of Reorganization whose provisions are consistent with the provisions of
this Agreement.

 

“Copyright Licenses” means any written
agreement naming any Grantor as licensor or licensee, granting any right under
any Copyright or copyrights owned by a third party, including, without
limitation, the grant of rights to reproduce, distribute, display, perform,
create derivative works of and otherwise exploit material works protected by
any Copyright.

 

“Copyrights” means each of the following that
is owned by any Grantor: (i) all copyrights arising under the laws of the
United States, any other country or any political subdivision thereof, whether
registered or unregistered and whether published or unpublished, all
registrations and recordings thereof, and all applications in connection
therewith, including, without limitation, all registrations, recordings and
applications in the United States Copyright Office, and (ii) the right to obtain
all renewals thereof.

 

“Deposit Accounts” means all present and
future “deposit accounts” (as defined in Article 9 of the UCC).

 

“DIP Financing” has the meaning assigned to
that term in Section 6.1.

 

“Discharge of ABL Obligations” means, except
to the extent otherwise expressly provided in Section 5.5:

 

(a)           payment
in full in cash of all ABL Obligations (other than (i) Cash Management
Obligations and Secured Hedging Obligations which are not then due and payable,
(ii) undrawn letters of credit and (iii) contingent obligations or
contingent indemnification obligations, except as provided in clauses (c) and
(d) below);

 

(b)           termination
or expiration of all commitments, if any, to extend credit under the ABL Loan
Documents;

 

(c)           termination,
cash collateralization (in an amount and manner reasonably satisfactory to the
ABL Agent, but in no event greater than 105% of the aggregate undrawn face
amount, plus commissions, fees, and expenses) or backstop of all letters of
credit issued under the ABL Credit Agreement in compliance with the terms of
the ABL Credit Agreement; and

 

(d)           cash
collateralization (or support by a letter of credit) for any costs, expenses
and contingent indemnification obligations consisting of ABL Obligations not
yet due and payable but with respect to which a claim has been asserted in
writing under any ABL Loan Documents (in an amount and manner reasonably
satisfactory to the ABL Agent).

 

7

 

“Discharge of Prior Lien Obligations” shall
mean:

 

(a)           with
respect to the ABL Priority Collateral as it relates to the Senior Secured
Notes Claimholders, the Discharge of ABL Obligations; and

 

(b)           with
respect to the Senior Secured Notes Priority Collateral as it relates to the
ABL Claimholders, the Discharge of Senior Secured Notes Obligations.

 

“Discharge of Senior Secured Notes Obligations”
means, except to the extent otherwise expressly provided in Section 5.5,
(x) payment in full in cash of all Senior Secured Notes Obligations (other than
contingent obligations or indemnification obligations, in each case for which
no claim has been asserted) or (y) any discharge or legal defeasance of the
Senior Secured Notes Indenture and each Additional Pari Passu Senior Secured
Notes Agreement in accordance with the express terms thereof.

 

“Disposition” means any sale, lease, license,
exchange, transfer or other disposition of any Collateral.

 

“Documents” means all present and future “documents”
(as defined in Article 9 of the UCC).

 

“Enforcement” means, collectively or
individually for one or more of the ABL Agent or the Senior Secured Notes Agent
any action to enforce or attempt to enforce any right or power to repossess,
replevy, attach, garnish, levy upon, collect the Proceeds of, foreclose or
realize in any manner whatsoever its Lien upon, sell, liquidate or otherwise
dispose of, or otherwise restrict or interfere with the use of, or exercise any
remedies with respect to, any Collateral, whether by judicial enforcement of
any of the rights and remedies under the ABL Loan Documents, the Senior Secured
Notes Documents and/or under any applicable law, by self-help repossession, by
non-judicial foreclosure sale, lease, or other disposition, by set-off, by
notification to account obligors of any Grantor, by any sale, lease, or other
disposition implemented by any Grantor at the direction of the ABL Agent or the
Senior Secured Notes Agent, or otherwise, but in all cases excluding
(i) the establishment of borrowing base and/or availability reserves,
collateral, Accounts or Inventory ineligibles, or other conditions for
advances, (ii) the changing of advance rates or advance sub-limits,
(iii) the imposition of a default rate or late fee, (iv) the
collection and application (including pursuant to “cash dominion” provisions)
of Accounts or other monies deposited from time to time in Commodity Accounts,
Deposit Accounts or Securities Accounts, in each case, against the ABL
Obligations pursuant to the provisions of the ABL Loan Documents (including the
notification of account debtors, depositary institutions or any other Person to
deliver proceeds of Collateral to the ABL Agent), (v) the cessation of
lending pursuant to the provisions of the ABL Loan Documents, including upon
the occurrence of a default on the existence of an over-advance, (vi) the
filing of a proof of claim in any Insolvency or Liquidation Proceeding,
(vii) the consent by the ABL Agent to disposition by any Grantor of any of
the ABL Priority Collateral or the consent by the Senior Secured Notes Agent to
disposition by any Grantor of any of the Senior Secured Notes Priority
Collateral, and (viii) the acceleration of the Senior Secured Notes
Obligations or the ABL Obligations.

 

“Enforcement Notice” means a written notice
delivered, at a time when an ABL Default or Senior Secured Notes Default has
occurred and is continuing, by either the ABL Agent or the Senior Secured Notes
Agent to the other announcing that such party intends to commence Enforcement
against the ABL Priority Collateral or the Senior Secured Notes Priority
Collateral respectively and specifying the relevant event of default.

 

8

 

“Equipment” means, as to each Grantor, all of
such Grantor’s now owned and hereafter acquired equipment, as defined in Article 9
of the UCC, wherever located.

 

“Financial Assets” means all present and
future “financial assets” (as defined in Article 9 of the UCC).

 

“General Intangibles” means all present and
future “general intangibles” (as defined in Article 9 of the UCC), but excluding
(a) Hedge Agreements and (b) Intellectual Property and any rights
thereunder.

 

“Governmental Authority” means any federal,
state, municipal, national or other government, governmental department,
commission, board, bureau, court, agency or instrumentality or political
subdivision thereof or any entity or officer exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to any
government or any court, in each case whether associated with a state of the United
States, the United States, or a foreign entity or government.

 

“Grantors” means the Company, each Company
Subsidiary and each other Person that has executed and delivered (or may from
time to time hereafter execute and deliver) an ABL Security Document or a
Senior Secured Notes Security Document, as a grantor of a security interest (or
the equivalent thereof).

 

“Hedge Agreements” shall mean interest rate
swap, cap or collar agreements, interest rate future or option contracts,
currency swap agreements, currency future or option contracts, commodity price
protection agreements or other commodity price hedging agreements, and other
similar agreements entered into by any Grantor in the ordinary course of
business (and not for speculative purposes) in order to protect such Grantor
against fluctuations in interest rates, currency exchange rates or commodity
prices.

 

“Indebtedness” means and includes:

 

(a)           all
“Debt” or any similar term within the meaning of the ABL Credit Agreement; and

 

(b)           all
“Indebtedness” or any similar term within the meaning of the Senior Secured
Notes Indenture or any Additional Pari Passu Senior Secured Notes Agreement, as
applicable.

 

“Initial ABL Agent” has the meaning assigned
to that term in the Preamble to this Agreement.

 

“Initial ABL Credit Agreement” has the
meaning assigned to that term in the Recitals to this Agreement.

 

“Initial Access Date” has the meaning
assigned to that term in the definition of the term “Access Period.”

 

“Initial Senior Secured Notes” has the
meaning assigned to that term in the Recitals to this Agreement.

 

“Initial Use Date” has the meaning assigned
to that term in the definition of the term “Use Period.”

 

9

 

“Insolvency or Liquidation Proceeding” means:

 

(a)           any
voluntary or involuntary case or proceeding under the Bankruptcy Code with
respect to any Grantor;

 

(b)           any
other voluntary or involuntary insolvency, reorganization or bankruptcy case or
proceeding, or any receivership, liquidation, reorganization or other similar
case or proceeding with respect to any Grantor or with respect to a material
portion of their respective assets;

 

(c)           any
composition of liabilities or similar arrangement relating to any Grantor,
whether or not under a court’s jurisdiction or supervision;

 

(d)           any
liquidation, dissolution, reorganization or winding up of any Grantor, whether
voluntary or involuntary, whether or not under a court’s jurisdiction or
supervision, and whether or not involving insolvency or bankruptcy; or

 

(e)           any
general assignment for the benefit of creditors or any other marshalling of
assets and liabilities of any Grantor.

 

“Instruments” means all present and future “instruments”
(as defined in Article 9 of the UCC).

 

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

 

“Inventory” means as to each Grantor, all of
such Grantor’s now owned and hereafter existing or acquired inventory, as
defined in Article 9 of the UCC, wherever located.

 

“Investment Property” means all present and
future “investment property” (as defined in Article 9 of the UCC),
including, all Capital Stock of Subsidiaries of the Grantors.

 

“Letter of Credit Rights” means all present
and future “letter of credit rights” (as defined in Article 9 of the UCC).

 

“Lien” means, with respect to any asset, any
mortgage, pledge, assignment, deposit arrangement, encumbrance, lien (statutory
or other), charge or other security interest or any other security agreement or
arrangement (including any conditional sale or other title retention agreement
and any capital lease having substantially the same economic effect as any of
the foregoing).

 

“Money” means all present and future “money”
(as defined in Article 9 of the UCC).

 

“Mortgaged Premises” means any real property
which shall now or hereafter be subject to a Senior Secured Notes Mortgage
and/or an ABL Mortgage.

 

“New Agent” has the meaning assigned to that
term in Section 5.5.

 

10

 

“New Debt Notice” has the meaning assigned to
that term in Section 5.5.

 

“Non-Conforming Plan of Reorganization” means
any Plan of Reorganization whose provisions are inconsistent with the
provisions of this Agreement, including any plan of reorganization that
purports to re-order (whether by subordination, invalidation, or otherwise) or
otherwise disregard, in whole or part, the provisions of Article II
(including the Lien priorities of Section 2.1), the provisions of Article IV,
or the provisions of Article VI.

 

“Obligations” means all present and future
loans, advances, liabilities, obligations, covenants, duties, and debts from
time to time owing by any Grantor to any agent or trustee (including any
Agent), the ABL Claimholders, the Senior Secured Notes Claimholders or any of
them or their respective Affiliates, arising from or in connection with the ABL
Loan Documents or the Senior Secured Notes Documents, whether for principal,
interest or payments for early termination, whether or not evidenced by any
note, or other instrument or document, whether arising from an extension of
credit, opening of a letter of credit, acceptance, loan, guaranty,
indemnification or otherwise, whether direct or indirect, absolute or
contingent, due or to become due, primary or secondary, as principal or
guarantor, and including all principal, interest, charges, expenses, fees,
attorneys’ fees, filing fees and any other sums chargeable to the Grantors,
including the “Obligations” as defined in the ABL Credit Agreement and any corresponding
term used in the Senior Secured Notes Indenture.

 

“Patent Licenses” means all agreements,
whether written or oral, providing for the grant by or to any Grantor of any
right to manufacture, use or sell any invention covered in whole or in part by
a Patent or patents owned by a third party.

 

“Patents” means each of the following that is
owned by any Grantor: (i) all letters patent of the United States, any
other country or any political subdivision thereof, all reissues and extensions
thereof and all goodwill associated therewith, (ii) all applications for
letters patent of the United States or any other country and all divisions,
continuations and continuations-in-part thereof and (iii) all rights to
obtain any reissues or extensions of the foregoing.

 

“Permitted Refinancing” means any Refinancing
the governing documentation of which constitutes Permitted Refinancing
Agreements.

 

“Permitted Refinancing Agreements” means,
with respect to either the ABL Credit Agreement, the Senior Secured Notes, or
any Additional Pari Passu Senior Secured Notes Obligations, as applicable, any
credit agreement, loan agreement, note agreement, promissory note, indenture or
other agreement or instrument evidencing or governing the terms of any
indebtedness or other financial accommodation that has been incurred to
replace, (whether upon or after termination or otherwise) refinance or refund
in whole or in part the Obligations outstanding under the ABL Credit Agreement,
the Senior Secured Notes, or any Additional Pari Passu Senior Secured Notes
Obligations, whether or not such replacement, refinancing or refunding occurs
(i) with the original parties thereto, (ii) on one or more separate
occasions or (iii) simultaneously or not with the termination or repayment
of the ABL Credit Agreement, the Senior Secured Notes or any Additional Pari
Passu Senior Secured Notes Obligations or any other agreement or instrument
referred to in this clause, unless such agreement or instrument expressly
provides that it is not intended to be and is not a Permitted Refinancing
Agreement, as such financing documentation may be amended, restated,
supplemented or otherwise modified from time to time and that is not prohibited
by Section 5.3(c), Section 5.3(d), Section 5.3(e) or
Section 5.3(f), as applicable.

 

“Person” means any natural person,
corporation, limited liability company, trust, joint venture, association,
company, partnership, Governmental Authority or other entity.

 

11

 

“Plan of Reorganization” means any plan of
reorganization, plan of liquidation, agreement for composition, or other type
of plan of arrangement proposed in or in connection with any Insolvency or
Liquidation Proceeding.

 

“Pledged Collateral” has the meaning set
forth in Section 5.4(a).

 

“Prior Lien Agent” shall mean:

 

(a)           as
it relates to the ABL Agent and the ABL Claimholders with respect to all
matters relating to the Senior Secured Notes Priority Collateral (but not the
ABL Priority Collateral) prior to the Discharge of Senior Secured Notes
Obligations, the Senior Secured Notes Agent; and

 

(b)           as
it relates to the Senior Secured Notes Agent and the Senior Secured Notes
Claimholders with respect to all matters relating to the ABL Priority
Collateral (but not the Senior Secured Notes Priority Collateral) prior to the
Discharge of ABL Obligations, the ABL Agent.

 

“Prior Lien Claimholders” shall mean:

 

(a)           as
it relates to the ABL Claimholders with respect to all matters relating to the
Senior Secured Notes Priority Collateral (but not the ABL Priority Collateral)
prior to the Discharge of Senior Secured Notes Obligations, the Senior Secured
Notes Claimholders; and

 

(b)           as
it relates to the Senior Secured Notes Claimholders with respect to all matters
relating to the ABL Priority Collateral (but not the Senior Secured Notes
Priority Collateral) prior to the Discharge of ABL Obligations, the ABL
Claimholders.

 

“Prior Lien Collateral” shall mean with
respect to any Person, all Collateral with respect to which (and only for so long
as) such Person is a “Prior Lien Claimholder” as provided in the definition
thereof.

 

“Prior Lien Documents” shall mean:

 

(a)           as
it relates to the ABL Claimholders with respect to all matters relating to the
Senior Secured Notes Priority Collateral (but not the ABL Priority Collateral)
prior to the Discharge of Senior Secured Notes Obligations, the Senior Secured
Notes Documents; and

 

(b)           as
it relates to the Senior Secured Notes Claimholders with respect to all matters
relating to the ABL Priority Collateral (but not the Senior Secured Notes
Priority Collateral) prior to the Discharge of ABL Obligations, the ABL Loan
Documents.

 

“Prior Lien Obligations” shall mean:

 

(a)           as
it relates to the ABL Obligations with respect to all matters relating to the
Senior Secured Notes Priority Collateral (but not the ABL Priority Collateral)
prior to the Discharge of Senior Secured Notes Obligations, the Senior Secured
Notes Obligations; and

 

(b)           as
it relates to the Senior Secured Notes Obligations with respect to all matters
relating to the ABL Priority Collateral (but not the Senior Secured Notes
Priority Collateral) prior to the Discharge of ABL Obligations, the ABL
Obligations.

 

12

 

“Proceeds” means all “proceeds” (as defined
in Article 9 of the UCC) and, in any event, shall include, without
limitation, all dividends or other income from the Investment Property,
collections thereon or distributions or payments with respect thereto and any
payment or property received on account of any claim secured by Collateral in
any Insolvency or Liquidation Proceeding.

 

“Real Estate Asset” means, at any time of
determination, Collateral consisting of any interest (fee, leasehold or
otherwise) then owned by the Company or any Grantor in any real property.

 

“Receivables” means all of the following now
owned or hereafter arising or acquired property of any Grantor:  (a) all Accounts; (b) all amounts
at any time payable to any Grantor in respect of the sale or other disposition
by any Grantor of any Account; (c) all interest, fees, late charges,
penalties, collection fees and other amounts due or to become due or otherwise
payable in connection with any Account; (d) all payment intangibles of
each Grantor and other contact rights, chattel paper, instruments, notes, and
other forms of obligations owing to any Grantor, in each case arising from the
sale and lease of Inventory, licensing of Inventory or the rendition of
services or otherwise directly related to any Accounts or Inventory of a
Grantor (including, without limitation, choses in action, causes of action, or
other rights and claims against carriers and shippers, rights to
indemnification, and identifiable ABL Priority Proceeds thereof, casualty or
any similar types of insurance, in each case relating to ABL Priority
Collateral and identifiable ABL Priority Proceeds thereof).

 

“Records” means all present and future “records”
(as defined in Article 9 of the UCC).

 

“Recovery” has the meaning set forth in Section 6.4.

 

“Refinance” means, in respect of any
Indebtedness, to refinance, extend, renew, defease, amend, modify, supplement,
restructure, replace, refund or repay, or to issue other indebtedness, in
exchange or replacement for, such Indebtedness, in any case in whole or in
part.  “Refinanced” and “Refinancing”
shall have correlative meanings.

 

“Secured Cash Management Agreement” has the
meaning assigned to that term in the ABL Credit Agreement.

 

“Secured Cash Management Agreements” means
those agreements entered into from time to time by any Grantor with a Cash
Management Creditor in connection with the obtaining of any of the Cash
Management Services.

 

“Secured Hedge Agreement Counterparty” has
the meaning assigned to that term in the ABL Credit Agreement.

 

“Secured Hedging Agreement” means any Hedge
Agreement entered into by a Secured Hedge Agreement Counterparty.

 

“Securities Accounts” means all present and
future “securities accounts” (as defined in Article 8 of the UCC),
including all monies, “uncertificated securities,” and “securities entitlements”
(as defined in Article 8 of the UCC) contained therein.

 

“Security” means all present and future “Securities”
(as defined in Article 9 of the UCC).

 

“Security Entitlements” means all present and
future “security entitlements” (as defined in Article 9 of the UCC).

 

13

 

“Senior Secured Noteholders” means the “Holders”
as defined in the Senior Secured Notes Indenture and any holders of Additional
Pari Passu Senior Secured Notes Obligations in each case solely in their
capacities as such and not in any other capacity (except to the extent that
such Senior Secured Noteholder is acting in such other capacity for the primary
purpose of benefiting its Senior Secured Notes Obligations).

 

“Senior Secured Notes” means, collectively,
(a) the Initial Senior Secured Notes and (b) any other credit
agreement, loan agreement, note agreement, promissory note, indenture or other
agreement or instrument evidencing or governing the terms of any indebtedness
or other financial accommodation (other than ABL Obligations) that has been
incurred to replace, refinance or refund in whole or in part the Obligations
outstanding under the Initial Senior Secured Notes or any other agreement or
instrument referred to in this clause which (I) is designated as “Senior
Secured Notes” by (x) so long as the Senior Secured Notes Indenture or any
Additional Pari Passu Senior Secured Notes Agreement is in effect, the Senior
Secured Notes Agent  or
(y) otherwise, the Company, and (II) the Senior Secured Notes Agent
for such agreement shall have executed a supplement to this Agreement agreeing
to be bound hereby on the same terms applicable to the Initial Senior Secured
Notes Agent whether or not such replacement, refinancing or refunding occurs
(i) with the original parties thereto, (ii) on one or more separate
occasions or (iii) simultaneously or not with the termination or repayment
of the Initial Senior Secured Notes, unless such agreement or instrument is not
a Permitted Refinancing Agreement.  Any
reference to the Senior Secured Notes hereunder shall be deemed a reference to
any Senior Secured Notes then in existence.

 

“Senior Secured Notes Agent” means
(i) the Senior Secured Notes Collateral Agent, including its successors
and assigns from time to time, for so long as any Initial Senior Secured Notes
are outstanding and (ii) thereafter, any Additional Pari Passu Senior
Secured Notes Agent.

 

“Senior Secured Notes Claimholders” means, at
any relevant time, the holders of Senior Secured Notes Obligations at that
time, including the Senior Secured Noteholders, the Senior Secured Notes Agent
and each Additional Pari Passu Senior Secured Notes Agent in each case solely
in their capacities as such and not in any other capacity (except to the extent
that such Senior Secured Notes Claimholder is acting in such other capacity for
the primary purpose of benefiting its Senior Secured Notes Obligations).

 

“Senior Secured Notes Collateral” means any
and all of the assets and property of any Grantor, whether real, personal or
mixed, with respect to which a Lien is granted as security for any Senior
Secured Notes Obligations.

 

“Senior Secured Notes Collateral Agent” has
the meaning assigned to that term in the Preamble to this Agreement.

 

“Senior Secured Notes Default” means an “Event
of Default” as defined in the Senior Secured Notes Indenture or in any
Additional Pari Passu Senior Secured Notes Agreement.

 

“Senior Secured Notes Documents” means the
Senior Secured Notes Indenture, the Senior Secured Notes, each Additional Pari Passu
Senior Secured Notes Agreement, the Senior Secured Notes Security Documents and
each of the other agreements, documents and instruments executed pursuant
thereto, and any other document or instrument executed or delivered at any time
in connection with any Senior Secured Notes Obligations, including any
intercreditor or joinder agreement among holders of Senior Secured Notes
Obligations to the extent such are effective at the relevant time, as each may
be amended, restated, supplemented, modified, renewed, extended or Refinanced
from time to time in accordance with the provisions of this Agreement.

 

14

 

“Senior Secured Notes General Intangibles”
means all General Intangibles, including Intellectual Property, which are not
ABL Priority Collateral.

 

“Senior Secured Notes Indenture” has the
meaning assigned to that term in the Recitals to this Agreement.

 

“Senior Secured Notes Mortgages” means a
collective reference to each mortgage, deed of trust and any other document or
instrument under which any Lien on real property owned or leased by any Grantor
is granted to secure any Senior Secured Notes Obligations or under which rights
or remedies with respect to any such Liens are governed.

 

“Senior Secured Notes Obligations” means all
Obligations outstanding under the Senior Secured Notes and the other Senior
Secured Notes Documents, and all Additional Pari Passu Senior Secured Notes
Obligations.  “Senior Secured Notes
Obligations” shall include all interest accrued or accruing (or which
would, absent commencement of an Insolvency or Liquidation Proceeding, accrue)
after commencement of an Insolvency or Liquidation Proceeding in accordance
with the rate specified in the relevant Senior Secured Notes Document, whether
or not the claim for such interest is allowed as a claim in such Insolvency or
Liquidation Proceeding.

 

“Senior Secured Notes Pledged Collateral”
means any Collateral consisting of (a) the Capital Stock of each
Subsidiary of the Company or (b) Capital Stock owned by any Grantor in any
joint venture, partnership or similar non-publicly owned Person that is not a
Subsidiary of a Grantor.

 

“Senior Secured Notes Priority Collateral”
means all now owned or hereafter acquired Senior Secured Notes Collateral that
constitutes:

 

(a)           Equipment;

 

(b)           Real
Estate Assets;

 

(c)           Senior
Secured Notes General Intangibles;

 

(d)           Senior
Secured Notes Pledged Collateral;

 

(e)           Documents
related to Equipment;

 

(f)            Letter
of Credit Rights arising out of, or related to, or derivative of any of the
property or interests in property described in this definition;

 

(g)           Supporting
Obligations and Commercial Tort Claims, in each case, to the extent arising out
of, or related to, or derivative of, the property or interests described in
this definition;

 

(h)           all
other Collateral other than ABL Priority Collateral; and

 

(i)            all
collateral security and guarantees with respect to any of the foregoing and,
subject to Section 3.5, all proceeds, products, substitutions,
replacements, accessions, cash, Money, insurance proceeds, Instruments,
Securities, Security Entitlements, Financial Assets and Deposit Accounts
received as proceeds of any of the foregoing, but excluding proceeds of ABL
Priority Collateral (collectively, “Senior Secured Notes Priority Proceeds”).

 

15

 

“Senior Secured Notes Security Documents”
means any agreement, document or instrument pursuant to which a Lien is granted
securing any Senior Secured Notes Obligations or under which rights or remedies
with respect to such Liens are governed.

 

“Subordinated Lien Agent” shall mean:

 

(a)           with
respect to all matters relating to the ABL Priority Collateral (but not the
Senior Secured Notes Priority Collateral) prior to the Discharge of ABL
Obligations, the Senior Secured Notes Agent; and

 

(b)           with
respect to all matters relating to the Senior Secured Notes Priority Collateral
(but not the ABL Priority Collateral) prior to the Discharge of Senior Secured
Notes Obligations, the ABL Agent.

 

“Subordinated Lien Claimholders” shall mean:

 

(a)           with
respect to all matters relating to the ABL Priority Collateral (but not the
Senior Secured Notes Priority Collateral) prior to the Discharge of ABL
Obligations, the Senior Secured Notes Claimholders; and

 

(b)           with
respect to all matters relating to the Senior Secured Notes Priority Collateral
(but not the ABL Priority Collateral) prior to the Discharge of Senior Secured
Notes Obligations, the ABL Claimholders.

 

“Subordinated Lien Collateral” shall mean
with respect to any Person, all Collateral with respect to which (and only for
so long as) such Person is a “Subordinated Lien Claimholder” as provided in the
definition thereof.

 

“Subordinated Lien Documents” shall mean:

 

(a)           with
respect to all matters relating to the ABL Priority Collateral (but not the
Senior Secured Notes Priority Collateral) prior to the Discharge of ABL
Obligations, the Senior Secured Notes Documents; and

 

(b)           with
respect to all matters relating to the Senior Secured Notes Priority Collateral
(but not the ABL Priority Collateral) prior to the Discharge of Senior Secured
Notes Obligations, the ABL Loan Documents.

 

“Subordinated Lien Obligations” shall mean:

 

(a)           with
respect to all matters relating to the ABL Priority Collateral (but not the
Senior Secured Notes Priority Collateral) prior to the Discharge of ABL
Obligations, the Senior Secured Notes Obligations; and

 

(b)           with
respect to all matters relating to the Senior Secured Notes Priority Collateral
(but not the ABL Priority Collateral) prior to the Discharge of Senior Secured
Notes Obligations, the ABL Obligations.

 

“Subsidiary” means, with respect to any
Person, any corporation, partnership, limited liability company, association,
joint venture or other business entity of which more than 50% of the total
voting power of shares of stock or other ownership interests entitled (without
regard to the occurrence of 

 

16

 

any
contingency) to vote in the election of the Person or Persons (whether
directors, managers, trustees or other Persons performing similar functions)
having the power to direct or cause the direction of the management and
policies thereof is at the time owned or controlled, directly or indirectly, by
that Person or one or more of the other Subsidiaries of that Person or a
combination thereof.

 

“Supporting Obligations” means all present
and future “supporting obligations” (as defined in Article 9 of the UCC).

 

“Trade Secrets” means all confidential and
proprietary information, including, without limitation, know-how, trade
secrets, manufacturing and production processes and techniques, inventions,
research and development information, technical data, financial, marketing and
business data, pricing and cost information, business and marketing plans, and
customer and supplier lists and information.

 

“Trademark License” means any agreement,
whether written or oral, providing for the grant by or to any Grantor of any
right to use any Trademark or trademarks owned by a third party.

 

“Trademarks”
means each of the following that is owned by any Grantor: (i) all
trademarks, trade names, trade dress, corporate names, company names, business
names, fictitious business names, trade styles, service marks, logos and other
source or business identifiers, and all goodwill associated therewith, now
existing or hereafter adopted or acquired, all registrations and recordings
thereof, and all applications in connection therewith, whether in the U.S. PTO
or in any similar office or agency of the United States, any State thereof or
any other country or any political subdivision thereof, or otherwise, and all
common-law rights related thereto and (ii) the right to obtain all
renewals thereof.

 

“UCC” means the Uniform Commercial Code (or
any similar equivalent legislation) as in effect from time to time in the State
of New York; provided, however, that, at any time, if by reason
of mandatory provisions of law, any or all of the perfection or priority of the
Agents’ security interest in any item or portion of the Collateral is governed
by the Uniform Commercial Code as in effect in a jurisdiction other that the
State of New York, the term “UCC” shall mean the Uniform Commercial Code as in
effect, at such time, in such other jurisdiction for purposes of the provisions
hereof relating to such perfection or priority and for purposes of definitions
relating to such provisions.

 

“Use Period” means the period, with respect
to any Senior Secured Notes Priority Collateral, which begins on the earlier of
(a) the day on which the ABL Agent provides the Senior Secured Notes Agent
with an Enforcement Notice and (b) the fifth Business Day after the Senior
Secured Notes Agent provides the ABL Agent with notice that the Senior Secured Notes
Agent (or its agent) has obtained possession or control of such Collateral and
ends on the earlier of (i) the 180th day after the date (the “Initial
Use Date”) when either (A) the ABL Agent provides the Senior Secured
Notes Agent with an Enforcement Notice regarding a proposed Enforcement to be
taken by ABL Agent which would involve the use of such Senior Secured Notes
Priority Collateral, or (B) the ABL Agent receives notice from the Senior
Secured Notes Agent that it has been granted, and the ABL Agent initially has
actually obtained, the right (free of any restrictions imposed by Senior
Secured Notes Agent or any Senior Secured Claimholder) to take physical
possession of, remove, or otherwise control physical access to, or actually
uses, such Senior Secured Notes Priority Collateral, plus such number of days,
if any, after the Initial Use Date that the ABL Agent is stayed or otherwise
prohibited by law or court order from exercising remedies with respect to any
such Senior Secured Notes Priority Collateral and (ii) the Discharge of
ABL Obligations.

 

1.2.          Terms Generally. 
The definitions of terms in this Agreement shall apply equally to the
singular and plural forms of the terms defined. 
Whenever the context may require, any pronoun 

 

17

 

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 word “will” shall be
construed to have the same meaning and effect as the word “shall.” The word “or”
shall be construed to have, except where otherwise indicated, the inclusive
meaning represented by the phrase “and/or.” 
Unless the context requires otherwise:

 

(a)           any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such
agreement, instrument or other document as from time to time amended, restated,
supplemented, modified, renewed or extended to the extent not prohibited by the
terms of this Agreement;

 

(b)           any reference herein to any Person shall be construed to
include such Person’s permitted successors and assigns;

 

(c)           the words “herein,” “hereof” and “hereunder,” and words of
similar import, shall be construed to refer to this Agreement in its entirety
and not to any particular provision hereof;

 

(d)           all references herein to Sections or Articles shall be
construed to refer to Sections or Articles of this Agreement;

 

(e)           all uncapitalized terms have the meanings, if any, given
to them in the UCC, as now or hereafter enacted in the State of New York
(unless otherwise specifically defined herein);

 

(f)            the words “asset” and “property” shall be construed to
have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract
rights;

 

(g)           any reference herein to a Person in a particular capacity
or capacities excludes such Person in any other capacity or individually;

 

(h)           any reference herein to any law shall be construed to
refer to such law as amended, modified, codified, replaced, or re-enacted, in
whole or in part, and in effect on the pertinent date;

 

(i)            in the compilation of periods of time hereunder from a
specified date to a later specified date, the word “from” means “from and
including” and the words “to” and “until” each means “to, but not through”; and

 

(j)            any definition of or reference to the ABL Obligations, or
the Senior Secured Notes Obligations herein shall be construed as referring to
the ABL Obligations, or the Senior Secured Notes Obligations (as applicable)
from time to time amended, restated, supplemented, modified, renewed, extended,
Refinanced, refunded, or replaced in accordance with the terms hereof.

 

II.  LIEN PRIORITIES.

 

2.1.          Relative Priorities. 
Irrespective of the date, time, method, manner or order of grant,
attachment or perfection of any Liens securing the ABL Obligations or the
Senior Secured Notes Obligations (including, in each case, irrespective of
whether any such Lien is granted (or secures Obligations relating to the
period) before or after the commencement of any Insolvency or Liquidation
Proceeding) and notwithstanding any provision of any UCC, or any other
applicable law, or the ABL Loan Documents or the Senior Secured Notes Documents
or any defect or deficiencies in, or failure to 

 

18

 

attach or perfect, the Liens securing the ABL
Obligations or the Senior Secured Notes Obligations or any other circumstance
whatsoever, the ABL Agent, on behalf of each of the ABL Claimholders, and the
Senior Secured Notes Agent, on behalf of each of the Senior Secured Notes
Claimholders, each hereby agrees that:

 

(a)           any Lien of the ABL Agent on the ABL Priority Collateral securing
ABL Obligations, whether such Lien is now or hereafter held by or on behalf of,
or created for the benefit of, the ABL Agent or any other ABL Claimholder or
any other agent or trustee therefor, regardless of how or when acquired,
whether by grant, possession, statute, operation of law, subrogation or
otherwise, shall be senior in all respects and prior to any Lien on the ABL
Priority Collateral securing any Senior Secured Notes Obligations; and

 

(b)           any Lien of the Senior Secured Notes Agent on the Senior
Secured Notes Priority Collateral securing Senior Secured Notes Obligations,
whether such Lien is now or hereafter held by or on behalf of, or created for
the benefit of, the Senior Secured Notes Agent, any other Senior Secured Notes
Claimholder or any other agent or trustee therefor, regardless of how or when
acquired, whether by grant, possession, statute, operation of law, subrogation
or otherwise, shall be senior in all respects to all Liens on the Senior
Secured Notes Priority Collateral securing any ABL Obligations.

 

The priority and subordination provisions set forth in clauses (a) and
(b) above with respect to the Liens on the Collateral securing all or any
portion of the ABL Priority Collateral or Senior Secured Notes Priority
Collateral are intended to be effective whether or not such Liens are
subordinated to any Lien securing any other obligation of any Grantor or any
other Person.

 

2.2.          Prohibition on Contesting Liens.  Each of the Senior Secured Notes Agent, on
behalf of each Senior Secured Notes Claimholder, and the ABL Agent, on behalf
of each ABL Claimholder, consents to the granting of Liens in favor of the
other Agents to secure the ABL Obligations and the Senior Secured Notes
Obligations, as applicable, and agrees that no Claimholder will be entitled to,
and it will not (and shall be deemed to have irrevocably, absolutely, and
unconditionally waived any right to), contest (directly or indirectly) or
support (directly or indirectly) any other Person in contesting, in any
proceeding (including any Insolvency or Liquidation Proceeding): (a) the
attachment, perfection, priority, validity or enforceability of any Lien in the
Collateral held by or on behalf of any of the ABL Claimholders to secure the
payment of the ABL Obligations or any of the Senior Secured Notes Claimholders
to secure the payment of the Senior Secured Notes Obligations, (b) the
priority, validity or enforceability of the ABL Obligations or the Senior
Secured Notes Obligations, including the allowability or priority of the ABL
Obligations or the Senior Secured Notes Obligations, as applicable, in any
Insolvency or Liquidation Proceeding, or (c) the validity or
enforceability of, or the priorities, rights or duties established by, the
provisions of this Agreement; provided that nothing in this Agreement
shall be construed to prevent or impair the rights of the ABL Agent, on behalf
of the ABL Claimholders, or the Senior Secured Notes Agent, on behalf of the
Senior Secured Notes Claimholders, including the provisions of this Agreement
relating to the priority of the Liens securing the Obligations as provided in Sections
2.1, 3.1, 3.2 and 6.1.

 

2.3.          No New Liens. 
During the term of this Agreement, whether or not any Insolvency or
Liquidation Proceeding has been commenced by or against one or more of the
Company or any other Grantor, the parties hereto agree, subject to Article VI,
that the Company shall not, and shall not permit any other Grantor to:

 

(a)           grant or permit any additional Liens on any asset or
property (that does not otherwise constitute Senior Secured Notes Collateral)
to secure any Senior Secured Notes Obligations unless it takes all reasonable
action that is within its control to grant a Lien on such asset or property to 

 

19

 

the ABL Agent to secure the ABL Obligations on or
before the time of the grant of a Lien thereon to secure such Senior Secured
Notes Obligations;

 

(b)           grant or permit any additional Liens on any asset or
property (that does not otherwise constitute ABL Collateral) to secure any ABL
Obligations unless it takes all reasonable action that is within its control to
grant a Lien on such asset or property to the Senior Secured Notes Agent to
secure the Senior Secured Notes Obligations on or before the time of the grant
of Liens thereon to secure such ABL Obligations.

 

To
the extent any additional Liens are granted on any asset or property in
contravention of this Section 2.3 for any reason, without limiting any
other rights and remedies available hereunder, the ABL Agent, on behalf of the
ABL Claimholders, and the Senior Secured Notes Agent, on behalf of the Senior
Secured Notes Claimholders, agree that any amounts received by or distributed
to any of them pursuant to or as a result of Liens granted in contravention of
this Section 2.3 shall be subject to Section 4.2.

 

2.4.          Similar Liens and Agreements.  The parties hereto agree that it is their
intention that the ABL Collateral and the Senior Secured Notes Collateral be
identical except as provided in Article VI and as otherwise
expressly provided herein.  In
furtherance of the foregoing and of Section 8.8, the parties hereto
agree, subject to the other provisions of this Agreement, upon request by the
ABL Agent or the Senior Secured Notes Agent, to cooperate in good faith (and to
direct their counsel to cooperate in good faith) from time to time in order to
determine the specific items included in the ABL Collateral and the Senior
Secured Notes Collateral and the steps taken to perfect their respective Liens
thereon and the identity of the respective parties obligated under the ABL Loan
Documents and the Senior Secured Notes Documents.

 

2.5.          Effectiveness of Lien Priorities.  Each of the parties hereto acknowledges that
the Lien priorities provided for in this Agreement shall not be affected or
impaired in any manner whatsoever, including, without limitation, on account
of:  (i) invalidity, irregularity,
unenforceability  or avoidability of all
or any part of the ABL Loan Documents or the Senior Secured Notes Documents or
(ii) any impairment, modification, change, exchange, release or
subordination of or limitation on, any liability of, or stay of actions or lien
enforcement proceedings against, the Company or any of its Subsidiaries party
to any of the ABL Loan Documents or the Senior Secured Notes Documents, its
property, or its estate in bankruptcy resulting from any bankruptcy,
arrangement, readjustment, composition, liquidation, rehabilitation or similar
proceeding involving or affecting any Claimholder.

 

III.  EXERCISE OF REMEDIES;
ENFORCEMENT.

 

3.1.          Restrictions on the Senior Secured Notes Agent and the
Senior Secured Notes Claimholders with respect to ABL Priority Collateral.

 

(a)           Until the Discharge of ABL Obligations has occurred,
whether or not any Insolvency or Liquidation Proceeding has been commenced by
or against any Grantor, subject to the limited extent provided in Article VI,
the Senior Secured Notes Agent and each Senior Secured Notes Claimholder:

 

(i)            will not exercise or seek to exercise (but instead shall
be deemed to have hereby irrevocably, absolutely and unconditionally waived),
any rights, powers, or remedies with respect to any ABL Priority Collateral
(including (A) any right of set-off or any right under any Account
Agreement, landlord waiver or bailee’s letter or similar agreement or
arrangement to which the Senior Secured Notes Agent or any other Senior Secured
Notes Claimholder is a party, (B) any right to undertake self-help
re-possession or non-judicial disposition of any ABL Priority Collateral
(including any partial or

 

20

 

complete strict foreclosure), and/or (C) any
right to institute, prosecute, or otherwise maintain any action or proceeding
with respect to such rights, powers or remedies (including, in each case, any
action of foreclosure or any other Enforcement));

 

(ii)           will not, directly or
indirectly, contest, protest or object to or interfere with, hinder or delay in
any manner any Enforcement or any other judicial or non-judicial foreclosure
proceeding or action (including any partial or complete strict foreclosure)
brought by the ABL Agent or any ABL Claimholder relating to the ABL Priority
Collateral or any other exercise by the ABL Agent or any other ABL Claimholder
of any other rights, powers and remedies relating to the ABL Priority
Collateral, including any sale, lease, exchange, transfer, or other disposition
of the ABL Priority Collateral, whether under the ABL Loan Documents,
applicable law, or otherwise;

 

(iii)          will not object to the
waiver or forbearance by the ABL Agent or any ABL Claimholders from bringing or
pursuing any Enforcement action with respect to the ABL Priority Collateral;

 

(iv)          except as may be permitted
in Section 3.1(c), irrevocably, absolutely, and unconditionally waive any
and all rights the Senior Secured Notes Agent or the Senior Secured Notes
Claimholders may have as a junior lien creditor or otherwise to object (and
seek or be awarded any relief of any nature whatsoever based on any such
objection) to the manner in which the ABL Agent or the ABL Claimholders (A) enforce
or collect (or attempt to collect) the ABL Obligations or (B) realize or
seek to realize upon or otherwise enforce the Liens in and to the ABL Priority
Collateral securing the ABL Obligations, regardless of whether any action or
failure to act by or on behalf of the ABL Agent or ABL Claimholders is adverse
to the interest of the Senior Secured Notes Agent or the Senior Secured Notes
Claimholders.  Without limiting the
generality of the foregoing, to the maximum extent permitted by law, the Senior
Secured Notes Claimholders shall be deemed to have hereby irrevocably,
absolutely, and unconditionally waived any right to object (and seek or be
awarded any relief of any nature whatsoever based on any such objection), at
any time prior or subsequent to any disposition of any of the ABL Priority
Collateral, on the ground(s) that any such disposition of ABL Priority
Collateral (x) would not be or was not “commercially reasonable” within
the meaning of any applicable UCC and/or (y) would not or did not comply
with any other requirement under any applicable UCC or under any other
applicable law governing the manner in which a secured creditor (including one
with a Lien on real property) is to realize on its collateral; and

 

(v)           acknowledge and agree that
no covenant, agreement or restriction contained in the Senior Secured Notes
Documents shall be deemed to restrict in any way the rights and remedies of the
ABL Agent or the ABL Claimholders with respect to the ABL Priority Collateral
as set forth in this Agreement and the ABL Loan Documents;

 

provided, however, that, in the case of (i), (ii) and
(iii) above, the Liens granted to secure the Senior Secured Notes
Obligations in favor of the Senior Secured Notes Claimholders shall attach to
any Proceeds resulting from actions taken by the ABL Agent or any ABL
Claimholder with respect to the ABL Priority Collateral in accordance with the
respective priorities set forth in Section 2.1 of this Agreement
after application of such Proceeds to the extent necessary to meet the
requirements of a Discharge of ABL Obligations.

 

(b)           Until the Discharge of ABL
Obligations has occurred, whether or not any Insolvency or Liquidation
Proceeding has been commenced by or against any Grantor, the ABL Agent and the
other ABL Claimholders shall have the right to enforce rights, exercise
remedies (including set-off and, except as provided in Section 6.8,
the right to credit bid their debt) and, in connection therewith (including any
Enforcement) make determinations regarding the release, disposition, or
restrictions with 

 

21

 

respect to the ABL Priority Collateral without any
consultation with or the consent of Senior Secured Notes Agent or any Senior
Secured Notes Claimholder; provided, however, that the Liens securing
the Senior Secured Notes Obligations shall remain on the Proceeds (other than
those applied to the Prior Lien Obligations in accordance with Section 4.1)
of such ABL Priority Collateral released or disposed of subject to the relative
priorities described in Section 2.1.  In exercising rights, powers, and remedies
with respect to the ABL Priority Collateral, the ABL Agent and the ABL
Claimholders may enforce the provisions of the ABL Loan Documents and exercise
rights, powers, and/or remedies thereunder and/or under applicable law or
otherwise, all in such order and in such time and manner as they may determine
in the exercise of their sole discretion. 
Such exercise and enforcement shall include the rights of an agent
appointed by them to sell or otherwise dispose of the ABL Priority Collateral
upon foreclosure, to incur expenses in connection with such sale or
disposition, and to exercise all the rights and remedies of a secured creditor
under the UCC and of a secured creditor under the Bankruptcy Laws of any
applicable jurisdiction.  The Senior
Secured Notes Agent, on behalf of the Senior Secured Notes Claimholders, hereby
waives the right to commence any legal action or assert in any legal action or
in any Insolvency or Liquidation Proceeding any claim against the ABL Agent or
other ABL Claimholder seeking damages from the ABL Agent or other ABL
Claimholder or other relief, by way of specific performance, injunction or
otherwise, with respect to any action taken or omitted by the ABL Agent or
other ABL Claimholder with respect to the ABL Priority Collateral as permitted
by this Agreement.

 

(c)           Notwithstanding anything to
the contrary contained herein, the Senior Secured Notes Agent or any Senior
Secured Notes Claimholder may:

 

(i)            file a claim or statement of
interest with respect to the Senior Secured Notes Obligations; provided that an
Insolvency or Liquidation Proceeding has been commenced by or against any
Grantor;

 

(ii)           take any action (not adverse
to the priority status of the Liens on the ABL Priority Collateral, or the
rights of the ABL Agent or any of the ABL Claimholders to exercise rights,
powers, and/or remedies in respect thereof, including those under
Article VI) in order to create, prove, perfect, preserve or protect (but
not enforce) its Lien on and rights in, and the perfection and priority of its
Lien on, any of the ABL Priority Collateral;

 

(iii)          file any necessary
responsive or defensive pleadings in opposition to any motion, claim, adversary
proceeding or other pleading made by any person objecting to or otherwise
seeking the disallowance of the claims of the Senior Secured Notes
Claimholders, including any claims secured by the Senior Secured Notes Priority
Collateral or the ABL Priority Collateral, if any, in each case in accordance with
the terms of this Agreement;

 

(iv)          file any pleadings,
objections, motions or agreements which assert rights or interests available to
unsecured creditors of the Grantors arising under either any Insolvency or
Liquidation Proceeding or applicable non-bankruptcy law, in each case not
inconsistent with the terms of this Agreement or applicable law (including the
Bankruptcy Laws of any applicable jurisdiction) and, subject to the
restrictions set forth in Section 3.2, any pleadings, objections, motions
or agreements which assert rights or interests available to secured creditors
solely with respect to the Senior Secured Notes Priority Collateral; and

 

(v)           vote on any Plan of
Reorganization, file any proof of claim, make other filings and make any
arguments and motions (including in support of or opposition to, as applicable,
the confirmation or approval of any Plan of Reorganization) that are, in each
case, in accordance with the terms of this Agreement.  Without limiting the generality of the
foregoing or of the other provisions of this Agreement, any vote to accept, and
any other act to support the confirmation or approval of, any 

 

22

 

Non-Conforming Plan of Reorganization shall be
inconsistent with and accordingly, a violation of the terms of this Agreement,
and the ABL Agent shall be entitled to have any such vote to accept a
Non-Conforming Plan of Reorganization changed and any such support of any
Non-Conforming Plan of Reorganization withdrawn.

 

The Senior Secured Notes Agent, on behalf of the Senior Secured Notes
Claimholders, agrees that no Senior Secured Notes Claimholder will take or
receive any ABL Priority Collateral (including Proceeds) in connection with the
exercise of any right or remedy (including set-off) in its capacity as a
creditor in violation of this Agreement. 
Without limiting the generality of the foregoing, unless and until the
Discharge of ABL Obligations has occurred, except as expressly provided in Section 6.7,
the sole right of the Senior Secured Notes Agent and the Senior Secured Notes
Claimholders with respect to the ABL Priority Collateral is to hold a Lien on
such Collateral pursuant to the Senior Secured Notes Documents for the period
and to the extent granted therein and to receive a share of the Proceeds
thereof, if any, in accordance with Section 4.1.

 

(d)           Except as otherwise
specifically set forth in Sections 3.1(a), 3.1(c)(v), 3.3,
3.4 and Article VI, the Senior Secured Notes Agent and
Senior Secured Notes Claimholders with respect to the ABL Priority Collateral
may exercise rights and remedies as unsecured creditors against any Grantor
and, subject to Section 3.2, may exercise rights and remedies with
respect to the Senior Secured Notes Priority Collateral, in each case, in accordance
with the terms of the Senior Secured Notes Documents and applicable law; provided,
however, that in the event that the Senior Secured Notes Agent or any
Senior Secured Notes Claimholder becomes a judgment Lien creditor in respect of
ABL Priority Collateral as a result of its enforcement of its rights as an
unsecured creditor (or secured creditor with respect to the Senior Secured
Notes Priority Collateral) with respect to the Senior Secured Notes
Obligations, such judgment Lien shall be subject to the terms of this Agreement
for all purposes (including in relation to the ABL Obligations) as the other
Liens on ABL Priority Collateral securing the Senior Secured Notes Obligations
are subject to this Agreement.

 

(e)           Except as provided in Section 5.3(d),
nothing in this Section 3.1 shall prohibit the receipt by the
Senior Secured Notes Agent or any other Senior Secured Notes Claimholders of
the required payments of interest, principal and other amounts owed in respect
of the Senior Secured Notes Obligations so long as such receipt is not the
direct or indirect result of the exercise by the Senior Secured Notes Agent or
any Senior Secured Notes Claimholders of rights or remedies as a secured
creditor (including set-off) with respect to ABL Priority Collateral or
enforcement in contravention of this Agreement of any Lien held by any of
them.  Nothing in this Section 3.1
impairs or otherwise adversely affects any rights or remedies the ABL Agent or
the ABL Claimholders may have against the Grantors under the ABL Loan
Documents.

 

3.2.          Restrictions on the ABL
Agent and the ABL Claimholders with respect to Senior Secured Notes Priority
Collateral.

 

(a)           Until the Discharge of
Senior Secured Notes Obligations has occurred, whether or not any Insolvency or
Liquidation Proceeding has been commenced by or against any Grantor, subject to
the limited extent provided in Article VI, the ABL Agent and the
other ABL Claimholders:

 

(i)            will not exercise or seek to
exercise (but instead shall be deemed to have hereby irrevocably, absolutely
and unconditionally waived) any rights, powers, or remedies with respect to any
Senior Secured Notes Priority Collateral (including (A) any right of
set-off or any right under any Account Agreement, landlord waiver or bailee’s
letter or similar agreement or arrangement to which the ABL Agent or any ABL
Claimholder is a party, (B) any right to undertake self-help repossession
or nonjudicial disposition of any Senior Secured Notes Priority Collateral
(including any partial or complete 

 

23

 

strict foreclosure), or (C) any right to
institute, prosecute or otherwise maintain any action or proceeding with
respect to such rights, powers, or remedies (including, in each case, any
action of foreclosure or any other Enforcement));

 

(ii)           will not, directly or
indirectly, contest, protest or object to or interfere with, hinder or delay in
any manner any Enforcement or any other judicial or non-judicial foreclosure
proceeding or action (including any partial or complete strict foreclosure)
brought by the Senior Secured Notes Agent or any other Senior Secured Notes
Claimholder relating to the Senior Secured Notes Priority Collateral or any
other exercise by the Senior Secured Notes Agent or any other Senior Secured
Notes Claimholder of any rights, powers and remedies relating to the Senior
Secured Notes Priority Collateral, including any sale, lease, exchange,
transfer, or other disposition of the Senior Secured Notes Priority Collateral,
whether under the Senior Secured Notes Documents, applicable law, or otherwise,
subject to any obligations of the Senior Secured Notes Agent or the Senior
Secured Notes Claimholders under Sections 3.3 and 3.4;

 

(iii)          will not object to the
waiver or forbearance by the Senior Secured Notes Agent or any Senior Secured
Notes Claimholders from bringing or pursuing any Enforcement with respect to
the Senior Secured Notes Priority Collateral;

 

(iv)          subject to Sections
3.2(c), 3.3 and 3.4, irrevocably, absolutely and
unconditionally waive any and all rights the ABL Agent and the ABL Claimholders
may have as a junior lien creditor or otherwise to object (and seek or be
awarded any relief of any nature whatsoever based on any such objection) to the
manner in which the Senior Secured Notes Agent or the Senior Secured Notes
Claimholders (a) enforce or collect (or attempt to collect) the Senior
Secured Notes Obligations or (b) realize or seek to realize upon or
otherwise enforce the Liens in and to the Senior Secured Notes Priority
Collateral securing the Senior Secured Notes Obligations, regardless of whether
any action or failure to act by or on behalf of the Senior Secured Notes Agent
or Senior Secured Notes Claimholders is adverse to the interest of the ABL
Claimholders.  Without limiting the
generality of the foregoing, the ABL Claimholders shall be deemed to have
hereby irrevocably, absolutely and unconditionally waived any right to object
(and seek or be awarded any relief of any nature whatsoever based on any such
objection), at any time prior to or subsequent to any disposition of any Senior
Secured Notes Priority Collateral, on the ground(s) that any such
disposition of Senior Secured Notes Priority Collateral (a) would not be
or was not “commercially reasonable” within the meaning of any applicable UCC
and/or (b) would not or did not comply with any other requirement under
any applicable UCC or under any other applicable law governing the manner in
which a secured creditor (including one with a Lien on real property) is to
realize on its collateral; and

 

(v)           subject to Sections 3.3
and 3.4, acknowledge and agree that no covenant, agreement or
restriction contained in any ABL Loan Document shall be deemed to restrict in
any way the rights and remedies of the Senior Secured Notes Agent or the Senior
Secured Notes Claimholders with respect to the Senior Secured Notes Priority
Collateral as set forth in this Agreement and the Senior Secured Notes
Documents;

 

provided, however, that in the case of (i), (ii) and
(iii) above, the Liens granted to secure the ABL Obligations in favor of
the ABL Claimholders shall attach to any Proceeds resulting from actions taken
by the Senior Secured Notes Agent or any Senior Secured Notes Claimholder with
respect to the Senior Secured Notes Priority Collateral in accordance with this
Agreement after application of such Proceeds to the extent necessary to meet
the requirements of a Discharge of Senior Secured Notes Obligations.

 

(b)           Until the Discharge of
Senior Secured Notes Obligations has occurred, whether or not any Insolvency or
Liquidation Proceeding has been commenced by or against any Grantor, the 

 

24

 

Senior Secured Notes Agent and the Senior Secured
Notes Claimholders shall have the right to enforce rights, exercise remedies
(including set-off and, except as provided in Section 6.8, the
right to credit bid their debt) and make, in connection therewith (including
Enforcements) determinations regarding the release, disposition, or
restrictions with respect to the Senior Secured Notes Priority Collateral
without any consultation with or the consent of the ABL Agent or any ABL
Claimholder subject to the Senior Secured Notes Agent’s and the Senior Secured
Notes Claimholders’ obligations under Sections 3.3 and 3.4; provided,
however, that the Liens securing the ABL Obligations shall remain on the
Proceeds (other than those properly applied to the Prior Lien Obligations in
accordance with the Prior Lien Documents) of such Senior Secured Notes Priority
Collateral released or disposed of subject to the relative priorities described
in Section 2.1.  In
exercising rights, powers and remedies with respect to the Senior Secured Notes
Priority Collateral, the Senior Secured Notes Agent and the Senior Secured
Notes Claimholders may enforce the provisions of the Senior Secured Notes
Documents and exercise rights, powers and/or remedies thereunder, all in such
order and in such time and manner as they may determine in the exercise of
their sole discretion subject to the Senior Secured Notes Agent’s and the
Senior Secured Notes Claimholders’ obligations under Sections 3.3 and 3.4.  Such exercise and enforcement shall include
the rights of an agent appointed by them to sell or otherwise dispose of the
Senior Secured Notes Priority Collateral upon foreclosure, to incur expenses in
connection with such sale or disposition, and to exercise all the rights,
powers and remedies of a secured creditor under the UCC and of a secured
creditor under the Bankruptcy Laws of any applicable jurisdiction.  The ABL Agent, on behalf of the ABL
Claimholders, hereby waives the right to commence any legal action or assert in
any legal action or in any Insolvency or Liquidation Proceeding any claim
against the Senior Secured Notes Agent or other Senior Secured Notes
Claimholder seeking damages from the Senior Secured Notes Agent or other Senior
Secured Notes Claimholder or other relief, by way of specific performance,
injunction or otherwise, with respect to any action taken or omitted by the
Senior Secured Notes Agent or other Senior Secured Notes Claimholder with
respect to the Senior Secured Notes Priority Collateral as permitted by this
Agreement.

 

(c)           Notwithstanding anything to
the contrary contained herein, the ABL Agent and any ABL Claimholder may:

 

(i)            file a claim or statement of
interest with respect to the ABL Obligations; provided that an
Insolvency or Liquidation Proceeding has been commenced by or against any
Grantor;

 

(ii)           take any action (not adverse
to the priority status of the Liens on the Senior Secured Notes Priority
Collateral, or the rights of the Senior Secured Notes Agent or any of the
Senior Secured Notes Claimholders to exercise rights, powers and/or remedies in
respect thereof, including those under Article VI) in order to
create, prove, perfect, preserve or protect (but, subject to the provisions of Sections
3.3, and 3.4, not enforce) its Lien on and rights in, and the
perfection and priority of its Lien on, any of the Senior Secured Notes
Priority Collateral;

 

(iii)          file any necessary
responsive or defensive pleadings in opposition to any motion, claim, adversary
proceeding or other pleading made by any person objecting to or otherwise
seeking the disallowance of the claims of the ABL Claimholders, including any
claims secured by the ABL Priority Collateral or the Senior Secured Notes
Priority Collateral, if any, in each case in accordance with the terms of this
Agreement;

 

(iv)          file any pleadings,
objections, motions or agreements which assert rights or interests available to
unsecured creditors of the Grantors arising under either any Insolvency or
Liquidation Proceeding or applicable non-bankruptcy law, in each case not
inconsistent with the terms of this Agreement or applicable law (including the
Bankruptcy Laws of any applicable jurisdiction) and, subject to Section 3.1,
any pleadings, objections, motions or agreements which assert rights or
interests available to secured creditors solely with respect to the ABL
Priority Collateral;

 

25

 

(v)           vote on any Plan of
Reorganization, file any proof of claim, make other filings and make any
arguments and motions (including in support of or opposition to, as applicable,
the confirmation or approval of any Plan of Reorganization) that are, in each
case, in accordance with the terms of this Agreement.  Without limiting the generality of the
foregoing or of the other provisions of this Agreement, any vote to accept, and
any other act to support the confirmation or approval of, any Non-Conforming
Plan of Reorganization shall be inconsistent with and, accordingly, a violation
of the terms of this Agreement, and the Senior Secured Notes Agent shall be
entitled to have any such vote to accept a Non-Conforming Plan of
Reorganization changed and any such support of any Non-Conforming Plan of
Reorganization withdrawn; and

 

(vi)          in the case of the ABL Agent
or any ABL Claimholder, exercise any of its rights, powers, and/or remedies
with respect to any of the Senior Secured Notes Priority Collateral to the
extent permitted by 3.3, and 3.4.

 

The ABL Agent, on behalf of the ABL Claimholders, agrees that no ABL
Claimholder will take or receive any Senior Secured Notes Priority Collateral
(including Proceeds) in connection with the exercise of any right or remedy
(including set-off) with respect to any Senior Secured Notes Priority
Collateral in violation of this Agreement. 
Without limiting the generality of the foregoing, unless and until the
Discharge of Senior Secured Notes Obligations has occurred, except as expressly
provided in Sections 3.3, 3.4 and 3.2(c)(vi), the sole
right of the ABL Agent and the ABL Claimholders with respect to the Senior
Secured Notes Priority Collateral is to hold a Lien on such Collateral pursuant
to the ABL Loan Documents for the period and to the extent granted therein and
to receive a share of the Proceeds thereof, if any, in accordance with Section 4.1.

 

(d)           Except as otherwise
specifically set forth in Sections 3.2(a), 3.2(c)(v) and Article VI,
the ABL Agent and the ABL Claimholders with respect to the Senior Secured Notes
Collateral may exercise rights and remedies as unsecured creditors against any
Grantor and, subject to Section 3.1, may exercise rights and
remedies with respect to the ABL Priority Collateral, in each case, in
accordance with the terms of the ABL Loan Documents and applicable law; provided,
however, that in the event that the ABL Agent or any ABL Claimholder
becomes a judgment Lien creditor in respect of Senior Secured Notes Priority
Collateral as a result of its enforcement of its rights as an unsecured
creditor (or a secured creditor with respect to the ABL Priority Collateral)
with respect to the ABL Obligations, such judgment Lien shall be subject to the
terms of this Agreement for all purposes (including in relation to the Senior
Secured Notes Obligations) as the other Liens securing the ABL Obligations are
subject to this Agreement.

 

(e)           Except as provided in Section 5.3(c),
nothing in this Agreement shall prohibit the receipt by the ABL Agent or any
ABL Claimholders of the required payments of interest, principal and other
amounts owed in respect of the ABL Obligations so long as such receipt is not
the direct or indirect result of the exercise by the ABL Agent or any ABL
Claimholders of rights or remedies as a secured creditor (including set-off)
with respect to Senior Secured Notes Priority Collateral or enforcement in
contravention of this Agreement of any Lien held by any of them.  Nothing in this Section 3.2
impairs or otherwise adversely affects any rights or remedies the Senior
Secured Notes Agent or the Senior Secured Notes Claimholders may have against
the Grantors under the Senior Secured Notes Documents.

 

3.3.          Collateral Access Rights.

 

(a)           The ABL Agent, on behalf of
the ABL Claimholders, and the Senior Secured Notes Agent, on behalf of the
Senior Secured Notes Claimholders, each agree not to commence Enforcement until
an Enforcement Notice has been given to the ABL Agent (in the case of an 

 

26

 

Enforcement by the Senior Secured Notes Agent), the
Senior Secured Notes Agent (in the case of an Enforcement by the ABL Agent).

 

(b)           If the Senior Secured Notes
Agent, or any agent or representative of the Senior Secured Notes Agent, or any
receiver, shall, after any Senior Secured Notes Default, obtain possession or
physical control of any of the Senior Secured Notes Priority Collateral, the
Senior Secured Notes Agent shall promptly notify the ABL Agent in writing of
that fact, and the ABL Agent shall thereafter, notify the Senior Secured Notes
Agent in writing as to whether the ABL Agent desires to exercise access rights
under this Section 3.3.  In
addition, if the ABL Agent, or any agent or representative of the ABL Agent, or
any receiver, shall obtain possession or physical control of any of the Senior
Secured Notes Priority Collateral, following the delivery to the Senior Secured
Notes Agent of an Enforcement Notice with respect to the Disposition of any ABL
Priority Collateral, then the ABL Agent shall promptly notify the Senior
Secured Notes Agent in writing that the ABL Agent is exercising its access
rights under this Agreement and its rights under Section 3.4 in
respect of such ABL Priority Collateral. 
Upon delivery of such notice by the ABL Agent to the Senior Secured
Notes Agent, the parties shall confer in good faith to coordinate with respect
to the ABL Agent’s exercise of such access rights.  Consistent with the definition of “Access
Period,” access rights may apply to differing portions of the Senior Secured
Notes Priority Collateral at differing times, in which case, a differing Access
Period will apply to each such portion.

 

(c)           During any pertinent Access
Period, the ABL Agent and its agents, representatives and designees shall have
an irrevocable, non-exclusive right to have access to, and a rent-free right to
use, the Senior Secured Notes Priority Collateral for the purpose of
(i) arranging for and effecting the sale or disposition of any ABL
Priority Collateral, including the production, completion, packaging and other
preparation of such ABL Priority Collateral for sale or disposition,
(ii) selling (by public auction, private sale or a “store closing”, “going
out of business” or other sale, whether in bulk, in lots or to customers in the
ordinary course of business or otherwise and which sale may include augmented
Inventory of the same type sold in any Grantor’s business), (iii) storing
or otherwise dealing with the ABL Priority Collateral, or (iv) taking any
action contemplated by Section 3.4 hereof, in each case without
notice to, the involvement of or interference by the Senior Secured Notes Agent
or any Senior Secured Notes Claimholder or liability to the Senior Secured
Notes Agent or any Senior Secured Notes Claimholder.  During any such Access Period, the ABL Agent
and its representatives (and persons employed on their behalf), may continue to
operate, service, maintain, process and sell the ABL Priority Collateral, as
well as to engage in bulk sales of ABL Priority Collateral.  The ABL Agent shall take proper and
reasonable care under the circumstances of any Senior Secured Notes Priority
Collateral that is used by the ABL Agent during the Access Period and repair
any physical damage (ordinary wear-and-tear excepted) caused by the ABL Agent
or its agents, representatives or designees and the ABL Agent shall comply with
all applicable laws in all material respects in connection with its use or
occupancy of the Senior Secured Notes Priority Collateral.  The ABL Agent and the ABL Claimholders shall
reimburse the Senior Secured Notes Agent and the Senior Secured Notes
Claimholders for any injury or damage to Persons or property (ordinary
wear-and-tear excepted) directly caused by the acts or omissions of Persons
under the ABL Agent’s control; provided, however, that the ABL
Agent and the ABL Claimholders will not be liable for any diminution in the
value of the Senior Secured Notes Priority Collateral caused by the absence of
the ABL Priority Collateral therefrom and the ABL Agent has no duty or liability
to maintain the Senior Secured Notes Priority Collateral in a condition or
manner better than that in which it was maintained prior to the access or use
thereof by the ABL Claimholder.  In no
event shall the ABL Claimholders or the ABL Agent have any liability to the
Senior Secured Notes Claimholders and/or to the Senior Secured Notes Agent
hereunder as a result of any condition (including any environmental condition,
claim or liability) on or with respect to the Senior Secured Notes Priority Collateral
existing prior to the date of the exercise by the ABL Agent of its rights under
this Agreement.  The ABL Agent and the
Senior Secured Notes Agent shall cooperate and use reasonable efforts to ensure
that their activities during the Access Period as described above do not unduly
interfere with the activities of the 

 

27

 

other as described above, including the right of the
Senior Secured Notes Agent to show the Senior Secured Notes Priority Collateral
to prospective purchasers and to ready the Senior Secured Notes Priority
Collateral for sale.

 

(d)           Consistent with the
definition of the term “Access Period,” if any order or injunction is issued or
stay is granted or is otherwise effective by operation of law that prohibits
the ABL Agent from exercising any of its rights hereunder, then the Access
Period granted to the ABL Agent under this Section 3.3 shall be
stayed during the period of such prohibition and shall continue thereafter for
the number of days remaining as required under this Section 3.3.  The Senior Secured Notes Agent shall not sell
or dispose of any of the Senior Secured Notes Priority Collateral during the
Access Period or Use Period, as applicable, unless the buyer agrees in writing
to acquire the Senior Secured Notes Priority Collateral subject to the terms of
Section 3.3 and Section 3.4 of this Agreement and
agrees therein to comply with the terms of this Section 3.3.  The rights of the ABL Agent and the ABL
Claimholders under this Section 3.3 and Section 3.4
during the Access Period or Use Period shall continue notwithstanding such
foreclosure, sale or other disposition by the Senior Secured Notes Agent.

 

(e)           The ABL Agent and the ABL
Claimholders shall have the right to bring an action to enforce their rights
under this Section 3.3 and Section 3.4, including an
action seeking possession of the applicable Collateral and/or specific
performance of this Section 3.3 and Section 3.4.

 

3.4.          Senior Secured Notes General
Intangibles Rights/Access to Information.  The Senior Secured Notes Agent and each
Grantor hereby grants (to the full extent of their respective rights and
interests) the ABL Agent and its agents, representatives and designees
(a) an irrevocable royalty-free, rent-free license and lease (which will
be binding on any successor or assignee of any Senior Secured Notes Priority
Collateral) to use, all of the Senior Secured Notes Priority Collateral,
including any computer or other data processing Equipment and Senior Secured
Notes General Intangibles, to collect all Accounts included in ABL Priority
Collateral, to copy, use, or preserve any and all information relating to any
of the ABL Priority Collateral, and to complete the assembly, manufacture,
processing, packaging, storage, sale or disposal (whether in bulk, in lots or
to customers in the ordinary course of business or otherwise), transportation
or shipping and/or removal of, in any lawful manner (i) work-in-process,
(ii) raw materials, (iii) inventory or (iv) any other item of
ABL Priority Collateral and (b) an irrevocable royalty-free license (which
will be binding on any successor or assignee of the Senior Secured Notes
General Intangibles) to use any and all Senior Secured Notes General
Intangibles at any time in connection with any Enforcement by the ABL Agent or
such agents, representatives and designees; provided, however, (A) the
royalty-free, rent-free license and lease granted in clause (a) with
respect to the applicable Senior Secured Notes Priority Collateral (exclusive
of any Senior Secured Notes General Intangibles), shall immediately expire upon
the end of (1) the Access Period applicable to such Senior Secured Notes
Priority Collateral located on any Mortgaged Premises and (2) the Use
Period with respect to any Senior Secured Notes Priority Collateral not located
on any Mortgaged Premises and (B) the royalty-free license granted in
clause (b) with respect to any Senior Secured Notes General Intangibles
shall immediately expire upon the end of the Use Period; provided, however,
that such expiration shall be without prejudice to the sale or other
disposition of the ABL Priority Collateral in accordance with applicable law.

 

3.5.          Set-Off and Tracing of and
Priorities in Proceeds.  The
Senior Secured Notes Agent, on behalf of the Senior Secured Notes Claimholders,
acknowledges and agrees that, to the extent the Senior Secured Notes Agent or
any Senior Secured Notes Claimholder exercises its rights of set-off against
any ABL Priority Collateral, the amount of such set-off shall be held and
distributed pursuant to Section 4.1.  The ABL Agent, for itself and on behalf of
the ABL Claimholders, and the Senior Secured Notes Agent, for itself and on
behalf of the Senior Secured Notes Claimholders, each further agree that prior
to an issuance of an Enforcement Notice or the commencement of any Insolvency
or Liquidation 

 

28

 

Proceeding, any Proceeds of Collateral, whether or
not deposited under Account Agreements, which are used by any Grantor to
acquire other property which is Collateral shall not (solely as between the
Agents and the Claimholders) be treated as Proceeds of Collateral for purposes
of determining the relative priorities in the Collateral which was so acquired;
provided, however, that with respect to net Proceeds of asset sales of Senior
Notes Priority Collateral, such Proceeds shall continue to constitute Senior
Notes Priority Collateral until such Proceeds are applied as provided in the
Senior Secured Notes Indenture.  In addition,
unless and until the Discharge of ABL Obligations occurs, subject to Section 4.2,
the Senior Secured Notes Agent, on behalf of itself and the Senior Secured
Notes Claimholders, hereby consents to the application, prior to the receipt by
the ABL Agent of an Enforcement Notice issued by the Senior Secured Notes
Agent, and thereafter, except as it relates to identifiable proceeds of Senior
Notes Priority Collateral, of cash or other Proceeds of Collateral, deposited
under Account Agreements in favor of the ABL Agent to the repayment of ABL
Obligations pursuant to the ABL Loan Documents.

 

IV.  PAYMENTS.

 

4.1.          Application of Proceeds.

 

(a)           Prior to the Discharge of
ABL Obligations, whether or not any Insolvency or Liquidation Proceeding has
been commenced by or against any Grantor, all ABL Priority Collateral or
Proceeds thereof received in connection with the sale or other disposition of,
or collection on, such ABL Priority Collateral upon any Enforcement by any
Agent or any Claimholder or in any Insolvency or Liquidation Proceeding, shall
be delivered to the ABL Agent and shall be applied in the following order: first,
to repay, on a ratable basis, all ABL Obligations in such order as is specified
in the applicable ABL Documents or as a court of competent jurisdiction may
otherwise direct until the Discharge of ABL Obligations has occurred, and second,
to repay, on a ratable basis, all outstanding Senior Secured Notes Obligations
in such order as specified in the applicable Senior Secured Notes Security Documents
or as a court of competent jurisdiction may otherwise direct.  If any exercise of remedies or Enforcement
(including as provided for in Section 3.1(b) or Section 6.8(a))
by the ABL Agent or any ABL Claimholder with respect to any ABL Priority Collateral
produces non-cash proceeds, then such non-cash proceeds shall be held by the
ABL Agent as additional ABL Priority Collateral and, at such time as such
non-cash proceeds are monetized, shall be applied as set forth above.

 

(b)           Prior to the Discharge of
Senior Secured Notes Obligations, whether or not any Insolvency or Liquidation
Proceeding has been commenced by or against any Grantor, all Senior Secured
Notes Priority Collateral or Proceeds thereof received in connection with the
sale or other disposition of, or collection on, such Senior Secured Notes
Priority Collateral upon any Enforcement by any Agent or any Claimholder or in
any Insolvency or Liquidation Proceeding, shall be delivered to the Senior
Secured Notes Agent and shall be applied in the following order: first,
to repay, on a ratable basis, all Senior Secured Notes Obligations in such
order as is specified in the applicable Senior Secured Notes Security Documents
or as a court of competent jurisdiction may otherwise direct until the Discharge
of Senior Secured Notes Obligations has occurred, and second, to repay,
on a ratable basis, all outstanding ABL Obligations in such order as specified
in the applicable ABL Documents or as a court of competent jurisdiction may
otherwise direct.  If any exercise of
remedies or Enforcement (including as provided for in Section 3.1(b) or
Section 6.8(a)) by the Senior Secured Notes Agent or any Senior
Secured Notes Claimholder with respect to any Senior Secured Notes Priority
Collateral produces non-cash proceeds, then such non-cash proceeds shall be
held by the Senior Secured Notes Agent as additional Senior Secured Notes
Priority Collateral and, at such time as such non-cash proceeds are monetized,
shall be applied as set forth above.

 

(c)           In the event that prior to
the Discharge of ABL Obligations, proceeds of the Collateral are received in
connection with a Disposition, loss, condemnation or other disposition (whether

 

29

 

voluntary or involuntary) of Collateral that
involves both ABL Priority Collateral and Senior Secured Notes Priority
Collateral, for the purposes of this Agreement with respect to such
Disposition, loss, condemnation or other disposition, the ABL Priority
Collateral consisting of Accounts shall be deemed to have a valuation equal to
the face amount of each such Account and all ABL Priority Collateral consisting
of Inventory shall be deemed to have a value equal to the net book value of
such Inventory.  In the event that
proceeds of the Collateral are received in connection with a Disposition of all
or substantially all of the Capital Stock issued by any Grantor, and the Liens
of the ABL Agent, on behalf of the ABL Claimholders on any ABL Priority
Collateral in which such Grantor has an interest are released, then such ABL
Priority Collateral shall also be deemed to be Disposed of in connection with
such Disposition for the purposes of this Agreement.

 

4.2.          Payments Over in Violation
of Agreement.  So long as
the Discharge of Prior Lien Obligations has not occurred with respect to any
Collateral, whether or not any Insolvency or Liquidation Proceeding has been
commenced by or against any Grantor, any Collateral (including assets or
Proceeds subject to Liens referred to in the final sentence of Section 2.3)
received by any Agent or any Claimholder in connection with any Enforcement
(including set-off) relating to the Collateral in contravention of this
Agreement or in any Insolvency or Liquidation Proceeding shall be segregated
and held in trust and forthwith paid over to the Prior Lien Agent for the
benefit of the Prior Lien Claimholders, in the same form as received, with any
necessary endorsements or as a court of competent jurisdiction may otherwise
direct.  Each Prior Lien Agent with
respect to any Collateral is hereby authorized by the Subordinated Lien Agents
and the Subordinated Lien Claimholders with respect to such Collateral to make
any such endorsements as agent for any Subordinated Lien Agent or any
Subordinated Lien Claimholder.  This
authorization is coupled with an interest and is irrevocable until the
Discharge of Prior Lien Obligations.

 

4.3.          Application of Payments.  Subject to the other terms of this Agreement,
all payments received by (a) the ABL Agent or the ABL Claimholders may be
applied, reversed and reapplied, in whole or in part, to the ABL Obligations to
the extent provided for in the ABL Loan Documents and (b) the Senior
Secured Notes Agent or the Senior Secured Notes Claimholders may be applied,
reversed and reapplied, in whole or in part, to the Senior Secured Notes
Obligations to the extent provided for in the Senior Secured Notes Documents.

 

4.4.          Revolving Nature of ABL
Obligations.  The Senior
Secured Notes Agent, on behalf of the Senior Secured Notes Claimholders,  acknowledges and agrees that the ABL Credit
Agreement includes a revolving commitment and that the amount of the ABL
Obligations that may be outstanding at any time or from time to time may be
increased or reduced and subsequently reborrowed, subject to Section 5.3.

 

V.  OTHER AGREEMENTS.

 

5.1.          Releases.

 

(a)           (i)  If, in connection
with any exercise of remedies or Enforcement (including as provided for in Section 3.1(b) or
Section 6.8(a)) by the ABL Agent or any ABL Claimholder with
respect to any ABL Priority Collateral, irrespective of whether an ABL Default
or Senior Secured Notes Default has occurred and its continuing, the ABL Agent,
on behalf of any of the ABL Claimholders, releases any of its Liens on any part
of the ABL Priority Collateral, then the Liens, if any, of the Senior Secured
Notes Agent, for the benefit of the Senior Secured Notes Claimholders, on the
ABL Priority Collateral sold or disposed of in connection therewith, shall be
automatically, unconditionally and simultaneously released; provided
that, to the extent the Proceeds of such ABL Priority Collateral are not
applied to reduce ABL Obligations, the Senior Secured Notes Agent shall retain
Liens on such Proceeds with the respective

 

30

 

priorities
set forth in Section 2.1. 
The Senior Secured Notes Agent, on behalf of the Senior Secured Notes
Claimholders, promptly shall execute and deliver to the ABL Agent such
termination statements, releases and other documents as the ABL Agent may request
in writing to effectively confirm such release.

 

(ii)                                  If, in
connection with any exercise of remedies or Enforcement (including as provided
for in Sections 3.2(b) or Section 6.8(b)) by the Senior
Secured Notes Agent or any Senior Secured Notes Claimholder with respect to any
Senior Secured Notes Priority Collateral, irrespective of whether a Senior
Secured Notes Default or ABL Default has occurred and its continuing, the
Senior Secured Notes Agent, on behalf of any of the Senior Secured Notes Claimholders,
releases any of its Liens on any part of the Senior Secured Notes Priority
Collateral, then the Liens, if any, of the ABL Agent, for the benefit of the
ABL Claimholders, on the Senior Secured Notes Priority Collateral sold or
disposed of in connection therewith, shall be automatically, unconditionally
and simultaneously released; provided that the provisions of Section 3.3
and 3.4 shall continue, to the extent such Sections are applicable at
the time of such sale, transfer or other disposition; provided, further,
that, to the extent the Proceeds of such Senior Secured Notes Priority
Collateral are not applied to reduce Senior Secured Notes Obligations, the ABL
Agent shall retain Liens on such Proceeds with the respective priorities set
forth in Section 2.1.  The
ABL Agent, on behalf of the ABL Claimholders, promptly shall execute and
deliver to the Senior Secured Notes Agent such termination statements, releases
and other documents as the Senior Secured Notes Agent may request to
effectively confirm such release.

 

(b)                                 Each
Subordinated Lien Agent with respect to any Collateral, on behalf of the
applicable Subordinated Lien Claimholders, hereby irrevocably constitutes and
appoints each Prior Lien Agent with respect to such Collateral and any officer
or agent of such Prior Lien Agent, with full power of substitution, as its true
and lawful attorney-in-fact with full irrevocable power and authority in the
place and stead of such Subordinated Lien Agent or such Subordinated Lien
Claimholder or in the Subordinated Lien Agent’s own name, from time to time in
such Prior Lien Agent’s discretion exercised in good faith, for the purpose of
carrying out the terms of this Section 5.1, to take any and all
appropriate action and to execute any and all documents and instruments which
may be necessary to accomplish the purposes of this Section 5.1,
including any endorsements or other instruments of transfer or release.

 

5.2.                              Insurance.

 

(a)                                  Subject to the
terms of, and the rights of the Grantors under, the ABL Loan Documents, the ABL
Agent, on behalf of the ABL Claimholders, shall have the sole and exclusive
right to adjust settlement for any insurance policy covering the ABL Priority
Collateral in the event of any loss thereunder and to approve any award granted
in any condemnation or similar proceeding (or any deed in lieu of condemnation)
affecting such ABL Priority Collateral. 
All Proceeds of any such policy and any such award (or any payments with
respect to a deed in lieu of condemnation) if in respect of the ABL Priority
Collateral and to the extent required by the ABL Loan Documents shall be paid
to the ABL Agent for the benefit of the ABL Claimholders pursuant to the terms
of the ABL Documents (including for purposes of cash collateralization of
letters of credit) and thereafter until the Discharge of ABL Obligations has
occurred. If the Senior Secured Notes Agent or any Senior Secured Notes
Claimholders shall, at any time, receive any Proceeds of any such insurance
policy or any such award or payment with respect to ABL Priority Collateral in
contravention of this Agreement, it shall segregate and hold in trust and
forthwith pay such amount over to the ABL Agent in accordance with the terms of
Section 4.2.

 

(b)                                 Subject to the
terms of, and the rights of the Grantors under, the Senior Secured Notes
Documents, the Senior Secured Notes Agent, on behalf of the Senior Secured
Notes Claimholders, shall have the sole and exclusive right to adjust
settlement for any insurance policy covering the Senior Secured Notes Priority Collateral
in the event of any loss thereunder and to approve any award granted in 

 

31

 

any condemnation or similar proceeding (or any deed
in lieu of condemnation) affecting such Senior Secured Notes Priority
Collateral.  All Proceeds of any such
policy and any such award (or any payments with respect to a deed in lieu of
condemnation) if in respect of the Senior Secured Notes Priority Collateral and
to the extent required by the Senior Secured Notes Documents shall be paid to
the Senior Secured Notes Agent for the benefit of the Senior Secured Notes
Claimholders pursuant to the terms of the Senior Secured Notes Documents
(including for purposes of cash collateralization of letters of credit) and
thereafter until the Discharge of Senior Secured Notes Obligations has
occurred. If the ABL Agent or any ABL Claimholders shall, at any time, receive
any Proceeds of any such insurance policy or any such award or payment with
respect to Senior Secured Notes Priority Collateral in contravention of this
Agreement, it shall segregate and hold in trust and forthwith pay such amount
over to the Senior Secured Notes Agent in accordance with the terms of Section 4.2.

 

(c)                                  To effectuate
the foregoing, and to the extent that the pertinent insurance company agrees to
issue such endorsements, the Agents shall each receive separate lender’s loss
payable endorsements naming themselves as loss payee and additional insured, as
their interests may appear, with respect to policies which insure Collateral
hereunder.

 

(d)                                 To the extent
that an insured loss covers or constitutes both ABL Priority Collateral and
Senior Secured Notes Priority Collateral, then the ABL Agent and the Senior
Secured Notes Agent will work jointly and in good faith to collect, adjust or
settle (subject to the rights of the relevant grantors under the ABL Loan
Documents and the Senior Secured Notes Documents) under the relevant insurance
policy, with the proceeds thereof being applied in accordance with the provisions
of Section 4.1 of this Agreement.

 

5.3.                              Amendments to
ABL Loan Documents and Senior Secured Notes Documents; Refinancing.

 

(a)                                  Subject to Sections
5.3(c), 5.3(d) and 5.3(e), the ABL Loan Documents and
Senior Secured Notes Documents may be amended, restated, supplemented or
otherwise modified in accordance with their terms, all without affecting the
Lien subordination or other provisions of this Agreement.  The (i) ABL Obligations may be
Refinanced without notice to, or the consent of the Senior Secured Notes Agent
or the Senior Secured Notes Claimholders, and (ii) the Senior Secured
Notes Obligations may be Refinanced without notice to, or consent of, the ABL
Agent or the ABL Claimholders, in each case, without affecting the Lien
subordination and other provisions of this Agreement so long as such
Refinancing is on terms and conditions that would not violate the Senior
Secured Notes Documents or the ABL Loan Documents, each as in effect on the
date hereof (or, if less restrictive, as in effect on the date of such
amendment or Refinancing); provided, however, that, in each case,
the lenders or holders of any such Refinancing debt that is purported to be
secured by a Lien on any Collateral bind themselves in writing to the terms of
this Agreement; provided  further, however, that, if such
Refinancing debt is secured by a Lien on any Collateral the holders of such
Refinancing debt shall be deemed bound by the terms hereof regardless of
whether or not such writing is provided. 
For the avoidance of doubt, the sale or other transfer of Indebtedness
is not restricted by this Agreement but the provisions of this Agreement shall
be binding on all holders of ABL Obligations and Senior Secured Notes
Obligations.

 

(b)                                 Subject to Sections
5.3(c), 5.3(d) and 5.3(e), the ABL Agent and the Senior
Secured Notes Agent shall each use good faith efforts to notify the other party
of any written amendment or modification to the ABL Documents and the Senior
Secured Notes Documents, but the failure to provide such notice shall not
create a cause of action against the party failing to give such notice or
create any claim or right on behalf of any other Secured Party.

 

32

 

(c)                                  Without the
consent of the Senior Secured Notes Agent, the ABL Claimholders will not be
entitled to agree (and will not agree) to any amendment to or modification of
the ABL Loan Documents, whether in a Refinancing or otherwise, that is
prohibited by the Senior Secured Notes Indenture as in effect on the date hereof
(or, if less restrictive to the ABL Claimholders, as in effect on the date of
such amendment or modification).

 

(d)                                 Without the
consent of the ABL Agent, the Senior Secured Notes Agent and the Senior Secured
Notes Claimholders will not be entitled to agree (and will not agree) to any
amendment to or modification of the Senior Secured Notes Documents, whether in
a Refinancing or otherwise, that is prohibited by the ABL Credit Agreement as
in effect on the date hereof (or, if less restrictive to the Senior Secured
Notes Claimholders, as in effect on the date of such amendment or
modification).

 

(e)                                  So long as the
Discharge of ABL Obligations has not occurred, the Senior Secured Notes Agent
agrees that each Senior Secured Notes Security Document shall include the
following language (or similar language acceptable to the ABL Agent): “Notwithstanding
anything herein to the contrary, the liens and security interests granted to
Deutsche Bank Trust Company Americas, as Senior Secured Notes Collateral Agent,
pursuant to this Agreement and the exercise of any right or remedy by
Wilmington Trust FSB, as Trustee hereunder, are subject to the provisions of
the Intercreditor Agreement, dated as of July 29, 2010 (as amended,
restated, supplemented or otherwise modified from time to time, the “Intercreditor
Agreement”), among Deutsche Bank Trust Company Americas, as the Senior
Secured Notes Collateral Agent, and Deutsche Bank Trust Company Americas, as
the Initial ABL Agent.  In the event of
any conflict between the terms of the Intercreditor Agreement and the terms of
this Agreement, the terms of the Intercreditor Agreement shall govern and
control.”

 

(f)                                    So long as the
Discharge of Senior Secured Notes Obligations has not occurred, the ABL Agent
agrees that each applicable ABL Security Document shall include the following
language (or similar language acceptable to the Senior Secured Notes Agent): “Notwithstanding
anything herein to the contrary, the liens and security interests granted to
Deutsche Bank Trust Company Americas, as Security Agent, pursuant to this
Agreement and the exercise of any right or remedy by the Security Agent
hereunder, are subject to the provisions of the Intercreditor Agreement, dated
as of July 29, 2010 (as amended, restated, supplemented or otherwise
modified from time to time, the “Intercreditor Agreement”), among
Deutsche Bank Trust Company Americas, as the Initial ABL Agent, and Deutsche
Bank Trust Company Americas, as the Senior Secured Notes Collateral Agent.  In the event of any conflict between the
terms of the Intercreditor Agreement and the terms of this Agreement, the terms
of the Intercreditor Agreement shall govern and control.”

 

5.4.                              Bailees for
Perfection.

 

(a)                                  Each Agent
agrees to hold that part of the Collateral that is in its possession or control
(or in the possession or control of its agents or bailees) to the extent that
possession or control thereof is taken to perfect a Lien thereon (such
Collateral, which shall include Account Agreements and Capital Stock, being the
“Pledged Collateral”) as (i) in the case of the ABL Agent, the
collateral agent for the ABL Claimholders under the ABL Loan Documents or, in
the case of the Senior Secured Notes Agent, the collateral agent for the Senior
Secured Notes Claimholders under the Senior Secured Notes Documents and
(ii) non-fiduciary, gratuitous bailee for the benefit of each other Agent
(such bailment being intended, among other things, to satisfy the requirements
of Sections 8-301(a)(2) and 9-313(c) of the UCC) and any assignee
solely for the purpose of perfecting the security interest granted under the
ABL Loan Documents and the Senior Secured Notes Documents, respectively,
subject to the terms and conditions of this Section 5.4.  The Senior Secured Notes Agent and the Senior
Secured Notes Claimholders hereby appoint the ABL Agent as their non-fiduciary
gratuitous bailee for the purposes of perfecting their security interest in all
Pledged Collateral in which the ABL Agent has a perfected security 

 

33

 

interest under the UCC.  The ABL Agent and the ABL Claimholders hereby
appoint the Senior Secured Notes Agent as their non-fiduciary gratuitous bailee
for the purposes of perfecting their security interest in all Pledged
Collateral in which the Senior Secured Notes Agent has a perfected security
interest under the UCC.  Each Agent
hereby accepts such appointments pursuant to this Section 5.4(a) and
acknowledges and agrees that it shall act for the benefit of the other
Claimholders with respect to any Pledged Collateral and that any Proceeds
received by such Agent under any Pledged Collateral shall be applied in
accordance with Article IV. 
In furtherance of the foregoing, each Grantor hereby grants a security
interest in the Pledged Collateral to (x) the Senior Secured Notes Agent
for the benefit of the ABL Claimholders, and (y) the ABL Agent for the
benefit of the Senior Secured Notes Claimholders.

 

(b)                                 No Agent shall
have any obligation whatsoever to any other Secured Party as a result of Section 5.4(a) to
ensure that the Pledged Collateral is genuine or owned by any of the Grantors
or to preserve rights or benefits of any Person.  The duties or responsibilities of the
respective Agents under this Section 5.4 shall be limited solely to
holding the Pledged Collateral as bailee in accordance with this Section 5.4
and delivering the Pledged Collateral with respect to which it is the Prior
Lien Agent that is in its possession upon a Discharge of Prior Lien Obligations
as provided in paragraph (d) below.

 

(c)                                  No Agent acting
pursuant to this Section 5.4 shall have by reason of the ABL Loan
Documents, the Senior Secured Notes Documents, this Agreement or any other
document a fiduciary relationship in respect of any other Agent or Secured
Party.

 

(d)                                 Upon the
Discharge of Senior Secured Notes Obligations, the Senior Secured Notes Agent
shall deliver the remaining Pledged Collateral (if any) in its possession
together with any necessary endorsements to the ABL Agent to the extent the
Discharge of ABL Obligations has not occurred. 
Upon the Discharge of ABL Obligations, the ABL Agent shall deliver the
remaining Pledged Collateral (if any) in its possession together with any
necessary endorsements to the Authorized Senior Secured Notes Agent to the
extent the Discharge of Senior Secured Notes Obligations has not occurred.  Notwithstanding anything to the contrary
contained in this Agreement, any obligation of the Agent, to make any delivery
to the other Agent under this Section 5.4(d) or Section 5.5
is subject to (i) the order of any court of competent jurisdiction, or
(ii) any automatic stay imposed in connection with any Insolvency or
Liquidation Proceeding.

 

5.5.                              When Discharge
of ABL Obligations and Discharge of Senior Secured Notes Obligations Deemed to
Not Have Occurred.  If at any
time the Company shall enter into any Permitted Refinancing of any ABL
Obligation or Senior Secured Notes Obligations, as applicable, then the
Discharge of ABL Obligations or Discharge of Senior Secured Notes Obligations
occurring prior thereto shall automatically be deemed not to have occurred for
all purposes of this Agreement (other than with respect to any actions taken as
a result of the occurrence of such first Discharge of ABL Obligations or
Discharge of Senior Secured Notes Obligations in order to effectuate such
discharge among (i) the agent(s) and other claimholders under the
facility to be discharged, (ii) the agents and other claimholders under
the new facility, and (iii) the Grantors), and, from and after the date on
which the New Debt Notice is delivered to each Agent in accordance with the
next sentence, the obligations under such Permitted Refinancing shall
automatically be treated as ABL Obligations or Senior Secured Notes Obligations
for all purposes of this Agreement, as applicable, including for purposes of
the Lien priorities and rights in respect of Collateral set forth herein, and
the ABL Agent or the Senior Secured Notes Agent, as applicable, under such new
ABL Loan Documents or Senior Secured Notes Documents, as applicable, shall be
the ABL Agent or the Senior Secured Notes Agent, as applicable, for all
purposes of this Agreement.  Upon receipt
of a notice (the “New Debt Notice”) stating that the Company has entered
into new ABL Loan Documents or new Senior Secured Notes Documents (which notice
shall include a complete copy of the relevant new documents and provide the
identity of the new Agent, such agent, the “New Agent”), each other
Agent, upon written request of the New Agent, shall promptly (a) enter
into 

 

34

 

such documents and agreements (including amendments
or supplements to this Agreement) as the Company or such New Agent shall
reasonably request in order to provide to the New Agent the rights contemplated
hereby, in each case consistent in all material respects with the then terms of
this Agreement and (b) deliver to the New Agent that is the ABL Agent or
Authorized Senior Secured Notes Agent, as applicable, any Pledged Collateral in
the possession of any Subordinated Lien Agent to the extent such New Agent is
the Prior Lien Agent with respect to such Pledged Collateral together with any
necessary endorsements (or otherwise allow the New Agent to obtain control of
such Pledged Collateral).  In accordance
with Section 5.3(a), the New Agent shall agree in a writing
addressed to each other Agent and the Claimholders, as applicable, to be bound
by the terms of this Agreement.

 

VI.  INSOLVENCY OR LIQUIDATION
PROCEEDINGS.

 

6.1.                              Finance and
Sale Issues.  Each Subordinated
Lien Agent, on behalf of the applicable Subordinated Lien Claimholders, hereby
agrees that, until the Discharge of Prior Lien Obligations has occurred, if any
Grantor shall be subject to any Insolvency or Liquidation Proceeding and the
Prior Lien Agent or the Prior Lien Claimholders with respect to any of such
Subordinated Lien Claimholders’ Subordinated Lien Collateral shall desire to
permit the use of “cash collateral” (as such term is defined in
Section 363(a) of the Bankruptcy Code) representing Proceeds of such
Subordinated Lien Collateral or to permit any Grantor to obtain financing,
whether from the Prior Lien Claimholders or any other Person under
Section 364 of the Bankruptcy Code or any similar Bankruptcy Law (“DIP
Financing”) secured by a Lien on such Subordinated Lien Collateral, then no
Subordinated Lien Claimholder will be entitled to raise (and will not raise or
support any Person in raising), but instead shall be deemed to have hereby
irrevocably and absolutely waived, any objection to, and shall not otherwise in
any manner be entitled to oppose or will oppose or support any Person in
opposing, such cash collateral use or DIP Financing (including, except as
expressly provided below, any claim that the Subordinated Lien Claimholders are
entitled to adequate protection on account of their interests in such
Subordinated Lien Collateral as a condition thereto) so long as such cash
collateral use or DIP Financing meets the following requirements: (i) each
Subordinated Lien Claimholder retains a Lien on its Subordinated Lien
Collateral for any DIP Financing with, except as provided in the following
sentence, the respective priorities provided in Section 2.1, and (x) with
respect to Collateral of the ABL Claimholders or cash collateral in respect
thereof, no Lien is granted to secure such DIP Financing on any ABL Priority
Collateral and no such cash collateral to be used constitutes Proceeds of ABL
Priority Collateral unless the ABL Claimholders have consented thereto or (y) with
respect to Collateral of the Senior Secured Notes Claimholders or cash
collateral in respect thereof, no Lien is granted to secure such DIP Financing
on any Senior Secured Notes Priority Collateral and no such cash collateral to
be used constitutes Proceeds of Senior Secured Notes Priority Collateral unless
the Senior Secured Notes Claimholders have consented thereto, (ii) to the
extent that the Prior Lien Agent is granted adequate protection in the form of
a Lien on Collateral arising after the commencement of the Insolvency or
Liquidation Proceeding, the Subordinated Lien Claimholders are permitted to
seek a Lien on such additional Collateral with, except as set forth in the
following sentence, the relative priority set forth in Section 2.1
(and no Prior Lien Agent or Prior Lien Claimholder shall oppose any motion by
any Subordinated Lien Claimholder to receive such a Lien), (iii) the terms
of such DIP Financing or use of cash collateral do not require any Grantor to
seek approval for any Plan of Reorganization that is not a Conforming Plan of
Reorganization and (iv) the terms of such DIP Financing do not require
such Subordinated Claimholders to extend additional credit pursuant to such DIP
Financing.  If requested by the Prior Lien
Agent, each Subordinated Lien Agent and each Subordinated Lien Claimholder
shall be required to subordinate and will subordinate its Liens in its
Subordinated Lien Collateral to the Liens securing any such DIP Financing (and
all obligations relating thereto, including any “carve-out” granting administrative
priority status or Lien priority to secure repayment of fees and expenses of
professionals retained by any debtor or creditors’ committee); provided that
the Liens on such Subordinated Lien Collateral securing such DIP Financing rank
pari  passu with or senior to the Liens securing the Prior Lien
Obligations.  Each Subordinated Lien
Agent on 

 

35

 

behalf of itself and the applicable Subordinated
Lien Claimholders, agrees that no such Person shall provide to such Grantor any
DIP Financing (or support any other Person in seeking to provide to any Grantor
any such DIP Financing) to the extent that any Subordinated Lien Claimholder
would, in connection with such financing, be granted a Lien on any of its
Subordinated Lien Collateral unless the Prior Lien Claimholders shall have
consented thereto.

 

6.2.                              Relief from the
Automatic Stay.  Until the
Discharge of Prior Lien Obligations, each Subordinated Lien Agent, and the
other Subordinated Lien Claimholders, agree that none of them shall seek (or
support any other Person seeking) relief from the automatic stay or any other
stay in any Insolvency or Liquidation Proceeding in respect of any of their
respective Subordinated Lien Collateral, without the prior written consent of
the Prior Lien Agent for such Collateral (given or not given in its sole and
absolute discretion), unless (i) the Prior Lien Agent already has filed a
motion (which remains pending) for such relief with respect to its interest in
such Collateral and (ii) a corresponding motion, in the reasonable
judgment of the applicable Subordinated Lien Agent, must be filed solely for
the purpose of preserving such Subordinated Lien Agent’s ability to receive
residual distributions pursuant to Section 4.1, although the
Subordinated Lien Claimholders shall otherwise remain subject to the applicable
restrictions in Section 3.1 and Section 3.2 following
the granting of any such relief from the automatic stay.

 

6.3.                              Adequate
Protection.

 

(a)                                  Prior to the
Discharge of Prior Lien Obligations, each Subordinated Lien Agent, on behalf of
itself and the applicable Subordinated Lien Claimholders, agrees that none of
them shall be entitled to contest and none of them shall contest (or support
any other Person contesting) (but instead shall be deemed to have hereby
irrevocably, absolutely, and unconditionally waived any right):

 

(i)                                     any request by
the Prior Lien Agent or the other Prior Lien Claimholders for relief from the
automatic stay with respect to the Subordinated Lien Collateral of such
Subordinated Lien Claimholders; or

 

(ii)                                  any request by
the Prior Lien Agent or the other Prior Lien Claimholders for adequate
protection with respect to the Subordinated Lien Collateral of such
Subordinated Lien Claimholders; or

 

(iii)                               any objection
by the Prior Lien Agent or the other Prior Lien Claimholders to any motion,
relief, action or proceeding based on the Prior Lien Agent or the other Prior
Lien Claimholders claiming a lack of adequate protection with respect to the
Subordinated Lien Collateral of such Subordinated Lien Claimholders.

 

(b)                                 Consistent with
the foregoing provisions in this Section 6.3, and except as
provided in Sections 6.1 and 6.7, in any Insolvency or
Liquidation Proceeding, no Subordinated Lien Claimholder shall be entitled (and
each Subordinated Lien Claimholder shall be deemed to have hereby irrevocably,
absolutely, and unconditionally waived any right) to seek or otherwise be
granted any type of adequate protection (or any comparable request for relief)
with respect to its interests in its Subordinated Lien Collateral (except as
expressly set forth in Section 6.1 or as may otherwise be consented
to in writing by the Prior Lien Agent with respect to such Collateral in its
sole and absolute discretion); provided, however, subject to Section 6.1,
Subordinated Lien Claimholders may seek and obtain adequate protection in the
form of an additional or replacement Liens on Collateral (and no Prior Lien
Agent or Prior Lien Claimholder shall object to the granting of such Lien) so
long as (i) the Prior Lien Claimholders have been granted adequate
protection in the form of a replacement lien on such Collateral, and
(ii) any such Lien on Subordinated Lien Collateral (and on any Collateral
granted as adequate 

 

36

 

protection for the Subordinated Lien Claimholders in
respect of their interest in such Subordinated Lien Collateral) is subordinated
to the Liens of the Prior Lien Agent in such Collateral on the same basis as the
other Liens of the Subordinated Lien Agents on Subordinated Lien Collateral;
and

 

(c)                                  Nothing herein
shall limit the rights of any Prior Lien Agent or the Prior Lien Claimholders
to seek adequate protection with respect to their rights in their Prior Lien
Collateral in any Insolvency or Liquidation Proceeding (including adequate
protection in the form of a cash payment, periodic cash payments or otherwise)
so long as such request is not otherwise inconsistent with this Agreement.

 

6.4.                              Avoidance
Issues.  If any Prior Lien Claimholder
is required in any Insolvency or Liquidation Proceeding or otherwise to turn
over or otherwise pay to the estate of the applicable Grantor any amount paid
in respect of ABL Obligations or the Senior Secured Notes Obligations, as
applicable, because the payment of such amount was declared to be fraudulent or
preferential in any respect or for any other reason (a “Recovery”), whether
such amount was received as Proceeds, as a result of enforcement of any right
of set-off or otherwise, then such ABL Claimholders or Senior Secured Notes
Claimholders shall be entitled to a reinstatement of ABL Obligations or the
Senior Secured Notes Obligations, as applicable, with respect to all such
recovered amounts.  If this Agreement
shall have been terminated (in whole or in part) with respect to any
Claimholder prior to such Recovery, this Agreement shall be reinstated in full
force and effect, and such prior termination shall not diminish, release,
discharge, impair or otherwise affect the obligations of the parties hereto
from such date of reinstatement.

 

6.5.                              Reorganization
Securities.  Subject to
the ability of the ABL Claimholders and the Senior Secured Notes Claimholders,
as applicable, to support or oppose confirmation or approval of any Conforming
Plan of Reorganization or to oppose confirmation or approval of any
Non-Conforming Plan of Reorganization, as provided herein, if, in any
Insolvency or Liquidation Proceeding, debt obligations of the reorganized
debtor secured by Liens upon any property of the reorganized debtor are
distributed pursuant to a Plan of Reorganization, both on account of Prior Lien
Obligations and on account of Subordinated Lien Obligations, then, to the
extent the debt obligations distributed on account of the Prior Lien
Obligations and on account of the Subordinated Lien Obligations are secured by
Liens upon the same property, the provisions of this Agreement will survive the
distribution of such debt obligations pursuant to such plan and will apply with
like effect to the debt obligations so distributed, to the Liens securing such
debt obligations and the distribution of Proceeds thereof.

 

6.6.                              Post-Petition
Interest.  No
Subordinated Lien Claimholder shall oppose or seek to challenge any claim by
any Prior Lien Agent or any Prior Lien Claimholder for allowance in any
Insolvency or Liquidation Proceeding of Prior Lien Obligations consisting of
post-petition interest, fees or expenses to the extent of the value of the Lien
on such Prior Lien Claimholder’s Prior Lien Collateral, without regard to the
existence of the Subordinated Lien Obligations with respect to such Collateral.

 

6.7.                              Separate Grants
of Security and Separate Classification.  The ABL Agent, on behalf of the ABL
Claimholders, and the Senior Secured Agent on behalf of the Senior Secured
Notes Claimholders, acknowledge and intend that: the respective grants of Liens
pursuant to the ABL Security Documents and the Senior Secured Notes Documents
constitute two separate and distinct grants of Liens, and because of, among
other things, their differing rights in the Collateral (i) the Senior
Secured Notes Obligations are fundamentally different from the ABL Obligations,
and (ii) the ABL Obligations are fundamentally different from the Senior
Secured Notes Obligations and, in each case, must be separately classified in
any Plan of Reorganization proposed or confirmed (or approved) in an Insolvency
or Liquidation Proceeding.  To further
effectuate the intent of the parties as provided in the immediately preceding
sentence, if it is held that the claims of the ABL Claimholders and the Senior
Secured Notes Claimholders in respect of the Collateral constitute claims in
the same class (rather than at least two 

 

37

 

separate classes of secured claims with the
priorities described in Section 2.1), then the ABL Claimholders and
the Senior Secured Notes Claimholders hereby acknowledge and agree that all
distributions shall be made as if there were two separate classes of ABL Obligations
and Senior Secured Notes Obligations (with the effect being that, to the extent
that the aggregate value of their Prior Lien Collateral is sufficient (for this
purpose ignoring all claims held by the Subordinated Lien Claimholders
thereon), the Prior Lien Claimholders shall be entitled to receive, in addition
to amounts distributed to them in respect of principal, pre-petition interest
and other claims, all amounts owing in respect of post-petition interest
(including any additional interest payable pursuant to any Prior Lien Document
arising from or related to a default regardless of whether a claim for
post-petition interest is allowed or allowable in such Insolvency or
Liquidation Proceeding), fees or expenses that is available from their Prior Lien
Collateral, before any distribution is made in respect of the Subordinated Lien
Obligations with respect to such Collateral, with each Subordinated Lien
Claimholder acknowledging and agreeing to turn over to the Prior Lien Agent
with respect to such Collateral amounts otherwise received or receivable by
them to the extent necessary to effectuate the intent of this sentence, even if
such turnover has the effect of reducing the aggregate recoveries of the
Subordinated Lien Obligations.

 

6.8.                              Asset Dispositions
in an Insolvency or Liquidation Proceeding.

 

(a)                                  Without
limiting the ABL Agent’s and the ABL Claimholders’ rights under Section 3.1(b),
neither any Senior Secured Notes Agent nor any other Senior Secured Notes
Claimholder shall, in any Insolvency or Liquidation Proceeding or otherwise,
oppose any sale or disposition of any ABL Priority Collateral that is supported
by the ABL Claimholders, and the Senior Secured Notes Agent and each other
Senior Secured Notes Claimholder will be deemed to have irrevocably,
absolutely, and unconditionally consented under Section 363 of the
Bankruptcy Code (and otherwise) to any sale of any ABL Priority Collateral
supported by the ABL Claimholders and to have released their Liens on such
assets; provided that to the extent the Proceeds of such Collateral are
not applied to reduce ABL Obligations or any DIP Financing secured by a prior
Lien on such ABL Priority Collateral, the Senior Secured Notes Agent shall
retain a Lien on such Proceeds with the respective priorities described in Section 2.1.
Notwithstanding the foregoing, this Agreement shall not be construed to in any
way limit or impair the right of the Senior Secured Notes Claimholders from
exercising a credit bid in a sale or other disposition of their Senior Secured
Notes Collateral under Section 363 of the Bankruptcy Code; provided  that in connection with and immediately
after giving effect to such sale and credit bid there occurs a Discharge of ABL
Obligations.

 

(b)                                 Without
limiting the Senior Secured Notes Agent’s and the Senior Secured Notes
Claimholders’ rights under Section 3.2(b), neither the ABL Agent
nor any other ABL Claimholder shall, in any Insolvency Proceeding or otherwise,
oppose any sale or disposition of any Senior Secured Notes Priority Collateral
that is supported by the Senior Secured Notes Claimholders (but in the case of
the ABL Claimholders, subject to their rights under Section 3.3(d)),
and the ABL Agent and each other ABL Claimholder will be deemed to have
consented under Section 363 of the Bankruptcy Code (and otherwise) to any
sale of any Senior Secured Notes Priority Collateral supported by the Senior
Secured Notes Claimholders and to have released their Liens on such assets; provided
that to the extent the Proceeds of such Collateral are not applied to reduce
Senior Secured Notes Obligations or any DIP Financing secured by a prior Lien
on such Senior Secured Notes Priority Collateral, the ABL Agent shall retain a
Lien on such Proceeds with the respective priorities described in Section 2.1;
provided  further that the ABL Agent’s and the ABL Claimholders’
rights under Sections 3.3 and 3.4 shall survive any such sale or
disposition.

 

38

 

6.9.                              Section 1111(b) of
the Bankruptcy Code; Sections 363 and 364 of the Bankruptcy Code.

 

(a)                                  The ABL Agent,
for itself and on behalf of the ABL Claimholders, waives any claim it may
hereafter have against any Senior Secured Notes Claimholder arising out of
(i) the election by any Senior Secured Notes Claimholder of
Section 1111(b)(2) of the Bankruptcy Code or (ii) any borrowing
of, or grant of a security interest or administrative expense priority by, the
Company or any of its Subsidiaries as debtors-in-possession under Sections 363
and 364 of the Bankruptcy Code, in each case, as a result of or in connection
with any Insolvency or Liquidation Proceeding.

 

(b)                                 The Senior
Secured Notes Agent, for itself and on behalf of the Senior Secured Notes
Claimholders, waives any claim it may hereafter have against any ABL Claimholder
arising out of (i) the election by any ABL Claimholder of
Section 1111(b)(2) of the Bankruptcy Code or (ii) any borrowing
of, or grant of a security interest or administrative expense priority by, the
Company or any of its Subsidiaries as debtors-in-possession under Sections 363
and 364 of the Bankruptcy Code, in each case, as a result of or in connection
with any Insolvency or Liquidation Proceeding.

 

VII.  RELIANCE; WAIVERS; ETC.

 

7.1.                              Reliance.  Other than any reliance on the terms of this
Agreement, the ABL Agent, on behalf the ABL Claimholders, acknowledges that it
and the other ABL Claimholders have, independently and without reliance on the
Senior Secured Notes Agent or any Senior Secured Notes Claimholder, and based
on documents and information deemed by them appropriate, made their own credit
analysis and decision to enter into ABL Loan Documents and be bound by the
terms of this Agreement, and they will continue to make their own credit
decision in taking or not taking any action under the ABL Loan Documents or
this Agreement.  The Senior Secured Notes
Agent, on behalf of the Senior Secured Notes Claimholders, acknowledges that it
and the other Senior Secured Notes Claimholders have, independently and without
reliance on the ABL Agent or any other ABL Claimholder, and based on documents
and information deemed by them appropriate, made their own credit analysis and
decision to enter into each of the other Senior Secured Notes Documents and be
bound by the terms of this Agreement, and they will continue to make their own
credit decision in taking or not taking any action under the Senior Secured
Notes Documents or this Agreement.

 

7.2.                              No Warranties
or Liability.  The ABL
Agent, on behalf of the ABL Claimholders, acknowledges and agrees that none of
the Senior Secured Notes Agent and the Senior Secured Notes Claimholders have
made any express or implied representation or warranty, including with respect
to the execution, validity, legality, completeness, collectibility or
enforceability of any of the other Senior Secured Notes Documents, the
ownership by any Grantor of any Collateral or the perfection of any Liens
thereon.  Except as otherwise provided in
this Agreement, the Senior Secured Notes Agent and the Senior Secured Notes
Claimholders will be entitled to manage and supervise their loans and
extensions of credit under the Senior Secured Notes Documents in accordance
with law and as they may otherwise, in their sole discretion, deem
appropriate.  The Senior Secured Notes
Agent, on behalf of the Senior Secured Notes Claimholders, acknowledges and
agrees that none of the ABL Agent and the ABL Claimholders have made any
express or implied representation or warranty, including with respect to the
execution, validity, legality, completeness, collectibility or enforceability
of any of the other ABL Loan Documents, the ownership by any Grantor of any
Collateral or the perfection of any Liens thereon.  Except as otherwise provided in this
Agreement, the ABL Agent and the ABL Claimholders will be entitled to manage
and supervise their loans and extensions of credit under the ABL Loan Documents
in accordance with law and as they may otherwise, in their sole discretion,
deem appropriate.  Except as expressly
provided herein (i) the Senior Secured Notes Agent and the Senior Secured
Notes Claimholders shall have no duty to the ABL Agent or any of the ABL
Claimholders, and (ii) the ABL Agent and the other 

 

39

 

ABL Claimholders shall have no duty to the Senior
Secured Notes Agent or any of the other Senior Secured Notes Claimholders, in
each case, to act or refrain from acting in a manner which allows, or results
in, the occurrence or continuance of an event of default or default under any
agreements any Grantor (including the ABL Loan Documents and the Senior Secured
Notes Documents), regardless of any knowledge thereof which they may have or be
charged with.

 

7.3.                              No Waiver of
Lien Priorities.

 

(a)                                  No right of the
Agents or the other Claimholders to enforce any provision of this Agreement or
any ABL Loan Document or Senior Secured Notes Document shall at any time in any
way be prejudiced or impaired by any act or failure to act on the part of any
Grantor or by any act or failure to act by such Agents or Claimholders or by
any noncompliance by any Person with the terms, provisions and covenants of
(i) this Agreement, (ii) any of the ABL Loan Documents or
(iii) any of the Senior Secured Notes Documents, regardless of any
knowledge thereof which the Agents or the ABL Claimholders or the Senior
Secured Notes Claimholders, or any of them, may have or be otherwise charged
with.

 

(b)                                 Without in any
way limiting the generality of the foregoing paragraph (but subject to the
rights of the Grantors under the ABL Loan Documents and the Senior Secured
Notes Documents and except as otherwise expressly provided in this Agreement),
the Agents and the other Claimholders may, at any time and from time to time in
accordance with the ABL Loan Documents and the Senior Secured Notes Documents
and/or applicable law, without the consent of, or notice to, any other Agent or
any other Claimholder (as applicable), without incurring any liabilities to
such Persons and without impairing or releasing the Lien priorities and other
benefits provided in this Agreement (even if any right of subrogation or other
right or remedy is affected, impaired or extinguished thereby) do any one or
more of the following:

 

(i)                                     change the
manner, place or terms of payment or change or extend the time of payment of, or
amend, renew, exchange, increase or alter, the terms of any of the Obligations
or any Lien or guaranty thereof or any liability of any Grantor, or any
liability incurred directly or indirectly in respect thereof (including any
increase in or extension of the Obligations, without any restriction as to the
tenor or terms of any such increase or extension) or otherwise amend, renew,
exchange, extend, modify or supplement in any manner any Liens held by the
Agents or any rights or remedies under any of the ABL Loan Documents or the
Senior Secured Notes Documents;

 

(ii)                                  sell, exchange,
release, surrender, realize upon, enforce or otherwise deal with in any manner
and in any order any part of the Collateral (except to the extent provided in
this Agreement) or any liability of any Grantor or any liability incurred
directly or indirectly in respect thereof;

 

(iii)                               settle or
compromise any Obligation or any other liability of any Grantor or any security
therefore or any liability incurred directly or indirectly in respect thereof
and apply any sums by whomsoever paid and however realized to any liability in
any manner or order that is not inconsistent with the terms of this Agreement;
and

 

(iv)                              exercise or
delay in or refrain from exercising any right or remedy against any security or
any Grantor or any other Person, elect any remedy and otherwise deal freely
with any Grantor.

 

40

 

 

7.4.                              Obligations
Unconditional.  All rights,
interests, agreements and obligations of the ABL Claimholders and the Senior
Secured Notes Claimholders, respectively, hereunder shall remain in full force
and effect irrespective of:

 

(a)                                  any lack of
validity or enforceability of any ABL Loan Documents or any Senior Secured
Notes Documents;

 

(b)                                 except, in each
case, as otherwise expressly set forth in this Agreement, any change in the
time, manner or place of payment of, or in any other terms of, all or any of
the ABL Obligations or Senior Secured Notes Obligations, or any amendment or
waiver or other modification, including any increase in the amount thereof,
whether by course of conduct or otherwise, of the terms of any ABL Loan
Document or Senior Secured Notes Document;

 

(c)                                  except as
otherwise expressly set forth in this Agreement, any exchange, release,
voiding, avoidance or non-perfection of any security interest in any Collateral
or any other collateral, or any amendment, waiver or other modification, whether
in writing or by course of conduct or otherwise, of all or any of the ABL
Obligations or Senior Secured Notes Obligations;

 

(d)                                 the
commencement of any Insolvency or Liquidation Proceeding in respect of any
Grantor; or

 

(e)                                  any other
circumstances which otherwise might constitute a defense available to, or a
discharge of, any Grantor in respect of any Agent or Claimholder in respect of
this Agreement.

 

VIII.  MISCELLANEOUS.

 

8.1.                              Conflicts.  In the event of any conflict between the
provisions of this Agreement and the provisions of any ABL Loan Document or
Senior Secured Notes Document, the provisions of this Agreement shall govern
and control.

 

8.2.                              Effectiveness;
Continuing Nature of this Agreement; Severability.  This Agreement shall become effective when
executed and delivered by the parties hereto (it being understood that this
Agreement shall become effective among the ABL Claimholders and the Senior
Secured Notes Claimholders upon execution and delivery of this Agreement by the
ABL Agent and the Senior Secured Notes Agent on the date hereof).  This is a continuing agreement of Lien
subordination (as opposed to an agreement of debt or claim subordination), and
the ABL Claimholders and the Senior Secured Notes Claimholders may continue, at
any time and without notice to any other Agent or Claimholder, to extend credit
and other financial accommodations and lend monies to or for the benefit of any
Grantor in reliance hereon.  Each of the
Agents, on behalf of the applicable Claimholders, as applicable, hereby
irrevocably, absolutely, and unconditionally waives any right any Claimholder
may have under applicable law to revoke this Agreement or any of the provisions
of this Agreement.  The terms of this
Agreement shall survive, and shall continue in full force and effect, in any
Insolvency or Liquidation Proceeding. 
Consistent with, but not in limitation of, the preceding sentence, each
of the Agents, on behalf of the applicable Claimholders irrevocably
acknowledges that this Agreement constitutes a “subordination agreement” within
the meaning of both New York law and Section 510(a) of the Bankruptcy
Code.  Any provision of this Agreement
that is prohibited or unenforceable in any jurisdiction shall not invalidate
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.  All
references to any Grantor shall include such Grantor as debtor and debtor-in-possession
and any receiver or trustee for any Grantor (as applicable) in any Insolvency
or Liquidation Proceeding.  This
Agreement shall terminate and be of no further force and effect subject to the
rights provided to Prior Lien Claimholders under Section 6.4:

 

41

 

(a)                                  with respect to
the ABL Agent, the ABL Claimholders and the ABL Obligations, on the date on
which the Discharge of ABL Obligations has occurred in accordance with the
terms of this Agreement; and

 

(b)                                 with respect to
the Senior Secured Notes Agent, the Senior Secured Notes Claimholders and the
Senior Secured Notes Obligations, on the date on which the Discharge of Senior
Secured Notes Obligations has occurred in accordance with the terms of this
Agreement.

 

8.3.                              Amendments;
Waivers.  Except as provided in the
following sentence, no amendment, modification or waiver of any of the
provisions of this Agreement shall be deemed to be made unless the same shall
be in writing signed on behalf of each party hereto or its authorized agent and
each waiver, if any, shall be a waiver only with respect to the specific
instance involved and shall in no way impair the rights of the parties making
such waiver or the obligations of the other parties to such party in any other
respect or at any other time. 
Notwithstanding the foregoing, (i) no Grantor shall have any right
to consent to or approve any amendment, modification or waiver of any provision
of this Agreement, and (ii) any Additional Pari Passu Senior Secured Notes
Agent, on behalf of itself and the Senior Secured Notes Claimholders under any
Additional Pari Passu Senior Secured Notes Agreement, may become a party to
this Agreement, without any further action by any other party hereto, upon
execution and delivery by the Company and such Agent of a properly completed
Additional Joinder Agreement to each Agent.

 

8.4.                              Information
Concerning Financial Condition of the Company and its Subsidiaries.  Each Claimholder shall be responsible for
keeping themselves informed of (a) the financial condition of the Grantors
and (b) all other circumstances bearing upon the risk of nonpayment of the
ABL Obligations and the Senior Secured Notes Obligations.  No Claimholder shall have any duty to advise
any other Claimholder of information known to it or them regarding such
condition or any such circumstances or otherwise.  In the event any Claimholder undertakes at
any time or from time to time to provide any such information to any of the
other Claimholders, it or they shall be under no obligation, (i) to make,
and shall not make, any express or implied representation or warranty,
including with respect to the accuracy, completeness, truthfulness or validity
of any such information so provided, (ii) to provide any additional
information or to provide any such information on any subsequent occasion,
(iii) to undertake any investigation, or (iv) to disclose any
information, which pursuant to accepted or reasonable commercial finance
practices, such party wishes to maintain confidential or is otherwise required
to maintain confidential.

 

8.5.                              Subrogation.  With respect to the value of any payments or
distributions in cash, property or other assets that any of the Subordinated
Lien Claimholders actually pay over to the Prior Lien Agent or the Prior Lien
Claimholders under the terms of this Agreement, the Subordinated Lien
Claimholders shall be subrogated to the rights of such Prior Lien Claimholders;
provided, however, that each Subordinated Lien Agent, on behalf
of the Subordinated Lien Claimholders, hereby agrees not to assert or enforce
all such rights of subrogation it may acquire as a result of any payment
hereunder until the Discharge of Prior Lien Obligations has occurred.  The Grantors acknowledge and agree that, to
the extent permitted by applicable law, the value of any payments or
distributions in cash, property or other assets received by the Subordinated
Lien Claimholders that are paid over to the Prior Lien Claimholders pursuant to
this Agreement shall not reduce any of the Subordinated Lien Obligations.  Notwithstanding the foregoing provisions of
this Section 8.5, none of the Subordinated Lien Claimholders shall
have any claim against any of the Prior Lien Claimholders for any impairment of
any subrogation rights herein granted to the Subordinated Lien Claimholders.

 

42

 

8.6.                              SUBMISSION TO
JURISDICTION; WAIVERS.

 

(a)                                  ALL JUDICIAL
PROCEEDINGS BROUGHT AGAINST ANY PERSON ARISING OUT OF OR RELATING HERETO MAY BE
BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE,
COUNTY AND CITY OF NEW YORK.  BY
EXECUTING AND DELIVERING THIS AGREEMENT, EACH AGENT, FOR ITSELF AND ON BEHALF
OF THE SENIOR SECURED NOTES CLAIMHOLDERS (IN THE CASE OF THE SENIOR SECURED
NOTES AGENT), AND THE ABL CLAIMHOLDERS (IN THE CASE OF THE ABL AGENT)
IRREVOCABLY:

 

(i)                                     AGREES THAT THE
ONLY NECESSARY PARTIES TO ANY AND ALL JUDICIAL PROCEEDINGS ARISING OUT OF OR
RELATING TO THIS AGREEMENT SHALL BE THE PARTIES HERETO, EXCEPT WHERE IN ANY
SUCH JUDICIAL PROCEEDING RELIEF (INCLUDING INJUNCTIVE RELIEF OR THE RECOVERY OF
MONEY) IS BEING SOUGHT DIRECTLY AGAINST OR FROM A PERSON THAT IS NOT A PARTY
AND EXCEPT THAT, IN ANY SUCH JUDICIAL PROCEEDINGS AMONG THE SENIOR SECURED
NOTES AGENT OR ABL AGENT THAT DOES NOT SEEK ANY RELIEF AGAINST OR FROM ANY
GRANTOR, THE GRANTORS SHALL NOT BE NECESSARY PARTIES.  WITHOUT LIMITING THE GENERALITY OF THE
FOREGOING, AND CONSISTENT WITH THE PROVISIONS OF SECTIONS 8.14 AND 8.17,
NONE OF THE ABL CLAIMHOLDERS (OTHER THAN THE ABL AGENT) OR THE SENIOR SECURED
NOTES CLAIMHOLDERS (OTHER THAN THE SENIOR SECURED NOTES AGENT) SHALL BE
NECESSARY OR OTHERWISE APPROPRIATE PARTIES TO ANY SUCH JUDICIAL PROCEEDINGS,
UNLESS IN SUCH JUDICIAL PROCEEDING SUMS ARE BEING SOUGHT TO BE RECOVERED
DIRECTLY FROM SUCH PERSONS, INCLUDING PURSUANT TO SECTION 4.2
OR ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT IS BEING SOUGHT DIRECTLY
AGAINST SUCH PERSONS.

 

(ii)                                  ACCEPTS
GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH
COURTS;

 

(iii)                               WAIVES ANY
DEFENSE OF FORUM NON CONVENIENS;

 

(iv)                              AGREES THAT
SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE
MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE
APPLICABLE PERSON (AND IN THE CASE OF A PARTY, AT ITS ADDRESS PROVIDED IN
ACCORDANCE WITH SECTION 8.7); AND

 

(v)                                 AGREES THAT
SERVICE AS PROVIDED IN CLAUSE (iv) ABOVE IS SUFFICIENT TO CONFER PERSONAL
JURISDICTION OVER THE APPLICABLE PERSON IN ANY SUCH PROCEEDING IN ANY SUCH
COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY
RESPECT.

 

(b)                                 WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT
OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, ANY OF THE ABL LOAN DOCUMENTS
OR ANY OF THE SENIOR SECURED NOTES DOCUMENTS. 
EACH OF THE PARTIES HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS 

 

43

 

AGREEMENT, THE ABL LOAN DOCUMENTS AND THE SENIOR
SECURED NOTES DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.6.

 

8.7.                              Notices.  All notices permitted or required under this
Agreement need be sent only to the Senior Secured Notes Agent and the ABL Agent,
as applicable, in order to be effective and otherwise binding on any applicable
Claimholder.  If any notice is sent for
whatever reason to the other Senior Secured Notes Claimholders or the ABL
Claimholders, such notice shall also be sent to the applicable Agent.  Unless otherwise specifically provided
herein, any notice hereunder shall be in writing and may be personally served
or sent by telefacsimile or United States mail or courier service and shall be
deemed to have been given when delivered in person or by overnight courier
service and signed for against receipt thereof, upon receipt of telefacsimile
during normal business hours, or three Business Days after depositing it in the
United States certified mails (return receipt requested) with postage prepaid
and properly addressed; provided that, with respect to the Agents, any notice
shall be deemed given only when actually received by such Agent.  For the purposes hereof, the addresses of the
parties hereto shall be as set forth below each party’s name on the signature pages hereto,
or, as to each party, at such other address as may be designated by such party
in a written notice to all of the other parties.

 

8.8.                              Further
Assurances.  The ABL
Agent, on behalf of the ABL Claimholders, the Senior Secured Notes Agent, on
behalf of the Senior Secured Notes Claimholders, and the Grantors, agree that
each of them shall take such further action and shall execute and deliver such
additional documents and instruments (in recordable form, if requested) as any other
Agent may reasonably request to effectuate the terms of and the Lien priorities
contemplated by this Agreement.  Each of
the Senior Secured Notes Agent and the ABL Agent agrees that if it sends any
Enforcement Notice to another Agent, it shall be sent to all of the Agents.

 

8.9.                              APPLICABLE LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND
SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK.

 

8.10.                        Specific
Performance.  Each of the
ABL Agent and the Senior Secured Notes Agent may demand specific performance of
this Agreement.  The ABL Agent, on behalf
of itself and the ABL Claimholders, and the Senior Secured Notes Agent, on
behalf of itself and the Senior Secured Notes Claimholders, hereby irrevocably
waive any defense based on the adequacy of a remedy at law and any other
defense which might be asserted to bar the remedy of specific performance in
any action which may be brought by the ABL Agent or the other ABL Claimholders
or the Senior Secured Notes Agent or the other Senior Secured Notes
Claimholders, as applicable.  Without
limiting the generality of the foregoing or of the other provisions of this
Agreement, in seeking specific performance in any Insolvency or Liquidation
Proceeding, an Agent may seek such relief as if it were the “holder” of the
claims of the other Agent’s Claimholders under Section 1126(a) of the
Bankruptcy Code or otherwise had been granted an irrevocable power of attorney
by the other Agent’s Claimholders.

 

8.11.                        Headings.  Section headings in this Agreement are
included herein for convenience of reference only and shall not constitute a
part of this Agreement for any other purpose or be given any substantive
effect.

 

8.12.                        Counterparts.  This Agreement may be executed in
counterparts (and by different parties hereto in different counterparts), each
of which shall constitute an original, but all of which when taken together
shall constitute a single contract. 
Delivery of an executed counterpart of a signature page of this
Agreement or any document or instrument delivered in connection herewith by
telecopy shall be 

 

44

 

effective as delivery of a manually executed
counterpart of this Agreement or such other document or instrument, as
applicable.

 

8.13.                        Authorization.  By its signature, each party hereto
represents and warrants to the other parties hereto that the individual signing
this Agreement on its behalf is duly authorized to execute this Agreement.  The Senior Secured Notes Agent hereby
represents that it is authorized to, and by its signature hereon does, bind the
other Senior Secured Notes Claimholders to the terms of this Agreement.  The ABL Agent hereby represents that it is
authorized to, and by its signature hereon does, bind the other ABL Claimholders
to the terms of this Agreement.

 

8.14.                        No Third Party
Beneficiaries.  This
Agreement and the rights and benefits hereof shall inure to the benefit of each
of the parties hereto and its respective successors and assigns and shall inure
to the benefit of (and shall be binding upon) each of the Agents and the other
Claimholders and their respective successors and assigns.

 

8.15.                        Provisions
Solely to Define Relative Rights.  The provisions of this Agreement are and are
intended solely for the purpose of defining the respective relative rights of
the ABL Claimholders and the Senior Secured Notes Claimholders.  No Grantor or any other creditor thereof
shall have any rights hereunder, and no Grantor may rely on the terms
hereof.  Nothing in this Agreement is
intended to or shall impair as between the Grantors and the ABL Agent and the
other ABL Claimholders, or as between the Grantors and the Senior Secured Notes
Agent and the other Senior Secured Notes Claimholders, the obligations of any
Grantor, which are absolute and unconditional, to pay principal, interest, fees
and other amounts as provided in the other ABL Loan Documents or the other
Senior Secured Notes Documents, respectively, including as and when the same
shall become due and payable in accordance with their terms.

 

8.16.                        Marshalling of
Assets.  Each Subordinated Lien Agent,
on behalf of the applicable Subordinated Lien Claimholders, hereby irrevocably,
absolutely, and unconditionally waives any and all rights or powers any
Subordinated Lien Claimholder may have at any time under applicable law or
otherwise to have its Subordinated Lien Collateral, or any part thereof,
marshaled upon any foreclosure or other enforcement of such Subordinated Lien
Agent’s Liens.

 

8.17.                        Exclusive Means
of Exercising Rights under this Agreement.  The Senior Secured Notes Claimholders shall
be deemed to have irrevocably appointed the Senior Secured Notes Agent, and the
ABL Claimholders shall be deemed to have irrevocably appointed the ABL Agent,
as their respective and exclusive agents hereunder.  Consistent with such appointment, the Senior
Secured Notes Claimholders and the ABL Claimholders further shall be deemed to
have agreed that their respective Agents (and not any individual Claimholder or
group of Claimholders) shall have the exclusive right to exercise any rights,
powers, and/or remedies under or in connection with this Agreement (including
bringing any action to interpret or otherwise enforce the provisions of this
Agreement) or the Collateral. 
Specifically, but without limiting the generality of the foregoing, each
Senior Secured Notes Claimholder (other than the Senior Secured Notes Agent)
and each ABL Claimholder (other than the ABL Agent), shall not be entitled to
take or file, but instead shall be precluded from taking or filing (whether in
any Insolvency or Liquidation Proceeding or otherwise), any action, judicial or
otherwise, to enforce any right or power or pursue any remedy under this
Agreement (including any declaratory judgment or other action to interpret or
otherwise enforce the provisions of this Agreement), except solely as provided
in the proviso in the preceding sentence.

 

8.18.                        Interpretation.  This Agreement is a product of negotiations
among representatives of, and has been reviewed by counsel to, the Senior
Secured Notes Agent, the ABL Agent and the Grantors and is the product of those
Persons on behalf of themselves and the Senior Secured 

 

45

 

Notes Claimholders (in the case of the Senior Secured
Notes Agent) and the ABL Claimholders (in the case of the ABL
Claimholders).  Accordingly, this
Agreement’s provisions shall not be construed against, or in favor of, any part
or other Person merely by virtue of that party or other Person’s involvement,
or lack of involvement, in the preparation of this Agreement and of any of its
specific provisions.

 

8.19.                        Capacity of
Senior Secured Notes Agent.  Deutsche Bank Trust Company Americas is
entering into this Agreement in its capacity as “collateral agent” under the
Senior Secured Notes Indenture and the rights, powers, privileges and
protections afforded to the “collateral agent” under the Senior Secured Notes
Indenture shall also apply to Deutsche Bank Trust Company Americas as the
Senior Secured Notes Agent hereunder. The Senior Secured Notes Claimholders
have expressly authorized and instructed the Senior Secured Notes Agent to
execute and deliver this Agreement.

 

8.20.                        Rights of
Authorized Senior Secured Notes Agent.  Notwithstanding any other provision of this
Agreement, as among the Senior Secured Notes Agents, the Authorized Senior
Secured Notes Agent will have the sole right to direct foreclosures and take
other Enforcement actions with respect to the Collateral and no other Senior
Secured Notes Agent shall have any right to take enforcement actions with
respect to such Collateral.

 

[Signature Pages Follow]

 

46

 

IN WITNESS WHEREOF, the parties hereto have executed
this Intercreditor Agreement as of the date first written above.

 

	
   

  	
  Initial
  ABL Agent:

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE
  BANK TRUST COMPANY AMERICAS,

  
	
   

  	
  solely
  in its capacity as ABL Agent and not in its individual capacity

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Omayra Laucella

  
	
   

  	
   

  	
  Name:

  	
  Omayra
  Laucella

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Paul O’Leary

  
	
   

  	
   

  	
  Name:

  	
  Paul
  O’Leary

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Notice
  Address:

  
	
   

  	
   

  
	
   

  	
  60
  Wall Street

  
	
   

  	
  New
  York, New York 10005

  
	
   

  	
  Attention:
  Omayra Laucella

  
	
   

  	
  Facsimile:
  (646) 863-9256

  

 

[SIGNATURE
PAGE TO INTERCREDITOR AGREEMENT]

 

 

	
   

  	
  Senior Secured Notes Collateral Agent:

  
	
   

  	
   

  
	
   

  	
  DEUTSCHE
  BANK TRUST COMPANY AMERICAS, not in its individual
  capacity, but solely in its capacity as Notes Priority Collateral Agent under
  the Senior Secured Notes Indenture and Notes Priority Collateral Agent under
  the Senior Secured Notes Documents, as Senior Secured Notes Agent

  
	
   

  	
   

  
	
   

  	
  By:
  Deutsche Bank National Trust Company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Cynthia J. Powell

  
	
   

  	
  Name:

  	
  Cynthia
  J. Powell

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  David Contino

  
	
   

  	
  Name:

  	
  David
  Contino

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Notices:

  
	
   

  	
   

  
	
   

  	
  Deutsche
  Bank Trust Company Americas

  
	
   

  	
  Trust &
  Securities Services

  
	
   

  	
  60
  Wall Street, MS NYC60-2710

  
	
   

  	
  New
  York, New York 10005

  
	
   

  	
  Attn:
  Corporates Team Deal Manager - Accuride

  
	
   

  	
  Fax:
  732-578-4635

  
	
   

  	
   

  
	
   

  	
  With
  a copy to:

  
	
   

  	
   

  
	
   

  	
  Deutsche
  Bank Trust Company Americas

  
	
   

  	
  c/o
  Deutsche Bank National Trust Company

  
	
   

  	
  Trust &
  Securities Services

  
	
   

  	
  100
  Plaza One, Mailstop JCY03-0699

  
	
   

  	
  Jersey
  City, New Jersey 07311

  
	
   

  	
  Attn:
  Corporate Team Deal Manager - Accuride

  
	
   

  	
  Fax:
  732-578-4635

  

 

[SIGNATURE
PAGE TO INTERCREDITOR AGREEMENT]

 

 

 

ACKNOWLEDGMENT

 

The
Grantors each hereby acknowledge that they have received a copy of the
foregoing Intercreditor Agreement and consent thereto, agree to recognize all
rights granted thereby to the ABL Agent, the ABL Claimholders, the Senior
Secured Notes Agent, and the Senior Secured Notes Claimholders, and will not do
any act or perform any obligation the effect of which would result in a breach
of the agreements set forth in the Intercreditor Agreement, as amended,
restated, supplemented or otherwise modified from time to time; provided,
however, that the foregoing shall not, without the consent of Company,
impair the rights of any Grantor under the ABL Loan Documents or the Senior
Secured Notes Documents.  The Grantors
and each of the Grantors’ undersigned Subsidiaries each further acknowledge and
agree that they are not an intended beneficiary or third party beneficiary
under the foregoing Intercreditor Agreement, as amended, restated, supplemented
or otherwise modified from time to time.

 

[signatures on following pages]

 

 

Acknowledged
as of the date first written above:

 

Company:

 

ACCURIDE
CORPORATION, a Delaware corporation

 

 

	
  By:

  	
  /s/
  William M. Lasky

  	
   

  
	
  Name:

  	
  William
  M. Lasky

  	
   

  
	
  Title:

  	
  President

  	
   

  

 

Notice
Address:

 

P.O. Box
15600

7140
Office Circle

Evansville, IN
47715

Attention:
Office of General Counsel

 

Company
Subsidiaries:

 

ACCURIDE
CUYAHOGA FALLS, INC.

ACCURIDE
DISTRIBUTING, LLC

ACCURIDE
EMI, LLC

AOT
INC.

ERIE
LAND HOLDING, INC.

BOSTROM
HOLDINGS, INC.

BOSTROM
SEATING, INC.

BOSTROM
SPECIALTY SEATING, INC.

BRILLION
IRON WORKS, INC.

FABCO
AUTOMOTIVE CORPORATION

GUNITE
CORPORATION

IMPERIAL
GROUP HOLDING CORP. — 1

IMPERIAL
GROUP HOLDING CORP. — 2

JAII
MANAGEMENT COMPANY

TRANSPORTATION
TECHNOLOGIES INDUSTRIES, INC.

TRUCK
COMPONENTS INC.

 

	
  By:

  	
  /s/
  William M. Lasky

  	
   

  
	
  Name:

  	
  William
  M. Lasky

  	
   

  
	
  Title:

  	
  Authorized
  Officer

  	
   

  

 

ACCURIDE
ERIE L.P.

 

By:  AKW GENERAL PARTNER L.L.C.,

as
General Partner

 

By:  ACCURIDE CORPORATION,

as
Sole Member

 

	
  By:

  	
  /s/
  William M. Lasky

  	
   

  
	
  Name:
  

  	
  William
  M. Lasky

  	
   

  

 

[SIGNATURE PAGE TO ACKNOWLEDGMENT TO INTERCREDITOR AGREEMENT]

 

 

Title:  President

 

ACCURIDE
HENDERSON LIMITED LIABILITY COMPANY

AKW
GENERAL PARTNER L.L.C.

 

By:  ACCURIDE CORPORATION,

 as Sole Member

 

	
  By:

  	
  /s/
  William M. Lasky

  	
   

  
	
  Name:

  	
  William
  M. Lasky

  	
   

  
	
  Title:

  	
  President

  	
   

  

 

IMPERIAL
GROUP, L.P.

 

By:  IMPERIAL GROUP HOLDING

CORP.
- 1, its General Partner

 

	
  By:

  	
  /s/
  William M. Lasky

  	
   

  
	
  Name:
  

  	
  William
  M. Lasky

  	
   

  
	
  Title:

  	
  President

  	
   

  

 

Notice
Address:

 

P.O. Box
15600

7140
Office Circle

Evansville, IN
47715

Attention:
Office of General Counsel

 

 

[SIGNATURE PAGE TO ACKNOWLEDGMENT TO INTERCREDITOR AGREEMENT]

 

 

EXHIBIT A TO THE

INTERCREDITOR AGREEMENT

 

[Form of]

 

ADDITIONAL JOINDER AGREEMENT

 

[Name of Additional Pari Passu Senior Secured Notes Agent]

[Address of Additional Pari Passu Senior Secured Notes Agent]

 

[Date]

 

[Names of ABL Agent and Senior Secured Notes Agent]

[Addresses of ABL Agent and Senior Secured Notes Agent]

 

The undersigned, together with its successors and
assigns (the “New Secured Agent”) under [identify Additional Pari Passu
Senior Secured Notes Agreement] (the “New Secured Agreement”), is the
Additional Pari Passu Senior Secured Notes Agent for Persons (the “New
Secured Claimholders”) wishing to become Senior Secured Notes Claimholders
under and as defined in the Intercreditor Agreement, dated as of July 29,
2010 (as amended and/or supplemented from time to time, the “Intercreditor
Agreement” (terms used without definition herein have the meanings assigned
to such terms by the Intercreditor Agreement)), among the ABL Agent thereunder
and each Senior Secured Notes Agent thereunder.

 

In consideration of the foregoing, the undersigned
hereby:

 

(i)                                     represents that the New
Secured Claimholders have authorized the New Secured Notes Agent to become a
party to the Intercreditor Agreement on behalf of such New Secured Claimholders
and to act as the Additional Pari Passu Senior Secured Notes Agent on behalf of
such New Secured Claimholders thereunder;

 

(ii)                                  acknowledges that the New
Secured Agent has received a copy of the Intercreditor Agreement;

 

(iii)                               acknowledges on behalf of
itself and the other New Secured Claimholders that the Obligations under the
New Secured Agreement constitute Senior Secured Notes Obligations for all
purposes of the Intercreditor Agreement; and

 

(iv)                              accepts and acknowledges, on
behalf of itself and the New Secured Claimholders, the terms of the
Intercreditor Agreement applicable to the Additional Pari Passu Senior Secured
Notes Agent and the other Senior Secured Notes Claimholders and agrees on its
own behalf and on behalf of the New Secured Claimholders to be bound by the
terms thereof applicable to holders of Senior Secured Notes Obligations, with
all the rights, duties and obligations of the Senior Secured Notes Claimholders
under the Intercreditor Agreement and to be bound by all the provisions thereof
as fully as if they had been named as Senior Secured Notes Claimholders on the
effective date of the Intercreditor Agreement and agrees that the New Secured
Agent’s address for receiving notices pursuant to the Intercreditor Agreement
shall be as follows:

 

[Address]

 

THIS ADDITIONAL JOINDER AGREEMENT SHALL BE GOVERNED
BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK.

 

1

 

is entering into the Intercreditor Agreement
pursuant to this joinder agreement in its capacity as [identify capacity] under
the [identify Additional Pari Passu Senior Secured Notes Agreement] and the
rights, powers, privileges and protections afforded to the [identify capacity]
under the [identify Additional Pari Passu Senior Secured Notes Agreement] shall
also apply to
                                
as an Additional Pari Passu Senior Secured Notes Agent under the Intercreditor
Agreement.

 

2

 

IN WITNESS WHEREOF, the undersigned has caused this
Additional Joinder Agreement to be duly executed by its authorized officer as
of the        day of 20    .

 

	
   

  	
   

  	
  [NAME
  OF NEW SECURED AGENT]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  The
  Company hereby represents and warrants to each Agent on the date hereof that
  the Indebtedness evidenced by the New Secured Agreement meets the
  requirements set forth in the definition of, and is hereby designated as,
  Additional Pari Passu Senior Secured Notes Obligations under the
  Intercreditor Agreement.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ACCURIDE
  CORPORATION, a Delaware corporation

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]