Document:

<PAGE>

                                                               EXECUTION VERSION

                             NEENAH FOUNDRY COMPANY

                    11% SENIOR SECOND SECURED NOTES DUE 2010

                          REGISTRATION RIGHTS AGREEMENT

                                                              New York, New York
                                                                 October 8, 2003

Mackay Shields LLC
Citicorp Mezzanine III, L.P.
TCW Shared Opportunity Fund II, L.P.
Shared Opportunity Fund IIB LLC
TCW Shared Opportunity Fund IV, L.P.
TCW Shared Opportunity Fund IVB, L.P.
AIMCO CDO, Series 2000-A
TCW High Income Partners, Ltd.
TCW High Income Partners II, Ltd.
Metropolitan Life Insurance Company
Exis Differential Holdings Ltd.

Ladies and Gentlemen:

                  Neenah Foundry Company, a company organized under the laws of
Wisconsin (the "Company"), proposes to issue its 11% Senior Second Secured Notes
due 2010 (the "Notes") pursuant to, and upon the terms set forth in, the
Company's Plan of Reorganization (the "Plan") under chapter 11 of Title 11 of
the United States Code (the "Bankruptcy Code"), and in a Subscription Agreement,
dated as of October 7, 2003, by and among the Investors referred to therein, ACP
Holding Company, the Company and the Subsidiary Guarantors listed therein (the
"Subscription Agreement"). The Notes will be guaranteed (the "Guarantees" and,
together with the Notes, the "Securities") by each of the Company's direct and
indirect subsidiaries set forth on the signature page hereto (the "Subsidiary
Guarantors"). In accordance with the Plan and to satisfy a condition of your
obligations under the Subscription Agreement, the Company and the Subsidiary
Guarantors, jointly and severally, agree with you for your benefit and the
benefit of the holders from time to time of the Securities (each a "Holder" and,
together, the "Holders"), as follows:

                  1.       Definitions. Capitalized terms used herein without
definition shall have their respective meanings set forth in the Subscription
Agreement. As used in this Agreement, the following capitalized defined terms
shall have the following meanings:

                  "Act" shall mean the Securities Act of 1933, as amended, and
the rules and regulations of the Commission promulgated thereunder.

<PAGE>

                  "Actual Interest Amount" shall mean, with respect to any Note
and with respect to any Registration Default Period, an amount equal to the
amount of interest accruing on such Note during such Registration Default Period
pursuant to the terms of such Note and the Indenture.

                  "Assumed Interest Amount" shall mean, with respect to any Note
and with respect to any Registration Default Period, an amount equal to the
amount of interest which would accrue on such Note during such Registration
Default Period at a rate equal to:

                  (a) during the first 90 days of such Registration Default
         period, the rate of interest payable on such Note pursuant to the terms
         of such Note and the Indenture, plus 0.25%, and

                  (b) during each subsequent 90-day period of such Registration
         Default Period, the rate of interest utilized in calculating the
         Assumed Interest Amount with respect to the prior 90 days of such
         Registration Default Period, plus an additional 0.25%.

                  "Affiliate" means, with respect to any Person, any other
Person directly or indirectly controlling, controlled by, or under common
control with such other Person. For purposes of this definition, control of a
Person shall mean the power, direct or indirect, to direct or cause the
direction of the management and policies of such Person whether by contract or
otherwise; and the terms "controlling" and "controlled" shall have meanings
correlative to the foregoing.

                  "Broker-Dealer" shall mean any broker or dealer registered as
such under the Exchange Act.

                  "Business Day" shall mean any day other than a Saturday, a
Sunday or a legal holiday or a day on which banking institutions or trust
companies are authorized or obligated by law to close in New York City.

                  "Commission" shall mean the Securities and Exchange
Commission.

                  "Company" shall have the meaning set forth in the preamble
hereto.

                  "Exchange Act" shall mean the Securities Exchange Act of 1934,
as amended, and the rules and regulations of the Commission promulgated
thereunder.

                  "Exchange Offer Registration Period" shall mean the period
following the consummation of the Registered Exchange Offer, which period shall
end on the sooner of the 180th day after the consummation of the Registered
Exchange Offer and the date on which all Exchanging Dealers have sold all New
Securities held by them (unless such period is extended pursuant to Section 4(k)
hereof).

                  "Exchange Offer Registration Statement" shall mean a
registration statement of the Company and the Subsidiary Guarantors on an
appropriate form under the Act with respect to the Registered Exchange Offer,
all amendments and supplements to such registration statement, including
post-effective amendments thereto, in each case including the Prospectus
contained therein, all exhibits thereto and all material incorporated by
reference therein.

                                       2

<PAGE>

                  "Exchanging Dealer" shall mean any Holder that is a
Broker-Dealer and elects to exchange for New Securities any Securities that it
acquired for its own account as a result of market-making activities or other
trading activities.

                  "Guarantees" shall have the meaning set forth in the preamble
hereto.

                  "Holder" and "Holders" shall have the respective meanings set
forth in the preamble hereto.

                  "Indenture" shall mean the Indenture relating to the
Securities, dated as of the date hereof, among the Company, the Subsidiary
Guarantors and The Bank of New York, as Trustee, as the same may be amended from
time to time in accordance with the terms thereof.

                  "Initial Holders" shall mean the persons to whom the New
Securities are initially issued by the Company, whether in exchange for the PIK
Note Claims referred to in the Plan, upon the exercise of the Rights referred to
in the Plan or pursuant to the Subscription Agreement.

                  "Liquidated Damages" shall mean with respect to any Note and
with respect to any Registration Default Period an amount equal to (a) the
Assumed Interest Amount for the duration of such Registration Default Period,
minus (b) the Actual Interest Amount for the duration of such Registration
Default Period.

                  "Losses" shall have the meaning set forth in Section 7(d)
hereof.

                  "Majority Holders" shall mean the Holders of a majority of the
aggregate principal amount of Securities registered or to be registered under a
Registration Statement.

                  "Managing Underwriters" shall mean the investment banker or
investment bankers and manager or managers that shall administer an underwritten
offering.

                  "New Securities" shall mean the 11% Senior Secured Notes due
2010 issued by the Company containing terms identical in all material respects
to the Securities (except that (i) interest thereon shall accrue from the last
date on which interest was paid on the Securities or, if no such interest has
been paid, from the date of their original issue, and (ii) the transfer
restrictions thereon shall be eliminated) to be offered to Holders in exchange
for Securities pursuant to the Registered Exchange Offer.

                  "Notes" shall have the meaning set forth in the preamble
hereto.

                  "Prospectus" shall mean the prospectus included in any
Registration Statement (including, without limitation, a prospectus that
discloses information previously omitted from a prospectus filed as part of an
effective registration statement in reliance upon Rule 430A under the Act), as
amended or supplemented by any prospectus supplement, with respect to the terms
of the offering of any portion of the Securities or the New Securities covered
by such Registration Statement, and all amendments and supplements thereto and
all material incorporated by reference therein.

                  "Registration Default" shall have the meaning set forth in
Section 6 hereof.

                                       3

<PAGE>

                  "Registration Default Period" shall mean the period commencing
on the day upon which a Registration Default shall have occurred and concluding
on the day upon which such Registration Default shall have been cured,
inclusive.

                  "Registered Exchange Offer" shall mean the proposed offer of
the Company and the Guarantors to issue and deliver to the Holders that are not
prohibited by any law or policy of the Commission from participating in such
offer, in exchange for the Securities, a like aggregate principal amount of the
New Securities.

                  "Registration Statement" shall mean any Exchange Offer
Registration Statement or Shelf Registration Statement that covers any of the
Securities or the New Securities pursuant to the provisions of this Agreement,
any amendments and supplements to such registration statement, including
post-effective amendments (in each case including the Prospectus contained
therein), all exhibits thereto and all material incorporated by reference
therein.

                  "Securities" shall have the meaning set forth in the preamble
hereto.

                  "Shelf Registration" shall mean a registration effected
pursuant to Section 3 hereof.

                  "Shelf Registration Period" shall have the meaning set forth
in Section 3(b)(ii) hereof.

                  "Shelf Registration Statement" shall mean a "shelf"
registration statement of the Company and the Subsidiary Guarantors pursuant to
the provisions of Section 3 hereof which covers some or all of the Securities or
New Securities, as applicable, on an appropriate form under Rule 415 under the
Act, or any similar rule that may be adopted by the Commission, amendments and
supplements to such registration statement, including post-effective amendments,
in each case including the Prospectus contained therein, all exhibits thereto
and all material incorporated by reference therein.

                  "Subscription Agreement" shall have the meaning set forth in
the preamble hereto.

                  "Subsidiary Guarantors" shall have the meaning set forth in
the preamble hereto.

                  "Trustee" shall mean the trustee with respect to the
Securities under the Indenture.

                  "underwriter" shall mean any underwriter of the Securities in
connection with an offering thereof under a Shelf Registration Statement.

                  2.       Registered Exchange Offer.

                           (a)      The Company shall prepare and, not later
         than 60 days following the date of the original issuance of the
         Securities (or if such 60th day is not a Business Day, the next
         succeeding Business Day), shall file with the Commission the Exchange
         Offer Registration Statement with respect to the Registered Exchange
         Offer. The Company shall use its commercially reasonable best efforts
         to cause the Exchange Offer

                                       4

<PAGE>

         Registration Statement to be declared effective under the Act within
         140 days of the date of the original issuance of the Securities (or if
         such 140th day is not a Business Day, the next succeeding Business
         Day).

                           (b)      Upon 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 electing to exchange Securities
         for New Securities (assuming that such Holder is not an Affiliate of
         the Company, acquires the New Securities in the ordinary course of such
         Holder's business, has no arrangements with any Person to participate
         in the distribution of the New Securities and is not prohibited by any
         law or policy of the Commission from participating in the Registered
         Exchange Offer) to trade such New Securities from and after their
         receipt without any limitations or restrictions under the Act and
         without material restrictions under the securities laws of a
         substantial proportion of the several states of the United States.

                           (c)      In connection with the Registered Exchange
         Offer, the Company shall:

                                    (i) 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;

                                    (ii) keep the Registered Exchange Offer open
                  for not less than 30 days and not more than 40 days after the
                  date notice thereof is mailed to the Holders (or, in each
                  case, longer if required by applicable law);

                                    (iii) use its commercially reasonable best
                  efforts to keep the Exchange Offer Registration Statement
                  continuously effective under the Act, supplemented and amended
                  as required under the Act, to ensure that it is available for
                  sales of New Securities by Exchanging Dealers during the
                  Exchange Offer Registration Period;

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

                                    (v) 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 is open;

                                    (vi) prior to effectiveness of the Exchange
                  Offer Registration Statement, if requested by the Commission,
                  provide a supplemental letter to the Commission (A) stating
                  that the Company and the Subsidiary Guarantors are conducting
                  the Registered Exchange Offer in reliance on the position of
                  the Commission in Exxon Capital Holdings Corporation (pub.
                  avail. May 13, 1988) and Morgan Stanley and Co., Inc. (pub.
                  avail. June 5, 1991); and (B) including a representation that
                  neither the Company nor any Subsidiary Guarantor has entered

                                       5

<PAGE>

                  into any arrangement or understanding with any Person to
                  distribute the New Securities to be received in the Registered
                  Exchange Offer and that neither the Company nor any Subsidiary
                  Guarantor will issue New Securities to any Holder
                  participating in the Registered Exchange Offer who fails to
                  certify to the Company that such Holder is acquiring the New
                  Securities in the ordinary course of business and has no
                  arrangement or understanding with any Person to participate in
                  the distribution of the New Securities; and

                                    (vii) comply in all respects with all
                  applicable laws.

                           (d)      As soon as practicable after the close of
         the Registered Exchange Offer, the Company and the Subsidiary
         Guarantors shall:

                                    (i) instruct the Trustee to accept for
                  exchange all Securities tendered and not validly withdrawn
                  pursuant to the Registered Exchange Offer;

                                    (ii) instruct the Trustee to cancel in
                  accordance with Section 4(s) hereof all Securities so accepted
                  for exchange; and

                                    (iii) cause the Trustee promptly to
                  authenticate and deliver to each Holder a principal amount of
                  New Securities equal to the principal amount of the Securities
                  of such Holder so accepted for exchange.

                           (e)      Each Holder participating in the Registered
         Exchange Offer shall be required to represent in writing to the Company
         that, at the time of the consummation of the Registered Exchange Offer:

                                    (i) any New Securities received by such
                  Holder will be acquired in the ordinary course of business;

                                    (ii) such Holder has had and will have no
                  arrangement or understanding with any Person to participate in
                  the distribution of the Securities or the New Securities
                  within the meaning of the Act; and

                                    (iii) such Holder is not an Affiliate of the
                  Company or any of the Subsidiary Guarantors (or if it is such
                  an Affiliate, that it will comply with the registration and
                  prospectus delivery requirements of the Act to the extent
                  applicable).

                  3.       Shelf Registration.

                           (a)      If (i) due to any change in law or
         applicable interpretations thereof by the Commission's staff, the
         Company determines upon advice of its outside counsel that it or any
         Subsidiary Guarantor is not permitted to effect the Registered Exchange
         Offer as contemplated by Section 2 hereof; (ii) for any other reason
         the Exchange Offer Registration Statement is not declared effective by
         the Commission under the Act within 180 days of the date of the
         original issuance of the Securities (or if such 180th day is not a
         Business Day, the next succeeding Business Day) or the Registered
         Exchange Offer is

                                       6

<PAGE>

         not consummated within 200 days of the date hereof (or if such 200th
         day is not a Business Day, the next succeeding Business Day); or (iii)
         any Holder is not eligible to participate in the Registered Exchange
         Offer or does not, for any reason, receive in the Registered Exchange
         Offer New Securities which are freely tradeable by such Holder (whether
         because such Holder is an Affiliate of the Company or otherwise, it
         being understood, however, that the requirement that a participating
         Broker-Dealer deliver the prospectus contained in the Exchange Offer
         Registration Statement in connection with sales of New Securities shall
         not result in such New Securities being not "freely tradable"), the
         Company shall effect, at its cost, a Shelf Registration Statement in
         accordance with subsection (b) below.

                           (b)      (i) The Company shall, as promptly as
         practicable (but in no event more than 60 days after so required or
         requested pursuant to this Section 3, or if such 60th day is not a
         Business Day, the next succeeding Business Day), file with the
         Commission and thereafter shall use its commercially reasonable best
         efforts to cause to be declared effective under the Act a Shelf
         Registration Statement relating to the offer and sale of the Securities
         and/or the New Securities, as applicable, by the Holders thereof from
         time to time in accordance with the methods of distribution elected by
         such Holders and set forth in such Shelf Registration Statement;
         provided, however, that no Holder (other than an Initial Holder) 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 of the provisions of this Agreement applicable to such Holder.

                                    (ii) The Company shall use its best efforts
                  to keep the Shelf Registration Statement continuously
                  effective, supplemented and amended as required by the Act, in
                  order to permit the Prospectus forming part thereof to be
                  usable by Holders for so long as any Holder shall require in
                  order to offer or sell any of its New Securities publicly,
                  freely and without restriction (the "Shelf Registration
                  Period"). The Company shall be deemed not to have used its
                  best efforts to keep the Shelf Registration Statement
                  effective during the Shelf Registration Period if it
                  voluntarily takes any action that would result in Holders of
                  Securities covered thereby not being able to offer and sell
                  such Securities publicly, freely and without restriction
                  during that period, unless (A) such action is required by
                  applicable law; or (B) such action is taken by the Company in
                  good faith and for valid business reasons (not including
                  avoidance of the Company's obligations hereunder), including
                  the acquisition or divestiture of assets (to the extent
                  permitted by the terms of the Indenture), so long as the
                  Company promptly thereafter complies with the requirements of
                  Section 4(k) hereof, if applicable.

                                    (iii) The Company shall cause at all times
                  and from time to time the Shelf Registration Statement and the
                  related Prospectus and any amendment or supplement thereto, as
                  of the effective date of the Shelf Registration Statement or
                  such amendment or supplement, (A) to comply in all material
                  respects with the applicable requirements of the Act; and (B)
                  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 the
                  light of the circumstances under which they were made, not
                  misleading.

                                       7

<PAGE>

                  4.       Additional Registration Procedures. In connection
with any Shelf Registration Statement and, to the extent applicable, any
Exchange Offer Registration Statement, the following provisions shall apply.

                           (a)      The Company shall:

                                    (i) furnish to you, prior to the filing
                  thereof with the Commission, a copy of any Exchange Offer
                  Registration Statement and any Shelf Registration Statement,
                  and each amendment thereof and each amendment or supplement,
                  if any, to the Prospectus included therein (including, upon
                  reasonable request, all documents incorporated by reference
                  therein after the initial filing) and shall use its best
                  efforts to reflect in each such document, when so filed with
                  the Commission, such comments as you reasonably propose;

                                    (ii) include the information set forth in
                  Annex A hereto on the facing page of the Exchange Offer
                  Registration Statement, in Annex B hereto in the forepart of
                  the Exchange Offer Registration Statement in a section setting
                  forth details of the Exchange Offer, in Annex C hereto in the
                  underwriting or plan of distribution section of the Prospectus
                  contained in the Exchange Offer Registration Statement, and in
                  Annex D hereto in the letter of transmittal delivered pursuant
                  to the Registered Exchange Offer;

                                    (iii) if requested by any Holder, include
                  the information required by Item 507 or 508 of Regulation S-K,
                  as applicable, in the Prospectus contained in the Exchange
                  Offer Registration Statement; and

                                    (iv) in the case of a Shelf Registration
                  Statement, include the names of the Holders that propose to
                  sell Securities pursuant to the Shelf Registration Statement
                  as selling securityholders.

                           (b)      The Company shall ensure that:

                                    (i) any Registration Statement and any
                  amendment thereto and any Prospectus forming part thereof and
                  any amendment or supplement thereto complies in all material
                  respects with the Act and the rules and regulations
                  thereunder; and

                                    (ii) any Registration Statement and any
                  amendment thereto and any Prospectus forming part thereof and
                  any amendment or supplement thereto does not, when the
                  Registration Statement 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 (in the case of the Prospectus, in the
                  light of the circumstances under which they were made) not
                  misleading.

                           (c)      The Company shall advise you, the Holders of
         Securities covered by any Shelf Registration Statement and any
         Exchanging Dealer under any Exchange Offer Registration Statement that
         has provided in writing to the Company a telephone or facsimile number
         and address for notices, and, if requested by you or any such Holder or

                                       8

<PAGE>

         Exchanging Dealer, shall confirm such advice in writing (which notice
         pursuant to clauses (ii) through (v) hereof shall be accompanied by an
         instruction to suspend the use of the Prospectus until the Company
         shall have remedied the basis for such suspension):

                                    (i) when a 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
                  any amendment or supplement to the Registration Statement or
                  the Prospectus 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;

                                    (iv) of the receipt by the Company or the
                  Subsidiary Guarantors of any notification with respect to the
                  suspension of the qualification of the Securities or the New
                  Securities, as the case may be, included therein for sale in
                  any jurisdiction or the initiation of any proceeding for such
                  purpose; and

                                    (v) of the happening of any event that
                  requires any change in the Registration Statement or the
                  Prospectus so that, as of such date, the Registration
                  Statement or the Prospectus does not contain an untrue
                  statement of a material fact and does not 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
                  the light of the circumstances under which they were made) not
                  misleading.

                           (d)      The Company shall use its commercially
         reasonable best efforts to obtain the withdrawal of any order
         suspending the effectiveness of any Registration Statement or the
         qualification of the securities therein for sale in any jurisdiction at
         the earliest possible time.

                           (e)      The Company shall furnish to each Holder of
         Securities or New Securities covered by any Shelf Registration
         Statement, without charge, at least one copy of such Shelf Registration
         Statement and any post-effective amendment thereto, including all
         material incorporated therein by reference, and, if the Holder so
         requests in writing, all exhibits thereto (including exhibits
         incorporated by reference therein).

                           (f)      The Company shall, during the Shelf
         Registration Period, deliver to each Holder of Securities or New
         Securities covered by any Shelf Registration Statement, without charge,
         as many copies of the Prospectus (including each preliminary
         Prospectus) included in such Shelf Registration Statement and any
         amendment or supplement thereto as such Holder may reasonably request.
         The Company and the Subsidiary Guarantors consent to the use of the
         Prospectus or any amendment or supplement thereto by each of the
         selling Holders of Securities or New Securities in connection with the
         offering and sale of the Securities or New Securities covered by the

                                       9

<PAGE>

         Prospectus, or any amendment or supplement thereto, included in the
         Shelf Registration Statement.

                           (g)      The Company shall furnish to each Exchanging
         Dealer which so requests, without charge, at least one copy of the
         Exchange Offer Registration Statement and any post-effective amendment
         thereto, including all material incorporated by reference therein, and,
         if the Exchanging Dealer so requests in writing, all exhibits thereto
         (including exhibits incorporated by reference therein).

                           (h)      The Company shall promptly deliver to each
         Person required to deliver a Prospectus during the Exchange Offer
         Registration Period, without charge, as many copies of the final
         Prospectus included in such Exchange Offer Registration Statement and
         any amendment or supplement thereto as any such Person may reasonably
         request. The Company and the Subsidiary Guarantors consent to the use
         of the Prospectus or any amendment or supplement thereto by any Person
         that may be required to deliver a Prospectus following the Registered
         Exchange Offer in connection with the offering and sale of the New
         Securities covered by the Prospectus, or any amendment or supplement
         thereto, included in the Exchange Offer Registration Statement.

                           (i)      Prior to the Registered Exchange Offer or
         any other offering of Securities or New Securities pursuant to any
         Registration Statement, the Company and the Subsidiary Guarantors shall
         arrange, if necessary, for the qualification of the Securities or the
         New Securities for sale under state securities or blue sky laws of such
         jurisdictions in the United States as any Holder shall reasonably
         request and will maintain such qualification in effect so long as
         required; provided that in no event shall either the Company or any
         Subsidiary Guarantor be obligated to qualify to do business or as a
         dealer in securities in any jurisdiction where it is not then so
         qualified or to take any action that would subject it to service of
         process in suits or taxation, other than suits arising out of the
         initial placement of the Securities, the Registered Exchange Offer or
         any offering pursuant to a Shelf Registration Statement, in any such
         jurisdiction where it is not then so subject.

                           (j)      The Company and the Subsidiary Guarantors
         shall cooperate with the Holders to facilitate the timely preparation
         and delivery of certificates representing New Securities or Securities
         to be issued or sold pursuant to any Registration Statement free of any
         restrictive legends and in such denominations and registered in such
         names as Holders may request.

                           (k)      Upon the occurrence of any event
         contemplated by subsections (c)(ii) through (v) above during any period
         of time in which the Company is required to maintain an effective
         Registration Statement, the Company shall promptly prepare a
         post-effective amendment to the applicable Registration Statement or an
         amendment or supplement to the related Prospectus or file any other
         required document so that, as thereafter delivered to purchasers of the
         securities included therein, the Prospectus shall not include an 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. In such
         circumstances, the period of

                                       10

<PAGE>

         effectiveness of the Exchange Offer Registration Statement provided for
         in Section 2 and the Shelf Registration Statement provided for in
         Section 3(b) shall each be extended by the number of days from and
         including the date of the giving of a notice of suspension pursuant to
         Section 4(c) hereof to and including the date when the Initial Holders,
         the Holders of the Securities and any known Exchanging Dealer shall
         have received such amended or supplemented Prospectus pursuant to this
         Section 4(k).

                           (l)      Not later than the effective date of any
         Registration Statement, the Company shall provide a CUSIP number for
         the Securities or the New Securities, as the case may be, registered
         under such Registration Statement and provide the Trustee with printed
         certificates for such Securities or New Securities, as the case may be,
         in a form eligible for deposit with The Depository Trust Company.

                           (m)      The Company and the Subsidiary Guarantors
         shall comply in all material respects with all applicable rules and
         regulations of the Commission and shall make generally available to
         their security holders no later than 45 days after the end of the
         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 after the
         effective date of the applicable Registration Statement, an earnings
         statement satisfying the provisions of Section 11(a) of the Act.

                           (n)      The Company shall cause the Indenture to be
         qualified under the Trust Indenture Act in a timely manner.

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

                           (p)      In the case of any Shelf Registration
         Statement, the Company and the Subsidiary Guarantors shall enter into
         such agreements and take all other appropriate actions (including if
         requested an underwriting agreement in customary form) in order to
         expedite or facilitate the registration or the disposition of the
         Securities or New Securities, and in connection therewith, if an
         underwriting agreement is entered into, cause the same to contain
         indemnification provisions and procedures no less favorable than those
         set forth in Section 7 (or such other provisions and procedures
         acceptable to the Majority Holders and the Managing Underwriters, if
         any) with respect to all parties to be indemnified pursuant to Section
         7.

                           (q)      In the case of any Shelf Registration
         Statement, the Company and the Subsidiary Guarantors shall:

                                    (i) make reasonably available for inspection
                  by the Holders of Securities or New Securities to be
                  registered thereunder, any underwriter

                                       11

<PAGE>

                  participating in any disposition pursuant to such Shelf
                  Registration Statement, and any attorney, accountant or other
                  agent retained by the Holders or any such underwriter all
                  relevant financial and other records, pertinent corporate
                  documents and properties of the Company and its subsidiaries;
                  provided, however, that the foregoing inspection and
                  information gathering shall be coordinated on behalf of the
                  Holders by the one firm or counsel designated by the Majority
                  Holders pursuant to Section 5 hereof; provided, further, that
                  any information that is designated in writing by the Company
                  or any Subsidiary Guarantor, in good faith, as confidential at
                  the time of delivery of such information shall be kept
                  confidential by the Holders or any such underwriter, attorney,
                  accountant or agent, unless such disclosure is made in
                  connection with a court proceeding or required by law, or such
                  information becomes available to the public generally or
                  through a third party without an accompanying obligation of
                  confidentiality;

                                    (ii) cause the Company's and the Subsidiary
                  Guarantors' officers, directors and employees to supply all
                  relevant information reasonably requested by the Holders or
                  any underwriter, attorney, accountant or agent in connection
                  with any such Shelf Registration Statement as is customary for
                  similar due diligence examinations; provided, however, that
                  the foregoing inspection and information gathering shall be
                  coordinated on behalf of the Holders by the one firm or
                  counsel designated by the Majority Holders pursuant to Section
                  5 hereof; provided, further, that any information that is
                  designated in writing by the Company or any Subsidiary
                  Guarantor, in good faith, as confidential at the time of
                  delivery of such information shall be kept confidential by the
                  Holders or any such underwriter, attorney, accountant or
                  agent, unless such disclosure is made in connection with a
                  court proceeding or required by law, or such information
                  becomes available to the public generally or through a third
                  party without an accompanying obligation of confidentiality;

                                    (iii) make such representations and
                  warranties to the Holders of Securities or New Securities
                  registered thereunder and the underwriters, if any, in form,
                  substance and scope as are customarily made by issuers to
                  underwriters in primary underwritten offerings and covering
                  matters including, but not limited to, those set forth in the
                  Subscription Agreement;

                                    (iv) obtain opinions of counsel to the
                  Company and updates thereof (which counsel and opinions (in
                  form, scope and substance) shall be reasonably satisfactory to
                  the Managing Underwriters, if any) addressed to each selling
                  Holder and the underwriters, if any, covering such matters as
                  are customarily covered in opinions requested in underwritten
                  offerings and such other matters as may be reasonably
                  requested by such Holders and underwriters;

                                    (v) obtain "cold comfort" letters and
                  updates thereof from the independent certified public
                  accountants of the Company (and, if necessary, any other
                  independent certified public accountants of any subsidiary of
                  the Company or of any business acquired by the Company for
                  which financial statements and financial data are, or are
                  required to be, included in such Shelf Registration

                                       12

<PAGE>

                  Statement), addressed to each selling Holder of Securities or
                  New Securities registered thereunder and the underwriters, if
                  any, in customary form and covering matters of the type
                  customarily covered in "cold comfort" letters in connection
                  with primary underwritten offerings; and

                                    (vi) deliver such documents and certificates
                  as may be reasonably requested by the Majority Holders and the
                  Managing Underwriters, if any, including those to evidence
                  compliance with Section 4(k) and with any customary conditions
                  contained in the underwriting agreement or other agreement
                  entered into by the Company and the Subsidiary Guarantors.

The actions set forth in clauses (iii), (iv), (v) and (vi) of this Section 4(q)
shall be performed at (A) the effectiveness of such Registration Statement and
each post-effective amendment thereto; and (B) each closing under any
underwriting or similar agreement as and to the extent required thereunder.

                           (r)      If a Registered Exchange Offer is to be
         consummated, upon delivery of the Securities by Holders to the Company
         (or to such other Person as directed by the Company) in exchange for
         the New Securities, the Company shall mark, or caused to be marked, on
         the Securities so exchanged that such Securities are being canceled in
         exchange for the New Securities. In no event shall the Securities be
         marked as paid or otherwise satisfied.

                           (s)      The Company and the Subsidiary Guarantors
         shall use their respective best efforts (i) if the Securities have been
         rated prior to the initial sale of such Securities, to confirm such
         ratings will apply to the Securities or the New Securities, as the case
         may be, covered by a Registration Statement; or (ii) if the Securities
         were not previously rated, to cause the Securities or the New
         Securities covered by a Registration Statement to be rated with at
         least one nationally recognized statistical rating agency, if so
         requested by Majority Holders with respect to the related Registration
         Statement or by any Managing Underwriters.

                           (t)      In the event that any Broker-Dealer 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 Rules of Fair Practice and the By-Laws of the National
         Association of Securities Dealers, 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 and
         the Subsidiary Guarantors shall assist such Broker-Dealer in complying
         with the requirements of such Rules and By-Laws, including, without
         limitation, by:

                                    (i) if such Rules or By-Laws shall so
                  require, engaging a "qualified independent underwriter" (as
                  defined in such Rules) to participate in the preparation of
                  the Registration Statement, to exercise usual standards of due
                  diligence with 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;

                                       13

<PAGE>

                                    (ii) indemnifying any such qualified
                  independent underwriter to the extent of the indemnification
                  of underwriters provided in Section 7 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 such Rules.

                           (u)      The Company and the Subsidiary Guarantors
         shall use their respective commercially reasonable best efforts to take
         all other steps necessary to effect the registration of the Securities
         or the New Securities, as the case may be, covered by a Registration
         Statement.

                  5.       Registration Expenses. The Company shall bear all
expenses incurred in connection with the performance of its and the Subsidiary
Guarantors' obligations under Sections 2, 3 and 4 hereof, and, in the event of
any Shelf Registration Statement, will reimburse the Holders for the reasonable
fees and disbursements of one firm or counsel designated by the Majority Holders
to act as counsel for the Holders in connection therewith, and, in the case of
any Exchange Offer Registration Statement, will reimburse the Initial Holders
for the reasonable fees and disbursements of one firm or counsel designated by
the Majority Holders to act as counsel for the Initial Holders in connection
therewith.

                  6.       Liquidated Damages. If (i) any Exchange Offer
Registration Statement or Shelf Registration Statement required by this
Agreement is not filed with the Commission on or prior to the date on which such
Registration Statement is required by any provision of this Agreement to be so
filed, (ii) any such Registration Statement has not been declared effective by
the Commission on or prior to the date on which such Registration Statement is
to be so declared effective pursuant to any provision of this Agreement, (iii)
the Exchange Offer has not been consummated within 180 days of the date of the
original issuance of the Securities (or if such 180th day is not a Business day,
the next succeeding Business Day), or (iv) any Registration Statement required
by this Agreement is filed and declared effective, but shall thereafter cease to
be effective or fail to be usable for its intended purpose for any reason
(including, but not limited to, by reason of the fact that any of the
information set forth, or incorporated by reference, therein shall not be true,
correct and current in all material respects) (each such event referred to in
clauses (i) through (iv) above, a "Registration Default"), then the Company and
the Subsidiary Guarantors hereby jointly and severally agree to pay to each
Holder of Securities affected thereby Liquidated Damages; provided that the
Company and the Subsidiary Guarantors shall in no event be required to pay
Liquidated Damages for more than one Registration Default at any given time. All
accrued Liquidated Damages shall be paid to the Holders entitled thereto, in the
manner provided for the payment of interest in the Indenture, on each Interest
Payment Date, as more fully set forth in the Indenture. All obligations of the
Company and the Subsidiary Guarantors to pay Liquidated Damages with respect to
securities shall survive until such time as such obligations with respect to
such securities shall have been satisfied in full.

                                       14

<PAGE>

                  7.       Indemnification and Contribution.

                           (a)      The Company and the Subsidiary Guarantors,
         jointly and severally, agree to indemnify and hold harmless each Holder
         of Securities or New Securities, as the case may be, covered by any
         Registration Statement (including each Initial Holder and, with respect
         to any Prospectus delivery as contemplated in Section 4(h) hereof, each
         Exchanging Dealer), the directors, officers, employees and agents of
         each such Holder and each Person who controls any such Holder within
         the meaning of either the Act or the Exchange Act against any and all
         losses, claims, damages or liabilities, joint or several, to which they
         or any of them may become subject under the Act, the Exchange Act or
         other Federal or state statutory law or regulation, at common law or
         otherwise, insofar as such losses, claims, damages or liabilities (or
         actions in respect thereof) arise out of or are based upon any untrue
         statement or alleged untrue statement of a material fact contained in
         the Registration Statement as originally filed or in any amendment
         thereof, or in any preliminary Prospectus or the Prospectus, or in any
         amendment thereof or supplement thereto, 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 agrees to reimburse each such indemnified
         party, as incurred, for any legal or other expenses reasonably incurred
         by them in connection with investigating or defending any such loss,
         claim, damage, liability or action; provided, however, that (i) the
         Company and the Subsidiary Guarantors will not be liable in any case to
         the extent that any such loss, claim, damage or liability arises out of
         or is based upon any such untrue statement or alleged untrue statement
         or omission or alleged omission made therein in reliance upon and in
         conformity with written information furnished to the Company and the
         Subsidiary Guarantors by or on behalf of any such Holder specifically
         for inclusion therein, (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
         foregoing indemnity shall not inure to the benefit of any Holder
         (including any Exchanging Dealer) from whom the Person asserting any
         such loss, claim, damage or liability purchased the Securities or the
         New Securities, as the case may be, to the extent that a final
         Prospectus relating to such Securities or New Securities, as the case
         may be, was required to be delivered by such Holder under the Act in
         connection with such purchase and any such loss, claim, damage or
         liability of such Holder results from the failure of such Holder to
         send to such Person, at or prior to the written confirmation of the
         sale of such Securities or New Securities, as the case may be, a copy
         of the final Prospectus if the Company had previously furnished copies
         thereof to such Holder and (iii) the Company and the Subsidiary
         Guarantors 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 the use
         of a Registration Statement after (x) a stop order has been issued in a
         respect of a Registration Statement or (y) a Registration Statement has
         been suspended, so long as, in the case of each of (x) and (y), such
         Holder has received notice of such action in accordance with Section
         4(c) hereof. This indemnity agreement will be in addition to any
         liability which the Company and the Subsidiary Guarantors may otherwise
         have.

                  The Company and the Subsidiary Guarantors also, jointly and
         severally, agree to indemnify or contribute as provided in Section 7(d)
         to Losses of any underwriter of any

                                       15

<PAGE>

         Securities or New Securities, as the case may be, registered under a
         Shelf Registration Statement, their directors, officers, employees or
         agents and each Person who controls such underwriter (within the
         meaning of the Act or the Exchange Act) on substantially the same basis
         as that of the indemnification of the selling Holders provided in this
         Section 7(a) and shall, if requested by any Holder, enter into an
         underwriting agreement reflecting such agreement, as provided in
         Section 4(p) hereof.

                           (b)      Each Holder of Securities or New Securities,
         as the case may be, covered by a Registration Statement severally
         agrees to indemnify and hold harmless the Company and the Subsidiary
         Guarantors, each of their directors, each of their officers who signs
         such Registration Statement and each Person who controls the Company or
         any of the Subsidiary Guarantors within the meaning of either the Act
         or the Exchange Act, to the same extent as the foregoing indemnity from
         the Company and the Subsidiary Guarantors to each such Holder, but only
         with reference to written information furnished to the Company or the
         Subsidiary Guarantors by or on behalf of such Holder specifically for
         inclusion in the documents referred to in the foregoing indemnity and
         agrees to reimburse each such indemnified party for any legal or other
         expenses reasonably incurred, as incurred, by them in connection with
         investigation or defending such loss, claim, liability, damage or
         action. This indemnity agreement will be in addition to any liability
         which any such Holder may otherwise have.

                           (c)      Promptly after receipt by an indemnified
         party under this Section 7 of notice of the commencement of any action,
         such indemnified party will, if a claim in respect thereof is to be
         made against the indemnifying party under this Section 7, notify the
         indemnifying party in writing of the commencement thereof; but the
         failure so to notify the indemnifying party (i) will not relieve it
         from liability under paragraph (a) or (b) above unless and to the
         extent it did not otherwise learn of such action and such failure
         results in the forfeiture by the indemnifying party of substantial
         rights and defenses; and (ii) will not, in any event, relieve the
         indemnifying party from any obligations to any indemnified party other
         than the indemnification obligation provided in paragraph (a) or (b)
         above. The indemnifying party shall be entitled to appoint counsel of
         the indemnifying party's choice at the indemnifying party's expense to
         represent the indemnified party in any action for which indemnification
         is sought (in which case the indemnifying party shall not thereafter be
         responsible for the fees and expenses of any separate counsel retained
         by the indemnified party or parties except as set forth below);
         provided, however, that such counsel shall be reasonably satisfactory
         to the indemnified party. Notwithstanding the indemnifying party's
         election to appoint counsel to represent the indemnified party in an
         action, the indemnified party shall have the right to employ separate
         counsel (including local counsel), and the indemnifying party shall
         bear the reasonable fees, costs and expenses of such separate counsel
         if (i) the use of counsel chosen by the indemnifying party to represent
         the indemnified party would present such counsel with a conflict of
         interest; (ii) the actual or potential defendants in, or targets of,
         any such action include both the indemnified party and the indemnifying
         party and the indemnified party shall have reasonably concluded that
         there may be legal defenses available to it and/or other indemnified
         parties which are different from or additional to those available to
         the indemnifying party; (iii) the indemnifying party shall not have
         employed counsel satisfactory to the indemnified party to represent the
         indemnified party

                                       16

<PAGE>

         within a reasonable time after notice of the institution of such
         action; or (iv) the indemnifying party shall authorize the indemnified
         party to employ separate counsel at the expense of the indemnifying
         party. An indemnifying party will not, without the prior written
         consent of the indemnified parties, settle or compromise or consent to
         the entry of any judgment with respect to any pending or threatened
         claim, action, suit or proceeding in respect of which indemnification
         or contribution may be sought hereunder (whether or not the indemnified
         parties are actual or potential parties to such claim or action) unless
         such settlement, compromise or consent includes an unconditional
         release of each indemnified party from all liability arising out of
         such claim, action, suit or proceeding.

                           (d)      In the event that the indemnity provided in
         paragraph (a) or (b) of this Section 7 is unavailable to or
         insufficient to hold harmless an indemnified party for any reason, then
         each applicable indemnifying party shall have a joint and several
         obligation to contribute to the amount paid or payable by such
         indemnified party as a result of the aggregate losses, claims, damages
         and liabilities referred to in subsection (a) or (b), as the case may
         be, above (including legal or other expenses reasonably incurred in
         connection with investigating or defending same) (collectively
         "Losses") to which such indemnified party may be subject in such
         proportion as is appropriate to reflect the relative faults of the
         indemnified and indemnifying parties. Relative fault shall be
         determined by reference to, among other things, whether the Losses
         arose from any alleged untrue statement or omission relates to
         information provided by the indemnifying party, on the one hand, or by
         the indemnified party, on the other hand; the intent of the parties and
         their relative knowledge, access to information and opportunity to
         correct or prevent such untrue statement or omission. The parties agree
         that it would not be just and equitable if contribution were determined
         by pro rata allocation (even if the Holders were treated as one entity
         for such purpose) or any other method of allocation which does not take
         account of the equitable considerations referred to above.
         Notwithstanding the provisions of this paragraph (d), no Person guilty
         of fraudulent misrepresentation (within the meaning of Section 11(f) of
         the Act) shall be entitled to contribution from any Person who was not
         guilty of such fraudulent misrepresentation. For purposes of this
         Section 7, each Person who controls a Holder within the meaning of
         either the Act or the Exchange Act and each director, officer, employee
         and agent of such Holder shall have the same rights to contribution as
         such Holder, and each Person who controls the Company or any of the
         Subsidiary Guarantors within the meaning of either the Act or the
         Exchange Act, each officer of the Company or any of the Subsidiary
         Guarantors who shall have signed the Registration Statement and each
         director of the Company or any of the Subsidiary Guarantors shall have
         the same rights to contribution as the Company, subject in each case to
         the applicable terms and conditions of this paragraph (d).

                           (e)      The provisions of this Section 7 will remain
         in full force and effect, regardless of any investigation made by or on
         behalf of any Holder or the Company and the Subsidiary Guarantors or
         any of the officers, directors or controlling Persons referred to in
         this Section 7, and will survive the sale by a Holder of Securities or
         New Securities covered by a Registration Statement or any termination
         or cancellation of this Agreement.

                                       17

<PAGE>

                  8.       Underwritten Registrations.

                           (a)       If any of the Securities or New Securities,
         as the case may be, covered by any Shelf Registration Statement are to
         be sold in an underwritten offering, the Managing Underwriters shall be
         selected by the Majority Holders.

                           (b)       No Person may participate in any
         underwritten offering pursuant to any Shelf Registration Statement,
         unless such Person (i) agrees to sell such Person's Securities or New
         Securities, as the case may be, 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.       No Inconsistent Agreements. The Company and the
Subsidiary Guarantors have not, as of the date hereof, entered into, nor shall
they, 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.

                  10.      Amendments and Waivers. The provisions of this
Agreement, including the provisions of this sentence, may not be amended,
qualified, 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 Majority Holders (or, after the consummation of any Registered
Exchange Offer in accordance with Section 2 hereof, holders of a majority in
aggregate principal amount outstanding of New Securities). Notwithstanding the
foregoing (except for the foregoing proviso), a waiver or consent to departure
from the provisions hereof with respect to a matter that relates exclusively to
the rights of some Holders whose Securities or New Securities (the "affected
Securities"), as the case may be, are being sold pursuant to a Registration
Statement and that does not directly or indirectly affect the rights of other
Holders may be given by the Holders representing a majority of the aggregate
principal amount of the affected Securities, voting together as a single class.

                  11.      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 guaranteeing overnight
delivery:

                           (a)       if to a Holder, at the most current address
         given by such holder to the Company in accordance with the provisions
         of this Section, which address initially is, with respect to each
         Holder, the address of such Holder maintained by the Registrar under
         the Indenture;

                           (b)       if to you, initially at the respective
         addresses set forth in the Subscription Agreement; and

                           (c)       if to the Company or the Subsidiary
         Guarantors, initially at the address of the Company set forth in the
         Subscription Agreement.

                                       18

<PAGE>

                  All such notices and communications shall be deemed to have
been duly given when received.

                  The Initial Holders, the Company or the Subsidiary Guarantors
by notice to the other parties may designate additional or different addresses
for subsequent notices or communications.

                  12.      Successors. This Agreement shall inure to the benefit
of and be binding upon the successors and assigns of each of the parties,
including, without the need for an express assignment or any consent by the
Company thereto, subsequent Holders of Securities and the New Securities. The
Company hereby agrees to extend the benefits of this Agreement to any Holder of
Securities and the New Securities, and any such Holder may specifically enforce
the provisions of this Agreement as if an original party hereto.

                  13.      Counterparts. This Agreement may be in signed
counterparts, each of which shall an original and all of which together shall
constitute one and the same agreement.

                  14.      Headings. The headings used herein are for
convenience only and shall not affect the construction hereof.

                  15.      Applicable Law. This Agreement shall be governed by
and construed in accordance with the laws of the State of New York applicable to
contracts made and to be performed in the State of New York.

                  16.      Severability. In the event that any one or more of
the provisions contained herein, or the application thereof in any
circumstances, is held invalid, illegal or unenforceable in any respect for any
reason, the validity, legality and enforceability of any such provision in every
other respect and of the remaining provisions hereof shall not be in any way
impaired or affected thereby, it being intended that all of the rights and
privileges of the parties shall be enforceable to the fullest extent permitted
by law.

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

                  18.      Specific Performance. Without limiting or waiving in
any respect any rights or remedies of the parties under this Agreement now or
hereinafter existing at law or in equity or by statute, each of the parties
hereto shall be entitled to seek specific performance of the obligations to be
performed by the other(s) in accordance with the provisions of this Agreement.

                  19.      Third Party Beneficiaries. Holders of Securities and
the other Persons to be indemnified pursuant to Section 7(a) hereof are intended
third party beneficiaries of this Agreement, and this Agreement shall inure to
the benefit of and may be enforced by, such

                                       19

<PAGE>

Persons. Other than as set forth in the preceding sentence, this Agreement shall
be binding upon and inure solely to the benefit of each party hereto.

                                       20

<PAGE>

                  If the foregoing is in accordance with your understanding of
our agreement, please sign and return to us the enclosed duplicate hereof,
whereupon this Agreement and your acceptance shall represent a binding agreement
among the Company, the Subsidiary Guarantors and the Initial Holders.

                                     Very truly yours,

                                     NEENAH FOUNDRY COMPANY

                                     By: /s/ Gary LaChey
                                        ------------------------------------
                                        Name: Gary LaChey
                                        Title: VP-Finance, Treasurer, Secty.
                                              & CFO

                                     ADVANCED CAST PRODUCTS, INC.

                                     By: /s/ Gary LaChey
                                        ------------------------------------
                                     Name: Gary LaChey
                                     Title: VP-Finance, Treasurer, Secty.
                                            & CFO

                                     DALTON CORPORATION

                                     By: /s/ Gary LaChey
                                        ------------------------------------
                                     Name: Gary LaChey
                                     Title: VP-Finance, Treasurer, Secty.
                                            & CFO

                                     DALTON CORPORATION, WARSAW
                                     MANUFACTURING FACILITY

                                     By: /s/ Gary LaChey
                                        ------------------------------------
                                     Name: Gary LaChey
                                     Title: VP-Finance, Treasurer, Secty.
                                            & CFO

                                     DALTON CORPORATION, STRYKER
                                     MACHINING FACILITY CO.

                                     By: /s/ Gary LaChey
                                        ------------------------------------
                                     Name: Gary LaChey
                                     Title: VP-Finance, Treasurer, Secty.
                                            & CFO

<PAGE>

                                     DALTON CORPORATION, ASHLAND
                                     MANUFACTURING FACILITY

                                     By: /s/ Gary LaChey
                                        ------------------------------------
                                     Name: Gary LaChey
                                     Title: VP-Finance, Treasurer, Secty.
                                            & CFO

                                     DALTON CORPORATION, KENDALVILLE
                                     MANUFACTURING FACILITY

                                     By: /s/ Gary LaChey
                                        ------------------------------------
                                     Name: Gary LaChey
                                     Title: VP-Finance, Treasurer, Secty.
                                            & CFO

                                     DEETER FOUNDRY, INC.

                                     By: /s/ Gary LaChey
                                        ------------------------------------
                                     Name: Gary LaChey
                                     Title: VP-Finance, Treasurer, Secty.
                                            & CFO

                                     GREGG INDUSTRIES, INC.

                                     By: /s/ Gary LaChey
                                        ------------------------------------
                                     Name: Gary LaChey
                                     Title: VP-Finance, Treasurer, Secty.
                                            & CFO

                                     MERCER FORGE CORPORATION

                                     By: /s/ Gary LaChey
                                        ------------------------------------
                                     Name: Gary LaChey
                                     Title: VP-Finance, Treasurer, Secty.
                                            & CFO

                                     A&M SPECIALTIES, INC.

                                     By: /s/ Gary LaChey
                                        ------------------------------------
                                     Name: Gary LaChey
                                     Title: VP-Finance, Treasurer, Secty.
                                            & CFO

                                       22

<PAGE>
\
                                     NEENAH TRANSPORT, INC.

                                     By: /s/ Gary LaChey
                                        ------------------------------------
                                     Name: Gary LaChey
                                     Title: VP-Finance, Treasurer, Secty.
                                            & CFO

                                     CAST ALLOYS, INC.

                                     By: /s/ Gary LaChey
                                       ------------------------------------
                                     Name: Gary LaChey
                                     Title: VP-Finance, Treasurer, Secty.
                                            & CFO

                                     BELCHER CORPORATION

                                     By: /s/ Gary LaChey
                                        ------------------------------------
                                     Name: Gary LaChey
                                     Title: VP-Finance, Treasurer, Secty.
                                            & CFO

                                     PEERLESS CORPORATION

                                     By: /s/ Gary LaChey
                                        ------------------------------------
                                     Name: Gary LaChey
                                     Title: VP-Finance, Treasurer, Secty.
                                            & CFO

                                       23

<PAGE>

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

MACKAY SHIELDS LLC

By: /s/ Don Morgan III
    ---------------------------------
   Name:  Don Morgan III
   Title: Senior Managing Director

CITICORP MEZZANINE III, L.P.

By: /s/ Byron Knief
    ---------------------------------
   Name:  Byron Knief
   Title: Senior Vice President

TCW Shared Opportunity Fund II, L.P.
By: TCW Investment Management Company
      Its Investment Manager

By: /s/ Nicholas W. Tell, Jr.
    ---------------------------------
   Name:  Nicholas W. Tell, Jr.
   Title: Managing Director

By: /s/ Gary A. Hobart
    ---------------------------------
   Name:  Gary A. Hobart
   Title: Vice President

Shared Opportunity Fund IIB LLC
By: TCW Asset Management Company
      as its Investment Advisor

By: /s/ Nicholas W. Tell, Jr.
    ---------------------------------
   Name:  Nicholas W. Tell, Jr.
   Title: Managing Director

By: /s/ Gary A. Hobart
    ---------------------------------
   Name:  Gary A. Hobart
   Title: Vice President

                                       24

<PAGE>

TCW Shared Opportunity Fund IV, L.P. and
TCW Shared Opportunity Fund IVB, L.P.
By: TCW Asset Management Company
      Its Investment Advisor

By: /s/ Nicholas W. Tell, Jr.
    ---------------------------------
   Name: Nicholas W. Tell, Jr.
   Title: Managing Director

By: /s/ Gary A. Hobart
    ---------------------------------
   Name: Gary A. Hobart
   Title: Vice President

AIMCO CDO, Series 2000-A
By: Allstate Investment Management Company
      Its Collateral Manager

By: TCW Asset Management Company
      Its Investment Advisor

By: /s/ Nicholas W. Tell, Jr.
    ---------------------------------
   Name: Nicholas W. Tell, Jr.
   Title: Managing Director

By: /s/ Gary A. Hobart
    ---------------------------------
   Name: Gary A. Hobart
   Title: Vice President

TCW High Income Partners, Ltd.
By: TCW Asset Management Company,
      its Investment Advisor

By: /s/ Nicholas W. Tell, Jr.
    ---------------------------------
   Name: Nicholas W. Tell, Jr.
   Title: Managing Director

TCW High Income Partners II, Ltd.
By: TCW Asset Management Company,
      its Investment Advisor

By: /s/ Nicholas W. Tell, Jr.
    ---------------------------------
   Name: Nicholas W. Tell, Jr.
   Title: Managing Director

                                       25

<PAGE>

METROPOLITAN LIFE INSURANCE COMPANY

By: /s/ Jacqueline D. Jenkins
    ---------------------------------
    Name:  Jacqueline D. Jenkins
    Title: Managing Director

EXIS DIFFERENTIAL HOLDINGS LTD.

By: /s/ Chris Kane
    ---------------------------------
    Name:  Chris Kane
    Title: Portfolio Manager

                                       26

<PAGE>

                                                                         ANNEX A

                  Each broker-dealer that receives new securities for its own
account pursuant to the exchange offer must acknowledge that it will deliver a
prospectus in connection with any resale of these new 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 new securities received in exchange for securities where those
securities were acquired by this broker-dealer as a result of market-making
activities or other trading activities. We have agreed that, starting on the
expiration date and ending on the close of business 180 days after the
expiration date, we will make this prospectus available to any broker-dealer for
use in connection with any such resale. See "Plan of Distribution."

                                       27

<PAGE>

                                                                         ANNEX B

                  Each broker-dealer that receives new securities for its own
account in exchange for securities, where those securities were acquired by this
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 those new securities. See "Plan of Distribution."

                                       28

<PAGE>

                                                                         ANNEX C

                              PLAN OF DISTRIBUTION

                  Each broker-dealer that receives new securities for its own
account pursuant to the exchange offer must acknowledge that it will deliver a
prospectus in connection with any resale of these new 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 new securities received in
exchange for securities where those securities were acquired as a result of
market-making activities or other trading activities. We and the subsidiary
guarantors have agreed that, starting on the expiration date and ending on the
close of business 180 days after the expiration date, we will make this
prospectus, as amended or supplemented, available to any broker-dealer for use
in connection with any such resale. In addition, until __________, 200__, all
dealers effecting transactions in the new securities may be required to deliver
a prospectus.

                  We will not receive any proceeds from any sale of new
securities by broker-dealers. New 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 new 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 and/or the purchasers of any such new
securities. Any broker-dealer that resells new 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 new securities may be deemed to be
an "underwriter" within the meaning of the Securities Act and any profit of any
such resale of new securities and any commissions 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, we and the
Subsidiary Guarantors 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. We have 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.

                                       29

<PAGE>

                                                                         ANNEX D

Rider A

                  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:       ______________________________________
                                 ______________________________________

Rider B

If the undersigned is not a broker-dealer, the undersigned represents that it
acquired the new securities in the ordinary course of its business, it is not
engaged in, and does not intend to engage in, a distribution of new securities
and it has no arrangements or understandings with any person to participate in a
distribution of the new securities. If the undersigned is a broker-dealer that
will receive new securities for its own account in exchange for securities, it
represents that the securities to be exchanged for new securities were acquired
by it as a result of market-making activities or other trading activities and
acknowledges that it will deliver a prospectus in connection with any resale of
such new 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.

                                       30<PAGE>

                         SUBORDINATED SECURITY AGREEMENT

                  THIS SUBORDINATED SECURITY AGREEMENT is made as of the 8th day
of October, 2003 by Neenah Foundry Company, a Wisconsin corporation ("Issuer"
and a "Grantor"), and each of the other entities listed on the signature pages
hereof (each, a "Grantor" and collectively, together with Issuer, the
"Grantors") in favor of The Bank of New York, a New York banking corporation, as
Trustee (the "Trustee") for the noteholders (the "Noteholders") under the
Indenture (as defined below). The Trustee's address is 101 Barclay Street, 8th
Floor West, New York, New York 10286.

                  1.       DEFINITIONS.

                  As used in this Agreement:

                  "Account Debtor" shall mean any Person who is or may become
obligated under or on account of any Account, Contract Right, Chattel Paper or
General Intangible.

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

                   "Code" shall mean the Uniform Commercial Code as in effect in
the State of New York on the date hereof, as it may be amended or otherwise
modified.

                  "Collateral" shall mean all of the Property and interests in
Property described in Section 2 of this Agreement, and all other property that
now or hereafter secures the payment and performance of any of the Obligations.

                  "Contract Right" shall mean any right of Issuer or any Grantor
to payment under a contract for the sale or lease of goods or the rendering of
services, which right is at the time not yet earned by performance.

                  "Default" shall have the meaning provided to such term in
Section 4.1 of this Agreement.

                  "Guaranty" shall mean the Subsidiary Guarantee as defined in
the Indenture, as such Subsidiary Guarantee may be amended, modified or
supplemented from time to time.

                  "Guaranty Documents" shall mean, collectively, this Agreement,
the Guaranty, the Indenture and all other agreements, instruments and documents
now or hereafter executed and/or delivered by any Grantor to Trustee or any
Noteholder in order to evidence or secure the Obligations, as each may be
amended, modified or supplemented from time to time.

                  "Indenture" shall mean that certain Indenture dated as of the
date hereof (as may be amended, modified or supplemented from time to time) by
and among Issuer, the Subsidiary

<PAGE>

Guarantors party thereto and the Trustee pursuant to which Issuer has issued its
11% senior secured notes due September 30, 2010 in the aggregate principal
amount of $133,130,000.

                  "Loan Agreement Termination" shall mean the payment in full of
the Senior Indebtedness.

                  "Obligations" shall mean all obligations with respect to the
Guaranty and all other indebtedness, liabilities, obligations, covenants and
duties arising due or payable from each Grantor to Trustee or any Noteholder of
any kind or nature, present or future, arising under the Guaranty or any of the
other Guaranty Documents, whether direct or indirect (including those acquired
by assignment), absolute or contingent, primary or secondary, due or to become
due, now existing or hereafter arising and however acquired. The term includes,
without limitation, all interest, charges, expenses, fees, attorneys' fees and
any other sums chargeable to each Grantor under the Guaranty, this Agreement or
any of the other Guaranty Documents.

                  The foregoing definitions shall be equally applicable to the
singular and plural forms of the defined terms. Capitalized terms used in this
Agreement without definition and defined in the Indenture shall have the
meanings ascribed to such terms in the Indenture, it being understood and
acknowledged that any such capitalized terms defined in the Indenture describing
property or interests in property of Issuer or a Subsidiary Guarantor
(including, without limitation, capitalized terms used in Section 2.1 of this
Agreement) shall be construed herein to refer to property or interests in
property of each Grantor. Terms used in this Agreement and not defined herein or
in the Indenture shall have the meanings given such terms in the Code.

                  2.       SECURITY INTEREST.

                  2.1.     Security Interest in Collateral. To secure the prompt
payment and performance to Trustee and each Noteholder of the Obligations, each
Grantor hereby grants to Trustee for the benefit of itself and each Noteholder a
continuing Lien upon all of such Grantor's assets, including all of the
following Property and interests in Property of such Grantor, whether now owned
or existing or hereafter created, acquired or arising and wheresoever located:

                  (a)      Accounts;

                  (b)      Certificated Securities;

                  (c)      Chattel Paper;

                  (d)      Computer Hardware and Software and all rights with
                           respect thereto, including, any and all licenses,
                           options, warranties, service contracts, program
                           services, test rights, maintenance rights, support
                           rights, improvement rights, renewal rights and
                           indemnifications, and any substitutions,
                           replacements, additions or model conversions of any
                           of the foregoing;

                  (e)      Contract Rights;

                                       2-

<PAGE>

                  (f)      Deposit Accounts;

                  (g)      Documents;

                  (h)      Equipment;

                  (i)      Financial Assets;

                  (j)      Fixtures;

                  (k)      General Intangibles, including Payment Intangibles
                           and Software;

                  (l)      Goods (including all of its Equipment, Fixtures and
                           Inventory), and all accessions, additions,
                           attachments, improvements, substitutions and
                           replacements thereto and therefor;

                  (m)      Instruments;

                  (n)      Intellectual Property;

                  (o)      Inventory;

                  (p)      Investment Property;

                  (q)      money (located in every jurisdiction whatsoever);

                  (r)      Letter-of-Credit Rights;

                  (s)      Payment Intangibles;

                  (t)      Security Entitlements;

                  (u)      Software;

                  (v)      Supporting Obligations;

                  (w)      Uncertificated Securities; and

                  (x)      to the extent not included in the foregoing, all
                           other personal property of any kind or description;

together with all books, records, writings, data bases, information and other
property relating to, used or useful in connection with, or evidencing,
embodying, incorporating or referring to any of the foregoing, and all Proceeds,
products, offspring, rents, issues, profits and returns of and from any of the
foregoing; provided, that to the extent that the provisions of any lease,
license, contract, permit, Document or Instrument expressly prohibit (which
prohibition is enforceable under applicable law) any assignment thereof (unless
such prohibition specifically excludes from its scope an assignment for
collateral security purposes) or the grant of a Lien therein, (i) Trustee will
not enforce its Lien in any Grantor's rights under such lease, license,
contract,

                                       3-

<PAGE>

permit, Document or Instrument (other than in respect of the Proceeds thereof)
for so long as such prohibition continues, and (ii) to the extent a violation of
any such prohibition caused by the Lien under this Section 2.1 would allow the
counterparty to any such lease, license, contract, permit, Document or
Instrument to terminate the same under applicable law, then such lease, license,
contract, permit, Document or Instrument shall not constitute Collateral for so
long as such prohibition continues; it being understood that upon request of
Trustee, each Grantor will in good faith use reasonable efforts to obtain
consent for the creation of a Lien in favor of Trustee (and to Trustee's
enforcement of such Lien) in any lease, license, contract, permit, Document or
Instrument that prohibits any assignment thereof or the grant of a Lien therein;
and provided, further, that no Lien is granted in any "intent to use" trademark
applications until such time as a verified statement of use is filed.

                  2.2.     Other Collateral.

                  2.2.1.   Commercial Tort Claims. Each Grantor shall promptly
         notify Trustee in writing upon having a Commercial Tort Claim that
         arises after the Issue Date against any third party and, upon request
         of Trustee, promptly enter into an amendment to this Agreement and do
         such other acts or things reasonably deemed necessary by Trustee to
         give Trustee a security interest in any such Commercial Tort Claim.
         Each Grantor represents and warrants that as of the date of this
         Agreement, to its knowledge, it does not possess any Commercial Tort
         Claims.

                  2.2.2.   Other Collateral. Each Grantor shall (i) prior to the
         Loan Agreement Termination, from time to time (but in no event later
         than four months from any event giving rise to the notice obligation)
         and (ii) following the Loan Agreement Termination, promptly, notify
         Trustee in writing upon acquiring or otherwise obtaining any Collateral
         after the date hereof consisting of (1) Deposit Accounts, Investment
         Property or Letter-of-Credit Rights in (or relating to) an amount in
         excess of $250,000 or Electronic Chattel Paper in (or relating to) an
         amount in excess of $1,000,000 and, upon the request of Trustee and
         subject to the Subordination Agreement, promptly execute such other
         documents, and do such other acts or things deemed appropriate by
         Trustee to deliver to Trustee "control" (as such term is defined in the
         Code) with respect to such Collateral and (2) Documents or Instruments
         in (or relating to) an amount in excess of $250,000 and, upon the
         request of Trustee and subject to the Subordination Agreement, will
         promptly execute such other documents, and do such other acts or things
         deemed appropriate by Trustee to deliver to Trustee possession of such
         Documents which are negotiable and Instruments, and, with respect to
         nonnegotiable Documents, to have such nonnegotiable Documents issued in
         the name of Trustee; and with respect to Collateral having a value in
         excess of $250,000 that is in the possession of a third party, other
         than Certificated Securities and Goods covered by a Document, subject
         to the Subordination Agreement, obtain an acknowledgement from the
         third party that it is holding the Collateral for the benefit of
         Trustee.

                  2.2.3.   Lien Perfection; Further Assurances. Each Grantor
         shall execute such instruments, assignments or documents as are
         necessary to perfect Trustee's Lien upon any of the Collateral and
         shall take such other action as may be required to

                                       4-

<PAGE>

         perfect or to continue the perfection of Trustee's Lien upon the
         Collateral. Unless prohibited by applicable law, each Grantor hereby
         authorizes Trustee to execute and file any such financing statement,
         including, without limitation, financing statements that indicate the
         Collateral (i) as all assets of such Grantor or words of similar
         effect, or (ii) as being of an equal or lesser scope, or with greater
         or lesser detail, than as set forth in Section 2.1, on such Grantor's
         behalf. Each Grantor also hereby ratifies its authorization for Trustee
         to have filed in any jurisdiction any like financing statements or
         amendments thereto if filed prior to the date hereof. The parties agree
         that a carbon, photographic or other reproduction of this Agreement
         shall be sufficient as a financing statement and may be filed in any
         appropriate office in lieu thereof. At Trustee's request, each Grantor
         shall also promptly execute or cause to be executed and shall deliver
         to Trustee any and all documents, instruments and agreements reasonably
         deemed necessary by Trustee to give effect to or carry out the terms of
         the Guaranty Documents.

                  2.2.4.   Lien Subordination. Notwithstanding anything in this
         Agreement to the contrary, the liens securing this Agreement are
         subordinate in the manner and to the extent set forth in that certain
         Lien Subordination Agreement (the "Subordination Agreement") dated as
         of the date hereof among Trustee, Neenah Foundry Company ("Neenah") and
         the other "Companies" (as defined therein) party thereto and Fleet
         Capital Corporation ("Agent"), to the liens securing the indebtedness
         (including interest) owed by the Companies pursuant to or in connection
         with that certain Loan and Security Agreement dated as of the date
         hereof among Neenah, certain of the other Companies, Agent and the
         lenders from time to time party thereto, as such Loan and Security
         Agreement may be amended, supplemented or otherwise modified from time
         to time and to indebtedness refinancing the indebtedness under such
         Loan and Security Agreement; and the Trustee (on behalf of itself and
         each Noteholder), by its acceptance hereof, irrevocably agrees to be
         bound by the provisions of the Subordination Agreement and each
         agreement made therein by the Trustee on its behalf.

                  3.       REPRESENTATIONS, WARRANTIES AND COVENANTS

                  3.1.     [Intentionally Omitted]

                  3.2.     Location of Collateral. All Collateral, other than
Inventory in transit and motor vehicles, will at all times be kept by the
Grantors at one or more of the business locations set forth in Exhibit 3.2
hereto, as updated by the Grantors providing prior written notice to Trustee of
any new location.

                  3.3.     Accounts.

                  3.3.1.   Records of Accounts. Each Grantor shall keep accurate
         and complete records of its Accounts and all payments and collections
         thereon and shall submit to Trustee on such periodic basis as Trustee
         shall reasonably request a sales and collections report for the
         preceding period.

                                       5-

<PAGE>

                  3.3.2.   Account Verification. Any of Trustee's officers,
         employees or agents shall have the right, at any time or times
         hereafter, in the name of Trustee, any designee of Trustee or any
         Grantor, to verify the validity, amount or any other matter relating to
         any Accounts by mail, telephone, electronic communication or otherwise,
         and each Grantor shall cooperate fully with Trustee in an effort to
         facilitate and promptly conclude any such verification process;
         provided, that so long as no Event of -------- Default has occurred and
         is continuing, (a) Trustee shall provide each Grantor with reasonable
         prior notice that Trustee will be conducting Account verifications (it
         being understood that Trustee shall have no duty to identify any of the
         specific Account debtors to be contacted by Trustee in connection
         therewith), and (b) Trustee shall afford each Grantor the opportunity
         to have an observational role with respect to any such Account
         verifications (it being understood that no Grantor will have any right
         to be an active participant with respect to any such Account
         verifications).

                  3.4.     Inventory. Each Grantor shall keep accurate and
complete records of its Inventory.

                  3.5.     Equipment. Each Grantor shall keep accurate records
itemizing and describing the kind, type, quantity and book value of its
Equipment and all dispositions thereof. Promptly after the reasonable request
therefor by Trustee, each Grantor shall deliver to Trustee any and all evidence
of ownership, if any, of any of its Equipment.

                  4.       DEFAULTS; RIGHTS AND REMEDIES ON DEFAULT.

                  4.1.     Default. Each of the following occurrences shall
constitute a default under this Agreement (each, a "Default"):

                  (a)      Breach of Indenture. The occurrence of any Event of
                           Default under the Indenture (it being agreed and
                           understood that, notwithstanding anything to the
                           contrary contained in the Indenture, a breach of any
                           of the terms of Section 2.2, Section 3.2, Section
                           3.3, Section 3.4 or Section 3.5 hereof shall only
                           result in a Default hereunder and an Event of Default
                           under the Indenture if such breach has not been cured
                           within 30 days after the sooner to occur of any
                           Grantor's receipt of notice of such breach from
                           Trustee or the date on which such breach first
                           becomes known to an officer of any such Grantor); or

                  (b)      Breach under other Guaranty Documents. Any Grantor's
                           failure to pay when due any obligations of such
                           Grantor under the Guaranty, or the occurrence of any
                           breach of the terms and conditions contained in any
                           Guaranty Document other than, subject to Section
                           4.1(a) above, the Indenture.

                  4.2.     Remedies. Subject to the Subordination Agreement,
upon the occurrence and during the continuance of an Event of Default, Trustee
shall have and may exercise from time to time the following other rights and
remedies:

                                       6-

<PAGE>

                  (a)      All of the rights and remedies of a secured party
                           under the UCC or under other applicable law, and all
                           other legal and equitable rights to which Trustee or
                           Noteholders may be entitled, all of which rights and
                           remedies shall be cumulative and shall be in addition
                           to any other rights or remedies contained in this
                           Agreement or any of the other Guaranty Documents, and
                           none of which shall be exclusive.

                  (b)      The right to take immediate possession of the
                           Collateral, and to (i) require any Grantor to
                           assemble the Collateral, at each Grantor's expense,
                           and make it available to Trustee at a place
                           designated by Trustee which is reasonably convenient
                           to both parties, and (ii) enter any premises where
                           any of the Collateral shall be located and to keep
                           and store the Collateral on said premises until sold
                           (and if said premises be the Property of any Grantor,
                           each Grantor agrees not to charge Trustee for storage
                           thereof).

                  (c)      The right to sell or otherwise dispose of all or any
                           Collateral in its then condition, or after any
                           further manufacturing or processing thereof, at
                           public or private sale or sales, with such notice as
                           may be required by law, in lots or in bulk, for cash
                           or on credit, all as Trustee, in its sole discretion,
                           may deem advisable. Trustee may, at Trustee's option,
                           disclaim any and all warranties regarding the
                           Collateral in connection with any such sale. Each
                           Grantor agrees that 10 days' written notice to any
                           Grantor of any public or private sale or other
                           disposition of Collateral shall be reasonable notice
                           thereof, and such sale shall be at such locations as
                           Trustee may designate in said notice. Trustee shall
                           have the right to conduct such sales on each
                           Grantor's premises, without charge therefor, and such
                           sales may be adjourned from time to time in
                           accordance with applicable law. Trustee shall have
                           the right to sell, lease or otherwise dispose of the
                           Collateral, or any part thereof, for cash, credit or
                           any combination thereof, and Trustee, on behalf of
                           Noteholders, may purchase all or any part of the
                           Collateral at public or, if permitted by law, private
                           sale and, in lieu of actual payment of such purchase
                           price, may set off the amount of such price against
                           the Obligations. The proceeds realized from the sale
                           of any Collateral shall be applied in a manner that
                           is consistent with the terms of the Indenture. If any
                           deficiency shall arise, the Grantors shall remain
                           liable to Trustee and Noteholders therefore. Any
                           surplus shall be remitted to whomsoever shall be
                           legally entitled to the same.

                  (d)      Trustee is hereby granted a non-exclusive license or
                           other right to use, without charge, effective upon
                           the occurrence and continuance of an Event of
                           Default, each Grantor's labels, patents, copyrights,
                           licenses, rights of use of any name, trade secrets,
                           tradenames, trademarks and advertising matter, or any
                           Property of a similar nature, as it pertains to the
                           Collateral, in completing, advertising for sale and
                           selling any

                                       7-

<PAGE>

                           Collateral and each Grantor's rights under all
                           licenses and all franchise agreements shall inure to
                           Trustee's benefit.

                  4.3.     Remedies Cumulative; No Waiver. All covenants,
conditions, provisions, warranties, guaranties, indemnities, and other
undertakings of each Grantor contained in this Agreement and the other Guaranty
Documents, or in any document referred to herein or contained in any agreement
supplementary hereto or in any schedule or in any Guaranty Document given to
Trustee or any Noteholder or contained in any other agreement between any
Noteholder and any Grantor or between Trustee and any Grantor heretofore,
concurrently, or hereafter entered into, shall be deemed cumulative to and not
in derogation or substitution of any of the terms, covenants, conditions, or
agreements of each Grantor herein contained. The failure or delay of Trustee or
any Noteholder to require strict performance by any Grantor of any provision of
this Agreement or to exercise or enforce any rights, Liens, powers, or remedies
hereunder or under any of the aforesaid agreements or other documents or
security or Collateral shall not operate as a waiver of such performance, Liens,
rights, powers and remedies, but all such requirements, Liens, rights, powers,
and remedies shall continue in full force and effect until all Loans and other
Obligations owing or to become owing from each Grantor to Trustee and each
Noteholder have been fully satisfied. None of the undertakings, agreements,
warranties, covenants and representations of each Grantor contained in this
Agreement or any of the other Guaranty Documents and no Default or Event of
Default by any Grantor under this Agreement or any other Guaranty Documents
shall be deemed to have been suspended or waived by Noteholders, unless such
suspension or waiver is by an instrument in writing specifying such suspension
or waiver and is signed by a duly authorized representative of Trustee and
directed to any such Grantor.

                  5.       MISCELLANEOUS.

                  5.1.     Power of Attorney.

                  Each Grantor hereby irrevocably designates, makes, constitutes
and appoints Trustee (and all Persons designated by Trustee) as such Grantor's
true and lawful attorney (and agent-in-fact), solely with respect to the matters
set forth in this Section 5.1, and Trustee, or Trustee's agent, may, subject to
the Subordination Agreement, without notice to any Grantor and in any Grantor's
or Trustee's name, but at the cost and expense of the Grantors:

                  5.1.1.   [Intentionally Omitted]

                  5.1.2.   At such time or times after the occurrence and during
         the continuance of an Event of Default, as Trustee or its agent in its
         sole discretion may determine: (i) demand payment of the Accounts from
         the Account Debtors, enforce payment of the Accounts by legal
         proceedings or otherwise, and generally exercise all of each Grantor's
         rights and remedies with respect to the collection of the Accounts;
         (ii) settle, adjust, compromise, discharge or release any of the
         Accounts or other Collateral or any legal proceedings brought to
         collect any of the Accounts or other Collateral; (iii) sell or assign
         any of the Accounts and other Collateral upon such terms, for such
         amounts and at such time or times as Trustee deems advisable, and at
         Trustee's option, with all warranties regarding the Collateral
         disclaimed; (iv) prepare,

                                       8-

<PAGE>

         file and sign any Grantor's name to a proof of claim in bankruptcy or
         similar document against any Account Debtor or to any notice of lien,
         assignment or satisfaction of lien or similar document in connection
         with any of the Collateral; (v) receive, open and dispose of all mail
         addressed to any Grantor and, if an Event of Default has occurred and
         is continuing, notify postal authorities to change the address for
         delivery thereof to such address as Trustee may designate until such
         time as no Event of Default exists; provided, that any contents of such
         mail other than any checks, notes, acceptances, drafts, money orders or
         other evidence of payment or proceeds of the Collateral shall be
         furnished by Trustee to each Grantor in accordance with written
         instructions provided by any such Grantor; (vi) endorse the name of any
         Grantor upon any of the items of payment or proceeds relating to any
         Collateral and deposit the same to the account of Trustee on account of
         the Obligations; (vii) endorse the name of any Grantor upon any chattel
         paper, document, instrument, invoice, freight bill, bill of lading or
         similar document or agreement relating to any Collateral; (viii) use
         each Grantor's stationery and sign the name of each Grantor to
         verifications of the Accounts and notices thereof to Account Debtors
         (provided that Trustee shall deliver drafts of any such written
         communication to each such Grantor prior to the delivery thereof to any
         Account Debtors); (ix) use the information recorded on or contained in
         any data processing equipment and Computer Hardware and Software
         relating to the Accounts, Inventory, Equipment and any other
         Collateral; (x) make and adjust claims under policies of insurance to
         the extent related to the Collateral; and (xi) do all other acts and
         things necessary, in Trustee's determination, to fulfill each Grantor's
         obligations under this Agreement.

                  The power of attorney granted hereby shall constitute a power
coupled with an interest and shall be irrevocable.

                  5.2.     Indemnity. Each Grantor hereby agrees to indemnify
Trustee and each Noteholder (and each of their Affiliates) and hold Trustee and
each Noteholder (and each of their Affiliates) harmless from and against any
liability, loss, damage, suit, action or proceeding suffered or incurred by any
such Person (including reasonable documented attorneys fees and legal expenses)
as the result of any Grantor's failure to observe, perform or discharge such
Grantor's duties hereunder, except those determined by a court of competent
jurisdiction in a final nonappealable judgment to have arisen out of the bad
faith, gross negligence or willful misconduct of, or breach of the terms of this
Agreement or any other Guaranty Document by, Trustee or such Noteholder. In
addition, each Grantor shall defend Trustee and each Noteholder (and each of
their Affiliates) against and hold it harmless from all claims of any Person
with respect to the Collateral (except those resulting from the gross negligence
or intentional misconduct of, or breach of the terms of this Agreement or any
other Loan Document by, any such Person). Without limiting the generality of the
foregoing, each Grantor shall indemnify and hold harmless Trustee and each
Noteholder (and each of their Affiliates) from and against any loss, damage,
cost, expense or liability directly or indirectly arising out of or under the
Environmental Laws, or attributable to the use, generation, storage, release,
threatened release, discharge, disposal or presence of any pollutants,
flammables, explosives, petroleum (including crude oil) or any fraction thereof,
radioactive materials, hazardous wastes, toxic substances or related materials,

                                       9-

<PAGE>

including, without limitation, any substances defined as or included in the
definition of toxic or hazardous substances, wastes, or materials under any
Environmental Law, except for those losses, damages, costs, expenses or
liabilities determined by a court of competent jurisdiction in a final
nonappealable judgment to have arisen out of the bad faith, gross negligence or
willful misconduct of Trustee or such Noteholder. Notwithstanding any contrary
provision in this Agreement, the obligation of each Grantor under this Section
5.2 shall survive the payment in full of the non-indemnity Obligations and the
termination of this Agreement. In connection with its appointment and acting
hereunder, the Trustee is entitled to all rights, privileges, benefits,
protections, immunities and indemnities provided to it under the Indenture.

                  5.3.     Complete Agreement; Sale of Interest.

                  (a)      The Guaranty Documents constitute the complete
                           agreement among the parties with respect to the
                           subject matter hereof and may not be modified,
                           altered or amended, except by an agreement in writing
                           signed by each Grantor and Trustee. No Grantor may
                           sell, assign or transfer any interest in this
                           Agreement or any of the other Guaranty Documents, or
                           any of the Obligations or any portion thereof,
                           including, without limitation, any Grantor's rights,
                           title, interests, remedies, powers and duties
                           hereunder or thereunder.

                  (b)      Each Grantor hereby consents to any Noteholder's
                           participation, sale, assignment, transfer or other
                           disposition, at any time or times hereafter, of this
                           Agreement, the Indenture, any of the other Guaranty
                           Documents or any of the Obligations, or of any
                           portion hereof or thereof, including, without
                           limitation, such Noteholder's rights, title,
                           interests, remedies, powers and duties hereunder or
                           thereunder.

                  5.4.     Modification of Agreement. No amendment, modification
or waiver of any provision of this Agreement or any other Guaranty Document nor
consent to any departure by any Grantor therefrom, shall in any event be
effective unless the same shall be in writing and signed by Trustee and each
Grantor, and then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given.

                  5.5.     Reimbursement of Expenses. If, at any time or times
regardless of whether or not an Event of Default then exists, (i) Trustee incurs
reasonable and documented legal or accounting expenses or any other costs or
out-of-pocket expenses in connection with (1) the negotiation and preparation of
this Agreement or any of the other Guaranty Documents or any amendment of or
modification of this Agreement or any of the other Guaranty Documents or (2) the
administration of this Agreement or any of the other Guaranty Documents and the
transactions contemplated hereby and thereby; or (ii) Trustee or any Noteholder
incurs reasonable and documented legal or accounting expenses or any other costs
or out-of-pocket expenses in connection with (1) any litigation, contest,
dispute, suit, proceeding or action (whether instituted by Trustee, any
Noteholder, any Grantor or any other Person) relating to the Collateral, this
Agreement or any of the other Guaranty Documents or any Grantor's affairs; (2)
any attempt to enforce any rights of Trustee or any

                                      10-

<PAGE>

Noteholder against any Grantor or any other Person which may be obligated to
Trustee or any Noteholder by virtue of this Agreement or any of the other
Guaranty Documents, including, without limitation, the Account Debtors; or (3)
any attempt to inspect, verify, protect, preserve, restore, collect, sell,
liquidate or otherwise dispose of or realize upon the Collateral; then all such
legal and accounting expenses, other costs and out of pocket expenses of Trustee
or any Noteholder, as applicable, shall be charged to the Grantors; provided,
that no Grantor shall be responsible for such expenses, costs and out-of-pocket
expenses to the extent incurred because of the gross negligence, bad faith or
willful misconduct of Trustee or any Noteholder. All amounts chargeable to any
Grantor under this Section 5.5 shall be Obligations secured by all of the
Collateral, shall be payable within 15 days following demand to Trustee or such
Noteholder, as the case may be, and shall bear interest from the date due and
owing until paid in full at the rate set forth in the Indenture. The Grantors
shall also reimburse Trustee for expenses incurred by Trustee in its
administration of the Collateral to the extent and in the manner provided in the
Indenture.

                  5.6.     Severability. Wherever possible, each provision of
this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement shall be prohibited
by or invalid under applicable law, such provision shall be ineffective only to
the extent of such prohibition or invalidity, without invalidating the remainder
of such provision or the remaining provisions of this Agreement.

                  5.7.     Successors and Assigns. This Agreement shall be
binding upon and inure to the benefit of the successors and assigns of each
Grantor, Trustee and each Noteholder.

                  5.8.     Notice. Except as otherwise provided herein, all
notices, requests and demands to or upon a party hereto, to be effective, shall
be in writing, return receipt requested, by personal delivery against receipt,
by overnight courier or by facsimile and, unless otherwise expressly provided
herein, shall be deemed to have been validly served, given, delivered or
received, as applicable, immediately when delivered against receipt, one
Business Day after deposit with an overnight courier or, in the case of
facsimile notice, when sent, addressed as follows:

         If to Trustee:              The Bank of New York
                                     101 Barclay Street, 8th Floor West
                                     New York, NY 10286
                                     Attention: Corporate Trust Administration
                                     Fax No.: (212) 815-5707

         If to any Grantor:          c/o Neenah Foundry Company
                                     2121 Brooks Avenue
                                     Neenah, Wisconsin 54956
                                     Attention: Mr. Gary LaChey
                                     Fax No.: (920) 729-3633

                                      11-

<PAGE>

         With a copy to:             Kirkland & Ellis LLP
                                     Citigroup Center
                                     153 E. 53rd Street
                                     New York, New York 10022
                                     Attention: Geoffrey W. Levin, Esq.
                                     Fax No.: (212) 446-4900

or to such other address as each party may designate for itself by notice given
in accordance with this Section 5.8.

                  5.9.     Release; Termination.

                  5.9.1.   Upon any sale, lease, transfer or other disposition
         of any item of Collateral that is consummated in compliance with the
         Subordination Agreement or the Indenture, Trustee shall execute and
         deliver such documents that the Grantors may reasonably request to
         evidence the release of any such item of Collateral from the security
         interests granted hereunder.

                  5.9.2.   Upon termination of the Indenture and payment in full
         of all Obligations (other than contingent indemnity obligations), the
         security interests granted hereunder shall terminate and all rights to
         the Collateral shall revert back to the Grantors. Upon such
         termination, Trustee shall execute and deliver such documents that the
         Grantors may reasonably request to evidence such termination.

                  5.10.    Interpretation. No provision of this Agreement or any
of the other Guaranty Documents shall be construed against or interpreted to the
disadvantage of any party hereto by any court or other governmental or judicial
authority by reason of such party having or being deemed to have been
structured, drafted or dictated such provision.

                  5.11.    Governing Law; Consent to Forum. THIS AGREEMENT SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE
OF NEW YORK (WITHOUT REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAWS); PROVIDED,
HOWEVER, THAT IF ANY OF THE COLLATERAL SHALL BE LOCATED IN ANY JURISDICTION
OTHER THAN NEW YORK, THE LAWS OF SUCH JURISDICTION SHALL GOVERN THE METHOD,
MANNER AND PROCEDURE FOR FORECLOSURE OF TRUSTEE'S LIEN UPON SUCH COLLATERAL AND
THE ENFORCEMENT OF TRUSTEE'S OTHER REMEDIES IN RESPECT OF SUCH COLLATERAL TO THE
EXTENT THAT THE LAWS OF SUCH JURISDICTION ARE DIFFERENT FROM OR INCONSISTENT
WITH THE LAWS OF NEW YORK. AS PART OF THE CONSIDERATION FOR NEW VALUE RECEIVED,
AND REGARDLESS OF ANY PRESENT OR FUTURE DOMICILE OR PRINCIPAL PLACE OF BUSINESS
OF ANY GRANTOR, TRUSTEE OR ANY NOTEHOLDER, EACH GRANTOR HEREBY CONSENTS AND
AGREES THAT THE COURTS OF THE STATE OF NEW YORK, OR, AT TRUSTEE'S OPTION, THE
UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, SHALL HAVE
EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN ANY
GRANTOR ON THE ONE HAND AND

                                      12-

<PAGE>

TRUSTEE OR ANY NOTEHOLDER ON THE OTHER HAND PERTAINING TO THIS AGREEMENT OR TO
ANY MATTER ARISING OUT OF OR RELATED TO THIS AGREEMENT. NOTWITHSTANDING ANYTHING
TO THE CONTRARY IN THE CONFIRMATION ORDER (OR IN ANY AGREEMENT TO WHICH ANY
GRANTOR IS A PARTY) TO THE CONTRARY, EACH GRANTOR EXPRESSLY SUBMITS AND CONSENTS
IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH
COURT, AND EACH GRANTOR HEREBY WAIVES ANY OBJECTION WHICH ANY GRANTOR MAY HAVE
BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE OR FORUM NON
CONVENIENS. EACH GRANTOR HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS,
COMPLAINT AND OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT
SERVICE OF SUCH SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED
OR CERTIFIED MAIL ADDRESSED TO SUCH GRANTOR AT THE ADDRESS SET FORTH IN THIS
AGREEMENT OR OTHERWISE PROVIDED TO TRUSTEE AS A NEW NOTICE ADDRESS IN ACCORDANCE
WITH THE TERMS HEREOF AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON
THE EARLIER OF SUCH GRANTOR'S ACTUAL RECEIPT THEREOF OR 5 BUSINESS DAYS AFTER
DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID. NOTHING IN THIS AGREEMENT
SHALL BE DEEMED OR OPERATE TO AFFECT THE RIGHT OF TRUSTEE OR ANY NOTEHOLDER TO
SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW, OR TO PRECLUDE THE
ENFORCEMENT BY TRUSTEE OR ANY NOTEHOLDER OF ANY JUDGMENT OR ORDER OBTAINED IN
SUCH FORUM OR THE TAKING OF ANY ACTION UNDER THIS AGREEMENT TO ENFORCE SAME IN
ANY OTHER APPROPRIATE FORUM OR JURISDICTION.

                  5.12.    Waivers. EACH GRANTOR IRREVOCABLY WAIVES (A) THE
RIGHT TO TRIAL BY JURY (WHICH TRUSTEE HEREBY ALSO WAIVES) IN ANY ACTION, SUIT,
PROCEEDING OF COUNTERCLAIM OF ANY KIND ARISING OUT OF OR RELATED TO THIS
AGREEMENT, OR ANY OF THE OTHER GUARANTY DOCUMENTS, THE OBLIGATIONS OR THE
COLLATERAL; (B) PRESENTMENT, DEMAND AND PROTEST AND NOTICE OF PRESENTMENT,
PROTEST, DEFAULT, NON PAYMENT, MATURITY, RELEASE, COMPROMISE, SETTLEMENT,
EXTENSION OR RENEWAL OF ANY OR ALL COMMERCIAL PAPER, ACCOUNTS, CONTRACT RIGHTS,
DOCUMENTS, INSTRUMENTS, CHATTEL PAPER AND GUARANTIES AT ANY TIME HELD BY TRUSTEE
OR ANY NOTEHOLDER, ON WHICH ANY GRANTOR MAY IN ANY WAY BE LIABLE AND HEREBY
RATIFIES AND CONFIRMS WHATEVER TRUSTEE OR ANY NOTEHOLDER MAY DO IN THIS REGARD;
(C) NOTICE PRIOR TO TAKING POSSESSION OR CONTROL OF THE COLLATERAL OR ANY BOND
OR SECURITY WHICH MIGHT BE REQUIRED BY ANY COURT PRIOR TO ALLOWING TRUSTEE TO
EXERCISE ANY REMEDIES HEREUNDER; (D) THE BENEFIT OF ALL VALUATION, APPRAISEMENT
AND EXEMPTION LAWS AND (E) NOTICE OF ACCEPTANCE HEREOF. EACH GRANTOR
ACKNOWLEDGES THAT THE FOREGOING WAIVERS ARE A MATERIAL INDUCEMENT TO TRUSTEE'S
ENTERING INTO THIS AGREEMENT AND THAT TRUSTEE IS RELYING UPON THE FOREGOING
WAIVERS IN ITS FUTURE DEALINGS WITH THE GRANTORS. EACH

                                      13-

<PAGE>

GRANTOR WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THE FOREGOING WAIVERS WITH
ITS LEGAL COUNSEL AND HAS KNOWINGLY AND VOLUNTARILY WAIVED ITS JURY TRIAL RIGHTS
FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, THIS
AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

                                      14-

<PAGE>

                  IN WITNESS WHEREOF, this Agreement has been duly executed on
the day and year specified at the beginning hereof.

                                       NEENAH FOUNDRY COMPANY

                                       By: _____________________________________
                                       Title:___________________________________

                                       DEETER FOUNDRY, INC.

                                       By: _____________________________________
                                       Title:___________________________________

                                       MERCER FORGE CORPORATION

                                       By: _____________________________________
                                       Title:___________________________________

                                       DALTON CORPORATION

                                       By: _____________________________________
                                       Title:___________________________________

                                       DALTON CORPORATION, STRYKER MACHINING
                                       FACILITY CO.

                                       By: _____________________________________
                                       Title:___________________________________

                                       DALTON CORPORATION, WARSAW MANUFACTURING
                                       FACILITY

                                       By: _____________________________________
                                       Title:___________________________________

                                      15-

<PAGE>

                                       ADVANCED CAST PRODUCTS, INC.

                                       By: _____________________________________
                                       Title:___________________________________

                                       GREGG INDUSTRIES, INC.

                                       By: _____________________________________
                                       Title:___________________________________

                                       NEENAH TRANSPORT, INC.

                                       By: _____________________________________
                                       Title:___________________________________

                                       CAST ALLOYS, INC.

                                       By: _____________________________________
                                       Title:___________________________________

                                       DALTON CORPORATION, KENDALLVILLE
                                       MANUFACTURING FACILITY

                                       By: _____________________________________
                                       Title:___________________________________

                                       DALTON CORPORATION, ASHLAND
                                       MANUFACTURING FACILITY

                                       By: _____________________________________
                                       Title:___________________________________

                                      16-

<PAGE>

                                       A&M SPECIALTIES, INC.

                                       By: _____________________________________
                                       Title:___________________________________

                                       BELCHER CORPORATION

                                       By: _____________________________________
                                       Title:___________________________________

                                       PEERLESS CORPORATION

                                       By: _____________________________________
                                       Title:___________________________________

                                       THE BANK OF NEW YORK, a New York banking
                                       corporation, as Trustee

                                       By:______________________________________
                                       Title:___________________________________

                                      17-

<PAGE>

                                   EXHIBIT 3.2

                             LOCATIONS OF COLLATERAL

                                      18-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00059-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00059-of-00352.parquet"}]]