Document:

exv10w3

Exhibit 10.3

SECURITY AGREEMENT

     SECURITY AGREEMENT dated as of July 7, 2009 (this “Agreement”), among THE BANK OF NEW
YORK MELLON TRUST COMPANY, N.A., as collateral agent (in its capacity as collateral agent, together
with its successors and assigns, the “Collateral Agent”), COMMERCIAL BARGE LINE COMPANY, a
corporation formed under the laws of Delaware (“Issuer”), AMERICAN COMMERCIAL LINES INC., a
corporation formed under the laws of Delaware (“Holdings”), AMERICAN COMMERCIAL LINES LLC,
a limited liability company formed under the laws of Delaware (“ACL”), JEFFBOAT LLC, a
limited liability company formed under the laws of Delaware (“Jeffboat”), and ACL
TRANSPORTATION SERVICES LLC, a limited liability company formed under the laws of Delaware
(“ACLTS” and together with Holdings, ACL, Jeffboat, and any other Person that becomes a
party hereto pursuant to Section 7.12, the “Guarantors,” and together with the Issuer, each
individually a “Grantor” and collectively, the “Grantors”).

RECITALS:

     WHEREAS, the Issuer is issuing $200,000,000 aggregate principal amount of 121/2% Senior Secured
Notes due 2017 (together with any Additional Notes and Exchange Notes, the “Notes”)
pursuant to the indenture (the “Indenture”) dated as of July 7, 2009 among the Issuer, the
Guarantors and The Bank of New York Mellon Trust Company, N.A., as trustee (together with its
successors in such capacity, the “Trustees”) on behalf of the holders of the Notes (the
“Noteholders”).

     WHEREAS, from time to time after the date hereof, the Issuer may, subject to the terms and
conditions of the Indenture and the Notes Documents, incur Permitted Additional Pari Passu
Obligations (including Additional Notes issued under the Indenture), which are pari passu in right
of payment to the Notes and secured equally and ratable with the Notes and by the Pledged
Collateral in accordance with Section 7.14 of this Agreement.

     WHEREAS, each Guarantor has, pursuant to the Indenture, among other things, unconditionally
guaranteed the obligations of the Issuer under the Indenture and the Notes and may do so under the
terms of Permitted Additional Pari Passu Obligations permitted to be incurred under the Indenture.

     WHEREAS, this Agreement is given by each Grantor in favor of the Collateral Agent for the
benefit of the Secured Parties to secure the payment and performance of all of the Obligations.

     WHEREAS, it is a condition to the issuance of the Notes that each Grantor execute and deliver
the applicable Notes Documents, including this Agreement.

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

 

 

ARTICLE I.

DEFINITIONS

     SECTION 1.01 Definition of Certain Terms Used Herein. As used herein, the following terms shall have the following meanings:

     “Accessions” shall mean any goods which are physically united with any item
constituting part of the Collateral hereunder in such a manner that the identity of such goods is
not lost.

     “Account Debtor” shall mean any Person who is or who may become obligated to any
Grantor under, with respect to, or on account of an Account.

     “Accounts” shall mean all of each Grantor’s now owned or hereafter acquired or arising
“accounts”, as defined in the UCC, including any and all right, title and interest of any Grantor
to payment for goods or services sold or leased, including Chattel Paper (whether tangible or
electronic) and any right evidenced by Chattel Paper (whether tangible or electronic), whether due
or to become due, whether or not it has been earned by performance, and whether now or hereafter
acquired or arising in the future, including accounts receivable from Affiliates of the Grantors.

     “Accounts Receivable” shall mean all Accounts and all right, title and interest in any
returned goods, together with all rights, titles, securities and guarantees with respect thereto,
including any rights to stoppage in transit, replevin, reclamation and resales, and all related
security interests, liens and pledges, whether voluntary or involuntary, in each case whether now
existing or owned or hereafter arising or acquired.

     “Additional Grantor” shall have the meaning given to that term in Section 7.12 of this
Agreement.

     “Additional Pari Passu Agent” shall mean any duly authorized representative of any
holder of Permitted Additional Pari Passu Obligations under any Additional Pari Passu Debt
Documents designated as “Additional Pari Passu Agent” for such holder in an Additional Pari Passu
Joinder Agreement delivered to the Collateral Agent

     “Additional Pari Passu Agreement” shall mean the indenture, credit agreement or other
agreement under which any Permitted Additional Pari Passu Obligations (other than Additional Notes)
are incurred and any notes or other instruments representing such Permitted Additional Pari Passu
Obligations.

     “Additional Pari Passu Debt Documents” shall mean any document or instrument executed
and delivered with respect to any Permitted Additional Pari Passu Obligations.

     “Additional Pari Passu Joinder Agreement” shall mean an agreement substantially in the
form of Exhibit B.

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     “Affiliate” shall mean, with respect to any Person, another Person that directly, or
indirectly through one or more intermediaries, controls or is controlled by or is under common
control with such Person.

     “Chattel Paper” shall mean all of each Grantor’s now owned or hereafter acquired
“chattel paper”, as defined in the UCC, including any record or records that evidence both a
monetary obligation and a security interest in specific goods, a security interest in specific
goods and software used in the goods, a security interest in specific goods and license of software
used in the goods, a lease of specific goods, or a lease of specific goods and license of software
used in the goods, including in the case of any transaction which is evidenced by records that
include an instrument or series of instruments, the group of records taken together.

     “Collateral” shall mean all now owned and hereafter acquired (a) Accounts Receivable,
(b) Documents, (c) Equipment, (d) Fixtures, (e) General Intangibles, (f) Inventory, (g) cash and
currency, (h) Deposit Accounts, credits, and balances with and other claims against the Collateral
Agent or any Secured Party or any of their Affiliates or any other financial institution with which
the Grantor maintains deposits, including any Payment Accounts; (i) Investment Property, (j)
Instruments, (k) Commercial Tort Claims set forth on Schedule 4.17 hereto, (l) Letter-of-Credit
Rights, (m) Supporting Obligations, (n) Financial Assets, (o) all money, cash, cash equivalents,
securities and other property of any kind of the Grantor held directly or indirectly by the
Collateral Agent or any Secured Party; (p) all books, records and other property related to or
referring to any of the foregoing, (q) all other personal property of whatever type or description
and (r) to the extent not otherwise included, all Accessions and all Proceeds of the foregoing, in
each case whether now owned or hereafter acquired and wherever the same may be located; provided,
however, that the “Collateral” shall not include any Excluded Property.

     “Collateral Documents” shall mean, collectively, this Agreement, the Pledge Agreement,
the Mortgages and each other security document or pledge agreement delivered in accordance with
applicable local or foreign law to grant a security interest in any property as collateral for the
Obligations, and any UCC financing statements, any other documents filed with governmental
authorities (including, without limitation, the United States Coast Guard National Vessel
Documentation Center) to perfect, establish priority or give public notice of the Security Interest
granted by this Agreement, the Mortgages and each security document or pledge agreement described
above and any certificate or other document contemplated by or delivered pursuant to the aforesaid
agreements, and all other documents, certificates and instruments relating to, arising out of, or
in any way connected therewith.

     “Commercial Tort Claims” shall mean all of each Grantor’s now owned or hereafter
acquired “commercial tort claims”, as defined in the UCC, including any claims, causes of action,
choses in action, rights and interests arising in tort which are held or owned by any Grantor, but
only to the extent of such Grantor’s interest therein.

     “Commodity Account” shall mean an account maintained by a Commodity Intermediary in
which a Commodity Contract is carried out for a Commodity Customer.

     “Commodity Contract” shall mean a commodity futures contract, an option on a commodity
futures contract, a commodity option or any other contract that, in each case, is (a) traded

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on or subject to the rules of a board of trade that has been designated as a contract
market for such a contract pursuant to the federal commodities laws or (b) traded on a foreign
commodity board of trade, exchange or market, and is carried on the books of a Commodity
Intermediary for a Commodity Customer.

     “Commodity Customer” shall mean a Person for whom a Commodity Intermediary carries a
Commodity Contract on its books.

     “Commodity Intermediary” shall mean (a) a Person who is registered as a futures
commission merchant under the federal commodities laws or (b) a Person who in the ordinary course
of its business provides clearance or settlement services for a board of trade that has been
designated as a contract market pursuant to federal commodities laws.

     “Control” shall mean (i) in the case of each Deposit Account, “control,” as such term
is defined in Section 9-104 of the UCC, (ii) in the case of any Security Entitlement, “control,” as
such term is defined in Section 8-106 of the UCC, and (iii) in the case of any Commodity Contract,
“control,” as such term is defined in Section 9-106 of the UCC.

     “Copyright License” shall mean any written agreement, now or hereafter in effect,
granting any right to any third party under any Copyright now or hereafter owned by any Grantor or
which such Grantor otherwise has the right to license, or granting any right to such Grantor under
any Copyright now or hereafter owned by any third party, and all rights of such Grantor under any
such agreement.

     “Copyrights” shall mean all of the following: (a) all copyright rights in any work
subject to the copyright laws of the United States, whether as author, assignee, transferee or
otherwise, and (b) all registrations and applications for registration of any such copyright in the
United States, including registrations, recordings, supplemental registrations and pending
applications for registration in the United States Copyright Office.

     “Default” or “Event of Default” shall mean a “default” or “event of default”,
respectively, under the Indenture or under any Additional Pari Passu Agreement.

     “Deposit Accounts” means all “deposit accounts”, as such term is defined in the UCC,
now or hereafter held in the name of Grantor, including a demand, time, savings, passbook or like
account maintained with a bank, savings and loan association, credit union or other financial
institution, or a branch of any of the foregoing.

     “Discharge of Obligations” shall mean, both (i) in the case of the Indenture, the
discharge or defeasance of the Indenture in accordance with Section 8.1, Section 8.2 or Section 8.8
thereof and (ii) in the case of each Additional Pari Passu Agreement, the repayment of the
Additional Pari Passu Obligations under such agreement which entitles the Grantors to obtain a
release of the Liens securing such Additional Pari Passu Obligations under the applicable Notes
Documents.

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     “Documents” shall mean all “documents”, as such term is defined in the UCC, including
all documents of title and all files, records, ledger sheets and documents covering or relating to
any of the Collateral.

     “Entitlement Holder” shall mean a Person identified in the records of a Securities
Intermediary as the Person having a Security Entitlement against the Securities Intermediary. If a
Person acquires a Security Entitlement by virtue of Section 8-501(b)(2) or (3) of the UCC, such
Person is the Entitlement Holder.

     “Equipment” means all of each Grantor’s now owned or hereafter acquired “equipment”,
as defined in the UCC, including all machinery, all manufacturing, distribution, selling, data
processing and office equipment, all furniture, furnishings, appliances, Fixtures and trade
Fixtures, tools, tooling, molds, dies, vehicles, aircraft, vessels, boilers, engines, masts, spars,
rigging, boats, pumps, anchors, cables, chains, tackle, apparel, fittings, equipment, other
appurtenances and all other goods of every type and description (excluding Inventory, “Vessels”
that are subject at any time to the Lien of any of the Fleet Mortgages, and “Vessels” that have
been released from the Lien of any Fleet Mortgage pursuant to Section 5.2 thereof, but including in
any event Vessels that are not documented under the laws and flag of the United States of America),
in each instance whether now owned or hereafter acquired by each of the Grantors and wherever
located.

     “Excluded Property” shall mean

     (a) any permit or license issued by a Governmental Authority to any Grantor or any
agreement to which any Grantor is a party, in each case, only to the extent and for so long
as the terms of such permit, license or agreement or any Requirement of Law applicable
thereto, prohibit the creation by such Grantor of a security interest in such permit,
license or agreement in favor of the Collateral Agent (after giving effect to Sections
9-406(d), 9-407(a), 9-408(a) or 9-409 of the UCC (or any successor provision or provisions)
or any other applicable law (including the Bankruptcy Code) or principles of equity);

     (b) Equipment or other assets or any proceeds thereof owned by any Grantor on the date
hereof or hereafter acquired that is subject to a Lien securing indebtedness in respect of
purchase money financing or Capital Lease Obligations permitted to be incurred pursuant to
the provisions of the Indenture and any equivalent provision of each Additional Pari Passu
Agreement if the contract or other agreement in which such Lien is granted (or the
documentation providing for such indebtedness in respect of purchase money financing)
prohibits the creation of any other Lien on such Equipment, other assets or proceeds;

     (c) any intent-to-use trademark application to the extent and for so long as creation
by a Grantor of a security interest therein would result in the loss by such Grantor of any
material rights therein;

     (d) work-in-progress and associated property of any Grantor that is subject to any
contract for the manufacture and sale of a Vessel to a customer, to the extent such

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customer contract prohibits or would be violated by the grant of a Lien securing other
indebtedness of such Grantor;

     (e) the voting capital stock of foreign subsidiaries in excess of 65% of the issued and
outstanding voting equity interests of such foreign subsidiaries;

     (f) interests in any joint venture to the extent and for so long as the documents
governing such joint venture interests prohibit the granting of a security interest therein;

     (g) any contract, lease, license or other agreement to the extent that the grant of a
security interest therein would result in the invalidation thereof or provide any party
thereto with a right of termination with respect thereto (in each case, after giving effect
to applicable provisions of the UCC);

     (h) any property of a Person existing at the time such Person is acquired or merged
with and into or consolidated with a Grantor that is subject to a Lien permitted by clause
(vii) of the definition of “Permitted Lien” contained in the Indenture (and any refinancing
thereof permitted by clause (x) of the definition of “Permitted Liens” contained in the
Indenture) to the extent and for so long as the contract or other agreement in which such
Lien is granted prohibits the creation of any other Lien on such property;

     (i) the capital stock of any subsidiary of any Grantor to the extent necessary and for
so long as required for such subsidiary of not be subject to any requirement pursuant to
Rule 3-16 of Regulation S-X under the Securities Act of 1933, as amended, to file separate
financial statements with the Securities and Exchange Commission (or any other governmental
agency);

     (j) the Hall Street Terminal; and

     (k) any assets sold pursuant to a Qualified Receivables Transaction;

in each case, after giving effect to applicable provisions of the UCC and provided, however, that
Excluded Property shall not include any Proceeds, substitutions or replacements of any Excluded
Property referred to in clauses (a) through (k) (unless such Proceeds, substitutions or
replacements would constitute Excluded Property referred to in clauses (a) through (k)).

     “Financial Asset” shall mean (a) a Security, (b) an obligation of a Person or a share,
participation or other interest in a Person or in property or an enterprise of a Person, which is,
or is of a type, dealt with in or traded on financial markets, or which is recognized in any area
in which it is issued or dealt in as a medium for investment or (c) any property that is held by a
Securities Intermediary for another Person in a Securities Account if the Securities Intermediary
has expressly agreed with the other Person that the property is to be treated as a Financial Asset
under Article 8 of the UCC. As the context requires, the term Financial Asset shall mean either
the interest itself or the means by which a Person’s claim to it is evidenced, including a
certificated or uncertificated Security, a certificate representing a Security or a Security
Entitlement.

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     “Fixtures” shall mean all Goods, whether now owned or hereafter acquired, of any
Grantor that become so related to particular real estate that an interest in them arises under any
real estate law applicable thereto.

     “General Intangibles” shall mean all of each Grantor’s now owned or hereafter acquired
“general intangibles”, as defined in the UCC, including all rights, interests, choses in action,
causes of action, claims, Intellectual Property and all other intangible personal property of any
Grantor of every kind and nature (other than Accounts) now owned or hereafter acquired by any
Grantor, including, without limitation, all contract rights, payment intangibles, corporate or
other business records, goodwill, customer lists, registrations, licenses, franchises, tax refund
claims, any funds which may become due to the Grantor in connection with the termination of any
employee benefit plan or any rights thereto and any other amounts payable to the Grantor from any
employee benefit plan, rights and claims against carriers and shippers, rights to indemnification,
business interruption insurance and proceeds thereof, property, casualty or any similar type of
insurance and any proceeds thereof, proceeds of insurance covering the lives of key employees on
which the Grantor is beneficiary, rights to receive dividends, distributions, cash, Instruments and
other property in respect of or in exchange for pledged equity interests or Investment Property and
any letter-of-credit, guarantee, claim, security interest or other security held by or granted to
the Grantor.

     “Grantors” shall have the meaning given to that term in the first paragraph of this
Agreement.

     “Indemnitee” shall mean, with respect to any Person, such Person’s Affiliates and the
respective directors, officers, employees, agents and advisors of such Person and such Affiliates.

     “Indenture” shall have the meaning given to that term in the recitals of this
Agreement.

     “Instrument” shall mean an “instrument”, as such term is defined in the UCC, now owned
or hereafter acquired by the Grantor, including a negotiable instrument or any other writing which
evidences a right to the payment of money and is not itself a security agreement or lease and is of
a type which in the ordinary course of business is transferred by delivery with any necessary
endorsement or assignment.

     “Intellectual Property” shall mean all intellectual and similar property of any
Grantor of every kind and nature now owned or hereafter acquired by any Grantor, including
inventions, designs, Patents, Copyrights, Licenses, Trademarks, trade secrets, correspondence,
confidential or proprietary technical and business information, know-how or other data or
information, all Software and databases and all embodiments or fixations thereof and related
documentation, and all other computer materials, created or owned by any Grantor, registrations and
franchises, and all additions, improvements and accessions to, and books and records describing or
used in connection with, any of the foregoing together with all extensions, renewals, reissues,
divisions, continuations, and continuations-in-part of any of the foregoing, and all rights to sue
for past, present and future infringement of any of the foregoing.

     “Intercreditor Agreement” shall mean the Intercreditor Agreement, dated as of July 7,
2009 between the Collateral Agent and the Revolving Collateral Agent.

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     “Inventory” means “inventory”, as such term is defined in the UCC, and inventory,
goods, and merchandise to be furnished under any contract of service or held for sale or lease,
returned goods, raw materials, work-in-process, finished goods (including embedded software), other
materials and supplies of any kind, nature, or description which are used or consumed in a Person’s
business or used in connection with the packing, shipping, advertising, selling, or finishing of
such goods, merchandise, and all documents of title or other Documents representing them.
Notwithstanding anything to the contrary set forth herein, Inventory shall not include (a) any
barges or vessels (other than barges or vessels held for sale in the ordinary course of business by
Jeffboat), (b) spare parts, replacement parts, parts under repair, tackle, necessaries, apparel,
cordage, general outfit and all other appurtenances and appliances belonging upon vessels or barges
and stores (each of the foregoing, whether aboard vessels or barges or on shore); and (c) proceeds
or the foregoing. For the avoidance of doubt, as used herein, Inventory shall not include any
vessels or barges leased, chartered or otherwise used (at any time) in the operation of the
Grantors’ business (other than vessels or barges held for sale in the ordinary course of business
by Jeffboat), or vessels or barges sold or to be sold for scrap, or the proceeds of any of the
foregoing.

     “Investment Property” shall mean all Securities (whether certificated or
uncertificated), Security Entitlements, Securities Accounts, Commodity Contracts and Commodity
Accounts of any Grantor, whether now owned or hereafter acquired by any Grantor.

     “Joinder” shall have the meaning given to that term in Section 7.12 of this Agreement.

     “Letter-of-Credit Rights” shall mean “letter-of-credit rights”, as such term is
defined in the UCC, now owned or hereafter acquired by any Grantor, including any right to payment
or performance under any letter-of-credit under which any Grantor is a beneficiary, whether or not
such Grantor has demanded or is at the time entitled to demand payment or performance, but
excluding the right of any Grantor to demand payment or performance under any letter-of-credit.

     “License” shall mean any Patent License, Trademark License, Copyright License or other
license or sublicense to which any Grantor is a party, whether as licensor or licensee (other than
those license agreements in existence on the date hereof or entered into after the date hereof,
which by their terms prohibit the grant of a security interest by such Grantor as licensee
thereunder).

     “Lien” shall have the meaning given to that term in the Indenture.

     “Mortgages” shall mean, collectively, each of the mortgages, deeds of trust, leasehold
mortgages and security documents and any other agreement, document or instrument pursuant to which
any Lien upon any of the Mortgaged Properties (as defined in the Intercreditor Agreement) is
granted by, or purported to be granted by, any Grantor to secure any Obligations or under which
rights or remedies with respect any such Lien are governed, including the Fleet Mortgages and the
Mortgages (as such terms are defined in the Indenture).

     “Noteholders” shall have the meaning given to that term in the recitals of this
Agreement.

     “Notes” shall have the meaning given to that term in the recitals of this Agreement.

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     “Notes Documents” shall mean (i) this Agreement, the Indenture, the Notes, the
guarantees, the Mortgages and the other Collateral Documents and (ii) Additional Pari Passu Debt
Documents and Additional Pari Passu Agreements, in each case of clause (i) and (ii) above, all
other documents, certificates and instruments relating to, arising out of, or in any way connected
therewith.

     “Obligations” shall mean any principal, premium, interest (including any interest
accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding
at the rate provided for in the documentation with respect thereto, whether or not such interest is
an allowed claim under applicable state, federal or foreign law), penalties, fees,
indemnifications, reimbursements, damages and other liabilities, and guarantees of payment of such
principal, interest, penalties, fees, indemnifications, reimbursements, damages and other
liabilities, payable under any of (i) the Indenture, (ii) the Notes (other than any Additional
Notes except to the extent constituting Permitted Additional Pari Passu Obligations), (iii) any
other Collateral Document, (iv) any Additional Pari Passu Agreement and (v) the documentation
relating to any other Permitted Additional Pari Passu Obligations; provided that no obligations in
respect of Permitted Additional Pari Passu Obligations (other than Additional Notes) shall
constitute “Obligations” unless the Additional Pari Passu Agent for the holders of such Permitted
Additional Pari Passu Obligations has executed an Additional Pari Passu Joinder Agreement in the
form of Annex I hereto.

     “Patent License” shall mean any written agreement, now or hereafter in effect,
granting to any third party any right to make, use or sell any invention on which a Patent, now or
hereafter owned by any Grantor or which any Grantor otherwise has the right to license, is in
existence, or granting to any Grantor any right to make, use or sell any invention on which a
Patent, now or hereafter owned by any third party, is in existence, and all rights of any Grantor
under any such agreement.

     “Patents” shall mean all of the following: (a) all letters patent of the United
States, all registrations and recordings thereof, and all applications for letters patent of the
United States, including registrations, recordings and pending applications in the United States
Patent and Trademark Office, and (b) all reissues, continuations, divisions, continuations-in-part,
renewals or extensions thereof, and the inventions disclosed or claimed therein, including the
right to make, use and/or sell the inventions disclosed or claimed therein.

     “Payment Account” means each bank account established pursuant to this Agreement, to
which the proceeds of Accounts and other Collateral are deposited or credited, and which is
maintained in the name of the Grantor on terms acceptable to Collateral Agent.

     “Person” shall mean any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, governmental authority or other entity.

     “Proceeds” shall mean “proceeds”, as such term is defined in the UCC, including any
consideration received from the sale, exchange, license, lease or other disposition of any asset or
property that constitutes Collateral or any Mortgaged Properties, any value received as a
consequence of the possession of any Collateral and any payment received from any insurer or other
Person or entity as a result of the destruction, loss, theft, damage or other involuntary conversion

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of whatever nature of any asset or property which constitutes Collateral or any
Mortgaged Properties, and shall include, without limitation, (a) any claim of any Grantor against
any third party for (and the right to sue and recover for and the rights to damages or profits due
or accrued arising out of or in connection with) (i) past, present or future infringement of any
Patent now or hereafter owned by any Grantor, or licensed under a Patent License, (ii) past,
present or future infringement or dilution of any Trademark now or hereafter owned by any Grantor
or licensed under a Trademark License or injury to the goodwill associated with or symbolized by
any Trademark now or hereafter owned by any Grantor, (iii) past, present or future breach of any
License and (iv) past, present or future infringement of any Copyright now or hereafter owned by
any Grantor or licensed under a Copyright License and (b) any and all other amounts from time to
time paid or payable under or in connection with any of the Collateral or any Mortgaged Properties.

     “Receivables” shall mean the following now owned or hereafter arising or acquired
property of a Grantor: (a) all Accounts; (b) all interest, fees, late charges, penalties,
collection fees and other amounts due or to become due or otherwise payable in connection with any
Account; (c) all instruments evidencing Accounts or Inventory, including, without limitation, all
promissory notes relating to the foregoing; (d) all chattel paper with respect to, or otherwise
representing or evidencing, Accounts or Inventory; (e) all documents representing or evidencing,
Accounts or Inventory; (f) the proceeds of all of the foregoing; and (g) all ledgers, books of
account, records, Software, tapes, cards, computer programs, computer disks or tapes, computer
printouts, computer runs, and other computer prepared information relating solely to any of the
foregoing.

     “Required Secured Parties” shall mean the holders of a majority in an aggregate
principal amount of (i) the Notes, subject in all cases to Article IX of the Indenture, and (ii)
any Indebtedness constituting Permitted Additional Pari Passu Obligations, in each case, excluding
for all purposes of this definition any holder of such debt whose vote is required to be
disregarded under the Indenture or the applicable Additional Pari Passu Agreement

     “Revolving Collateral Agent” shall mean the Bank of America, N.A., as administrative
agent, collateral agent and security trustee under the Credit Agreement and its successors and/or
assigns in such capacity.

     “Revolving Credit Obligations” shall have the meaning given to that term in the
Intercreditor Agreement.

     “Revolving Facility Documents” shall have the meaning given to it in the Intercreditor
Agreement.

     “Secured Parties” shall mean Collateral Agent, the Trustee, each Additional Pari Passu
Agent, the Noteholders and the holders of the Permitted Additional Pari Passu Obligations.

     “Securities” shall mean any obligations of an issuer or any shares, participations or
other interests in an issuer or in property or an enterprise of an issuer which (a) are represented
by a certificate representing a security in bearer or registered form, or the transfer of which may
be registered upon books maintained for that purpose by or on behalf of the issuer, (b) are one of
a class or series or by its terms is divisible into a class or series of shares, participations,
interests

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or obligations and (c)(i) are, or are of a type, dealt with or traded on securities
exchanges or securities markets or (ii) are a medium for investment and by their terms expressly
provide that they are securities governed by Article 8 of the UCC.

     “Securities Account” shall mean an account to which a Financial Asset is or may be
credited in accordance with an agreement under which the Person maintaining the account undertakes
to treat the Person for whom the account is maintained as entitled to exercise rights that comprise
the Financial Asset.

     “Security Entitlements” shall mean the rights and property interests of an Entitlement
Holder with respect to a Financial Asset.

     “Security Interest” shall have the meaning given to that term in Section 2.01.

     “Security Intermediary” shall mean (a) a clearing corporation or (b) a Person,
including a bank or broker, that in the ordinary course of its business maintains securities
accounts for others and is acting in that capacity.

     “Software” shall mean all “software”, as such term is defined in the UCC, now owned or
hereafter acquired by Grantor, including any computer program and any supporting information
provided in connection with any transaction relating to any such program.

     “Subsidiary” shall have the meaning given to that term in the Indenture.

     “Supporting Obligations” shall mean all “supporting obligations”, as such term is
defined in the UCC, including any letter-of-credit right or any secondary obligation held by any
Grantor that supports the payment or performance of any Account, Chattel Paper, Document, General
Intangible, Instrument or Investment Property.

     “Trademark License” shall mean any written agreement, now or hereafter in effect,
granting to any third party any right to use any Trademark now or hereafter owned by any Grantor or
which any Grantor otherwise has the right to license, or granting to any Grantor any right to use
any Trademark now or hereafter owned by any third party, and all rights of any Grantor under any
such agreement.

     “Trademarks” shall mean all of the following: (a) all trademarks, service marks,
trade names, corporate names, company names, business names, fictitious business names, trade
styles, trade dress, logos, other source or business identifiers, designs and general intangibles
of like nature, now existing or hereafter adopted or acquired, all registrations and recordings
thereof, and all registration and recording applications filed in connection therewith, including
registrations and registration applications in the United States Patent and Trademark Office or any
State of the United States, and all extensions or renewals thereof (provided that no security
interest shall be granted in United States intent-to-use trademark applications to the extent that,
and solely during the period in which, the grant of a security interest therein would impair the
validity or enforceability of such intent-to-use trademark applications under applicable federal
law), (b) all goodwill associated therewith or symbolized thereby and (c) all other assets,
rights and interests that uniquely reflect or embody such goodwill.

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     “UCC” shall mean the Uniform Commercial Code as in effect in the State of New York
from time to time.

     “Vessels” shall mean the towboats, barges and other vessels owned or leased by any
Grantor.

     SECTION 1.02 Uniform Commercial Code Terms.
All terms used herein and defined in the UCC, shall, to the extent not defined herein, or
in the Indenture, if not defined herein, have the meaning given in the UCC.

     SECTION 1.03 Other Terms.

     (a) The words “include”, “includes” and “including” shall be deemed to be followed by the
phrase “without limitation”.

     (b) Capitalized terms not defined herein shall have the meanings given to those terms in the
Indenture.

ARTICLE II.

SECURITY INTEREST

     SECTION 2.01 Grants of Security Interest.
As security for the payment or performance, as the case may be, in full of the Obligations,
each Grantor hereby bargains, sells, conveys, assigns, sets over, mortgages, pledges, hypothecates
and transfers to Collateral Agent, for itself and the ratable benefit of the Secured Parties, and
hereby grants to Collateral Agent, for itself and the ratable benefit of the Secured Parties, a
security interest in and Lien upon, all of such Grantor’s right, title and interest in, to and
under the Collateral (the “Security Interest”). Without limiting any of the foregoing,
Collateral Agent is hereby authorized, but not required, to file one or more financing statements
(including fixture filings), continuation statements or other documents for the purpose of
perfecting, confirming, continuing, enforcing or protecting its Security Interest in the
Collateral, without the signature of any Grantors, and naming any Grantor or the Grantors as debtor
or debtors and Collateral Agent as secured party.

     Notwithstanding anything to the contrary contained in the preceding paragraph above, the
security interest created by this Agreement shall not extend to any Excluded Property and (i) the
Grantors shall from time to time at the request of the Collateral Agent give written notice to the
Collateral Agent identifying in reasonable detail the Excluded Property and shall provide to the
Collateral Agent such other information regarding the Excluded Property as the Collateral Agent
may reasonably request and (ii) from and after the Closing Date, no Grantor shall permit to
become effective in any document creating, governing or providing for any permit, license or
agreement a provision that would prohibit the creation of a Lien on such permit, license or
agreement in favor of the Collateral Agent unless such Grantor believes, in its reasonable
judgment, that such prohibition is usual and customary in transactions of such type.

     SECTION 2.02 No Assumption of Liability.
The Security Interest is granted as security only and shall not subject Collateral Agent or
any other Secured Party to, or in any way alter

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or modify, any obligation or liability of any
Grantor with respect to or arising out of the Collateral.

     SECTION 2.03 Second Priority Nature of Liens.
Notwithstanding anything herein to the contrary, the Lien and security interest granted to
the Collateral Agent pursuant to this Agreement shall be a second priority Lien on and security
interest in Collateral and the exercise of any right or remedy by the Collateral Agent hereunder is
subject to the provisions of the Intercreditor Agreement. In the event of any conflict between the
terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement
shall govern and control. Notwithstanding anything herein to the contrary, prior to the Senior
Discharge Date (as defined in the Intercreditor Agreement), the requirements of this Agreement to
deliver Collateral and any certificates, Instruments or Documents in relation thereto to the
Collateral Agent shall be deemed satisfied by delivery of such Collateral and such certificates,
Instruments or Documents in relation thereto to the Revolving Collateral Agent (as bailee for the
Collateral Agent).

ARTICLE III.

REPRESENTATIONS AND WARRANTIES

     The Grantors jointly and severally represent and warrant to Collateral Agent and the Secured
Parties that:

     SECTION 3.01 Title and Authority.
Each Grantor has good and valid rights in and title to the Collateral with respect to which
it has purported to grant the Security Interest hereunder and has full power and authority to grant
to Collateral Agent the Security Interest in such Collateral pursuant hereto and to execute,
deliver and perform its obligations in accordance with the terms of this Agreement, without the
consent or approval of any other Person other than any consent or approval which has been obtained.

     SECTION 3.02 Filings.

     (a) Fully completed UCC financing statements (including fixture filings, as applicable) or
other appropriate filings, recordings or registrations containing a description of the Collateral
have been sent for filing in the Office of the Secretary of State of Delaware (or, in the case of
fixture filings, for filing in the offices listed on Schedule 3.02 hereto), which are all the
filings, recordings and registrations (other than filings required to be made in the United States
Patent and Trademark Office and the United States Copyright Office in order to perfect the Security
Interest in Collateral consisting of United States Patents, Trademarks and Copyrights) that are
necessary, upon filing, to perfect security interests in favor of the Collateral Agent (for the
ratable benefit of the Secured Parties) in respect of all Collateral in which the Security Interest
may be perfected by filing, recording or registration in the United States (or any political
subdivision thereof) and its territories and possessions, and no further or subsequent filing,
refiling, recording, rerecording, registration or reregistration is, or will be, necessary in any
such jurisdiction with respect to such Collateral, except as provided under applicable law with
respect to the filing of continuation statements.

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     (b) Each Grantor represents and warrants that fully executed security agreements in form
satisfactory to the Collateral Agent containing descriptions of all Collateral consisting of
Intellectual Property with respect to United States Patents and United States registered Trademarks
(and Trademarks for which United States registration applications are pending) and United States
registered Copyrights have been sent for recording by the United States Patent and Trademark Office
and the United States Copyright Office pursuant to 35 U.S.C. Section 261, 15 U.S.C. Section 1060 or
17 U.S.C. Section 205 and the regulations thereunder, as applicable, and otherwise as may be
required pursuant to the laws of any other necessary jurisdiction, to protect the validity of and
to continue legal, valid and perfected security interests in favor of the Collateral Agent (for the
ratable benefit of the Secured Parties) in respect of all Collateral consisting of Patents,
Trademarks and Copyrights in which a security interest may be perfected by filing, recording or
registration in the United States (or any political subdivision thereof) and its territories and
possessions, or in any other necessary jurisdiction, and no further or subsequent filing, refiling,
recording, rerecording, registration or reregistration is necessary in any such jurisdiction (other
than such actions as are necessary to perfect the Security Interest with respect to any Collateral
consisting of Patents, Trademarks and Copyrights or registration or application for registration
thereof) acquired or developed after the date hereof).

     SECTION 3.03 Validity of Security Interest.
The Security Interest constitutes (a) a legal valid and binding Security Interest in all
the Collateral securing the payment and performance of the Obligations, (b) subject to the filings
described in Section 3.02 above, a perfected Security Interest in all Collateral in which a
security interest may be perfected by filing, recording or registering a financing statement or
analogous document in the United States (or any political subdivision thereof) and its territories
and possessions pursuant to the Uniform Commercial Code of the applicable jurisdiction or other
similar law in such jurisdictions, to the extent such security interests may be perfected under the
Uniform Commercial Code of the applicable jurisdiction and (c) a Security Interest that shall be
perfected in all Collateral in which a security interest may be perfected upon the receipt and
recording of security agreements pursuant to Section 3.02(b) with the United States Patent and
Trademark Office and the United States Copyright Office, as applicable. The Security Interest is
and shall be prior to any other Lien on any of the Collateral, other than Permitted Collateral
Liens and any equivalent provision of each Additional Pari Passu Agreement.

     SECTION 3.04 Absence of Other Liens.
The Collateral is owned by the Grantors free and clear of any Lien, except Permitted
Collateral Liens and any equivalent provision of each Additional Pari Passu Agreement, as expressly
permitted by the Notes Documents. Except for filings in respect of Permitted Collateral Liens and
any equivalent provision of each Additional Pari Passu Agreement, each Grantor has not filed or
consented to the filing of (a) any financing statement or analogous document under the UCC or any
other applicable laws covering any Collateral, (b) any assignment in which any Grantor assigns any
Collateral or any security agreement or similar instrument covering any Collateral with the United
States Patent and Trademark Office or the United States Copyright Office, or (c) any assignment in
which any Grantor assigns any Collateral or any security agreement or similar instrument covering
any Collateral with any foreign governmental, municipal or other office, which financing statement
or analogous document, assignment, security agreement or similar instrument is still in effect,
except, in each case, for Permitted Collateral Liens.

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     SECTION 3.05 Legal Name, Etc.

     (a) The exact legal name of each Grantor, as such name appears in its respective certificate
of incorporation, certificate of formation or equivalent organizational document, is set forth in
Schedule 3.05(a). Each Grantor is (i) the type of entity disclosed next to its name in Schedule
3.05 (a) and (ii) a registered organization except to the extent disclosed in Schedule 3.05(a).
Also set forth in Schedule 3.05(a) is the organizational identification number, if any, of each
Grantor that is a registered organization, the Federal Taxpayer Identification Number of each
Grantor and the jurisdiction of formation of each Grantor.

     (b) Set forth in Schedule 3.05(b) hereto is a list of any other corporate or organizational
names each Grantor has had in the past five years, together with the date of the relevant change.

     (c) Set forth in Schedule 3.05(c) is a list of all other names used by each Grantor, or any
other business or organization to which each Grantor became the successor by merger, consolidation,
acquisition, change in form, nature or jurisdiction of organization or otherwise, on any filings
with the Internal Revenue Service at any time during the past five years. Except as set forth in
Schedule 3.05(c), no Grantor has changed its jurisdiction of organization at any time during the
past four months.

     SECTION 3.06 Chief Executive Office.
The chief executive office of each Grantor is located at the address set forth in Schedule
3.06 hereto.

     SECTION 3.07 Extraordinary Transactions.
Except for those purchases, acquisitions and other transactions described in Schedule 3.07
attached hereto, all of the Collateral has been originated by each Grantor in the ordinary course
of business or consists of goods which have been acquired by such Grantor in the ordinary course of
business from a Person in the business of selling goods of that kind.

     SECTION 3.08 Instruments and Tangible Chattel Paper.
Attached hereto as Schedule 3.08 is a true and correct list of all promissory notes,
instruments (other than checks to be deposited in the ordinary course of business), tangible
chattel paper, electronic chattel paper and other evidence of indebtedness held by each Grantor as
of July 7, 2009, including all intercompany notes between or among any two or more Grantors or any
of their Subsidiaries, stating if such instruments, chattel paper or other evidence of indebtedness
is pledged under this Agreement.

     SECTION 3.09 Deposit Accounts.
Attached hereto as Schedule 3.09 is a true and complete list of all Deposit Accounts
maintained by each Grantor, including the name of each institution where each such account is held,
the name of each such account, the name of each entity that holds each account and stating if such
account is required to be subject to a control agreement pursuant to this Agreement and the reason
for such account to be excluded from the control agreement requirement.

     SECTION 3.10 Intellectual Property.
Attached hereto as Schedule 3.10(a) is a schedule setting forth all of each Grantor’s
Patents, Patent Licenses, Trademarks and Trademark Li-

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censes registered with the United States
Patent and Trademark Office, and all other Patents, Patent Licenses, Trademarks and Trademark
Licenses, including the name of the registered owner and the registration number of each Patent,
Patent License, Trademark and Trademark License owned by each Grantor. Attached hereto as Schedule
3.10(b) is a schedule setting forth all of each Grantor’s United States Copyrights and Copyright
Licenses, and all other Copyrights and Copyright Licenses, including the name of the registered
owner and the registration number of each Copyright or Copyright License owned by each Grantor.

ARTICLE IV.

COVENANTS

     SECTION 4.01 Change of Name; Location of Collateral; Records; Place of Business.

     (a) Each Grantor agrees to provide Collateral Agent with twenty (20) days’ prior written
notice with respect to any change (i) in its name, corporate structure or jurisdiction of
organization, (ii) in the location of its chief executive office or (iii) in its organizational
identification number. Each Grantor agrees not to effect or permit any change referred to in
the preceding sentence unless all filings promptly are made under the UCC or otherwise that are
required in order for Collateral Agent to continue at all times following such change to have a
valid, legal and perfected Security Interest in all the Collateral with the same priority as prior
to such change.

     (b) Concurrently with any delivery of financial statements under Section 4.3 of the Indenture,
each Grantor agrees to provide the Collateral Agent with written notice with respect to (i) any
change in the location of its principal place of business, any office in which it maintains books
or records relating to Collateral owned by it or any office or facility at which Collateral owned
by it is located (including the establishment of any such new office of facility), (ii) if any
material portion of the Collateral owned or held by such Grantor is damaged or destroyed, (iii) if
any Inventory is in the possession or control of any of the Grantors’ agents, contractors or
processors or any other third party, and (iv) any change in the location in the office where it
keeps its records concerning the Accounts, and the offices where it keeps all originals of all
chattel paper which evidence Accounts (including the establishment of any such new office or
facility).

     (c) Each Grantor agrees to maintain, at its own cost and expense, such complete and accurate
records with respect to the Collateral owned by it as is consistent with its current practices and
in accordance with such prudent and standard practices used in industries that are the same as or
similar to those in which such Grantor is engaged, but in any event to include complete accounting
records indicating all payments and proceeds received with respect to Accounts, and at such time or
times as Collateral Agent may reasonably request (but not more frequently than monthly unless an
Event of Default has occurred or is continuing) and promptly to prepare and deliver to Collateral
Agent a duly certified schedule or schedules in form and detail reasonably satisfactory to
Collateral Agent showing the identity, amount and location (which, in the case of Vessels, may be
approximate) of any and all Collateral.

     SECTION 4.02 Protection of Security.
Each Grantor shall, at its own cost and expense, take any and all actions necessary to
defend title to the Collateral against all Persons and

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to defend the Security Interest of
Collateral Agent in the Collateral and the priority thereof against any Lien except Permitted
Collateral Liens.

     SECTION 4.03 Maintenance of Collateral and Compliance with Laws.

     (a) Each Grantor shall keep and maintain at its own cost and consistent with its past
practices satisfactory and complete records of the Collateral, including, without limitation, a
record of all payments received and all credits granted with respect to the Accounts Receivable.

     (b) Except as otherwise expressly permitted by this Agreement and the other Notes Documents,
each Grantor agrees to keep and maintain all equipment material to the operation of its business in
good operating condition, ordinary wear and tear excepted, and make or cause to
be made all appropriate repairs, renewals and replacements thereof, to the extent such
equipment is not obsolete and consistent with past practice of such Grantor, as quickly as
practicable after the occurrence of any loss or damage thereto which are necessary or reasonably
desirable to such end, except where the failure to do any of the foregoing would not result in a
Material Adverse Effect.

     (c) Each Grantor shall comply in all material respects with all federal, state and local laws,
rules, regulations and decrees applicable to the Collateral, provided that a Grantor may contest
the validity or applicability thereof in good faith by proper proceedings so long as such contest
will not have a Material Adverse Effect.

     (d) Each Grantor shall maintain and preserve each contract and agreement included within the
Collateral if the failure to do so would have a Material Adverse Effect, and will not amend or
modify any such material contract or agreement if the amendment or modification would materially
impair the value of the interest or rights of the Grantor thereunder.

     (e) Until satisfaction in full of the Obligations: (i) at any time when an Event of Default
has occurred and is continuing, each Grantor will perform any and all reasonable actions as
necessary or as requested by Collateral Agent to enforce Collateral Agent’s security interest in
the Inventory and all of Collateral Agent’s respective rights hereunder; (ii) at any time, if any
Inventory (other than in-transit Inventory) is in the possession or control of any of the Grantors’
agents, contractors or processors or any other third party, upon if requested by Collateral Agent,
each such Grantor will notify such agents, contractors or processors or third party of Collateral
Agent’s security interest therein and use its commercially reasonable efforts to obtain their
acknowledgment thereof and, upon request, instruct them to hold all such Inventory for Collateral
Agent and such Grantor’s account, as their interests may appear, and subject to Collateral Agent’s
instructions; (iii) at any time when an Event of Default has occurred and is continuing, Collateral
Agent shall have the right but not the obligation to hold all Inventory subject to the Security
Interest granted hereunder; and (iv) at any time when an Event of Default has occurred and is
continuing, Collateral Agent shall have the right to take possession of the Inventory or any part
thereof and to maintain such possession on such Grantor’s premises or to remove any or all of the
Inventory to such other place or places as Collateral Agent desires in its sole discretion. If
Collateral Agent exercises its right to take possession of the Inventory, such Grantor, upon
Collateral Agent’s demand, will assemble the Inventory and make it available to Collateral Agent at
such Grantor’s premises at which it is located.

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     (f) Each Grantor shall keep its place of business or chief executive office and the offices
where it keeps its records concerning the Accounts, and the offices where it keeps all originals of
all chattel paper which evidence Accounts, at the location or locations therefor specified in
Schedule 4.03(f) hereto or at such other locations in a jurisdiction where all actions required by
Sections 4.01(b) and 4.04(b) shall have been taken with respect to the Accounts. Each Grantor will
hold and preserve such records and chattel paper and will permit representatives of Collateral
Agent, at any time during normal business hours and upon reasonable prior written notice, to
inspect and make abstracts from such records and chattel paper in accordance with Section 4.05 of
this Agreement.

     (g) Except as otherwise provided in this subsection (g), each Grantor shall continue to
collect in accordance with its customary practice, at its own expense, all amounts due or to become
due to such Grantor under the Accounts and, unless an Event of Default has occurred and is
continuing, such Grantor shall have the right to adjust, settle or compromise the amount or payment
of any Account, or release wholly or partly any Account Debtor or obligor thereof, or allow any
credit or discount thereon, all in accordance with its customary practices. In connection with
such collections, the Grantors may, upon the occurrence and during the continuation of an Event of
Default, take (and at the direction of Collateral Agent shall take) such action as the Grantors or
Collateral Agent may reasonably deem necessary or advisable to enforce collection of the Accounts;
provided, that upon written notice by Collateral Agent to any Grantor, following the
occurrence and during the continuation of an Event of Default, of its intention so to do,
Collateral Agent shall have the right to notify the Account Debtors or obligors under any Accounts
of the assignment of such Accounts to Collateral Agent and to direct such Account Debtors or
obligors to make payment of all amounts due or to become due to such Grantor thereunder directly to
Collateral Agent and, upon such notification and at the expense of such Grantor, to enforce
collection of any such Accounts, and to adjust, settle or compromise the amount or payment thereof,
in the same manner and to the same extent as such Grantor might have done. After receipt by such
Grantor of the notice referred to in the proviso to the preceding sentence, and unless and
until such notice is rescinded by Collateral Agent by written notice to such Grantor, (i) all
amounts and proceeds (including instruments) received by such Grantor in respect of the Accounts
shall be received in trust for the benefit of Collateral Agent hereunder, shall be segregated from
other funds of the Grantors and shall be forthwith paid over to Collateral Agent in the same form
as so received (with any necessary endorsement) to be held as cash collateral and either (A)
promptly released to the Grantors if such Event of Default shall have been cured or waived or (B)
if such Event of Default shall be continuing, applied as provided in Section 6.02 hereof, and (ii)
the Grantors shall not adjust, settle or compromise the amount or payment of any Account, or
release wholly or partly any Account Debtor or obligor thereof, or allow any credit or discount
thereon.

     (h) Each Grantor shall keep the Equipment and Inventory (other than any that is sold or
otherwise disposed of as permitted by any other Notes Document) at such locations in a jurisdiction
where all action required by Sections 4.04(b) hereof shall have been taken to assure the
continuation of the perfection of the respective security interest of the Collateral Agent (for its
benefit and the ratable benefit of the Secured Parties) with respect to the Equipment and
Inventory.

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     SECTION 4.04 Additional Deliveries and Further Assurances.

     (a) Each Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be
duly filed all such further instruments and documents and take all such actions as necessary or as
Collateral Agent may from time to time reasonably request to better assure, preserve, protect and
perfect the Security Interest and the rights and remedies created hereby, including the payment of
any fees and taxes required in connection with the execution and delivery of this Agreement, the
granting of the Security Interest and the filing of any financing
statements (including fixture filings) or other documents in connection herewith or therewith.
If any amount payable under or in connection with any of the Collateral shall be or become
evidenced by any promissory note or other instrument, such note or instrument shall be immediately
pledged and promptly delivered to Collateral Agent, duly endorsed in a manner satisfactory to
Collateral Agent, to the extent required by the Pledge Agreement. Each Grantor agrees that it will
use its best efforts to take such action as shall be necessary in order that all representations
and warranties hereunder shall be true and correct with respect to such Collateral within 30 days
after the date it has been notified by Collateral Agent of the specific identification of such
Collateral.

     (b) Each Grantor agrees that, in the event any Grantor takes any action to grant or perfect a
Lien in favor of the Revolving Collateral Agent in any assets (other than the delivery of
possessory Collateral or the grant of Control over any Collateral to the Control Agent, but
including actions to perfect security interests under the laws of foreign jurisdictions), such
Grantor shall also take such action to grant or perfect a Lien in favor of the Collateral Agent to
secure the Obligations without request of the Collateral Agent.

     SECTION 4.05 Inspection and Verification.
Collateral Agent and such Persons as Collateral Agent may reasonably designate shall have
the right, at the Grantors’ own cost and expense, following the occurrence and during the
continuance of an Event of Default, to contact Account Debtors or any third Person possessing such
Collateral for the purpose of verifying Accounts. Collateral Agent and each designee shall
maintain the confidentiality of any information it gains from such inspection or verification
except that information may be disclosed (a) to the Secured Parties, their Affiliates, and their
directors, officers, employees and agents, including accountants, legal counsel and other advisors
who need to know such information (it being understood that the Person to whom such disclosure is
made will be informed of the confidential nature of such information and instructed to keep such
information confidential), (b) to the extent requested by any regulatory authority, (c) to the
extent required by applicable law and regulations or by any subpoena or similar legal process (in
any which event Collateral Agent shall promptly notify the Grantors to the extent not otherwise
prohibited by applicable law or regulations and to the extent practicable, it being understood that
the Grantors shall have the right to attempt to prevent such disclosure or to preserve the
confidentiality thereof), (d) in connection with the exercise of any remedies hereunder or any
suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (e)
subject to an agreement containing provisions substantially the same as those of this Section, to
any assignee of or participant in, or any prospective assignee of or participant in, any of the
Obligations, (f) with the prior written consent of the Grantors or (g) to the extent such
information (i) becomes publicly available other than as a result of a breach of this Section or
(ii) was available to Collateral Agent or any Secured Party on a nonconfidential basis prior to its
disclosure to Collateral Agent or any Secured Party or be-

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comes available to Collateral Agent or any
Secured Party on a nonconfidential basis from a source not known by Collateral Agent or Secured
Party to be under an obligation of confidentiality with respect thereto.

     SECTION 4.06 Taxes; Encumbrances.
The Grantors shall pay and discharge all taxes, assessments, charges, fees or Liens at any
time levied or placed on the Collateral or payable in respect of the Collateral, except (a)
Permitted Collateral Liens and any equivalent provision of each Additional Pari Passu Agreement,
and (b) taxes, assessments, charges or fees levied against the Collateral where (i) the validity or
amount thereof is being contested in good faith by proper proceedings, (ii) the Grantors have set
aside on their books adequate reserves therefor in accordance with generally accepted accounting
principles, and (iii) the failure to make payment pending such contest could not reasonably be
expected to result in a Material Adverse Effect. At its option and after prior written notice to
the applicable Grantor, Collateral Agent may discharge all such Liens and all such taxes,
assessments, charges or fees not being contested in accordance with the preceding sentence, and may
pay for the maintenance and preservation of the Collateral, in each case to the extent any Grantor
fails to do so as required by this Agreement or any other Notes Document, and each Grantor jointly
and severally agrees to reimburse Collateral Agent on demand for any payment made or any expense
incurred by it pursuant to the foregoing authorization; provided, however, that
nothing in this Section 4.06 shall be interpreted as excusing any Grantor from the performance of,
or imposing any obligation on Collateral Agent or any Secured Party to cure or perform, any
covenants or other promises of any Grantor with respect to taxes, assessments, charges, fees or
Liens and maintenance as set forth herein or in the other Notes Documents.

     SECTION 4.07 Assignment of Security Interest.
If at any time any Grantor shall take a security interest in any property of an Account
Debtor or any other Person to secure payment and performance of an Account, such Grantor shall
promptly assign such security interest, to Collateral Agent. Such assignment need not be filed of
public record unless necessary to continue the perfected status of the security interest against
creditors of and transferees from the Account Debtor or other Person granting the security
interest.

     SECTION 4.08 Continuing Obligations of the Grantors.
Each Grantor shall remain liable to observe and perform all the conditions and obligations
to be observed and performed by it under each contract, agreement or instrument relating to the
Collateral, all in accordance with the terms and conditions thereof, and each Grantor jointly and
severally agrees to indemnify and hold harmless Collateral Agent and the Secured Parties from and
against any and all liability for such performance in accordance with Section 7.04 of this
Agreement.

     SECTION 4.09 Use and Disposition of Collateral.
None of the Grantors shall make or permit to be made an assignment, pledge or hypothecation
of the Collateral or shall grant any other Lien in respect of the Collateral, except as expressly
permitted by the Notes Documents. None of the Grantors shall make or permit to be made any
transfer of the Collateral and each Grantor shall remain at all times in possession of the
Collateral owned by it, except that (a) Inventory may be sold in the ordinary course of business
consistent with past practice and (b) Grantors may dispose of Collateral to the extent permitted by
the Indenture and each Pari Passu Agreement. Without limiting the generality of the foregoing,
each Grantor agrees that it will

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promptly notify Collateral Agent in the event any
warehouseman, bailee, agent or processor issues to a Grantor a negotiable warehouse receipt or
other negotiable document with respect to Inventory having an aggregate value in excess of $250,000
and will use its best efforts to cause Collateral Agent to have perfected Liens therein.

     SECTION 4.10 Insurance.

     (a) Each Grantor and each Subsidiary shall keep its insurable properties adequately insured at
all times by financially sound and reputable insurers (including navigating risk and marine hull
and machinery insurance and full form marine protection and indemnity insurance providing for
aggregate annual deductible amounts for all Grantors as are then consistent with or customary for
(or not in excess of) companies in the same or similar business operating in the same or similar
locations); maintain such other insurance, to such extent and against such risks, including fire
and other risks insured against, except flood insurance which is discussed in clause (c) below, by
extended coverage, in each case as is customary with companies in the same or similar businesses
operating in the same or similar locations, including public liability insurance against claims for
personal injury or death or property damage occurring upon, in, about or in connection with the use
of any properties owned, occupied or controlled by it; and maintain such other insurance as may be
required by law.

     (b) Each Grantor and each Subsidiary shall cause all such policies to be endorsed or otherwise
amended to include a “standard” or “New York” lender’s loss payable endorsement, cause all such
policies to provide that neither the Grantors , the Collateral Agent, nor any other party shall be
a coinsurer thereunder; cause all such policies to contain such other provisions as the Collateral
Agent may reasonably require from time to time to protect the interest of the Collateral Agent;
cause all such policies relating to owned Vessels to include insurance in respect of each Vessel in
an aggregate amount equal to the then fair market value or the book value of such Vessel, and such
other provisions as the Collateral Agent may reasonably require from time to time to protect its
interests; deliver to the Collateral Agent (A) a detailed report signed by independent marine
insurance brokers reasonably acceptable to the Agent describing the insurance policies then carried
and maintained by the Grantors and each Subsidiary (including the names of the underwriters, the
types of risks covered by such policies, the amount insured thereunder and the expiration date
thereof) and stating that such insurance is, to such insurance broker’s knowledge, comparable to
that carried by other experienced and responsible companies in the same or similar businesses
operating in the same or similar locations and (B) a copy of such policies in a form reasonably
acceptable to the Collateral Agent; cause each such policy to provide that it shall not be
canceled, modified or not renewed (i) by reason of nonpayment of premium upon not less than 10
days’ prior written notice thereof by the insurer to the Collateral Agent (giving the Collateral
Agent and the Trustee the right to cure defaults in the payment of premiums) or (ii) for any other
reason upon not less than 30 days’ prior written notice thereof by the insurer to the Collateral
Agent; deliver to the Collateral Agent, prior to the cancellation, modification or nonrenewal of
any such policy of insurance, a detailed report signed by independent marine insurance brokers
describing such renewal or replacement policy (including the names of the underwriters, the types
of risks covered by such policies, the amount
insured thereunder and the expiration date thereof) together with evidence satisfactory to the
Collateral Agent of payment of the premium therefor.

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     (c) Notwithstanding any other provision of this Section, the Collateral Agent shall agree that
the flood insurance currently in effect is satisfactory and shall not require the Grantors to
acquire any additional flood insurance absent a material change in the nature of the Mortgaged
Properties, taken as a whole, or if required by any regulation to which any Noteholder is subject.

     (d) With respect to any Mortgaged Property, each Grantor and each Subsidiary shall carry and
maintain comprehensive general liability insurance including the “broad form CGL endorsement” and
coverage on an occurrence basis against claims made for personal injury (including bodily injury,
death and property damage) and umbrella liability insurance against any and all claims, in no event
for a combined single limit of less than $25,000,000, naming the Collateral Agent as additional
insureds, on forms satisfactory to the Collateral Agent.

     (e) Each Grantor and each Subsidiary shall notify the Collateral Agent immediately whenever
any separate insurance concurrent in form or contributing in the event of loss with that required
to be maintained under Section 4.10 of the Indenture is taken out by any Grantor; and promptly
deliver to the Collateral Agent a duplicate original copy of such policy or policies.

     (f) Without limiting the generality of the foregoing, keep the owned Vessels insured in
accordance with the insurance requirements of the Fleet Mortgages.

     SECTION 4.11 Legend.
Upon the request of Collateral Agent following the occurrence and during the continuance of
an Event of Default, each Grantor shall legend, in form and manner satisfactory to Collateral
Agent, its Accounts and any invoices evidencing or pertaining thereto with an appropriate reference
to the fact that such Accounts have been assigned to Collateral Agent for the benefit of the
Secured Parties and that Collateral Agent has a security interest therein.

     SECTION 4.12 Covenants Regarding Accounts.

     (a) Subject to the terms of the Intercreditor Agreement, the Collateral Agent may at all times
when an Event of Default exists hereunder, settle or adjust disputes and claims directly with
Account Debtors for amounts and upon terms which Collateral Agent or the Required Secured Parties,
as applicable, shall consider advisable and, in all cases, Collateral Agent will credit such
Grantor’s Loan Account with the net amounts received by Collateral Agent in payment of any
Accounts.

     (b) In the event any Account Debtor returns Inventory to such Grantor when an Event of Default
exists, such Grantor, upon the request of Collateral Agent, shall: (i) hold the returned Inventory
in trust for Collateral Agent; (ii) segregate all returned Inventory from all of its other
property; (iii) dispose of the returned Inventory solely according to Collateral Agent’s written
instructions; and (iv) not issue any credits or allowances with respect thereto without Collateral
Agent’s prior written consent. All returned Inventory shall be subject to Collateral Agent’s
Liens thereon.

     SECTION 4.13 Covenants Regarding Collection Of Accounts; Payments.
As of the date hereof, no Grantor has any Deposit Accounts other than the accounts
listed in Schedule 3.09. The Collateral Agent has a security interest in each such Deposit
Account, which security

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interest is perfected by Control. No Grantor shall hereafter establish
and maintain any Deposit Account unless such bank and such Grantor shall have duly executed and
delivered to the Collateral Agent an agreement establishing the Collateral Agent’s Control with
respect to such Deposit Account. The Collateral Agent agrees with each Grantor that the Collateral
Agent shall not give any instructions directing the disposition of funds from time to time credited
to any Deposit Account or withhold any withdrawal rights from such Grantor with respect to funds
from time to time credited to any Deposit Account unless an Event of Default has occurred and is
continuing. Each Grantor agrees that once the Collateral Agent sends an instruction or notice to a
bank exercising its Control over any Deposit Account such Grantor shall not give any instructions
or orders with respect to such Deposit Account including, without limitation, instructions for
distribution or transfer of any funds in such Deposit Account. No Grantor shall grant Control of
any Deposit Account to any Person other than the Collateral Agent or Revolving Collateral Agent.
The Collateral Agent or Collateral Agent’s designee may, at any time after the occurrence and
during the continuance of an Event of Default, notify Account Debtors that the Accounts have been
assigned to Collateral Agent and of Collateral Agent’s security interest therein, and may collect
them directly and charge the collection costs and expenses to the applicable Grantor. So long as
an Event of Default has occurred and is continuing, each Grantor, at Collateral Agent’s request,
shall execute and deliver to Collateral Agent such documents as Collateral Agent shall require to
grant Collateral Agent access to any post office box in which collections of Accounts are received.
Notwithstanding any of the foregoing, the requirements of this Section 4.13 to grant the
Collateral Agent Control over any Deposit Account shall be deemed satisfied if the Revolving
Collateral Agent, acting pursuant to the Intercreditor Agreement on behalf of the Collateral Agent
and the other Secured Parties, has a first priority security interest in such Deposit Account,
which security interest is perfected by Control. Notwithstanding any provision to the contrary in
this Agreement the requirements of this Section 4.13 to grant the Collateral Agent Control
over any Deposit Account shall not be required with respect to (i) any petty cash Deposit Account
which (x) from the Closing Date to July 7, 2013, shall not at any time have amounts on deposit in
excess of $50,000 individually and $500,000 in the aggregate for all such petty cash Deposit
Accounts and (y) thereafter, shall not at any time have amounts on deposit in excess of $100,000
individually and $1,000,000 in the aggregate for all such petty cash Deposit Accounts and (ii)
Deposit Accounts of any Grantor that are exclusively for the purpose of payroll or employee
benefits.

     SECTION 4.14 Covenants Regarding Inventory Collateral; Perpetual Inventory Collateral.

     (a) Each Grantor represents and warrants to Collateral Agent and the Lenders and agrees with
Collateral Agent and the Lenders that all of the Inventory owned by such Grantor is
and will be held for sale or lease, or to be furnished in connection with the rendition of
services, in the ordinary course of such Grantor’s business, and is and will be fit for such
purposes. Each Grantor will keep its Inventory in good and marketable condition, except for
damaged or defective goods arising in the ordinary course of such Grantor’s business. Each Grantor
will not, except in the ordinary course of business, acquire or accept any Inventory on consignment
or approval. Each Grantor agrees that all Inventory produced by such Grantor in the United States
of America will be produced in accordance with the Federal Fair Labor Standards Act of 1938, as

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amended, and all rules, regulations, and orders thereunder. Each Grantor will maintain a perpetual
inventory reporting system at all times.

     (b) After the occurrence and during the continuance of an Event of Default, in connection with
all Inventory financed by Letters of Credit, each Grantor will, after the Senior Discharge Date, if
requested by the Collateral Agent instruct all suppliers, carriers, forwarders, customs brokers,
warehouses or others receiving or holding cash, checks, Inventory, Documents or Instruments in
which Collateral Agent holds a security interest to deliver them to Collateral Agent and/or subject
to Collateral Agent’s order, and if they shall come into such Grantor’s possession, to deliver
them, upon request, to Collateral Agent in their original form. After the occurrence and during
the continuance of an Event of Default, each Grantor shall also, at Collateral Agent’s request,
designate Collateral Agent as the consignee on all bills of lading and other negotiable and
non-negotiable documents.

     SECTION 4.15 Covenants Regarding Documents, Instruments, and Chattel Paper.
Each Grantor represents and warrants to Collateral Agent and the Lenders that (a) all
documents, instruments, and chattel paper describing, evidencing, or constituting Collateral, (b)
all goods evidenced by such documents, instruments, letter-of-credit rights and chattel paper are
and will be owned by the Grantor, free and clear of all Liens other than Permitted Liens and any
equivalent provision of each Additional Pari Passu Agreement and (c) if requested by the Collateral
Agent, each Instrument and each item of Tangible Chattel Paper has been properly endorsed, assigned
and delivered to the Collateral Agent, accompanied by instruments of transfer or assignment duly
executed in blank. If any Grantor retains possession of any chattel paper or instruments
constituting Collateral at Collateral Agent’s request, such chattel paper and instruments shall be
marked with the following legend: “This writing and the obligations evidenced or served hereby are
subject to the security interest of The Bank of New York Mellon Trust Company, N.A., as Agent, for
the benefit of Agent and certain Secured Parties.”

     SECTION 4.16 Covenants Regarding Patent, Trademark and Copyright Collateral.

     (a) Each Grantor agrees that it will not, nor will it permit any of its licensees to,
knowingly do any act, or omit to do any act, whereby any Patent which is material to the conduct of
such Grantor’s business may become invalidated or dedicated to the public, and agrees that,
consistent with its past practices, it shall continue to mark any products covered by a Patent with
the relevant patent number as necessary and sufficient to establish and preserve its maximum rights
under applicable patent laws.

     (b) Each Grantor (either itself or through its licensees or its sublicensees) will, for each
Trademark material to the conduct of such Grantor’s business, (i) maintain such Trademark in full
force free from any claim of abandonment or invalidity for non-use, (ii) maintain the quality
standard of products and services offered under such Trademark, (iii) as applicable, display such
Trademark with notice of Federal or foreign registration to the extent necessary and sufficient to
establish and preserve its maximum rights under applicable law, and (iv) not use or knowingly
permit the use of such Trademark in violation of any third party rights, in each case in a manner
reasonably consistent with its past practices.

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     (c) Each Grantor (either itself or through licensees) will, for each work covered by a
material Copyright, continue to publish, reproduce, display, adopt and distribute the work with
appropriate copyright notice as necessary and sufficient to establish and preserve its maximum
rights under applicable copyright laws in a manner reasonably consistent with its past practices.

     (d) No Grantor will knowingly do any act, or omit to do any act, whereby any Patent, Trademark
or Copyright that is material to the conduct of such Grantor’s business may become abandoned, lost
or dedicated to the public. Each Grantor shall notify the Collateral Agent promptly (but in any
event within 10 days) if it knows or has reason to know that any Patent, Trademark or Copyright
material to the conduct of its business may become abandoned, lost or dedicated to the public, or
of any adverse determination or development (including the institution of, or any such
determination or development in, any proceeding in the United States Patent and Trademark Office,
United States Copyright Office or any court or similar office of any country) regarding such
Grantor’s ownership of any Patent, Trademark or Copyright, its right to register the same, or to
keep and maintain the same.

     (e) In the event any Grantor, either itself or through any agent, employee, licensee or
designee, files an application for any Patent, Trademark or Copyright (or for the registration of
any Trademark or Copyright) with the United States Patent and Trademark Office, United States
Copyright Office or any office or agency in any political subdivision of the United States, at the
end of each fiscal quarter, such Grantor shall promptly inform the Collateral Agent of such filing,
and such Grantor shall execute, deliver and file with the United States Patent and Trademark Office
or United States Copyright Office, as applicable, a Trademark Security Agreement, a Patent Security
Agreement or a Copyright Security Agreement, as applicable, and any other documents and papers as
necessary or as the Collateral Agent may reasonably request to evidence and perfect the Collateral
Agent’s Security Interest in such Patent, Trademark or Copyright, and each Grantor hereby appoints
the Collateral Agent as its attorneys-in-fact to execute and file such writings for the foregoing
purposes, all acts of such attorneys being hereby ratified and confirmed; such power, being coupled
with an interest, is irrevocable.

     (f) Each Grantor will take all reasonably necessary steps that are consistent with the
applicable practice in any proceeding before any relevant office or agency, such as the United
States Patent and Trademark Office, the United States Copyright Office or any office or agency in
any political subdivision of the United States or in any foreign country, to maintain and pursue
each application relating to the Patents, Trademarks and/or Copyrights that is material to the
conduct of any Grantor’s business (and to obtain the relevant grant or registration) and to
maintain each issued Patent and each registration of the Trademarks and Copyrights that is
material to the conduct of any Grantor’s business, including timely filings of applications
for renewal, affidavits of use, affidavits of incontestability and payment of maintenance fees and,
if consistent with good business judgment, to initiate opposition, interference and cancellation
proceedings against third parties.

     (g) In the event that any Grantor has reason to believe that any Collateral consisting of a
Patent, Trademark or Copyright material to the conduct of any Grantor’s business has been or is
about to be infringed, misappropriated or diluted by a third party, such Grantor promptly shall
notify the Collateral Agent and shall, if consistent with good business judgment, promptly

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take appropriate action to end such infringement, misappropriation or dilution, and take such other
action as is appropriate under the circumstances to protect such Collateral.

     (h) Upon and during the continuance of an Event of Default, each Grantor shall use its best
efforts to obtain all requisite consents or approvals from the licensor of each Copyright License,
Patent License or Trademark License that is material to the conduct of any Grantor’s business to
effect the assignment of all of such Grantor’s right, title and interest thereunder to the
Collateral Agent or its designee.

     (i) Each Grantor will perform all acts and execute and deliver all further instruments and
documents, including, without limitation, conditional assignments for security in form suitable for
filing with the United States Patent and Trademark Office, and the United States Copyright Office,
respectively, as may be reasonably requested by Collateral Agent at any time to evidence, perfect,
maintain, record and enforce the Collateral Agent’s interests in all material Trademarks, Patents
and Copyrights or otherwise in furtherance of the provisions of this Agreement, and each Grantor
hereby authorizes the Collateral Agent to execute and file one or more accurate financing
statements (and similar documents) or copies thereof or of this Security Agreement with respect to
material Patents, Trademarks and Copyrights signed only by the Collateral Agent.

     (j) Each Grantor will, upon acquiring knowledge of any use by any Person of any term or design
reasonably likely to cause confusion with any material Trademark, promptly notify the Collateral
Agent of such use, and if requested by Collateral Agent at such Grantor’s expense, take such action
as advisable or as Collateral Agent, in its reasonable discretion, may deem advisable for the
protection of the Collateral Agent’s interests in and to the Trademarks; provided that the
foregoing in this clause (j) shall not prohibit any Grantor from taking such action as such
Grantor, in its reasonable discretion, may independently deem advisable for the protection of its
and the Collateral Agent’s interests in and to the Trademarks prior to any such request by
Collateral Agent.

     SECTION 4.17 Covenant Regarding Commercial Tort Claims.
As of the date hereof, each Grantor hereby represents and warrants that it holds no
Commercial Tort Claims other than those listed in Schedule 4.17 hereto. If any Grantor shall at
any time hold or acquire a Commercial Tort Claim, such Grantor shall promptly (but in any event
within 10 days) notify the Collateral Agent in writing signed by such Grantor of the brief details
thereof and grant to the Collateral Agent in such writing a security interest therein and in the
Proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and
substance reasonably satisfactory to the Collateral Agent. The requirement in the preceding
sentence shall not apply to the extent that the amount of such Commercial Tort Claim, together with
the amount of all other Commercial Tort Claims held by any Grantor in which the Collateral Agent
does not have a security interest, does not exceed $1,000,000 in the aggregate for all Grantors.

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ARTICLE V.

POWER OF ATTORNEY

     Each Grantor irrevocably makes, constitutes and appoints Collateral Agent (and all officers,
employees or agents designated by Collateral Agent) as such Grantor’s true and lawful agent and
attorney-in-fact (which appointments shall be irrevocable and coupled with an interest subject to
the terms of this Agreement), and in such capacity Collateral Agent shall have the right but not
the obligation, with power of substitution for each Grantor and in each Grantor’s name or
otherwise, for the use and benefit of Collateral Agent and the relevant Secured Parties, upon the
occurrence and during the continuance of an Event of Default, to take any action and to execute any
instrument Collateral Agent may reasonably deem advisable to accomplish the purposes of this
Agreement, including, without limitation, (a) to receive, endorse, assign and/or deliver any and
all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the
Collateral or any part thereof; (b) to demand, collect, receive payment of, give receipt for and
give discharges and releases of all or any of the Collateral; (c) to sign the name of any Grantor
on any invoice or bill of lading relating to any of the Collateral; (d) to send verifications of
Accounts to any Account Debtor; (e) to commence and prosecute any and all suits, actions or
proceedings at law or in equity in any court of competent jurisdiction, or to take any other action
which Collateral Agent may deem necessary or desirable to collect or otherwise realize on all or
any of the Collateral or to enforce any rights in respect of any Collateral; (f) to settle,
compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of
the Collateral; (g) to notify, or to require any Grantor to notify Account Debtors to make payment
directly to Collateral Agent; and (h) to use, sell, assign, transfer, pledge, make any agreement
with respect to or otherwise deal with all or any of the Collateral, and to do all other acts and
things reasonably necessary to carry out the purposes of this Agreement, as fully and completely as
though Collateral Agent were the absolute owner of the Collateral for all purposes;
provided, however, that nothing herein contained shall be construed as requiring or
obligating Collateral Agent or any Secured Party to make any commitment or to make any inquiry as
to the nature or sufficiency of any payment received by Collateral Agent or any Secured Party, or
to present or file any claim or notice, or to take any action with respect to the Collateral or any
part thereof or the monies due or to become due in respect thereof or any property covered thereby,
and no action taken or omitted to be taken by Collateral Agent or any Secured Party with respect to
the Collateral or any part thereof shall give rise to any defense, counterclaim or offset in favor
of any Grantor or to any claim or action against Collateral Agent or any Secured Party. It is
understood and agreed that the appointment of Collateral Agent as the agent and attorney-in-fact of
the Grantors for the purposes set forth above is coupled with an interest and is irrevocable
subject to the terms of this Agreement. The provisions of this Article shall in no event relieve
any Grantor of any of its obligations hereunder or under any other Notes Document with respect to
the Collateral or any part thereof or impose any obligation on
Collateral Agent or any Secured Party to proceed in any particular manner with respect to the
Collateral or any part thereof, or in any way limit the exercise by Collateral Agent or any Secured
Party of any other or further right which they may have on the date of this Agreement or hereafter,
whether hereunder, under any other Notes Document, by law or otherwise.

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ARTICLE VI.

REMEDIES

     SECTION 6.01 Remedies Upon Default.

     (a) Upon the occurrence and during the continuance of an Event of Default, each Grantor agrees
to deliver or make available each item of Collateral to Collateral Agent on demand, at the
Collateral item’s then current location or, to the extent possible, at an alternate location
reasonably convenient to the applicable Grantor and Collateral Agent, and it is agreed that
Collateral Agent shall have the right but not the obligation to take any or all of the following
actions at the same or different times: (i) require each Grantor to, and each Grantor hereby
agrees that it will at its expense and upon request of Collateral Agent forthwith, assemble all or
part of the Collateral as directed by Collateral Agent and make it available to Collateral Agent at
a place to be designated by Collateral Agent which is reasonably convenient to both parties, (ii)
with respect to any Collateral consisting of Intellectual Property, on demand, to (A) cause the
Security Interest to become an assignment, transfer and conveyance of any of or all such Collateral
by the applicable Grantors to the Collateral Agent, or to license or sublicense, whether general,
special or otherwise, and whether on an exclusive or non-exclusive basis, any such Collateral on
such terms and conditions and in such manner as the Collateral Agent shall determine, (B) instruct
the Grantors not to make any further use of the Patents, Copyrights or Trademarks or any mark
similar thereto for any purpose to the extent that such use would be inconsistent with the exercise
by the Collateral Agent of any other remedies under this Section 6.01, (C) in the event of any
license, assignment, sale or other disposition of the Collateral, or any of it, commenced in
accordance with this Section 6.01, require each Grantor to supply to the Collateral Agent or its
designee its know-how and expertise relating to the Trademarks, Patents or Copyrights, and records
relating to the Trademarks, Patents or Copyrights, and (D) at any time, pursuant to the authority
granted in Article V hereof, execute and deliver on behalf of the Grantors one or more instruments
of assignment of any of the Trademarks, Patents or Copyrights (or any application of registration
thereof), in form suitable for filing, recording or registration in any country in order to
implement the assignment, sale or other disposal of any of the Trademarks, Patents or Copyrights;
(iii) without assuming any obligations or liability thereunder, enforce (it being understood that
the Collateral Agent shall have the exclusive right to so enforce) all rights and remedies of the
Grantors against any licensee or sublicensee in, to and under any license agreements with respect
to the Collateral, and take or refrain from taking any action under any thereof, and each of the
Grantors hereby releases the Collateral Agent from, and agrees to hold the Collateral Agent free
and harmless from and against any claims arising out of, any action taken or omitted to be taken
with respect to any such license agreement except claims involving gross negligence, willful
misconduct or bad faith of the Collateral Agent; and (iv) with
or without legal process and with or without prior notice or demand for performance, to take
possession of the Collateral and without liability for trespass to enter any premises owned by a
Grantor where the Collateral may be located for the purpose of taking possession of or removing the
Collateral and, generally, to exercise any and all rights afforded to a secured party under the UCC
or other applicable law; provided that, except as otherwise expressly provided in the Indenture or
the other Notes Documents, the Collateral Agent shall exercise, or refrain from exercising, any
remedies provided for herein, in accordance with the instructions of the Required Secured Parties.

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     (b) Without limiting the generality of the foregoing, each Grantor agrees that Collateral
Agent shall have the right but not the obligation , subject to the mandatory requirements of
applicable law, to sell or otherwise dispose of all or any part of the Collateral, at public or
private sale or at any broker’s board, on any securities exchange or in the over-the-counter
market, for cash, upon credit or for future delivery as Collateral Agent shall deem appropriate.
Collateral Agent shall be authorized at any such sale (if it deems it advisable to do so) to
restrict the prospective bidders or purchasers to Persons who will represent and agree that they
are purchasing the Collateral for their own account for investment and not with a view to the
distribution or sale thereof, and upon consummation of any such sale Collateral Agent shall have
the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so
sold. Each such purchaser at any such sale shall hold the property sold absolutely, free from any
claim or right on the part of any Grantor, and each Grantor hereby waives (to the fullest extent
permitted by law) all rights of redemption, stay and appraisal which such Grantor now has or may at
any time in the future have under any rule of law or statute now existing or hereafter enacted.

     (c) Each Grantor agrees that, to the extent notice of any such sale shall be required by law,
at least ten (10) days’ notice to the applicable Grantor of Collateral Agent’s intention to make
any sale of Collateral shall constitute reasonable notification. Such notice, in the case of a
public sale, shall state the time and place for such sale and, in the case of a sale at a broker’s
board or on a securities exchange, shall state the board or exchange at which such sale is to be
made and the day on which the Collateral, or portion thereof, will first be offered for sale at
such board or exchange. Any such public sale shall be held at such time or times within ordinary
business hours and at such place or places as Collateral Agent may fix and state in the notice (if
any) of such sale. At any such sale, the Collateral, or portion thereof, to be sold may be sold in
one lot as an entirety or in separate parcels, as Collateral Agent may (in its sole and absolute
discretion) determine. Collateral Agent shall not be obligated to make any sale of any Collateral
if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral
shall have been given. Collateral Agent may, without notice or publication, adjourn any public or
private sale or cause the same to be adjourned from time to time by announcement at the time and
place fixed for sale, and such sale may, without further notice, be made at the time and place to
which the same was so adjourned. In case any sale of all or any part of the Collateral is made on
credit or for future delivery, the Collateral so sold may be retained by Collateral Agent until the
sale price is paid by the purchaser or purchasers thereof, but Collateral Agent shall not incur any
liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral
so sold and, in case of any such failure, such Collateral may be sold again upon like notice. At
any public (or, to the extent permitted by law, private) sale made pursuant to this
Section, any Secured Party may bid for or purchase, free from any right of redemption, stay,
valuation or appraisal on the part of any Grantor (all said rights being also hereby waived and
released to the fullest extent permitted by law), the Collateral or any part thereof offered for
sale and may make payment on account thereof by using any Obligation then due and payable to such
Secured Party from any Grantor as a credit against the purchase price, and such Secured Party may,
upon compliance with the terms of sale, hold, retain and dispose of such property without further
accountability to any Grantor therefor. For purposes hereof a written agreement to purchase the
Collateral or any portion thereof shall be treated as a sale thereof; Collateral Agent shall be
free to carry out such sale pursuant to such agreement and no Grantor shall be entitled to the
return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that
after Collateral Agent shall have

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entered into such an agreement, all Events of Default shall have
been remedied and the Obligations paid in full. As an alternative to exercising the power of sale
herein conferred upon it, Collateral Agent may proceed by a suit or suits at law or in equity to
foreclose on this Agreement and to sell the Collateral or any portion thereof pursuant to a
judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding
by a court-appointed receiver. Any sale shall be deemed to have been made at a commercially
reasonable price.

     (d) The foregoing rights and remedies are in addition to and not in limitation of the rights
and remedies under the Indenture and each Additional Pari Passu Agreement. In the event that any
term or provision of this Section 6.01 is in conflict with any term or provision of the Indenture,
the term or provision of the Indenture shall control.

     SECTION 6.02 Application of Proceeds.
(a) Subject to the provisions of the Intercreditor Agreement, any proceeds received by the
Collateral Agent in respect of any sale of, collection from or other realization upon all or any
part of the Collateral, Mortgaged Properties and Vessels shall be applied, together with any other
sums then held by the Collateral Agent pursuant to this Agreement, as follows:

     First, to payment of that portion of the Obligations constituting fees,
indemnities, expenses, taxes and other amounts (including fees, charges and disbursements of
counsel to the Collateral Agent) payable to the Collateral Agent in its capacity as such;

     Second, to payment of that portion of the Obligations constituting fees,
indemnities and other amounts payable to the Secured Parties (without priority of any one
over any other) in proportion to the unpaid amounts of Secured Obligations with such
proceeds applied (i) as among the Collateral Agent, Trustee and Noteholders, as set forth in
the Indenture and (ii) as among each Additional Pari Passu Agent and the holders of the
Permitted Additional Pari Passu Obligations, as set forth in the applicable Additional Pari
Passu Agreement; and

     Last, the balance, if any, after all of the Obligations have been indefeasibly
paid in full, to the Issuer or as otherwise required by Law.

     (b) In making the determination and allocations required by this Section 6.02, the Collateral
Agent may conclusively rely upon information supplied by (i) the Trustee as to the
amounts of unpaid principal and interest and other amounts outstanding with respect to the
Note Obligations and (ii) the applicable Additional Pari Passu Agent as to the amounts of unpaid
principal and interest and other amounts outstanding with respect to such Permitted Additional Pari
Passu Obligations and the Collateral Agent shall have no liability to any of the Secured Parties
for actions taken in reliance on such information; provided that nothing in this sentence shall
prevent any Grantor from contesting any amounts claimed by any Secured Party in any information so
supplied. All distributions made by the Collateral Agent pursuant to this Section 6.02 shall be
(subject to any decree of any court of competent jurisdiction) final (absent manifest error), and
the Collateral Agent shall have no duty to inquire as to the application by an Additional Pari
Passu Agent of any amounts distributed to such Person.

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     (c) If, despite the provisions of this Agreement, any Secured Party shall receive any payment
or other recovery in excess of its portion of payments on account of the Obligations to which it is
then entitled in accordance with this Agreement, such Secured Party shall hold such payment or
other recovery in trust for the benefit of all Secured Parties hereunder for distribution in
accordance with this Section 6.02.

     SECTION 6.03 Grant of License to Use Intellectual Property.
Subject to the provisions of the Intercreditor Agreement, for the purpose of enabling
Collateral Agent to exercise rights and remedies under this Article at such time as Collateral
Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants
to Collateral Agent an irrevocable, non-exclusive license (exercisable without payment of royalty
or other compensation to the Grantors) to use, license or sub-license Intellectual Property now
owned or hereafter acquired by such Grantor, and wherever the same may be located, and including in
such license reasonable access to all media in which any of the licensed items may be recorded or
stored and to all computer software and programs used for the compilation or printout thereof. The
use of such license by Collateral Agent shall be exercised, at the option of Collateral Agent for
the purpose of enabling Collateral Agent to exercise rights and remedies under this Article at such
time as Collateral Agent shall be lawfully entitled to exercise such rights and remedies;
provided that any license, sub-license or other transaction entered into by Collateral
Agent in accordance herewith shall be binding upon the Grantors notwithstanding any subsequent cure
of the applicable Event of Default.

ARTICLE VII.

MISCELLANEOUS

     SECTION 7.01 Security Interest Absolute.
All rights of Collateral Agent hereunder, the Security Interest and all obligations of the
Grantors hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or
enforceability of any Notes Document, any agreement with respect to any of the Obligations or any
other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner
or place of payment of, or in any other term of, all or any of the Obligations, or any other
amendment to or waiver of or any consent to any departure from any Notes Document, or any other
agreement or instrument, (c) any exchange, release or non-perfection of any Lien on other
collateral, or any release or amendment or waiver of or consent under or departure from any
guarantee, securing or guaranteeing all or any of the Obligations or (d) any other circumstance
that might otherwise constitute a defense available to, or a discharge of, any Grantor in respect
of the Obligations or this Agreement.

     SECTION 7.02 Notices.
Notices and other communications provided for herein shall, if to any Grantor, the
Collateral Agent, the Trustee or any Noteholder, be in the manner and at the addresses set forth
in, and otherwise in accordance with, Section 13.2 of the Indenture (whether or not then in effect)
and if to any Additional Pari Passu Agent or holders of any Permitted Additional Pari Passu
Obligation, to the address specified in the applicable Additional Pari Passu Joinder Agreement. If
any notification of intended disposition of any of the Collateral or of any other act by Collateral
Agent is required by law and a specific time period is not stated

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therein or herein, such
notification given at least ten (10) days before such disposition or act shall be deemed reasonably
and properly given.

     SECTION 7.03 Waivers; Amendment.
No amendment or waiver of any provision of this Agreement or any other Notes Document, and
no consent with respect to any departure by any Grantor therefrom, shall be effective unless such
amendment, modification, or consent is in writing, signed by the Agent and the Grantors and by each
other Additional Pari Passu Agent to the extent required by (and in accordance with) each
Additional Pari Passu Agreement subject to any consent requirements of the Indenture or any other
Additional Pari Passu Agreement, and then any such amendment, waiver, or consent shall be effective
only in the specific instance and for the specific purpose for which given.

     SECTION 7.04 Collateral Agent’s Fees and Expenses; Indemnification.

     (a) Each Grantor jointly and severally agrees to pay upon demand to Collateral Agent the
amount of any and all reasonable out-of-pocket expenses, disbursements and other charges of their
counsel (including, without limitation, local and special counsel) and of any experts or agents,
which Collateral Agent may incur in connection with (i) the administration of this Agreement and
the other Collateral Documents, (ii) the custody or preservation of, or the sale of, collection
from or other realization upon any of the Collateral or Mortgaged Property, (iii) the exercise,
enforcement or protection of any of the rights of Collateral Agent hereunder, or (iv) the failure
of any Grantor to perform or observe any of the provisions hereof.

     (b) Without limitation of its indemnification obligations under the other Notes Documents,
each Grantor jointly and severally agrees to indemnify Collateral Agent, the Secured Parties and
their Indemnitees against, and hold each of them harmless from, any and all losses, claims,
damages, liabilities and related expenses, including reasonable fees, disbursements and other
charges of counsel, incurred by or asserted against any of them arising out of, in any way
connected with, or as a result of, the execution, delivery or performance of this Agreement or the
other Collateral Documents or any claim, litigation, investigation or proceeding relating
hereto or to the Collateral or the Mortgaged Properties, whether or not any Indemnitee is a party
thereto; provided that such indemnity shall not, as to any such Indemnitee, be available to
the extent that such losses, claims, damages, liabilities or related expenses are determined by a
court of competent jurisdiction by final and nonappealable judgment to have been caused by the
gross negligence or willful misconduct of such Indemnitee. The benefits of this section shall
survive the termination of this Agreement

     (c) Except as otherwise provided in Section 7.13, any such amounts payable as provided
hereunder shall be additional Obligations secured hereby and by the other Collateral Documents. The
provisions of this Section shall remain operative and in full force and effect regardless of the
termination of this Agreement or any other Notes Document, the consummation of the transactions
contemplated thereby, the repayment of any of the Obligations, the invalidity or unenforceability
of any term or provision of this Agreement or any other Notes Document or any investigation made by
or on behalf of Collateral Agent or any Secured Party. All amounts due under this Section shall be
payable on written demand therefor given in accordance with Section 7.02 hereof.

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     (d) Beyond the exercise of reasonable care in the custody thereof, the Collateral Agent shall
have no duty as to any Collateral in its possession or control or in the possession or control of
any agent or bailee or any income thereon or as to preservation of rights against prior parties or
any other rights pertaining thereto and the Collateral Agent shall not be responsible for filing
any financing or continuation statements or recording any documents or instruments in any public
office at any time or times or otherwise perfecting or maintaining the perfection of any security
interest in the Collateral. The Collateral Agent shall be deemed to have exercised reasonable care
in the custody of the Collateral in its possession if the Collateral is accorded treatment
substantially equal to that which it accords its own property and shall not be liable or
responsible for any loss or diminution in the value of any of the Collateral, by reason of the act
or omission of any carrier, forwarding agency or other agent or bailee selected by the Collateral
Agent in good faith. The Collateral Agent shall act pursuant to the instructions of the Trustee or
the Required Secured Parties; provided that the Collateral Agent shall be fully justified in
failing or refusing to take any action under this Agreement or any other Collateral Document (i) if
such action would, in the reasonable opinion of the Collateral Agent (which may be based on the
opinion of legal counsel), be contrary to applicable law or any of the Collateral Documents, (ii)
if such action is not specifically provided for in this Agreement or any other Collateral Document,
(iii) if, in connection with the taking of any such action hereunder or under any of the Collateral
Documents that would constitute an exercise of remedies hereunder or under any of the Collateral
Documents it shall not first be indemnified to its satisfaction against any and all risk of
nonpayment, liability and expense that may be incurred by it, its agents or its counsel by reason
of taking or continuing to take any such action, or (iv) if, notwithstanding anything to the
contrary contained in this Agreement or any other Collateral Document, in connection with the
taking of any such action that would constitute a payment due under any agreement or document, it
shall not first have received from the Noteholders or the Grantors funds equal to the amount
payable.

     (e) The Collateral Agent shall not be responsible for the existence, genuineness or value of
any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in
any of the Collateral, whether impaired by operation of law or by reason of any of any action or
omission to act on its part hereunder, except to the extent such action or omission constitutes
gross negligence, bad faith or willful misconduct on the part of the Collateral Agent, for the
validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the
validity of the title of the Company to the Collateral, for insuring the Collateral or for the
payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the
maintenance of the Collateral.

     (f) Notwithstanding anything in this Agreement to the contrary and for the avoidance of doubt,
the Collateral Agent shall have no duty to act outside of the United States in respect of any
Collateral located in the jurisdiction other than the United States (“Foreign Collateral”) but
shall at the specific request of the Required Secured Parties appoint a Person or Persons selected
by the Required Secured Parties to act on behalf of the Noteholders with respect to such Foreign
Collateral. Such qualified Person or Persons and the Collateral Agent shall, provided the same are
reasonably acceptable to the Collateral Agent, enter into a collateral assignment pledge agreement,
mortgage, enforcing document or other security agreement to enforce rights with respect to Foreign
Collateral and such Person or Persons shall exercise the rights and remedies of the Collateral
Agent and the Noteholders in the Foreign Collateral for their respective benefit.

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The duties and
responsibilities of the Collateral Agent with respect to any Person or Persons and any Collateral
are limited to those set forth in this Section.

     (g) Both before and after an Event of Default, the Collateral Agent shall have no duty to
supervise or monitor such Persons or each Person’s performance, and shall have no liability for any
acts or omissions of such Persons; provided that if such Persons either resign or are removed, the
Collateral Agent may replace such Person with a successor Person selected by the Required Secured
Parties. The Collateral Agent shall give to such Persons such instructions to ensure that the
Liens remain effective under the Transaction Documents as the Controlling Party may request in
writing or, if an Event of Default has occurred, as shall be either stated to be necessary by the
Required Secured Parties or in the Opinions of Counsel furnished pursuant to the Security Agreement
or the Indenture. The Collateral Agent shall give notice to such Persons of any Event of Default of
which a Responsible Officer has actual knowledge. The Collateral Agent may, but has no obligation
to, request information from such Persons with respect to realization on Foreign Collateral.

     SECTION 7.05 Successors and Assigns.
The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns, except that the Grantors may not assign
or otherwise transfer any of their rights or obligations hereunder except as permitted by the
Indenture and each other Additional Pari Passu Agreements. Nothing in this Agreement, expressed or
implied, shall be construed to confer upon any Person (other than the parties hereto and their
respective successors and assigns permitted hereby) any legal or equitable right, remedy or claim
under or by reason of this Agreement.

     SECTION 7.06 Survival.
All covenants, agreements, representations and warranties made by the Grantors herein and
in the certificates or other instruments delivered in connection with or pursuant to this
Agreement shall be considered to have been relied upon by the other parties hereto and shall
survive the execution and delivery of this Agreement regardless of any investigation made by any
such other party or on its behalf and notwithstanding that the Collateral Agent or any Secured
Party may have had notice or knowledge of any Default or incorrect representation or warranty at
the time any credit is extended under the Indenture, and shall continue in full force and effect
until this Agreement shall terminate. The provisions of Section 7.04 shall survive and remain in
full force and effect regardless of the consummation of the transactions contemplated hereby, the
repayment of the Loans or the termination of this Agreement or any provision hereof.

     SECTION 7.07 Counterparts; Integration; Effectiveness.
This Agreement may be executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original, but all of which when taken
together shall constitute a single contract. This Agreement constitutes the entire contract among
the parties relating to the subject matter hereof and supersedes any and all previous agreements
and understandings, oral or written, relating to the subject matter hereof. This Agreement shall
become effective as to any Grantor when a counterpart hereof executed on behalf of such Grantor
shall have been delivered to the Collateral Agent. Delivery of an executed counterpart of a
signature page of this Agreement by telecopy or email shall be effective as delivery of a manually
executed counterpart of this Agreement. This Agreement shall be construed as a separate agreement
with respect to each

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Grantor and may be amended, modified, supplemented, waived or released with
respect to any Grantor without the approval of any other Grantor and without affecting the
obligations of any other Grantor hereunder.

     SECTION 7.08 Severability.
Any provision of this Agreement held to be invalid, illegal or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity,
illegality or unenforceability without affecting the validity, legality and enforceability of the
remaining provisions hereof; and the invalidity of a particular provision in a particular
jurisdiction shall not invalidate such provision in any other jurisdiction.

     SECTION 7.09 Governing Law; Jurisdiction; Consent to Service of Process.

     (a) This Agreement shall be construed in accordance with and governed by the internal laws of
the State of New York, without giving effect to any conflict of law principles.

     (b) The Grantors hereby irrevocably and unconditionally submit, for themselves and their
property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in
New York County and of the United States District Court of the Southern District of New York, and
any appellate court from any thereof, in any action or proceeding arising out of or relating to
this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto
hereby irrevocably and unconditionally agrees that all claims in respect of any
such action or proceeding may be heard and determined in such New York State or, to the extent
permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall
affect any right that the Collateral Agent, or any Secured Party may otherwise have to bring any
action or proceeding relating to this Agreement against the Grantors or their properties in the
courts of any jurisdiction.

     (c) The Grantors hereby irrevocably and unconditionally waive, to the fullest extent they may
legally and effectively do so, any objection which they may now or hereafter have to the laying of
venue of any suit, action or proceeding arising out of or relating to this Agreement in any court
referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court.

     (d) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 13.2 of the Indenture. Nothing in this Agreement will affect the
right of any party to this Agreement to serve process in any other manner permitted by law.

     SECTION 7.10 WAIVER OF JURY TRIAL.
EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF
OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT,
TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO

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REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     SECTION 7.11 Headings.
Article and Section headings used herein are for the purpose of reference only, are not
part of this Agreement and are not to affect the construction of, or to be taken into consideration
in interpreting, this Agreement.

     SECTION 7.12 Additional Grantors.
Each Grantor acknowledges that, each subsequently acquired or organized Domestic Subsidiary
required by Section 4.20 of the Indenture and any equivalent provision of each Additional Pari
Passu Agreement to become a party hereto as an additional Grantor (each such Domestic Subsidiary,
an “Additional Grantor”) shall execute an Instrument of Assumption and
Joinder (a “Joinder”) substantially in the form attached hereto as Exhibit A.
Upon delivery of any such Joinder to Collateral Agent, notice of which is hereby waived by the
Grantors, each such Additional Grantor shall be deemed a Grantor hereunder and shall be as fully a
party hereto as if such Additional Grantor were an original signatory hereto. Each Grantor
expressly agrees that its obligations arising hereunder shall not be discharged, diminished or
otherwise affected (a) by the addition or release of any other Grantor hereunder, (b) by any
failure by the Grantors or any Grantor to cause any subsequently acquired or organized Domestic
Subsidiary required by Section 4.20 of the Indenture or any equivalent provision of each Additional
Pari Passu Agreement to become an Additional Grantor or a Grantor hereunder or (c) by reason of
Collateral Agent or any of the Secured Parties’ actions in effecting, or failure to effect, any
such Joinder, or in releasing any Grantor hereunder, in each case without the necessity of giving
notice to or obtaining the consent of any other Grantor. This Agreement shall be fully effective
as to any Grantor that is or becomes a party hereto regardless of whether any other Person becomes
or fails to become or ceases to be a Grantor hereunder.

     SECTION 7.13 Termination.
This Agreement and the Security Interest shall terminate upon the Discharge of Obligations
with respect to the Indenture and each Additional Pari Passu Agreement. Upon termination of this
Agreement or the Security Interest on any Collateral, the Collateral Agent shall execute and
deliver to the Grantors, at the Grantors’ expense, all appropriate UCC termination statements and
similar documents which the Grantors shall reasonably request to evidence such termination. Any
execution and delivery of termination statements or documents pursuant to this Section shall be
without recourse to or warranty by the Collateral Agent. Each of the Grantors agrees that its
obligations hereunder and the security interest created hereunder shall continue to be effective or
be reinstated, as applicable, if at any time payment, or any part thereof, of all or any part of
the Obligations is rescinded or must otherwise be restored by the Secured Party upon the bankruptcy
or reorganization of any Grantor or otherwise. Upon the occurrence of Discharge of Obligations
with respect to the Indenture, the Required Secured Parties shall be entitled to appoint a
successor Collateral Agent under this Agreement and the other Collateral Documents to the extent
that any Permitted Additional Pari Passu Obligations remain outstanding at such time.

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     SECTION 7.14 Permitted Additional Pari Passu Obligations. On or after the Issue Date,
the Company may from time to time designate additional obligations as Permitted Additional Pari
Passu Obligations by delivering to the Agent, the Trustee and each Additional Pari Passu Agent (a)
a certificate signed by the chief financial officer of the Company (i) identifying the obligations
so designated and the aggregate principal amount or face amount thereof, stating that such
obligations are designated as “Permitted Additional Pari Passu Obligations” for purposes hereof,
(ii) representing that such designation of such complies with the terms of the Indenture and each
then extant Additional Pari Passu Agreement, (iii) specifying the name and address of the
Additional Pari Passu Agent for such obligations (if other than the Trustee) and (iv) stating that
the Grantors have complied with their obligations under Article IV of this Agreement and Articles
VI and V of the Pledge Agreement; (b) except in the case of Additional Notes, a fully executed
Additional Pari Passu Joinder Agreement (in the form attached as Exhibit B); and (c) an
Opinion of Counsel to the effect that the designation of such obligations as “Permitted Additional
Pari Passu Obligations” does not violate the terms of the Indenture and each then extant Additional
Pari Passu Agreement (upon which the Agent may conclusively and exclusively rely). Each Additional
Pari Passu Agent agrees that upon the satisfaction of all conditions set forth in the preceding
sentence, the Collateral Agent shall act as agent under and subject to the terms of the Senior
Secured Note Documents for the benefit of all Secured Parties, including without limitation, any
Secured Parties that hold any such Permitted Additional Pari Passu Obligations, and each Additional
Pari Passu Agent agrees to the appointment, and acceptance of the appointment, of the Collateral
Agent as agent for the holders of such Permitted Additional Pari Passu Obligations as set forth in
each Additional Pari Passu Joinder Agreement and agrees, on behalf of itself and each Secured Party
it represents, to be bound by this Agreement, the Intercreditor Agreement and the other Collateral
Documents.

     SECTION 7.15 Intercreditor Matters. By accepting the benefits of this Agreement and
the other Notes Documents, each Secured Party agrees that it is bound by (i) the terms of the
Intercreditor Agreement applicable to such Secured Party and (ii) the provisions of Exhibit
B.

     SECTION 7.16 Release of Liens. The security interests granted hereunder shall
terminate and be released, in whole or in part, (i) as to Note Obligations under the Indenture, as
provided in the Indenture and (ii) as to the Permitted Additional Pari Passu Obligations under any
Additional Pari Passu Agreement, as provided in such Additional Pari Passu Agreement. In
connection with any termination or release pursuant to this Section 7.16, the Collateral Agent
shall execute and deliver to any Grantor, at such Grantor’s expense, all documents that such
Grantor shall reasonably request to evidence such termination or release. Any execution and
delivery of documents pursuant to this Section 7.16 shall be without recourse to or warranty by the
Collateral Agent.

     SECTION 7.17 Environmental Representations, Covenants and Indemnity.

     (a) Except as set forth in Holdings’ Form 10-Q filed on May 8, 2009, to the Grantors’
knowledge: (i) the Mortgaged Properties do not contain any Hazardous Materials in amounts or
concentrations which (A) constitute, or constituted a violation of, or (B) require Remedial Action
under Environmental Laws, which violations and required Remedial Actions, and liabilities arising
therefrom, in the aggregate, could reasonably be expected to result in liability of any Grantor

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in an aggregate amount that could reasonably be expected to result in a Material Adverse Effect,
(ii) the Mortgaged Properties and all operations of each Grantor and its Subsidiaries are in
compliance, and in the last six years have been in compliance, with all Environmental Laws and all
necessary Environmental Permits have been obtained and are in effect for operations as currently
conducted, except to the extent that such non-compliance or failure to obtain any necessary
permits, in the aggregate, could not reasonably be expected to result in a Material Adverse Effect,
(iii) there have been no Releases or threatened Releases at, from, under or proximate to the
Mortgaged Properties or otherwise in connection with the operations of the Grantors or the
Subsidiaries, which Releases or threatened Releases, in the aggregate, could reasonably be expected
to result in a Material Adverse Effect, (iv) none of the Grantors or any of the Subsidiaries has
received any written notice of an Environmental Claim in connection with the Mortgaged Properties
or the operations of the Grantors or the Subsidiaries or with regard to any person whose
liabilities for environmental matters the Grantors or the Subsidiaries have retained or assumed, in
whole or in part, contractually, by operation of law or otherwise, which, in the aggregate, could
reasonably be expected to result in a Material Adverse Effect, nor do the Grantors or the
Subsidiaries have reason to believe that any such notice will be received or is being threatened;
and (v) Hazardous Materials have not been transported from the Mortgaged Properties, nor have
Hazardous Materials been generated, treated, stored or disposed of at, on or under any of the
Mortgaged Properties in a manner that could reasonably be expected to give rise to liability under
any Environmental Law, nor have the Grantors or the Subsidiaries retained or assumed any liability
contractually, by operation of law or otherwise, with respect to the generation, treatment, storage
or disposal of Hazardous Materials, which transportation, generation, treatment, storage or
disposal, or retained or assumed liabilities, in the aggregate, could reasonably be expected to
result in a Material Adverse Effect.

     (b) Except for any non-compliance that could not reasonably be expected to result in a
Material Adverse Effect, each Grantor and its Subsidiaries shall comply, and use reasonable efforts
to cause all lessees and other persons occupying its Mortgaged Properties to comply, in all
material respects with all Environmental Laws and Environmental Permits applicable to its
operations and Mortgaged Properties; obtain and renew all material Environmental Permits necessary
for its operations and Mortgaged Properties.

     (c) Each Grantor shall defend, indemnify and hold harmless each Indemnified Party from and
against any claims, demands, penalties, fines, liabilities, settlements, damages, costs, or
expenses of whatever kind or nature, known or unknown, contingent or otherwise, arising out of, or
in any related to (i) the presence, disposal, release or threatened release of any Hazardous
Materials which are on, from or affecting the soil, water, vegetation, buildings, personal
property, persons, animals or otherwise; (ii) any personal injury (including wrongful death) or
property damage (real or personal) arising out of or related to such Hazardous Materials; (iii) any
lawsuit brought or threatened, settlement reached or government order relating to such Hazardous
Materials and/or (iv) any violations of laws, orders, regulations, requirements or demands of
governmental authorities, or any policies or requirements of the Environmental Protection Agency or
the Collateral Agent, which are based upon or in any manner related to such Hazardous Materials,
including, without limitation, reasonable attorney and consultant fees and expenses, investigation
and laboratory fees, court costs and litigation expenses. The benefits of this section shall
survive the termination of this Agreement and resignation or removal of the Collateral Agent.

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     (d) In the event that Collateral Agent is required to acquire title to an asset for any
reason, or take any managerial action of any kind in regard thereto, in order to court out any
fiduciary or trust obligation for the benefit of another, which in Collateral Agent’s sole
discretion may cause Collateral Agent to be considered an “owner or operator” under the provisions
of the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), 42 U.S.C.
Section 9601, et seq., or otherwise cause Collateral Agent to incur liability under CERCLA or any
other Environmental Law, Collateral Agent reserves the right, instead of taking such action, to
either resign as Collateral Agent or arrange for the transfer of the title or control of the asset
to a court-appointed receiver. Collateral Agent shall not be liable to Grantors, Noteholders or
any other Person for any environmental claims or contribution actions under any Environmental Law
by reason of Collateral Agent’s actions and conduct as authorized, empowered and directed hereunder
or relating to the discharge, release or threatened release of Hazardous Materials into the
environment. If at any time it is necessary or advisable for the Mortgaged Properties to be
possessed, owned, operated or managed by any Person (including Collateral Agent) other than a
Grantor, the Required Secured Parties shall direct Collateral Agent to appoint an appropriately
qualified Person (excluding Collateral Agent) who they shall designate to possess, own, operate or
manage, as the case may be, the Mortgaged Properties.

     (e) For purposes of this Section 7.17, the follow defined terms shall have the following
meaning:

          “Environmental Claim” means any written accusation, allegation, notice of violation,
claim, demand, order, directive, cost recovery action or other cause of action by, or on behalf of,
any governmental authority or any person for damages, injunctive or equitable relief, personal
injury (including sickness, disease or death), Remedial Action costs, tangible or intangible
property damage, natural resource damages, nuisance, pollution, any adverse effect on the
environment caused by any Hazardous Material, or for fines, penalties or restrictions, resulting
from or based upon (a) the existence, or the continuation of the existence, of a Release (including
sudden or non-sudden, accidental or non-accidental Releases), (b) exposure to any Hazardous
Material, (c) the presence, use, handling, transportation, storage, treatment or disposal of any
Hazardous Material or (d) the violation or alleged violation of any Environmental Law or
Environmental Permit.

          “Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders,
decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into
by any governmental authority, relating in any way to the environment, preservation or reclamation
of natural resources, the management, release or threatened release of any Hazardous Material or to
health and safety matters.

          “Environmental Permit” means any permit, approval, authorization, certificate,
license, variance, filing or permission required by or from any governmental authority pursuant to
any Environmental Law.

          “Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petro-

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leum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated
pursuant to any Environmental Law.

          “Material Adverse Effect” means a material adverse effect with respect to the
business, assets, properties, liabilities, operations or condition (financial or otherwise) of the
Grantors and their respective Subsidiaries (taken as a whole).

          “Releases” means any spilling, leaking, pumping, pouring, emitting, emptying,
discharging, injecting, escaping, leaching, dumping, disposing, depositing, dispersing, emanating
or migrating of any Hazardous Material in, into, onto or through the environment.

          “Remedial Actions” means (a) “remedial action” as such term is defined in CERCLA, 42
U.S.C. Section 9601(24), and (b) all other actions required by any Governmental Authority or
voluntarily undertaken to: (i) cleanup, remove, treat, abate or in any other way address any
Hazardous Material in the environment; (ii) prevent the Release or threat of Release, or minimize
the further Release of any Hazardous Material so it does not migrate or endanger or threaten to
endanger public health, welfare or the environment; or (iii) perform studies and investigations in
connection with, or as a precondition to, (i) or (ii) above.

     SECTION 7.18 Incorporation by Reference. In connection with its appointment and acting
herehunder, Collateral Agent is entitled to all rights, privileges, protections, benefits,
immunities and indemnities provided to it as Trustee under the Indenture.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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     IN WITNESS WHEREOF, each of the Grantors has caused this Agreement to be duly executed by its
officer thereunto duly authorized as of the date and year first above written.

	 	 	 	 	 
	 	GRANTORS:

AMERICAN COMMERCIAL LINES LLC

JEFFBOAT LLC

COMMERCIAL BARGE LINE COMPANY

ACL TRANSPORTATION SERVICES LLC

 	 
	 	By:  	/s/ Dawn R. Landry
 	 
	 	 	Printed: Dawn R. Landry 	 
	 	 	Title:  	Vice President and Secretary 	 
	 
	 	AMERICAN COMMERCIAL LINES INC.

 	 
	 	By:  	/s/ Dawn R. Landry
 	 
	 	 	Printed: Dawn R. Landry 	 
	 	 	Title:  	Senior Vice President, General Counsel
and Corporate Secretary 	 
	 

[SIGNATURES CONTINUED ON NEXT PAGE]

 

 

[SIGNATURES CONTINUED FROM PREVIOUS PAGE]

	 	 	 	 	 
	 	COLLATERAL AGENT:

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

 	 
	 	By:  	/s/ D. G. Donovan
 	 
	 	 	Name:  	D.G. Donovan 	 
	 	 	Title:  	Vice President 	 

 

 

SCHEDULE 3.02 TO SECURITY AGREEMENT

UCC Fixture Filing Offices

	 	 	 
	Grantor	 	Filing Office
	 
	 	 
	American Commercial Lines LLC

(Corporate Office and Land)

1701 East Market Street

Jeffersonville, Indiana 47130

	 	Clark County Recorder, Indiana
	 
	 	 
	Jeffboat LLC

(Shipyard) 

1030 East Market Street 

Jeffersonville, Indiana 47130

	 	Clark County Recorder, Indiana
	 
	 	 
	ACL Transportation Services LLC

(Cairo Fleet) 

14614 Ohio Levee Road 

Cairo, Illinois 62914

	 	Alexander County Recorder of Deeds, Illinois
	 
	 	 
	ACL Transportation Services LLC

(Harahan Fleet) 

5800 River Road 

Harahan, Louisiana 70123

	 	Jefferson Parish Clerk of Court, Louisiana
	 
	 	 
	ACL Transportation Services LLC

(Marrero Fleet) 

7000 River Road 

Marrero, Louisiana 70072

	 	Jefferson Parish Clerk of Court, Louisiana
	 
	 	 
	ACL Transportation Services LLC

(Armant Fleet) 

3232 Louisiana Hwy 18

Vacherie, Louisiana 70090

	 	St. James Parish Clerk of Court, Louisiana
	 
	 	 
	ACL Transportation Services LLC

(Louisville Fleet/Shop Barge) 

2031 River Road 

Louisville, Kentucky 40206

	 	Jefferson County Clerk, Kentucky

 

 

	 	 	 
	Grantor	 	Filing Office
	 
	 	 
	ACL Transportation Services LLC

(St. Louis Shipyard/Fleet)

750 East Davis Street

St. Louis, Missouri 63111

	 	St. Louis City Recorder of Deeds, Missouri
	 
	 	 
	ACL Transportation Services LLC

(Permanent Mooring Easement)

Confluence of Missouri and Mississippi
Rivers

	 	St. Charles County Recorder of Deeds,
Missouri
	 
	 	 
	ACL Transportation Services LLC

(South Point Fleet) 

502 Second Street Extension 

South Point, Ohio 45680

	 	Lawrence County Recorder, Ohio
	 
	 	 
	ACL Transportation Services LLC

(Memphis Terminal) 

427 West Illinois Avenue 

Memphis, Tennessee 37106

	 	Shelby County Register of Deeds, Tennessee
	 
	 	 
	ACL Transportation Services LLC

(Houston Fleet) 

16526 Dezavala Road 

Channelview, Texas 77530

	 	Harris County Clerk, Texas

 

 

SCHEDULE 3.05(a) TO SECURITY AGREEMENT

Legal Name, Etc.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Federal	 	 
	 	 	 	 	Registered	 	 	 	 	 	Taxpayer	 	 
	 	 	Type of	 	Organization	 	Organizational	 	Identification	 	State of
	Legal Name	 	Entity	 	(Yes/No)	 	Number	 	Number	 	Formation
	American Commercial Lines Inc.

	 	Corporation
	 	Yes
	 	3901974	 	 	75-3177794
	 	Delaware
	Commercial Barge Line Company

	 	Corporation
	 	Yes
	 	3901641	 	 	03-0552365
	 	Delaware
	American Commercial Lines LLC

	 	Limited Liability Company
	 	Yes
	 	2879540	 	 	52-2106600
	 	Delaware
	ACL Transportation Services LLC

	 	Limited Liability Company
	 	Yes
	 	2910202	 	 	52-2106589
	 	Delaware
	Jeffboat LLC

	 	Limited Liability Company
	 	Yes
	 	2910203	 	 	52-2106590
	 	Delaware

 

 

SCHEDULE 3.05(b) TO SECURITY AGREEMENT

Prior Organizational Names

	 	 	 	 	 
	Grantor	 	Prior Name	 	Date of Change
	ACL Transportation Services LLC

	 	Louisiana Dock Company LLC
	 	January 1, 2007
	ACL Transportation Services LLC

	 	Houston Fleet LLC
	 	January 1, 2007
	ACL Transportation Services LLC

	 	American Commercial Terminals LLC
	 	January 1, 2007
	ACL Transportation Services LLC

	 	ACL Sales Corporation
	 	January 1, 2007
	ACL Transportation Services LLC

	 	American Commercial Logistics LLC
	 	January 1, 2007

 

 

SCHEDULE 3.05(c) TO SECURITY AGREEMENT

Changes in Corporate Identity; Other Names

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	List of All Other
	 	 	 	 	 	 	 	 	 	 	Names Used on Any
	 	 	 	 	 	 	 	 	 	 	Filings with the
	 	 	 	 	 	 	 	 	 	 	Internal Revenue
	 	 	Corporate Name of	 	 	 	Date of	 	State of	 	Service During Past
	Grantor	 	Entity	 	Action	 	Action	 	Formation	 	Five Years
	Commercial Barge
Line Company

	 	 	 	 	 	 	 	 	 	ACLINES LLC (2004
only)
	American Commercial Lines LLC

	 	 	 	 	 	 	 	 	 	ACLINES LLC (2004
only)
	ACL Transportation
Services LLC

	 	Houston Fleet LLC
	 	Merger
	 	January 1, 2007
	 	Delaware	 	 
	ACL Transportation
Services LLC

	 	American Commercial
Terminals LLC
	 	Merger
	 	January 1, 2007
	 	Delaware	 	 
	ACL Transportation
Services LLC

	 	ACL Sales
Corporation
	 	Merger
	 	January 1, 2007
	 	Delaware	 	 
	ACL Transportation
Services LLC

	 	American Commercial
Logistics LLC
	 	Merger
	 	January 1, 2007
	 	Delaware	 	 

 

 

SCHEDULE 3.06 TO SECURITY AGREEMENT

Chief Executive Office

	 	 	 	 	 	 	 
	Grantor	 	Address	 	County	 	State
	American Commercial
Lines Inc.

	 	1701 East Market Street

Jeffersonville, Indiana 47130
	 	Clark
	 	Indiana
	Commercial Barge 

Line Company

	 	1701 East Market Street

Jeffersonville, Indiana 47130
	 	Clark
	 	Indiana
	American Commercial 

Lines LLC

	 	1701 East Market Street

Jeffersonville, Indiana 47130
	 	Clark
	 	Indiana
	ACL Transportation 

Services LLC

	 	1701 East Market Street

Jeffersonville, Indiana 47130
	 	Clark
	 	Indiana
	Jeffboat LLC

	 	1701 East Market Street

Jeffersonville, Indiana 47130
	 	Clark
	 	Indiana

 

 

SCHEDULE 3.07 TO SECURITY AGREEMENT

Extraordinary Transactions

	 	 	 	 	 
	Grantor	 	Description of Transaction Including Parties Thereto	 	Date of Transaction
	Commercial Barge Line Company

	 	Sole Member Unit of
ACL Transportation
Services LLC was
transferred to
Commercial Barge
Line Company
	 	January 1, 2007
	Commercial Barge Line Company

	 	Sole Member Unit of
Jeffboat LLC was
transferred to
Commercial Barge
Line Company
	 	January 1, 2007
	American Commercial Lines LLC

	 	Assets and
employees of
American Commercial
Barge Line LLC were
transferred to
American Commercial
Lines LLC
	 	January 1, 2007
	ACL Transportation Services LLC

	 	The following four
business units were
merged into ACL
Transportation
Services LLC: (i)
Houston Fleet LLC,
(ii) American
Commercial
Terminals LLC,
(iii) ACL Sales
Corporation, and
(iv) American
Commercial
Logistics LLC
	 	January 1, 2007
	ACL Transportation Services LLC

	 	Stock of the
following joint
ventures were
transferred to ACL
Transportation
Services LLC: (i)
BargeLink LLC, (ii)
Bolivar Terminal
Company LLC, (iii)
T.T. Barge Services
Mile 235 LLC, and
(iv) SSIC
Remediation LLC
	 	January 1, 2007

 

 

SCHEDULE 3.08 TO SECURITY AGREEMENT

Instruments and Tangible Chattel Paper

1. Promissory Notes:

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Principal	 	 	 	 	 	 	 	Pledged
	Entity	 	Amount	 	Date of Issuance	 	Interest Rate	 	Maturity Date	 	[Yes/No]
	None
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	 
	 	 
	 	 

2. Chattel Paper:

	 	 	 
	 	 	Pledged
	Description	 	[Yes/No]
	None
	 	 

 

 

	[*] 	 	The asterisk denotes that confidential portions of this Schedule have
been omitted in reliance on rule 24b-2 of the Securities Exchange Act
of 1934. The confidential portions have been submitted separately to
the Securities and Exchange Commission.

SCHEDULE 3.09 TO SECURITY AGREEMENT

Deposit Accounts

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Reason
	 	 	 	 	 	 	 	 	Subject to	 	for Exclusion
	 	 	Type Of	 	 	 	Account	 	control agreement?	 	from Control
	Owner	 	Account	 	Bank	 	Numbers	 	[Yes/No]	 	Requirement
	American Commercial Lines LLC

	 	[*]
	 	[*]
	 	[*]
	 	Yes	 	 
	American Commercial Lines LLC

	 	[*]
	 	[*]
	 	[*]
	 	Yes	 	 
	American Commercial Lines LLC

	 	[*]
	 	[*]
	 	[*]
	 	Yes	 	 
	American Commercial Lines LLC

	 	[*]
	 	[*]
	 	[*]
	 	No
	 	[*]
	American Commercial Lines LLC

	 	[*]
	 	[*]
	 	[*]
	 	Yes	 	 
	American Commercial Lines LLC

	 	[*]
	 	[*]
	 	[*]
	 	Yes	 	 
	American Commercial Lines LLC

	 	[*]
	 	[*]
	 	[*]
	 	No
	 	[*]
	American Commercial Lines LLC

	 	[*]
	 	[*]
	 	[*]
	 	No
	 	[*]
	ACL Transportation Services LLC

	 	[*]
	 	[*]
	 	[*]
	 	No
	 	[*]
	ACL Transportation Services LLC

	 	[*]
	 	[*]
	 	[*]
	 	No
	 	[*]
	American Commercial Lines LLC

	 	[*]
	 	[*]
	 	[*]
	 	No
	 	[*]

 

			
	[*]	 	The asterisk denotes that confidential portions of this Schedule have been omitted in
reliance on rule 24b-2 of the Securities Exchange Act of 1934. The confidential
portions have been submitted separately to the Securities and Exchange Commission.

 

 

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Reason
	 	 	 	 	 	 	 	 	Subject to	 	for Exclusion
	 	 	Type Of	 	 	 	Account	 	control agreement?	 	from Control
	Owner	 	Account	 	Bank	 	Numbers	 	[Yes/No]	 	Requirement
	ACL Transportation Services LLC

	 	[*]
	 	[*]
	 	[*]
	 	Yes	 	 
	American Commercial Lines LLC

	 	[*]
	 	[*]
	 	[*]
	 	No
	 	[*]

 

			
	[*]	 	The asterisk denotes that confidential portions of this Schedule have
been omitted in reliance on rule 24b-2 of the Securities Exchange Act
of 1934. The confidential portions have been submitted separately to
the Securities and Exchange Commission.

 

 

SCHEDULE 3.10(a) and 3.10(b) TO SECURITY AGREEMENT

Intellectual Property

ACL IP Properties Schedule

As of 7/7/09

Trademarks/Service marks (Registrations, Licenses and Applications): 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	First Use	 	 	 	Goods/Services
	Mark	 	Owner	 	Reg. No.	 	Reg. Date**	 	Date1	 	Mark Description	 	Description
	

	 	Jeffboat LLC
	 	 	847,768	 	 	4/16/1968
	 	3/1/1966 [3/15/1966]
	 	Design plus words.
The drawing is
lined for the color
blue. Service mark
registration.
	 	IC 037. US 103. G &
S: Shipbuilding and
repair of marine
vessels.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LOUISIANA DOCK

	 	ACL TS LLC
	 	 	1,553,260	 	 	8/22/1989
	 	12/12/1962
	 	Word mark. Service
mark registration.
	 	1. IC 037. US 103.
G & S: Marine
vessel maintenance
and repair
services;
 2. IC
039. US 105. G & S:
	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	Docking services
and warehousing
services in the
field of marine
spare parts.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	ACL LLC
	 	 	1,607,666	 	 	7/24/1990
	 	3/1/1966;
[3/15/1966]
	 	Trademark
registration for “flag” design,
lined with colors
red and blue.
Colors are not
claimed as a feature of the
mark. Trademark
Registration.
	 	1. IC 039. US 105.
G & S: Transportation of
goods by barge and
the storage of
goods; 
 2. IC 037.
US 103 106. G & S: Vessel construction
and maintenance
services, and the
maintenance of
marine terminal
facilities for
others.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	ACL TS LLC
	 	 	1,643,903	 	 	5/7/1991
	 	3/1/1966
	 	Design and word
mark. Colors are
not claimed as a
feature of the
mark. Service
mark.
	 	1. IC 039. US 105.
G & S: Cargo
loading and
unloading services
and warehousing and
storage of goods of
others; 
 2. IC 037.
US 103. G & S:
	 	 	 	 	 	 	 	 	 	 	 	 	 	Maintenance of
barge line terminal
facilities for use
of others.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ACBL

	 	ACL LLC
	 	 	1,741,761	 	 	12/22/1992
	 	3/3/1966;
[3/15/1966]
	 	Word Mark. Service
mark.
	 	IC 039. US 105. G &
S: Warehousing and
barge
transportation of
the goods of
others.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ACL

	 	ACL LLC
	 	 	1,804,804	 	 	11/16/1993
	 	3/1/1966;
[3/15/1966]
	 	Word Mark. Service
mark.
	 	IC 039. US 105. G &
S: Transportation
of the goods of
others in inland
waterways by barge,
and warehousing and
storage.

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	First Use	 	 	 	Goods/Services
	Mark	 	Owner	 	Reg. No.	 	Reg. Date**	 	Date1	 	Mark Description	 	Description
	RIVER-TRAC

	 	ACL LLC
	 	 	2,329,522	 	 	3/14/2000
	 	4/11/1988
	 	Word Mark. Service
mark.
	 	IC 035. US 100 101
102. G & S: Tracking location
of barges, and
status of
shipments.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	ACL TS LLC
	 	 	2,332,621	 	 	3/21/2000
	 	12/12/1962
	 	Design and word
mark. Colors are not claimed as a
feature of the
mark. Service
mark.
	 	1. IC 037. US 100
103 106. G & S: Marine vessel
maintenance and
repair services.
 2.
IC 039. US 100 105.
G & S: Docking
services and
warehousing
services in the
field of marine
spare parts.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	A RIVER OF 

INFORMATION AT YOUR 

FINGERTIPS

	 	ACL LLC
	 	 	2,349,631	 	 	5/16/2000
	 	8/15/1998
	 	Word mark. Service
mark.
	 	IC 039. US 100 105.
G & S: Providing
information to
others on boat and
barge
transportation, on
emergency
conditions
affecting boat and
barge travel, and
on planning and
scheduling boat and
barge
transportation.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	ACL LLC
	 	 	2,316,045	 	 	2/8/2000
	 	8/15/1998
	 	Miscellaneous
Design. Trademark
Registration.
	 	IC 039. US 100 105.
G & S: Providing
information to
others on boat and
barge
transportation, on
emergency
conditions
affecting boat and
barge travel, and
on planning and
scheduling boat and
barge
transportation.
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	ACL LLC
	 	 	3,221,549	 	 	3/27/2007
	 	7/10/1998
	 	Design plus words. Service mark.
	 	IC 037 G & S: Maintenance and
repair of marine
vessels.; IC 039 G
& S: Supply chain,
logistics and
reverse logistic
services, namely
warehousing and
storage,
transportation and
delivery of the
goods of others in
the inland
waterways by barge.
; IC 040 G & S: Manufacture of
marine vessels to
the order and
specification of
others.

Patents (Registrations, Licenses and Applications):

     NONE

Copyrights(Registrations, Licenses and Applications):

     1. ACL Vessel Operating Guidelines, Publication Date January 2007

 

 

SCHEDULE 4.03(f) TO SECURITY AGREEMENT

Locations

	 	 	 	 	 	 	 
	GRANTOR	 	OFFICES	 	 	 	 
	American Commercial Lines Inc.

	 	1701 East Market Street

Jeffersonville, Indiana 47130
	 	 		 
	Commercial Barge Line Company

	 	1701 East Market Street

Jeffersonville, Indiana 47130
	 	 		 
	American Commercial Lines LLC

	 	1701 East Market Street

Jeffersonville, Indiana 47130
	 	 		 
	ACL Transportation Services LLC

	 	1701 East Market Street

Jeffersonville, Indiana 47130
	 	 		 
	Jeffboat LLC

	 	1701 East Market Street

Jeffersonville, Indiana 47130
	 	 		 

 

 

SCHEDULE 4.17 TO SECURITY AGREEMENT

Commercial Tort Claims

To the extent not subrogated to each company’s insurers, the following commercial tort claims are
held or expected to be held by American Commercial Lines LLC and / or American Commercial Lines
Inc.:

	 	•	 	Claims associated with a certain oil spill that occurred in New Orleans, Louisiana on
July 23, 2008

 

 

EXHIBIT A TO

SECURITY AGREEMENT

FORM OF INSTRUMENT OF ASSUMPTION AND JOINDER

     JOINDER AGREEMENT dated as of _________ (the “Joinder Agreement”) made by [Insert
Name of New Grantor] a [Insert State of Organization] [corporation, limited partnership or limited
liability company] (the “Company”) in favor of the Secured Parties (as defined in that
certain Security Agreement dated as of July 7, 2009 (as such agreement may be amended, amended and
restated, supplemented or otherwise modified, renewed or replaced from time to time, the
“Security Agreement”)) among the Grantors referred to therein (the “Grantors”), and
The Bank of New York Mellon Trust Company, N.A. as Collateral Agent (as defined in the Security
Agreement). Capitalized terms used but not defined herein shall have the meanings given to such
terms in the Security Agreement.

WITNESSETH

     The Company is a [Insert State of Organization] [corporation, limited partnership or limited
liability company], and is a subsidiary of [Insert name of Loan Party]. Pursuant to Section 7.12
of the Security Agreement, the Company is required to execute this document as a newly [formed]
[acquired] subsidiary of [Insert name of Loan Party].

     NOW, THEREFORE, in consideration of the premises and other good and valuable consideration,
the receipt of which is hereby acknowledged, the Company hereby agrees as follows:

     SECTION 1. Assignment and Joinder.

     (a) The Company hereby expressly confirms that it has assumed, and hereby agrees to perform
and observe, each and every one of the covenants, rights, promises, agreements, terms, conditions,
obligations, appointments, duties and liabilities of a Grantor under the Security Agreement and all
the other Notes Documents applicable to it as a Grantor. By virtue of the foregoing, the Company
hereby accepts and assumes any liability of a Grantor related to each representation or warranty,
covenant or obligation made by a Grantor in the Security Agreement or any other Notes Document and
hereby expressly affirms, as of the date hereof, each of such representations, warranties,
covenants and obligation.

     (b) All references to the term “Grantor” in the Security Agreement or Notes Document, or in
any document or instrument executed and delivered or furnished, or to be executed and delivered or
furnished, in connection therewith shall be deemed to be references to, and shall include, the
Company.

     SECTION 2. Representations and Warranties. The Company hereby represents and warrants
to the Collateral Agent as follows:

     (a) The Company has the requisite [corporate, partnership or company] power and
authority to enter into this Joinder Agreement and to perform its obligations hereunder and
under the Security Agreement and the other Notes Documents to which it

Exhibit A to Security Agreement

 

 

is a party. The execution, delivery and performance of this Joinder Agreement by the
Company and the performance of its obligations hereunder and under the Security Agreement,
and the other Notes Documents have been duly authorized by the [Board of Directors of the
Company] and no other [corporate, partnership or company] proceedings on the part of the
Company are necessary to authorize the execution, delivery or performance of this Joinder
Agreement, the transactions contemplated hereby or the performance of its obligations under
the Security Agreement or any other Notes Document. This Joinder Agreement has been duly
executed and delivered by the Company. This Joinder Agreement, the Security Agreement and
the other Notes Documents each constitutes a legal, valid and binding obligation of the
Company enforceable against it in accordance with its respective terms, subject, as to the
enforcement of remedies, to applicable bankruptcy, insolvency and similar laws affecting
creditors’ rights generally and to general principles of equity.

     (b) The representations and warranties set forth in Article 3 of the Security Agreement
are true and correct on and as of the date hereof (except to the extent that such
representations and warranties expressly relate to an earlier date) with the same effect as
if made on and as of the date hereof.

     (c) The authorized capitalization of the Company, the number of shares of its capital
stock outstanding on the date hereof, and the ownership of the outstanding shares of its
capital stock are set forth on Schedule 1 hereto.*/

     (d) As of the date hereof, the exact legal name of the Company is _________
and the Company has not done business, is not doing business and does not intend to do business
other than under its full [corporate, partnership or company] name, including, without
limitation, under any trade name or other doing business name and is in good standing in all
jurisdictions where the nature of its properties or business so requires. The Company is a
[corporation, partnership, limited liability company, limited liability partnership or
other] organized under the laws of _________. The Company’s taxpayer identification number
and organizational number, if any, are _________.

     SECTION 3. Further Assurances. At any time and from time to time, upon the Collateral
Agent’s request and at the sole expense of the Company, the Company will promptly and

 

			
	*/ 	 	If the Company is a limited partnership, insert the
following paragraph:

“The general partners of the company and the ownership of
its partnership interests are set forth on Schedule 1
hereto”;

or if the Company the Company is a limited liability company, insert the
following paragraph:

“The members of the Company and the ownership of its limited liability company
interests are set forth on Schedule 1 hereto”.

-2-

 

duly execute and deliver any and all further instruments and documents and take such further
action as the Collateral Agent reasonably deems necessary to effect the purposes of this Joinder
Agreement.

     SECTION 4. Binding Effect. This Joinder Agreement shall be binding upon the Company
and shall inure to the benefit of the Secured Parties and their respective successors and assigns.

     SECTION 5. Conflict. In the event of a conflict between this Joinder Agreement and
the Security Agreement, the provisions of the Security Agreement will govern.

     SECTION 6. GOVERNING LAW. THIS JOINDER AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY
CONFLICT OF LAW PRINCIPLES.

[Signature Pages Follow]

-3-

 

     IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed and
delivered by its duly authorized officer as of the date first above written.

	 	 	 	 	 
	 	[NAME OF COMPANY]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. as
Collateral Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

-4-

 

	 	 	 	 	 

SCHEDULE 1 TO JOINDER AGREEMENT

	 
	[Authorized capitalization:

	 
	Number of shares of capital stock
outstanding:

	 
	Ownership of the outstanding
capital stock:]

	 
	or

	 
	[General Partners:

	 
	Ownership of the
partnership interests:]

	 
	or

	 
	[Members of the Company:

	 
	Ownership of the
limited liability company
interests:]

 

EXHIBIT B TO

SECURITY AGREEMENT

FORM OF ADDITIONAL PARI PASSU JOINDER AGREEMENT

     The undersigned is the agent for Persons wishing to become “Secured Parties” (the “New Secured
Parties”) under the Security Agreement, dated as of July 7, 2009 (as amended and/or supplemented,
the “Security Agreement” (terms used without definition herein have the meanings assigned to such
terms by the Security Agreement)) among Commercial Barge Lines Company, the other Grantors party
thereto and The Bank of New York Mellon Trust Company, N.A., as Agent (the “Agent”).

     In consideration of the foregoing, the undersigned hereby:

     (i) represents that the Additional Pari Passu Agent has been authorized by the New
Secured Parties to become a party to the Security Agreement and the other Collateral
Documents on behalf of the New Secured Parties under that [DESCRIBE OPERATIVE AGREEMENT]
(the “New Secured Obligations”) and to act as the Additional Pari Passu Agent for the New
Secured Parties hereunder;

     (ii) acknowledges that the New Secured Parties have received a copy of the Security
Agreement;

     (iii) irrevocably appoints and authorizes the Agent to take such action as agent on its
behalf and to exercise such powers under the Security Agreement and the other Collateral
Documents as are delegated to the Agent by the terms thereof, together with all such powers
as are reasonably incidental thereto; and

     (iv) accepts and acknowledges the terms of the Security Agreement applicable to it and
the New Secured Parties and agrees to serve as Additional Pari Passu Agent for the New
Secured Parties with respect to the New Secured Obligations and agrees on its own behalf and
on behalf of the New Secured Parties to be bound by the terms of the Security Agreement and
the other Collateral Documents applicable to holders of Obligations, with all the rights and
obligations of a Secured Party thereunder and bound by all the provisions thereof as fully
as if it had been a Secured Party on the effective date of the Security Agreement.

     The name and address of the representative for purposes of Section 7.02 of the Security
Agreement, Section 17 of the Pledge Agreement and any equivalent provision of each Collateral
Document are as follows:

[name and address of Additional Pari Passu Agent]

Exhibit B to Security Agreement

 

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

	 	 	 	 	 
	 	[NAME]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

-2-exv10w4

Exhibit 10.4

PLEDGE AGREEMENT

          This PLEDGE AGREEMENT, dated as of July 7, 2009 (as this agreement may be amended, amended and
restated, supplemented or otherwise modified, renewed or replaced from time to time, this
“Agreement”), is by and among each of the parties listed on Schedule I hereto (each
such party together with any other Person that becomes a party hereto pursuant to Section
25 is referred to individually as a “Pledgor” and collectively as the
“Pledgors”), and The Bank of New York Mellon Trust Company, N.A., as collateral agent (the
“Collateral Agent”) on behalf of the Secured Parties (as defined in the Security Agreement
dated as of the date hereof among the Pledgors and the Collateral Agent (as amended, amended and
restated, supplemented or otherwise modified, renewed or replaced from time to time, the
“Security Agreement”)).

RECITALS

          WHEREAS, Commercial Barge Line Company, a corporation formed under the laws of Delaware (the
“Issuer”) is issuing $200,000,000 aggregate principal amount of 121/2% Senior Secured Notes
due 2017 (together with any Additional Notes, the “Notes”) pursuant to the indenture (the
“Indenture”) dated as of July 7, 2009 among the Issuer, the Guarantors and The Bank of New
York Mellon Trust Company, N.A., as trustee (together with its successors in such capacity, the
“Trustee”) on behalf of the holders of the Notes (the “Noteholders”).

          WHEREAS, from time to time after the date hereof, subject to the terms and conditions of the
Indenture and the Notes Documents (as defined in the Security Agreement), additional Permitted
Additional Pari Passu Obligations (including Additional Notes issued under the Indenture) may be
incurred, which are pari passu in right of payment to the Notes and secured equally and ratable
with the Notes and by the Pledged Collateral.

          WHEREAS, each Guarantor has, pursuant to the Indenture, among other things, unconditionally
guaranteed the obligations of the Issuer under the Indenture and the Notes and may do so under the
terms of any Permitted Additional Pari Passu Obligations permitted to be incurred under the
Indenture.

          WHEREAS, this Agreement is given by each Pledgor in favor of the Collateral Agent for the
benefit of the Secured Parties to secure the payment and performance of all of the Obligations.

          WHEREAS, it is a condition to the issuance of the Notes that each Pledgor execute and deliver
the applicable Collateral Documents (as defined in the Security Agreement), including this
Agreement.

          NOW, THEREFORE, in order to (i) secure the prompt and complete payment and performance when
due of the Obligations (as defined in the Security Agreement) and for good and valuable
consideration, the receipt of which is hereby acknowledged, and (ii) grant, pledge, hypothecate and
transfer to the Collateral Agent, for the ratable benefit of the Secured

 

 

Parties, a security interest in each Pledgor’s right, title and interest in, to and under the
Pledged Collateral whether presently existing or hereafter arising or acquired, each of the
Pledgors, the Collateral Agent, on behalf of itself and each Secured Party (and each of their
respective successors or assigns), hereby agrees as follows:

SECTION 1. Definition of Certain Terms Used Herein. Except as specifically defined in this
Agreement, all capitalized terms shall have the meanings given to those terms in the Security
Agreement.

SECTION 2. Pledge.

     (a) As security for the payment or performance, as the case may be, in full of the
Obligations, each Pledgor hereby bargains, sells, conveys, assigns, sets over, mortgages, pledges,
hypothecates and transfers to the Collateral Agent, its successors and assigns, for the benefit of
the Secured Parties, and hereby grants to the Collateral Agent, its successors and assigns, for the
benefit of the Secured Parties, a security interest in all of such Pledgor’s right, title and
interest in, to and under the foregoing, wherever located and whether now existing or hereafter
arising or acquired from time to time (i) any shares of capital stock, partnership interests (and
any other interest or participation that confers on a Person the right to receive a share of the
profits and losses of, or distributions of property of such partnership), membership interests in a
limited liability company, beneficial interests in a trust or other equity ownership interests in a
Person (collectively, the “Equity Interests”) owned by such Pledgor which are initially
listed on Schedule II hereto and any Equity Interests obtained in the future by such
Pledgor and the certificates representing all such Equity Interests (the “Pledged Equity
Interests”); provided that, (x) subject to the last sentence of this Section
2(a), Pledged Equity Interests of each foreign subsidiary of a Pledgor that are entitled to
vote shall be limited, in the aggregate, to the pledge of 65% of the issued and outstanding common
stock entitled to vote of such foreign subsidiary notwithstanding the delivery by any Pledgor to
the Collateral Agent of a stock certificate representing in excess of such percentage ownership and
(y) interests in any joint venture will not constitute Pledged Equity Interests hereunder to the
extent and for so long as the documents governing such joint venture prohibit the granting of a
security interest therein; (ii) (x) the debt securities owned by it which are listed opposite the
name of such Pledgor on Schedule II hereto, (y) any other debt securities issued to such
Pledgor; and (z) the promissory notes and any other instruments evidencing such debt securities;
(iii) all other property that may be delivered to and held by the Collateral Agent pursuant to the
terms hereof; (iv) subject to Section 7 hereof, all payments of principal or interest,
dividends, cash, instruments and other property from time to time received, receivable or otherwise
distributed, in respect of, in exchange for or upon the conversion of the securities referred to in
clauses (i) and (ii) above; (v) subject to Section 7 hereof, all rights and privileges of
such Pledgor with respect to the securities and other property referred to in clauses (i), (ii),
(iii) and (iv) above; and (vi) all proceeds (as such term is defined in the UCC) of any of the
foregoing (the items referred to in clauses (i) through (vi) above being collectively referred to
as the “Pledged Collateral”). Notwithstanding anything to the contrary set forth herein,
Pledged Collateral shall not include any Excluded Property. Without limiting the foregoing, the
Collateral Agent is hereby authorized to file one or more financing statements, continuation
statements or other filings or documents for the purpose of perfecting, confirming, continuing, en-

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forcing or protecting the security interest granted by each Pledgor hereunder, without the
signature of any Pledgors, and naming any Pledgor or the Pledgors as debtors and the Collateral
Agent as secured party. Notwithstanding anything to the contrary contained in this Section
2, the Pledged Equity Interests shall not include the Equity Interests of any foreign
subsidiary of a Pledgor if such pledge is not permitted by contract or applicable law, or if such
pledge could reasonably be expected to have adverse tax consequences for the Pledgors.

     (b) Notwithstanding anything herein to the contrary, the lien and security interest granted to
the Collateral Agent pursuant to this Agreement shall be a second priority lien on and security
interest in Pledged Collateral and the exercise of any right or remedy by the Collateral Agent
hereunder is subject to the provisions of the Intercreditor Agreement. In the event of any
conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the
Intercreditor Agreement shall govern and control. Notwithstanding anything herein to the contrary,
prior to the Senior Discharge Date (as defined in the Intercreditor Agreement), the requirements of
this Agreement to deliver any of the Pledged Collateral to the Collateral Agent shall be deemed
satisfied by delivery of such Pledged Collateral to the Revolving Collateral Agent (as bailee for
the Collateral Agent). In the event any Pledgor shall pledge any assets or undertake any actions
to perfect or protect any liens on any assets pledged in connection with the Credit Agreement, such
Pledgor shall also at the time pledge such assets to the Collateral Agent and undertake such
actions with respect to the Pledged Collateral for the benefit of the Collateral Agent without
request by the Collateral Agent

SECTION 3. No Assumption of Liability. The security interest in the Pledged Collateral is
granted as security only and shall not subject the Collateral Agent or any other Secured Parties to
any obligation or liability, or in any way alter or modify, any obligation or liability of any
Pledgor, in each case, with respect to or arising out of the Pledged Collateral.

SECTION 4. Delivery of the Pledged Collateral.

     (a) Each Pledgor represents and warrants that all stock certificates, agreements, instruments
notes or other securities now or hereafter included in the Pledged Collateral (the “Pledged
Securities”) in existence on the date hereof have been delivered to the Collateral Agent. Upon
delivery to the Collateral Agent, (i) the Pledged Securities shall be accompanied by stock powers
duly executed in blank or other instruments of transfer reasonably satisfactory to the Collateral
Agent and by such other instruments and documents as the Collateral Agent may reasonably request in
order to allow the Collateral Agent, only upon the occurrence and continuance of an Event of
Default, to exercise its rights and remedies under this Agreement and (ii) all other property
comprising part of the Pledged Collateral shall be accompanied by proper instruments of assignment
duly executed by the applicable Pledgor and such other instruments or documents as the Collateral
Agent may reasonably request. Each delivery of Pledged Securities shall be accompanied by a
schedule describing the securities theretofore and then being pledged hereunder, which schedule
shall be attached hereto as Schedule II and made a part hereof. Each schedule so delivered
shall supersede any prior schedules so delivered. Schedule II may be amended from time to
time by the addition of the Pledged Collateral subsequently created or acquired by execution of a
supplement in substantially the form of Annex I attached hereto.

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     (b) Each Pledgor will cause any indebtedness for borrowed money in excess of $1,000,000 owed
to the Pledgor by any Person to be evidenced by a duly executed promissory note and promptly notify
the Collateral Agent thereof and upon request of the Collateral Agent, deliver such promissory note
to the Collateral Agent pursuant to the terms thereof.

SECTION 5. Representations, Warranties And Covenants. Each Pledgor hereby represents,
warrants and covenants, as to itself and the Pledged Collateral pledged by it hereunder, to the
Collateral Agent that:

     (a) the Pledged Equity Interests represent that percentage as set forth on Schedule II
of the issued and outstanding shares of each class of the Equity Interests of the issuer with
respect thereto;

     (b) except for the security interest granted hereunder, such Pledgor (i) except to the extent
otherwise permitted by the Indenture, is and will at all times continue to be the direct owner,
beneficially and of record, of the Pledged Collateral indicated on Schedule II, (ii) holds
the same free and clear of all Liens except for non-consensual Permitted Collateral Liens and Liens
permitted pursuant to clauses (vii), (xvi) and (xxvi) of the definition of Permitted Liens as set
forth in the Indenture and any equivalent provisions of each Additional Pari Passu Agreement, (iii)
will make no assignment, pledge, hypothecation or transfer of, or create or permit to exist any
security interest in or other Lien on, the Pledged Collateral other than pursuant hereto, the
Indenture and the Credit Agreement, and (iv) subject to Sections 4 and 6, will
cause any and all Pledged Collateral required to be delivered pursuant hereto to be forthwith
deposited with the Collateral Agent and pledged or assigned hereunder;

     (c) such Pledgor (i) has the power and authority to pledge the Pledged Collateral in the
manner hereby done or contemplated and (ii) will defend its title or interest thereto or therein
against any and all Liens, however arising, of all Persons whomsoever except for non-consensual
Permitted Collateral Liens and Liens permitted pursuant to clauses (vii), (xvi) and (xxvi) of the
definition of Permitted Liens as set forth in the Indenture and any equivalent provisions of each
Additional Pari Passu Agreement;

     (d) no consent of any other Person (including stockholders or creditors of any Pledgor) and no
consent or approval of any governmental authority or any securities exchange was or is necessary to
the validity of the pledge effected hereby;

     (e) by virtue of the execution and delivery by the Pledgors of this Agreement, when the
Pledged Securities, certificates or other documents representing or evidencing the Pledged
Collateral are delivered to the Collateral Agent in accordance with this Agreement or upon the
filing of financing statements in the proper jurisdictions, the Collateral Agent will have a valid
and perfected lien upon, and security interest in, such Pledged Collateral as security for the
payment and performance of the Obligations;

     (f) the pledge effected hereby is effective to vest in the Collateral Agent, on behalf of the
Secured Parties, the rights of the Collateral Agent in the Pledged Collateral as set forth herein;

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     (g) all information set forth herein relating to the Pledged Collateral, including but not
limited to the information set forth on Schedule II hereto, is accurate and complete in all
material respects as of the date hereof;

     (h) the Pledged Equity Interests of each subsidiary of a Pledgor have been duly authorized and
validly issued and are fully paid and non-assessable;

     (i) except as permitted hereby, the Pledged Equity Interests described on Schedule II
hereof constitute all of the issued and outstanding shares of stock of each of the subsidiaries of
such Pledgor owned by such Pledgor;

     (j) each Pledgor agrees that it will (i) except to the extent otherwise permitted by the
Indenture, cause each of the issuers that are subsidiaries of the Pledgors not to issue any stock
or other securities in addition to or substitution for the Pledged Securities issued by such
issuer, except to the respective Pledgor and (ii) pledge hereunder and deliver to the Collateral
Agent as set forth in Section 4, immediately upon its acquisition (directly or indirectly) thereof,
any and all such additional shares of stock or other securities of each issuer of the Pledged
Securities, subject to the terms hereof; and

     (k) the pledge of the Pledged Securities pursuant to this Agreement does not violate
Regulation T, U or X of the Federal Reserve Board or any successor thereto as of the date hereof.

SECTION 6. Registration in Nominee Name; Denominations. The Collateral Agent shall have
the right (in its sole and absolute discretion) to hold the Pledged Securities in the name of the
Pledgors, endorsed or assigned in blank or in favor of the Collateral Agent, or upon the occurrence
and during the continuance of an Event of Default, subject to the terms of the Intercreditor
Agreement, in its own name as pledgee or the name of its nominee (as pledgee or as sub-agent).
Each Pledgor will promptly give to the Collateral Agent copies of any material notices or other
communications received by it with respect to Pledged Securities registered in the name of such
Pledgor. Upon the occurrence of an Event of Default and subject to the terms of the Intercreditor
Agreement, the Collateral Agent shall at all times have the right to exchange the certificates
representing Pledged Securities for certificates of smaller or larger denominations for any purpose
consistent with this Agreement.

SECTION 7. Voting Rights; Dividends and Interest, Etc.

     (a) Unless and until an Event of Default shall have occurred and be continuing:

     (i) Each Pledgor shall be entitled to exercise any and all voting and other consensual
rights and powers inuring to an owner of Pledged Securities or any part thereof for any
purpose consistent with the terms of this Agreement and the other Notes Documents;
provided, however, that such Pledgor will not be entitled to exercise any
such right if the result thereof could materially and adversely affect the rights inuring to
a holder of the Pledged Securities or the rights and remedies of any of the Secured Parties
under this Agreement or any other Notes Document or the ability of the Secured Parties to
exercise the same.

-5-

 

     (ii) Each Pledgor shall be entitled to receive and retain any and all cash dividends,
interest and principal paid on the Pledged Collateral to the extent and only to the extent
that such cash dividends, interest and principal are permitted by, and otherwise paid in
accordance with, the terms and conditions of the Notes Documents and applicable laws.

     (iii) The Collateral Agent shall execute and deliver to each Pledgor, or cause to be
executed and delivered to each Pledgor, all such proxies, powers of attorney and other
instruments as such Pledgor may reasonably request for the purpose of enabling such Pledgor
to exercise the voting and/or consensual rights and powers it is entitled to exercise
pursuant to subparagraph (i) above and to receive the cash dividends it is entitled to
receive pursuant to subparagraph (ii) above.

     (b) Upon the occurrence and during the continuance of an Event of Default, subject to the
terms of the Intercreditor Agreement, all rights of any Pledgor to dividends, interest or principal
that such Pledgor is authorized to receive pursuant to paragraph (a)(ii) above shall cease, and all
such rights shall thereupon become vested in the Collateral Agent, which shall have the sole and
exclusive right and authority to receive and retain such dividends, interest or principal. All
dividends, interest or principal received by the Pledgor contrary to the provisions of this
Section 7 shall be held in trust for the benefit of the Collateral Agent, shall be
segregated from other property or funds of such Pledgor and shall be forthwith delivered to the
Collateral Agent upon demand in the same form as so received (with any necessary endorsement). Any
and all money and other property paid over to or received by the Collateral Agent pursuant to the
provisions of this paragraph (b) shall be retained by the Collateral Agent in an account to be
established by the Collateral Agent upon receipt of such money or other property and shall be
applied in accordance with the provisions of the Intercreditor Agreement. After all Events of
Default have been cured or waived, the Pledgor shall thereafter be entitled to retain all cash
dividends that such Pledgor would otherwise be permitted to retain pursuant to the terms of
paragraph (a)(ii) above.

     (c) Upon the occurrence and during the continuance of an Event of Default, subject to the
terms of the Intercreditor Agreement, all rights of any Pledgor to exercise the voting and
consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this
Section 7, and the obligations of the Collateral Agent under paragraph (a)(iii) of this
Section 7, shall cease upon the giving of notice by the Collateral Agent to the Pledgor,
and all such rights shall thereupon become vested in the Collateral Agent, which shall have the
sole and exclusive right and authority to exercise such voting and consensual rights and powers,
provided that the Collateral Agent shall have the right, but not the obligation, from time
to time following and during the continuance of an Event of Default to permit the Pledgors to
exercise such rights. After all Events of Default have been cured or waived, each Pledgor will
have the right to exercise the voting and consensual rights and powers that it would otherwise be
entitled to exercise pursuant to the terms of paragraph (a)(i) above.

SECTION 8. Remedies Upon Default.

-6-

 

     (a) Upon the occurrence and during the continuance of an Event of Default, subject to the
terms of the Intercreditor Agreement, Collateral Agent, on behalf of the Secured Parties, may
exercise all the rights and remedies granted under this Agreement, including, without limitation,
the right to sell the Pledged Collateral, or any part thereof, at public or private sale or at any
broker’s board, on any securities exchange or in the over-the-counter market, for cash, upon credit
or for future delivery as the Collateral Agent shall deem appropriate subject to the terms hereof
or as otherwise provided in the Uniform Commercial Code of any applicable jurisdiction; provided
that, except as otherwise expressly provided in the Indenture or the other Note Documents, the
Collateral Agent shall exercise, or refrain from exercising, any remedies provided for herein, in
accordance with the instructions of the Required Secured Parties (as defined in the Security
Agreement). The Collateral Agent shall be authorized at any such sale (if it deems it advisable to
do so) to restrict to the full extent required by applicable law the prospective bidders or
purchasers to Persons who will represent and agree that they are purchasing the Pledged Collateral
for their own account for investment and not with a view to the distribution or sale thereof, and
upon consummation of any such sale the Collateral Agent shall have the right to assign, transfer
and deliver to the purchaser or purchasers thereof the Pledged Collateral so sold. Each such
purchaser at any such sale shall hold the property sold absolutely free from any claim or right on
the part of any Pledgor, and, to the extent permitted by applicable law, the Pledgors hereby waive
all rights of redemption, stay, valuation and appraisal any Pledgor now has or may at any time in
the future have under any rule of law or statute now existing or hereafter enacted.

     (b) The Collateral Agent shall give a Pledgor ten (10) days’ prior written notice of the
Collateral Agent’s intention to make any sale of such Pledgor’s Pledged Collateral. Such notice,
in the case of a public sale, shall state the time and place for such sale and, in the case of a
sale at a broker’s board or on a securities exchange, shall state the board or exchange at which
such sale is to be made and the day on which the Pledged Collateral, or portion thereof, will first
be offered for sale at such board or exchange. Any such public sale shall be held at such time or
times within ordinary business hours and at such place or places as the Collateral Agent may fix
and state in the notice of such sale. At any such sale, the Pledged Collateral, or portion
thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Collateral
Agent may (in its sole and absolute discretion) determine. The Collateral Agent shall not be
obligated to make any sale of any Pledged Collateral if it shall determine not to do so, regardless
of the fact that notice of sale of such Pledged Collateral shall have been given. The Collateral
Agent may, without notice or publication, adjourn any public or private sale or cause the same to
be adjourned from time to time by announcement at the time and place fixed for sale, and such sale
may, without further notice, be made at the time and place to which the same was so adjourned. In
case any sale of all or any part of the Pledged Collateral is made on credit or for future
delivery, the Pledged Collateral so sold may be retained by the Collateral Agent until the sale
price is paid in full by the purchaser or purchasers thereof, but the Collateral Agent shall not
incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the
Pledged Collateral so sold and, in case of any such failure, such Pledged Collateral may be sold
again upon like notice. At any public (or, to the extent permitted by applicable law, private)
sale made pursuant to this Section 8, any Secured Party may bid for or purchase, free from any
claim or right of whatever kind, including any equity of redemption, of the Pledgors, any such
demand, notice, claim, right or equity being

-7-

 

hereby expressly waived and released, the Pledged Collateral or any part thereof offered for sale and
may make payment on account thereof by using any Obligation then due and payable to it from such
Pledgor as a credit against the purchase price, and it may, upon compliance with the terms of sale,
hold, retain and dispose of such property without further accountability to such Pledgor therefor.

SECTION 9. Application of Proceeds of Sale. Subject to the terms of the Intercreditor
Agreement, the proceeds of sale of the Pledged Collateral sold pursuant to Section 8 hereof
shall be applied in accordance with the provisions of the Security Agreement.

SECTION 10. Reimbursement of Collateral Agent.

     (a) Each Pledgor agrees to pay upon demand by the Collateral Agent the amount of any and all
reasonable expenses, including the reasonable fees, other charges and disbursements of its counsel
and of any experts or agents, that the Collateral Agent may incur in connection with (i) the
administration of this Agreement, (ii) the custody or preservation of, or the sale of, collection
from, or other realization upon, any of the Pledged Collateral, (iii) the exercise or enforcement
of any of the rights of the Collateral Agent hereunder or (iv) the failure by such Pledgor to
perform or observe any of the provisions hereof.

     (b) Without limitation of its indemnification obligations under the other Notes Documents,
each Pledgor agrees to indemnify the Secured Parties and their respective Indemnitees
(collectively, the “Indemnified Parties”) against, and hold each such Indemnified Party
harmless from, any and all losses, claims, damages, liabilities and related expenses, including
reasonable counsel fees, other charges and disbursements, incurred by or asserted against any such
Indemnified Party arising out of, in any way connected with, or as a result of (i) the execution or
delivery of this Agreement or any other Collateral Document or any agreement or instrument
contemplated hereby or thereby, the performance by the parties hereto of their respective
obligations thereunder or the consummation of the other transactions contemplated thereby or (ii)
any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not
any Indemnified Party is a party thereto, provided that such indemnity shall not, as to any
Indemnified Party, be available to the extent that such losses, claims, damages, liabilities or
related expenses are determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of such Indemnified
Party.

     (c) Any amounts payable as provided hereunder shall be additional Obligations secured hereby
and by the other Collateral Documents. The provisions of this Section 10 shall remain
operative and in full force and effect regardless of the termination of this Agreement or any other
Notes Document, the consummation of the transactions contemplated thereby, the repayment of any of
the Obligations, the invalidity or unenforceability of any term or provision of this Agreement or
any other Notes Document or any investigation made by or on behalf of the Collateral Agent or any
Secured Party. All amounts due under this Section 10 shall be payable on written demand
therefore given in accordance with Section 17 hereof.

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SECTION 11. Collateral Agent Appointed Attorney-In-Fact. Each Pledgor hereby appoints the
Collateral Agent the attorney-in-fact of such Pledgor for the purpose of carrying out the
provisions of this Agreement and taking any action and executing any instrument that the Collateral
Agent may deem necessary or advisable to accomplish the purposes hereof, which appointment is
irrevocable and coupled with an interest. Without limiting the generality of the foregoing and
subject to the terms of the Intercreditor Agreement, the Collateral Agent shall have the right,
upon the occurrence and during the continuance of an Event of Default, with full power of
substitution either in the Collateral Agent’s name or in the name of such Pledgor, to ask for,
demand, sue for, collect, receive and give acquittance for any and all monies due or to become due
under and by virtue of any Pledged Collateral, to endorse checks, drafts, orders and other
instruments for the payment of money payable to the Pledgor representing any interest or dividend
or other distribution payable in respect of the Pledged Collateral or any part thereof or on
account thereof and to give full discharge for the same, to settle, compromise, prosecute or defend
any action, claim or proceeding with respect thereto, and to sell, assign, endorse, pledge,
transfer and to make any agreement respecting, or otherwise deal with, the same; provided,
however, that nothing herein contained shall be construed as requiring or obligating the
Collateral Agent to make any commitment or to make any inquiry as to the nature or sufficiency of
any payment received by the Collateral Agent, or to present or file any claim or notice, or to take
any action with respect to the Pledged Collateral or any part thereof or the monies due or to
become due in respect thereof or any property covered thereby. The Collateral Agent and the other
Secured Parties shall be accountable only for amounts actually received as a result of the exercise
of the powers granted to them herein, and neither they nor their shareholders, officers, directors,
employees or agents shall be responsible to any Pledgor for any act or failure to act hereunder,
except for their own gross negligence or willful misconduct.

SECTION 12. Collateral Agent May Perform. If any Pledgor fails to perform any agreement
contained herein, upon written notice to such Pledgor and to the extent the applicable Pledgor has
not remedied such failure to perform within thirty (30) days, the Collateral Agent but is under no
obligation to may itself perform, or cause performance of, such agreement, and the reasonable
expenses of the Collateral Agent incurred in connection therewith shall be payable by the Pledgors
under Section 10 hereof.

SECTION 13. Waivers; Amendment.

     (a) No failure or delay of the Collateral Agent in exercising any power or right hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or
power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any
other or further exercise thereof or the exercise of any other right or power. The rights and
remedies of the Collateral Agent hereunder and of the other Secured Parties under the other Notes
Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise
have. No waiver of any provisions of this Agreement or consent to any departure by any Pledgor
therefrom shall in any event be effective unless the same shall be permitted by paragraph (b)
below, and then such waiver or consent shall be effective only in the specific instance and for the
purpose for which given. No notice or demand on

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any Pledgor in any case shall entitle such Pledgor to any other or further notice or
demand in similar or other circumstances.

     (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to a written agreement entered into between the Collateral Agent, the Pledgor or Pledgors
with respect to which such waiver, amendment or modification is to apply and by each other
Additional Pari Passu Agent (as defined in the Security Agreement) to the extent required by (and
in accordance with) each Additional Pari Passu Agreement (as defined in the Security Agreement)
subject to any consent requirements of the Indenture or any other Additional Pari Passu Agreement.

SECTION 14. Securities Act, Etc. In view of the position of the Pledgors in relation to
the Pledged Securities, or because of other current or future circumstances, a question may arise
under the Securities Act of 1933, as now or hereafter in effect, or any similar statute hereafter
enacted analogous in purpose or effect (such Act and any such similar statute as from time to time
in effect being called the “Federal Securities Laws”) with respect to any disposition of
the Pledged Securities permitted hereunder. Each Pledgor understands that compliance with the
Federal Securities Laws might limit the course of conduct of the Collateral Agent if the Collateral
Agent were to attempt to dispose of all or any part of the Pledged Securities, and might also limit
the extent to which or the manner in which any subsequent transferee of any Pledged Securities
could dispose of the same. Similarly, there may be other legal restrictions or limitations
affecting the Collateral Agent in any attempt to dispose of all or part of the Pledged Securities
under applicable Blue Sky or other state securities laws or similar laws analogous in purpose or
effect. Each Pledgor recognizes that in light of such restrictions and limitations the Collateral
Agent may, with respect to any sale of the Pledged Securities, limit the purchasers to those who
will agree, among other things, to acquire such Pledged Securities for their own account, for
investment, and not with a view to the distribution or resale thereof. Each Pledgor acknowledges
and agrees that in light of such restrictions and limitations, the Collateral Agent, in its sole
and absolute discretion, may proceed to make such a sale whether or not a registration statement
for the purpose of registering such Pledged Securities or part thereof shall have been filed under
the Federal Securities Laws. Each Pledgor acknowledges and agrees that any such sale might result
in prices and other terms less favorable to the seller than if such sale were a public sale without
such restrictions. In the event of any such sale, the Collateral Agent shall incur no
responsibility or liability for selling all or any part of the Pledged Securities at a price that
the Collateral Agent, in its sole and absolute discretion, may in good faith deem reasonable under
the circumstances, notwithstanding the possibility that a substantially higher price might have
been realized if the sale were deferred until after registration as aforesaid. The provisions of
this Section 14 will apply notwithstanding the existence of a public or private market upon
which the quotations or sales prices may exceed substantially the price at which the Collateral
Agent sells.

SECTION 15. Security Interest Absolute. All rights of the Collateral Agent hereunder, the
grant of a security interest in the Pledged Collateral and all obligations of each Pledgor
hereunder, shall be absolute and unconditional irrespective of (a) any lack of validity or
enforceability of the Notes Documents, any agreement with respect to any of the Obligations or any
other agreement or instrument relating to any of the foregoing, (b) any change in the time,

-10-

 

manner or place of payment of, or in any other term of, all or any of the Obligations, or any other
amendment or waiver of or any consent to any departure from any Notes Document or any other
agreement or instrument relating to any of the foregoing, (c) any exchange, release or
nonperfection of any other collateral, or any release or amendment or waiver of or consent to or
departure from any guarantee, for all or any of the Obligations or (d) any other circumstance that
might otherwise constitute a defense available to, or a discharge of, any Pledgor in respect of the
Obligations or in respect of this Agreement (other than the indefeasible payment in full of all the
Obligations).

SECTION 16. Termination or Release.

     (a) This Agreement and the pledge and security interest created hereby shall terminate upon
the Discharge of Obligations (as defined in the Security Agreement). Upon the Discharge of
Obligations with respect to the Indenture, the Required Secured Parties shall be entitled to
appoint a successor Collateral Agent under this Agreement and the other Security Document to the
extent that any Permitted Additional Pari Passu Obligations remain outstanding at such time.

     (b) Subject, in each case, to the terms of the Intercreditor Agreement, upon any sale or other
transfer by any Pledgor of any Pledged Collateral that is permitted under the Indenture and each
Additional Pari Passu Agreement and to any Person that is not a Pledgor, or, upon the effectiveness
of any written consent to the release of the security interest granted hereby in any Pledged
Collateral pursuant to the Indenture and each Additional Pari Passu Agreement, the security
interest in such Pledged Collateral shall be automatically released.

     (c) The security interests granted hereunder shall terminate and be released, in whole or in
part, (i) as to Note Obligations under the Indenture, as provided in the Indenture and (ii) as to
the Permitted Additional Pari Passu Obligations under any Additional Pari Passu Agreement, as
provided in such Additional Pari Passu Agreement.

     (d) Upon termination of this Agreement or release of the security interest in any Pledged
Collateral pursuant to (a), (b) or (c) above, the Collateral Agent shall execute and deliver to the
Pledgors, at the Pledgors’ expense, all appropriate documents which the Pledgors shall reasonably
request to evidence such termination. Any execution and delivery of termination statements or
documents pursuant to this Section 16 shall be without recourse to or warranty by the
Collateral Agent.

SECTION 17. Notices. Notices and other communications provided for herein shall be in the
manner and at the addresses set forth in, and otherwise in accordance with, Section 13.2 of the
Indenture (whether or not then in effect) and if to any Additional Pari Passu Agent or holders of
any Permitted Additional Pari Passu Obligation, to the address specified in the applicable
Additional Pari Passu Joinder Agreement (as defined in the Security Agreement).

SECTION 18. Further Assurances. Each Pledgor agrees to do such further acts and things,
and to execute and deliver such additional conveyances, assignments, agreements and instruments, as
may be necessary or as the Collateral Agent may at any time reasonably request in

-11-

 

connection with the administration and enforcement of this Agreement or with respect to the Pledged
Collateral or any part thereof or in order better to assure and confirm unto the Collateral Agent
its rights and remedies hereunder.

SECTION 19. Successors and Assigns. The provisions of this Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and assigns, except
that the Pledgors may not assign or otherwise transfer any of their rights or obligations hereunder
except as permitted by the Indenture and each Additional Pari Passu Agreement.. Nothing in this
Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto and their respective successors and assigns permitted hereby) any legal or equitable
right, remedy or claim under or by reason of this Agreement.

SECTION 20. Counterparts; Effectiveness. This Agreement may be executed in counterparts
(and by different parties hereto on different counterparts), each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. This Agreement
shall become effective as to any Pledgor when a counterpart hereof executed on behalf of such
Pledgor shall have been delivered to the Collateral Agent. Delivery of an executed counterpart of
a signature page of this Agreement by telecopy or email shall be effective as delivery of a
manually executed counterpart of this Agreement. This Agreement shall be construed as a separate
agreement with respect to each Pledgor and may be amended, modified, supplemented, waived or
released with respect to any Pledgor without the approval of any other Pledgor and without
affecting the obligations of any other Pledgor hereunder.

SECTION 21. Severability. Any provision of this Agreement held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such invalidity, illegality or unenforceability without affecting the validity, legality and
enforceability of the remaining provisions hereof; and the invalidity of a particular provision in
a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

SECTION 22. Governing Law; Jurisdiction; Consent to Service of Process.

     (a) This Agreement shall be construed in accordance with and governed by the internal laws of
the State of New York, without giving effect to any conflict of law principles.

     (b) The Pledgors hereby irrevocably and unconditionally submit, for themselves and their
property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in
New York County and of the United States District Court of the Southern District of New York, and
any appellate court from any thereof, in any action or proceeding arising out of or relating to
this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto
hereby irrevocably and unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such New York State or, to the extent permitted by law,
in such Federal court. Each of the parties hereto agrees that a final judgment in any such action
or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right
that the Collateral Agent, or any Se-

-12-

 

cured Party may otherwise have to bring any action or proceeding relating to this Agreement
against the Pledgors or their properties in the courts of any jurisdiction.

     (c) The Pledgors hereby irrevocably and unconditionally waive, to the fullest extent they may
legally and effectively do so, any objection which they may now or hereafter have to the laying of
venue of any suit, action or proceeding arising out of or relating to this Agreement in any court
referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court.

     (d) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 13.2 of the Indenture. Nothing in this Agreement will affect the
right of any party to this Agreement to serve process in any other manner permitted by law.

SECTION 23. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A)
CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION.

SECTION 24. Headings. Section headings used herein are for the purpose of reference only,
are not part of this Agreement and are not to affect the construction of, or to be taken into
consideration in interpreting, this Agreement.

SECTION 25. Additional Pledgors. Each subsequently acquired or organized Domestic
Subsidiary required by Section 4.20 of the Indenture and any equivalent provision of each
Additional Pari Passu Agreement to enter in to this Agreement as an additional Pledgor (each such
Domestic Subsidiary, an “Additional Pledgor”) shall execute an Instrument of Assumption and
Joinder (a “Joinder”) substantially in the form of Annex II. Upon execution and
delivery of any such Joinder to Collateral Agent, each such Additional Pledgor shall become a
Pledgor hereunder with the same force and effect as if originally named as a Pledgor herein. The
execution and delivery of such instrument shall not require the consent of any Pledgor hereunder.
The rights and obligations of each Pledgor hereunder shall remain in full force and effect
notwithstanding the addition of any new Pledgor as a party to this Agreement.

SECTION 26. Execution of Financing Statements. Pursuant to Section 9-509 of the Uniform
Commercial Code as in effect in the State of New York, each Pledgor authorizes the

-13-

 

Collateral Agent to file financing statements with respect to the Pledged Collateral owned by it
without the signature of such Pledgor in such form and in such filing offices as the Collateral
Agent reasonably determines appropriate to perfect the security interests of the Collateral Agent
under this Agreement.

SECTION 27. Incorporation by Reference. In connection with its execution and acting
hereunder the Collateral Agent is entitled to all rights, privileges, protections, immunities,
benefits and indemnities provided to it under the Security Agreement. In the event of any conflict
between the terms of this Agreement and the Security Agreement, the terms of the Security Agreement
shall govern and control.

[Remainder of Page Intentionally Left Blank]

-14-

 

          IN WITNESS WHEREOF, each of the Pledgors has caused this Agreement to be duly executed by its
officer thereunto duly authorized as of the date and year first above written.

	 	 	 	 	 
	 	AMERICAN COMMERCIAL LINES LLC

COMMERCIAL BARGE LINE COMPANY

JEFFBOAT LLC

ACL TRANSPORTATION SERVICES LLC

 	 
	 	By:  	/s/ Dawn R. Landry
 	 
	 	 	Name:  	Dawn R. Landry 	 
	 	 	Title:  	Vice President and Secretary of
each 	 
	 
	 	AMERICAN COMMERCIAL LINES INC.

 	 
	 	By:  	/s/ Dawn R. Landry
 	 
	 	 	Name:  	Dawn R. Landry 	 
	 	 	Title:  	Senior Vice President, General
Counsel and Corporate Secretary 	 
	 

	 	 	 	 	 
	Accepted and Agreed to:

THE BANK OF NEW YORK

MELLON TRUST COMPANY, N.A.,

as Collateral Agent

 	 	 
	By:  	/s/ Steven Blumberg
 	 	 
	 	Name:  	Steven Blumberg 	 	 
	 	Title:  	Vice President 	 	 

Signature Page to Pledge Agreement

 

 

Schedule I to the Pledge Agreement

PARTIES

	 	 	 
	 	 	Jurisdiction of
	Name	 	Incorporation
	American Commercial Lines LLC

	 	Delaware
	Commercial Barge Line Company

	 	Delaware
	Jeffboat LLC

	 	Delaware
	ACL Transportation Services LLC

	 	Delaware
	ACL Commercial Lines Inc.

	 	Delaware

Schedule I to Pledge Agreement

 

 

Schedule II

to

Pledge Agreement

PLEDGED EQUITY INTERESTS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	PLEDGOR	 	ISSUER	 	CERTIFICATE NUMBER	 	NO. OF SHARES	 	CLASS OR CATEGORY	 	% OWNED
	American Commercial
Lines Inc.

	 	Commercial Barge

Line Company
	 	 	2	 	 	 	10	 	 	Common
	 	 	100	%
	Commercial Barge 

Line Company

	 	American Commercial

Lines LLC
	 	Not certificated
	 	 	 	 	 	Membership Interests
	 	 	100	%
	Commercial Barge 

Line Company

	 	ACL Transportation

Services LLC
	 	Not certificated
	 	 	 	 	 	Membership Interests
	 	 	100	%
	Commercial Barge 

Line Company

	 	Jeffboat LLC
	 	Not certificated
	 	 	 	 	 	Membership Interests
	 	 	100	%
	Commercial Barge 

Line Company

	 	ACL Professional
Services Inc.
	 	 	1	 	 	 	10	 	 	Common
	 	 	100	%
	American Commercial 

Lines LLC

	 	ACL Finance Corp.
	 	 	1	 	 	 	10	 	 	Common
	 	 	100	%
	American Commercial 

Lines LLC

	 	American Commercial

Lines International

LLC
	 	 	2	 	 	 	100	 	 	Membership Interests
	 	 	100	%
	American Commercial 

Lines LLC

	 	American Commercial

Barge Line LLC
	 	Not certificated
	 	 	 	 	 	Membership Interests
	 	 	100	%

DEBT SECURITIES

None.

Schedule II to Pledge Agreement

 

 

ANNEX I

FORM OF SUPPLEMENT

SUPPLEMENT NO. __ TO THE

PLEDGE AGREEMENT DATED AS OF __________

          WHEREAS, pursuant to that certain Pledge Agreement, dated as of July 7, 2009 (as the same has
been, or may hereafter be, amended or supplemented from time to time, the “Pledge
Agreement”; made by the Pledgors (as defined in the Pledge Agreement) in favor of The Bank of
New York, Mellon Trust Company, N.A., as Collateral Agent for the Secured Parties, the Pledgors
have granted, pledged, hypothecated and transferred to the Collateral Agent for the ratable benefit
of the Secured Parties, a security interest in all of the Pledgors’ right, title and interest in,
to and under the Pledged Collateral, all as more fully set forth in the Pledge Agreement.
Capitalized terms used herein without definition shall have the meanings given to them in the
Pledge Agreement;

          A. WHEREAS, the undersigned Pledgor(s) have acquired or created additional Pledged Collateral
since the date of execution of the Pledge Agreement and the most recent Supplement thereto and hold
certain additional Pledged Collateral; and

          B. WHEREAS, Schedule II to the Pledge Agreement does not reflect Pledged Collateral
acquired or created by the Pledgors since the date of execution of the Pledge Agreement and the
most recent Supplement thereto.

          THEREFORE,

          To secure the prompt and complete payment and performance when due of the Obligations, to
secure the performance and observance by each of the Pledgors of all the agreements, covenants and
provisions contained in the Indenture and in the other Notes Documents for the benefit of the
Collateral Agent on behalf of the Secured Parties, the Pledgors do hereby grant to the Collateral
Agent, for the benefit of the Secured Parties, a security interest in and to all of the Pledgors’
right, title and interest in and to the Pledged Collateral being added to Schedule II to
the Pledge Agreement below.

          The Pledge Agreement is hereby supplemented, effective as of the date hereof, by amending
Schedule II thereof so as to reflect all of the Pledged Collateral in and to which the
Pledgors have granted a security interest to the Collateral Agent, for the ratable benefit of the
Secured Parties, pursuant to the terms of the Pledge Agreement and the Indenture.

          The following Pledged Collateral is hereby added to Schedule II to the Pledge
Agreement:

Annex I-1

 

CAPITAL STOCK OR OTHER EQUITY INTERESTS

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate	 	 	 	 	 	Class or	 	%
	Issuer	 	Number	 	Pledgor	 	No. of Shares	 	Category	 	Owned
	 	 	 	 	 	 	 	 	 	 	 

DEBT SECURITIES

          Except as expressly supplemented hereby, the Pledge Agreement shall continue in full force and
effect in accordance with the provisions thereof on the date hereof. As used in the Pledge
Agreement, the terms “Agreement”, “this Agreement”, “this Pledge Agreement”, “herein”, “hereafter”,
“hereto”, “hereof” and words of similar import, shall, unless the context otherwise requires, mean
the Pledge Agreement as supplemented by this Supplement.

          This Supplement shall be construed as supplemental to the Pledge Agreement and shall form a
part thereof, and the Pledge Agreement and all documents contemplated thereby and any previously
executed Supplements thereto, are each hereby incorporated by reference herein and confirmed and
ratified by the Pledgors.

          The execution and filing of this Supplement, and the addition of the Pledged Collateral set
forth herein are not intended by the parties to derogate from, or extinguish, any of the rights or
remedies of the Collateral Agent under (i) the Pledge Agreement and/or any agreement, amendment or
supplement thereto or any other instrument executed by the Pledgors or (ii) any financing
statement, continuation statement, deed or charge or other instrument executed by the Pledgors and
heretofore filed in any state or county in the United States of America or elsewhere.

[Remainder of Page Intentionally Left Blank]

Annex I-2

 

          IN
WITNESS WHEREOF, the Pledgors have caused this Supplement No.
___ to the Pledge Agreement to be duly executed as of the date and year first written above.

	 	 	 	 	 
	 	[NAME OF EACH PLEDGOR]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	Accepted and Agreed to:

THE BANK OF NEW YORK 

MELLON TRUST COMPANY, N.A.,

as Collateral Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Annex I-3

 

	 	 	 	 	 

ANNEX II

FORM OF INSTRUMENT OF JOINDER

          
JOINDER AGREEMENT dated as of ___________ (the “Joinder Agreement”) made by [Insert
Name of New Grantor] a [Insert State of Organization] [corporation, limited partnership or limited
liability company] (the “Company”) in favor of the Secured Parties (as defined in that
certain Pledge Agreement dated as of July 7, 2009 (as such agreement may be amended, amended and
restated, supplemented or otherwise modified, renewed or replaced from time to time, the
“Pledge Agreement”)) among the Pledgors referred to therein (the “Pledgors”) and
The Bank of New York Mellon Trust Company, N.A., as Collateral Agent (as defined in the Pledge
Agreement). Capitalized terms used but not defined herein shall have the meanings given to such
terms in the Pledge Agreement.

WITNESSETH

          The Company is a [Insert State of Organization] [corporation, limited partnership or limited
liability company], and is a subsidiary of [Insert name of Pledgor]. Pursuant to Section
25 of the Pledge Agreement, the Company is required to execute this document as a newly
[formed] [acquired] subsidiary of [Insert name of Pledgor].

          NOW, THEREFORE, in consideration of the premises and other good and valuable consideration,
the receipt of which is hereby acknowledged, the Company hereby agrees as follows:

SECTION 1. Assignment and Joinder.

          (a) The Company hereby expressly confirms that it has assumed, and hereby agrees to perform
and observe, each and every one of the covenants, rights, promises, agreements, terms, conditions,
obligations, appointments, duties and liabilities of a Pledgor under the Pledge Agreement and all
the other Collateral Documents applicable to it as a Pledgor. By virtue of the foregoing, the
Company hereby accepts and assumes any liability of a Pledgor related to each representation or
warranty, covenant or obligation made by a Pledgor in the Pledge Agreement or any other Collateral
Document and hereby expressly affirms, as of the date hereof, each of such representations,
warranties, covenants and obligations.

          (b) The company hereby pledges to the Collateral Agent for the benefit of the Secured Parties
all of its right, title and interest to the Pledged Collateral, including Pledged Collateral listed
on Schedule 1 hereto.

          (c) All references to the term “Pledgor” in the Pledge Agreement or any other Collateral
Document, or in any document or instrument executed and delivered or furnished, or to be executed
and delivered or furnished, in connection therewith shall be deemed to be references to, and shall
include, the Company.

Annex II-1

 

SECTION 2. Representations and Warranties. The Company hereby represents and warrants to
the Collateral Agent as follows:

     (a) The Company has the requisite [corporate, partnership or company] power and
authority to enter into this Joinder Agreement and to perform its obligations hereunder and
under the Pledge Agreement and the other Collateral Documents to which it is a party. The
execution, delivery and performance of this Joinder Agreement by the Company and the
performance of its obligations hereunder and under the Pledge Agreement and the other
Collateral Documents have been duly authorized by the [Board of Directors of the Company]
and no other [corporate, partnership or company] proceedings on the part of the Company are
necessary to authorize the execution, delivery or performance of this Joinder Agreement, the
transactions contemplated hereby or the performance of its obligations under the Pledge
Agreement or any other Collateral Document. This Joinder Agreement has been duly executed
and delivered by the Company. This Joinder Agreement, the Pledge Agreement and the other
Collateral Documents each constitutes a legal, valid and binding obligation of the Company
enforceable against it in accordance with its respective terms, subject, as to the
enforcement of remedies, to applicable bankruptcy, insolvency and similar laws affecting
creditors’ rights generally and to general principles of equity.

     (b) The representations and warranties set forth in Section 5 of the Pledge
Agreement are true and correct on and as of the date hereof (except to the extent that such
representations and warranties expressly relate to an earlier date) with the same effect as
if made on and as of the date hereof.

SECTION 3. Further Assurances. At any time and from time to time, upon the Collateral
Agent’s request and at the sole expense of the Company, the Company will promptly and duly execute
and deliver any and all further instruments and documents and take such further action as the
Collateral Agent reasonably deems necessary to effect the purposes of this Joinder Agreement.

SECTION 4. Binding Effect. This Joinder Agreement shall be binding upon the Company and
shall inure to the benefit of the Secured Parties and their respective successors and assigns.

SECTION 5. Conflict. In the event of a conflict between this Joinder Agreement and the
Pledge Agreement, the provisions of the Pledge Agreement will govern.

SECTION 6. GOVERNING LAW. THIS JOINDER AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF
LAW PRINCIPLES.

[Signature Pages Follow]

Annex II-2

 

          IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed and
delivered by its duly authorized officer as of the date first above written.

	 	 	 	 	 
	 	[NAME OF COMPANY]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE BANK OF NEW YORK 

MELLON TRUST COMPANY, N.A.,

as Collateral Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Annex II-3

 

	 	 	 	 	 

SCHEDULE 1

[Authorized capitalization:

Number of shares of capital stock

     outstanding:

Ownership of the outstanding

     capital stock:]

or

[General Partners:

Ownership of the

     partnership interests:]

or

[Members of the Company:

Ownership of the

     limited liability company

     interests:]

Schedule 1 to Annex II-1

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