Document:

ex4-6.htm

    EXHIBIT
4.6

     

    EXECUTION
VERSION

     

     

      
        

      

    

     

     

     

    SECURITY
AGREEMENT

     

    among

     

    ACCO
BRANDS CORPORATION,

     

    CERTAIN
OTHER SUBSIDIARIES OF ACCO BRANDS CORPORATION

    FROM TIME
TO TIME PARTY HERETO

     

    and

     

    U.S. BANK
NATIONAL ASSOCIATION,

    as
COLLATERAL TRUSTEE

     

    ________________________________

     

    Dated as
of September 30, 2009

    ________________________________

     

     

     

     

    
      
        

      

    

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    SECURITY
AGREEMENT

     

    SECURITY
AGREEMENT (as amended, modified, restated and/or supplemented from time to time,
this “Agreement”),
dated as of September 30, 2009, made by each of the undersigned assignors (each,
an “Assignor”
and, together with any other Person that becomes an assignor hereunder pursuant
to Section 10.12, the “Assignors”)
in favor of U.S. Bank National Association, as collateral trustee (together with
any successor collateral trustee, the “Collateral
Trustee”), for the benefit of the Secured Parties.  Certain
capitalized terms as used herein are defined in Article IX.  Except as
otherwise defined herein, all capitalized terms used herein and defined in the
Collateral Trust Agreement (as defined below) shall be used herein as therein
defined.

     

     

    W
I T N E S S E T H:

     

    WHEREAS,
ACCO Brands Corporation (the “Issuer”),
the other Assignors and U.S. Bank National Association, as trustee (together
with any successor trustee, the “Indenture
Trustee”), have entered into an Indenture, dated as of September 30, 2009
(as amended, modified, restated and/or supplemented from time to time, the
“Indenture”),
relating to the Issuer’s 10.625% Senior Secured Notes due 2015 (the “Senior
Secured Notes”);

     

    WHEREAS,
the Issuer, the other Assignors, the Trustee, the other representatives and
agents from time to time party thereto and the Collateral Trustee have entered
into a Collateral Trust Agreement, dated as of September 30, 2009 (as amended,
modified, restated and/or supplemented from time to time, the “Collateral
Trust Agreement”);

     

    WHEREAS,
pursuant to the Indenture, each Guarantor party thereto has guaranteed to the
Secured Parties the payment when due of all Secured Debt
Obligations;

     

    WHEREAS,
it is a condition precedent to the issuance of any Senior Secured Notes and any
other Series of Priority Lien Debt pursuant to the Priority Lien Documents that
each Assignor shall have secured its obligations under the Indenture and the
other Secured Debt Documents as set forth herein and executed and delivered to
the Pledgee this Agreement; and

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    WHEREAS,
each Assignor will obtain benefits from the issuance of Senior Secured Notes and
the other transactions contemplated by the Priority Lien Documents and,
accordingly, desires to execute this Agreement in order to satisfy the condition
described in the preceding paragraph;

     

    NOW,
THEREFORE, in consideration of the benefits accruing to each Assignor, the
receipt and sufficiency of which are hereby acknowledged, each Assignor hereby
makes the following representations and warranties to the Collateral Trustee for
the benefit of the Secured Parties and hereby covenants and agrees with the
Collateral Trustee for the benefit of the Secured Parties as
follows:

     

    ARTICLE
I

     

    SECURITY
INTERESTS

     

    1.1  Grant
of Security Interests.  (a)  As
security for the prompt and complete payment and performance when due of all of
the Secured Debt Obligations, each Assignor does hereby assign and transfer unto
the Collateral Trustee, and does hereby pledge and grant to the Collateral
Trustee, for the benefit of the Secured Parties, a continuing security interest
in all of the right, title and interest of such Assignor in, to and under all of
the following personal property and fixtures (and all rights therein) of such
Assignor, or in which or to which such Assignor has any rights, in each case
whether now existing or hereafter from time to time
acquired:

     

    
      	
               
      

            	
              (i)

            	
              each
      and every Account;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              all
      Money and Cash Equivalents;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      Collateral Proceeds Account and all monies, securities, Instruments and
      other investments deposited or required to be deposited in the Collateral
      Proceeds Account;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              all
      Chattel Paper (including, without limitation, all Tangible Chattel Paper
      and all Electronic Chattel Paper);

            

    

     

    
      	
               
      

            	
              (v)

            	
              all
      Commercial Tort Claims described on Schedule 5 of the Perfection
      Certificate (together with any Commercial Tort Claims as to which the
      Assignors have complied with the requirements of Section 3.11
      hereof);

            

    

     

    
      	
               
      

            	
              (vi)

            	
              Contracts,
      together with all Contract Rights arising
  thereunder;

            

    

     

    
      	
               
      

            	
              (vii)

            	
              all
      Equipment;

            

    

     

    
      	
               
      

            	
              (viii)

            	
              all Deposit
      Accounts, Securities Accounts and Commodity Accounts, and all other
      demand, deposit, time, savings, cash management, passbook and similar
      accounts maintained by such Assignor with any Person and all monies,
      securities, Instruments and other investments deposited or required to be
      deposited in any of the
  foregoing;

            

    

     

     

    
      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

    

     

    
      	
               
      

            	
              (ix)

            	
              all
      Farm Products;

            

    

     

    
      	
               

            	
              (x)

            	
              all
      Fixtures;

            

    

     

    
      	
               
      

            	
              (xi)

            	
              all
      Documents;

            

    

     

    
      	
               
      

            	
              (xii)

            	
              all
      General Intangibles;

            

    

     

    
      	
               
      

            	
              (xiii)

            	
              all
      Goods;

            

    

     

    
      	
               
      

            	
              (xiv)

            	
              all
      Instruments;

            

    

     

    
      	
               
      

            	
              (xv)

            	
              all
      Intellectual Property;

            

    

     

    
      	
               
      

            	
              (xvi)

            	
              all
      Inventory;

            

    

     

    
      	
               
      

            	
              (xvii)

            	
              all
      Investment Property;

            

    

     

    
      	
               
      

            	
              (xviii)

            	
              all
      Letter-of-Credit Rights, whether or not the respective letter of credit is
      evidenced by a writing (together with all Accounts, Chattel Paper,
      Instruments, Deposit Accounts, General Intangibles  and other
      obligations of any kind, whether or not arising out of or in connection
      with the sale or lease of goods or the rendering of services and whether
      or not earned by performance, the “Receivables”;
      and all rights now or hereafter existing in and to all supporting
      obligations and in and to all security agreements, mortgages, Liens,
      leases, letters of credit and other contracts securing or otherwise
      relating to the Receivables, being the “Related
      Contracts”);

            

    

     

    
      	
               
      

            	
              (xix)

            	
              all
      Permits;

            

    

     

    
      	
               
      

            	
              (xx)

            	
              all
      Software and computer programs and all Software and computer program
      licensing rights;

            

    

     

    
      	
               
      

            	
              (xxi)

            	
              all
      Supporting Obligations;

            

    

     

    
      	
               
      

            	
              (xxii)

            	
              all
      books and records (including, without limitation, customer lists, credit
      files, printouts and other computer output materials and records) of such
      Assignor pertaining to any of the
Collateral;

            

    

     

    
      	
               
      

            	
              (xxiii)

            	
              all
      other tangible and intangible personal property;
  and

            

    

     

    
      	
               
      

            	
              (xxiv)

            	
              all
      Proceeds and products of any and all of the foregoing (all of the above,
      the “Collateral”),

            

    

     

     

    
      provided
that, notwithstanding anything to the contrary in this Agreement, this Agreement
shall not constitute a grant of a security interest in, and “Collateral” shall
not include, any Excluded Asset.

    

     

     

    
      
        
           

        

        
          -3-

          
            

          

        

        
           

        

      

    

     

    (b)           The
security interest of the Collateral Trustee under this Agreement extends to all
Collateral which any Assignor may acquire, or with respect to which any Assignor
may obtain rights, at any time during the term of this Agreement.

     

    (c)           Notwithstanding
anything to the contrary contained in this Section 1.1 or elsewhere in this
Agreement, each Assignor and the Collateral Trustee (on behalf of the Secured
Parties) acknowledges and agrees that:

     

    
       

      
        
          
             

          

          
            -4-

            
              

            

          

          
             

          

        

      

       

    

    (i)           the
security interest granted pursuant to this Agreement (including pursuant to this
Section 1.1) to the Collateral Trustee for the benefit of the Secured Parties is
subject to the lien priorities set forth in the Intercreditor Agreement,
including, without limitation, Section 2.01 thereof; and

     

    (ii)           the
security interests of the ABL Collateral Agent on behalf of the holders of ABL
Debt Obligations in the Collateral constitute security interests separate and
apart (and of a different class and claim) from the security interests of the
Collateral Trustee on behalf of the Secured Parties in the
Collateral.

     

    1.2  Power
of Attorney.  Each
Assignor hereby constitutes and appoints the Collateral Trustee and any officer
or agent thereof (such appointment being coupled with an interest) its true and
lawful attorney, irrevocably, with full power (in the name of such Assignor or
otherwise) to, in each case subject to the Intercreditor
Agreement:

     

    
      	
               
      

            	
              (i)

            	
              obtain
      and adjust insurance required to be maintained by such Assignor or paid to
      the Collateral Trustee pursuant to Section 6.1 hereof or otherwise deemed
      necessary by the Collateral Trustee to preserve the value of the
      Collateral;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              upon
      the occurrence and during the continuance of any Event of Default, to ask
      for, collect, sue for, recover, act, require, demand, receive, compound
      and give acquittance for any and all moneys and claims for moneys due or
      to become due to such Assignor under or arising out of the
      Collateral;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              upon
      the occurrence and during the continuance of any Event of Default, to
      receive, endorse and collect any checks, drafts or other instruments or
      orders, documents and chattel paper in connection with clause (ii)
      above;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              upon the occurrence
      and during the continuance of any Event of Default, to (A) file any claims
      or take any action or institute any pro­ceed­ings which the
      Collateral Trustee may deem to be neces­sary or advisable for the
      collection
      of any of the Collateral or otherwise to protect the interests of the
      Secured Parties with respect to any of the Collateral and (B) defend any
      suit, action or proceeding brought against such Assignor with respect to
      any Collateral and settle, compromise or adjust any such suit, action or
      proceeding and, in connection therewith, give such discharges or releases
      as the Collateral Trustee may deem
      appropriate;

            

    

     

    
      	
               
      

            	
              (v)

            	
              upon
      the occurrence and during the continuance of any Event of Default, to
      direct any party liable for any payment under any Collateral to make
      payment of any moneys due or to become due thereunder directly to the
      Collateral Trustee or as the Collateral Trustee may
  direct;

            

    

     

    
      	
               
      

            	
              (vi)

            	
              upon
      the occurrence and during the continuance of any Event of Default, to
      execute, in connection with and sale provided for in Section 7.2, any
      

            

    

     

     

    
      
        
          
            
               

            

            
              -5-

              
                

              

            

            
               

            

          

        

         

      

    

    
      
        	
                 
      

              	
                 

              	
                endorsement,
      assignment or other instrument of conveyance or transfer with respect to
      the Collateral;

              

      

       

    

    
      	
               
      

            	
              (vii)

            	
              upon
      the occurrence and during the continuance of any Event of Default, to
      assign any Intellectual Property throughout the world for such term or
      terms, on such conditions, and in such manner as the Collateral Trustee
      shall in its sole discretion determine, including the execution and filing
      of any document necessary to effectuate or record such
      assignment;

            

    

     

    
      	
               
      

            	
              (viii)

            	
              to
      prepare and file any UCC financing statements relating to the Collateral
      against such Assignor (a copy of which shall be delivered to such
      Assignor)

            

    

     

    
      	
               
      

            	
              (ix)

            	
              to
      prepare, sign and file for recordation in any Intellectual Property
      registry, appropriate evidence of the lien and security interest granted
      herein in the Intellectual Property and the goodwill and General
      Intangibles of such Assignor relating thereto or represented thereby in
      the name of such Assignor as debtor (a copy of which shall be delivered to
      such Assignor);

            

    

     

    
      	
               
      

            	
              (x)

            	
              to
      pay or discharge taxes and Liens (other than Permitted Liens) levied or
      placed on or threatened against the Collateral, the legality or validity
      thereof and the amounts necessary to discharge the same to be determined
      by the Collateral Trustee (or as instructed by an Act of Required
      Debtholders); and

            

    

     

    
      	
               
      

            	
              (xi)

            	
              upon the occurrence
      and during the continuance of any Event of Default, generally to sell,
      transfer, pledge, make any agreement with respect to or otherwise deal
      with any of the Collateral as fully and completely as though the
      Collateral Trustee were the absolute owner thereof for all purposes, and
      to do, at the Collateral Trustee’s option and such Assignor’s expense, at
      any time and from time to time, all acts and things that the Collateral
      Trustee deems reasonably necessary to protect, preserve or realize upon
      the
      Collateral and the Collateral Trustee’s security interest therein in order
      to effect the intent of this Agreement, all as fully and effectively as
      such Assignor might
do.

            

    

     

    Each
Assignor hereby ratifies all that said attorneys shall lawfully do or cause to
be done by virtue hereof.

     

    ARTICLE
II

     

    GENERAL
REPRESENTATIONS, WARRANTIES AND COVENANTS

     

    Each
Assignor represents, warrants and covenants, which representations, warranties
and covenants shall survive execution and delivery of this Agreement, as
follows:

     

    2.1  Necessary
Filings.  All
filings, registrations, recordings and other actions necessary or
appro­priate to create, preserve and perfect the security interest granted
by such 

     

     

    
      
        
          
            
              
                 

              

              
                -6-

                
                  

                

              

              
                 

              

            

          

           

        

      

    

    Assignor
to the Collateral Trustee hereby in respect of the Collateral have been, or will
within two Business Days of the Issue Date (or such later date as provided in
the Indenture or other Secured Debt Documents) be, accomplished and the security
interest granted to the Collateral Trustee pursuant to this Agreement in and to
the Collateral creates a valid and, together with all such filings,
registrations, recordings and other actions, a perfected security interest
therein and such security interest is, in the case of the Notes Collateral,
first priority, and in the case of the ABL Collateral, second priority, prior to
the rights of all other Persons therein and subject to no other Liens (other
than Permitted Liens) and is entitled to all the rights, priorities and benefits
afforded by the UCC or other relevant law as enacted in any relevant
jurisdic­tion to per­fected security interests, in each case to the
extent that the Collateral consists of the type of prop­erty in which a
security interest may be perfected by possession or control (within the meaning
of the UCC as in effect on the date hereof in the State of New York), (i) by
filing a financing statement under the UCC as enacted in any relevant
jurisdiction or, (ii) in addition to the filing of such financing statements, by
a filing of an Intellectual Property Security Agreement in the respective form
attached hereto in the United States Patent and Trademark Office or in the
United States Copyright Office or any foreign equivalent office reasonably
requested by the Collateral Trustee (such filings of Intellectual Property
Security Agreements under this clause (ii), the “IP
Filings”); provided
that with respect to such IP Filings, the requirements in the foregoing sentence
shall apply (a) as of the Issue Date, with respect to all United States
registrations and applications for material Intellectual Property and all other
United States Intellectual Property for which all IP Recordals (as defined
below) are complete, including the Intellectual Property set forth in Schedule
2.1(a), (b) as of 30 days after the Issue Date, with respect to all other United
States registrations and applications for Intellectual Property, including the
Intellectual Property set forth in Schedule 2.1(b), and (c) as of 90 days after
the Issue Date, with respect to all material Intellectual Property that is
subject to a registration or application in foreign jurisdictions, including the
Intellectual Property set forth in Schedule 2.1(c).  For purposes of
clarification and without limitation to the foregoing, prior to each applicable
date set forth in clause (ii) of the preceding sentence, each Assignor shall, at
such Assignor’s expense, effect the necessary corrective change of ownership and
recordals with all patent, trademark and copyright offices, domain name
registrars and other similar authorities (i) where Intellectual Property of any
Assignor
is still recorded in the name of legal predecessors of such Assignor or any
party other than such Assignor or (ii) where the relevant recordals of the
patent, copyright and trademark offices, domain name registrars and other
similar authorities are incorrect for any other reason with respect to such
Intellectual Property of any Assignor (such corrective change of ownership and
recordals in clauses (i) and (ii), the “IP
Recordals”).  No authorization, approval or other action by,
and no notice to or filing with, any Governmental Authority or regulatory body
is required for either (i) the pledge or grant by any Assignor of the security
interests purported to be created in favor of the Collateral Trustee hereunder
or (ii) the exercise by the Collateral Trustee of any rights or remedies in
respect of any Collateral (whether specifically granted or created hereunder or
created or provided for by applicable law), except (A) for the filings
contemplated pursuant to this Section 2.1 and (B) as may be required, in
connection with the disposition of any Investment Property, by laws generally
affecting the offering and sale of securities and as may be required under
federal laws pertaining to Intellectual Property.

     

    2.2  No
Liens.  Such
Assignor is, and as to all Collateral acquired by it from time to time after the
date hereof such Assignor will be, the owner of all Collateral free from any
Lien or other right, title or interest of any Person (other than Permitted
Liens), and, subject to the 

     

    
       

      
        
          
             

          

          
            -7-

            
              

            

          

          
             

          

        

      

      
Intercreditor
Agreement, such Assignor shall defend the Collateral against all claims and
demands of all Persons at any time claiming the same or any interest therein
adverse to the Collateral Trustee.

    

     

    2.3  Other
Financing Statements.  As
of the date hereof, there is no financ­ing state­ment (or similar
statement or instrument of registration under the law of any juris­diction)
covering or purporting to cover any interest of any kind in the Collateral
(other than financing state­ments filed in respect of Permitted Liens), and
so long as the Discharge of Priority Lien Obligations has not occurred or any
other Secured Debt Obligations remain outstanding, such Assignor will not
execute or authorize to be filed in any public office any financing
state­ment (or similar statement or instrument of registra­tion under
the law of any jurisdiction) or state­ments relating to the Collateral,
except financ­ing statements filed or to be filed in respect of and covering
the security interests granted hereby by such Assignor or in connection with
Permitted Liens.

     

    2.4  Chief
Executive Office, Record Locations.  The
chief executive office of such Assignor is, on the date of this Agreement,
located at the address indicated in paragraph 1 of the Perfection Certificate
for such Assignor.  During the period of the four calendar months
preceding the date of this Agreement, the chief executive office of such
Assignor has not been located at any address other than that indicated in
paragraph 1 of the Perfection Certificate in accordance with the immediately
preceding sentence, in each case unless each such other address is also
indicated in paragraph 1 of the Perfection Certificate for such
Assignor.

     

    2.5  Location
of Inventory and Equipment.  All
Inventory and Equipment held on the date hereof, or held at any time during the
four calendar months prior to the date hereof, by each Assignor is located at
one of the locations shown in paragraph 1 of the Perfection Certificate for such
Assignor.  Each Assignor shall keep all Equipment and Inventory in the
locations specified in paragraph 1 of the Perfection Certificate; provided
that Equipment and Inventory may be moved to another location in the United
States as long as such location is in the United States and listed in paragraph
1 of the Perfection Certificate or such Assignor shall have provided the
Collateral Trustee with prior written notice of such new
location.

     

    2.6  Legal
Names; Type of Organization (and Whether a Registered Organization and/or a
Transmitting Utility); Jurisdiction of Organization; Location; Organizational
Identification Numbers; Federal Employer Identification Number; Changes Thereto;
etc.  The
exact legal name of each Assignor, the type of organization of such Assignor,
whether or not such Assignor is a Registered Organization, the jurisdiction of
organization of such Assignor, such Assignor’s Location, the organizational
identification number (if any) of such Assignor, the Federal Employer
Identification Number (if any), and whether or not such Assignor is a
Transmitting Utility, is listed in paragraph 2 of the Perfection Certificate for
such Assignor.  Such Assignor shall not change its legal name, its
type of organization, its status as a Registered Organization (in the case of a
Registered Organization), its status as a Transmitting Utility or as a Person
which is not a Transmitting Utility, as the case may be, its jurisdiction of
organization, its Location, its organizational identification number (if any),
or its Federal Employer Identification Number (if any) from that listed in
paragraph 2 of the Perfection Certificate, except that any such changes shall be
permitted (so long as not in violation of the applicable requirements of the
Secured Debt Documents and so long as same do not involve (x) a

     

    
       

      
        
          
             

          

          
            -8-

            
              

            

          

          
             

          

        

      

      
Registered
Organization ceasing to constitute same or (y) such Assignor changing its
jurisdiction of organization or Location from the United States or a State
thereof to a jurisdiction of organization or Location, as the case may be,
outside the United States or a State thereof) if (i) it shall have given to the
Collateral Trustee not less than 15 days’ prior written notice of each change to
the information listed in paragraph 2 of the Perfection Certificate (as adjusted
for any subsequent changes thereto previously made in accordance with this
sentence), and (ii) in connection with the respective such change or changes, it
shall have taken all action reasonably requested by the Collateral Trustee (or
as directed by an Act of Required Debtholders) to maintain the security
interests of the Collateral Trustee in the Collateral intended to be granted
hereby at all times fully perfected and in full force and effect.  In
addition, to the extent that such Assignor does not have an organizational
identification number on the date hereof and later obtains one, such Assignor
shall promptly thereafter notify the Collateral Trustee of such organizational
identification number and shall take all actions reasonably satisfactory to the
Collateral Trustee to the extent necessary to maintain the security interest of
the Collateral Trustee in the Collateral intended to be granted hereby fully
perfected and in full force and effect.

    

     

    2.7  Trade
Names; Etc.  Such
Assignor has or operates in any jurisdiction under, or in the preceding five
years has had or has operated in any jurisdiction under, no trade names,
fictitious names or other names except its legal name as specified in paragraph
2(a) of the Perfection Certificate and such other trade or fictitious names as
are listed in paragraph 3 of the Perfection Certificate for such
Assignor.  Such Assignor has not changed its legal name as specified
in paragraph 2(a) of the Perfection Certificate since August 17,
2005.  Such Assignor shall not assume or operate in any jurisdiction
under any new trade, fictitious or other name until (i) it shall have given to
the Collateral Trustee not less than 15 days’ written notice of its intention so
to do, clearly describing such new name and the jurisdictions in which such new
name will be used and providing such other information in connection therewith
as the Collateral Trustee may reasonably request and (ii) with respect to such
new name, it shall have taken all action reasonably requested by the Collateral
Trustee (or as directed by an Act of Required Debtholders) to maintain the
security interest of the Collateral Trustee in the Collateral intended to be
granted hereby at all times fully perfected and in full force and
effect.

     

    2.8  Certain
Significant Transactions. Since
August 17, 2005, no Person shall have merged or consolidated with or into any
Assignor, and no Person shall have liquidated into, or transferred all or
substantially all of its assets to, any Assignor, in each case except as
described in paragraph 4 of the Perfection Certificate.  With respect
to any transactions so described in paragraph 4 of the Perfection Certificate,
the respective Assignor shall have furnished such information with respect to
the Person (and the assets of the Person and locations thereof) which merged
with or into or consolidated with such Assignor, or was liquidated into or
transferred all or substantially all of its assets to such Assignor, and shall
have furnished to the Collateral Trustee such UCC lien searches as reasonably
requested or as set forth in an Act of Required Debtholders with respect to such
Person and its assets, to establish that no security interest (excluding
Permitted Liens) continues perfected on the date hereof with respect to any
Person described above (or the assets transferred to the respective Assignor by
such Person), including without limitation pursuant to Section 9-316(a)(3) of
the UCC.

     

    
       

      
        
          
             

          

          
            -9-

            
              

            

          

          
             

          

        

      

       

    

    2.9  Non-UCC
Property.  The
aggregate fair market value (as determined by the Assignors in good faith) of
all property of the Assignors of the types described in clauses (1), (2) and (3)
of Section 9-311(a) of the UCC (but excluding any Intellectual Property) does
not exceed $1,000,000.  If the aggregate value of all such property at
any time owned by all Assignors exceeds $1,000,000, the Assignors shall provide
prompt written notice thereof to the Collateral Trustee and, upon the request of
the Collateral Trustee, the Assignors shall promptly (and in any event within 30
days) take such actions (at their own cost and expense) as may be required under
the respective United States, State or other laws referenced in Section 9-311(a)
of the UCC to perfect the security interests granted herein in any Collateral
where the filing of a financing statement does not perfect the security interest
in such property in accordance with the provisions of Section 9-311(a) of the
UCC; provided,
however,
that notwithstanding anything in this Section 2.9, the Assignors shall take such
actions necessary to perfect the security interests granted herein in (x)
Marks
consistent with Article IV of this Agreement and (y) Copyrights and Patents
consistent with Article V of this Agreement.

     

    2.10  As-Extracted
Collateral; Timber-to-be-Cut.  On
the date hereof, such Assignor does not own, or expect to acquire, any property
which constitutes, or would constitute, As-Extracted Collateral or
Timber-to-be-Cut.  If at any time after the date of this Agreement
such Assignor owns, acquires or obtains rights to any As-Extracted Collateral or
Timber-to-be-Cut, such Assignor shall furnish the Collateral Trustee with prompt
written notice thereof (which notice shall describe in reasonable detail the
As-Extracted Collateral and/or Timber-to-be-Cut and the locations thereof) and
shall take all actions as may be deemed reasonably necessary or desirable by the
Collateral Trustee to perfect the security interest of the Collateral Trustee
therein.

     

    2.11  Collateral
in the Possession of a Warehouseman,
Bailee or Agent.  If
any Inventory or other Goods are at any time in the possession of a
warehouseman, bailee or agent, or is located at leased premises or mortgaged
property such Assignor shall promptly notify the Collateral Trustee thereof and
shall (i) notify any such warehouseman, bailee, agent or landlord of the
security interest created hereunder, (ii) instruct any such warehouseman, bailee
or agent to hold all such Collateral solely for the Collateral Trustee’s account
subject only to the Collateral Trustee’s instructions (or the ABL Collateral
Agent’s account subject only to the ABL Collateral Agent’s instructions with
respect to ABL Collateral), and (iii) if requested by the Collateral Trustee,
use its commercially reasonable efforts to (A) cause such warehouseman, bailee
or agent to authenticate a record acknowledging that it holds possession of such
Collateral for the Collateral Trustee’s benefit and shall act solely on the
instructions of the Collateral Trustee (or for the ABL Collateral Agent’s
benefit and shall act solely on the instructions of the ABL Collateral Agent
with respect to ABL Collateral) without the further consent of the Assignor or
any other Person and make such authenticated record available to the Collateral
Trustee, and (B) obtain a landlord waiver and/or bailee agreement, in each case
in form and substance reasonably satisfactory to the Collateral Trustee, from
such warehouseman, bailee or agent or the applicable landlord or mortgagee. The
Collateral Trustee agrees with such Assignor that the Collateral Trustee shall
not give any such instructions unless an Event of Default has occurred and is
continuing or would occur after taking into account any action by the respective
Assignor with respect to any such bailee.

     

    
      
         

        
          
            
               

            

            
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    2.12  Inventory
and Equipment.  The
Inventory that has been produced or distributed by such Assignor has been
produced in compliance with all requirements of applicable law in all material
respects, including, without limitation, the Fair Labor Standards Act of
1938.  No Assignor shall knowingly produce, use or permit any
Collateral to be used unlawfully or in violation of any provision of this
Agreement or any applicable statute, regulation or ordinance or any policy of
insurance covering the Collateral.  Each Assignor will cause its
Equipment to be maintained and preserved in the same condition, repair and
working order as when new, ordinary wear and tear excepted together with insured
losses, and will forthwith, or in the case of any loss or damage to any of such
Equipment as soon as practicable after the occurrence thereof, make or cause to
be made all
repairs, replacements and other improvements in connection therewith that are
necessary or desirable to such end.  Each Assignor will promptly
furnish to the Collateral Trustee a statement respecting any loss or damage
exceeding $250,000 to any of its Equipment or Inventory.

     

    2.13  Perfection
Certificate.  The
Perfection Certificate has been duly prepared, completed and executed by the
Assignors and the information set forth therein, including the exact legal name
of each Assignor, its jurisdiction of organization and its organizational number
(if any), is true, accurate and complete as of the Effective Date and as of each
delivery of a Perfection Certificate Supplement required pursuant to Section 6.3
or any other section of this Agreement.

     

    2.14  Recourse.  This
Agreement is made with full recourse to each Assignor and pursuant to and upon
all the warranties, representations, covenants and agreements on the part of
such Assignor contained herein, in the Secured Debt Documents and otherwise in
writing in connection herewith or therewith.

     

    ARTICLE
III

     

    SPECIAL
PROVISIONS CONCERNING ACCOUNTS; CONTRACT RIGHTS; INSTRUMENTS; CHATTEL PAPER AND
CERTAIN OTHER COLLATERAL

     

    3.1  Additional
Representations and Warranties.  As
of the time when each of its Accounts arises, each Assignor shall be deemed to
have represented and warranted that each such Account, and all records, papers
and documents relating thereto (if any) are genuine and what they purport to be,
and that all papers and documents (if any) relating thereto (i) will, to the
knowledge of such Assignor, repre­sent the genuine, legal, valid and binding
obligation of the account debtor evidencing indebt­ed­ness unpaid and
owed by the respective account debtor arising out of the performance of labor or
services or the sale or lease and delivery of the merchandise listed therein, or
both, (ii) will be the only papers and documents evidencing and embodying such
obligation of the account debtor named therein (other than copies created for
general accounting purposes), (iii) will, to the knowledge of such Assignor,
evidence true and valid obligations, enforceable in accordance with their
respective terms, and (iv) will be in compli­ance and will conform in all
material respects with all applicable federal, state and local laws and
applicable laws of any relevant foreign jurisdiction.

     

    3.2  Maintenance
of Records.  Each
Assignor will keep and maintain at its own cost and expense accurate records of
its Accounts and Contracts, including, but not limited to, 

     

     

    
      
        
           

        

        
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    originals
of all documentation (including each Contract) with respect thereto, records of
all pay­ments received, all credits granted thereon, all merchandise
returned and all other dealings there­with, and such Assignor will make the
same available on such Assignor’s premises to the Collateral Trustee
for inspection, at such Assignor’s own cost and expense, at any and all
reason­able times upon prior notice to such Assignor and otherwise in
accordance with the Indenture and the Collateral Trust
Agreement.  Upon the occurrence and during the continuance of an Event
of Default and at the request of the Collateral Trustee, such Assignor shall,
promptly, at its own cost and expense, deliver all tangible evidence of its
Accounts and Contract Rights (including, without limitation, all documents
evidencing the Accounts and all Contracts) and such books and records to the
Collateral Trustee or to its representatives (copies of which evidence and books
and records may be retained by such Assignor).  Upon the occurrence
and during the continuance of an Event of Default and if the Collateral Trustee
so directs, such Assignor shall legend, in form and manner satisfactory to the
Collateral Trustee, the Accounts and the Contracts, as well as books, records
and documents (if any) of such Assignor evidencing or pertaining to such
Accounts and Contracts with an appropriate reference to the fact that such
Accounts and Contracts have been assigned to the Collateral Trustee and that the
Collateral Trustee has a security interest therein.

     

    3.3  Direction
to Account Debtors; Contracting Parties; etc.  Subject
to the Intercreditor Agreement, upon notice to the Issuer of the occurrence and
during the continuance of an Event of Default, if the Collateral Trustee so
directs any Assignor, such Assignor agrees (x) to cause all payments on account
of the Accounts, Receivables, Related Contracts and Contracts to be made
directly to the Collateral Proceeds Account, (y) that the Collateral Trustee
may, at its option, directly notify the obligors with respect to any Accounts,
Receivables, Related Contracts and/or under any Contracts to make payments with
respect thereto as provided in the preceding clause (x), and (z) that the
Collateral Trustee may enforce collection of any such Accounts, Receivables,
Related Contracts and Contracts and may adjust, settle or compromise the amount
of payment thereof, in the same manner and to otherwise exercise all rights with
respect to such Accounts, Receivables, Assigned Agreements and Related
Contracts, including, without limitation, those set forth set forth in Section
9-607 of the UCC.  Subject to the Intercreditor Agreement, upon the
occurrence and during the continuation of an Event of Default and upon demand of
the Collateral Trustee, all amounts and proceeds (including, without limitation,
Instruments) received by such Assignor in respect of the Accounts, Receivables,
Related Contracts and Contracts of such Assignor shall be received in trust for
the benefit of the Collateral Trustee hereunder, shall be segregated from other
funds of such Assignor and shall be transferred to the Collateral Proceeds
Account for application to the Secured Debt Obligations as provided in Section
3.4 of the Collateral Trust Agreement.  The reasonable costs and
expenses of collection (includ­ing reasonable attorneys’ fees), whether
incurred by an Assignor or the Collateral Trustee, shall be borne by the
relevant Assignor.  The Collateral Trustee shall deliver a copy of
each notice referred to in the preceding clause (y) to the relevant Assignor,
provided
that (x) the failure by the Collateral Trustee to so notify such Assignor shall
not affect the effectiveness of such notice or the other rights of the
Collateral Trustee created by this Section 3.3 and (y) no such notice shall be
required if an Event of Default of the type described in Section 6.01(g) or
Section 6.01(h) of the Indenture has occurred and is
continuing.

     

    3.4  Modification
of Terms; etc.  Except
in accordance with such Assignor’s ordinary course of business and consistent
with reasonable business judgment or as permitted by 

     

     

    
      
        
          
             

          

          
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Section
3.5, no Assignor shall rescind or cancel any indebtedness evidenced by any
Account or under any Contract, or modify any material term thereof or make any
material adjustment with respect thereto, or extend or renew the same, or
compromise or settle any material dispute, claim, suit or legal proceeding
relating thereto, or sell any Account or Contract, or interest therein, without
the prior written consent of the Collateral Trustee (or as directed by an Act of
Required Debtholders).  Other than as provided in this Section 3.4, no
Assignor will do anything to materially impair the rights of the Collateral
Trustee in the Accounts or Contracts.

    

     

    3.5  Collection.  Each
Assignor shall endeavor in accordance with reasonable busi­ness practices to
cause to be collected from the account debtor named in each of its Accounts and
Receivables or obligor under any Contract or Related Contract, as and when due
(including, without limitation, amounts which are delinquent, such amounts to be
collected in accordance with generally accepted lawful collection procedures)
any and all amounts owing under or on account of such Account, Receivable,
Contract or Related Contract, and apply forthwith upon receipt thereof all
such amounts as are so collected to the outstanding balance of such Account or
Receivable or under such Contract or Related Contract.  Except as
otherwise directed by the Collateral Trustee after the occurrence and during the
continuation of an Event of Default, any Assignor may allow in the ordinary
course of business as adjustments to amounts owing under its Accounts,
Receivables, Contracts and Related Contracts (i) an extension or renewal of
the time or times of payment, or settlement for less than the total unpaid
balance, which such Assignor finds appropriate in accordance with
reason­able business judgment and (ii) a refund or credit due as a
result of returned or damaged merchan­dise or improperly performed services
or for other reasons which such Assignor finds appropriate in accordance with
reasonable business judgment.  Except in the ordinary course of
business and consistent with past practice, no Assignor will permit or consent
to the subordination of its right to payment under any of the Accounts,
Receivables, Contracts or Related Contracts to any other indebtedness or
obligations of the Account Debtor or obligor thereof.  The reasonable
costs and expenses (including, without limitation, reasonable attorneys’ fees)
of collection, whether incurred by an Assignor or the Collateral Trustee, shall
be borne by the relevant Assignor.

     

    3.6  Instruments.  If
any Assignor owns or acquires any Instrument in excess of $1,000,000
constituting Collateral (other than (x) checks and other payment instruments
received and collected in the ordinary course of business and (y) any Instrument
subject to pledge pursuant to the Pledge Agreement), such Assignor will within
10 Business Days notify the Collateral Trustee thereof, and upon request by the
Collateral Trustee will promptly deliver such Instru­ment to the Collateral
Trustee appropriately endorsed to the order of the Collateral Trustee (unless
the ABL Collateral Agent is granted a prior security interest in such Instrument
and the same is required to be delivered (and are delivered) to the ABL
Collateral Agent for the benefit of the holders of ABL Debt Obligations pursuant
to the Intercreditor Agreement).

     

    3.7  Assignors
Remain Liable Under Accounts.  Anything
herein to the contrary notwithstanding, the Assignors shall remain liable under
each of the Accounts and Receivables to observe and perform all of the
conditions and obligations to be observed and performed by it thereunder, all in
accordance with the terms of any agreement giving rise to such Accounts or
Receivables, as applicable.  Neither the Collateral Trustee nor any
other Secured Party shall have any obligation or liability under any Account (or
any agreement giving rise thereto) by reason of or arising out of this Agreement
or the receipt by the Collateral Trustee or any other Secured

     

    
       

      
        
          
             

          

          
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Party of
any payment relating to such Account or Receivable pursuant hereto, nor shall
the Collateral Trustee or any other Secured Party be obli­gated in any
manner to perform any of the obligations of any Assignor under or pursuant to
any Account or Receivable (or, in each case, any agreement giving rise thereto),
to make any payment, to make any inquiry as to the nature or the sufficiency of
any payment received by them or as to the sufficiency of any performance by any
party under any Account or Receivable (or, in each case, any agreement giving
rise thereto), to present or file any claim, to take any action to enforce any
performance or to collect the payment of any amounts which may have been
assigned to them or to which they may be entitled at any time or
times.

    

     

    3.8  Assignors
Remain Liable Under Contracts.  Anything
herein to the contrary notwithstanding, the Assignors shall remain liable under
each of the Contracts or Related Contracts to observe and per­form all of
the conditions and obligations to be observed and performed by them thereunder,
all in accordance with and pursuant to the terms and provisions of each Contract
or Related Contract, as applicable.  Neither the Collateral Trustee
nor any other Secured Party shall have any obligation or liability under any
Contract or Related Contract by reason of or arising out of this Agreement or
the receipt by the Collateral Trustee or any other Secured Party of any payment
relating to such Contract or Related Contract, as the case may be, pursuant
hereto, nor shall the Collateral Trustee or any other Secured Party be obligated
in any manner to perform any of the obligations of any Assignor under or
pursuant to any Contract or Related Contract, as the case may be, to make any
payment, to make any inquiry as to the nature or the sufficiency of any
performance by any party under any Contract or Related Contract, as the case may
be, to present or file any claim, to take any action to enforce any performance
or to collect the payment of any amounts which may have been assigned to them or
to which they may be entitled at any time or times.

     

    3.9  Deposit
Accounts; Etc.  (a)
Each Assignor hereby represents and warrants that, as of the date hereof, it
does not maintain any Deposit Accounts, Securities Accounts or Commodity
Accounts other than the Deposit Accounts, Securities Accounts and Commodity
Accounts listed on Schedule 15 to the Perfection Certificate.  Each of
the Assignors will, within 60 days of the Issue Date (or, except for the
Collateral Proceeds Account, such later date as determined by the ABL Collateral
Agent in its sole discretion), deliver to the Collateral Trustee fully executed
control agreements in form and substance reasonably satisfactory to the
Collateral Trustee (or as directed by an Act of Required Debtholders) with
respect to each of the Deposit Accounts, Securities Accounts and Commodity
Accounts, other than Excluded Accounts, owned or maintained by such
Assignor.  From and after 60 days following the Issue date, no
Assignor shall hereafter establish and maintain
any Deposit Account, Securities Account or Commodity Account, other than an
Excluded Account, unless (1) the applicable Assignor shall have given the
Collateral Trustee prior written notice of its intention to establish such new
Deposit Account, Securities Account or Commodity Account and (2) such Assignor
shall have delivered to the Collateral Trustee a fully executed control
agreement with respect to such Deposit Account, Securities Account or Commodity
Account.  No Assignor shall grant control of any Deposit Account,
Securities Account or Commodity Account to any Person other than the Collateral
Trustee and, subject to the terms of the Intercreditor Agreement, the ABL
Collateral Agent.

     

    (b)           Subject
to the Intercreditor Agreement, the Collateral Trustee may, at any time and upon
notice to, but without consent from, any applicable Assignor, take control of,

     

     

    
      
        
          
             

          

          
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    transfer,
or direct the transfer of, funds from any Deposit Account, Securities Account or
Commodity Account, other than an Excluded Account, owned or maintained by such
Assignor to satisfy such Assignor’s obligations under the Secured Debt Documents
if an Event of Default shall have occurred and be continuing.

     

    (c)           All
amounts received in respect of any Account of an Account Debtor of any Assignor,
in addition to all other cash received by any Assignor from any other source,
shall upon receipt be promptly deposited into a Deposit Account, Securities
Account or Commodity Account that is not, in each case, an Excluded
Account.

     

    3.10  Letter-of-Credit
Rights.  If
any Assignor is at any time a beneficiary under a letter of credit with a stated
amount of $1,000,000 or more, such Assignor shall promptly notify the Collateral
Trustee thereof and, at the request of the Collateral Trustee, such Assignor
shall, pursuant to an agreement in form and substance reasonably satisfactory to
the Collateral Trustee (or as directed by an Act of Required Debtholders), use
its reasonable best efforts to (i) arrange for the issuer and any confirmer of
such letter of credit to consent to an assignment to the Collateral Trustee of
the proceeds of any drawing under such letter of credit or (ii) arrange for
the Collateral Trustee to become the transferee beneficiary of such letter of
credit (unless the ABL Collateral Agent is granted a prior security interest in
such letter of credit and the issuer or confirmer of such letter of credit is
required to consent to an assignment to the ABL Collateral Agent or the ABL
Collateral Agent is required to become the transferee beneficiary of such letter
of credit pursuant to the Intercreditor Agreement), with the Collateral Trustee
agreeing, in each case, that the proceeds of any drawing under the letter of
credit are to be applied as provided in this Agreement after the occurrence and
during the continuance of an Event of Default.

     

    3.11  Commercial
Tort Claims.  All
Commercial Tort Claims of each Assignor in existence on the date of this
Agreement are described in paragraph 5 of the Perfection
Certificate.  If any Assignor shall at any time after the date of this
Agreement acquire a Commercial Tort Claim in an amount (taking the greater of
the aggregate claimed damages thereunder or the reasonably estimated value
thereof) of $1,000,000 or more, such Assignor shall promptly notify the
Collateral Trustee thereof in a writing signed by such Assignor and describing
the details thereof and shall grant to the Collateral Trustee 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 Trustee (or as directed by an Act of
Required Debtholders).

     

    3.12  Chattel
Paper.  Upon
the request of the Collateral Trustee made at any time or from time to time,
each Assignor shall promptly furnish to the Collateral Trustee a list of all
Electronic Chattel Paper held or owned by such Assignor.  Furthermore,
if requested by the Collateral Trustee, each Assignor shall promptly take all
actions which are reasonably practicable so that the Collateral Trustee has
“control” of all Electronic Chattel Paper in accordance with the requirements of
Section 9-105 of the UCC (unless the ABL Collateral Agent is granted a prior
security interest in such Electronic Chattel Paper and the same is required to
be subject to the “control” (in accordance with the requirements of Section
9-105 of the UCC) of the ABL Collateral Agent pursuant to the Intercreditor
Agreement).  Each Assignor will promptly (and in any event within 10
days) following any request by the Collateral Trustee, deliver all of its
Tangible Chattel Paper to the Collateral Trustee (unless the ABL Collateral

     

    
       

      
        
          
             

          

          
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Agent is
granted a prior security interest in such Tangible Chattel Paper and the same
are required to be delivered (and are delivered) to the ABL Collateral Agent for
the benefit of the holders of ABL Debt Obligations pursuant to the Intercreditor
Agreement).

    

     

    3.13  Further
Actions.  Each
Assignor will, at its own expense, make, execute, endorse, acknowledge, file
and/or deliver to the Collateral Trustee from time to time such vouchers,
invoices, schedules, confirmatory assignments, conveyances, financing
statements, transfer endorsements, certificates, reports and other assurances or
instruments (unless the ABL Collateral Agent is granted a prior security
interest in such certificates and instruments and the same are required to be
delivered (and are delivered) to the ABL Collateral Agent for the benefit of the
holders of ABL Debt Obligations pursuant to the Intercreditor Agreement) and
take such further steps, including any and all actions as may be necessary or
required under the Federal Assignment of Claims Act, relating to its Accounts,
Contracts, Instruments and other property or rights covered by the security
interest hereby granted, as the Collateral Trustee may reasonably
require.

     

    ARTICLE
IV

     

    SPECIAL
PROVISIONS CONCERNING TRADEMARKS AND DOMAIN NAMES

     

    Each
Assignor represents, warrants and covenants, which representations, warranties
and covenants shall survive execution and delivery of this Agreement, as
follows:

     

    4.1  Additional
Representations and Warranties.  (a) Schedule
6A of the Perfection Certificate sets forth a true, complete and accurate list
of all (i) United States, state and foreign registrations of and applications
for registration of Marks and Domain Names owned by an Assignor, and (ii) Mark
Licenses that are material to the business of any Assignor;

     

    (b)           It
is the sole, exclusive, true and lawful beneficial and record owner of the Marks
and Domain Names listed in Schedule 6A of the Perfection Certificate for such
Assignor, free and clear of all Liens (other than, in the case of Marks and
Domain Names that are not material, Permitted Liens);

     

    (c)           It
owns or otherwise has the valid right to use all Marks and Domain Names used in
or necessary to conduct the business of such Assignor, free and clear of all
Liens (other than, in the case of Marks and Domain Names that are not material,
Permitted Liens);

     

    (d)           Except
as set forth on Schedule 4.1(d), to such Assignor’s knowledge, the conduct of
such Assignor’s business as currently conducted and contemplated to be conducted
does not infringe upon, dilute, misappropriate or otherwise violate any Mark or
Domain Name rights of any third party, in any material respect, and no such
unresolved claim has been made or is pending against such Assignor that the use
of any Mark or Domain Name owned or used by such Assignor infringes upon,
dilutes, misappropriates or otherwise violates the Mark or Domain Name rights of
any third party, and to the best of such Assignor’s knowledge, no such claim is
threatened against such Assignor;

     

    
       

      
        
          
             

          

          
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    (e)           Except
as set forth on Schedule 4.1(e), all registrations and applications for Marks
and Domain Names listed in Schedule 6A of the Perfection Certificate are
subsisting, have not been canceled (in whole or in part) and, to such Assignor’s
knowledge, are valid; such Assignor has not received and is not aware of any
third party claim that any of such registrations or applications is invalid or
unenforceable; and such Assignor not aware of any reason for any such claim or
that any of such applications material to the business of an Assignor will not
mature into registrations;

     

    (f)           It
has performed all acts and has paid all renewal, maintenance, and other fees and
taxes required to maintain each registration and application for the Marks and
Domain Names listed in Schedule 6A of the Perfection Certificate in full force
and effect (other than any such Marks and Domain Names which are, in such
Assignor’s reasonable good faith opinion, no longer used or useful in its
business or operations);

     

    (g)           The
Marks and Domain Names included in the Collateral are valid and enforceable; no
holding, decision, or judgment has been rendered in any action or proceeding
before any court or administrative authority challenging the validity of such
Assignor’s right to register, or such Assignor’s rights to own or use, any such
Marks or Domain Names; and no such action or proceeding is pending or, to such
Assignor’s knowledge, threatened;

     

    (h)           It
uses (1) appropriate statutory notice of registration in connection with its use
of registered Marks material to the business of an Assignor, and (2) consistent
standards of quality in the manufacture, distribution, and sale of all products
sold and in the provision of all services rendered under or in connection with
any Mark included in the Collateral and has taken all actions necessary to
ensure that all licensees of such Marks which are owned by such Assignor adhere
to such Assignor’s standards of quality;

     

    (i)           Except
as set forth on Schedule 4.1(i), to such Assignor’s knowledge, no third party is
materially infringing upon, diluting or otherwise violating any Marks or Domain
Names owned or used by an Assignor;

     

    (j)           Except
as set forth on Schedule 4.1(j), there are no Mark Licenses, settlements or
consents, covenants not to sue, non-assertion assurances, or releases to which
any Assignor is a party or otherwise bound, that materially and adversely
affects Assignor’s rights to own or use any Mark or Domain Name included in the
Collateral; and

     

    (k)           There
is no effective financing statement or other document or instrument now
executed, or on file or recorded in any public office, granting a security
interest in or otherwise encumbering any part of the Marks or Domain Names
included in the Collateral, other than Permitted Liens and those in favor of the
Collateral Trustee.

     

    4.2  Licenses
and Assignments.  (a)  Except
as otherwise permitted by the Secured Debt Documents, such Assignor shall not
(i) divest itself of any right under any Mark or Domain Name included in the
Collateral that is material to the Assignor’s business absent prior written
approval of the Collateral Trustee (or as directed by an Act of Required
Debtholders), (ii) grant a license to any Mark or Domain Name included in the
Collateral without written consent of Collateral Trustee (or as directed by an
Act of Required Debtholders), which shall not be unreasonably withheld,
conditioned or delayed, other than licenses which are Permitted Liens, nor (iii)
consent to amend, without written consent of Collateral Trustee (or as directed
by an Act of Required Debtholders), which shall not be 

     

    
       

      
        
          
             

          

          
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unreasonably
withheld, conditioned or delayed, any Mark License in a manner that materially
and adversely affects the right of such Assignor to receive payments thereunder,
or in any manner that would materially impair the value of any Mark or Domain
Name included in the Collateral or the security interest in any such Mark or
Domain Name created hereby.  Such Assignor shall secure all consents
and approvals necessary for the grant of a security interest therein to the
Collateral Trustee of any material Mark License entered into after the Closing
Date (and the exercise of Collateral Trustee’s rights hereunder with respect
thereto).

    

     

    (b)           To
the knowledge of such Assignor, each material Mark License is valid, binding and
in full force and effect, and such Assignor is not in material breach or default
and no event has occurred that, with notice and/or lapse of time, would
constitute such a breach or default or permit termination, modification or
acceleration under any such Mark License.  No party to any such Mark
License has given such Assignor notice of a material breach or default under any
such Mark License, which breach or default has not been cured, or of its
intention to terminate or cancel any such Mark License.  None of the
material Mark Licenses set forth on Schedule 6A of the Perfection Certificate
constitute Excluded Assets or require any consent for the grant of the security
interest in the Assignor’s rights under such Mark License granted hereunder (and
the exercise of Collateral Trustee’s rights hereunder with respect
thereto).

     

    4.3  Infringements.  Such
Assignor shall, at its own cost and expense, promptly upon learning thereof,
notify the Collateral Trustee in writing of the name and address of, and furnish
such pertinent
information that may be available with respect to, any party who such Assignor
believes is, or may be, infringing, diluting or otherwise violating any of such
Assignor’s rights in and to any Mark or Domain Name in any material respect, or
with respect to any party claiming that such Assignor’s use of any Mark or
Domain Name used in such Assignor’s business violates in any material respect
any property right of that party.  Such Assignor shall, at its own
cost and expense, (1) prosecute diligently in accordance with reasonable
business practices any Person infringing, diluting or otherwise violating any
Mark or Domain Name that is material to an Assignor’s business, including but
not limited to commencement of a suit, and (2) not settle or compromise any
pending or future litigation or administrative proceeding with respect to any
Mark or Domain Name that is material to an Assignor’s business, except as shall
be consistent with reasonable business practices.

     

    4.4  Preservation
of Marks and Domain Names.  Such
Assignor shall, at its own cost and expense, use its Marks and Domain Names
which are material to an Assignor’s business in interstate commerce during the
time in which this Agreement is in effect and to take all such other actions as
are reasonably necessary to preserve such Marks as trademarks or service marks
under the laws of the United States (other than any such Marks and Domain Names
which are, in such Assignor’s reasonable good faith opinion, no longer used or
useful in its business or operations).  Such Assignor shall, at its
own cost and expense, maintain the level of quality of products sold and
services rendered under any Marks owned by such Assignor at a level at least
consistent with the quality of such products and services as of the date hereof,
and adequately control the quality of goods and services offered by any
licensees of its Marks to maintain such 

     

    
       

      
        
          
             

          

          
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standards.  Such
Assignor shall use appropriate statutory notice of registration in connection
with its use of registered Marks owned by an Assignor.

    

     

    4.5  Maintenance
of Registration.  At
its own cost and expense, such Assignor shall diligently process all documents
and take all other steps reasonably necessary to maintain all Mark and Domain
Name registrations (other than any such Marks which are, in such Assignor’s
reasonable good faith opinion, no longer used or useful in its business or
operations) included in the Collateral (and to maintain and pursue all
applications for registrations of all such Marks and Domain Names), including
but not limited to submitting affidavits of use and applications for renewals of
registration in the United States Patent and Trademark Office (or any similar
office or agency in any other country or political subdivision thereof) for all
registrations and applications for Marks, and shall pay all fees and
disbursements in connection therewith and shall not abandon any such filing of
affidavit of use or any such application of renewal prior to the exhaustion of
all administrative and judicial remedies without prior written consent of the
Collateral Trustee, or as directed by an Act of Required Debtholders (other than
with respect to registrations and applications which are no longer used or
useful in its business or operations in any material respect).  Such
Assignor shall not knowingly do any act or omit to do any act that results in
any of the Marks or Domain Names it owns that are material to an Assignor’s
business lapsing, or becoming abandoned, dedicated to the public, forfeited or
unenforceable, or which would materially adversely affect the validity, grant,
or enforceability of the security interest therein granted to Collateral Trustee
hereunder.

     

    4.6  Notice
of Proceedings.  Promptly
following its becoming aware thereof, such Assignor shall, at its own cost and
expense, notify the Collateral Trustee of (a) the institution of any proceeding
in any court or administrative body or in the United States Patent and Trademark
Office (or any similar office or agency in any other country or political
subdivision thereof), or any adverse determination in any such proceeding (other
than routine office actions or other determinations in the ordinary course of
prosecution before the United States Patent and Trademark Office (or any similar
office or agency in any other country or political subdivision thereof),
regarding the validity or enforceability of any material Mark or Domain Name
included in Collateral, or such Assignor’s right to register, own or use such
Mark or Domain Name; or (b) any event which may be reasonably expected to
materially and adversely affect the rights and remedies of the Collateral
Trustee in relation thereto.

     

    4.7  Prosecution
of Mark Applications.  At
its own cost and expense, such Assignor shall reasonably and diligently
prosecute all material applications for Marks listed in Schedule 6A of the
Perfection Certificate for such Assignor and shall not abandon any such
application prior to exhaustion of all administrative and judicial remedies
without prior written consent of the Collateral Trustee (other than applications
that are deemed by such Assignor in its reasonable business judgment to no
longer be necessary or advisable in the conduct of such Assignor’s
business).

     

    4.8  Future
Acquired Marks and Domain Names.  If
any Assignor shall, at any time after the date hereof, obtain any ownership or
other rights in and to any additional Marks or Domain Names, then the provisions
of this Agreement shall automatically apply thereto and any such Marks and
Domain Names (other than any Excluded Assets) shall automatically constitute
Collateral and shall be subject to the security interest created by this
Agreement, without further 

     

    
       

      
        
          
             

          

          
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action by
any party.  Such Assignor shall, at its own cost and expense,
promptly, but in no event later than ninety (90) days from such Assignor
obtaining such ownership or other rights, provide to the Collateral Trustee
written notice of any such additional Marks or Domain Names which are the
subject of a registration or application (including Marks and Domain Names which
were theretofore unregistered and become the subject of a registration or
application) and deliver to the Collateral Trustee the applicable Intellectual
Property Security Agreement, or such other instrument in form and substance
reasonably acceptable to the Collateral Trustee, and undertake the filing of any
instruments or statements as shall be reasonably necessary to create, record,
preserve, protect or perfect the Collateral Trustee’s security interest in such
Collateral in the United States and any foreign jurisdiction reasonably
requested by the Collateral Trustee.  Further, such Assignor
authorizes the Collateral Trustee to deliver a Perfection Certificate Supplement
amending Schedule 6A of the Perfection Certificate to include any such
applications or registrations for Marks or Domain Names (but the failure to so
deliver a Perfection Certificate Supplement shall not be deemed to affect the
Collateral Trustee’s security interest in such Collateral).

    

     

    4.9  Remedies.  (a)  Subject
to the Intercreditor Agreement, the Collateral Trust Agreement and the other
Secured Debt Documents, if an Event of Default shall occur and be continuing,
the Collateral Trustee shall have the right, but shall in no way be obligated,
to take any or all of the following actions: (i) declare the entire right, title
and interest of such Assignor in and to each of the Marks and Domain Names
included in the Collateral, together with all trademark rights and rights of
protection to the same, vested in the Collateral Trustee for the benefit of the
Secured Parties, in which event such rights, title and interest shall
immediately vest, in the Collateral Trustee for the benefit of the Secured
Parties, and the Collateral Trustee shall be entitled to exercise the power of
attorney referred to in Section 1.2 to execute, cause to be acknowledged and
notarized and record such absolute assignment with the applicable agency or
registrar; (ii) take and use or sell the Marks or Domain Names and the goodwill
of such Assignor’s business connected with the use of or symbolized by the Marks
or Domain Names and the right to carry on the business and use the assets of
such Assignor in connection with which the Marks or Domain Names have been used;
and (iii) direct such Assignor to refrain, in which event such Assignor shall
refrain, from using the Marks or Domain Names in any manner whatsoever, directly
or indirectly, and such Assignor shall execute such further documents that the
Collateral Trustee may reasonably request to further confirm this and to
transfer ownership of the Marks or Domain Names and registrations and any
pending trademark applications in the United States Patent and Trademark Office
(or any similar office or agency in any other country or political subdivision
thereof) or applicable Domain Name registrar to the Collateral Trustee, and
record the same.

     

    (b)           If
an Event of Default shall occur and be continuing, the Collateral Trustee shall
have the right, but shall in no way be obligated, to file applications for
protection of the Intellectual Property included in the Collateral and/or bring
suit in the name of any Assignor, the Collateral Trustee or the Secured Parties,
to enforce the Marks and Domain Names included in
the  Collateral.  In the event of such suit, such Assignor
shall, at the request of the Collateral Trustee, do any and all lawful acts,
including joinder as a party, and execute any and all documents requested by the
Collateral Trustee in aid of such enforcement, and the Assignors shall promptly
reimburse and indemnify the Collateral Trustee for all reasonable out-of-pocket
costs and expenses (including reasonable attorney’s fees and expenses) incurred
by the Collateral 

     

    
       

      
        
          
             

          

          
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Trustee
in the exercise of its rights under this Section 4.9(b).  In the event
that the Collateral Trustee shall elect not to bring suit to enforce any such
Marks or Domain Names, such Assignor shall, at the request of the Collateral
Trustee and at its own cost and expense, take all actions reasonably necessary,
whether by suit, proceeding or other action, to prevent and/or obtain a recovery
for the infringement, dilution or other violation of rights in, diminution in
value of, or other damage to any of such Marks or Domain Names by any
person.

    

     

    ARTICLE
V

     

    SPECIAL
PROVISIONS CONCERNING PATENTS, COPYRIGHTS AND TRADE SECRETS

     

    5.1  Additional
Representations and Warranties.  Each
Assignor represents, warrants and covenants, which representations, warranties
and covenants shall survive execution and delivery of this Agreement, as
follows:

     

    (a)           Schedule
6B and Schedule 6C of the Perfection Certificate sets forth a true, complete and
accurate list of all (i) United States and foreign issued Patents, Patent
applications, and Copyright registrations owned by an Assignor, (ii) Patent
Licenses and Copyright Licenses that are material to the business of any
Assignor;

     

    (b)           It
is the sole, exclusive, true and lawful beneficial and record owner of the
Patents and Copyrights listed in Schedule 6B and Schedule 6C of the Perfection
Certificate for such Assignor, free and clear of all Liens (other than, in the
case of Patents and Copyrights that are not material, Permitted
Liens);

     

    (c)           It
owns or otherwise has the valid right to use all Patents, Copyrights, Trade
Secrets and other Intellectual Property used in or necessary to conduct the
business of such Assignor, free and clear of all Liens (other than Permitted
Liens);

     

    (d)           Except
as set forth on Schedule 5.1(d), to such Assignor’s knowledge, the conduct of
such Assignor’s business as currently conducted and contemplated to be conducted
does not infringe upon, misappropriate or otherwise violate any Intellectual
Property rights of any third party, in any material respect, and no such
unresolved claim has been made or is pending against such Assignor that the use
of any Patents, Copyrights, Trade Secrets or other Intellectual Property owned
or used by such Assignor infringes upon, misappropriates or otherwise violates
the Intellectual Property rights of any third party, and to the best of such
Assignor’s knowledge, no such claim is threatened against such
Assignor;

     

    (e)           Except
as set forth on Schedule 5.1(e), all Copyright registrations, issued Patents and
Patent applications listed in Schedule 6B and Schedule 6C of the Perfection
Certificate are subsisting, have not been canceled (in whole or in part) and, to
such Assignor’s knowledge, are valid; such Assignor has not received and is not
aware of any third party claim that any of such registrations or applications is
invalid or unenforceable; and such Assignor is not aware of any reason for any
such claim or that any of such applications material to the business of an
Assignor will not mature into registrations;

     

    (f)           It
has performed all acts and has paid all renewal, maintenance, and other fees and
taxes required to maintain each Copyright registration, issued Patent and Patent

     

    
       

      
        
          
             

          

          
            -21-

            
              

            

          

          
             

          

        

      

      
application
listed in Schedule 6B and Schedule 6C of the Perfection Certificate in full
force and effect (other than any such Copyrights, Patents and Patent
applications which are, in such Assignor’s reasonable good faith opinion, no
longer used or useful in its business or operations);

    

     

    (g)           The
Patents, Copyrights and Trade Secrets included in the Collateral are valid and
enforceable; no holding, decision, or judgment has been rendered in any action
or proceeding before any court or administrative authority challenging the
validity of, such Assignor’s right to register, or such Assignor’s rights to own
or use, any such Patents, Copyrights or Trade Secrets; and no such action or
proceeding is pending or, to such Assignor’s knowledge, threatened;

     

    (h)           It
uses proper marking practices in connection with the use of Patents material to
the business of an Assignor, and appropriate notice of copyright in connection
with the publication of Copyrights material to the business of an
Assignor;

     

    (i)           It
uses commercially reasonable steps to protect the confidentiality of its Trade
Secrets;

     

    (j)           Except
as set forth on Schedule 5.1(j), to such Assignor’s knowledge, no third party is
materially infringing upon, misappropriating or otherwise violating any
Intellectual Property owned or used by an Assignor;

     

    (k)           Except
as set forth on Schedule 5.1(k), there are no Patent Licenses, Copyright
Licenses, Trade Secret Licenses or consents, covenants not to sue, non-assertion
assurances, or releases to which any Assignor is a party or otherwise bound that
materially and adversely affects Assignor’s rights to own or use any
Intellectual Property included in the Collateral; and

     

    (l)           There
is no effective financing statement or other document or instrument now
executed, or on file or recorded in any public office, granting a security
interest in or otherwise encumbering any part of the Intellectual Property
included in the Collateral, other than Permitted Liens and those in favor of the
Collateral Trustee.

     

    5.2  Licenses
and Assignments.  (a)  Except
as otherwise permitted by the Secured Debt Documents, such Assignor shall not
(i) divest itself of any right under any Patent or Copyright included in the
Collateral that is material to such Assignor’s business absent prior written
approval of the Collateral Trustee, (ii) grant a license to any Intellectual
Property included in the Collateral without written consent of Collateral
Trustee (or as directed by an Act of Required Debtholders), which shall not be
unreasonably withheld, conditioned or delayed, other than licenses which are
Permitted Liens, nor (iii) consent to amend, without consent of Collateral
Trustee (or as directed by an Act of Required Debtholders), which shall not be
unreasonably withheld, conditioned or delayed, any Patent License, Copyright
License or Trade Secret License in a manner that materially and adversely
affects the right of such Assignor to receive payments thereunder, or in any
manner that would materially impair the value of any Intellectual Property
included in the Collateral or the security interest in any such Intellectual
Property created hereby.  Such Assignor shall secure all consents and
approvals necessary for the grant of a security interest therein to the
Collateral Trustee of any material Patent License, 

     

    
       

      
        
          
             

          

          
            -22-

            
              

            

          

          
             

          

        

      

      
Copyright
License or Trade Secret License entered into after the Closing Date (and the
exercise of Collateral Trustee’s rights hereunder with respect
thereto).

    

     

    (b)           To
the knowledge of such Assignor, each material Patent License, Copyright License
and Trade Secret License is valid, binding and in full force and effect, and
such Assignor is not in material breach or default and no event has occurred
that, with notice and/or lapse of time, would constitute such a breach or
default or permit termination, modification or acceleration under any such
agreement.  No party to any such agreement has given such Assignor
notice of a material breach or default under any such agreement, which breach or
default has not been cured, or of its intention to terminate or cancel any such
agreement.  None of the material Patent Licenses or Copyright Licenses
set forth on Schedule 6B and Schedule C of the Perfection Certificate constitute
Excluded Assets or require any consent for the grant of the security interest in
the Assignor’s rights under such Patent License, Copyright License
or Trade Secret License granted hereunder (and the exercise of Collateral
Trustee’s rights hereunder with respect thereto).

     

    5.3  Infringements.  Such
Assignor shall, at its own cost and expense, promptly upon learning thereof,
notify the Collateral Trustee in writing of the name and address of, and furnish
such pertinent information that may be available with respect to, any party who
such Assignor believes is, or may be, infringing, misappropriating, contributing
to infringement, actively inducing to infringe or otherwise violating any of
such Assignor’s rights in and to any Intellectual Property, in any material
respect, or with respect to any party claiming that such Assignor’s use of any
Intellectual Property (including the practice of any Patent or Trade Secret
Right) used in such Assignor’s business violates in any material respect any
property right of that party.  Such Assignor shall, at its own cost
and expense, (1) prosecute diligently in accordance with reasonable business
practices any Person infringing, misappropriating, or otherwise violating any
Intellectual Property that is material to an Assignor’s business, including but
not limited to commencement of a suit, and (2) not settle or compromise any
pending or future litigation or administrative proceeding with respect to any
Intellectual Property that is material to an Assignor’s business, except as
shall be consistent with reasonable business practices.

     

    5.4  Maintenance
of Patents or Copyrights.  At
its own cost and expense, such Assignor shall diligently process all documents
and take all other steps reasonably necessary to maintain all Patents and
Copyrights included in the Collateral including but not limited to submitting
appropriate filings to United States Patent and Trademark Office or United
States Copyright Office (or any similar office or agency in any other country or
political subdivision thereof) for all Copyright registrations, issued Patents,
and Patent applications, and shall pay all fees and disbursements in connection
therewith (including but not limited to making timely payment of all
post-issuance fees required to maintain in force its rights under each Patent or
Copyright) and shall not abandon any such filing prior to the exhaustion of all
administrative and judicial remedies without prior written consent of the
Collateral Trustee, or as directed by an Act of Required Debtholders (other than
with respect to Copyright registrations, issued Patents, and Patent applications
which are no longer used or useful in its business or operations in any material
respect).  Such Assignor shall not knowingly do any act or omit to do
any act that results in any of the Intellectual Property it owns that is
material to an Assignor’s business lapsing, or becoming abandoned, dedicated to
the public, forfeited or unenforceable, or which would materially adversely
affect the validity, grant, or enforceability of the security interest

     

    
       

      
        
          
             

          

          
            -23-

            
              

            

          

          
             

          

        

      

      
therein
granted to Collateral Trustee hereunder.  Such Assignor shall exercise
reasonable measures to use proper marking practices in connection with the use
of Patents material to the business of an Assignor, and appropriate notice of
copyright in connection with the publication of Copyrights material to the
business of an Assignor.

    

     

    5.5  Notice
of Proceedings.  Promptly
following its becoming aware thereof, such Assignor shall, at its own cost and
expense, notify the Collateral Trustee of (a) the institution of any proceeding
in any court or administrative body or in the United States Patent and Trademark
Office or the United States
Copyright Office (or any similar office or agency in any other country or
political subdivision thereof), or any adverse determination in any such
proceeding (other than routine office actions or other determinations in the
ordinary course of prosecution before the United States Patent and Trademark
Office or United States Copyright Office (or any similar office or agency in any
other country or political subdivision thereof), regarding the validity or
enforceability of any material Patent, Copyright or Trade Secret included in
Collateral, or such Assignor’s right to register, own or use such Patent,
Copyright or Trade Secret; or (b) any event which may be reasonably expected to
materially and adversely affect the rights and remedies of the Collateral
Trustee in relation thereto.

     

    5.6  Prosecution
of Patent Applications.  At
its own cost and expense, such Assignor shall diligently prosecute all material
applications for Patents listed in Schedule
6B of the Perfection Certificate for such Assignor and shall not abandon
any such application prior to exhaustion of all administrative and judicial
remedies without prior written consent of the Collateral Trustee, or as directed
by an Act of Required Debtholders (other than applications that are deemed by
such Assignor in its reasonable business judgment to no longer be necessary or
advisable in the conduct of such Assignor’s business).

     

    5.7  Further
Acquired Patents, Copyrights and other Intellectual Property.  If
any Assignor shall, at any time after the date hereof, obtain any ownership or
other rights in and to any additional Intellectual Property, then the provisions
of this Agreement shall automatically apply thereto and any such Intellectual
Property (other than any Excluded Assets) shall automatically constitute
Collateral and shall be subject to the security interest created by this
Agreement, without further action by any party.  Such Assignor shall,
at its own cost and expense, promptly, but in no event later than ninety (90)
days from such Assignor obtaining such ownership or other rights, provide to the
Collateral Trustee written notice of any such additional Copyright
registrations, issued Patents and Patent applications (including Patents and
Copyrights which were theretofore unregistered and become the subject of a
registration or application) and deliver to the Collateral Trustee the
applicable Intellectual Property Security Agreement, or such other instrument in
form and substance reasonably acceptable to the Collateral Trustee, and
undertake the filing of any instruments or statements as shall be reasonably
necessary to create, record, preserve, protect or perfect the Collateral
Trustee’s security interest in such Collateral [in the United States and any
foreign jurisdiction reasonably requested by the Collateral
Trustee].  Further, such Assignor authorizes the Collateral Trustee to
deliver a Perfection Certificate Supplement amending Schedule 6B and Schedule 6C
of the Perfection Certificate to include any Copyright registrations, issued
Patents and Patent applications (but the failure to so deliver a Perfection
Certificate Supplement shall not be deemed to affect the Collateral Trustee’s
Security interest in such Collateral).

     

     

    
      
        
          
             

          

          
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    5.8  Remedies.  (a) Subject
to the Intercreditor Agreement, the Collateral Trust Agreement and the other
Secured Debt Documents, if an Event of Default shall occur and be continuing,
the Collateral Trustee shall have the right, but shall in no way be obligated,
to take any or all of the following
actions:  (i) declare the entire right, title and interest of such
Assignor in and to each of the Patents and Copyrights (and all other
Intellectual Property) included in the Collateral vested in the Collateral
Trustee for the benefit of the Secured Parties, in which event such rights,
title and interest shall immediately vest in the Collateral Trustee for the
benefit of the Secured Parties, and the Collateral Trustee shall be entitled to
exercise the power of attorney referred to in Section 5.8(a) to execute, cause
to be acknowledged and notarized and record such absolute assignment with the
applicable agency or registrar; (ii) take and use/practice or sell the Patents,
Copyrights and other Intellectual Property included in the Collateral; and (iii)
direct such Assignor to refrain, in which event such Assignor shall refrain,
from practicing the Patents or using the Copyrights or other Intellectual
Property included in the Collateral in any manner whatsoever, directly or
indirectly, and such Assignor shall execute such further documents that the
Collateral Trustee may reasonably request to further confirm this and to
transfer ownership of the Patents and Copyrights in the United States Patent and
Trademark Office or the United States Copyright Office (or any similar office or
agency in any other country or political subdivision thereof) to the Collateral
Trustee, and record the same.

     

    (b)           Subject
to the Intercreditor Agreement, the Collateral Trust Agreement and the other
Secured Debt Documents, if an Event of Default shall occur and be continuing,
the Collateral Trustee shall have the right, but shall in no way be obligated,
to file applications for protection of the Intellectual Property included in the
Collateral and/or bring suit in the name of any Assignor, the Collateral Trustee
or the Secured Parties, to enforce the Intellectual Property included in the
Collateral.  In the event of such suit, such Assignor shall, at the
request of the Collateral Trustee, do any and all lawful acts, including joinder
as a party, and execute any and all documents requested by the Collateral
Trustee in aid of such enforcement, and the Assignors shall promptly reimburse
and indemnify the Collateral Trustee for all reasonable out-of-pocket costs and
expenses incurred by the Collateral Trustee in the exercise of its rights under
this Section 5.8(b).  In the event that the Collateral Trustee shall
elect not to bring suit to enforce any such Intellectual Property, such Assignor
shall, at the request of the Collateral Trustee and at its own cost and expense,
take all actions reasonably necessary, whether by suit, proceeding or other
action, to prevent and/or obtain a recovery for the infringement,
misappropriation or other violation of rights in, diminution in value of, or
other damage to any of such Intellectual Property by any person.

     

    (c)           Within
five (5) Business Days of written notice from the Collateral Trustee, such
Assignor shall make available to the Collateral Trustee, to the extent within
such Assignor’s power and authority, such personnel in such Assignor’s employ on
the date of the Event of Default as the Collateral Trustee may reasonably
designate to permit such Assignor or the Collateral Trustee to continue,
directly or indirectly, to produce, advertise, and sell the products and
services sold by such Assignor under the Intellectual Property included in the
Collateral, and such persons shall be available to perform their prior functions
on the Collateral Trustee’s behalf, at Assignor’s cost and expense.

     

    (d)           Subject
to the Intercreditor Agreement, solely for the purpose of enabling the
Collateral Trustee to exercise rights and remedies hereunder, at such time as
the Collateral 

     

    
       

      
        
          
             

          

          
            -25-

            
              

            

          

          
             

          

        

      

      
Trustee
shall be lawfully entitled to exercise such rights and remedies, such Assignor
hereby grants to the Collateral Trustee an irrevocable, non-exclusive license
and, to the extent permitted under any applicable agreement granting such
Assignor rights in Intellectual Property, sublicense (in each
case, exercisable without payment of royalties or other compensation to such
Assignor) to make, have made, use, sell, copy, distribute, perform, make
derivative works, publish, and exploit in any other manner for which an
authorization from the owner of such Intellectual Property would be required
under applicable law, with rights of sublicense, all Intellectual Property used
in connection with or related to the manufacture, distribution, sale or other
exploitation of any Collateral, now or hereafter owned by an Assignor or to
which an Assignor has a license or other right to use, wherever the same may be
located; provided
that (i) the applicable Assignor shall have such rights of quality control and
inspection which are reasonably necessary under applicable law to maintain the
validity and enforceability of the Marks so licensed, and (ii) any sublicenses
duly granted by Collateral Trustee under this license grant shall survive in
accordance with their terms, notwithstanding the subsequent cure of any Event of
Default that gave rise to the exercise of the Collateral Trustee’s rights and
remedies.  The foregoing license shall include access to all media in
which any of the licensed items may be recorded or stored and to all computer
programs used for the compilation or printout hereof.

    

     

    ARTICLE
VI

     

    PROVISIONS
CONCERNING ALL COLLATERAL

     

    6.1  Protection
of Collateral Trustee’s Security.  Subject
to the Intercreditor Agreement, except as otherwise permitted by the Secured
Debt Documents, each Assignor will do nothing to impair the rights of the
Collateral Trustee in the Collateral.  Each Assignor will at all times
maintain insurance, at such Assignor’s own expense to the extent and in the
manner provided in the Secured Debt Documents.  Subject to the
Intercreditor Agreement, except to the extent otherwise permitted to be retained
by such Assignor or applied by such Assignor pursuant to the terms of the
Secured Debt Documents, the Collateral Trustee shall, at the time any proceeds
of such insurance are distributed to the Secured Parties, apply such proceeds
for application to the Secured Debt Obligations as provided in Section 3.4 of
the Collateral Trust Agreement.  Each Assignor assumes all liability
and responsibility in connection with the Collateral acquired by it and the
liability of such Assignor to pay the Secured Debt Obligations shall in no way
be affected or dimin­ished by reason of the fact that such Collateral may be
lost, destroyed, stolen, damaged or for any reason whatsoever unavailable to
such Assignor.

     

    6.2  Warehouse
Receipts Non-Negotiable.  To
the extent practicable, each Assignor agrees that if any ware­house receipt
or receipt in the nature of a warehouse receipt is issued with respect to any of
its Inventory or other Goods, such Assignor shall request that such warehouse
receipt or receipt in the nature thereof shall not be “negotiable” (as such term
is used in Section 7-104 of the UCC as in effect in any relevant jurisdiction or
under other relevant law).

     

    6.3  Additional
Information.  (a)  Each
Assignor will, at its own expense, from time to time upon the reasonable request
of the Collateral Trustee, promptly (and in any event within 30 days after its
receipt
of the respective request) furnish to the Collateral Trustee such information
(not subject to legal privilege) with respect to the Collateral (including the
identity of the Collateral or such components thereof as may have been requested
by the Collateral 

     

    
       

      
        
          
             

          

          
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Trustee,
the value and location of such Collateral, etc.) as may be reasonably requested
by the Collateral Trustee.  Without limiting the forgoing, each
Assignor agrees that it shall furnish to the Collateral Trustee a Perfection
Certificate Supplement with respect to the Perfection Certificate concurrently
with delivery to the Trustee of annual reports on Form 10-K (or any successor or
comparable form) and quarterly reports on Form 10-Q (or any successor or
comparable form) pursuant to Section 4.02(a) of the Indenture, and otherwise as
may from time to time be reasonably requested by the Collateral
Trustee.

    

     

    (b)           The
Assignors shall promptly notify the Collateral Trustee if any material portion
of the Collateral is damaged or destroyed.  The Assignors will furnish
to the Collateral Trustee prompt written notice of any casualty or other insured
damage to any material portion of the Collateral or the commencement of any
action or proceeding for the taking or expropriation of any material portion of
the Collateral (and any Mortgaged Property and New Mortgaged Property (each as
defined in the Indenture) or any part thereof) or interest therein under power
of eminent domain or by condemnation or similar proceeding.

     

    6.4  Further
Actions.  Each
Assignor will, at its own expense and upon the reason­able request of the
Collateral Trustee (but in no event more than four (4) times per calendar year
with regard to any portion of the Collateral, so long as no Event of Default is
continuing), make, execute, endorse, acknowledge, file and/or deliver to the
Collateral Trustee from time to time such lists, descriptions and designations
of its Collateral, warehouse receipts, receipts in the nature of warehouse
receipts, bills of lading, docu­ments of title, vouchers, invoices,
schedules, confirmatory assignments, conveyances, financing statements, transfer
endorse­ments, certificates, reports and other assurances or instruments
(unless the ABL Collateral Agent is granted a prior security interest in such
certificates and instruments and the same are required to be delivered (and are
delivered) to the ABL Collateral Agent for the benefit of the holders of ABL
Debt Obligations pursuant to the Intercreditor Agreement) and take such further
steps relating to the Collateral and other property or rights covered by the
security interest hereby granted, which the Collateral Trustee deems reasonably
appropriate or advisable to perfect, preserve or protect its security interest
in the Collateral.

     

    6.5  Financing
Statements.  Each
Assignor agrees to deliver to the Collateral Trustee such financing statements,
in form reasonably acceptable to the Collateral Trustee, as the Collateral
Trustee may from time to time reasonably request or as are reasonably necessary
or desirable in the opinion of the Collateral Trustee to establish and maintain
a valid, enforceable, perfected security interest in the Collateral as provided
herein and the other rights and security contemplated hereby.  Each
Assignor will pay any applicable filing fees, recordation taxes and related
expenses relating to its Collateral.  Each Assignor hereby authorizes
the Collateral Trustee to file any such financing statements (and such
authorization includes describing the Collateral as “all assets” of such
Assignor or words of similar meaning).

     

    6.6  Intellectual
Property Filings.  Each
Assignor hereby authorizes the Collateral Trustee to execute and/or submit
filings with the United States Patent and Trademark Office or United States
Copyright Office (or any successor office or any similar office in any country
or political subdivision thereof), as applicable, including this Agreement, the
Intellectual Property Security Agreements, or other comparable documents, and to
take such other actions as may be required under applicable law for the purpose
of perfecting, recording, confirming, continuing, 

     

    
       

      
        
          
             

          

          
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enforcing
or protecting the security interest granted by such Assignor hereunder, without
the signature of such Assignor, naming such Assignor, as debtor, and the
Collateral Trustee, as secured party.

    

     

    ARTICLE
VII

     

    REMEDIES
UPON OCCURRENCE OF AN EVENT OF DEFAULT

     

    7.1  Remedies;
Obtaining the Collateral Upon Default.  Subject
to the Intercreditor Agreement, each Assignor agrees that, if any Event of
Default shall have occurred and be continuing, then and in every such case, the
Collateral Trustee, in addition to any rights now or hereafter existing under
applicable law and under the other provisions of this Agreement, shall have all
rights as a secured creditor under any UCC, and such additional rights and
remedies to which a secured creditor is entitled under the laws in effect in all
relevant jurisdictions and may:

     

    (i)           personally,
or by agents or attorneys, immediately take possession of the Collateral or any
part thereof, from such Assignor or any other Person who then has possession of
any part thereof with or without notice or process of law, and for that purpose
may enter upon such Assignor’s premises where any of the Collateral is located
and remove the same and use in connection with such removal any and all
services, supplies, aids and other facilities of such Assignor;

     

    (ii)           instruct
the obligor or obligors on any agreement, instrument or other obligation
(including, without limitation, the Accounts and the Contracts)
consti­tuting the Collateral to make any payment required by the terms of
such agreement, instrument or other obligation directly to the Collateral
Trustee and may exercise any and all remedies of such Assignor in respect of
such Collateral;

     

    (iii)           instruct
all banks which have entered into a control agreement with the Collateral
Trustee to transfer all monies, securities and instruments held by such
depositary bank to the Collateral Proceeds Account;

     

    (iv)           sell,
assign or otherwise liquidate any or all of the Collateral or any part thereof
in accordance with Section 7.2, or direct such Assignor to sell, assign or
otherwise liquidate any or all of the Collateral or any part thereof, and, in
each case, take possession of the proceeds of any such sale or
liquidation;

     

    (v)           take
possession of the Collateral or any part thereof, by directing such Assignor in
writing to deliver the same to the Collateral Trustee at any reasonable place
or places
designated by the Collateral Trustee, in which event such Assignor shall at its
own expense:

     

    (x)           forthwith
cause the same to be moved to the place or places so designated by the
Collateral Trustee and there delivered to the Collateral Trustee;

     

    
       

      
        
          
             

          

          
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    (y)           store
and keep any Collateral so delivered to the Collateral Trustee at such place or
places pending further action by the Collateral Trustee as provided in Section
7.2; and

     

    (z)           while
the Collateral shall be so stored and kept, provide such security and
maintenance services as shall be reasonably necessary to protect the same and to
preserve and maintain it in good condition;

     

    (vi)           license
or sublicense, whether on an exclusive or nonexclusive basis, any Intellectual
Property included in the Collateral for such term and on such conditions and in
such manner as the Collateral Trustee shall in its sole judgment
determine;

     

    (vii)          subject
to the Intercreditor Agreement, apply any monies constituting Collateral or
proceeds thereof in accordance with the provisions of Section 3.4 of the
Collateral Trust Agreement; and

     

    (viii)          take
any other action as specified in clauses (1) through (5), inclusive, of Section
9-607 of the UCC;

     

    it being
understood that each Assignor’s obligation so to deliver the Collateral is of
the essence of this Agreement and that, accordingly, upon application to a court
of equity having jurisdiction, the Collateral Trustee shall be entitled to a
decree requiring specific per­formance by such Assignor of said
obligation.  By accepting the benefits of this Agreement and each
other Security Document, the Secured Parties expressly acknowledge and agree
that this Agreement and each other Security Document may be enforced only by the
action of the Collateral Trustee acting in a manner consistent with the
Collateral Trust Agreement and that no other Secured Party shall have any right
individually to seek to enforce or to enforce this Agreement or to realize upon
the security to be granted hereby, it being understood and agreed that such
rights and remedies may be exercised by the Collateral Trustee for the benefit
of the Secured Parties upon the terms of this Agreement, the Intercreditor
Agreement, the Collateral Trust Agreement and the other Security
Documents.

     

    7.2  Remedies;
Disposition of the Collateral.  Subject
to the Intercreditor Agreement, if any Event of Default shall have occurred and
be continuing, then any Collateral repossessed by the Collateral Trustee under
or pursuant to Section 7.1 and any other Collateral whether or not so
re­possessed by the Collateral Trustee, may be sold, assigned, leased or
otherwise disposed of under one or more con­tracts or as an entirety, and
without the necessity of gathering at the place of sale the property to be sold,
and in general in such manner, at such time or times, at such place or places
and on such terms as the Collateral Trustee may, in compliance with any
mandatory requirements of applicable law, determine
to be commercially reasonable.  Any of the Collateral may be sold,
leased or other­wise disposed of, in the condition in which the same existed
when taken by the Collateral Trustee or after any overhaul or repair at the
expense of the relevant Assignor which the Collateral Trustee shall determine to
be commercially reasonable.  Any such sale, lease or other disposition
may be effected by means of a public disposition or private disposition,
effected in accordance with the applicable requirements (in each case if and to
the extent applicable) of Sections 9-610 through 9-613 of the UCC and/or such
other mandatory requirements of applicable law as may apply to the respective
disposition.  

     

    
       

      
        
          
             

          

          
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The
Collateral Trustee may, with­out notice or publication, adjourn any public
or private disposition or cause the same to be adjourned from time to time by
announcement at the time and place fixed for the disposition, and such
disposition may be made at any time or place to which the disposition may be so
adjourned.  To the extent permitted by any such requirement of law,
the Collateral Trustee may bid for and become the purchaser (and may pay all or
any portion of the purchase price by crediting Secured Debt Obligations against
the purchase price) of the Collateral or any item thereof, offered for
disposition in accordance with this Section 7.2 without account­ability to
the relevant Assignor.  If, under applicable law, the Collateral
Trustee shall be permitted to make disposition of the Collateral within a period
of time which does not permit the giving of notice to the relevant Assignor as
hereinabove specified, the Collateral Trustee need give such Assignor only such
notice of disposition as shall be required by such applicable
law.  Each Assignor agrees to do or cause to be done all such other
acts and things as may be reasonably necessary to make such disposition or
dispositions of all or any portion of the Collateral valid and binding and in
compliance with any and all applicable laws, regulations, orders, writs,
injunctions, decrees or awards of any and all courts, arbitrators or
governmental instrumentalities, domestic or foreign, having jurisdic­tion
over any such sale or sales, all at such Assignor’s expense.  Solely
for the purpose of enabling the Collateral Trustee to exercise rights and
remedies under this Article VII, at such time as the Collateral Trustee shall be
lawfully entitled to exercise such rights and remedies, each Assignor hereby
grants to the Collateral Trustee, to the extent it has the lawful right to do
so, an irrevocable, non-exclusive worldwide license (exercisable without payment
of royalty or other compensation to such Assignor), to use, operate under,
license, or sublicense any Intellectual Property now or hereafter owned by or
licensed to such Assignor, subject, in the case of Marks, to the maintenance of
quality standards with respect to the products and services sold under such
Marks at a level at least substantially comparable to that prevailing at the
time of the occurrence of the Event of Default.

    

     

    7.3  Waiver
of Claims.  Except
as otherwise provided in this Agreement, EACH AS­SIGNOR HEREBY WAIVES, TO
THE EXTENT PERMITTED BY APPLICABLE LAW AND JUDICIAL HEARING IN CONNECTION WITH
THE COLLATERAL TRUSTEE’S TAKING POSSESSION OR THE COLLATERAL TRUSTEE’S
DISPOSITION OF ANY OF THE COLLATERAL, INCLUDING, WITHOUT LIMITATION, ANY AND ALL
PRIOR HEARING FOR ANY PREJUDGMENT REMEDY OR REMEDIES, and each Assignor hereby
further waives, to the extent permitted by law:

     

    (i)           all
damages occasioned by such taking of possession or any such disposition except
any damages which are the direct result of the Collateral Trustee’s gross
negligence or willful misconduct (as determined by a court of competent
jurisdiction in a final and non-appealable decision);

     

    (ii)           all
other requirements as to the time, place and terms of sale or other
require­ments with respect to the enforcement of the Collateral Trustee’s
rights here­under; and

     

    (iii)           all
rights of redemption, appraisement, valuation, stay, extension or moratorium now
or hereafter in force under any applicable law in order to prevent or delay the
en­forcement of this Agreement or the absolute sale of the Collateral or any

     

    
       

      
        
          
             

          

          
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portion
thereof, and each Assignor, for itself and all who may claim under it, insofar
as it or they now or here­after lawfully may, hereby waives the benefit of
all such laws.

    

     

     

    Any sale
of, or the grant of options to purchase, or any other realization upon, any
Collateral shall operate to divest all right, title, interest, claim and demand,
either at law or in equity, of the rele­vant Assignor therein and thereto,
and shall be a perpetual bar both at law and in equity against such Assignor and
against any and all Persons claiming or at­tempting to claim the Collateral
so sold, optioned or realized upon, or any part thereof, from, through and under
such Assignor.

     

    7.4  Application
of Proceeds.  Subject
to the Intercreditor Agreement, the Collateral Trust Agreement and the other
Secured Debt Documents, all moneys collected by the Collateral Trustee upon any
sale or other disposition of the Collateral, together with all other moneys
received by the Collateral Trustee hereunder, shall be applied in accordance
with Section 3.4 of the Collateral Trust Agreement.

     

    7.5  Remedies
Cumulative.  Each
and every right, power and remedy hereby specifically given to the Collateral
Trustee shall be in addition to every other right, power and remedy specifically
given to the Collateral Trustee under this Agreement, the other Secured Debt
Documents or now or hereafter existing at law, in equity or by statute and each
and every right, power and remedy whether specifically herein given or otherwise
existing may be exercised from time to time or simultaneously and as often and
in such order as may be deemed expedient by the Collateral
Trustee.  All such rights, powers and remedies shall be cumulative and
the exercise or the beginning of the exercise of one shall not be deemed a
waiver of the right to exercise any other or others.  No delay or
omission of the Collateral Trustee in the exercise of any such right, power or
remedy and no renewal or extension of any of the Secured Debt Obligations shall
impair any such right, power or remedy or shall be construed to be a waiver of
any Default or Event of Default or an acquiescence thereof.  No notice
to or demand on any Assignor in any case shall entitle it to any other or
further notice or demand in similar or other circumstances or constitute a
waiver of any of the rights of the Collateral Trustee to any other or further
action in any circumstances without notice or demand.  In the event
that the Collateral Trustee shall bring any suit to enforce any of its rights
here­under and shall be entitled to judgment, then in such suit the
Collateral
Trustee may recover reasonable out-of-pocket expenses, including reasonable
attorneys’ fees, and the amounts thereof shall be included in such
judgment.

     

    7.6  Discontinuance
of Proceedings.  In
case the Collateral Trustee shall have insti­tuted any proceeding to enforce
any right, power or remedy under this Agreement by foreclosure, sale, entry or
otherwise, and such proceeding shall have been discontinued or abandoned for any
reason or shall have been determined adversely to the Collateral Trustee, then
and in every such case the relevant Assignor, the Collateral Trustee and each
holder of any of the Secured Debt Obligations shall be restored to their former
positions and rights hereunder with respect to the Collateral subject to the
security interest created under this Agreement, and all rights, remedies and
powers of the Collateral Trustee shall continue as if no such proceeding had
been instituted.

     

    
       

      
        
          
             

          

          
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ARTICLE
VIII

    

     

    INDEMNITY

     

    8.1  Indemnity.  (a)  Each
Assignor jointly and severally agrees to indemni­fy, reim­burse and hold
the Collateral Trustee, each other Secured Party and their respective
successors, assigns, employees, affiliates and agents (hereinafter in this
Section 8.1 referred to individually as “Indemnitee,”
and collectively as “Indemnitees”)
harmless from any and all liabilities, obligations, damages, injuries,
penalties, claims, demands, actions, suits, judgments and any and all
out-of-pocket costs, expenses or disbursements (including reasonable attorneys’
fees and expenses) (for the purposes of this Section 8.1 the foregoing are
collectively called “expenses”)
of what­soever kind and nature imposed on, asserted against or incurred by
any of the Indemnitees in any way relating to or arising out of this Agreement,
any other Secured Debt Document or any other document executed in connection
herewith or therewith or in any other way connected with the administration of
the transactions contemplated hereby or thereby or the enforcement of any of the
terms of, or the preservation of any rights under any thereof, or in any way
relating to or arising out of the manufacture, ownership, ordering, purchase,
delivery, control, acceptance, lease, financing, possession, operation,
condition, sale, return or other disposition, or use of the Collateral
(including, without limitation, latent or other defects, whether or not
discov­erable), the violation of the laws of any country, state or other
governmental body or unit, any tort (including, without limitation, claims
arising or imposed under the doctrine of strict liability, or for or on account
of injury to or the death of any Person (including any Indemnitee), or property
damage), or contract claim; provided that no Indemnitee shall be indemnified
pursuant to this Section 8.1(a) for losses, damages or liabilities to the extent
caused by the gross negligence or willful misconduct of such Indemnitee (as
determined by a court of competent jurisdiction in a final and non-appealable
decision).  Each Assignor agrees that upon written notice by any
Indemnitee of the assertion of such a liability, obligation, damage, injury,
penalty, claim, demand, action, suit or judgment, the relevant Assignor shall
assume full responsibility for the defense thereof.  Each Indemnitee
agrees to use its best efforts to promptly notify the relevant Assignor of any
such assertion of which such Indemnitee has knowledge.

     

    (b)           Without
limiting the application of Section 8.1(a), each Assignor agrees, jointly and
severally, to pay or reimburse the Collateral Trustee for any and all reasonable
out-of-pocket fees, costs and expenses (including reasonable attorney’s fees and
expenses) of whatever kind or nature incurred in connection with the creation,
preser­va­tion or protection of the Collateral Trustee’s Liens on, and
security interest in, the Collateral, including, without limitation, all fees
and taxes in connection with the recording or filing of instruments and
documents in public offices, payment or discharge of any taxes or Liens upon or
in respect of the Collateral, premiums for insurance with respect to the
Collateral and all other fees, costs and expenses in connection with protecting,
maintaining or preserving the Collateral and the Collateral Trustee’s interest
therein, whether through judicial proceedings or other­wise, or in defending
or prosecuting any actions, suits or proceedings arising out of or relating to
the Collateral.

     

    (c)           Without
limiting the application of Section 8.1(a) or (b), each Assignor agrees, jointly
and severally, to pay, indemnify and hold each Indemnitee harmless from and

     

    
       

      
        
          
             

          

          
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against
any loss, costs, damages and expenses which such Indemnitee may suffer, expend
or incur in consequence of or growing out of any misrepresentation by any
Assignor in this Agreement, any other Secured Debt Document or in any writing
con­templated by or made or delivered pursuant to or in connection with this
Agreement or any other Secured Debt Document.

    

     

    (d)           If
and to the extent that the obligations of any Assignor under this Section 8.1
are unenforceable for any reason, such Assignor hereby agrees to make the
maximum contribution to the payment and satisfaction of such obligations which
is permissible under applicable law.

     

    8.2  Indemnity
Obligations Secured by Collateral; Survival.  Any
amounts paid by any Indemnitee as to which such Indemnitee has the right to
reimbursement shall constitute Secured Debt Obligations secured by the
Collateral.  The indemnity obligations of each Assignor contained in
this Article VIII shall continue in full force and effect notwithstanding the
full repayment of all of the Senior Secured Notes issued under the Indenture and
the payment of all other Secured Debt Obligations and notwithstanding the
discharge thereof.

     

    ARTICLE
IX

     

    DEFINITIONS

     

    The
following terms shall have the meanings herein specified.  Such
defi­nitions shall be equally applicable to the singular and plural forms of
the terms defined.

     

    “Account”
shall mean, without duplication, (i) an “account” as such term is defined in
Article 9 of the New York UCC, as applicable, (ii) any and all supporting
obligations in respect thereof and (iii) any right to payment of a monetary
obligation,  whether or not earned by performance, (a) for property
that has been or is to be sold, leased, licensed, assigned, or otherwise
disposed of, or (b) for services rendered or to be rendered. The term “Account”
does not
include (a) rights to payment evidenced by chattel paper or an instrument, (b)
commercial tort claims, (c) deposit accounts, (d) investment property, or (e)
letter-of-credit rights or letters of credit.  Without limiting the
foregoing, the term “account” shall include all Health-Care-Insurance
Receivables.

     

    “Account
Debtor” shall mean each Person who is obligated on an
Account.

     

    “Agreement”
shall have the meaning provided in the first paragraph hereof.

     

    “As-Extracted
Collateral” shall mean “as-extracted collateral” as such term is defined
in the UCC as in effect on the date hereof in the State of New
York.

     

    “Assignor”
shall have the meaning provided in the first paragraph of this
Agreement.

     

    “Chattel
Paper” shall mean “chattel paper” as such term is defined in the UCC as
in effect on the date hereof in the State of New York.  Without
limiting the foregoing, the term 

     

    
       

      
        
          
             

          

          
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“Chattel
Paper” shall in any event include all Tangible Chattel Paper and all Electronic
Chattel Paper.

    

     

    “Collateral”
shall have the meaning provided in Section 1.1(a) of this
Agreement.

     

    “Collateral
Trustee” shall have the meaning provided in the first paragraph of this
Agreement.

     

    “Commercial
Tort Claims” shall mean “commercial tort claims” as such term is defined
in the UCC as in effect on the date hereof in the State of New
York.

     

    “Commodity
Accounts” shall mean all “commodity accounts” as such term is defined in
the UCC as in effect on the date hereof in the State of New York.

     

    “Contract
Rights” shall mean all rights of any Assignor under each Contract,
including, without limitation, (i) any and all rights to receive and demand
payments under any or all Contracts, (ii) any and all rights to receive and
compel performance under any or all Contracts and (iii) any and all other
rights, interests and claims now existing or in the future arising in connection
with any or all Contracts.

     

    “Contracts”
shall mean all contracts between any Assignor and one or more additional parties
(including, without limitation, any Interest Rate Protection Agreements, Other
Hedging Agreements, licensing agreements and any partnership agreements, joint
venture agree­ments and limited liability company agreements).

     

    “Copyright
Licenses” shall mean any and all agreements (whether written or oral)
providing for the granting of any right in or to any Copyrights (whether such
Assignor is licensee or licensor thereunder).

     

    “Copyrights”
shall mean all United States or foreign copyrights (including community
designs), including copyrights in software and databases, and all Mask Works (as
defined
under 17 U.S.C. 901 of the U.S. Copyright Act), whether registered or not
registered and whether published or unpublished, and, with respect to any and
all of the foregoing:  (i) all registrations and applications therefor
(whether in the United States Copyright Office or any foreign equivalent
office), (ii) all extensions and renewals thereof, (iii) all rights
corresponding thereto throughout the world, (iv) all rights to sue for past,
present and future infringements thereof and (v) all Proceeds of the foregoing,
including licenses, royalties, income, fees, payments, claims, damages and
proceeds of suit now or hereafter due and/or payable with respect
thereto.

     

    “Deposit
Accounts” shall mean all “deposit accounts” as such term is defined in
the UCC as in effect on the date hereof in the State of New York.

     

    “Documents”
shall mean “documents” as such term is defined in the UCC as in effect on the
date hereof in the State of New York.

     

    “Domain
Names” shall mean all Internet domain names and associated URL
addresses.

     

    
       

      
        
          
             

          

          
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    “Electronic
Chattel Paper” shall mean “electronic chattel paper” as such term is
defined in the UCC as in effect on the date hereof in the State of New
York.

     

    “Equipment”
shall mean any “equipment” as such term is defined in the UCC as in effect on
the date hereof in the State of New York, and in any event, shall include, but
shall not be limited to, all machinery, equipment, furnishings, fixtures and
vehicles now or hereafter owned by any Assignor and any and all additions,
substitutions and replacements of any of the foregoing and all accessions
thereto, wherever located, together with all attachments, com­ponents,
parts, equipment and accessories installed thereon or affixed
thereto.

     

    “Excluded
Accounts” shall mean (x) disbursement accounts established solely for the
payment of medical and dental expenses in connection with health insurance
programs for employees of the Issuer and its Subsidiaries, (y) petty cash
accounts established (or otherwise maintained) by any Assignor that do not have
cash balances at any time exceeding $50,000 in the aggregate for all such petty
cash accounts of the Assignors and (z) each checking and/or disbursement account
maintained by any Assignor for its respective general corporate purposes,
including for the purpose of paying their trade payables and other operating
expenses and funded by such Assignor in the ordinary course of business
consistent with past practices; provided
that in no event shall Excluded Accounts include the Collateral Proceeds
Account.

     

    “Excluded
Assets” shall mean the collective reference to:

     

    (1)           all
interests in real property other than (i) fee interests if the greater of the
cost or the book value of such fee interest is more than $2,000,000 and (ii)
leasehold interests in real property contemplated to be used by the applicable
Assignor for any material manufacturing operations, in each case, as designated
as such by such Assignor to the Collateral Trustee in writing (except in cases
where the applicable Assignor has been unable to obtain the consent of the
landlord of such leased property to the granting of a Lien on such leasehold
interests after using commercially reasonable efforts to do so);

     

    (2)           any
property or asset to the extent that the grant of a Lien under this Agreement in
such property or asset is prohibited by applicable law or requires any consent
of any governmental authority not obtained pursuant to applicable law; provided
that such property or asset will be an Excluded Asset only to the extent and for
so long as the consequences specified above will result and will cease to be an
Excluded Asset and will become subject to the Lien granted under this Agreement,
immediately and automatically, at such time as such consequences will no longer
result;

     

    (3) any
lease, license, contract, property right or agreement to which such Assignor is
a party or any of its rights or interests thereunder only to the extent and only
for so long as the grant of a Lien under this Agreement would constitute or
result in a breach, termination or default under or requires any consent not
obtained under any such lease, license, contract, agreement or property right
(other than to the extent that any such term would be rendered ineffective
pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor
provision or provisions) of any relevant jurisdiction or any other applicable
law (including the Bankruptcy Code) or principles of equity); provided

     

    
       

      
        
          
             

          

          
            -35-

            
              

            

          

          
             

          

        

      

       

    

    that such
lease, license, contract, property right or agreement will be an Excluded Asset
only to the extent and for so long as the consequences specified above will
result and will cease to be an Excluded Asset and will become subject to the
Lien granted under this Agreement, immediately and automatically, at such time
as such consequences will no longer result;

     

    (4)
Equity Interests in ACCO Brands Receivables Funding LLC, so long as such entity
is a Receivables Subsidiary (as defined in the Indenture);

     

    (5)
Equity Interests or other securities of any Subsidiary of the Issuer (other than
ACCO Brands Europe Holding LP) to the extent the pledge of such Equity Interests
or other securities would require ACCO to file separate financial statements
with SEC with respect to such Subsidiary pursuant to Rule 3-16 of Regulation S-X
under the Securities Act, as in effect from time to time; provided that in the
event that Rule 3-16 of Regulation S-X under the Securities Act is amended,
modified or interpreted by the SEC to permit (or is replaced with another rule
or regulation, or any other law, rule or regulation is adopted, which would
permit) all of such Subsidiary’s Equity Interests or other securities to be
pledged to secure the Secured Debt Obligations without the filing with the SEC
of separate financial statements of such Subsidiary, then all of the Equity
Interests and other securities of such Subsidiary shall automatically be deemed
to be part of the Collateral (and this Agreement shall be amended to reflect
such inclusion in the Collateral);

     

    (6) any
amount of voting interests of any Foreign Subsidiary exceeding, and only to the
extent that such Voting Equity Interests exceed, 65% of the total Voting Equity
Interests of such Foreign Subsidiary held by such Assignor;

     

    (7) the
Equity Interests of any Foreign Subsidiary other than (A) ACCO Mexicana S.A. de
C.V., ACCO Brands Canada Inc. and ACCO Brands Europe Holding LP; and (B) any
Foreign Subsidiary directly owned by such Assignor if the product of that
Foreign Subsidiary’s EBITDA for the preceding fiscal year times 7.0 exceeds
$42.5 million, such determination
to be made annually at the conclusion of the audit of the Issuer’s annual
financial statements, in each case subject to clauses (5) and (6)
above.

     

    “Farm
Products” shall mean “farm products” as such term is defined in the UCC
as in effect on the date hereof in the State of New York.

     

    “Fixtures”
shall mean “fixtures” as such term is defined in the UCC as in effect on the
date hereof in the State of New York.

     

    “General
Intangibles” shall mean “general intangibles” as such term is defined in
the UCC as in effect on the date hereof in the State of New York.

     

    “Goods”
shall mean “goods” as such term is defined in the UCC as in effect on the date
hereof in the State of New York.

     

    
       

      
        
          
             

          

          
            -36-

            
              

            

          

          
             

          

        

      

       

    

    “Health-Care-Insurance
Receivable” shall mean any “health-care-insurance receivable” as such
term is defined in the UCC as in effect on the date hereof in the State of New
York.

     

    “Indemnitee”
shall have the meaning provided in Section 8.1(a) of this
Agreement.

     

    “Instrument”
shall mean “instruments” as such term is defined in the UCC as in effect on the
date hereof in the State of New York.

     

    “Intellectual
Property” shall mean all Copyrights, Copyright Licenses, Patents, Patent
Licenses, Marks, Mark Licenses, Domain Names, Trade Secrets, Trade Secret
Licenses, and any other similar intangible rights, to the extent not covered by
the foregoing, and with respect to any and all of such intangible
rights:  (i) all registrations and applications therefor (whether in
the United States Copyright Office or any foreign equivalent office), (ii) all
extensions and renewals thereof, (iii) all rights corresponding thereto
throughout the world, (iv) all rights to sue for past, present and future
infringements thereof, (v) all Proceeds of the foregoing, including licenses,
royalties, income, fees, payments, claims, damages and proceeds of suit now or
hereafter due and/or payable with respect thereto, and (vi) all agreements
(whether written or oral) providing for the granting of any right in or to such
intangible rights (whether such Assignor is licensee or licensor
thereunder).

     

    “Intellectual
Property Security Agreements” shall mean agreements substantially in the
form of Annex A, Annex B, or Annex C hereto.

     

    “Inventory”
shall mean merchandise, inventory and goods, and all additions,
substi­tutions and replacements thereof and all accessions thereto, wherever
located, together with all goods, supplies, incidentals, packaging materials,
labels, materials and any other items used or usable in manu­facturing,
processing, packaging or shipping same, in all stages of production from raw
materials through work in process to finished goods, and all products and
proceeds of whatever sort and wherever located any portion thereof which may be
returned, rejected, reclaimed or repossessed by the Collateral Trustee from any
Assignor’s customers, and shall specifically
include all “inventory” as such term is defined in the UCC as in effect on the
date hereof in the State of New York.

     

    “Investment
Property” shall mean “investment property” as such term is defined in the
UCC as in effect on the date hereof in the State of New York.

     

    “Issuer”
shall have the meaning provided in the recitals hereto.

     

    “Letter-of-Credit
Rights” shall mean “letter-of-credit rights” as such term is defined in
the UCC as in effect on the date hereof in the State of New York.

     

    “Location”
of any Assignor, shall mean such Assignor’s “location” as determined pursuant to
Section 9-307 of the UCC.

     

    
       

      
        
          
             

          

          
            -37-

            
              

            

          

          
             

          

        

      

       

    

    “Mark
License”
shall
mean any and all agreements (whether written or oral) providing for the granting
of any right in or to any Marks (whether such Assignor is licensee or licensor
thereunder).

     

    “Marks”
shall mean (i) all United States and foreign trademarks, trade names, corporate
names, company names, business names, fictitious business names, service marks,
certification marks, collective marks, trade dress, slogans, logos, other source
or business identifiers, designs and general intangibles of a like nature, and
with respect to any and all of the foregoing:  (i) all registrations
and applications for any of the foregoing, (ii) all extensions or renewals of
any of the foregoing, (iii) all common-law rights related thereto, (iv) all
corresponding rights thereto throughout the world, (v) all of the goodwill of
the business connected with the use of and symbolized by the foregoing, (vi) the
right to sue for past, present and future infringement, dilution or other
violation of any of the foregoing or for any injury to goodwill, and (vii) all
Proceeds of the foregoing, including licenses, royalties, income, fees,
payments, claims, damages and proceeds of suit now or hereafter due and/or
payable with respect thereto.

     

    “Money”
shall mean “money” as such term is defined in the UCC as in effect on the date
hereof in the State of New York.

     

    “Patent
Licenses” shall mean all agreements (whether written or oral) providing
for the granting of any right in or to Patents (whether such Assignor is
licensee or licensor thereunder).

     

    “Patents”
shall mean all United States and foreign patents, certificates of invention,
industrial designs or similar industrial property rights, and applications for
any of the foregoing, including, but not limited to:  (i) all
reissues, divisions, continuations (including, but not limited to,
continuations-in-part and improvements thereof), extensions, renewals, and
reexaminations thereof, (ii) inventions described and claimed therein, (iii) all
rights corresponding thereto throughout the world, (iv) all inventions and
improvements described therein, (v) all rights to sue for past, present and
future infringements or other violations thereof, (vi) all licenses, claims,
damages, and proceeds of suit arising therefrom, and (vii) all Proceeds of the
foregoing, including licenses, royalties, income, fees, payments, claims,
damages and proceeds of suit now or hereafter due and/or payable with respect
thereto.

     

    “Perfection
Certificate” shall mean the Perfection Certificate, dated as of September
30, 2009 (and as amended, modified, restated and/or supplemented from time to
time, including by the execution and delivery of a Perfection Certificate
Supplement), by and among the Issuer and the other Assignors.

     

    “Perfection
Certificate Supplement” shall mean a supplement to the Perfection
Certificate in form and substance reasonably acceptable to the Collateral
Trustee.

     

    “Permits”
shall mean, to the extent permitted to be assigned by the terms thereof or by
applicable law, all licenses, permits, rights, orders, variances, franchises or
authorizations of or from any governmental authority or agency.

     

    
       

      
        
          
             

          

          
            -38-

            
              

            

          

          
             

          

        

      

       

    

    “Proceeds”
shall mean all “proceeds” as such term is defined in the UCC as in effect in the
State of New York on the date hereof and, in any event, shall also include, but
not be limited to, (i) any and all proceeds of any insurance, indemnity,
warranty or guaranty payable to the Collateral Trustee or any Assignor from time
to time with respect to any of the Collateral, (ii) any and all payments (in any
form whatsoever) made or due and payable to any Assignor from time to time in
connection with any requisition, confiscation, condemnation, seizure or
forfeiture of all or any part of the Collateral by any governmental authority
(or any person acting under color of gov­ernmental authority) and (iii) any
and all other amounts from time to time paid or payable under or in connection
with any of the Collateral.

     

    “Receivables”
shall have the meaning specified in Section 1.01(a)(xix).

     

    “Registered
Organization” shall mean “registered organizations” as such term is
defined in the UCC as in effect on the date hereof in the State of New
York.

     

    “Related
Contracts” shall have the meaning specified in Section
1.01(a)(xix).

     

    “Secured
Debt Documents” shall mean and include this Agreement, the other Credit
Documents, each Secured Hedging Agreement and each Secured Cash Management
Agreement.

     

    “Securities
Accounts” shall mean all “securities accounts” as such term is defined in
the UCC as in effect on the date hereof in the State of New York.

     

    “Software”
shall mean “software” as such term is defined in the UCC as in effect on the
date hereof in the State of New York.

     

    “Supporting
Obligations” shall mean any “supporting obligation” as such term is
defined in the UCC as in effect on the date hereof in the State of New York, now
or hereafter owned by any Assignor, or in which any Assignor has any rights,
and, in any event, shall include, but shall not be limited to all of such
Assignor’s rights in any Letter-of-Credit Right or secondary obligation that
supports the payment or performance of, and all security for, any Account,
Chattel Paper, Document, General Intangible, Instrument or Investment
Property.

     

    “Tangible
Chattel Paper” shall mean “tangible chattel paper” as such term is
defined in the UCC as in effect on the date hereof in the State of New
York.

     

    “Timber-to-be-Cut”
shall mean “timber-to-be-cut” as such term is defined in the UCC as in effect on
the date hereof in the State of New York.

     

    “Trade
Secret Licenses” shall mean any and all agreements (whether written or
oral) providing for the granting of any right in or to Trade Secrets (whether
such Assignor is licensee or licensor thereunder).

     

    “Trade
Secrets” shall mean all trade secrets and all other confidential or
proprietary information, data
and databases, processes, designs, inventions, technology, writings, plans,
specifications and schematics, engineering drawings, customer lists and
know-how, whether or not such Trade Secret has been reduced to a writing or
other tangible form, including  

     

    
       

      
        
          
             

          

          
            -39-

            
              

            

          

          
             

          

        

      

      
all
documents and things embodying, incorporating, or referring in any way to such
Trade Secret, including but not limited to:  (i) any secretly held
existing engineering or other data, information, production procedures and other
know-how relating to the design manufacture, assembly, installation, use,
operation, marketing, sale and/or servicing of any products or business
worldwide, (ii) the right to sue for past, present and future misappropriation
or other violation of any Trade Secret, and (iii) all Proceeds of the foregoing,
including licenses, royalties, income, fees, payments, claims, damages and
proceeds of suit now or hereafter due and/or payable with respect
thereto.

    

     

    “Trade
Secret Rights” shall mean the rights of an Assignor in any Trade Secret
it holds.

     

    “Transmitting
Utility” shall have the meaning given such term in Section 9-102(a)(80)
of the UCC as in effect on the date hereof in the State of New
York.

     

    “UCC”
shall mean the Uniform Commercial Code as in effect from time to time in the
relevant jurisdiction.

     

    ARTICLE
X

     

    MISCELLANEOUS

     

    10.1  Notices.  Except
as otherwise specified herein, all notices, requests, demands or other
communications to or upon the respective parties hereto shall be made in
accordance with Section 7.7 of the Collateral Trust
Agreement.

     

    10.2  Waiver;
Amendment.  Subject
to Section 2.11 of the Intercreditor Agreement, none of the terms and conditions
of this Agreement may be changed, waived, modified or varied in any manner
whatsoever except in accordance with the requirements specified in Section 7.1
of the Collateral Trust Agreement.  No failure on the part of the
Collateral Trustee or any other Secured Party to exercise, and no delay in
exercising any right hereunder, shall operate as a waiver thereof; nor shall any
single or partial exercise of any such right preclude any other or further
exercise thereof or the exercise of any other right.

     

    10.3  Obligations
Absolute.  The
obligations of each Assignor hereunder shall remain in full force and effect
without regard to, and shall not be impaired by, (a) any bankruptcy, insolvency,
reorganization, arrangement, readjustment, composition, liquidation or the like
of such Assignor; (b) any exercise or non-exercise, or any waiver of, any right,
remedy, power or privilege under or in respect of this Agreement or any other
Secured Debt Document; or (c) any amendment to or modification of any Secured
Debt Document or any security for any of the Secured Debt Obligations; whether
or not such Assignor shall have notice or knowledge of any of the
foregoing.

     

    10.4  Successors
and Assigns.  This
Agreement shall create a continuing security interest in the Collateral and
shall (i) remain in full force and effect, subject to release and/or termination
as set forth in Section 10.8, (ii) be binding upon each Assignor, its successors
and assigns; provided,
however,
that no Assignor shall assign any of its rights or obligations hereunder, and
(iii) inure, together with the rights and remedies of the Collateral
Trustee

     

    
       

      
        
          
             

          

          
            -40-

            
              

            

          

          
             

          

        

      

      
 hereunder,
to the benefit of the Collateral Trustee, the other Secured Parties and their
respective successors, transferees and assigns. All agreements, statements,
representations and warranties made by each Assignor herein or in any
certificate or other instrument delivered by such Assignor or on its behalf
under this Agreement shall be considered to have been relied upon by the Secured
Parties and shall survive the execution and delivery of this Agreement and the
other Secured Debt Documents regardless of any investigation made by the Secured
Parties or on their behalf.

    

     

    10.5  Headings
Descriptive.  The
headings of the several sections of this Agreement are inserted for convenience
only and shall not in any way affect the meaning or construction of any
provision of this Agreement.

     

    10.6  GOVERNING
LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL.  (a)
THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW
YORK, WITHOUT REGARD TO ANY CONFLICTS OF LAWS PRINCIPLES THAT WOULD REQUIRE OR
PERMIT THE LAWS OF ANY OTHER JURISDICTION TO APPLY.

     

    (b)           All
judicial proceedings brought against any party hereto arising out of or relating
to this Agreement or any of the other Security Documents may be brought in any
state or federal court of competent jurisdiction in the State, County and City
of New York.  By executing and delivering this Agreement, each
Pledgor, for itself and in connection with its properties,
irrevocably:

     

    (A)           accepts
generally and unconditionally the nonexclusive jurisdiction and venue of such
courts;

     

    (B)           waives
any defense of forum non conveniens;

     

    (C)           agrees
that service of all process in any such proceeding in any such court may be made
by registered or certified mail, return receipt requested, to such party at its
address provided in accordance with Section 7.7 of the Collateral Trust
Agreement;

     

    (D)           agrees
that service as provided in clause (C) above is sufficient to confer personal
jurisdiction over such party in any such proceeding in any such court and
otherwise constitutes effective and binding service in every respect;
and

     

    (E)           agrees
that each party hereto retains the right to serve process in any other manner
permitted by law or to bring proceedings against any party in the courts of any
other jurisdiction.

     

    (c)           Each
party to this Agreement waives its rights to a jury trial of any claim or cause
of action based upon or arising under this Agreement or any of the other
Security Documents or any dealings between them relating to the subject matter
of this Agreement or the intents and purposes of the other Security
Documents.  The scope of this waiver is intended to be
all-encompassing of any and all disputes that may be filed in any court and that
relate to the 

    
       

      
        
          
             

          

          
            -41-

            
              

            

          

          
             

          

        

      

      
subject
matter of this Agreement and the other Security Documents, including contract
claims, tort claims, breach of duty claims and all other common law and
statutory claims.  Each party to this Agreement acknowledges that this
waiver is a material inducement to enter into a business relationship, that each
party hereto has already relied on this waiver in entering into this Agreement,
and that each party hereto will continue to rely on this waiver in its related
future dealings.  Each party hereto further warrants and represents
that it has reviewed this waiver with its legal counsel and that it knowingly
and voluntarily waives its jury trial rights following consultation with legal
counsel.  This waiver is irrevocable, meaning that it may not be
modified either orally or in writing (other than by a mutual written waiver
specifically referring to this Section 10.6 and executed by each of the parties
hereto), and this waiver will apply to any subsequent amendments, renewals,
supplements or modifications of or to this Agreement or any of the other
Security Documents or to any other documents or agreements relating
thereto.  In the event of litigation, this Agreement may be filed as a
written consent to a trial by the court.

    

     

    10.7  Assignor’s
Duties.  It
is expressly agreed, anything herein contained to the contrary notwithstanding,
that each Assignor shall remain liable to perform all of the obligations, if
any, assumed by it with respect to the Collateral and the Collateral Trustee
shall not have any obli­gations or liabilities with respect to any
Collateral by reason of or arising out of this Agreement, nor shall the
Collateral Trustee be required or obligated in any manner to perform or fulfill
any of the obligations of any Assignor under or with respect to any
Collateral.

     

    10.8  Termination;
Release.  (a)  After
the occurrence of the Discharge of Priority Lien Obligations and the discharge
of all other Secured Debt Obligations, this Agreement shall terminate (provided
that all indemnities set forth herein including, without limitation in Section
8.1, shall survive such termination)
and the Collateral Trustee, at the request and expense of the respective
Assignor, will (without recourse and without any representation or warranty)
promptly execute and deliver to such Assignor a proper instrument or instruments
(including UCC termination statements on form UCC-3) acknowledging the
satisfaction and termination of this Agreement, and will duly assign,
trans­fer and deliver to such Assignor (without recourse and without any
representation or warranty) such of the Collateral as may be in the possession
of the Collateral Trustee and as has not theretofore been sold or otherwise
applied or released pursuant to Article VII of this
Agreement.

     

    (b)           In
the event that the Collateral Trustee’s Liens on any portion of the Collateral
have been released pursuant to Section 4.1(a) of the Collateral Trust Agreement,
the Collateral Trustee, at the request and expense of such Assignor, will duly
and promptly release from the security interest created hereby (and will execute
and deliver such documentation, including termination or partial release
statements and the like in connection therewith) and assign, transfer and
deliver to such Assignor (without recourse and without any representation or
warranty) such of the Collateral as is then being (or has been) so sold or
otherwise disposed of, or released, and as may be in the possession of the
Collateral Trustee and has not theretofore been released pursuant to this
Agreement.

     

    (c)           At
any time that an Assignor desires that the Collateral Trustee take any action to
acknowledge or give effect to any release of Collateral pursuant to the
foregoing Section 10.8(a) or (b), such Assignor shall deliver to the Collateral
Trustee a certificate signed by a principal executive officer of such Assignor
stating that the release of the respective Collateral 

     

    
       

      
        
          
             

          

          
            -42-

            
              

            

          

          
             

          

        

      

      
is
permitted pursuant to such Section 10.8(a) or (b).  If reasonably
requested by the Collateral Trustee (although the Collateral Trustee shall have
no obligation to make such request), the relevant Assignor shall furnish
appropriate legal opinions (from counsel, reasonably acceptable to the
Collateral Trustee) to the effect set forth in this Section
10.8(c).

    

     

    (d)           The
Collateral Trustee shall have no liability whatsoever to any other Secured Party
as the result of any release of Collateral by it in accordance with (or which
the Collateral Trustee in good faith believes to be in accordance with) this
Section 10.8.

     

    10.9  Counterparts.  This
Agreement may be executed in any number of counter­parts and by the
different parties hereto on separate counterparts, each of which when so
executed and delivered shall be an original, but all of which shall together
constitute one and the same instrument.  A set of counterparts
executed by all the parties hereto shall be lodged with the Issuer and the
Collateral Trustee.  Delivery of an executed counterpart of a
signature page to this Agreement, or of any amendment or waiver of any provision
of this Agreement or of any joinder agreement, by telecopier or in “pdf” or
similar format by electronic mail, shall be effective as delivery of an original
executed counterpart thereof.

     

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

     

    10.11  The
Collateral Trustee and the other Secured Parties.  The
Collateral Trustee will hold in accordance with this Agreement all items of the
Collateral at any time received under this Agreement.  It is expressly
understood and agreed that the obligations of the Collateral Trustee as holder
of the Collateral and interests therein and with respect to the disposition
thereof, and otherwise under this Agreement, are only those expressly set forth
in this Agreement, in the Collateral Trust Agreement and in Articles Seven and
Eleven of the Indenture, subject to the terms of the Intercreditor
Agreement.  The Collateral Trustee shall act hereunder on the terms
and condi­tions set forth herein, in the Collateral Trust Agreement and in
Articles Seven and Eleven of the Indenture, subject to the terms of the
Intercreditor Agreement.

     

    10.12  Additional
Assignors.  It
is understood and agreed that any Person that desires to become an Assignor
hereunder, or is required to execute a counterpart of this Agreement after the
date hereof pursuant to the requirements of the Indenture or any other Secured
Debt Document, shall become an Assignor hereunder by (x) executing a counterpart
hereof and delivering same to the Collateral Trustee or by executing a joinder
agreement and delivering same to the Collateral Trustee, in each case as may be
requested by (and in form and substance satisfactory to) the Collateral Trustee,
(y) delivering a Perfection Certificate Supplement with respect to such
additional Assignor on such date and (z) taking all actions as specified in this
Agreement as would have been taken by such Assignor had it been an original
party to this Agreement, in each case with all documents required above to be
delivered to the Collateral Trustee and with all documents and actions required
above to be taken to the reasonable satisfaction of the Collateral
Trustee.  Upon the execution and delivery, or authentication, by any
Person of a counterpart hereof or a joinder agreement, such Person shall

     

    
       

      
        
          
             

          

          
            -43-

            
              

            

          

          
             

          

        

      

      
be
referred to as an “Additional
Assignor” and shall be and become a Assignor hereunder, and each
reference in this Agreement and the other Secured Debt Documents to “Assignor”
shall also mean and be a reference to such Additional Assignor, and each
reference in this Agreement and the other Secured Debt Documents to “Collateral”
shall also mean and be a reference to the Collateral of such Additional
Assignor.

    

     

    10.13  Intellectual
Property Security Agreements.  In
the event of any conflict between the terms of this Agreement and the
Intellectual Property Security Agreements, the terms of this Agreement shall
govern and control.

     

    10.14  Intercreditor
Agreement.  Notwithstanding
anything herein to the contrary, the liens and security interests granted to the
Collateral Trustee pursuant to this Agreement in any Collateral and the exercise
of any right or remedy by the Collateral Trustee with respect to any Collateral
hereunder are subject to the provisions of the Intercreditor Agreement, dated as
of September 30, 2009 (as amended, restated, supplemented or otherwise modified
from time to time, the “Intercreditor
Agreement”), among the
Issuer, the other Assignors from time to time party thereto, the ABL Collateral
Trustee and the Collateral Trustee, and certain other Persons party or that may
become party thereto from time to time.  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.

     

    [Remainder
of this page intentionally left blank; signature page follows]

     

     

    
      
        
           

        

        
          -44-

          
            

          

        

        
           

        

      

    

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
and delivered by their duly authorized officers as of the date first above
written.

     

    
      
        
          
            	 	
                    ACCO
      BRANDS CORPORATION, as an Assignor

                  	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven
      Rubin	 
	 	 	Title:  Senior Vice
      President, Secretary
      and
      General Counsel	 
	 	 	 	 

          

        

         

      

    

    
      
         

        
          
            
              	 	
                      ACCO
      BRANDS USA LLC, as an Assignor

                    	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice
      President and Secretary	 
	 	 	 	 

            

          

           

        

      

    

    
      
         

        
          
            
              	 	
                      DAY-TIMERS
      INC., as an Assignor

                    	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

            

          

           

        

      

    

    
      
         

        
          
            
              	 	
                      GENERAL
      BINDING CORPORATION, as an Assignor

                    	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

            

          

           

        

      

    

    
      
         

        
          
            
              	 	
                      ACCO
      INTERNATIONAL HOLDINGS, INC., as an Assignor

                    	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

            

          

           

          
             

            
              
                
                   
[SIGNATURE
PAGE TO NOTE SECURITY AGREEMENT]

                

                
                   

                  
                    

                  

                

                
                   

                

              

            

             

            
              
                
                  
                    	 	
                            GBC
      INTERNATIONAL, INC., as an Assignor

                          	 
	 	 	 	 
	
                             

                          	
                            By:
      

                          	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                  

                

                 

              

            

            
               

              
                
                  
                    
                      	 	
                              ACCO
      BRANDS INTERNATIONAL, INC., as an Assignor

                            	 
	 	 	 	 
	
                               

                            	
                              By:
      

                            	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                    

                  

                   

                

              

            

            
              
                 

                
                  
                    
                      
                        	 	
                                ACCO
      EUROPE FINANCE HOLDINGS, LLC, as an Assignor

                              	 
	 	 	 	 
	
                                 

                              	
                                By:
      

                              	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                      

                    

                     

                  

                

              

            

            
              
                 

                
                  
                    
                      
                        	 	
                                ACCO
      EUROPE INTERNATIONAL HOLDINGS LLC, as an Assignor

                              	 
	 	 	 	 
	
                                 

                              	
                                By:
      

                              	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                      

                    

                     

                  

                

              

            

          

          
            
               

              
                
                  
                    
                      	 	
                              
                                BOONE
      INTERNATIONAL, INC., as an Assignor

                              

                            	 
	 	 	 	 
	
                               

                            	
                              By:
      

                            	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                    

                  

                   

                

              

            

          

          
             

            
              
                
                  [SIGNATURE PAGE TO NOTE SECURITY AGREEMENT] 

                

                
                   

                  
                    

                  

                

                
                   

                

              

            

             

            
              
                
                  
                    
                      
                        
                          
                            
                              	 	
                                      
                                        POLYBLEND
      CORPORATION, as an Assignor

                                      

                                    	 
	 	 	 	 
	
                                       

                                    	
                                      By:
      

                                    	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                            

                          

                           

                        

                      

                    

                  

                

              

            

          

          
             

            
              
                
                  
                    
                      
                        
                          
                            
                              	 	
                                      
                                        SWINGLINE,
      INC., as an Assignor

                                      

                                    	 
	 	 	 	 
	
                                       

                                    	
                                      By:
      

                                    	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice
      President and Secretary	 
	 	 	 	 

                            

                          

                           

                        

                      

                    

                  

                

              

            

          

           

        

      

    

    
      
        
          [SIGNATURE PAGE TO NOTE SECURITY AGREEMENT] 

        

        
           

          
            

          

        

        
           

        

      

    

     

    Accepted and Agreed
to:

     

    
      
        
          
            
              
                
                  	
                          U.S. BANK NATIONAL
      ASSOCIATION,  as
      Collateral Trustee

                        	 	 	 	 
	 	 	 	 	 	 
	By: 	
                          /s/Diane
      Swanson

                        	 	 	
                           

                        	 
	 	
                          Name: 
      Diane
      Swanson

                        	 	 	
                           

                        	 
	 	
                          Title:  Vice
      President

                        	 	 	
                           

                        	 

                

              

            

          

        

      

    

     

     

    
      
        
          [SIGNATURE PAGE TO NOTE SECURITY AGREEMENT] 

        

        
           

          
            

          

        

        
           

        

      

    

     

    SCHEDULE
2.1(a)

    to

    SECURITY
AGREEMENT

     

    CERTAIN
MATERIAL U.S. INTELLECTUAL PROPERTY

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      SCHEDULE
2.1(b)

      to

      SECURITY
AGREEMENT

    

     

    CERTAIN
OTHER U.S. INTELLECTUAL PROPERTY

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      SCHEDULE
2.1(c)

      to

      SECURITY
AGREEMENT

    

     

    CERTAIN
MATERIAL FOREIGN INTELLECTUAL PROPERTY

    
 

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      SCHEDULE
4.1(d)

      to

      SECURITY
AGREEMENT

    

     

    CERTAIN
INTELLECTUAL PROPERTY MATTERS

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      SCHEDULE
4.1(e)

      to

      SECURITY
AGREEMENT

    

     

    CERTAIN
INTELLECTUAL PROPERTY MATTERS

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      SCHEDULE
4.1(i)

      to

      SECURITY
AGREEMENT

    

     

    CERTAIN
INTELLECTUAL PROPERTY MATTERS

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      
        SCHEDULE
4.1(j)

        to

        SECURITY
AGREEMENT

      

    

     

    CERTAIN
INTELLECTUAL PROPERTY MATTERS

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      
        SCHEDULE
5.1(d)

        to

        SECURITY
AGREEMENT

      

    

    
CERTAIN
INTELLECTUAL PROPERTY MATTERS

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      
        SCHEDULE
5.1(e)

        to

        SECURITY
AGREEMENT

      

CERTAIN
INTELLECTUAL PROPERTY MATTERS

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      
        SCHEDULE
5.1(j)

        to

        SECURITY
AGREEMENT

      

    CERTAIN
INTELLECTUAL PROPERTY MATTERS

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      
        SCHEDULE
5.1(k)

        to

        SECURITY
AGREEMENT

      

    CERTAIN
INTELLECTUAL PROPERTY MATTERS

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      
        ANNEX A

        to

        SECURITY
AGREEMENT

      

    

    TRADEMARK
SECURITY AGREEMENT

     

    This
TRADEMARK SECURITY AGREEMENT, dated as of September 30, 2009, (the “Trademark
Security Agreement”), made by each of the undersigned assignors
(individually, an “Assignor”,
and, collectively, the “Assignors”)
in favor of U.S. Bank National Association, as Collateral Trustee for the
benefit of the Secured Parties (in such capacity, the “Assignee”
or the “Collateral
Trustee”).

     

    W
I T N E S S E T H:

     

    WHEREAS,
the Assignors are party to that certain Security Agreement of even date herewith
(as amended, modified, restated and/or supplemented from time to time, the
“Security
Agreement”) in favor of the Assignee pursuant to which the Assignors are
required to execute and deliver this Trademark Security Agreement;

     

    NOW,
THEREFORE, in consideration of the benefits accruing to each Assignor, the
receipt and sufficiency of which are hereby acknowledged, each Assignor hereby
makes covenants and agrees with the Assignee for the benefit of the Secured
Parties as follows:

     

    SECTION
1.    Defined
Terms.  Capitalized terms used but not otherwise defined herein
shall have the meanings given to them in the Security Agreement.  For
purposes of this Trademark Security Agreement, the term “Marks”
shall mean (i) all United States and foreign trademarks, trade names, corporate
names, company names, business names, fictitious business names, service marks,
certification marks, collective marks, trade dress, slogans, logos, other source
or business identifiers, designs and general intangibles of a like nature, and
with respect to any and all of the foregoing:  (i) all registrations
and applications for any of the foregoing, (ii) all extensions or renewals of
any of the foregoing, (iii) all common-law rights related thereto, (iv) all
corresponding rights thereto throughout the world, (v) all of the goodwill of
the business connected with the use of and symbolized by the foregoing, (vi) the
right to sue for past, present and future infringement, dilution or other
violation of any of the foregoing or for any injury to goodwill, and (vii) all
Proceeds of the foregoing, including licenses, royalties, income, fees,
payments, claims, damages and proceeds of suit now or hereafter due and/or
payable with respect thereto.

     

     SECTION
2.    Grant
of Security Interest in Mark Collateral.  As security for the
prompt and complete payment and performance when due of all of its Secured Debt
Obligations, each Assignor does hereby pledge and grant to the Assignee, for the
benefit of the Secured Parties, a continuing security interest in all of the
right, title and interest of such Assignor in, to and under all of the following
personal and fixture property (and all rights therein) of such Assignor, or in
which or to which such Assignor has any rights, in each case now existing or
hereafter from time to time acquired (collectively, the “Pledged
Trademark Collateral”):

     

    (a)  all
Marks of such Assignor, including, without limitation, the registered and
applied-for Marks of such Assignor listed on Schedule
I attached hereto; and

     

     

    
      
        
           

        

        
           

          
             

            
              

            

          

        

        
           

          ANNEX A

          Page
2

        

      

    

     

    (b)  to
the extent not included in clause (a), all Proceeds and products of any and all
of the foregoing.

     

    Notwithstanding
anything to the contrary contained in clauses (a) and (b) above, the security
interest created by this Trademark Security Agreement shall not extend to any
Mark application filed in the United States Patent and Trademark Office on the
basis of the Assignor’s intent to use such Mark prior to the filing of a
statement of use or amendment to allege use of such Mark, if the grant of the
security interest therein as contemplated by the Security Agreement would result
in the unenforceability or invalidity of such Mark application or the
registration that issues therefrom; provided,
that to the extent such application is excluded from the Collateral, upon the
submission of evidence of use of such Mark to the United States Patent and
Trademark Office, such Mark application shall automatically be included in the
Collateral, without further action on any party’s part, and other Excluded
Assets.

     

    SECTION
3.    Security
Agreement.  The lien and security interest granted to the
Assignee, pursuant to this Trademark Security Agreement, is granted in
conjunction with the lien and security interest granted to the Assignee pursuant
to the Security Agreement and Assignors hereby acknowledge and affirm that the
rights and remedies of the Assignee with respect to the lien and security
interest in the Marks made and granted hereby are more fully set forth in the
Security Agreement, which are subject to the terms of and provisions of the
Intercreditor Agreement as described therein.  In the event of any
conflict between the terms of the Security Agreement and this Trademark Security
Agreement, the terms of the Security Agreement shall govern and
control.

     

    SECTION
4.    Recordation.  Each
Assignor hereby authorizes and requests that the Commissioner of Patents and
Trademarks record this Trademark Security Agreement.

     

    SECTION
5.    Termination.  After
the occurrence of the Discharge of Priority Lien Obligations and the discharge
of the other Secured Debt Obligations, this Trademark Security Agreement shall
terminate and the Collateral Trustee, at the request and expense of the
respective Assignor, will (without recourse and without any representation or
warranty) promptly execute and deliver to such Assignor a proper instrument or
instruments acknowledging the satisfaction and termination of this Agreement,
and will duly assign, transfer and deliver to such Assignor (without recourse
and without any representation or warranty) such of the Pledged Trademark
Collateral as may be in the possession of the Collateral Trustee and as has not
theretofore been sold or otherwise applied or released pursuant to this
Agreement.

     

    SECTION
6.    GOVERNING
LAW.  THIS TRADEMARK SECURITY AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND
BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT
REGARD TO ANY CONFLICTS OF LAWS PRINCIPLES THAT WOULD REQUIRE OR PERMIT THE LAWS
OF ANY OTHER JURISDICTION TO APPLY.

     

    SECTION
7.    Intercreditor
Agreement Governs.  Notwithstanding anything herein to the
contrary, the liens and security interests granted to the Assignee, pursuant to
this

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
          ANNEX
A

          Page
3

        

      

    

     

    Trademark
Security Agreement are subject to the provisions of the Intercreditor
Agreement.  In the event of any conflict between the terms of the
Intercreditor Agreement and this Trademark Security Agreement, the terms of the
Intercreditor Agreement shall govern and control.

     

     SECTION
8.    Counterparts.  This
Trademark Security Agreement may be executed in any number of counter­parts
and by the different parties hereto on separate counterparts, each of which when
so executed and delivered shall be an original, but all of which shall together
constitute one and the same instrument.  A set of counterparts
executed by all the parties hereto shall be lodged with the Assignors and the
Assignee.  Delivery of an executed counterpart of a signature page to
this Trademark Security Agreement, or of any amendment or waiver of any
provision of this Trademark Security Agreement, by telecopier or in “pdf” or
similar format by electronic mail, shall be effective as delivery of an original
executed counterpart thereof.

     

     

    [Remainder
of This Page Intentionally Left Blank.]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
          ANNEX
A

          Page
4

        

      

    

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Trademark Security
Agreement to be executed and delivered by their duly authorized officers as of
the date first above written.

     

    
       

      
        
          
            
              	 	
                      ACCO
      BRANDS CORPORATION, as an Assignor

                    	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

            

          

           

        

      

      
        
           

          
            
              
                	 	
                        ACCO
      BRANDS USA LLC, as an Assignor

                      	 
	 	 	 	 
	
                         

                      	
                        By:
      

                      	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

              

            

             

          

        

      

      
        
           

          
            
              
                	 	
                        DAY-TIMERS
      INC., as an Assignor

                      	 
	 	 	 	 
	
                         

                      	
                        By:
      

                      	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

              

            

             

          

        

      

      
        
           

          
            
              
                	 	
                        GENERAL
      BINDING CORPORATION, as an Assignor

                      	 
	 	 	 	 
	
                         

                      	
                        By:
      

                      	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

              

            

             

          

        

      

      
        
           

          
            
              
                	 	
                        ACCO
      INTERNATIONAL HOLDINGS, INC., as an Assignor

                      	 
	 	 	 	 
	
                         

                      	
                        By:
      

                      	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

              

            

             

          

        

      

    

    
       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
            ANNEX
A

            Page
5

          

        

      

      

         

        
          
            
              
                	 	
                        GBC
      INTERNATIONAL, INC., as an Assignor

                      	 
	 	 	 	 
	
                         

                      	
                        By:
      

                      	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

              

            

             

          

        

        
           

          
            
              
                
                  	 	
                          ACCO
      BRANDS INTERNATIONAL, INC., as an Assignor

                        	 
	 	 	 	 
	
                           

                        	
                          By:
      

                        	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

                

              

               

            

          

        

        
          
             

            
              
                
                  
                    	 	
                            ACCO
      EUROPE FINANCE HOLDINGS, LLC, as an Assignor

                          	 
	 	 	 	 
	
                             

                          	
                            By:
      

                          	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

                  

                

                 

              

            

          

        

        
          
             

            
              
                
                  
                    	 	
                            ACCO
      EUROPE INTERNATIONAL HOLDINGS LLC, as an Assignor

                          	 
	 	 	 	 
	
                             

                          	
                            By:
      

                          	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

                  

                

                 

              

            

          

        

        
          
             

            
              
                
                  
                    	 	
                            
                              BOONE
      INTERNATIONAL, INC., as an Assignor

                            

                          	 
	 	 	 	 
	
                             

                          	
                            By:
      

                          	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

                  

                

                 

              

            

          

        

        
           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
                ANNEX
A

                Page
6

              

            

          

           

          
            
              
                
                  
                    
                      
                        
                          
                            	 	
                                    
                                      POLYBLEND
      CORPORATION, as an Assignor

                                    

                                  	 
	 	 	 	 
	
                                     

                                  	
                                    By:
      

                                  	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

                          

                        

                         

                      

                    

                  

                

              

            

          

        

        
           

          
            
              
                
                  
                    
                      
                        
                          
                            	 	
                                    
                                      SWINGLINE,
      INC., as an Assignor

                                    

                                  	 
	 	 	 	 
	
                                     

                                  	
                                    By:
      

                                  	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

                          

                        

                         

                      

                    

                  

                

              

            

          

        

         

        Accepted and Agreed
to:

         

        
          
            
              
                
                  
                    
                      	
                              U.S. BANK NATIONAL
      ASSOCIATION,  as
      Assignee Collateral
    Trustee

                            	 	 	 	 
	 	 	 	 	 	 
	By: 	
                               

                            	 	 	
                               

                            	 
	 	
                              Name: 

                            	 	 	
                               

                            	 
	 	
                              Title: 

                            	 	 	
                               

                            	 

                    

                  

                

              

            

          

        

         

      

    

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    STATE OF
______________ )

    )  ss.:

    COUNTY OF
____________)

     

    On this
____ day of _________, ____, before me personally came ________ ________________
who, being by me duly sworn, did state as follows:  that [s]he is
______________ of [Name of Grantor], that [s]he is authorized to execute the
foregoing Grant on behalf of said ____________ and that [s]he did so by
authority of the [Board of Directors] of said ____________.

     

    _________________________

               Notary
Public

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

     

    STATE OF
______________ )

    )  ss:

    COUNTY OF
____________)

     

    On this
____ day of _________, ____, before me personally came ________
_____________________ who, being by me duly sworn, did state as
follows:  that [s]he is __________________ of [Name of Collateral
Trustee], that [s]he is authorized to execute the foregoing Grant on behalf of
said ____________ and that [s]he did so by authority of the Board of Directors
of said _____________.

     

    ____________________________

                 Notary
Public

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    SCHEDULE
A

     

    SCHEDULE
I

    to

    TRADEMARK
SECURITY AGREEMENT

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      ANNEX B

      to

      SECURITY
AGREEMENT

    

    PATENT
SECURITY AGREEMENT

     

    This
PATENT SECURITY AGREEMENT, dated as of September 30, 2009, (the “Patent
Security Agreement”), made by each of the undersigned assignors
(individually, an “Assignor”,
and, collectively, the “Assignors”)
in favor of U.S. Bank National Association, as Collateral Trustee for the
benefit of the Secured Parties (in such capacity, the “Assignee”
or the “Collateral
Trustee”).

     

    W
I T N E S S E T H:

     

    WHEREAS,
the Assignors are party to that certain Security Agreement of even date herewith
(as amended, modified, restated and/or supplemented from time to time, the
“Security
Agreement”) in favor of the Assignee pursuant to which the Assignors are
required to execute and deliver this Patent Security Agreement;

     

    NOW,
THEREFORE, in consideration of the benefits accruing to each Assignor, the
receipt and sufficiency of which are hereby acknowledged, each Assignor hereby
makes covenants and agrees with the Assignee for the benefit of the Secured
Parties as follows:

     

    SECTION
1.    Defined
Terms.  Capitalized terms used but not otherwise defined herein
shall have the meanings given to them in the Security Agreement.  For
purposes of this Patent Security Agreement, the term “Patents”
shall mean all United States and foreign patents, certificates of invention,
industrial designs or similar industrial property rights, and applications for
any of the foregoing, including, but not limited to:  (i) all
reissues, divisions, continuations (including, but not limited to,
continuations-in-part and improvements thereof), extensions, renewals, and
reexaminations thereof, (ii) inventions described and claimed therein, (iii) all
rights corresponding thereto throughout the world, (iv) all inventions and
improvements described therein, (v) all rights to sue for past, present and
future infringements or other violations thereof, (vi) all licenses, claims,
damages, and proceeds of suit arising therefrom, and (vii) all Proceeds of the
foregoing, including licenses, royalties, income, fees, payments, claims,
damages and proceeds of suit now or hereafter due and/or payable with respect
thereto.

     

     SECTION
2.    Grant
of Security Interest in Patent Collateral.  As security for the
prompt and complete payment and performance when due of all of its Secured Debt
Obligations, each Assignor does hereby pledge and grant to the Assignee, for the
benefit of the Secured Parties, a continuing security interest in all of the
right, title and interest of such Assignor in, to and under all of the following
personal and fixture property (and all rights therein) of such Assignor, or in
which or to which such Assignor has any rights, in each case now existing or
hereafter from time to time acquired (collectively, the “Pledged
Patent Collateral”):

     

    (a)  all
Patents of such Assignor, including, without limitation, the registered and
applied-for Patents of such Assignor listed on Schedule
I attached hereto; and

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
          ANNEX
B

          Page
2

        

      

    

     

    (b)  to
the extent not included in clause (a), all Proceeds and products of any and all
of the foregoing.

     

    Notwithstanding
anything to the contrary contained in clauses (a) and (b) above, the security
interest created by this Patent Security Agreement shall not extend to any
Excluded Assets.

     

    SECTION
3.    Security
Agreement.  The lien and security interest granted to the
Assignee, pursuant to this Patent Security Agreement, is granted in conjunction
with the lien and security interest granted to the Assignee pursuant to the
Security Agreement and Assignors hereby acknowledge and affirm that the rights
and remedies of the Assignee with respect to the lien and security interest in
the Patents made and granted hereby are more fully set forth in the Security
Agreement, which are subject to the terms of and provisions of the Intercreditor
Agreement as described therein.  In the event of any conflict between
the terms of the Security Agreement and this Patent Security Agreement, the
terms of the Security Agreement shall govern and control.

     

    SECTION
4.    Recordation.  Each
Assignor hereby authorizes and requests that the Commissioner of Patents and
Trademarks record this Patent Security Agreement.

     

    SECTION
5.    Termination.  After
the occurrence of the Discharge of Priority Lien Obligations and the discharge
of the other Secured Debt Obligations, this Patent Security Agreement shall
terminate and the Collateral Trustee, at the request and expense of the
respective Assignor, will (without recourse and without any representation or
warranty) promptly execute and deliver to such Assignor a proper instrument or
instruments acknowledging the satisfaction and termination of this Agreement,
and will duly assign, transfer and deliver to such Assignor (without recourse
and without any representation or warranty) such of the Pledged Trademark
Collateral as may be in the possession of the Collateral Trustee and as has not
theretofore been sold or otherwise applied or released pursuant to this
Agreement.

     

    SECTION
6.    GOVERNING
LAW.  THIS PATENT SECURITY AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND
BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT
REGARD TO ANY CONFLICTS OF LAWS PRINCIPLES THAT WOULD REQUIRE OR PERMIT THE LAWS
OF ANY OTHER JURISDICTION TO APPLY.

     

    SECTION
7.    Intercreditor
Agreement Governs.  Notwithstanding anything herein to the
contrary, the liens and security interests granted to the Assignee, pursuant to
this Patent Security Agreement are subject to the provisions of the
Intercreditor Agreement.  In the event of any conflict between the
terms of the Intercreditor Agreement and this Patent Security Agreement, the
terms of the Intercreditor Agreement shall govern and control.

     

     SECTION
8.    Counterparts.  This
Patent Security Agreement may be executed in any number of counter­parts and
by the different parties hereto on separate counterparts, each of which when so
executed and delivered shall be an original, but all of which shall
together

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
          ANNEX
B

          Page
3

        

      

    

     

    constitute
one and the same instrument.  A set of counterparts executed by all
the parties hereto shall be lodged with the Assignors and the
Assignee.  Delivery of an executed counterpart of a signature page to
this Patent Security Agreement, or of any amendment or waiver of any provision
of this Patent Security Agreement, by telecopier or in “pdf” or similar format
by electronic mail, shall be effective as delivery of an original executed
counterpart thereof.

     

    [Remainder
of This Page Intentionally Left Blank.]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
          ANNEX
B

          Page
3

        

      

    

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Patent Security Agreement
to be executed and delivered by their duly authorized officers as of the date
first above written.

     

    
      
        
          
            
              
                	 	
                        ACCO
      BRANDS CORPORATION, as an Assignor

                      	 
	 	 	 	 
	
                         

                      	
                        By:
      

                      	 	 
	 	 	Name: 
      	 
	 	 	Title: 	 
	 	 	 	 

              

            

             

          

        

        
          
             

            
              
                
                  	 	
                          ACCO
      BRANDS USA LLC, as an Assignor

                        	 
	 	 	 	 
	
                           

                        	
                          By:
      

                        	 	 
	 	 	Name: 
      	 
	 	 	Title: 	 
	 	 	 	 

                

              

               

            

          

        

        
          
             

            
              
                
                  	 	
                          DAY-TIMERS
      INC., as an Assignor

                        	 
	 	 	 	 
	
                           

                        	
                          By:
      

                        	 	 
	 	 	Name: 
      	 
	 	 	Title: 	 
	 	 	 	 

                

              

               

            

          

        

        
          
             

            
              
                
                  	 	
                          GENERAL
      BINDING CORPORATION, as an Assignor

                        	 
	 	 	 	 
	
                           

                        	
                          By:
      

                        	 	 
	 	 	Name: 
      	 
	 	 	Title: 	 
	 	 	 	 

                

              

               

            

          

        

        
          
             

            
              
                
                  	 	
                          ACCO
      INTERNATIONAL HOLDINGS, INC., as an Assignor

                        	 
	 	 	 	 
	
                           

                        	
                          By:
      

                        	 	 
	 	 	Name: 
      	 
	 	 	Title: 	 
	 	 	 	 

                

              

               

            

          

        

      

      
         

        
          
            
            

          

          
            
            

            
              

            

          

          
            ANNEX
H

          

        

        

           

          
            
              
                
                  	 	
                          GBC
      INTERNATIONAL, INC., as an Assignor

                        	 
	 	 	 	 
	
                           

                        	
                          By:
      

                        	 	 
	 	 	Name: 
      	 
	 	 	Title: 	 
	 	 	 	 

                

              

               

            

          

          
             

            
              
                
                  
                    	 	
                            ACCO
      BRANDS INTERNATIONAL, INC., as an Assignor

                          	 
	 	 	 	 
	
                             

                          	
                            By:
      

                          	 	 
	 	 	Name: 
      	 
	 	 	Title: 	 
	 	 	 	 

                  

                

                 

              

            

          

          
            
               

              
                
                  
                    
                      	 	
                              ACCO
      EUROPE FINANCE HOLDINGS, LLC, as an Assignor

                            	 
	 	 	 	 
	
                               

                            	
                              By:
      

                            	 	 
	 	 	Name: 
      	 
	 	 	Title: 	 
	 	 	 	 

                    

                  

                   

                

              

            

          

          
            
               

              
                
                  
                    
                      	 	
                              ACCO
      EUROPE INTERNATIONAL HOLDINGS LLC, as an Assignor

                            	 
	 	 	 	 
	
                               

                            	
                              By:
      

                            	 	 
	 	 	Name: 
      	 
	 	 	Title: 	 
	 	 	 	 

                    

                  

                   

                

              

            

          

          
            
               

              
                
                  
                    
                      	 	
                              
                                BOONE
      INTERNATIONAL, INC., as an Assignor

                              

                            	 
	 	 	 	 
	
                               

                            	
                              By:
      

                            	 	 
	 	 	Name: 
      	 
	 	 	Title: 	 
	 	 	 	 

                    

                  

                   

                

              

            

          

          
             

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                  ANNEX
H

                

              

            

             

            
              
                
                  
                    
                      
                        
                          
                            
                              	 	
                                      
                                        POLYBLEND
      CORPORATION, as an Assignor

                                      

                                    	 
	 	 	 	 
	
                                       

                                    	
                                      By:
      

                                    	 	 
	 	 	Name: 
      	 
	 	 	Title: 	 
	 	 	 	 

                            

                          

                           

                        

                      

                    

                  

                

              

            

          

          
             

            
              
                
                  
                    
                      
                        
                          
                            
                              	 	
                                      
                                        SWINGLINE,
      INC., as an Assignor

                                      

                                    	 
	 	 	 	 
	
                                       

                                    	
                                      By:
      

                                    	 	 
	 	 	Name: 
      	 
	 	 	Title: 	 
	 	 	 	 

                            

                          

                           

                        

                      

                    

                  

                

              

            

          

           

          Accepted and Agreed
to:

           

          
            
              
                
                  
                    
                      
                        	
                                U.S. BANK NATIONAL
      ASSOCIATION,  as
      Asignee and Collateral
      Trustee

                              	 	 	 	 
	 	 	 	 	 	 
	By: 	
                                 

                              	 	 	
                                 

                              	 
	 	
                                Name:

                              	 	 	
                                 

                              	 
	 	
                                Title:

                              	 	 	
                                 

                              	 

                      

                    

                  

                

              

            

          

           

        

      

    

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    STATE OF
______________ )

    )  ss:

    COUNTY
OF_____________)

     

    On this
____ day of _________, ____, before me personally came ________ ________________
who, being by me duly sworn, did state as follows:  that [s]he is
______________ of [Name of Grantor], that [s]he is authorized to execute the
foregoing Grant on behalf of said ____________ and that [s]he did so by
authority of the Board of Directors of said ____________.

     

    _________________________

               Notary
Public

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    STATE OF
______________)

    )  ss:

    COUNTY OF
____________)

     

    On this
____ day of _________, ____, before me personally came ________
_____________________ who, being by me duly sworn, did state as
follows:  that [s]he is __________________ of [Name of Collateral
Trustee], that [s]he is authorized to execute the foregoing Grant on behalf of
said ____________ and that [s]he did so by authority of the Board of Directors
of said _____________.

     

    ____________________________

                 Notary
Public

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    SCHEDULE
A

    SCHEDULE
I

    to

    PATENT
SECURITY AGREEMENT

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      
        ANNEX C

        to

        SECURITY
AGREEMENT

      

    

     

    COPYRIGHT
SECURITY AGREEMENT

     

    This
COPYRIGHT SECURITY AGREEMENT, dated as of September 30, 2009, (the “Copyright
Security Agreement”), made by each of the undersigned assignors
(individually, an “Assignor”,
and, collectively, the “Assignors”)
in favor of U.S. Bank National Association, as Collateral Trustee for the
benefit of the Secured Parties (in such capacity, the “Assignee”
or the “Collateral
Trustee”).

     

    W
I T N E S S E T H:

     

    WHEREAS,
the Assignors are party to that certain Security Agreement of even date herewith
(as amended, modified, restated and/or supplemented from time to time, the
“Security
Agreement”) in favor of the Assignee pursuant to which the Assignors are
required to execute and deliver this Copyright Security Agreement;

     

    NOW,
THEREFORE, in consideration of the benefits accruing to each Assignor, the
receipt and sufficiency of which are hereby acknowledged, each Assignor hereby
makes covenants and agrees with the Assignee for the benefit of the Secured
Parties as follows:

     

    SECTION
1.    Defined
Terms.  Capitalized terms used but not otherwise defined herein
shall have the meanings given to them in the Security Agreement.  For
purposes of this Copyright Security Agreement, the term “Copyrights”
shall mean all United States or foreign copyrights (including community
designs), including copyrights in software and databases, and all Mask Works (as
defined under 17 U.S.C. 901 of the U.S. Copyright Act), whether registered or
not registered and whether published or unpublished, and, with respect to any
and all of the foregoing:  (i) all registrations and applications
therefor (whether in the United States Copyright Office or any foreign
equivalent office), (ii) all extensions and renewals thereof, (iii) all rights
corresponding thereto throughout the world, (iv) all rights to sue for past,
present and future infringements thereof and (v) all Proceeds of the foregoing,
including licenses, royalties, income, fees, payments, claims, damages and
proceeds of suit now or hereafter due and/or payable with respect
thereto.

     

    SECTION
2.    Grant
of Security Interest in Copyright Collateral.  As security for
the prompt and complete payment and performance when due of all of its Secured
Debt Obligations, each Assignor does hereby pledge and grant to the Assignee,
for the benefit of the Secured Parties, a continuing security interest in all of
the right, title and interest of such Assignor in, to and under all of the
following personal and fixture property (and all rights therein) of such
Assignor, or in which or to which such Assignor has any rights, in each case now
existing or hereafter from time to time acquired (collectively, the “Pledged
Copyright Collateral”):

     

    (a)  all
Copyrights of such Assignor, including, without limitation, the registered and
applied-for Copyrights of such Assignor listed on Schedule
I attached hereto; and

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
              ANNEX
C

          Page
2

        

      

    

     

    (b)  to
the extent not included in clause (a), all Proceeds and products of any and all
of the foregoing.

     

    Notwithstanding
anything to the contrary contained in clauses (a) and (b) above, the security
interest created by this Copyright Security Agreement shall not extend to any
Excluded Assets.

     

    SECTION
3.    Security
Agreement.  The lien and security interest granted to the
Assignee, pursuant to this Copyright Security Agreement, is granted in
conjunction with the lien and security interest granted to the Assignee pursuant
to the Security Agreement and Assignors hereby acknowledge and affirm that the
rights and remedies of the Assignee with respect to the lien and security
interest in the Copyrights made and granted hereby are more fully set forth in
the Security Agreement, which are subject to the terms of and provisions of the
Intercreditor Agreement as described therein.  In the event of any
conflict between the terms of the Security Agreement and this Copyright Security
Agreement, the terms of the Security Agreement shall govern and
control.

     

    SECTION
4.    Recordation.  Each
Assignor hereby authorizes and requests that the United States Copyright Office
record this Copyright Security Agreement.

     

    SECTION
5.    Termination.  After
the occurrence of the Discharge of Priority Lien Obligations and the discharge
of the other Secured Debt Obligations, this Copyright Security Agreement shall
terminate and the Collateral Trustee, at the request and expense of the
respective Assignor, will (without recourse and without any representation or
warranty) promptly execute and deliver to such Assignor a proper instrument or
instruments acknowledging the satisfaction and termination of this Agreement,
and will duly assign, transfer and deliver to such Assignor (without recourse
and without any representation or warranty) such of the Pledged Trademark
Collateral as may be in the possession of the Collateral Trustee and as has not
theretofore been sold or otherwise applied or released pursuant to this
Agreement.

     

    SECTION
6.    GOVERNING
LAW.  THIS COPYRIGHT SECURITY AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND
BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT
REGARD TO ANY CONFLICTS OF LAWS PRINCIPLES THAT WOULD REQUIRE OR PERMIT THE LAWS
OF ANY OTHER JURISDICTION TO APPLY.

     

    SECTION
7.    Intercreditor
Agreement Governs.  Notwithstanding anything herein to the
contrary, the liens and security interests granted to the Assignee, pursuant to
this Copyright Security Agreement are subject to the provisions of the
Intercreditor Agreement.  In the event of any conflict between the
terms of the Intercreditor Agreement and this Copyright Security Agreement, the
terms of the Intercreditor Agreement shall govern and control.

     

     SECTION
8.    Counterparts.  This
Copyright Security Agreement may be executed in any number of counter­parts
and by the different parties hereto on separate counterparts, each of which when
so executed and delivered shall be an original, but all of which shall together
constitute one and the same instrument.  A set of counterparts
executed by all the

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        ANNEX C

          Page
3

        

      

    

    
parties
hereto shall be lodged with the Assignors and the Assignee.  Delivery
of an executed counterpart of a signature page to this Copyright Security
Agreement, or of any amendment or waiver of any provision of this Copyright
Security Agreement, by telecopier or in “pdf” or similar format by electronic
mail, shall be effective as delivery of an original executed counterpart
thereof.

     

    [Remainder
of This Page Intentionally Left Blank.]

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        ANNEX C

          Page
4

        

      

    

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Copyright Security
Agreement to be executed and delivered by their duly authorized officers as of
the date first above written.

     

    
      
        
          
            
              
                
                  	 	
                          ACCO
      BRANDS CORPORATION, as an Assignor

                        	 
	 	 	 	 
	
                           

                        	
                          By:
      

                        	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

                

              

               

            

          

          
            
               

              
                
                  
                    	 	
                            ACCO
      BRANDS USA LLC, as an Assignor

                          	 
	 	 	 	 
	
                             

                          	
                            By:
      

                          	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

                  

                

                 

              

            

          

          
            
               

              
                
                  
                    	 	
                            DAY-TIMERS
      INC., as an Assignor

                          	 
	 	 	 	 
	
                             

                          	
                            By:
      

                          	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

                  

                

                 

              

            

          

          
            
               

              
                
                  
                    	 	
                            GENERAL
      BINDING CORPORATION, as an Assignor

                          	 
	 	 	 	 
	
                             

                          	
                            By:
      

                          	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

                  

                

                 

              

            

          

          
            
               

              
                
                  
                    	 	
                            ACCO
      INTERNATIONAL HOLDINGS, INC., as an Assignor

                          	 
	 	 	 	 
	
                             

                          	
                            By:
      

                          	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

                  

                

                 

              

            

          

        

        
           

          
            
              
              

            

            
              
              

              
                

              

            

            
              ANNEX C

                Page
5

              

            

          

          
             

            
              
                
                  
                    	 	
                            GBC
      INTERNATIONAL, INC., as an Assignor

                          	 
	 	 	 	 
	
                             

                          	
                            By:
      

                          	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

                  

                

                 

              

            

            
               

              
                
                  
                    
                      	 	
                              ACCO
      BRANDS INTERNATIONAL, INC., as an Assignor

                            	 
	 	 	 	 
	
                               

                            	
                              By:
      

                            	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

                    

                  

                   

                

              

            

            
              
                 

                
                  
                    
                      
                        	 	
                                ACCO
      EUROPE FINANCE HOLDINGS, LLC, as an Assignor

                              	 
	 	 	 	 
	
                                 

                              	
                                By:
      

                              	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

                      

                    

                     

                  

                

              

            

            
              
                 

                
                  
                    
                      
                        	 	
                                ACCO
      EUROPE INTERNATIONAL HOLDINGS LLC, as an Assignor

                              	 
	 	 	 	 
	
                                 

                              	
                                By:
      

                              	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

                      

                    

                     

                  

                

              

            

            
              
                 

                
                  
                    
                      
                        	 	
                                
                                  BOONE
      INTERNATIONAL, INC., as an Assignor

                                

                              	 
	 	 	 	 
	
                                 

                              	
                                By:
      

                              	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

                      

                    

                     

                  

                

              

            

            
               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  ANNEX C

                    Page
6

                  

                

              

               

              
                
                  
                    
                      
                        
                          
                            
                              
                                	 	
                                        
                                          POLYBLEND
      CORPORATION, as an Assignor

                                        

                                      	 
	 	 	 	 
	
                                         

                                      	
                                        By:
      

                                      	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

                              

                            

                             

                          

                        

                      

                    

                  

                

              

            

            
               

              
                
                  
                    
                      
                        
                          
                            
                              
                                	 	
                                        
                                          SWINGLINE,
      INC., as an Assignor

                                        

                                      	 
	 	 	 	 
	
                                         

                                      	
                                        By:
      

                                      	 	 
	 	 	Name: 
      	 
	 	 	Title:  	 
	 	 	 	 

                              

                            

                             

                          

                        

                      

                    

                  

                

              

            

             

            Accepted and Agreed
to:

             

            
              
                
                  
                    
                      
                        
                          	
                                  U.S. BANK NATIONAL
      ASSOCIATION,  as
      Asignee and Collateral
      Trustee

                                	 	 	 	 
	 	 	 	 	 	 
	By: 	
                                   

                                	 	 	
                                   

                                	 
	 	
                                  Name: 
      

                                	 	 	
                                   

                                	 
	 	
                                  Title:  

                                	 	 	
                                   

                                	 

                        

                      

                    

                  

                

              

            

             

          

        

      

    

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    STATE
OF                             
)

    )  ss:

    COUNTY
OF                        
)

     

    On this
__ day of _________, ____, before me personally came ___________ ______________,
who being duly sworn, did depose and say that [s]he is ___________________ of
[Name of Grantor], that [s]he is authorized to execute the foregoing Grant on
behalf of said corporation and that [s]he did so by authority of the Board of
Directors of said corporation.

     

    ____________________________

                 Notary
Public

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    STATE OF
______________ )

    )  ss.:

    COUNTY
OF____________ )

     

    On this
____ day of _________, ____, before me personally came ________
__________________ who, being by me duly sworn, did state as
follows:  that [s]he is __________________ of [Name of Collateral
Trustee], that [s]he is authorized to execute the foregoing Grant on behalf of
said __________ and that [s]he did so by authority of the Board of Directors of
said _____________.

     

    ____________________________

                 Notary
Public

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    SCHEDULE
I

    to

    COPYRIGHT
SECURITY AGREEMENT

     

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    TABLE
OF CONTENTS

     

     Page

    
       

      
        
          
            
              
                
                  
                    	
                            ARTICLE
      I SECURITY INTERESTS

                          	
                            2

                          
	 	 
	
                            1.1
      Grant of Security Interests

                          	
                            2

                          
	
                            1.2
      Power of Attorney

                          	
                            4

                          
	 	 
	
                            ARTICLE
      II GENERAL REPRESENTATIONS, WARRANTIES AND COVENANTS

                          	
                            6

                          
	 	 
	
                            2.1
      Necessary Filings

                          	
                            6

                          
	
                            2.2
      No Liens

                          	
                            7

                          
	
                            2.3
      Other Financing Statements

                          	
                            7

                          
	
                            2.4
      Chief Executive Office, Record Locations

                          	
                            7

                          
	
                            2.5
      Location of Inventory and Equipment

                          	
                            8

                          
	
                            2.6
      Legal Names; Type of Organization (and Whether a Registered Organization
      and/or a Transmitting Utility); Jurisdiction of Organization; Location;
      Organizational Identification Numbers; Federal Employer Identification
      Number; Changes Thereto; etc.

                          	
                            8

                          
	
                            2.7
      Trade Names; Etc.

                          	
                            9

                          
	
                            2.8
      Certain Significant Transactions.

                          	
                            9

                          
	
                            2.9
      Non-UCC Property

                          	
                            9

                          
	
                            2.10
      As-Extracted Collateral; Timber-to-be-Cut

                          	
                            10

                          
	
                            2.11
      Collateral in the Possession of a Warehouseman, Bailee or
      Agent

                          	
                            10

                          
	
                            2.12
      Inventory and Equipment

                          	
                            10

                          
	
                            2.13
      Perfection Certificate

                          	
                            11

                          
	
                            2.14
      Recourse

                          	
                            11

                          
	 	 
	
                            ARTICLE
      III SPECIAL PROVISIONS CONCERNING ACCOUNTS; CONTRACT RIGHTS; INSTRUMENTS;
      CHATTEL PAPER AND CERTAIN OTHER COLLATERAL

                          	
                            11

                          
	 	 
	
                            3.1
      Additional Representations and Warranties

                          	
                            11

                          
	
                            3.2
      Maintenance of Records

                          	
                            11

                          
	
                            3.3
      Direction to Account Debtors; Contracting Parties; etc.

                          	
                            12

                          
	
                            3.4
      Modification of Terms; etc.

                          	
                            13

                          
	
                            3.5
      Collection

                          	
                            13

                          
	
                            3.6
      Instruments

                          	
                            13

                          
	
                            3.7
      Assignors Remain Liable Under Accounts

                          	
                            14

                          
	
                            3.8
      Assignors Remain Liable Under Contracts

                          	
                            14

                          
	
                            3.9
      Deposit Accounts; Etc.

                          	
                            14

                          
	
                            3.10
      Letter-of-Credit Rights

                          	
                            15

                          
	
                            3.11
      Commercial Tort Claims

                          	
                            15

                          
	
                            3.12
      Chattel Paper

                          	
                            16

                          
	
                            3.13
      Further Actions

                          	
                            16

                          

                  

                

              

            

          

        

      

       

    

    
       

      
        
          
             

          

          
             

            
              

            

          

          
             

          

        

      

      

        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                	
                                        ARTICLE
      IV SPECIAL PROVISIONS CONCERNING TRADEMARKS AND DOMAIN
    NAMES

                                      	
                                        16

                                      
	 	 
	
                                        4.1
      Additional Representations and Warranties

                                      	
                                        16

                                      
	
                                        4.2
      Licenses and Assignments

                                      	
                                        18

                                      
	
                                        4.3
      Infringements

                                      	
                                        18

                                      
	
                                        4.4
      Preservation of Marks and Domain Names

                                      	
                                        19

                                      
	
                                        4.5
      Maintenance of Registration

                                      	
                                        19

                                      
	
                                        4.6
      Notice of Proceedings

                                      	
                                        20

                                      
	
                                        4.7
      Prosecution of Mark Applications

                                      	
                                        20

                                      
	
                                        4.8
      Future Acquired Marks and Domain Names

                                      	
                                        20

                                      
	
                                        4.9
      Remedies

                                      	
                                        20

                                      
	 	 
	
                                        ARTICLE
      V SPECIAL PROVISIONS CONCERNING PATENTS, COPYRIGHTS AND TRADE
      SECRETS

                                      	
                                        21

                                      
	 	 
	
                                        5.1
      Additional Representations and Warranties

                                      	
                                        21

                                      
	
                                        5.2
      Licenses and Assignments

                                      	
                                        22

                                      
	
                                        5.3
      Infringements

                                      	
                                        23

                                      
	
                                        5.4
      Maintenance of Patents or Copyrights

                                      	
                                        23

                                      
	
                                        5.5
      Notice of Proceedings

                                      	
                                        24

                                      
	
                                        5.6
      Prosecution of Patent Applications

                                      	
                                        24

                                      
	
                                        5.7
      Further Acquired Patents, Copyrights and other Intellectual
      Property

                                      	
                                        24

                                      
	
                                        5.8
      Remedies

                                      	
                                        25

                                      
	 	 
	
                                        ARTICLE
      VI PROVISIONS CONCERNING ALL COLLATERAL

                                      	
                                        26

                                      
	 	 
	
                                        6.1
      Protection of Collateral Trustee’s Security

                                      	
                                        26

                                      
	
                                        6.2
      Warehouse Receipts Non-Negotiable

                                      	
                                        26

                                      
	
                                        6.3
      Additional Information.

                                      	
                                        26

                                      
	
                                        6.4
      Further Actions

                                      	
                                        27

                                      
	
                                        6.5
      Financing Statements

                                      	
                                        27

                                      
	
                                        6.6
      Intellectual Property Filings

                                      	
                                        27

                                      
	 	 
	
                                        ARTICLE
      VII REMEDIES UPON OCCURRENCE OF AN EVENT OF DEFAULT

                                      	
                                        28

                                      
	 	 
	
                                        7.1
      Remedies; Obtaining the Collateral Upon Default

                                      	
                                        28

                                      
	
                                        7.2
      Remedies; Disposition of the Collateral

                                      	
                                        29

                                      
	
                                        7.3
      Waiver of Claims

                                      	
                                        30

                                      
	
                                        7.4
      Application of Proceeds

                                      	
                                        31

                                      
	
                                        7.5
      Remedies Cumulative

                                      	
                                        31

                                      
	
                                        7.6
      Discontinuance of Proceedings

                                      	
                                        31

                                      
	 	 
	
                                        ARTICLE
      VIII INDEMNITY

                                      	
                                        32

                                      
	 	 
	
                                        8.1
      Indemnity

                                      	
                                        32

                                      
	
                                        8.2
      Indemnity Obligations Secured by Collateral; Survival

                                      	
                                        33

                                      
	 	 
	
                                        ARTICLE
      IX DEFINITIONS

                                      	
                                        33

                                      

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

        

           

          
            
              
                 

              

              
                 

                
                  

                

              

              
                 

              

            

          

          

            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                	
                                                        ARTICLE
      X MISCELLANEOUS

                                                      	
                                                        40

                                                      
	
                                                        10.1
      Notices

                                                      	
                                                        40

                                                      
	
                                                        10.2
      Waiver; Amendment

                                                      	
                                                        40

                                                      
	
                                                        10.3
      Obligations Absolute

                                                      	
                                                        40

                                                      
	
                                                        10.4
      Successors and Assigns

                                                      	
                                                        40

                                                      
	
                                                        10.5
      Headings Descriptive

                                                      	
                                                        41

                                                      
	
                                                             
      10.6 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY
      TRIAL.

                                                      	
                                                        41

                                                      
	
                                                        10.7
      Assignor’s Duties

                                                      	
                                                        42

                                                      
	
                                                        10.8
      Termination; Release

                                                      	
                                                        42

                                                      
	
                                                        10.9
      Counterparts

                                                      	
                                                        43

                                                      
	
                                                        10.10
      Severability

                                                      	
                                                        43

                                                      
	
                                                        10.11
      The Collateral Trustee and the other Secured Parties

                                                      	
                                                        43

                                                      
	
                                                        10.12
      Additional Assignors

                                                      	
                                                        43

                                                      
	
                                                        10.13
      Intellectual Property Security Agreements

                                                      	
                                                        44

                                                      
	
                                                        10.14
      Intercreditor Agreement

                                                      	
                                                        44

                                                      

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                   

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      	
              SCHEDULE
      2.1(a)

            	
              Certain
      Material U.S. Intellectual Property

            

    

    
      	
              SCHEDULE
      2.1(b)

            	
              Certain
      Other U.S. Intellectual Property

            

    

    
      	
              SCHEDULE
      2.1(c)

            	
              Certain
      Material Foreign Intellectual
Property

            

    

    
      	
              SCHEDULE
      4.1(d)

            	
              Certain
      Intellectual Property Matters

            

    

    
      	
              SCHEDULE
      4.1(e)

            	
              Certain
      Intellectual Property Matters

            

    

    
      	
              SCHEDULE
      4.1(i)

            	
              Certain
      Intellectual Property Matters

            

    

    
      	
              SCHEDULE
      4.1(j)

            	
              Certain
      Intellectual Property Matters

            

    

    
      	
              SCHEDULE
      5.1(d)

            	
              Certain
      Intellectual Property Matters

            

    

    
      	
              SCHEDULE
      5.1(e)

            	
              Certain
      Intellectual Property Matters

            

    

    
      	
              SCHEDULE
      5.1(j)

            	
              Certain
      Intellectual Property Matters

            

    

    
      	
              SCHEDULE
      5.1(k)

            	
              Certain
      Intellectual Property Matters

            

    

     

    
      	
              ANNEX
      A

            	
              Trademark
      Security Agreement

            

    

    
      	
              ANNEX
      B

            	
              Patent
      Security Agreement

            

    

    
      	
              ANNEX
      C

            	
              Copyright
      Security Agreement

            

    

     

    [Remainder
of this page intentionally left blank]ex10-1.htm

    EXHIBIT
10.1

     

    
      
        
          
            

          

        

        
          
             

            SYNDICATED
FACILITY AGREEMENT – ABL REVOLVING FACILITY

             

            among

             

            ACCO
BRANDS CORPORATION,

             

            CERTAIN
OF ITS SUBSIDIARIES FROM TIME TO TIME PARTY HERETO,

             

            VARIOUS
LENDERS,

             

            DEUTSCHE
BANK AG NEW YORK BRANCH,

             

            as
ADMINISTRATIVE AGENT,

             

            and

             

            DEUTSCHE
BANK AG NEW YORK BRANCH,

             

            BANK OF
AMERICA, N.A.,

             

            and

             

            GENERAL
ELECTRIC CAPITAL CORPORATION,

             

            as
CO-COLLATERAL AGENTS

             

            ________________________________

             

            Dated as
of September 30, 2009

             

            ________________________________

             

            DEUTSCHE
BANK SECURITIES INC.

             

            and

             

            BANC OF
AMERICA SECURITIES, LLC,

             

            as JOINT
LEAD ARRANGERS,

             

            DEUTSCHE
BANK SECURITIES INC.,

             

            BANC OF
AMERICA SECURITIES, LLC,

             

            GE
CAPITAL MARKETS, INC.

             

            CREDIT
SUISSE SECURITIES (USA) LLC

             

            and

             

            WELLS
FARGO FOOTHILL, LLC

             

            as JOINT
BOOK-RUNNERS,

             

            BANK OF
AMERICA, N.A. as SYNDICATION AGENT,

             

            and

             

            CREDIT
SUISSE SECURITIES (USA) LLC

             

            GENERAL
ELECTRIC CAPITAL CORPORATION

             

            and

             

            WELLS
FARGO FOOTHILL, LLC

             

            as
DOCUMENTATION AGENTS

            

            
              
                
                   

                

                
                   

                  
                    

                  

                

                
                   

                

              

            

            

            SYNDICATED
FACILITY AGREEMENT – ABL REVOLVING FACILITY, dated as of September 30, 2009,
among ACCO Brands Corporation (“Holdings”), each
Domestic Subsidiary of Holdings set forth on the signature pages hereto
(together with Holdings and each other Domestic Subsidiary of Holdings that
becomes a U.S. Borrower pursuant to Section 9.14(c)(i),
collectively, the “U.S. Borrowers”),
each Australian Subsidiary of Holdings set forth on the signature pages hereto
(together with each other Australian Subsidiary of Holdings that becomes an
Australian Borrower pursuant to Section 9.14(c)(ii),
collectively, the “Australian
Borrowers”), each Canadian Subsidiary of Holdings set forth on the
signature pages hereto (together with each other Canadian Subsidiary of Holdings
that becomes a Canadian Borrower pursuant to Section 9.14(c)(ii),
collectively, the “Canadian Borrowers”),
each Dutch Subsidiary of Holdings set forth on the signature pages hereto
(together with each other Dutch Subsidiary of Holdings that becomes a Dutch
Borrower pursuant to Section 9.14(c)(ii),
collectively, the “Dutch Borrowers”),
each U.K. Subsidiary of Holdings set forth on the signature pages hereto
(together with each other U.K. Subsidiary of Holdings that becomes a U.K.
Borrower pursuant to Section 9.14(c)(ii),
collectively, the “U.K. Borrowers”,
together with the Australian Borrowers, Canadian Borrowers and Dutch Borrowers,
collectively, the “Foreign Borrowers”,
and the Foreign Borrowers together with the U.S. Borrowers, collectively, the
“Borrowers”),
the Lenders party hereto from time to time, Deutsche Bank AG New York Branch, as
Administrative Agent and Collateral Agent, and Deutsche Bank AG New York Branch,
Bank of America, N.A., and General Electric Capital Corporation, as
Co-Collateral Agents.  All capitalized terms used herein and defined
in Section 1
are used herein as therein defined.

             

            W I T N E S S E T H
:

             

            WHEREAS,
subject to and upon the terms and conditions set forth herein, the Lenders are
willing to make available to the Borrowers the senior secured revolving credit
facility provided for herein; and

             

            WHEREAS,
this Agreement constitutes (a) the “Credit Agreement” under, and for all
purposes of, the Existing Senior Subordinated Notes Indenture and therefore also
constitutes “Senior Indebtedness” thereunder and (b) the “ABL Credit Facility”
under, and for all purposes of, the Senior Secured Notes Indenture;

             

            NOW,
THEREFORE, IT IS AGREED:

             

            SECTION
1.  Definitions and
Accounting Terms.

             

            1.01. Defined
Terms.  As used in this Agreement, the following terms shall
have the following meanings (such meanings to be equally applicable to both the
singular and plural forms of the terms defined):

             

            “ABL Credit Parties”
shall mean each Australian Credit Party, each Canadian Credit Party, each Dutch
Credit Party, each U.K. Credit Party and each U.S. Credit Party.

             

            “ABL Jurisdictions”
shall mean Australia, Canada, the Netherlands, the United Kingdom and the United
States.

             

            

            
              
                
                   

                

                
                  
                  

                  
                    

                  

                

                
                   

                

              

            

            

            “ABL Priority
Collateral” shall mean all of the ABL Credit Parties’ now owned or
hereafter acquired right, title and interest in:

             

            (a)         Accounts
and “payment intangibles,” including tax refunds but excluding “payment
intangibles” (in each case, as defined in Article 9 of the New York UCC) that
constitute identifiable proceeds of Senior Secured Notes Priority
Collateral;

             

            (b)         “inventory”
(as defined in Article 9 of the New York UCC) and all Indebtedness owed to
Holdings or any of its Subsidiaries that arises from cash advances to enable the
obligor thereof to acquire “inventory”;

             

            (c)         “deposit
accounts” (as defined in Article 9 of the New York UCC), “commodity accounts”
(as defined in Article 9 of the New York UCC), “securities accounts” (as defined
in Article 8 of the New York UCC) and all lock-boxes at any “bank” (as defined
in Article 9 of the New York UCC), including all “money” (as defined in Article
1 of the New York UCC), “certificated securities,” “uncertificated securities,”
“securities entitlements” and “investment property” (as defined in Article 8 or
Article 9 of the New York UCC) or other assets credited thereto or deposited
therein (including all cash, Cash Equivalents, marketable securities and other
funds held in or on deposit in any such deposit account, commodity account or
securities account, but excluding all equity interests owned by Holdings or the
other ABL Credit Parties); “instruments” (as defined in Article 9 of the New
York UCC), including intercompany notes (subject to the proviso in clause (e)
below); “chattel paper” (as defined in Article 9 of the New York UCC); and all
cash and cash equivalents, including cash and cash equivalents securing letters
of credit or other Secured Obligations of the Credit Parties;

             

            (d)
“general intangibles” (as defined in Article 9 of the New York UCC), “chattel
paper” (as defined in Article 9 of the New York UCC) or “instruments” (as
defined in Article 9 of the New York UCC) pertaining to the other items of
property included within clauses (a), (b), (c), (e) , (f) and (g) of this
definition;

             

            (e) all
indebtedness of Holdings and each Subsidiary of Holdings that is owing to
Holdings or any other ABL Credit Party provided that ABL Collateral shall not
include intercompany indebtedness from Foreign Subsidiaries owed to Holdings or
any other U.S. Credit Party up to an aggregate amount of $30.0
million;

             

            (f) books
and “records” (as defined in Article 9 of the New York UCC), “documents” (as
defined in Article 9 of the New York UCC) and related “letters of credit” (as
defined in Article 5 of the New York UCC) and “commercial tort claims” (as
defined in Article 9 of the New York UCC) or other claims and causes of action,
in each case, to the extent related primarily to any of the foregoing;
and

             

            (g) all
substitutions, replacements, accessions, products, “supporting obligations” (as
defined in Article 9 of the New York UCC) and “proceeds” (as defined in Article
9 of the New York UCC) (including, without limitation, insurance proceeds,
licenses, royalties, income, payments, claims, damages and proceeds of suit) of
all or any of the foregoing;

             

            

            
              
                
                   

                

                
                  2

                  
                    

                  

                

                
                   

                

              

            

            

            except to
the extent that any item of property included in clauses (a) through (g)
constitutes an Excluded Asset (as defined in the U.S. Security Agreement) and
provided that in no case shall any item included in clause (a) through (g)
include any identifiable cash proceeds in respect of Senior Secured Notes
Priority Collateral or any net proceeds from a sale of Senior Secured Notes
Priority Collateral to the extent that such item includes identifiable cash
proceeds in respect of Senior Secured Notes Priority Collateral or any net
proceeds from a sale of Senior Secured Notes Priority Collateral that have been
(or should have been) deposited in the Asset Sales Proceeds Account in
accordance with the Intercreditor Agreement until such time as such net proceeds
are released therefrom in accordance with the terms of the Senior Secured Notes
Indenture.

             

            “Account” shall mean,
without duplication, (i) an “account” as such term is defined in Article 9 of
the New York UCC, as applicable, (ii) any and all supporting obligations in
respect thereof and (iii) any right to payment of a monetary
obligation,  whether or not earned by performance, (a) for property
that has been or is to be sold, leased, licensed, assigned, or otherwise
disposed of, or (b) for services rendered or to be rendered. The term “Account”
does not include (a) rights to payment evidenced by chattel paper or an
instrument, (b) commercial tort claims, (c) deposit accounts, (d) investment
property, or (e) letter-of-credit rights or letters of credit.

             

            “Account Debtor” shall
mean each Person who is obligated on an Account.

             

            “Acquired Entity or
Business” shall mean either (x) the assets constituting a business,
division or product line of any Person not already a Subsidiary of Holdings or
(y) 100% of the Equity Interests of any such Person, which Person shall, as a
result of the acquisition of such Equity Interests, become a Wholly-Owned
Subsidiary of Holdings (or shall be merged with and into a Borrower or another
Wholly-Owned Subsidiary of Holdings that is a Subsidiary Guarantor, with such
Borrower or such Subsidiary Guarantor being the surviving or continuing
Person).

             

            “Additional Margin”
shall have the meaning provided in Section
2.14(a).

             

            “Adjustable Applicable
Margins” shall have the meaning provided in the definition of Applicable
Margin.

             

            “Administrative Agent”
shall mean Deutsche Bank AG New York Branch, in its capacity as Administrative
Agent for the Lenders hereunder and under the other Credit Documents, and shall
include any successor to the Administrative Agent appointed pursuant to Section
12.09.

             

            “Affiliate” shall
mean, with respect to any Person, any other Person directly or indirectly
controlling (including, but not limited to, all directors and officers of such
Person), controlled by, or under direct or indirect common control with, such
Person.  A Person shall be deemed to control another Person if such
Person possesses, directly or indirectly, the power (i) to vote 5% or more of
the securities having ordinary voting power for the election of directors (or
equivalent governing body) of such Person or (ii) to direct or cause the
direction of the management and policies of such other Person, whether through
the ownership of voting

             

            

            
              
                
                   

                

                
                  3

                  
                    

                  

                

                
                   

                

              

            

            

            securities,
by contract or otherwise; provided, however, that none of
the Administrative Agent, any Lender or any of their respective Affiliates shall
be considered an Affiliate of Holdings or any Subsidiary thereof.

             

            “Agent Advance” shall
have the meaning provided in Section
2.01(e).

             

            “Agent Advance Amount”
shall have the meaning provided in Section
2.01(e).

             

            “Agent Advance Period”
shall have the meaning provided in Section
2.01(e).

             

            “Agents” shall mean
and include the Administrative Agent, the Collateral Agent and the Co-Collateral
Agents.

             

            “Aggregate Australian
Exposure” shall mean, at any time, the sum of (a) the aggregate principal
amount of all Australian Borrower Revolving Loans (including the Face Amount of
all Bankers’ Acceptance Loans) outstanding at such time (for this purpose, using
the U.S. Dollar Equivalent of amounts not denominated in U.S. Dollars), (b) the
aggregate amount of all Letter of Credit Outstandings at such time in respect of
Letters of Credit issued for the account of any Australian Borrower (exclusive
of such Letter of Credit Outstandings which are repaid with the proceeds of, and
simultaneously with the incurrence of, the respective incurrence of Australian
Borrower Revolving Loans or Australian Borrower Swingline Loans) and (c) the
aggregate principal amount of all Australian Borrower Swingline Loans (for this
purpose, using the U.S. Dollar Equivalent of amounts not denominated in U.S.
Dollars) outstanding at such time (exclusive of Australian Borrower Swingline
Loans which are repaid with the proceeds of, and simultaneously with the
incurrence of, the respective incurrence of Australian Borrower Revolving
Loans).

             

            “Aggregate Canadian
Exposure” shall mean, at any time, the sum of (a) the aggregate principal
amount of all Canadian Borrower Revolving Loans (including the Face Amount of
all Bankers’ Acceptance Loans) outstanding at such time (for this purpose, using
the U.S. Dollar Equivalent of amounts not denominated in U.S. Dollars), (b) the
aggregate amount of all Letter of Credit Outstandings at such time in respect of
Letters of Credit issued for the account of any Canadian Borrower (exclusive of
such Letter of Credit Outstandings which are repaid with the proceeds of, and
simultaneously with the incurrence of, the respective incurrence of Canadian
Borrower Revolving Loans or Canadian Borrower Swingline Loans) and (c) the
aggregate principal amount of all Canadian Borrower Swingline Loans (for this
purpose, using the U.S. Dollar Equivalent of amounts not denominated in U.S.
Dollars) outstanding at such time (exclusive of Canadian Borrower Swingline
Loans which are repaid with the proceeds of, and simultaneously with the
incurrence of, the respective incurrence of Canadian Borrower Revolving
Loans).

             

            “Aggregate Dutch
Exposure” shall mean, at any time, the sum of (a) the aggregate principal
amount of all Dutch Borrower Revolving Loans (including the Face Amount of all
Bankers’ Acceptance Loans) outstanding at such time (for this purpose, using the
U.S. Dollar Equivalent of amounts not denominated in U.S. Dollars), (b) the
aggregate amount of all Letter of Credit Outstandings at such time in respect of
Letters of Credit issued for the account of any Dutch Borrower (exclusive of
such Letter of Credit Outstandings which are repaid with the

             

            

            
              
                
                   

                

                
                  4

                  
                    

                  

                

                
                   

                

              

            

            

            proceeds
of, and simultaneously with the incurrence of, the respective incurrence of
Dutch Borrower Revolving Loans or Dutch Borrower Swingline Loans) and (c) the
aggregate principal amount of all Dutch Borrower Swingline Loans (for this
purpose, using the U.S. Dollar Equivalent of amounts not denominated in U.S.
Dollars) outstanding at such time (exclusive of Dutch Borrower Swingline Loans
which are repaid with the proceeds of, and simultaneously with the incurrence
of, the respective incurrence of Dutch Borrower Revolving Loans).

             

            “Aggregate Exposure”
shall mean, at any time, the sum of (a) the aggregate principal amount of all
Revolving Loans (including the Face Amount of all Bankers’ Acceptance Loans)
then outstanding (for this purpose, using the U.S. Dollar Equivalent of amounts
not denominated in U.S. Dollars), (b) the aggregate amount of all Letter of
Credit Outstandings at such time (exclusive of Letter of Credit Outstandings
which are repaid with the proceeds of, and simultaneously with the incurrence
of, the respective incurrence of Loans) and (c) the aggregate principal amount
of all Swingline Loans (for this purpose, using the U.S. Dollar Equivalent of
amounts not denominated in U.S. Dollars) then outstanding (exclusive of
Swingline Loans which are repaid with the proceeds of, and simultaneously with
the incurrence of, the respective incurrence of Revolving Loans).

             

            “Aggregate U.K.
Exposure” shall mean, at any time, the sum of (a) the aggregate principal
amount of all U.K. Borrower Revolving Loans (including the Face Amount of all
Bankers’ Acceptance Loans) outstanding at such time (for this purpose, using the
U.S. Dollar Equivalent of amounts not denominated in U.S. Dollars), (b) the
aggregate amount of all Letter of Credit Outstandings at such time in respect of
Letters of Credit issued for the account of any U.K. Borrower (exclusive of such
Letter of Credit Outstandings which are repaid with the proceeds of, and
simultaneously with the incurrence of, the respective incurrence of U.K.
Borrower Revolving Loans or U.K. Borrower Swingline Loans) and (c) the aggregate
principal amount of all U.K. Borrower Swingline Loans (for this purpose, using
the U.S. Dollar Equivalent of amounts not denominated in U.S. Dollars)
outstanding at such time (exclusive of U.K. Borrower Swingline Loans which are
repaid with the proceeds of, and simultaneously with the incurrence of, the
respective incurrence of U.K. Borrower Revolving Loans).

             

            “Aggregate U.S.
Exposure” shall mean, at any time, the sum of (a) the aggregate principal
amount of all U.S. Borrower Revolving Loans (including the Face Amount of all
Bankers’ Acceptance Loans) outstanding at such time (for this purpose, using the
U.S. Dollar Equivalent of amounts not denominated in U.S. Dollars), (b) the
aggregate amount of all Letter of Credit Outstandings at such time in respect of
Letters of Credit issued for the account of any U.S. Borrower (exclusive of such
Letter of Credit Outstandings which are repaid with the proceeds of, and
simultaneously with the incurrence of, the respective incurrence of U.S.
Borrower Revolving Loans or U.S. Borrower Swingline Loans) and (c) the aggregate
principal amount of all U.S. Borrower Swingline Loans (for this purpose, using
the U.S. Dollar Equivalent of amounts not denominated in U.S. Dollars)
outstanding at such time (exclusive of U.S. Borrower Swingline Loans which are
repaid with the proceeds of, and simultaneously with the incurrence of, the
respective incurrence of U.S. Borrower Revolving Loans).

             

            “Agreed Security
Principles” shall mean those principles set forth on Schedule 1.01(e)
hereto.

             

            

            
              
                
                   

                

                
                  5

                  
                    

                  

                

                
                   

                

              

            

            

            “Agreement” shall mean
this Syndicated Facility Agreement, as modified, supplemented, amended, restated
(including any amendment and restatement hereof), extended or renewed from time
to time.

             

            “Anti-Terrorism Laws”
shall have the meaning provided in Section
8.23(a).

             

            “Applicable Commitment Fee
Percentage” shall mean (i) for any day on which the Aggregate Exposure is
less than or equal to 33.3% of the Total Commitment then in effect, 1.00%,
(ii)  for any day on which the Aggregate Exposure exceeds 33.3% of the
Total Commitment then in effect but is less than or equal to 66.7% of the Total
Commitment then in effect, 0.75% and (ii) for any day on which the Aggregate
Exposure exceeds 66.7% of the Total Commitment then in effect,
0.50%.

             

            “Applicable Eligible
Jurisdiction” shall mean (i) in the case of Eligible U.S. Accounts, the
United States or Canada, (ii) in the case of Eligible U.S. Inventory, the United
States, (iii) in the case of Eligible Canadian Accounts, Canada, (iv) in the
case of Eligible Canadian Inventory, each Province of Canada other than Quebec,
and each other Canadian jurisdiction where the Collateral Agent has a First
Priority Lien on the Inventory of the applicable Canadian Credit Party located
in such jurisdiction, (v) in the case of Eligible U.K. Accounts, England and
Wales the United States and, to the extent the underlying contract in respect of
such Eligible U.K. Account is governed by the laws of England and Wales, each
other jurisdiction in the United Kingdom, (vi) in the case of Eligible U.K.
Inventory, England and Wales, (vii) in the case of Eligible Dutch Accounts, the
Netherlands, (viii) in the case of Eligible Dutch Inventory, the Netherlands,
(ix) in the case of Eligible Australian Accounts, Australia and (x) in the case
of Eligible Australian Inventory, Australia.

             

            “Applicable Margin”
initially shall mean a percentage per annum equal to (i) in the case of
Revolving Loans maintained as (A) Base Rate Loans or Canadian Prime Rate Loans,
3.00% and (B) Euro Rate Loans or Bankers’ Acceptance Loans, 4.00%; and (ii) in
the case of Swingline Loans, 3.00%.  From and after each day of
delivery of any certificate delivered in accordance with the first sentence of
the following paragraph indicating an entitlement to a different margin for
any  Loans than that described in the immediately preceding sentence
(each, a “Start
Date”) to and including the applicable End Date described below, the
Applicable Margins for such Loans (hereinafter, the “Adjustable Applicable
Margins”) shall be those set forth below opposite the Historical Excess
Availability indicated to have been achieved in any certificate delivered in
accordance with the following sentence:

             

            

              
                
                   

                

                
                  6

                  
                    

                  

                

                
                   

                

              

            
              	
                      
                        Level

                      

                    	 	
                      
                        Historical
      Excess Availability

                      

                    	 	
                      
                        Revolving

                        Loans
      Maintained as Euro Rate Loans or Bankers’ Acceptance
      Loans

                      

                    	 	
                      
                        Revolving
      Loans and

                        Swingline
      Loans

                        Maintained
      as

                        Base
      Rate Loans or

                        Canadian
      Prime Rate Loans

                      

                    
	 
      	 	 
      	 	 
      	 	 
      
	
                      I

                    	 	
                      Greater
      than 66.7% of Total Commitments

                    	 	
                      3.75%

                    	 	
                      2.75%

                    
	 
      	 	 
      	 	 
      	 	 
      
	
                      II

                    	 	
                      Equal
      to or less than 66.7% of Total Commitments but greater than 33.3% of Total
      Commitments

                    	 	
                      4.00%

                    	 	
                      3.00%

                    
	 
      	 	 
      	 	 
      	 	 
      
	
                      III

                    	 	
                      Equal
      to or less than 33.3% of Total Commitments

                    	 	
                      4.25%

                    	 	
                      3.25%

                    

            

             

            The
Historical Excess Availability used in a determination of Adjustable Applicable
Margins shall be determined based on the delivery of a certificate of Holdings
(each, a “Quarterly
Pricing Certificate”) by an Authorized Officer of Holdings to the
Administrative Agent (with a copy to be sent by the Administrative Agent to each
Lender), within 5 days of the last day of any fiscal quarter of Holdings, which
Quarterly Pricing Certificate shall set forth the calculation of the Historical
Excess Availability as at the last day of the Test Period ended immediately
prior to the relevant Start Date; provided that at the
time of the consummation of any Permitted Acquisition or any Significant Asset
Sale an Authorized Officer of Holdings shall deliver to the Administrative Agent
a Quarterly Pricing Certificate setting forth the calculation of the Historical
Excess Availability on a Pro Forma Basis (solely
to give effect to all Permitted Acquisitions and all Significant Asset Sales, if
any consummated on or prior to the date of the delivery of such Quarterly
Pricing Certificate) as of the last day of the last Calculation Period ended
prior to the date on which such Permitted Acquisition or such Significant Asset
Sale is consummated, and the date of such consummation shall be deemed to be a
Start Date and the Adjustable Applicable Margins which shall be thereafter
applicable (until same are changed or cease to apply in accordance with the
following sentences) shall be based upon the Historical Excess Availability as
so calculated.  The Adjustable Applicable Margins so determined shall
apply, except as set forth in the succeeding sentence, from the relevant Start
Date to the earliest of (x) the date on which the next certificate is delivered
to the Administrative Agent, (y) the date on which the next Permitted
Acquisition or Significant Asset Sale is consummated or (z) the date which is 5
days following the last day of the Test Period in which the previous Start Date
occurred (such earliest date, the “End Date”), at which
time, if no Quarterly Pricing Certificate has been delivered to the
Administrative Agent indicating an entitlement to new Adjustable Applicable
Margins (and thus commencing a new Start Date), the Adjustable
Applicable

             

            

            
              
                
                   

                

                
                  7

                  
                    

                  

                

                
                   

                

              

            

            

            Margins
shall be those that correspond to a Historical Excess Availability at Level I
(such Adjustable Applicable Margins as so determined, the “Highest Adjustable
Applicable Margins”).  Notwithstanding anything to the contrary
contained above in this definition, (i) at all times prior to the date of
delivery of the Quarterly Pricing Certificate for the fiscal quarter of Holdings
ended December 31, 2009 the Adjustable Applicable Margins shall be maintained at
Level II above and (ii) from and after the most recent Incremental Commitment
Date for any Incremental Commitment Agreement pursuant to which the Applicable
Margins and Adjustable Applicable Margins have been increased above the
Applicable Margins and the Adjustable Applicable Margins in effect immediately
prior to such Incremental Commitment Date, each of the Applicable Margins and
the Adjustable Applicable Margins shall be increased to those respective
percentages per annum set forth in the applicable Incremental Commitment
Agreement.

             

            “ASIC” shall mean the
Australian Securities and Investments Commission or any successor authority
thereto.

             

            “Asset Sale” shall
mean any sale, transfer or other disposition by Holdings or any of its
Subsidiaries to any Person (including by way of redemption by such Person) other
than to Holdings or a Wholly-Owned Subsidiary of Holdings of any asset
(including, without limitation, any capital stock or other securities of, or
Equity Interests in, another Person), but (x) excluding sales of assets pursuant
to Sections
10.02(ii),
(vi), (vii) (viii), (ix), (x) and (xii), and (y) any
other sale, transfer or disposition (for such purpose, treating any series of
related sales, transfers or dispositions as a single such transaction) that
generates Net Sale Proceeds of less than $2,500,000.

             

            “Asset Sale Proceeds
Account” shall mean one or more deposit accounts or securities accounts
holding the proceeds of any sale or other disposition of any Senior Secured
Notes Priority Collateral (and only such Collateral) that are required to be
held in such account or accounts pursuant to the terms of the Senior Secured
Notes Indenture.

             

            “Assignment and Assumption
Agreement” shall mean an Assignment and Assumption Agreement
substantially in the form of Exhibit
J.

             

            “Associate” has the
meaning given in section 128F(9) of the Australian Tax Act.

             

            “Australian Borrower”
and “Australian
Borrowers” shall have the meaning provided in the first paragraph of this
Agreement.

             

            “Australian Borrower
Loans” shall mean each Australian Borrower Revolving Loan and each
Australian Borrower Swingline Loan.

             

            “Australian Borrower
Obligations” shall mean all Obligations owing to the Administrative
Agent, the Collateral Agent, any Issuing Lender or any Lender by any Australian
Borrower.

             

            “Australian Borrower
Revolving Loan” shall have the meaning provided in Section
2.01(a).

             

            

            
              
                
                   

                

                
                  8

                  
                    

                  

                

                
                   

                

              

            

            

            “Australian Borrower
Revolving Note” shall have the meaning provided in Section
2.05(a).

             

            “Australian Borrower
Swingline Loan” shall have the meaning provided in Section
2.01(b).

             

            “Australian Borrower
Swingline Note” shall have the meaning provided in Section
2.05(a).

             

            “Australian Borrowing
Base” shall mean, as of any date of calculation, the amount equal to,
without duplication, the sum of (a) 85% of Eligible Australian Accounts, plus (b) the least of
(i) 65% of the respective Value of each category of Eligible Australian
Inventory (i.e., raw materials,
work in process and finished goods), (ii) 85% of the then extant Net Orderly
Liquidation Value of each such category of Eligible Australian Inventory (i.e., raw materials,
work in process and finished goods) and (iii) the amount that would represent
60% of the sum of preceding clause (a) and this clause (b)(iii) if such amount
was used under this clause (b)(iii) in the calculation of the Australian
Borrowing Base minus (c) the sum
(without duplication) of (i) the Australian Qualified Secured Hedging Agreement
Reserve, (ii) the Australian Qualified Secured Cash Management Agreement Reserve
and (iii) the Reserves then established by the Co-Collateral Agents with respect
to the Australian Borrowing Base.  The Co-Collateral Agents shall have
the right (but no obligation) to review such computations and if, in their
Permitted Discretion, such computations have not been calculated in accordance
with the terms of this Agreement, the Co-Collateral Agents shall have the right
to correct any such errors in such manner they shall determine in their
Permitted Discretion and the Collateral Agent will notify Holdings promptly
after making any such correction.

             

            “Australian Collection
Account” shall mean each account established at a Australian Collection
Bank subject to a Cash Management Control Agreement into which funds shall be
transferred as provided in Section
5.03(c).

             

            “Australian Collection
Banks” shall have the meaning provided in Section
5.03(c).

             

            “Australian Credit
Parties” shall mean each Australian Borrower and each Foreign Subsidiary
Guarantor that is an Australian Subsidiary of Holdings.

             

            “Australian Dilution
Reserve” shall mean, as of any date of determination, as to the Accounts
owned by the Australian Credit Parties, an amount sufficient to reduce the
advance rate against Eligible Accounts owned by the Australian Credit Parties
(determined without regard to the application of clause (x) of the fourth
sentence of the definition of “Eligible Accounts”)
by one (1) percentage point (1.00%) for each percentage point by which Dilution
of the Accounts owned by the Australian Credit Parties is in excess of
5.00%.

             

            “Australian Disbursement
Account” shall mean each checking and/or disbursement account maintained
by each Australian Credit Party for their respective general corporate purposes,
including for the purpose of paying their trade payables and other operating
expenses (other than a disbursement account that is an Excluded Account) and
funded by such Australian Credit Party in the ordinary course of business
consistent with past practices.

             

            

            
              
                
                   

                

                
                  9

                  
                    

                  

                

                
                   

                

              

            

            

            “Australian Dollar
Denominated Revolving Loans” shall mean each Revolving Loan denominated
in Australian Dollars at the time of the incurrence thereof.

             

            “Australian Dollar
Rate” shall mean the higher of (i), on any Australian Interest
Determination Date in respect of an Interest Period (a) the rate, expressed as a
yield per cent per annum, that is quoted as the average bid rate on the Reuters
screen BBSY page (or any page that replaces that page) at about 10.30 am
(Sydney, Australia time) on the Australian Interest Determination Date for Bank
Bills that have a tenor equivalent to that Interest Period, or (b) if the rate
described in (a) above is not displayed, the rate determined by the
Administrative Agent to be the average of the buying rates quoted to the
Administrative Agent by 3 Australian Reference Banks at about 11.00 am (Sydney,
Australia time) on the Australian Interest Determination Date for Bank Bills
that have a tenor equivalent to that Interest Period, or (c) if there are less
than 3 Australian Reference Banks quoting buying rates described in paragraph
(b) above, the rate set on that day by the Administrative Agent in good faith
having regard to the Lenders that are providing Australian Dollar Denominated
Revolving Loans cost of funding for the Interest Period and comparable indices
then available in current markets and (ii) 1.50% per annum.

             

            “Australian Dollars”
and “A$” shall
mean freely transferable lawful currency of the Commonwealth of Australia
(expressed in Australian dollars).

             

            “Australian Employee
Liability Reserves” shall mean, with respect to each Australian Credit
Party, such amount as the Co-Collateral Agents may from time to time determine,
which amount shall represent an amount payable by such Australian Credit Party
pursuant to sections 433(4), 444DA, 556(1)(e), 556(1)(g) and 556(1)(h) of the
Corporations Act (Cth) as amended.

             

            “Australian Interest
Determination Date” shall mean, with respect to any Australian Dollar
Denominated Revolving Loans, the first day of an Interest Period.

             

            “Australian Perfection
Certificate” shall mean the Australian Perfection Certificate in the form
thereof included in Exhibit D-4 or any
other form approved by the Administrative Agent, as the same may be supplemented
from time to time by a Perfection Certificate Supplement or
otherwise.

             

            “Australian Priority
Payables” shall mean, at any time, with respect to the Australian
Borrowing Base, the amount past due and owing by any Australian Credit Party (or
any other Person for which any Australian Credit Party has joint and several
liability), or the accrued amount for which each Australian Credit Party has an
obligation (whether several, or joint and several) to remit to a Governmental
Authority or other Person pursuant to any applicable law, rule or regulation, in
respect of (i) pension fund obligations, (ii) employment insurance, (iii)
workers’ compensation, (iv) wages, salaries, commission or compensation,
including vacation pay, and (v) other charges and demands; in each case in
respect of which any Governmental Authority or other Person may claim a security
interest, hypothec, prior claim, trust or other claim or Lien ranking or capable
of ranking in priority to or pari passu with one or
more of the Liens granted pursuant to the Security Documents in the ABL Priority
Collateral.

             

            

            
              
                
                   

                

                
                  10

                  
                    

                  

                

                
                   

                

              

            

            

            “Australian Priority Payables
Reserve” shall mean, on any date of determination of the Australian
Borrowing Base, a reserve established from time to time by the Co-Collateral
Agents in their Permitted Discretion in such amount as the Co-Collateral Agents
may determine in respect of Australian Priority Payables of the Australian
Credit Parties.

             

            “Australian Qualified Secured
Cash Management Agreement Reserve” shall mean a reserve to be established
by the Administrative Agent from time to time in respect of the Australian
Qualified Secured Cash Management Agreements, which reserve shall be in an
amount equal to the aggregate amount of all reserves agreed upon from time to
time by the applicable Lender and the applicable Australian Credit Party and
notified in writing to the Administrative Agent by such Lender (or affiliate
thereof) and the applicable Australian Credit Party to be maintained with
respect to such Australian Qualified Secured Cash Management Agreements in
accordance with Section 13.22
(it being understood and agreed that such reserve may be increased or reduced by
the Co-Collateral Agents in their Permitted Discretion).  The
determination as to whether any such reserve shall be established with respect
to any such Australian Qualified Secured Cash Management Agreement shall be
subject to the agreement between the applicable Australian Credit Party and the
applicable Lender (or affiliate thereof) party to such agreement (as modified by
the Administrative Agent in its Permitted Discretion), but absence of any such
reserve shall not impact the designation thereof as a Australian Qualified
Secured Cash Management Agreement.

             

            “Australian Qualified Secured
Cash Management Agreements” shall mean each Qualified Secured Cash
Management Agreement between a Lender (or an affiliate thereof) (as determined
at the time such Secured Cash Management Agreement is designated as a Qualified
Secured Cash Management Agreement without regard as to whether such Person is
currently a Lender or an affiliate thereof) and an Australian Credit
Party.

             

            “Australian Qualified Secured
Hedging Agreement” shall mean any Qualified Secured Hedging Agreement
between a Lender (or an affiliate thereof) (as determined at the time such
Interest Rate Protection Agreement or Other Hedging Agreement is designated as a
Qualified Secured Hedging Agreement without regard as to whether such Person is
currently a Lender or an affiliate thereof) and an Australian Credit
Party.

             

            “Australian Qualified Secured
Hedging Agreement Reserve” shall mean a reserve to be established by the
Administrative Agent from time to time in respect of the Australian Qualified
Secured Hedging Agreements, which reserve shall be in an amount of the aggregate
U.S. Dollar Equivalent marked to market exposure thereunder as calculated by the
applicable Australian Credit Party and the Lender or affiliate of such Lender
party to such Australian Qualified Secured Hedging Agreement in accordance with
GAAP (based on the valuation methodology agreed between Holdings and the Lender
or affiliate of such Lender party to such Australian Qualified Secured Hedging
Agreements) at the time such Secured Hedging Agreement is designated as a
Qualified Secured Hedging Agreement in accordance with Section 13.22 and/or
as otherwise agreed as among such parties, in each case, to be notified to the
Administrative Agent from time to time by written notice from the Lender (or
such affiliate) and the applicable Australian Credit Party party to such
agreement in accordance with Section 13.22
(it being understood and agreed that such reserve may be increased or reduced by
the Co-Collateral Agents in their Permitted Discretion). The determination as to
whether any such

             

            

            
              
                
                   

                

                
                  11

                  
                    

                  

                

                
                   

                

              

            

            

            reserve
shall be established with respect to any such Australian Qualified Secured
Hedging Agreement shall be subject to the agreement between the applicable
Australian Credit Party and the applicable Australian Lender (or affiliate
thereof) party to such agreement (as modified by the Administrative Agent in its
Permitted Discretion), but absence of any such reserve shall not impact the
designation thereof as an Australian Qualified Secured Hedging
Agreement.

             

            “Australian Reference
Bank” shall mean each of Australia and New Zealand Banking Group Limited,
Commonwealth Bank of Australia, National Australia Bank Limited, St. George Bank
Limited and Westpac Banking Corporation.

             

            “Australian
Subsidiary” of any Person shall mean any Subsidiary of such Person
incorporated, organized or established under the laws of Australia.

             

            “Australian Tax Act”
shall mean the Income Tax Assessment Act 1936 (Cth) as amended or the Income Tax
Assessment Act 1997 (Cth) as amended, as the context requires.

             

            “Australian Unpaid
Supplier
Reserve” shall mean, with respect to the Australian Credit Parties, a
reserve established by the Co-Collateral Agents in respect of any Inventory
which is subject to rights of a supplier to repossess goods pursuant to a
contractual provision providing for retention of title or any other laws of
Australia which grants repossession, revendication or similar rights to an
unpaid supplier, in each case, where such supplier’s right ranks or is capable
of ranking in priority to, or pari passu with one or more
of the Liens granted in the Security Documents in the ABL Priority
Collateral.

             

            “Australian Whitewash
Documents” shall mean all documents (including all resolutions, notices
of meeting, explanatory statements and forms) which are required to be lodged
with ASIC in connection with the giving of financial assistance by a Credit
Party.

             

            “Authorized Officer”
shall mean, with respect to (a) delivering Notices of Borrowing, Notices of
Conversion/Continuation and similar notices, any person or persons that has or
have been authorized by the board of directors of the respective Borrower to
deliver such notices pursuant to this Agreement and that has or have appropriate
signature cards on file with the Administrative Agent, the Swingline Lender or
the respective Issuing Lender, (b) delivering financial information and
officer’s certificates pursuant to this Agreement, a director, a managing
member, the chief financial officer, the treasurer or the principal accounting
officer of Holdings or the respective Credit Party, as applicable, and (c) any
other matter in connection with this Agreement or any other Credit Document, any
officer (or a person or persons so designated by any two officers) of Holdings
or the respective Credit Party.

             

            “Availability
Condition” shall mean (a) in the case of determining whether a Dominion
Period is in effect, the greater of (i) $30,000,000 and (ii) 20% of the Total
Commitment as then in effect, and (b) in the case of determining whether a
Compliance Period is in effect, the greater of (i) $20,000,000 and (ii) 15% of
the Total Commitment as then in effect.

             

            “Available Currency”
shall mean (i) with respect to Revolving Loans, U.S. Dollars, Canadian Dollars,
Australian Dollars, Pounds Sterling and Euros and (ii) with respect to Swingline
Loans, U.S. Dollars and Canadian Dollars.

             

            

            
              
                
                   

                

                
                  12

                  
                    

                  

                

                
                   

                

              

            

            

            “Average Aggregate
Availability” shall mean, for any period, the daily average Excess
Availability during such period.

             

            “B/A Discount
Proceeds” shall mean, in respect of any Bankers’ Acceptance or Draft to
be purchased by a Lender on any date pursuant to Section 2.01(a) and
Schedule
1.01(b), the difference between (i) the result (rounded to the nearest
whole Canadian cent, and with one-half of one Canadian cent being rounded up)
calculated on such day by dividing the aggregate Face Amount of such Bankers’
Acceptance or Draft by the sum of one plus the product of
(x) the Reference Discount Rate (expressed as a decimal) applicable to such
Bankers’ Acceptance or Draft multiplied by (y) a fraction, the numerator of
which is the number of days in the term of such Bankers’ Acceptance or Draft and
the denominator of which is 365 (with such product being rounded up or down to
the fifth decimal place and with .000005 being rounded up), and (ii) the
aggregate applicable Drawing Fee.

             

            “B/A Equivalent Note”
shall have the meaning provided in Schedule
1.01(b).

             

            “B/A Instruments”
shall mean, collectively, Bankers’ Acceptances, Drafts and B/A Equivalent Notes,
and, in the singular, any one of them.

             

            “B/A Lender” shall
mean any Lender that is a bank listed in Schedule I or II to the Bank Act
(Canada)  as amended and that is not a Non-B/A Lender.

             

            “Back-Stop
Arrangements” shall mean, collectively, Letter of Credit Back-Stop
Arrangements and Swingline Back-Stop Arrangements.

             

            “Bank Bill” shall mean
a Bill of Exchange that has been accepted by an Australian Reference
Bank.

             

            “Bankers’ Acceptance”
shall mean a Draft drawn by a Borrower and accepted by a Lender pursuant to
Section 2.01(a)
and Schedule
1.01(b).

             

            “Bankers’ Acceptance
Loans” shall mean (i) the creation of Bankers’ Acceptances or (ii) the
creation and purchase of completed Drafts and, if requested by a Non-B/A Lender,
the exchange of such Drafts for B/A Equivalent Notes, in each case as
contemplated in Section 2.01(a) and
Schedule
1.01(b).

             

            “Bankruptcy Code”
shall have the meaning provided in Section
11.01(e).

             

            “Base Rate” shall
mean, at any time, the highest of (i) the Prime Lending Rate at such time, (ii)
1/2 of 1% in excess of the overnight Federal Funds Rate at such time, (iii) the
sum of (x) the Eurodollar Rate for an Interest Period of one month determined on
the second full Business Day prior to such day (calculated without giving effect
to the rounding requirement set forth in the definition of Eurodollar Rate)
plus (y) the
excess of the Applicable Margin for Euro Rate Loans over the Applicable Margin
for Base Rate Loans, in each instance, as of such day, and (iv)
2.50%.

             

            “Base Rate Loan” shall
mean (a) each U.S. Dollar Denominated Swingline Loan and (b) each U.S. Dollar
Denominated Revolving Loan designated or deemed designated as such

             

            

            
              
                
                   

                

                
                  13

                  
                    

                  

                

                
                   

                

              

            

            

            by the
relevant Borrower of such U.S. Dollar Denominated Revolving Loan at the time of
the incurrence thereof or conversion thereto.

             

            “Bill of Exchange”
shall mean a bill of exchange (as defined in the Bills of Exchange Act 1909
(Cth)) (Australia) as amended.

             

            “Board” shall mean the
Board of Governors of the Federal Reserve System of the United
States.

             

            “Book-Runners” shall
mean Deutsche Bank Securities Inc., Banc of America Securities, LLC, GE Capital
Markets, Inc., Credit Suisse Securities (USA) LLC, and Wells Fargo Foothill,
LLC, in their capacities as Joint Book-Runners in respect of the credit
facilities hereunder, and any successors thereto.

             

            “Borrower” and “Borrowers” shall have
the meaning provided in the first paragraph of this Agreement.

             

            “Borrower Obligations”
shall mean the Australian Borrower Obligations, the Canadian Borrower
Obligations, the Dutch Borrower Obligations, the U.K. Borrower Obligations
and/or the U.S. Borrower Obligations, as applicable.

             

            “Borrowing” shall mean
the borrowing of one Type of Loan denominated in a single Available Currency by
a Borrower from all the Lenders having Commitments (or from the Swingline Lender
in the case of Swingline Loans) on a given date (or resulting from a conversion
or conversions on such date) having in the case of Euro Rate Loans the same
Interest Period, provided that Base
Rate Loans incurred pursuant to Section 2.10(b) shall
be considered part of the related Borrowing of Euro Rate Loans.

             

            “Borrowing Base” shall
mean the Australian Borrowing Base, the Canadian Borrowing Base, the Dutch
Borrowing Base, the U.K. Borrowing Base, the U.S. Borrowing Base and/or the
Total Borrowing Base, as applicable.

             

            “Borrowing Base
Certificate” shall have the meaning provided in Section
9.01(j).

             

            “Business” shall mean
any corporation, limited liability company, unlimited liability company, limited
or general partnership or other business entity (or the adjectival form thereof,
where appropriate) or the equivalent of the foregoing in any foreign
jurisdiction.

             

            “Business Day” shall
mean (a) for all purposes other than as covered by clauses (b), (c), (d) and (e)
below, any day except Saturday, Sunday and any day which shall be in New York,
New York, a legal holiday or a day on which banking institutions are authorized
or required by law or other government action to close, (b) with respect to all
notices and determinations in connection with, and payments of principal and
interest on, Eurodollar Loans, any day which is a Business Day described in
clause (a) above and which is also a day for trading by and between banks in
U.S. dollar deposits in the London interbank eurodollar market, (c) with respect
to all notices and determinations in connection with, and payments of principal
(or, Face Amount, as applicable) and interest on, Canadian Dollar Denominated
Loans, any day which is a Business Day described in clause (a) above and which
is also a day which is not a

             

            

            
              
                
                   

                

                
                  14

                  
                    

                  

                

                
                   

                

              

            

            

            legal
holiday or a day on which banking institutions are authorized or required by law
or other government action to close in Toronto, Ontario, (d) with respect to all
notices and determinations in connection with, and payments of principal and
interest on or with respect to, Sterling Denominated Revolving Loans and Euro
Denominated Revolving Loans, any day which is a Business Day described in clause
(a) and which is also (i) a day for trading by and between banks in the London
interbank market and which shall not be a legal holiday or a day on which
banking institutions are authorized or required by law or other government
action to close in London, England and (ii) in relation to any payment in Euros,
a day on which the Trans-European Automated Real-Time Gross Settlement Express
Transfer 2 (TARGET 2) System is open and (e) with respect to all notices and
determinations in connection with, and payments of principal and interest on,
Australian Dollar Denominated Revolving Loans, any day which is a Business Day
described in clause (a) above and which is also a day which is not a legal
holiday or a day on which banking institutions are authorized or required by law
or other government action to close in Sydney, Australia.

             

            “Calculation Period”
shall mean, with respect to any Permitted Acquisition, any Significant Asset
Sale or any other event expressly required to be calculated on a Pro Forma Basis pursuant
to the terms of this Agreement, the Test Period most recently ended prior to the
date of such Permitted Acquisition, any Significant Asset Sale or other event
for which financial statements have been delivered to the Lenders pursuant to
Section 9.01(b)
or (c), as
applicable.

             

            “Canadian Borrower”
and “Canadian
Borrowers” shall have the meaning provided in the first paragraph of this
Agreement.

             

            “Canadian Borrower
Loans” shall mean each Canadian Borrower Revolving Loan and each Canadian
Borrower Swingline Loan.

             

            “Canadian Borrower
Obligations” shall mean all Obligations owing to the Administrative
Agent, the Collateral Agent, any Issuing Lender or any Lender by any Canadian
Borrower.

             

            “Canadian Borrower Revolving
Loan” shall have the meaning provided in Section
2.01(a).

             

            “Canadian Borrower Revolving
Note” shall have the meaning provided in Section
2.05(a).

             

            “Canadian Borrower Swingline
Loan” shall have the meaning provided in Section
2.01(b).

             

            “Canadian Borrower Swingline
Note” shall have the meaning provided in Section
2.05(a).

             

            “Canadian Borrowing
Base” shall mean, as of any date of calculation, the amount equal to,
without duplication, the sum of (a) 85% of Eligible Canadian Accounts, plus (b) the least of
(i) 65% of the respective Value of each category of Eligible Canadian Inventory
(i.e., raw
materials, work in process and finished goods), (ii) 85% of the then extant Net
Orderly Liquidation Value of each such category of Eligible Canadian Inventory
(i.e., raw
materials,

             

            

            
              
                
                   

                

                
                  15

                  
                    

                  

                

                
                   

                

              

            

            

            work in
process and finished goods) and (iii) the amount that would represent 60% of the
sum of preceding clause (a) and this clause (b)(iii) if such amount was used
under this clause (b)(iii) in the calculation of the Canadian Borrowing Base
minus (c) the
sum (without duplication) of (i) the Canadian Qualified Secured Hedging
Agreement Reserve, (ii) the Canadian Qualified Secured Cash Management Agreement
Reserve  and (iii) the Reserves then established by the Co-Collateral
Agents with respect to the Canadian Borrowing Base.  The Co-Collateral
Agents shall have the right (but no obligation) to review such computations and
if, in their Permitted Discretion, such computations have not been calculated in
accordance with the terms of this Agreement, the Co-Collateral Agents shall have
the right to correct any such errors in such manner they shall determine in
their Permitted Discretion and the Collateral Agent will notify Holdings
promptly after making any such correction.

             

            “Canadian Collection
Account” shall mean each account established at a Canadian Collection
Bank subject to a Cash Management Control Agreement into which funds shall be
transferred as provided in Section
5.03(d).

             

            “Canadian Collection
Banks” shall have the meaning provided in Section
5.03(d).

             

            “Canadian Credit
Parties” shall mean each Canadian Borrower and each Foreign Subsidiary
Guarantor that is a Canadian Subsidiary of Holdings.

             

            “Canadian Credit Party
Obligations” shall mean all Canadian Borrower Obligations and any
guarantees thereof by the Credit Parties (including by the U.S. Credit Parties)
pursuant to any Guaranty or pursuant to any other Credit Document.

             

            “Canadian Dilution
Reserve” shall mean, as of any date of determination, as to the Accounts
owned by the Canadian Credit Parties, an amount sufficient to reduce the advance
rate against Eligible Accounts owned by the Canadian Credit Parties (determined
without regard to the application of clause (x) of the fourth sentence of the
definition of “Eligible Accounts”)
by one (1) percentage point (1.00%) for each percentage point by which Dilution
of the Accounts owned by the Canadian Credit Parties is in excess of
5.00%.

             

            “Canadian Disbursement
Account” shall mean each checking and/or disbursement account maintained
by each Canadian Credit Party for their respective general corporate purposes,
including for the purpose of paying their trade payables and other operating
expenses (other than a disbursement account that is an Excluded Account) and
funded by such Canadian Credit Party in the ordinary course of business
consistent with past practices.

             

            “Canadian Dollar Denominated
Loans” shall mean each Loan denominated in Canadian Dollars at the time
of the incurrence thereof.

             

            “Canadian Dollar Denominated
Revolving Loans” shall mean each Revolving Loan denominated in Canadian
Dollars at the time of the incurrence thereof.

             

            “Canadian Dollar Denominated
Swingline Loans” shall mean each Swingline Loan denominated in Canadian
Dollars at the time of the incurrence thereof.

             

            

            
              
                
                   

                

                
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            “Canadian Dollars” and
“Cdn.$” shall
mean freely transferable lawful money of Canada (expressed in Canadian
dollars).

             

            “Canadian Insolvency
Law” shall mean any of the Bankruptcy and Insolvency Act
(Canada), the Companies’
Creditors Arrangement Act (Canada), and the Winding-Up and Restructuring
Act (Canada), each as now and hereafter in effect, and any successors to
such statutes and any proceeding under applicable corporate law seeking an
arrangement of, or stay of proceedings to enforce, some or all of the debts of
the corporation.

             

            “Canadian Pension
Plan” shall mean any plan that is or is intended to be a “registered
pension plan” as such term is defined in the Income Tax Act (Canada) as amended
that is sponsored or maintained by or under which Holdings or any of its
Subsidiaries has any liability whatsoever.

             

            “Canadian Pension Plan
Event” shall mean (a) either (i) the termination in whole or in part of a
Canadian Pension Plan or (ii) the cessation of participation of Holdings or any
of its Subsidiaries (or any Affiliate or other related party thereto with whom
there is statutory joint and several liability under pension standards
legislation) in any Canadian Pension Plan, including a multi-employer pension
plan (within the meaning of applicable pension standards legislation), in either
case, for any reason and which event gives rise to an obligation on such entity
to make contributions in respect of any past service unfunded liability of such
plan, (b) the issuance of a notice (or a notice of intent to issue such a
notice) to terminate in whole or in part any Canadian Pension Plan with a
defined benefit provision or the receipt of a notice of intent from a
Governmental Authority to require the termination in whole or in part of any
Canadian Pension Plan, revoking the registration of same or appointing a new
administrator of such a plan, (c) an event or condition which constitutes
grounds under applicable pension standards or tax legislation for the issuance
of an order, direction or other communication from any Governmental Authority or
a notice of an intent to issue such an order, direction or other communication
requiring Holdings or any of its Subsidiaries to take or refrain from taking any
action in respect of a Canadian Pension Plan, (d) the issuance of either any
order (including an order to remit payments in respect of the PBGF) or charges
which may give rise to the imposition of any fines or penalties to or in respect
of any Canadian Pension Plan or the issuance of such fines or penalties, (e) the
failure to remit by Holdings or any of its Subsidiaries or any of their
Affiliates any contribution to a Canadian Pension Plan when due or the receipt
of any notice from an administrator, a trustee or other funding agent or any
other Person that Holdings or any of its Subsidiaries or any of their Affiliates
have failed to remit any contribution to a Canadian Pension Plan or a similar
notice from a Governmental Authority relating to a failure to pay any fees or
other amounts (including payments in respect of the PBGF), (f) the
non-compliance by Holdings or any of its Subsidiaries or with any law applicable
to the Canadian Pension Plans in any material respect, and (g) the existence of
a solvency deficiency with respect to any Canadian Pension Plan, which events
under clauses (a) through (g) above, either individually or in the aggregate,
have had or could reasonably be expected to have a Material Adverse
Effect.

             

            “Canadian Perfection
Certificate” shall mean the Canadian Perfection Certificate in the form
thereof included in Exhibit D-2 or any
other form approved by the Administrative Agent, as the same may be supplemented
from time to time by a Perfection Certificate Supplement or
otherwise.

             

            

            
              
                
                   

                

                
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            “Canadian Prime Rate”
shall mean, for any day, the rate of interest per annum expressed on the basis
of a 365-day year equal to the greatest of (i) the per annum rate of interest
quoted or established as the “prime rate” of DB Canada (or similar entity of a
successor Administrative Agent hereunder) which it quotes or establishes for
such day as its reference rate of interest in order to determine interest rates
for commercial loans in Canadian Dollars in Canada to its Canadian borrowers,
(ii) the average rate for Canadian Dollar bankers’ acceptances having a term of
30 days that appears on Reuters Screen CDOR Page (or such other page as may be
selected by DB Canada (or similar entity of a successor Administrative Agent
hereunder) as a replacement page for such bankers’ acceptances if such screen is
not available) at approximately 10:00 A.M. (Toronto time) on such day plus the excess of
the Applicable Margin for Banker’s Acceptance Loans over the Applicable Margin
for Canadian Prime Rate Loans, in each instance, as of such day, adjusted
automatically with each quoted or established change in such rate, all without
the necessity of any notice to any Borrower or any other Person and (iii) 2.50%
per annum. Any change in the Canadian Prime Rate due to a change in the “prime
rate” or the average rate for Canadian Dollar bankers’ acceptances shall be
effective as of the opening of business on the effective day of such change in
the “prime rate” or the average rate for Canadian Dollar bankers’ acceptances,
respectively.

             

            “Canadian Prime Rate
Loans” shall mean (a) each Canadian Dollar Denominated Swingline Loan and
(b) each Canadian Dollar Denominated Revolving Loan during the period which it
bears interest at a rate determined by reference to the Canadian Prime
Rate.

             

            “Canadian Priority
Payables” shall mean, at any time, with respect to the Canadian Borrowing
Base:

             

            (a) the
amount past due and owing by any Canadian Credit Party (or any other Person for
which any Canadian Credit Party has joint and several liability), or the accrued
amount for which each Canadian Credit Party has an obligation (whether several,
or joint and several) to remit to a Governmental Authority or other Person
pursuant to any applicable law, rule or regulation, in respect of (i) pension
fund obligations, (ii) employment insurance, (iii) goods and services taxes,
sales taxes, employee income taxes and other taxes payable or to be remitted or
withheld, (iv) workers’ compensation, (v) wages, salaries, commission or
compensation, including vacation pay, and (vi) other charges and demands; in
each case in respect of which any Governmental Authority or other Person may
claim a security interest, hypothec, prior claim, trust or other claim or Lien
ranking or capable of ranking in priority to or pari passu with one or
more of the Liens granted pursuant to the Security Documents in the ABL Priority
Collateral; and

             

            (b) the
aggregate amount of any other liabilities of the Canadian Credit Parties (or any
other Person for which the Canadian Credit Parties have joint and several
liability) (i) in respect of which a trust has been or may be imposed on any
Accounts or Inventory of any Canadian Credit Party to provide for payment or
(ii) which are secured by a security interest, hypothecation, prior claim,
pledge, charge, right, or claim or other Lien on any ABL Priority Collateral of
any Canadian Credit Party, in each case pursuant to any applicable law, rule or
regulation and which trust, security interest, hypothecation, prior claim,
pledge, charge, right, claim or other Lien ranks or is capable

             

            

            
              
                
                   

                

                
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            of
ranking in priority to or pari passu with one
or more of the Liens granted in the Security Documents in such ABL Priority
Collateral.

             

            “Canadian Priority Payables
Reserve” shall mean, on any date of determination for the Canadian
Borrowing Base, a reserve established from time to time by the Co-Collateral
Agents in their Permitted Discretion in such amount as the Co-Collateral Agents
may determine in respect of Canadian Priority Payables of the Canadian Credit
Parties.

             

            “Canadian Qualified Secured
Cash Management Agreement Reserve” shall mean a reserve to be established
by the Administrative Agent from time to time in respect of the Canadian
Qualified Secured Cash Management Agreements, which reserve shall be in an
amount equal to the aggregate amount of all reserves agreed upon from time to
time by the applicable Lender and the applicable Canadian Credit Party and
notified in writing to the Administrative Agent by such Lender (or affiliate
thereof) and the applicable Canadian Credit Party to be maintained with respect
to such Canadian Qualified Secured Cash Management Agreements in accordance with
Section 13.22
(it being understood and agreed that such reserve may be increased or reduced by
the Co-Collateral Agents in their Permitted Discretion). The determination as to
whether any such reserve shall be established with respect to any such Canadian
Qualified Secured Cash Management Agreement shall be subject to the agreement
between the applicable Canadian Credit Party and the applicable Lender (or
affiliate thereof) party to such agreement (as modified by the Administrative
Agent in its Permitted Discretion), but absence of any such reserve shall not
impact the designation thereof as a Canadian Qualified Secured Cash Management
Agreement.

             

            “Canadian Qualified Secured
Cash Management Agreements” shall mean each Qualified Secured Cash
Management Agreement between a Lender (or an affiliate thereof) (as determined
at the time such Secured Cash Management Agreement is designated as a Qualified
Secured Cash Management Agreement without regard as to whether such Person is
currently a Lender or an affiliate thereof) and a Canadian Credit
Party.

             

            “Canadian Qualified Secured
Hedging Agreement” shall mean any Qualified Secured Hedging Agreement
between a Lender (or an affiliate thereof) (as determined at the time such
Interest Rate Protection Agreement or Other Hedging Agreement is designated as a
Qualified Secured Hedging Agreement without regard as to whether such Person is
currently a Lender or an affiliate thereof) and a Canadian Credit
Party.

             

            “Canadian Qualified Secured
Hedging Agreement Reserve” shall mean a reserve to be established by the
Administrative Agent from time to time in respect of the Canadian Qualified
Secured Hedging Agreements, which reserve shall be in an amount of the aggregate
U.S. Dollar Equivalent marked to market exposure thereunder as calculated by the
applicable Canadian Credit Party and the Lender or affiliate of such Lender
party to such Canadian Qualified Secured Hedging Agreement in accordance with
GAAP (based on the valuation methodology agreed between Holdings and the Lender
or affiliate of such Lender party to such Canadian Qualified Secured Hedging
Agreements) at the time such Secured Hedging Agreement is designated as a
Qualified Secured Hedging Agreement in accordance with Section 13.22 and/or
as otherwise agreed as among such parties, in each case, to be notified to the
Administrative Agent from time to time by written notice from the Lender (or
such affiliate) and

             

            

            
              
                
                   

                

                
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            the
applicable Canadian Credit Party party to such agreement in accordance with
Section 13.22
(it being understood and agreed that such reserve may be increased or reduced by
the Co-Collateral Agents in their Permitted Discretion). The determination as to
whether any such reserve shall be established with respect to any such Canadian
Qualified Secured Hedging Agreement shall be subject to the agreement between
the applicable Canadian Credit Party and the applicable Canadian Lender (or
affiliate thereof) party to such agreement (as modified by the Administrative
Agent in its Permitted Discretion), but absence of any such reserve shall not
impact the designation thereof as a Canadian Qualified Secured Hedging
Agreement.

             

            “Canadian Subsidiary”
of any Person shall mean any Subsidiary of such Person incorporated, organized,
or established or resident for the purposes of the Income Tax Act (Canada) as
amended, in Canada or any province or territory thereof.

             

            “Canadian Unpaid Supplier
Reserve” shall mean, with respect to the Canadian Credit Parties, a
reserve established by the Co-Collateral Agents in their Permitted Discretion in
respect of any Inventory which is subject to rights of a supplier to repossess
goods pursuant to Section 81.1 of the Bankruptcy and Insolvency Act
(Canada) as amended or any other laws of Canada which grants repossession,
revendication or similar rights to an unpaid supplier, in each case, where such
supplier’s right ranks or is capable of ranking in priority to, or pari passu with one or more
of the Liens granted in the Security Documents in the ABL Priority
Collateral.

             

            “Capital Expenditures”
shall mean, with respect to any Person, all expenditures by such Person which
should be capitalized in accordance with GAAP and, without duplication, the
amount of the principal portion of all Capitalized Lease Obligations incurred by
such Person.

             

            “Capitalized Lease
Obligations” shall mean, with respect to any Person, all rental
obligations of such Person which, under GAAP, are or will be required to be
capitalized on the books of such Person, in each case taken at the amount
thereof accounted for as indebtedness in accordance with such
principles.

             

            “Cash Equivalents”
shall mean:

             

            (i)           securities
issued by, or unconditionally fully guaranteed by the governments of the United
States, Australia, Canada, Switzerland and members of the European Union or any
agency or instrumentality thereof (provided that the full faith and credit of
the respective such government is pledged in support thereof) and in each case
maturing within 12 months from the date of acquisition thereof;

             

            (ii)           marketable
direct obligations issued by any State of the United States of America or any
political subdivision of any such State or any public instrumentality thereof
maturing within 12 months from the date of acquisition thereof and, at the time
of acquisition, having one of the two highest ratings obtainable from either
S&P or Moody’s;

             

            (iii)           commercial
paper maturing no more than one year from the date of creation thereof and, at
the time of acquisition, having a rating of at least A-l from S&P or at
least P-l from Moody’s;

             

            

            
              
                
                   

                

                
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            (iv)           (x)
time deposits, demand deposits, bearer deposit notes, certificates of deposit,
eurodollar time deposits, bankers’ acceptances or similar instruments of
deposit, in each case, having a long-term unsecured debt rating of at least “A”
or the equivalent thereof from S&P or “A2” or the equivalent thereof from
Moody’s with maturities of not more than 12 months from the date of acquisition
by such Person, and (y) overnight bank deposits, in each case, issued by (i) any
commercial bank organized under the laws of Australia, Canada, the United States
of America or any State thereof or the District of Columbia having at the date
of acquisition thereof combined capital and surplus of not less than
$500,000,000 or (ii) any commercial bank organized under the laws of any member
state of the European Union, as of the date hereof, or Switzerland having
combined capital and surplus in excess of the applicable foreign currency
equivalent of $500,000,000; provided that, to the
extent any cash is generated through operations in a jurisdiction outside of the
United States, Australia, Canada, Switzerland, the Netherlands or England, such
cash may be retained and invested in obligations of the type described in
clauses (i) through (v) of this definition to the extent such obligations have a
credit rating equal to the sovereign rating of such jurisdiction;

             

            (v)           repurchase
obligations with a term of not more than 30 days for underlying securities of
the types described in clause (i) above entered into with any bank meeting the
qualifications specified in clause (iv) above;

             

            (vi)           investments
of the type and maturity described in clause (i) though (v) above of foreign
obligors, which investments or obligors (or the parents of such obligors) have
ratings described in such clauses or equivalent ratings from comparable foreign
rating agencies;

             

            (vii)           
investments in money market funds substantially all of whose assets are
comprised of securities of the types described in clauses (i) through (iv)
above; and

             

            (viii)            deposits
of cash in favor of banks or other depository institutions, solely to the extent
incurred in connection with the maintenance of such deposit accounts in the
ordinary course of business.

             

            “Cash Management
Agreement” shall mean any agreement to provide cash management services,
including treasury, depository, overdraft, credit or debt card, electronic funds
transfer and other cash management arrangements.

             

            “Cash Management Control
Agreement” shall mean a power of attorney, or signing rights “control
agreement” or other agreement, in each case in form and substance reasonably
acceptable to the Administrative Agent which, in the case of the U.K. Credit
Parties, can be incorporated within the relevant Security Document governed by
the laws of England and Wales (unless a separate control agreement is deemed
advisable by the Administrative Agent), and containing terms regarding the
treatment of all cash and other amounts on deposit in (or credited to) the
respective Deposit Account governed by such Cash Management Control Agreement
consistent with the requirements of Section
5.03.

             

            

            
              
                
                   

                

                
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            “Cash Management
Creditors” shall mean, collectively, each Lender and/or any affiliate
thereof that has entered into one or more Secured Cash Management Agreements,
even if the respective Lender subsequently ceases to be a Lender under this
Agreement for any reason, together with such Lender’s or such affiliate’s
successors and assigns, if any.

             

            “Cash Management
Obligations” shall have the meaning specified in the definition of
“Secured Obligations”.

             

            “Centre of Main
Interests” shall have the meaning provided in Article 3(1) of Council
Regulation (EC) No 1346/2000 of May 29, 2000 on Insolvency
Proceedings.

             

            “CERCLA” shall mean
the Comprehensive Environmental Response, Compensation, and Liability Act of
1980, as the same has been amended and may hereafter be amended from time to
time, 42 U.S.C. § 9601 et seq.

             

            “Change in Law” shall
have the meaning provided in Section
11.01(f).

             

            “Change of Control”
shall mean (i) except as otherwise permitted pursuant to Section 10.02,
Holdings shall cease to own and control, directly or indirectly, all of the
economic and voting rights associated with all of the Equity Interests of each
of the Borrowers (other than Holdings), (ii) any “person” or “group” (as such
terms are used in Sections 13(d) and 14(d) of the Exchange Act) is or shall
become the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the
Exchange Act), directly or indirectly, of 35% or more on a fully diluted basis
of the economic or voting interests in Holdings’ capital stock, (iii) the Board
of Directors of Holdings shall cease to consist of a majority of Continuing
Directors or (iv) a “change of control” or similar event shall occur as provided
in (w) any Existing Senior Subordinated Notes Document, (x) any Senior Secured
Notes Documents, (y) any Qualified Preferred Stock (or the documentation
governing the same) or (z) any other Indebtedness of Holdings or any of its
Subsidiaries with an aggregate principal amount of at least $10,000,000 which
would permit the acceleration of, or require the repurchase of, such
Indebtedness.

             

            “Chattel Paper” shall
mean “chattel paper” (as such term is defined in Article 9 of the UCC or the
PPSA, as applicable).  Without limiting the foregoing, the term
“Chattel Paper” shall in any event include all “tangible chattel paper” and all
“electronic chattel paper”, as each term is defined in Article 9 of the UCC as
in effect in the State of New York.

             

            “Chief Executive
Office” shall mean, with respect to any Person, the location from which
such Person manages the main part of its business operations or other
affairs.

             

            “Claims” shall have
the meaning provided in the definition of “Environmental Claims”.

             

            “Co-Collateral Agent”
and “Co-Collateral
Agents” shall mean Deutsche Bank AG New York Branch, Bank of America,
N.A. and General Electric Capital Corporation in their capacity as co-collateral
agents for the Secured Parties pursuant to this Agreement.

             

            “Code” shall mean the
United States Internal Revenue Code of 1986, as amended from time to time, and
any final or temporary regulations promulgated and in effect
thereunder.

             

            

            
              
                
                   

                

                
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            Section
references to the Code are to the Code, as in effect at the date of this
Agreement and any subsequent provisions of the Code, amendatory thereof,
supplemental thereto or substituted therefor.

             

            “Collateral” shall
mean all property (whether real or personal) with respect to which any security
interests have been granted (or purported to be granted) pursuant to any
Security Document, including, without limitation, all Collateral as described in
any Pledge Agreement, all Collateral as described in the U.S. Security
Agreement, all Mortgaged Properties and all cash and Cash Equivalents delivered
as collateral pursuant to Section 5.02 or 11.

             

            “Collateral Access
Agreement” shall mean an agreement, in form and substance satisfactory to
the Administrative Agent, by which (a) for any Collateral located on leased
premises, the lessor waives or subordinates any Lien it may have on the
Collateral, and agrees to permit the Collateral Agent to enter upon the premises
and remove the Collateral or to use the premises to store or dispose of the
Collateral; (b) for any Collateral held by a warehouseman, processor, shipper,
customs broker or freight forwarder, such Person waives or subordinates any Lien
it may have on the Collateral, agrees to hold any documents (as defined in the
UCC) in its possession relating to the Collateral as agent for the Collateral
Agent, and agrees to deliver the Collateral to the Collateral Agent upon
request; and (c) for any Collateral held by a repairman, mechanic or bailee,
such Person acknowledges the Collateral Agent’s Lien, waives or subordinates any
Lien it may have on the Collateral, and agrees to deliver the Collateral to the
Collateral Agent upon request.

             

            “Collateral Agent”
shall mean the Administrative Agent in its capacity as collateral agent for the
Secured Parties pursuant to the Security Documents, and shall include any
successor to the Collateral Agent as provided in Section
12.09.

             

            “Collateral and Guaranty
Requirements” shall mean, at any time, the requirement that:

             

            (a)         the
Administrative Agent shall have received from each U.S. Guarantor either (i) a
counterpart of the U.S. Guaranty duly executed and delivered by such U.S.
Guarantor dated as of the Effective Date or (ii) in the case of any Person that
becomes a U.S. Guarantor after the Effective Date, a supplement to the U.S.
Guaranty, in the form specified therein, duly executed and delivered by such
U.S. Guarantor;

             

            (b)         the
Administrative Agent shall have received from each Foreign Guarantor either (i)
a counterpart of the Foreign Guaranty duly executed and delivered by such
Foreign Guarantor dated as of the Effective Date or (ii) in the case of any
Person that becomes a Foreign Guarantor after the Effective Date, a supplement
to the Foreign Guaranty, in the form specified therein, duly executed and
delivered by such Foreign Guarantor;

             

            (c)         the
Administrative Agent shall have received from each U.S. Credit Party either (i)
a counterpart of the U.S. Security Agreement duly executed and delivered by such
U.S. Credit Party in favor of the Collateral Agent dated as of the Effective
Date or (ii) in the case of any Person that becomes a U.S. Credit Party after
the Effective Date, a

             

            

            
              
                
                   

                

                
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            supplement
to the U.S. Security Agreement in favor of the Collateral Agent, in the form
specified therein, duly executed and delivered by such U.S. Credit
Party;

             

            (d)         the
Administrative Agent shall have received from each Canadian Credit Party (i) a
general security agreement executed and delivered by each such Canadian Credit
Party in favor of the Collateral Agent, dated as of the Effective Date and in
form and substance acceptable to the Administrative Agent, constituting a First
Priority Lien on all ABL Priority Collateral from time to time of each such
Canadian Credit Party of the type covered by such form, subject only to
Permitted Liens, (ii) if at any time any of the Canadian Credit Parties have ABL
Priority Collateral with an aggregate Fair Market Value of at least $2,000,000
located in Quebec (the “Quebec Assets”), such
hypothecations, bonds and other security documents executed and delivered by
such Canadian Credit Party and the Collateral Agent, dated as of the date of its
execution and delivery and in form and substance acceptable to the
Administrative Agent, as may be necessary for the purpose of creating and
preserving in the Province of Quebec the Liens constituted by any of the
foregoing subclauses in this clause (d) on the Quebec Assets, and
(iii)  in the case of any Person that becomes a Canadian Credit Party
after the Effective Date, the security documents required by sub-clauses (i) and
(ii) above or supplements to such security documents (in the form specified
therein) required to satisfy such requirements as reasonably determined by the
Administrative Agent, based on the advice of counsel, duly executed and
delivered by such Canadian Credit Party;

             

            (e)         the
Administrative Agent shall have received from each U.K. Credit Party (i) a
debenture duly executed and delivered by each such U.K. Credit Party in favor of
the Collateral Agent, dated as of the Effective Date and in form and substance
satisfactory to the Administrative Agent, constituting a First Priority Lien on
all ABL Priority Collateral from time to time of each such U.K. Credit Party of
the type covered by such form, subject only to Permitted Liens, (ii) a security
trust deed duly executed and delivered by each such U.K. Credit Party, dated as
of the Effective Date and in form and substance satisfactory to the
Administrative Agent, and (iii) in the case of any Person that becomes a U.K.
Credit Party after the Effective Date, the security documents required by
sub-clauses (i) and (ii) above or supplements to such security documents (in the
form specified therein) required to satisfy such requirements as reasonably
determined by the Administrative Agent, based on the advice of counsel, duly
executed and delivered by such U.K. Credit Party;

             

            (f)         the
Administrative Agent shall have received from each Australian Credit Party (i) a
fixed and floating charge duly executed and delivered by each such Australian
Credit Party in favor of the Collateral Agent, dated as of the Effective Date
and in form and substance acceptable to the Administrative Agent, constituting a
First Priority Lien on all ABL Priority Collateral from time to time of each
such Australian Credit Party of the type covered by such form, subject only to
Permitted Liens, (ii) a security trust deed duly executed and delivered by each
such Australian Credit Party, dated as of the Effective Date and in form and
substance satisfactory to the Administrative Agent, and (iii) in the case of any
Person that becomes an Australian Credit Party after the Effective Date, the
security documents required by sub-clauses (i) and (ii) above or supplements to
such security documents (in the form specified therein) required to satisfy
such

             

            

            
              
                
                   

                

                
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            requirements
as reasonably determined by the Administrative Agent, based on the advice of
counsel, duly executed and delivered by such Australian Credit
Party;

             

            (g)         the
Administrative Agent shall have received from each Dutch Credit Party (i) one or
more general security agreements duly executed and delivered by each such Dutch
Credit Party in favor of the Collateral Agent, dated as of the Effective Date
and in form and substance acceptable to the Administrative Agent, constituting a
First Priority Lien on all ABL Priority Collateral from time to time of each
such Dutch Credit Party of the type covered by such form, subject only to
Permitted Liens, and (ii) in the case of any Person that becomes a Dutch Credit
Party after the Effective Date, the security documents required by sub-clause
(i) above or supplements to such security documents (in the form specified
therein) required to satisfy such requirements as reasonably determined by the
Administrative Agent, based on the advice of counsel, duly executed and
delivered by such Dutch Credit Party;

             

            (h)         (x)
the Administrative Agent shall have received from each U.S. Credit Party that
directly holds any Equity Interests in any other Subsidiary of Holdings (i) the
Pledge Agreements duly executed and delivered by each such U.S. Credit Party in
favor of the Collateral Agent, that it determines, based on the advice of
counsel, to be necessary or advisable in connection with the pledge of all such
Equity Interests (provided that the Administrative Agent shall only make a
determination to require a U.S. Credit Party to pledge Equity Interests under a
Foreign Pledge Agreement to the extent that such Equity Interests are pledged,
or required to be pledged, under a local law pledge agreement (or foreign
equivalent) to secure the Senior Secured Noteholder Obligations), including the
U.S. Pledge Agreement and the Foreign Pledge Agreements specified on Schedule 1.01(g)
dated as of the Effective Date, and (ii) in the case of any Person that becomes
a U.S. Credit Party after the Effective Date, the Pledge Agreements required by
sub-clause (i) above or any supplements to such Pledge Agreements (in the form
specified therein), based on the advice of counsel, duly executed and delivered
by such U.S. Credit Party and (y) subject to the Intercreditor Agreement, the
Collateral Agent shall have received certificates or other instruments
representing all such Equity Interests (other than uncertificated Equity
Interests) pledged in sub-clause (x) above together with stock powers or other
instruments of transfer with respect thereto endorsed in blank;

             

            (i)         all
indebtedness of Holdings, the other Borrowers and each Subsidiary of Holdings
that is owing to any ABL Credit Party (other than obligations owing to the ABL
Credit Parties that do not individually or in the aggregate exceed $2,000,000)
shall be evidenced by an Intercompany Note or by a promissory note or an
instrument in form reasonably satisfactory to the Administrative Agent and,
shall have been pledged pursuant to the U.S. Security Agreement (or other
applicable Security Document) and the Collateral Agent shall have received all
such promissory notes or instruments, together with note powers or other
instruments of transfer with respect thereto endorsed in blank;

             

            (j)         the
Administrative Agent shall have received (i) counterparts of, or to the extent
available and legally effective, authorization to electronically register, a
Mortgage with respect to each Mortgaged Property duly executed and delivered by
the record owner or lessee of such Mortgaged Property, constituting a Second
Priority Lien on all

             

            

            
              
                
                   

                

                
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            Mortgaged
Property from time to time owned by each U.S. Credit Party, subject to Permitted
Liens, (ii) a policy or policies of title insurance issued by a nationally
recognized title insurance company insuring the Lien of each such Mortgage
covering Real Property, as a valid Second Priority Lien on the Mortgaged
Property described therein, free of any other Liens other than Permitted Liens,
together with such endorsements, coinsurance and reinsurance as the
Administrative Agent may reasonably request, and (iii) such surveys, abstracts,
legal opinions, abstracts of title, flood certificates and other documents as
the Administrative Agent may reasonably request with respect to any such
Mortgage or Mortgaged Property, it being agreed that the Borrowers shall not be
required to provide new surveys if the applicable title insurance company will
waive survey exceptions based on existing surveys;

             

            (k)         the
Administrative Agent shall have received from each Borrower and each other ABL
Credit Party fully executed Cash Management Control Agreements with respect to
their Core Concentration Accounts, Collection Accounts and other Deposit
Accounts (other than Excluded Accounts and Disbursement Accounts) within 60
days, or solely in the case of U.K. Credit Parties 90 days, after the Effective
Date (in each case, as such date may be extended from time to time by the
Administrative Agent in its sole discretion, or, with respect to any extension
of the period for compliance with this paragraph (k) beyond (i) with respect
Core Concentration Accounts, 120 days and (ii) with respect to Collection
Accounts and other Deposit Accounts (other than Core Concentration Accounts) 150
days, in each case, after such end of period for compliance with this paragraph
(k) (without giving effect to any extension by the Administrative Agent), by the
Co-Collateral Agents in their sole discretion);

             

            (l)         all
documents, instruments, forms and statements, required by law or reasonably
requested by the Administrative Agent to be filed, registered, duly stamped or
recorded to create the Liens intended to be created by the applicable Security
Documents and perfect such Liens to the extent required by, and with the
priority required by, such Security Document, shall have been filed, registered,
duly stamped or recorded or delivered to the Collateral Agent for filing,
registration, stamping or recording and all filing, registration, stamping or
recording duty or other fee shall have been paid (at the expense of the
Borrowers);

             

            (m)                   to
the extent requested by the Administrative Agent in its reasonable discretion,
the Administrative Agent shall have received evidence that with respect to an
Australian Credit Party, (i) all board and shareholder resolutions of such
Australian Credit Party which are required to be passed under the Corporations
Act to approve the giving of financial assistance by such Australian Credit
Party in connection with the entering into and performance of each of the Credit
Documents by such Australian Credit Party are passed, and (ii) all Australian
Whitewash Documents in respect of such Australian Credit Party are lodged with
ASIC in accordance with the Corporations Act, on or prior to the date required
by the Administrative Agent;

             

            (n)         each
ABL Credit Party shall have obtained all material consents and approvals
required to be obtained by it in connection with the execution and delivery
of

             

            

            
              
                
                   

                

                
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            all
Security Documents to which it is a party, the performance of its obligations
thereunder and the granting by it of the Liens thereunder; and

             

            (p)         the
Administrative Agent shall have received (i) a counterpart of the Intercreditor
Agreement duly executed and delivered by each U.S. Credit Party and the
Noteholder Collateral Agent and (ii) in the case of any Person that becomes a
U.S. Credit Party after the Effective Date, a supplement or joinder to the
Intercreditor Agreement, in the form specified therein, duly executed and
delivered by such Credit Party;

             

            provided, that the
foregoing definition shall be subject to the Agreed Security
Principles.  The Administrative Agent may grant extensions of time for
the perfection of security interests in or the obtaining of title insurance or
legal opinions with respect to particular assets (including extensions beyond
the Effective Date for the perfection of security interests in the assets of the
ABL Credit Parties (other than ABL Priority Collateral)) where it determines
that perfection cannot be accomplished without undue effort or expense by the
time or times at which it would otherwise be required by this Agreement or the
Security Documents.

             

            “Collection Accounts”
shall mean, collectively, the U.S. Collection Accounts, the Australian
Collection Accounts, the Canadian Collection Accounts, the Dutch Collection
Accounts and the U.K. Collection Accounts.

             

            “Collection Banks”
shall mean, collectively, the U.S. Collection Banks, the Australian Collection
Banks, the Canadian Collection Banks, the Dutch Collection Banks and the U.K.
Collection Banks.

             

            “Collective Bargaining
Agreements” shall have the meaning provided in Section
6.05.

             

            “Commingled Inventory”
shall mean Inventory of any ABL Credit Party that is commingled (whether
pursuant to a consignment (as defined in Section 9-102 of the UCC), a toll
manufacturing agreement or otherwise) with Inventory of another Person (other
than another ABL Credit Party organized under the same jurisdiction of such ABL
Credit Party) at a location owned or leased by an ABL Credit Party to the extent
that such Inventory of such ABL Credit Party is not readily
identifiable.

             

            “Commitment” shall
mean, for each Lender, the amount set forth opposite such Lender’s name in Schedule 1.01(a)
directly below the column entitled “Commitment”, as same may be (x) reduced from
time to time or terminated pursuant to Sections 4.02, 4.03 and/or 11, as applicable,
(y) adjusted from time to time as a result of assignments to or from such Lender
pursuant to Section
2.13 or 13.04(b), or (z)
increased from time to time pursuant to Section
2.14.

             

            “Commitment Fees”
shall have the meaning provided in Section
4.01(a).

             

            “Compliance Period”
shall mean any period (x) commencing on the date on which the Excess
Availability is less than or equal to the Availability Condition and (y) ending
on the first date thereafter on which the Excess Availability has been greater
than the Availability Condition for 30 consecutive days.

             

            

            
              
                
                   

                

                
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            “Confidential
Information” shall mean all information and data, including, without
limitation, technical, business, marketing and financial information, disclosed
to the Agents (or any of them), any Issuing Lender or any Lender by Holdings or
any of its Subsidiaries in connection with this Agreement, any other Credit
Document or any of the Transactions, whether tangible, intangible, electronic,
verbal or written form or by observation and all memoranda, summaries, samples,
notes, analyses, compilations, studies, or other documents prepared by the
Agents (or any of them), any Issuing Lender or any Lender which contain, reflect
or are derived from such information and/or data; provided however, the
term “Confidential
Information” shall not include information or data which (a) is, or
becomes, generally available other than as a result of a disclosure by the
respective Agent, Issuing Lender or Lender in violation of any Credit Document,
(b) is, or becomes, available to an Agent, any Issuing Lender or Lender from a
source other than Holdings or any of its Subsidiaries or its representatives,
provided that
such source is not, and was not, actually known by such Agent, Issuing Lender or
Lender, as the case may be, to be prohibited from transmitting such information
or data by any contractual, fiduciary or other legal obligation of
confidentiality to Holdings or any of its Subsidiaries, (c) was available to an
Agent, an Issuing Lender or a Lender on a non-confidential basis prior to
disclosure by Holdings or any of its Subsidiaries or their respective
representatives or (d) is or was independently developed by an Agent, an Issuing
Lender or a Lender without use of the Confidential Information.

             

            “Consolidated EBITDA”
shall mean, for any period, Consolidated Net Income for such period (without
giving effect to (x) any extraordinary gains, (y) any non-cash income, and (z)
any gains or losses from sales of assets other than inventory sold in the
ordinary course of business) adjusted by adding thereto (in each case to the
extent deducted in determining Consolidated Net Income for such period), without
duplication, the amount of (i) total interest expense (inclusive of amortization
of deferred financing fees and other original issue discount and banking fees,
charges and commissions (e.g., letter of
credit fees and commitment fees)) of Holdings and its Subsidiaries determined on
a consolidated basis for such period, (ii) provision for taxes based on income
and foreign withholding taxes for Holdings and its Subsidiaries determined on a
consolidated basis for such period, (iii) all depreciation and amortization
expense of Holdings and its Subsidiaries determined on a consolidated basis for
such period, (iv) in the case of any period including the fiscal quarter of
Holdings and its Subsidiaries ended September 30, 2009, the amount of all fees
and expenses incurred in connection with the Transaction during such fiscal
quarter, (v) any non-cash charges, losses or expenses of Holdings and its
Subsidiaries for such period (but excluding any non-cash charge, loss or expense
in respect of an item that was included in Consolidated Net Income in a prior
period and any non-cash charge, loss or expense that relates to the write-down
or write-off of inventory, other than any write-down or write-off of inventory
as a result of purchase accounting adjustments in respect of any Permitted
Acquisition) and (vi) restructuring charges and other associated charges
incurred or taken prior to the Effective Date as set forth on Schedule
1.01(f).  For the avoidance of doubt, it is understood and
agreed that, to the extent any amounts are excluded from Consolidated Net Income
by virtue of the proviso to the definition thereof contained herein, any add
backs to Consolidated Net Income in determining Consolidated EBITDA as provided
above shall be limited (or denied) in a fashion consistent with the proviso to
the definition of Consolidated Net Income contained herein.

             

            

            
              
                
                   

                

                
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            “Consolidated Fixed Charge
Coverage Ratio” shall mean, for any period, the ratio of (a) Consolidated
EBITDA of Holdings and its Subsidiaries for such period, minus the lesser of (x)
the aggregate amount of all Capital Expenditures made by Holdings and its
Subsidiaries during such period (other than Capital Expenditures to the extent
financed with equity proceeds, Asset Sale net proceeds, insurance proceeds or
Indebtedness (other than Loans)) and (y) the Consolidated EBITDA of Holdings and
its Subsidiaries for such period, to (b) Consolidated Fixed Charges for such
period.

             

            “Consolidated Fixed
Charges” shall mean, for any period, the sum of (1) the scheduled
principal amount of all amortization payments made during such period on all
Indebtedness of Holdings and its Subsidiaries for such period (including the
principal component of all Capitalized Lease Obligations) as determined on the
first day of such period (or, with respect to a given issue of Indebtedness
incurred thereafter, on the date of the incurrence thereof) net of the proceeds
of any other Indebtedness the proceeds of which are used to make such payment
(other than with proceeds of Loans) plus (2) Consolidated Interest Expense of
Holdings and its Subsidiaries for such period plus (3) the amount of all cash
payments made by Holdings and its Subsidiaries in respect of income taxes or
income tax liabilities (net of cash income tax refunds) during such period
(excluding such cash payments related to asset sales not in the ordinary course
of business) plus (4) without duplication of any amounts included in clause (3)
above, the aggregate amount of all cash Dividends paid by Holdings as permitted
under Section
10.03 for such period plus (5) any cash restructuring charges and other
associated cash charges set forth in paragraph (vi) of the definition of
Consolidated EBITDA made during such period in excess of $15,000,000 provided
that this sub-clause (5) shall not be included in the calculation of
Consolidated Fixed Charge Coverage Ratio in connection with the delivery of a
Compliance Certificate pursuant to Section 9.01(f)(ii) so long as no Dominion
Period then exists.

             

            “Consolidated Interest
Expense” shall mean, for any period, (i) the total consolidated interest
expense of Holdings and its Subsidiaries (including, without limitation, all
commissions, discounts and other commitment and banking fees and charges (e.g., fees with
respect to letters of credit and Interest Rate Protection Agreements) for such
period (calculated without regard to any limitations on payment thereof),
adjusted to exclude (to the extent same would otherwise be included in the
calculation above in this clause (i)) the amortization of any deferred financing
costs (including, without limitation, amortization of original issue discount)
for such period and any interest expense actually “paid in kind” or accreted
during such period, plus (ii) without
duplication, (x) that portion of Capitalized Lease Obligations of Holdings and
its Subsidiaries on a consolidated basis representing the interest factor for
such period and (y) the “deemed interest expense” (i.e., the interest
expense which would have been applicable if the respective obligations were
structured as on-balance sheet financing arrangements) with respect to all
Indebtedness of Holdings and its Subsidiaries of the type described in clause
(viii) of the definition of Indebtedness contained herein (to the extent same
does not arise from a financing arrangement constituting an operating lease) for
such period.

             

            “Consolidated Net
Income” shall mean, for any period, the net income (or loss) of Holdings
and its Subsidiaries determined on a consolidated basis for such period (taken
as a single accounting period) in accordance with GAAP, provided that the
following items shall be excluded in computing Consolidated Net Income (without
duplication):  (i) the net income (or loss) of any Person in which a
Person or Persons other than Holdings and its Wholly-Owned

             

            

            
              
                
                   

                

                
                  29

                  
                    

                  

                

                
                   

                

              

            

            

            Subsidiaries
has an Equity Interest(s) to the extent of such Equity Interest(s) held by
Persons other than Holdings and its Wholly-Owned Subsidiaries in such Person,
(ii) except for determinations expressly required to be made on a Pro Forma Basis, the net
income (or loss) of any Person accrued prior to the date it becomes a Subsidiary
or all or substantially all of the property or assets of such Person are
acquired by a Subsidiary, (iii) the net income of any Subsidiary (other than
Wholly-Owned Subsidiaries) other than with respect to any cash dividends or
similar cash distributions or other lending or transfer (including funds from
intercompany loans or transfers) made by such Subsidiary to Holdings and its
Wholly-Owned Subsidiaries and (iv) the amount of any cash payments in such
period in respect of non-cash charges expensed in any earlier
period.

             

            “Contingent
Obligation” shall mean, as to any Person, any obligation of such Person
as a result of such Person being a general partner of any other Person, unless
the underlying obligation is expressly made non-recourse as to such general
partner, and any obligation of such Person guaranteeing or intended to guarantee
any Indebtedness, leases, dividends or other obligations (solely for the purpose
of this definition, “primary obligations”)
of any other Person (solely for the purpose of this definition, the “primary obligor”) in
any manner, whether directly or indirectly, including, without limitation, any
obligation of such Person, whether or not contingent, (i) to purchase any such
primary obligation or any property constituting direct or indirect security
therefor, (ii) to advance or supply funds (x) for the purchase or payment of any
such primary obligation or (y) to maintain working capital or equity capital of
the primary obligor or otherwise to maintain the net worth or solvency of the
primary obligor, (iii) to purchase property, securities or services primarily
for the purpose of assuring the owner of any such primary obligation of the
ability of the primary obligor to make payment of such primary obligation or
(iv) otherwise to assure or hold harmless the holder of such primary obligation
against loss in respect thereof; provided, however, that the
term Contingent Obligation shall not include endorsements of instruments for
deposit or collection in the ordinary course of business.  The amount
of any Contingent Obligation shall be deemed to be an amount equal to the stated
or determinable amount of the primary obligation in respect of which such
Contingent Obligation is made or, if not stated or determinable, the maximum
reasonably anticipated liability in respect thereof (assuming such Person is
required to perform thereunder) as determined by such Person in good
faith.

             

            “Continuing Directors”
shall mean the directors of Holdings on the Effective Date and each other
director if such director’s nomination for election to the Board of Directors of
Holdings is recommended by a majority of the then Continuing
Directors.

             

            “Contribution Notice”
shall mean a contribution notice issued by the Pensions Regulator under section
38 or section 47 of the Pensions Act 2004.

             

            “Control” shall mean
the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of a Person, whether through the ability
to exercise voting power, by contract or otherwise, and the terms “Controlling” and
“Controlled”
shall have meanings correlative thereto.

             

            “Core Australian
Concentration Account” shall have the meaning provided in Section
5.03(g).

             

            

            
              
                
                   

                

                
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            “Core Canadian Concentration
Account” shall have the meaning provided in Section
5.03(g).

             

            “Core Concentration
Accounts” shall mean, collectively, the Core U.S. Concentration Accounts,
the Core Australian Concentration Accounts, the Core Canadian Concentration
Accounts, the Core Dutch Concentration Accounts and the Core U.K. Concentration
Accounts.

             

            “Core Dutch Concentration
Account” shall have the meaning provided in Section
5.03(g).

             

            “Core U.K. Concentration
Account” shall have the meaning provided in Section
5.03(g).

             

            “Core U.S. Concentration
Account” shall have the meaning provided in Section
5.03(e).

             

            “Corporations Act”
means the Corporations Act 2001 (Cth) (Australia) as amended.

             

            “Credit Account” shall
have the meaning provided in Section
5.03(m).

             

            “Credit Document
Obligations” shall have the meaning specified in the definition of
“Secured Obligations”.

             

            “Credit Documents”
shall mean this Agreement, each Subsidiaries Guaranty, each Pledge Agreement,
the U.S. Security Agreement, each Mortgage, the Intercreditor Agreement, and,
after the execution and delivery thereof pursuant to the terms of this
Agreement, each Incremental Commitment Agreement, each Note, each Joinder
Agreement and each other Security Document.

             

            “Credit Event” shall
mean the making of any Loan or the issuance, amendment, extension or renewal of
any Letter of Credit (other than any amendment, extension or renewal that does
not increase the maximum Stated Amount of such Letter of Credit).

             

            “Credit Party” shall
mean each U.S. Credit Party, each Australian Credit Party, each Canadian Credit
Party, each Dutch Credit Party, each U.K. Credit Party, and each other Foreign
Credit Party.

             

            “DB Australian
Account” shall have the meaning provided in Section
5.03(i).

             

            “DB Canada” shall mean
Deutsche Bank AG, Canada Branch, in its individual capacity, and any successor
corporation thereto by merger, consolidation or otherwise acting in respect of
its Canadian banking business.

             

            “DB Canadian Account”
shall have the meaning provided in Section
5.03(j).

             

            “DB Dutch Account”
shall have the meaning provided in Section
5.03(k).

             

            

            
              
                
                   

                

                
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            “DB U.K. Account”
shall have the meaning provided in Section
5.03(l).

             

            “DB U.S. Account”
shall have the meaning provided in Section
5.03(h).

             

            “DBNY” shall mean
Deutsche Bank AG New York Branch, in its individual capacity, and any successor
corporation by merger, consolidation or otherwise.

             

            “Decree” shall mean
the Besluit
definitiebepalingen Wft, dated 12 October 2006, as amended from time to
time.

             

            “Default” shall mean
any event, act or condition which with notice or lapse of time, or both, would
constitute an Event of Default.

             

            “Defaulting Lender”
shall mean, at any time of determination thereof, any Lender that (i) has failed
to fund any portion of the Revolving Loans, participations in Letter of Credit
Outstandings or participations in Swingline Loans required to be funded by it
hereunder (including its obligations under Section 2.01(a) or
(c), Section 2.04 or Section 3), (ii) has
otherwise failed to pay over to the Administrative Agent or any other Lender any
other amount required to be paid by it hereunder, (iii) has been deemed
insolvent or become the subject of a bankruptcy or insolvency proceeding or a
takeover (in receivership or similar proceeding) by a Governmental Authority,
(iv) does not meet a capital adequacy or liquidity requirement applicable to
such Lender as determined by the relevant Governmental Authority or (v) has
notified Holdings, any Issuing Lender, the Swingline Lender and/or the
Administrative Agent of any of the foregoing (including any notification of its
intent not to comply with its funding obligations described in preceding clause
(i)); provided
that for purposes of Section 2.01 with
respect to Swingline Loans, Section 3 and any
documentation entered into pursuant to the Back-Stop Arrangements only, the term
“Defaulting
Lender” shall also include (a) any Lender with an affiliate that (x)
either (A) Controls such Lender or (B) at the election of the Administrative
Agent, is under common Control with such Lender and (y) has been deemed
insolvent or become the subject of a bankruptcy or insolvency proceeding or a
takeover by a Governmental Authority or does not meet a capital adequacy or
liquidity requirement applicable to such affiliate as determined by the relevant
Governmental Authority, (b) any Lender that previously constituted a “Defaulting
Lender” under this Agreement, unless such Lender has ceased to constitute a
“Defaulting Lender” for a period of at least 90 consecutive days, and (c) any
Lender that the Swingline Lender, any Issuing Lender or the Administrative Agent
believes in good faith has defaulted in its obligations under any other credit
facility to which such Lender is a party.

             

            “Deposit Account”
shall mean a demand, time, savings, passbook or like account with a bank,
savings and loan association, credit union or like organization.

             

            “Dilution” shall mean,
as of any date of determination, as to the Accounts owned by any Persons, a
percentage, based upon the experience of the immediately prior twelve
consecutive months, that is the result of dividing the U.S. Dollar amount (for
this purpose, using the U.S. Dollar Equivalent of amounts not denominated in
U.S. Dollars) of (a) bad debt write-downs, discounts, advertising allowances,
credits, rebates, returns or other dilutive items with respect to such Person’s
Accounts during such period, by (b) such Person’s billings with respect to their
Accounts during such period.

             

            

            
              
                
                   

                

                
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            “Disbursement
Accounts” shall mean, collectively, the U.S. Disbursement Accounts, the
Australian Disbursement Accounts, the Canadian Disbursement Accounts, the Dutch
Disbursement Accounts and the U.K. Disbursement Accounts.

             

            “Disbursement Banks”
shall mean, collectively, the U.S. Disbursement Banks, the Australian
Disbursement Banks, the Canadian Disbursement Banks, the Dutch Disbursement
Banks and the U.K. Disbursement Banks.

             

            “Discharge of Secured
Obligations” shall mean the date upon which (1) all Secured Obligations
of the Credit Parties (other than Unasserted Obligations) having been
indefeasibly paid in full in cash (or, solely in the case of Secured Obligations
(x) with respect to the Secured Hedging Agreements to the extent such Secured
Obligations have not been indefeasibly paid in full in cash, if Holdings has
certified that no payment default exists with respect to any Secured Hedging
Agreements and (y) with respect to the Secured Cash Management Agreements to the
extent such Secured Obligations have not been indefeasibly paid in full in cash
or cash collateralized, if Holdings has certified that no payment obligation is
outstanding with respect to any Secured Cash Management Agreements), (2) the
Lenders having no further commitment to lend under this Agreement, (3) the
Stated Amount of all Letters of Credit having been reduced to zero (or, with
respect to each outstanding Letter of Credit, the applicable Issuing Lender has
entered into arrangements, including without limitation cash collateralization,
satisfactory to it in its sole discretion to eliminate such Issuing Lender’s
risk with respect to each applicable outstanding Letter of Credit, and (4) the
Issuing Lenders having no further obligation to issue Letters of Credit under
this Agreement.

             

            “Discharge of Senior Secured
Notes Obligations” shall have the meaning specified in the Intercreditor
Agreement.

             

            “Disclosed Schemes”
shall mean the GBC (UK) Ltd Staff Pension Plan and the Acco Europe Pension
Plan.

             

            “Dividend” shall mean,
with respect to any Person, that such Person has declared or paid a dividend,
distribution or returned any equity capital to its stockholders, partners or
members or authorized or made any other distribution, payment or delivery of
property (other than common Equity Interests of such Person) or cash to its
stockholders, partners or members in their capacity as such, or redeemed,
retired, purchased or otherwise acquired, directly or indirectly, for a
consideration any shares of any class of its capital stock or any other Equity
Interests outstanding on or after the Effective Date (or any options or warrants
issued by such Person with respect to its capital stock or other Equity
Interests), or set aside any funds for any of the foregoing purposes, or shall
have permitted any of its Subsidiaries to purchase or otherwise acquire for a
consideration any shares of any class of the capital stock or any other Equity
Interests of such Person outstanding on or after the Effective Date (or any
options or warrants issued by such Person with respect to its capital stock or
other Equity Interests).  Without limiting the foregoing, “Dividends”
with respect to any Person shall also include all payments made or required to
be made by such Person with respect to any stock appreciation rights, plans,
equity incentive or achievement plans or any similar plans or setting aside of
any funds for the foregoing purposes.

             

            

            
              
                
                   

                

                
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            “Documentation Agents”
shall mean Credit Suisse Securities (USA) LLC, General Electric Capital
Corporation and Wells Fargo Foothill, LLC, in their capacities as Documentation
Agents in respect of the credit facilities hereunder, and any successors
thereto.

             

            “Documents” shall
mean, collectively, (i) the Credit Documents, (ii) the Refinancing Documents,
(iii) the Senior Secured Notes Documents, and (iv) the Existing Senior
Subordinated Notes Documents.

             

            “Domestic Subsidiary”
of any Person shall mean any Subsidiary of such Person incorporated or organized
in the United States or any State thereof or the District or
Columbia.

             

            “Dominion Period”
shall mean any period (i) commencing on the date on which (x) an Event of
Default has occurred and is continuing, (y) the Excess Availability is less than
or equal to the Availability Condition and (ii) ending on the first date
thereafter on which (x) no Event of Default exists and (y) the Excess
Availability has been greater than the Availability Condition, for 30
consecutive days.

             

            “Draft” shall mean, at
any time, either a depository bill within the meaning of the Depository Bills
and Notes Act (Canada) as amended, or a bill of exchange, within the meaning of
the Bills of Exchange Act (Canada) as amended, drawn by a Borrower in Canadian
Dollars on a Lender and bearing such distinguishing letters and numbers as such
Lender may determine, but which at such time has not been completed or accepted
by such Lender.

             

            “Drawing” shall have
the meaning provided in Section
3.05(b).

             

            “Drawing Date” shall
mean the date on which a Draft is drawn.

             

            “Drawing Fee” shall
mean, in respect of a Draft drawn by a Borrower hereunder and accepted by a B/A
Lender or a Draft (or B/A Equivalent Note exchanged therefor) purchased by a
Non-B/A Lender, a fee calculated on the Face Amount of such Draft (or B/A
Equivalent Note exchanged therefor) at a rate per annum equal to the Applicable
Margin for Banker’s Acceptance Loans on the Drawing Date of such Draft (or B/A
Equivalent Note exchanged therefor).  Drawing Fees shall be calculated
on the basis of the term to maturity of the Draft (or B/A Equivalent Note
exchanged therefor) and a year of 365 days.

             

            “Dutch Banking Act”
shall mean the Act on the Supervision of the Financial Markets of 28 September
2006 (Wet op het financieel
toezicht) as amended from time to time including any regulations pursuant
to it.

             

            “Dutch Borrower” and
“Dutch
Borrowers” shall have the meaning provided in the first paragraph of this
Agreement.

             

            “Dutch Borrower Loans”
shall mean each Dutch Borrower Revolving Loan and each Dutch Borrower Swingline
Loan.

             

            “Dutch Borrower
Obligations” shall mean all Obligations owing to the Administrative
Agent, the Collateral Agent, any Issuing Lender or any Lender by any Dutch
Borrower.

             

            

            
              
                
                   

                

                
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            “Dutch Borrower Revolving
Loan” shall have the meaning provided in Section
2.01(a).

             

            “Dutch Borrower Revolving
Note” shall have the meaning provided in Section
2.05(a).

             

            “Dutch Borrower Swingline
Loan” shall have the meaning provided in Section
2.01(b).

             

            “Dutch Borrower Swingline
Note” shall have the meaning provided in Section
2.05(a).

             

            “Dutch Borrowing Base”
shall mean, as of any date of calculation, the amount equal to, without
duplication, the sum of (a) 85% of Eligible Dutch Accounts, plus (b) the lesser
of (i) 65% of the respective Value of each category of Eligible Dutch Inventory
(i.e., raw
materials, work in process and finished goods) and (ii) 85% of the then extant
Net Orderly Liquidation Value of each such category of Eligible Dutch Inventory
(i.e., raw
materials, work in process and finished goods) minus (c) the sum
(without duplication) of (i) the Dutch Qualified Secured Hedging Agreement
Reserve, (ii) the Dutch Qualified Secured Cash Management Agreement Reserve and
(iii) the Reserves then established by the Co-Collateral Agents with respect to
the Dutch Borrowing Base.  The Co-Collateral Agents shall have the
right (but no obligation) to review such computations and if, in their Permitted
Discretion, such computations have not been calculated in accordance with the
terms of this Agreement, the Co-Collateral Agents shall have the right to
correct any such errors in such manner they shall determine in their Permitted
Discretion and the Collateral Agent will notify Holdings promptly after making
any such correction.

             

            “Dutch Collection
Account” shall mean each account established at a Dutch Collection Bank
subject to a Cash Management Control Agreement into which funds shall be
transferred as provided in Section
5.03(e).

             

            “Dutch Collection
Banks” shall have the meaning provided in Section
5.03(e).

             

            “Dutch Credit Parties”
shall mean each Dutch Borrower and each Foreign Subsidiary Guarantor that is a
Dutch Subsidiary of Holdings.

             

            “Dutch Credit Party
Obligations” shall mean all Dutch Borrower Obligations and any guarantees
thereof by the Credit Parties (including by the U.S. Credit Parties) pursuant to
any Guaranty or pursuant to any other Credit Document.

             

            “Dutch Dilution
Reserve” shall mean, as of any date of determination, as to the Accounts
owned by the Dutch Credit Parties, an amount sufficient to reduce the advance
rate against Eligible Accounts owned by the Dutch Credit Parties (determined
without regard to the application of clause (x) of the fourth sentence of the
definition of “Eligible Accounts”)
by one (1) percentage point (1.00%) for each percentage point by which Dilution
of the Accounts owned by the Dutch Credit Parties is in excess of
5.00%.

             

            

            
              
                
                   

                

                
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            “Dutch Disbursement
Account” shall mean each checking and/or disbursement account maintained
by each Dutch Credit Party for their respective general corporate purposes,
including for the purpose of paying their trade payables and other operating
expenses (other than a disbursement account that is an Excluded Account) and
funded by such Dutch Credit Party in the ordinary course of business consistent
with past practices.

             

            “Dutch Perfection
Certificate” shall mean the Dutch Perfection Certificate in the form
thereof included in Exhibit D-5 or any
other form approved by the Administrative Agent, as the same may be supplemented
from time to time by a Perfection Certificate Supplement or
otherwise.

             

            “Dutch Priority
Payables” shall mean at any time, with respect to the Dutch Borrowing
Base, the aggregate amount of any liability of the Dutch Credit Parties (or any
other Person for which the Dutch Credit Parties have joint and several
liability) which are secured by a right of pledge (pandrecht) or right of
mortgage (hypotheekrecht) on any ABL
Priority Collateral of any Dutch Credit Party or in relation to which a right of
priority (voorrecht) on
any ABL Priority Collateral of any Dutch Credit Party exists or any similar
security right or other right, in each case pursuant to any applicable law, and
which right of pledge, right of mortgage, right of priority or any similar
security right or other right, in each case pursuant to any applicable law,
ranks or is capable of ranking in priority to or pari passu with one or more of
the Liens granted in the Security Documents in such ABL Priority
Collateral.

             

            “Dutch Priority Payables
Reserve” shall mean, on any date of determination for the Dutch Credit
Parties Base, a reserve established from time to time by the Co-Collateral
Agents in their Permitted Discretion in such amount as the Co-Collateral Agents
may determine in respect of Dutch Priority Payables of the Dutch Credit
Parties.

             

            “Dutch Qualified Secured Cash
Management Agreement Reserve” shall mean a reserve to be established by
the Administrative Agent from time to time in respect of the Dutch Qualified
Secured Cash Management Agreements, which reserve shall be in an amount equal to
the aggregate amount of all reserves agreed upon from time to time by the
applicable Lender and the applicable Dutch Credit Party and notified in writing
to the Administrative Agent by such Lender (or affiliate thereof) and the
applicable Dutch Credit Party to be maintained with respect to such Dutch
Qualified Secured Cash Management Agreements in accordance with Section 13.22
(it being understood and agreed that such reserve may be increased or reduced by
the Co-Collateral Agents in their Permitted Discretion). The determination as to
whether any such reserve shall be established with respect to any such Dutch
Qualified Secured Cash Management Agreement shall be subject to the agreement
between the applicable Dutch Credit Party and the applicable Lender (or
affiliate thereof) party to such agreement (as modified by the Administrative
Agent in its Permitted Discretion), but absence of any such reserve shall not
impact the designation thereof as a Dutch Qualified Secured Cash Management
Agreement.

             

            “Dutch Qualified Secured Cash
Management Agreements” shall mean each Qualified Secured Cash Management
Agreement between a Lender (or an affiliate thereof) (as determined at the time
such Secured Cash Management Agreement is designated as a Qualified Secured Cash
Management Agreement without regard as to whether such Person is currently a
Lender or an affiliate thereof) and a Dutch Credit Party.

             

            

            
              
                
                   

                

                
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            “Dutch Qualified Secured
Hedging Agreement” shall mean any Qualified Secured Hedging Agreement
between a Lender (or an affiliate thereof) (as determined at the time such
Interest Rate Protection Agreement or Other Hedging Agreement is designated as a
Qualified Secured Hedging Agreement without regard as to whether such Person is
currently a Lender or an affiliate thereof) and a Dutch Credit
Party.

             

            “Dutch Qualified Secured
Hedging Agreement Reserve” shall mean a reserve to be established by the
Administrative Agent from time to time in respect of the Dutch Qualified Secured
Hedging Agreements, which reserve shall be in an amount of the aggregate U.S.
Dollar Equivalent marked to market exposure thereunder as calculated by the
applicable Dutch Credit Party and the Lender or affiliate of such Lender party
to such Dutch Qualified Secured Hedging Agreement in accordance with GAAP (based
on the valuation methodology agreed between Holdings and the Lender or affiliate
of such Lender party to such Dutch Qualified Secured Hedging Agreements) at the
time such Secured Hedging Agreement is designated as a Qualified Secured Hedging
Agreement in accordance with Section 13.22 and/or
as otherwise agreed as among such parties, in each case, to be notified to the
Administrative Agent from time to time by written notice from the Lender (or
such affiliate) and the applicable Dutch Credit Party party to such agreement in
accordance with Section 13.22
(it being understood and agreed that such reserve may be increased or reduced by
the Co-Collateral Agents in their Permitted Discretion).  The
determination as to whether any such reserve shall be established with respect
to any such Dutch Qualified Secured Hedging Agreement shall be subject to the
agreement between the applicable Dutch Credit Party and the applicable Dutch
Lender (or affiliate thereof) party to such agreement (as modified by the
Administrative Agent in its Permitted Discretion), but absence of any such
reserve shall not impact the designation thereof as a Dutch Qualified Secured
Hedging Agreement.

             

            “Dutch Subsidiary” of
any Person shall mean any Subsidiary of such Person incorporated, organized or
established under the laws of the Netherlands.

             

            “Dutch Unpaid Supplier
Reserve” shall mean, with respect to the Dutch Credit Parties, a reserve
established by the Co-Collateral Agents in respect of any Inventory which is
subject to rights of a supplier to repossess goods pursuant to retention of
title rights (recht van eigendomsvoorbehad) or rights
of retention (retentierechten) or any other
laws of the Netherlands which grants repossession, revendication or similar
rights to an unpaid supplier, in each case, where such supplier’s right ranks or
is capable of ranking in priority to, or pari passu with one or more
of the Liens granted in the Security Documents in the ABL Priority
Collateral.

             

            “Effective Date” shall
have the meaning provided in Section
13.10.

             

            “Eligible Accounts”
shall mean each Account created by one of the ABL Credit Parties in the ordinary
course of its business, that arises out of its sale of goods (other than
promotional products not held for sale) or rendition of services, that complies
in all material respects with each of the representations and warranties
respecting Eligible Accounts made in the Credit Documents, and that are not
excluded as ineligible by virtue of one or more of the excluding criteria set
forth below.  The Co-Collateral Agents shall have the right to
establish, modify or eliminate Reserves against Eligible Accounts from time to
time in their Permitted Discretion.  In determining the amount to be
included, Eligible Accounts shall be calculated net

             

            

            
              
                
                   

                

                
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            of
customer deposits, unapplied cash, bonding subrogation rights to the extent not
cash collateralized, any and all returns, rebates, discounts (which may, at the
Co-Collateral Agents’ option, be calculated on shortest terms), credits,
allowances or sales or excise taxes of any nature at any time issued, owing,
claimed by Account Debtors, granted, outstanding or payable in connection with
such Accounts at such time.  Eligible Accounts shall not include the
following:

             

            (a)           Accounts
which either (x) are 60 days or more past due or (y) are unpaid more than 120
days after the original invoice date other than Accounts unpaid more than 120
days, but not more than 180 days, after the original invoice date up to an
aggregate amount for all Borrowing Bases not exceeding $5,000,000;

             

            (b)           Accounts
owed by an Account Debtor (or its Affiliates) where 50% or more of the total
amount of all Accounts owed by that Account Debtor (and its Affiliates) are
deemed ineligible hereunder as a result of the application of preceding clause
(a);

             

            (c)           Accounts
with respect to which the Account Debtor is (i) a Subsidiary of Holdings or (ii)
an employee or agent of Holdings or any Subsidiary of Holdings;

             

            (d)           Accounts
arising in a transaction wherein goods are placed on consignment or are sold
pursuant to a guaranteed sale, a sale or return, a sale on approval, a bill and
hold, or any other terms by reason of which the payment by an Account Debtor may
be conditional;

             

            (e)           Intentionally
Omitted;

             

            (f)           Accounts
with respect to which the Account Debtor is a non Governmental Authority
unless:  (i) the Account Debtor either (A) maintains its Chief
Executive Office in an Applicable Eligible Jurisdiction, (B) is organized under
the laws of an Applicable Eligible Jurisdiction, or any state, territory,
province or subdivision thereof, or (c) to the extent permitted by the
Co-Collateral Agents in their Permitted Discretion, maintains substantial
operations in an Applicable Eligible Jurisdiction, or (ii) the Account is
supported by an irrevocable letter of credit, credit insurance or acceptance
terms satisfactory to the Co-Collateral Agents, in their Permitted Discretion
(as to form, substance, and issuer or domestic confirming bank), that has been
delivered to the Administrative Agent and is directly drawable by the
Administrative Agent; provided that Accounts of an ABL Credit Party with respect
to which the respective Account Debtor is located in a country other than the
United States up to an aggregate amount for all Borrowing Bases not exceeding
$5,000,000 shall not be considered excluded under this sub-clause
(f);

             

            (g)           Accounts
with respect to which the Account Debtor is the government of any foreign
country or sovereign state, or of any state, province, municipality, or other
political subdivision thereof, or of any department, agency, public corporation,
or other instrumentality thereof unless (i) the Account is supported by an
irrevocable letter of credit satisfactory to the Co-Collateral Agents, in their
Permitted Discretion (as to form, substance, and issuer or domestic confirming
bank), that has been delivered to the Administrative Agent and is directly
drawable by the Administrative Agent, (ii) the Account is covered by credit
insurance in form, substance, and amount, and by an insurer, satisfactory to the
Co-Collateral Agents, in their Permitted 

             

            

            
              
                
                   

                

                
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            Discretion,
or (iii) the Account Debtor is the government of Australia or any political
subdivision thereof or such other foreign country or sovereign state (or
political subdivision thereof), in each case, to the extent approved by the
Co-Collateral Agents in their Permitted Discretion;

             

            (h)           Accounts
with respect to which the Account Debtor is the federal government of the United
States or any department, agency or instrumentality of the United States
(exclusive, however, of Accounts with respect to which the a U.S. Borrower has
complied, to the reasonable satisfaction of the Co-Collateral Agents, with the
Assignment of Claims Act, 31 USC § 3727) or Accounts with respect to which the
Account Debtor is the federal government of Canada or the Province of Alberta,
Manitoba or New Brunswick or the Territory of Northwest Territories or Nunavut
or any other province or territory of Canada which has legislation which
restricts the collateral assignment of Crown obligations which are Accounts
or, in each case, of any department, agency or instrumentality
thereof;

             

            (i)           Accounts
with respect to which the Account Debtor is a creditor of Holdings or any
Subsidiary of Holdings, has or has asserted a right of setoff, or has disputed
its obligation to pay all or any portion of the Account, in each case, to the
extent (including, without limitation, with respect to rebates, including cash
rebates) of such claim, right of setoff, or dispute;

             

            (j)           Accounts
with respect to an Account Debtor (and its Affiliates) whose total obligations
owing to the ABL Credit Parties exceed 10% (or, in the case of those Account
Debtors (and their respective Affiliates) listed on Schedule 1.01(c),
exceed the respective percentages set forth opposite the names of such Account
Debtors on such Schedule 1.01(c))
(such percentages as applied to a particular Account Debtor (and its Affiliates)
being subject to (x) increase by the Co-Collateral Agents, in their Permitted
Discretion, so long as such percentage shall not exceed 30% at any time and (y)
reduction by the Co-Collateral Agents, in their Permitted Discretion, if the
creditworthiness of such Account Debtor (and its Affiliates) deteriorates or is
otherwise unacceptable to the Co-Collateral Agents) of all Accounts of the
Borrowers, to the extent of the obligations owing by such Account Debtor (and
its Affiliates) in excess of such percentages; provided, however that at the
request of Holdings, and with the consent of the Co-Collateral Agents, names
(and corresponding concentration limits subject to the provisions above in this
definition) may be added to, and/or removed from, Schedule 1.01(c) from
time to time;

             

            (k)           Accounts
with respect to which the Account Debtor is subject to an Insolvency Proceeding,
has gone out of business, or as to which Holdings or any other ABL Credit Party
has received notice of an imminent insolvency proceeding or a material
impairment of the financial condition of such Account Debtor unless (x) such
Account is supported by a letter of credit satisfactory to the Co-Collateral
Agents, in their Permitted Discretion (as to form, substance, and issuer or
domestic confirming bank), that has been delivered to the Administrative Agent
and is directly drawable by the Administrative Agent or (y) such Account Debtor
has received debtor-in-possession financing sufficient as determined by the
Co-Collateral Agents in their Permitted Discretion to finance its ongoing
business activities;

             

            

            
              
                
                   

                

                
                  39

                  
                    

                  

                

                
                   

                

              

            

            

            (l)           Accounts
that are not subject to a valid and perfected First Priority Lien in favor of
the Collateral Agent pursuant to the relevant Security Document as provided in
the Intercreditor Agreement;

             

            (m)           Accounts
with respect to which (i) the goods giving rise to such Account have not been
shipped and billed to the Account Debtor, or (ii) the services giving rise to
such Account have not been performed and billed to the Account Debtor (other
than customary maintenance contracts);

             

            (n)           Accounts
that represent the right to receive progress payments or other advance billings
that are due prior to the completion of performance by an ABL Credit Party of
the subject contract for goods or services (other than customary maintenance
contracts);

             

            (o)           Accounts
with respect to which any return, rejection or repossession of any of the
merchandise giving rise to such Account has occurred, but only to the extent of
the value of the goods returned, rejected or repossessed;

             

            (p)           Accounts
with respect to which the sale to the respective Account Debtor is “cash on
delivery”;

             

            (q)           Accounts
that are evidenced by Chattel Paper;

             

            (r)           Accounts
with respect to which the applicable ABL Credit Party has made any agreement
with any Account Debtor (i) for any deduction therefrom (but only to the extent
of such deductions from time to time), except for (x) volume discounts, all of
which discounts or allowances are reflected in the calculation of the face value
of each respective invoice related thereto and (y) returns, rebates or credits
reflected in the calculation of the face value of each such amount or (ii) for
any adjustment, extension, compromise or settlement thereof, except for
adjustments, extensions, compromises and settlements made in the ordinary course
of business for prompt payment (and not related to the creditworthiness of the
Account Debtor);

             

            (s)           Any
Account that has not been invoiced, has not been billed and has not been
recognized as received by the applicable Account Debtor;

             

            (t)           Any
Account with respect to which a partial payment of such Account has been made by
the respective Account Debtor; provided that to the
extent such Account consists of multiple separate line-items, only the line
items that have been partially paid shall be excluded;

             

            (u)           Accounts
that are not payable to an ABL Credit Party;

             

            (v)           Accounts
with respect to which the agreements evidencing such Accounts are not governed
by the laws of a jurisdiction which is not an Applicable Eligible Jurisdiction
for the Accounts of such ABL Credit Party;

             

            (w)           Accounts
to the extent representing service charges or late fees;

             

            (x)           Accounts
to the extent representing royalties due;

             

            

            
              
                
                   

                

                
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            (y)           Accounts
to the extent representing goods and services tax, value added tax and
provincial sales tax, in each case that has not yet been paid to the applicable
Government Authority or has not been Reserved for; or

             

            (z)           Accounts
to the extent representing unapplied cash balances.

             

            “Eligible Australian
Accounts” shall mean the Eligible Accounts owned by the Australian Credit
Parties.

             

            “Eligible Australian
Inventory” shall mean the Eligible Inventory owned by the Australian
Credit Parties.

             

            “Eligible Canadian
Accounts” shall mean the Eligible Accounts owned by the Canadian Credit
Parties.

             

            “Eligible Canadian
Inventory” shall mean the Eligible Inventory owned by the Canadian Credit
Parties.

             

            “Eligible Dutch
Accounts” shall mean the Eligible Accounts owned by the Dutch Credit
Parties.

             

            “Eligible Dutch
Inventory” shall mean the Eligible Inventory owned by the Dutch Credit
Parties.

             

            “Eligible Inventory”
shall mean all of the Inventory owned by one of the ABL Credit Parties except
any Inventory to which any of the exclusionary criteria set forth below
applies.  The Co-Collateral Agents shall have the right to establish,
modify or eliminate Reserves against Eligible Inventory from time to time in
their Permitted Discretion.  Eligible Inventory shall not include any
Inventory of an ABL Credit Party that:

             

            (a) is (i)
not subject to a First Priority Lien in favor of the Collateral Agent on behalf
of the Secured Parties or (ii) not owned by an ABL Credit Party free and clear
of all Liens and rights of any other Person (including the rights of a purchaser
that has made progress payments and the rights of a surety that has issued a
bond to assure an ABL Credit Party’s performance with respect to that
Inventory), except (x) the First Priority Lien in favor of the Collateral Agent
on behalf of the Secured Parties, the junior Lien in favor of the Noteholder
Collateral Agent on behalf of the Senior Secured Noteholder thereunder and (y)
Permitted Liens in favor of bailees, landlords, suppliers, mechanics, carriers,
freight handlers, freight forwarders, shippers, materialmen, warehousemen and
workmen to the extent permitted in the provisions of this Agreement (it being
understood and agreed that the Co-Collateral Agents in their Permitted
Discretion may establish Reserves for the estimated amount of any claims secured
by such Liens referred to in this clause (y));

             

            (b) (i) is
located on premises leased or rented by an ABL Credit Party, or (ii) is stored
with a bailee at a leased location, or (iii) is stored with a bailee or
warehouseman, or (iv) is located at an owned location subject to a mortgage or
other security interest in favor of a creditor other than the Collateral Agent
or the Noteholder Collateral Agent, or (v) is located on premises owned, leased
or rented by a customer of an ABL Credit Party, or (vi) is located at
a

             

            

            
              
                
                   

                

                
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            third
party processor, other than in each such case (x) a Collateral Access Agreement
has been delivered to the Administrative Agent with respect to such case or (y)
Reserves reasonably satisfactory to the Co-Collateral Agents in their Permitted
Discretion have been established with respect to such case;

             

            (c) is placed on consignment unless the applicable ABL Credit Party has
entered into a consignment agreement with the consignees in form and substance
reasonably satisfactory to the Co-Collateral Agents in their Permitted
Discretion;

             

            (d) is in
transit, except Inventory that is in transit (A) between locations owned or
leased by one or more ABL Credit Parties, (B) within an Applicable Eligible
Jurisdiction (it being understood that Reserves may be established in the
Co-Collateral Agents’ Permitted Discretion with respect to Inventory that is in
transit within an Applicable Eligible Jurisdiction) or (C) and it (i) is subject
to a negotiable document showing the Co-Collateral Agents (or, with the consent
of the Co-Collateral Agents in their Permitted Discretion, the applicable ABL
Credit Party) as consignee, which document is in the possession of the
Collateral Agent or such other Person as the Collateral Agent shall approve;
(ii) is fully insured in a manner satisfactory to the Co-Collateral Agents in
their Permitted Discretion; (iii) has been identified to the applicable sales
contract and title has passed to the applicable ABL Credit Party; (iv) is not
sold by a vendor that has a right to claim, divert shipment of, repossess, stop
delivery, claim any reservation of title or otherwise assert Lien rights against
the Inventory, or with respect to whom any ABL Credit Party is in default of any
obligations; (v) is subject to purchase orders and other sale documentation
satisfactory to the Co-Collateral Agents in their Permitted Discretion; (vi) is
shipped by a common carrier that is not affiliated with the vendor; and (vii) is
being handled by a customs broker, freight-forwarder or other handler that has
delivered a Collateral Access Agreement; provided that, for
purposes of any calculation of Eligible Inventory under this Agreement or any
other Credit Document, any amount of Eligible Inventory calculated pursuant to
this clause (d) shall be net of any attributable freight, insurance or similar
fees or expenses;

             

            (e) is
covered by a negotiable document of title, unless such document has been
delivered to the Collateral Agent or an agent thereof and such ABL Credit Party
takes such other actions as the Administrative Agent reasonably requests in
order to create a perfected First Priority security interest in favor of the
Collateral Agent in such Inventory with all necessary endorsements, free and
clear of all Liens except those in favor of the Collateral Agent, those referred
to in the definition of “First Priority”, those in favor of the Noteholder
Collateral Agent and those Liens referred to in clause (a) of this definition
(it being understood and agreed that the Co-Collateral Agents in their Permitted
Discretion may establish Reserves for the estimated amount of any claims secured
by such Liens);

             

            (f) is excess
or obsolete (to the extent not included in determining Net Orderly Liquidation
Value), unsalable, seconds, defective, damaged or unfit for sale;

             

            (g) consists
of goods that are slow moving (to the extent not included in determining Net
Orderly Liquidation Value) or constitute spare parts (not intended for sale),
packaging and shipping materials, promotional products (not intended for sale),
supplies used or consumed in an ABL Credit Party’s business;

             

            

            
              
                
                   

                

                
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            (h) consists
of any gross profit mark-up in connection with the sale and distribution thereof
to any division of any ABL Credit Party or Subsidiary of such ABL Credit Party,
to the extent of such gross profit mark-up;

             

            (i) consists
of goods that have been returned or rejected by the buyer and are not in salable
condition;

             

            (j) is not of
a type held for sale in the ordinary course of any ABL Credit Party’s
business;

             

            (k) breaches
in any material respect any of the representations or warranties pertaining to
Inventory set forth in the Credit Documents;

             

            (l) does not
conform in all material respects to all standards imposed by any governmental
agency, division or department thereof which has regulatory authority over such
goods or the use or sale thereof;

             

            (m) is
Commingled Inventory;

             

            (n) is
located outside of an Applicable Eligible Jurisdiction;

             

            (o) is
subject to a license agreement or other arrangement with a third party which, in
the Co-Collateral Agents’ Permitted Discretion, restricts the ability of the
Administrative Agent or the Collateral Agent to exercise its rights under the
Credit Documents with respect to such Inventory unless such third party has
entered into an agreement in form and substance reasonably satisfactory to the
Administrative Agent permitting the Administrative Agent or the Collateral Agent
to exercise its rights with respect to such Inventory or the Co-Collateral
Agents have otherwise agreed to allow such Inventory to be eligible in the
Co-Collateral Agents’ Permitted Discretion;

             

            (p) is
repriced down or the market value of which is lower than the cost thereof (to
the extent of the amount of such write down or reduction in market
value);

             

            (q) is not
subject to a First Priority Lien in favor of the Collateral Agent on behalf of
the Secured Parties as provided in the Intercreditor Agreement; provided that no
Inventory subject to a Permitted Lien shall be Eligible Inventory to the extent,
but only to the extent, a Permitted Lien primes the First Priority Lien granted
to the Collateral Agent, as determined by the Co-Collateral Agents in their
Permitted Discretion;

             

            (r) is not
covered by casualty insurance as required by the terms of this Agreement;
or

             

            (s) consists
of Hazardous Materials or goods that can be transported or sold only with
licenses that are not readily available.

             

            “Eligible Transferee”
shall mean and include a commercial bank, an insurance company, a finance
company, a financial institution, any fund that invests in loans or any
other

             

            

            
              
                
                   

                

                
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            “accredited
investor” (as defined in Regulation D of the Securities Act); provided that an
Eligible Transferee shall exclude individuals and Holdings and its Subsidiaries
and Affiliates.

             

            “Eligible U.K.
Accounts” shall mean the Eligible Accounts owned by the U.K. Credit
Parties (other than any U.K. Credit Party which is a limited partnership,
including without limitation, ACCO Europe Finance LP and ACCO Brands Europe
Holding LP).

             

            “Eligible U.K.
Inventory” shall mean the Eligible Inventory owned by the U.K. Credit
Parties (other than any U.K. Credit Party which is a limited partnership,
including without limitation, ACCO Europe Finance LP and ACCO Brands Europe
Holding LP).

             

            “Eligible U.S.
Accounts” shall mean the Eligible Accounts owned by the U.S. Credit
Parties.

             

            “Eligible U.S.
Inventory” shall mean the Eligible Inventory owned by the U.S. Credit
Parties.

             

            “Employee Benefit
Plans” shall have the meaning provided in Section
6.05.

             

            “Employee Liability
Reserves” shall mean, with respect to each U.K. Borrower, such amount as
the Co-Collateral Agents may from time to time determine, which amount shall
represent an amount payable by such U.K. Borrower to preferential creditors
pursuant to Schedule 6 of the Insolvency Act of 1986 (as amended).

             

            “Employment
Agreements” shall have the meaning provided in Section
6.05.

             

            “EMU Legislation”
shall mean the legislative measures of the European Union for the introduction
of changeover to or operation of the Euro in one or more member states being in
part legislative measures to implement the third stage of the
European Monetary Union.

             

            “End Date” shall have
the meaning provided in the definition of Applicable Margin.

             

            “Enterprise Act
Reserves” shall mean, at any time, with respect to each U.K. Borrower,
the maximum amount which would be required to be made available by such U.K.
Borrower to unsecured creditors if section 176A of the Insolvency Act of 1986
(as amended) applied (with such amount being equal to £600,000 as at the date of
this Agreement).

             

            “Environmental Claims”
shall mean any and all administrative, regulatory or judicial actions, suits,
demands, demand letters, directives, claims, liens, notices of noncompliance or
violation, investigations or proceedings relating in any way to any
Environmental Law or any permit issued, or any approval given, under any such
Environmental Law (hereafter, “Claims”), including,
without limitation, (a) any and all Claims by Governmental Authorities for
enforcement, cleanup, removal, response, remedial or other actions or damages
pursuant to any applicable Environmental Law, and (b) any and all Claims by any
third party seeking damages, contribution, indemnification, cost recovery,
compensation or injunctive relief in connection with alleged injury or threat of
injury to health, safety or the environment due to the presence of Hazardous
Materials.

             

            

            
              
                
                   

                

                
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            “Environmental Law”
shall mean any Federal, state, provincial, foreign or local statute, law, rule,
regulation, ordinance, code, guideline, policy and rule of common law now or
hereafter in effect (including agreements with any Governmental Authority) and
in each case as amended, and any judicial or administrative interpretation
thereof, including any judicial or administrative order, consent decree or
judgment, relating to the environment, employee health and safety or Hazardous
Materials, including, without limitation, CERCLA; the Resource Conservation and
Recovery Act, 42 U.S.C. § 6901 et seq.; the Federal
Water Pollution Control Act, 33 U.S.C. § 1251 et seq.; the Toxic
Substances Control Act, 15 U.S.C. § 2601 et seq.; the Clean Air
Act, 42 U.S.C. § 7401 et seq.; the Safe
Drinking Water Act, 42 U.S.C. § 3803 et seq.; the Oil
Pollution Act of 1990, 33 U.S.C. § 2701 et seq.; the Emergency
Planning and the Community Right-to-Know Act of 1986, 42 U.S.C. § 11001 et seq.; the Hazardous
Material Transportation Act, 49 U.S.C. § 1801 et seq.; the
Occupational Safety and Health Act, 29 U.S.C. § 651 et seq.; and any state
and local or foreign counterparts or equivalents, in each case as amended from
time to time.

             

            “Equity Interests” of
any Person shall mean any and all shares, interests, rights to purchase,
warrants, options, participation or other equivalents of or interest in (however
designated) equity of such Person, including any common stock, Preferred Stock,
any limited or general partnership interest and any limited liability company
membership interest.

             

            “ERISA” shall mean the
Employee Retirement Income Security Act of 1974, as amended from time to time,
and the regulations promulgated and rulings issued
thereunder.  Section references to ERISA are to ERISA, as in effect at
the date of this Agreement and any subsequent provisions of ERISA, amendatory
thereof, supplemental thereto or substituted therefor.

             

            “ERISA Affiliate”
shall mean each person (as defined in Section 3(9) of ERISA) which together with
Holdings or any of its Subsidiaries would be deemed to be a “single employer”
(i) within the meaning of Section 414(b), (c), (m) or (o) of the Code or (ii) as
a result of Holdings or a Subsidiary of Holdings being or having been a general
partner of such person.

             

            “Euro Denominated Revolving
Loans” shall mean each Revolving Loan denominated in Euros at the time of
the incurrence thereof.

             

            “Euro LIBOR” shall
mean, with respect to each Borrowing of Euro Denominated Revolving Loans, the
higher of (x) (i) the rate per annum for deposits in Euros as determined by the
Administrative Agent for a period corresponding to the duration of the relevant
Interest Period which appears on Reuters Page EURIBOR-01 (or any successor page)
at approximately 11:00 A.M. (Brussels time) on the date which is two Business
Days prior to the commencement of such Interest Period or (ii) if such rate is
not shown on Reuters Page EURIBOR-01 (or any successor page), the average
offered quotation to prime banks in the Euro-zone interbank market by the
Administrative Agent for Euro deposits of amounts comparable to the principal
amount of the Euro Denominated Loan to be made by the Administrative Agent as
part of such Borrowing (or, if the Administrative Agent is not a Lender with
respect thereto, taking the average principal amount of the Euro Denominated
Loan then being made by the various Lenders) with maturities comparable to the
Interest Period to be applicable to such Loan, determined as of 11:00 A.M.
(Brussels time) on the date which is two Business Days prior to the commencement
of such 

             

            

            
              
                
                   

                

                
                  45

                  
                    

                  

                

                
                   

                

              

            

            

            Interest
Period; provided that in the
event the Administrative Agent has made any determination pursuant to Section 2.10(a)(i) in
respect of Euro Denominated Revolving Loans, or in the circumstances described
in clause (i) to the proviso to Section 2.10(b) in
respect of such Euro Denominated Revolving Loans, the Euro LIBOR determined
pursuant to this definition shall instead be the rate determined by the
Administrative Agent as the all-in-cost of funds for the Administrative Agent
(or such other Lender) to fund a Borrowing of Revolving Loans denominated in
Euros with maturities comparable to the Interest Period applicable thereto and
(y) 1.50% per annum.

             

            “Euro Rate” shall mean
and include each of the Eurodollar Rate, the Sterling Rate, Euro LIBOR and the
Australian Dollar Rate.

             

            “Euro Rate Loan” shall
mean each Eurodollar Loan, each Sterling Denominated Revolving Loan, each Euro
Denominated Revolving Loan and each Australian Dollar Denominated Revolving
Loan.

             

            “Eurodollar Loan”
shall mean each U.S. Dollar Denominated Loan designated as such by the Borrower
of such U.S. Dollar Denominated Loan at the time of the incurrence thereof or
conversion thereto bearing interest at a rate determined by reference to the
Eurodollar Rate.

             

            “Eurodollar Rate”
shall mean the higher of (i) (a) the rate appearing on Reuters Screen Libor 01
(or on any successor or substitute page of such screen, or any successor to or
substitute for such screen, providing rate quotations comparable to those
currently provided on such page of such screen, as determined by the
Administrative Agent from time to time for purposes of providing quotations of
interest rates applicable to dollar deposits in the London interbank market) at
approximately 11:00 a.m., London time, two Business Days prior to
the  applicable Interest Determination Date, as the rate for dollar
deposits with a maturity comparable to such Interest Period, divided by (b) a
percentage equal to 100% minus the then stated maximum rate of all reserve
requirements (including, without limitation, any marginal, emergency,
supplemental, special or other reserves required by applicable law) applicable
to any member bank of the Federal Reserve System in respect of Eurocurrency
funding or liabilities as defined in Regulation D (or any successor category of
liabilities under Regulation D) and (ii) 1.50% per annum.

             

            “Euros” and the
designation “€”
shall mean the currency introduced on January 1, 1999 at the start of the third
stage of European economic and monetary union pursuant to the Treaty (expressed
in euros).

             

            “Event of Default”
shall have the meaning provided in Section
11.01.

             

            “Excess Availability”
shall mean, as of any date of determination, the remainder of (a) the lesser of
(i) the Total Commitment at such time and (ii) the Total Borrowing Base at such
time minus (b)
the Aggregate Exposure at such time.

             

            
              “Exchange Act” shall
mean the Securities and Exchange Act of 1934, as amended.

               

            

          

          
            

            
              
                
                   

                

                
                  46

                  
                    

                  

                

                
                   

                

              

            

             

            “Excluded Accounts”
shall mean (x) disbursement accounts established solely for the payment of
medical and dental expenses in connection with health insurance programs for
employees of Holdings and its Subsidiaries, (y) petty cash accounts established
(or otherwise maintained) (i) by the any U.S. Credit Party that do not have cash
balances at any time exceeding $50,000 in the aggregate for all such petty cash
accounts of the U.S. Credit Parties, (ii) by any Australian Credit Party that do
not have cash balances at any time exceeding the U.S. Dollar Equivalent of
$50,000 in the aggregate for all such petty cash accounts of the Australian
Credit Parties, (iii) by any Canadian Credit Party that do not have cash
balances at any time exceeding the U.S. Dollar Equivalent of $50,000 in the
aggregate for all such petty cash accounts of the Canadian Credit Parties, (iv)
by any Dutch Credit Party that do not have cash balances at any time exceeding
the U.S. Dollar Equivalent of $50,000 in the aggregate for all such petty cash
accounts of the Dutch Credit Parties, and (v) by any U.K. Credit Party that do
not have cash balances at any time exceeding the U.S. Dollar Equivalent of
$50,000 in the aggregate for all such petty cash accounts of the U.K. Credit
Parties; provided in no event shall Excluded Accounts include any Collection
Accounts, Disbursement Accounts, Core Concentration Accounts, Asset Sale
Proceeds Account or any other account pursuant to which an account control
agreement has been executed and delivered to the Collateral Agent pursuant to
any Security Document.

             

            “Executive Order”
shall have the meaning provided in Section
8.23(a).

             

            “Exempted Foreign
Entity” shall have the meaning specified in the U.S. Security
Agreement.

             

            “Existing Credit
Agreement” shall mean the Credit Agreement, dated as of August 17, 2005,
among Holdings, ACCO Brands Europe Ltd., ACCO Netherlands Holdings B.V> (as
successor to Furlon Holding B.V.), Citicorp North America, Inc. as
administrative agent, and the other lenders party thereto (as amended, restated,
supplemented or otherwise modified through and including the Effective
Date).

             

            “Existing Cross Currency
Swap” shall mean that certain ISDA Master Agreement dated as of October
1, 2005, between Holdings and Wachovia Bank, National Associate, together with
the Schedule (as defined therein) and all Confirmations (as defined therein)
exchanged between the parties confirming the Transactions (as defined therein)
(in each case, as amended, restated, supplemented or otherwise modified through
and including the Effective Date).

             

            “Existing
Indebtedness” shall have the meaning provided in Section
6.07(c).

             

            “Existing Indebtedness
Agreements” shall have the meaning provided in Section
6.05.

             

            “Existing Letters of
Credit” shall have the meaning provided in Section
3.01(a)(B).

             

            
              “Existing Letter of Credit
Facility” shall mean the letter of credit facility, dated as of March 31,
2009, among Holdings and Bank of America, N.A. (as amended, restated,
supplemented or otherwise modified through and including the Effective
Date).

               

            

            

            
              
                
                   

                

                
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            “Existing Securitization
Facilities” shall mean the receivables securitization facility
established pursuant to that certain Receivables Sale and Contribution
Agreement, dated as of January 9, 2008 (as amended, restated, supplemented or
otherwise modified and in effect from time to time through and including the
Effective Date) by and between ACCO Brands USA LLC, as
originator,  and ACCO Brands Receivables Funding LLC, as buyer, and
pursuant to that certain Receivables Purchase Agreement, dated as of January 9,
2008 (as amended, restated, supplemented or otherwise modified and in effect
from time to time through and including the Effective Date) by and among ACCO
Brands Receivables Funding LLC, as seller, ACCO Brands USA LLC, as servicer,
Gotham Funding Corporation, as purchaser, and The Bank of Tokyo-Mitsubishi UFJ,
Ltd., New York Branch, as agent, (together, the “Funding Agreements”)
and the other documents, instruments, agreements and certificates delivered in
connection with the Funding Agreements.

             

            “Existing Senior Subordinated
Notes” shall mean those certain 7-5/8% Senior Subordinated Notes due
August 15, 2015 issued by Holdings pursuant to the Existing Senior Subordinated
Notes Indentures by Holdings.

             

            “Existing Senior Subordinated
Notes Documents” shall mean the Existing Senior Subordinated Notes
Indentures, the Existing Senior Subordinated Notes and each other document or
agreement relating to the issuance of the Existing Senior Subordinated
Notes.

             

            “Existing Senior Subordinated
Notes Indenture” shall mean the Indenture, dated as of August 5, 2005,
among ACCO Finance I, Inc., as issuer, the U.S. Guarantors party thereto as
guarantors and Wachovia Bank, National Association, as trustee thereunder, and
the Supplemental Indenture, dated as of August 17, 2005, among Holdings, as
successor issuer to ACCO Finance I, Inc., the U.S. Guarantors party thereto as
guarantors and Wachovia Bank, National Association, as trustee thereunder, in
each case, as in effect on the Effective Date and as the same may be amended,
modified or supplemented from time to time in accordance with the terms hereof
and thereof.

             

            “Expenses” shall mean
all present and future reasonable expenses incurred by or on behalf of the
Administrative Agent, the Collateral Agent, the Co-Collateral Agents or any
Issuing Lender in connection with this Agreement, any other Credit Document or
otherwise in its capacity as the Administrative Agent under this Agreement, a
Co-Collateral Agent under the Credit Documents or the Collateral Agent under any
Security Document or as an Issuing Lender under this Agreement, whether incurred
heretofore or hereafter, which expenses shall include, without limitation, the
expenses set forth in Section 13.01, the cost of record searches, the reasonable
fees and expenses of attorneys and paralegals, all reasonable and invoiced costs
and expenses incurred by the Administrative Agent (and the Collateral Agent and
the Co-Collateral Agents) in opening bank accounts, depositing checks,
electronically or otherwise receiving and transferring funds, and any other
charges imposed on the Administrative Agent (and the Collateral Agent and the
Co-Collateral Agents) due to insufficient funds of deposited checks and the
standard fee of the Administrative Agent (and the Collateral Agent and the
Co-Collateral Agents) relating thereto, collateral examination fees and
expenses, reasonable fees and expenses of accountants, appraisers or other
consultants, experts or advisors employed or retained by the Administrative
Agent, the Collateral Agent and the Co-Collateral Agents, fees and taxes related
to the filing of financing statements, costs of preparing and recording any
other Credit 

             

            

            
              
                
                   

                

                
                  48

                  
                    

                  

                

                
                   

                

              

            

            

            Documents,
all expenses, costs and fees set forth in this Agreement and the other Credit
Documents, all other fees and expenses required to be paid pursuant to any other
letter agreement and all fees and expenses incurred in connection with releasing
Collateral and the amendment or termination of any of the Credit
Documents.

             

            “Face Amount” shall
mean, in respect of a Draft, Bankers’ Acceptance or B/A Equivalent Note, as the
case may be, the amount payable to the holder thereof on its
maturity.  The Face Amount of any Bankers’ Acceptance Loan shall be
equal to the aggregate Face Amounts of the underlying Bankers’ Acceptances, B/A
Equivalent Notes or Drafts, as the case may be.

             

            “Facing Fee” shall
have the meaning provided in Section
4.01(c).

             

            “Fair Market Value”
shall mean, with respect to any asset (including any Equity Interests of any
Person), the price at which a willing buyer and a willing seller (who are not
Affiliates of each other) who does not have to sell would agree to purchase and
sell such asset, as determined in good faith by the board of directors or other
governing body or, pursuant to a specific delegation of authority by such board
of directors or governing body, a designated senior executive officer, of
Holdings, or the Subsidiary of Holdings selling such asset.

             

            “Federal Funds Rate”
shall mean, for any period, a fluctuating interest rate equal for each day
during such period to the weighted average of the rates on overnight Federal
Funds transactions with members of the Federal Reserve System arranged by
Federal Funds brokers, as published for such day (or, if such day is not a
Business Day, for the next preceding Business Day) by the Federal Reserve Bank
of New York, or, if such rate is not so published for any day which is a
Business Day, the average of the quotations for such day on such transactions
received by the Administrative Agent from three Federal Funds brokers of
recognized standing selected by the Administrative Agent.

             

            “Fees” shall mean all
amounts payable pursuant to or referred to in Section
4.01.

             

            “FEMA” shall mean the
Federal Emergency Management Agency.

             

            “Financial Support
Direction” shall mean a financial support direction issued by the
Pensions Regulator under section 43 of the Pensions Act 2004.

             

            “First Priority” shall
mean, with respect to any Lien purported to be created on any Collateral
pursuant to any Security Document, that such Lien is prior in right to any other
Lien thereon, other than (a) any Permitted Liens (excluding Permitted Liens as
described in clause (y) of Section 10.01(iv))
applicable to such Collateral which as a matter of law (but which are not
consensual in nature or perfected through the filing of a financing statement or
similar statement) (and giving effect to any actions taken pursuant to the last
paragraph of Section
10.01) have priority over the respective Liens on such Collateral created
pursuant to the relevant Security Document, (b) Liens (but only on the relevant
goods being imported, shipped, stored, supplied or otherwise subject to the
actions described in Section 10.01(ii) or
(xvi), as the
case may be) permitted pursuant to Sections 10.01(ii)
and (xvi), and
(c) Liens on deposits (not in a deposit account maintained by any Credit Party
unless such deposit account is an Excluded Account) as permitted pursuant to
Sections
10.01(xi) and (xii).

             

            

            
              
                
                   

                

                
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            “Foreign ABL Credit
Party” shall mean each ABL Credit Party other than each U.S. Credit
Party.

             

            “Foreign Borrower” and
“Foreign
Borrowers” shall have the meaning provided in the first paragraph of this
Agreement.

             

            “Foreign Borrower
Loans” shall mean each Foreign Borrower Revolving Loan and each Foreign
Borrower Swingline Loan.

             

            “Foreign Borrower
Obligations” shall mean each Australian Borrower Obligation, each
Canadian Borrower Obligation, each Dutch Borrower Obligation and each U.K.
Borrower Obligation.

             

            “Foreign Borrower Revolving
Loans” shall mean each Australian Revolving Loan, each Canadian Revolving
Loan, each Dutch Revolving Loan and each U.K. Revolving Loan.

             

            “Foreign Borrower Swingline
Loans” shall mean each Australian Borrower Swingline Loan, each Canadian
Borrower Swingline Loan, each Dutch Borrower Swingline Loan and each U.K.
Borrower Swingline Loan.

             

            “Foreign Credit
Parties” shall mean each Foreign Borrower and each Foreign
Guarantor.

             

            “Foreign Credit Party
Obligations” shall mean (i) all Foreign Borrower Obligations, (ii) all
Hedging Obligations owing to Hedging Creditors by any ABL Credit Party (other
than any U.S. Credit Party), (iii) all Cash Management Obligations owing to Cash
Management Creditors by any ABL Credit Party (other than any U.S. Credit Party),
and (iv) any guarantees of the obligations described in paragraphs (i), (ii) or
(iii) by the Credit Parties pursuant to any Guaranty or pursuant to any other
Credit Document.

             

            “Foreign Guarantors”
shall mean and include each Foreign Borrower (in its capacity as a guarantor
under the Foreign Guaranty) and each Foreign Subsidiary Guarantor.

             

            “Foreign Guaranty”
shall mean the Foreign Guaranty dated as of the Effective Date in the form of
Exhibit P, as
amended, modified, restated and/or supplemented from time to time in accordance
with the terms thereof.

             

            “Foreign Pension Plan”
shall mean any plan, fund (including, without limitation, any superannuation
fund) or other similar program established or maintained outside the United
States by Holdings or any one or more of its Subsidiaries (other than Immaterial
Subsidiaries) primarily for the benefit of employees of Holdings or such
Subsidiaries residing outside the United States, which plan, fund or other
similar program provides, or results in, retirement income, a deferral of income
in contemplation of retirement or payments to be made upon termination of
employment, and which plan is not subject to ERISA or the Code; provided that a
Foreign Pension Plan shall not include a Canadian Pension Plan.

             

            

            
              
                
                   

                

                
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            “Foreign Pledge
Agreements” shall mean (a) those pledge agreements, share mortgages and
charges listed on Schedule 1.01(g),
reasonably satisfactory in form and substance to the Administrative Agent,
executed by certain U.S. Credit Parties in favor of the Collateral Agent and (b)
any other pledge agreement, share mortgages, memorandum of charge over shares or
similar document or instrument reasonably satisfactory in form and substance to
the Administrative Agent executed by any Credit Party in favor of the Collateral
Agent pursuant to which a security interest or Lien in any Equity Interests of a
Foreign Subsidiary of a U.S. Credit Party is granted securing the applicable
Secured Obligations.

             

            “Foreign Subsidiary”
shall mean, as to any Person, any Subsidiary of such Person that is not a
Domestic Subsidiary of such Person.

             

            “Foreign Subsidiary
Guarantor” shall mean (a) each Person identified on Schedule 8.13 as a
Foreign Subsidiary Guarantor, (b) subject to the Agreed Security Principles,
each Foreign Subsidiary of Holdings (other than (x) any Foreign Borrowers or (y)
any Immaterial Subsidiaries) that is organized under the laws of a jurisdiction
in which any Foreign Credit Party is organized whether existing on the Effective
Date or established, created or acquired after the Effective Date, and (c)
subject to the Agreed Security Principles, unless the Administrative Agent, in
consultation with Holdings, reasonably determines in good faith that the cost of
providing a Foreign Guaranty (taking into account any adverse tax consequences
to Holdings and its Subsidiaries (including the imposition of withholding or
other material taxes on Lenders)) shall be excessive in view of the benefits to
be obtained by the Lenders therefrom, or the benefit to the Lenders of receiving
such a Foreign Guaranty shall be outweighed by any disadvantage to the Lenders
or to Holdings and its Subsidiaries (including a violation of applicable law)
arising as a result thereof, each Foreign Subsidiary of Holdings (other than any
Immaterial Subsidiaries) that is organized under the laws of any jurisdiction in
which no other Foreign Subsidiary of Holdings is at such time organized whether
existing on the Effective Date or established, created or acquired after the
Effective Date, in each case unless and until such time as the respective
Foreign Subsidiary is released from all of its obligations under the Foreign
Guaranty and the Security Documents (if any) to which it is a party in
accordance with the terms and provisions thereof.

             

            “Fronting Lender”
shall mean DBNY, in its individual capacity or any Person serving as a successor
Administrative Agent hereunder, in its individual capacity as a Fronting
Lender.

             

            “GAAP” shall mean
generally accepted accounting principles in the United States as in effect from
time to time; provided that
determinations in accordance with GAAP for purposes of Sections 5.02, 9.16 and 10, including defined
terms as used therein, and for all purposes of determining the Consolidated
Fixed Charge Coverage Ratio, are subject (to the extent provided therein) to
Section
13.07(a).

             

            “General Intangibles”
shall mean “general intangibles” as such term is defined in Article 9 of the
UCC.

             

            “Governmental
Authority” shall mean the government of the United States of America,
England and Wales, the Netherlands, Australia, Canada, any other nation or
any

             

            

            
              
                
                   

                

                
                  51

                  
                    

                  

                

                
                   

                

              

            

            

            political
subdivision thereof, whether state, provincial or local, and any agency,
authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government.

             

            “Guarantors” shall
mean and include each U.S. Guarantor and each Foreign Guarantor.

             

            “Guaranty” shall mean
and include each of the U.S. Guaranty and the Foreign Guaranty.

             

            “Hazardous Materials”
shall mean (a) any petroleum or petroleum products, radioactive materials,
asbestos in any form that is or could become friable, urea formaldehyde foam
insulation, dielectric fluid containing levels of polychlorinated biphenyls, and
radon gas; (b) any chemicals, materials or substances defined as or included in
the definition of “hazardous substances,” “hazardous waste,” “hazardous
materials,” “extremely hazardous substances,” “restricted hazardous waste,”
“toxic substances,” “toxic pollutants,” “contaminants,” or “pollutants,” or
words of similar import, under any applicable Environmental Law; and (c) any
other chemical, material or substance, the exposure to, or Release of which is
prohibited, limited or regulated by any Governmental Authority.

             

            “Hedging Creditors”
shall mean, collectively, each Lender and/or any affiliate thereof that has
entered into one or more Secured Hedging Agreements, even if the respective
Lender subsequently ceases to be a Lender under this Agreement for any reason,
together with such Lender’s or such affiliate’s successors and assigns, if
any.

             

            “Hedging Obligations”
shall have the meaning specified in the definition of “Secured
Obligations”.

             

            “Highest Adjustable
Applicable Margins” shall have the meaning provided in the definition of
Applicable Margin.

             

            “Historical Excess
Availability” shall mean, on any date of determination, the average
Excess Availability for the Test Period most recently ended on or prior to such
date; provided
that Excess Availability shall be determined on a Pro Forma Basis in
accordance with the requirements of the definition of “Pro Forma Basis”
contained herein.

             

            “Holdings” shall have
the meaning provided in the first paragraph of this Agreement.

             

            “Holdings’ Public
Filings” shall mean all filings with the SEC that Holdings has been
required to make and have been made within the past three (3) years under the
Securities Act and the Exchange Act, including, without limitation, (a)
Holdings’ Annual Reports on Form 10-K for
the years ended December 31, 2006, 2007 and 2008 as filed with the SEC and (b)
Holdings’ Quarterly Reports on Form 10-Q for the quarters ended March 31, 2009
and June 30, 2009 as filed with the SEC.

             

            

            
              
                
                   

                

                
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            “Hong Kong Dollars”
and “HK$” shall
mean freely transferable lawful money of Hong Kong.

             

            “Immaterial
Subsidiary” shall mean, at any date of determination, any Subsidiary, or
group of Subsidiaries, of Holdings (other than any Borrower) that (i)
contributed, together with its Subsidiaries, less than 2% of Consolidated EBITDA
for the Test Period most recently ended for which Holdings has delivered
financial statements to the Administrative Agent prior to the date of
determination, (ii) had, together with its Subsidiaries, Accounts, Inventory and
property, plant and equipment of less than $5,000,000 and (iii) does not
directly own any Equity Interests in any Credit Party.

             

            “Incremental
Commitment” shall mean, for any Lender, any Commitment provided by such
Lender after the Effective Date in an Incremental Commitment Agreement delivered
pursuant to Section
2.14; it being understood, however, that on each date upon which an
Incremental Commitment of any Lender becomes effective, such Incremental
Commitment of such Lender shall be added to (and thereafter become a part of)
the Commitment of such Lender for all purposes of this Agreement as contemplated
by Section
2.14.

             

            “Incremental Commitment
Agreement” shall mean each Incremental Commitment Agreement in
substantially the form of Exhibit N
(appropriately completed, and with such modifications as may be reasonably
satisfactory to the Administrative Agent) executed and delivered in accordance
with Section
2.14.

             

            “Incremental Commitment
Date” shall mean each date upon which an Incremental Commitment under an
Incremental Commitment Agreement becomes effective as provided in Section
2.14(b).

             

            “Incremental Commitment
Requirements” shall mean, with respect to any provision of an Incremental
Commitment on a given Incremental Commitment Date, the satisfaction of each of
the following conditions on the Incremental Commitment Date of the respective
Incremental Commitment Agreement:  (i) no Default or Event of Default
exists or would exist after giving effect thereto; (ii) all of the
representations and warranties contained in the Credit Documents shall be true
and correct in all material respects at such time (unless stated to relate to a
specific earlier date, in which case such representations and warranties shall
have been true and correct in all material respects as of such earlier date);
(iii) the delivery by Holdings to the Administrative Agent of an acknowledgment,
in form and substance satisfactory to the Administrative Agent and executed by
each Credit Party, acknowledging that such Incremental Commitment and all
Revolving Loans subsequently incurred, and Letters of Credit issued, as
applicable, pursuant to such Incremental Commitment shall constitute Obligations
under the Credit Documents and secured on a pari passu basis with the
Obligations under the Security Documents; (iv) the delivery by Holdings to the
Administrative Agent of an opinion, in form and substance satisfactory to the
Administrative Agent, from counsel to Holdings satisfactory to the
Administrative Agent and dated such date, covering such matters incident to the
transactions contemplated thereby as the Administrative Agent may reasonably
request; (v) the delivery by each Credit Party to the Administrative Agent of
such other officers’ certificates, board of director (or equivalent governing
body) resolutions and evidence of good standing (to the extent available under
applicable law) as the Administrative Agent shall reasonably request;

             

            

            
              
                
                   

                

                
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            (vi) the
incurrence of Revolving Loans in an aggregate principal amount equal to the
Total Commitment (including such Incremental Commitment then being obtained)
shall be permitted at such time under the Existing Senior Subordinated Notes
Documents, the Senior Secured Notes Documents and any other indenture, loan
agreement or other material agreement to which Holdings or any of its
Subsidiaries is a party or by which it or any of its property or assets is bound
or to which it may be subject; (vii) the Total Borrowing Base shall be at least
equal to the Aggregate Exposure at such time after giving effect to such
Incremental Commitment and assuming that Loans in an aggregate principal amount
equal to the Total Commitment (including such Incremental Commitment then being
obtained) are outstanding on such Incremental Commitment Date; (viii) Holdings
shall have delivered a certificate executed by an Authorized Officer of
Holdings, certifying to the best of such officer’s knowledge, compliance with
the requirements of preceding clauses (i), (ii), (vi) and (vii) and containing
the calculations (in reasonable detail) required by preceding clauses (vi) and
(vii) and shall have delivered a Borrowing Base Certificate pursuant to Section 9.01(j); and
(ix) the completion by each Credit Party of such other actions as the
Administrative Agent may reasonably request in connection with such Incremental
Commitment in order to create, continue or maintain the security interests of
the Collateral Agent in the Collateral and the perfection thereof (including,
without limitation, any amendments to Security Documents, additional Security
Documents, any mortgage amendments, title insurance policies and such other
documents reasonably requested by the Administrative Agent to be delivered in
connection therewith).

             

            “Incremental Lender”
shall have the meaning provided in Section
2.14(b).

             

            “Incremental Security
Documents” shall have the meaning provided in Section
2.14(b).

             

            “Indebtedness” shall
mean, as to any Person, without duplication, (i) all indebtedness of such Person
for borrowed money or any type of financial accommodation whatsoever or for the
deferred purchase price of property or services, (ii) the maximum amount
available to be drawn or paid under all letters of credit, bankers’ acceptances,
bank guaranties, surety and appeal bonds and similar obligations issued for the
account of such Person and all unpaid drawings and unreimbursed payments in
respect of such letters of credit, bankers’ acceptances, bank guaranties, surety
and appeal bonds and similar obligations, (iii) all indebtedness of the types
described in clause (i), (ii), (iv), (v), (vi), (vii) or (viii) of this
definition secured by any Lien on any property owned by such Person, whether or
not such indebtedness has been assumed by such Person (provided that, if the
Person has not assumed or otherwise become liable in respect of such
indebtedness, such indebtedness shall be deemed to be in an amount equal to the
Fair Market Value of the property to which such Lien relates), (iv) all
Capitalized Lease Obligations of such Person, (v) all obligations of such Person
to pay a specified purchase price for goods or services, whether or not
delivered or accepted, i.e., take-or-pay and
similar obligations, (vi) all Contingent Obligations of such Person, (vii) all
obligations under any Interest Rate Protection Agreement, any Other Hedging
Agreement or under any similar type of agreement and (viii) all Off-Balance
Sheet Liabilities of such Person.  The Indebtedness of any Person
shall include the Indebtedness of any other entity (including any partnership in
which such Person is a general partner) to the extent such Person is directly
liable therefor as a result of such Person’s ownership interest in or other
relationship with such entity, except to the extent the terms of such
Indebtedness provide that such Person is not liable

             

            

            
              
                
                   

                

                
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            therefor.  Notwithstanding
the foregoing, Indebtedness shall not include trade payables, accrued expenses
and deferred tax and other credits incurred by any Person in accordance with
customary practices and in the ordinary course of business of such
Person.

             

            “Indemnified Person”
shall have the meaning provided in Section
13.01(a).

             

            “Individual Exposure”
of any Lender shall mean, at any time, the sum of (a) the aggregate principal
amount of all Revolving Loans made by such Lender (and the aggregate principal
amount of all Specified Foreign Currency Loans in which participations have been
acquired by such Lender pursuant to Section 15) and then
outstanding (for this purpose, using the U.S. Dollar Equivalent of amounts not
denominated in U.S. Dollars), (b) such Lender’s RL Percentage in the aggregate
principal amount of all Swingline Loans (for this purpose, using the U.S. Dollar
Equivalent of amounts not denominated in U.S. Dollars) then outstanding and (c)
such Lender’s RL Percentage in the aggregate amount of all Letter of Credit
Outstandings at such time.  For purposes of this definition, the
amount of Revolving Loans made by the Fronting Lender shall be reduced by the
aggregate amount of Specified Foreign Currency Participations therein purchased
by the other Lenders in such Revolving Loans pursuant to Section
15.

             

            “Insolvency
Proceeding” shall mean any proceeding, corporate action or other step is
commenced or taken by or against any Person under any provision of the
Bankruptcy Code or under any state or foreign bankruptcy or insolvency law,
assignments for the benefit of creditors, formal or informal moratoria,
reorganizations, compositions, extensions generally with creditors, or
proceedings seeking reorganization, arrangement, or other similar relief
including any proceeding commenced by or against any Person under any Canadian
Insolvency Law.

             

            “Intercompany Debt”
shall mean any Indebtedness, payables or other obligations, whether now existing
or hereafter incurred, owed by Holdings or any Subsidiary of Holdings to
Holdings or any other Subsidiary of Holdings.

             

            “Intercompany Loans”
shall have the meaning provided in Section
10.05(viii).

             

            “Intercompany Note”
shall mean a promissory note evidencing Intercompany Loans, duly executed and
delivered substantially in the form of Exhibit K (or such
other form as shall be reasonably satisfactory to the Administrative Agent),
with blanks completed in conformity herewith.

             

            “Intercreditor
Agreement” shall mean the Intercreditor Agreement dated as of the
Effective Date in the form of Exhibit G, as
amended, modified, restated and/or supplemented from time to time in accordance
with the terms thereof.

             

            “Interest Determination
Date” shall mean, (i) with respect to any Euro Rate Loan (other than a
Sterling Denominated Revolving Loan), the second Business Day prior to the
commencement of any Interest Period relating to such Euro Rate Loan and (ii)
with respect to any Sterling Denominated Revolving Loan, the same Business Day
as the commencement of any Interest Period relating to such Sterling Denominated
Revolving Loan.

             

            
              “Interest Period”
shall have the meaning provided in Section
2.09.

               

            

            

            
              
                
                   

                

                
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            “Interest Rate Protection
Agreement” shall mean any interest rate swap agreement, interest rate cap
agreement, interest collar agreement, interest rate hedging agreement or other
similar agreement or arrangement.

             

            “Inventory” shall mean
“inventory” as such term is defined in Article 9 of the UCC or the PPSA, as
applicable.

             

            “Investments” shall
have the meaning provided in Section
10.05.

             

            “Issuing Lender” shall
mean each of DBNY (except as otherwise provided in Section 12.09), Bank
of America, N.A. and any other Lender reasonably acceptable to the
Administrative Agent and Holdings which agrees to issue Letters of Credit
hereunder.  Any Issuing Lender may, in its discretion, arrange for one
or more Letters of Credit to be issued by one or more Affiliates of such Issuing
Lender (and such Affiliate shall be deemed to be an “Issuing Lender” for all
purposes of the Credit Documents).

             

            “Joinder Agreement”
shall mean a Joinder Agreement substantially in the form of Exhibit L
(appropriately completed).

             

            “Judgment Currency”
shall have the meaning provided in Section
13.20.

             

            “Judgment Currency Conversion
Date” shall have the meaning provided in Section
13.20.

             

            “L/C Supportable
Obligations” shall mean (i) obligations of Holdings or any of its
Subsidiaries with respect to workers compensation, surety bonds and other
similar statutory obligations and (ii) such other obligations of Holdings or any
of its Subsidiaries as are reasonably acceptable to the respective Issuing
Lender and otherwise permitted to exist pursuant to the terms of this Agreement
(other than obligations in respect of (w) the Existing Senior Subordinated
Notes, (x) the Senior Secured Notes, (y) any other Indebtedness or other
obligations that are subordinated in right of payment to the Obligations and (z)
any Equity Interests).

             

            “Lead Arrangers” shall
mean Deutsche Bank Securities Inc. and Banc of America Securities, LLC, in their
capacities as Joint Lead Arrangers in respect of the credit facilities
hereunder, and any successors thereto.

             

            “Leaseholds” of any
Person shall mean all the right, title and interest of such Person as lessee or
licensee in, to and under leases or licenses of land, improvements and/or
fixtures.

             

            
              “Lender” shall mean
each financial institution listed on Schedule 1.01(a), as
well as any Person that becomes a “Lender” hereunder pursuant to Section 2.13, Section 2.14 or Section
13.04(b).

               

              “Lender Creditors”
shall mean, collectively, the Lenders, each Issuing Lender, the Swingline
Lender, the Fronting Lender, the Administrative Agent, the Co-Collateral Agents
and the Collateral Agent.

               

            

            

            
              
                
                   

                

                
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            “Letter of Credit”
shall have the meaning provided in Section
3.01(a).

             

            “Letter of Credit Back-Stop
Arrangements” shall have the meaning provided in Section
3.03(b).

             

            “Letter of Credit Fee”
shall have the meaning provided in Section
4.01(b).

             

            “Letter of Credit
Outstandings” shall mean, at any time, the sum of (a) the Stated Amount
of all outstanding Letters of Credit at such time and (b) the aggregate amount
of all Unpaid Drawings in respect of all Letters of Credit at such
time.

             

            “Letter of Credit
Request” shall have the meaning provided in Section
3.03(a).

             

            “Lien” shall mean any
security interest, mortgage, pledge, charge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or other), preference, priority or
other security agreement of any kind or nature whatsoever (including, without
limitation, any conditional sale or other title retention agreement, any
financing or similar statement or notice filed under the UCC or any other
similar recording or notice statute, and any lease having substantially the same
effect as any of the foregoing).

             

            “Loan” shall mean each
Revolving Loan and each Swingline Loan.

             

            “Mandatory Borrowing”
shall have the meaning provided in Section
2.01(c).

             

            “Mandatory Cost” shall
mean the cost imputed to each Lender of compliance with the cash ratios and
special deposit requirements of the Bank of England and/or the banking
supervision or other costs imposed by the Financial Services Authority (or, in
either case, any other authority which replaces all or any of its functions), as
determined in accordance with Schedule
1.01(d).

             

            “Margin Stock” shall
have the meaning provided in Regulation U.

             

            “Material Adverse
Effect” shall mean any event, change, condition, occurrence or
circumstance which, either individually or in the aggregate, has had, or could
reasonably be expected to have, a material adverse effect on (w) the property,
assets, business, operations, liabilities or condition (financial or otherwise)
of Holdings and its Subsidiaries taken as a whole, (x) a material portion of the
ABL Priority Collateral of the ABL Credit Parties taken as a whole, (y) the
rights or remedies of the Lenders, the Administrative Agent or the Collateral
Agent hereunder or under any other Credit Document or (z) the ability of any
Credit Party to perform its obligations to the Lenders, the Administrative Agent
or the Collateral Agent hereunder or under any other Credit
Document.

             

            
              “Maturity Date” shall
mean the Revolving Loan Maturity Date or the Swingline Expiry Date, as the case
may be.

               

              “Maximum Letter of Credit
Amount” shall have the meaning provided in Section
3.02(a).

               

            

            

            
              
                
                   

                

                
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            “Maximum Swingline
Amount” shall mean $20,000,000.

             

            “Minimum Borrowing
Amount” shall mean (a) for Base Rate Loans and Canadian Prime Rate Loans
(in each case, other than Swingline Loans), $500,000, (b) for Euro Rate Loans,
$500,000, (c) for Bankers’ Acceptance Loans, $500,000 and (d) for Swingline
Loans, $100,000; provided that during
a Dominion Period there shall be no Minimum Borrowing Amount with respect to (a)
and (d) above.

             

            “Moody’s” shall mean
Moody’s Investors Service, Inc.

             

            “Mortgage” shall mean
a mortgage, leasehold mortgage, charge, debenture, immovable hypothecation, deed
of trust, leasehold deed of trust, deed to secure debt, leasehold deed to secure
debt or similar security instrument in form and substance reasonably
satisfactory to the Administrative Agent.

             

            “Mortgaged Property”
shall mean, initially, each parcel of Real Property and the improvements thereto
owned or leased by a U.S. Credit Party and identified on Schedule 8.12, and
includes each other parcel of Real Property and improvements thereto owned or
leased by a U.S. Credit Party with respect to which a Mortgage is granted
pursuant to Sections
9.13 and/or 9.14.

             

            “Multiemployer Plan”
shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA to
which contributions are (or are required to be), or within the immediately
preceding five-year period have been (or have been required to have been), made
by Holdings, any of its Subsidiaries or an ERISA Affiliate.

             

            “NAIC” shall mean the
National Association of Insurance Commissioners.

             

            “Net Cash Proceeds”
shall mean for any incurrence of Indebtedness requiring a mandatory prepayment
pursuant to Section
5.02(b), the gross cash proceeds (including any cash received by way of
deferred payment pursuant to a promissory note, receivable or otherwise, but
only as and when received) received from such incurrence, net of reasonable
transaction costs (including, as applicable, any underwriting, brokerage or
other customary commissions and reasonable legal, advisory and other fees and
expenses associated therewith) received from any such event.

             

            “Net Insurance
Proceeds” shall mean, with respect to any Recovery Event, the cash
proceeds received by the respective Person in connection with such Recovery
Event (net of (a) reasonable costs and taxes incurred in connection with such
Recovery Event and (b) required payments of any Indebtedness (other than
Indebtedness secured pursuant to the Security Documents and the Senior Secured
Notes Security Documents) which is secured by the respective assets the subject
of such Recovery Event).

             

            “Net
Orderly Liquidation Value” shall mean the “net orderly liquidation value”
determined by an unaffiliated valuation company acceptable to the Co-Collateral
Agents after performance of an inventory valuation to be done at the
Co-Collateral Agents’ request and the Borrowers’ expense, less the amount
estimated by such valuation company for marshalling, reconditioning, carrying,
and sales expenses designated to maximize the resale value of such 

             

             

            
              
                
                   

                

                
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            Inventory
and assuming that the time required to dispose of such Inventory is customary
with respect to such Inventory and expressed as a percentage of the net book
value of such Inventory.

             

            “Net Sale Proceeds”
shall mean for any sale or other disposition of assets, the gross cash proceeds
(including any cash received by way of deferred payment pursuant to a promissory
note, receivable or otherwise, but only as and when received) received from such
sale or other disposition of assets, net of (i) reasonable transaction costs
(including, without limitation, any underwriting, brokerage or other customary
selling commissions, reasonable legal, advisory and other fees and expenses
(including title and recording expenses), associated therewith and sales, VAT
and transfer taxes arising therefrom), (ii) payments of unassumed liabilities
relating to the assets sold or otherwise disposed of at the time of, or within
30 days after, the date of such sale or other disposition, (iii) the amount of
such gross cash proceeds required to be used to permanently repay any
Indebtedness (other than Indebtedness of the Lenders pursuant to this Agreement)
which is secured by the respective assets which were sold or otherwise disposed
of, and (iv) the estimated net marginal increase in income or other similar
taxes which will be payable by Holdings’ consolidated group or any Subsidiary of
Holdings with respect to the fiscal year of Holdings in which the sale or other
disposition occurs as a result of such sale or other disposition; provided, however, that such
gross proceeds shall not include any portion of such gross cash proceeds which
Holdings determines in good faith should be reserved for post-closing
adjustments (to the extent Holdings delivers to the Lenders a certificate signed
by an Authorized Officer as to such determination), it being understood and
agreed that on the day that all such post-closing adjustments have been
determined (which shall not be later than six months following the date of the
respective asset sale), the amount (if any) by which the reserved amount in
respect of such sale or disposition exceeds the actual post-closing adjustments
payable by Holdings or any of its Subsidiaries shall constitute Net Sale
Proceeds on such date received by Holdings and/or any of its Subsidiaries from
such sale or other disposition.

             

            “Non-B/A Lender” shall
mean any Lender which is unwilling or unable to create Bankers’ Acceptances by
accepting Drafts and which has identified itself as a “Non-B/A Lender” by
written notice to the Administrative Agent and Holdings.

             

            “Non-Defaulting
Lender” shall mean and include each Lender, but shall exclude a
Defaulting Lender; provided, however, solely for
purposes of Section
4.01(a), a Lender that is a Defaulting Lender solely under clause (iii),
(iv) or (v) (but, in the case of such clause (v), only to the extent relating to
either clause (iii) or (iv)) of the definition thereof shall be treated as a
Non-Defaulting Lender and not as a Defaulting Lender.

             

            
              “Non-Wholly-Owned
Subsidiary” shall mean, as to any Person, each Subsidiary of such Person
which is not a Wholly-Owned Subsidiary of such Person.

               

              “Note” shall mean each
Australian Borrower Revolving Note, each Canadian Borrower Revolving Note, each
Dutch Borrower Revolving Note, each U.K. Borrower Revolving Note, each U.S.
Borrower Revolving Note, the Australian Borrower Swingline Note, the Canadian
Borrower Swingline Note, the Dutch Borrower Swingline Note, the U.K. Borrower
Swingline Note and the U.S. Borrower Swingline Note.

               

            

            

            
              
                
                   

                

                
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            “Noteholder Collateral
Agent” shall mean U.S. Bank National Association, in its capacity as
noteholder collateral agent under the Senior Secured Notes Documents, and its
successors and assigns in such capacity.

             

            “Notice of Borrowing”
shall have the meaning provided in Section
2.03(a).

             

            “Notice of
Conversion/Continuation” shall have the meaning provided in Section
2.06.

             

            “Notice Office” shall
mean (i) for credit notices, the office of the Administrative Agent located at
60 Wall Street, NYC60-0208, 2nd Floor, New York, New York 10005-2858,
Attention:  Enrique Landaeta, Telephone No.: (212) 250-6105,
Telecopier No.: (212) 797-4655, and email:  enrique.landaeta@db.com
and (ii) for operational notices, the office of the Administrative Agent located
at 5022 Gate Parkway, Suite 100, Jacksonville, Florida 32256,
Attention:  Michael Pizarro, Telephone No.: (904) 527-6605, Telecopier
No.: (732) 380-3355, and e-mail:  michael.pizarro@db.com; provided that in the
case of all Borrowings of Canadian Borrower Revolving Loans denominated in
Canadian Dollars, a copy of such notice also shall be delivered simultaneously
to DB Canada located at 199 Bay Street, Suite 4700, Commerce Court West, P.O.
Box 263, Toronto, Ontario, Canada M5L 1E9, Attention:  Marcellus
Leung, Telephone No.: (416) 682-8252, and Telecopier No.: (416) 682-8484; or (in
either case) such other office or person as the Administrative Agent may
hereafter designate in writing as such to the other parties hereto.

             

            “Obligation Currency”
shall have the meaning provided in Section
13.20.

             

            “Obligations” shall
mean all amounts owing to the Administrative Agent, the Collateral Agent, the
Co-Collateral Agents, any Issuing Lender, the Swingline Lender or any Lender
pursuant to the terms of this Agreement or any other Credit Document, including,
without limitation, all amounts in respect of any principal (or Face Amount, as
applicable), premium (if any), interest (including any interest accruing
subsequent to the filing of a petition in bankruptcy, reorganization or similar
proceeding at the rate provided for in this Agreement, whether or not such
interest is an allowed claim under any such proceeding or under applicable
state, federal or foreign law), penalties, fees, expenses (including Expenses),
indemnifications, reimbursements (including Unpaid Drawings with respect to
Letters of Credit), damages and other liabilities, and guarantees in each case
of the foregoing amounts.

             

            “OFAC” shall have the
meaning provided in Section
8.23(a).

             

            
              “Off-Balance Sheet
Liabilities” of any Person shall mean (i) any repurchase obligation or
liability of such Person with respect to accounts or notes receivable sold by
such Person, (ii) any liability of such Person under any sale and leaseback
transactions that do not create a liability on the balance sheet of such Person,
(iii) any obligation under a Synthetic Lease or (iv) any obligation arising with
respect to any other transaction which is the functional equivalent of or takes
the place of borrowing but which does not constitute a liability on the balance
sheet of such Person.

               

              “Offshore Associate”
means an Associate:

            

            

            
              
                
                   

                

                
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            (a)           which
is a non-resident of Australia for tax purposes and does not acquire, or would
not acquire, the participations in the facility in carrying on a business in
Australia at or through a Permanent Establishment of the Associate in Australia;
or

             

            (b)           which
is a Resident of Australia and which acquires, or would acquire, the
participations in the facility in carrying on a business in a country outside
Australia at or through a Permanent Establishment of the Associate in that
country, and

             

            which, in
either case, is not acquiring the participations in the facility or receiving
payment in the capacity of a:

             

             (c)           dealer,
manager or underwriter in relation to the placement of the debenture or debt
interest; or

             

            (d)           clearing
house, custodian, funds manager or responsible entity of a registered managed
investment scheme.

             

            “Other Hedging
Agreements” shall mean any foreign exchange contracts, currency swap
agreements, commodity agreements or other similar arrangements, or arrangements
designed to protect against fluctuations in currency values or commodity
prices.

             

            “Participant” shall
have the meaning provided in Section
3.04(a).

             

            “Participating Member
State” shall mean, at any time, any member state of the European Union
which has adopted the Euro as its lawful currency at such time.

             

            “Participating Specified
Foreign Currency Lender” shall have the meaning provided in Section
15.01.

             

            “Patriot Act” shall
have the meaning provided in Section
13.17.

             

            “Payment Conditions”
shall mean that each of the following conditions are satisfied at the time of
each action or proposed action and after giving effect thereto:  (i)
no Default or an Event of Default shall have occurred and be continuing, (ii)
Excess Availability (on the date of such action or proposed action) and Average
Aggregate Availability (for the 30-day period ending on the date of such action
or proposed action), in each case, calculated on a Pro Forma Basis as if such
action or proposed action had occurred on the first day of such measurement
period, shall exceed the greater of (A) $40,000,000 and (B) 25% of the Total
Commitment as then in effect, (iii) Holdings shall be in compliance with a
Consolidated Fixed Charge Coverage Ratio of not less than 1.10:1.00 for the Test
Period then most recently ended on a Pro Forma Basis as if such action or
proposed action had occurred on the first day of such Test Period, and (iv)
Holdings shall have delivered to the Administrative Agent a certificate of an
Authorized Officer of Holdings certifying as to compliance with preceding
clauses (i) through (iii) and demonstrating (in reasonable detail) the
calculations required by preceding clauses (ii) and (iii).

             

            “Payment
Office” shall mean (i) except as provided in clause (ii) below, the
office of the Administrative Agent located at 60 Wall Street, New York, New York
10005 and (ii) in 

             

            

            
              
                
                   

                

                
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            the case
of all payments with respect to Canadian Dollar Denominated Revolving Loans, the
office of DB Canada located at 199 Bay Street, Suite 4700, Commerce Court West,
P.O. Box 263, Toronto, Ontario, Canada M5L 1E9, or (in either case) such other
office as the Administrative Agent may hereafter designate in writing as such to
the other parties hereto.

             

            “PBGC” shall mean the
Pension Benefit Guaranty Corporation established pursuant to Section 4002 of
ERISA, or any successor thereto.

             

            “PBGF” shall mean the
Pension Benefits Guaranty Fund of Ontario.

             

            “Pensions Act 2004”
shall mean the United Kingdom Pensions Act 2004 as amended.

             

            “Pensions Regulator”
shall mean the body corporate called the Pensions Regulator established under
Part I of the Pensions Act 2004.

             

            “Perfection
Certificate” shall mean each of the U.S. Perfection Certificate, the
Canadian Perfection Certificate, the Australian Perfection Certificate and the
Dutch Perfection Certificate.

             

            “Perfection Certificate
Supplement” shall mean a Perfection Certificate supplement in the form
thereof included in Exhibit F or any
other form approved by the Administrative Agent.

             

            “Permanent
Establishment” shall have the meaning given in section 6(1) of the
Australian Tax Act or the meaning given in an agreement contained in the
International Tax Agreements Act 1953 (Cth) as amended, as the context
requires.

             

            “Permitted
Acquisition” shall mean the acquisition by Holdings or a Wholly-Owned
Subsidiary of Holdings which is a Credit Party of an Acquired Entity or Business
(including by way of merger of such Acquired Entity or Business with and into
Holdings (so long as Holdings is the surviving corporation) or a Wholly-Owned
Subsidiary of Holdings which is a Credit Party (so long as the Credit Party is
the surviving corporation)), provided that (in
each case) (A) the consideration paid or to be paid by Holdings or such
Wholly-Owned Subsidiary consists solely of cash (including proceeds of Revolving
Loans or Swingline Loans), common Equity Interests of Holdings, Qualified
Preferred Stock, the issuance or incurrence of Indebtedness otherwise permitted
by Section
10.04 and the assumption/acquisition of any Indebtedness (calculated at
face value) which is permitted to remain outstanding in accordance with the
requirements of Section 10.04, (B) in
the case of the acquisition of 100% of the Equity Interests of any Acquired
Entity or Business (including by way of merger), such Acquired Entity or
Business shall own no Equity Interests of any other Person unless either (x)
such Acquired Entity or Business owns 100% of the Equity Interests of such other
Person or (y) if such Acquired Entity or Business owns Equity Interests in any
other Person which is a Non-Wholly Owned Subsidiary of such Acquired Entity or
Business, (1) such Acquired Entity or Business shall not have been created or

             

            

            
              
                
                   

                

                
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            established
in contemplation of, or for purposes of, the respective Permitted Acquisition,
(2) any such Non-Wholly Owned Subsidiary of the Acquired Entity or Business
shall have been a Non-Wholly Owned Subsidiary of such Acquired Entity or
Business prior to the date of the respective Permitted Acquisition and shall not
have been created or established in contemplation thereof and (3) such Acquired
Entity or Business and/or its Wholly-Owned Subsidiaries own at least 90% of the
total value of all the assets owned by such Acquired Entity or Business and its
subsidiaries (for purposes of such determination, excluding the value of the
Equity Interests of Non-Wholly Owned Subsidiaries held by such Acquired Entity
or Business and its Wholly-Owned Subsidiaries), (C) all of the business,
division or product line acquired pursuant to the respective Permitted
Acquisition, or the business of the Person acquired pursuant to the respective
Permitted Acquisition and its Subsidiaries taken as a whole, is in a
jurisdiction of a Credit Party or any such other jurisdiction reasonably
acceptable to the Administrative Agent, (D) the Acquired Entity or Business
acquired pursuant to the respective Permitted Acquisition is in a business
permitted by Section
9.16 and (E) all requirements of Sections 9.16, 10.02 and 10.12 applicable to
Permitted Acquisitions are satisfied.  Notwithstanding anything to the
contrary contained in the immediately preceding sentence, an acquisition which
does not otherwise meet the requirements set forth above in the definition of
“Permitted Acquisition” shall constitute a Permitted Acquisition if, and to the
extent, the Required Lenders agree in writing, prior to the consummation
thereof, that such acquisition shall constitute a Permitted Acquisition for
purposes of this Agreement.

             

            “Permitted Discretion”
shall mean the exercise of the Administrative Agent’s or the Co-Collateral
Agents’ good faith judgment (as applicable) in consideration of any factor which
is reasonably likely to (i) adversely affect the value of any ABL Priority
Collateral, the enforceability or priority of the Liens thereon or the amount
that the Administrative Agent and the Lenders would be likely to receive (after
giving consideration to delays in payment and costs of enforcement) in the
liquidation thereof, (ii) suggest that any collateral report or financial
information delivered to the Administrative Agent, the Co-Collateral Agents or
the Lenders by any Person on behalf of Holdings or any of its Subsidiaries is
incomplete, inaccurate or misleading in any material respect, or (iii)
materially increase the likelihood that the Secured Parties would not receive
payment in full in cash for all of the Secured Obligations of the Credit
Parties.  In exercising such judgment, the Administrative Agent or the
Co-Collateral Agents, as applicable, may consider such factors already included
in or tested by the definition of Eligible Accounts or Eligible Inventory, as
well as any of the following:  (i) the changes in collection history
and dilution or collectability with respect to the Accounts; (ii) changes in
demand for, pricing of, or product mix of Inventory; (iii) changes in any
concentration of risk with respect to the respective ABL Credit Party’s Accounts
or Inventory; and (iv) any other factors that change the credit risk of lending
to any Borrower on the security of any ABL Credit Party’s Accounts or Inventory;
provided that
the Administrative Agent and the Co-Collateral Agents shall not “double
count.”  The burden of establishing lack of good faith hereunder shall
be on the Borrowers.

             

            
              “Permitted
Encumbrance” shall mean, with respect to any Mortgaged Property, such
exceptions to title as are set forth in the policy or policies of title
insurance issued by a nationally recognized title insurance company delivered
with respect thereto, all of which exceptions must be acceptable to the
Administrative Agent in its reasonable discretion.

               

              “Permitted Liens”
shall have the meaning provided in Section
10.01.

               

            

            

            
              
                
                   

                

                
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            “Person” shall mean an
individual, partnership, corporation (including a business trust), joint stock
company, estate, trust, limited liability company, unlimited liability company,
unincorporated association, joint venture or other entity or Governmental
Authority.

             

            “Plan” shall mean any
pension plan as defined in Section 3(2) of ERISA, other than a Multiemployer
Plan, which is maintained or contributed to by (or to which there is an
obligation to contribute of) Holdings, any of its Subsidiaries or an ERISA
Affiliate, and each such plan for the five-year period immediately following the
latest date on which Holdings, a Subsidiary of Holdings or an ERISA Affiliate
maintained, contributed to or had an obligation to contribute to such
plan.  For avoidance of doubt, a Plan shall not include a Canadian
Pension Plan or a Foreign Pension Plan.

             

            “Pledge Agreement”
shall mean each of the U.S. Pledge Agreement and each Foreign Pledge Agreement,
in each case as amended, modified, restated or supplemented from time to
time.

             

            “PMP” shall mean a
professional market party, as defined in the Dutch Banking Act as amended, being
(a) a qualified investor, including, but not limited to, a legal person or a
company that holds a license or is otherwise regulated to be active in the
financial markets; (b) a subsidiary of a qualified investor that is included in
the supervision of the qualified investor on a consolidated basis; or (c) any
other person or company designated by the Decree as a professional market
party.

             

            “Pounds Sterling” and
“£” shall mean
freely transferable lawful money of the United Kingdom (expressed in Pounds
Sterling).

             

            “PPSA” shall mean the
Personal Property Security Act (Ontario); provided that, if
perfection or the effect of perfection or non-perfection or the priority of any
security interest in any Collateral is governed by a Personal Property Security
Act as in effect in a Canadian jurisdiction other than Ontario, or the Civil
Code of Quebec, “PPSA” means the Personal Property Security Act as in effect
from time to time in such other jurisdiction or the Civil Code of Quebec, as
applicable, for purposes of the provisions hereof relating to such perfection,
effect of perfection or non-perfection or priority in such
Collateral.

             

            “Preferred Equity”, as
applied to the Equity Interests of any Person, shall mean Equity Interests of
such Person (other than common Equity Interests of such Person) of any class or
classes (however designed) that ranks prior, as to the payment of dividends or
as to the distribution of assets upon any voluntary or involuntary liquidation,
dissolution or winding up of such Person, to shares of Equity Interests of any
other class of such Person, and shall include any Qualified Preferred Stock of
Holdings.

             

            
              “Primary Australian Credit Party
Obligations” shall have the meaning specified in Section 11.02(b).

               

              “Primary Canadian Credit
Party Obligations” shall have the meaning specified in Section
11.02(b).

            

             

            

            
              
                
                   

                

                
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            “Primary Dutch Credit Party
Obligations” shall have the meaning specified in Section
11.02(b).

             

            “Primary Foreign Credit Party
Obligations” shall have the meaning specified in Section
11.02(b).

             

            “Primary Obligations”
shall have the meaning specified in Section
11.02(b).

             

            “Primary U.K. Credit Party
Obligations” shall have the meaning specified in Section
11.02(b).

             

            “Primary U.S. Credit Party
Obligations” shall have the meaning specified in Section
11.02(b).

             

            “Prime Lending Rate”
shall mean the rate which the Administrative Agent announces from time to time
as its prime lending rate, the Prime Lending Rate to change when and as such
prime lending rate changes.  The Prime Lending Rate is a reference
rate and does not necessarily represent the lowest or best rate actually charged
to any customer by the Administrative Agent, which may make commercial loans or
other loans at rates of interest at, above or below the Prime Lending
Rate.

             

            “Pro Forma Basis”
shall mean, in connection with any calculation of compliance with any financial
covenant or financial term, the calculation thereof after giving effect on a pro
forma basis to (a) the incurrence of any Indebtedness (other than revolving
Indebtedness, except to the extent same is incurred to refinance other
outstanding Indebtedness, to finance a Permitted Acquisition or to finance any
other acquisition of an Acquired Entity or Business) after the first day of the
relevant Test Period or Calculation Period, as the case may be, as if such
Indebtedness had been incurred (and the proceeds thereof applied) on the first
day of such Test Period or Calculation Period, as the case may be, (b) the
permanent repayment of any Indebtedness (other than revolving Indebtedness,
except to the extent accompanied by a corresponding voluntary permanent
commitment reduction) after the first day of the relevant Test Period or
Calculation Period, as the case may be, as if such Indebtedness had been retired
or repaid on the first day of such Test Period or Calculation Period, as the
case may be, and (c) any Permitted Acquisition, any Significant Asset Sale or
any other acquisition of an Acquired Entity or Business then being consummated
as well as any other Permitted Acquisition or any other Significant Asset Sale,
any such other acquisition or any such other Significant Asset Sale if
consummated after the first day of the relevant Test Period or Calculation
Period, as the case may be, and on or prior to the date of the respective
Permitted Acquisition or other acquisition or Significant Asset Sale, as the
case may be, then being effected, with the following rules to apply in
connection therewith:

             

            (i)           all
Indebtedness (A) (other than revolving Indebtedness, except to the extent same
is incurred to refinance other outstanding Indebtedness, to finance Permitted
Acquisitions or to finance any other acquisition of an Acquired Entity or
Business) incurred or issued after the first day of the relevant Test Period or
Calculation Period (whether incurred to finance a Permitted Acquisition or such
other acquisition, to refinance Indebtedness or otherwise) shall be deemed to
have been incurred or issued (and the proceeds thereof applied) on the first day
of such Test Period or Calculation Period, as the case may be, and remain

             

            

            
              
                
                   

                

                
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            outstanding
through the date of determination and (B) (other than revolving Indebtedness,
except to the extent accompanied by a corresponding voluntary permanent
commitment reduction) permanently retired or redeemed after the first day of the
relevant Test Period or Calculation Period shall be deemed to have been retired
or redeemed on the first day of such Test Period or Calculation Period, as the
case may be, and remain retired through the date of determination;

             

            (ii)           all
Indebtedness assumed to be outstanding pursuant to preceding clause (i) shall be
deemed to have borne interest at (A) the rate applicable thereto, in the case of
fixed rate indebtedness, or (B) the rates which would have been applicable
thereto during the respective period when same was deemed outstanding, in the
case of floating rate Indebtedness (although interest expense with respect to
any Indebtedness for periods while same was actually outstanding during the
respective period shall be calculated using the actual rates applicable thereto
while same was actually outstanding); and

             

            (iii)           in
making any determination of Consolidated EBITDA on a Pro Forma Basis, pro forma effect
shall be given to any Permitted Acquisition, any Significant Asset Sale, any
other acquisition of an Acquired Entity or Business if effected during the
respective Calculation Period or Test Period as if same had occurred on the
first day of the respective Calculation Period or Test Period, as the case may
be, and taking into account factually supportable and identifiable cost savings
and expenses which would otherwise be accounted for as an adjustment pursuant to
Article 11 of Regulation S-X under the Securities Act, as if such cost savings
or expenses were realized on the first day of the respective
period.

             

            “Pro Rata Share” shall
have the meaning specified in Section
11.02(b).

             

            “Projections” shall
mean the projections that are contained in the Confidential Information
Memorandum dated August, 2009 and that were prepared by or on behalf of Holdings
in connection with this Agreement and delivered to the Administrative Agent and
the Lenders prior to the Effective Date.

             

            “Qualified Preferred
Stock” shall mean any Preferred Equity of Holdings so long as the terms
of any such Preferred Equity (v) do not contain any mandatory put, redemption,
repayment, sinking fund or other similar provision prior to the one year
anniversary of the Revolving Loan Maturity Date, (w) do not require the cash
payment of dividends or distributions that would otherwise be prohibited by the
terms of this Agreement or any other agreement or contract of Holdings or any of
its Subsidiaries, (x) do not contain any covenants (other than periodic
reporting requirements), (y) do not grant the holders thereof any voting rights
except for (I) voting rights required to be granted to such holders under
applicable law and (II) limited customary voting rights on fundamental matters
such as mergers, consolidations, sales of all or substantially all of the assets
of Holdings, or liquidations involving Holdings, and (z) are otherwise
reasonably satisfactory to the Administrative Agent.

             

            
              “Qualified Secured Cash
Management Agreement Reserve” shall mean each Australian Qualified
Secured Cash Management Agreement Reserve, Canadian Qualified Secured Cash
Management Agreement Reserve, Dutch Qualified Secured Cash Management Agreement
Reserve, U.K. Qualified Secured Cash Management Agreement Reserve and U.S.
Qualified Secured Cash Management Agreement Reserve.

               

            

            

            
              
                
                   

                

                
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            “Qualified Secured Cash
Management Agreements” shall have the meaning provided in Section
13.22.

             

            “Qualified Secured Hedging
Agreement Reserve” shall mean each Australian Qualified Secured Hedging
Agreement Reserve, Canadian Qualified Secured Hedging Agreement Reserve, Dutch
Qualified Secured Hedging Agreement Reserve, U.K. Qualified Secured Hedging
Agreement Reserve and U.S. Qualified Secured Hedging Agreement
Reserve.

             

            “Qualified Secured Hedging
Agreements” shall have the meaning provided in Section
13.22.

             

            “Quarterly Payment
Date” shall mean the last Business Day of each March, June, September and
December occurring after the Effective Date.

             

            “Quarterly Pricing
Certificate” shall have the meaning provided in the definition of
Applicable Margin.

             

            “Quebec Assets” shall
have the meaning provided in the definition of “Collateral and Guaranty
Requirements”.

             

            “Quebec Secured
Obligations” shall have the meaning provided in Section
12.12.

             

            “Quebec Secured
Parties” shall have the meaning provided in Section
12.12.

             

            “Real Property” of any
Person shall mean all the right, title and interest of such Person in and to
land, improvements and fixtures, including Leaseholds.

             

            “Recovery Event” shall
mean the receipt by Holdings or any of its Subsidiaries of any cash insurance
proceeds or condemnation awards payable (i) by reason of theft, loss, physical
destruction, damage, taking or any other similar event with respect to any
property or assets of Holdings or any of its Subsidiaries or (ii) under any
policy of insurance maintained by any of them.

             

            “Reference Discount
Rate” shall mean, in respect of any Bankers’ Acceptances or completed
Drafts to be purchased by a Lender pursuant to Section 2.01(a) and
Schedule
1.01(b), the higher of (x) (i) by a Schedule I chartered bank, the
arithmetic average of the discount rates (calculated on an annual basis and
rounded to the nearest one-hundredth of 1%, with five-thousandths of 1% being
rounded up) for the appropriate term as quoted on Reuters Screen CDOR Page (or
such other page as may be selected by DB Canada as a replacement page for such
Banker’s Acceptances if such screen is not available) at 10:00 A.M. (Toronto
time); and (ii) by any other Lender, the lesser of (A) the rate specified in (i)
plus 0.10% and
(B) the discount rate (calculated on an annual basis and rounded to the nearest
one-hundredth of 1%, with five thousandths of 1% being rounded up) quoted by DB
Canada at 10:00 A.M. (Toronto time) as the discount rate at which DB Canada
would purchase, on the relevant Drawing Date, its own bankers’ acceptances or
Drafts having an aggregate Face Amount equal to, and with a term to maturity the
same as, the Bankers’ Acceptances or Drafts, as the case may be, to be acquired
by such Lender on such Drawing Date and (y) 1.50% per annum.

             

            

            
              
                
                   

                

                
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            “Refinancing” shall
mean the refinancing transactions described in Section
6.07.

             

            “Refinancing
Documents” shall mean all pay-off letters, guaranty releases, Lien
releases (including, without limitation, UCC termination statements) and other
documents and agreements entered into in connection with the
Refinancing.

             

            “Register” shall have
the meaning provided in Section
13.15.

             

            “Regulation D” shall
mean Regulation D of the Board as from time to time in effect and any successor
to all or a portion thereof establishing reserve requirements.

             

            “Regulation T” shall
mean Regulation T of the Board as from time to time in effect and any successor
to all or a portion thereof.

             

            “Regulation U” shall
mean Regulation U of the Board as from time to time in effect and any successor
to all or a portion thereof.

             

            “Release” shall mean
actively or passively disposing, discharging, injecting, spilling, pumping,
leaking, leaching, dumping, emitting, escaping, emptying, pouring, seeping,
migrating or the like, into or upon any land or water or air, or otherwise
entering into the environment.

             

            “Relevant Reinvestment
Period” shall mean, with respect to any Asset Sale, the date occurring
365 days following the receipt of Net Cash Proceeds by Holdings or any of its
Subsidiaries from such Asset Sale (or, if a definitive letter of intent or
agreement has been executed during such 365 days period with respect to the
reinvestment of such Net Cash Proceeds, within 545 days following the receipt of
such Net Cash Proceeds) (or within such longer period as may be agreed in
writing by the Administrative Agent in its sole discretion).

             

            “Rent Reserve” shall
mean a reserve established by the Co-Collateral Agents in their Permitted
Discretion in respect of rent payments made by an ABL Credit Party for each
location at which Inventory of an ABL Credit Party is located that is not
subject to a Collateral Access Agreement (as reported to the Co-Collateral
Agents by Holdings from time to time as requested by the Co-Collateral Agents),
as adjusted from time to time by the Co-Collateral Agents in their Permitted
Discretion equal to three months base rent or service charges or such lesser
amount as is acceptable to the Co-Collateral Agents; provided that the
Rent Reserve for any location shall not exceed the amount advanced against the
Inventory located at the applicable location pursuant to the applicable
Borrowing Base; provided that no Rent
Reserve shall be established prior to the 60th day after the Effective
Date.

             

            “Replaced Lender”
shall have the meaning provided in Section
2.13.

             

            
              “Replacement Lender”
shall have the meaning provided in Section
2.13.

               

              “Reportable Event”
shall mean an event described in Section 4043(c) of ERISA with respect to a Plan
that is subject to Title IV of ERISA other than those events as to which the
30-day notice period is waived under subsection .22, .23, .25, .27 or .28 of
PBGC Regulation Section 4043.

               

            

             

            
              
                
                   

                

                
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            “Required Lenders”
shall mean, at any time, Non-Defaulting Lenders the sum of whose Commitments
(or, after the termination of all Commitments, outstanding Individual Exposures)
at such time represents at least a majority of the Total Commitment in effect at
such time less
the Commitments of all Defaulting Lenders (or, after the termination of all
Commitments, the sum of then total outstanding Individual Exposures of all
Non-Defaulting Lenders, at such time.

             

            “Reserves” shall mean
reserves, if any, established by the Co-Collateral Agents from time to time
hereunder in their Permitted Discretion against any or all of the Borrowing
Bases, including, without limitation and duplication, (i) Rent Reserves, (ii)
ROT Reserves, (iii) freight costs related to Eligible Inventory in transit, (iv)
in the case of the Canadian Borrowing Base, the Canadian Dilution Reserves, the
Canadian Priority Payables Reserves and the Canadian Unpaid Supplier Reserve,
(v) in the case of the Australian Borrowing Base, the Australian Dilution
Reserves, the Australian Priority Payable Reserves, the Australian Employee
Liability Reserves and the Australian Unpaid Supplier Reserves, (vi) in the case
of the Dutch Borrowing Base, the Dutch Dilution Reserves, the Dutch Priority
Payables Reserve and the Dutch Unpaid Supplier Reserve, (vii) in the case of the
U.K. Borrowing Base, the U.K. Dilution Reserves, the Enterprise Act Reserves and
the Employee Liability Reserves, (viii) in the case of the U.S. Borrowing Base,
the U.S. Dilution Reserves, (ix) sums that the Borrowers are or will be required
to pay (such as taxes, assessments and insurance premiums) and have not yet
paid, (x) amounts owing by any Credit Party to any Person to the extent secured
by a Lien on, or trust over, any ABL Priority Collateral and (xi) such other
events, conditions or contingencies as to which the Co-Collateral Agents, in
their Permitted Discretion, determine reserves should be established from time
to time hereunder.

             

            “Resident” shall have
the meaning given in section 6(1) of the Australian Tax Act.

             

            “Restricted” shall
mean, when referring to cash or Cash Equivalents of Holdings or any of its
Subsidiaries, that such cash or Cash Equivalents (i) appears (or would be
required to appear) as “restricted” on a consolidated balance sheet of Holdings
or of any such Subsidiary (unless such appearance is related to the Credit
Documents or Liens created thereunder), (ii) are subject to any Lien in favor of
any Person other than the Collateral Agent for the benefit of the Secured
Parties or (iii) are not otherwise generally available for use by Holdings or
such Subsidiary.

             

            “Returns” shall have
the meaning provided in Section
8.09.

             

            “Revolving Loan” shall
have the meaning provided in Section
2.01(a).

             

            “Revolving Loan Maturity
Date” shall mean September 30, 2013.

             

            
              “Revolving Note” shall
have the meaning provided in Section
2.05(a).

               

              “RL Percentage” of any
Lender at any time shall mean a fraction (expressed as a percentage) the
numerator of which is the Commitment of such Lender at such time and the
denominator of which is the Total Commitment at such time, provided that if the
RL Percentage of any Lender is to be determined after the Total Commitment has
been terminated, then the RL 

               

            

            

            
              
                
                   

                

                
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            Percentages
of such Lender shall mean a fraction (expressed as a percentage) the numerator
of which is such Lender’s Individual Exposure at such time and the denominator
of which is the Aggregate Exposure at such time.

             

            “ROT Reserve” shall
mean a reserve established by the Co-Collateral Agents in their Permitted
Discretion in respect of Eligible Inventory owned by an ABL Credit Party that is
subject to retention or title, as adjusted from time to time by the
Co-Collateral Agents in their Permitted Discretion.

             

            “S&P” shall mean
Standard & Poor’s Ratings Services, a division of McGraw-Hill,
Inc.

             

            “SEC” shall have the
meaning provided in Section
9.01(h).

             

            “Second Priority”
shall mean, with respect to any Lien purported to be created on any Collateral
pursuant to the Security Documents, that such Lien is prior in right to any
other Lien thereon, other than (x) Liens permitted pursuant to clause (y) Section 10.01(iv) on
the Senior Secured Notes Priority Collateral owned by the U.S. Credit Parties
and created by or pursuant to the Senior Secured Notes Security Documents and
having priority over the Secured Obligations of the U.S. Credit Parties pursuant
to the Intercreditor Agreement and (y) Permitted Liens permitted to be prior to
the Liens on the Collateral in accordance with the definition “First Priority”
contained herein; provided that in no
event shall any such Permitted Lien be permitted (on a consensual basis) to be
junior and subordinate to any Permitted Liens as described in clause (x) above
and senior in priority to the relevant Liens created pursuant to the Security
Documents.

             

            “Secondary Australian Credit
Party Obligations” shall have the meaning specified in Section
11.02(b).

             

            “Secondary Canadian Credit
Party Obligations” shall have the meaning specified in Section
11.02(b).

             

            “Secondary Dutch Credit Party
Obligations” shall have the meaning specified in Section
11.02(b).

             

            “Secondary Foreign Credit
Party Obligations” shall have the meaning specified in Section
11.02(b).

             

            “Secondary
Obligations” shall have the meaning specified in Section
11.02(b).

             

            “Secondary U.K. Credit Party
Obligations” shall have the meaning specified in Section
11.02(b).

             

            
              “Secondary U.S. Credit Party
Obligations” shall have the meaning specified in Section
11.02(b).

               

              “Section 5.04(b)(ii)
Certificate” shall have the meaning provided in Section
5.04(b)(ii).

               

            

            

            
              
                
                   

                

                
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            “Secured Cash Management
Agreements” shall mean each Cash Management Agreement entered into by an
ABL Credit Party with any Lender or any affiliate thereof (even if such Lender
subsequently ceases to be a Lender under this Agreement for any reason) so long
as such Lender or affiliate participates in such Secured Cash Management
Agreement.

             

            “Secured Hedging
Agreements” shall mean each Interest Rate Protection Agreement and/or
Other Hedging Agreement entered into by an ABL Credit Party with any Lender or
any affiliate thereof (even if such Lender subsequently ceases to be a Lender
under this Agreement for any reason) so long as such Lender or affiliate
participates in such Interest Rate Protection Agreement and/or Other Hedging
Agreement.

             

            “Secured Obligations”
shall mean and include, as to any Credit Party, all of the
following:

             

            (i)           the
full and prompt payment when due (whether at stated maturity, by acceleration or
otherwise) of all Obligations of such Credit Party to the Lender Creditors,
whether now existing or hereafter incurred under, arising out of, or in
connection with, each Credit Document to which such Credit Party is a party
(including, without limitation, in the event such Credit Party is a Guarantor,
all such obligations, liabilities and indebtedness of such Credit Party under
each Guaranty to which it is a party) (all such Obligations under this clause
(i), except to the extent consisting of Hedging Obligations or Cash Management
Obligations, being herein collectively called the “Credit Document
Obligations”);

             

            (ii)           the
full and prompt payment when due (whether at stated maturity, by acceleration or
otherwise) of all obligations, liabilities and indebtedness (including, without
limitation, all interest that accrues after the commencement of any case,
proceeding or other action relating to the bankruptcy, insolvency,
reorganization or similar proceeding of any Credit Party at the rate provided
for in the respective documentation, whether or not a claim for post-petition
interest is allowed in any such proceeding) owing by such Credit Party to the
extent it is an ABL Credit Party to the Hedging Creditors, whether now existing
or hereafter incurred under, arising out of or in connection with any Secured
Hedging Agreement, whether such Secured Hedging Agreement is now in existence or
hereinafter arising (including, without limitation, in the event such Credit
Party to the extent it is an ABL Credit Party is a Guarantor, all obligations,
liabilities and indebtedness of such Credit Party to the extent it is an ABL
Credit Party under each Guaranty, to which it is a party, in respect of the
Secured Hedging Agreements), and the due performance and compliance by such
Credit Party to the extent it is an ABL Credit Party with all of the terms,
conditions and agreements contained in each such Secured Hedging Agreement (all
such obligations, liabilities and indebtedness under this clause (ii) being
herein collectively called the “Hedging
Obligations”);

             

            (iii)           the
full and prompt payment when due (whether at stated maturity, by acceleration or
otherwise) of all obligations, liabilities and indebtedness (including, without
limitation, all interest that accrues after the commencement of any case,
proceeding or other action relating to the bankruptcy, insolvency,
reorganization or 

             

            

            
              
                
                   

                

                
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            similar
proceeding of any Credit Party at the rate provided for in the respective
documentation, whether or not a claim for post-petition interest is allowed in
any such proceeding) owing by such Credit Party to the extent it is an ABL
Credit Party to the Cash Management Creditors, whether now existing or hereafter
incurred under, arising out of or in connection with any Secured Cash Management
Agreement, whether such Secured Cash Management Agreement is now in existence or
hereinafter arising (including, without limitation, in the event such Credit
Party to the extent it is an ABL Credit Party is a Guarantor, all obligations,
liabilities and indebtedness of such Credit Party to the extent it is an ABL
Credit Party under each Guaranty, to which it is a party, in respect of the
Secured Cash Management Agreements), and the due performance and compliance by
such Credit Party to the extent it is an ABL Credit Party with all of the terms,
conditions and agreements contained in each such Secured Cash Management
Agreement (all such obligations, liabilities and indebtedness under this clause
(iii) being herein collectively called the “Cash Management
Obligations”);

             

            (iv)           any
and all sums advanced by the Collateral Agent in order to preserve the
Collateral or preserve its security interest in the Collateral;

             

            (v)           in
the event of any proceeding for the collection or enforcement of any
indebtedness, obligations, or liabilities of such Credit Party referred to in
clauses (i), (ii) and (iii) above, after an Event of Default shall have occurred
and be continuing, the expenses of retaking, holding, preparing for sale or
lease, selling or otherwise disposing of or realizing on the Collateral, or of
any exercise by the Collateral Agent of its rights hereunder, together with
reasonable attorneys’ fees and court costs; and

             

            (vi)           all
amounts paid (or incurred) by any Indemnified Party as to which such Indemnified
Party has the right to reimbursement under Section 13.01 or any
indemnity contained in any Security Document;

             

            it being
acknowledged and agreed that the “Secured Obligations” shall include extensions
of credit of the types described above, whether outstanding on the date of this
Agreement or any Security Document or extended from time to time after the date
of this Agreement or any Security Document.

             

            “Secured Parties”
shall mean, collectively, the Lender Creditors, the Hedging Creditors and the
Cash Management Creditors.

             

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

             

            “Security Document”
shall mean and include each of the U.S. Security Agreement, each Pledge
Agreement, each Incremental Security Document, each Cash Management Control
Agreement, each Mortgage, the Intercreditor Agreement and each other security
agreement, hypothecation, bond, pledge or other instrument, document, agreement
or grant executed and delivered pursuant to the Collateral and Guaranty
Requirements or pursuant to Section 9.13 or 9.14 to secure any of
the Secured Obligations of any Credit Party; provided, that any
cash collateral or other agreements entered into pursuant to the Back-Stop
Arrangements 

             

            

            
              
                
                   

                

                
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            shall
constitute “Security Documents” solely for purposes of (x) Sections 8.03 and
10.01(iv) and
(y) the term “Credit Documents” as used in Sections 10.04(i),
10.09 and 13.01.

             

            “Senior Secured Noteholder
Obligations” shall have the meaning specified in the Intercreditor
Agreement.

             

            “Senior Secured Noteholder
Secured Parties” shall have the meaning specified in the Intercreditor
Agreement.

             

            “Senior Secured
Noteholders” shall mean the holders of the Senior Secured
Notes.

             

            “Senior Secured Notes”
shall mean Holding’s 10.625% Senior Secured Notes due March, 2015, issued
pursuant to the Senior Secured Note Indenture, as in effect on the Effective
Date and as the same may be amended, modified and/or supplemented from time to
time in accordance with the terms hereof and thereof.

             

            “Senior Secured Notes
Documents” shall mean the Senior Secured Notes, the Senior Secured Notes
Indenture, the Senior Secured Notes Security Documents and all other documents
executed and delivered with respect to the Senior Secured Notes or Senior
Secured Notes Indenture, as in effect on the Effective Date and as the same may
be amended, modified and/or supplemented from time to time in accordance with
the terms hereof and thereof.

             

            “Senior Secured Notes
Indenture” shall mean the Indenture, dated as of September 30, 2009,
among Holdings as issuer, the other U.S. Borrowers and the U.S. Subsidiary
Guarantors as guarantors and U.S. Bank National Association, as trustee, as in
effect on the Effective Date and as thereafter amended, modified and/or
supplemented from time to time in accordance with the terms hereof and
thereof.

             

            “Senior Secured Notes
Obligations Termination Date” shall mean that date upon which the
Discharge of Senior Secured Notes Obligations shall have occurred with respect
to the Senior Secured Noteholder Obligations.

             

            “Senior Secured Notes
Priority Collateral” shall mean any and all Collateral other than the ABL
Priority Collateral.

             

            “Senior Secured Notes
Security Documents” shall mean the “Security Documents” as defined in the
Senior Secured Notes Indenture.

             

            “Settlement Date”
shall have the meaning provided in Section
2.04(b)(i).

             

            
              “Shareholders’
Agreements” shall have the meaning provided in Section
6.05.

               

              “Significant Asset
Sale” shall mean each Asset Sale which generates Net Sale Proceeds of at
least $5,000,000.

               

              “Specified Default”
shall mean a Default specified in Section 11.01(a) or
11.01(e).

            

             

            

            
              
                
                   

                

                
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            “Specified Foreign Currency
Funding Capacity” at any date of determination, for any Lender, shall
mean the ability of such Lender to fund Revolving Loans denominated in
Australian Dollars, Canadian Dollars, Pounds Sterling and/or Euros, as set forth
in the records of the Administrative Agent pursuant to the receipt by the
Administrative Agent of a notification in writing by such Lender to the
Administrative Agent within three (3) Business Days prior to such Lender
becoming a Lender hereunder.

             

            “Specified Foreign Currency
Loan” shall have the meaning provided in Section
15.01.

             

            “Specified Foreign Currency
Participation” shall have the meaning provided in Section
15.01.

             

            “Specified Foreign Currency
Participation Fee” shall have the meaning provided in Section
15.06.

             

            “Specified Foreign Currency
Participation Settlement” shall have the meaning provided in Section
15.02(a).

             

            “Specified Foreign Currency
Participation Settlement Amount” shall have the meaning provided in Section
15.02(b).

             

            “Specified Foreign Currency
Participation Settlement Date” shall have the meaning provided in Section
15.02(a).

             

            “Specified Foreign Currency
Participation Settlement Period” shall have the meaning provided in Section
15.02(a).

             

            “Specified Reserves”
shall mean any Reserves which (a) constitute either (i) any Rent Reserves or
(ii) other reserves under clause (xi) of the definition of “Reserves”
established by the Co-Collateral Agents to the extent such Reserves relate to
the ability of the Collateral Agent to obtain access to Accounts and Inventory
and (b) the Administrative Agent in its Permitted Discretion has deemed to be a
“Specified Reserve”.

             

            “Start Date” shall
have the meaning provided in the definition of Applicable Margin.

             

            “Stated Amount” of
each Letter of Credit shall mean, at any time, the maximum amount available to
be drawn thereunder (in each case determined without regard to whether any
conditions to drawing could then be met); provided that the
“Stated Amount” of each Letter of Credit denominated in Canadian Dollars,
Australian Dollars, Hong Kong Dollars, Pounds Sterling or Euro shall be, on any
date of calculation, the U.S. Dollar Equivalent of the maximum amount available
to be drawn in the respective currency thereunder (determined without regard to
whether any conditions to drawing could then be met).

             

            
              “Sterling Denominated
Revolving Loans” shall mean each Revolving Loan denominated in Pounds
Sterling at the time of the incurrence thereof.

               

            

            

            
              
                
                   

                

                
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            “Sterling Rate” shall
mean, with respect to each Borrowing of Sterling Denominated Revolving Loans,
the higher of (x) (i) the rate per annum that appears on
page Reuters Page Libor01 (or any successor page) for Pounds Sterling deposits
with maturities comparable to the Interest Period applicable to the Sterling
Loans subject to the respective Borrowing as of 11:00 A.M. (London time) on the
date of the proposed commencement of such Interest Period or (ii) if such a rate
does not appear on page 3750 of the Dow Jones Telerate Screen (or any successor
page), the offered quotation to first-class banks in the London interbank market
by the Administrative Agent for Pounds Sterling deposits of amounts in
immediately available funds comparable to the principal amount of the Sterling
Denominated Revolving Loan to be made by the Administrative Agent as part of
such Borrowing (or, if the Administrative Agent is not lending any part of such
Borrowing, the Lenders with the largest percentage of the respective such
Borrowing) with maturities comparable to the Interest Period applicable to such
Sterling Denominated Revolving Loan as of 11:00 A.M. (London time) on the date
of the proposed commencement of such Interest Period, provided that in the
event the Administrative Agent has made any determination pursuant to Section 2.10(a)(i) in
respect of Sterling Denominated Revolving Loans, or in the circumstances
described in clause (i) to the proviso to Section 2.10(b) in
respect of such Sterling Denominated Revolving Loans, the Sterling Rate
determined pursuant to this definition shall instead be the rate determined by
the Administrative Agent as the all-in-cost of funds for the Administrative
Agent to fund a Borrowing of Revolving Loans denominated in Pounds Sterling with
maturities comparable to the Interest Period applicable thereto and (y) 1.50%
per annum.

             

            “Subsidiary” shall
mean, as to any Person, (i) any corporation more than 50% of whose stock of any
class or classes having by the terms thereof ordinary voting power to elect a
majority of the directors of such corporation (irrespective of whether or not at
the time stock of any class or classes of such corporation shall have or might
have voting power by reason of the happening of any contingency) is at the time
owned by such Person and/or one or more Subsidiaries of such Person and (ii) any
partnership, limited liability company, association, joint venture or other
entity in which such Person and/or one or more Subsidiaries of such Person has
more than a 50% equity interest at the time.  Unless otherwise
qualified, all references to a “Subsidiary” or to “Subsidiaries” in this
Agreement shall refer to a Subsidiary or Subsidiaries of Holdings.

             

            “Subsidiary Guarantor”
shall mean each U.S. Subsidiary Guarantor and each Foreign Subsidiary
Guarantor.

             

            “Supermajority
Lenders” shall mean those, Non-Defaulting Lenders (other than Affiliated
Lenders) which would constitute the Required Lenders under, and as defined in,
this Agreement, if the reference to “a majority” contained therein were changed
to “80%”.

             

            
              “Swingline Back-Stop
Arrangements” shall have the meaning provided in Section
2.01(b).

               

              “Swingline Expiry
Date” shall mean that date which is five Business Days prior to the
Revolving Loan Maturity Date.

               

            

            

            
              
                
                   

                

                
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            “Swingline Lender”
shall mean the Administrative Agent, in its capacity as Swingline Lender
hereunder.

             

            “Swingline Loan” shall
have the meaning provided in Section
2.01(b).

             

            “Swingline Note” shall
have the meaning provided in Section
2.05(a).

             

            “Syndication Agent”
shall mean Bank of America, N.A., in its capacity as Syndication Agent in
respect of the credit facilities hereunder, and any successors
thereto.

             

            “Synthetic Lease”
shall mean a lease transaction under which the parties intend that (i) the lease
will be treated as an “operating lease” by the lessee and (ii) the lessee will
be entitled to various tax and other benefits ordinarily available to owners (as
opposed to lessees) of like property.

             

            “Tax Sharing
Agreements” shall have the meaning provided in Section
6.05.

             

            “Taxes” shall have the
meaning provided in Section
5.04(a).

             

            “Tertiary Obligations”
shall mean (i) all Hedging Obligations under Secured Hedging Agreements that are
not Qualified Secured Hedging Agreements and (ii) all Cash Management
Obligations under Secured Cash Management Agreements that are not Qualified
Secured Cash Management Agreements.

             

            “Test Period” shall
mean each period of 12 consecutive fiscal months of Holdings then last ended, in
each case taken as one accounting period; provided that in the
case of any Test Period which includes any fiscal month ended on or prior to
August 31, 2009, the rules set forth in the immediately succeeding clause shall
apply; provided
further, that
in the case of determinations of the Consolidated Fixed Charge Coverage Ratio
pursuant to this Agreement, such further adjustments (if any) as described in
the proviso to the definition of “Consolidated Fixed Charge Coverage Ratio”
contained herein shall be made to the extent applicable.

             

            “Total Borrowing Base”
shall mean, as of any date of determination, the sum of the Australian Borrowing
Base, the Canadian Borrowing Base, the Dutch Borrowing Base, the U.K. Borrowing
Base and the U.S. Borrowing Base, in each case, at such date.

             

            “Total Commitment”
shall mean, at any time, the sum of the Commitments of each of the Lenders at
such time.

             

            “Total Unutilized
Commitment” shall mean, at any time, an amount equal to the remainder of
(a) the Total Commitment in effect at such time less (b) the
Aggregate Exposure at such time.

             

            “Transaction” shall
mean, collectively, (a) the consummation of the Refinancing, (b) the execution,
delivery and performance by each U.S. Credit Party of the Senior Secured Notes
Documents to which it is a party, the issuance of the Senior Secured Notes and
the use of proceeds thereof, (c) the execution, delivery and performance by each
Credit Party of the Credit 

             

            

            
              
                
                   

                

                
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            Documents
to which it is a party, the incurrence of Loans on the Effective Date and the
use of proceeds thereof and (d) the payment of all Transaction
Costs.

             

            “Transaction Costs”
shall mean the fees, costs and expenses (including legal fees and expenses, and
(if any) title premiums, survey charges, and recording taxes and fees) payable
to third-parties by Holdings or any of its Subsidiaries on or before the first
anniversary of the Effective Date and incurred in order to consummate the
transactions contemplated by the Credit Documents or the Senior Secured Notes
Documents.

             

            “Type” shall mean the
type of Loan determined with regard to the interest option applicable thereto,
i.e., whether a
Base Rate Loan, a Eurodollar Loan, a Canadian Prime Rate Loan, a Bankers’
Acceptance Loan, an Australian Dollar Denominated Revolving Loan, a Sterling
Denominated Revolving Loan or a Euro Denominated Revolving Loan.

             

            “UCC” shall mean the
Uniform Commercial Code as from time to time in effect in the relevant
jurisdiction.

             

            “U.K. Borrower” and
“U.K.
Borrowers” shall have the meaning provided in the first paragraph of this
Agreement.

             

            “U.K. Borrower Loans”
shall mean each U.K. Borrower Revolving Loan and each U.K. Borrower Swingline
Loan.

             

            “U.K. Borrower
Obligations” shall mean all Obligations owing to the Administrative
Agent, the Collateral Agent, any Issuing Lender or any Lender by any U.K.
Borrower.

             

            “U.K. Borrower Revolving
Loan” shall have the meaning provided in Section
2.01(a).

             

            “U.K. Borrower Revolving
Note” shall have the meaning provided in Section
2.05(a).

             

            “U.K. Borrower Swingline
Loan” shall have the meaning provided in Section
2.01(b).

             

            “U.K. Borrower Swingline
Note” shall have the meaning provided in Section
2.05(a).

             

            “U.K. Borrowing Base”
shall mean, as of any date of calculation, the amount equal to, without
duplication, the sum of (a) 85% of Eligible U.K. Accounts, plus (b) the least of
(i) 65% of the respective Value of each category of Eligible U.K. Inventory
(i.e., raw
materials, work in process and finished goods), (ii) 85% of the then extant Net
Orderly Liquidation Value of each such category of Eligible U.K. Inventory
(i.e., raw
materials, work in process and finished goods) and (iii) the amount that would
represent 60% of the preceding clause (a) and this clause (b)(iii) if such
amount was used under this clause (b)(iii) in the calculation of the U.K.
Borrowing Base minus (c) the sum
(without duplication) of (i) the U.K. Qualified Secured Hedging Agreement
Reserve, (ii) the U.K. Qualified Secured Cash Management Agreement 

             

            

            
              
                
                   

                

                
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            Reserve
and (iii) the Reserves then established by the Co-Collateral Agents with respect
to the U.K. Borrowing Base.  The Co-Collateral Agents shall have the
right (but no obligation) to review such computations and if, in their Permitted
Discretion, such computations have not been calculated in accordance with the
terms of this Agreement, the Co-Collateral Agents shall have the right to
correct any such errors in such manner they shall determine in their Permitted
Discretion and the Collateral Agent will notify Holdings promptly after making
any such correction.

             

            “U.K. Collection
Account” shall mean each account established at a U.K. Collection Bank
subject to a Cash Management Control Agreement into which funds shall be
transferred as provided in Section
5.03(f).

             

            “U.K. Collection
Banks” shall have the meaning provided in Section
5.03(f).

             

            “U.K. Credit Parties”
shall mean each U.K. Borrower and each Foreign Subsidiary Guarantor that is a
U.K. Subsidiary of Holdings.

             

            “U.K. Credit Party
Obligations” shall mean all U.K. Borrower Obligations and any guarantees
thereof by the Credit Parties (including by the U.S. Credit Parties) pursuant to
any Guaranty or pursuant to any other Credit Document.

             

            “U.K. Dilution
Reserve” shall mean, as of any date of determination, as to the Accounts
owned by the U.K. Credit Parties, an amount sufficient to reduce the advance
rate against Eligible Accounts owned by the U.K. Credit Parties (determined
without regard to the application of clause (x) of the fourth sentence of the
definition of “Eligible Accounts”)
by one (1) percentage point (1.00%) for each percentage point by which Dilution
of the Accounts owned by the U.K. Credit Parties is in excess of
5.00%.

             

            “U.K. Disbursement
Account” shall mean each checking and/or disbursement account maintained
by each U.K. Credit Party for their respective general corporate purposes,
including for the purpose of paying their trade payables and other operating
expenses (other than a disbursement account that is an Excluded Account) and
funded by such U.K. Credit Party in the ordinary course of business consistent
with past practices.

             

            “U.K. Qualified Secured Cash
Management Agreement Reserve” shall mean a reserve to be established by
the Administrative Agent from time to time in respect of the U.K. Qualified
Secured Cash Management Agreements, which reserve shall be in an amount equal to
the aggregate amount of all reserves agreed upon from time to time by the
applicable Lender and the applicable U.K. Credit Party and notified in writing
to the Administrative Agent by such Lender (or affiliate thereof) and the
applicable U.K. Credit Party to be maintained with respect to such U.K.
Qualified Secured Cash Management Agreements in accordance with Section 13.22
(it being understood and agreed that such reserve may be increased or reduced by
the Co-Collateral Agents in their Permitted Discretion).  The
determination as to whether any such reserve shall be established with respect
to any such U.K. Qualified Secured Cash Management Agreement shall be subject to
the agreement between the applicable U.K. Credit Party and the applicable Lender
(or affiliate thereof) party to such agreement (as modified by the 

             

            

            
              
                
                   

                

                
                  78

                  
                    

                  

                

                
                   

                

              

            

            

            Administrative
Agent in its Permitted Discretion), but absence of any such reserve shall not
impact the designation thereof as a U.K. Qualified Secured Cash Management
Agreement.

             

            “U.K. Qualified Secured Cash
Management Agreements” shall mean each Qualified Secured Cash Management
Agreement between a Lender (or an affiliate thereof) (as determined at the time
such Secured Cash Management Agreement is designated as a Qualified Secured Cash
Management Agreement without regard as to whether such Person is currently a
Lender or an affiliate thereof) and a U.K. Credit Party.

             

            “U.K. Qualified Secured
Hedging Agreement” shall mean any Qualified Secured Hedging Agreement
between a Lender (or an affiliate thereof) (as determined at the time such
Interest Rate Protection Agreement or Other Hedging Agreement is designated as a
Qualified Secured Hedging Agreement without regard as to whether such Person is
currently a Lender or an affiliate thereof) and a U.K. Credit
Party.

             

            “U.K. Qualified Secured
Hedging Agreement Reserve” shall mean a reserve to be established by the
Administrative Agent from time to time in respect of the U.K. Qualified Secured
Hedging Agreements, which reserve shall be in an amount of the aggregate U.S.
Dollar Equivalent marked to market exposure thereunder as calculated by the
applicable U.K. Credit Party and the Lender or affiliate of such Lender party to
such U.K. Qualified Secured Hedging Agreement in accordance with GAAP (based on
the valuation methodology agreed between Holdings and the Lender or affiliate of
such Lender party to such U.K. Qualified Secured Hedging Agreements) at the time
such Secured Hedging Agreement is designated as a Qualified Secured Hedging
Agreement in accordance with Section 13.22 and/or
as otherwise agreed as among such parties, in each case, to be notified to the
Administrative Agent from time to time by written notice from the Lender (or
such affiliate) and the applicable U.K. Credit Party party to such agreement in
accordance with Section 13.22
(it being understood and agreed that such reserve may be increased or reduced by
the Co-Collateral Agents in their Permitted Discretion).  The
determination as to whether any such reserve shall be established with respect
to any such U.K. Qualified Secured Hedging Agreement shall be subject to the
agreement between the applicable U.K. Credit Party and the applicable U.K.
Lender (or affiliate thereof) party to such agreement (as modified by the
Administrative Agent in its Permitted Discretion), but absence of any such
reserve shall not impact the designation thereof as a U.K. Qualified Secured
Hedging Agreement.

             

            “U.K. Security
Documents” mean any Security Document expressed to be governed by the
laws of England and Wales.

             

            “U.K. Subsidiary” of
any Person shall mean any Subsidiary of such Person incorporated or established
under the laws of England and Wales.

             

            “Unasserted
Obligations” shall mean, at any time, Obligations for taxes, costs,
indemnifications, reimbursements, damages and other liabilities (except for (i)
the principal of and interest on, and fees relating to, any Loan and (ii)
contingent reimbursement obligations in respect of amounts that may be drawn
under, and fees relating to, Letters of Credit) in respect of which no claim or
demand for payment has been made (or, in the case of Obligations for
indemnification, no notice for indemnification has been issued by the
indemnitee) at such time.

             

            

            
              
                
                   

                

                
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            “Unfunded Current
Liability” of any Plan shall mean the amount, if any, by which the value
of the accumulated plan benefits under the Plan determined on a plan termination
basis in accordance with actuarial assumptions at such time consistent with
those prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds the
Fair Market Value of all plan assets allocable to such liabilities under Title
IV of ERISA (excluding any accrued but unpaid contributions).

             

            “United States” and
“U.S.” shall
each mean the United States of America.

             

            “Unpaid Drawing” shall
have the meaning provided in Section
3.05(a).

             

            “Unrestricted” shall
mean, when referring to cash or Cash Equivalents of Holdings or any of its
Subsidiaries, that such cash or Cash Equivalents are not
Restricted.

             

            “Unutilized
Commitment” shall mean, with respect to any Lender at any time, such
Lender’s Commitment at such time less the sum of (a) the aggregate outstanding
principal amount of all Revolving Loans (taking the U.S. Dollar Equivalent of
any such Revolving Loans denominated in a currency other than U.S. Dollars) made
by such Lender at such time, (b) such Lender’s RL Percentage of the Letter of
Credit Outstandings at such time (taking the U.S. Dollar Equivalent of any
Letter of Credit denominated in a currency other than U.S. Dollars) and (c)
solely in the case such Lender that is the Swingline Lender, its RL Percentage
of the aggregate outstanding principal amount of Swingline Loans at such time
(taking the U.S. Dollar Equivalent of any such Swingline Loans denominated in a
currency other than U.S. Dollars.

             

            “U.S. Borrower” and
“U.S.
Borrowers” shall have the meaning provided in the first paragraph of this
Agreement.

             

            “U.S. Borrower Loans”
shall mean each U.S. Borrower Revolving Loan and each U.S. Borrower Swingline
Loan.

             

            “U.S. Borrower
Obligations” shall mean all Obligations owing to the Administrative
Agent, the Collateral Agent, any Issuing Lender or any Lender by any U.S.
Borrower.

             

            “U.S. Borrower Revolving
Loan” shall have the meaning provided in Section
2.01(a).

             

            “U.S. Borrower Revolving
Note” shall have the meaning provided in Section
2.05(a).

             

            “U.S. Borrower Swingline
Loan” shall have the meaning provided in Section
2.01(b).

             

            
              “U.S. Borrower Swingline
Note” shall have the meaning provided in Section
2.05(a).

               

              “U.S. Borrowing Base”
shall mean, as of any date of calculation, the amount equal to, without
duplication, the sum of (a) 85% of Eligible U.S. Accounts, plus (b) the least of

            

             

            

            
              
                
                   

                

                
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            (i) 65%
of the respective Value of each category of Eligible U.S. Inventory (i.e., raw materials,
work in process and finished goods), (ii) 85% of the then extant Net Orderly
Liquidation Value of each such category of Eligible U.S. Inventory (i.e., raw materials,
work in process and finished goods) and (iii) the amount that would represent
60% of the sum of the preceding clause (a) and this clause (b)(iii) if such
amount was used under this clause (b)(iii) in the calculation of the U.S.
Borrowing Base minus (c) the sum
(without duplication) of (i) the U.S. Qualified Secured Hedging Agreement
Reserve, (ii) the U.S. Qualified Secured Cash Management Agreement Reserve and
(iii) the Reserves then established by the Co-Collateral Agents with respect to
the U.S. Borrowing Base.  The Co-Collateral Agents shall have the
right (but no obligation) to review such computations and if, in their Permitted
Discretion, such computations have not been calculated in accordance with the
terms of this Agreement, the Co-Collateral Agents shall have the right to
correct any such errors in such manner they shall determine in their Permitted
Discretion and the Collateral Agent will notify Holdings promptly after making
any such correction.

             

            “U.S. Collection
Account” shall mean each account established at a U.S. Collection Bank
subject to a Cash Management Control Agreement into which funds shall be
transferred as provided in Section
5.03(b).

             

            “U.S. Collection
Banks” shall have the meaning provided in Section
5.03(b).

             

            “U.S. Credit Parties”
shall mean Holdings, each other U.S. Borrower and each U.S.
Guarantor.

             

            “U.S. Credit Party
Obligations” shall mean (i) all U.S. Borrower Obligations, (ii) all
Hedging Obligations owing to Hedging Creditors by any U.S. Credit Party, (iii)
all Cash Management Obligations owing to Cash Management Creditors by any U.S.
Credit Party, and (iv) any guarantees of the obligations described in clause
(i), (ii) or (iii) hereof by the U.S. Credit Parties pursuant to the U.S.
Guaranty or pursuant to any other Credit Document.

             

            “U.S. Dilution
Reserve” shall mean, as of any date of determination, as to the Accounts
owned by the U.S. Credit Parties, an amount sufficient to reduce the advance
rate against Eligible Accounts owned by the U.S. Credit Parties (determined
without regard to the application of clause (x) of the fourth sentence of the
definition of “Eligible Accounts”)
by one (1) percentage point (1.00%) for each percentage point by which Dilution
of the Accounts owned by the U.S. Credit Parties is in excess of
5.00%.

             

            “U.S. Disbursement
Account” shall mean each checking and/or disbursement account maintained
by each U.S. Credit Party for their respective general corporate purposes,
including for the purpose of paying their trade payables and other operating
expenses (other than a disbursement account that is an Excluded Account) and
funded by such U.S. Credit Party in the ordinary course of business consistent
with past practices.

             

            
              “U.S. Dollar Denominated
Loans” shall mean each Loan denominated in U.S. Dollars at the time of
the incurrence thereof.

               

              “U.S. Dollar Denominated
Revolving Loans” shall mean each Revolving Loan denominated in U.S.
Dollars at the time of the incurrence thereof.

               

            

            

            
              
                
                   

                

                
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            “U.S. Dollar Denominated
Swingline Loans” shall mean each Swingline Loan denominated in U.S.
Dollars at the time of the incurrence thereof.

             

            “U.S. Dollar
Equivalent” of an amount denominated in a currency other than U.S.
Dollars shall mean, at any time for the determination thereof, the amount of
U.S. Dollars which could be purchased with the amount of such currency involved
in such computation at the spot exchange rate therefor as quoted by the
Administrative Agent as of 11:00 A.M. (New York time) on the date two Business
Days prior to the date of any determination thereof (or, in the case of amount
denominated in Sterling on the date of any determination thereof), for purchase
on such date (or on the date of the respective unreimbursed payment under a
Letter of Credit denominated in a currency other than U.S. Dollars as provided
in Sections
3.04(c) and 3.05(a), as the case
may be); provided that for
purposes of (x) determining compliance with Sections 2.01(c),
2.01(d), 3.02, 5.02(a), 7.01, 7.03 and 7.04 and (y)
calculating Fees pursuant to Section 4.01 (except
Fees which are expressly required to be paid in a currency other than U.S.
Dollars pursuant to Section 4.01), the
U.S. Dollar Equivalent of any amounts denominated in a currency other than U.S.
Dollars shall be revalued on each Credit Event or loan repricing date using the
spot exchange rates therefor as quoted on Bloomberg (or, if
same does not provide such exchange rates, on such other basis as is reasonably
satisfactory to the Administrative Agent) on the immediately preceding Business
Day, provided,
however, that
at any time, if the Aggregate Exposure (for the purposes of the determination
thereof, using the U.S. Dollar Equivalent as recalculated based on the spot
exchange rate therefor as quoted on Bloomberg (or, if
same does not provide such exchange rates, on such other basis as is reasonably
satisfactory to the Administrative Agent) on the respective date of
determination pursuant to this exception) would exceed 85% of the Total
Commitment or the Total Borrowing Base, then in the sole discretion of the
Administrative Agent or at the request of the Required Lenders, the U.S. Dollar
Equivalent shall be reset based upon the spot exchange rates on such date as
quoted on Bloomberg (or, if
same does not provide such exchange rates, on such other basis as is reasonably
satisfactory to the Administrative Agent), which rates shall remain in effect
until the date of a Credit Event or loan repricing or such earlier date, if any,
as the rate is reset pursuant to this proviso.  Notwithstanding
anything to the contrary contained in this definition, at any time that a
Default or an Event of Default then exists, the Administrative Agent may revalue
the U.S. Dollar Equivalent of any amounts outstanding under the Credit Documents
in a currency other than U.S. Dollars on any date in its sole discretion in
accordance with the foregoing methodology.

             

            “U.S. Dollars” and the
sign “$” shall
each mean freely transferable lawful money of the United States.

             

            “U.S. Guarantors”
shall mean and include each U.S. Borrower (in its capacity as a guarantor under
the U.S. Guaranty) and each U.S. Subsidiary Guarantor.

             

            
              “U.S. Guaranty” shall
mean the U.S. Guaranty dated as of the Effective Date in the form of Exhibit Q, as
amended, modified, restated and/or supplemented from time to time in accordance
with the terms thereof.

               

              “U.S. Perfection
Certificate” shall mean the U.S. Perfection Certificate in the form
thereof included in Exhibit D-1 or any
other form approved by the Administrative Agent, as 

            

             

            

            
              
                
                   

                

                
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            the same may be supplemented from time to time by a Perfection
Certificate Supplement or otherwise.

            

            “U.S. Pledge
Agreement” shall mean the U.S. Pledge Agreement dated as of the Effective
Date in the form of Exhibit R, as
amended, modified, restated and/or supplemented from time to time in accordance
with the terms thereof.

             

            “U.S. Qualified Secured Cash
Management Agreement Reserve” shall mean a reserve to be established by
the Administrative Agent from time to time in respect of the U.S. Qualified
Secured Cash Management Agreements, which reserve shall be in an amount equal to
the aggregate amount of all reserves agreed upon from time to time by the
applicable Lender and the applicable U.S. Credit Party and notified in writing
to the Administrative Agent by such Lender (or affiliate thereof) and the
applicable U.S. Credit Party to be maintained with respect to such U.S.
Qualified Secured Cash Management Agreements in accordance with Section 13.22
(it being understood and agreed that such reserve may be increased or reduced by
the Co-Collateral Agents in their Permitted Discretion).  The
determination as to whether any such reserve shall be established with respect
to any such U.S. Qualified Secured Cash Management Agreement shall be subject to
the agreement between the applicable U.S. Credit Party and the applicable Lender
(or affiliate thereof) party to such agreement (as modified by the
Administrative Agent in its Permitted Discretion), but absence of any such
reserve shall not impact the designation thereof as a U.S. Qualified Secured
Cash Management Agreement.

             

            “U.S. Qualified Secured Cash
Management Agreements” shall mean each Qualified Secured Cash Management
Agreement between a Lender (or an affiliate thereof) (as determined at the time
such Secured Cash Management Agreement is designated as a Qualified Secured Cash
Management Agreement without regard as to whether such Person is currently a
Lender or an affiliate thereof) and an U.S. Credit Party.

             

            “U.S. Qualified Secured
Hedging Agreement” shall mean any Qualified Secured Hedging Agreement
between a Lender (or an affiliate thereof) (as determined at the time such
Interest Rate Protection Agreement or Other Hedging Agreement is designated as a
Qualified Secured Hedging Agreement without regard as to whether such Person is
currently a Lender or an affiliate thereof) and a U.S. Credit
Party.

             

            “U.S. Qualified Secured
Hedging Agreement Reserve” shall mean a reserve to be established by the
Administrative Agent from time to time in respect of the U.S. Qualified Secured
Hedging Agreements, which reserve shall be in an amount of the aggregate U.S.
Dollar Equivalent marked to market exposure thereunder as calculated by the
applicable U.S. Credit Party and the Lender or affiliate of such Lender party to
such U.S. Qualified Secured Hedging Agreement in accordance with GAAP (based on
the valuation methodology agreed between Holdings and the Lender or affiliate of
such Lender party to such U.S. Qualified Secured Hedging Agreements) at the time
such Secured Hedging Agreement is designated as a Qualified Secured Hedging
Agreement in accordance with Section 13.22 and/or
as otherwise agreed as among such parties, in each case, to be notified to the
Administrative Agent from time to time by written notice from the Lender (or
such affiliate) and the applicable U.S. Credit Party party to such agreement in
accordance with Section 13.22
(it being understood and agreed that such reserve may be increased or reduced by
the Co-Collateral Agents in their Permitted
Discretion).  

             

            

            
              
                
                   

                

                
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            The
determination as to whether any such reserve shall be established with respect
to any such U.S. Qualified Secured Hedging Agreement shall be subject to the
agreement between the applicable U.S. Credit Party and the applicable Lender (or
affiliate thereof) party to such agreement (as modified by the Administrative
Agent in its Permitted Discretion), but absence of any such reserve shall not
impact the designation thereof as an U.S. Qualified Secured Hedging
Agreement.

             

            “U.S. Security
Agreement” shall mean the U.S. Security Agreement dated as of the
Effective Date in the form of Exhibit S, as
amended, modified, restated and/or supplemented from time to time in accordance
with the terms thereof.

             

            “U.S. Subsidiary
Guarantors” shall mean (a) each Person identified on Schedule 8.13 as a
U.S. Subsidiary Guarantor, (b) each Domestic Subsidiary of Holdings (other than
any (x) U.S. Borrowers or (y) Immaterial Subsidiaries), whether existing on the
Effective Date or established, created or acquired after the Effective Date, and
(c) each Subsidiary of Holdings (other than any U.S. Borrowers), which
guarantees obligations under the Senior Secured Notes Documents or Existing
Senior Subordinated Notes Documents, whether existing on the Effective Date or
established, created or acquired after the Effective Date, in each case unless
and until such time as the respective Domestic Subsidiary is released from all
of its obligations under the U.S. Guaranty and the Security Documents to which
it is a party in accordance with the terms and provisions thereof.

             

            “Value” shall mean,
with respect to Eligible Inventory, the lower of (i) the cost thereof computed
on a first-in first-out basis in accordance with GAAP and (ii) the market value
thereof (net of any intercompany profit).

             

            “VAT” shall mean value
added tax as provided for in the United Kingdom’s Value Added Tax Act 1994 as
amended and any other tax of a similar nature in any jurisdiction.

             

            “Weekly Borrowing Base
Period” shall mean any period (x) commencing on the date on which the
Excess Availability is less than or equal to the greater of (i) $30,000,000 and
(ii) 20% of the Total Commitment as then in effect and (y) ending on the first
date thereafter on which the Excess Availability has been greater than the
greater of (i) $30,000,000 and (ii) 20% of the Total Commitment as then in
effect for 30 consecutive days.

             

            “Wholly-Owned Domestic
Subsidiary” shall mean, as to any Person, any Wholly-Owned Subsidiary of
such Person which is a Domestic Subsidiary.

             

            “Wholly-Owned Foreign
Subsidiary” shall mean, as to any Person, any Wholly-Owned Subsidiary of
such Person which is a Foreign Subsidiary.

             

            “Wholly-Owned
Subsidiary” shall mean, as to any Person, (i) any corporation 100% of
whose capital stock is at the time owned by such Person and/or one or more
Wholly-Owned Subsidiaries of such Person and (ii) any partnership, limited
liability company, unlimited liability company, association, joint venture or
other entity in which such Person and/or one or more Wholly-Owned Subsidiaries
of such Person has a 100% equity interest at such time (other than, in the case
of a Foreign Subsidiary of Holdings with respect to the preceding clauses (i)
and 

             

            

            
              
                
                   

                

                
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            (ii),
directors’ qualifying shares and/or other nominal amounts of shares required to
be held by Persons other than Holdings and its Subsidiaries under applicable
law).

             

            “Withdrawal Liability”
shall mean liability to a Multiemployer Plan as a result of a complete or
partial withdrawal from such Multiemployer Plan, as such terms are defined in
Part I of Subtitle E of Title IV of ERISA.

             

            1.02. References to
“UCC”.  Where the context so requires, (i) any term defined
herein by reference to the “UCC” shall also have any extended, alternative or
analogous meaning given to such term in applicable Canadian personal property
security and other laws (including, without limitation, the Personal Property
Security Act of each province of Canada, the Securities Transfer Act of each
province of Canada, the Civil Code of Quebec, the Bills of Exchange Act (Canada)
and the Depository Bills and Notes Act (Canada)), in all cases for the
extension, preservation or betterment of the security and rights of the
Administrative Agent, and (ii) all references herein to a financing statement,
continuation statement, amendment or termination statement shall be deemed to
refer also to the analogous documents used under applicable Canadian personal
property security laws.

             

            1.03. Dutch
Terms.  In this Agreement, where it relates to an entity
organized under the laws of the Netherlands, a reference to:

             

            (a) a
winding-up, administration or dissolution includes an entity organized under the
laws of the Netherlands being:

             

            (i)     declared
bankrupt (failliet
verklaard);

             

            (ii)    dissolved
(ontbonden);

             

            (b) a
moratorium includes surseance
van betaling and granted a moratorium includes surseance
verleend;

             

            (c) a trustee
in bankruptcy includes a curator;

             

            (d) an
administrator (or similar person) includes a bewindvoerder;

             

            (e) a
receiver or an administrative receiver does not include a curator or bewindvoerder;
and

             

            (f) an
attachment includes a beslag.

             

            SECTION
2.  Amount and Terms of
Credit.

             

            2.01           The
Commitments.  (a)  Subject to and upon the terms and
conditions set forth herein (including, without limitation, the conditions set
forth in Sections
6 and 7), each Lender with
a Commitment severally agrees to make, at any time and from time to time on or
after the Effective Date and prior to the Revolving Loan Maturity Date, (v) a
revolving loan or revolving loans to any U.S. Borrower (on a joint and several
basis with the other U.S. Borrowers) (each, a “U.S. Borrower Revolving
Loan” and, collectively, the “U.S. Borrower 

             

            

            
              
                
                   

                

                
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            Revolving Loans”),
(w) a revolving loan or revolving loans to any Australian Borrower (on a joint
and several basis with the other Australian Borrowers) (each, a “Australian Borrower
Revolving Loan” and, collectively, the “Australian Borrower
Revolving Loans”), (x) a revolving loan or revolving loans to any
Canadian Borrower (on a joint and several basis with the other Canadian
Borrowers) (each, a “Canadian Borrower Revolving
Loan” and, collectively, the “Canadian Borrower Revolving
Loans”), (y) a revolving loan or revolving loans to any Dutch Borrower
(on a joint and several basis with the other Dutch Borrowers) (each, a “Dutch Borrower Revolving
Loan” and, collectively, the “Dutch Borrower Revolving
Loans”) and (z) a revolving loan or revolving loans to
any  U.K. Borrower (on a joint and several basis with the other U.K.
Borrowers) (each, a “U.K. Borrower Revolving
Loan” and, collectively, the “U.K. Borrower Revolving
Loans” and, together with the U.S. Borrower Revolving Loans, Australian
Borrower Revolving Loans, Canadian Borrower Revolving Loans and Dutch Borrower
Revolving Loans, each, a “Revolving Loan” and,
collectively, the “Revolving Loans”),
which Revolving Loans:

             

            (i) shall be
made and maintained in an Available Currency;

             

            (ii) except as
hereafter provided, shall, at the option of the applicable Borrowers, be
incurred and maintained as, and/or converted into, one or more Borrowings of (x)
Base Rate Loans, Canadian Prime Rate Loans, Eurodollar Loans, Australian Dollar
Denominated Revolving Loans, Sterling Denominated Revolving Loans or Euro
Denominated Revolving Loans or (y) (A) in the case of a B/A Lender, Bankers’
Acceptances in Canadian Dollars by acceptance and purchase thereof on the terms
and conditions provided for herein and in Schedule 1.01(b) or
(B) in the case of a Non-B/A Lender, completed Drafts in Canadian Dollars
purchased and, at the request of the Non-B/A Lender, exchanged for B/A
Equivalent Notes, in each case on the terms and conditions provided for herein
and in Schedule
1.01(b); provided that, except
as otherwise specifically provided in Section 2.10(b), all
Revolving Loans made as part of the same Borrowing shall at all times consist of
Revolving Loans of the same Type;

             

            (iii) may be
repaid and reborrowed in accordance with the provisions hereof;

             

            (iv) shall not
be made (and shall not be required to be made) by any such Lender in any
instance where the incurrence thereof (after giving effect to the use of the
proceeds thereof on the date of the incurrence thereof to repay any amounts
theretofore outstanding pursuant to this Agreement) would cause (x) the
Individual Exposure of such Lender to exceed the amount of its Commitment at
such time or (y) the Aggregate Exposure to exceed (A) the Total Commitment at
such time minus
(B) the Specified Reserves at such time; and

             

            
              (v) to the
extent denominated in Australian Dollars, Canadian Dollars, Pounds Sterling or
Euros and required to be made by a Participating Specified Foreign Currency
Lender, shall, subject to Section 15, be made
by the Fronting Lender.

               

              
                (b) Subject
to and upon the terms and conditions set forth herein (including, without
limitation, the conditions set forth in Sections 6 and 7), the Swingline
Lender agrees to make, at any time and from time to time on or after the
Effective Date and prior to the Swingline 

              

               

            

            

            
              
                
                   

                

                
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            Expiry
Date (v) a revolving loan or revolving loans to U.S. Borrower (on a joint and
several basis with the other U.S. Borrowers) (each, a “U.S. Borrower Swingline
Loan” and, collectively, the “U.S. Borrower Swingline
Loans”), (w) a revolving loan or revolving loans to any Australian
Borrower (on a joint and several basis with the other Australian Borrowers)
(each, a “Australian
Borrower Swingline Loan” and, collectively, the “Australian Borrower
Swingline Loans”), (x) a revolving loan or revolving loans to any
Canadian Borrower (on a joint and several basis with the other Canadian
Borrowers) (each, a “Canadian Borrower Swingline
Loan” and, collectively, the “Canadian Borrower Swingline
Loans”), (y) a revolving loan or revolving loans to any Dutch Borrower
(on a joint and several basis with the other Dutch Borrowers) (each, a “Dutch Borrower Swingline
Loan” and, collectively, the “Dutch Borrower Swingline
Loans”) and (z) a revolving loan or revolving loans to
any  U.K. Borrower (on a joint and several basis with the other U.K.
Borrowers) (each, a “U.K. Borrower Swingline
Loan” and, collectively, the “U.K. Borrower Swingline
Loans” and, together with the U.S. Borrower Swingline Loans, Australian
Borrower Swingline Loans, Canadian Borrower Swingline Loans and Dutch Borrower
Swingline Loans, each, a “Swingline Loan” and,
collectively, the “Swingline Loans”),
which Swingline Loans:

             

            (i) shall be
made and maintained in an Available Currency;

             

            (ii) shall be
made and maintained as Base Rate Loans or Canadian Prime Rate
Loans;

             

            (iii) may be
repaid and reborrowed in accordance with the provisions hereof;

             

            (iv) shall not
be made (and shall not be required to be made) if the making of same would cause
the Aggregate Exposure (after giving effect to the use of the proceeds thereof
on the date of the incurrence thereof to repay any amounts theretofore
outstanding pursuant to this Agreement) to exceed (A) the Total Commitment at
such time minus
(B) the Specified Reserves at such time; and

             

            (v) shall not
exceed in aggregate principal amount at any time outstanding the Maximum
Swingline Amount.

             

            Notwithstanding
anything to the contrary contained in this Section 2.01(b), (i)
the Swingline Lender shall not be obligated to make any Swingline Loans at a
time when a Defaulting Lender exists unless the Swingline Lender has entered
into arrangements satisfactory to it and Holdings to eliminate the Swingline
Lender’s risk with respect to the Defaulting Lender’s or Defaulting Lenders’
participation in such Swingline Loans, including by cash collateralizing such
Defaulting Lender’s or Defaulting Lenders’ RL Percentage of the outstanding
Swingline Loans (such arrangements, the “Swingline Back-Stop
Arrangements”), and (ii) the Swingline Lender shall not make any
Swingline Loan after it has received written notice from any Borrower, any other
Credit Party or the Required Lenders stating that a Default or an Event of
Default exists and is continuing until such time as the Swingline Lender shall
have received written notice (A) of rescission of all such notices from the
party or parties originally delivering such notice or notices or (B) of the
waiver of such Default or an Event of Default by the Required
Lenders.

             

            

            
              
                
                   

                

                
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            (c) The
Swingline Lender (x) may, in its sole discretion, on any Business Day, and (y)
shall, on the penultimate Business Day of each week, give notice to the Lenders
that the Swingline Lender’s outstanding Swingline Loans shall be funded with one
or more Borrowings of Revolving Loans to be made to, and maintained by, the
Borrower of the outstanding Swingline Loan being funded by such Revolving Loan
(or any other Borrower jointly and severally liable with such Borrower) in the
same currency as the outstanding Swingline Loan being funded by such Revolving
Loan (provided
that such notice shall be deemed to have been automatically given upon the
occurrence of a Default or an Event of Default under Section 11.01(e) or
upon the exercise of any of the remedies provided in the last paragraph of Section 11.01), in
which case one or more Borrowings of Revolving Loans constituting Base Rate
Loans (in the case of Swingline Loans denominated in U.S. Dollars) or Revolving
Loans constituting Canadian Prime Rate Loans (in the case of Swingline Loans
denominated in Canadian Dollars), in each case, to be made to, and maintained
by, the Borrower of the outstanding Swingline Loan being funded by such
Revolving Loan (or any other Borrower jointly and severally liable with such
Borrower) in the same currency as the outstanding Swingline Loan being funded by
such Revolving Loan (each such Borrowing, a “Mandatory
Borrowing”), shall be made on the immediately succeeding Business Day by
all Lenders pro
rata based on
each such Lender’s RL Percentage (determined before giving effect to any
termination of the Commitments pursuant to the last paragraph of Section 11.01) and
the proceeds thereof shall be applied directly by the Swingline Lender to repay
the Swingline Lender for such outstanding Swingline Loans; provided that such
Revolving Loans which are denominated in Canadian Dollars and are required to be
made by a Participating Specified Foreign Currency Lender shall, subject to
Section 15, be
made by the Fronting Lender.  Each Lender hereby irrevocably agrees to
make Revolving Loans to the Borrower upon one Business Day’s notice pursuant to
each Mandatory Borrowing in the amount and currency and in the manner specified
in the preceding sentence and on the date specified in writing by the Swingline
Lender notwithstanding (i) the amount of the Mandatory Borrowing may not comply
with the Minimum Borrowing Amount otherwise required hereunder, (ii) whether any
conditions specified in Section 7 are then
satisfied, (iii) whether a Default or an Event of Default then exists, (iv) the
date of such Mandatory Borrowing, and (v) the amount of any Borrowing Base or
the Total Commitment at such time.  In the event that any Mandatory
Borrowing cannot for any reason be made on the date otherwise required above
(including, without limitation, as a result of the commencement of a proceeding,
corporate action or other step taken under the Bankruptcy Code (or any similar
statute) with respect to any Borrower (including under any Canadian Insolvency
Law, the Companies Act 1985 as amended (United Kingdom), the Insolvency Act 1986
as amended (United Kingdom), the Bankruptcy Act 1966 as amended (Cth)
(Australia), or the Dutch Bankruptcy Act (faillissementswet) as amended
then each Lender hereby agrees that it shall forthwith purchase (as of the date
the Mandatory Borrowing would otherwise have occurred, but adjusted for any
payments received from any Borrower on or after such date and prior to such
purchase) from the Swingline Lender such participations in the outstanding Swingline
Loans as shall be necessary to cause the Lenders to share in such Swingline
Loans ratably based upon their respective RL Percentages (determined before
giving effect to any termination of the Commitments pursuant to the last
paragraph of Section
11.01), provided that (x) all
interest payable on the Swingline Loans shall be for the account of the
Swingline Lender until the date as of which the respective participation is
required to be purchased and, to the extent attributable to the purchased
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            participant from and after such date
and (y) at the time any purchase of participations pursuant to this sentence is
actually made, the purchasing Lender shall be required to pay the Swingline
Lender interest on the principal amount of the participation purchased for each
day from and including the day upon which the Mandatory Borrowing would
otherwise have occurred to but excluding the date of payment for such
participation, (A) in the case of a Mandatory Borrowing constituting Revolving
Loans denominated in U.S. Dollars, at the overnight Federal Funds Rate for the
first three days and at the interest rate otherwise applicable to such Revolving
Loans denominated in U.S. Dollars, in each case maintained as Base Rate Loans
hereunder for each day thereafter, and (B) in the case of a Mandatory Borrowing
constituting Revolving Loans denominated in Canadian Dollars, at the cost to the
Administrative Agent of acquiring the overnight funds in Canadian Dollars for
the first three days and at the interest rate otherwise applicable to such
Revolving Loans denominated in Canadian Dollars, in each case maintained as
Canadian Prime Rate Loans hereunder for each day
thereafter.  Notwithstanding anything to the contrary contained in
this Section
2.01(c), if any Lender becomes a Defaulting Lender at any time that a
Swingline Loan is outstanding, the Borrowers shall immediately prepay all
outstanding Swingline Loans and in any event no later than two Business Days
after the date such Lender becomes a Defaulting Lender.

             

            (d) Notwithstanding
anything to the contrary in Section 2.01(a) or
(b), Section 7.03 or
elsewhere in this Agreement, the Co-Collateral Agents shall have the right to
establish Reserves in such amounts, and with respect to such matters, as the
Co-Collateral Agents in their Permitted Discretion shall deem necessary or
appropriate, against any Borrowing Base (with any establishment of or increase
in Reserves to reduce such then existing Borrowing Base, as applicable, in an
amount equal to such Reserves and any elimination of or reduction in any
Reserves to increase such then existing Borrowing Base, as applicable, in an
amount equal to such Reserves).

             

            (e) In the
event that the Borrowers are unable to comply with the conditions precedent to
the making of Revolving Loans set forth in Section 7 (including,
without limitation, the Borrowing Base limitations set forth in Section 7.03), the
Lenders, subject to the immediately succeeding proviso, hereby authorize the
Administrative Agent, for the account of the Lenders, to make U.S. Borrower
Revolving Loans to any U.S. Borrower (on a joint and several basis with the
other U.S. Borrowers), Australian Borrower Revolving Loans to any Australian
Borrower (on a joint and several basis with the other Australian Borrowers),
Canadian Borrower Revolving Loans to any Canadian Borrower (on a joint and
several basis with the other Canadian Borrowers), Dutch Borrower Revolving Loans
to any Dutch Borrower (on a joint and several basis with the other Dutch
Borrowers) or U.K. Borrower Revolving Loans to any U.K. Borrower (on a joint and
several basis with the other U.K. Borrowers) solely in the event that the
Administrative Agent in its Permitted Discretion deems necessary or desirable
(A) to preserve or protect the Collateral, or any portion thereof, (B) to
enhance the likelihood of repayment of the Obligations, or (C) to pay any other
amount chargeable to the Borrowers pursuant to the terms of this Agreement,
including, without limitation, Expenses and Fees; provided that such
Revolving Loans may only be made as Base Rate Loans or Canadian Prime Rate
Loans, respectively, as determined by the Administrative Agent (each, an “Agent Advance”), for
a period commencing on the date the Administrative Agent first receives a Notice
of Borrowing requesting an Agent Advance until the earliest of (x) the twentieth
Business Day after such date, (y) the date the respective Borrowers are again
able to comply with the applicable Borrowing Base limitations and the conditions
precedent to the making of Revolving Loans, or obtains an amendment or

            

            
              
                
                   

                

                
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            waiver with respect thereto and (z) the date the Required Lenders
instruct the Administrative Agent to cease making Agent Advances (in each case,
the “Agent Advance
Period”); provided further that the
Administrative Agent shall not make any Agent Advance to the extent that at the
time of the making of such Agent Advance, (I) the amount of such Agent Advance
when added to the aggregate outstanding amount of all other Agent Advances made
to (u) the U.S. Borrowers at such time (for this purpose, using the U.S. Dollar
Equivalent of amounts not denominated in U.S. Dollars), would exceed 5% of the
U.S. Borrowing Base at such time, (v) the Australian Borrowers at such time (for
this purpose, using the U.S. Dollar Equivalent of amounts not denominated in
U.S. Dollars), would exceed 5% of the Australian Borrowing Base at such time,
(w) the Canadian Borrowers at such time (for this purpose, using the U.S. Dollar
Equivalent of amounts not denominated in U.S. Dollars), would exceed 5% of the
Canadian Borrowing Base at such time, (x) the Dutch Borrowers at such time (for
this purpose, using the U.S. Dollar Equivalent of amounts not denominated in
U.S. Dollars), would exceed 5% of the Dutch Borrowing Base at such time, (y) the
U.K. Borrowers at such time (for this purpose, using the U.S. Dollar Equivalent
of amounts not denominated in U.S. Dollars), would exceed 5% of the U.K.
Borrowing Base at such time or (z) all the Borrowers at such time (for this
purpose, using the U.S. Dollar Equivalent of amounts not denominated in U.S.
Dollars), would exceed 5% of the Total Commitment at such time (each, an “Agent Advance
Amount”) or (II) (x) the amount of such Agent Advance when added to the
Aggregate Exposure as then in effect (immediately prior to the incurrence of
such Agent Advance), would exceed (A) the Total Commitment at such time minus (B) the
Specified Reserves at such time or (y) the amount of a Lender’s RL Percentage of
such Agent Advance when added to the Individual Exposure of such Lender as then
in effect (immediately prior to the incurrence of such Agent Advance), would
exceed the amount of its Commitment at such time.  Agent Advances may
be made by the Administrative Agent in its sole discretion and no Borrower shall
have any right whatsoever to require that any Agent Advances be
made.  Agent Advances will be subject to periodic settlement with the
Lenders pursuant to Section
2.04(b).

             

            2.02. Minimum Amount of Each
Borrowing.  The aggregate principal amount of each Borrowing of
Loans of a specific Type shall not be less than the Minimum Borrowing Amount
applicable to such Type of Loans.  More than one Borrowing may occur
on the same date, but at no time shall there be outstanding more than (x) 15
Borrowings of Euro Rate Loans (or such greater number of Borrowings of Euro Rate
Loans as may be agreed to from time to time by the Administrative Agent) in the
aggregate for all Loans or (y) five (5) different maturity dates in the
aggregate for all outstanding Bankers’ Acceptance Loans (or such greater number
of maturity dates as may be agreed to from time to time by the Administrative
Agent).

             

            2.03. Notice of
Borrowing.  (a)  Whenever a Borrower desires to
incur (i) Euro Rate Loans or Bankers’ Acceptance Loans hereunder, such Borrower
shall give the Administrative Agent at the Notice Office at least three Business
Days’ prior notice of each Euro Rate Loan or Bankers’ Acceptance Loan to be
incurred hereunder (or in the case of Australian Dollar Denominated Revolving
Loans, at least four Business Day’s prior notice) and (ii) Base Rate Loans
(including Agent Advances, but excluding Swingline Loans and Revolving Loans
made pursuant to a Mandatory Borrowing) or Canadian Prime Rate Loans (including
Agent Advances, but excluding Swingline Loans and Revolving Loans made pursuant
to a Mandatory Borrowing or to the extent resulting from automatic conversions
of Bankers’ Acceptance Loans as provided in Schedule 1.01(b)) hereunder, such
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            at the Notice Office at least one
Business Day’s prior notice of each Base Rate Loan or Canadian Prime Rate Loan
to be incurred hereunder; provided that any
such notice shall be deemed to have been given on a certain day only if given
before (x) 12:00 Noon (New York City time) on such day, in the case of U.S.
Dollar Denominated Revolving Loans and Canadian Dollar Denominated Revolving
Loans, and (y) 11:00 A.M. (New York City time) on such day, in the case of
Australian Dollar Denominated Revolving Loans, Sterling Denominated Revolving
Loans and Euro Denominated Revolving Loans.  Each such notice (each, a
“Notice of
Borrowing”), except as otherwise expressly provided in Section 2.10, shall
be irrevocable and shall be in writing, or by telephone promptly confirmed in
writing, in the form of Exhibit A-1,
appropriately completed to specify:  (i) the aggregate principal
amount or Face Amount, as the case may be, of the Loans to be incurred pursuant
to such Borrowing (stated in the Available Currency), (ii) the date of such
Borrowing (which shall be a Business Day), (iii) in the case of a Borrowing of
Revolving Loans, whether the Revolving Loans made pursuant to such Borrowing
constitute Agent Advances (it being understood that the Administrative Agent
shall be under no obligation to make such Agent Advance), (iv) in the case of
U.S. Dollar Denominated Revolving Loans, whether the Revolving Loans being
incurred pursuant to such Borrowing are to be initially maintained as Base Rate
Loans or, to the extent permitted hereunder, Eurodollar Loans, (v) in the case
of Euro Rate Loans, the initial Interest Period to be applicable thereto, and
(vi) in the case of Canadian Dollar Denominated Revolving Loans, whether the
Revolving Loans being incurred pursuant to such Borrowing shall consist of
Canadian Prime Rate Loans or Bankers’ Acceptance Loans and, if Bankers’
Acceptance Loans, the term thereof (which shall comply with the requirements of
Schedule
1.01(b)).  Except in the case of Agent Advances, the
Administrative Agent shall promptly give each Lender notice of such proposed
Borrowing, of such Lender’s proportionate share thereof and of the other matters
required by the immediately preceding sentence to be specified in the Notice of
Borrowing.

             

            (b) Whenever
a Borrower desires to incur Swingline Loans hereunder, such Borrower shall give
the Swingline Lender no later than 1:00 P.M. (New York City time) on the date
that a Swingline Loan is to be incurred, written notice or telephonic notice
promptly confirmed in writing of each Swingline Loan to be incurred
hereunder.  Each such notice shall be irrevocable and specify in each
case (A) the date of Borrowing (which shall be a Business Day) and (B) the
aggregate principal amount of the Swingline Loans to be incurred pursuant to
such Borrowing (stated in the Available Currency).

             

            (c) Mandatory
Borrowings shall be made upon the notice specified in Section 2.01(c), with
each Borrower irrevocably agreeing, by its incurrence of any Swingline Loan, to
the making of the Mandatory Borrowings as set forth in Section
2.01(a).

             

            (d) Without
in any way limiting the obligation of any Borrower to confirm in writing any
telephonic notice of any Borrowing or prepayment of Loans, the Administrative
Agent or the Swingline Lender, as the case may be, may act without liability
upon the basis of telephonic notice of such Borrowing or prepayment, as the case
may be, believed by the Administrative Agent or the Swingline Lender, as the
case may be, in good faith to be from an Authorized Officer of such Borrower,
prior to receipt of written confirmation.  In each such case, such
Borrower hereby waives the right to dispute the Administrative Agent’s or the
Swingline Lender’s record of the terms of such telephonic notice of such
Borrowing or prepayment of Loans, as the case may be, absent manifest
error.

             

            

            
              
                
                   

                

                
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            2.04. Disbursement of
Funds.  (a)  No
later than 1:00 P.M. (New York City time) on the date specified in each Notice
of Borrowing (or (x) in the case of Swingline Loans, no later than 4:00 P.M.
(New York City time) on the date specified pursuant to Section 2.03(b) or (y) in the case of
Mandatory Borrowings, no later than 1:00 P.M. (New York City time) on the date
specified in Section 2.01(a)), each Lender, subject to
Section 15, will make available
its pro rata portion (determined in accordance
with Section 2.07) of each such
Borrowing requested to be made on such date.  All such amounts will be
made available in U.S. Dollars (in the case of U.S. Dollar Denominated Loans),
in Canadian Dollars (in the case of Canadian Dollar Denominated Loans), in
Australian Dollars (in the case of Australian Dollar Denominated Revolving
Loans), in Pounds Sterling (in the case of Sterling Denominated Revolving Loans)
or Euros (in the case of Euro Denominated Revolving Loans), as the case may be,
and in immediately available funds at the Payment Office, and the Administrative
Agent will make available to the relevant Borrower or Borrowers at the Payment
Office the aggregate of the amounts so made available by the Lenders (or in the
case of Swingline Loans, the Swingline Lender will make available the full
amount thereof).  Unless the Administrative Agent shall have been
notified by any Lender prior to the date of Borrowing that such Lender does not
intend to make available to the Administrative Agent such Lender’s portion of
any Borrowing to be made on such date, the Administrative Agent may assume that
such Lender has made such amount available to the Administrative Agent on such
date of Borrowing and the Administrative Agent may (but shall not be obligated
to), in reliance upon such assumption, make available to the relevant Borrower
or Borrowers a corresponding amount.  If such corresponding amount is
not in fact made available to the Administrative Agent by such Lender, the
Administrative Agent shall be entitled to recover such corresponding amount on
demand from such Lender.  If such Lender does not pay such
corresponding amount forthwith upon the Administrative Agent’s demand therefor,
the Administrative Agent shall promptly notify the relevant Borrower or
Borrowers, and the relevant Borrower or Borrowers shall immediately pay such
corresponding amount to the Administrative Agent.  The Administrative
Agent also shall be entitled to recover on demand from such Lender or the
relevant Borrower or Borrowers, as the case may be, interest on such
corresponding amount in respect of each day from the date such corresponding
amount was made available by the Administrative Agent to the relevant Borrower
or Borrowers until the date such corresponding amount is recovered by the
Administrative Agent, at a rate per annum equal to (i) if recovered from such
Lender, the overnight Federal Funds Rate (or, in the case of Canadian Dollar
Denominated Loans, Australian Dollar Denominated Revolving Loans, Sterling
Denominated Revolving Loans or Euro Denominated Revolving Loans, the cost to the
Administrative Agent of acquiring overnight funds in Canadian Dollars,
Australian Dollars, Pounds Sterling or Euros, as the case may be) for the first
three days and at the interest rate otherwise applicable to such Loans for each
day thereafter and (ii) if recovered from the relevant Borrower or Borrowers,
the rate of interest applicable to the respective Borrowing, as determined
pursuant to Section 2.08.  Nothing in this Section 2.04(a) shall be deemed to
relieve any Lender from its obligation to make Loans
hereunder or to prejudice any rights which any Borrower may have against any
Lender as a result of any failure by such Lender to make Loans
hereunder.  Notwithstanding this Section 2.04(a) and subject to the
provisions of Section 15, (x)
the Fronting Lender shall be obligated to make each Participating Specified
Foreign Currency Lender’s pro rata portion of a Specified Foreign Currency Loan and (y)
each Participating Specified Foreign Currency Lender shall not be obligated to
make its pro rata portion of a Specified Foreign Currency
Loan.

             

            

            
              
                
                   

                

                
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            (b) Agent
Advances made pursuant to Section 2.01(c) shall
be subject to periodic settlement as follows:

             

            (i) The
amount of each Lender’s RL Percentage of Revolving Loans shall be computed
weekly (or more frequently in the Administrative Agent’s sole discretion) and
shall be adjusted upward or downward on the basis of the amount of outstanding
Revolving Loans as of 5:00 P.M. (New York City time) on the last Business Day of
each week, or such other period specified by the Administrative Agent (each such
date, a “Settlement
Date”).  The Lenders shall transfer to the Administrative
Agent, or the Administrative Agent shall transfer to the Lenders, such amounts
as are necessary so that (after giving effect to all such transfers) the amount
of Revolving Loans made by each Lender shall be equal to such Lender’s RL
Percentage of the aggregate amount of Revolving Loans outstanding as of such
Settlement Date.  If a notice from the Administrative Agent of any
such necessary transfer is received by a Lender on or prior to 12:00 Noon (New
York City time) on any Business Day, then such Lender shall make transfers
described above in immediately available funds no later than 3:00 P.M. (New York
City time) on the day such notice was received; and if such notice is received
by a Lender after 12:00 Noon (New York City time) on any Business Day, such
Lender shall make such transfers no later than 1:00 P.M. (New York City time) on
the next succeeding Business Day.  The obligation of each of the
Lenders to transfer such funds shall be irrevocable and unconditional and
without recourse to, or without representation or warranty by, the
Administrative Agent.  Each of the Administrative Agent and each
Lender agrees and the Lenders agree to mark their respective books and records
on each Settlement Date to show at all times the dollar amount of their
respective RL Percentage of the outstanding Revolving Loans on such
date.  The provisions of this Section 2.04(b) with
respect to Specified Foreign Currency Loans of a Participating Specified Foreign
Currency Lender shall be subject to the terms of Section
15.

             

            (ii) To the
extent that the settlement described in preceding clause (i) shall not yet have
occurred with respect to any particular Settlement Date, upon any repayment of
Revolving Loans by any Borrower prior to such settlement, the Administrative
Agent may apply such amounts repaid directly to the amounts that would otherwise
be made available by the Administrative Agent pursuant to this Section
2.04(b).

             

            (iii) Because
the Administrative Agent on behalf of the Lenders may be advancing and/or may be
repaid Revolving Loans prior to the time when the Lenders will actually advance
and/or be repaid Revolving Loans, interest with respect to Revolving Loans shall
be allocated by the Administrative Agent to each Lender and the Administrative
Agent in accordance with the amount of Revolving Loans actually advanced
by and repaid to each Lender and the Administrative Agent and shall accrue from
and including the date such Revolving Loans are so advanced to but excluding the
date such Revolving Loans are either repaid by the U.S. Borrowers, the
Australian Borrowers, the Canadian Borrowers, the Dutch Borrowers or the U.K.
Borrowers, as the case may be, in accordance with the terms of this Agreement or
actually settled by the Administrative Agent or the applicable Lender as
described in this Section
2.04(b).

             

            

            
              
                
                   

                

                
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            2.05. Notes.  (a)  Each
U.S. Borrower’s joint and several obligation, each Australian Borrower’s joint
and several obligation, each Canadian Borrower’s joint and several obligation,
each Dutch Borrower’s joint and several obligation and each U.K. Borrower’s
joint and several obligation, as the case may be, to pay the principal of, and
interest on, the Loans made by each Lender shall be evidenced in the Register
maintained by the Administrative Agent pursuant to Section 13.15 and
shall, if requested by such Lender, also be evidenced (i) in the case of U.S.
Borrower Revolving Loans, by a promissory note duly executed and delivered by
each U.S. Borrower substantially in the form of Exhibit B-1, with
blanks appropriately completed in conformity herewith (each, a “U.S. Borrower Revolving
Note” and, collectively, the “U.S. Borrower Revolving
Notes”), (ii) in the case of Australian Borrower Revolving Loans, by a
promissory note duly executed and delivered by each Australian Borrower
substantially in the form of Exhibit B-1, with
blanks appropriately completed in conformity herewith (each, a “Australian Borrower
Revolving Note” and, collectively, the “Australian Borrower
Revolving Notes”), (iii) in the case of Canadian Borrower Revolving
Loans, by a promissory note duly executed and delivered by each Canadian
Borrower substantially in the form of Exhibit B-1, with
blanks appropriately completed in conformity herewith (each, a “Canadian Borrower Revolving
Note” and, collectively, the “Canadian Borrower Revolving
Notes”), (iv) in the case of Dutch Borrower Revolving Loans, by a
promissory note duly executed and delivered by each Dutch Borrower substantially
in the form of Exhibit
B-1, with blanks appropriately completed in conformity herewith (each, a
“Dutch Borrower
Revolving Note” and, collectively, the “Dutch Borrower Revolving
Notes”), (v) in the case of U.K. Borrower Revolving Loans, by a
promissory note duly executed and delivered by each U.K. Borrower substantially
in the form of Exhibit
B-1, with blanks appropriately completed in conformity herewith (each, a
“U.K. Borrower
Revolving Note” and, collectively, the “U.K. Borrower Revolving
Notes” and together with the U.S. Borrower Revolving Notes, the
Australian Borrower Revolving Notes, the Canadian Borrower Revolving Notes and
the Dutch Borrower Revolving Notes, the “Revolving Notes”),
(vi) in the case of U.S. Borrower Swingline Loans, by a promissory note duly
executed and delivered by each U.S. Borrower substantially in the form of Exhibit B-2, with
blanks appropriately completed in conformity herewith (the “U.S. Borrower Swingline
Note”), (vii) in the case of Australian Borrower Swingline Loans, by a
promissory note duly executed and delivered by each Australian Borrower
substantially in the form of Exhibit B-2, with
blanks appropriately completed in conformity herewith (each, a “Australian Borrower
Swingline Note”), (viii) in the case of Canadian Borrower Swingline
Loans, by a promissory note duly executed and delivered by each Canadian
Borrower substantially in the form of Exhibit B-2, with
blanks appropriately completed in conformity herewith (each, a “Canadian Borrower Swingline
Note”), (ix) in the case of Dutch Borrower Swingline Loans, by a
promissory note duly executed and delivered by each Dutch Borrower substantially
in the form of Exhibit
B-2, with blanks appropriately completed in conformity herewith (each, a
“Dutch Borrower
Swingline Note”) and (x) in the case of U.K. Borrower Swingline Loans, by
a promissory note duly executed and delivered by each U.K. Borrower
substantially in the form of Exhibit B-2, with
blanks appropriately completed in conformity herewith (each, a “U.K. Borrower Swingline
Note” and together with the U.S. Borrower Swingline Note, the Australian
Borrower Swingline Note, the Canadian Borrower Swingline Note and the Dutch
Borrower Swingline Note, the “Swingline
Notes”).

             

            (b) Each
Lender will note on its internal records the amount of each Loan made by it and
each payment in respect thereof and prior to any transfer of any of its Notes
will 

             

             

            
              
                
                

              

              
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            endorse
on the reverse side thereof the outstanding principal amount of Loans evidenced
thereby.  Failure to make any such notation or any error in such
notation shall not affect any Borrower’s obligations in respect of such
Loans.

             

            (c) Notwithstanding
anything to the contrary contained above in this Section 2.05 or
elsewhere in this Agreement, Notes shall only be delivered to Lenders which at
any time specifically request the delivery of such Notes.  No failure
of any Lender to request, obtain, maintain or produce a Note evidencing its
Loans to any Borrower shall affect, or in any manner impair, the obligations of
any Borrower to pay the Loans (and all related Obligations) incurred by such
Borrower which would otherwise be evidenced thereby in accordance with the
requirements of this Agreement, and shall not in any way affect the security or
guaranties therefor provided pursuant to any Credit Document.  Any
Lender which does not have a Note evidencing its outstanding Loans shall in no
event be required to make the notations otherwise described in preceding clause
(b).  At any time when any Lender requests the delivery of a Note to
evidence any of its Loans, each respective Borrower shall promptly execute and
deliver to the respective Lender, at such Borrower’s expense, the requested Note
in the appropriate amount or amounts to evidence such Loans.

             

            2.06. Conversions.  (a)  Each
Borrower shall have the option to convert, on any Business Day, all or a portion
equal to at least the Minimum Borrowing Amount of the outstanding principal
amount of U.S. Dollar Denominated Loans made to it pursuant to one or more
Borrowings of one or more Types of U.S. Dollar Denominated Revolving Loans into
a Borrowing of another Type of U.S. Dollar Denominated Revolving Loan; provided that, (i)
except as otherwise provided in Section 2.10(b),
Eurodollar Loans may be converted into Base Rate Loans only on the last day of
an Interest Period applicable to the Eurodollar Loans being converted and no
such partial conversion of Eurodollar Loans shall reduce the outstanding
principal amount of such Eurodollar Loans made pursuant to a single Borrowing to
less than the Minimum Borrowing Amount applicable thereto, (ii) unless the
Required Lenders otherwise agree, Base Rate Loans may only be converted into
Eurodollar Loans if no Default or Event of Default is in existence on the date
of the conversion, and (iii) no conversion pursuant to this Section 2.06 shall
result in a greater number of Borrowings of Euro Rate Loans than is permitted
under Section
2.02.  Each such conversion shall be effected by the relevant
Borrower (of U.S. Dollar Denominated Revolving Loan being converted) by giving
the Administrative Agent at the Notice Office prior to 12:00 Noon (New York City
time) at least (i) in the case of conversions of Base Rate Loans into Eurodollar
Loans, three Business Days’ prior notice and (ii) in the case of conversions of
Eurodollar Loans into Base Rate Loans, one Business Day’s prior notice (each, a
“Notice of
Conversion/Continuation”), in each case in the form of Exhibit A-2,
appropriately completed to specify the U.S. Dollar Denominated Revolving Loans
to be so converted, the Borrowing or Borrowings pursuant to which such U.S.
Dollar Denominated Loans were incurred and, if to be converted into Eurodollar
Loans, the Interest Period to be initially applicable thereto.  The
Administrative Agent shall give each Lender prompt notice of any such proposed
conversion affecting any of its U.S. Dollar Denominated Revolving
Loans.

             

            (b) Conversions
of Bankers’ Acceptance Loans into Canadian Prime Rate Loans shall be made in the
circumstances, and to the extent, provided in Schedule
1.01(b).  Except as provided in Schedule 1.01(b),
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            converted
into Canadian Prime Rate Loans prior to the maturity date of the respective
Bankers’ Acceptance or B/A Equivalent Note, as the case may be.

             

            (c) Each
Borrower shall have the option to convert on any Business Day occurring on or
after the Effective Date, all or a portion at least equal to the Minimum
Borrowing Amount of the outstanding principal amount of Canadian Prime Rate
Loans made to such Borrower pursuant to one or more Borrowings of Canadian
Dollar Denominated Revolving Loans into a Borrowing or Borrowings of Bankers’
Acceptance Loans; provided that (i)
unless the Required Lenders otherwise agree, Canadian Prime Rate Loans may not
be converted into Bankers’ Acceptance Loans if a Default or an Event of Default
is in existence on the date of such conversion and (ii) Borrowings of Bankers’
Acceptance Loans resulting from this Section 2.06 shall be
limited in number as provided in Section
2.02.  Each such conversion shall be effected by the relevant
Borrower (of Canadian Dollar Denominated Revolving Loan being converted), by
giving the Administrative Agent at the Notice Office, prior to 12:00 Noon (New
York City time), at least three Business Days prior to the date of the proposed
conversion, a Notice of Conversion/Continuation specifying the Canadian Dollar
Denominated Revolving Loans maintained as Canadian Prime Rate Loans to be so
converted into Bankers’ Acceptance Loans, the Borrowing or Borrowings pursuant
to which such Canadian Dollar Denominated Revolving Loans were made and the term
of the proposed Borrowing of Bankers’ Acceptance Loans (which, in each case,
shall comply with the requirements of Schedule
1.01(b)).  The Administrative Agent shall give each Lender
prompt notice of any such proposed conversion affecting any of its Canadian
Dollar Denominated Revolving Loans maintained as Canadian Prime Rate
Loans.

             

            2.07. Pro Rata
Borrowings.  Except
as provided in Section
15, all Borrowings of Revolving Loans (including U.S. Borrower Revolving
Loans, Australian Borrower Revolving Loans, Canadian Borrower Revolving Loans,
Dutch Borrower Revolving Loans and U.K. Borrower Revolving Loans) under this
Agreement shall be incurred from the Lenders pro rata on the basis
of their Commitments, provided that all
Mandatory Borrowings shall be incurred from the Lenders pro rata on the basis
of their RL Percentages.  It is understood that no Lender shall be
responsible for any default by any other Lender of its obligation to make Loans
hereunder and that each Lender shall be obligated to make the Loans provided to
be made by it hereunder, regardless of the failure of any other Lender to make
its Loans hereunder.

             

            2.08. Interest.  (a)  (v)
The U.S. Borrowers jointly and severally agree to pay interest in respect of the
unpaid principal amount of each U.S. Borrower Loan, (w) the Australian Borrowers
jointly and severally agree to pay interest in respect of the unpaid principal
amount of each Australian Borrower Loan, (x) the Canadian Borrowers jointly and
severally agree to pay interest in respect of the unpaid principal amount of
each Canadian Borrower Loan, (y) the Dutch Borrowers jointly and severally agree
to pay interest in respect of the unpaid principal amount of each Dutch Borrower
Loan and (z) the U.K. Borrowers jointly and severally agree to pay interest in
respect of the unpaid principal amount of each U.K. Borrower Loan, in each
case:

             

            (A) maintained
as a Base Rate Loan, in each case, from the date of Borrowing thereof until the
earlier of (i) the maturity thereof (whether by acceleration or otherwise) and
(ii) the conversion of such Base Rate Loan to a Eurodollar Loan pursuant to
Section 2.06 or
2.09, as

             

             

            
              
                
                

              

              
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            applicable,
at a rate per annum which shall be equal to the sum of the relevant Applicable
Margin plus the
Base Rate, each as in effect from time to time.

             

            (B) maintained
as a Eurodollar Loan, in each case, from the date of Borrowing thereof until the
earlier of (i) the maturity thereof (whether by acceleration or otherwise) and
(ii) the conversion of such Eurodollar Loan to a Base Rate Loan pursuant to
Section 2.06,
2.09 or 2.10, as applicable,
at a rate per annum which shall, during each Interest Period applicable thereto,
be equal to the sum of the relevant Applicable Margin as in effect from time to
time during such Interest Period plus the Eurodollar
Rate for such Interest Period.

             

            (C) maintained
as a Canadian Prime Rate Loan (including with respect to any Bankers’ Acceptance
Loan converted into a Canadian Prime Rate Loan pursuant to Schedule 1.01(b)), in
each case, from the date of Borrowing thereof (or, in the circumstances
described in the immediately preceding parenthetical, from the date of
conversion of such respective Bankers’ Acceptance Loan into a Canadian Prime
Rate Loan) until the earlier of (i) the maturity thereof (whether by
acceleration or otherwise) and (ii) the conversion of such Canadian Prime Rate
Loan to a Bankers’ Acceptance Loan pursuant to Schedule 1.01(b), at
a rate per annum which shall be equal to the sum of the relevant Applicable
Margin plus the
Canadian Prime Rate, each as in effect from time to time.

             

            (D) maintained
as a Sterling Denominated Revolving Loan, in each case, from the date of
Borrowing thereof until the maturity thereof (whether by acceleration or
otherwise) at a rate per annum which shall, during each Interest Period
applicable thereto, be equal to the sum of the relevant Applicable Margin as in
effect from time to time during such Interest Period plus the Sterling
Rate for such Interest Period plus any Mandatory
Costs.

             

            (E) maintained
as a Euro Denominated Revolving Loan, in each case, from the date of Borrowing
thereof until the maturity thereof (whether by acceleration or otherwise) at a
rate per annum which shall, during each Interest Period applicable thereto, be
equal to the sum of the relevant Applicable Margin as in effect from time to
time during such Interest Period plus the Euro LIBOR
for such Interest Period.

             

            (F) maintained
as a Australian Dollar Denominated Revolving Loan, in each case, from the date
of Borrowing thereof until the maturity thereof (whether by acceleration or
otherwise) at a rate per annum which shall, during each Interest Period
applicable thereto, be equal to the sum of the relevant Applicable Margin as in
effect from time to time during such Interest Period plus the Australian
Dollar Rate for such Interest Period.

             

            (b) Upon the
occurrence and during the continuance of an Event of Default specified in Section 11.01(a) or
11.01(e) or,
upon notice of the Administrative Agent or the Required Lenders, any other Event
of Default, all outstanding Loans shall bear interest at a rate per annum equal
to the rate which is 2% in excess of the rate otherwise applicable to such Loans
plus any
Mandatory Costs in the case of any Sterling Denominated Revolving
Loans.  Without duplication of any amounts payable pursuant to the
immediately preceding sentence, overdue principal and, to the extent permitted
by law, overdue interest in respect of each Loan and any other overdue amount
payable hereunder and under any other Credit Document shall, in each case, bear
interest at a rate per annum (1) in the case of overdue principal of, and
overdue interest 

             

             

            
              
                
                

              

              
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            on,
Canadian Dollar Denominated Loans and any other overdue amounts owing in
Canadian Dollars, equal to the rate which is 2% in excess of the Applicable
Margin for Canadian Prime Rate Loans plus the Canadian
Prime Rate, each as in effect from time to time, (2) in the case of overdue
principal of, and overdue interest on, Sterling Denominated Revolving Loans and
any other overdue amounts owing in Pounds Sterling, equal to the rate which is
2% in excess of the Applicable Margin in effect from time to time for Sterling
Denominated Revolving Loans plus the Sterling
Rate for such successive periods not exceeding three months as the
Administrative Agent may determine from time to time in respect of amounts
comparable to the amount not paid plus any Mandatory
Costs, (3) in the case of overdue principal of, and overdue interest on, Euro
Denominated Revolving Loans and any other overdue amounts owing in Euros, equal
to the rate which is 2% in excess of the Applicable Margin in effect from time
to time for Euro Denominated Revolving Loans plus the Euro LIBOR
for such successive periods not exceeding three months as the Administrative
Agent may determine from time to time in respect of amounts comparable to the
amount not paid, (4) in the case of overdue principal of, and overdue interest
on, Australian Dollar Denominated Revolving Loans and any other overdue amounts
owing in Australian Dollars, equal to the rate which is 2% in excess of the
Applicable Margin in effect from time to time for Australian Dollar Denominated
Revolving Loans plus the Australian
Dollar Rate for such successive periods not exceeding three months as the
Administrative Agent may determine from time to time in respect of amounts
comparable to the amount not paid, and (5) in the case of overdue principal of,
and overdue interest on, U.S. Dollar Denominated Loans and any other overdue
amounts owing in U.S. Dollars, equal to the rate which is equal to the greater
of (x) the rate which is 2% in excess of the rate then borne by such Loans and
(y) the rate which is 2% in excess of the rate otherwise applicable to Base Rate
Loans from time to time.  Interest that accrues under this Section 2.08(b) shall
be payable on demand.

             

            (c) Accrued
(and theretofore unpaid) interest shall be payable (i) in respect of each Base
Rate Loan, quarterly in arrears on each Quarterly Payment Date, (ii) in respect
of each Canadian Prime Rate Loan, quarterly in arrears on each Quarterly Payment
Date, (iii) in respect of each Euro Rate Loan, on the last day of each Interest
Period applicable thereto and, in the case of an Interest Period in excess of
three months, on each date occurring at three month intervals after the first
day of such Interest Period and (iv) in respect of each Loan (other than
Bankers’ Acceptance Loans), (x) on the date of any repayment or prepayment
thereof (on the amount prepaid or repaid) (except that repayments and
prepayments of Base Rate Loans or Canadian Prime Rate Loans shall not be
required to be accompanied by a payment of accrued, and theretofore unpaid,
interest thereon, unless either all outstanding Loans of such Type are being
repaid or prepaid or the Total Commitment has terminated or will be terminated
concurrently with such repayment or prepayment), (y) at maturity (whether by
acceleration or otherwise) and (z) after such maturity, on demand.

             

            (d) Upon each
Interest Determination Date, the Administrative Agent shall determine the Euro
Rate for each Interest Period applicable to the respective Euro Rate Loans and
shall promptly notify the respective Borrowers and the Lenders
thereof.  Each such determination shall, absent manifest error, be
final and conclusive and binding on all parties hereto.

             

            2.09. Interest
Periods.  At
the time any Borrower gives any Notice of Borrowing or Notice of
Conversion/Continuation in respect of the making of, or conversion into, any
Euro 

             

             

            
              
                
                

              

              
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            Rate Loan
(in the case of the initial Interest Period applicable thereto) or prior to
12:00 Noon (New York City time) on the third Business Day prior to the
expiration of an Interest Period applicable to such Euro Rate Loan (in the case
of any subsequent Interest Period), such Borrower shall have the right to elect
the interest period (each, an “Interest Period”)
applicable to such Euro Rate Loan, which Interest Period shall, at the option of
such Borrower, be (i) a one or two week period to the extent agreed to by all
Lenders, (ii) a one, two, three or six month period or (iii) a nine or twelve
month period to the extent agreed to by all Lenders, provided that (in
each case):

             

            (a) all Euro
Rate Loans comprising a Borrowing shall at all times have the same Interest
Period;

             

            (b) the
initial Interest Period for any Euro Rate Loan shall commence on the date of
Borrowing of such Euro Rate Loan (including, in the case of U.S. Dollar
Denominated Revolving Loans, the date of any conversion thereto from a Base Rate
Loan) and each Interest Period occurring thereafter in respect of such Euro Rate
Loan shall commence on the day on which the next preceding Interest Period
applicable thereto expires;

             

            (c) if any
Interest Period for a Euro Rate Loan begins on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest
Period, such Interest Period shall end on the last Business Day of such calendar
month;

             

            (d) if any
Interest Period for a Euro Rate Loan would otherwise expire on a day which is
not a Business Day, such Interest Period shall expire on the next succeeding
Business Day; provided, however, that if any
Interest Period for a Euro Rate Loan would otherwise expire on a day which is
not a Business Day but is a day of the month after which no further Business Day
occurs in such month, such Interest Period shall expire on the next preceding
Business Day;

             

            (e) unless
the Required Lenders otherwise agree or as otherwise provided below in the case
of Australian Dollar Denominated Revolving Loans, Sterling Denominated Revolving
Loans or Euro Denominated Revolving Loans, no Interest Period may be selected at
any time when a Default or an Event of Default is then in existence;
and

             

            (f) no
Interest Period in respect of any Borrowing of any Loans shall be selected which
extends beyond the Maturity Date for such Loans.

             

            With
respect to any Loans maintained as Euro Rate Loans, at the end of any Interest
Period applicable to a Borrowing thereof, the relevant Borrower may elect to
split the respective Borrowing into two or more Borrowings of the same Type or
combine two or more Borrowings of the same Type into a single Borrowing, in each
case, by having the relevant Borrower give notice thereof together with its
election of one or more Interest Periods, in each case so long as each resulting
Borrowing (x) has an Interest Period which complies with the foregoing
requirements of this Section 2.09 and (y)
does not cause a violation of the requirements of Section
2.02.  If by 12:00 Noon (New York City time) on the third
Business Day 

             

             

            
              
                
                

              

              
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            prior to
the expiration of any Interest Period applicable to a Borrowing of Euro Rate
Loans, any Borrower has failed to elect, or is not permitted to elect, a new
Interest Period to be applicable to such Euro Rate Loans as provided above, such
Borrower shall be deemed to have elected (x) if Eurodollar Loans, to convert
such Eurodollar Loans into Base Rate Loans and (y) if Australian Dollar
Denominated Revolving Loans, Sterling Denominated Revolving Loans or Euro
Denominated Revolving Loans, to select a one month Interest Period for such
Australian Dollar Denominated Revolving Loans, Sterling Denominated Revolving
Loans or Euro Denominated Revolving Loans, as the case may be, in any such case
effective as of the expiration date of such current Interest
Period.

             

            2.10. Increased Costs, Illegality,
etc.  (a)  In
the event that any Lender shall have determined (which determination shall,
absent manifest error, be final and conclusive and binding upon all parties
hereto but, with respect to clauses (i)(x) and (iv) below, may be made only by
the Administrative Agent):

             

            (i) (x) on
any Interest Determination Date that, by reason of any changes arising after the
date of this Agreement affecting the applicable interbank market, adequate and
fair means do not exist for ascertaining the applicable interest rate on the
basis provided for in the definition of the respective Euro Rate and/or (y) the
applicable Euro Rate for any requested Interest Period with respect to a
proposed Euro Rate Loan does not adequately and fairly reflect the cost to the
Lenders of funding such Euro Rate Loan; or

             

            (ii) at any
time, that such Lender shall incur increased costs or reductions in the amounts
received or receivable hereunder with respect to any Euro Rate Loan because of
(x) any change since the Effective Date in any applicable law or governmental
rule, regulation, order, guideline or request (whether or not having the force
of law) or in the interpretation or administration thereof and including the
introduction of any new law or governmental rule, regulation, order, guideline
or request, such as, but not limited to:  (1) a change in the basis of
taxation of payments to any Lender of the principal of or interest on the Loans
or the Notes or any other amounts payable hereunder (except for changes in the
basis of taxation or rate of tax on, or determined by reference to, the net
income or net profits of such Lender pursuant to the laws of the jurisdiction in
which it is organized or in which its principal office or applicable lending
office is located or any subdivision thereof or therein) or (2) a change in
official reserve requirements, but, in all events, excluding reserves required
under Regulation D to the extent included in the computation of the Eurodollar
Rate and/or (y) other circumstances arising since the Effective Date affecting
such Lender, the interbank eurodollar market or the position of such Lender in
such market; or

             

            (iii) at any
time, that the making or continuance of any Euro Rate Loan has been made (A)
unlawful by any law or governmental rule, regulation or order, (B) impossible by
compliance by any Lender in good faith with any governmental request (whether or
not having force of law) or (C) impracticable as a result of a contingency
occurring after the Effective Date which materially and adversely affects the
applicable eurodollar market; or

             

             

            
              
                
                

              

              
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            (iv) at any
time that there is no market for Bankers’ Acceptances by reason of circumstances
affecting the Canadian money market generally or the relevant Available Currency
(other than U.S. Dollars) is not available in sufficient amounts, in either case
as determined in good faith by the Administrative Agent, acting
reasonably;

             

            then, and
in any such event, such Lender (or (I) the Administrative Agent, in the case of
clauses (i)(x) and (iv) above or (II) the Required Lenders, in the case of
clause (i)(y) above) shall promptly give notice (by telephone promptly confirmed
in writing) to the affected Borrowers and, except in the case of clauses (i)(x)
and (iv) above, to the Administrative Agent of such determination (which notice
the Administrative Agent shall promptly transmit to each of the other
Lenders).  Thereafter (w) in the case of clause (i) above, (A) in the
event that Eurodollar Loans are so affected, Eurodollar Loans shall no longer be
available until such time as the Administrative Agent (on behalf of the Required
Lenders in the case of clause (i)(y) above) notifies Holdings and the Lenders
that the circumstances giving rise to such notice by the Administrative Agent no
longer exist, and any Notice of Borrowing or Notice of Conversion/Continuation
given by any Borrower with respect to Eurodollar Loans which have not yet been
incurred (including by way of conversion) shall be deemed rescinded by such
Borrower, (B) in the event that Sterling Denominated Revolving Loans are so
affected, the applicable Euro Rate shall be determined on the basis provided in
the proviso to the definition of Sterling Rate, (C) in the event that Euro
Denominated Revolving Loans are so affected, the applicable Euro Rate shall be
determined on the basis provided in the proviso to the definition of Euro LIBOR
and (D) in the event that Australian Dollar Denominated Revolving Loans are so
affected, the applicable Euro Rate shall be determined on the basis provided in
the proviso to the definition of Australian Dollar Rate, (x) in the case of
clause (ii) above, the U.S. Borrowers (jointly and severally), the Australian
Borrowers (jointly and severally), the Canadian Borrowers (jointly and
severally), the Dutch Borrowers (jointly and severally) and/or the U.K.
Borrowers (jointly and severally) agree to pay to such Lender, upon such
Lender’s written request therefor, such additional amounts (in the form of an
increased rate of, or a different method of calculating, interest or otherwise
as such Lender in its sole discretion shall determine) as shall be required to
compensate such Lender for such increased costs or reductions in amounts
received or receivable hereunder (a written notice as to the additional amounts
owed to such Lender, showing in reasonable detail the basis for the calculation
thereof, submitted to the respective Borrowers by such Lender shall, absent
manifest error, be final and conclusive and binding on all the parties hereto);
provided, however, that for purposes of clause (ii) above, any such Borrower
shall not be obligated to pay such additional amounts which relate to Taxes (as
to which Section 5.04 shall govern), (y) in the case of clause (iii) above, the
respective Borrower or Borrowers shall take one of the actions specified in
Section 2.10(b)
as promptly as possible and, in any event, within the time period required by
law and (z) in
the case of clause (iv) above, and as provided in Schedule 1.01(b),
Bankers’ Acceptance Loans or other Revolving Loans in the relevant Available
Currency (exclusive of any such Revolving Loans which have theretofore been
funded) shall no longer be available until such time as the Administrative Agent
notifies the affected Borrowers and the Lenders that the circumstances giving
rise to such notice by the Administrative Agent no longer exist, and any Notice
of Borrowing or Notice of Conversion/Continuation with respect to Bankers’
Acceptance Loans or such other Revolving Loans given by the respective Borrowers
which have not been incurred (including by way of conversion) shall be deemed
rescinded by such Borrowers.

             

             

            
              
                
                

              

              
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            (b) At any
time that any Euro Rate Loan is affected by the circumstances described in Section 2.10(a)(ii),
the affected Borrower may, and in the case of a Euro Rate Loan affected by the
circumstances described in Section 2.10(a)(iii),
the affected Borrower shall, either (i) if the affected Euro Rate Loan is then
being made initially or pursuant to a conversion, cancel such Borrowing by
giving the Administrative Agent telephonic notice (confirmed in writing) on the
same date that such Borrower was notified by the affected Lender or the
Administrative Agent pursuant to Section 2.10(a)(ii)
or (iii), or
(ii) if the affected Euro Rate Loan is then outstanding, upon at least three
Business Days’ written notice to the Administrative Agent, (A) in the case of a
Eurodollar Loan, require the affected Lender to convert such Eurodollar Loan
into a Base Rate Loan (which conversion, in the case of the circumstance
described in Section
2.10(a)(iii), shall occur no later than the last day of the Interest
Period then applicable to such Eurodollar Loan or such earlier day as shall be
required by applicable law) and (B) in the case of any Euro Rate Loan (other
than a Eurodollar Loan), repay all outstanding Borrowings which include such
affected Euro Rate Loans in full in accordance with the applicable requirements
of Section
5.01; provided that (i) if
the circumstances described in Section 2.10(a)(iii)
apply to any Australian Dollar Denominated Revolving Loans, Sterling Denominated
Revolving Loan or Euro Denominated Revolving Loan, the respective Borrower may,
in lieu of taking the actions described above, maintain such outstanding
Australian Dollar Denominated Revolving Loans, Sterling Denominated Revolving
Loan or Euro Denominated Revolving Loan, as the case may be, in which case, (x)
in the case of Sterling Denominated Revolving Loans, the applicable Euro Rate
shall be determined on the basis provided in the proviso to the definition of
Sterling Rate, (y) in the case of Euro Denominated Revolving Loans, the
applicable Euro Rate shall be determined on the basis provided in the proviso to
the definition of Euro LIBOR and (z) in the case of Australian Dollar
Denominated Revolving Loans, the applicable Euro Rate shall be determined on the
basis provided in the proviso to the definition of Australian Dollar Rate, as
the case may be, unless the maintenance of such outstanding Australian Dollar
Denominated Revolving Loans, Sterling Denominated Revolving Loan or Euro
Denominated Revolving Loan, as the case may be, on such basis would not stop the
conditions described in Section 2.10(a)(iii)
from existing (in which case the actions described above, without giving effect
to this proviso, shall be required to be taken) and (ii) if more than one Lender
is affected at any time, then all affected Lenders must be treated the same
pursuant to this Section
2.10(b).

             

            (c) If any
Lender determines that after the Effective Date the introduction of or any
change in any applicable law or governmental rule, regulation, order, guideline,
directive or request (whether or not having the force of law) concerning capital
adequacy, or any change in interpretation or administration thereof by the NAIC
or any Governmental Authority, central bank or comparable agency, will have the
effect of increasing the amount of capital required or expected to be maintained
by such Lender or any corporation controlling such Lender based on the existence
of such Lender’s Commitment hereunder or its obligations hereunder, then
Holdings agrees to pay to such Lender, upon its written demand therefor, such
additional amounts as shall be required to compensate such Lender or such other
corporation for the increased cost to such Lender or such other corporation or
the reduction in the rate of return to such Lender or such other corporation as
a result of such increase of capital.  In determining such additional
amounts, each Lender will act reasonably and in good faith and will use
averaging and attribution methods which are reasonable; provided that such
Lender’s determination of compensation owing under this Section 2.10(c)
shall, absent manifest error, be final and 

             

             

            
              
                
                

              

              
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            conclusive
and binding on all the parties hereto.  Each Lender, upon determining
that any additional amounts will be payable pursuant to this Section 2.10(c), will
give prompt written notice thereof to Holdings, which notice shall show in
reasonable detail the basis for calculation of such additional amounts, although
the failure to give any such notice shall not release or diminish Holdings’
obligations to pay additional amounts pursuant to this Section 2.10(c) upon
the subsequent receipt of such notice.  For the avoidance of doubt,
nothing in this Section 2.10(c) shall
require Holdings to pay to any Lender any amount for which such Lender is
compensated by way of payment of Mandatory Costs.

             

            (d) In the
event that any Lender shall in good faith determine (which determination shall,
absent manifest error, be final and conclusive and binding on all parties
hereto) at any time that such Lender is required to maintain reserves
(including, without limitation, any marginal, emergency, supplemental, special
or other reserves required by applicable law) which have been established by any
Federal, state, local or foreign court or governmental agency, authority,
instrumentality or regulatory body with jurisdiction over such Lender (including
any branch, Affiliate or funding office thereof) in respect of any Australian
Dollar Denominated Revolving Loans, Sterling Denominated Revolving Loans or Euro
Denominated Revolving Loans or any category of liabilities which includes
deposits by reference to which the interest rate on any Sterling Denominated
Revolving Loan or Euro Denominated Revolving Loan is determined or any category
of extensions of credit or other assets which includes loans by a non-United
States office of any Lender to non-United States residents, then, unless such
reserves are included in the calculation of the interest rate applicable to such
Australian Dollar Denominated Revolving Loans, Sterling Denominated Revolving
Loans or Euro Denominated Revolving Loans or in Section 2.10(a)(ii),
such Lender shall promptly notify the Borrowers in writing specifying the
additional amounts required to indemnify such Lender against the cost of
maintaining such reserves in respect of such Australian Dollar Denominated
Revolving Loans, Sterling Denominated Revolving Loans and/or Euro Denominated
Revolving Loans (such written notice to provide in reasonable detail a
computation of such additional amounts) and the respective Borrowers shall be
jointly and severally obligated to pay to such Lender such specified amounts as
additional interest at the time that such Borrowers are otherwise required to
pay interest in respect of such Australian Dollar Denominated Revolving Loans,
Sterling Denominated Revolving Loans and Euro Denominated Revolving Loans or, if
later, on written demand therefor by such Lender.

             

            2.11. Compensation.  The
applicable ABL Credit Parties (grouped by Borrowing Base), jointly and severally
agree to compensate each Lender, upon its written request (which request shall
set forth in reasonable detail the basis for requesting such compensation), for
all losses, expenses and liabilities (including, without limitation, any loss,
expense or liability incurred by reason of the liquidation or reemployment of
deposits or other funds required by such Lender to fund its Euro Rate Loans or
Bankers’ Acceptance Loans but excluding loss of anticipated profits) which such
Lender may sustain:  (a) if for any reason (other than a default by
such Lender or the Administrative Agent) a Borrowing of, or conversion from or
into, Euro Rate Loans or Bankers’ Acceptance Loans does not occur on a date
specified therefor in a Notice of Borrowing or Notice of Conversion/Continuation
(whether or not withdrawn by the respective Borrower or Borrowers or deemed
withdrawn pursuant to Section 2.10(a)); (b)
if any prepayment or repayment (including any prepayment or repayment made
pursuant to Section
5.01, Section
5.02 or as a result of an acceleration of the Loans pursuant
to

             

             

            
              
                
                

              

              
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            Section 11.01) or
conversion of any of its Euro Rate Loans or Bankers’ Acceptance Loans occurs on
a date which is not the last day of an Interest Period or maturity date, as
applicable, with respect thereto; (c) if any prepayment of any of its Euro Rate
Loans is not made on any date specified in a notice of prepayment given by the
respective Borrowers; or (d) as a consequence of (i) any other default by the
respective Borrowers to repay Euro Rate Loans or Bankers’ Acceptance Loans when
required by the terms of this Agreement or any Note held by such Lender or (ii)
any election made pursuant to Section
2.10(b).

             

            2.12. Lending Offices and
Affiliate Lenders for Loans in Available Currency.  (a)  Each
Lender may at any time or from time to time designate, by written notice to the
Administrative Agent to the extent not already reflected on Schedule 13.03, one
or more lending offices (which, for this purpose, may include Affiliates of the
respective Lender) for the various Loans in the Available Currency made, and
Letters of Credit participated in, by such Lender (including, without
limitation, by designating a separate lending office (or Affiliate) to act as
such with respect to such Loans and Letter of Credit Outstandings); provided that, for
designations made after the Effective Date, to the extent such designation shall
result in increased costs under Section 2.10, 3.06 or 5.04 in excess of
those which would be charged in the absence of the designation of a different
lending office (including a different Affiliate of the respective Lender), then
the Borrowers shall not be obligated to pay such excess increased costs
(although if such designation results in increased costs, the Borrowers shall be
obligated to pay the costs which would have applied in the absence of such
designation and any subsequent increased costs of the type described above
resulting from changes after the date of the respective
designation).  Except as provided in the immediately preceding
sentence, each lending office and Affiliate of any Lender designated as provided
above shall, for all purposes of this Agreement and the other Credit Documents,
be treated in the same manner as the respective designating Lender (and shall be
entitled to all indemnities and similar provisions in respect of its acting as
such hereunder).

             

            (b) Each
Lender agrees that on the occurrence of any event giving rise to the operation
of Section
2.10(a)(ii) or (iii), Section 2.10(c),
Section 3.06 or
Section 5.04
with respect to such Lender, it will, if requested by Holdings, use reasonable
efforts (subject to overall policy considerations of such Lender) to designate
another lending office for any Loans or Letters of Credit affected by such
event; provided
that such designation is made on such terms that such Lender and its lending
office suffer no economic, legal or regulatory disadvantage, with the object of
avoiding the consequence of the event giving rise to the operation of such
Section.  Nothing in this Section 2.12(b) shall
affect or postpone any of the obligations of any Borrower or the right of any
Lender provided in Sections 2.10, 3.06 and 5.04.

             

            2.13. Replacement of
Lenders.  (a)  If
any Lender becomes a Defaulting Lender, (b) upon the occurrence of any event
giving rise to the operation of Section 2.10(a)(ii)
or (iii), Section 2.10(c),
Section 3.06 or
Section 5.04
with respect to any Lender which results in such Lender charging to any Borrower
increased costs in excess of those being generally charged by the other Lenders
or (c) in the case of a refusal by a Lender to consent to a proposed change,
waiver, discharge or termination with respect to this Agreement which has been
approved by the Required Lenders as (and to the extent) provided in Section 13.12(b),
Holdings shall have the right, in accordance with Section 13.04(b), if
no Default or Event of Default then exists or would exist after giving effect to
such replacement, to replace such Lender (the “Replaced Lender”)

             

             

            
              
                
                

              

              
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            with one
or more other Eligible Transferees, none of whom shall constitute a Defaulting
Lender at the time of such replacement (collectively, the “Replacement Lender”)
and each of which shall be reasonably acceptable to the Administrative Agent,
Swingline Lender, Fronting Lending (unless such Person will not be a
Participating Specified Foreign Currency Lender) and any Issuing Lender; provided
that:

             

            (i) at the
time of any replacement pursuant to this Section 2.13, the
Replacement Lender shall enter into one or more Assignment and Assumption
Agreements pursuant to Section 13.04(b) (and
with all fees payable pursuant to said Section 13.04(b) to
be paid by the Borrowers) pursuant to which the Replacement Lender shall acquire
the entire Commitment and all outstanding Revolving Loans (other than Bankers’
Acceptance Loans) and all participations in Letters of Credit by, the Replaced
Lender and, in connection therewith, shall pay to (i) the Replaced Lender in
respect thereof an amount equal to the sum of (A) an amount equal to the
principal of, and all accrued interest on, all outstanding Loans (other than
Bankers’ Acceptances and B/A Equivalent Notes) of the respective Replaced Lender
with respect to which such Replaced Lender is being replaced, (B) an amount
equal to the Face Amount of any outstanding B/A Instrument of the respective
Replaced Lender in satisfaction of the obligations of the Borrower to repay the
B/A Instrument on the maturity thereof, (C) an amount equal to all Unpaid
Drawings (if any) that have been funded by (and not reimbursed to) such Replaced
Lender, together with all then unpaid interest with respect thereto at such time
and (D) an amount equal to all accrued, but theretofore unpaid, Fees owing to
the Replaced Lender pursuant to Section 4.01, (ii)
each Issuing Lender an amount equal to such Replaced Lender’s RL Percentage of
any Unpaid Drawing relating to Letters of Credit issued by such Issuing Lender
(which at such time remains an Unpaid Drawing) to the extent such amount was not
theretofore funded by such Replaced Lender and (iii) the Swingline Lender an
amount equal to such Replaced Lender’s RL Percentage of any Mandatory Borrowing
to the extent such amount was not theretofore funded by such Replaced Lender to
the Swingline Lender; and

             

            (ii) all
obligations of the Borrowers then owing to the Replaced Lender (other than those
specifically described in clause (i) above in respect of which the assignment
purchase price has been, or is concurrently being, paid, but including all
amounts, if any, owing under Section 2.11 shall be
paid in full to such Replaced Lender concurrently with such replacement) shall
be paid in full to such Replaced Lender concurrently with such
replacement.

             

            (b)           Upon
receipt by the Replaced Lender of all amounts required to be paid to it pursuant
to this Section
2.13, the Administrative Agent shall be entitled (but not obligated) and
authorized to execute an Assignment and Assumption Agreement on behalf of such
Replaced Lender, and any such Assignment and Assumption Agreement so executed by
the Administrative Agent and the Replacement Lender shall be effective for
purposes of this Section 2.13 and
Section
13.04.  Upon the execution of the respective Assignment and
Assumption Agreement, the payment of amounts referred to in clauses (i) and (ii)
above, recordation of the assignment on the Register by the Administrative Agent
pursuant to Section
13.15 and, if so requested by the Replacement Lender, delivery to the
Replacement Lender of the appropriate Note or Notes executed by the relevant
Borrowers, (x) the Replacement Lender shall become a Lender 

             

             

            
              
                
                

              

              
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            hereunder
and the Replaced Lender shall cease to constitute a Lender hereunder, except
with respect to indemnification provisions under this Agreement (including,
without limitation, Sections 2.10, 2.11, 3.06, 5.04, 12.06, 13.01 and 13.06), which shall
survive as to such Replaced Lender and (y) the RL Percentages of the Lenders
shall be automatically adjusted at such time to give effect to such
replacement.

             

            2.14. Incremental
Commitments.  (a)  Holdings
shall have the right, in consultation and coordination with the Administrative
Agent as to all of the matters set forth below in this Section 2.14, but
without requiring the consent of the Administrative Agent (except as otherwise
provided in this Section 2.14) or the
Lenders, to request at any time and from time to time after the Effective Date
(or, if later, after the satisfaction of any condition previously agreed to
among the Agents and Holdings) and prior to the Revolving Loan Maturity Date
that one or more Lenders (and/or one or more other Persons which are Eligible
Transferees and which will become Lenders) provide Incremental Commitments and,
subject to the applicable terms and conditions contained in this Agreement and
the relevant Incremental Commitment Agreement, make Revolving Loans and
participate in Letters of Credit and Swingline Loans pursuant thereto; provided that (i) no
Lender shall be obligated to provide an Incremental Commitment, and until such
time, if any, as such Lender has agreed in its sole discretion to provide an
Incremental Commitment and executed and delivered to the Administrative Agent,
Holdings and the other Borrowers an Incremental Commitment Agreement as provided
in clause (b) of this Section 2.14, such
Lender shall not be obligated to fund any Revolving Loans in excess of its
Commitment (if any) or participate in any Letters of Credit or Swingline Loans
in excess of its RL Percentage, in each case, as in effect prior to giving
effect to such Incremental Commitment provided pursuant to this Section 2.14, (ii)
any Lender (including any Person which is an Eligible Transferee who will become
a Lender) may so provide an Incremental Commitment without the consent of the
Administrative Agent or any other Lender; provided that any
Person that is not a Lender prior to the effectiveness of its Incremental
Commitment shall require the consent of the Administrative Agent, each Issuing
Lender, the Swingline Lender and the Fronting Lender (unless such Person will
not be a Participating Specified Foreign Currency Lender) (which consents shall
not be unreasonably withheld) to provide an Incremental Commitment pursuant to
this Section
2.14, (iii) the aggregate amount of each request (and provision therefor)
for Incremental Commitments shall be in a minimum aggregate amount for all
Lenders which provide an Incremental Commitment pursuant to a given Incremental
Commitment Agreement pursuant to this Section 2.14
(including Persons who are Eligible Transferees and will become Lenders) of at
least $10,000,000 (or such lesser amount that is acceptable to the
Administrative Agent), (iv) the aggregate amount of all Incremental Commitments
permitted to be provided pursuant to this Section 2.14 shall
not exceed in the aggregate $50,000,000, (v) Holdings shall not increase the
Commitment pursuant to this Section 2.14 more
than 3 times, (vi) if the Applicable Margins with respect to Loans to be
incurred pursuant to an Incremental Commitment shall be higher in any respect
than those applicable to any other Loans, the Applicable Margins, as the case
may be, for the other Loans and extension of credit hereunder shall be
automatically increased as and to the extent needed to eliminate any
deficiencies in accordance with the definition of “Applicable Margin” contained
herein (such increase, the “Additional Margin”),
(vii) all Revolving Loans incurred pursuant to an Incremental Commitment (and
all interest, fees and other amounts payable thereon) shall be Obligations under
this Agreement and the other applicable Credit Documents and shall be secured by
the relevant Security Documents, and guaranteed under the relevant Guaranties,
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            pari passu basis will all
other Loans secured by each relevant Security Document and guaranteed under each
relevant Guaranty, and (viii) each Lender (including any Person which is an
Eligible Transferee who will become a Lender) agreeing to provide an Incremental
Commitment pursuant to an Incremental Commitment Agreement shall, subject to the
satisfaction of the relevant conditions set forth in this Agreement, participate
in Swingline Loans and Letters of Credit pursuant to Sections 2.01(b) and
3.04,
respectively, and make Revolving Loans as provided in Section 2.01(a) and
such Revolving Loans shall constitute Revolving Loans for all purposes of this
Agreement and the other applicable Credit Documents.

             

            (b) At the
time of the provision of Incremental Commitments pursuant to this Section 2.14, (I)
Holdings, each other Borrower, each Guarantor, the Administrative Agent and each
such Lender or other Eligible Transferee which agrees to provide an Incremental
Commitment (each, an “Incremental Lender”)
shall execute and deliver to Holdings and the Administrative Agent an
Incremental Commitment Agreement, appropriately completed (with the
effectiveness of the Incremental Commitment provided therein to occur on the
date set forth in such Incremental Commitment Agreement, which date in any event
shall be no earlier than the date on which (i) all fees required to be paid in
connection therewith at the time of such effectiveness shall have been paid,
(ii) all Incremental Commitment Requirements have been satisfied, (iii) all
conditions set forth in this Section 2.14 shall
have been satisfied and (iv) all other conditions precedent that may be set
forth in such Incremental Commitment Agreement shall have been satisfied) and
(II) Holdings, each other Borrower, each Guarantor and the Collateral Agent and
each Incremental Lender (as applicable) shall execute and deliver to the
Administrative Agent and the Collateral Agent such additional Security Documents
and/or amendments to the Security Documents which are necessary to ensure that
all Loans incurred pursuant to the Incremental Commitments and any Additional
Margin are secured by each relevant Security Document (the “Incremental Security
Documents”).  The Administrative Agent shall promptly notify
each Lender as to the effectiveness of each Incremental Commitment Agreement
and, at such time, Schedule 1.01(a)
shall be deemed modified to reflect the Incremental Commitments of such
Incremental Lenders.

             

            (c) It is
understood and agreed that the Incremental Commitments provided by an
Incremental Lender or Incremental Lenders, as the case may be, pursuant to each
Incremental Commitment Agreement shall constitute part of, and be added to, the
Total Commitment and each Incremental Lender shall constitute a Lender for all
purposes of this Agreement and each other applicable Credit
Document.

             

            (d) At the
time of any provision of Incremental Commitments pursuant to this Section 2.14, each
Borrower shall, in coordination with the Administrative Agent, repay outstanding
Revolving Loans of certain of the Lenders, and incur additional Revolving Loans
from certain other Lenders (including the Incremental Lenders), in each case to
the extent necessary so that all of the Lenders participate in each outstanding
Borrowing of Revolving Loans pro rata on the basis of
their respective Commitments (after giving effect to any increase in the Total
Commitment pursuant to this Section 2.14) and
with the Borrowers being obligated to pay to the respective Lenders any costs of
the type referred to in Section 2.11 in
connection with any such repayment and/or Borrowing.

             

             

            
              
                
                

              

              
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            2.15. Interest Act (Canada);
Criminal Rate of Interest; Nominal Rate of Interest.  (a)  Notwithstanding
anything to the contrary contained in this Agreement or in any other Credit
Document, solely to the extent that a court of competent jurisdiction finally
determines that the calculation or determination of interest or any fee payable
by the Canadian Borrowers in respect of the Canadian Borrower Obligations
pursuant to this Agreement and the other Credit Documents shall be governed by
or subject to the laws of any province of Canada or the federal laws of Canada,
in no event shall the aggregate “interest” (as defined in Section 347 of the
Criminal Code, R.S.C. 1985, c. C-46, as the same shall be amended, replaced or
re-enacted from time to time) payable by the Canadian Borrowers to the
Administrative Agent or any Lender under this Agreement or any other Credit
Document exceed the effective annual rate of interest on the “credit advanced”
(as defined in that section) under this Agreement or such other Credit Document
lawfully permitted under that section and, if any payment, collection or demand
pursuant to this Agreement or any other Credit Document in respect of “interest”
(as defined in that section) is determined to be contrary to the provisions of
that section, such payment, collection or demand shall be deemed to have been
made by mutual mistake of the Administrative Agent, the Lenders and the Canadian
Borrowers and the amount of such payment or collection shall be refunded by the
Administrative Agent and the Lenders to the Canadian Borrowers.  For
the purposes of this Agreement and each other Credit Document to which any
Canadian Borrowers are a party, the effective annual rate of interest payable by
the Canadian Borrowers shall be determined in accordance with generally accepted
actuarial practices and principles over the term of the loans on the basis of
annual compounding for the lawfully permitted rate of interest and, in the event
of dispute, a certificate of a Fellow of the Canadian Institute of Actuaries
appointed by and for the account of the Canadian Borrowers will be conclusive
for the purpose of such determination in the absence of evidence to the
contrary.

             

            (b) For the
purposes of the Interest Act (Canada) and with respect to Canadian Borrowers
only:

             

            (i) whenever
any interest or fee payable by the Canadian Borrowers is calculated using a rate
based on a year of 360 days or 365 days, as the case may be, the rate determined
pursuant to such calculation, when expressed as an annual rate, is equivalent to
(x) the applicable rate based on a year of 360 days or 365 days, as the case may
be, (y) multiplied by the actual number of days in the calendar year in which
such rate is to be ascertained and (z) divided by 360 or 365, as the case may
be; and

             

            (ii) all
calculations of interest payable by the Canadian Borrowers under this Agreement
or any other Credit Document are to be made on the basis of the nominal interest
rate described herein and therein and not on the basis of effective yearly rates
or on any other basis which gives effect to the principle of deemed reinvestment
of interest.  The parties hereto acknowledge that there is a material
difference between the stated nominal interest rates and the effective yearly
rates of interest and that they are capable of making the calculations required
to determine such effective yearly rates of interest.

             

            (c) The
parties hereto acknowledge and agree that clauses (a) and (b) of this Section 2.15 only
apply to the Canadian Borrowers and shall not otherwise reduce or effect the
obligations of the other Borrowers under this Agreement to pay the full amount
of the Obligations of such Borrowers in accordance with the terms of this
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            reimburse
the Administrative Agent and the applicable Lenders for any amounts refunded by
the Administrative Agent or any Lender to the Canadian Borrowers pursuant to
clause (a) of this Section
2.15).

             

            2.16. Provisions Regarding
Bankers’ Acceptances, Drafts, etc.  The
parties hereto agree that the provisions of Schedule 1.01(b)
shall apply to all Bankers’ Acceptances, Bankers’ Acceptance Loans, Drafts and
B/A Equivalent Notes created hereunder, and that the provisions of Schedule 1.01(b)
shall be deemed incorporated by reference into this Agreement as if such
provisions were set forth in their entirety herein.

             

            2.17. Holdings as Agent for
Borrowers.  Each
Borrower hereby irrevocably appoints Holdings as its agent and attorney-in-fact
for all purposes under this Agreement and each other Credit Document, which
appointment shall remain in full force and effect unless and until the
Administrative Agent shall have received prior written notice signed by the
respective appointing Borrower that such appointment has been
revoked.  Each Borrower hereby irrevocably appoints and authorizes
Holdings (i) to provide the Administrative Agent with all notices with respect
to Loans and Letters of Credit obtained for the benefit of any Borrower and all
other notices and instructions under this Agreement or any other Credit Document
and (ii) to take such action as Holdings deems appropriate on its behalf to
exercise such other powers as are reasonably incidental thereto to carry out the
purposes of this Agreement and the other Credit Documents.  It is
understood that the handling of the Credit Account and the Collateral of the
respective Borrowers in a combined fashion (i.e., the U.S.
Borrowers in a combined fashion, the Australian Borrowers in a combined fashion,
the Canadian Borrowers in a combined fashion, the Dutch Borrowers in a combined
fashion and the U.K. Borrowers in a combined fashion), as more fully set forth
herein, is done solely as an accommodation to the Borrowers in order to utilize
the collective borrowing powers of the Borrowers in the most efficient and
economical manner and at their request, and that the Lenders shall not incur
liability to any Borrower as a result hereof.  Each Borrower expects
to derive benefit, directly or indirectly, from the handling of the Credit
Account and the Collateral in a combined fashion since the successful operation
of each Borrower is dependent on the continued successful performance of the
consolidated group.  To induce the Agents and the Lenders to do so,
and in consideration thereof, each Borrower hereby jointly and severally agrees
to indemnify each Agent and each Lender and hold each Agent and each Lender
harmless against any and all liability, expense, loss or claim of damage or
injury, made against any Agent or any Lender by any Borrower or by any third
party whosoever, arising from or incurred by reason of (a) the handling of the
Credit Account and Collateral of the Borrowers as provided in this Agreement or
(b) the Agents’ and the Lenders’ relying on any instructions of Holdings, or (c)
any other action taken by the Agents or the Lenders hereunder or under the other
Credit Documents, except that the Borrowers will have no liability to any Lender
or any Agent with respect to any such liability, expense, loss or claim of
damage or injury to the extent the same has been finally determined by a court
of competent jurisdiction to have resulted from the gross negligence, or willful
misconduct of such Lender or such Agent, as the case may be.

             

            SECTION
3. Letters of
Credit.

             

            3.01. Letters of
Credit.  (a)  (A)
Subject to and upon the terms and conditions set forth herein (including,
without limitation, the conditions set forth in Section 7), a
Borrower may 

             

             

            
              
                
                

              

              
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            request
that an Issuing Lender issue, at any time and from time to time on and after the
Effective Date and prior to the 30th day prior to the Revolving Loan Maturity
Date, (i) in the case of a request for a Letter of Credit by a U.S. Borrower,
for the joint and several account of the U.S. Borrowers, (ii) in the case of a
request for a Letter of Credit by an Australian Borrower, for the joint and
several account of the Australian Borrowers, (iii) in the case of a request for
a Letter of Credit by a Canadian Borrower, for the joint and several account of
the Canadian Borrowers, (iv) in the case of a request for a Letter of Credit by
a Dutch Borrower, for the joint and several account of the Dutch Borrowers and
(v) in the case of a request for a Letter of Credit by a U.K. Borrower, for the
joint and several account of the U.K. Borrowers and, in each case, for the
benefit of (x) any holder (or any trustee, agent or other similar representative
for any such holders) of L/C Supportable Obligations, an irrevocable standby
letter of credit, in a form customarily used by such Issuing Lender or in such
other form as is reasonably acceptable to such Issuing Lender, and (y) sellers
of goods to Holdings or any of its Subsidiaries, an irrevocable trade letter of
credit, in a form customarily used by such Issuing Lender or in such other form
as has been approved by such Issuing Lender (each such letter of credit, a
“Letter of
Credit” and, collectively, the “Letters of Credit”)
(although without limiting the joint and several nature of the U.S. Borrowers’,
the Australian Borrowers’, the Canadian Borrowers’, the Dutch Borrowers’ or the
U.K. Borrowers’ obligations, as the case may be, in respect of the Letters of
Credit, any particular Letter of Credit may name only one or more of the U.S.
Borrowers, the Australian Borrowers, the Canadian Borrowers, the Dutch Borrowers
or the U.K. Borrowers, as the case may be, as the applicant or obligor therein
and, at the direction of such respective Borrower(s), may be issued for the
benefit of one or more Subsidiaries of Holdings.  Unless agreed to by
an Issuing Lender in respect of a Letter of Credit issued by such Issuing
Lender, each Letters of Credit shall be issued on a sight basis
only.

             

            (B)           Schedule 3.01(a)
contains a description of letters of credit that were issued pursuant to the
Existing Credit Agreement or the Existing Letter of Credit Facility and which
remain outstanding on the Effective Date (and setting forth, with respect to
each such letter of credit, (i) the name of the issuing lender, (ii) the letter
of credit number, (iii) the name(s) of the account party or account parties,
(iv) the stated amount, (v) the currency in which the letter of credit is
denominated, (vi) the name of the beneficiary, (vii) the expiry date, (viii)
whether such letter of credit constitutes a standby letter of credit or a trade
letter of credit) and (ix) which of the Existing Credit Agreement or the
Existing Letter of Credit Facility such Letter of Credit was issued
under.  Each such letter of credit, including any extension or renewal
thereof in accordance with the terms thereof and hereof (each, as amended from
time to time in accordance with the terms thereof and hereof, an “Existing Letter of
Credit”) shall constitute a “Letter of Credit” for all purposes of this
Agreement and shall be deemed issued on the Effective Date.  Each
Existing Letter of Credit shall be deemed to have been issued for the account of
the respective Borrowers as specified on Schedule
3.01(a).

             

            (b) Subject
to and upon the terms and conditions set forth herein (including, without
limitation, the conditions set forth in Section 7), each
Issuing Lender agrees that it will, at any time and from time to time on and
after the Effective Date and prior to the 30th day prior to the Revolving Loan
Maturity Date, following its receipt of the respective Letter of Credit Request,
issue for (i) in the case of a request for a Letter of Credit by a U.S.
Borrower, for the joint and several account of the U.S. Borrowers, (ii) in the
case of a request for a Letter of Credit by an Australian Borrower, for the
joint and several account of the Australian Borrowers, (iii) in 

             

             

            
              
                
                

              

              
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            the case
of a request for a Letter of Credit by a Canadian Borrower, for the joint and
several account of the Canadian Borrowers, (iv) in the case of a request for a
Letter of Credit by a Dutch Borrower, for the joint and several account of the
Dutch Borrowers and (v) in the case of a request for a Letter of Credit by a
U.K. Borrower, for the joint and several account of the U.K. Borrowers, one or
more Letters of Credit as are permitted to remain outstanding hereunder without
giving rise to a Default or an Event of Default; provided that no
Issuing Lender shall be under any obligation to issue any Letter of Credit of
the types described above if at the time of such issuance:

             

            (i) any
order, judgment or decree of any Governmental Authority or arbitrator shall
purport by its terms to enjoin or restrain such Issuing Lender from issuing such
Letter of Credit or any requirement of law applicable to such Issuing Lender or
any request or directive (whether or not having the force of law) from any
Governmental Authority with jurisdiction over such Issuing Lender shall
prohibit, or request that such Issuing Lender refrain from, the issuance of
letters of credit generally or such Letter of Credit in particular or shall
impose upon such Issuing Lender with respect to such Letter of Credit any
restriction or reserve or capital requirement (for which such Issuing Lender is
not otherwise compensated hereunder) not in effect with respect to such Issuing
Lender on the date hereof, or any unreimbursed loss, cost or expense which was
not applicable or in effect with respect to such Issuing Lender as of the date
hereof and which such Issuing Lender reasonably and in good faith deems material
to it; or

             

            (ii) such
Issuing Lender shall have received from any Borrower, any other Credit Party or
the Required Lenders prior to the issuance of such Letter of Credit notice of
the type described in the second sentence of Section
3.03(b).

             

            3.02. Maximum Letter of Credit
Outstandings; Currencies Final Maturities.  Notwithstanding
anything to the contrary contained in this Agreement, (a) no Letter of Credit
shall be issued (or required to be issued) if the Stated Amount of such Letter
of Credit, when added to the Letter of Credit Outstandings (exclusive of Unpaid
Drawings which are repaid on the date of, and prior to the issuance of, the
respective Letter of Credit) at such time would exceed $40,000,000 (the “Maximum Letter of Credit
Amount”), (b) no Letter of Credit shall be issued (or required to be
issued) at any time when the Aggregate Exposure exceeds (or would after giving
effect to such issuance exceed) (A) the Total Commitment at such time minus (B) the
Specified Reserves at such time, (c) the issuance of any Letter of Credit shall
be subject to the conditions set forth in this Agreement (including, without
limitation, the conditions set forth in Section 7), (d) each
Letter of Credit shall be denominated in either U.S. Dollars, Canadian Dollars,
Australian Dollars, Hong Kong Dollars, Pounds Sterling or Euros, (e) each
standby Letter of Credit shall by its terms terminate on or before the earlier
of (i) the date which occurs 12 months after the date of the issuance thereof
(although any such standby Letter of Credit shall be extendible for successive
periods of up to 12 months, but, in each case, not beyond the fifth Business Day
prior to the Revolving Loan Maturity Date) and (ii) five Business Days prior to
the Revolving Loan Maturity Date and (f) each trade Letter of Credit shall by
its terms terminate on or before the earlier of (i) the date which occurs 180
days after the date of issuance thereof and (ii) five Business Days prior to the
Revolving Loan Maturity Date.

             

             

            
              
                
                

              

              
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            3.03. Letter of Credit Requests;
Minimum Stated Amount.  (a)  Whenever
a Borrower desires that a Letter of Credit be issued for (i) in the case of a
request for a Letter of Credit by a U.S. Borrower, for the joint and several
account of the U.S. Borrowers, (ii) in the case of a request for a Letter of
Credit by an Australian Borrower, for the joint and several account of the
Australian Borrowers, (iii) in the case of a request for a Letter of Credit by a
Canadian Borrower, for the joint and several account of the Canadian Borrowers,
(iv) in the case of a request for a Letter of Credit by a Dutch Borrower, for
the joint and several account of the Dutch Borrowers and (v) in the case of a
request for a Letter of Credit by a U.K. Borrower, for the joint and several
account of the U.K. Borrowers such Borrower, shall give the Administrative Agent
and the respective Issuing Lender at least five Business Days’ (or such shorter
period as is acceptable to such Issuing Lender) written notice thereof
(including by way of facsimile).  Each notice shall be in the form of
Exhibit C,
appropriately completed (each, a “Letter of Credit
Request”).

             

            (b) The
making of each Letter of Credit Request shall be deemed to be a representation
and warranty by such requesting Borrower to the Lenders that such Letter of
Credit may be issued in accordance with, and will not violate the requirements
of, Section
3.02.  Unless the respective Issuing Lender has received notice
from any Borrower, any other Credit Party or the Required Lenders before it
issues a Letter of Credit that one or more of the conditions specified in Section 6 or 7 are not then
satisfied, or that the issuance of such Letter of Credit would violate Section 3.02, then
such Issuing Lender shall, subject to the terms and conditions of this
Agreement, issue the requested Letter of Credit for the account of such Borrower
(and the U.S. Borrowers in a combined fashion, the Australian Borrowers in a
combined fashion, the Canadian Borrowers in a combined fashion, the Dutch
Borrowers in a combined fashion or the U.K. Borrowers in a combined fashion, as
the case may be) in accordance with such Issuing Lender’s usual and customary
practices.  Upon the issuance of or modification or amendment to any
standby Letter of Credit, each Issuing Lender shall promptly notify the Borrower
to be named as account party therein and the Administrative Agent, in writing of
such issuance, modification or amendment and such notice shall be accompanied by
a copy of such Letter of Credit or the respective modification or amendment
thereto, as the case may be.  Promptly after receipt of such notice
the Administrative Agent shall notify the Participants, in writing, of such
issuance, modification or amendment.  On the first Business Day of
each week, each Issuing Lender shall furnish the Administrative Agent with a
written (including via facsimile) report of the daily aggregate outstandings of
Letters of Credit issued by such Issuing Lender for the immediately preceding
week.  Notwithstanding anything to the contrary contained in this
Agreement, in the event that one or more Lenders is a Defaulting Lender, no
Issuing Lender shall be required to issue any Letter of Credit or increase or
extend any Letter of Credit unless such Issuing Lender has entered into
arrangements satisfactory to it and the applicable Borrowers to eliminate such
Issuing Lender’s risk with respect to the participation in Letters of Credit by
the Defaulting Lender or Defaulting Lenders, including by cash collateralizing
(in U.S. Dollars or the U.S. Dollar Equivalent thereof in the case of a Letter
of Credit denominated in a currency other than U.S. Dollars) such Defaulting
Lender’s or Defaulting Lenders’ RL Percentage of the Letter of Credit
Outstandings (such arrangements, the “Letter of Credit Back-Stop
Arrangements”).

             

            (c) The
initial Stated Amount of each Letter of Credit shall not be less than $100,000
(or, in the case of a Letter of Credit issued in a currency other than U.S.
Dollars, the 

             

             

            
              
                
                

              

              
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            U.S.
Dollar Equivalent thereof) or such lesser amount as is acceptable to the
respective Issuing Lender.

             

            3.04. Letter of Credit
Participations.  (a)  Immediately
upon the issuance by an Issuing Lender of any Letter of Credit, such Issuing
Lender shall be deemed to have sold and transferred to each Lender, and each
such Lender (in its capacity under this Section 3.04, a
“Participant”)
shall be deemed irrevocably and unconditionally to have purchased and received
from such Issuing Lender, without recourse or warranty, an undivided interest
and participation, to the extent of such Participant’s RL Percentage, in such
Letter of Credit, each drawing or payment made thereunder and the obligations of
the U.S. Borrowers, the Australian Borrowers, the Canadian Borrowers, the Dutch
Borrowers or the U.K. Borrowers, as the case may be, under this Agreement with
respect thereto, and any security therefor or guaranty pertaining
thereto.  Upon any change in the Commitments or RL Percentages of the
Lenders pursuant to Section 2.13, Section 2.14 or Section 13.04(b), it
is hereby agreed that, with respect to all outstanding Letters of Credit and
Unpaid Drawings relating thereto, there shall be an automatic adjustment to the
participations pursuant to this Section 3.04 to
reflect the new RL Percentages of the assignor and assignee Lender, as the case
may be.

             

            (b) In
determining whether to pay under any Letter of Credit, no Issuing Lender shall
have any obligation relative to the other Lenders other than to confirm that any
documents required to be delivered under such Letter of Credit appear to have
been delivered and that they appear to substantially comply on their face with
the requirements of such Letter of Credit.  Any action taken or
omitted to be taken by an Issuing Lender under or in connection with any Letter
of Credit issued by it shall not create for such Issuing Lender any resulting
liability to any Borrower, any other Credit Party, any Lender or any other
Person unless such action is taken or omitted to be taken with gross negligence
or willful misconduct on the part of such Issuing Lender (as determined by a
court of competent jurisdiction in a final and non-appealable
decision).

             

            (c) In the
event that an Issuing Lender makes any payment under any Letter of Credit issued
by it and the U.S. Borrowers, the Australian Borrowers, the Canadian Borrowers,
the Dutch Borrowers or the U.K. Borrowers, as applicable, shall not have
reimbursed such amount in full to such Issuing Lender pursuant to Section 3.05(a), such
Issuing Lender shall promptly notify the Administrative Agent, which shall
promptly notify each Participant of such failure, and each Participant shall
promptly and unconditionally pay to such Issuing Lender the amount of such
Participant’s RL Percentage of such unreimbursed payment in U.S. Dollars (or, in
the case of any unreimbursed payment made in a currency other than U.S. Dollars,
the U.S. Dollar Equivalent of such unreimbursed payment, as determined by the
Issuing Lender on the date on which such unreimbursed payment was made by such
Issuing Lender) in immediately available funds.  If the Administrative
Agent so notifies, prior to 12:00 Noon (New York City time) on any Business Day,
any Participant required to fund a payment under a Letter of Credit, such
Participant shall make available to the respective Issuing Lender in U.S.
Dollars (or, in the case of any unreimbursed payment made in a currency other
than U.S. Dollars, the U.S. Dollar Equivalent thereof) such Participant’s RL
Percentage of the amount of such payment on such Business Day in immediately
available funds.  If and to the extent such Participant shall not have
so made its RL Percentage of the amount of such payment available to the
respective Issuing Lender, such Participant agrees to pay to such Issuing
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            amount,
together with interest thereon, for each day from such date until the date such
amount is paid to such Issuing Lender at the overnight Federal Funds Rate (or,
in the case of any unreimbursed payment made in a currency other than U.S.
Dollars, at the respective Issuing Lender’s customary rate for interbank
advances) for the first three days and at the interest rate applicable to U.S.
Dollar Denominated Revolving Loans that are maintained as Base Rate Loans for
each day thereafter.  The failure of any Participant to make available
to an Issuing Lender its RL Percentage of any payment under any Letter of Credit
issued by such Issuing Lender shall not relieve any other Participant of its
obligation hereunder to make available to such Issuing Lender its RL Percentage
of any payment under any Letter of Credit on the date required, as specified
above, but no Participant shall be responsible for the failure of any other
Participant to make available to such Issuing Lender such other Participant’s RL
Percentage of any such payment.

             

            (d) Whenever
an Issuing Lender receives a payment of a reimbursement obligation as to which
it has received any payments from the Participants pursuant to clause (c) above,
such Issuing Lender shall pay to each such Participant which has paid its RL
Percentage thereof, in U.S. Dollars (or, in the case of any unreimbursed payment
made in a currency other than U.S. Dollars, the U.S. Dollar Equivalent thereof)
and in same day funds, an amount equal to such Participant’s share (based upon
the proportionate aggregate amount originally funded by such Participant to the
aggregate amount funded by all Participants) of the principal amount of such
reimbursement obligation and interest thereon accruing after the purchase of the
respective participations.

             

            (e) Upon the
request of any Participant, each Issuing Lender shall furnish to such
Participant copies of any standby Letter of Credit issued by it and such other
documentation as may reasonably be requested by such Participant.

             

            (f) The
obligations of the Participants to make payments to each Issuing Lender with
respect to Letters of Credit shall be irrevocable and not subject to any
qualification or exception whatsoever and shall be made in accordance with the
terms and conditions of this Agreement under all circumstances, including,
without limitation, any of the following circumstances:

             

            (i) any lack
of validity or enforceability of this Agreement or any of the other Credit
Documents;

             

            (ii) the
existence of any claim, setoff, defense or other right which Holdings or any of
its Subsidiaries may have at any time against a beneficiary named in a Letter of
Credit, any transferee of any Letter of Credit (or any Person for whom any such
transferee may be acting), the Administrative Agent, any Participant, or any
other Person, whether in connection with this Agreement, any Letter of Credit,
the transactions contemplated herein or any unrelated transactions (including
any underlying transaction between Holdings or any Subsidiary of Holdings and
the beneficiary named in any such Letter of Credit);

             

             

            
              
                
                

              

              
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            (iii) any
draft, certificate or any other document presented under any Letter of Credit
proving to be forged, fraudulent, invalid or insufficient in any respect or any
statement therein being untrue or inaccurate in any respect;

             

            (iv) the
surrender or impairment of any security for the performance or observance of any
of the terms of any of the Credit Documents; or

             

            (v) the
occurrence of any Default or Event of Default.

             

            3.05. Agreement to Repay Letter of
Credit Drawings.  (a)  (i)
Each U.S. Borrower, in the case of the Letters of Credit issued for the account
of a U.S. Borrower, hereby jointly and severally agrees, (ii) each Australian
Borrower, in the case of the Letters of Credit issued for the account of an
Australian Borrower, hereby jointly and severally agrees, (iii) each Canadian
Borrower, in the case of the Letters of Credit issued for the account of a
Canadian Borrower, hereby jointly and severally agrees, (iv) each Dutch
Borrower, in the case of the Letters of Credit issued for the account of a Dutch
Borrower, hereby jointly and severally agrees and (v) each U.K. Borrower, in the
case of the Letters of Credit issued for the account of a U.K. Borrower, hereby
jointly and severally agrees, in each case, to reimburse each Issuing Lender, by
making payment to the Administrative Agent in U.S. Dollars (or, in the case of
any unreimbursed payment made in a currency other than U.S. Dollars, the U.S.
Dollar Equivalent of such payment or disbursement as determined by the
respective Issuing Lender on the date of such payment or disbursement) in
immediately available funds at the Payment Office, for any payment or
disbursement made by such Issuing Lender under any Letter of Credit issued by it
for the account of such U.S. Borrower, such Australian Borrower, such Canadian
Borrower, such Dutch Borrower or such U.K. Borrower, as applicable (each such
amount (or the U.S. Dollar Equivalent thereof, as the case may be), so paid
until reimbursed by such U.S. Borrower, such Australian Borrower, such Canadian
Borrower, such Dutch Borrower or such U.K. Borrower, as applicable, an “Unpaid Drawing”), not
later than one Business Day following receipt by any such U.S. Borrower, any
such Australian Borrower, any such Canadian Borrower, any such Dutch Borrower or
any such U.K. Borrower, as the case may be, of notice of such payment or
disbursement (provided that no such
notice shall be required to be given if a Default or an Event of Default under
Section
11.01(e) shall have occurred and be continuing, in which case the Unpaid
Drawing shall be due and payable immediately without presentment, demand,
protest or notice of any kind (all of which are hereby waived by the
Borrowers)), with interest on the amount so paid or disbursed by such Issuing
Lender, to the extent not reimbursed prior to 12:00 Noon (New York City time) on
the date of such payment or disbursement, from and including the date paid or
disbursed to but excluding the date such Issuing Lender was reimbursed by such
U.S. Borrower, such Australian Borrower, such Canadian Borrower, such Dutch
Borrower or such U.K. Borrower, as applicable, at a rate per annum equal to the
Base Rate as in effect from time to time plus the Applicable
Margin as in effect from time to time for U.S. Dollar Denominated Revolving
Loans that are maintained as Base Rate Loans; provided, however, to the
extent such amounts are not reimbursed prior to 12:00 Noon (New York City time)
on the third Business Day following the receipt by any such U.S. Borrower, any
such Australian Borrower, any such Canadian Borrower, any such Dutch Borrower or
any such U.K. Borrower, as applicable, of notice of such payment or disbursement
or following the occurrence of a Default or an Event of Default under Section 11.01(e),
interest shall thereafter accrue on the amounts so paid or disbursed by such
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            Borrower,
such Australian Borrower, such Canadian Borrower, such Dutch Borrower or such
U.K. Borrower, as applicable, at a rate per annum equal to the Base Rate as in
effect from time to time plus the Applicable
Margin for U.S. Dollar Denominated Revolving Loans that are maintained as Base
Rate Loans as in effect from time to time plus 2%, with such
interest to be payable on demand.  Each Issuing Lender shall give the
U.S. Borrower, the Australian Borrowers, the Canadian Borrowers, the Dutch
Borrowers or the U.K. Borrowers, as the case may be, prompt written notice of
each Drawing under any Letter of Credit issued by it for the account of such
U.S. Borrower, such Australian Borrower, such Canadian Borrower, such Dutch
Borrower or such U.K. Borrower, as the case may be; provided that the
failure to give any such notice shall in no way affect, impair or diminish the
obligations of any such Borrower hereunder.

             

            (b) The joint
and several obligations of such U.S. Borrowers, such Australian Borrower, such
Canadian Borrower, such Dutch Borrower or such U.K. Borrower, as the case may
be, under this Section
3.05 to reimburse each Issuing Lender with respect to drafts, demands and
other presentations for payment under Letters of Credit issued by it (each, a
“Drawing”)
(including, in each case, interest thereon) shall be absolute and unconditional
under any and all circumstances and irrespective of any setoff, counterclaim or
defense to payment which Holdings, any Borrower or any other Subsidiary of
Holdings may have or have had against any Lender (including in its capacity as
an Issuing Lender or as a Participant), including, without limitation, any
defense based upon the failure of any drawing under a Letter of Credit to
conform to the terms of the Letter of Credit or any nonapplication or
misapplication by the beneficiary of the proceeds of such Drawing; provided, however, that no
Borrower shall be obligated to reimburse any Issuing Lender for any wrongful
payment made by such Issuing Lender under a Letter of Credit issued by it as a
result of acts or omissions constituting willful misconduct or gross negligence
on the part of such Issuing Lender (as determined by a court of competent
jurisdiction in a final and non-appealable decision).

             

            (c) If any
Lender becomes a Defaulting Lender at any time that any Letter of Credit is
outstanding, such U.S. Borrower, such Australian Borrower, such Canadian
Borrower, such Dutch Borrower or such U.K. Borrower, as applicable, shall enter
into Letter of Credit Back-Stop Arrangements with the relevant Issuing Lender or
Issuing Lenders no later than two Business Days after the date such Lender
becomes a Defaulting Lender.

             

            3.06. Increased
Costs.  If
at any time after the Effective Date, the introduction of or any change in any
applicable law, rule, regulation, order, guideline or request or in the
interpretation or administration thereof by the NAIC or any Governmental
Authority charged with the interpretation or administration thereof, or
compliance by any Issuing Lender or any Participant with any request or
directive by the NAIC or by any such Governmental Authority (whether or not
having the force of law), shall either (a) impose, modify or make applicable any
reserve, deposit, capital adequacy or similar requirement against letters of
credit issued by any Issuing Lender or participated in by any Participant, or
(b) impose on any Issuing Lender or any Participant any other conditions
relating, directly or indirectly, to this Agreement or any Letter of Credit; and
the result of any of the foregoing is to increase the cost to any Issuing Lender
or any Participant of issuing, maintaining or participating in any Letter of
Credit, or reduce the amount of any sum received or receivable by any Issuing
Lender or any Participant hereunder or reduce the rate of return on its capital
with respect to Letters of Credit (except for changes in the basis of taxation
or rate of tax on, or determined by reference to, the net income or net profits
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            Issuing
Lender or such Participant pursuant to the laws of the jurisdiction in which it
is organized or in which its principal office or applicable lending office is
located or any subdivision thereof or therein or Taxes (as to which Section 5.04
shall govern)), then, upon the delivery of the certificate referred to below to
the Borrowers by any Issuing Lender or any Participant (a copy of which
certificate shall be sent by such Issuing Lender or such Participant to the
Administrative Agent), the applicable ABL Credit Parties whose Revolving Loans
are subject to such increased costs jointly and severally agree to pay to such
Issuing Lender or such Participant such additional amount or amounts as will
compensate such Issuing Lender or such Participant for such increased cost or
reduction in the amount receivable or reduction on the rate of return on its
capital.  Any Issuing Lender or any Participant, upon determining that
any additional amounts will be payable to it pursuant to this Section 3.06, will
give prompt written notice thereof to the Borrowers, which notice shall include
a certificate submitted to the Borrowers by such Issuing Lender or such
Participant (a copy of which certificate shall be sent by such Issuing Lender or
such Participant to the Administrative Agent), setting forth in reasonable
detail the basis for the calculation of such additional amount or amounts
necessary to compensate such Issuing Lender or such Participant.  The
certificate required to be delivered pursuant to this Section 3.06 shall,
absent manifest error, be final and conclusive and binding on the
Borrowers.

             

            SECTION
4. Commitment Fees; Reductions
of Commitment.

             

            4.01. Fees.  (a)  Holdings
agrees to pay to the Administrative Agent for distribution to each
Non-Defaulting Lender a commitment fee (the “Commitment Fees”) for
the period from and including the Effective Date to and including the Revolving
Loan Maturity Date (or such earlier date on which the Total Commitment has been
terminated) computed at a rate per annum equal to Applicable Commitment Fee
Percentage of the Unutilized Commitment of such Non-Defaulting Lender as in
effect from time to time.  Accrued Commitment Fees shall be due and
payable quarterly in arrears on each Quarterly Payment Date and on the date upon
which the Total Commitment is terminated.

             

            (b) (i) Each
U.S. Borrower, in the case of the Letters of Credit issued for the account of a
U.S. Borrower, hereby jointly and severally agrees, (ii) each Australian
Borrower, in the case of the Letters of Credit issued for the account of an
Australian Borrower, hereby jointly and severally agrees, (iii) each Canadian
Borrower, in the case of the Letters of Credit issued for the account of a
Canadian Borrower, hereby jointly and severally agrees, (iv) each Dutch
Borrower, in the case of the Letters of Credit issued for the account of a Dutch
Borrower, hereby jointly and severally agrees and (v) each U.K. Borrower, in the
case of the Letters of Credit issued for the account of a U.K. Borrower, hereby
jointly and severally agrees, in each case, to pay to the Administrative Agent
for distribution to each Lender (based on each such Lender’s respective RL
Percentage) a fee in respect of each Letter of Credit issued for the account of
such U.S. Borrower, such Australian Borrower, such Canadian Borrower, such Dutch
Borrower or such U.K. Borrower, as applicable (the “Letter of Credit
Fee”) for the period from and including the date of issuance of such
Letter of Credit to and including the date of termination or expiration of such
Letter of Credit, computed at a rate per annum equal to the Applicable Margin as
in effect from time to time during such period with respect to Revolving Loans
that are maintained as Eurodollar Loans on the daily Stated Amount of each such
Letter of Credit.  Accrued Letter of Credit Fees shall be due and
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            Quarterly
Payment Date and on the first day on or after the termination of the Total
Commitment upon which no Letters of Credit remain outstanding.

             

            (c) (i) Each
U.S. Borrower, in the case of the Letters of Credit issued for the account of a
U.S. Borrower, hereby jointly and severally agrees, (ii) each Australian
Borrower, in the case of the Letters of Credit issued for the account of an
Australian Borrower, hereby jointly and severally agrees, (iii) each Canadian
Borrower, in the case of the Letters of Credit issued for the account of a
Canadian Borrower, hereby jointly and severally agrees, (iv) each Dutch
Borrower, in the case of the Letters of Credit issued for the account of a Dutch
Borrower, hereby jointly and severally agrees and (v) each U.K. Borrower, in the
case of the Letters of Credit issued for the account of a U.K. Borrower, hereby
jointly and severally agrees, in each case, to pay to each Issuing Lender, for
its own account, a facing fee in respect of each Letter of Credit issued by it
issued for the account of such U.S. Borrower, such Australian Borrower, such
Canadian Borrower, such Dutch Borrower or such U.K. Borrower, as applicable (the
“Facing Fee”)
as may have been, or are hereafter, agreed to in writing from time to time by
Holdings and such Issuing Lender.

             

            (d) (i) Each
U.S. Borrower, in the case of the Letters of Credit issued for the account of a
U.S. Borrower, hereby jointly and severally agrees, (ii) each Australian
Borrower, in the case of the Letters of Credit issued for the account of an
Australian Borrower, hereby jointly and severally agrees, (iii) each Canadian
Borrower, in the case of the Letters of Credit issued for the account of a
Canadian Borrower, hereby jointly and severally agrees, (iv) each Dutch
Borrower, in the case of the Letters of Credit issued for the account of a Dutch
Borrower, hereby jointly and severally agrees and (v) each U.K. Borrower, in the
case of the Letters of Credit issued for the account of a U.K. Borrower, hereby
jointly and severally agrees, in each case, to pay to each Issuing Lender, for
its own account, upon each payment under, issuance of, or amendment to, any
Letter of Credit issued by it for the account of such U.S. Borrower, such
Australian Borrower, such Canadian Borrower, such Dutch Borrower or such U.K.
Borrower, as applicable, such amount as shall at the time of such event be the
administrative charge and the reasonable expenses which such Issuing Lender is
generally imposing in connection with such occurrence with respect to letters of
credit.

             

            (e) (i) Each
U.S. Borrower, in the case of Banker’s Acceptance Loans which are U.S. Borrower
Revolving Loans, hereby jointly and severally agrees, (ii) each Australian
Borrower, in the case of Banker’s Acceptance Loans which are Australian Borrower
Revolving Loans, hereby jointly and severally agrees, (iii) each Canadian
Borrower, in the case of Banker’s Acceptance Loans which are Canadian Borrower
Revolving Loans, hereby jointly and severally agrees, (iv) each Dutch Borrower,
in the case of Banker’s Acceptance Loans which are Dutch Borrower Revolving
Loans, hereby jointly and severally agrees and (v) each U.K. Borrower, in the
case of Banker’s Acceptance Loans which are U.K. Borrower Revolving Loans,
hereby jointly and severally agrees, in each case, to pay Drawing Fees at the
time of the incurrence (by way of acceptance, purchase or otherwise) of each
such respective Bankers’ Acceptance Loan.

             

            (f) The
applicable  Borrowers agree to pay to each Agent such fees as may have
been, or are hereafter, agreed to in writing from time to time by Holdings or
any of its Subsidiaries and such Agent on the basis and to the extent set forth
therein.

             

             

            
              
                
                

              

              
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            4.02. Voluntary Termination of
Unutilized Commitments.  (a)  Upon
at least three Business Day’s prior written notice to the Administrative Agent
at the Notice Office (which notice the Administrative Agent shall promptly
transmit to each of the Lenders), the Borrowers shall have the right, at any
time or from time to time, without premium or penalty to terminate the Total
Unutilized Commitment in whole, or reduce it in part, pursuant to this Section 4.02(a), in
an integral multiple of $500,000 in the case of partial reductions to the Total
Unutilized Commitment; provided that each
such reduction shall apply proportionately to permanently reduce the Commitment
of each Lender; provided further, that a
notice of termination of the Total Unutilized Commitment in whole delivered by a
Borrower may state that such notice is conditioned upon the effectiveness of
other credit facilities, in which case such notice may be revoked by such
Borrower (by notice to the Administrative Agent on or prior to the specified
effective date).

             

            (b) In the
event of certain refusals by a Lender to consent to certain proposed changes,
waivers, discharges or terminations with respect to this Agreement which have
been approved by the Required Lenders as (and to the extent) provided in Section 13.12(b), the
Borrowers shall have the right, subject to obtaining the consents required by
Section
13.12(b), upon five Business Days’ prior written notice to the
Administrative Agent at the Notice Office (which notice the Administrative Agent
shall promptly transmit to each of the Lenders), to terminate the entire
Commitment of such Lender, so long as all Loans, together with accrued and
unpaid interest, Fees and all other amounts, owing to such Lender (including all
amounts, if any, owing pursuant to Section 2.11) are
repaid concurrently with the effectiveness of such termination (at which time
Schedule
1.01(a) shall be deemed modified to reflect such changed amounts) and
such Lender’s RL Percentage of all outstanding Letters of Credit is cash
collateralized in a manner satisfactory to the Administrative Agent and the
respective Issuing Lenders, and at such time such Lender shall no longer
constitute a “Lender” for purposes of this Agreement, except with respect to
indemnifications under this Agreement (including, without limitation, Sections 2.10, 2.11, 3.06, 5.04, 12.06, 13.01 and 13.06), which shall
survive as to such repaid Lender.

             

            4.03. Mandatory Reduction of
Commitments.  (a)  The
Total Commitment (and the Commitment of each Lender) shall terminate in its
entirety on September 30, 2009, unless the Effective Date has occurred on or
prior to such date.

             

            (b) In
addition to any other mandatory commitment reductions pursuant to this Section 4.03(b), the
Total Commitment (and the Commitment of each Lender) shall terminate in its
entirety upon the earlier of (i) the Revolving Loan Maturity Date and (ii)
unless the Required Lenders otherwise agree in writing, the date on which a
Change of Control occurs.

             

            SECTION
5. Prepayments; Payments;
Taxes.

             

            5.01. Voluntary
Prepayments.  (a)  Each
Borrower shall have the right to prepay the Loans made to such Borrower, without
premium or penalty, in whole or in part at any time and from time to time on the
following terms and conditions:  (i) such Borrower shall give the
Administrative Agent prior to 12:00 Noon (New York City time) at the Notice
Office (A) at least one Business Day’s prior written notice (or telephonic
notice promptly confirmed in writing) of its intent to prepay Base Rate Loans
(or same day notice in the case of a prepayment of U.S. 

             

             

            
              
                
                

              

              
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            Dollar
Denominated Swingline Loans) or Canadian Prime Rate Loans (or same day notice in
the case of a prepayment of Canadian Dollar Denominated Swingline Loans) and (B)
at least three Business Days’ prior written notice (or telephonic notice
promptly confirmed in writing) of its intent to prepay Euro Rate Loans, which
notice (in each case) shall specify whether Revolving Loans or Swingline Loans
shall be prepaid, the amount of such prepayment and the Types of Loans to be
prepaid and, in the case of Euro Rate Loans, the specific Borrowing or
Borrowings pursuant to which such Euro Rate Loans were made, and which notice
the Administrative Agent shall, except in the case of Swingline Loans, promptly
transmit to each of the Lenders, provided that if a
notice of optional prepayment is given in connection with a conditional notice
of termination of the Total Unutilized Commitment in whole as contemplated by
Section
4.02(a), then such notice of prepayment may be revoked if such notice of
termination is revoked in accordance with Section 4.02(a); (ii)
(x) each partial prepayment of Revolving Loans pursuant to this Section 5.01(a) shall
be in an aggregate principal amount of at least $500,000 (or such lesser amount
as is acceptable to the Administrative Agent) and (y) each partial prepayment of
Swingline Loans pursuant to this Section 5.01(a) shall
be in an aggregate principal amount of at least $100,000 (or such lesser amount
as is acceptable to the Administrative Agent in any given case); provided that if any
partial prepayment of Eurodollar Loans made pursuant to any Borrowing shall
reduce the outstanding principal amount of Eurodollar Loans made pursuant to
such Borrowing to an amount less than the Minimum Borrowing Amount applicable
thereto, then such Borrowing may not be continued as a Borrowing of Eurodollar
Loans (and same shall automatically be converted into a Borrowing of Base Rate
Loans) and any election of an Interest Period with respect thereto given by such
Borrower shall have no force or effect; (iii) in the case of partial prepayments
of any Borrowing of Euro Rate Loans denominated in currencies other than U.S.
Dollars, such Borrower shall use reasonable efforts to allocate such prepayments
in a manner so that Borrowings do not remain outstanding in amounts less than
the Minimum Borrowing Amount applicable thereto (and, to the extent such
Borrowings would remain outstanding in amounts which are less than the Minimum
Borrowing Amount applicable thereto, such Borrower shall repay any Borrowings
which are less than the Minimum Borrowing Amount applicable thereto at the end
of the then current Interest Period); (iv) each prepayment pursuant to this
Section 5.01(a)
in respect of any Loans made pursuant to a Borrowing shall be applied pro rata among such
Loans and (v) prepayments of Bankers’ Acceptance Loans may not be made prior to
the maturity date of the underlying Bankers’ Acceptances or B/A Equivalent
Notes, as the case may be.

             

            (b) In the
event of certain refusals by a Lender to consent to certain proposed changes,
waivers, discharges or terminations with respect to this Agreement which have
been approved by the Required Lenders as (and to the extent) provided in Section 13.12(b), the
Borrowers may, upon five Business Days’ prior written notice to the
Administrative Agent at the Notice Office (which notice the Administrative Agent
shall promptly transmit to each of the Lenders), repay all Loans of such Lender,
together with accrued and unpaid interest, Fees and all other amounts then owing
to such Lender (including all amounts, if any, owing pursuant to Section 2.11) in
accordance with, and subject to the requirements of Section 13.12(b), so
long as (i) in the case of the repayment of Revolving Loans of any Lender
pursuant to this clause (b), (A) the Commitment of such Lender is terminated
concurrently with such repayment pursuant to Section 4.02(b) (at
which time Schedule
1.01(a) shall be deemed modified to reflect the changed Commitments) and
(B) such Lender’s RL Percentage of all outstanding Letters of Credit is cash
collateralized in a manner satisfactory to the Administrative Agent and the
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            Lenders
and (ii) the consents, if any, required by Section 13.12(b) in
connection with the repayment pursuant to this clause (b) shall have been
obtained.

             

            5.02. Mandatory Repayments; Cash
Collateralization.  (a)
(i) On any day on which any one or more of the following conditions shall exist,
the Borrowers shall repay the Loans (other than Bankers’ Acceptance Loans where
the underlying B/A Instrument has not matured) and/or cash collateralize
outstanding Letters of Credit (in U.S. Dollars or, to the extent any Letter of
Credit is denominated in a currency other than U.S. Dollars, in the U.S. Dollar
Equivalent thereof) and Bankers’ Acceptance Loans pursuant to clause (iii) below
in such amount as may be required to cause such conditions to cease to exist on
such day:

             

            (s)        the
Aggregate U.S. Exposure at such time exceeds 100% (or, during an Agent Advance
Period, 105%) of the U.S. Borrowing Base at such time;

             

            (t)         the
Aggregate Australian Exposure at such time exceeds the lesser of (i) 100% (or,
during an Agent Advance Period, 105%) of the Australian Borrowing Base at such
time and (ii) $54,000,000;

             

            (u)        the
Aggregate Canadian Exposure at such time exceeds the lesser of (i) 100% (or,
during an Agent Advance Period, 105%) of the Canadian Borrowing Base at such
time and (ii) $22,000,000;

             

            (v)        the
Aggregate Dutch Exposure at such time exceeds the lesser of (i) 100% (or, during
an Agent Advance Period, 105%) of the Dutch Borrowing Base at such time and (ii)
$22,000,000;

             

            (w)       the
Aggregate U.K. Exposure at such time exceeds the lesser of (i) 100% (or, during
an Agent Advance Period, 105%) of the U.K. Borrowing Base at such time and (ii)
$35,000,000;

             

            (x)        the
Aggregate Exposure at such time exceeds the Total Borrowing Base at such
time;

             

            (y)        the
Aggregate Exposure at such time exceeds (A) the Total Commitment at such time
minus (B) the
Specified Reserves at such time; and/or

             

            (z)        the
aggregate Letter of Credit Outstandings at such time exceeds the Maximum Letter
of Credit Amount.

             

            (ii)        In
connection with any repayment and/or cash collateralization required pursuant to
Section
5.02(a)(i) on any day, the Borrowers shall prepay the Loans in the
following order:

             

            (A)           in
the case of a repayment and/or cash collateralization required pursuant to Section 5.02(a)(i)(s)
on any day, the U.S. Borrowers shall repay on such day the principal of
outstanding U.S. Borrower Swingline Loans and, after all U.S. Borrower Swingline
Loans have been repaid in full or if no U.S. Borrower Swingline Loans are
outstanding, U.S. Borrower Revolving Loans 

             

             

            
              
                
                

              

              
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            (other
than Bankers’ Acceptance Loans where the underlying B/A Instrument has not
matured), in each case in such amount as may be required to cause the conditions
giving rise to such mandatory repayment requirement to cease to exist on such
day,

             

            (B)           in
the case of a repayment and/or cash collateralization required pursuant to Section 5.02(a)(i)(t)
on any day, the Australian Borrowers shall repay on such day the principal of
outstanding Australian Borrower Swingline Loans and, after all Australian
Borrower Swingline Loans have been repaid in full or if no Australian Borrower
Swingline Loans are outstanding, Australian Borrower Revolving Loans (other than
Bankers’ Acceptance Loans where the underlying B/A Instrument has not matured),
in each case in such amount as may be required to cause the conditions giving
rise to such mandatory repayment requirement to cease to exist on such
day,

             

            (C)           in
the case of a repayment and/or cash collateralization required pursuant to Section 5.02(a)(i)(u)
on any day, the Canadian Borrowers shall repay on such day the principal of
outstanding Canadian Borrower Swingline Loans and, after all Canadian Borrower
Swingline Loans have been repaid in full or if no Canadian Borrower Swingline
Loans are outstanding, Canadian Borrower Revolving Loans (other than Bankers’
Acceptance Loans where the underlying B/A Instrument has not matured), in each
case in such amount as may be required to cause the conditions giving rise to
such mandatory repayment requirement to cease to exist on such day,

             

            (D)           in
the case of a repayment and/or cash collateralization required pursuant to Section 5.02(a)(i)(v)
on any day, the Dutch Borrowers shall repay on such day the principal of
outstanding Dutch Borrower Swingline Loans and, after all Dutch Borrower
Swingline Loans have been repaid in full or if no Dutch Borrower Swingline Loans
are outstanding, Dutch Borrower Revolving Loans (other than Bankers’ Acceptance
Loans where the underlying B/A Instrument has not matured), in each case in such
amount as may be required to cause the conditions giving rise to such mandatory
repayment requirement to cease to exist on such day,

             

            (E)           in
the case of a repayment and/or cash collateralization required pursuant to Section 5.02(a)(i)(w)
on any day, the U.K. Borrowers shall repay on such day the principal of
outstanding U.K. Borrower Swingline Loans and, after all U.K. Borrower Swingline
Loans have been repaid in full or if no U.K. Borrower Swingline Loans are
outstanding, U.K. Borrower Revolving Loans (other than Bankers’ Acceptance Loans
where the underlying B/A Instrument has not matured), in each case in such
amount as may be required to cause the conditions giving rise to such mandatory
repayment requirement to cease to exist on such day,

             

            (F)           in
the case of a repayment and/or cash collateralization required pursuant to Section 5.02(a)(i)(x)
on any day, the Borrowers shall repay on such 

             

             

            
              
                
                

              

              
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            day the
principal of outstanding Swingline Loans and, after all Swingline Loans have
been repaid in full or if no Swingline Loans are outstanding, Revolving Loans
(other than Bankers’ Acceptance Loans where the underlying B/A Instrument has
not matured), in each case in such amount as may be required to cause the
conditions giving rise to such mandatory repayment requirement to cease to exist
on such day, and

             

            (G)           in
the case of a repayment and/or cash collateralization required pursuant to Section 5.02(a)(i)(y)
on any day, the Borrowers shall repay on such day the principal of outstanding
Swingline Loans and, after all Swingline Loans have been repaid in full or if no
Swingline Loans are outstanding, Revolving Loans (other than Bankers’ Acceptance
Loans where the underlying B/A Instrument has not matured), in each case in such
amount as may be required to cause the conditions giving rise to such mandatory
repayment requirement to cease to exist on such day.

             

            (iii) If after
giving effect to the prepayment of all Loans (other than Bankers’ Acceptance
Loans where the underlying B/A Instrument has not matured), the conditions set
forth in Section
5.02(a)(i) continue to exist, the respective Borrowers shall pay to the
Administrative Agent at the Payment Office on such day an amount of cash and/or
Cash Equivalents equal to 105% of the amount of such excess, such cash and/or
Cash Equivalents to be held as security for all Obligations of the Borrowers to
the Issuing Lenders and the Lenders hereunder in a cash collateral account to be
established by, and under the sole dominion and control of, the Administrative
Agent (and which cash and/or Cash Equivalents may, without limiting the
Borrowers’ obligations in respect thereof, be paid to and applied by the Issuing
Lenders and/or the Lenders in satisfaction of the Obligations of the Borrowers
to the Issuing Lenders and/or Lenders in respect of any Drawings made under any
Letter of Credit issued for the account of a Borrower or such B/A Instrument on
the respective maturity dates thereof).

             

            (iv) Notwithstanding
anything to the contrary contained above in this Section 5.02(a), so
long as no Default or Event of Default has occurred and is continuing at the
time of any prepayment or cash collateralization required pursuant to this Section 5.02(a), the
(A) U.S. Borrowers may prepay U.S. Borrower Loans (other than Bankers’
Acceptance Loans where the underlying B/A Instrument has not matured) and cash
collateralize the relevant
Letters of Credit and Bankers’ Acceptances as directed by the U.S. Borrowers (so
long as such application cures the related conditions), (B) Australian Borrowers
may prepay Australian Borrower Loans (other than Bankers’ Acceptance Loans where
the underlying B/A Instrument has not matured) and cash collateralize the
relevant Letters of Credit and Bankers’ Acceptances as directed by the
Australian Borrowers (so long as such application cures the related conditions),
(C) Canadian Borrowers may prepay Canadian Borrower Loans (other than Bankers’
Acceptance Loans where the underlying B/A Instrument has not matured) and cash
collateralize the relevant Letters of Credit and Bankers’ Acceptances as
directed by the Canadian Borrowers (so long as such application cures the
related conditions), (D) Dutch Borrowers may prepay Dutch Borrower Loans (other
than Bankers’ Acceptance Loans where the underlying B/A Instrument has not
matured) and cash collateralize the relevant 

             

             

            
              
                
                

              

              
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            Letters
of Credit and Bankers’ Acceptances as directed by the Dutch Borrowers (so long
as such application cures the related conditions) and (E) U.K. Borrowers may
prepay U.K. Borrower Loans (other than Bankers’ Acceptance Loans where the
underlying B/A Instrument has not matured) and cash collateralize the relevant
Letters of Credit and Bankers’ Acceptances as directed by the U.K. Borrowers (so
long as such application cures the related conditions).

             

            (b) In
addition to any other mandatory repayments pursuant to this Section 5.02, on each
date on or after the Effective Date upon which Holdings or any of its
Subsidiaries receives any cash proceeds from any issuance or incurrence by
Holdings or any of its Subsidiaries of Indebtedness (other than Indebtedness
permitted to be incurred pursuant to Section 10.04 as in
effect on the Effective Date), an amount equal to 100% of the Net Cash Proceeds
of the respective issuance or incurrence of Indebtedness shall be applied on
such date as a mandatory repayment in accordance with the requirements of Sections 5.02(e) and
(f).

             

            (c) In
addition to any other mandatory repayments pursuant to this Section 5.02 (but
subject to Section
5.02(f)), on each date on or after the Effective Date upon which Holdings
or any of its Subsidiaries receives any cash proceeds from any Asset Sale in
respect of ABL Priority Collateral, an amount equal to 100% of the Net Sale
Proceeds therefrom shall be applied on such date as a mandatory repayment in
accordance with the requirements of Sections 5.02(e) and
(f); provided, however, such Net
Sale Proceeds shall not be required to be so applied on such date so long as no
Default or Event of Default then exists or would result therefrom and such Net
Sale Proceeds shall be used to purchase replacement assets of a kind then used
or usable in the businesses of Holdings and its Subsidiaries permitted pursuant
to Section
10.11 within the Relevant Reinvestment Period, and provided further, that if all
or any portion of such Net Sale Proceeds not required to be so applied as
provided above in this Section 5.02(c) are
not so reinvested within such Relevant Reinvestment Period, such remaining
portion shall be applied on the last day of such Relevant Reinvestment Period as
otherwise provided above in this Section 5.02(c)
without regard to the preceding proviso.

             

            (d) In
addition to any other mandatory repayments pursuant to this Section 5.02 (but
subject to Section
5.02(f)), on each date on or after the Effective Date upon which Holdings
or any of its Subsidiaries receives any cash proceeds from any Recovery Event in
respect of ABL Priority Collateral, an amount equal to 100% of the Net Insurance
Proceeds from such Recovery Event shall be applied on such date as a mandatory
repayment in accordance with the requirements of Sections 5.02(e) and
(f).

             

            (e) Each
amount required to be applied pursuant to Sections 5.02(b),
(c) and (d) in accordance
with this Section
5.02(e) shall be applied (i) first, to repay the
outstanding principal amount of Swingline Loans without any reduction in the
Total Commitment, (ii) second, to the extent
all amounts referred to in preceding clause (i) have been paid in full, to repay
the outstanding principal amount of Revolving Loans (but otherwise subject to
Section 5.02(f)
in respect of Bankers’ Acceptance Loans where the underlying B/A Instrument has
not matured) without any reduction in the Total Commitment, and (iii) third, to the extent
all amounts referred to in preceding clauses (i) and (ii) have been paid in
full, to cash collateralize (on a ratable basis) all outstanding Letters of
Credit and Bankers’ Acceptance Loans where the underlying B/A Instrument has not
matured (such cash collateral to be held by the 

             

             

            
              
                
                

              

              
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            Administrative
Agent in a cash collateral account to be established by, and under the sole
dominion and control of, the Administrative Agent and applied to the Obligations
of the applicable Borrowers to the Issuing Lenders and/or Lenders in respect of
any Drawings made under any such Letters of Credit or any such Bankers’
Acceptance Loans, as the case may be); provided, however, in the case
of amounts received pursuant to Section 5.02(b) from
the issuance or incurrence of Indebtedness not otherwise permitted under this
Agreement, such amounts shall be applied to permanently reduce the Total
Commitment (and with each such reduction to proportionately and permanently
reduce the Commitment of each Lender).

             

            (f) With
respect to each repayment of Loans required by this Section 5.02, the
Borrowers may designate the Types of Loans which are to be repaid and, in the
case of Euro Rate Loans, the specific Borrowing or Borrowings pursuant to which
such Euro Rate Loans were made; provided
that:  (i) repayments of Eurodollar Loans pursuant to this Section 5.02 made on
a day other than the last day of an Interest Period applicable thereto shall be
subject to Section
2.11; (ii) if any repayment of Euro Rate Loans made pursuant to a single
Borrowing shall reduce the outstanding Euro Rate Loans made pursuant to such
Borrowing to an amount less than the Minimum Borrowing Amount applicable
thereto, such Borrowing (x) in the case of Eurodollar Loans, shall be
automatically converted into a Borrowing of Base Rate Loans, and (y) in the case
of Australian Dollar Denominated Revolving Loans, Sterling Denominated Revolving
Loans or Euro Denominated Revolving Loans, shall be repaid in full at the end of
the then current Interest Period; (iii) repayments of Bankers’ Acceptance Loans
may not be made prior to the maturity date of the underlying B/A Instrument (in
which case, the amount that would otherwise have been applied to such Bankers’
Acceptance Loans instead shall be deposited with the Administrative Agent in a
cash collateral account to be established by, and under the sole dominion and
control of, the Administrative Agent and applied to such Bankers’ Acceptance
Loans at the respective maturity date thereof) and (iv) each repayment of any
Loans made pursuant to a Borrowing shall be applied pro rata among the
Lenders holding such Loans.  In the absence of a designation by a
Borrower as described in the preceding sentence, the Administrative Agent shall,
subject to the above, make such designation in its sole discretion.

             

            (g) In
addition to any other mandatory repayments pursuant to this Section 5.02, (i) all
then outstanding Loans shall be repaid in full on the respective Maturity Date
of such Loans and (ii) unless the Required Lenders otherwise agree in writing,
all then outstanding Loans shall be repaid in full on the date on which a Change
of Control occurs.

             

            (h) In
addition to any other mandatory repayments pursuant to this Section 5.02, each
Swingline Loan will be repaid (for the avoidance of doubt, such repayment may be
made with proceeds from Revolving Loans incurred by the same Borrower), no later
than the seventh day following the incurrence thereof; provided that, if the
seventh day is not a Business Day, such repayment shall be made on the next
succeeding Business Day.

             

            5.03. Method and Place of
Payment.  (a)  Except
as otherwise specifically provided herein, all payments under this Agreement and
under any Note shall be made to the Administrative Agent for the account of the
Lender or Lenders entitled thereto not later than 12:00 Noon (New York City
time) on the date when due and shall be made in (v) U.S. Dollars (or, in the
case of any Unpaid Drawings denominated in a currency other than U.S. Dollars,
in an amount equal to the U.S. Dollar Equivalent thereof) in immediately
available funds at the

             

             

            
              
                
                

              

              
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            Payment
Office in respect of any obligation of the Borrowers under this Agreement except
as otherwise provided in the immediately following clauses (w), (x), (y) and
(z), (w) Canadian Dollars in immediately available funds at the Payment Office,
if such payment is made in respect of (i) principal of, or Face Amount of, or
interest on Canadian Dollar Denominated Loans or (ii) any increased costs,
indemnities or other amounts owing with respect to Canadian Dollar Denominated
Loans (including, without limitation, pursuant to Sections 2.10, 2.11, 3.06, 5.04, 12.06, 13.01 and 13.06), (x)
Australian Dollars in immediately available funds at the Payment Office, if such
payment is made in respect of (i) principal of or interest on Australian Dollars
Denominated Revolving Loans or (ii) any increased costs, indemnities or other
amounts owing with respect to Australian Dollars Denominated Revolving Loans
(including, without limitation, pursuant to Sections 2.10, 2.11, 3.06, 5.04, 12.06, 13.01 and 13.06), (y) Pounds
Sterling in immediately available funds at the Payment Office, if such payment
is made in respect of (i) principal of or interest on Sterling Denominated
Revolving Loans or (ii) any increased costs, indemnities or other amounts owing
with respect to Sterling Denominated Revolving Loans (including, without
limitation, pursuant to Sections 2.10, 2.11, 3.06, 5.04, 12.06, 13.01 and 13.06) and (z) Euros
in immediately available funds at the Payment Office, if such payment is made in
respect of (i) principal of or interest on Euro Denominated Revolving Loans or
(ii) any increased costs, indemnities or other amounts owing with respect to
Euro Denominated Revolving Loans (including, without limitation, pursuant to
Sections 2.10,
2.11, 3.06, 5.04, 12.06, 13.01 and 13.06).  Whenever
any payment to be made hereunder or under any Note shall be stated to be due on
a day which is not a Business Day, the due date thereof shall be extended to the
next succeeding Business Day and, with respect to payments of principal,
interest shall be payable at the applicable rate during such
extension.

             

            (b) Each U.S.
Credit Party shall, along with the Collateral Agent, certain financial
institutions selected by Holdings and approved by the Administrative Agent (the
“U.S. Collection
Banks”), and each of those banks in which each Core U.S. Concentration
Account, U.S. Collection Account and Deposit Account (other than Excluded
Accounts and U.S. Disbursement Accounts) are maintained by each such U.S. Credit
Party, enter into on or prior to the 60th day following the Effective Date (in
each case, as such date may be extended from time to time by the Administrative
Agent in its sole discretion, or, with respect to any extension of the period
for compliance with this paragraph (b) beyond (i) with respect Core
Concentration Accounts, 120 days and (ii) with respect to Collection Accounts
and other Deposit Accounts (other than Core Concentration Accounts) 150 days, in
each case, after such end of period for compliance with this paragraph (b)
(without giving effect to any extension by the Administrative Agent), by the
Co-Collateral Agents in their sole discretion ) and thereafter maintain separate
Cash Management Control Agreements in respect of each such Core U.S.
Concentration Account, U.S. Collection Account and Deposit Account (other than
Excluded Accounts and U.S. Disbursement Accounts).  Each U.S. Credit
Party shall instruct all Account Debtors of the U.S. Credit Parties to remit all
payments to the applicable “P.O. Boxes” or “Lockbox Addresses” of the applicable
U.S. Collection Bank (or to remit such payments to the applicable U.S.
Collection Bank by electronic settlement) with respect to all Accounts of such
Account Debtor, which remittances shall be collected by the applicable U.S.
Collection Bank and deposited in the applicable U.S. Collection
Account.  All amounts received by any U.S. Credit Party and any U.S.
Collection Bank in respect of any Account of an Account Debtor of any U.S.
Credit Parties, in addition to all other cash received by any U.S. Credit Party
from any other source, shall upon receipt be deposited into a U.S. Collection
Account, directly into a Core U.S. Concentration

             

             

            
              
                
                

              

              
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            Account
or, to the extent permitted hereunder in the case of amounts not constituting
payments in respect of Accounts of any U.S. Credit Parties, an Excluded Account,
a U.S. Disbursement Account or Asset Sale Proceeds Account.

             

            (c) Each
Australian Credit Party shall, along with the Collateral Agent, certain
financial institutions selected by Holdings and approved by the Administrative
Agent (the “Australian
Collection Banks”), and each of those banks in which each Core Australian
Concentration Account, Australian Collection Account and Deposit Account (other
than Excluded Accounts and Australian Disbursement Accounts) are maintained by
each such Australian Credit Party, enter into on or prior to the 60th day
following the Effective Date (in each case, as such date may be extended from
time to time by the Administrative Agent in its sole discretion, or, with
respect to any extension of the period for compliance with this paragraph (c)
beyond (i) with respect Core Concentration Accounts, 120 days and (ii) with
respect to Collection Accounts and other Deposit Accounts (other than Core
Concentration Accounts) 150 days, in each case, after such end of period for
compliance with this paragraph (c) (without giving effect to any extension by
the Administrative Agent), by the Co-Collateral Agents in their sole discretion
) and thereafter maintain separate Cash Management Control Agreements in respect
of each such Core Australian Concentration Account, Australian Collection
Account and Deposit Account (other than Excluded Accounts and Australian
Disbursement Accounts).  Each Australian Credit Party shall instruct
all Account Debtors of the Australian Credit Parties to remit all payments to
the applicable “P.O. Boxes” or “Lockbox Addresses” of the applicable Australian
Collection Bank (or to remit such payments to the applicable Australian
Collection Bank by electronic settlement) with respect to all Accounts of such
Account Debtor, which remittances shall be collected by the applicable
Australian Collection Bank and deposited in the applicable Australian Collection
Account.  All amounts received by any Australian Credit Party and any
Australian Collection Bank in respect of any Account of an Account Debtor of any
Australian Credit Party, in addition to all other cash received by any
Australian Credit Party from any other source, shall upon receipt be deposited
into a Australian Collection Account, directly into a Core Australian
Concentration Account or, to the extent permitted hereunder in the case of
amounts not constituting payments in respect of Accounts of any Australian
Credit Party, an Excluded Account, an Australian Disbursement Account or Asset
Sale Proceeds Account.

             

            (d) Each
Canadian Credit Party shall, along with the Collateral Agent, certain financial
institutions selected by Holdings and approved by the Administrative Agent (the
“Canadian Collection
Banks”), and each of those banks in which each Core Canadian
Concentration Account, Canadian Collection Account and Deposit Account (other
than Excluded Accounts and Canadian Disbursement Accounts) are maintained by
each such Canadian Credit Party, enter into on or prior to the 60th day
following the Effective Date (in each case, as such date may be extended from
time to time by the Administrative Agent in its sole discretion, or, with
respect to any extension of the period for compliance with this paragraph (d)
beyond (i) with respect Core Concentration Accounts, 120 days and (ii) with
respect to Collection Accounts and other Deposit Accounts (other than Core
Concentration Accounts) 150 days, in each case, after such end of period for
compliance with this paragraph (d) (without giving effect to any extension by
the Administrative Agent), by the Co-Collateral Agents in their sole discretion
) and thereafter maintain separate Cash Management Control Agreements in respect
of each such Core Canadian Concentration Account, Canadian Collection Account
and Deposit Account (other than Excluded Accounts and Canadian Disbursement
Accounts).  Each Canadian Credit 

             

             

            
              
                
                

              

              
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            Party
shall instruct all Account Debtors of the Canadian Credit Parties to remit all
payments to the applicable “P.O. Boxes” or “Lockbox Addresses” of the applicable
Canadian Collection Bank (or to remit such payments to the applicable Canadian
Collection Bank by electronic settlement) with respect to all Accounts of such
Account Debtor, which remittances shall be collected by the applicable Canadian
Collection Bank and deposited in the applicable Canadian Collection
Account.  All amounts received by any Canadian Credit Party and any
Canadian Collection Bank in respect of any Account of an Account Debtor of any
Canadian Credit Party, in addition to all other cash received by any Canadian
Credit Party from any other source, shall upon receipt be deposited into a
Canadian Collection Account, directly into a Core Canadian Concentration Account
or, to the extent permitted hereunder in the case of amounts not constituting
payments in respect of Accounts of any Canadian Credit Party, an Excluded
Account, a Canadian Disbursement Account or Asset Sale Proceeds
Account.

             

            (e) Each
Dutch Credit Party shall, along with the Collateral Agent, certain financial
institutions selected by Holdings and approved by the Administrative Agent (the
“Dutch Collection
Banks”), and each of those banks in which each Core Dutch Concentration
Account, Dutch Collection Account and Deposit Account (other than Excluded
Accounts and Dutch Disbursement Accounts) are maintained by each such Dutch
Credit Party, enter into on or prior to the 60th day following the Effective
Date (in each case, as such date may be extended from time to time by the
Administrative Agent in its sole discretion, or, with respect to any extension
of the period for compliance with this paragraph (e) beyond (i) with respect
Core Concentration Accounts, 120 days and (ii) with respect to Collection
Accounts and other Deposit Accounts (other than Core Concentration Accounts) 150
days, in each case, after such end of period for compliance with this paragraph
(e) (without giving effect to any extension by the Administrative Agent), by the
Co-Collateral Agents in their sole discretion ) and thereafter maintain separate
Cash Management Control Agreements in respect of each such Core Dutch
Concentration Account, Dutch Collection Account and Deposit Account (other than
Excluded Accounts and Dutch Disbursement Accounts).  Each Dutch Credit
Party shall instruct all Account Debtors of the Dutch Credit Parties to remit
all payments to the applicable “P.O. Boxes” or “Lockbox Addresses” of the
applicable Dutch Collection Bank (or to remit such payments to the applicable
Dutch Collection Bank by electronic settlement) with respect to all Accounts of
such Account Debtor, which remittances shall be collected by the applicable
Dutch Collection Bank and deposited in the applicable Dutch Collection
Account.  All amounts received by any Dutch Credit Party and any Dutch
Collection Bank in respect of any Account of an Account Debtor of any Dutch
Credit Party, in addition to all other cash received by any Dutch Credit Party
from any other source, shall upon receipt be deposited into a Dutch Collection
Account, directly into a Core Dutch Concentration Account or, to the extent
permitted hereunder in the case of amounts not constituting payments in respect
of Accounts of any Dutch Credit Party, an Excluded Account, a Dutch Disbursement
Account or Asset Sale Proceeds Account.

             

            (f) Each U.K.
Credit Party shall, along with the Collateral Agent, certain financial
institutions selected by Holdings and approved by the Administrative Agent (the
“U.K. Collection
Banks”), and each of those banks in which each Core U.K. Concentration
Account, U.K. Collection Account and Deposit Account (other than Excluded
Accounts and U.K. Disbursement Accounts) are maintained by each such U.K. Credit
Party, enter into on or prior to the 90th day following the Effective Date (in
each case, as such date may be extended from time to time by the Administrative
Agent in its sole discretion, or, with respect to any extension of the

             

             

            
              
                
                

              

              
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            period
for compliance with this paragraph (f) beyond (i) with respect Core
Concentration Accounts, 120 days and (ii) with respect to Collection Accounts
and other Deposit Accounts (other than Core Concentration Accounts) 150 days, in
each case, after such end of period for compliance with this paragraph (f)
(without giving effect to any extension by the Administrative Agent), by the
Co-Collateral Agents in their sole discretion ) and thereafter maintain separate
Cash Management Control Agreements in respect of each such Core U.K.
Concentration Account, U.K. Collection Account and Deposit Account (other than
Excluded Accounts and U.K. Disbursement Accounts).  Each U.K. Credit
Party shall instruct all Account Debtors of the U.K. Credit Parties to remit all
payments to the applicable “P.O. Boxes” or “Lockbox Addresses” of the applicable
U.K. Collection Bank (or to remit such payments to the applicable U.K.
Collection Bank by electronic settlement) with respect to all Accounts of such
Account Debtor, which remittances shall be collected by the applicable U.K.
Collection Bank and deposited in the applicable U.K. Collection
Account.  All amounts received by any U.K. Credit Party and any U.K.
Collection Bank in respect of any Account of an Account Debtor of any U.K.
Credit Party, in addition to all other cash received by any U.K. Credit Party
from any other source, shall upon receipt be deposited into a U.K. Collection
Account, directly into a Core U.K. Concentration Account or, to the extent
permitted hereunder in the case of amounts not constituting payments in respect
of Accounts of any U.K. Credit Party, an Excluded Account, a U.K. Disbursement
Account or Asset Sale Proceeds Account.

             

             

            (g) (i) All
amounts deposited or held in all of the U.S. Collection Accounts with respect to
each U.S. Credit Party shall be transferred by the close of business on each
Business Day into one or more accounts with the Administrative Agent or a
financial institution reasonably acceptable to the Administrative Agent (each a
“Core U.S.
Concentration Account” and collectively, the “Core U.S. Concentration
Accounts”) unless such amounts are otherwise (A) required or permitted to
be applied pursuant to Section 5.02 or (B)
so long as no Dominion Period then exists, required to be retained in any U.S.
Collection Account, in each case to satisfy the payment of outstanding
obligations owing in respect of checks or similar obligations issued by any U.S.
Credit Party, provided that the
aggregate amount retained in all such U.S. Collection Accounts pursuant to this
clause (B) shall not exceed that amount (as reasonably determined by Holdings)
to cover all of the aggregate amount of all such outstanding obligations, (ii)
all amounts deposited or held in all of the Australian Collection Accounts with
respect to each Australian Credit Party shall be transferred by the close of
business on each Business Day into one or more accounts with the Administrative
Agent or a financial institution reasonably acceptable to the Administrative
Agent (each, a “Core
Australian Concentration Account” and, collectively, the “Core Australian
Concentration Accounts”) unless such amounts are otherwise (A) required
or permitted to be applied pursuant to Section 5.02 or (B)
so long as no Dominion Period then exists, required to be retained in any
Australian Collection Account, in each case to satisfy the payment of
outstanding obligations owing in respect of checks or similar obligations issued
by any Australian Credit Party, provided that the
aggregate amount retained in all such Australian Collection Accounts pursuant to
this clause (B) shall not exceed that amount (as reasonably determined by
Holdings) to cover all of the aggregate amount of all such outstanding
obligations, (iii) all amounts deposited or held in all of the Canadian
Collection Accounts with respect to each Canadian Credit Party shall be
transferred by the close of business on each Business Day into one or more
accounts with the Administrative Agent or a financial institution reasonably
acceptable to the Administrative Agent (each, a “Core Canadian Concentration
Account” and, collectively, the “Core Canadian Concentration
Accounts”) unless such amounts 

             

             

            
              
                
                

              

              
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            are
otherwise (A) required or permitted to be applied pursuant to Section 5.02 or (B)
so long as no Dominion Period then exists, required to be retained in any
Canadian Collection Account, in each case to satisfy the payment of outstanding
obligations owing in respect of checks or similar obligations issued by any
Canadian Credit Party, provided that the
aggregate amount retained in all such Canadian Collection Accounts pursuant to
this clause (B) shall not exceed that amount (as reasonably determined by
Holdings) to cover all of the aggregate amount of all such outstanding
obligations, (iv) all amounts deposited or held in all of the Dutch Collection
Accounts with respect to each Dutch Credit Party shall be transferred by the
close of business on each Business Day into one or more accounts with the
Administrative Agent or a financial institution reasonably acceptable to the
Administrative Agent (each, a “Core Dutch Concentration
Account” and, collectively, the “Core Dutch Concentration
Accounts”) unless such amounts are otherwise (A) required or permitted to
be applied pursuant to Section 5.02 or (B)
so long as no Dominion Period then exists, required to be retained in any Dutch
Collection Account, in each case to satisfy the payment of outstanding
obligations owing in respect of checks or similar obligations issued by any
Dutch Credit Party, provided that the
aggregate amount retained in all such Dutch Collection Accounts pursuant to this
clause (B) shall not exceed that amount (as reasonably determined by Holdings)
to cover all of the aggregate amount of all such outstanding obligations, and
(v) all amounts deposited or held in all of the U.K. Collection Accounts with
respect to each U.K. Credit Party shall be transferred by the close of business
on each Business Day into one or more accounts with the Administrative Agent or
a financial institution reasonably acceptable to the Administrative Agent (each,
a “Core U.K.
Concentration Account” and, collectively, the “Core U.K. Concentration
Accounts”) unless such amounts are otherwise (A) required or permitted to
be applied pursuant to Section 5.02 or (B)
so long as no Dominion Period then exists, required to be retained in any U.K.
Collection Account, in each case to satisfy the payment of outstanding
obligations owing in respect of checks or similar obligations issued by any U.K.
Credit Party, provided that the
aggregate amount retained in all such U.K. Collection Accounts pursuant to this
clause (B) shall not exceed that amount (as reasonably determined by Holdings)
to cover all of the aggregate amount of all such outstanding
obligations.  Except as, and to the extent, permitted by this Section 5.03(g), and
Section 10 each
Collection Account shall have a zero balance immediately following the transfer
of funds on each Business Day pursuant to the five immediately preceding
sentences.  So long as no Dominion Period then exists, the Borrowers
and their Subsidiary Guarantors shall be permitted to transfer cash from the
Core Concentration Accounts to other Deposit Accounts and Disbursement Accounts
to be used for working capital and general corporate purposes all subject to the
requirements of this Section 5.03(g) and
pursuant to procedures and arrangements to be determined by the Administrative
Agent.  If a Dominion Period exists, all collected amounts held in the
Core Concentration Accounts shall be applied as provided in Section 5.03(h),
(i), (j), (k) or (l), as
applicable.

             

            (h) Each Cash
Management Control Agreement relating to a Core U.S. Concentration Account shall
(unless otherwise agreed by the Administrative Agent in its sole discretion)
include provisions that allow, during any Dominion Period, for all collected
amounts held in such Core U.S. Concentration Account from and after the date
requested by the Administrative Agent, to be sent by ACH or wire transfer or
similar electronic transfer no less frequently than once per Business Day to one
or more accounts maintained by the Administrative Agent at DBNY (or if DBNY is
not the Administrative Agent, at the institution designated by such successor
Administrative Agent) or an affiliate thereof (each a “DB U.S.
Account”).  

             

             

            
              
                
                

              

              
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            Subject
to the terms of the respective Security Document, all amounts received in a DB
U.S. Account shall be applied (and allocated) by the Administrative Agent on a
daily basis in the following order (in each case to the extent the
Administrative Agent has actual knowledge of the amounts owing or outstanding as
described below, and after giving effect to the application of any such amounts
(x) otherwise required to be applied pursuant to Section 5.02(b),
(c) or (d), or (y)
constituting proceeds from any Collateral otherwise required to be applied
pursuant to the terms of the respective Security Document), subject to the
provisions of the immediately succeeding sentence (to the extent
applicable):  (1) first, to the payment
(on a ratable basis) of any outstanding Expenses actually due and payable to the
Administrative Agent, the Co-Collateral Agents and the Collateral Agent under
any of the Credit Documents; (2) second, to the extent
all amounts referred to in preceding clause (1) have been paid in full, to pay
(on a ratable basis) all outstanding Expenses actually due and payable to each
Issuing Lender under any of the Credit Documents; (3) third, to the extent
all amounts referred to in preceding clauses (1) and (2) have been paid in full,
to pay (on a ratable basis) all accrued and unpaid interest actually due and
payable on the U.S. Borrower Loans and then all accrued and unpaid Fees actually
due and payable by any U.S. Borrower to the Administrative Agent, the Issuing
Lenders and the Lenders under any of the Credit Documents; (4) fourth, to the extent
all amounts referred to in preceding clauses (1) through (3), inclusive, have
been paid in full, to pay (on a ratable basis) any and all unpaid principal of
U.S. Borrower Loans and Unpaid Drawings in respect of Letters of Credit issued
for the account of a U.S. Borrower in each case which are then actually due and
payable; (5) fifth, to the extent
all amounts referred to in preceding clauses (1) through (4), inclusive, have
been paid in full, to repay or prepay outstanding U.S. Borrower Swingline Loans
and to repay or prepay all outstanding U.S. Borrower Revolving Loans advanced by
the Administrative Agent on behalf of the Lenders pursuant to Section 2.01(e); (6)
sixth, to the
extent all amounts referred to in preceding clauses (1) through (5), inclusive,
have been paid in full, to repay (on a ratable basis) the outstanding principal
of U.S. Borrower Revolving Loans (whether or not then due and payable, but
excluding any outstanding Bankers’ Acceptance Loans where the underlying B/A
Instrument has not matured), provided that, with
respect to each repayment of U.S. Borrower Revolving Loans required by this
Section
5.03(h)(6), so long as no Default or Event of Default then exists and
less than all outstanding U.S. Borrower Revolving Loans would otherwise be
required to be repaid pursuant hereto, the U.S. Borrowers may designate the
Types of U.S. Borrower Revolving Loans which are to be repaid and, in the case
of Euro Rate Loans which are U.S. Borrower Revolving Loans, the specific
Borrowing or Borrowings pursuant to which such Euro Rate Loans were made; (7)
seventh, to the
extent all amounts referred to in preceding clauses (1) through (6), inclusive,
have been paid in full, to cash collateralize (on a ratable basis) all
outstanding Letters of Credit issued for the account of a U.S. Borrower and
Bankers’ Acceptance Loans which are U.S. Borrower Revolving Loans where the
underlying B/A Instrument has not matured (such cash collateral to be held by
the Administrative Agent in a cash collateral account to be established by, and
under the sole dominion and control of, the Administrative Agent and applied to
the Obligations of the U.S. Borrowers to the Issuing Lenders and/or Lenders in
respect of any Drawings made under any such Letters of Credit or any such
Bankers’ Acceptance Loans); (8) eighth, to the extent
all amounts referred to in preceding clauses (1) through (7), inclusive, have
been paid in full, to pay (on a ratable basis) all other outstanding Obligations
of any U.S. Borrower then due and payable to the Administrative Agent, the
Co-Collateral Agents, the Collateral Agent and the Lenders under any of the
Credit 

             

             

            
              
                
                

              

              
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            Documents;
and (9) ninth,
to the U.S. Borrowers.  Each U.S. Credit Party agrees that it will not
cause any proceeds of any Core Concentration Account to be otherwise
redirected.

             

            (i) Each Cash
Management Control Agreement relating to a Core Australian Concentration Account
shall (unless otherwise agreed by the Administrative Agent in its sole
discretion) include provisions that allow, during any Dominion Period, for all
collected amounts held in such Core Australian Concentration Account from and
after the date requested by the Administrative Agent, to be sent by ACH or wire
transfer or similar electronic transfer no less frequently than once per
Business Day to one or more accounts maintained by the Administrative Agent at
DBNY (or if DBNY is not the Administrative Agent, at the institution designated
by such successor Administrative Agent) or an affiliate thereof (each a “DB Australian
Account”).  Subject to the terms of the respective Security
Document, all amounts received in a DB Australian Account shall be applied (and
allocated) by the Administrative Agent on a daily basis in the following order
(in each case to the extent the Administrative Agent has actual knowledge of the
amounts owing or outstanding as described below, and after giving effect to the
application of any such amounts (x) otherwise required to be applied pursuant to
Section
5.02(b), (c) or (d), or (y)
constituting proceeds from any Collateral otherwise required to be applied
pursuant to the terms of the respective Security Document), subject to the
provisions of the immediately succeeding sentence (to the extent
applicable):  (1) first, to the payment
(on a ratable basis) of any outstanding Expenses actually due and payable to the
Administrative Agent, the Co-Collateral Agents and the Collateral Agent under
any of the Credit Documents; (2) second, to the extent
all amounts referred to in preceding clause (1) have been paid in full, to pay
(on a ratable basis) all outstanding Expenses actually due and payable to each
Issuing Lender under any of the Credit Documents; (3) third, to the extent
all amounts referred to in preceding clauses (1) and (2) have been paid in full,
to pay (on a ratable basis) all accrued and unpaid interest actually due and
payable on the Australian Borrower Loans and then all accrued and unpaid Fees
actually due and payable by any Australian Borrower to the Administrative Agent,
the Issuing Lenders and the Lenders under any of the Credit Documents; (4) fourth, to the extent
all amounts referred to in preceding clauses (1) through (3), inclusive, have
been paid in full, to pay (on a ratable basis) any and all unpaid principal of
Australian Borrower Loans and Unpaid Drawings in respect of Letters of Credit
issued for the account of an Australian Borrower in each case which are then
actually due and payable; (5) fifth, to the extent
all amounts referred to in preceding clauses (1) through (4), inclusive, have
been paid in full, to repay or prepay outstanding Australian Borrower Swingline
Loans and to repay or prepay all outstanding Australian Borrower Revolving Loans
advanced by the Administrative Agent on behalf of the Lenders pursuant to Section 2.01(e); (6)
sixth, to the
extent all amounts referred to in preceding clauses (1) through (5), inclusive,
have been paid in full, to repay (on a ratable basis) the outstanding principal
of Australian Borrower Revolving Loans (whether or not then due and payable, but
excluding any outstanding Bankers’ Acceptance Loans where the underlying B/A
Instrument has not matured), provided that, with
respect to each repayment of Australian Borrower Revolving Loans required by
this Section
5.03(i)(6), so long as no Default or Event of Default then exists and
less than all outstanding Australian Borrower Revolving Loans would otherwise be
required to be repaid pursuant hereto, the Australian Borrower Borrowers may
designate the Types of Australian Borrower Revolving Loans which are to be
repaid and, in the case of Euro Rate Loans which are Australian Borrower
Revolving Loans, the specific Borrowing or Borrowings pursuant to which such
Euro Rate Loans were made; (7) seventh, to the
extent all amounts referred to in preceding clauses (1) through (6), inclusive,
have been paid 

             

             

            
              
                
                

              

              
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            in full,
to cash collateralize (on a ratable basis) all outstanding Letters of Credit
issued for the account of an Australian Borrower and Bankers’ Acceptance Loans
which are Australian Borrower Revolving Loans where the underlying B/A
Instrument has not matured (such cash collateral to be held by the
Administrative Agent in a cash collateral account to be established by, and
under the sole dominion and control of, the Administrative Agent and applied to
the Obligations of the Australian Borrowers to the Issuing Lenders and/or
Lenders in respect of any Drawings made under any such Letters of Credit or any
Bankers’ Acceptance Loans); (8) eighth, to the extent
all amounts referred to in preceding clauses (1) through (7), inclusive, have
been paid in full, to pay (on a ratable basis) all other outstanding Obligations
of any Australian Borrower then due and payable to the Administrative Agent, the
Co-Collateral Agents, the Collateral Agent and the Lenders under any of the
Credit Documents; and (9) ninth, to the
Australian Credit Parties.  Each Australian Credit Party agrees that
it will not cause any proceeds of any Core Australian Concentration Account to
be otherwise redirected.

             

            (j) Each Cash
Management Control Agreement relating to a Core Canadian Concentration Account
shall (unless otherwise agreed by the Administrative Agent in its sole
discretion) include provisions that allow, during any Dominion Period, for all
collected amounts held in such Core Canadian Concentration Account from and
after the date requested by the Administrative Agent, to be sent by ACH or wire
transfer or similar electronic transfer no less frequently than once per
Business Day to one or more accounts maintained by the Administrative Agent at
DBNY (or if DBNY is not the Administrative Agent, at the institution designated
by such successor Administrative Agent) or an affiliate thereof (each a “DB Canadian
Account”).  Subject to the terms of the respective Security
Document, all amounts received in a DB Canadian Account shall be applied (and
allocated) by the Administrative Agent on a daily basis in the following order
(in each case to the extent the Administrative Agent has actual knowledge of the
amounts owing or outstanding as described below, and after giving effect to the
application of any such amounts (x) otherwise required to be applied pursuant to
Section
5.02(b), (c) or (d), or (y)
constituting proceeds from any Collateral otherwise required to be applied
pursuant to the terms of the respective Security Document), subject to the
provisions of the immediately succeeding sentence (to the extent
applicable):  (1) first, to the payment
(on a ratable basis) of any outstanding Expenses actually due and payable to the
Administrative Agent, the Co-Collateral Agents and the Collateral Agent under
any of the Credit Documents; (2) second, to the extent
all amounts referred to in preceding clause (1) have been paid in full, to pay
(on a ratable basis) all outstanding Expenses actually due and payable to each
Issuing Lender under any of the Credit Documents; (3) third, to the extent
all amounts referred to in preceding clauses (1) and (2) have been paid in full,
to pay (on a ratable basis) all accrued and unpaid interest actually due and
payable on the Canadian Borrower Loans and then all accrued and unpaid Fees
actually due and payable by any Canadian Borrower to the Administrative Agent,
the Issuing Lenders and the Lenders under any of the Credit Documents; (4) fourth, to the extent
all amounts referred to in preceding clauses (1) through (3), inclusive, have
been paid in full, to pay (on a ratable basis) any and all unpaid principal of
Canadian Borrower Loans and Unpaid Drawings in respect of Letters of Credit
issued for the account of a Canadian Borrower in each case which are then
actually due and payable; (5) fifth, to the extent
all amounts referred to in preceding clauses (1) through (4), inclusive, have
been paid in full, to repay or prepay outstanding Canadian Borrower Swingline
Loans and to repay or prepay all outstanding Canadian Borrower Revolving Loans
advanced by the Administrative Agent on behalf of the Lenders pursuant to Section 2.01(e); (6)
sixth, to the
extent all amounts referred to in preceding clauses (1) through (5), inclusive,
have

             

             

            
              
                
                

              

              
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            been paid
in full, to repay (on a ratable basis) the outstanding principal of Canadian
Borrower Revolving Loans (whether or not then due and payable, but excluding any
outstanding Bankers’ Acceptance Loans where the underlying B/A Instrument has
not matured), provided that, with
respect to each repayment of Canadian Borrower Revolving Loans required by this
Section
5.03(j)(6), so long as no Default or Event of Default then exists and
less than all outstanding Canadian Borrower Revolving Loans would otherwise be
required to be repaid pursuant hereto, the Canadian Borrower Borrowers may
designate the Types of Canadian Borrower Revolving Loans which are to be repaid
and, in the case of Euro Rate Loans which are Canadian Borrower Revolving Loans,
the specific Borrowing or Borrowings pursuant to which such Euro Rate Loans were
made; (7) seventh, to the
extent all amounts referred to in preceding clauses (1) through (6), inclusive,
have been paid in full, to cash collateralize (on a ratable basis) all
outstanding Letters of Credit issued for the account of a Canadian Borrower and
Bankers’ Acceptance Loans which are Canadian Borrower Revolving Loans where the
underlying B/A Instrument has not matured (such cash collateral to be held by
the Administrative Agent in a cash collateral account to be established by, and
under the sole dominion and control of, the Administrative Agent and applied to
the Obligations of the Canadian Borrowers to the Issuing Lenders and/or Lenders
in respect of any Drawings made under any such Letters of Credit or any Bankers’
Acceptance Loans); (8) eighth, to the extent
all amounts referred to in preceding clauses (1) through (7), inclusive, have
been paid in full, to pay (on a ratable basis) all other outstanding Obligations
of any Canadian Borrower then due and payable to the Administrative Agent, the
Co-Collateral Agents, the Collateral Agent and the Lenders under any of the
Credit Documents; and (9) ninth, to the
Canadian Credit Parties.  Each Canadian Credit Party agrees that it
will not cause any proceeds of any Core Canadian Concentration Account to be
otherwise redirected.

             

            (k) Each Cash
Management Control Agreement relating to a Core Dutch Concentration Account
shall (unless otherwise agreed by the Administrative Agent in its sole
discretion) include provisions that allow, during any Dominion Period, for all
collected amounts held in such Core Dutch Concentration Account from and after
the date requested by the Administrative Agent, to be sent by ACH or wire
transfer or similar electronic transfer no less frequently than once per
Business Day to one or more accounts maintained by the Administrative Agent at
DBNY (or if DBNY is not the Administrative Agent, at the institution designated
by such successor Administrative Agent) or an affiliate thereof (each a “DB Dutch
Account”).  Subject to the terms of the respective Security
Document, all amounts received in a DB Dutch Account shall be applied (and
allocated) by the Administrative Agent on a daily basis in the following order
(in each case to the extent the Administrative Agent has actual knowledge of the
amounts owing or outstanding as described below, and after giving effect to the
application of any such amounts (x) otherwise required to be applied pursuant to
Section
5.02(b), (c) or (d), or (y)
constituting proceeds from any Collateral otherwise required to be applied
pursuant to the terms of the respective Security Document), subject to the
provisions of the immediately succeeding sentence (to the extent
applicable):  (1) first, to the payment
(on a ratable basis) of any outstanding Expenses actually due and payable to the
Administrative Agent, the Co-Collateral Agents and the Collateral Agent under
any of the Credit Documents; (2) second, to the extent
all amounts referred to in preceding clause (1) have been paid in full, to pay
(on a ratable basis) all outstanding Expenses actually due and payable to each
Issuing Lender under any of the Credit Documents; (3) third, to the extent
all amounts referred to in preceding clauses (1) and (2) have been paid in full,
to pay (on a ratable basis) all accrued and unpaid interest actually due and

             

             

            
              
                
                

              

              
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            payable
on the Dutch Borrower Loans and then all accrued and unpaid Fees actually due
and payable by any Dutch Borrower to the Administrative Agent, the Issuing
Lenders and the Lenders under any of the Credit Documents; (4) fourth, to the extent
all amounts referred to in preceding clauses (1) through (3), inclusive, have
been paid in full, to pay (on a ratable basis) any and all unpaid principal of
Dutch Borrower Loans and Unpaid Drawings in respect of Letters of Credit issued
for the account of a Dutch Borrower in each case which are then actually due and
payable; (5) fifth, to the extent
all amounts referred to in preceding clauses (1) through (4), inclusive, have
been paid in full, to repay or prepay outstanding Dutch Borrower Swingline Loans
and to repay or prepay all outstanding Dutch Borrower Revolving Loans advanced
by the Administrative Agent on behalf of the Lenders pursuant to Section 2.01(e); (6)
sixth, to the
extent all amounts referred to in preceding clauses (1) through (5), inclusive,
have been paid in full, to repay (on a ratable basis) the outstanding principal
of Dutch Borrower Revolving Loans (whether or not then due and payable, but
excluding any outstanding Bankers’ Acceptance Loans where the underlying B/A
Instrument has not matured), provided that, with
respect to each repayment of Dutch Borrower Revolving Loans required by this
Section
5.03(k)(6), so long as no Default or Event of Default then exists and
less than all outstanding Dutch Borrower Revolving Loans would otherwise be
required to be repaid pursuant hereto, the Dutch Borrower Borrowers may
designate the Types of Dutch Borrower Revolving Loans which are to be repaid
and, in the case of Euro Rate Loans which are Dutch Borrower Revolving Loans,
the specific Borrowing or Borrowings pursuant to which such Euro Rate Loans were
made; (7) seventh, to the
extent all amounts referred to in preceding clauses (1) through (6), inclusive,
have been paid in full, to cash collateralize (on a ratable basis) all
outstanding Letters of Credit issued for the account of a Dutch Borrower and
Bankers’ Acceptance Loans which are Dutch Borrower Revolving Loans where the
underlying B/A Instrument has not matured (such cash collateral to be held by
the Administrative Agent in a cash collateral account to be established by, and
under the sole dominion and control of, the Administrative Agent and applied to
the Obligations of the Dutch Borrowers to the Issuing Lenders and/or Lenders in
respect of any Drawings made under any such Letters of Credit or any Bankers’
Acceptance Loans); (8) eighth, to the extent
all amounts referred to in preceding clauses (1) through (7), inclusive, have
been paid in full, to pay (on a ratable basis) all other outstanding Obligations
of any Dutch Borrower then due and payable to the Administrative Agent, the
Co-Collateral Agents, the Collateral Agent and the Lenders under any of the
Credit Documents; and (9) ninth, to the Dutch
Credit Parties.  Each Dutch Credit Party agrees that it will not cause
any proceeds of any Core Dutch Concentration Account to be otherwise
redirected.

             

            (l) Each Cash
Management Control Agreement relating to a Core U.K. Concentration Account shall
(unless otherwise agreed by the Administrative Agent in its sole discretion)
include provisions that allow, during any Dominion Period, for all collected
amounts held in such Core U.K. Concentration Account from and after the date
requested by the Administrative Agent, to be sent by ACH or wire transfer or
similar electronic transfer no less frequently than once per Business Day to one
or more accounts maintained by the Administrative Agent at DBNY (or if DBNY is
not the Administrative Agent, at the institution designated by such successor
Administrative Agent) or an affiliate thereof (each a “DB U.K.
Account”).  Subject to the terms of the respective Security
Document, all amounts received in a DB U.K. Account shall be applied (and
allocated) by the Administrative Agent on a daily basis in the following order
(in each case to the extent the Administrative Agent has actual knowledge of the
amounts owing or outstanding as described below, and after giving effect to the
application of 

             

             

            
              
                
                

              

              
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            any such
amounts (x) otherwise required to be applied pursuant to Section 5.02(b),
(c) or (d), or (y)
constituting proceeds from any Collateral otherwise required to be applied
pursuant to the terms of the respective Security Document), subject to the
provisions of the immediately succeeding sentence (to the extent
applicable):  (1) first, to the payment
(on a ratable basis) of any outstanding Expenses actually due and payable to the
Administrative Agent, the Co-Collateral Agents and the Collateral Agent under
any of the Credit Documents; (2) second, to the extent
all amounts referred to in preceding clause (1) have been paid in full, to pay
(on a ratable basis) all outstanding Expenses actually due and payable to each
Issuing Lender under any of the Credit Documents; (3) third, to the extent
all amounts referred to in preceding clauses (1) and (2) have been paid in full,
to pay (on a ratable basis) all accrued and unpaid interest actually due and
payable on the U.K. Borrower Loans and then all accrued and unpaid Fees actually
due and payable by any U.K. Borrower to the Administrative Agent, the Issuing
Lenders and the Lenders under any of the Credit Documents; (4) fourth, to the extent
all amounts referred to in preceding clauses (1) through (3), inclusive, have
been paid in full, to pay (on a ratable basis) any and all unpaid principal of
U.K. Borrower Loans and Unpaid Drawings in respect of Letters of Credit issued
for the account of a U.K. Borrower in each case which are then actually due and
payable; (5) fifth, to the extent
all amounts referred to in preceding clauses (1) through (4), inclusive, have
been paid in full, to repay or prepay outstanding U.K. Borrower Swingline Loans
and to repay or prepay all outstanding U.K. Borrower Revolving Loans advanced by
the Administrative Agent on behalf of the Lenders pursuant to Section 2.01(e); (6)
sixth, to the
extent all amounts referred to in preceding clauses (1) through (5), inclusive,
have been paid in full, to repay (on a ratable basis) the outstanding principal
of U.K. Borrower Revolving Loans (whether or not then due and payable, but
excluding any outstanding Bankers’ Acceptance Loans where the underlying B/A
Instrument has not matured), provided that, with
respect to each repayment of U.K. Borrower Revolving Loans required by this
Section
5.03(l)(6), so long as no Default or Event of Default then exists and
less than all outstanding U.K. Borrower Revolving Loans would otherwise be
required to be repaid pursuant hereto, the U.K. Borrower Borrowers may designate
the Types of U.K. Borrower Revolving Loans which are to be repaid and, in the
case of Euro Rate Loans which are U.K. Borrower Revolving Loans, the specific
Borrowing or Borrowings pursuant to which such Euro Rate Loans were made; (7)
seventh, to the
extent all amounts referred to in preceding clauses (1) through (6), inclusive,
have been paid in full, to cash collateralize (on a ratable basis) all
outstanding Letters of Credit issued for the account of a U.K. Borrower and
Bankers’ Acceptance Loans which are U.K. Borrower Revolving Loans where the
underlying B/A Instrument has not matured (such cash collateral to be held by
the Administrative Agent in a cash collateral account to be established by, and
under the sole dominion and control of, the Administrative Agent and applied to
the Obligations of the U.K. Borrowers to the Issuing Lenders and/or Lenders in
respect of any Drawings made under any such Letters of Credit or any Bankers’
Acceptance Loans); (8) eighth, to the extent
all amounts referred to in preceding clauses (1) through (7), inclusive, have
been paid in full, to pay (on a ratable basis) all other outstanding Obligations
of any U.K. Borrower then due and payable to the Administrative Agent, the
Co-Collateral Agents, the Collateral Agent and the Lenders under any of the
Credit Documents; and (9) ninth, to the U.K.
Credit Parties.  Each U.K. Credit Party agrees that it will not cause
any proceeds of any Core U.K. Concentration Account to be otherwise
redirected.

             

            (m) Without
limiting the provisions set forth in Section 13.15, the
Administrative Agent shall maintain accounts on its books in the name of each
Borrower (collectively, the “Credit Account”) in
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            advances
made by the Lenders to the respective Borrower for the respective Borrower’s
account, including the Loans, the Letter of Credit Outstandings, and the Fees,
Expenses and any other Obligations relating thereto.  Each Borrower
will be credited, in accordance with this Section 5.03, with
all amounts received by the Lenders from such Borrower or from others for its
account, including, as set forth above, all amounts received by the
Administrative Agent and applied to the Obligations.  In no event
shall prior recourse to any Accounts or other Collateral be a prerequisite to
the Administrative Agent’s right to demand payment of any Obligation upon its
maturity.  Further, the Administrative Agent shall have no obligation
whatsoever to perform in any respect any of the Borrowers’ or other Credit
Parties’ contracts or obligations relating to the Accounts.

             

            5.04. Net
Payments.  (a)
(i)  All payments made by the Borrowers and the other Credit Parties
hereunder and under any other Credit Document will be made without setoff,
counterclaim or other defense.

             

            (ii)           Except
as provided in Section
5.04(b), all such payments will be made free and clear of, and without
deduction or withholding for, any present or future taxes, levies, imposts,
duties, fees, assessments or other charges of whatever nature now or hereafter
imposed by any jurisdiction or by any political subdivision or taxing authority
thereof or therein with respect to such payments (but excluding, except as
provided in the second succeeding sentence, any net income, net profits,
franchise, branch profits or similar tax, including any penalties, interest or
similar items relating thereto, imposed on a Lender pursuant to the laws of the
jurisdiction in which it is organized or the jurisdiction in which the principal
office or applicable lending office of such Lender is located or any subdivision
thereof or therein) and all interest, penalties or similar liabilities with
respect thereto (all such non-excluded taxes, levies, imposts, duties, fees,
assessments or other charges being referred to collectively as “Taxes”).  If
any Taxes are so levied or imposed, the respective Borrower (and any other
Credit Party making the respective payment or which has guaranteed the
obligations of the relevant Borrower) agrees to pay the full amount of such
Taxes, and such additional amounts as may be necessary so that every payment of
all amounts due under this Agreement or under any other Credit Document, after
withholding or deduction for or on account of any Taxes, will not be less than
the amount provided for herein or in such other Credit
Documents.   If, pursuant to the preceding sentence, any
additional amounts are payable in respect of Taxes, the respective Borrower (and
any other Credit Party making the respective payment or which has guaranteed the
obligations of the relevant Borrower) agrees to reimburse
each  affected Lender, upon the written request of such Lender, for
any taxes imposed on such Lender as a result of the payment of such additional
amounts and which are measured by the net income or net profits of such Lender
pursuant to the laws of the jurisdiction in which such Lender is organized or in
which the principal office or applicable lending office of such Lender is
located or under the laws of any political subdivision or taxing authority of
any such jurisdiction in which such Lender is organized or in which the
principal office or applicable lending office of such Lender is located and for
any withholding of taxes as such Lender shall determine in good faith are
payable by, or withheld from, such Lender, in respect of such amounts so paid to
or on behalf of such Lender pursuant to the preceding sentence and in respect of
any amounts paid to or on behalf of such Lender pursuant to this
sentence.  The respective Borrower (or other Credit Party) will
furnish to the Administrative Agent within 45 days after the date the payment of
any Taxes is due pursuant to applicable law certified copies of tax receipts
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            Party) or
other evidence of such payment reasonably acceptable to the Administrative
Agent.  Subject to Section 14.07, the
U.S. Borrowers (jointly and severally), the Australian Borrowers (jointly and
severally), the Canadian Borrowers (jointly and severally), the Dutch Borrowers
(jointly and severally) or the U.K. Borrowers (jointly and severally), as
applicable, agree (and the applicable Subsidiary Guarantors agree) to indemnify
and hold harmless each Lender, and reimburse such Lender upon its written
request, for the amount of any Taxes so levied or imposed and paid by such
Lender.

             

            (b) Each
Lender that is not a United States person (as such term is defined in Section
7701(a)(30) of the Code) for U.S. Federal income tax purposes agrees to deliver
to Holdings and the Administrative Agent on or prior to the Effective Date (i)
two accurate and complete original signed copies of Internal Revenue Service
Form W-8ECI or Form W-8BEN (with respect to a complete exemption under an income
tax treaty) (or successor forms) certifying to such Lender’s entitlement as of
such date to a complete exemption from United States withholding tax with
respect to payments to be made by the U.S. Borrowers under this Agreement and
under any Note, or (ii) if the Lender is not a “bank” within the meaning of
Section 881(c)(3)(A) of the Code and cannot deliver either Internal Revenue
Service Form W-8ECI or Form W-8BEN (with respect to a complete exemption under
an income tax treaty) pursuant to clause (i) above, (x) a certificate
substantially in the form of Exhibit O (any such
certificate, a “Section 5.04(b)(ii)
Certificate”) and (y) two accurate and complete original signed copies of
Internal Revenue Service Form W-8BEN (with respect to the portfolio interest
exemption) (or successor form) certifying to such Lender’s entitlement as of
such date to a complete exemption from United States withholding tax with
respect to payments of interest to be made by the U.S. Borrowers under this
Agreement and under any Note.  In addition, each Lender agrees that
from time to time after the Effective Date, when a lapse in time or change in
circumstances renders the previous certification obsolete or inaccurate in any
material respect, such Lender will deliver to Holdings and the Administrative
Agent two new accurate and complete original signed copies of Internal Revenue
Service Form W-8ECI, Form W-8BEN (with respect to the benefits of any income tax
treaty), or Form W-8BEN (with respect to the portfolio interest exemption) and a
Section
5.04(b)(ii) Certificate, as the case may be, and such other forms as may
be required in order to confirm or establish the entitlement of such Lender to a
continued exemption from or reduction in United States withholding tax with
respect to payments by the U.S. Borrowers under this Agreement and any Note, or
such Lender shall immediately notify Holdings and the Administrative Agent of
its inability to deliver any such Form or Certificate, in which case such Lender
shall not be required to deliver any such Form or Certificate pursuant to this
Section
5.04(b).  Notwithstanding anything to the contrary contained in
Section
5.04(a)(ii), but subject to Section 13.04(b) and
the immediately succeeding sentence, (x) each U.S. Borrower shall be entitled,
to the extent it is required to do so by law, to deduct or withhold income or
similar taxes imposed by the United States (or any political subdivision or
taxing authority thereof or therein) from interest, Fees or other amounts
payable hereunder for the account of any Lender which is not a United States
person (as such term is defined in Section 7701(a)(30) of the Code) for U.S.
Federal income tax purposes to the extent that such Lender has not provided to
Holdings U.S. Internal Revenue Service Forms that establish a complete exemption
from such deduction or withholding and (y) each U.S. Borrower shall not be
obligated pursuant to Section 5.04(a) to
gross-up payments to be made to a Lender in respect of income or similar taxes
imposed by the United States if (I) such Lender has not provided to Holdings the
Internal Revenue Service Forms required to be provided to Holdings pursuant to
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            5.04(b) or (II) in
the case of a payment, other than interest, to a Lender described in clause (ii)
above, to the extent that such forms do not establish a complete exemption from
withholding of such taxes.  Notwithstanding anything to the contrary
contained in the preceding sentence or elsewhere in this Section 5.04 and
except as set forth in Section 13.04(b) and
subject to Section
14.07, the U.S. Borrowers (jointly and severally), the Australian
Borrowers (jointly and severally), the Canadian Borrowers (jointly and
severally), the Dutch Borrowers (jointly and severally) or the U.K. Borrowers
(jointly and severally), as applicable, agree (and the applicable Subsidiary
Guarantors agree) to pay any additional amounts and to indemnify each Lender in
the manner set forth in Section 5.04(a)
(without regard to the identity of the jurisdiction requiring the deduction or
withholding) in respect of any amounts deducted or withheld by it as described
in the immediately preceding sentence as a result of any changes after the
Effective Date in any applicable law, treaty, governmental rule, regulation,
guideline or order, or in the interpretation thereof, relating to the deducting
or withholding of income or similar taxes.

             

            (c) Each
Lender agrees to use reasonable efforts (consistent with legal and regulatory
restrictions and subject to overall policy considerations of such Lender) to
file any certificate or document or to furnish to the relevant Foreign Borrower
any information, in each case, as reasonably requested by such Foreign Borrower
that may be necessary to establish any available exemption from, or reduction in
the amount of, any Taxes; provided, however, that nothing
in this Section
5.04(c) shall require a Lender to disclose any confidential information
(including, without limitation, its tax returns or its
calculations).

             

            (d) If any
Borrower or Credit Party pays any amount under this Section 5.04 to a
Lender or any other Person and such Lender determines in its sole discretion
that it (or any of its Affiliates) has actu­ally received or realized in
connection therewith any refund or any reduction of its Tax liabilities (a
“Tax Benefit”),
such Lender shall pay to such Borrower an amount that the Lender shall, in its
sole discretion, determine is equal to the net benefit, after tax, which was
obtained by the Lender (or its Affiliates) as a consequence of such Tax Benefit;
provided, however, that (i) any
Lender may determine, in its sole discretion consistent with the policies of
such Lender, whether to seek a Tax Benefit; (ii) any Taxes that are imposed on a
Lender as a result of a disallowance or reduction of any Tax Benefit with
respect to which such Lender has made a payment to the Borrower pursuant to this
Section 5.04(d)
shall be treated as a Tax for which the Borrower is obligated to indemnify such
Lender pursuant to this Section 5.04 without
any exclusions or defenses; (iii) nothing in this Section 5.04(d) shall
require the Lender to disclose any confidential information to the
Borrower  (including, without limitation, its tax returns); and (iv)
no Lender shall be required to pay any amounts pursuant to this Section 5.04(d) at
any time which a Default or Event of Default exists.

             

            (e) VAT:

             

            (i) All
amounts set out, or expressed in a Credit Document to be payable by any Borrower
or other Credit Party to a Lender or Agent which (in whole or in part)
constitute the consideration for a supply or supplies for VAT purposes shall be
deemed to be exclusive of any VAT which is chargeable on such supply or
supplies, and accordingly, if VAT is or becomes chargeable on any supply made by
any Lender or Agent to any Borrower or other Credit Party under a Credit
Document, that Borrower or other Credit Party shall pay to the Lender or Agent
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            paying
any other consideration for such supply) an amount equal to the amount of such
VAT (and such Lender or Agent shall promptly provide an appropriate VAT invoice
to such Borrower or other Credit Party).

             

            (ii) Where a
Credit Document requires any Borrower or other Credit Party to reimburse or
indemnify a Lender or Agent for any cost or expense, the Borrower or other
Credit Party shall reimburse or indemnify (as the case may be) such Lender or
Agent for the full amount of such cost or expense, including such part thereof
as represents VAT, save to the extent that such Lender or Agent reasonably
determines that it is entitled to credit or repayment in respect of such VAT
from the relevant tax authority.

             

            (iii) Any
reference in this Section 5.04(e) to any Borrower or other Credit Party shall,
at any time when such Borrower or other Credit Party is treated as a member of a
group for VAT purposes, include (where appropriate and unless the context
otherwise requires) a reference to the representative member of such group at
such time (the term “representative member” to have the same meaning as in the
Value Added Tax Act 1994 as amended).

             

            5.05. GST.           (a)
(Definitions)    In this Clause 5.05:

             

            (i) the
expressions “Consideration”,
“GST”, “Input Tax Credit”,
“Recipient”,
“Supply”,
“Tax Invoice”
and “Taxable
Supply” have the meanings given to those expressions in the A New Tax
System (Goods and Services Tax) Act 1999 as amended (“GST Act”);
and

             

            (ii) “Supplier” means any
party treated by the GST Act as making a Supply under this
agreement.

             

            (b) Consideration is GST
exclusive.  Unless otherwise expressly stated , all prices or
other sums payable or Consideration to be provided under or in accordance with
this agreement are exclusive of GST.

             

            (c) Payment
of GST:

             

            (i) If GST is
imposed on any Supply made under or in accordance with this agreement, the
Recipient of the Taxable Supply must pay to the Supplier an additional amount
equal to the GST payable on or for the Taxable Supply, subject to the Recipient
receiving a valid Tax Invoice in respect of the Supply at or before the time of
payment.

             

            (ii) Payment
of the additional amount must be made at the same time and in the same way as
payment for the Taxable Supply is required to be made in accordance with this
agreement.

             

            (d) Reimbursement of
expenses  If this agreement requires a party (the “First Party”) to pay
for, reimburse, set off or contribute to any expense, loss or outgoing (“Reimbursable
Expense”) suffered or incurred by the other party (the “Other Party”), the
amount required to be paid, reimbursed, set off or contributed by the First
Party will be the sum of (i) the amount of the Reimbursable Expense net of Input
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            Other
Party is entitled in respect of the Reimbursable Expense (“Net Amount”); and
(ii) if the Other Party's recovery from the First Party is a Taxable Supply, any
GST payable in respect of that Supply, such that after the Other Party meets the
GST liability, it retains the Net Amount.

             

            5.06. Public
offer.  (a) (Public
offer requirements)  Each Lead Arranger represents and warrants
that:

             

            (i) it will
issue debentures as a result of negotiations being initiated publically in an
electronic form that is used by financial markets for dealing in debentures for
the issue of the debentures to be issued under this agreement; or

             

            (ii) as
dealer, manager, or underwriter, in relation to the issue of debentures, will
offer the debentures for sale within 30 days after the date of this agreement in
a way consistent with 5.06(a)(i).

             

            (b) (Australian
Borrowers’ representations and undertakings) Each Australian Borrower represents
and warrants that it does not know, or have reasonable grounds to suspect, that
an Associate of any Australian Borrower has acquired or will acquire a debenture
or an interest in a debenture to be issued under this agreement.

             

            (c) (Lenders’
representations and warranties) Each Lender that became a Lender as a result of
an offer under Clause 5.06(a) represents and warrants that:

             

            (i) an offer
to acquire debentures was made to it by the Lead Arrangers under clause 5.06(a);
and

             

            (ii) except as
disclosed to the Australian Borrowers and the Lead Arrangers, it is not, so far
as its relevant officers involved in the transaction on a day to day basis are
actually aware, an Associate of the Australian Borrowers.

             

            SECTION
6. Conditions Precedent to the
Effective Date and to Credit Events on the Effective Date.  The
occurrence of the Effective Date and the obligation of each Lender to make
Loans, and the obligation of each Issuing Lender to issue Letters of Credit, on
the Effective Date, are subject at the time of the Effective Date and of the
making of such Loans or the issuance of such Letters of Credit to the
satisfaction of the following conditions:

             

            6.01. Effective Date;
Notes.  On
or prior to the Effective Date, (i) this Agreement shall have been executed and
delivered as provided in Section 13.10 and
(ii) there shall have been delivered to the Administrative Agent for the account
of each of the Lenders that has requested same the appropriate Revolving Notes
executed by the appropriate Borrowers and if requested by the Swingline Lender,
the appropriate Swingline Note executed by the appropriate Borrowers, in each
case, in the amount, maturity and as otherwise provided herein.

             

            6.02. Officer’s
Certificate.  On
the Effective Date, the Administrative Agent shall have received a certificate,
in the form of Exhibit
E-1, dated the Effective Date and signed on behalf of Holdings by the
Chairman of the Board, the Chief Executive Officer, the President or any Vice
President of Holdings, certifying on behalf of Holdings that all of the
conditions in Sections
6.05 through 6.09, inclusive, and
7.01 have been
satisfied on such date.

             

             

            
              
                
                

              

              
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            6.03. Opinions of
Counsel.  On
the Effective Date, the Administrative Agent shall have received (i) from Vedder
Price P.C., special New York counsel to the Credit Parties, an opinion in form
and substance reasonably satisfactory to the Administrative Agent addressed to
the Administrative Agent, the Collateral Agent and each of the Lenders and dated
the Effective Date covering the matters incident to the transactions
contemplated herein as the Administrative Agent may reasonably request, (ii)
from Borden Ladner Gervais LLP, special Canadian counsel to the Credit Parties,
an opinion in form and substance reasonably satisfactory to the Administrative
Agent addressed to the Administrative Agent, the Collateral Agent and each of
the Lenders and dated the Effective Date covering the matters incident to the
transactions contemplated herein as the Administrative Agent may reasonably
request, (iii) from White & Case LLP, special England and Wales counsel to
the Administrative Agent, an opinion in form and substance reasonably
satisfactory to the Administrative Agent addressed to the Administrative Agent,
the Collateral Agent and each of the Lenders and dated the Effective Date
covering the matters incident to the transactions contemplated herein as the
Administrative Agent may reasonably request, (iv) from Middletons, special
Australian counsel to the Administrative Agent, an opinion in form and substance
reasonably satisfactory to the Administrative Agent addressed to the
Administrative Agent, the Collateral Agent and each of the Lenders and dated the
Effective Date covering the matters incident to the transactions contemplated
herein as the Administrative Agent may reasonably request, (v) from NautaDutilh
N.V., special Dutch counsel to the Administrative Agent, an opinion in form and
substance reasonably satisfactory to the Administrative Agent addressed to the
Administrative Agent, the Collateral Agent and each of the Lenders and dated the
Effective Date covering the matters incident to the transactions contemplated
herein as the Administrative Agent may reasonably request and (vi) without
duplication, from such local counsel, reasonably acceptable to the
Administrative Agent, in (x) each jurisdiction (including foreign jurisdictions)
where any Mortgaged Property is located, and (y) each jurisdiction where a
Credit Party is “located” for purposes of Section 9-307 of the UCC and/or
organized, in each case, an opinion in form and substance reasonably
satisfactory to the Administrative Agent addressed to the Administrative Agent,
the Collateral Agent and each of the Lenders and dated the Effective Date
covering such matters incident to the transactions contemplated herein as the
Administrative Agent may reasonably request including but not limited to the
enforceability of each Mortgage and each other Security Document, as
applicable.

             

            6.04. Company Documents;
Proceedings; etc.  (a)  On
the Effective Date, the Administrative Agent shall have received a certificate
from each Credit Party, dated the Effective Date, signed by the Chairman of the
Board, the Chief Executive Officer, the President, any Director or any Vice
President of such Credit Party, and attested to by the Secretary or any
Assistant Secretary of such Credit Party (or in the case of the Australian
Credit Parties, any two directors or a director and a secretary), in the form of
Exhibit E-2
with appropriate insertions, together with copies of the latest certificate or
articles of incorporation and by-laws (or other equivalent organizational
documents), as applicable, of such Credit Party and the resolutions of such
Credit Party or in the case of the Australian Credit Parties, certified extracts
of the minutes of a meeting of the Board of Directors, referred to in such
certificate and incumbency certificates of such Credit Party, and each of the
foregoing shall be in form and substance reasonably acceptable to the
Administrative Agent.

             

            (b) On the
Effective Date, all Business and legal proceedings and all instruments and
agreements in connection with the transactions contemplated by this Agreement

             

             

            
              
                
                

              

              
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            and the
other Documents shall be reasonably satisfactory in form and substance to the
Administrative Agent, and the Administrative Agent shall have received all
information and copies of all documents and papers, including records of
Business proceedings, governmental approvals, good standing certificates and
bring-down telegrams or facsimiles, bankruptcy searches and copies of share
registers, if any, which the Administrative Agent reasonably may have requested
in connection therewith, such documents and papers where appropriate to be
certified by proper Authorized Officers or Governmental
Authorities.

             

            6.05. Employee Benefit Plans;
Shareholders’ Agreements; Employment Agreements; Collective Bargaining
Agreements; Tax Sharing Agreements; Existing Indebtedness
Agreements.  On
or prior to the Effective Date, there shall have been delivered to the
Administrative Agent true and correct copies of the following documents,
certified as such by an Authorized Officer of Holdings:

             

            (i) (a) all
material Plans (and for each such Plan that is required to file an annual report
on Internal Revenue Service Form 5500-series, a copy of the most recent such
report (including, to the extent required, the related financial and actuarial
statements and opinions and other supporting statements, certifications,
schedules and information), and for each such Plan that is a “single-employer
plan” as defined in Section 4001(a)(15) of ERISA, the most recently prepared
actuarial valuation therefor) and any other material “employee benefit plans” as
defined in Section 3(3) of ERISA, and any other material agreements, plans or
arrangements, with or for the benefit of current or former employees of Holdings
or any of its Subsidiaries or any ERISA Affiliate (provided that the
foregoing shall apply in the case of any Multiemployer Plan only to the extent
that any document described herein is in the possession of Holdings or any of
its Subsidiaries or any ERISA Affiliate or is reasonably available thereto from
the sponsor or trustee of any such plan), (b) all Canadian Pension Plans
(collectively, the “Employee Benefit
Plans”) and (c) in each case, the most recent actuarial valuation
therefor;

             

            (ii) except to
the extent filed in any Holdings’ Public Filings, all agreements entered into by
Holdings or any of its Subsidiaries governing the terms and relative rights of
its equity interests and any agreements entered into by its shareholders
relating to any such entity with respect to its equity interests, including any
unanimous shareholder agreement relating to it (collectively, the “Shareholders’
Agreements”);

             

            (iii) except to
the extent filed in any Holdings’ Public Filings, all material employment
agreements entered into by Holdings or any of its Subsidiaries (collectively,
the “Employment
Agreements”);

             

            (iv) all
collective bargaining agreements or similar agreements with any type of
employees’ representative applying or relating to any employee of Holdings or
any of any of its Subsidiaries (collectively, the “Collective Bargaining
Agreements”);

             

            (v) all tax
sharing, tax allocation and other similar agreements entered into by Holdings or
any of its Subsidiaries (collectively, the “Tax Sharing
Agreements”); and

             

             

            
              
                
                

              

              
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            (vi) all
agreements evidencing or relating to Indebtedness of Holdings or any of its
Subsidiaries which is to remain outstanding after giving effect to the
Transaction (the “Existing Indebtedness
Agreements”); provided that
Borrowers shall only be required to deliver such agreements evidencing or
relating to such Indebtedness having a principal amount in excess of
$5,000,000;

             

            all of
which Employee Benefit Plans, Shareholders’ Agreements, Employment Agreements,
Collective Bargaining Agreements, Tax Sharing Agreements and Existing
Indebtedness Agreements shall be in form and substance reasonably satisfactory
to the Administrative Agent and shall be in full force and effect on the
Effective Date.

             

            6.06. Consummation of Financing
Transactions; etc.  (a)  On
or prior to the Effective Date, (i) Holdings shall have received cash proceeds
of $460,000,000 (calculated before underwriting and original issue discounts and
commissions) from the issuance by it of a like principal amount of Senior
Secured Notes and (ii) Holdings shall have utilized (and caused its Subsidiaries
to utilize) the full amount of the cash proceeds received by it (other than any
cash proceeds that shall be utilized by Holdings to make any payment or
prepayment on, or redemption or acquisition for value of, any Existing Senior
Subordinated Notes in accordance with Section 10.08(y)(i)) as provided in
preceding clause (i) to make payments owing in connection with the Transaction
prior to the utilization by Holdings of any proceeds of Loans for such
purpose.

             

            (b) On the
Effective Date, the issuance of the Senior Secured Notes shall have been
consummated in accordance with the terms and conditions of the applicable
Documents therefor and all applicable law.  On the Effective Date, (x)
the Administrative Agent shall have received true and correct copies of all
Existing Senior Subordinated Notes Documents and all Senior Secured Notes
Documents, in each case certified as such by an Authorized Officer of Holdings,
(y) all such Documents and all terms and conditions thereof (including, without
limitation, (I) in the case of the all Existing Senior Subordinated Notes
Documents, covenants, defaults and remedies, and (II) in the case of the all
Senior Secured Notes Documents, amortization, maturities, interest rates,
covenants, defaults, remedies, guaranties and guarantors) shall be in form and
substance reasonably satisfactory to the Administrative Agent and the Required
Lenders and (z) all such Documents shall be in full force and
effect.  All conditions precedent to the consummation of the issuance
of the Senior Secured Notes, as set forth in the relevant Documents therefor,
shall have been satisfied, and not waived unless consented to by the
Administrative Agent and the Required Lenders, to the reasonable satisfaction of
the Administrative Agent and the Required Lenders.

             

            6.07. Consummation of the
Refinancing.  (a)  On
or prior to the Effective Date and concurrently with the incurrence of Loans and
the use of such Loans to finance the Refinancing on such date, all Indebtedness
of Holdings and its Subsidiaries under the Existing Credit Agreement, the
Existing Cross Currency Swap and the Existing Securitization Facilities shall
have been repaid in full, together with all fees and other amounts owing
thereon, all commitments under the Existing Credit Agreement, the Existing Cross
Currency Swap and the Existing Securitization Facilities shall have been
terminated and all letters of credit issued pursuant to the Existing Credit
Agreement shall have been terminated or incorporated herein as Existing Letters
of Credit (or arrangements reasonably satisfactory to the Administrative
Agent

             

             

            
              
                
                

              

              
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            made with
respect thereto) and the Administrative Agent shall have received such pay-off
letters or other evidence that the Refinancing has occurred as the
Administrative Agent may have reasonably requested.

             

            (b)           On
the Effective Date and concurrently with the incurrence of Loans on such date,
all security interests in respect of, and Liens securing, the Indebtedness under
the Existing Credit Agreement created pursuant to the security documentation
relating to the Existing Credit Agreement shall have been terminated and
released, and the Administrative Agent shall have received all such releases as
may have been requested by the Administrative Agent, which releases shall be in
form and substance satisfactory to the Administrative Agent.  Without
limiting the foregoing, there shall have been delivered to the Administrative
Agent (x) proper termination statements (Form UCC-3 or the appropriate
equivalent) for filing under the UCC or equivalent statute or regulation of each
jurisdiction where a financing statement or application for registration (Form
UCC-1 or the appropriate equivalent) was filed with respect to Holdings or any
of its Subsidiaries in connection with the security interests created with
respect to the Existing Credit Agreement, the Existing Cross Currency Swap or
any Existing Securitization Facility, (y) terminations or reassignments of any
security interest in, or Lien on, any patents, trademarks, copyrights, or
similar interests of  Holdings or any of its Subsidiaries on which
filings have been made and (z) terminations of all mortgages, leasehold
mortgages, hypothecations and deeds of trust created with respect to property of
Holdings or any of its Subsidiaries, in each case, to secure the obligations
under the Existing Credit Agreement, the Existing Cross Currency Swap or any
Existing Securitization Facility, all of which shall be in form and substance
reasonably satisfactory to the Administrative Agent.

             

            (c)           On
the Effective Date and after giving effect to the consummation of the
Transaction, Holdings and its Subsidiaries shall have no outstanding Preferred
Equity or Indebtedness, except for (i) Indebtedness pursuant to or in respect of
(A) the Credit Documents, (B) the Senior Secured Notes and (C) the Existing
Senior Subordinated Notes in an aggregate outstanding principal amount not to
exceed $301,000,000, (ii) certain other indebtedness existing on the Effective
Date as listed on Schedule 8.20 (with
the Indebtedness described in sub-clause (i)(C) and this sub-clause (ii) being
herein called the “Existing
Indebtedness”) and (iii) certain other indebtedness existing on the
Effective Date (other than Existing Indebtedness) in an aggregate outstanding
principal amount not to exceed $7,000,000.  On and as of the Effective
Date, all of the Existing Indebtedness shall remain outstanding after giving
effect to the Transaction without any breach, required repayment, required offer
to purchase, default, event of default or termination rights existing thereunder
or arising as a result of the Transaction.

             

            (d)           The
Administrative Agent shall have received an Officer’s Certificate (as defined in
the Existing Senior Subordinated Notes Indenture) certifying that the Incurrence
(as defined in the Existing Senior Subordinated Notes Indenture) of Indebtedness
under this Agreement on the Effective Date does not violate the Existing Senior
Subordinated Notes Indenture; provided that for the
purposes of such certification 100% of the Total Commitment shall be deemed to
have been borrowed on the Effective Date.

             

            (e)           The
Administrative Agent shall have received evidence in form, scope and substance
reasonably satisfactory to it that the matters set forth in this Section 6.07 have
been satisfied on the Effective Date.

             

             

            
              
                
                

              

              
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            6.08. Adverse Change,
Approvals.  (a)  Since
December 31, 2008, nothing shall have occurred (and neither the Administrative
Agent nor any Lender shall have become aware of any facts or conditions not
previously known) which the Administrative Agent or the Required Lenders shall
determine has had, or could reasonably be expected to have a Material Adverse
Effect.

             

            (b) On or
prior to the Effective Date, all necessary governmental (domestic and foreign)
and material third party approvals and/or consents in connection with the
Transaction, the other transactions contemplated hereby and the granting of
Liens under the Credit Documents shall have been obtained and remain in effect,
and all applicable waiting periods with respect thereto shall have expired
without any action being taken by any competent authority which restrains,
prevents or imposes materially adverse conditions upon the consummation of the
Transaction or the other transactions contemplated by the Documents or otherwise
referred to herein or therein.  On the Effective Date, there shall not
exist any judgment, order, injunction or other restraint issued or filed or a
hearing seeking injunctive relief or other restraint pending or notified
prohibiting or imposing materially adverse conditions upon the Transaction or
the other transactions contemplated by the Documents or otherwise referred to
herein or therein.

             

            6.09. Litigation.  On
the
Effective Date, there shall be no actions, suits, claims, demands,
investigations, inspections, audits, charges or proceedings pending or
threatened (i) with respect to the Transaction, this Agreement or any other
Document, or (ii) which the Administrative Agent or the Required Lenders shall
determine has had, or could reasonably be expected to have, a Material Adverse
Effect.

             

            6.10. Collateral and Guaranty
Requirements.  Except
to the extent provided in Schedule 6.10, (i)
the Collateral and Guaranty Requirements shall have been satisfied and evidence
reasonably satisfactory to the Administrative Agent that the Liens indicated by
the results of a search of each system that is, or is similar to, the UCC that
filings made with respect to the Credit Parties in the jurisdictions
contemplated by the applicable Perfection Certificate and copies of the
financing statements (or similar documents) disclosed by such search (in each
case to the extent such searches and copies are made available to such Credit
Party) are Permitted Liens or shall have been terminated and released or
provisions satisfactory to the Administrative Agent for such termination and
release shall have been made and (ii) the Administrative Agent shall have
received from each Credit Party the relevant completed Perfection Certificates
(together with all attachments contemplated thereby) dated the Effective Date,
in each case, signed by, in the case of Holdings and each Credit Party, an
Authorized Officer of such Credit Party or other Authorized Officer familiar
with the applicable subject matter of such Credit Party.

             

            6.11. Financial Statements; Pro
Forma Balance Sheet; Projections.  On
or prior to the Effective Date, the Administrative Agent shall have received
true and correct copies of the historical financial statements, the pro forma financial
statements and the Projections referred to in Sections 8.05(a) and
(c), which
historical financial statements, pro forma financial
statements and Projections shall be in form and substance reasonably
satisfactory to the Administrative Agent and the Required Lenders.

             

             

            
              
                
                

              

              
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            6.12. Solvency Certificate;
Insurance Certificates, etc.  On
the Effective Date, the Administrative Agent shall have received:

             

            (i) a
solvency certificate from the chief financial officer of Holdings in the form of
Exhibit H
hereto;

             

            (ii) certificates
of insurance complying with the requirements of Section 9.03 for the
business and properties of Holdings and its Subsidiaries, in form and substance
reasonably satisfactory to the Administrative Agent and naming the Collateral
Agent as an additional insured and/or as loss payee, and stating that such
insurance shall not be canceled or materially revised without at least 30 days’
prior written notice by the insurer to the Collateral Agent; and

             

            (iii) if
requested by the Administrative Agent, environmental and hazardous substance
analyses with respect to the Real Property of Holdings and its Subsidiaries in
scope, form and substance reasonably acceptable to the Administrative Agent and
the Required Lenders, together with a satisfactory reliance letter addressed to
the Administrative Agent and the Lenders.

             

            6.13. Initial Borrowing Base
Certificates; etc.  (i)  On
the Effective Date, the Administrative Agent and the Co-Collateral Agents shall
have received each of the initial Borrowing Base Certificates meeting the
requirements of Section
9.01(j).

             

            (ii) On
the Effective Date and after giving effect to the incurrence of Loans, the
issuance of Letters of Credit and occurrence of all other transactions occurring
on such date, Excess Availability shall be at least $85,000,000.

             

            6.14. Patriot
Act.  Prior
to the fifth Business Day preceding the Effective Date, the Lenders shall have
received from the Credit Parties, to the extent requested, all documentation and
other information required by regulatory authorities under applicable “know your
customer” and anti-money laundering rules and regulations, including the Patriot
Act.

             

            6.15. Fees,
etc.  On
the Effective Date, the Borrowers shall have paid to the Agents (and their
relevant affiliates) and each Lender all costs, duties, fees and expenses
(including, without limitation, legal fees and expenses) and other compensation
contemplated hereby or separately agreed in writing payable to the Agents
(and/or their relevant affiliates) or such Lender to the extent then
invoiced.

             

            In
determining the satisfaction of the conditions specified in this Section 6, (x) to the
extent any item is required to be satisfactory to any Lender, such item shall be
deemed satisfactory to each Lender which has not notified the Administrative
Agent in writing prior to the occurrence of the Effective Date that the
respective item or matter does not meet its satisfaction and (y) in determining
whether any Lender is aware of any fact, condition or event that has occurred
and which would reasonably be expected to have a Material Adverse Effect or a
material adverse effect of the type described in Section 6.08, each
Lender which has not notified the Administrative Agent in writing prior to the
occurrence of the Effective Date of such fact, condition or event shall be
deemed not to be aware of any such fact, condition or event on the Effective
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            conditions
specified in this Section 6 have been
met (after giving effect to the preceding sentence), then the Effective Date
shall be deemed to have occurred, regardless of any subsequent determination
that one or more of the conditions thereto had not been met (although the
occurrence of the Effective Date shall not release Holdings or any other
Borrower from any liability for failure to satisfy one or more of the applicable
conditions contained in this Section
6).

             

            SECTION
7. Conditions Precedent to All
Credit Events.

             

            The
obligation of each Lender to make Loans (including Loans made on the Effective
Date), and the obligation of each Issuing Lender to issue Letters of Credit
(including Letters of Credit issued on the Effective Date), is subject, at the
time of the Effective Date and at the time of each such Credit Event (except as
hereinafter indicated), to the satisfaction of the following
conditions:

             

            7.01. No Default; Representations
and Warranties.  At
the time of each such Credit Event and also after giving effect thereto (i)
there shall exist no Default or Event of Default and (ii) all representations
and warranties contained herein and in the other Credit Documents shall be true
and correct in all material respects with the same effect as though such
representations and warranties had been made on the date of such Credit Event
(it being understood and agreed that (x) any representation or warranty which by
its terms is made as of a specified date shall be required to be true and
correct in all material respects only as of such specified date and (y) any
representation or warranty that is qualified as to “materiality,” “Material
Adverse Effect” or similar language shall be true and correct in all respects on
such date).

             

            7.02. Notice of Borrowing; Letter
of Credit Request.  (a)  Prior
to the making of each Loan (other than a Swingline Loan or a Revolving Loan made
pursuant to a Mandatory Borrowing), the Administrative Agent shall have received
a Notice of Borrowing meeting the requirements of Section
2.03(a).  Prior to the making of each Swingline Loan, the
Swingline Lender shall have received the notice referred to in Section
2.03(b)(i).

             

            (b) Prior to
the issuance of each Letter of Credit, the Administrative Agent and the
respective Issuing Lender shall have received a Letter of Credit Request meeting
the requirements of Section
3.03(a).

             

            7.03. Borrowing Base
Limitations.  Notwithstanding
anything to the contrary set forth herein (but subject to Section 2.01(e)), it
shall be a condition precedent to each Credit Event that after giving effect
thereto (and the use of the proceeds thereof):

             

            (i) the
Aggregate U.S. Exposure would not exceed the U.S. Borrowing Base at such
time;

             

            (ii) the
Aggregate Australian Exposure would not exceed the lesser of (x) the Australian
Borrowing Base at such time and (y) $54,000,000;

             

            (iii) the
Aggregate Canadian Exposure would not exceed the lesser of (x) the Canadian
Borrowing Base at such time and (y) $22,000,000;

             

             

            
              
                
                

              

              
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            (iv) the
Aggregate Dutch Exposure would not exceed the lesser of (x) the Dutch Borrowing
Base at such time and (y) $22,000,000;

             

            (v) the
Aggregate U.K. Exposure would not exceed the lesser of (x) the U.K. Borrowing
Base at such time and (y) $35,000,000; and

             

            (vi) the
Aggregate Exposure at such time would not exceed the Total Borrowing Base at
such time.

             

            7.04. Limitation on Cash on
Hand.  At
the time of the making of each Revolving Loan and/or Swingline Loan (but not the
issuance of any Letters of Credit), the aggregate amount of Unrestricted cash
and Cash Equivalents owned or held by Holdings and its Subsidiaries (determined
after giving pro forma effect to the
making of each such Revolving Loan and/or Swingline Loan and the application of
proceeds therefrom and from any other Unrestricted cash and Cash Equivalents on
hand (to the extent such proceeds and/or other Unrestricted cash and Cash
Equivalents are actually utilized by the respective Borrower and/or any other
Subsidiary of Holdings on the date of the incurrence of the respective Revolving
Loan and/or Swingline Loan for a permitted purpose under this Agreement other
than an investment in Cash Equivalents)) shall not exceed $50,000,000 (for
purposes of Unrestricted cash and Cash Equivalents denominated in a currency
other than U.S. Dollars, taking the U.S. Dollar Equivalent of such Unrestricted
cash and Cash Equivalents as determined on the date of the incurrence of the
respective Revolving Loan and/or Swingline Loan).

             

            The
acceptance of the benefits of each Credit Event shall constitute a
representation and warranty by Holdings and the other Borrowers to the
Administrative Agent and each of the Lenders that all the conditions specified
in Section 6
(with respect to Credit Events on the Effective Date) and in this Section 7 (with
respect to Credit Events on or after the Effective Date) and applicable to such
Credit Event are satisfied as of that time.  All of the Notes,
certificates, legal opinions and other documents and papers referred to in Section 6 and in this
Section 7,
unless otherwise specified, shall be delivered to the Administrative Agent at
the Notice Office for the account of each of the Lenders and, except for the
Notes, in sufficient counterparts or copies for each of the Lenders and shall be
in form and substance reasonably satisfactory to the Administrative Agent and
the Required Lenders.

             

            SECTION
8. Representations, Warranties
and Agreements.  In
order to induce the Lenders to enter into this Agreement and to make the Loans,
and issue (or participate in) the Letters of Credit as provided herein, each of
Holdings and the other Borrowers makes the following representations, warranties
and agreements, in each case after giving effect to the Transaction, all of
which shall survive the execution and delivery of this Agreement and the Notes
and the making of the Loans and the issuance of the Letters of Credit, with the
occurrence of the Effective Date and each Credit Event on or after the Effective
Date being deemed to constitute a representation and warranty that the matters
specified in this Section 8 are true
and correct in all material respects on and as of the Effective Date and on the
date of each such other Credit Event (it being understood and agreed that any
representation or warranty which by its terms is made as of a specified date
shall be required to be true and correct in all material respects only as of
such specified date).

             

             

            
              
                
                

              

              
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            8.01. Company
Status.  Each
of Holdings and each of its Subsidiaries (i) is a duly organized and validly
existing Business in good standing (or its equivalent, to the extent that such
concept is applicable in the respective jurisdiction) under the laws of the
jurisdiction of its incorporation or organization, (ii) has the Business power
and authority to own its property and assets and to transact the business in
which it is engaged and presently proposes to engage and (iii) is duly qualified
and is authorized to do business and is in good standing or its equivalent in
each jurisdiction where the ownership, leasing or operation of its property or
the conduct of its business requires such qualifications except in the case of
this clause (iii) for failures to be so qualified or authorized or to be in good
standing which, either individually or in the aggregate, could not reasonably be
expected to have a Material Adverse Effect.

             

            8.02. Power and
Authority.  Each
Credit Party has the Business power and authority to execute, deliver and
perform the terms and provisions of each of the Documents to which it is party
and has taken all necessary Business action to authorize the execution, delivery
and performance by it of each of such Documents.  Each Credit Party
has duly executed and delivered each of the Documents to which it is party, and
each of such Documents constitutes its legal, valid and binding obligation
enforceable in accordance with its terms, except to the extent that the
enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws generally affecting creditors’
rights and by equitable principles (regardless of whether enforcement is sought
in equity or at law).

             

            8.03. No
Violation.  Neither
the execution, delivery or performance by any Credit Party of the Documents to
which it is a party, nor compliance by it with the terms and provisions thereof,
(i) will contravene any provision of any U.S., Canadian, Australian,
Netherlands, England and Wales or any other law, statute, rule or regulation or
any order, writ, injunction or decree of any court or Governmental Authority,
(ii) will conflict with or result in a default under any indenture or other
material agreement or material instrument binding upon Holdings or any of its
Subsidiaries or any of their respective assets, or give rise to a right
thereunder to require any payment to be made by Holdings or any of its
Subsidiaries or give rise to a right of, or result in, termination, cancellation
or acceleration of any material obligation thereunder, (iii) will conflict with
or result in any breach of any of the terms, covenants, conditions or provisions
of, or constitute a default under, or result in the creation or imposition of
(or the obligation to create or impose) any Lien (except pursuant to the
Security Documents and the Senior Secured Notes Security Documents) upon any of
the property or assets of any Credit Party or any of its Subsidiaries pursuant
to the terms of any indenture, mortgage, deed of trust, credit agreement or loan
agreement, or any other material agreement, contract or instrument, in each case
to which any Credit Party or any of its Subsidiaries is a party or by which it
or any its property or assets is bound or to which it may be subject (including,
without limitation, the Existing Senior Subordinated Notes Indenture and the
Senior Secured Notes Indenture), or (iv) will violate any provision of the
certificate or articles of incorporation, articles of association, certificate
of formation, limited liability company agreement or by-laws (or equivalent
organizational documents), as applicable, of any Credit Party or any of their
Subsidiaries.

             

            8.04. Approvals.  No
order, consent, approval, license, authorization or validation of, or filing,
recording or registration with (except for (x) those that have otherwise been
obtained or made on or prior to the Effective Date and which remain in full
force and effect on the Effective Date and (y) filings which are necessary to
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            under the
Security Documents), or exemption by, any Governmental Authority is required to
be obtained or made by, or on behalf of, any Credit Party to authorize, or is
required to be obtained or made by, or on behalf of, any Credit Party in
connection with, (i) the execution, delivery and performance of any Document or
(ii) the legality, validity, binding effect or enforceability of any such
Document.

             

            8.05. Financial Statements;
Financial Condition; Undisclosed Liabilities; Projections.  (a)  The
audited consolidated balance sheet of Holdings and its Subsidiaries as at the
last day of full fiscal years ended December 31, 2006, December 31, 2007 and
December 31, 2008 and the related consolidated statements of income and cash
flows and changes in stockholders’ equity of Holdings and its Subsidiaries as
for the fiscal years ended on such dates, copies of which were in each case
furnished to the Lenders prior to the Effective Date, present fairly in all
material respects the consolidated financial position of Holdings and its
Subsidiaries at the date of said financial statements and the results for the
respective periods covered thereby.  The unaudited consolidated
balance sheet as at the last day of their fiscal quarter ended June 30, 2009 and
the related consolidated statements of income and cash flows and changes in
stockholders’ equity of Holdings and its Subsidiaries for the six month period
ended on such date, copies of which were in each case furnished to the Lenders
prior to the Effective Date, present fairly in all material respects the
consolidated, and if available consolidating, financial condition of Holdings
and its Subsidiaries as at the date of said financial statements and the
consolidated results of their operations for the period covered thereby, subject
to normal year-end adjustments.  All such consolidated financial
statements have been prepared in accordance with GAAP consistently applied
except to the extent provided in the notes to said financial statements and
subject, in the case of the unaudited financial statements, to normal year-end
audit adjustments (all of which are of a recurring nature and none of which,
individually or in the aggregate, would be material) and the absence of
footnotes.

             

            (b) Except as
fully disclosed in the financial statements delivered pursuant to Section 8.05(a) or as
otherwise disclosed on Schedule 8.05, and
except for the Indebtedness incurred under this Agreement and under the Senior
Secured Note Documents, there were as of the Effective Date no liabilities or
obligations with respect to Holdings or any of its Subsidiaries of any nature
whatsoever (whether absolute, accrued, contingent or otherwise and whether or
not due) which, either individually or in the aggregate, could reasonably be
expected to be material to Holdings or any of its Subsidiaries.  As of
the Effective Date, no Borrower knows of any basis for the assertion against it
or any of its Subsidiaries of any liability or obligation of any nature
whatsoever that is not fully disclosed in the financial statements delivered
pursuant to Section
8.05(a) or referred to in the immediately preceding sentence which,
either individually or in the aggregate, could reasonably be expected to be
material to Holdings and its Subsidiaries taken as a whole.

             

            (c) The
Projections delivered to the Administrative Agent and the Lenders prior to the
Effective Date have been prepared in good faith and are based on reasonable
assumptions, and there are no statements or conclusions in the Projections which
are based upon or include information known to Holdings or the other Borrowers
to be misleading in any material respect.  On the Effective Date,
Holdings and the other Borrowers believe that the Projections are reasonable and
attainable, it being recognized by the Lenders, however, that projections as to
future events are not to be viewed as facts and that the actual results during
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            period or
periods covered by the Projections may differ from the projected results
included in such Projections.

             

            (d) After
giving effect to the Transactions, since December 31, 2008 nothing has occurred
that has had, or could reasonably be expected to have or result in, either
indirectly or in the aggregate, a Material Adverse Effect.

             

            8.06. Litigation.  There
are no actions, suits, claims, demands, investigations, inspections, audits,
charges, or proceedings by or before any Governmental Authority pending or, to
the knowledge of Holdings and any other Borrower, threatened (i) with respect to
the Transaction or any Document or (ii) that has had, or could reasonably be
expected to have, either individually or in the aggregate, a Material Adverse
Effect.

             

            8.07. True and Complete
Disclosure.  All
factual information (taken as a whole) furnished by or on behalf of Holdings or
any other Borrower in writing to any Agent or any Lender (including, without
limitation, all information contained in the Documents) for purposes of or in
connection with this Agreement, the other Credit Documents or any transaction
contemplated herein or therein is, and all other such factual information (taken
as a whole) hereafter furnished by or on behalf of Holdings or any other
Borrower in writing to any Agent or any Lender was true and accurate in all
material respects on the date as of which such information is dated or certified
and not incomplete by omitting to state any fact necessary to make such
information (taken as a whole) not misleading in any material respect at such
time in light of the circumstances under which such information was
provided.

             

            8.08. Use of Proceeds; Margin
Regulations.  (a)  All
proceeds of the Loans will be used by the Borrowers (i) on the Effective Date,
to effect the Refinancing and to pay fees and expenses incurred in connection
with the Transaction; provided that (A) not
more than $75,000,000 of the proceeds of the Loans may be utilized to pay
amounts owing to finance the Refinancing or to pay any Transaction Costs and (B)
no proceeds of the Loans may be utilized to pay amounts owing to finance the
Refinancing to the extent it would constitute a refinancing of acquisition debt
in breach Section 260 of the Corporations Act and (ii) thereafter, for working
capital, capital expenditure and general corporate purposes of the Borrowers
(including making intercompany Investments permitted under this Agreement in
(including transfers and payments to) Holdings and its Subsidiaries for use by
them for working capital, capital expenditure and general corporate
purposes).  All Letters of Credit will be used for the purposes
described in Section
3.01(a).

             

            (b) No part
of any Credit Event (or the proceeds thereof) will be used to purchase or carry
any Margin Stock or to extend credit for the purpose of purchasing or carrying
any Margin Stock.  Neither the making of any Loan nor the use of the
proceeds thereof nor the occurrence of any other Credit Event will violate or be
inconsistent with the provisions of Regulation T, U or X.

             

            8.09. Tax Returns and
Payments.  (a)  Each
of Holdings and each of its Subsidiaries has timely filed or caused to be timely
filed (or has filed requests for extensions) with the appropriate taxing
authority all returns, statements, forms and reports for taxes (the “Returns”) required to
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            Holdings
and/or any of its Subsidiaries.  The Returns accurately reflect in all
material respects all liability for taxes of Holdings and its Subsidiaries, as
applicable, for the periods covered thereby.  Each of Holdings and
each of its Subsidiaries has paid all taxes and assessments payable by it which
have become due, other than those that are being contested in good faith and
disclosed on Schedule 8.09 and for which adequate reserves have been established
in accordance with GAAP.  There is no material action, suit,
proceeding, investigation, audit or claim now pending or, to the best knowledge
of Holdings or any of its Subsidiaries, threatened by any authority regarding
any taxes relating to Holdings or any of its Subsidiaries.  As of the
Effective Date, neither Holdings nor any of its Subsidiaries has entered into an
agreement or waiver or been requested to enter into an agreement or waiver
extending any statute of limitations relating to the payment or collection of
taxes of Holdings or any of its Subsidiaries, or is aware of any circumstances
that would cause the taxable years or other taxable periods of Holdings or any
of its Subsidiaries not to be subject to the normally applicable statute of
limitations.  Neither Holdings nor any of its Subsidiaries has
incurred, nor will any of them incur, any material tax liability in connection
with the Transaction or any other transactions contemplated hereby (it being
understood that the representation contained in this sentence does not cover any
future tax liabilities of Holdings or any of its Subsidiaries arising as a
result of the operation of their businesses in the ordinary course of
business).

             

            (b) Notwithstanding
anything to the contrary in this Section 8.09, the
representations and warranties made in this Section 8.09 and for
all purposes of all Documents shall be untrue only if the effect of any or all
conditions, violations, claims, restrictions, failures and noncompliance of the
types described above could, either individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.

             

            8.10. Compliance with
ERISA.
(a)  Holdings’ Public Filings sets forth each Material Plan (within
the meaning of Item 601, SEC Regulation S-K) as of the Effective Date; except as
described in Holdings’ Public Filings, each Plan (and each related trust,
insurance contract or fund) is in substantial compliance with its terms and with
all applicable laws, including without limitation ERISA and the Code; except as
described in Holdings’ Public Filings, each Plan (and each related trust, if
any) which is intended to be qualified under Section 401(a) of the Code has
received a favorable determination letter from the Internal Revenue Service to
the effect that it meets the requirements of Sections 401(a) and 501(a) of the
Code; except as described in Holdings’ Public Filings, no Reportable Event has
occurred; no Multiemployer Plan is insolvent or in reorganization; except as
described in Holdings’ Public Filings, no Plan has an Unfunded Current Liability
which, when added to the aggregate amount of Unfunded Current Liabilities with
respect to all other Plans, exceeds $30,000,000; no Plan which is subject to
Section 412 of the Code or Section 302 of ERISA has an accumulated funding
deficiency, within the meaning of such sections of the Code or ERISA, or has
applied for or received a waiver of an accumulated funding deficiency or an
extension of any amortization period, within the meaning of Section 412 of the
Code or Section 303 or 304 of ERISA; except as described in Holdings’ Public
Filings, all contributions required to be made with respect to any Plan or
Multiemployer Plan have been timely made; except as described in Holdings’
Public Filings, neither Holdings nor any of its Subsidiaries nor any ERISA
Affiliate has incurred any material liability (including any indirect,
contingent or secondary liability) to or on account of a Plan or Multiemployer
Plan pursuant to Section 409, 502(i), 502(l), 515, 4062, 4063, 4064, 4069, 4201,
4204 or 4212 of ERISA or Section 436(f), 4971 or 4975 of the Code
or

             

             

            
              
                
                

              

              
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            expects
to incur any such liability under any of the foregoing sections with respect to
any Plan or Multiemployer Plan; except as described in Holdings’ Public Filings,
no condition exists known to Holdings which presents a material risk to Holdings
or any of its Subsidiaries or any ERISA Affiliate of incurring a liability to or
on account of any Plan, and no such condition exists known to Holdings with
respect to any Multiemployer Plan, pursuant to the foregoing provisions of ERISA
and the Code; no proceedings have been instituted to terminate or appoint a
trustee to administer any Plan which is subject to Title IV of ERISA; except as
described in Holdings’ Public Filings, no action, suit, proceeding, hearing,
audit or investigation with respect to the administration, operation or the
investment of assets of any Plan (other than routine claims for benefits) is
pending, expected or threatened; except as described in Holdings’ Public
Filings, there has been no violation of the applicable requirements of Section
404 or 405 of ERISA or the exclusive benefit rule under Section 401(a) of the
Code by any fiduciary or disqualified person with respect to any Plan for which
Holdings, any of its Subsidiaries or any ERISA Affiliate may be directly or
indirectly liable; except as described in Holdings’ Public Filings, neither
Holdings, nor any of its Subsidiaries has filed, or is considering filing, an
application under the IRS Employee Plans Compliance Resolution System or the
Department of Labor’s Voluntary Fiduciary Correction Program with respect to any
Plan or Multiemployer Plan; each group health plan (as defined in Section 607(1)
of ERISA or Section 4980B(g)(2) of the Code) which covers or has covered
employees or former employees of Holdings, any of its Subsidiaries, or any ERISA
Affiliate has at all times been operated in compliance with the provisions of
Part 6 of subtitle B of Title I of ERISA and Section 4980B of the Code; each
group health plan (as defined in 45 Code of Federal Regulations Section 160.103)
which covers or has covered employees or former employees of Holdings, any of
its Subsidiaries, or any ERISA Affiliate has at all times been operated in
compliance with the provisions of the Health Insurance Portability and
Accountability Act of 1996 and the regulations promulgated thereunder; no Lien
imposed under the Code or ERISA on the assets of Holdings or any of its
Subsidiaries or any ERISA Affiliate exists or is likely to arise on account of
any Plan; and Holdings and its Subsidiaries do not maintain or contribute to any
employee welfare benefit plan (as defined in Section 3(1) of ERISA) which
provides benefits to retired employees or other former employees (other than as
required by Section 601 of ERISA) or any Plan the obligations with respect to
which could reasonably be expected to have a material adverse effect on the
ability of Holdings to perform its obligations under this
Agreement.

             

            (b) Except as
described in Holdings’ Public Filings, each Foreign Pension Plan has been
maintained in substantial compliance with its terms and with the requirements of
any and all applicable laws, statutes, rules, regulations and orders and has
been maintained, where required, in good standing with applicable regulatory
authorities.  All contributions required to be made with respect to a
Foreign Pension Plan have been timely made.  Except as described in
Holdings’ Public Filings, neither Holdings nor any of its Subsidiaries has
incurred any obligation in connection with the termination of, or withdrawal
from, any Foreign Pension Plan.  Except as described in Holdings’
Public Filings, the present value of the accrued benefit liabilities (whether or
not vested) under each Foreign Pension Plan, determined as of the end of
Holdings’ most recently ended fiscal year on the basis of actuarial assumptions,
each of which is reasonable, did not exceed the current value of the assets of
such Foreign Pension Plan allocable to such benefit liabilities.

             

             

            
              
                
                

              

              
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            (c) Each
Canadian Pension Plan has been maintained in substantial compliance with its
terms and with the requirements of any and all applicable laws, statutes, rules,
regulations and orders and has been maintained, where required, in good standing
with applicable regulatory authorities.  No Canadian Pension Plan
Event shall have occurred.

             

            (d) Notwithstanding
anything to the contrary in this Section 8.10, the
representations and warranties made in this Section 8.10 and for
all purposes of all Documents shall be untrue only if the effect of any or all
conditions, violations, claims, restrictions, failures and noncompliance of the
types described above could, either individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.

             

            8.11. Collateral
Matters.  (a)  When
executed and delivered, the U.S. Security Agreement will be effective to create
in favor of the Collateral Agent for the ratable benefit of the Secured Parties
a legal, valid and enforceable security interest in all right, title and
interest of the U.S. Credit Parties in the Collateral described therein and when
financing statements in appropriate form are filed in the offices specified in
the applicable Perfection Certificate, the U.S. Security Agreement will
constitute a fully perfected security interest in all right, title and interest
in all of the Collateral described therein to the extent perfection can be
obtained by filing UCC financing statements, prior and superior to the rights of
any other Person, except for rights and obligations secured by Permitted Liens
(it being understood that no representation is made under this clause (a) as to
(A) any such Collateral that is subject to a Security Document governed by the
laws of a jurisdiction other than the United States or (B) the creation,
perfection or priority of any Lien to the extent that such creation, perfection
or priority is determined under the law of a jurisdiction outside the United
States, which are covered by clause (h) below). The recordation of (x) the Grant
of Security Interest in U.S. Patents and (y) the Grant of Security Interest in
U.S. Trademarks in the respective form attached to the Security Agreement, in
each case in the United States Patent and Trademark Office, together with
filings on Form UCC-1 made pursuant to the U.S. Security Agreement, will create,
as may be perfected by such filings and recordation, a perfected security
interest in the United States trademarks and patents covered by the U.S.
Security Agreement, and the recordation of the Grant of Security Interest in
U.S. Copyrights in the form attached to the U.S. Security Agreement with the
United States Copyright Office, together with filings on Form UCC-1 made
pursuant to the U.S. Security Agreement, will create, as may be perfected by
such filings and recordation, a perfected security interest in the United States
copyrights covered by the U.S. Security Agreement (it being understood that (x)
subsequent filings and recordings in the United States Patent and Trademark
Office may be necessary to perfect a Lien on registered patents and trademarks
and (y) subsequent filings and recordings in the United States Copyright Office
may be necessary to perfect a Lien on registered copyrights, in each case
acquired by the Credit Parties after the Effective Date).

             

            (b) When
executed and delivered, each Security Document governed by Canadian law (or the
laws of any province of Canada) will be effective to create in favor of the
Collateral Agent for the ratable benefit of the Secured Parties a legal, valid
and enforceable security interest (or, in the case of Quebec, hypothec) in all
right, title and interest of the Canadian Credit Parties in each such Collateral
described in each such Security Document and when financing statements (or, in
the case of Quebec, registration statements) in appropriate form are filed in
the offices specified in the applicable Perfection Certificate, each such
Security Document will constitute a fully perfected (or, in the case of Quebec,
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            (or, in
the case of Quebec, hypothec) in all right, title and interest in all of the
Collateral described in such Security Document to the extent perfection (or, in
the case of Quebec, opposability) can be obtained by filing PPSA financing
statements (or, in the case of Quebec, registration statements), prior and
superior to the rights of any other Person, except for rights and obligations
secured by Permitted Liens (it being understood that no representation is made
under this clause (b) as to (A) any such Collateral that is subject to a
Security Document governed by the laws of a jurisdiction other than Canada or
(B) the creation, perfection (or opposability) or priority (or ranking) of any
Lien to the extent that such matters are determined under the law of a
jurisdiction outside Canada, which are covered by clause (h)
below).

             

            (c) When
executed and delivered, each Security Document governed by the laws of England
and Wales will be effective to create in favor of the Collateral Agent for the
ratable benefit of the Secured Parties a legal, valid and enforceable security
interest in all right, title and interest of the U.K. Credit Parties in each
such Collateral described in each such Security Document when the Security
Documents are registered with the registrar of companies and each such Security
Document will constitute a fully perfected security interest in all right, title
and interest in all of the Collateral described in such Security Document, prior
and superior to the rights of any other Person, except for rights and
obligations secured by Permitted Liens (it being understood that no
representation is made under this clause (c) as to (A) any such Collateral that
is subject to a Security Document governed by the laws of a jurisdiction other
than England and Wales or (B) the creation, perfection or priority of any Lien
to the extent that such creation, perfection or priority is determined under the
law of a jurisdiction outside England and Wales, which are covered by clause (h)
below).

             

            (d) When
executed and delivered, each Security Document governed by Australian law (or
the laws of any state or territory of Australia) will be effective to create in
favor of the Collateral Agent for the ratable benefit of the Secured Parties a
legal, valid and enforceable security interest in all right, title and interest
of the Australian Credit Parties in each such Collateral described in each such
Security Document and each such Security Document will constitute a fully
perfected security interest in all right, title and interest in all of the
Collateral described in such Security Document, prior and superior to the rights
of any other Person, except for rights and obligations secured by Permitted
Liens (it being understood that no representation is made under this clause (d)
as to (A) any such Collateral that is subject to a Security Document governed by
the laws of a jurisdiction other than Australia or (B) the creation, perfection
or priority of any Lien to the extent that such creation, perfection or priority
is determined under the laws of a jurisdiction outside of
Australia).

             

            (e) When
executed and delivered, each Security Document governed by Dutch law will be
effective to create in favor of the Collateral Agent for the ratable benefit of
the Secured Parties a legal, valid and enforceable security interest in all
right, title and interest of the Dutch Credit Parties in each such Collateral
described in each such Security Document and each such Security Document will
constitute a fully perfected security interest in all right, title and interest
in all of the Collateral described in such Security Document, prior and superior
to the rights of any other Person, except for rights and obligations secured by
Permitted Liens (it being understood that no representation is made under this
clause (d) as to (A) any such Collateral that is subject to a Security Document
governed by the laws of a jurisdiction other than the 

             

             

            
              
                
                

              

              
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            Netherlands
or (B) the creation, perfection or priority of any Lien to the extent that such
creation, perfection or priority is determined under the laws of a jurisdiction
outside of the Netherlands).

             

            (f) Each
Mortgage, upon execution and delivery by the parties thereto, will create in
favor of the Collateral Agent (or such other trustee as may be required or
desired under local law), for the ratable benefit of the Secured Parties, a
legal, valid and enforceable security interest in and mortgage lien on all the
applicable mortgagor’s right, title and interest in and to the Mortgaged
Properties subject thereto and the proceeds thereof, and when the Mortgages have
been filed in the jurisdictions specified in Schedule 8.12, the
Mortgages will constitute a fully perfected security interest in and mortgage
lien on all right, title and interest of the mortgagors in the Mortgaged
Properties and the proceeds thereof, prior and superior in right to any other
Person (but subject to (i) Permitted Liens as described in clause (y) of Section 10.01(iv) and
(ii) Permitted Encumbrances).

             

            (g) The
security interests created under the U.S. Pledge Agreement in favor of the
Collateral Agent, as Pledgee, for the benefit of the Secured Parties, constitute
perfected security interests in the Collateral described in the U.S. Pledge
Agreement, subject to no security interests of any other Person other than
Permitted Liens as described in clause (y) of Section
10.01(iv).  No filings or recordings are required in order to
perfect (or maintain the perfection or priority of) the security interests
created in the Collateral described in the U.S. Pledge Agreement other than with
respect to that portion of such Collateral constituting a “general intangible”
under the UCC

             

            (h) After
taking the actions specified for perfection therein, each Security Document
(including the Foreign Pledge Agreements but excluding the Security Documents
referred to in clauses (a) through (g) above, each of which is covered by
another clause of this Section 8.11), when
executed and delivered, will be effective under applicable law to create in
favor of the Collateral Agent for the ratable benefit of the Secured Parties a
valid and enforceable security interest in the Collateral subject thereto, and
will, constitute a fully perfected Lien on and security interest in all right,
title and interest of the Credit Parties in the Collateral subject thereto,
prior and superior to the rights of any other Person, except for rights and
obligations secured by Permitted Liens (it being understood that no
representation is made under this clause as to the creation, perfection or
priority of any Lien to the extent that such creation, perfection or priority is
determined under the law of a jurisdiction outside of the jurisdiction governing
the laws of the applicable Security Document purporting to create, perfect or
establish the priority of any such Lien).

             

            (i) As of the
Effective Date, there does not exist any Subsidiary of Holdings which is not a
Credit Party other than Immaterial Subsidiaries.

             

            8.12. Properties.  (a)  All
Real Property owned or leased (with annual base rentals in excess of $240,000)
by Holdings or any of its Subsidiaries as of the Effective Date, the nature of
the interest therein, and whether such Real Property is a Mortgaged Property as
of the Effective Date, is correctly set forth in Schedule
8.12.  Each of Holdings and each of its Subsidiaries has good
and indefeasible title to all material properties (and to all buildings,
fixtures and improvements located thereon) owned by it, including all material
property reflected in the most recent historical balance sheets referred to in
Section 8.05(a)
(except as sold or 

             

             

            
              
                
                

              

              
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            otherwise
disposed of since the date of such balance sheet in the ordinary course of
business or as permitted by the terms of this Agreement), free and clear of all
Liens, other than Permitted Liens.  Each of Holdings and each of its
Subsidiaries has a valid and indefensible leasehold interest in the material
properties leased by it free and clear of all Liens other than Permitted
Liens.

             

            8.13. Subsidiaries.  On
and as of the Effective Date, Holdings has no Subsidiaries other than those
Subsidiaries listed on Schedule
8.13.  Schedule 8.13 sets
forth, as of the Effective Date, the percentage ownership (direct and indirect)
of Holdings in each class of capital stock or other Equity Interests of each of
its Subsidiaries and joint ventures and also identifies the direct owner thereof
and which Subsidiaries are Credit Parties (including whether they are U.S.
Borrowers, Australian Borrowers, Canadian Borrowers, Dutch Borrowers, U.K.
Borrowers, U.S. Subsidiary Guarantors or Foreign Subsidiary
Guarantors).  All outstanding shares of Equity Interests of each
Wholly-Owned Subsidiary of Holdings and each Non-Wholly-Owned Subsidiary of
Holdings whose Equity Interests are pledged pursuant to the Collateral and
Guaranty Requirements have been duly and validly issued, are fully paid and
non-assessable and have been issued free of preemptive rights.  No
Subsidiary of Holdings has outstanding any securities convertible into or
exchangeable for its Equity Interests or outstanding any right to subscribe for
or to purchase, or any options or warrants for the purchase of, or any agreement
providing for the issuance (contingent or otherwise) of or any calls,
commitments or claims of any character relating to, its Equity Interests or any
stock appreciation or similar rights.  On the Effective Date, each
Credit Party (other than Holdings) is a direct or indirect Wholly-Owned
Subsidiary of Holdings.

             

            8.14. Compliance with Statutes,
etc.  Each
of Holdings and each of its Subsidiaries is in compliance with all applicable
statutes, regulations and orders of, and all applicable restrictions imposed by,
all Governmental Authorities in respect of the conduct of its business, the
relationship with its employees and the ownership of its property, except such
non-compliances as could not, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

             

            8.15. Investment Company
Act.  Neither
Holdings nor any of its Subsidiaries is an “investment company” or a company
“controlled” by an “investment company,” within the meaning of the Investment
Company Act of 1940, as amended.

             

            8.16. Insurance.  Schedule 8.16 sets
forth a listing of all insurance maintained by Holdings and its Subsidiaries as
of the Effective Date (other than local insurance policies maintained by Foreign
Subsidiaries that are not material), with the amounts insured (and any
deductibles) set forth therein.

             

            8.17. Environmental
Matters.  (a)  Each
of Holdings and each of its Subsidiaries is in compliance with all applicable
Environmental Laws and the requirements of any permits issued under such
Environmental Laws.  There are no pending or, to the knowledge of
Holdings or any other Borrower, threatened Environmental Claims against Holdings
or any of its Subsidiaries or, to the knowledge of Holdings or any other
Borrower, any Real Property owned, leased or operated by Holdings or any of its
Subsidiaries (including any such claim arising out of the ownership, lease or
operation by Holdings or any of its Subsidiaries of any Real Property

             

             

            
              
                
                

              

              
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            formerly
owned, leased or operated by Holdings or any of its Subsidiaries but no longer
owned, leased or operated by Holdings or any of its
Subsidiaries).  There are no facts, circumstances, conditions or
occurrences with respect to the business or operations of Holdings or any of its
Subsidiaries, or, to the knowledge of Holdings or any other Borrower, any Real
Property owned, leased or operated by Holdings or any of its Subsidiaries
(including any Real Property formerly owned, leased or operated by Holdings or
any of its Subsidiaries but no longer owned, leased or operated by Holdings or
any of its Subsidiaries) or, to the knowledge of Holdings and the other
Borrowers, any property adjoining or adjacent to any such Real Property that
could be reasonably expected to form the basis of an Environmental Claim against
Holdings or any of its Subsidiaries or any Real Property owned, leased or
operated by Holdings or any of its Subsidiaries.

             

            (b) Hazardous
Materials have not been generated, used, treated or stored on, or transported to
or from, or Released on or from (i) any Real Property while owned, leased or
operated by Holdings or any of its Subsidiaries or, to the knowledge of
Holdings, at any time, or (ii) to the knowledge of Holdings, any property
adjoining or adjacent to any Real Property at any time, all where such
generation, use, treatment, storage, transportation or Release has violated or
could be reasonably expected to violate any applicable Environmental Law or give
rise to an Environmental Claim.

             

            (c) Notwithstanding
anything to the contrary in this Section 8.17, the
representations and warranties made in this Section 8.17 and for
all purposes of all Documents shall be untrue only if the effect of any or all
conditions, violations, claims, restrictions, failures and noncompliances of the
types described above could, either individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.

             

            (d) This
Section 8.17
contains the sole and exclusive representations and warranties of Holdings and
the other Borrowers relating to Environmental Claims, Environmental Laws, and
Hazardous Materials.

             

            8.18. Employment and Labor
Relations.  Neither
Holdings nor any of its Subsidiaries is engaged in any unfair labor practice or
has violated any applicable labor law that could reasonably be expected, either
individually or in the aggregate, to have a Material Adverse
Effect.  There is (i) no unfair labor practice or labor law violation
complaint pending against Holdings or any of its Subsidiaries or, to the
knowledge of Holdings or any other Borrower, threatened against any of them,
before the National Labor Relations Board or other Governmental Authority, and
no grievance, arbitration or other proceeding arising out of or under any
collective bargaining agreement (including the Collective Bargaining Agreements)
or any other similar collective agreement with any type of employees’
representative is so pending against Holdings or any of its Subsidiaries or, to
the knowledge of Holdings or any other Borrower, threatened against any of them,
(ii) no strike, labor dispute, slowdown or stoppage pending against Holdings or
any of its Subsidiaries or, to the knowledge of Holdings and the other
Borrowers, threatened against Holdings or any of its Subsidiaries, (iii) no
union representation question exists with respect to the employees of Holdings
or any of its Subsidiaries, (iv) no equal employment opportunity charge or other
claim of employment discrimination pending or, to the knowledge Holdings or any
other Borrower, threatened against Holdings or any of its Subsidiaries, (v) to
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            no
threatened or pending organizing activity or union, works council or any other
type of employees’ representatives elections and (vi) no wage and hour
department investigation that has been made of Holdings or any of its
Subsidiaries and no violation of the Fair Labor Standards Act or any other
applicable federal, state or foreign law dealing with the hours worked by and
payments made to employees of Holdings or any of its Subsidiaries, except (with
respect to any matter specified in clauses (i) – (vi) above, either individually
or in the aggregate) such as could not reasonably be expected to have a Material
Adverse Effect.  To the knowledge of Holdings and the other Borrowers,
except as could not, either individually or in the aggregate, reasonably be
expected to have an Material Adverse Effect, the consummation of the Transaction
will not give rise to a right of termination or right of renegotiation on the
part of any union, works council or any other type of employees’ representatives
under any collective bargaining agreement (including any Collective Bargaining
Agreement) to which Holdings or any of its Subsidiaries (or any predecessor) is
currently a party or by which Holdings or any of its Subsidiaries (or any
predecessor) is currently bound, unless otherwise expressly provided by
applicable laws.

             

            8.19. Intellectual Property,
etc.  Each
of Holdings and each of its Subsidiaries owns or has the right to use all the
patents, trademarks, permits, domain names, service marks, trade names,
copyrights, licenses, franchises, inventions, trade secrets, proprietary
information and know-how of any type, whether or not written (including, but not
limited to, rights in computer programs and databases) and formulas, or rights
with respect to the foregoing, and has obtained assignments of all leases,
licenses and other rights of whatever nature, necessary for the present conduct
of its business, without any known conflict with the rights of others which, or
the failure to own or have which, as the case may be, could reasonably be
expected, either individually or in the aggregate, to have a Material Adverse
Effect.

             

            8.20. Indebtedness.  Schedule 8.20 sets
forth a list of all Indebtedness (including Contingent Obligations) with a
principal amount of $5,000,000 or more of Holdings and its Subsidiaries as of
the Effective Date and which is to remain outstanding after giving effect to the
Transaction (excluding the Loans, the Letters of Credit, the Existing Senior
Subordinated Notes and the Senior Secured Notes), in each case showing the
aggregate principal amount thereof and the name of the respective borrower and
any Credit Party or any of its Subsidiaries which directly or indirectly
guarantees such debt.

             

            8.21. Borrowing Base
Calculation.  The
calculation of the Total Borrowing Base and each Borrowing Base pursuant to the
most recent Borrowing Base Certificate delivered pursuant to Section 9.01(j) is
complete and accurate (excluding any errors that are immaterial in
nature).

             

            8.22. U.K.
Pensions.  Except
as set forth on Schedule 8.22, (a)
neither Holdings nor any of its Subsidiaries is or has at any time on or after
27 April 2004 been an employer (for the purposes of sections 38 to 51 of the
Pensions Act 2004) of an occupational pension scheme which is not a money
purchase scheme (both terms as defined in the Pension Schemes Act 1993 as
amended); and (b) neither Holdings nor any of its Subsidiaries is or has at any
time on or after 27 April 2004 been “connected” with or an “associate” of (as
those terms are used in sections 39 and 43 of the Pensions Act 2004) such an
employer.

             

             

            
              
                
                

              

              
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            8.23. Anti-Terrorism
Law.  (a)  Neither
Holdings nor any of its Subsidiaries is in violation (other than immaterial,
unknowing or unintentional violations) of any legal requirement relating to any
laws with respect to terrorism or money laundering (“Anti-Terrorism
Laws”), including Executive Order No. 13224 on Terrorist Financing
effective September 24, 2001 (the “Executive Order”),
the Patriot Act and the Proceeds of Crime (Money Laundering) and Terrorist
Financing Act (Canada).  Neither Holdings nor any of its Subsidiaries
and, to the knowledge of Holdings and each Borrower, no agent of Holdings or any
of its Subsidiaries acting on behalf of Holdings or any of its Subsidiaries, as
the case may be, is any of the following:

             

            (i) a Person
that is listed in the annex to, or it otherwise subject to the provisions of,
the Executive Order;

             

            (ii) a Person
owned or controlled by, or acting for or on behalf of, any Person that is listed
in the annex to, or is otherwise subject to the provisions of, the Executive
Order;

             

            (iii) a Person
with which any Lender is prohibited from dealing or otherwise engaging in any
transaction by any Anti-Terrorism Law;

             

            (iv) a Person
that commits, threatens or conspires to commit or supports “terrorism” as
defined in the Executive Order; or

             

            (v) a Person
that is named as a “specially designated national and blocked person” on the
most current list published by the U.S. Treasury Department Office of Foreign
Assets Control (“OFAC”) at its
official website or any replacement website or other replacement official
publication of such list.

             

            (b) Neither
Holdings nor any of its Subsidiaries and, to the knowledge of Holdings and each
Borrower, no agent of Holdings or any of its Subsidiaries acting on behalf of
Holdings or any of its Subsidiaries, as the case may be, (i) conducts any
business or engages in making or receiving any contribution of funds, goods or
services to or for the benefit of a Person described in Section 8.23(a), (ii)
deals in, or otherwise engages in any transaction relating to, any property or
interests in property blocked pursuant to the Executive Order, or (iii) engages
in or conspires to engage in any transaction that evades or avoids, or has the
purpose of evading or avoiding, or attempts to violate, any of the prohibitions
set forth in any Anti-Terrorism Law.

             

            8.24. Subordination.  The
subordination provisions contained in the Existing Senior Subordinated Notes
Documents are enforceable against Holdings, the other Borrowers and/or the
Guarantors, as applicable, and the holders of such Indebtedness, except to the
extent that the enforceability thereof may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws generally affecting
creditors’ rights and by equitable principles (regardless of whether enforcement
is sought in equity or at law), and all Obligations hereunder and all
obligations of the Credit Parties under the other Credit Documents (including
without limitation, the U.S. Guaranty and the Foreign Guaranty) are within the
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            “Senior
Indebtedness”, “Bank Indebtedness”, as applicable, and “Designated Senior
Indebtedness” included in such subordination provisions.

             

            8.25. Solvency.  After
giving effect to the transactions contemplated hereby, each Credit Party is
solvent, able to pay its debts as they become due, and each Borrower has
sufficient capital to carry on its business and all businesses in which it is
about to engage.  No Australian Credit Party (a) is (or has stated
that it is) insolvent under administration or insolvent (each as defined in the
Corporations Act); (b) is in liquidation, in provisional liquidation, under
administration or wound up or has had a Controller appointed to its property;
(c) is subject to any arrangement, assignment, moratorium or composition,
protected from creditors under any statute or dissolved (in each case, other
than to carry out a reconstruction or amalgamation while solvent on terms
approved by the Agent); (d) has had an application or order made, resolution
passed, proposal put forward, or any other action taken, in each case in
connection with that person, which is preparatory to or could result in any of
(a), (b) or (c) above (unless, in the case of an application or similar action,
it is stayed, withdrawn or dismissed within 30 days); (e) is taken (under
Section 459F(1) of the Corporations Act) to have failed to comply with a
statutory demand; (f) is the subject of an event described in Section 459C(2)(b)
or Section 585 of the Corporations Act (or it makes a statement from which the
Agent reasonably deduces it is so subject); or (g) is otherwise unable to pay
its debts when they fall due.

             

            8.26. No Trustee
Duties.  The
Credit Parties do not enter, and have not entered, into any Credit Document as
trustee.

             

            8.27. Corporate
Benefit.  Each
Credit Party benefits by entering into, and performing its obligations under,
the Credit Documents to which it is a party.

             

            8.28. No
Immunity.  No
Credit Party nor any of its Subsidiaries or their assets has immunity from the
jurisdiction of a court or from legal process.

             

            8.29. Own
Enquiries.  The
Credit Parties have relied on their own investigations and enquiries regarding
the transactions contemplated by the Credit Documents and have not relied on any
information, advice or opinion (including information, advice or opinions
regarding interest rates, hedging arrangements or exchange rates) given or
offered by or on behalf of the Administrative Agent or the Lenders even if in
answer to any enquiry by or for it.

             

            8.30. Centre of Main
Interests.  The
Centre of Main Interest of each of the Credit Parties incorporated in the
European Union, is situated in its jurisdiction of incorporation and it has no
“establishment” (as that term is used in Article 2(h) of the regulations
described in the definition of Centre of Main Interests) in any other
jurisdiction.

             

            8.31. No
Insolvency.  No
(a) corporate action, legal proceeding or other procedure or step described in
Section
11.01(e)(i); or (b) creditors’ process described in Section
11.01(e)(iii), has been taken or, to the knowledge of Holdings or any
other Borrower, threatened in relation to Holdings or any of its Subsidiaries;
and none of the circumstances described in Section 11.01(e)(ii)
applies to Holdings or any of its Subsidiaries.

             

            SECTION
9. Affirmative
Covenants.  Each
of Holdings and each other Borrower hereby covenants and agrees that on and
after the Effective Date and until the Total Commitment 

             

             

            
              
                
                

              

              
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            and all
Letters of Credit have terminated and the Loans, Notes and Unpaid Drawings (in
each case together with interest thereon), Fees and all other Obligations (other
than indemnities and other contingent obligations which are not then due and
payable) incurred hereunder and thereunder, are paid in full:

             

            9.01. Information
Covenants.  Holdings
will furnish to each Lender:

             

            (a) Monthly
Reports.  Within 30 days after the end of each fiscal month of
Holdings, the internal management monthly financial statements in form and scope
satisfactory to the Administrative Agent.

             

            (b) Quarterly Financial
Statements.  Within 45 days after the close of each of the
first three quarterly accounting periods in each fiscal year of Holdings, (i)
the consolidated, and if available consolidating, balance sheet as at the end of
such quarterly accounting period with comparative figures for the end of the
previous fiscal year, (ii) its consolidated, and if available consolidating,
statement of operations for such quarterly accounting period and for the elapsed
portion of the fiscal year ended with the last day of such quarterly accounting
period, in each case setting forth comparative figures for the corresponding
fiscal quarter of the previous fiscal year, (iii) its consolidated, and if
available consolidating, statement of cash flows for the elapsed portion of the
respective fiscal year ended with the last day of such quarterly accounting
period with comparative figures for the corresponding period of the previous
fiscal year, and (iv) management’s discussion and analysis of the important
operational and financial developments during such quarterly accounting
period.  All of the foregoing financial statements shall be certified
by the chief financial officer of Holdings that they fairly present in all
material respects in accordance with GAAP the financial condition of Holdings
and its Subsidiaries as of the dates indicated and the results of their
operations for the periods indicated, subject to normal year-end audit
adjustments and the absence of footnotes.

             

            (c) Annual Financial
Statements.  Within 90 days after the close of each fiscal year
of Holdings, (i) the consolidated balance sheet of Holdings and its Subsidiaries
as at the end of such fiscal year and the related consolidated, and if available
consolidating, statements of income and stockholders’ equity and statement of
cash flows for such fiscal year setting forth comparative figures for the
preceding fiscal year and certified by KPMG LLP or other independent certified
public accountants of recognized international standing reasonably acceptable to
the Administrative Agent, together with a report of such accounting firm (which
certificate shall be without a “going concern” or like qualification or
exception and without any qualification of exception as to the scope of the
audit other than, to the extent consented to by the Administrative Agent in its
reasonable discretion at the time of delivery thereof, a “going concern”
exception acknowledged by such accountants as being based solely on there being
less than 365 days until the Revolving Loan Maturity Date), and (ii)
management’s discussion and analysis of the important operational and financial
developments during such fiscal year.

             

            (d) Management
Letters.  Promptly after Holdings’ or any of its Subsidiaries’
receipt thereof, a copy of any “management letter” received from its certified
public accountants and management’s response thereto.

             

             

            
              
                
                

              

              
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            (e) Budgets.  No
later than 90 days following the first day of each fiscal year of Holdings, a
budget in form reasonably satisfactory to the Administrative Agent (including
budgeted statements of operations and cash flow and balance sheets for Holdings
and its Subsidiaries on a consolidated, and if available consolidating, basis)
(i) for each of the twelve months of such fiscal year prepared in detail and
(ii) for the three immediately succeeding fiscal years prepared in summary form,
in each case setting forth, with appropriate discussion, the principal
assumptions upon which such budget is based.

             

            (f) Officer’s
Certificates.  (i) At the time of the delivery of the financial
statements provided for in Sections 9.01(b) and
(c), a
compliance certificate from the chief financial officer, chief accounting
officer or treasurer of Holdings in the form of Exhibit I certifying
on behalf of Holdings that, to such officer’s knowledge after due inquiry, no
Default or Event of Default has occurred and is continuing or, if any Default or
Event of Default has occurred and is continuing, specifying the nature and
extent thereof, which certificate shall (x) set forth in reasonable detail the
calculations required to establish whether Holdings and its Subsidiaries were in
compliance with the provisions of Sections 5.02(c),
5.02(d), 10.01(x), 10.01(xii), 10.01(xix), 10.02(iv), 10.02(viii), 10.02(x), 10.04(iv), 10.04(vii), 10.04(ix), 10.04(xii), 10.04(xiv), 10.05(ii), 10.05(v), 10.05(viii), 10.05(ix), 10.05(xv), 10.07,  10.08(iii)(y)(i) and
10.08(iii)(y)(ii)
(setting forth, for the purposes of such certificate, calculations setting forth
the Consolidated Fixed Charge Coverage Ratio for such period irrespective of
whether a Compliance Period exists at such time), at the end of such fiscal
quarter or year, as the case may be and (y) certify that there have been no
changes to any Perfection Certificate in each case since the Effective Date or,
if later, since the date of the most recent certificate delivered pursuant to
this Section
9.01(f), or if there have been any such changes, a list in reasonable
detail of such changes and whether Holdings and the other Credit Parties have
otherwise taken all actions required to be taken by them pursuant to such
Security Documents in connections with any such changes.

             

            (ii) At the time of the delivery of the
financial statements provided for in Sections 9.01(a), a
compliance certificate from the chief financial officer, chief accounting
officer or treasurer of Holdings in the form of Exhibit I certifying
on behalf of Holdings in reasonable detail the calculations required to
establish whether Holdings and its Subsidiaries were in compliance with the
provisions of Section
10.07 (setting forth, for the purposes of such certificate, calculations
setting forth the Consolidated Fixed Charge Coverage Ratio for such period
irrespective of whether a Compliance Period exists at such time), at the end of
such fiscal month.

             

            (g) Notice of Default,
Litigation and Material Adverse Effect.  Promptly, and in any
event within three Business Days after any officer of Holdings or any of its
Subsidiaries obtains knowledge thereof, notice of (i) the occurrence of any
event which constitutes a Default or an Event of Default, (ii) any litigation or
governmental investigation or proceeding pending against Holdings or any of its
Subsidiaries (x) which, either individually or in the aggregate, has had, or
could reasonably be expected to have, a Material Adverse Effect or (y) with
respect to any Document, or (iii) any other event, change or circumstance that
has had, or could reasonably be expected to have, a Material Adverse
Effect.

             

             

            
              
                
                

              

              
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            (h) Other Reports and
Filings.  Promptly after the filing or delivery thereof, copies
of all financial information, proxy materials and reports, if any, which
Holdings or any of its Subsidiaries shall publicly file with the Securities and
Exchange Commission or any successor thereto (the “SEC”) or with any
equivalent national securities exchange or similar governing body or deliver to
holders (or any trustee, agent or other representative therefor) of any
Qualified Preferred Stock, any Existing Senior Subordinated Notes or Senior
Secured Notes or any of its other material Indebtedness pursuant to the terms of
the documentation governing the same.

             

            (i) Environmental
Matters.  Promptly after any officer of Holdings or any of its
Subsidiaries obtains knowledge thereof, notice of one or more of the following
environmental matters to the extent that such environmental matters, either
individually or when aggregated with all other such environmental matters, could
reasonably be expected to have a Material Adverse Effect:

             

            (i) any
pending or threatened Environmental Claim against Holdings or any of its
Subsidiaries or any Real Property owned, leased or operated by Holdings or any
of its Subsidiaries;

             

            (ii) any
condition or occurrence on or arising from any Real Property owned, leased or
operated by Holdings or any of its Subsidiaries that (a) results in
noncompliance by Holdings or any of its Subsidiaries with any applicable
Environmental Law or (b) could reasonably be expected to form the basis of an
Environmental Claim against Holdings or any of its Subsidiaries or any such Real
Property; and

             

            (iii) the
taking of any removal or remedial action in response to the actual or alleged
presence of any Hazardous Material on any Real Property owned, leased or
operated by Holdings or any of its Subsidiaries as required by any Environmental
Law or any Governmental Authority or other administrative agency; provided that in any
event Holdings shall deliver to each Lender all notices received by Holdings or
any of its Subsidiaries from any government or governmental agency under, or
pursuant to, CERCLA or any similar law which identify Holdings or any of its
Subsidiaries as potentially responsible parties for remediation costs or which
otherwise notify Holdings or any of its Subsidiaries of potential liability
under CERCLA or any similar law.

             

            All such
notices shall describe in reasonable detail the nature of the claim,
investigation, condition, occurrence or removal or remedial action and Holdings’
or such Subsidiary’s response thereto.

             

            (j) Borrowing Base
Certificate.  (i) On the Effective Date, (ii) on each
Incremental Commitment Date, (iii) within 5 Business Days
following  the consummation of a Permitted Acquisition and (iv) not
later than 5:00 P.M. (New York time) on or before the 25th day of each month for
the first six months following the Effective Date and the 20th day of each month
thereafter (or no later than the third Business Day of each week during any
period in which a Weekly Borrowing Base Period is in effect), a borrowing base
certificate setting forth 

             

             

            
              
                
                

              

              
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            each
Borrowing Base (in each case with supporting calculations in reasonable detail)
substantially in the form of Exhibit M (each, a
“Borrowing Base
Certificate”), which shall be prepared (A) as of August 31, 2009 in the
case of the initial Borrowing Base Certificate and (B) as of the last Business
Day of the preceding month in the case of each subsequent Borrowing Base
Certificate (or, if any such Borrowing Base Certificate is delivered weekly, as
of the last Business Day of the week preceding such delivery, in which case the
calculation thereunder with respect to Inventory shall be based upon good faith
estimates by the ABL Credit Parties).  Each such Borrowing Base
Certificate shall include such supporting information as may be reasonably
requested from time to time by the Administrative Agent or the Co-Collateral
Agents.

             

            (k) Notice of Compliance
Period.  Promptly, and in any event within two Business Days
after any Authorized Officer of Holdings or any other Borrower obtains knowledge
thereof, notice of the commencement of a Dominion Period or a Compliance
Period.

             

            (l) Field Examinations;
Appraisals.  Upon the request of the Co-Collateral Agents, (x)
an appraisal of the Inventory of the ABL Credit Parties and (y) a collateral
examination of the Inventory and Accounts of the ABL Credit Parties, in each
case, in scope satisfactory to the Co-Collateral Agents, and from a third-party
appraiser and a third-party consultant reasonably satisfactory to the
Co-Collateral Agents (and, to the extent such third-party appraiser is not Great
American Group and/or such third-party consultant is not FTI Consulting,
Holdings), and completed at the cost of the Borrowers; provided, however, so long as
no Event of Default exists, the Co-Collateral Agents may make two requests in
each jurisdiction in respect of each of clause (x) and (y) above during each
fiscal year (or, during any period (A) commencing on the date on which the
Excess Availability is less than or equal to $35,000,000 and (B) ending on the
first date thereafter on which the Excess Availability has been greater than
$35,000,000 for 30 consecutive days, four requests in each jurisdiction in
respect of clause (x) above and two requests in respect of clause (y) above) in
any fiscal year of Holdings, in each case at the cost of the
Borrowers.

             

            (m) Borrowing Base Collateral
Detail.  (i) At the time of delivery of any Borrowing Base
Certificate, (x) a detailed aged trial balance and a detailed summary for each
ABL Credit Party included in such Borrowing Base Certificate of all Accounts of
such ABL Credit Party indicating which Accounts are thirty, sixty and ninety
days past due and listing the names of all Account Debtors, and (y) if requested
by the Co-Collateral Agents, and to the extent available, a detailed listing and
a detailed summary of each ABL Credit Party’s accounts payable indicating which
accounts payable are more than thirty days past due, and (z) if requested by the
Co-Collateral Agents, a detailed inventory listing and a detailed inventory
listing summary for each ABL Credit Party included in such Borrowing Base
Certificate; provided, however, when a
Compliance Period is in effect (A) the information required to be delivered
pursuant to the preceding clauses (x) and (y) (other than any such delivery in
respect of the last week of any month during a Weekly Borrowing Base Period)
shall be based upon each such ABL Credit Party’s good faith estimate and (B) in
lieu of the information required to be delivered pursuant to preceding clause
(y), the ABL Credit Parties included in such Borrowing Base Certificate shall
provide any alternative detail that the Co-Collateral Agents may reasonably
request that such ABL Credit Parties can produce with commercially reasonable
efforts; provided further that with
respect to the Borrowing Base Certificate to be delivered to the Administrative
Agent and the Co-Collateral Agents pursuant to Section 6.13(i) the
foregoing information shall not be required 

             

             

            
              
                
                

              

              
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            and (ii)
at the time of delivery of the financial statements delivered pursuant to
clauses (a) and (b) of this Section 9.01, for
each ABL Credit Party a reconciliation of Accounts, accounts payable and
inventory to such financial statements and to the Borrowing Base Certificate
delivered pursuant to clause (j) of this Section
9.01.

             

            (n) Patriot Act
Information.  Promptly following the Administrative Agent’s
request therefor, all documentation and other information that the
Administrative Agent reasonably requests on its behalf or on behalf of any
Lender in order to comply with its on-going obligations under applicable “know
your customer” and anti-money laundering rules and regulations, including the
Patriot Act.

             

            (o) Perfection Certificate
Supplement.  Each Credit Party will furnish to the
Administrative Agent concurrently with any delivery of financial statements
under Section
9.01(b) or (c), a completed
Perfection Certificate Supplement (together with all attachments contemplated
thereby) dated the date of delivery of such financial statements; in each case,
signed by an Authorized Officer of Holdings, provided that the
intellectual property portion of the Perfection Certificate Supplement shall not
be required with the delivery of financial statements under Section 9.01(b)
unless a Specified Default or an Event of Default exists.

             

            (p) Damage of
Collateral.  The Borrowers shall promptly notify the
Administrative Agent (and in the case of ABL Priority Collateral, each of the
Co-Collateral Agents) if any material portion of the Collateral is damaged or
destroyed.

             

            (q) Casualty and
Condemnation.  The Borrowers (a) will furnish to the
Administrative Agent (and in the case of ABL Priority Collateral, each of the
Co-Collateral Agents) prompt written notice of any casualty or other insured
damage to any material portion of the Collateral or the commencement of any
action or proceeding for the taking or expropriation of any material portion of
the Collateral (including any Mortgaged Property or any part thereof) or
interest therein under power of eminent domain or by condemnation or similar
proceeding and (b) will ensure that the Net Cash Proceeds of any such event
(whether in the form of insurance proceeds, condemnation awards or otherwise)
are collected and applied in accordance with the applicable provisions of Section 5.02(c) and
the Security Documents.

             

            (r) Other
Information.  From time to time, such other information or
documents (financial or otherwise) with respect to Holdings or any of its
Subsidiaries as the Administrative Agent or any Lender (through the
Administrative Agent) may reasonably request.

             

            9.02. Books, Records and
Inspections; Annual Meetings.  Each
of Holdings and each other Borrower will, and will cause each of their
respective Subsidiaries to, keep proper books of record and accounts in which
full, true and correct entries sufficient to permit Holdings to comply with GAAP
and all requirements of law shall be made of all dealings and transactions in
relation to its business and activities.  Each of Holdings and each
other Borrower will, and will cause each of their respective Subsidiaries to,
permit officers and designated representatives of the Administrative Agent and
any Co-Collateral Agent and, following the occurrence and continuation of an
Event of Default, any Lender (a) to visit and inspect, under guidance of
officers of Holdings or such Subsidiary, any of the properties of Holdings or
such Subsidiary, (b) to examine the books of account of Holdings or such
Subsidiary and discuss the affairs, finances 

             

             

            
              
                
                

              

              
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            and
accounts of Holdings or such Subsidiary with, and be advised as to the same by,
its and their officers and independent accountants and (c) to verify Eligible
Accounts and/or Eligible Inventory, all upon reasonable prior notice and at such
reasonable times and intervals and to such reasonable extent as the
Administrative Agent, any such Co-Collateral Agent or any such Lender may
reasonably request.  At a date to be mutually agreed upon between the
Administrative Agent and Holdings occurring on or prior to the 120th day after
the close of each fiscal year of Holdings, Holdings will, at the request of the
Administrative Agent, hold a meeting with all of the Lenders at which meeting
will be reviewed the financial results of Holdings and its Subsidiaries for the
previous fiscal year and the budgets presented for the current fiscal year of
Holdings.

             

            9.03. Maintenance of Property;
Insurance.  (a)  Each
of Holdings and each other Borrower will, and will cause each of their
respective Subsidiaries to, (i) keep all property necessary to the business of
Holdings and its Subsidiaries in good working order and condition, ordinary wear
and tear excepted and subject to the occurrence of casualty events, (ii)
maintain with financially sound and reputable insurance companies insurance on
all such property and against all such risks as is consistent and in accordance
with industry practice for companies similarly situated owning similar
properties and engaged in similar businesses as Holdings and its Subsidiaries,
and (iii) furnish to the Administrative Agent, upon its request therefor,
information, full and complete in all material respects, as to the insurance
carried.  In addition to the requirements of the immediately preceding
sentence, Holdings and the other Borrowers will at all times cause insurance of
the types described in Schedule 8.16 to be
maintained (with the same scope of coverage as that described in Schedule 8.16) at
levels which are consistent with their practices immediately before the
Effective Date.  Such insurance shall include physical damage
insurance on all real and personal property (whether now owned or hereafter
acquired) on an all risk basis and business interruption
insurance.  The provisions of this Section 9.03 shall
supercede any conflicting provisions of the Security Documents, it being
understood that any supplemental or more specific or restrictive insurance
requirement contained in any Security Document shall not be deemed a conflicting
provision.

             

            (b) Each of
Holdings and each other Borrower will, and will cause each of their respective
Subsidiaries to, at all times keep its property insured in favor of the
Collateral Agent, and all policies or certificates (or certified copies thereof)
with respect to such insurance (and any other insurance maintained by Holdings
and/or such Subsidiaries) (i) shall be endorsed to the Collateral Agent’s
satisfaction for the benefit of the Collateral Agent (including, without
limitation, by naming the Collateral Agent as loss payee and/or additional
insured), (ii) shall state that such insurance policies shall not be canceled
without at least 30 days’ prior written notice thereof by the respective insurer
to the Collateral Agent, and (iii) shall be deposited with the Collateral
Agent.

             

            (c) If
Holdings or any of its Subsidiaries shall fail to maintain insurance in
accordance with this Section 9.03, or if
Holdings or any of its Subsidiaries shall fail to so endorse and deposit all
policies or certificates with respect thereto, the Administrative Agent shall
have the right (but shall be under no obligation) to procure such insurance and
Holdings and the other Borrowers jointly and severally agree to reimburse the
Administrative Agent for all costs and expenses of procuring such
insurance.

             

             

            
              
                
                

              

              
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            (d) Subject
to the Intercreditor Agreement, (i) except to the extent otherwise permitted to
be retained by a Credit Party or applied by such Credit Party pursuant to the
terms of this Agreement, so long as no Event of Default has occurred and is
continuing, Holdings or any of its Subsidiaries may settle, adjust or compromise
any insurance claim, as long as the proceeds are delivered to the Collateral
Agent or deposited to a Core Concentration Account and (ii) if an Event of
Default has occurred and is continuing, only the Collateral Agent shall be
authorized to settle, adjust and compromise such claims.

             

            9.04. Existence; Conduct of
Business.  Each
of Holdings and the other Borrowers will, and will cause each of their
respective Subsidiaries to, do or cause to be done all things necessary to
preserve, renew and keep in full force and effect its legal existence and,
except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect, the rights,
licenses, permits, privileges, franchises, patents, copyrights, know-how,
trademarks and trade names material to the conduct of its business; provided that the
foregoing shall not prohibit any merger, consolidation, liquidation or
dissolution permitted under Section
9.16.

             

            9.05. Compliance with Statutes,
etc.  Each
of Holdings and each other Borrower will, and will cause each of their
respective Subsidiaries to, comply with all applicable statutes, regulations and
orders of, and all applicable restrictions imposed by, all Governmental
Authorities in respect of the conduct of its business, the relationship with its
employees and the ownership of its property (including applicable statutes,
regulations, orders and restrictions relating to environmental standards and
controls), except such non-compliances as could not, either individually or in
the aggregate, reasonably be expected to have a Material Adverse
Effect.

             

            9.06. Compliance with
Environmental Laws.  (a)  Each
of Holdings and each other Borrower will comply, and will cause each of their
respective Subsidiaries to comply, with all Environmental Laws and permits
applicable to, or required by, the ownership, lease or use of its Real Property
now or hereafter owned, leased or operated by Holdings or any of its
Subsidiaries, during the time of such ownership, lease or use, except such
noncompliance as could not, either individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect, and will promptly pay or cause to
be paid all costs and expenses incurred in connection with such compliance, and
will keep or cause to be kept all such Real Property free and clear of any
Liens, except Permitted Liens, imposed pursuant to such Environmental Laws
except where such Liens could not, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.  Neither
Holdings nor any of its Subsidiaries will generate, use, treat, store, Release
or dispose of, or permit the generation, use, treatment, storage, Release or
disposal of Hazardous Materials on any Real Property now or hereafter owned,
leased or operated by Holdings or any of its Subsidiaries, or transport or
permit the transportation of Hazardous Materials to or from any such Real
Property, during the time of any ownership, lease or operation by Holdings or
any of its Subsidiaries, except for Hazardous Materials generated, used,
treated, stored, Released or disposed of at any such Real Properties in
compliance in all material respects with all applicable Environmental Laws and
as required in connection with the normal operation, use and maintenance of the
business or operations of Holdings or any of its Subsidiaries and except where
such generation, use, treatment, storage, Release or disposal could not, either
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

             

             

            
              
                
                

              

              
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            (b) (i) After
the receipt by the Administrative Agent or any Lender of any notice of the type
described in Section
9.01(i), (ii) at any time that Holdings or any of its Subsidiaries are
not in compliance with Section 9.06(a) or
(iii) in the event that the Administrative Agent or the Lenders have exercised
any of the remedies pursuant to the last paragraph of Section 11.01,
Holdings and the other Borrowers will (in each case) provide, at the sole
expense of Holdings and the other Borrowers and at the request of the
Administrative Agent, an environmental site assessment report concerning any
Real Property owned, leased or operated by Holdings or any of its Subsidiaries,
which Real Property is the subject of the aforesaid notice, non-compliance or
remedies, prepared by an environmental consulting firm reasonably approved by
the Administrative Agent, indicating the presence or absence of Hazardous
Materials and the potential cost of any removal or remedial action required by
Environmental Law in connection with such Hazardous Materials on such Real
Property.  If Holdings or any other Borrower fails to provide the same
within 30 days after such request was made, the Administrative Agent may order
the same, the cost of which shall be borne by Holdings and the other Borrowers,
and Holdings and the other Borrowers shall grant and hereby grant to the
Administrative Agent and the Lenders and their respective agents access to such
Real Property and specifically grant the Administrative Agent and the Lenders an
irrevocable non-exclusive license, subject to the rights of tenants, to
undertake such an assessment at any reasonable time upon reasonable notice to
Holdings or the other Borrowers, all at the sole expense of Holdings and the
other Borrowers.

             

            9.07. ERISA.  (a)  As
soon as possible and, in any event, within 10 days after Holdings, any of its
Subsidiaries or any ERISA Affiliate knows or has reason to know of the
occurrence of any of the following, Holdings will deliver to the Administrative
Agent a certificate of the chief financial officer of Holdings setting forth the
full details as to such occurrence and the action, if any, that Holdings, such
Subsidiary or such ERISA Affiliate is required or proposes to take, together
with any notices required or proposed to be given or filed by Holdings, such
Subsidiary, the Plan administrator or such ERISA Affiliate to or with the PBGC
or any other Governmental Authority, or a Plan or Multiemployer Plan participant
and any notices received by Holdings, such Subsidiary or ERISA Affiliate from
the PBGC or any other Government Authority, or a Plan or Multiemployer Plan
participant with respect thereto:  that a Reportable Event has
occurred (except to the extent that Holdings has previously delivered to the
Administrative Agent a certificate and notices (if any) concerning such event
pursuant to the next clause hereof); that a contributing sponsor (as defined in
Section 4001(a)(13) of ERISA) of a Plan subject to Title IV of ERISA is subject
to the advance reporting requirement of PBGC Regulation Section 4043.61 (without
regard to subparagraph (b)(1) thereof), and an event described in subsection
..62, .63, .64, .65, .66, .67 or .68 of PBGC Regulation Section 4043 is
reasonably expected to occur with respect to such Plan within the following 30
days; that an accumulated funding deficiency, within the meaning of Section 412
of the Code or Section 302 of ERISA, has been incurred or an application may be
or has been made for a waiver or modification of the minimum funding standard
(including any required installment payments) or an extension of any
amortization period under Section 412 of the Code or Section 303 or 304 of ERISA
with respect to a Plan; that any contribution required to be made with respect
to a Plan or Multiemployer Plan or Foreign Pension Plan has not been timely made
other than (x) an isolated and inadvertent failure not of a material amount or
(y) any such contribution that is made promptly (together with any interest or
earnings thereon as may be required under applicable rules and regulations) upon
discovery by Holdings or such Subsidiary that such contribution is 

             

             

            
              
                
                

              

              
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            due; that
a Plan or Multiemployer Plan has been or may be terminated, reorganized,
partitioned or declared insolvent under Title IV of ERISA; that a Plan has an
Unfunded Current Liability which, when added to the aggregate amount of Unfunded
Current Liabilities with respect to all other Plans, exceeds the aggregate
amount of such Unfunded Current Liabilities that existed on the Effective Date
by $30,000,000; that proceedings may be or have been instituted to terminate or
appoint a trustee to administer a Plan which is subject to Title IV of ERISA;
that a proceeding has been instituted pursuant to Section 515 of ERISA to
collect a delinquent contribution to a Plan; that Holdings, any of its
Subsidiaries or any ERISA Affiliate will or reasonably is expected to incur any
material liability (including any indirect, contingent, or secondary liability)
to or on account of the termination of or withdrawal from a Plan under Section
4062, 4063, 4064, 4069, 4201, 4204 or 4212 of ERISA or with respect to a Plan
under Section 436(f), 4971, 4975 or 4980 of the Code or Section 409, 502(i) or
502(l) of ERISA or with respect to a group health plan (as defined in Section
607(1) of ERISA or Section 4980B(g)(2) of the Code or 45 Code of Federal
Regulations Section 160.103) under Section 4980B of the Code and/or the Health
Insurance Portability and Accountability Act of 1996; or that Holdings or any of
its Subsidiaries may incur any material liability pursuant to any employee
welfare benefit plan (as defined in Section 3(1) of ERISA) that provides
benefits to retired employees or other former employees (other than as required
by Section 601 of ERISA) or any Plan or any Foreign Pension
Plan.  Holdings will deliver to the Administrative Agent copies of any
records, documents or other information that must be furnished to the PBGC with
respect to any Plan pursuant to Section 4010 of ERISA.  Holdings will
deliver to the Administrative Agent a copy of each funding waiver request filed
with the Internal Revenue Service or any other Governmental Authority with
respect to any Plan and all communications received by Holdings, any of its
Subsidiaries or any ERISA Affiliate from the Internal Revenue Service or any
other Governmental Authority with respect to each Plan.  Holdings will
also deliver to the Administrative Agent a complete copy of the annual report
(on Internal Revenue Service Form 5500-series) of each Plan and each
Multiemployer Plan (including, to the extent required, the related financial and
actuarial statements and opinions and other supporting statements,
certifications, schedules and information) required to be filed with the
Internal Revenue Service.  In addition to any certificates or notices
delivered to the Administrative Agent pursuant to the first sentence hereof,
copies of annual reports and any records, documents or other information
required to be furnished to the PBGC or any other Governmental Authority, and
any material notices received by Holdings, any of its Subsidiaries or any ERISA
Affiliate with respect to any Plan or Foreign Pension Plan shall be delivered to
the Administrative Agent no later than 10 days after the date such annual report
has been filed with the Internal Revenue Service or such records, documents
and/or information has been furnished to the PBGC or any other Government
Authority or such notice has been received by Holdings, the Subsidiary or the
ERISA Affiliate, as applicable.  If, at any time after the Effective
Date, Holdings, any of its Subsidiaries or any ERISA Affiliate maintains, or
contributes to (or incurs an obligation to contribute to), a Material Plan
(within the meaning of Item 601, SEC Regulation S-K) which is not set forth in
any filings with the SEC that Holdings has been required to make and have been
made within the past three (3) years under the Securities Act and the Exchange
Act, then Holdings shall deliver to the Administrative Agent written notice of
such Material Plan as soon as possible and, in any event, within 10 days after
Holdings, such Subsidiary or such ERISA Affiliate maintains, or contributes to
(or incurs an obligation to contribute to), such Material Plan.

             

             

            
              
                
                

              

              
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            (b) Holdings
and each of its applicable Subsidiaries shall ensure that all Foreign Pension
Plans and Canadian Pension Plans administered by it or into which it makes
payments obtains or retains (as applicable) registered or tax-qualified, as
applicable, status under and as required by applicable law and is administered
in a timely manner in all respects in compliance with all applicable laws except
where the failure to do any of the foregoing would not be reasonably likely to
result in a Material Adverse Effect.

             

            (c) Holdings
and the other Borrowers will furnish to the Administrative Agent written notice
promptly upon any Authorized Officer or other officer responsible for compliance
with the Documents of Holdings or any of its Subsidiaries becoming aware that a
Canadian Pension Plan Event has occurred that, alone or together with any other
Canadian Pension Plan Events that have occurred, could reasonably be expected to
result in a Material Adverse Effect or the creation or imposition of a material
Lien.  Each notice delivered under this Section will be accompanied by
a statement of a Authorized Officer or other executive officer of Holdings
setting forth the details of the event requiring such notice and any action
taken or proposed to be taken with respect thereto.

             

            (d) None of
Holdings, its Subsidiaries, or its ERISA Affiliates will incur liabilities to
any Multiemployer Plan in the event of a complete or partial withdrawal
therefrom that, individually or in the aggregate, could be reasonably expected
to have a Material Adverse Effect.

             

            9.08. End of Fiscal Years; Fiscal
Quarters.  Neither
Holdings nor any other Borrower shall change the date on which its and each of
their respective Subsidiaries’ fiscal years or fiscal quarters end, other than
such changes in regard to 4, 4, 5 accounting practice and leap years that are,
in each case, consistent with the methodology in place on the Effective
Date.

             

            9.09. Performance of
Obligations.  Each
of Holdings and each other Borrower will, and will cause each of their
respective Subsidiaries to, perform all of its obligations under the terms of
each mortgage, indenture, security agreement, loan agreement or credit agreement
and each other agreement, contract or instrument by which it is bound, except
such non-performances as could not, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

             

            9.10. Payment of
Taxes.  Each
of Holdings and each other Borrower will pay and discharge, and will cause each
of their respective Subsidiaries to pay and discharge, all taxes, assessments
and governmental charges or levies imposed upon it or upon its income or profits
or upon any properties belonging to it, prior to the date on which penalties
attach thereto, and all lawful claims which, if unpaid, might become a Lien or
charge upon any properties of Holdings or any of its Subsidiaries not otherwise
permitted under Section 10.01(i);
provided that
neither Holdings nor any of its Subsidiaries shall be required to pay any such
tax, assessment, charge, levy or claim which is being contested in good faith
and by proper proceedings if it has maintained adequate reserves with respect
thereto in accordance with GAAP.

             

            9.11. Use of
Proceeds.  The
Borrowers will use the proceeds of the Loans and the issuances of Letters of
Credit only as provided in Section
8.08.

             

            9.12. Information Regarding
Collateral.  Holdings
and the other Borrowers will furnish to the Administrative Agent prompt written
notice of:

             

             

            
              
                
                

              

              
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            (a) With
respect to any U.S. Credit Party, any change in any Credit Party’s (A) legal
name, (B) organizational identity, (C) organizational identification number, (D)
organizational structure, (E) in the case of any U.S. Credit Party that is not a
registered organization for purposes of Section 9-307 of the UCC, its place of
business or, if it has more than one place of business, its Chief Executive
Office, or (F) in the case of any U.S. Credit Party organized under the laws of
North Dakota or South Dakota, its Federal Taxpayer Identification
Number;

             

            (b) With
respect to any Credit Party that is required to provide Collateral under the
laws of England and Wales, under the laws of Canada, under the laws of the
Netherlands or under the laws of Australia, any change (A) in such Credit
Party’s corporate name, (B) in the location of such Credit Party’s Chief
Executive Office, its principal place of business, registered office, any office
in which it maintains books or records relating to Collateral (other than
de-minimis portions of 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 or facility), or (C) in such Credit Party’s identity or corporate
structure.

             

            (c) Within 5
Business Days prior to any change referred to in clause (a) or (b) above, Holdings
and the other Borrowers agree to make, or to provide to the Administrative Agent
all the information required to enable it to make, all filings under the UCC (or
the analogous legislation in any other relevant jurisdiction) or otherwise that
are required in order for the Administrative Agent to continue at all times
following such change to have a valid, legal and perfected security interest in
all the Collateral.

             

            (d) Promptly
upon, and in any event within ten Business Days after, Holdings or any other
U.S. Credit Party acquires any fee owned (or the equivalent) Real Property the
cost or book value (whichever is greater) of which is more than $500,000 or
which constitutes a Leasehold interest in Real Property to be used for any
material manufacturing operations, notice of such acquisition, together with
Holding’s good faith determination of the Fair Market Value of any such fee
owned (or equivalent) Real Property.

             

            9.13. Additional Subsidiaries;
Ownership of Subsidiaries.  (a)  Except
as otherwise permitted by Section 10.05, or
pursuant to a Permitted Acquisition consummated in accordance with the terms
hereof, each of Holdings and each other Borrower will, and will cause each of
their respective Subsidiaries to, own 100% of the Equity Interests of each of
their Subsidiaries (other than, in the case of any Foreign Subsidiary,
directors’ qualifying shares to the extent required by applicable
law).

             

            (b) If any
Subsidiary of Holdings is formed or acquired after the Effective Date, Holdings
will (a) within 15 days (unless extended with the consent of the Administrative
Agent in its sole discretion) in the case of any Domestic Subsidiary that is
required to become a Credit Party and (b) within 30 days (unless extended with
the consent of the Administrative Agent in its sole discretion) in all other
cases, cause (x) the Collateral and Guaranty Requirements to be satisfied with
respect to such Subsidiary (if it is, or required under the Collateral and
Guaranty Requirement or pursuant to the definition of Subsidiary Guarantors to
become, a Credit Party) and with respect to any Equity Interest in or
Indebtedness of such Subsidiary owned by or on behalf of any Credit Party and
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            the
Administrative Agent that the Liens indicated by the results of a search of each
system that is, or is similar to, the UCC that filings made with respect to such
Subsidiary in the jurisdictions contemplated by the applicable Perfection
Certificate and copies of the financing statements (or similar documents)
disclosed by such search (in each case to the extent such searches and copies
are made available to such Subsidiary) are Permitted Liens or shall have been
terminated and released.

             

            9.14. Further
Assurances.  (a)
(i) Each of Holdings and the other Borrowers will, and will cause each of the
respective Subsidiaries to, execute any and all further documents, financing
statements, agreements and instruments, and take all such further actions
(including the filing, registration and recording of financing statements,
fixture filings, mortgages, charges, debenture, deeds of trust, real property
mortgage forms  and other documents and the payment of all taxes (as
provided for in Section 9.10) and
duties), which may be required under any applicable law, or which the
Administrative Agent or the Required Lenders may reasonably request, to cause
the Collateral and Guaranty Requirements to be and remain satisfied at all times
(including, without limitation, the Incremental Security Documents), all at the
expense of the Credit Parties.  Holdings and the other Borrowers also
agree to provide to the Administrative Agent, from time to time upon request,
evidence reasonably satisfactory to the Administrative Agent as to the
perfection and priority of the Liens created or intended to be created by the
Security Documents.

             

            (ii) If any
assets (including any Real Property or improvements thereto or any interest
therein), (x) with a cost or book value (whichever is greater) of more than
$500,000, or constituting a Leasehold interest in Real Property to be used for
any material manufacturing operations, are acquired by Holdings or any Person
that is, or is required to become, a U.S. Credit Party after the Effective Date
(other than assets constituting Collateral under a Security Document that become
subject to the Lien of such Security Document upon acquisition thereof) or (y)
in connection with Indebtedness incurred pursuant to Section 10.04(i), are
granted by a U.S. Credit Party as security for the obligations in respect of
such Indebtedness and such assets are not Collateral, Holdings and the Borrowers
will cause such assets to be subjected to a Lien securing the Secured
Obligations and will take, and cause such Persons to take, such actions as shall
be necessary or reasonably requested by the Administrative Agent to grant and
perfect such Liens, including actions described in clause (a) of this Section,
all at the expense of the Credit Parties, in each case within 15 days in the
case of any asset held by any Domestic Subsidiary that is, or is required to
become, a U.S. Credit Party.  In the event that any Domestic
Subsidiary of Holdings shall become the holder of any fee title in respect of
any Mortgaged Property subject to a leasehold Mortgage, such Subsidiary shall
promptly notify the Administrative Agent thereof and shall within 30 days
(unless extended with the consent of the Administrative Agent in its sole
discretion) of becoming the holder of such fee title take all action required
under applicable law or requested by the Administrative Agent, if any, to
maintain the Lien of such Mortgage on such Mortgaged Property or to grant and
perfect a new Mortgage on such Mortgaged Property, as the case may
be.

             

            (iii) On each
date after the Effective Date upon which Holdings, any other Borrower, or any
other Credit Party enters into any Security Documents pursuant to preceding
Section 9.13 or
this Section
9.14, Holdings on behalf of the respective Credit Party entering into
such Security Documents on such date shall deliver to the Administrative Agent a
completed

             

             

            
              
                
                

              

              
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            Perfection
Certificate Supplement (together with all attachments contemplated thereby)
dated the date of entry into such Security Documents; in each case, signed by,
an Authorized Officer of Holdings, it being understood and agreed that the
respective Perfection Certificate Supplement need only speak to the respective
Credit Party then entering into the respective Security Documents.

             

            (iv) Upon the
written request of the Administrative Agent, Holdings shall cause a Mortgage to
be granted in favor of the Collateral Agent for the benefit of the Secured
Parties, by the holder of any fee title in respect of any Real Property owned by
a U.S. Credit Party which is located in the State of New York, together with
title insurance policy, opinions of local counsel, to the extent reasonably
requested by the Administrative Agent, a survey, and other documentation
customarily delivered in connection with the granting of a Mortgage, all in form
and substance reasonably satisfactory to the Administrative Agent.

             

            (b) At the
request of (i) Holdings, (ii) any other Borrower, (iii) the Administrative Agent
or (iv) any Secured Party that was not a Secured Party on the Effective Date,
each of Holdings, each other Borrower, the Administrative Agent, the Collateral
Agent and each Secured Party, as applicable, shall enter into any amendments to
the Security Documents or take any other actions for the purpose of naming such
new Secured Party as a Secured Party thereunder, to the extent necessary or
appropriate under applicable law.

             

            (c) (i) At
any time any Domestic Subsidiary (other than Immaterial Subsidiaries) of
Holdings is created, established or acquired, such Domestic Subsidiary, to the
extent requested by the Administrative Agent, (x) shall be required to execute
and deliver to the Administrative Agent a Joinder Agreement pursuant to which
such Domestic Subsidiary shall become a U.S. Borrower and (y) shall take all
action in connection therewith as would otherwise have been required to cause
the Collateral and Guaranty Requirements to be satisfied as if such Domestic
Subsidiary had been a U.S. Borrower on the Effective Date; and

             

            (ii) At any
time any Canadian Subsidiary, U.K. Subsidiary, Australian Subsidiary or Dutch
Subsidiary, in each case, of Holdings is created, established or acquired, such
Foreign Subsidiary, to the extent requested by the Administrative
Agent,  (x) shall be required to execute and deliver to the
Administrative Agent a Joinder Agreement pursuant to which such Foreign
Subsidiary shall become an Australian Borrower or Guarantor, Canadian Borrower
or Subsidiary Guarantor, Dutch Borrower or Guarantor or U.K. Borrower or
Guarantor, as the case may be, and (y) shall take all action in connection
therewith as would otherwise have been required to cause the Collateral and
Guaranty Requirements to be satisfied as if such Foreign Subsidiary had been a
Foreign Credit Party on the Effective Date.

             

            9.15. U.K.
Pensions.  From
and after the Effective Date, Holdings shall ensure that neither it nor any of
its Subsidiaries takes any action in relation to the Disclosed Schemes which
could reasonably be expected to result in a Material Adverse
Effect.  From and after the Effective Date, Holdings shall ensure that
neither it nor any of its Subsidiaries becomes at any time an employer (for the
purposes of sections 38 to 51 of the Pensions Act 2004) of any occupational
pension scheme which is not a money purchase scheme (both terms as defined in
the Pension Schemes Act 1993) other than the Disclosed Schemes or “connected”
with, or an “associate” of, (as those terms are used in sections 39 or 43 of the
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            employer
to the extent that becoming such an employer, “connected” or an “associate”
could reasonably be expected to result in a Material Adverse Effect. From and
after the Effective Date, Holdings shall promptly notify the Administrative
Agent of any investigation or proposed investigation by the Pensions Regulator
of which it is aware which is reasonably likely to lead to the issue of a
material Financial Support Direction or a Contribution Notice to Holdings or any
member of the Group but solely to the extent such direction or notice could
reasonably be expected to result in a Material Adverse Effect.  From
and after the Effective Date, Holdings shall promptly notify the Administrative
Agent if it or any of its Subsidiaries receives a Financial Support Direction or
a material Contribution Notice from the Pensions Regulator.

             

            9.16. Permitted
Acquisitions.  (a)  Subject
to the provisions of this Section 9.16 and the
requirements contained in the definition of Permitted Acquisition, Holdings, and
each Wholly-Owned Subsidiary of Holdings which is a Subsidiary Guarantor may
from time to time effect Permitted Acquisitions, so long as (in each case except
to the extent the Required Lenders otherwise specifically agree in writing in
the case of a specific Permitted Acquisition):  (i) no Default or
Event of Default shall have occurred and be continuing at the time of the
consummation of the proposed Permitted Acquisition or immediately after giving
effect thereto; (ii) Holdings or such other Borrower shall have given to the
Administrative Agent and the Lenders at least 10 Business Days’ prior written
notice of any Permitted Acquisition (or such shorter period of time as may be
reasonably acceptable to the Administrative Agent), which notice shall describe
in reasonable detail the principal terms and conditions of such Permitted
Acquisition; (iii) calculations are made by Holdings or such other Borrower with
respect to the financial covenant contained in Section 10.07 for the
respective Calculation Period on a Pro Forma Basis as if the
respective Permitted Acquisition (as well as all other Permitted Acquisitions
theretofore consummated after the first day of such Calculation Period) had
occurred on the first day of such Calculation Period, and such calculations
shall show that such financial covenants would have been complied with if the
Permitted Acquisition had occurred on the first day of such Calculation Period
(whether or not such covenant is in effect at such time); (iv) based on good
faith projections prepared by Holdings or such other Borrower for the period
from the date of the consummation of the respective Permitted Acquisition to the
date which is one year thereafter, the level of financial performance measured
by the financial covenants set forth in Section 10.07 shall
be better than or equal to such level as would be required to provide that no
Default or Event of Default would exist under the financial covenants contained
in such Section
10.07 as compliance with such financial covenants would be required
through the date which is one year from the date of the consummation of the
respective Permitted Acquisition; (v) all representations and warranties
contained herein and in the other Credit Documents shall be true and correct in
all material respects with the same effect as though such representations and
warranties had been made on and as of the date of such Permitted Acquisition
(both before and after giving effect thereto), unless stated to relate to a
specific earlier date, in which case such representations and warranties shall
be true and correct in all material respects as of such earlier date; (vi)
Payment Conditions are satisfied both before and after giving effect to such
Permitted Acquisition; (vii) Holdings shall have delivered to the Administrative
Agent and each Lender a certificate executed by its chief financial officer,
certifying to the best of such officer’s knowledge, compliance with the
requirements of preceding clauses (i) through (vi), inclusive, and containing
the calculations (in reasonable detail) required by preceding clauses (iii),
(iv), and (vi); and (viii) the Administrative Agent shall have received true and
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            material
documentation in connection with the Permitted Acquisition certified as such by
an Authorized Officer of Holdings.

             

            (b) At the
time of each Permitted Acquisition involving the creation or acquisition of a
Subsidiary, or the acquisition of capital stock or other Equity Interest of any
Person, the capital stock or other Equity Interests thereof created or acquired
in connection with such Permitted Acquisition shall be pledged for the benefit
of the Secured Parties pursuant to (and to the extent required by) the
Collateral and Guaranty Requirements.

             

            (c) Each of
Holdings and each other Borrower will cause each Subsidiary which is formed to
effect, or is acquired pursuant to, a Permitted Acquisition to comply with, and
to execute and deliver all of the documentation as and to the extent required
by, Sections
9.12, 9.13, 9.14 and 10.11, to the
reasonable satisfaction of the Administrative Agent.

             

            (d) The
consummation of each Permitted Acquisition shall be deemed to be a
representation and warranty by Holdings and each other Borrower that the
certifications pursuant to this Section 9.16 are true
and correct and that all conditions thereto have been satisfied and that same is
permitted in accordance with the terms of this Agreement, which representation
and warranty shall be deemed to be a representation and warranty for all
purposes hereunder, including, without limitation, Sections 8 and 11.

             

            9.17. Maintenance of Company
Separateness.  Neither
Holdings nor any Credit Party shall take any action, or conduct its affairs in a
manner, which is likely to result in the Business existence of Holdings or any
of its Subsidiaries being ignored, or in the assets and liabilities of Holdings
or any of its Subsidiaries being substantively consolidated with those of any
other such Person in a bankruptcy, reorganization or other insolvency
proceeding.

             

            9.18. Designated Senior
Indebtedness.  Holdings
hereby designates the Obligations to be “Designated Senior Indebtedness” under
the Existing Senior Subordinated Notes Indenture.

             

            9.19. Retention of Financial
Consultant.  Upon
the occurrence of a Default or Event of Default under Sections 11.01(a) or 11.01(e), upon the
request of the Administrative Agent, Holdings and the other Borrowers (at their
sole cost and expense) shall retain a business and financial consultant mutually
acceptable to Holdings and the Administrative Agent on such terms, including the
scope of work and term of engagement, as are reasonably acceptable to the
Administrative Agent.

             

            SECTION
10. Negative
Covenants.  Each
of Holdings and the other Borrowers hereby covenants and agrees that on and
after the Effective Date and until the Total Commitment and all Letters of
Credit have terminated and the Loans, Notes and Unpaid Drawings (in each case,
together with interest thereon), Fees and all other Obligations (other than any
indemnities and other contingent obligations which are not then due and payable)
incurred hereunder and thereunder, are paid in full:

             

            10.01. Liens.  Each
of Holdings and each other Borrower will not, and will not permit any of their
respective Subsidiaries to, create, incur, assume or suffer to exist any Lien
upon or with respect to any property or assets (real or personal, tangible or
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            Holdings
or any of its Subsidiaries, whether now owned or hereafter acquired, or sell any
such property or assets subject to an understanding or agreement, contingent or
otherwise, to repurchase such property or assets (including sales of accounts
receivable with recourse to Holdings or any of its Subsidiaries), or assign any
right to receive income or permit the filing of any financing statement under
the UCC or any other similar notice of Lien under any similar recording or
notice statute; provided that the
provisions of this Section 10.01 shall
not prevent the creation, incurrence, assumption or existence of the following
(Liens described below are herein referred to as “Permitted
Liens”):

             

            (i) inchoate
Liens for taxes, assessments or governmental charges or levies not yet due or
Liens for taxes, assessments or governmental charges or levies being contested
in good faith and by appropriate proceedings for which adequate reserves have
been established in accordance with GAAP;

             

            (ii) Liens in
respect of property or assets of Holdings or any of its Subsidiaries imposed by
law, which were incurred in the ordinary course of business and do not secure
Indebtedness for borrowed money, such as carriers’, warehousemen’s,
materialmen’s and mechanics’ liens and other similar Liens arising in the
ordinary course of business, and (x) which do not in the aggregate materially
detract from the value of Holdings’ or such Subsidiary’s property or assets or
materially impair the use thereof in the operation of the business of Holdings
or such Subsidiary or (y) which are being contested in good faith by appropriate
proceedings, which proceedings have the effect of preventing the forfeiture or
sale of the property or assets subject to any such Lien;

             

            (iii) Liens in
existence on the Effective Date which are listed, and the property subject
thereto described, in Schedule 10.01, but
only to the respective date, if any, set forth in such Schedule 10.01 for
the removal, replacement and termination of any such Liens, plus renewals,
replacements and extensions of such Liens to the extent set forth on such Schedule 10.01, provided that (x) the
aggregate principal amount of the Indebtedness, if any, secured by such Liens
does not increase from that amount outstanding at the time of any such renewal,
replacement or extension and (y) any such renewal, replacement or extension does
not encumber any additional assets or properties of Holdings or any of its
Subsidiaries;

             

            (iv) (x) Liens
created by or pursuant to this Agreement and the Security Documents and (y)
Liens on Collateral owned by the U.S. Credit Parties and created by or pursuant
to the Senior Secured Notes Security Documents (in each case subject to the
terms of the Intercreditor Agreement);

             

            (v) (x)
licenses, sublicenses, leases or subleases granted by Holdings or any of its
Subsidiaries to other Persons not materially interfering with the conduct of the
business of Holdings or any of its Subsidiaries and (y) any interest or title of
a lessor, sublessor or licensor under any lease or license agreement permitted
by this Agreement to which Holdings or any of its Subsidiaries is a
party;

             

            (vi) Liens
upon assets of Holdings or any of its Subsidiaries subject to Capitalized Lease
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            permitted
by Section
10.04(iv), provided that (x)
such Liens only serve to secure the payment of Indebtedness arising under such
Capitalized Lease Obligation and (y) the Lien encumbering the asset giving rise
to the Capitalized Lease Obligation does not encumber any other asset of
Holdings or any of its Subsidiaries;

             

            (vii) Liens
placed upon equipment or machinery acquired after the Effective Date and used in
the ordinary course of business of Holdings or any of its Subsidiaries and
placed at the time of the acquisition thereof by Holdings or such Subsidiary or
within 90 days thereafter to secure Indebtedness incurred to pay all or a
portion of the purchase price thereof or to secure Indebtedness incurred solely
for the purpose of financing the acquisition of any such equipment or machinery
or extensions, renewals or replacements of any of the foregoing for the same or
a lesser amount, provided that (x) the
Indebtedness secured by such Liens is permitted by Section 10.04(iv) and
(y) in all events, the Lien encumbering the equipment or machinery so acquired
does not encumber any asset of Holdings or any of its Subsidiaries;

             

            (viii) easements,
rights-of-way, restrictions, encroachments and other similar charges or
encumbrances, and minor title deficiencies, in each case not securing
Indebtedness and not materially interfering with the conduct of the business of
Holdings or any of its Subsidiaries;

             

            (ix) Liens
arising from precautionary UCC financing statement filings (or other equivalent)
regarding operating leases entered into in the ordinary course of
business;

             

            (x) Liens
arising out of the existence of judgments or awards in respect of which Holdings
or any of its Subsidiaries shall in good faith be prosecuting an appeal or
proceedings for review and in respect of which there shall have been secured a
subsisting stay of execution pending such appeal or proceedings, provided that the
aggregate amount of all cash and the Fair Market Value of all other property
subject to such Liens (net of applicable insurance coverage if the insurance
carrier has admitted coverage) does not exceed $15,000,000 at any time
outstanding;

             

            (xi) statutory
and common law landlords’ liens under leases to which Holdings or any of its
Subsidiaries is a party;

             

            (xii) Liens
(other than Liens imposed under ERISA) incurred in the ordinary course of
business in connection with workers compensation claims, unemployment insurance
and social security benefits and Liens securing the performance of bids,
tenders, leases and contracts in the ordinary course of business, statutory
obligations, surety bonds, performance bonds and other obligations of a like
nature incurred in the ordinary course of business and consistent with past
practice (exclusive of obligations in respect of the payment for borrowed
money), provided that the
aggregate amount of all cash and the Fair Market Value of all other property
subject to all Liens permitted by this clause (xii) shall not at any time exceed
$5,000,000;

             

            (xiii) Permitted
Encumbrances;

             

             

            
              
                
                

              

              
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            (xiv) Liens on
property or assets acquired pursuant to a Permitted Acquisition, or on property
or assets of a Subsidiary of Holdings in existence at the time such Subsidiary
is acquired pursuant to a Permitted Acquisition (other than, in each case, on
ABL Priority Collateral), provided that (x) any
Indebtedness that is secured by such Liens is permitted to exist under Section 10.04(vii),
and (y) such Liens are not incurred in connection with, or in contemplation or
anticipation of, such Permitted Acquisition and do not attach to any asset of
Holdings or any of its Subsidiaries;

             

            (xv) Liens
arising out of any conditional sale, title retention, consignment or other
similar arrangements for the sale of goods entered into by Holdings or any of
its Subsidiaries in the ordinary course of business to the extent such Liens do
not attach to any assets other than the goods subject to such
arrangements;

             

            (xvi) Liens (x)
incurred in the ordinary course of business in connection with the purchase or
shipping of goods or assets (or the related assets and proceeds thereof), which
Liens are in favor of the seller or shipper of such goods or assets and only
attach to such goods or assets, and (y) in favor of customs and revenue
authorities arising as a matter of law to secure payment of customs duties in
connection with the importation of goods;

             

            (xvii) bankers’
Liens, rights of setoff and other similar Liens existing solely with respect to
cash and Cash Equivalents on deposit in one or more accounts maintained by
Holdings or any of its Subsidiaries, in each case granted in the ordinary course
of business in favor of the bank or banks with which such accounts are
maintained, securing amounts owing to such bank or banks with respect to cash
management and operating account arrangements;

             

            (xviii) Liens
encumbering customary initial and margin deposits in respect of foreign exchange
accounts maintained in the ordinary course of business, similar Liens attaching
to foreign exchange accounts maintained in the ordinary course of business and
Liens on cash and Cash Equivalents to secure Hedging Contracts; provided that (x) any
account subject to a Lien described above in this clause (i) may only contain
deposits for the purposes described above and (y) unless otherwise agreed to by
the Administrative Agent or the Required Lenders, neither Holdings nor any of
its Subsidiaries shall deposit additional amounts into any account as described
above at any time while a Default or any Event of Default exists;

             

            (xix) Liens on
the assets of Foreign Subsidiaries organized in jurisdictions other than ABL
Jurisdictions securing Indebtedness incurred under Section 10.04(xii),
the proceeds of which Indebtedness are used for such Foreign Subsidiary’s
working capital purposes.

             

            (xx) Liens
incurred in connection with permitted insurance premium financing;
and

             

            (xxi) additional
Liens (not on ABL Priority Collateral) of Holdings or any of its Subsidiaries
not otherwise permitted by this Section 10.01 that
(x) do not materially

             

             

            
              
                
                

              

              
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            impair
the use of such assets in the operation of the business of Holdings or any of
its Subsidiaries and (y) do not secure obligations in excess of $10,000,000 in
the aggregate for all such Liens at any time.

             

            In
connection with the granting of Liens of the type described in clauses (iii),
(vi), (vii), (ix), (xiv) and (xxi) of this Section 10.01 by
Holdings or any of its Subsidiaries, the Administrative Agent and the Collateral
Agent shall be authorized to take any actions deemed appropriate by it in
connection therewith (including, without limitation, by executing appropriate
lien releases or lien subordination agreements in favor of the holder or holders
of such Liens, in either case solely with respect to the item or items of
equipment or other assets subject to such Liens).

             

            Notwithstanding
anything to the contrary contained above in this Section 10.01 or
elsewhere in this Agreement, Holdings and each Borrower will not and will not
permit any of their respective Subsidiaries that are ABL Credit Parties to,
create, incur, assume or otherwise cause or suffer to exist or become effective
any Lien of any kind (other than the Permitted Liens in clauses (i) through
(xviii) and (xx) of this Section 10.01) upon
any of property or assets, now owned or hereafter acquired by an ABL Credit
Party (other than a U.S. Credit Party), unless all the Secured Obligations of
the Foreign Credit Parties are secured on an equal and ratable basis with
the obligations so secured until such time as such obligations are no longer
secured by a Lien.

             

            10.02. Consolidation, Merger,
Purchase or Sale of Assets, etc.  Each
of Holdings and each other Borrower will not, and will not permit any of their
respective Subsidiaries to, wind up, liquidate or dissolve its affairs or enter
into any partnership, joint venture, or transaction of merger or consolidation,
or convey, sell, lease or otherwise dispose of all or any part of its property
or assets (other than sales of inventory in the ordinary course of business), or
enter into any sale-leaseback transactions, or purchase or otherwise acquire (in
one or a series of related transactions) any part of the property or assets
(other than purchases or other acquisitions of inventory, materials and
equipment in the ordinary course of business) of any Person (or agree to do any
of the foregoing at any future time), except that:

             

            (i) Capital
Expenditures by Holdings and its Subsidiaries shall be permitted (other than
Capital Expenditures consisting of the acquisition of an Acquired Entity or
Business except to the extent permitted by Section 9.16 or 10.05);

             

            (ii) Holdings
and its Subsidiaries may (x) sell inventory in the ordinary course of business
or (y) liquidate or otherwise dispose of obsolete, uneconomical, non-useful or
worn-out property in the ordinary course of business;

             

            (iii) Investments
may be made to the extent permitted by Section
10.05;

             

            (iv) Holdings
and its Subsidiaries may sell assets (other than (A) the capital stock or other
Equity Interests of any Wholly-Owned Subsidiary, unless all of the capital stock
or other Equity Interests of such Wholly-Owned Subsidiary are sold in accordance
with this clause (iv) or (B) ABL Priority Collateral), so long as (w) no Default
or Event of Default then exists or would result therefrom, (x) each such sale is
in an arm’s-length 

             

             

            
              
                
                

              

              
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            transaction
and Holdings or the respective Subsidiary receives at least Fair Market Value,
(y) the Net Sale Proceeds therefrom are applied and/or reinvested as (and to the
extent) required by Section 5.02(c) and
(z) the aggregate amount of the cash and non-cash proceeds received from all
assets sold pursuant to this clause (iv) (excluding  cash and non-cash
proceeds received from the sale of real property located at Bretton Way,
Peterborough, Cambridgeshire, England) shall not exceed $10,000,000 in any
fiscal year of Holdings (for this purpose, using the Fair Market Value of
property other than cash);

             

            (v) each of
Holdings and its Subsidiaries may lease (as lessee) or license (as licensee)
real or personal property (so long as any such lease or license does not create
a Capitalized Lease Obligation except to the extent permitted by Section
10.04(iv));

             

            (vi) each of
Holdings and its Subsidiaries may sell or discount, in each case without
recourse and in the ordinary course of business, accounts receivable arising in
the ordinary course of business, but only in connection with the compromise or
collection thereof and not as part of any financing transaction;

             

            (vii) each of
Holdings and its Subsidiaries may grant licenses, sublicenses, leases or
subleases to other Persons not materially interfering with the conduct of the
business of Holdings or any of its Subsidiaries, in each case so long as no such
grant otherwise affects the Collateral Agent’s security interest in the asset or
property subject thereto;

             

            (viii) transfers
of assets among Holdings and its Subsidiaries shall be permitted, so long as (w)
no Default or Event of Default then exists or would exist immediately after
giving effect to the respective transfer, (x) Real Property shall not be
transferred by any Person which is a Foreign Credit Party to any other Person
which is not a Foreign Credit Party, and any other transfer of assets from a
Foreign Credit Party to an entity which is not a Foreign Credit Party shall only
be permitted if in the ordinary course of business, (y) any assets so
transferred shall be subject to any security interests granted to the Collateral
Agent for the benefit of the Secured Parties at least to the same extent as
would have been required had the transferee originally owned such assets, and
(z) the aggregate amount of all assets transferred by (A) any U.S. Credit Party
to any Subsidiary of Holdings which is not a U.S. Credit Party, (B) any ABL
Credit Party (other than any U.S. Credit Party) to any Subsidiary of Holdings
which is not an ABL Credit Party and (C) any Foreign Credit Party (other than
any ABL Credit Party) to any Wholly-Owned Subsidiary of Holdings which is not an
Credit Party, shall not exceed an aggregate amount of $5,000,000;

             

            (ix) (i) any
Domestic Subsidiary of Holdings may be merged, consolidated or liquidated with
or into Holdings (so long as Holdings is the surviving Person of any such
merger, consolidation or liquidation) or another U.S. Credit Party (so long
as a U.S. Credit Party is the surviving Person of any such merger,
consolidation or liquidation), (ii) any Foreign Credit Party may be merged (or
amalgamated), consolidated or liquidated with or into any other Foreign Credit
Party organized in the same jurisdiction, and (iii) any Foreign Subsidiary of
Holdings (other than a Foreign Credit Party) may be merged (or amalgamated),
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            Wholly-Owned
Foreign Subsidiary of Holdings (so long as, in the case of a merger,
consolidation or liquidation, a Wholly-Owned Foreign Subsidiary is the surviving
Person of any such merger, consolidation or liquidation); provided that any
such merger (or amalgamation), consolidation or liquidation shall only be
permitted pursuant to this clause (ix), so long as (A) no Default or Event of
Default then exists or would exist immediately after giving effect thereto, (B)
any security interests granted to the Collateral Agent for the benefit of the
Secured Parties in the assets (and Equity Interests) of any such Person subject
to any such transaction shall remain in full force and effect and perfected and
enforceable (to at least the same extent as in effect immediately prior to such
merger (or amalgamation), consolidation or liquidation), (C) if any Person
subject to any such merger (or amalgamation), consolidation or liquidation is a
Borrower, the surviving Person, in the case of a merger, consolidation or
liquidation, also shall be a Borrower, and in the case of an amalgamation, the
Person resulting from such amalgamation assumes all obligations of the
predecessor Borrower and (D) if the Person to be merged (or amalgamated),
consolidated or liquidated into or with another Person as contemplated above is
party to the U.S. Guaranty or the Foreign Guaranty, in the case of a
merger, consolidation or liquidation, the nature and scope of the obligations of
such Person under such U.S. Guaranty or such Foreign Guaranty, as the case
may be, are substantially identical to the nature and scope of the obligations
of such other Person under such U.S. Guaranty or such Foreign Guaranty, as
the case may be, and in the case of an amalgamation, the Person resulting from
such amalgamation assumes all obligations of the predecessor
Guarantor;

             

            (x) sales,
transfers and other dispositions of assets (other than ABL Priority Collateral)
to the extent such assets are exchanged substantially simultaneously for similar
replacement assets shall be permitted so long as (i) no Default or Event of
Default then exists or would result therefrom, (ii) the Fair Market Value of the
assets received in any such sale, transfer or other disposition is equal to or
greater than the Fair Market Value of the assets exchanged therefor and (iii)
after giving effect to each such sale, transfer or other disposition, the
aggregate Fair Value Market of all assets sold, transferred or otherwise
disposed of in reliance upon this clause (x) shall not exceed $10,000,000 in any
fiscal year of Holdings;

             

            (xi) Permitted
Acquisitions may be consummated in accordance with the requirements of Section
9.16;

             

            (xii) leases,
occupancy agreements or subleases, licenses and sublicenses of property or
assets of Holdings and its Subsidiaries in the ordinary course of business;
provided that
any such arrangement is not substantially the equivalent of a sale; provided further, that, in the
case of any such arrangement relating to any Mortgaged Property, such
arrangement (i) shall be subordinate in all respects to the Liens granted and
evidenced by the Security Documents, (ii) shall not, individually or in the
aggregate, interfere in any material respect with the ordinary conduct of the
business of Holdings and its Subsidiaries taken as a whole, (iii) shall require
any such lease, occupancy agreements or subleases, licenses or sublicenses of
any portion of any Mortgaged Property to provide pursuant to customary
commercially reasonable arm’s length provisions that the tenant’s use of the
premises shall not violate any applicable zoning or 

             

             

            
              
                
                

              

              
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            other law
relating to the uses thereof and Holdings and its Subsidiaries shall use
commercially reasonable efforts to enforce same, and (iv) such leases, occupancy
agreements or subleases, licenses or sublicenses of any portion of any Mortgaged
Property shall not materially impair the value of the property subject thereto;
and

             

            (xiii) Holdings
and its Subsidiaries may liquidate or otherwise dispose of Cash Equivalents in
the ordinary course of business, in each case for cash at Fair Market
Value.

             

            To the
extent the Required Lenders waive the provisions of this Section 10.02 with
respect to the sale of any Collateral, or any Collateral is sold as permitted by
this Section
10.02 (other than to Holdings or any of its Subsidiaries), such
Collateral shall be sold free and clear of the Liens created by the Security
Documents, and the Administrative Agent and the Collateral Agent shall be
authorized to take any actions deemed appropriate in order to effect the
foregoing.

             

            Notwithstanding
anything to the contrary contained above in this Section 10.02 or
elsewhere in this Agreement, (a) at any time when an Event of Default has
occurred and is continuing, no ABL Priority Collateral may be sold, transferred
or otherwise disposed of by any ABL Credit Party (other than sales of inventory
in the ordinary course of business), and (b)  Holdings and any of its
Subsidiaries shall not be permitted to sell or transfer the Equity Interests of,
or all or substantially all of the assets of, any Borrower, unless (i) all
Secured Obligations (other than Unasserted Obligations or obligations arising
out of such Borrower’s guaranty of all or any portion of the Secured
Obligations) owing by such Borrower have been indefeasibly paid in full in cash
(or, solely in the case of Secured Obligations (x) with respect to the Secured
Hedging Agreements to the extent such Secured Obligations have not been
indefeasibly paid in full in cash, if Holdings has certified that no payment
default exists with respect to any Secured Hedging Agreements and (y) with
respect to the Secured Cash Management Agreements to the extent such Secured
Obligations have not been indefeasibly paid in full in cash, if Holdings has
certified that no payment obligation is outstanding with respect to any Secured
Cash Management Agreements) and (ii) if, after such sale or transfer, no other
Borrower then exists in the ABL Jurisdiction of such Borrower, (x) the Stated
Amount of all Letters of Credit issued on behalf of such Borrower have been
reduced to zero (or, with respect to each outstanding Letter of Credit, the
applicable Issuing Lender has entered into arrangements, including without
limitation cash collateralization, satisfactory to it in its sole discretion to
eliminate such Issuing Lender’s risk with respect to each applicable outstanding
Letter of Credit), and (y) no further Borrowings or Letters of Credit shall be
permitted by Holdings or any of its Subsidiaries in such ABL
Jurisdiction.

             

            10.03. Dividends.  Each
of Holdings and each other Borrower will not, and will not permit any of their
respective Subsidiaries to, authorize, declare or pay any Dividends with respect
to Holdings or any of its Subsidiaries, except that:

             

            (i) any
Subsidiary of Holdings may pay cash Dividends to Holdings or to any Wholly-Owned
Domestic Subsidiary of Holdings and any Foreign Subsidiary of Holdings also may
pay cash Dividends to any Wholly-Owned Foreign Subsidiary of
Holdings;

             

             

            
              
                
                

              

              
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            (ii) any
Non-Wholly-Owned Subsidiary of Holdings may pay cash Dividends to its
shareholders, members or partners generally, so long as Holdings or its
respective Subsidiary which owns the Equity Interest in the Subsidiary paying
such Dividends receives at least its proportionate share thereof (based upon its
relative holding of the Equity Interest in the Subsidiary paying such Dividends
and taking into account the relative preferences, if any, of the various classes
of Equity Interests of such Subsidiary);

             

            (iii) Holdings
may pay regularly scheduled Dividends on its Qualified Preferred Stock pursuant
to the terms thereof solely through the issuance of additional shares of such
Qualified Preferred Stock (but not in cash), provided that in lieu
of issuing additional shares of such Qualified Preferred Stock as Dividends,
Holdings may increase the liquidation preference of the shares of Qualified
Preferred Stock in respect of which such Dividends have accrued;
and

             

            (iv) Holdings
may pay additional cash Dividends on its Qualified Preferred Stock or common
Equity Interests so long as the Payment Conditions are satisfied both before and
after giving effect to the payment of such dividends.

             

            10.04. Indebtedness.  Each
of Holdings and each other Borrower will not, and will not permit any of their
respective Subsidiaries to, contract, create, incur, assume or suffer to exist
any Indebtedness, except:

             

            (i) Indebtedness
incurred pursuant to this Agreement and the other Credit Documents;

             

            (ii) Existing
Indebtedness outstanding on the Effective Date and listed on Schedule 10.04 (as
reduced by any repayments of principal thereof), without giving effect to any
subsequent extension, renewal or refinancing thereof except to the extent set
forth on Schedule
10.04, provided that the
aggregate principal amount of the Indebtedness to be extended, renewed or
refinanced does not increase from that amount outstanding at the time of any
such extension, renewal or refinancing;

             

            (iii) Indebtedness
(i) of Holdings under Interest Rate Protection Agreements entered into in the
ordinary course of business with respect to other Indebtedness permitted under
this Section
10.04 and (ii) of Holdings and its Subsidiaries under Other Hedging
Agreements entered into in the ordinary course of business and providing
protection to Holdings and its Subsidiaries against fluctuations in currency
values or commodity prices in connection with Holding’s or any of its
Subsidiaries’ operations, in either case so long as the entering into of such
Interest Rate Protection Agreements or Other Hedging Agreements are bona fide
hedging activities and are not for speculative purposes;

             

            (iv) Indebtedness
of Holdings and any of its Subsidiaries evidenced by Capitalized Lease
Obligations and purchase money Indebtedness described in Section 10.01(vii),
provided that
in no event shall the sum of the aggregate principal amount of all Capitalized
Lease Obligations and purchase money Indebtedness permitted by this clause (iv)
exceed $25,000,000 at any time outstanding;

             

             

            
              
                
                

              

              
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            (v) (A)
Indebtedness constituting Intercompany Loans to the extent permitted by Section 10.05(viii),
provided that
clause (i) of the Collateral and Guaranty Requirements are satisfied and any
such Indebtedness owed by a Credit Party shall be subordinated to the Secured
Obligations on terms no less favorable to the Lenders than those set forth in
the form of Intercompany Note and (B) Indebtedness between Holdings and its
Subsidiaries resulting from tax sharing arrangements;

             

            (vi) Indebtedness
consisting of guaranties by (i) the U.S. Credit Parties of each other’s
Indebtedness, (ii) the Foreign Credit Parties of each other’s Indebtedness and
(iii) Wholly-Owned Foreign Subsidiaries (other than a Foreign Credit Party) of
each other’s Indebtedness, in each case to the extent that the guaranteed
Indebtedness is otherwise permitted under this Agreement;

             

            (vii) Indebtedness
of Holdings or any of its Subsidiaries acquired pursuant to a Permitted
Acquisition (or Indebtedness assumed at the time of a Permitted Acquisition of
an asset securing such Indebtedness), provided that (x)
such Indebtedness was not incurred in connection with, or in anticipation or
contemplation of, such Permitted Acquisition and (y) the aggregate principal
amount of all Indebtedness permitted by this clause (vii) shall not exceed
$15,000,000 at any one time outstanding;

             

            (viii) Indebtedness
arising from the honoring by a bank or other financial institution of a check,
draft or similar instrument drawn against insufficient funds in the ordinary
course of business, so long as such Indebtedness is extinguished within four
Business Days of its incurrence;

             

            (ix) Indebtedness
of Holdings and any of its Subsidiaries with respect to performance bonds,
surety bonds, appeal bonds or customs bonds required in the ordinary course of
business or in connection with the enforcement of rights or claims of Holdings
or any of its Subsidiaries or in connection with judgments that do not result in
a Default or an Event of Default, provided that the
aggregate outstanding amount of all such (x) performance bonds, surety bonds and
customs bonds permitted by this clause (ix) shall not at any time exceed
$5,000,000 and (y) appeal bonds permitted by this clause (ix) shall not at any
time exceed $15,000,000;

             

            (x) (x)
Indebtedness of Holdings (which may be guaranteed on a like basis by the U.S.
Credit Parties) under the Senior Secured Notes Documents in an aggregate
principal amount not to exceed $460,000,000 (as reduced by any repayments or
prepayments of principal thereof made on or after the Effective Date) and (y)
unsecured Indebtedness of Holdings (which may be guaranteed on a like basis by
the U.S. Credit Parties) under the Existing Senior Subordinated Notes Documents
in an aggregate principal amount not to exceed $301,000,000 (as reduced by any
repayments or prepayments of principal thereof made on or after the Effective
Date;

             

            (xi) Indebtedness
of Holdings or any of its Subsidiaries which may be deemed to exist in
connection with agreements providing for indemnification, purchase price
adjustments and similar obligations in connection with the acquisition or
disposition of assets in accordance with the requirements of this Agreement, so
long as any such

             

             

            
              
                
                

              

              
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            obligations
are those of the Person making the respective acquisition or sale, and are not
guaranteed by any other Person except as permitted by Section
10.04(vi);

             

            (xii) Indebtedness
of Foreign Subsidiaries of Holdings organized in a jurisdiction other than an
ABL Jurisdiction under lines of credit to any such Foreign Subsidiary from
Persons other than Holdings or any of its Subsidiaries, the proceeds of which
Indebtedness are used for such Foreign Subsidiary’s working capital purposes,
provided that
the aggregate principal amount of all such Indebtedness outstanding at any time
for all such Foreign Subsidiaries shall not exceed $10,000,000;

             

            (xiii) Indebtedness
incurred solely to finance insurance premiums; and

             

            (xiv) so long
as no Default or Event of Default then exists or would result therefrom,
additional Indebtedness incurred by Holdings and its Subsidiaries in an
aggregate principal amount not to exceed $25,000,000 at any one time
outstanding, which Indebtedness shall be unsecured unless otherwise permitted
under Section
10.01(xxi).

             

            10.05. Advances, Investments and
Loans.  Each
of Holdings and each other Borrower will not, and will not permit any of their
respective Subsidiaries to, directly or indirectly, lend money or credit or make
advances to any Person, or purchase or acquire any stock, obligations or
securities of, or any other Equity Interest in, or make any capital contribution
to, any other Person, or purchase or own a futures contract or otherwise become
liable for the purchase or sale of currency or other commodities at a future
date in the nature of a futures contract, or hold any cash or Cash Equivalents
(each of the foregoing an “Investment” and,
collectively, “Investments”), except
that the following shall be permitted:

             

            (i) Holdings
and its Subsidiaries may acquire and hold accounts receivables owing to any of
them, if created or acquired in the ordinary course of business and payable or
dischargeable in accordance with customary trade terms of Holdings or such
Subsidiary;

             

            (ii) Holdings
and its Subsidiaries may acquire and hold cash and Cash Equivalents, provided that (a)
during any time that Loans are outstanding, the aggregate amount of Unrestricted
cash and Cash Equivalents permitted to be held by Holdings and its Subsidiaries
shall not exceed $50,000,000 for any period of five consecutive Business Days
and (ii) during any Dominion Period, the aggregate amount of cash and Cash
Equivalents permitted to be held by the ABL Credit Parties in Deposit Accounts
(other than Collection Accounts, Core Concentration Accounts, Disbursement
Accounts or Excluded Accounts) shall not exceed $5,000,000 at any
time;

             

            (iii) Holdings
and its Subsidiaries may hold the Investments held by them on the Effective Date
and described on Schedule 10.05(iii),
provided that
any additional Investments made with respect thereto shall be permitted only if
permitted under the other provisions of this Section
10.05;

             

            (iv) Holdings
and its Subsidiaries may acquire and own investments (including debt
obligations) received in connection with the bankruptcy or reorganization of

             

             

            
              
                
                

              

              
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            suppliers
and customers and in good faith settlement of delinquent obligations of, and
other disputes with, customers and suppliers arising in the ordinary course of
business;

             

            (v) Holdings
and its Subsidiaries may make loans and advances to their officers and employees
for moving, relocation and travel expenses and other similar expenditures, in
each case in the ordinary course of business in an aggregate amount not to
exceed $5,000,000 at any time (determined without regard to any write-downs or
write-offs of such loans and advances);

             

            (vi) Holdings
and its Subsidiaries may acquire and hold obligations of their officers and
employees in connection with such officers’ and employees’ acquisition of shares
of Holdings Common Stock (so long as no cash is actually advanced by Holdings or
any of its Subsidiaries in connection with the acquisition of such
obligations);

             

            (vii) Holdings
and its Subsidiaries may enter into Interest Rate Protection Agreements and
Other Hedging Agreements to the extent permitted by Section
10.04(iii);

             

            (viii) Holdings
or any of its Wholly-Owned Subsidiaries may make intercompany loans and advances
to Holdings or any of its Wholly-Owned Subsidiaries (such intercompany loans and
advances, collectively, the “Intercompany Loans”);
provided, that
(a) at no time shall the aggregate outstanding principal amount of all
Intercompany Loans made by any U.S. Credit Party to any ABL Credit Party (other
than any U.S. Credit Party) pursuant to this clause (viii) (excluding the
principal amount of Intercompany Loans made by any U.S. Credit Party to any ABL
Credit Party outstanding on the Effective Date and listed on Schedule 10.05(viii)
(as reduced by any repayments of principal thereof), without giving effect to
any subsequent extension, renewal or refinancing thereof), when added to the
amount of contributions, acquisitions of Equity Interests, capitalizations and
forgivenesses theretofore set forth in sub-clause (a) of the proviso in Section 10.05(ix)
(for this purposes, taking the Fair Market Value of any property (other than
cash) so contributed at the time of such contribution), exceed $30,000,000
(determined without regard to any write-downs or write-offs of such loans and
advances and net of any returns on any such Investment in the form of a
principal repayment, distribution, dividend or redemption, as applicable), (b)
at no time shall the aggregate outstanding principal amount of all Intercompany
Loans made by any ABL Credit Party to any Credit Party (other than an ABL Credit
Party) pursuant to this clause (viii), when added to the amount of
contributions, acquisitions of Equity Interests, capitalizations and
forgivenesses theretofore set forth in sub-clause (b) of the proviso in Section 10.05(ix)
(for this purposes, taking the Fair Market Value of any property (other than
cash) so contributed at the time of such contribution), exceed $50,000,000
(determined without regard to any write-downs or write-offs of such loans and
advances and net of any returns on any such Investment in the form of a
principal repayment, distribution, dividend or redemption, as applicable), (c)
at no time shall the aggregate outstanding principal amount of all Intercompany
Loans made by any Credit Party to any Wholly-Owned Subsidiary of Holdings which
is not a Credit Party pursuant to this clause (viii), when added to the amount
of contributions, acquisitions of Equity Interests, capitalizations and
forgivenesses theretofore set forth in sub-clause (c) of the proviso in Section 10.05(ix)
(for this purposes, taking the Fair Market Value of any property (other

             

             

            
              
                
                

              

              
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            than
cash) so contributed at the time of such contribution), exceed $25,000,000
(determined without regard to any write-downs or write-offs of such loans and
advances and net of any returns on any such Investment in the form of a
principal repayment, distribution, dividend or redemption, as applicable), (d)
no Intercompany Loan set forth in sub-clauses (a), (b) or (c) above may be made
at any time that a Default or an Event of Default has occurred and its
continuing, (e) each Intercompany Loan shall be evidenced by an Intercompany
Note, (f) each such Intercompany Note owned or held by an ABL Credit Party shall
be pledged to the Collateral Agent pursuant to terms of the applicable Security
Document, (g) each Intercompany Loan made by any Subsidiary of Holdings that is
not an ABL Credit Party to a Credit Party shall be subject to the subordination
provisions contained in the respective Intercompany Note and (h) any
Intercompany Loans made to any Credit Party pursuant to this clause (viii) shall
cease to be permitted by this clause (viii) if such Credit Party, ceases to
constitute a Credit Party;

             

            (ix) Holdings
or any of its Wholly-Owned Subsidiaries may make capital contributions to, or
acquire Equity Interests of, their respective Wholly-Owned Subsidiaries; provided that (a) the
aggregate amount of contributions, acquisitions of Equity Interests,
capitalizations and forgiveness on and after the Effective Date made, or
acquired, by any U.S. Credit Party to, or of, any of its Subsidiaries which are
an ABL Credit Party (other than a U.S. Credit Party) (for this purpose, taking
the Fair Market Value of any property (other than cash) so contributed at the
time of such contribution), when added to the aggregate outstanding principal
amount of Intercompany Loans set forth in sub-clause (a) of the proviso in Section 10.05(viii)
(excluding the principal amount of Intercompany Loans made by any U.S. Credit
Party to any ABL Credit Party outstanding on the Effective Date and listed on
Schedule
10.05(viii) (as reduced by any repayments of principal thereof), without
giving effect to any subsequent extension, renewal or refinancing thereof)
(determined without regard to any write-downs or write-offs thereof and net of
any returns on any such Investment in the form of a principal repayment,
distribution, dividend or redemption, as applicable), shall not exceed an amount
equal to $30,000,000, (b) the aggregate amount of contributions, acquisitions of
Equity Interests, capitalizations and forgiveness on and after the Effective
Date made, or acquired, by any ABL Credit Party to, or of, any of its
Subsidiaries which are a Credit Party (other than an ABL Credit Party) (for this
purpose, taking the Fair Market Value of any property (other than cash) so
contributed at the time of such contribution), when added to the aggregate
outstanding principal amount of Intercompany Loans set forth in sub-clause (b)
of the proviso in Section 10.05(viii)
(determined without regard to any write-downs or write-offs thereof and net of
any returns on any such Investment in the form of a principal repayment,
distribution, dividend or redemption, as applicable), shall not exceed an amount
equal to $50,000,000, (c) the aggregate amount of contributions, acquisitions of
Equity Interests, capitalizations and forgiveness on and after the Effective
Date made, or acquired, by any Credit Party to, or of, any of its Wholly-Owned
Subsidiaries which are not a Credit Party (for this purpose, taking the Fair
Market Value of any property (other than cash) so contributed at the time of
such contribution), when added to the aggregate outstanding principal amount of
Intercompany Loans set forth in sub-clause (c) of the proviso in Section 10.05(viii)
(determined without regard to any write-downs or write-offs thereof and net of
any returns on any such Investment in the form of a principal repayment,
distribution, dividend or redemption, as applicable), shall 

             

             

            
              
                
                

              

              
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            not
exceed an amount equal to $25,000,000, (d) no contribution, capitalization or
forgiveness set forth in sub-clauses (a), (b) or (c) above may be made at any
time that a Default or an Event of Default has occurred and its continuing, (e)
in the case of any contribution to an ABL Credit Parties, any security interest
granted to the Collateral Agent for the benefit of the Secured Parties pursuant
to the Security Documents in any assets so contributed shall remain in full
force and effect and perfected (to at least the same extent as in effect
immediately prior to such contribution) and all actions required to maintain
said perfected status have been taken and (f) any Investment made in or to made
to any Credit Party pursuant to this clause (ix) shall cease to be permitted by
this clause (ix) if such Credit Party, ceases to constitute a Credit
Party;

             

            (x) Holdings
and its Subsidiaries may own the Equity Interests of their respective
Subsidiaries created or acquired in accordance with the terms of this Agreement
(so long as all amounts invested in such Subsidiaries are independently
justified under another provision of this Section
10.05);

             

            (xi) Contingent
Obligations permitted by Section 10.04, to the
extent constituting Investments;

             

            (xii) Permitted
Acquisitions shall be permitted in accordance with the requirements of Section
9.16;

             

            (xiii) Holdings
and its Subsidiaries may receive and hold promissory notes and other non-cash
consideration received in connection with any asset sale permitted by Section
10.02(iv);

             

            (xiv) so long
as the Payment Conditions are satisfied both before and after giving effect to
such Investments, Holdings and its Subsidiaries may make additional Investments
not otherwise permitted under this Section 10.05 (other
than the acquisition by Holdings or a Wholly-Owned Subsidiary of Holdings which
is a Credit Party of an Acquired Entity or Business (including by way of merger
of such Acquired Entity or Business with and into Holdings or a Wholly-Owned
Subsidiary of Holdings which is a Credit Party)); and

             

            (xv) in
addition to Investments permitted by clauses (i) through (xiv) of this Section 10.05, so
long as no Default or Event of Default then exists or would result therefrom,
Holdings and its Subsidiaries may make additional loans, advances and other
Investments to or in a Person in an aggregate amount for all loans, advances and
other Investments made pursuant to this clause (xiv) (determined without regard
to any write-downs or write-offs thereof), net of cash repayments of principal
in the case of loans, sale proceeds in the case of Investments in the form of
debt instruments and cash equity returns (whether as a distribution, dividend,
redemption or sale) in the case of equity investments, not to exceed
$15,000,000.

             

            10.06. Transactions with
Affiliates.  Each
of Holdings and each other Borrower will not, and will not permit any of their
respective Subsidiaries to, enter into any transaction or series of related
transactions with any Affiliate of Holdings or any of its Subsidiaries, other
than

             

             

            
              
                
                

              

              
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            in the
ordinary course of business and on terms and conditions substantially as
favorable to Holdings or such Subsidiary as would reasonably be obtained by
Holdings or such Subsidiary at that time in a comparable arm’s-length
transaction with a Person other than an Affiliate, except that the following in
any event shall be permitted:

             

            (i) Dividends
may be paid to the extent provided in Section
10.03;

             

            (ii) loans may
be made and other transactions may be entered into by Holdings and its
Subsidiaries to the extent permitted by Sections 10.02, 10.04 and 10.05;

             

            (iii) customary
fees, indemnities and reimbursements may be paid to non-officer directors of
Holdings and its Subsidiaries;

             

            (iv) Holdings
may issue Common Stock and Qualified Preferred Stock;

             

            (v) Holdings
and its Subsidiaries may enter into, and may make payments under, employment
agreements, employee benefits plans, stock option plans, indemnification
provisions and other similar compensatory arrangements with officers, employees
and directors of Holdings and its Subsidiaries in the ordinary course of
business;

             

            (vi) (x)
Subsidiaries of Holdings (other than Foreign Credit Parties) may pay management
fees, licensing fees and similar fees to any Credit Party, (y) Foreign Credit
Parties may pay management fees, licensing fees and similar fees to any other
Foreign Credit Party and (z) Subsidiaries of Holdings may pay management fees,
licensing fees and similar fees to any U.S. Credit Party; and

             

            (vii) transactions
in existence on the Effective Date or pursuant to agreements in existence on the
Effective Date and, in each case, set forth on Schedule 10.06 or any
amendment thereto to the extent such amendment is not adverse to the Lenders in
any material respect.

             

            Notwithstanding
anything to the contrary contained above in this Section 10.06, in no
event shall Holdings or any of its Subsidiaries pay any management, consulting
or similar fee to any of their respective Affiliates except as specifically
provided in clause (vi) of this Section
10.06.

             

            10.07. Consolidated Fixed Charge
Coverage Ratio.  During
each Compliance Period, Holdings shall not permit (i) the Consolidated Fixed
Charge Coverage Ratio for the last Test Period ended prior to the beginning of
such Compliance Period for which financial statements are available to be less
than 1.10:1.00, (ii) the Consolidated Fixed Charge Coverage Ratio for any Test
Period for which financial statements first become available during such
Compliance Period to be less than 1.10:1.00 or (iii) the Consolidated Fixed
Charge Coverage Ratio for any Test Period ending during such Compliance Period
(or before such Compliance Period and after the Test Period referenced in clause
(i) above) to be less than 1.10:1.00.

             

             

            
              
                
                

              

              
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            10.08. Modifications of Certificate
of Incorporation, By-Laws and Certain Other Agreements; Limitations on Voluntary
Payments, etc.  Each
of Holdings and each other Borrower will not, and will not permit any of their
respective Subsidiaries to:

             

            (i) amend,
modify or change its certificate or articles of incorporation (including,
without limitation, by the filing or modification of any certificate or articles
of designation), certificate of formation, limited liability company agreement
or by-laws (or the equivalent organizational documents), as applicable, or any
agreement entered into by it with respect to its capital stock or other Equity
Interests (including any Shareholders’ Agreement and any Qualified Preferred
Stock), or enter into any new agreement with respect to its capital stock or
other Equity Interests, unless such amendment, modification, change or other
action contemplated by this clause (i) could not reasonably be expected to be
adverse to the interests of the Lenders in any material respect and the terms of
any such amendment, modification, change or other action will not violate any of
the other provisions of this Agreement or any other Credit
Document;

             

            (ii) amend,
modify or change any provision of any Tax Sharing Agreement or enter into any
new tax sharing agreement, tax allocation agreement or similar agreement in any
manner that could reasonably be expected to be adverse to the interests of
Lenders without the prior written consent of the Administrative
Agent;

             

            (iii) make (or
give any notice in respect of) any voluntary or optional payment or prepayment
on or redemption, repurchase or acquisition for value of, or any prepayment or
redemption as a result of any change of control or similar event, asset sale,
insurance or condemnation event, debt issuance, equity issuance, capital
contribution or similar required “repurchase” event of (including, in each case
without limitation, by way of depositing with the trustee with respect thereto
or any other Person money or securities before due for the purpose of paying
when due), any Existing Senior Subordinated Note or Senior Secured Note; provided, however, (x) Holdings
may deposit proceeds of Senior Secured Notes Priority Collateral in the Asset
Sales Proceeds Account and may redeem outstanding Senior Secured Notes, in each
case as, and to the extent, permitted by this Agreement and (y) Holdings may
make any payment or prepayment on, or redemption or acquisition for value of,
any Senior Secured Notes or Existing Senior Subordinated Notes not otherwise
permitted under this Section 10.08, (i)
solely in the case of Existing Senior Subordinated Notes, within 30 Business
Days of the Effective Date so long as (A) such payment or prepayment on, or
redemption or acquisition for value of, any Existing Senior Subordinated Notes
is solely funded by cash proceeds from the issuance of Senior Secured Notes on
the Effective Date and (B) the aggregate purchase amount thereof, when taken
together with the aggregate purchase amount of any other payments, prepayments,
redemptions and acquisitions for value under this clause (y)(i), shall not
exceed $25,000,000 or (ii) so long as (A) the Payment Conditions are satisfied
both before and after giving effect to such payment, prepayment, redemption or
acquisition for value and (B) if at the time of such transaction any Loans are
outstanding, the aggregate principal amount thereof, when taken together with
the principal amount of any other payments, prepayments, redemptions and
acquisitions for value under this clause (y)(ii), shall not exceed
$30,000,000;

             

             

            
              
                
                

              

              
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            (iv) amend or
modify, or permit the amendment or modification of, any provision of any
Existing Senior Subordinated Note Document in a manner which is adverse to the
interests of the Lenders in any material respect;

             

            (v) amend,
modify, change or waive any term or provision of any Senior Secured Note
Document in a manner which is adverse to the interests of the Lenders in any
material respect or in a manner which is prohibited by the terms of the
Intercreditor Agreement;

             

            (vi) deposit
any funds or credit any amounts into the Asset Sales Proceeds Account other than
proceeds of Senior Secured Notes Priority Collateral as permitted this
Agreement; or

             

            (vii) designate
any Indebtedness (or related interest obligations) as “Designated Senior
Indebtedness” (as defined in the Existing Senior Subordinated Notes Indenture)
except for the Obligations;

             

            10.09. Limitation on Certain
Restrictions on Subsidiaries.  Each
of Holdings and each other Borrower will not, and will not permit any of their
respective Subsidiaries to, directly or indirectly, create or otherwise cause or
suffer to exist or become effective any encumbrance or restriction on the
ability of any such Subsidiary to (a) pay dividends or make any other
distributions on its capital stock or any other Equity Interest or participation
in its profits owned by Holdings or any of its Subsidiaries, or pay any
Indebtedness owed to Holdings or any of its Subsidiaries, (b) make loans or
advances to Holdings or any of its Subsidiaries or (c) transfer any of its
properties or assets to Holdings or any of its Subsidiaries, except for such
encumbrances or restrictions existing under or by reason of (i) applicable law,
(ii) this Agreement and the other Credit Documents, (iii) the Existing Senior
Subordinated Notes Documents, (iv) the Senior Secured Notes Documents, (v)
customary provisions restricting subletting or assignment of any lease governing
any leasehold interest of Holdings or any of its Subsidiaries, (vi) customary
provisions restricting assignment of any licensing agreement (in which Holdings
or any of its Subsidiaries is the licensee) or other contract entered into by
Holdings or any of its Subsidiaries in the ordinary course of business, (vii)
restrictions on the transfer of any asset pending the close of the sale of such
asset, and (vii) restrictions on the transfer of any asset subject to a Lien
permitted by Section
10.01(iii), (vi), (vii), (xv) or (xvi)(x).

             

            10.10. Limitation on Issuance of
Equity Interests.  (a)  Each
of Holdings and each other Borrower will not, and will not permit any of their
respective Subsidiaries to, issue (i) any Preferred Equity (other than Qualified
Preferred Stock issued pursuant to clause (c) below) or (ii) any redeemable
common stock or other redeemable common Equity Interests other than common stock
or other redeemable common Equity Interests that is or are redeemable at the
sole option of Holdings or such Subsidiary, as the case may be.

             

            (b) Each of
Holdings and each other Borrower will not permit any of their respective
Subsidiaries to issue any capital stock or other Equity Interests (including by
way of sales of treasury stock) or any options or warrants to purchase, or
securities convertible into, capital stock or other Equity Interests, except (i)
for transfers and replacements of then outstanding shares of capital stock or
other Equity Interests, (ii) for stock splits, stock dividends

             

             

            
              
                
                

              

              
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            and other
issuances which do not decrease the percentage ownership of Holdings or any of
its Subsidiaries in any class of the capital stock or other Equity Interests of
such Subsidiary, (iii) in the case of Foreign Subsidiaries of Holdings, to
qualify directors to the extent required by applicable law and for other nominal
share issuances to Persons other than Holdings and its Subsidiaries to the
extent required under applicable law, (iv) for issuances by Subsidiaries of
Holdings which are newly created or acquired in accordance with the terms of
this Agreement and (v) Non-Wholly Owned Subsidiaries may issue Equity
Interests.

             

            (c) Holdings
may from time to time issue Qualified Preferred Stock.

             

            10.11. Business;
etc.  Each
of Holdings and each other Borrower will not, and will not permit any of their
respective Subsidiaries to, engage directly or indirectly in any business other
than the businesses engaged in by Holdings and its Subsidiaries as of the
Effective Date and reasonable extensions thereof and businesses ancillary or
complimentary thereto.

             

            10.12. Limitation on Creation of
Subsidiaries.  (a)  Each
of Holdings and each other Borrower will not, and will not permit any of their
respective Subsidiaries to, establish, create or acquire after the Effective
Date any Subsidiary (other than Non-Wholly Owned Subsidiaries permitted to be
established, created or acquired in accordance with the requirements of Section 10.12(b)),
provided that
Holdings and its Wholly-Owned Subsidiaries shall be permitted to establish,
create and, to the extent permitted by this Agreement, acquire Wholly-Owned
Subsidiaries, so long as, in each case, consistent with Agreed Security
Principles (i) at least 5 days’ prior written notice thereof is given to the
Administrative Agent (or such shorter period of time as is acceptable to the
Administrative Agent in any given case), (ii) the capital stock or other Equity
Interests of such new Subsidiary are promptly pledged pursuant to, and to the
extent required by, this Agreement or any Security Document and the
certificates, if any, representing such stock or other Equity Interests,
together with stock or other appropriate powers duly executed in blank, are
delivered to the Collateral Agent, (iii) each such new Wholly-Owned Domestic
Subsidiary (and, to the extent required by Section 9.14, each
such new Wholly-Owned Foreign Subsidiary) executes any Security Documents
required under the Collateral and Guaranty Requirements, and (iv) each such new
Wholly-Owned Domestic Subsidiary (and, to the extent required by Section 9.13 or 9.14, each such new
Wholly-Owned Foreign Subsidiary), to the extent requested by the Administrative
Agent or the Required Lenders, takes all actions required pursuant to Section 9.13 or 9.14.  In
addition, each new Wholly-Owned Subsidiary that is required to execute any
Credit Document shall execute and deliver, or cause to be executed and
delivered, all other relevant documentation (including opinions of counsel) of
the type described in Section 6 as such new
Subsidiary would have had to deliver if such new Subsidiary were a Credit Party
on the Effective Date.

             

            (b) In
addition to Subsidiaries of Holdings established, created or acquired pursuant
to preceding clause (a), Holdings and its Subsidiaries may establish, acquire or
create, and make Investments in, Non-Wholly Owned Subsidiaries after the
Effective Date as a result of Permitted Acquisitions (subject to the limitations
contained in the definition thereof) and Investments expressly permitted to be
made pursuant to Section 10.05, provided that (i) all
of the capital stock or other Equity Interests of each such Non-Wholly Owned
Subsidiary shall be pledged by any Credit Party which owns same as, and to the
extent, required by the Collateral and Guaranty Requirements, and (ii) each such
Non-Wholly Owned Subsidiary shall take the 

             

             

            
              
                
                

              

              
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            actions
specified in Section
10.12(a) to the same extent that such Non-Wholly Owned Subsidiary would
have been required to take if it were a Wholly-Owned Subsidiary of
Holdings.

             

            10.13. No Additional Deposit
Accounts; etc.  Each
of Holdings and each other Borrower will not, and will not permit any other ABL
Credit Party to, directly or indirectly, open, maintain or otherwise have any
checking, savings, deposit, securities or other accounts at any bank or other
financial institution where cash or Cash Equivalents are or may be deposited or
maintained with any Person, other than (a) the Core Concentration Accounts set
forth on Part A of Schedule 10.13, (b)
the Collection Accounts set forth on Part B of Schedule 10.13, (c)
the Disbursement Accounts set forth on Part C of Schedule 10.13, (d)
the other Deposit Accounts set forth on Part D of Schedule 10.13, (e)
any Excluded Accounts set forth on Part E of Schedule 10.13 and
(f) any securities accounts or commodities accounts set forth in Part F of Schedule 10.13; provided that any
such ABL Credit Party may open a new Core Concentration Account, Collection
Account, Disbursement Account, other Deposit Account or securities account not
set forth in such Schedule 10.13, so
long as prior to opening any such account (i) Holdings has delivered an updated
Schedule 10.13
to the Administrative Agent listing such new account and (ii) in the case of any
new Core Concentration Account, Collection Account, other Deposit Account (other
than Excluded Accounts and Disbursement Accounts) or securities account, the
financial institution with which such account is opened, together with the
applicable ABL Credit Party which has opened such account and the Collateral
Agent have executed and delivered to the Administrative Agent a Cash Management
Control Agreement reasonably acceptable to the Administrative Agent (or in the
case of a securities account, such other control agreement as may be reasonably
satisfactory to the Administrative Agent).

             

            10.14. Changes to Legal Names,
Organizational Identification Numbers, Jurisdiction, Type or Organization or
Centre of Main Interests.  Each
of Holdings and the other Borrowers will not, and will not permit any of the
other Credit Parties to, change its legal name until (i) it shall have given to
the Administrative Agent not less than 15 days prior written notice (or such
lesser time as agreed by the Administrative Agent) of its intention so to do,
clearly describing such new name and providing other information in connection
therewith as the Collateral Agent may reasonably request, and (ii) with respect
to such new name, it shall have taken all action reasonably requested by the
Collateral Agent to maintain the security interests of the Collateral Agent in
the Collateral intended to be granted pursuant to the applicable Security
Documents at all times fully perfected and in full force and
effect.  In addition, to the extent that any Credit Party does not
have an organizational identification number on the Effective Date and later
obtains one, or if there is any change in the organizational identification
number of any Credit Party, Holdings or such other Credit Party shall promptly
notify the Collateral Agent of such new or changed organizational identification
number and shall take all actions reasonably satisfactory to the Collateral
Agent to the extent necessary to maintain the security interests of the
Collateral Agent in the Collateral intended to be granted pursuant to the
applicable Security Documents fully perfected and in full force and
effect.  Furthermore, each of Holdings and the other Borrowers will
not, and will not permit any of the other Credit Parties to, change its
jurisdiction of organization or its type of organization until (x) it shall have
given to the Collateral Agent not less than 15 days prior written notice (or
such lesser time as agreed by the Administrative Agent) of its intention so to
do, clearly describing such new jurisdiction of organization and/or type of
organization and providing such other information in connection therewith as the
Collateral Agent may reasonably request (although no change pursuant to this

             

             

            
              
                
                

              

              
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            Section 10.14 shall
be permitted to the extent that it involves (i) a U.S. Credit Party ceasing to
be organized in the United States, (ii) a Australian Credit Party ceasing to be
a Australian Subsidiary of Holdings, (iii) a Canadian Credit Party ceasing to be
a Canadian Subsidiary of Holdings, (iv) a Dutch Credit Party ceasing to be a
Dutch Subsidiary of Holdings or (v) a U.K. Credit Party ceasing to be a U.K.
Subsidiary of Holdings or allowing its Centre of Main Interests to change) and
(y) with respect to such new jurisdiction and/or type of organization, it shall
have taken all actions reasonably requested by the Collateral Agent to maintain
the security interests of the Collateral Agent in the Collateral intended to be
granted pursuant to the Security Documents at all times fully perfected and in
full force and effect.

             

            10.15. Existing Senior Subordinated
Notes.  Each
of Holdings and each other Borrower will not, and will not permit any of their
respective Subsidiaries to, incur any Indebtedness that is otherwise permitted
pursuant to Section 4.03(b)(xx) or 4.03(b)(xxi) of the
Existing Senior Subordinated Notes Indenture except to the extent such
Indebtedness is incurred under this Agreement.

             

            SECTION
11. Events of
Default.

             

            11.01. Events of
Default.  Upon
the occurrence of any of the following specified events (each, an “Event of
Default”):

             

            (a) Payments.  Any
Borrower shall (i) default in the payment when due of any principal of (or Face
Amount of in the case of any B/A Instrument) any Loan or any Note or Unpaid
Drawing or (ii) default, and such default shall continue unremedied for three or
more Business Days, in the payment when due of any interest on any Loan, Note or
any Unpaid Drawing or any Fees or any other amounts owing hereunder or under any
other Credit Document; or

             

            (b) Representations,
etc.  Any representation, warranty or statement made or deemed
made by any Credit Party herein or in any other Credit Document or in any
certificate delivered to the Administrative Agent or any Lender pursuant hereto
or thereto shall prove to be untrue in any material respect on the date made or
deemed made; or

             

            (c) Covenants.  Holdings
or any of its Subsidiaries shall (i) default in the due performance or
observance by it of any term, covenant or agreement contained in Section 9.01(g)(i),
9.01(j), 9.08, 9.11, 9.13, 9.14, 9.16 or Section 10 or (ii)
default in the due performance or observance by it of any other term, covenant
or agreement contained in this Agreement (other than those set forth in Sections 11.01(a) and
11.01(b)) and
such default (in the case of this clause (ii) shall continue unremedied for a
period of 30 days after written notice thereof to the defaulting party by the
Administrative Agent or the Required Lenders; or

             

            (d) Default Under Other
Agreements.  (a) (i)  Holdings or any of its
Subsidiaries shall (x) default in any payment of any Indebtedness (other than
the Obligations) beyond the period of grace, if any, provided in an instrument
or agreement under which such Indebtedness was created or (y) default in the
observance or performance of any agreement or condition relating to any
Indebtedness (other than the Obligations) or contained in any instrument or
agreement evidencing, securing or relating thereto, or any other event shall
occur

             

             

            
              
                
                

              

              
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            or
condition exist, the effect of which default or other event or condition is to
cause, or to permit the holder or holders of such Indebtedness (or a trustee or
agent on behalf of such holder or holders) to cause (determined without regard
to whether any notice of acceleration is required other than, in any case,
voluntary prepayments or terminations permitted under this Agreement), any such
Indebtedness to become due prior to its stated maturity (except with respect to
secured Indebtedness to the extent the same become due as a result of sale or
transfer of the property or assets securing such Indebtedness), or (ii) any
Indebtedness (other than the Obligations) of Holdings or any of its Subsidiaries
shall be declared to be (or shall become) due and payable, or required to be
prepaid other than by a regularly scheduled required prepayment or other
prepayments permitted by this Agreement, prior to the stated maturity thereof,
provided that
it shall not be a Default or an Event of Default under this Section 11.01(d)
unless the aggregate principal amount of all Indebtedness as described in
preceding clauses (i) and (ii) is at least $10,000,000; or

             

            (e) Bankruptcy,
etc.  (i)  Holdings or any of its Subsidiaries shall
commence a voluntary case concerning itself under Title 11 of the United States
Code entitled “Bankruptcy,” as now or hereafter in effect, or any successor
thereto (the “Bankruptcy Code”); or
an involuntary case is commenced against Holdings or any of its Subsidiaries,
and the petition is not controverted within 10 days, or is not dismissed within
60 days after the filing thereof, provided, however, that during
the pendency of such period, each Lender shall be relieved of its obligation to
extend credit hereunder; or a custodian (as defined in the Bankruptcy Code) is
appointed for, or takes charge of, all or substantially all of the property of
Holdings or any of its Subsidiaries, to operate all or any substantial portion
of the business of Holdings or any of its Subsidiaries, or Holdings or any of
its Subsidiaries or any other person commences any other proceeding or takes any
corporate action or other steps in relation to any reorganization (and in
relation to any UK Borrower, including by way of voluntary arrangement, scheme
of arrangement or otherwise), arrangement, adjustment of debt, relief of
debtors, dissolution, bankruptcy, insolvency or liquidation or any analogous
procedure or step is taken in any jurisdiction whether now or hereafter in
effect relating to Holdings or any of its Subsidiaries (including, without
limitation, under any Canadian Insolvency Law, the Companies Act 1985 as amended
(United Kingdom) or the Insolvency Act 1986 as amended (United Kingdom), the
Bankruptcy Act 1966 as amended (Cth) (Australia), the Corporations Act 2001), or
there is commenced against Holdings or any of its Subsidiaries any such
proceeding which remains undismissed for a period of 45 days after the filing
thereof, or Holdings or any of its Subsidiaries is adjudicated or deemed under
applicable law insolvent or bankrupt; or any order of relief or other order
approving any such case is sought in such proceeding (including the entry of an
order of relief against it or for the appointment of a receiver, controller (as
defined in the Corporations Act), receiver-manager, trustee, monitor, custodian
or similar official for it or for any substantial part of its property) is
entered; or Holdings or any of its Subsidiaries makes a general assignment for
the benefit of creditors; or any Company action is taken by Holdings or any of
its Subsidiaries for the purpose of effecting any of the foregoing; (ii) (x) A
U.K. Credit Party is unable or admits inability to pay its debts as they fall
due or is deemed to or declared to be unable to pay its debts under applicable
law, suspends or threatens to suspend making payments on any of its debts or, by
reason of actual or anticipated financial difficulties, commences negotiations
with one or more of its creditors with a view to rescheduling any of its
indebtedness, (y) the value of the assets of any U.K. Credit Party is less than
its liabilities (taking into account contingent and prospective liabilities), or
(z) a moratorium is declared in respect of any indebtedness of any U.K. Credit
Party (provided
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            a
moratorium occurs, the ending of the moratorium will not remedy any Event of
Default caused by that moratorium); or (iii) Any expropriation, attachment,
sequestration, distress or execution affects any asset or assets of
a  U.K. Credit Party and is not discharged within 20 days;
or

             

            (f) Pension
Plans.  (i)  (x) Any Plan shall fail to satisfy the
minimum funding standard required for any plan year or part thereof under
Section 412 of the Code or Section 302 of ERISA or a waiver of such standard or
extension of any amortization period is sought or granted under Section 412 of
the Code or Section 303 or 304 of ERISA, a Reportable Event shall have occurred,
a contributing sponsor (as defined in Section 4001(a)(13) of ERISA) of a Plan
subject to Title IV of ERISA shall be subject to the advance reporting
requirement of PBGC Regulation Section 4043.61 (without regard to subparagraph
(b)(1) thereof) and an event described in subsection .62, .63, .64, .65, .66,
..67 or .68 of PBGC Regulation Section 4043 shall be reasonably expected to occur
with respect to such Plan within the following 30 days, any Plan or
Multiemployer Plan which is subject to Title IV of ERISA shall have had or is
likely to have a trustee appointed to administer such Plan, any Plan or
Multiemployer Plan which is subject to Title IV of ERISA is, shall have been or
is likely to be terminated or to be the subject of termination proceedings under
ERISA, any Plan shall have an Unfunded Current Liability, a contribution
required to be made with respect to a Plan or a Foreign Pension Plan has not
been timely made, Holdings or any of its Subsidiaries or any ERISA Affiliate has
incurred or is likely to incur any liability to or on account of a Plan or
Multiemployer Plan under Section 409, 502(i), 502(l), 515, 4062, 4063, 4064,
4069, 4201, 4204 or 4212 of ERISA or Section 436(f), 4971 or 4975 of the Code or
on account of a group health plan (as defined in Section 607(1) of ERISA,
Section 4980B(g)(2) of the Code or 45 Code of Federal Regulations Section
160.103) under Section 4980B of the Code and/or the Health Insurance Portability
and Accountability Act of 1996, or Holdings or any of its Subsidiaries has
incurred or is likely to incur liabilities pursuant to one or more employee
welfare benefit plans (as defined in Section 3(1) of ERISA) that provide
benefits to retired employees or other former employees (other than as required
by Section 601 of ERISA) or Plans or Foreign Pension Plans, a “default,” within
the meaning of Section 4219(c)(5) of ERISA, shall occur with respect to any Plan
or Multiemployer Plan; any applicable law, rule or regulation is adopted,
changed or interpreted, or the interpretation or administration thereof is
changed, in each case after the date hereof, by any Governmental Authority (a
“Change in
Law”), or, as a result of a Change in Law, an event occurs following a
Change in Law, with respect to or otherwise affecting any Plan or Multiemployer
Plan; (y) there shall result from any such event or events the imposition of a
Lien, the granting of a security interest, or a liability or a material risk of
incurring a liability; and (z) such Lien, security interest or liability,
individually, and/or in the aggregate, in the opinion of the Required Lenders,
has had, or could reasonably be expected to have, a Material Adverse Effect; or
(ii) a Canadian Pension Plan Event shall have occurred; or

             

            (g) Security
Documents.  Any of the Security Documents shall cease to be in
full force and effect, or shall cease to give the Collateral Agent for the
benefit of the Secured Parties the Liens, rights, powers and privileges
purported to be created thereby (including, without limitation, a perfected
security interest in, and Lien on, all of the Collateral, in favor of the
Collateral Agent, superior to and prior to the rights of all third Persons
(except as permitted by Section 10.01), and
subject to no other Liens (except as permitted by Section 10.01), or
any Credit Party shall default in the due performance or observance of any term,
covenant or agreement on its part to be performed or observed pursuant to any
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            such
default shall continue beyond the period of grace, if any, specifically
applicable thereto pursuant to the terms of such Security Document provided that no
Event of Default shall exist pursuant to this Section 11.01(g) in
the case of defects (which would otherwise give rise to an Event of Default as
described above) (x) relating to immaterial portions of the Collateral or (y)
with respect to pledges of Equity Interest in Subsidiaries of Holdings that are
not Credit Parties, in each case solely if and to the extent such defects cannot
practically be avoided under applicable local law; or

             

            (h) Guaranties.  Any
Guaranty or any provision thereof shall cease to be in full force or effect as
to any Guarantor (except as a result of a release of any Guarantor in accordance
with the terms thereof), or any Guarantor or any Person acting for or on behalf
of such Guarantor shall deny or disaffirm such Guarantor’s obligations under the
Guaranty to which it is a party or any Guarantor shall default in the due
performance or observance of any term, covenant or agreement on its part to be
performed or observed pursuant to the Guaranty to which it is a party;
or

             

            (i) Judgments.  One
or more judgments or decrees shall be entered against Holdings or any Subsidiary
of Holdings involving in the aggregate for Holdings and its Subsidiaries a
liability (not paid or to the extent not covered by a reputable and solvent
insurance company) and such judgments and decrees either shall be final and
non-appealable or shall not be vacated, discharged or stayed or bonded pending
appeal for any period of 30 consecutive days, and the aggregate amount of all
such judgments equals or exceeds $15,000,000; or

             

            (j) Change of
Control.  A Change of Control shall occur; or

             

            (k) Intercreditor
Agreement.  The Intercreditor Agreement or any provision
thereof shall cease to be in full force or effect (except in accordance with its
terms in all material respects), any parties thereto shall deny or disaffirm
their respective obligations thereunder or any parties thereto shall default in
the due performance or observance of any term, covenant or agreement on their
part to be performed or observed pursuant to the terms thereof; or

             

            (l) Denial of
Liability.  (i) Any Credit Party shall deny its obligations
under this Agreement, any Note or any other Credit Document, (ii) any law, rule
or regulation shall purport to render invalid, or preclude enforcement of, any
material provision of this Agreement or any other Credit Document or impair
performance of any Foreign Credit Party’s obligations hereunder or under any
other Credit Document or (iii) any dominant authority asserting or exercising de
jure or de facto governmental or police powers shall, by moratorium laws or
otherwise, cancel, suspend or defer the obligation of any Foreign Credit Party
to pay any amount required to be paid hereunder or under any other Credit
Document; or

             

            (m) Governmental
Action.  Any Governmental Authority shall have condemned,
nationalized, seized, or otherwise expropriated all or any substantial part of
the property, shares of capital stock or other assets of any Foreign Credit
Party or any of its Subsidiaries, or shall have assumed custody or control of
such property or other assets or of the business or operations of any Foreign
Credit Party or any of its Subsidiaries, or shall have taken any action for the
dissolution or disestablishment of any Foreign Credit Party or any of its
Subsidiaries or any action that would prevent any Foreign Credit Party, any of
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            any of
their respective officers from carrying on the business of such Foreign Credit
Party or such Subsidiary or a substantial part thereof; or

             

            (n) Subordination.  The
Existing Senior Subordinated Notes or any guarantees thereof shall cease, for
any reason, to be validly subordinated to the respective Obligations of the U.S.
Credit Parties as provided in the Existing Senior Subordinated Notes Documents
as applicable, or any U.S. Credit Party or the holders of at least 25% in
aggregate principal amount of the Existing Senior Subordinated Notes, as
applicable, shall so assert;

             

            then, and
in any such event, and at any time thereafter, if any Event of Default shall
then be continuing, the Administrative Agent, upon the written request of the
Required Lenders, shall by written notice to the Borrowers, take any or all of
the following actions, without prejudice to the rights of the Administrative
Agent, any Lender or the holder of any Note to enforce its claims against any
Credit Party (provided that, if an
Event of Default specified in Section 11.01(e)
shall occur with respect to any Borrower, the result which would occur upon the
giving of written notice by the Administrative Agent as specified in clauses (i)
and (ii) below, shall occur automatically without the giving of any such
notice):  (i) declare the Total Commitment terminated, whereupon all
the Commitments of each Lender shall forthwith terminate immediately and any
Commitment Fees shall forthwith become due and payable without any other notice
of any kind; (ii) declare the principal (and Face Amounts in the case of any B/A
Instrument) of and any accrued interest in respect of all Loans and the Notes
and all Obligations owing hereunder and thereunder to be, whereupon the same
shall become, forthwith due and payable without presentment, demand, protest or
other notice of any kind, all of which are hereby waived by each Credit Party;
(iii) terminate any Letter of Credit which may be terminated in accordance with
its terms; (iv) (x) direct the U.S. Borrowers to pay (and the U.S. Borrowers
jointly and severally agree that upon receipt of such notice, or upon the
occurrence of an Event of Default specified in Section 11.01(e) with
respect to any U.S. Borrower, they will pay) to the Collateral Agent at the
Payment Office such additional amount of cash or Cash Equivalents, to be held as
security by the Collateral Agent, as is equal to the aggregate Stated Amount of
all Letters of Credit issued for the account of the U.S. Borrowers and then
outstanding and (y) direct the Foreign Borrowers to pay (and the Foreign
Borrowers agree that upon receipt of such notice, or upon the occurrence of an
Event of Default specified in Section 11.01(e) with
respect to any Foreign Borrower, they will pay) to the Collateral Agent at the
Payment Office such additional amount of cash or Cash Equivalents, to be held as
security by the Collateral Agent, as is equal to the aggregate Stated Amount of
all Letters of Credit issued for the account of such Foreign Borrowers (or any
Credit Parties organized in the same jurisdiction) and then outstanding; (v)
enforce, as Collateral Agent, all of the Liens and security interests created
pursuant to the Security Documents; (vi) enforce each Guaranty; and (vii) apply
any cash collateral held by the Administrative Agent pursuant to Section 5.02 to the
repayment of the Obligations.

             

            11.02. Application of
Proceeds.  (a)
(I) Subject to the terms of the Intercreditor Agreement, upon the exercise of
any of the remedies provided in the last paragraph of Section 11.01, all
moneys collected by the Administrative Agent or the Collateral Agent (or, to the
extent any Security Document executed by a Credit Party requires proceeds of
collateral thereunder, which constitutes ABL Priority Collateral, to be applied
in accordance with the provisions of this Agreement, the pledgee, assignee,
mortgagee or other corresponding party under such Security Document) upon any
sale or other disposition of the ABL Priority Collateral, together with all

             

             

            
              
                
                

              

              
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            other
moneys received by the Administrative Agent or the Collateral Agent hereunder
(or, to the extent any Security Document executed by a Credit Party requires
proceeds of collateral thereunder, which constitutes ABL Priority Collateral, to
be applied in accordance with the provisions of this Agreement, the pledgee,
assignee, mortgagee or other corresponding party under such Security Document)
upon any exercise of remedies hereunder, shall be applied as
follows:

             

            (i) first, to the payment
of all amounts owing to the Collateral Agent of the type described in clauses
(iv), (v) and (vi) of the definition of “Secured
Obligations”;

             

            (ii) second, but subject
to the provisions of the following clause (g), to the extent proceeds remain
after the application pursuant to preceding clause (i), an amount equal to the
outstanding Primary U.S. Credit Party Obligations shall be paid to the Secured
Parties as provided in Section 11.02(e),
with each Secured Party receiving an amount equal to its outstanding Primary
U.S. Credit Party Obligations or, if the proceeds are insufficient to pay in
full all such Primary U.S. Credit Party Obligations, its Pro Rata Share of the
amount remaining to be distributed;

             

            (iii) third, but subject to
the provisions of the following clause (g), to the extent proceeds remain after
the application pursuant to preceding clauses (i) and (ii), an amount equal to
the outstanding Primary Foreign Credit Party Obligations shall be paid to the
Secured Parties as provided in Section 11.02(e),
with each Secured Party receiving an amount equal to its outstanding Primary
Foreign Credit Party Obligations or, if the proceeds are insufficient to pay in
full all such Primary Foreign Credit Party Obligations, its Pro Rata Share of
the amount remaining to be distributed;

             

            (iv) fourth, but subject
to the provisions of the following clause (g), to the extent proceeds remain
after the application pursuant to preceding clauses (i) through (iii),
inclusive, an amount equal to the outstanding Secondary U.S. Credit Party
Obligations shall be paid to the Secured Parties as provided in Section 11.02(e),
with each Secured Party receiving an amount equal to its outstanding Secondary
U.S. Credit Party Obligations or, if the proceeds are insufficient to pay in
full all such Secondary U.S. Credit Party Obligations, its Pro Rata Share of the
amount remaining to be distributed;

             

            (v) fifth, but subject to
the provisions of the following clause (g), to the extent proceeds remain after
the application pursuant to preceding clauses (i) through (iv), inclusive, an
amount equal to the outstanding Secondary Foreign Credit Party Obligations shall
be paid to the Secured Parties as provided in Section 11.02(e),
with each Secured Party receiving an amount equal to its outstanding Secondary
Foreign Credit Party Obligations or, if the proceeds are insufficient to pay in
full all such Secondary Foreign Credit Party Obligations, its Pro Rata Share of
the amount remaining to be distributed;

             

            (vi) sixth, but subject to
the provisions of the following clause (g), to the extent proceeds remain after
the application pursuant to preceding clauses (i) through (v), inclusive, an
amount equal to the outstanding Tertiary Obligations shall be paid to the
Secured Parties as provided in Section 11.02(e),
with each Secured Party receiving an amount equal to its outstanding Tertiary
Obligations or, if the proceeds are insufficient to 

             

             

            
              
                
                

              

              
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            pay in
full all such Tertiary Obligations, its Pro Rata Share of the amount remaining
to be distributed;

             

            (vii) seventh, to the
extent proceeds remain after the application pursuant to preceding clauses (i)
through (vi), inclusive, if the Senior Secured Notes Obligations Termination
Date has not theretofore occurred, amounts equal to the Senior Secured
Noteholder Obligations shall be paid to the Noteholder Collateral Agent for
application to the Senior Secured Noteholder Obligations in accordance with the
Senior Secured Notes Indenture and the Intercreditor Agreement; and

             

            (viii) eighth, to the extent
proceeds remain after the application pursuant to preceding clauses (i) through
(vii), inclusive, and following the Discharge of Secured Obligations, to the
relevant Credit Party or to whomever may be lawfully entitled to receive such
surplus.

             

            (II)
Subject to the terms of the Intercreditor Agreement, upon the exercise of any of
the remedies provided in the last paragraph of Section 11.01, all
moneys collected by the Administrative Agent or the Collateral Agent (or, to the
extent any Security Document executed by a Credit Party requires proceeds of
collateral thereunder, which constitutes Senior Secured Notes Priority
Collateral, to be applied in accordance with the provisions of this Agreement,
the pledgee, the assignee, mortgagee or other corresponding party under such
Security Document) upon any sale or other disposition of the Senior Secured
Notes Priority Collateral, together with all other moneys received by the
Administrative Agent or the Collateral Agent hereunder (or, to the extent any
Security Document executed by a Credit Party requires proceeds of collateral
thereunder, which constitutes Senior Secured Notes Priority Collateral, to be
applied in accordance with the provisions of this Agreement, the pledgee,
assignee, mortgagee or other corresponding party under such Security Document)
upon any exercise of remedies hereunder, shall be applied as
follows:

             

            (i) first, in accordance
with the Intercreditor Agreement, to the Noteholder Collateral Agent for
application to the Senior Secured Noteholder Obligations until same have been
repaid in full; and

             

            (ii) second, to the extent
proceeds remain after the application pursuant to preceding clause (i), as
otherwise provided in Section
11.02(a)(I).

             

            (b) For
purposes of this Agreement:  (i) “Pro Rata Share” shall
mean, when calculating a Secured Party’s portion of any distribution or amount,
that amount (expressed as a percentage) equal to a fraction the numerator of
which is the then unpaid amount of such Secured Party’s Primary U.S. Credit
Party Obligations, Primary Foreign Credit Party Obligations, Secondary U.S.
Credit Party Obligations, Secondary Foreign Credit Party Obligations or Tertiary
Obligations, as the case may be, and the denominator of which is the then
outstanding amount of all Primary U.S. Credit Party Obligations, Primary Foreign
Credit Party Obligations, Secondary U.S. Credit Party Obligations, Secondary
Foreign Credit Party Obligations or Tertiary Obligations, as the case may be;
(ii) “Primary
Obligations” shall mean (x) in the case of the Credit Document
Obligations, all principal (or Face Amount, as applicable) of, premium, fees and
interest on, all Loans, all Unpaid Drawings, the Stated Amount of all
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            Credit
and all Fees and (y) in the case of the Hedging Obligations and Cash Management
Obligations, all amounts due under each Secured Hedging Agreement that is a
Qualified Secured Hedging Agreement and each Secured Cash Management Agreement
that is a Qualified Secured Cash Management Agreement (other than indemnities,
fees (including, without limitation, attorneys’ fees) and similar obligations
and liabilities), (iii) “Secondary
Obligations” shall mean all Credit Document Obligations, all Hedging
Obligations in respect of Qualified Secured Hedging Agreements and all Cash
Management Obligations in respect of Qualified Secured Cash Management
Agreements, in each case other than Primary Obligations and Tertiary
Obligations, (iv) “Primary U.S. Credit Party
Obligations” shall mean all Primary Obligations which are also U.S.
Credit Party Obligations, (v) “Secondary U.S. Credit Party
Obligations” shall mean all Secondary Obligations which are also U.S.
Credit Party Obligations, (vi) “Primary Australian Credit
Party Obligations” shall mean all Primary Obligations which are also
Australian Credit Party Obligations, (vii) “Secondary Australian Credit
Party Obligations” shall mean all Secondary Obligations which are also
Australian Credit Party Obligations, (viii) “Primary Canadian Credit
Party Obligations” shall mean all Primary Obligations which are also
Canadian Credit Party Obligations, (ix) “Secondary Canadian Credit
Party Obligations” shall mean all Secondary Obligations which are also
Canadian Credit Party Obligations, (x) “Primary Dutch Credit Party
Obligations” shall mean all Primary Obligations which are also Dutch
Credit Party Obligations, (xi) “Secondary Dutch Credit Party
Obligations” shall mean all Secondary Obligations which are also Dutch
Credit Party Obligations, (xii) “Primary U.K. Credit Party
Obligations” shall mean all Primary Obligations which are also U.K.
Credit Party Obligations, (xiii) “Secondary U.K. Credit Party
Obligations” shall mean all Secondary Obligations which are also U.K.
Credit Party Obligations, (xiv) “Primary Foreign Credit Party
Obligations” shall mean all Primary Australian Credit Party Obligations,
Primary Canadian Credit Party Obligations, Primary Dutch Credit Party
Obligations and Primary U.K. Credit Party Obligations and (xv) “Secondary Foreign Credit
Party Obligations” shall mean all Secondary Australian Credit Party
Obligations, Secondary Canadian Credit Party Obligations, Secondary Dutch Credit
Party Obligations and Secondary U.K. Credit Party Obligations.

             

            (c) When
payments to Secured Parties are based upon their respective Pro Rata Shares
(other than in respect of Tertiary Obligations), the amounts received by such
Secured Parties hereunder shall be applied (for purposes of making
determinations under this Section 11.02 only)
(i) first, to
their Primary Obligations and (ii) second, to their
Secondary Obligations.  If any payment to any Secured Party of its Pro
Rata Share of any distribution would result in overpayment to such Secured
Party, such excess amount shall instead be distributed in respect of the unpaid
Primary Obligations or Secondary Obligations, as the case may be, of the other
Secured Parties, with each Secured Party whose Primary Obligations or Secondary
Obligations, as the case may be, have not been paid in full to receive an amount
equal to such excess amount multiplied by a fraction the numerator of which is
the unpaid Primary Obligations or Secondary Obligations, as the case may be, of
such Secured Party and the denominator of which is the unpaid Primary
Obligations or Secondary Obligations, as the case may be, of all Secured Parties
entitled to such distribution.

             

            (d) Each of
the Secured Parties, by their acceptance of the benefits hereof and of the
Security Documents executed by a Credit Party, agrees and acknowledges that if
the Secured Parties receive a distribution on account of undrawn amounts with
respect to Letters of Credit issued under this Agreement (which shall only occur
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            paid in
full), such amounts shall be paid to the Administrative Agent and held by it,
for the equal and ratable benefit of the Secured Parties, as cash security for
the repayment of Secured Obligations owing by the Credit Parties to the Secured
Parties as such.  If any amounts are held as cash security pursuant to
the immediately preceding sentence, then upon the termination of all outstanding
Letters of Credit under this Agreement, and after the application of all such
cash security to the repayment of all other Secured Obligations owing by the
Credit Parties to the Secured Parties after giving effect to the termination of
all such Letters of Credit, if there remains any excess cash, such excess cash
shall be returned by the Administrative Agent to the Collateral Agent for
distribution in accordance with Section
11.02(a).

             

            (e) Subject
to the terms of the Intercreditor Agreement, all payments required to be made
hereunder shall be made (w) if to the  Lender Creditors, to the
Administrative Agent for the account of the Lender Creditors, (x) if to the
Hedging Creditors, to the trustee, paying agent or other similar representative
(each, a “Representative”) for
the Hedging Creditors or, in the absence of such a Representative, directly to
the Hedging Creditors, (y) if to the Cash Management Creditors, directly to the
Cash Management Creditors, and (z) if to the Senior Secured Noteholder Secured
Parties, to the Noteholder Collateral Agent for the account of the Senior
Secured Noteholder Secured Parties.

             

            (f) For
purposes of applying payments received in accordance with this Section 11.02, the
Collateral Agent shall be entitled to rely upon (i) the Administrative Agent,
(ii) the Representative or, in the absence of such a Representative, upon the
Hedging Creditors and (iii) the Cash Management Creditors for a determination
(which the Administrative Agent and each other Secured Party agrees (or shall
agree) to provide upon request of the Collateral Agent) of the outstanding
Secured Obligations of the Credit Parties owed to the Secured
Parties.  Unless it has received written notice from a Secured Party
to the contrary, the Administrative Agent, in furnishing information pursuant to
the preceding sentence, and the Collateral Agent, in acting hereunder, shall be
entitled to assume that no Secondary Obligations are
outstanding.  Unless it has written notice from a Hedging Creditor or
a Cash Management Creditor to the contrary, the Collateral Agent, in acting
hereunder, shall be entitled to assume that no Secured Hedging Agreements or
Secured Cash Management Agreements are in existence.

             

            (g) Subject
to the other limitations (if any) set forth herein and in the other Credit
Documents, it is understood that the Credit Parties shall remain liable (as and
to the extent set forth in the Credit Documents) to the extent of any deficiency
between the amount of the proceeds of the Collateral and the aggregate amount of
the Secured Obligations of the Credit Parties.

             

            (h) It is
understood and agreed by each Credit Party and each Secured Party that the
Collateral Agent shall have no liability for any determinations made by it in
this Section
11.02 (including, without limitation, as to whether given Collateral
constitutes Senior Secured Notes Priority Collateral or ABL Priority
Collateral), in each case except to the extent resulting from the gross
negligence or willful misconduct of the Collateral Agent (as determined by a
court of competent jurisdiction in a final and non-appealable
decision).  Each Credit Party and each Secured Party also agrees that
the Collateral Agent may (but shall not be required to), at any time and in its
sole discretion, and with no liability resulting therefrom, petition a court of
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            requirements
hereof and of the Intercreditor Agreement, and the Collateral Agent shall be
entitled to wait for, and may conclusively rely on, any such
determination.

             

            (i) Notwithstanding
anything to the contrary contained above, the Foreign Credit Parties shall not
be required to repay or prepay, or to guarantee, nor shall any proceeds in
respect of Collateral of the Foreign Credit Parties and payments by the Foreign
Credit Parties be applied to, direct obligations (excluding obligations as
guarantor of the Foreign Credit Parties) of the U.S. Credit
Parties.

             

            SECTION
12. The
Agents.

             

            12.01. Appointment.  The
Lenders (including in their capacity as a Swingline Lender, Issuing Lender,
Agent and/or Lead Arranger, as the case may be) hereby irrevocably designate and
appoint the Agents to act as specified herein and in the other Credit
Documents.  Each Lender hereby irrevocably authorizes, and each holder
of any Note by the acceptance of such Note shall be deemed irrevocably to
authorize the Agents to take such action on its behalf under the provisions of
this Agreement, the other Credit Documents and any other instruments and
agreements referred to herein or therein and to exercise such powers and to
perform such duties hereunder and thereunder as are specifically delegated to or
required of the Agents by the terms hereof and thereof and such other powers as
are reasonably incidental thereto.  The Agents may perform any of
their respective duties hereunder by or through their officers, directors,
agents, employees or affiliates.

             

            12.02. Nature of
Duties.  (a)  The
Agents shall not have any duties or responsibilities except those expressly set
forth in this Agreement and in the other Credit Documents.  No Agent
nor any of its officers, directors, agents, employees or affiliates shall be
liable for any action taken or omitted by it or them hereunder or under any
other Credit Document or in connection herewith or therewith, unless caused by
its or their gross negligence or willful misconduct (as determined by a court of
competent jurisdiction in a final and non-appealable decision).  The
duties of the Agents shall be mechanical and administrative in nature; the
Agents shall not have by reason of this Agreement or any other Credit Document
(but subject always to the provisions of Clause 12.13 in respect of the U.K.
Security Documents) a fiduciary relationship in respect of any Lender or the
holder of any Note; and nothing in this Agreement or in any other Credit
Document, expressed or implied, is intended to or shall be so construed as to
impose upon the Agents any obligations in respect of this Agreement or any other
Credit Document except as expressly set forth herein or therein.

             

            (b) Notwithstanding
any other provision of this Agreement or any provision of any other Credit
Document, the Syndication Agent, the Documentation Agents, the Lead Arrangers
and the Book-Runners are named as such for recognition purposes only, and in its
capacity as such shall have no powers, duties, responsibilities or liabilities
with respect to this Agreement or the other Credit Documents or the transactions
contemplated hereby and thereby; it being understood and agreed that the
Syndication Agent, the Documentation Agents, the Lead Arrangers and the
Book-Runners shall be entitled to all indemnification and reimbursement rights
in favor of the Administrative Agent as, and to the extent, provided for under
Sections 12.06
and 13.01.  Without
limitation of the foregoing, the Syndication Agent, the Documentation Agents,
the Lead Arrangers and the Book-Runners shall not, solely by reason of this
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            or any
other Credit Documents, have any fiduciary relationship in respect of any Lender
or any other Person.

             

            12.03. Lack of Reliance on the
Agents.  Independently
and without reliance upon the Agents, each Lender and the holder of each Note,
to the extent it deems appropriate, has made and shall continue to make (a) its
own independent investigation of the financial condition and affairs of Holdings
and its Subsidiaries in connection with the making and the continuance of the
Loans and the taking or not taking of any action in connection herewith and (b)
its own appraisal of the creditworthiness of Holdings and its Subsidiaries and,
except as expressly provided in this Agreement, no Agent shall have any duty or
responsibility, either initially or on a continuing basis, to provide any Lender
or the holder of any Note with any credit or other information with respect
thereto, whether coming into its possession before the making of the Loans or at
any time or times thereafter.  No Agent shall be responsible to any
Lender or the holder of any Note for any recitals, statements, information,
representations or warranties herein or in any document, certificate or other
writing delivered in connection herewith or for the execution, effectiveness,
genuineness, validity, enforceability, perfection, collectability, priority or
sufficiency of this Agreement or any other Credit Document or the financial
condition of Holdings or any of its Subsidiaries or be required to make any
inquiry concerning either the performance or observance of any of the terms,
provisions or conditions of this Agreement or any other Credit Document, or the
financial condition of Holdings or any of its Subsidiaries or the existence or
possible existence of any Default or Event of Default.

             

            12.04. Certain Rights of the
Administrative Agent.  If
the Administrative Agent shall request instructions from the Required Lenders
with respect to any act or action (including failure to act) in connection with
this Agreement or any other Credit Document, the Administrative Agent shall be
entitled to refrain from such act or taking such action unless and until the
Administrative Agent shall have received instructions from the Required Lenders;
and the Administrative Agent shall not incur liability to any Lender by reason
of so refraining.  Without limiting the foregoing, neither any Lender
nor the holder of any Note shall have any right of action whatsoever against the
Administrative Agent as a result of the Administrative Agent acting or
refraining from acting hereunder or under any other Credit Document in
accordance with the instructions of the Required Lenders.

             

            12.05. Reliance.  Each
Agent shall be entitled to rely, and shall be fully protected in relying, upon
any note, writing, resolution, notice, statement, certificate, telex, teletype
or telecopier message, cablegram, radiogram, order or other document or
telephone message signed, sent or made by any Person that such Agent believed to
be the proper Person, and, with respect to all legal matters pertaining to this
Agreement and any other Credit Document and its duties hereunder and thereunder,
upon advice of counsel selected by such Agent.

             

            12.06. Indemnification.  To
the extent any Agent (or any affiliate thereof) is not reimbursed and
indemnified by the Borrowers, the Lenders will reimburse and indemnify such
Agent (and any affiliate thereof) in proportion to their respective “percentage”
as used in determining the Required Lenders (determined as if there were no
Defaulting Lenders) for and against any and all liabilities, obligations,
losses, damages, penalties, claims, actions, judgments, costs, expenses or
disbursements of whatsoever kind or nature which may be imposed on, asserted
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            duties
hereunder or under any other Credit Document or in any way relating to or
arising out of this Agreement or any other Credit Document; provided that no
Lender shall be liable for any portion of such liabilities, obligations, losses,
damages, penalties, claims, actions, judgments, suits, costs, expenses or
disbursements resulting from such Agent’s (or such affiliates’ thereof) gross
negligence or willful misconduct (as determined by a court of competent
jurisdiction in a final and non-appealable decision).

             

            12.07. Agents in their Individual
Capacities.  With
respect to its obligation to make Loans, or issue or participate in Letters of
Credit, under this Agreement, each Agent shall have the rights and powers
specified herein for a “Lender” and may
exercise the same rights and powers as though it were not performing the duties
specified herein; and the term “Lender”, “Required Lenders”,
“Supermajority
Lenders”, “holders of Notes” or any similar terms shall, unless the
context clearly indicates otherwise, include such Agent in its respective
individual capacities.  Each Agent and its respective affiliates may
accept deposits from, lend money to, and generally engage in any kind of
banking, investment banking, trust or other business with, or provide debt
financing, equity capital or other services (including financial advisory
services) to any Credit Party or any Affiliate of any Credit Party (or any
Person engaged in a similar business with any Credit Party or any Affiliate
thereof) as if they were not performing the duties specified herein, and may
accept fees and other consideration from any Credit Party or any Affiliate of
any Credit Party for services in connection with this Agreement and otherwise
without having to account for the same to the Lenders.

             

            12.08. Holders.  The
Administrative Agent may deem and treat the payee of any Note as the owner
thereof for all purposes hereof unless and until a written notice of the
assignment, transfer or endorsement thereof, as the case may be, shall have been
filed with the Administrative Agent.  Any request, authority or
consent of any Person who, at the time of making such request or giving such
authority or consent, is the holder of any Note shall be conclusive and binding
on any subsequent holder, transferee, assignee or endorsee, as the case may be,
of such Note or of any Note or Notes issued in exchange therefor.

             

            12.09. Resignation by the
Administrative Agent.  (a)  The
Administrative Agent (for purposes of this Section 12.09(a)
through (e),
the term “Administrative Agent” also shall include DBNY in its capacity as
Collateral Agent hereunder and pursuant to the Security Documents) may resign
from the performance of all its respective functions and duties hereunder and/or
under the other Credit Documents at any time by giving 15 Business Days’ prior
written notice to the Lenders and, unless a Default or an Event of Default under
Section
11.01(e) then exists, Holdings.  Any such resignation by an
Administrative Agent hereunder shall also constitute its resignation as an
Issuing Lender, the Swingline Lender and the Fronting Lender, in which case the
resigning Administrative Agent (x) shall not be required to issue any further
Letters of Credit or make any additional Swingline Loans or Specified Foreign
Currency Loans hereunder and (y) shall maintain all of its rights as Issuing
Lender, Swingline Lender or Fronting Lender, as the case may be, with respect to
any Letters of Credit issued by it, or Swingline Loans or Specified Foreign
Currency Loans made by it, prior to the date of such
resignation.  Such resignation shall take effect upon the appointment
of a successor Administrative Agent pursuant to clauses (b) and (c) below or as
otherwise provided below.

             

             

            
              
                
                

              

              
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            (b) Upon any
such notice of resignation by the Administrative Agent, the Required Lenders
shall appoint a successor Administrative Agent hereunder and under the other
Credit Documents who shall be a commercial bank or trust company reasonably
acceptable to Holdings, which acceptance shall not be unreasonably withheld or
delayed (provided that the
Holdings’ approval shall not be required if an Event of Default then
exists).

             

            (c) If a
successor Administrative Agent shall not have been so appointed within such 15
Business Day period, the Administrative Agent, with the consent of Holdings
(which consent shall not be unreasonably withheld or delayed, provided that
Holdings’ consent shall not be required if an Event of Default then exists),
shall then appoint a successor Administrative Agent who shall serve as
Administrative Agent hereunder or thereunder until such time, if any, as the
Required Lenders appoint a successor Administrative Agent as provided
above.

             

            (d) If no
successor Administrative Agent has been appointed pursuant to clause (b) or (c)
above by the 20th Business Day after the date such notice of resignation was
given by the Administrative Agent, the Administrative Agent’s resignation shall
become effective and the Required Lenders shall thereafter perform all the
duties of the Administrative Agent hereunder and/or under any other Credit
Document until such time, if any, as the Required Lenders appoint a successor
Administrative Agent as provided above.

             

            (e) Upon a
resignation of the Administrative Agent pursuant to this Section 12.09, the
Administrative Agent shall remain indemnified to the extent provided in this
Agreement and the other Credit Documents and the provisions of this Section 12 (and the
analogous provisions of the other Credit Documents) shall continue in effect for
the benefit of the Administrative Agent for all of its actions and inactions
while serving as the Administrative Agent hereunder and under the other Credit
Documents.

             

            (f) Any
Co-Collateral Agent may resign at any time upon written notice to Holdings and
the Administrative Agent and the resignation of such Co-Collateral Agent shall
become effective immediately upon the delivery of such written
notice.

             

            (g) (i) If
the Commitment of General Electric Capital Corporation is less than 25% of the
Commitment of the Administrative Agent or General Electric Capital Corporation
is a Defaulting Lender, General Electric Capital Corporation may be removed as a
Co-Collateral Agent by Holdings or the Required Lenders upon written notice to
it as Co-Collateral Agent and with such removal to become effective immediately
upon the delivery of such written notice, (ii) if the Commitment of Bank of
America, N.A. is less than 25% of the Commitment of the Administrative Agent or
Bank of America, N.A. is a Defaulting Lender, Bank of America, N.A. may be
removed as a Co-Collateral Agent by Holdings or the Required Lenders upon
written notice to it as Co-Collateral Agent and with such removal to become
effective immediately upon the delivery of such written notice.

             

            (h) From and
after the first resignation or removal of any Co-Collateral Agent pursuant to
Section
12.09(f) or (g), Wells Fargo
Foothill, LLC shall be a Co-Collateral Agent provided that if the Commitment of
Wells Fargo Foothill, LLC is less than 25% of the Commitment of the
Administrative Agent or Wells Fargo Foothill, LLC is a Defaulting Lender,

             

             

            
              
                
                

              

              
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            Wells
Fargo Foothill, LLC may be removed as a Co-Collateral Agent by Holdings or the
Required Lenders upon written notice to it as Co-Collateral Agent and with such
removal to become effective immediately upon the delivery of such written
notice.

             

            (i) Upon a
resignation or removal of any Co-Collateral Agent pursuant to Section 12.09(f),
(g) or (h), any
Co-Collateral Agent shall remain indemnified to the extent provided in this
Agreement and the other Credit Documents and the provisions of this Section 12 (and the
analogous provisions of the other Credit Documents) shall continue in effect for
the benefit of such Co-Collateral Agent for all of its actions and inactions
while serving as such Co-Collateral Agent hereunder and under the other Credit
Documents.

             

            12.10. Collateral
Matters.  (a)  Each
Lender (including in their capacity as a Swingline Lender, Issuing Lender, Agent
and/or Lead Arranger, as the case may be) authorizes and directs the Collateral
Agent to enter into the Security Documents and the Intercreditor Agreement for
the benefit of the Lenders and the other Secured Parties.  Each Lender
hereby agrees, and each holder of any Note by the acceptance thereof will be
deemed to agree, that, except as otherwise set forth herein, any action taken by
the Required Lenders in accordance with the provisions of this Agreement or the
Security Documents, and the exercise by the Required Lenders of the powers set
forth herein or therein, together with such other powers as are reasonably
incidental thereto, shall be authorized and binding upon all of the
Lenders.  The Collateral Agent is hereby authorized on behalf of all
of the Lenders, without the necessity of any notice to or further consent from
any Lender, from time to time prior to an Event of Default, to take any action
with respect to any Collateral or Security Documents which may be necessary to
perfect and maintain perfected the security interest in and liens upon the
Collateral granted pursuant to the Security Documents.

             

            (b) The
Lenders hereby authorize and direct the Collateral Agent, at its option and in
its discretion, to release or subordinate (as the case may be) any Lien granted
to or held by the Collateral Agent upon any Collateral (i) upon termination of
the Total Commitment (and all Letters of Credit) and payment and satisfaction of
all of the Obligations (other than inchoate indemnification obligations and
other contingent obligations not due and payable) at any time arising under or
in respect of this Agreement or the Credit Documents or the transactions
contemplated hereby or thereby, (ii) constituting property being sold or
otherwise disposed of (to Persons other than Holdings and its Subsidiaries) upon
the sale or other disposition thereof in compliance with Section 10.02, (iii)
if approved, authorized or ratified in writing by the Required Lenders (or all
of the Lenders hereunder, to the extent required by Section 13.12) or
(iv) as otherwise may be expressly provided in the relevant Security Documents
or in the Intercreditor Agreement.  Upon request by the Administrative
Agent at any time, the Lenders will confirm in writing the Collateral Agent’s
authority to release particular types or items of Collateral pursuant to this
Section
12.10.

             

            (c) The
Collateral Agent shall have no obligation whatsoever to the Lenders or to any
other Person to assure that the Collateral exists or is owned by any Credit
Party or is cared for, protected or insured or that the Liens granted to the
Collateral Agent herein or pursuant hereto have been properly or sufficiently or
lawfully created, perfected, protected or enforced or are entitled to any
particular priority, or to exercise or to continue exercising at all or in any
manner or under any duty of care, disclosure or fidelity any of the rights,
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            powers
granted or available to the Collateral Agent in this Section 12.10, in any
of the Security Documents or in the Intercreditor Agreement, it being understood
and agreed that in respect of the Collateral, or any act, omission or event
related thereto, the Collateral Agent may act in any manner it may deem
appropriate, in its sole discretion, given the Collateral Agent’s own interest
in the Collateral as one of the Lenders and that the Collateral Agent shall have
no duty or liability whatsoever to the Lenders, except for its gross negligence
or willful misconduct (as determined by a court of competent jurisdiction in a
final and non-appealable decision).

             

            (d) The
Collateral Agent may perform any and all of its duties and exercise its rights
and powers hereunder or under any other Credit Document by or through, or
delegate any and all such rights and powers to, any one or more sub-agents,
trustees or third parties appointed by the Collateral Agent.  The
Collateral Agent (and any such sub-agent, trustee or third party) may perform
any and all of its duties and exercise its rights and powers by or through their
respective Affiliates.  The exculpatory and indemnification provisions
of this Section
12 and Section
13.01 shall apply to any such sub-agent, trustee or third party and to
their respective Affiliates to the same extent that such provisions apply to the
Collateral Agent.

             

            12.11. Delivery of
Information.  The
Administrative Agent shall not be required to deliver to any Lender originals or
copies of any documents, instruments, notices, communications or other
information received by the Administrative Agent from any Credit Party, any
Subsidiary thereof, the Required Lenders, any Lender or any other Person under
or in connection with this Agreement or any other Credit Document except (a) as
specifically provided in this Agreement or any other Credit Document and (b) as
specifically requested from time to time in writing by any Lender with respect
to a specific document, instrument, notice or other written communication
received by and in the possession of the Administrative Agent at the time of
receipt of such request and then only in accordance with such specific
request.

             

            12.12. Quebec
Security.  Without
limiting the powers of the Collateral Agent hereunder or under any of the other
Credit Documents, each Lender (for its benefit and the benefit of its
Affiliates), each Issuing Lender, the Administrative Agent, the Collateral Agent
and each other Agent (all such Lenders (for their benefit and the benefit of
their respective Affiliates), Issuing Lender, Administrative Agent, Collateral
Agent and other Agents are collectively called, for purposes of this Section 12.12, the “Quebec Secured
Parties”) hereby acknowledges and agrees that DBNY shall, for purposes of
holding any security granted by any Canadian Credit Party or by any Affiliate or
Subsidiary of any Canadian Credit Party on property pursuant to the laws of the
Province of Quebec to secure obligations of such Canadian Credit Party or such
Affiliate or Subsidiary under any bond or debenture (the “Quebec Secured
Obligations”), be the holder of an irrevocable power of attorney (fondé de pouvoir)
(within the meaning of the Civil Code of Quebec)
for all present and future Quebec Secured Parties and holders of any bond or
debenture.  Each of the Quebec Secured Parties, for itself and for all
present and future Affiliates that are or may become Quebec Secured Parties
hereby irrevocably constitutes, to the extent necessary, DBNY as the holder of
an irrevocable power of attorney (fondé de pouvoir)
(within the meaning of Article 2692 of the Civil Code of Quebec)
in order to hold security granted by any of the Canadian Credit Parties or by
any of their Affiliates or Subsidiaries to secure the Quebec Secured
Obligations.  Furthermore, each of the Quebec Secured Parties hereby
appoints DBNY to act in the capacity of the holder and depositary of such bond
or debenture on its own behalf as Collateral Agent and for and on behalf and for
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            benefit
of all present and future Quebec Secured Parties.  Each assignee (for
itself and for all present and future Affiliates) of a Quebec Secured Party
shall be deemed to have confirmed and ratified the constitution of the
Collateral Agent as the holder of such irrevocable power of attorney (fondé de pouvoir) by
execution of the relevant Assignment and Assumption Agreement or other relevant
documentation relating to such assignment.  Notwithstanding the
provisions of Section 32 of the An Act respecting the
special powers of legal persons (Quebec), DBNY may acquire and be the
holder of any bond or debenture.  The Canadian Borrowers (on behalf of
itself and the other Credit Parties which are Canadian Subsidiaries) hereby
acknowledge that such bond or debenture constitutes a title of indebtedness, as
such term is used in Article 2692 of the Civil Code of
Quebec.

             

            12.13. Co-Collateral
Agents.  If
a Co-Collateral Agent proposes an adjustment or revision to Borrowing Base
eligibility standards, advance rates applicable to any Borrowing Base or
Reserves, or makes any other proposal regarding a determination or action which
may be made by the Co-Collateral Agents pursuant to this Agreement or any Credit
Document, the other Co-Collateral Agents shall respond to such proposal within
three Business Days of its receipt of such written proposal.  In the
event that the Co-Collateral Agents cannot agree on Borrowing Base eligibility
standards, advance rates applicable to the Borrowing Base or Reserves or any
other action or determination which may be made by the Co-Collateral Agents
pursuant to the Agreement or any Credit Document, the consenting vote of 2 of
the 3 Co-Collateral Agents shall be required; provided that if
there are only two Co-Collateral Agents at the time of such determination, the
determination shall be made by the individual Co-Collateral Agent either
asserting the more conservative credit judgment or declining to permit the
requested action for which consent is being sought by the relevant Borrowers, as
applicable; provided further in the event
an issue cannot be resolved by either the more conservative credit judgment or
declining to permit a requested action by the Borrowers (such as the selection
or replacement of an appraisal firm), then the decision of the Collateral Agent
shall be final.

             

            12.14. UK
Security.  Without
limiting the powers of the Collateral Agent hereunder or under any of the other
Credit Documents, each Lender (for its benefit and the benefit of its Affiliates
as Secured Parties), each Issuing Lender, the Administrative Agent, the
Collateral Agent, each Agent party hereto and, by acceptance of the benefit of
the guaranties granted under each Guaranty and the security interests granted in
each Security Document, hereby acknowledges and agrees that the Liens created by
the UK Security Documents are held by the Collateral Agent on and subject to the
terms of the UK Security Documents.

             

            SECTION
13. Miscellaneous.

             

            13.01. Payment of Expenses,
etc.  (a)  The
Borrowers hereby jointly and severally agree to:  (i) whether or not
the transactions herein contemplated are consummated, pay all reasonable
out-of-pocket costs and expenses (including Expenses) of the Agents (including,
without limitation, the reasonable fees and disbursements of White & Case
LLP and the Agents' other counsel and consultants and the fees and expenses in
connection with the appraisals and collateral examinations required pursuant to
Section
9.01(1)) in connection with the preparation, execution, delivery and
administration of this Agreement and the other Credit Documents and the
documents and instruments referred to herein and therein and any actual or
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            Affiliates
in connection with their syndication efforts with respect to this Agreement and
of the Agents and the Swingline Lender in connection with the Back-Stop
Arrangements entered into by such Persons and, after the occurrence of an Event
of Default, each of the Issuing Lenders and one counsel for all of the Lenders
in connection with the enforcement of this Agreement and the other Credit
Documents and the documents and instruments referred to herein and therein or in
connection with any refinancing or restructuring of the credit arrangements
provided under this Agreement in the nature of a “work-out” or pursuant to any
insolvency or bankruptcy proceedings (including, in each case without
limitation, the reasonable fees and disbursements of counsel and consultants for
the Agents and, after the occurrence of an Event of Default, counsel for each of
the Issuing Lenders and Lenders); (ii) pay and hold the Administrative Agent,
the Collateral Agent, each of the Issuing Lenders, each Co-Collateral Agent, and
each of the Lenders harmless from and against any and all present and future
stamp, excise and other similar documentary taxes with respect to the foregoing
matters (including as a result of any assignment pursuant to Section 13.04(b),
whether by Assumption Agreement or otherwise, if the Australian Borrowers do
anything which causes them to change the state in which they are resident where
that change causes duty to be payable on an assignment of debt) and save the
Administrative Agent, the Collateral Agent, each of the Issuing Lenders, each
Co-Collateral Agent and each of the Lenders harmless from and against any and
all liabilities with respect to or resulting from any delay or omission (other
than to the extent attributable to the Administrative Agent, the Collateral
Agent, such Issuing Lender, such Co-Collateral Agent or such Lender) to pay such
taxes; and (iii) indemnify the Administrative Agent, the Collateral Agent, each
Co-Collateral Agent, each Issuing Lender and each Lender, and each of their
respective officers, directors, employees, representatives, agents, Affiliates,
trustees and investment advisors (each, an “Indemnified Person”)
from and hold each of them harmless against any and all liabilities,
obligations, losses, damages, penalties, claims, actions (including removal or
remedial actions), judgments, suits, costs, expenses and disbursements
(including reasonable attorneys’ and consultants’ fees and disbursements)
incurred by, imposed on or assessed against any of them as a result of, or
arising out of, or in any way related to, or by reason of, (A) any
investigation, litigation or other proceeding (whether or not the Administrative
Agent, the Collateral Agent, any Co-Collateral Agent, any Issuing Lender or any
Lender is a party thereto and whether or not such investigation, litigation or
other proceeding is brought by or on behalf of any Credit Party) related to the
entering into and/or performance of this Agreement or any other Credit Document
or the use of any Letter of Credit or the proceeds of any Loans hereunder or the
consummation of the Transaction or any other transactions contemplated herein or
in any other Credit Document or the exercise of any of their rights or remedies
provided herein or in the other Credit Documents, or (B) the actual or alleged
presence of Hazardous Materials in the air, surface water or groundwater or on
the surface or subsurface of any Real Property at any time owned, leased or
operated by Holdings or any of its Subsidiaries, the generation, storage,
transportation, handling or disposal of Hazardous Materials by Holdings or any
of its Subsidiaries at any location, whether or not owned, leased or operated by
Holdings or any of its Subsidiaries, the non-compliance by Holdings or any of
its Subsidiaries with any Environmental Law (including applicable permits
thereunder) applicable to any Real Property, or any Environmental Claim asserted
against Holdings, any of its Subsidiaries or any Real Property at any time
owned, leased or operated by Holdings or any of its Subsidiaries, including, in
each case, without limitation, the reasonable fees and disbursements of counsel
and other consultants incurred in connection with any such investigation,
litigation or other proceeding (but excluding any losses, liabilities,

             

             

            
              
                
                

              

              
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            claims,
damages or expenses to the extent incurred by reason of the gross negligence or
willful misconduct of the Indemnified Person to be indemnified (as determined by
a court of competent jurisdiction in a final and non-appealable
decision)).  To the extent that the undertaking to indemnify, pay or
hold harmless any Agent, any Issuing Lender or any Lender set forth in the
preceding sentence may be unenforceable because it is violative of any law or
public policy, the Borrowers jointly and severally shall make the maximum
contribution to the payment and satisfaction of each of the indemnified
liabilities which is permissible under applicable law.  In addition,
the Borrowers jointly and severally agree to reimburse the Administrative Agent,
the Collateral Agent and the Co-Collateral Agents for all reasonable third party
administrative, audit and monitoring expenses incurred in connection with the
Borrowing Base and determinations thereunder.

             

            (b) To the
full extent permitted by applicable law, each of Holdings and the other
Borrowers shall not assert, and hereby waives, any claim against any Indemnified
Person, on any theory of liability, for special, indirect, consequential or
incidental damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement or any agreement or
instrument contemplated hereby, the transactions contemplated hereby or thereby,
any Loan or the use of the proceeds thereof.  No Indemnified Person
shall be liable for any damages arising from the use by unintended recipients of
any information or other materials distributed by it through telecommunications,
electronic or other information transmission systems in connection with this
Agreement or the other Credit Documents or the transactions contemplated hereby
or thereby, except to the extent the liability of such Indemnified Person
results from such Indemnified Person’s gross negligence or willful misconduct
(as determined by a court of competent jurisdiction in a final and
non-appealable decision).

             

            13.02. Right of
Setoff.  (a)  In
addition to any rights now or hereafter granted under applicable law or
otherwise, and not by way of limitation of any such rights, upon the occurrence
and during the continuance of an Event of Default, the Administrative Agent,
each Issuing Lender and each Lender is hereby authorized at any time or from
time to time, without presentment, demand, protest or other notice of any kind
to any Credit Party or to any other Person, any such notice being hereby
expressly waived, to set off and to appropriate and apply any and all deposits
(general or special) and any other Indebtedness at any time held or owing by the
Administrative Agent, such Issuing Lender or such Lender (including, without
limitation, by branches and agencies of the Administrative Agent, such Issuing
Lender or such Lender wherever located) to or for the credit or the account of
Holdings or any of its Subsidiaries against and on account of the Obligations
and liabilities of the Credit Parties to the Administrative Agent, such Issuing
Lender or such Lender under this Agreement or under any of the other Credit
Documents, including, without limitation, all interests in Obligations purchased
by such Lender pursuant to Section 13.04(b), and
all other claims of any nature or description arising out of or connected with
this Agreement or any other Credit Document, irrespective of whether or not the
Administrative Agent, such Issuing Lender or such Lender shall have made any
demand hereunder and although said Obligations, liabilities or claims, or any of
them, shall be contingent or unmatured.

             

            (b) NOTWITHSTANDING
THE FOREGOING SUBSECTION (a), AT ANY TIME THAT THE LOANS OR ANY OTHER OBLIGATION
SHALL BE SECURED BY REAL PROPERTY LOCATED IN CALIFORNIA, NO LENDER SHALL
EXERCISE A 

             

             

            
              
                
                

              

              
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            RIGHT OF
SETOFF, LIEN OR COUNTERCLAIM OR TAKE ANY COURT OR ADMINISTRATIVE ACTION OR
INSTITUTE ANY PROCEEDING TO ENFORCE ANY PROVISION OF THIS AGREEMENT OR ANY NOTE
UNLESS IT IS TAKEN WITH THE CONSENT OF THE REQUIRED LENDERS OR APPROVED IN
WRITING BY THE ADMINISTRATIVE AGENT, IF SUCH SETOFF OR ACTION OR PROCEEDING
WOULD OR MIGHT (PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 580a,
580b, 580d AND 726 OF THE CALIFORNIA CODE OF CIVIL PROCEDURE OR SECTION 2924 OF
THE CALIFORNIA CIVIL CODE, IF APPLICABLE, OR OTHERWISE) AFFECT OR IMPAIR THE
VALIDITY, PRIORITY OR ENFORCEABILITY OF THE LIENS GRANTED TO THE COLLATERAL
AGENT PURSUANT TO THE SECURITY DOCUMENTS OR THE ENFORCEABILITY OF THE NOTES AND
OTHER OBLIGATIONS HEREUNDER, AND ANY ATTEMPTED EXERCISE BY ANY LENDER OF ANY
SUCH RIGHT WITHOUT OBTAINING SUCH CONSENT OF THE REQUIRED LENDERS OR THE
ADMINISTRATIVE AGENT SHALL BE NULL AND VOID.  THIS SUBSECTION (b)
SHALL BE SOLELY FOR THE BENEFIT OF EACH OF THE LENDERS AND THE ADMINISTRATIVE
AGENT HEREUNDER.

             

            13.03. Notices.  Except
as otherwise expressly provided herein, all notices and other communications
provided for hereunder shall be in writing (including telecopier communication,
facsimile transmission or electronic mail) and mailed, telecopied, transmitted
or delivered:  if to any Credit Party, at the address, facsimile
number or electronic mail address specified opposite its signature below or in
the other relevant Credit Documents; if to any Lender, at its address, facsimile
number or electronic mail address specified on Schedule 13.03; and
if to the Administrative Agent or DBNY as Co-Collateral Agent, at the Notice
Office; if to Bank of America, N.A. as Co-Collateral Agent, at 135 South LaSalle
Street, Suite 425, Chicago, IL 60603, Attention: Trevor S. Townsend, VP,
Telephone: (312) 992-4852, Telecopier No.: (312) 904-7190; if to General
Electric Capital Corporation as Co-Collateral Agent, at 500 West Monroe
Street, 12th Floor, Chicago, IL 60661, Attention: ACCO Brands Account Manager,
Telephone: (312) 463-2300, Telecopier No.: (312) 463-3840; or, as to any Credit
Party or the Administrative Agent or any Co-Collateral Agent, at such other
address as shall be designated by such party in a written notice to the other
parties hereto and, as to each Lender, at such other address, facsimile number
or electronic mail address as shall be designated by such Lender in a written
notice to Holdings and the Administrative Agent.  All such notices and
communications shall, when mailed, telecopied, faxed, mailed electronically or
sent by overnight courier, be effective when deposited in the mails or overnight
courier, as the case may be, or sent by telecopier or electronic mail, except
that notices and communications to the Administrative Agent, any Co-Collateral
Agent, Holdings and the other Borrowers shall not be effective until received by
the Administrative Agent, such Co-Collateral Agent, Holdings or the other
Borrowers, as the case may be.

             

            13.04. Benefit of Agreement;
Assignments; Participations.  (a)  This
Agreement shall be binding upon and inure to the benefit of and be enforceable
by the respective successors and assigns of the parties hereto; provided, however, that neither
Holdings nor any Borrower may assign or transfer any of their rights,
obligations or interest hereunder without the prior written consent of the
Lenders which consent will not be given unless the assignee or transferee is a
member of the same “wholly-owned group” as, or an Associate of, each of the
Borrowers and, provided further, that,
although any Lender may transfer, assign or grant participations in its

             

             

            
              
                
                

              

              
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            rights
hereunder, such Lender shall remain a “Lender” for all purposes hereunder (and
may not transfer or assign all or any portion of its Commitments or Loans
hereunder except as provided in Sections 2.13 and
13.04(b)) and
the transferee, assignee or participant, as the case may be, shall not
constitute a “Lender” hereunder and, provided further, that no
Lender shall transfer or grant any participation under which the participant
shall have rights to approve any amendment to or waiver of this Agreement or any
other Credit Document except to the extent such amendment or waiver would (i)
extend the final scheduled maturity of any Loan, Note or Letter of Credit
(unless such Letter of Credit is not extended beyond the Revolving Loan Maturity
Date) in which such participant is participating, or reduce the rate or extend
the time of payment of interest or Fees thereon (except in connection with a
waiver of applicability of any post-default increase in interest rates) or
reduce the principal amount thereof (it being understood that any amendment or
modification to the financial definitions in this Agreement or to Section 13.07(a)
shall not constitute a reduction in the rate of interest or Fees payable
hereunder), or increase the amount of the participant’s participation over the
amount thereof then in effect (it being understood that a waiver of any Default
or Event of Default or of a mandatory reduction in the Total Commitment shall
not constitute a change in the terms of such participation, and that an increase
in any Commitment (or the available portion thereof) or Loan shall be permitted
without the consent of any participant if the participant’s participation is not
increased as a result thereof), (ii) consent to the assignment or transfer by
Holdings or any other Borrower of any of its rights and obligations under this
Agreement or (iii) release all or substantially all of the Collateral under any
or all of the Security Documents (except as expressly provided in the Credit
Documents) supporting the Loans or Letters of Credit hereunder in which such
participant is participating.  In the case of any such participation,
the participant shall not have any rights under this Agreement or any of the
other Credit Documents (the participant’s rights against such Lender in respect
of such participation to be those set forth in the agreement executed by such
Lender in favor of the participant relating thereto) and all amounts payable by
the Borrowers hereunder shall be determined as if such Lender had not sold such
participation.

             

            (b) Notwithstanding
the foregoing, any Lender (or any Lender together with one or more other
Lenders) may (x) assign all or a portion of its Commitment and related
outstanding Obligations (or, if the Commitment has terminated, outstanding
Obligations) hereunder to (i) (A) its parent company and/or any affiliate of
such Lender which is at least 50% owned by such Lender or its parent company or
(B) one or more other Lenders or any affiliate of any such other Lender which is
at least 50% owned by such other Lender or its parent company (provided that any
fund (which fund, together with its Affiliates, has a combined capital and
surplus in excess of $500,000,000) that invests in loans and is managed or
advised by the same investment advisor of another fund which is a Lender (or by
an Affiliate of such investment advisor) shall be treated as an affiliate of
such other Lender for the purposes of this sub-clause
(x)(i)(B)); provided that no such
assignment may be made to any such Person that is, or would at such time
constitute, a Defaulting Lender or (ii) in the case of any Lender that is a fund
that invests in loans, any other fund (which fund, together with its Affiliates,
has a combined capital and surplus in excess of $500,000,000) that invests in
loans managed or advised by the same investment advisor of any Lender or by an
Affiliate of such investment advisor or (y) assign all, or if less than all, a
portion equal to at least $5,000,000, in each case in the aggregate for the
assigning Lender or assigning Lenders, of such Commitment and related
outstanding Obligations (or, if the Commitment has terminated, outstanding
Obligations) hereunder to one or more Eligible Transferees (treating any fund
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            loans and
is managed or advised by the same investment advisor of such fund or by an
Affiliate of such investment advisor as a single Eligible Transferee), each of
which assignees shall become a party to this Agreement as a Lender by execution
of an Assignment and Assumption Agreement, provided that (t) at
such time, Schedule
1.01(a) shall be deemed modified to reflect the Commitment and/or
outstanding Revolving Loans, as the case may be, of such new Lender and of the
existing Lenders, (u) upon the surrender of the relevant Notes by the assigning
Lender (or, upon such assigning Lender’s indemnifying the Borrowers for any lost
Note pursuant to a customary indemnification agreement) new Notes will be
issued, at the Borrowers’ joint and several expense, to such new Lender and to
the assigning Lender upon the request of such new Lender or assigning Lender,
such new Notes to be in conformity with the requirements of Section 2.05 (with
appropriate modifications) to the extent needed to reflect the revised
Commitment and/or outstanding Revolving Loans, as the case may be, (v) the
consents (not to be unreasonably withheld, delayed or conditioned) of each
Issuing Lender, the Swingline Lender and, unless such assignment is to a Person
that will not be a Participating Specified Foreign Currency Lender, the Fronting
Lender, shall be required in connection with any such assignment, (w) the
consent of the Administrative Agent and, so long as no Default or Event of
Default then exists, Holdings, shall be required in connection with any such
assignment pursuant to clause (y) above (such consent, in any case, not to be
unreasonably withheld, delayed or conditioned) provided that
Holdings shall be deemed to have consented to any such assignment unless it
shall object thereto by written notice to the Administrative Agent within 5
Business Days after having received notice thereof, (x) the Administrative Agent
shall receive at the time of each such assignment, from the assigning or
assignee Lender, the payment of a non-refundable assignment fee of $3,500, (y)
each assignment by any Participating Specified Foreign Currency Lender shall
require a Specified Foreign Currency Participation Settlement with respect to
such Participating Specified Foreign Currency Lender unless the Fronting Lender
agrees in its sole discretion that the respective assignee shall succeed such
Participating Specified Foreign Currency Lender as a Participating Specified
Foreign Currency Lender itself, in which case such assignee shall acquire the
Specified Foreign Currency Participation of the respective assignor and (z) no
such transfer or assignment will be effective until recorded by the
Administrative Agent on the Register pursuant to Section
13.15.  To the extent of any assignment pursuant to this Section 13.04(b), the
assigning Lender shall be relieved of its obligations hereunder with respect to
its assigned Commitment and outstanding Revolving Loans.  At the time
of each assignment pursuant to this Section 13.04(b) to a
Person which is not already a Lender hereunder and which is not a United States
person (as such term is defined in Section 7701(a)(30) of the Code) for Federal
income tax purposes, the respective assignee Lender shall, to the extent legally
entitled to do so, provide to Holdings and the Administrative Agent the
appropriate Internal Revenue Service Forms (and, if applicable, a Section 5.04(b)(ii)
Certificate) described in Section
5.04(b).  In addition, at the time of each assignment pursuant
to this Section
13.04(b) to a Person which is not already a Lender hereunder, the
respective assignee Lender shall, to the extent legally entitled to do so and at
the reasonable request of Holdings, file any certificate or document or furnish
to the relevant Borrower and the Administrative Agent, such certificate or
document that may be necessary to establish any available exemption from, or
reduction of, any Taxes, as described in Section
5.04(c).  To the extent that an assignment of all or any
portion of a Lender’s Commitment and related outstanding Obligations pursuant to
Section 2.13 or
this Section
13.04(b) would, at the time of such assignment, result in increased costs
under Section
2.10, 3.06 or 5.04 from those being
charged by the respective assigning Lender prior to such assignment, then the
Borrowers

             

             

            
              
                
                

              

              
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            shall not
be obligated to pay such increased costs (although the Borrowers, in accordance
with and pursuant to the other provisions of this Agreement, shall be obligated
to pay any other increased costs of the type described above resulting from
changes after the date of the respective assignment).  A Lender may
only assign all or a portion of its Commitment hereunder if that assignment
would result in at least two Lenders under this Agreement.

             

            (c) The
Commitment and the amount transferred to and paid by an assignee in relation to
a Loan made to the Dutch Borrower or any other Borrower organized under the laws
of the Netherlands, if any, shall be at least EUR 50,000 (or the equivalent in
Dollars or any other currency) or, if less, the assignee shall confirm in
writing to the Dutch Borrower or any other Borrower organized under the laws of
the Netherlands, if any, that it is a PMP.

             

            (d) Nothing
in this Agreement shall prevent or prohibit any Lender from pledging its Loans
and Notes hereunder to a Federal Reserve Bank in support of borrowings made by
such Lender from such Federal Reserve Bank and, with prior notification to the
Administrative Agent (but without the consent of the Administrative Agent or
Holdings), any Lender which is a fund may pledge all or any portion of its Loans
and Notes to its trustee or to a collateral agent providing credit or credit
support to such Lender in support of its obligations to such trustee, such
collateral agent or a holder of such obligations, as the case may
be.  No pledge pursuant to this clause (d) shall release the
transferor Lender from any of its obligations hereunder.

             

            (e) Any
Lender which assigns all of its Commitment and/or Revolving Loans hereunder in
accordance with Section 13.04(b)
shall cease to constitute a “Lender” hereunder, except with respect to
indemnification provisions under this Agreement (including, without limitation,
Sections 2.10,
2.11, 3.06, 5.04, 12.06, 13.01 and 13.06), which shall
survive as to such assigning Lender.

             

            13.05. No Waiver; Remedies
Cumulative.  No
failure or delay on the part of the Administrative Agent, the Collateral Agent,
any Co-Collateral Agent, any Issuing Lender or any Lender in exercising any
right, power or privilege hereunder or under any other Credit Document and no
course of dealing between Holdings, any other Borrower or any other Credit Party
and the Administrative Agent, the Collateral Agent, any Co-Collateral Agent, any
Issuing Lender or any Lender shall operate as a waiver thereof; nor shall any
single or partial exercise of any right, power or privilege hereunder or under
any other Credit Document preclude any other or further exercise thereof or the
exercise of any other right, power or privilege hereunder or
thereunder.  The rights, powers and remedies herein or in any other
Credit Document expressly provided are cumulative and not exclusive of any
rights, powers or remedies which the Administrative Agent, Collateral Agent, any
Co-Collateral Agent, any Issuing Lender or any Lender would otherwise
have.  No notice to or demand on any Credit Party in any case shall
entitle any Credit Party to any other or further notice or demand in similar or
other circumstances or constitute a waiver of the rights of the Administrative
Agent, the Collateral Agent, any Co-Collateral Agent, any Issuing Lender or any
Lender to any other or further action in any circumstances without notice or
demand.

             

            13.06. Payments Pro
Rata.  (a)  Except
as otherwise provided in this Agreement, the Administrative Agent agrees that
promptly after its receipt of each payment from or on 

             

             

            
              
                
                

              

              
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            behalf of
any Borrower in respect of any Obligations hereunder, the Administrative Agent
shall distribute such payment to the Lenders entitled thereto (other than any
Lender that has consented in writing to waive its pro rata share of any
such payment) pro
rata based upon their respective shares, if any, of the Obligations with
respect to which such payment was received.

             

            (b) Each of
the Lenders agrees that, if it should receive any amount hereunder (whether by
voluntary payment, by realization upon security, by the exercise of the right of
setoff or banker’s lien, by counterclaim or cross action, by the enforcement of
any right under the Credit Documents, or otherwise), which is applicable to the
payment of the principal of, or interest on, the Loans, Unpaid Drawings,
Commitment Fees or Letter of Credit Fees, of a sum which with respect to the
related sum or sums received by other Lenders is in a greater proportion than
the total of such Obligation then owed and due to such Lender bears to the total
of such Obligation then owed and due to all of the Lenders immediately prior to
such receipt, then such Lender receiving such excess payment shall purchase for
cash without recourse or warranty from the other Lenders an interest in the
Obligations of the respective Credit Party to such Lenders in such amount as
shall result in a proportional participation by all the Lenders in such amount;
provided that
if all or any portion of such excess amount is thereafter recovered from such
Lenders, such purchase shall be rescinded and the purchase price restored to the
extent of such recovery, but without interest.

             

            (c) Notwithstanding
anything to the contrary contained herein, the provisions of the preceding Sections 13.06(a) and
(b) shall be
subject to the express provisions of this Agreement which require, or permit,
differing payments to be made to Non-Defaulting Lenders as opposed to Defaulting
Lenders.

             

            13.07. Calculations;
Computations.  (a)  The
financial statements to be furnished to the Lenders pursuant hereto shall be
made and prepared in accordance with GAAP consistently applied throughout the
periods involved (except as set forth in the notes thereto or as otherwise
disclosed in writing by Holdings to the Lenders); provided that, (i)
except as otherwise specifically provided herein, all computations of the
Applicable Margin, and all computations and all definitions (including
accounting terms) used in determining compliance with Sections 9.16 and
10.07, shall
utilize GAAP and policies in conformity with those used to prepare the audited
financial statements of Holdings referred to in Section 8.05(a) for
the fiscal year ended December 31, 2008, (ii) to the extent expressly provided
herein, certain calculations shall be made on a Pro Forma Basis, (iii) for
purposes of determining compliance with any incurrence or expenditure tests set
forth in Sections
8 and/or 9, amounts so
incurred or expended (to the extent incurred or expended in a currency other
than U.S. Dollars) shall be converted into U.S. Dollars on the basis of the
exchange rates (as shown on Reuters ECB page 37 or, if same does not provide
such exchange rates, on such other basis as is reasonably satisfactory to the
Administrative Agent) as in effect on the date of such incurrence or expenditure
under any provision of any such Section that has an aggregate U.S. Dollar
limitation provided for therein (and to the extent the respective incurrence or
expenditure test regulates the aggregate amount outstanding at any time and it
is expressed in terms of U.S. Dollars, all outstanding amounts originally
incurred or spent in currencies other than U.S. Dollars shall be converted into
U.S. Dollars on the basis of the exchange rates (as shown on Reuters ECB page 37
or, if same does not provide such exchange rates, on such other basis as is
reasonably satisfactory to the Administrative Agent) as in effect on the date of
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            any
provision of any such Section that regulates the U.S. Dollar amount outstanding
at any time) and (iv) all financial statements delivered hereunder shall be
prepared, and all financial covenants and other financial calculations contained
herein shall be determined, without giving effect to any election under
Statement of Financial Accounting Standards 159 (or any similar accounting
principle) permitting a Person to value its financial liabilities at the fair
value thereof.

             

            (b) All
computations of interest (except as provided in Section 2.15),
Commitment Fees and other Fees (other than Drawing Fees) hereunder shall be made
on the basis of a year of 360 days (except (x) for interest calculated by
reference to the Prime Lending Rate or clause (i) of the definition of Canadian
Prime Rate, which shall be based on a year of 365 or 366 days, as applicable or
(y) in the case of amounts denominated in Pounds Sterling, which shall be based
on a year of 365 days) for the actual number of days (including the first day
but excluding the last day; except that in the case of Letter of Credit Fees and
Facing Fees, the last day shall be included) occurring in the period for which
such interest, Commitment Fees or Fees are payable.

             

            13.08. GOVERNING LAW; SUBMISSION TO
JURISDICTION; VENUE; WAIVER OF JURY TRIAL.  (a)  THIS
AGREEMENT AND THE OTHER CREDIT DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER AND THEREUNDER SHALL, EXCEPT AS OTHERWISE PROVIDED IN ANY
OTHER CREDIT DOCUMENT, BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE
LAW OF THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS OF LAW
PRINCIPLES).  ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS
AGREEMENT OR ANY OTHER CREDIT DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE
OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN
EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND
DELIVERY OF THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT, EACH OF HOLDINGS AND
EACH BORROWER HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS
PROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE
AFORESAID COURTS.  EACH OF HOLDINGS AND EACH BORROWER HEREBY
IRREVOCABLY DESIGNATES, APPOINTS AND EMPOWERS HOLDINGS, WITH A REGISTERED
ADDRESS BEING 300 TOWER PARKWAY, LINCOLNSHIRE, IL 60069 (PH:  (847)
484-3010; FX: (847) 484-4144), AS ITS AUTHORIZED DESIGNEE, APPOINTEE AND AGENT
TO RECEIVE, ACCEPT AND ACKNOWLEDGE FOR AND ON ITS BEHALF, AND IN RESPECT OF ITS
PROPERTY, SERVICE OF ANY AND ALL LEGAL PROCESS, SUMMONS, NOTICES AND DOCUMENTS
WHICH MAY BE SERVED IN ANY SUCH ACTION OR PROCEEDING.  IF FOR ANY
REASON SUCH AUTHORIZED DESIGNEE, APPOINTEE AND AGENT SHALL CEASE TO BE AVAILABLE
TO ACT AS SUCH, EACH OF HOLDINGS AND EACH BORROWER AGREES TO DESIGNATE A NEW
AUTHORIZED DESIGNEE, APPOINTEE AND AGENT IN NEW YORK CITY ON THE TERMS AND FOR
THE PURPOSES OF THIS PROVISION REASONABLY SATISFACTORY TO THE ADMINISTRATIVE
AGENT UNDER THIS AGREEMENT.  EACH OF HOLDINGS AND EACH BORROWER HEREBY
FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK PERSONAL
JURISDICTION OVER SUCH CREDIT PARTY, AND AGREES NOT TO PLEAD OR CLAIM, IN ANY
LEGAL ACTION PROCEEDING WITH RESPECT TO THIS 

             

             

            
              
                
                

              

              
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            AGREEMENT
OR ANY OTHER CREDIT DOCUMENT BROUGHT IN ANY OF THE AFOREMENTIONED COURTS, THAT
SUCH COURTS LACK PERSONAL JURISDICTION OVER SUCH CREDIT PARTY.  EACH
OF HOLDINGS AND EACH BORROWER FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF
PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING
BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE
PREPAID, TO SUCH CREDIT PARTY AT ITS ADDRESS SET FORTH OPPOSITE ITS SIGNATURE
BELOW, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH
MAILING.  EACH OF HOLDINGS AND EACH BORROWER HEREBY IRREVOCABLY WAIVES
ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND
AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR
UNDER ANY OTHER CREDIT DOCUMENT THAT SERVICE OF PROCESS WAS IN ANY WAY INVALID
OR INEFFECTIVE.  NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE
ADMINISTRATIVE AGENT, ANY LENDER OR THE HOLDER OF ANY NOTE TO SERVE PROCESS IN
ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE
PROCEED AGAINST HOLDINGS AND EACH BORROWER IN ANY OTHER
JURISDICTION.

             

            (b) EACH OF
HOLDINGS AND EACH BORROWER HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY
NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR
PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER
CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY
FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT
THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN
AN INCONVENIENT FORUM.

             

            (c) EACH OF
THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO
THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY.

             

            13.09. Counterparts.  This
Agreement may be executed in any number of counterparts and by the different
parties hereto on separate counterparts, each of which when so executed and
delivered shall be an original, but all of which shall together constitute one
and the same instrument.  A set of counterparts executed by all the
parties hereto shall be lodged with Holdings and the Administrative
Agent.  Delivery of an executed counterpart hereof by facsimile or
electronic transmission shall be as effective as delivery of an original
executed counterpart hereof.

             

            13.10. Effectiveness.  This
Agreement shall become effective on the date (the “Effective Date”) on
which (i) Holdings, the other Borrowers, the Administrative Agent, each of the
Co-Collateral Agents and each of the Lenders shall have signed a counterpart
hereof (whether the same or different counterparts) and shall have delivered the
same to the 

             

             

            
              
                
                

              

              
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            Administrative
Agent at the Notice Office or, in the case of the Lenders, shall have given to
the Administrative Agent telephonic (confirmed in writing), written or telex
notice (actually received) at such office that the same has been signed and
mailed to it and (ii) the conditions contained in Section 6 are met to
the satisfaction of the Administrative Agent and the Required
Lenders.  Unless the Administrative Agent has received actual notice
from any Lender that the conditions described in clause (ii) of the preceding
sentence have not been met to its satisfaction, upon the satisfaction of the
condition described in clause (i) of the immediately preceding sentence and upon
the Administrative Agent’s good faith determination that the conditions
described in clause (ii) of the immediately preceding sentence have been met,
then the Effective Date shall be deemed to have occurred, regardless of any
subsequent determination that one or more of the conditions thereto had not been
met (although the occurrence of the Effective Date shall not release Holdings,
any Borrower or any other Credit Party from any liability for failure to satisfy
one or more of the applicable conditions contained in Section
6).  The Administrative Agent will give Holdings, the other
Borrowers and each Lender prompt written notice of the occurrence of the
Effective Date.

             

            13.11. Headings
Descriptive.  The
headings of the several sections and subsections of this Agreement are inserted
for convenience only and shall not in any way affect the meaning or construction
of any provision of this Agreement.

             

            13.12. Amendment or Waiver;
etc.  (a)  Neither
this Agreement nor any other Credit Document nor any terms hereof or thereof may
be changed, waived, discharged or terminated unless such change, waiver,
discharge or termination is in writing signed by the respective Credit Parties
party hereto or thereto and the Required Lenders (although additional parties
may be added to (and annexes may be modified to reflect such additions), and
Subsidiaries of Holdings (other than the Borrowers) may be released from, the
relevant Guaranty and the relevant Security Documents, provided that no such
change, waiver, discharge or termination shall, without the consent of each
Lender (other than a Defaulting Lender except that, for the purposes of
succeeding clauses (i), (ii) and (iii) (but, in the case of such clause (iii),
only to the extent relating to such clause (i) or (ii)), a Defaulting Lender
shall have a separate vote to the extent otherwise provided therein; provided that for the
purposes of succeeding clauses (ii) and (iii) (but, in the case of such clause
(iii), only to the extent relating to such clause (ii)), to the extent a
Defaulting Lender does not accept or reject in writing to the Administrative
Agent a written amendment, waiver or modification proposal on or prior to the
expiry of the period of time granted to all Lenders required to consent to such
proposal such Defaulting Lender shall be deemed to have consented to the
respective written amendment, waiver or modification proposal) (with Obligations
being directly affected in the case of the following clauses (i) and (vi)), (i)
extend the final scheduled maturity of any Loan or Note or extend the stated
expiration date of any Letter of Credit beyond the Revolving Loan Maturity Date,
or reduce the rate or extend the time of payment of interest or Fees thereon
(except in connection with the waiver of applicability of any post-default
increase in interest rates), or reduce (or forgive) the principal amount thereof
(it being understood that any amendment or modification to Section 13.07(a)
shall not constitute a reduction in the rate of interest or Fees for the
purposes of this clause (i)), (ii) release all or substantially all of the
Collateral (except as expressly provided in the Credit Documents) under all
Security Documents or all or substantially all of the Guarantors (except as
expressly provided in the Credit Documents) under all Guaranties, (iii) amend,
modify or waive any provision of this Section 13.12(a) or
Section 13.06,
(iv) reduce the 

             

             

            
              
                
                

              

              
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            “majority”
voting threshold specified in the definition of Required Lenders, (v) consent to
the assignment or transfer by Holdings or any other Borrower of any of their
rights and obligations under this Agreement or any other Credit Document to
which it is a party, (vi) increase the Total Commitment over an aggregate amount
equal to $225,000,000 or (vii) amend the priority of payments set forth in Section 11.02; provided further, that no such
change, waiver, discharge or termination shall (1) increase the Commitment of
any Lender over the amount thereof then in effect without the consent of such
Lender (it being understood that waivers or modifications of conditions
precedent, covenants, Defaults or Events of Default or of a mandatory reduction
in the Total Commitment shall not constitute an increase of the Commitment of
any Lender, and that an increase in the available portion of the Commitment of
any Lender shall not constitute an increase of the Commitment of such Lender),
(2) without the consent of each Issuing Lender, amend, modify or waive any
provision of Section
3 or alter its rights or obligations with respect to Letters of Credit,
(3) without the consent of the Swingline Lender, alter the Swingline Lender’s
rights or obligations with respect to Swingline Loans, (4) without the consent
of the Administrative Agent, amend, modify or waive any provision of Section 12 or any
other provision of this Agreement or any other Credit Document as same relates
to the rights or obligations of the Administrative Agent, (5) without the
consent of the Co-Collateral Agent affected thereby, amend, modify or waive any
provision relating to the rights or obligations of such Co-Collateral Agent, or
(6) without the consent of the Supermajority Lenders, (u) amend the definition
of Supermajority Lenders, (v) amend the definition of Dominion Period or clause
(A) of the definition of Availability Condition, (w) amend the definition of
Reserves or amend or expand any of the following definitions, in each case the
effect of which would be to increase the amounts available for borrowing
hereunder: Borrowing Base, Eligible Accounts, Eligible Inventory (including, in
each case, the defined terms used therein) (it being understood that the
establishment, modification or elimination of Reserves and adjustment,
establishment and elimination of criteria for Eligible Accounts and Eligible
Inventory, in each case by the Co-Collateral Agents in accordance with the terms
hereof, will not be deemed to require a Supermajority Lender consent), (x)
decrease the frequency of Borrowing Base Certificate deliveries required
pursuant to Section
9.01(j), (y) increase the percentage of any Borrowing Base for which
Agent Advances may be made pursuant to Section 2.01(e) or
(z) amend, modify or waive any provision of Section
10.13.

             

            (b) If, in
connection with any proposed change, waiver, discharge or termination of or to
any of the provisions of this Agreement as contemplated by clauses (i) through
(vi), inclusive, of the first proviso to Section 13.12(a), the
consent of the Required Lenders is obtained but the consent of one or more of
such other Lenders whose consent is required is not obtained, then the Borrowers
shall have the right, so long as all non-consenting Lenders whose individual
consent is required are treated as described in either clause (A) or (B) below,
to either (A) replace each such non-consenting Lender or Lenders with one or
more Replacement Lenders pursuant to Section 2.13 so long
as at the time of such replacement, each such Replacement Lender consents to the
proposed change, waiver, discharge or termination or (B) terminate such
non-consenting Lender’s Commitment and/or repay all outstanding Revolving Loans
of such Lender and/or cash collateralize its applicable RL Percentage of the
Letter of Credit of Outstandings in accordance with Sections 4.02(b)
and/or 5.01(b),
provided that,
unless the Commitments which are terminated and Loans which are repaid pursuant
to preceding clause (B) are immediately replaced in full at such time through
the addition of new Lenders or the increase of the Commitment and/or outstanding
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            Lenders
(who in each case must specifically consent thereto), then in the case of any
action pursuant to preceding clause (B), the Required Lenders (determined after
giving effect to the proposed action) shall specifically consent thereto, provided further, that the
Borrowers shall not have the right to replace a Lender, terminate its Commitment
or repay its Revolving Loan solely as a result of the exercise of such Lender’s
rights (and the withholding of any required consent by such Lender) pursuant to
the second proviso to Section
13.12(a).

             

            (c) Notwithstanding
anything to the contrary contained in clause (a) above of this Section 13.12, the
Borrowers, the Administrative Agent, the Collateral Agent and each Incremental
Lender may, in accordance with the provisions of Section 2.14 enter
into an Incremental Commitment Agreement, provided that after
the execution and delivery by the Borrowers, the Administrative Agent, the
Collateral Agent and each such Incremental Lender of such Incremental Commitment
Agreement, such Incremental Commitment Agreement may thereafter only be modified
in accordance with the requirements of clause (a) above of this Section
13.12.

             

            (d) If a fee
is to be paid by any Borrower in connection with any waiver or amendment
hereunder, the agreement evidencing such amendment or waiver may (but shall not
be required to), at the discretion of Administrative Agent, provide that only
Lenders executing such agreement by a specified date may share in such fee (and
in such case may (but shall not be required to), at the discretion of
Administrative Agent, be divided among the applicable Lenders on a pro rata
basis without including the interests of any Lenders which have not timely
executed such agreement).

             

            13.13. Survival; Continuing
Obligation.  (i)
All indemnities set forth herein including, without limitation, in Sections 2.10, 2.11, 3.06, 5.04, 12.06 and 13.01, and in each
other Credit Document, are a continuing obligation of each Credit Party,
separate from each of their other respective obligations, and shall survive the
execution, delivery and termination of this Agreement, any other Credit Document
and the Notes and the making and repayment of the Obligations and (ii) any
settlement or discharge of any claim under any indemnity in a Credit Document
will be conditional on no payment made under that indemnity being avoided or set
aside or ordered to be refunded by virtue of any provision of any enactment
relating to bankruptcy, insolvency or liquidation.

             

            13.14. Domicile of
Loans.  Each
Lender may transfer and carry its Loans at, to or for the account of any office,
Subsidiary or Affiliate of such Lender.  Notwithstanding anything to
the contrary contained herein, to the extent that a transfer of Loans pursuant
to this Section
13.14 would, at the time of such transfer, result in increased costs
under Section
2.10, 2.11, 3.06 or 5.04 from those being
charged by the respective Lender prior to such transfer, then the Borrowers
shall not be obligated to pay such increased costs (although the Borrowers shall
be jointly and severally obligated to pay any other increased costs of the type
described above resulting from changes after the date of the respective
transfer).

             

            13.15. Register.  The
Borrowers hereby designate the Administrative Agent to serve as their agent,
solely for purposes of this Section 13.15, to
maintain a register (the “Register”) on which
it will record the Commitments from time to time of each of the Lenders, the
Loans made by each of the Lenders and each repayment in respect of the principal
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            the Loans
of each Lender.  Failure to make any such recordation, or any error in
such recordation, shall not affect the Borrowers’ obligations in respect of such
Loans.  With respect to any Lender, the transfer of the Commitment of
such Lender and the rights to the principal of, and interest on, any Loan made
pursuant to such Commitment shall not be effective until such transfer is
recorded on the Register maintained by the Administrative Agent with respect to
ownership of such Commitment and Loans and prior to such recordation all amounts
owing to the transferor with respect to such Commitment and Loans shall remain
owing to the transferor.  The registration of assignment or transfer
of all or part of any Commitments and Loans shall be recorded by the
Administrative Agent on the Register only upon the acceptance by the
Administrative Agent of a properly executed and delivered Assignment and
Assumption Agreement pursuant to Section 13.04(b)
(including as contemplated by Section
2.13).  Coincident with the delivery of such an Assignment and
Assumption Agreement to the Administrative Agent for acceptance and registration
of assignment or transfer of all or part of a Loan, or as soon thereafter as
practicable, the assigning or transferor Lender shall surrender the Note (if
any) evidencing such Loan, and thereupon one or more new Notes in the same
aggregate principal amount shall be issued to the assigning or transferor Lender
and/or the new Lender at the request of any such Lender.  Any
provision of Incremental Commitments pursuant to Section 2.14 shall be
recorded by the Administrative Agent on the Register only upon the acceptance of
the Administrative Agent of a properly executed and delivered Incremental
Commitment Agreement.  The Borrowers jointly and severally agree to
indemnify the Administrative Agent from and against any and all losses, claims,
damages and liabilities of whatsoever nature which may be imposed on, asserted
against or incurred by the Administrative Agent in performing its duties under
this Section
13.15.

             

            13.16. Confidentiality.  (a)  Subject
to the provisions of clause (b) of this Section 13.16, each
Agent, each Lender and each Issuing Lender agrees that it will not disclose any
Confidential Information to any Person without the prior consent of Holdings;
provided that
nothing herein shall prevent any Agent, Issuing Lender or any Lender from
disclosing any such information (a) to the extent required pursuant to the order
of any court or administrative agency or in any pending legal or administrative
proceeding, or otherwise as required by applicable law or compulsory legal
process (in which case the respective Agent, Issuing Lender or Lender, to the
extent permitted by law, agrees to inform Holdings promptly thereof), (b) to the
extent required upon the request or demand of any regulatory authority having
jurisdiction over such Agent, Issuing Lender or Lender or any of their
respective Affiliates (in which case, the respective Agent, Issuing Lender or
Lender to the extent permitted, agrees to inform Holdings promptly thereof;
although no such notice to Holdings shall be required in connection with
ordinary course reviews by any such regulatory authority), (c) to the extent
that such information becomes publicly available other than by reason of
improper disclosure by the respective Agent, Issuing Lender or Lender or any of
its Affiliates, (d) to the extent that such information is received by the
respective Agent, Issuing Lender or Lender from a third party that is not to its
knowledge subject to confidentiality obligations to any Credit Party, (e) to the
extent that such information is independently developed by any of the Agents,
any Issuing Lender or Lender without using any such Confidential Information
obtained from Holdings or any of its Subsidiaries, (f) to the Agents’, any
Issuing Lender’s or any Lender’s respective Affiliates and their respective
employees, legal counsel, independent auditors and other experts or agents who
need to know such information in connection with the Transaction and are
informed of the confidential nature of such information, (g) to potential
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            potential
counterparty (or its advisors) to any swap or derivative transaction relating to
any Borrower or any of its Affiliates or any of their respective obligations, in
each case who are instructed that they shall be bound by terms no less
restrictive than this paragraph (or language substantially similar to this
paragraph), or (h) for purposes of establishing a “due diligence” defense, provided that the
respective Agent, Issuing Lender or Lender will, to the extent permitted,
promptly provide Holdings with the opportunity to seek a protective order or
other measure ensuring confidential treatment of the Confidential Information
used to establish such defense.

             

            (b) Holdings
and the other Borrowers hereby acknowledge and agree that each Lender may share
with any of its affiliates, and such affiliates may share with such Lender, any
information related to Holdings or any of its Subsidiaries (including, without
limitation, any non-public customer information regarding the creditworthiness
of Holdings and its Subsidiaries), provided such Persons shall be subject to the
provisions of this Section 13.16 to the
same extent as such Lender.

             

            13.17. Patriot
Act.  Each
Lender subject to the USA PATRIOT ACT (Title 111 of Pub. L. 107-56 (signed into
law October 26, 2001)) (the “Patriot Act”) hereby
notifies Holdings and the other Borrowers that pursuant to the requirements of
the Patriot Act, they are required to obtain, verify and record information that
identifies Holdings, the other Borrowers and the other Credit Parties and other
information that will allow such Lender to identify Holdings, the other
Borrowers and the other Credit Parties in accordance with the Patriot
Act.

             

            13.18. OTHER LIENS ON COLLATERAL;
TERMS OF INTERCREDITOR AGREEMENT; ETC.  (a)  EACH
LENDER UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT LIENS SHALL BE CREATED ON THE
COLLATERAL PURSUANT TO THE SENIOR SECURED NOTES DOCUMENTS, WHICH LIENS SHALL BE
SUBJECT TO TERMS AND CONDITIONS OF THE INTERCREDITOR
AGREEMENT.  PURSUANT TO THE EXPRESS TERMS OF THE INTERCREDITOR
AGREEMENT, IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THE INTERCREDITOR
AGREEMENT AND ANY OF THE CREDIT DOCUMENTS, THE PROVISIONS OF THE INTERCREDITOR
AGREEMENT SHALL GOVERN AND CONTROL.

             

            (b) EACH
LENDER AUTHORIZES AND INSTRUCTS THE ADMINISTRATIVE AGENT AND THE COLLATERAL
AGENT TO ENTER INTO THE INTERCREDITOR AGREEMENT ON BEHALF OF THE LENDERS IN
ACCORDANCE WITH THIS AGREEMENT, AND TO TAKE ALL ACTIONS (AND EXECUTE ALL
DOCUMENTS) REQUIRED (OR DEEMED ADVISABLE) BY IT IN ACCORDANCE WITH THE TERMS OF
THE INTERCREDITOR AGREEMENT.

             

            (c) THE
PROVISIONS OF THIS SECTION 13.18 ARE NOT
INTENDED TO SUMMARIZE ALL RELEVANT PROVISIONS OF THE INTERCREDITOR AGREEMENT,
THE FORM OF WHICH IS ATTACHED AS AN EXHIBIT TO THIS
AGREEMENT.  REFERENCE MUST BE MADE TO THE INTERCREDITOR AGREEMENTS
ITSELF TO UNDERSTAND ALL TERMS AND CONDITIONS THEREOF.  EACH LENDER IS
RESPONSIBLE FOR MAKING ITS OWN ANALYSIS AND REVIEW OF THE INTERCREDITOR
AGREEMENT AND THE TERMS AND PROVISIONS 

             

             

            
              
                
                

              

              
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            THEREOF,
AND NEITHER THE ADMINISTRATIVE AGENT NOR ANY OF ITS AFFILIATES MAKES ANY
REPRESENTATION TO ANY LENDER AS TO THE SUFFICIENCY OR ADVISABILITY OF THE
PROVISIONS CONTAINED IN THE INTERCREDITOR AGREEMENT.  EACH LENDER IS
FURTHER AWARE THAT THE ADMINISTRATIVE AGENT IS ALSO ACTING IN AN ADMINISTRATIVE
AND COLLATERAL AGENCY CAPACITY UNDER, AND AS DEFINED IN THE SENIOR SECURED NOTES
DOCUMENTS, AND EACH LENDER HEREBY IRREVOCABLY WAIVES ANY OBJECTION THERETO OR
CAUSE OF ACTION ARISING THEREFROM.

             

            13.19.  Waiver of Sovereign
Immunity.  Each
of the Credit Parties, in respect of itself, its Subsidiaries, its process
agents, and its properties and revenues, hereby irrevocably agrees that, to the
extent that such Credit Party, its Subsidiaries or any of its properties has or
may hereafter acquire any right of immunity, whether characterized as sovereign
immunity or otherwise, from any legal proceedings, whether in the United States,
Canada, England and Wales, Australia, the Netherland or elsewhere, to enforce or
collect upon the Loans or any Credit Document or any other liability or
obligation of such Credit Party or any of its Subsidiaries related to or arising
from the transactions contemplated by any of the Credit Documents, including,
without limitation, immunity from service of process, immunity from jurisdiction
or judgment of any court or tribunal, immunity from execution of a judgment, and
immunity of any of its property from attachment prior to any entry of judgment,
or from attachment in aid of execution upon a judgment, such Credit Party, for
itself and on behalf of its Subsidiaries, hereby expressly waives, to the
fullest extent permissible under applicable law, any such immunity, and agrees
not to assert any such right or claim in any such proceeding, whether in the
United States, Canada, England and Wales, Australia, the Netherland or
elsewhere.  Without limiting the generality of the foregoing, each
Credit Party further agrees that the waivers set forth in this Section 13.19 shall
have the fullest extent permitted under the Foreign Sovereign Immunities Act of
1976 of the United States and are intended to be irrevocable for purposes of
such Act.

             

            13.20. Judgment
Currency.  (a)  The
Credit Parties’ obligations hereunder and under the other Credit Documents to
make payments in the respective Available Currency (the “Obligation Currency”)
shall not be discharged or satisfied by any tender or recovery pursuant to any
judgment expressed in or converted into any currency other than the Obligation
Currency, except to the extent that such tender or recovery results in the
effective receipt by the Administrative Agent, the Collateral Agent, the
respective Issuing Lender or the respective Lender of the full amount of the
Obligation Currency expressed to be payable to the Administrative Agent, the
Collateral Agent, such Issuing Lender or such Lender under this Agreement or the
other Credit Documents.  If for the purpose of obtaining or enforcing
judgment against any Credit Party in any court or in any jurisdiction, it
becomes necessary to convert into or from any currency other than the Obligation
Currency (such other currency being hereinafter referred to as the “Judgment Currency”)
an amount due in the Obligation Currency, the conversion shall be made, at the
rate of exchange (as quoted by the Administrative Agent or if the Administrative
Agent does not quote a rate of exchange on such currency, by a known dealer in
such currency designated by the Administrative Agent) determined, in each case,
as of the day on which the judgment is given (such day being hereinafter
referred to as the “Judgment Currency Conversion
Date”).

             

             

            
              
                
                

              

              
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            (b) If there
is a change in the rate of exchange prevailing between the Judgment Currency
Conversion Date and the date of actual payment of the amount due, each Borrower
covenants and agrees to pay, or cause to be paid, such additional amounts, if
any (but in any event not a lesser amount), as may be necessary to ensure that
the amount paid in the Judgment Currency, when converted at the rate of exchange
prevailing on the date of payment, will produce the amount of the Obligation
Currency which could have been purchased with the amount of Judgment Currency
stipulated in the judgment or judicial award at the rate or exchange prevailing
on the Judgment Currency Conversion Date.

             

            (c) For
purposes of determining any rate of exchange for this Section, such amounts
shall include any premium and costs payable in connection with the purchase of
the Obligation Currency.

             

            13.21. European Monetary
Union.  The
following provisions of this Section 13.21 shall
come into effect on and from the date on which the United Kingdom becomes a
Participating Member State.  Each obligation under this Agreement
which has been denominated in Pounds Sterling shall be redenominated into Euros
in accordance with the relevant EMU Legislation.  However, if and to
the extent that the relevant EMU Legislation provides that an amount which is
denominated in Pounds Sterling can be paid by the debtor either in Euros or in
that national currency unit, each party to this Agreement shall be entitled to
pay or repay any amount denominated or owing in Pounds Sterling hereunder either
in Euros or in Pounds Sterling.  Without prejudice and in addition to
any method of conversion or rounding prescribed by any relevant EMU Legislation,
(i) each reference in this Agreement to a minimum amount (or an integral
multiple thereof) in Pounds Sterling shall be replaced by a reference to such
reasonably comparable and convenient amount (or an integral multiple thereof) in
Euros as the Administrative Agent may from time to time specify and (ii) except
as expressly provided in this Section 13.21, this
Agreement shall be subject to such reasonable changes of construction as the
Administrative Agent may from time to time specify to be necessary or
appropriate to reflect the introduction of or changeover to Euros in the United
Kingdom, provided that this
Section 13.21
shall not reduce or increase any actual or contingent liability arising under
this Agreement.

             

            13.22. Qualified Secured Hedging
Agreements and Qualified Secured Cash Management Agreements.  On
or prior to the date on which any ABL Credit Party shall enter into any Secured
Hedging Agreement or any Secured Cash Management Agreement, or within 30 days
after the entering into of the respective such agreement (or in the case of any
Secured Hedging Agreement or any Secured Cash Management Agreement existing on
the Effective Date, within 30 days of the Effective Date), Holdings shall, if it
wishes that the respective Secured Hedging Agreement or Secured Cash Management
Agreement be treated as pari passu with the
Obligations with respect to the priority of payment of proceeds of the
Collateral in accordance with the waterfall provisions set forth Section 11.02, notify
the Administrative Agent in writing whether (x) such Secured Hedging Agreement
is to be a “Qualified
Secured Hedging Agreement” or (y) such Secured Cash Management Agreement
is to be a “Qualified
Secured Cash Management Agreement”. If Holdings shall fail to deliver
such notice within the time period described above, such Secured Hedging
Agreement or Secured Cash Management Agreement shall not constitute a Qualified
Secured Hedging Agreement or Qualified Secured Cash Management Agreement, as the
case may be.  The parties hereto understand and agree that the
provisions of this Section 13.22 are
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            which
become parties to Secured Hedging Agreements or Secured Cash Management
Agreements, and agree that any amendments or modifications to the provisions of
this Section
13.22 shall not be effective with respect to any Secured Hedging
Agreement or Secured Cash Management Agreement, as the cash may be, entered into
prior to the date of respective amendment or modification of this Section 13.22
(without the written consent of the relevant parties thereto).

             

            Notwithstanding
any such designation of a Secured Hedging Agreement as a Qualified Secured
Hedging Agreement or a Secured Cash Management Agreement as a Qualified Secured
Cash Management Agreement, no provider or holder of any such Qualified Secured
Hedging Agreement or Qualified Secured Cash Management Agreement shall have any
voting or approval rights hereunder (or be deemed a Lender) solely by virtue of
its status as the provider of such agreements or the Obligations owing
thereunder, nor shall their consent be required (other than in their capacities
as a Lender to the extent applicable) for any matter hereunder or under any of
the other Credit Documents, including without limitation, as to any matter
relating to the Collateral or the release of Collateral or
guarantors.  The Administrative Agent accepts no responsibility and
shall have no liability for the calculation of the exposure owing by the Credit
Parties under any such Qualified Secured Hedging Agreement and/or Qualified
Secured Cash Management Agreement or the amount of any Qualified Secured Hedging
Agreement Reserve and/or Qualified Secured Cash Management Agreement Reserve,
and shall be entitled in all cases to rely on the applicable Lender (or
affiliate thereof) and the applicable Credit Party party to such agreement for
the calculation thereof.  Such Lender (or affiliate thereof) and the
applicable Credit Party party to any such agreement each agrees to provide the
Administrative Agent and the Co-Collateral Agents with the calculations of all
such exposures and reserves, if any, at such times as the Administrative Agent
or the Co-Collateral Agents shall reasonably request, and in any event, not less
than monthly (unless otherwise agreed to by the Administrative Agent and the
Co-Collateral Agents).

             

            SECTION
14. Nature of
Obligations.

             

            14.01. Nature of
Obligations.  Notwithstanding
anything to the contrary contained elsewhere in this Agreement, it is understood
and agreed by the various parties to this Agreement that:

             

            (a) all U.S.
Borrower Obligations to repay principal of, interest on, and all other amounts
with respect to, all U.S. Borrower Revolving Loans, U.S. Borrower Swingline
Loans, Letters of Credit issued for the account of any U.S. Borrower and all
other U.S. Borrower Obligations pursuant to this Agreement and each other Credit
Document (including, without limitation, all fees, indemnities, taxes and other
U.S. Borrower Obligations in connection therewith or in connection with the
related Commitments) shall constitute the joint and several obligations of each
of the U.S. Borrowers.  In addition to the direct (and joint and
several) obligations of the U.S. Borrowers with respect to U.S. Borrower
Obligations as described above, all such U.S. Borrower Obligations shall be
guaranteed pursuant to, and in accordance with the terms of, the U.S. Guaranty,
provided that the obligations of a U.S. Borrower with respect to the U.S.
Borrower Obligations as described above shall not be limited by any provision of
the U.S. Guaranty entered into by such U.S. Borrower;

             

             

            
              
                
                

              

              
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            (b) all
Australian Borrower Obligations to repay principal of, interest on, and all
other amounts with respect to, all Australian Borrower Revolving Loans,
Australian Borrower Swingline Loans, Letters of Credit issued for the account of
any Australian Borrower and all other Australian Borrower Obligations pursuant
to this Agreement and each other Credit Document (including, without limitation,
all fees, indemnities, taxes and other Australian Borrower Obligations in
connection therewith or in connection with the related Commitments) shall
constitute the joint and several obligations of each of the Australian
Borrowers.  In addition to the direct (and joint and several)
obligations of the Australian Borrowers with respect to Australian Borrower
Obligations as described above, all such Australian Borrower Obligations shall
be guaranteed pursuant to, and in accordance with the terms of, each of the U.S.
Guaranty and the Foreign Guaranty, provided that the obligations of an
Australian Borrower with respect to the Australian Borrower Obligations as
described above shall not be limited by any provision of the Foreign Guaranty
entered into by such Australian Borrower;

             

            (c) all
Canadian Borrower Obligations to repay principal of, interest on, and all other
amounts with respect to, all Canadian Borrower Revolving Loans, Canadian
Borrower Swingline Loans, Letters of Credit issued for the account of any
Canadian Borrower and all other Canadian Borrower Obligations pursuant to this
Agreement and each other Credit Document (including, without limitation, all
fees, indemnities, taxes and other Canadian Borrower Obligations in connection
therewith or in connection with the related Commitments) shall constitute the
joint and several obligations of each of the Canadian Borrowers.  In
addition to the direct (and joint and several) obligations of the Canadian
Borrowers with respect to Canadian Borrower Obligations as described above, all
such Canadian Borrower Obligations shall be guaranteed pursuant to, and in
accordance with the terms of, each of the U.S. Guaranty and the Foreign
Guaranty, provided that the obligations of a Canadian Borrower with respect to
the Canadian Borrower Obligations as described above shall not be limited by any
provision of the Foreign Guaranty entered into by such Canadian
Borrower;

             

            (d) all Dutch
Borrower Obligations to repay principal of, interest on, and all other amounts
with respect to, all Dutch Borrower Revolving Loans, Dutch Borrower Swingline
Loans, Letters of Credit issued for the account of any Dutch Borrower and all
other Dutch Borrower Obligations pursuant to this Agreement and each other
Credit Document (including, without limitation, all fees, indemnities, taxes and
other Dutch Borrower Obligations in connection therewith or in connection with
the related Commitments) shall constitute the joint and several obligations of
each of the Dutch Borrowers.  In addition to the direct (and joint and
several) obligations of the Dutch Borrowers with respect to Dutch Borrower
Obligations as described above, all such Dutch Borrower Obligations shall be
guaranteed pursuant to, and in accordance with the terms of, each of the U.S.
Guaranty and the Foreign Guaranty, provided that the obligations of a Dutch
Borrower with respect to the Dutch Borrower Obligations as described above shall
not be limited by any provision of the Foreign Guaranty entered into by such
Dutch Borrower; and

             

            (e) all U.K.
Borrower Obligations to repay principal of, interest on, and all other amounts
with respect to, all U.K. Borrower Revolving Loans, U.K. Borrower Swingline
Loans, Letters of Credit issued for the account of any U.K. Borrower and all
other U.K. Borrower Obligations pursuant to this Agreement and each other Credit
Document (including, without limitation, all fees, indemnities, taxes and other
U.K. Borrower Obligations in 

             

             

            
              
                
                

              

              
                229

                
                  

                

              

              
                
                

              

            

             

            connection
therewith or in connection with the related Commitments) shall constitute the
joint and several obligations of each of the U.K. Borrowers.  In
addition to the direct (and joint and several) obligations of the U.K. Borrowers
with respect to U.K. Borrower Obligations as described above, all such U.K.
Borrower Obligations shall be guaranteed pursuant to, and in accordance with the
terms of, each of the U.S. Guaranty and the Foreign Guaranty, provided that the
obligations of a U.K. Borrower with respect to the U.K. Borrower Obligations as
described above shall not be limited by any provision of the Foreign Guaranty
entered into by such U.K. Borrower.

             

            14.02. Independent
Obligation.  The
obligations of each Borrower with respect to its Borrower Obligations are
independent of the Obligations of each other Borrower or any Guarantor under its
Guaranty of such Borrower Obligations, and a separate action or actions may be
brought and prosecuted against each Borrower, whether or not any other Borrower
or any Guarantor is joined in any such action or actions.  Each
Borrower waives, to the fullest extent permitted by law, the benefit of any
statute of limitations affecting its liability hereunder or the enforcement
thereof.  Any payment by any Borrower or other circumstance which
operates to toll any statute of limitations as to any Borrower shall, to the
fullest extent permitted by law, operate to toll the statute of limitations as
to each Borrower.

             

            14.03. Authorization.  Each
of the Borrowers authorizes the Administrative Agent, the Collateral Agent, the
Co-Collateral Agents, the Issuing Lenders and the Lenders without notice or
demand (except as shall be required by applicable statute and cannot be waived),
and without affecting or impairing its liability hereunder, from time to time
to, to the maximum extent permitted by applicable law and the Credit
Documents:

             

            (a) exercise
or refrain from exercising any rights against any other Borrower or any
Guarantor or others or otherwise act or refrain from acting;

             

            (b) release
or substitute any other Borrower, endorsers, Guarantors or other
obligors;

             

            (c) settle or
compromise any of the Borrower Obligations of any other Borrower or any other
Credit Party, any security therefor or any liability (including any of those
hereunder) incurred directly or indirectly in respect thereof or hereof, and may
subordinate the payment of all or any part thereof to the payment of any
liability (whether due or not) of any Borrower to its creditors other than the
Lenders;

             

            (d) apply any
sums paid by any other Borrower or any other Person, howsoever realized to any
liability or liabilities of such other Borrower or other Person regardless of
what liability or liabilities of such other Borrower or other Person remain
unpaid; and/or

             

            (e) consent
to or waive any breach of, or act, omission or default under, this Agreement or
any of the instruments or agreements referred to herein, or otherwise, by any
other Borrower or any other Person.

             

            14.04. Reliance.  It
is not necessary for the Administrative Agent, the Collateral Agent, any Issuing
Lender or any Lender to inquire into the capacity or powers of any Borrower,

             

             

            
              
                
                

              

              
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            Holdings
or any of its other Subsidiaries or the officers, directors, members, partners
or agents acting or purporting to act on its behalf, and any Borrower
Obligations made or created in reliance upon the professed exercise of such
powers shall constitute the joint and several obligations of the respective
Borrowers hereunder.

             

            14.05. Contribution;
Subrogation.  No
Borrower shall exercise any rights of contribution or subrogation with respect
to any other Borrower as a result of payments made by it hereunder, in each case
unless and until (i) the Total Commitment and all Letters of Credit have been
terminated and (ii) all of the Obligations have been paid in full in
cash.  To the extent that any Australian Credit Party, Canadian Credit
Party, Dutch Credit Party, U.K. Credit Party or U.S. Credit Party shall be
required to pay a portion of the Obligations which shall exceed the amount of
loans, advances or other extensions of credit received by such Credit Party and
all interest, costs, fees and expenses attributable to such loans, advances or
other extensions of credit, then such Credit Party shall be reimbursed by the
other Credit Parties within its group (Australian, Canadian, Dutch, U.K. or
U.S.) for the amount of such excess, subject to the restrictions of the previous
sentence.  This Section 14.05 is
intended only to define the relative rights of Credit Parties, and nothing set
forth in this Section
14.05 is intended or shall impair the obligations of each Credit Party to
pay the Obligations as and when the same shall become due and payable in
accordance with the terms hereof.

             

            14.06. Waiver.  Each
Borrower waives any right to require the Administrative Agent, the Collateral
Agent, the Co-Collateral Agents, the Issuing Lenders or the Lenders to (i)
proceed against any other Borrower, any Guarantor or any other party, (ii)
proceed against or exhaust any security held from any Borrower, any Guarantor or
any other party or (iii) pursue any other remedy in the Administrative Agent’s,
the Collateral Agent’s, any Issuing Lender’s or Lenders’ power
whatsoever.  Each Borrower waives any defense based on or arising out
of suretyship or any impairment of security held from any Borrower, any
Guarantor or any other party or on or arising out of any defense of any other
Borrower, any Guarantor or any other party other than payment in full in cash of
its Borrower Obligations, including, without limitation, any defense based on or
arising out of the disability of any other Borrower, any Guarantor or any other
party, or the unenforceability of its Borrower Obligations or any part thereof
from any cause, or the cessation from any cause of the liability of any other
Borrower, in each case other than as a result of the payment in full in cash of
its Borrower Obligations.

             

            14.07.  Limitation on Foreign
Borrower Obligations.  Notwithstanding
anything to the contrary herein or in any other Credit Document (including
provisions that may override any other provision), in no event shall the Foreign
Borrowers or any other Foreign Credit Party guarantee or be deemed to have
guaranteed or become liable or obligated on a joint and several basis or
otherwise for, or to have pledged any of its assets to secure, any direct U.S.
Borrower Obligation under this Agreement or under any of the other Credit
Documents.  All provisions contained in any Credit Document shall be
interpreted consistently with this Section 14.07 to the
extent possible, and where such other provisions conflict with the provisions of
this Section
14.07, the provisions of this Section 14.07 shall
govern.

             

            14.08. Rights and
Obligations.  The
obligations of the Swingline Lender, the Fronting Lender, each Issuing Lender
and each Lender under this Agreement bind each of them
severally.  Failure by the Swingline Lender, the Fronting Lender, any
Issuing Lender or any 

             

             

            
              
                
                

              

              
                231

                
                  

                

              

              
                
                

              

            

             

            Lender,
as the case may be, to perform its obligations under this Agreement does not
affect the obligations of any other party under this Agreement.  The
Swingline Lender, the Fronting Lender, each Issuing Lender or each Lender is not
responsible for the obligations of any other Swingline Lender, Fronting Lender,
Issuing Lender or Lender, as the case may be, under this
Agreement.  The rights, powers and remedies of the Swingline Lender,
the Fronting Lender, each Issuing Lender and each Lender in connection with this
Agreement are separate and independent rights, powers and remedies and any debt
arising under this Agreement to or for the account of the Swingline Lender, the
Fronting Lender, any Issuing Lender or any Lender from a Credit Party is a
separate and independent debt.

             

            SECTION
15. Revolving Loans;
Intra-Lender Issues.

             

            15.01. Specified Foreign Currency
Participations.  Notwithstanding
anything to the contrary contained herein, all Revolving Loans which are
denominated in Australian Dollars, Canadian Dollars, Pounds Sterling or Euros
(each, a “Specified
Foreign Currency Loan”) shall be made solely by the Lenders (including
the Fronting Lender) who are not Participating Specified Foreign Currency
Lenders.  Subject to Section 15.07, each
Lender acceptable to the Fronting Lender (in its sole discretion) that does not
have Specified Foreign Currency Funding Capacity (a “Participating Specified
Foreign Currency Lender”) at the time such Lender becomes a “Lender”
hereunder shall irrevocably and unconditionally purchase and acquire and shall
be deemed to irrevocably and unconditionally purchase and acquire from the
Fronting Lender, and the Fronting Lender shall sell and be deemed to sell to
each such Participating Specified Foreign Currency Lender, without recourse or
any representation or warranty whatsoever, an undivided interest and
participation (a “Specified Foreign Currency
Participation”) in each Revolving Loan which is a Specified Foreign
Currency Loan funded by the Fronting Lender in an amount equal to such
Participating Specified Foreign Currency Lender’s RL Percentage of the Borrowing
that includes such Revolving Loan (it being understood and agreed that whether
or not a Person should become a Participating Specified Foreign Currency Lender
shall be made by the Administrative Agent in it sole discretion, but once made,
subject to Section
15.07, shall not be revoked).  Such purchase and sale of a
Specified Foreign Currency Participation shall be deemed to occur automatically
upon the making of a Specified Foreign Currency Loan by the Fronting Lender,
without any further notice to any Participating Specified Foreign Currency
Lender.  The purchase price payable by each Participating Specified
Foreign Currency Lender to the Fronting Lender for each Specified Foreign
Currency Participation purchased by it from the Fronting Lender shall be equal
to 100% of the principal amount of such Specified Foreign Currency Participation
(i.e., the
product of (i) the amount of the Borrowing that includes the relevant Revolving
Loan and (ii) such Participating Specified Foreign Currency Lender’s RL
Percentage), and such purchase price shall be payable by each Participating
Specified Foreign Currency Lender to the Fronting Lender in accordance with the
settlement procedure set forth in Section
15.02.  The Fronting Lender and the Administrative Agent shall
record on their books the amount of the Revolving Loans made by the Fronting
Lender and each Participating Specified Foreign Currency Lender’s Specified
Foreign Currency Participation and funded Specified Foreign Currency
Participation therein, all payments in respect thereof and interest accrued
thereon and all payments made by and to each Participating Specified Foreign
Currency Lender pursuant to this Section
15.01.  This Section 15 shall not
affect the obligations of any Lender that does not have Specified Foreign
Currency Funding Capacity and that is not a Participating 

             

             

            
              
                
                

              

              
                232

                
                  

                

              

              
                
                

              

            

             

            Specified
Foreign Currency Lender to make Specified Foreign Currency Loans in accordance
with the terms and conditions set forth in the other Sections of this
Agreement.

             

            15.02. Settlement Procedures for
Specified Foreign Currency Participations.  Each
Participating Specified Foreign Currency Lender’s Specified Foreign Currency
Participation in the Specified Foreign Currency Loans shall be in an amount
equal to its RL Percentage of all such Specified Foreign Currency
Loans.  However, in order to facilitate the administration of the
Specified Foreign Currency Loans made by the Fronting Lender and the Specified
Foreign Currency Participations, settlement among the Fronting Lender and the
Participating Specified Foreign Currency Lenders with regard to the
Participating Specified Foreign Currency Lenders’ Specified Foreign Currency
Participations shall take place in accordance with the following
provisions:

             

            (a) The
Fronting Lender and the Participating Specified Foreign Currency Lenders shall
settle (a “Specified
Foreign Currency Participation Settlement”) by payments in respect of the
Specified Foreign Currency Participations as follows:  So long as any
Specified Foreign Currency Loans are outstanding, Specified Foreign Currency
Participation Settlements shall be effected upon the request of the Fronting
Lender through the Administrative Agent on such Business Days as requested by
the Fronting Lender and as the Administrative Agent shall specify by a notice by
telecopy, telephone or similar form of notice to each Participating Specified
Foreign Currency Lender requesting such Specified Foreign Currency Participation
Settlement (each such date on which a Specified Foreign Currency Participation
Settlement occurs herein called a “Specified Foreign Currency
Participation Settlement Date”), such notice to be delivered no later
than 2:00 p.m. (New York time) at least one Business Day prior to the requested
Specified Foreign Currency Participation Settlement Date; provided that the
Fronting Lender shall have the option but not the obligation to request a
Specified Foreign Currency Participation Settlement Date and, in any event,
shall not request a Specified Foreign Currency Participation Settlement Date
prior to the occurrence of an Event of Default; provided further, that if (x)
such Event of Default is cured or waived in writing in accordance with the terms
hereof, (y) no Obligations have yet been declared due and payable under Section 11.01 and (z)
the Administrative Agent has actual knowledge of such cure or waiver, all prior
to the Administrative Agent’s giving notice to the Participating Specified
Foreign Currency Lenders of the first Specified Foreign Currency Participation
Settlement Date under this Agreement, then the Administrative Agent shall not
give notice to the Participating Specified Foreign Currency Lenders of a
Specified Foreign Currency Participation Settlement Date based upon such cured
or waived Event of Default.  If on any Specified Foreign Currency
Participation Settlement Date the total principal amount of the Specified
Foreign Currency Loans made or deemed made by the Fronting Lender during the
period ending on (but excluding) such Specified Foreign Currency Participation
Settlement Date and commencing on (and including) the immediately preceding
Specified Foreign Currency Participation Settlement Date (or the Effective Date
in the case of the period ending on the first Specified Foreign Currency
Participation Settlement Date) (each such period herein called a “Specified Foreign Currency
Participation Settlement Period”) is greater than the principal amount of
Specified Foreign Currency Loans repaid during such Specified Foreign Currency
Participation Settlement Period to the Fronting Lender, each 

             

             

            
              
                
                

              

              
                233

                
                  

                

              

              
                
                

              

            

             

            Participating
Specified Foreign Currency Lender shall pay to the Fronting Lender (through the
Administrative Agent), no later than 11:00 a.m. (New York time) on such
Specified Foreign Currency Participation Settlement Date, an amount equal to
such Participating Specified Foreign Currency Lender’s ratable share of the
amount of such excess.  If in any Specified Foreign Currency
Participation Settlement Period the outstanding principal amount of the
Specified Foreign Currency Loans repaid to the Fronting Lender in such period
exceeds the total principal amount of the Specified Foreign Currency Loans made
or deemed made by the Fronting Lender during such period, the Fronting Lender
shall pay to each Participating Specified Foreign Currency Lender (through the
Administrative Agent) on such Specified Foreign Currency Participation
Settlement Date an amount equal to such Participating Specified Foreign Currency
Lender’s ratable share of such excess.  Specified Foreign Currency
Participation Settlements in respect of Specified Foreign Currency Loans shall
be made in the respective Available Currency in which such Specified Foreign
Currency Loan was funded on the Specified Foreign Currency Participation
Settlement Date for such Specified Foreign Currency Loans.

             

            (b) If any
Participating Specified Foreign Currency Lender fails to pay to the Fronting
Lender on any Specified Foreign Currency Participation Settlement Date the full
amount required to be paid by such Participating Specified Foreign Currency
Lender to the Fronting Lender on such Specified Foreign Currency Participation
Settlement Date in respect of such Participating Specified Foreign Currency
Lender’s Specified Foreign Currency Participation (such Participating Specified
Foreign Currency Lender’s “Specified Foreign Currency
Participation Settlement Amount”) with the Fronting Lender, the Fronting
Lender shall be entitled to recover such unpaid amount from such Participating
Specified Foreign Currency Lender, together with interest thereon (in the same
respective currency or currencies as the relevant Specified Foreign Currency
Loans) at the Base Rate plus the Applicable
Margin for Base Rate Loans plus
2.00%.  Without limiting the Fronting Lender’s rights to recover from
any Participating Specified Foreign Currency Lender any unpaid Specified Foreign
Currency Participation Settlement Amount payable by such Participating Specified
Foreign Currency Lender to the Fronting Lender, the Administrative Agent shall
also be entitled to withhold from amounts otherwise payable to such
Participating Specified Foreign Currency Lender an amount equal to such
Participating Specified Foreign Currency Lender’s unpaid Specified Foreign
Currency Participation Settlement Amount owing to the Fronting Lender and apply
such withheld amount to the payment of any unpaid Specified Foreign Currency
Participation Settlement Amount owing by such Participating Specified Foreign
Currency Lender to the Fronting Lender.

             

            15.03. Obligations
Irrevocable.  The
obligations of each Participating Specified Foreign Currency Lender to purchase
from the Fronting Lender a participation in each Specified Foreign Currency Loan
made by the Fronting Lender and to make payments to the Fronting Lender with
respect to such participation, in each case as provided herein, shall be
irrevocable and not subject to any qualification or exception whatsoever,
including any of the following circumstances:

             

             

            
              
                
                

              

              
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            (a) any lack
of validity or enforceability of this Agreement or any of the other Credit
Documents or of any Loans, against the Borrowers or any other Credit
Party;

             

            (b) the
existence of any claim, setoff, defense or other right which the Borrowers or
any other Credit Party may have at any time against the Administrative Agent,
any Participating Specified Foreign Currency Lender, or any other Person,
whether in connection with this Agreement, any Specified Foreign Currency Loans,
the transactions contemplated herein or any unrelated transactions;

             

            (c) any
application or misapplication of any proceeds of any Specified Foreign Currency
Loans;

             

            (d) the
surrender or impairment of any security for any Specified Foreign Currency
Loans;

             

            (e) the
occurrence of any Default or Event of Default;

             

            (f) the
commencement or pendency of any events specified in Section 11.01(e), in
respect of Holdings, the other Borrowers or any of their respective Subsidiaries
or any other Person; or

             

            (g) the
failure to satisfy the applicable conditions precedent set forth in Section 6 or 7.

             

            15.04. Recovery or Avoidance of
Payments.  In
the event any payment by or on behalf of any Borrower or any other Credit Party
received by the Administrative Agent or the Fronting Lender with respect to any
Specified Foreign Currency Loan made by the Fronting Lender is thereafter set
aside, avoided or recovered from the Administrative Agent or the Fronting Lender
in connection with any insolvency proceeding or due to any mistake of law or
fact, each Participating Specified Foreign Currency Lender shall, upon written
demand by the Administrative Agent, pay to the Fronting Lender (through the
Administrative Agent) such Participating Specified Foreign Currency Lender’s RL
Percentage of such amount set aside, avoided or recovered, together with
interest at the rate and in the currency required to be paid by the Fronting
Lender or the Administrative Agent upon the amount required to be repaid by
it.

             

            15.05. Indemnification by
Lenders.  Each
Participating Specified Foreign Currency Lender agrees to indemnify the Fronting
Lender (to the extent not reimbursed by the Borrowers and without limiting the
obligations of the Borrowers hereunder or under any other Credit Document)
ratably for any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses (including attorneys’ fees) or
disbursements of any kind and nature whatsoever that may be imposed on, incurred
by or asserted against the Fronting Lender in any way relating to or arising out
of any Specified Foreign Currency Loans or any action taken or omitted by the
Fronting Lender in connection therewith; provided that no
Participating Specified Foreign Currency Lender shall be liable for any of the
foregoing to the extent it arises from the gross negligence or willful
misconduct of the Fronting Lender (as determined by a court of competent
jurisdiction in a final and non-appealable judgment).  Without
limiting the foregoing, each Participating Specified Foreign Currency Lender
agrees to reimburse the Fronting Lender promptly upon demand for such
Participating Specified Foreign 

             

             

            
              
                
                

              

              
                235

                
                  

                

              

              
                
                

              

            

             

            Currency
Lender’s ratable share of any costs or expenses payable by the Borrowers to the
Fronting Lender in respect of the Specified Foreign Currency Loans to the extent
that the Fronting Lender is not promptly reimbursed for such costs and expenses
by the Borrowers.  The agreement contained in this Section 15.05 shall
survive payment in full of all Specified Foreign Currency Loans.

             

            15.06. Specified Foreign Currency
Loan Participation Fee.  In
consideration for each Participating Specified Foreign Currency Lender’s
participation in the Specified Foreign Currency Loans made by the Fronting
Lender, the Fronting Lender agrees to pay to the Administrative Agent for the
account of each Participating Specified Foreign Currency Lender, as and when the
Fronting Lender receives payment of interest on its Specified Foreign Currency
Loans, a fee (the “Specified Foreign Currency
Participation Fee”) at a rate per annum equal to the Applicable Margin on
such Specified Foreign Currency Loans minus 0.25% on the
unfunded Specified Foreign Currency Participation of such Participating
Specified Foreign Currency Lender in such Specified Foreign Currency Loans of
the Fronting Lender.  The Specified Foreign Currency Participation Fee
in respect of any unfunded Specified Foreign Currency Participation in a
Specified Foreign Currency Loan shall be payable to the Administrative Agent in
the Available Currency in which the respective Specified Foreign Currency Loan
was funded when interest on such Specified Foreign Currency Loan is received by
the Fronting Lender.  If the Fronting Lender does not receive payment
in full of such interest, the Specified Foreign Currency Participation Fee in
respect of the unfunded Specified Foreign Currency Participation in such
Specified Foreign Currency Loans shall be reduced
proportionately.  Any amounts payable under this Section 15.06 by the
Administrative Agent to the Participating Specified Foreign Currency Lenders
shall be paid in the Available Currency in which the respective Specified
Foreign Currency Loan was funded (or, if different, the currency in which such
interest payments are actually received).

             

            15.07. Defaulting Lenders;
etc.  Notwithstanding
anything to the contrary contained above, (x) no Lender may become a
Participating Specified Foreign Currency Lender at any time it is a Defaulting
Lender, and (y) if any Participating Specified Foreign Currency Lender at any
time becomes a Defaulting Lender or if the Fronting Lender reasonably determines
that the credit quality of any then existing Participating Specified Foreign
Currency Lender has suffered a material adverse change, the Fronting Lender
shall have the right to, by notice to the affected Lender, (i) terminate such
Lender’s status as a Participating Specified Foreign Currency Lender for
Revolving Loans and (ii) declare a Specified Foreign Currency Participation
Settlement Date to occur with respect to such affected Lender.

             

            SECTION
16. Parallel
Debt. 
By
execution of this Agreement, the Lenders, the Issuing Lenders, the Fronting
Lender and the Swingline Lender acknowledge the provisions of Section 5.18
(Parallel Debt (Covenant to pay the Collateral Agent)) of each Guaranty and
hereby authorize the Collateral Agent to accept such clause on their
behalf.

             

             

            
              
                
                

              

              
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            SECTION
17. Release of Liens and
Guaranties.

             

            A
Subsidiary Guarantor shall automatically be released from its obligations under
the Credit Documents and all security interests in the Collateral of such
Subsidiary Guarantor shall be automatically released upon the consummation of
any transaction permitted by this Agreement as a result of which such Subsidiary
Guarantor ceases to be a Subsidiary of Holdings; provided that, if so
required by this Agreement, the Required Lenders shall have consented to such
transaction and the terms of such consent did not provide
otherwise.  Upon any sale or other transfer by any Credit Party of any
Collateral (other than a sale or transfer of Collateral to Holdings or any other
Credit Party, unless the respective transferee is not required to grant a
security interest upon the Collateral so transferred to it) that is permitted
under this Agreement, or upon the effectiveness of any written consent to the
release of the security interest granted under any Credit Document in any
Collateral pursuant to Section 13.12 of this
Agreement, the security interest in such Collateral shall be automatically
released.  In connection with any termination or release pursuant to
this Section, the Collateral Agent shall promptly execute and deliver to any
Subsidiary Guarantor, at such Subsidiary Guarantor’s expense, all documents that
such Subsidiary Guarantor shall reasonably request to evidence such termination
or release.  Any execution and delivery of documents pursuant to this
Section shall be without recourse to or warranty by, the Collateral
Agent.

             

            *     *     *

            
               

               

              
                
                  
                  

                

                
                  237

                  
                    

                  

                

                
                  
                  

                

              

               

              IN
WITNESS WHEREOF, the parties hereto have caused their duly authorized officers
to execute and deliver this Agreement as of the date first above
written.

               

              
                	 
      	
                         

                        HOLDINGS:

                      
	
                        Address:
      

                        300
      Tower Parkway

                      	 
      
	
                        Lincolnshire,
      IL 60069

                      	 
      
	 
      	
                        ACCO
      BRANDS CORPORATION,

                      
	
                        Attention:  Sr.
      Vice President Finance

                      	
                        as
      a U.S. Borrower

                      
	
                        Phone:  (847)
      484-3010

                      	 
      
	
                        Fax:  (847)
      484-4144

                      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 By:	
                        /s/Steven
      Rubin

                      
	 
      	
                         Name: 
      Steven Rubin

                      
	 
      	
                         Title: 
      Senior Vice President, Secretary and General Counsel

                      
	 
      	 
      

              

              

               

              
                
                  
                    
                      
                        
                          
                            
                              	
                                      For
      all U.S. Borrowers

                                    	
                                      U.S.
      BORROWERS:

                                    
	
                                      Address:
      300 Tower Parkway

                                    	 
      
	
                                                     Lincolnshire,
      IL 60069

                                    	 
      
	 
      	
                                      ACCO
      BRANDS USA LLC,

                                    
	
                                      Attention:  Sr.
      Vice President Finance

                                    	
                                      as
      a U.S. Borrower

                                    
	
                                      Phone:  (847)
      484-3010

                                    	 
      
	
                                      Fax:  (847)
      484-4144

                                    	 
      
	 
      	 By:	
                                      /s/Steven Rubin

                                    
	 
      	
                                       Name: 
      Steven Rubin

                                    
	 
      	
                                       Title: 
      Vice President and Secretary

                                    
	 
      	 
      
	 
      	 
      
	 
      	
                                      GENERAL
      BINDING CORPORATION,

                                    
	 
      	
                                      as
      a U.S. Borrower

                                    
	 
      	 
      
	 
      	 
      
	 
      	 By:	
                                      /s/Steven
      Rubin

                                    
	 
      	
                                       Name: 
      Steven Rubin

                                    
	 
      	
                                       Title: 
      Vice President and Secretary

                                    
	 
      	 
      
	 
      	
                                      DAY-TIMERS,
      INC.,

                                    
	 
      	
                                      as
      a U.S. Borrower

                                    
	 
      	 
      
	 
      	 
      
	 
      	 By:	
                                      /s/Steven
      Rubin

                                    
	 
      	
                                       Name: 
      Steven Rubin

                                    
	 
      	
                                       Title: 
      Secretary

                                    

                            

                          

                        

                      

                    

                  

                

              

              

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

              
                
                  
                    
                      	
                              Address:
      5 Precidio Court

                            	
                              CANADIAN
      BORROWER:

                            
	
                                             Brampton,
      ON L6S-6B7

                            	 
      
	
                                             Canada

                            	 
      
	 
      	
                              ACCO
      BRANDS CANADA INC.,

                            
	
                              Attention:  President

                            	
                              as
      a Canadian Borrower

                            
	
                              Phone:  (905)
      595-3108

                            	 
      
	
                              Fax:  (905)
      595-1053

                            	 
      
	 
      	 
      
	
                              With
      copy to:

                            	 
      
	
                              ACCO
      Brands Corporation

                            	 By:	
                              /s/Steven
      Rubin

                            
	
                              Address:
      300 Tower Parkway

                            	
                              Name: 
      Steven Rubin

                            
	
                                             Lincolnshire,
      IL 60069

                            	
                              Title: 
      Vice President and Secretary

                            
	 
      	 
      
	
                              Attention:  Legal
      Department

                            	 
      
	
                              Phone:  (847)
      484-3010

                            	 
      
	
                              Fax:  (847)
      484-4144

                            	 
      

                    

                  

                

              

              

              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          	 
      	
                                                  AUSTRALIAN
      BORROWERS:

                                                
	 	 
	
                                                  Address:
      Level 2, 8 Lord Street

                                                	
                                                  ACCO
      AUSTRALIA PTY. LIMITED,

                                                
	
                                                                 Botany,
      NSW 2019

                                                	
                                                  as
      an Australian Borrower

                                                
	
                                                                 Australia

                                                   

                                                	 
      
	
                                                  Attention:  President

                                                	 
      
	
                                                  Phone:  61
      – (02) 9695-2504

                                                	 By:	
                                                  /s/
      Edmund Kilen

                                                
	
                                                  Fax:  61
      – (02) 9700-0189

                                                	
                                                   Name:  Edmund
      Kilen

                                                
	 
      	
                                                   Title: 
      Attorney

                                                
	
                                                  With
      copy to:

                                                	 
      
	
                                                  ACCO
      Brands Corporation

                                                	 
      
	
                                                  Address:
      300 Tower Parkway

                                                	 
      
	
                                                                 Lincolnshire,
      IL 60069

                                                	 
      
	 
      	 
      
	
                                                  Attention:  Legal
      Department

                                                	 
      
	
                                                  Phone:  (847)
      484-3010

                                                	 
      
	
                                                  Fax:  (847)
      484-4144

                                                	 
      
	 
      	 
      
	
                                                  Address:
      Unit 1, Block Q, Regents Park Estate

                                                	
                                                  GBC
      FORDIGRAPH PTY. LTD.,

                                                
	
                                                                 Parks
      Road

                                                	
                                                  as
      an Australian Borrower

                                                
	
                                                                 Regents
      Park, NSW 2143

                                                	 
      
	
                                                                 Australia

                                                	 
      
	 
      	 
      
	
                                                  Attention:  President

                                                	 By:	
                                                  /s/Stephen
      Warby

                                                
	
                                                  Phone:  61
      – (02) 9738-4150

                                                	
                                                  Name:  Stephen
      Warby

                                                
	
                                                  Fax:  61-
      (02) 9738-4100

                                                	
                                                  Title: 
      Attorney

                                                
	 
      	 
      
	
                                                  With
      copy to:

                                                	 
      

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

               

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              

              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              	 ACCO
      Brands Corporation	 
	Address:
      300 Tower Parkway	 
	               Lincolnshire,
      IL 60069	 
	 	 
	Attention:  Legal
      Department	 
	Phone:  (847)
      484-3010	 
	
                                                      Fax:  (847)
      484-4144

                                                    	 
	 	 
	
                                                      For
      all Dutch Borrowers:

                                                    	 
      
	
                                                      Address:
      Oxford House, Oxford Road

                                                    	
                                                      DUTCH
      BORROWERS:

                                                    
	
                                                                     Aylesbury

                                                    	 
      
	
                                                                     Buckinghamshire
      HP21 8SZ

                                                    	 
      
	
                                                                     England

                                                    	
                                                      ACCO
      NEDERLAND HOLDINGS B.V.,

                                                    
	 
      	
                                                      as
      a Dutch Borrower

                                                    
	
                                                      Attention:  President

                                                    	 
      
	
                                                      Phone:  44-1296-732308

                                                    	 
      
	
                                                      Fax:  44-1296-732518

                                                    	 By:	
                                                      /s/Steven
      Rubin

                                                    
	 
      	
                                                      Name:  Steven
      Rubin

                                                    
	
                                                      With
      copy to:

                                                    	
                                                      Title: 
      Proxy Holder

                                                    
	
                                                      ACCO
      Brands Corporation

                                                    	 
      
	
                                                      Address:
      300 Tower Parkway

                                                    	 
      
	
                                                                     Lincolnshire,
      IL 60069

                                                    	 
      
	 
      	
                                                      ACCO
      BRANDS BENELUX B.V.,

                                                    
	
                                                      Attention:  Legal
      Department

                                                    	
                                                      as
      a Dutch Borrower

                                                    
	
                                                      Phone:  (847)
      484-3010

                                                    	 
      
	
                                                      Fax:  (847)
      484-4144

                                                    	 
      
	 
      	 
      
	 
      	 
      
	 
      	 By:	
                                                      /s/Steven
      Rubin

                                                    
	 
      	
                                                       Name: 
      Steven Rubin

                                                    
	 
      	
                                                       Title: 
      Proxy
Holder

                                                    

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

               

              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                
                                                  
                                                    
                                                      	
                                                              For
      all U.K. Borrowers:

                                                            	 
      
	
                                                              Address:
      Oxford House, Oxford Road

                                                            	
                                                              U.K.
      BORROWERS:

                                                            
	
                                                                             Aylesbury

                                                            	 
      
	
                                                                             Buckinghamshire
      HP21 8SZ

                                                            	 
      
	
                                                                             England

                                                            	
                                                              ACCO
      UK LIMITED,

                                                            
	 
      	
                                                              as
      a U.K. Borrower

                                                            
	
                                                              Attention:  President

                                                            	 
      
	
                                                              Phone:  44-1296-732308

                                                            	 
      
	
                                                              Fax:  44-1296-732518

                                                            	 By:	
                                                              /s/Steven
      Rubin

                                                            
	 
      	
                                                              Name: 
      Steven Rubin

                                                            
	 
      	
                                                              Title:  
      Attorney for ACCO UK Limited,

                                                                  under a Power
      of Attorney dated

                                                                  September 29,
      2009

                                                            
	
                                                              With
      copy to:

                                                            	 
      

                                                    

                                                  

                                                

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

              
 

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              
              

               

              
                
                  
                    
                      
                        	
                                ACCO
      Brands Corporation

                              	 
	
                                Address:
      

                                300
      Tower Parkway

                              	 
	Lincolnshire, IL 60069	 
	 	 ACCO
      EASTLIGHT LIMITED,
	Attention:  Legal
      Department	 as
      a U.K. Borrower
	Phone:  (847)
      484-3010	
                                 

                              
	Fax:  (847) 484-4144	 By:	
                                /s/Steven
      Rubin

                              
	 	        
      Name: 
      Steven Rubin
	 	
                                 Title:   Attorney for ACCO
      Eastlight

                                    
      Limited, under a Power of

                                    
      Attorney dated September 29,
2009

                              

                      

                    

                  

                

              

               

               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

               

              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              	 
      	
                                                      DEUTSCHE
      BANK AG NEW YORK BRANCH, Individually and as Administrative Agent,
      Co-Collateral Agent and Collateral Agent

                                                    
	 	 
	 
      	 By:	
                                                      /s/Enrique
      Landaeta

                                                    
	 
      	
                                                            
      Name:  Enrique Landaeta

                                                    
	 
      	
                                                            
      Title:  Vice President

                                                    
	 
      	 
      
	 
      	 By:	
                                                      /s/Marguerite
      Sutton

                                                    
	 
      	
                                                            
      Name:  Marguerite Sutton

                                                    
	 
      	
                                                            
      Title:  Director

                                                    
	 
      	 
      
	 
      	
                                                      BANK
      OF AMERICA, N.A., Individually and as Co-Collateral
  Agent

                                                    
	 	 
	 
      	 By:	
                                                      /s/Trevor
      S. Townsend

                                                    
	 
      	
                                                            
      Name:  Trevor S. Townsend

                                                    
	 
      	
                                                            
      Title:  Vice President

                                                    
	 
      	 
      
	 
      	 By:	
                                                      /s/Medina
      Sales De Andrade

                                                    
	 
      	
                                                            
      Name:  Medina Sales De Andrade

                                                    
	 
      	
                                                            
      Title:  Vice President

                                                    
	 
      	 
      
	 
      	
                                                      GENERAL
      ELECTRIC CAPITAL CORPORATION, Individually and as Co-Collateral
      Agent

                                                    
	 	 
	 
      	 By:	
                                                      /s/Tom
      D. Chapman

                                                    
	 
      	
                                                            
      Name:  Tom D. Chapman

                                                    
	 
      	
                                                            
      Title:  Duly Authorized
Signatory

                                                    

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

                 

                 

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

              
                 

                Table of
Contents

                 

                Page

                 

                
                  
                    	
                            SECTION
      1.

                          	 
      	
                            DEFINITIONS
      AND ACCOUNTING TERMS

                          	
                            1

                          
	 
      	 
      	 
      	 
      
	
                            1.01.

                          	 
      	
                            Defined
      Terms

                          	
                            1

                          
	
                            1.02.

                          	 
      	
                            References
      to “UCC”

                          	
                            84

                          
	
                            1.03.

                          	 
      	
                            Dutch
      Terms

                          	
                            85

                          
	 
      	 
      	 
      	 
      
	
                            SECTION
      2.

                          	 
      	
                            AMOUNT
      AND TERMS OF CREDIT

                          	
                            85

                          
	 
      	 
      	 
      	 
      
	
                            2.01.

                          	 
      	
                            The
      Commitments

                          	
                            85

                          
	
                            2.02.

                          	 
      	
                            Minimum
      Amount of Each Borrowing

                          	
                            90

                          
	
                            2.03.

                          	 
      	
                            Notice
      of Borrowing

                          	
                            90

                          
	
                            2.04.

                          	 
      	
                            Disbursement
      of Funds

                          	
                            91

                          
	
                            2.05.

                          	 
      	
                            Notes

                          	
                            93

                          
	
                            2.06.

                          	 
      	
                            Conversions

                          	
                            95

                          
	
                            2.07.

                          	 
      	
                            Pro
      Rata Borrowings

                          	
                            96

                          
	
                            2.08.

                          	 
      	
                            Interest

                          	
                            96

                          
	
                            2.09.

                          	 
      	
                            Interest
      Periods

                          	
                            98

                          
	
                            2.10.

                          	 
      	
                            Increased
      Costs, Illegality, etc.

                          	
                            99

                          
	
                            2.11.

                          	 
      	
                            Compensation

                          	
                            103

                          
	
                            2.12.

                          	 
      	
                            Lending
      Offices and Affiliate Lenders for Loans in Available
    Currency

                          	
                            103

                          
	
                            2.13.

                          	 
      	
                            Replacement
      of Lenders

                          	
                            104

                          
	
                            2.14.

                          	 
      	
                            Incremental
      Commitments

                          	
                            105

                          
	
                            2.15.

                          	 
      	
                            Interest
      Act (Canada); Criminal Rate of Interest; Nominal Rate of
      Interest

                          	
                            107

                          
	
                            2.16.

                          	 
      	
                            Provisions
      Regarding Bankers’ Acceptances, Drafts, etc.

                          	
                            108

                          
	
                            2.17.

                          	 
      	
                            Holdings
      as Agent for Borrowers

                          	
                            108

                          
	 
      	 
      	 
      	 
      
	
                            SECTION
      3.

                          	 
      	
                            LETTERS
      OF CREDIT

                          	
                            109

                          
	 
      	 
      	 
      	 
      
	
                            3.01.

                          	 
      	
                            Letters
      of Credit

                          	
                            109

                          
	
                            3.02.

                          	 
      	
                            Maximum
      Letter of Credit Outstandings; Currencies Final Maturities

                          	
                            111

                          
	
                            3.03.

                          	 
      	
                            Letter
      of Credit Requests; Minimum Stated Amount

                          	
                            111

                          
	
                            3.04.

                          	 
      	
                            Letter
      of Credit Participations

                          	
                            112

                          
	
                            3.05.

                          	 
      	
                            Agreement
      to Repay Letter of Credit Drawings

                          	
                            114

                          
	
                            3.06.

                          	 
      	
                            Increased
      Costs

                          	
                            116

                          
	 
      	 
      	 
      	 
      
	
                            SECTION
      4.

                          	 
      	
                            COMMITMENT
      FEES; REDUCTIONS OF COMMITMENT

                          	
                            116

                          
	 
      	 
      	 
      	 
      
	
                            4.01.

                          	 
      	
                            Fees

                          	
                            117

                          
	
                            4.02.

                          	 
      	
                            Voluntary
      Termination of Unutilized Commitments

                          	
                            118

                          
	
                            4.03.

                          	 
      	
                            Mandatory
      Reduction of Commitments

                          	
                            119

                          
	 
      	 
      	 
      	 
      
	
                            SECTION
      5.

                          	 
      	
                            PREPAYMENTS;
      PAYMENTS; TAXES

                          	
                            119

                          
	 
      	 
      	 
      	 
      
	
                            5.01.

                          	 
      	
                            Voluntary
      Prepayments

                          	
                            119

                          
	
                            5.02.

                          	 
      	
                            Mandatory
      Repayments; Cash Collateralization

                          	
                            120

                          
	
                            5.03.

                          	 
      	
                            Method
      and Place of Payment

                          	
                            125

                          
	
                            5.04.

                          	 
      	
                            Net
      Payments

                          	
                            136

                          
	
                            5.05.

                          	 
      	
                            GST

                          	
                            139

                          

                  

                

                

                 

                
                  
                    
                    

                  

                  
                    (i)

                    
                      
                        

                      

                    

                  

                  
                    
                    

                  

                

                 

                Table of Contents

                  (continued)

                

                 

                
                  
                    	
                            5.06.

                          	 
      	
                            Public
      offer

                          	
                            140

                          
	 
      	 
      	 
      	 
      
	
                            SECTION
      6.

                          	 
      	
                            CONDITIONS
      PRECEDENT TO THE EFFECTIVE DATE AND TO CREDIT EVENTS ON THE EFFECTIVE
      DATE

                          	
                            140

                          
	 
      	 
      	 
      	 
      
	
                            6.01.

                          	 
      	
                            Effective
      Date; Notes

                          	
                            141

                          
	
                            6.02.

                          	 
      	
                            Officer’s
      Certificate

                          	
                            141

                          
	
                            6.03.

                          	 
      	
                            Opinions
      of Counsel

                          	
                            141

                          
	
                            6.04.

                          	 
      	
                            Company
      Documents; Proceedings; etc.

                          	
                            141

                          
	
                            6.05.

                          	 
      	
                            Employee
      Benefit Plans; Shareholders’ Agreements; Employment Agreements; Collective
      Bargaining Agreements; Tax Sharing Agreements; Existing Indebtedness
      Agreements

                          	
                            142

                          
	
                            6.06.

                          	 
      	
                            Consummation
      of Financing Transactions; etc.

                          	
                            143

                          
	
                            6.07.

                          	 
      	
                            Consummation
      of the Refinancing

                          	
                            144

                          
	
                            6.08.

                          	 
      	
                            Adverse
      Change, Approvals

                          	
                            145

                          
	
                            6.09.

                          	 
      	
                            Litigation

                          	
                            145

                          
	
                            6.10.

                          	 
      	
                            Collateral
      and Guaranty Requirements

                          	
                            145

                          
	
                            6.11.

                          	 
      	
                            Financial
      Statements; Pro Forma Balance Sheet; Projections

                          	
                            146

                          
	
                            6.12.

                          	 
      	
                            Solvency
      Certificate; Insurance Certificates, etc.

                          	
                            146

                          
	
                            6.13.

                          	 
      	
                            Initial
      Borrowing Base Certificates; etc.

                          	
                            146

                          
	
                            6.14.

                          	 
      	
                            Patriot
      Act

                          	
                            146

                          
	
                            6.15.

                          	 
      	
                            Fees,
      etc.

                          	
                            146

                          
	 
      	 
      	 
      	 
      
	
                            SECTION
      7.

                          	 
      	
                            CONDITIONS
      PRECEDENT TO ALL CREDIT EVENTS

                          	
                            147

                          
	 
      	 
      	 
      	 
      
	
                            7.01.

                          	 
      	
                            No
      Default; Representations and Warranties

                          	
                            147

                          
	
                            7.02.

                          	 
      	
                            Notice
      of Borrowing; Letter of Credit Request

                          	
                            147

                          
	
                            7.03.

                          	 
      	
                            Borrowing
      Base Limitations

                          	
                            148

                          
	
                            7.04.

                          	 
      	
                            Limitation
      on Cash on Hand

                          	
                            148

                          
	 
      	 
      	 
      	 
      
	
                            SECTION
      8.

                          	 
      	
                            REPRESENTATIONS,
      WARRANTIES AND AGREEMENTS

                          	
                            149

                          
	 
      	 
      	 
      	 
      
	
                            8.01.

                          	 
      	
                            Company
      Status

                          	
                            149

                          
	
                            8.02.

                          	 
      	
                            Power
      and Authority

                          	
                            149

                          
	
                            8.03.

                          	 
      	
                            No
      Violation

                          	
                            149

                          
	
                            8.04.

                          	 
      	
                            Approvals

                          	
                            150

                          
	
                            8.05.

                          	 
      	
                            Financial
      Statements; Financial Condition; Undisclosed Liabilities;
      Projections

                          	
                            150

                          
	
                            8.06.

                          	 
      	
                            Litigation

                          	
                            151

                          
	
                            8.07.

                          	 
      	
                            True
      and Complete Disclosure

                          	
                            151

                          
	
                            8.08.

                          	 
      	
                            Use
      of Proceeds; Margin Regulations

                          	
                            151

                          
	
                            8.09.

                          	 
      	
                            Tax
      Returns and Payments

                          	
                            152

                          
	
                            8.10.

                          	 
      	
                            Compliance
      with ERISA

                          	
                            152

                          
	
                            8.11.

                          	 
      	
                            Collateral
      Matters

                          	
                            154

                          
	
                            8.12.

                          	 
      	
                            Properties

                          	
                            157

                          
	
                            8.13.

                          	 
      	
                            Subsidiaries

                          	
                            157

                          
	
                            8.14.

                          	 
      	
                            Compliance
      with Statutes, etc.

                          	
                            157

                          
	
                            8.15.

                          	 
      	
                            Investment
      Company Act

                          	
                            158

                          

                  

                

                

                

                
                  
                    
                    

                  

                  
                    (ii)

                    
                      

                    

                  

                  
                    
                    

                  

                

                
                   

                  Table of Contents

                    (continued)

                  

                   

                

                
                  
                    	
                            8.16.

                          	 
      	
                            Insurance

                          	
                            158

                          
	
                            8.17.

                          	 
      	
                            Environmental
      Matters

                          	
                            158

                          
	
                            8.18.

                          	 
      	
                            Employment
      and Labor Relations

                          	
                            159

                          
	
                            8.19.

                          	 
      	
                            Intellectual
      Property, etc.

                          	
                            159

                          
	
                            8.20.

                          	 
      	
                            Indebtedness

                          	
                            159

                          
	
                            8.21.

                          	 
      	
                            Borrowing
      Base Calculation

                          	
                            160

                          
	
                            8.22.

                          	 
      	
                            U.K.
      Pensions

                          	
                            160

                          
	
                            8.23.

                          	 
      	
                            Anti-Terrorism
      Law

                          	
                            160

                          
	
                            8.24.

                          	 
      	
                            Subordination

                          	
                            161

                          
	
                            8.25.

                          	 
      	
                            Solvency

                          	
                            161

                          
	
                            8.26.

                          	 
      	
                            No
      Trustee Duties

                          	
                            161

                          
	
                            8.27.

                          	 
      	
                            Corporate
      Benefit

                          	
                            161

                          
	
                            8.28.

                          	 
      	
                            No
      Immunity

                          	
                            161

                          
	
                            8.29.

                          	 
      	
                            Own
      Enquiries

                          	
                            161

                          
	
                            8.30.

                          	 
      	
                            Centre
      of Main Interests

                          	
                            162

                          
	
                            8.31.

                          	 
      	
                            No
      Insolvency

                          	
                            162

                          
	 
      	 
      	 
      	 
      
	
                            SECTION
      9.

                          	 
      	
                            AFFIRMATIVE
      COVENANTS

                          	
                            162

                          
	 
      	 
      	 
      	 
      
	
                            9.01.

                          	 
      	
                            Information
      Covenants

                          	
                            162

                          
	
                            9.02.

                          	 
      	
                            Books,
      Records and Inspections; Annual Meetings

                          	
                            167

                          
	
                            9.03.

                          	 
      	
                            Maintenance
      of Property; Insurance

                          	
                            167

                          
	
                            9.04.

                          	 
      	
                            Existence;
      Conduct of Business

                          	
                            168

                          
	
                            9.05.

                          	 
      	
                            Compliance
      with Statutes, etc.

                          	
                            168

                          
	
                            9.06.

                          	 
      	
                            Compliance
      with Environmental Laws

                          	
                            168

                          
	
                            9.07.

                          	 
      	
                            ERISA

                          	
                            169

                          
	
                            9.08.

                          	 
      	
                            End
      of Fiscal Years; Fiscal Quarters

                          	
                            171

                          
	
                            9.09.

                          	 
      	
                            Performance
      of Obligations

                          	
                            171

                          
	
                            9.10.

                          	 
      	
                            Payment
      of Taxes

                          	
                            172

                          
	
                            9.11.

                          	 
      	
                            Use
      of Proceeds

                          	
                            172

                          
	
                            9.12.

                          	 
      	
                            Information
      Regarding Collateral

                          	
                            172

                          
	
                            9.13.

                          	 
      	
                            Additional
      Subsidiaries; Ownership of Subsidiaries

                          	
                            173

                          
	
                            9.14.

                          	 
      	
                            Further
      Assurances

                          	
                            173

                          
	
                            9.15.

                          	 
      	
                            U.K.
      Pensions

                          	
                            175

                          
	
                            9.16.

                          	 
      	
                            Permitted
      Acquisitions

                          	
                            175

                          
	
                            9.17.

                          	 
      	
                            Maintenance
      of Company Separateness

                          	
                            176

                          
	
                            9.18.

                          	 
      	
                            Designated
      Senior Indebtedness

                          	
                            176

                          
	
                            9.19.

                          	 
      	
                            Retention
      of Financial Consultant

                          	
                            177

                          
	 
      	 
      	 
      	 
      
	
                            SECTION
      10.

                          	 
      	
                            NEGATIVE
      COVENANTS

                          	
                            177

                          
	 
      	 
      	 
      	 
      
	
                            10.01.

                          	 
      	
                            Liens

                          	
                            177

                          
	
                            10.02.

                          	 
      	
                            Consolidation,
      Merger, Purchase or Sale of Assets, etc.

                          	
                            180

                          
	
                            10.03.

                          	 
      	
                            Dividends

                          	
                            184

                          
	
                            10.04.

                          	 
      	
                            Indebtedness

                          	
                            184

                          
	
                            10.05.

                          	 
      	
                            Advances,
      Investments and Loans

                          	
                            186

                          

                  

                

                 

                

                
                  
                    
                    

                  

                  
                    (iii)

                    
                      

                    

                  

                  
                    
                    

                  

                

                
                   

                  Table of Contents

                    (continued)

                  

                
                  
                    	
                            10.06.

                          	 
      	
                            Transactions
      with Affiliates

                          	
                            190

                          
	
                            10.07.

                          	 
      	
                            Consolidated
      Fixed Charge Coverage Ratio

                          	
                            191

                          
	
                            10.08.

                          	 
      	
                            Modifications
      of Certificate of Incorporation, By-Laws and Certain Other Agreements;
      Limitations on Voluntary Payments, etc..

                          	
                            191

                          
	
                            10.09.

                          	 
      	
                            Limitation
      on Certain Restrictions on Subsidiaries

                          	
                            192

                          
	
                            10.10.

                          	 
      	
                            Limitation
      on Issuance of Equity Interests

                          	
                            193

                          
	
                            10.11.

                          	 
      	
                            Business;
      etc.

                          	
                            193

                          
	
                            10.12.

                          	 
      	
                            Limitation
      on Creation of Subsidiaries

                          	
                            193

                          
	
                            10.13.

                          	 
      	
                            No
      Additional Deposit Accounts; etc.

                          	
                            194

                          
	
                            10.14.

                          	 
      	
                            Changes
      to Legal Names, Organizational Identification Numbers, Jurisdiction, Type
      or Organization or Centre of Main Interests

                          	
                            194

                          
	
                            10.15.

                          	 
      	
                            Existing
      Senior Subordinated Notes

                          	
                            195

                          
	 
      	 
      	 
      	 
      
	
                            SECTION
      11.

                          	 
      	
                            EVENTS
      OF DEFAULT

                          	
                            195

                          
	 
      	 
      	 
      	 
      
	
                            11.01.

                          	 
      	
                            Events
      of Default

                          	
                            195

                          
	
                            11.02.

                          	 
      	
                            Application
      of Proceeds

                          	
                            200

                          
	 
      	 
      	 
      	 
      
	
                            SECTION
      12.

                          	 
      	
                            THE
      AGENTS

                          	
                            204

                          
	 
      	 
      	 
      	 
      
	
                            12.01.

                          	 
      	
                            Appointment

                          	
                            204

                          
	
                            12.02.

                          	 
      	
                            Nature
      of Duties

                          	
                            204

                          
	
                            12.03.

                          	 
      	
                            Lack
      of Reliance on the Agents

                          	
                            205

                          
	
                            12.04.

                          	 
      	
                            Certain
      Rights of the Administrative Agent

                          	
                            205

                          
	
                            12.05.

                          	 
      	
                            Reliance

                          	
                            206

                          
	
                            12.06.

                          	 
      	
                            Indemnification

                          	
                            206

                          
	
                            12.07.

                          	 
      	
                            Agents
      in their Individual Capacities

                          	
                            206

                          
	
                            12.08.

                          	 
      	
                            Holders

                          	
                            206

                          
	
                            12.09.

                          	 
      	
                            Resignation
      by the Administrative Agent

                          	
                            206

                          
	
                            12.10.

                          	 
      	
                            Collateral
      Matters

                          	
                            208

                          
	
                            12.11.

                          	 
      	
                            Delivery
      of Information

                          	
                            209

                          
	
                            12.12.

                          	 
      	
                            Quebec
      Security

                          	
                            209

                          
	
                            12.13.

                          	 
      	
                            Co-Collateral
      Agents

                          	
                            210

                          
	
                            12.14.

                          	 
      	
                            UK
      Security

                          	
                            210

                          
	 
      	 
      	 
      	 
      
	
                            SECTION
      13.

                          	 
      	
                            MISCELLANEOUS

                          	
                            210

                          
	 
      	 
      	 
      	 
      
	
                            13.01.

                          	 
      	
                            Payment
      of Expenses, etc.

                          	
                            211

                          
	
                            13.02.

                          	 
      	
                            Right
      of Setoff

                          	
                            212

                          
	
                            13.03.

                          	 
      	
                            Notices

                          	
                            213

                          
	
                            13.04.

                          	 
      	
                            Benefit
      of Agreement; Assignments; Participations

                          	
                            214

                          
	
                            13.05.

                          	 
      	
                            No
      Waiver; Remedies Cumulative

                          	
                            216

                          
	
                            13.06.

                          	 
      	
                            Payments
      Pro Rata

                          	
                            217

                          
	
                            13.07.

                          	 
      	
                            Calculations;
      Computations

                          	
                            217

                          
	
                            13.08.

                          	 
      	
                            GOVERNING
      LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY
    TRIAL

                          	
                            218

                          
	
                            13.09.

                          	 
      	
                            Counterparts

                          	
                            219

                          
	
                            13.10.

                          	 
      	
                            Effectiveness

                          	
                            220

                          

                  

                

                

                

                
                  
                    
                    

                  

                  
                    (iv)

                    
                      

                    

                  

                  
                    
                    

                  

                

                
                   

                  Table of Contents

                    (continued)

                  

                
                  
                    	
                            13.11.

                          	 
      	
                            Headings
      Descriptive

                          	
                            220

                          
	
                            13.12.

                          	 
      	
                            Amendment
      or Waiver; etc.

                          	
                            220

                          
	
                            13.13.

                          	 
      	
                            Survival;
      Continuing Obligation

                          	
                            222

                          
	
                            13.14.

                          	 
      	
                            Domicile
      of Loans

                          	
                            222

                          
	
                            13.15.

                          	 
      	
                            Register

                          	
                            223

                          
	
                            13.16.

                          	 
      	
                            Confidentiality

                          	
                            223

                          
	
                            13.17.

                          	 
      	
                            Patriot
      Act

                          	
                            224

                          
	
                            13.18.

                          	 
      	
                            OTHER
      LIENS ON COLLATERAL; TERMS OF INTERCREDITOR AGREEMENT;
ETC.

                          	
                            224

                          
	
                            13.19.

                          	 
      	
                            Waiver
      of Sovereign Immunity

                          	
                            225

                          
	
                            13.20.

                          	 
      	
                            Judgment
      Currency

                          	
                            225

                          
	
                            13.21.

                          	 
      	
                            European
      Monetary Union

                          	
                            226

                          
	
                            13.22.

                          	 
      	
                            Qualified
      Secured Hedging Agreements and Qualified Secured Cash Management
      Agreements

                          	
                            226

                          
	 
      	 
      	 
      	 
      
	
                            SECTION
      14.

                          	 
      	
                            NATURE
      OF OBLIGATIONS

                          	
                            227

                          
	 
      	 
      	 
      	 
      
	
                            14.01.

                          	 
      	
                            Nature
      of Obligations

                          	
                            227

                          
	
                            14.02.

                          	 
      	
                            Independent
      Obligation

                          	
                            229

                          
	
                            14.03.

                          	 
      	
                            Authorization

                          	
                            229

                          
	
                            14.04.

                          	 
      	
                            Reliance

                          	
                            230

                          
	
                            14.05.

                          	 
      	
                            Contribution;
      Subrogation

                          	
                            230

                          
	
                            14.06.

                          	 
      	
                            Waiver

                          	
                            230

                          
	
                            14.07.

                          	 
      	
                            Limitation
      on Foreign Borrower Obligations

                          	
                            230

                          
	
                            14.08.

                          	 
      	
                            Rights
      and Obligations

                          	
                            231

                          
	 
      	 
      	 
      	 
      
	
                            SECTION
      15.

                          	 
      	
                            REVOLVING
      LOANS; INTRA-LENDER ISSUES

                          	
                            231

                          
	 
      	 
      	 
      	 
      
	
                            15.01.

                          	 
      	
                            Specified
      Foreign Currency Participations

                          	
                            231

                          
	
                            15.02.

                          	 
      	
                            Settlement
      Procedures for Specified Foreign Currency Participations

                          	
                            232

                          
	
                            15.03.

                          	 
      	
                            Obligations
      Irrevocable

                          	
                            234

                          
	
                            15.04.

                          	 
      	
                            Recovery
      or Avoidance of Payments

                          	
                            234

                          
	
                            15.05.

                          	 
      	
                            Indemnification
      by Lenders

                          	
                            234

                          
	
                            15.06.

                          	 
      	
                            Specified
      Foreign Currency Loan Participation Fee

                          	
                            235

                          
	
                            15.07.

                          	 
      	
                            Defaulting
      Lenders; etc.

                          	
                            235

                          
	 
      	 
      	 
      	 
      
	
                            SECTION
      16.

                          	 
      	
                            PARALLEL
      DEBT

                          	
                            235

                          
	 
      	 
      	 
      	 
      
	
                            SECTION
      17.

                          	 
      	
                            RELEASE
      OF LIENS AND GUARANTIES

                          	
                            236

                          

                  

                

                
 

                
                  
                    
                    

                  

                  
                    (v)

                    
                      

                    

                  

                  
                    
                    

                  

                

              

              
                 

                Table of Contents

                  (continued)

                

              

              
                
                  SCHEDULES

                   

                  
                    	
                            SCHEDULE
      1.01(a)

                          	
                            --

                          	
                            Commitments

                          
	
                            SCHEDULE
      1.01(b)

                          	
                            --

                          	
                            Provisions
      Relating to Bankers’ Acceptances, Bankers’ Acceptance Loans and B/A
      Discount Notes

                          
	
                            SCHEDULE
      1.01(c)

                          	
                            --

                          	
                            Eligible
      Accounts

                          
	
                            SCHEDULE
      1.01(d)

                          	
                            --

                          	
                            Mandatory
      Costs

                          
	
                            SCHEDULE
      1.01(e)

                          	
                            --

                          	
                            Agreed
      Security Principles

                          
	
                            SCHEDULE
      1.01(f)

                          	
                            --

                          	
                            Restructuring
      Charges

                          
	
                            SCHEDULE
      1.01(g)

                          	
                            --

                          	
                            Foreign
      Pledge Agreements

                          
	
                            SCHEDULE
      3.01(a)

                          	
                            --

                          	
                            Existing
      Letters of Credit

                          
	
                            SCHEDULE
      6.08

                          	
                            --

                          	
                            Post-Closing
      Actions

                          
	
                            SCHEDULE
      8.05

                          	
                            --

                          	
                            Existing
      Liabilities

                          
	
                            SCHEDULE
      8.09

                          	
                            --

                          	
                            Contest
      Tax Disputes

                          
	
                            SCHEDULE
      8.12

                          	
                            --

                          	
                            Real
      Property; Mortgaged Property

                          
	
                            SCHEDULE
      8.13

                          	
                            --

                          	
                            Subsidiaries;
      Joint Ventures; Borrowers; Subsidiary Guarantors

                          
	
                            SCHEDULE
      8.16

                          	
                            --

                          	
                            Insurance

                          
	
                            SCHEDULE
      8.20

                          	
                            --

                          	
                            Indebtedness

                          
	
                            SCHEDULE
      8.22

                          	
                            --

                          	
                            U.K.
      Pensions

                          
	
                            SCHEDULE
      10.01

                          	
                            --

                          	
                            Existing
      Liens

                          
	
                            SCHEDULE
      10.04

                          	
                            --

                          	
                            Existing
      Indebtedness; Commitments

                          
	
                            SCHEDULE
      10.05(iii)

                          	
                            --

                          	
                            Investments

                          
	
                            SCHEDULE
      10.05(viii)

                          	
                            --

                          	
                            Existing
      Intercompany Loans

                          
	
                            SCHEDULE
      10.06

                          	
                            --

                          	
                            Existing
      Affiliate Transactions

                          
	
                            SCHEDULE
      10.13

                          	
                            --

                          	
                            Deposit
      Accounts

                          
	
                            SCHEDULE
      13.03

                          	
                            --

                          	
                            Lender
      Addresses/Lending Offices

                          

                  

                  

                  

                  EXHIBITS

                   

                  
                    	
                            EXHIBIT
      A-1

                          	
                            --

                          	
                            Form
      of Notice of Borrowing

                          
	
                            EXHIBIT
      A-2

                          	
                            --

                          	
                            Form
      of Notice of Conversion/Continuation

                          
	
                            EXHIBIT
      B-1

                          	
                            --

                          	
                            Form
      of Revolving Note

                          
	
                            EXHIBIT
      B-2

                          	
                            --

                          	
                            Form
      of Swingline Note

                          
	
                            EXHIBIT
      C

                          	
                            --

                          	
                            Form
      of Letter of Credit Request

                          
	
                            EXHIBIT
      D-1

                          	
                            --

                          	
                            Form
      of U.S. Perfection Certificate

                          
	
                            EXHIBIT
      D-2

                          	
                            --

                          	
                            Form
      of Canadian Perfection Certificate

                          
	
                            EXHIBIT
      D-3

                          	
                            --

                          	
                            Form
      of Australian Perfection Certificate

                          
	
                            EXHIBIT
      D-4

                          	
                            --

                          	
                            Form
      of Dutch Perfection Certificate

                          
	
                            EXHIBIT
      E-1

                          	
                            --

                          	
                            Form
      of Officers’ Certificate – Holdings

                          
	
                            EXHIBIT
      E-2

                          	
                            --

                          	
                            Form
      of Officers’ Certificate – Credit Parties

                          
	
                            EXHIBIT
      F

                          	
                            --

                          	
                            Form
      of Perfection Certificate Supplement

                          
	
                            EXHIBIT
      G

                          	
                            --

                          	
                            Form
      of Intercreditor Agreement

                          

                  

                  
 

                  
                    
                      
                      

                    

                    
                      (vi)

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

                  
                    
                      Table of Contents

                        (continued)

                         

                      

                    

                  

                  
                    	
                            EXHIBIT
      H

                          	
                            --

                          	
                            Form
      of Solvency Certificate

                          
	
                            EXHIBIT
      I

                          	
                            --

                          	
                            Form
      of Compliance Certificate

                          
	
                            EXHIBIT
      J

                          	
                            --

                          	
                            Form
      of Assignment and Assumption Agreement

                          
	
                            EXHIBIT
      K

                          	
                            --

                          	
                            Form
      of Intercompany Note

                          
	
                            EXHIBIT
      L

                          	
                            --

                          	
                            Form
      of Joinder Agreement

                          
	
                            EXHIBIT
      M

                          	
                            --

                          	
                            Form
      of Borrowing Base Certificate

                          
	
                            EXHIBIT
      N

                          	
                            --

                          	
                            Form
      of Incremental Commitment Agreement

                          
	
                            EXHIBIT
      O

                          	
                            --

                          	
                            Form
      of Section 5.04(b)(ii) Certificate

                          
	
                            EXHIBIT
      P

                          	
                            --

                          	
                            Foreign
      Guaranty

                          
	
                            EXHIBIT
      Q

                          	
                            --

                          	
                            U.S.
      Guaranty

                          
	
                            EXHIBIT
      R

                          	
                            --

                          	
                            U.S.
      Pledge Agreement

                          
	
                            EXHIBIT
      S

                          	
                            --

                          	
                            U.S.
      Security Agreement

                          

                  

                   

                  

                    
                      
                        
                        

                      

                      
                        (vii)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]