Document:

Exhibit 4.14

 

Execution Version

 

 

 

LIMITED RECOURSE

GUARANTY AND COLLATERAL AGREEMENT

 

dated as of March 14, 2006

 

among

 

RUSS BERRIE AND COMPANY, INC.,

as the Company

 

 

and

 

LASALLE BUSINESS CREDIT, LLC,

as Administrative Agent and Arranger

 

 

 

 

 

LIMITED RECOURSE GUARANTY AND COLLATERAL AGREEMENT

 

This Limited Recourse Guaranty and Collateral
Agreement dated as of March 14, 2006 (this “Agreement”) is entered into
by and between Russ Berrie and Company, Inc. (the “Company”), in favor
of LASALLE BUSINESS CREDIT, LLC, as the “Administrative Agent” for the “Issuing
Bank” and the Lenders (as defined in the Credit Agreement).

 

The Administrative Agent, the Lenders and the Issuing
Bank have severally agreed to extend credit and provide other financial
accommodations to Russ Berrie U.S. Gift, Inc. (“Russ Gift”), Russ Berrie
& Co. (West), Inc. (“Russ West”), Russ Berrie and Company
Properties, Inc. (“Russ Properties”), Russplus, Inc. (“Russplus”)
and Russ Berrie and Company Investments, Inc. (“Russ Investments”) (Russ
Gift, Russ West, Russ Properties, Russplus and Russ Investments are referred to
herein collectively as, the “Borrowers”) pursuant to the Credit
Agreement. The Borrowers are each direct wholly-owned subsidiaries of the
Company. The Borrowers and the Company are engaged in interrelated businesses,
and the Company will derive substantial direct and indirect benefit from
extensions of credit under the Credit Agreement. It is a condition precedent to
the Administrative Agent’s, each Lender’s and the Issuing Bank’s obligation to
extend credit under the Credit Agreement that the Company shall have executed
and delivered this Agreement to the Administrative Agent for the benefit of all
the Lenders and the Issuing Bank.

 

In consideration of the premises and to induce the
Administrative Agent, the Lenders and the Issuing Bank to enter into the Credit
Agreement and to induce the Lenders and the Issuing Bank to extend credit and
provide other financial accommodations thereunder, the Company hereby agrees
with the Administrative Agent, for the benefit of itself, the Lenders and the
Issuing Bank, as follows:

 

SECTION 1            DEFINITIONS.

 

1.1           Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein
shall have the meanings given to them in the Credit Agreement, and the
following terms are used herein as defined in the UCC: Accounts, Account
Debtor, Certificated Security, Commercial Tort Claims, Deposit Accounts,
Documents, Electronic Chattel Paper, Equipment, Goods, Instruments, Inventory,
Leases, Letter-of-Credit Rights, Money, Payment Intangibles, Supporting
Obligations, Tangible Chattel Paper. In addition, for the purposes of this
Agreement, the term “Lender” and “Lender Party” shall include the Issuing Bank.

 

1.2           When
used herein the following terms shall have the following meanings:

 

Agreement has the meaning set forth
in the preamble hereto.

 

Assignment and Assumption Agreement
means the Assignment and Assumption Agreement and Bill of Sale dated on or
about March 14, 2006 between the Company and Russ Gift.

 

Borrower Obligations means all
Obligations of the Borrowers.

 

 

Chattel Paper means all “chattel
paper” as such term is defined in Section 9-102(a)(11) of the UCC and, in
any event, including with respect to the Company, all Electronic Chattel Paper
and Tangible Chattel Paper.

 

Collateral means all now owned or
hereafter acquired or arising (including from and after a Triggering Event)
right, title or interest, of the Company in any personal property (i) conveyed,
(ii) purportedly conveyed or (iii) which but for the operation of Section 5 of
the Assignment and Assumption Agreement, would have been transferred by the
Company pursuant to Section 1 thereof, to Russ Gift pursuant to the Related
Agreements, including any or all, as the case may be, of (a) the Company’s
Accounts, Chattel Paper, Commercial Tort Claims, Deposit Accounts, Documents,
Equipment, Fixtures, General Intangibles, Goods, Instruments, Intellectual
Property, Inventory, Investment Property, Leases, Letter-of-Credit Rights,
Money, Supporting Obligations, (b) all books and records pertaining to any of
the foregoing and to the Company’s business, (c) any other property of the
Company now or hereafter in the possession, custody or control of the
Administrative Agent, the Issuing Bank, or any Lender or any participant with
any Lender in the Loans, for any purpose (whether for safekeeping, deposit,
collection, custody, pledge, transmission or otherwise) (other than the Company
Equity Interests), (d) all Proceeds of any of the foregoing, including without
limitation, proceeds of all insurance policies insuring the foregoing property,
and (e) all collateral security and guaranties given by any Person with respect
to any of the foregoing.

 

Company Equity Interests means the
equity interests in any other Person held by the Company and pledged by the
Company to the Administrative Agent under the Pledge Agreement or under any
other pledge agreement to which the Company and the Administrative Agent are
parties; provided that in no event shall more than 65% of the total
outstanding equity interests of any First-Tier Foreign Subsidiary be required
to be directly or indirectly pledged by the Company to the Administrative
Agent.

 

Company Obligations means all
obligations of the Company under this Agreement.

 

Contract Rights means all of the
Company’s rights and remedies with respect to the Related Agreements.

 

Copyrights means all copyrights
arising under the laws of the United States, any other country or any political
subdivision thereof, whether registered or unregistered and whether published
or unpublished, all registrations and recordings thereof, and all applications
in connection therewith, including all registrations, recordings and
applications in the United States Copyright Office, and the right to obtain all
renewals of any of the foregoing.

 

Copyright Licenses means all written
agreements under which the Company is a licensor or licensee, granting any
right under any Copyright, including the grant of rights to manufacture,
distribute, exploit and sell materials derived from any Copyright.

 

Credit Agreement means the Credit
Agreement of even date herewith among the Borrowers, the other Subsidiaries
from time to time party thereto, the Lenders, the Issuing Bank, and the
Administrative Agent, as amended, supplemented, restated or otherwise modified
from time to time.

 

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Fixtures means all of the following,
whether now owned or hereafter acquired by the Company: plant fixtures;
business fixtures and other fixtures, wherever located; and all additions and
accessories thereto and replacements therefor.

 

General Intangibles means all “general
intangibles” as such term is defined in Section 9-102(a)(42) of the UCC
(excluding any applicable Company Equity Interests) and, in any event,
including all Payment Intangibles, all contracts and Contract Rights (including
all Related Agreements), agreements, instruments and indentures in any form,
and portions thereof, to which the Company is a party or under which the
Company has any right, title or interest or to which the Company or any
property of the Company is subject, as the same from time to time may be
amended, supplemented or otherwise modified, including, without limitation, (a)
all rights of the Company to receive moneys due and to become due to it
thereunder or in connection therewith, (b) all rights of the Company to damages
arising thereunder and (c) all rights of the Company to perform and to exercise
all remedies thereunder; provided, that the foregoing limitation shall
not affect, limit, restrict or impair the grant by the Company of a security
interest pursuant to this Agreement in any Receivable or any money or other
amounts due or to become due under any such Payment Intangible, contract, agreement,
instrument or indenture.

 

Intellectual Property means the
collective reference to all rights, priorities and privileges relating to
intellectual property, whether arising under United States, multinational or
foreign laws or otherwise, including the Copyrights, the Copyright Licenses,
the Patents, the Patent Licenses, the Trademarks and the Trademark Licenses,
and all rights to sue at law or in equity for any infringement or other
impairment thereof, including the right to receive all proceeds and damages
therefrom.

 

Investment Property means the
collective reference to (a) all “investment property” as such term is defined
in Section 9-102(a)(49) of the UCC (other than the equity interest of any
Foreign Subsidiary excluded from the definition of Company Equity Interests)
and (b) all “financial assets” as such term is defined in Section 8-102(a)(9)
of the UCC, but, in any case, excludes the Company Equity Interests.

 

Paid in Full means (a) the payment
in full in cash and performance of all Secured Obligations (other than
unasserted contingent and indemnification obligations), (b) the termination of
all Commitments and (c) either (i) the cancellation and return to the
Administrative Agent of all Letters of Credit or (ii) the cash
collateralization of all Letters of Credit in accordance with the Credit
Agreement.

 

Patents means (a) all letters patent
of the United States, any other country or any political subdivision thereof,
all reissues and extensions thereof and all goodwill associated therewith, (b)
all applications for letters patent of the United States or any other country
and all divisions, continuations and continuations-in-part thereof, and (c) all
rights to obtain any reissues or extensions of the foregoing.

 

Patent Licenses means all
agreements, whether written or oral, providing for the grant by or to the
Company of any right to manufacture, use or sell any invention covered in whole
or in part by a Patent.

 

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Pledged Notes means all Intercompany
Notes at any time issued to the Company and all other promissory notes issued
to or held by the Company.

 

Proceeds means all “proceeds” as
such term is defined in Section 9-102(a)(64) of the UCC and, in any event,
shall include all dividends or other income from the Investment Property,
collections thereon or distributions or payments with respect thereto.

 

Receivable means any right to
payment for goods sold or leased or for services rendered, whether or not such
right is evidenced by an Instrument or Chattel Paper and whether or not it has
been earned by performance (including any Accounts).

 

Secured Obligations means,
collectively, the Borrower Obligations and Company Obligations, and shall not
include any obligation of any Person under the Canadian Guaranty or the
Canadian Loan Documents.

 

Trademarks means (a) all trademarks,
trade names, corporate names, the Company’s names, business names, fictitious
business names, trade styles, service marks, logos and other source or business
identifiers, and all goodwill associated therewith, now existing or hereafter
adopted or acquired, all registrations and recordings thereof, and all
applications in connection therewith, whether in the United States Patent and
Trademark Office or in any similar office or agency of the United States, any
State thereof or any other country or any political subdivision thereof, or
otherwise, and all common-law rights related thereto and (b) the right to
obtain all renewals thereof.

 

Trademark Licenses means,
collectively, each agreement, whether written or oral, providing for the grant
by or to the Company of any right to use any Trademark.

 

UCC means the Uniform Commercial
Code as in effect on the date hereof and from time to time in the State
of New York, provided that if by reason of mandatory provisions of law,
the perfection or the effect of perfection or non-perfection of the security
interests in any Collateral or the availability of any remedy hereunder is
governed by the Uniform Commercial Code as in effect on or after the date hereof
in any other jurisdiction, “UCC” means the Uniform Commercial Code as in effect
in such other jurisdiction for purposes of the provisions hereof relating to
such perfection or effect of perfection or non-perfection or availability of
such remedy.

 

SECTION 2            GUARANTY.

 

2.1           Guaranty.
(a)  Subject to the limitations set forth
in clause (b) below and in Section 6.1 below, the Company hereby
unconditionally and irrevocably, as a primary obligor and not only a surety,
guarantees to the Administrative Agent, for the benefit of itself and of the
Lenders, the Issuing Bank and their respective successors, indorsees,
transferees and assigns, the prompt and complete payment and performance by the
Borrowers when due (whether at the stated maturity, by acceleration or
otherwise) of the Borrower Obligations.

 

(b)           Anything
herein or in any other Loan Document to the contrary notwithstanding, the
maximum liability of the Company hereunder and under the other Loan Documents
shall in no event exceed the amount which can be guaranteed by the Company
under

 

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applicable federal and state laws relating to the
insolvency of debtors (after giving effect to the right of contribution
established in Section 2.2).

 

(c)           The
Company agrees that the Secured Obligations may at any time and from time to
time exceed the amount of the liability of the Company hereunder without
impairing the guaranty contained in this Section 2 or affecting the
rights and remedies of the Administrative Agent or any Lender hereunder.

 

(d)           The
guaranty contained in this Section 2 shall remain in full force and
effect until all of the Secured Obligations shall have been Paid in Full.

 

(e)           No
payment made by the Borrowers, any of the Guarantors, any other guarantor or
any other Person or received or collected by the Administrative Agent or any
Lender from the Borrowers, any of the Guarantors, any other guarantor or any
other Person by virtue of any action or proceeding or any set-off or
appropriation or application at any time or from time to time in reduction of
or in payment of the Secured Obligations shall be deemed to modify, reduce,
release or otherwise affect the liability of the Company hereunder which shall,
notwithstanding any such payment (other than any payment made by the Company in
respect of the Secured Obligations or any payment received or collected from
the Company in respect of the Secured Obligations), remain liable for the
Secured Obligations up to the maximum liability of the Company hereunder until
the Secured Obligations are Paid in Full.

 

2.2           Right
of Contribution. The Company hereby agrees that to the extent that the
Company shall have paid more than its proportionate share of any payment made,
the Company shall be entitled to seek and receive contribution from and against
any other Guarantor which has not paid its proportionate share of such payment.
The Company’s right of contribution shall be subject to the terms and
conditions of Section 2.3. The provisions of this Section 2.2
shall in no respect limit the obligations and liabilities of the Company to the
Administrative Agent and the Lenders, and the Company shall remain liable to
the Administrative Agent and the Lenders for the full amount guaranteed by the
Company hereunder.

 

2.3           No
Subrogation. Notwithstanding any payment made by the Company hereunder or
any set-off or application of funds of the Company by the Administrative Agent
or any Lender, the Company shall not be entitled to be subrogated to any of the
rights of the Administrative Agent or any Lender against the Borrowers or any
other Guarantor or any collateral security or guaranty or right of offset held
by the Administrative Agent or any Lender for the payment of the Secured
Obligations, nor shall the Company seek or be entitled to seek any contribution
or reimbursement from the Borrowers or any other Guarantor in respect of
payments made by the Company hereunder, until all of the Secured Obligations
are Paid in Full. If any amount shall be paid to the Company on account of such
subrogation rights at any time when all of the Secured Obligations shall not
have been Paid in Full, such amount shall be held by the Company in trust for
the Administrative Agent and the Lenders, segregated from other funds of the
Company, and shall, forthwith upon receipt by the Company, be turned over to
the Administrative Agent in the exact form received by the Company (duly
indorsed by the Company to the Administrative Agent, if required), to be
applied against the Secured

 

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Obligations, whether matured or unmatured, in such
order as the Administrative Agent may determine.

 

2.4           Amendments,
etc. with respect to the Secured Obligations. The Company shall remain
obligated hereunder notwithstanding that, without any reservation of rights
against the Company and without notice to or further assent by the Company, any
demand for payment of any of the Secured Obligations made by the Administrative
Agent or any Lender may be rescinded by the Administrative Agent or such Lender
and any of the Secured Obligations continued, and the Secured Obligations, or
the liability of any other Person upon or for any part thereof, or any
collateral security or guaranty therefor or right of offset with respect
thereto, may, from time to time, in whole or in part, be renewed, extended,
amended, modified, accelerated, compromised, waived, surrendered or released by
the Administrative Agent or any Lender, and the Credit Agreement and the other
Loan Documents and any other documents executed and delivered in connection
therewith may be amended, modified, supplemented or terminated, in whole or in
part, as the Administrative Agent (or the Required Lenders or all the Lenders,
as the case may be) and, to the extent required thereunder, the other parties
thereto may deem advisable from time to time. Neither the Administrative Agent
nor any Lender shall have any obligation to protect, secure, perfect or insure
any Lien at any time held by it as security for the Secured Obligations or for
the guaranty contained in this Section 2 or any property subject
thereto.

 

The Administrative Agent or any Lender may, from time
to time, at its sole discretion and without notice to the Company, take any or
all of the following actions:  (a) retain
or obtain a security interest in any property of any other Person to secure any
of the Secured Obligations or any obligation hereunder, (b) retain or obtain
the primary or secondary obligation of any obligor or obligors, in addition to
the Company, with respect to any of the Secured Obligations, (c) extend or
renew any of the Secured Obligations for one or more periods (whether or not
longer than the original period), alter or exchange any of the Secured
Obligations, or release or compromise any obligation of any of Borrowers or any
obligation of any nature of any other obligor with respect to any of the
Secured Obligations, (d) release any guaranty or right of offset or its
security interest in, or surrender, release or permit any substitution or
exchange for, all or any part of any property securing any of the Secured
Obligations or any obligation hereunder, or extend or renew for one or more
periods (whether or not longer than the original period) or release,
compromise, alter or exchange any obligations of any nature of any obligor with
respect to any such property, and (e) Subject to Section 6.1, resort to
the Company for payment of any of the Secured Obligations when due, whether or
not the Administrative Agent or such Lender shall have resorted to any property
securing any of the Secured Obligations or any obligation hereunder or shall
have proceeded against the Borrowers or any other obligor primarily or
secondarily obligated with respect to any of the Secured Obligations.

 

2.5           Waivers.
The Company waives any and all notice of the creation, renewal, extension or
accrual of any of the Secured Obligations and notice of or proof of reliance by
the Administrative Agent or any Lender upon the guaranty contained in this Section
2 or acceptance of the guaranty contained in this Section 2; the
Secured Obligations, and the Secured Obligations shall conclusively be deemed
to have been created, contracted or incurred, or renewed, extended, amended or
waived, in reliance upon the guaranty contained in this Section 2, and
all dealings between the Borrowers and the Company, on the one hand, and the 

 

6

 

Administrative Agent and the Lenders, on the other
hand, likewise shall be conclusively presumed to have been had or consummated in
reliance upon the guaranty contained in this Section 2. The Company
waives (a) diligence, presentment, protest, demand for payment and notice of
default, dishonor or nonpayment and all other notices whatsoever to or upon the
Borrowers or the Company with respect to the Secured Obligations, (b) notice of
the existence or creation or non-payment of all or any of the Secured
Obligations and (c) all diligence in collection or protection of or realization
upon any Secured Obligations or any security for or guaranty of any Secured
Obligations.

 

2.6           Payments.
The Company hereby guarantees that payments by the Company hereunder will be
paid to the Administrative Agent without set-off or counterclaim in Dollars at
the office of the Administrative Agent specified in the Credit Agreement.

 

SECTION 3            GRANT OF SECURITY INTEREST.

 

3.1           Grant.
The Company hereby collaterally assigns and transfers to the Administrative
Agent, and hereby grants to the Administrative Agent, for the benefit of itself
and the Lenders, and the Issuing Bank, a continuing security interest in all of
the Collateral, as collateral security for the prompt and complete payment and
performance when due (whether at the stated maturity, by acceleration or
otherwise) of the Borrower Obligations or the Company Obligations, as the case
may be. This Agreement constitutes a current grant of security in the
Collateral.

 

3.2           Collateral
Assignment. The Company hereby acknowledges the grant of Liens on and
security interest in, and collateral assignment of, Russ Gift’s rights in,
among other things, the Collateral and the Related Agreements pursuant to the
Credit Agreement and the other Loan Documents, and hereby acknowledges and
agrees as follows in that regard: (i) it will not sell, assign, transfer,
convey, lease, amend, hypothecate, adjust, terminate or grant any compromise,
waiver or forbearance of or with respect to any of the Collateral without the
prior written consent of Russ Gift (which consent shall only be granted to the
extent and subject to the same conditions as would any such action by Russ Gift
pursuant to the terms of the Credit Agreement and the other Loan Documents),
(ii) it will not enter into any amendment, modification, supplement or
agreement to any of the Related Agreements without the consent of the
Administrative Agent, and (iii) in addition to the other rights and remedies of
the Administrative Agent hereunder, following the occurrence and during the
continuance of an Event of Default, to the extent permitted by the Credit
Agreement (to the same extent as it relates to property of the Borrowers), the
Company hereby irrevocably authorizes and empowers the Administrative Agent or
its agents, in their sole discretion, to assert, either directly or on behalf
of the Company, at any time that an Event of Default has occurred and is
continuing, any claims the Company may from time to time have with respect to
any and all of the Collateral, and to receive and collect any damages, awards
and other monies resulting therefrom and to apply the same on account of the
Secured Obligations. After the occurrence and during the continuance of any
Event of Default, the Administrative Agent may provide notice to the parties to
any of the Collateral that any and all payments or remittances in respect
thereof shall be made to or at the direction of the Administrative Agent for so
long as such Event of Default shall be continuing. The Company hereby
irrevocably makes, constitutes and appoints the Administrative Agent (and all
officers, employees, or agents designated by the Administrative Agent) as the
Company’s true

 

7

 

and lawful attorney (and agent-in-fact) for the
purpose of enabling the Administrative Agent or its agents to, during the
occurrence and continuance of an Event of Default, assert and collect such
claims and to apply such monies in the manner set forth hereinabove.

 

SECTION 4            REPRESENTATIONS AND WARRANTIES.

 

To induce the Administrative Agent and the Lenders to
enter into the Credit Agreement and to induce the Lenders to make their
respective extensions of credit to the Borrowers thereunder, the Company hereby
represents and warrants to the Administrative Agent and each Lender that:

 

4.1           Perfected
Liens. The security interests granted pursuant to this Agreement upon
completion of the filings and other actions specified on Schedule 1
(which, in the case of all filings and other documents referred to on Schedule
1, have been delivered to the Administrative Agent in completed and duly
executed form) and payment of all necessary filing fees will constitute valid
perfected security interests in all of the Collateral in favor of the
Administrative Agent, for the benefit of itself, the Lenders and the Issuing
Bank, as collateral security for the Company Obligations, enforceable in
accordance with the terms hereof (subject to the effects of bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other similar
laws relating to or affecting creditors’ rights generally, general equitable
principles (whether considered in a proceeding in equity or at law) and an
implied covenant of good faith and fair dealing) against the Company in
accordance with their terms. Subject to the payment of all necessary filing
fees, the filings and other actions specified on Schedule 1 constitute
all of the filings and other actions necessary to perfect all security
interests granted hereunder.

 

4.2           Grantor
Information. On the date hereof, Schedule 2 sets forth (a) the
Company’s jurisdiction of organization, (b) the location of the Company’s chief
executive office, (c) the Company’s exact legal name as it appears on its
organizational documents and (d) the Company’s organizational identification
number (to the extent the Company is organized in a jurisdiction which assigns
such numbers) and federal employer identification number.

 

SECTION 5            COVENANTS.

 

The Company covenants and agrees with the
Administrative Agent and the Lenders that, from and after the date of this
Agreement until the Secured Obligations shall have been Paid in Full:

 

5.1           Maintenance
of Perfected Security Interest; Further Documentation. (a)  Except with respect to actions affirmatively
taken by the Administrative Agent with respect to its Liens or any failure by
the Administrative Agent to continue any such Lien prior to the lapse thereof
due to the passage of time, the Company shall maintain such security interest
as a perfected security interest as described in Section 4 and shall
defend such security interest against the claims and demands of all Persons
whomsoever.

 

(b)           The
Company will furnish to the Administrative Agent and the Lenders from time to
time statements and schedules further identifying and describing the assets and
property of the Company constituting Collateral and such other reports relating
thereto as the Administrative Agent may reasonably request, all in reasonable
detail.

 

8

 

(c)           At
any time and from time to time, upon the written request of the Administrative
Agent, and at the sole expense of the Company, the Company will promptly and
duly execute and deliver, and have recorded, such further instruments and
documents and take such further actions as the Administrative Agent may
reasonably request for the purpose of obtaining or preserving the full benefits
of this Agreement and of the rights and powers herein granted, including, but
not limited to, (i) filing any financing or continuation statements under the
UCC (or other similar laws) in effect in any jurisdiction with respect to the security
interests created hereby and, (ii) taking any actions necessary or
reasonably advisable to enable the Administrative Agent to obtain “control”
(within the meaning of the applicable UCC) with respect thereto.

 

5.2           Changes
in Locations, Name, etc. Such the Company shall not, except upon twenty
(20) days’ prior written notice to the Administrative Agent and delivery to the
Administrative Agent of (a) all additional financing statements and other
documents reasonably requested by the Administrative Agent as to the validity,
perfection and priority of the security interests provided for herein:

 

(i)            change
its jurisdiction of organization or the location of its chief executive office
from that specified on Schedule 2 or in any subsequent notice delivered
pursuant to this Section 5.2; or

 

(ii)           change
its name, identity or corporate structure.

 

5.3           Notices.
Such the Company will advise the Administrative Agent promptly, in reasonable
detail, of:

 

(a)           any
Lien (other than Permitted Liens) on any of the Collateral which would
adversely affect the ability of the Administrative Agent to exercise any of its
remedies hereunder; and

 

(b)           any
circumstances bearing upon any potential claim under or with respect to the
Collateral that could have a materially adverse effect on the Administrative
Agent and the Lenders and the Company shall not, without the prior written
consent of the Administrative Agent, amend or otherwise modify any Related
Agreement in any manner which is materially adverse to the interests of the Administrative
Agent or the Lenders.

 

SECTION 6            REMEDIAL PROVISIONS.

 

6.1           Notwithstanding
anything in this Agreement or any Loan Document to the contrary, the
Administrative Agent and the Lenders have recourse only to the Collateral to
satisfy the Company Obligations. Except for the Collateral, neither the
Administrative Agent nor any Lender shall look to any of the Company’s tangible
or intangible real or personal property, or any of its directors, officers or
other agents, for satisfaction of the Company Obligations. With respect to the
Company Obligations, the Agent and the Lenders have only the rights and
remedies provided herein and under the other Loan Documents and applicable law
with respect to the Collateral, all of which rights and remedies are cumulative,
and nonexclusive, to the extent permitted by law.

 

9

 

6.2           Application
of Proceeds. At such intervals as may be elected by the Administrative
Agent upon its receipt of any payments or Net Cash Proceeds in respect of the
Secured Obligations, the Administrative Agent may or, if an Event of Default
shall have occurred and be continuing, upon its receipt of any payments or Net
Cash Proceeds in respect of the Secured Obligations, the Administrative Agent
shall apply all or any part of Net Cash Proceeds from the sale of, or other
realization upon, all or any part of the Collateral in payment of the Secured
Obligations as set forth below (subject to the terms of the Credit Agreement). Any
part of such funds which the Administrative Agent elects not so to apply and
deems not required as collateral security for the Secured Obligations shall be
paid over from time to time by the Administrative Agent to the Company or to
whomsoever may be lawfully entitled to receive the same. Any balance of such
Net Cash Proceeds remaining after the Secured Obligations shall have been Paid
in Full shall be paid over to the Company or to whomsoever may be lawfully
entitled to receive the same. In the absence of a specific determination by the
Administrative Agent, and at all times during the continuation of an Event of
Default, the Net Cash Proceeds from the sale of, or other realization upon, all
or any part of the Collateral in payment of the Secured Obligations shall be
applied in the following order:

 

FIRST, TO THE PAYMENT OF ALL FEES,
REASONABLE COSTS, REASONABLE EXPENSES AND INDEMNITIES OF THE ADMINISTRATIVE
AGENT (IN ITS CAPACITY AS SUCH), INCLUDING ATTORNEY COSTS, AND ANY OTHER
SECURED OBLIGATIONS THEN DUE AND PAYABLE TO THE ADMINISTRATIVE AGENT IN RESPECT
OF SUMS ADVANCED BY THE ADMINISTRATIVE AGENT TO PRESERVE THE COLLATERAL OR TO
PRESERVE ITS SECURITY INTEREST IN THE COLLATERAL, UNTIL PAID IN FULL;

 

SECOND, TO THE PAYMENT OF ALL
FEES, REASONABLE COSTS, REASONABLE EXPENSES AND INDEMNITIES OF THE LENDERS,
PRO-RATA, UNTIL PAID IN FULL;

 

THIRD, TO THE PAYMENT OF ALL OF
THE SECURED OBLIGATIONS CONSISTING OF ACCRUED AND UNPAID INTEREST THEN DUE AND
PAYABLE TO THE LENDERS, PRO-RATA, UNTIL PAID IN FULL;

 

FOURTH, TO THE PAYMENT OF ALL SECURED
OBLIGATIONS CONSISTING OF PRINCIPAL THEN DUE AND PAYABLE TO THE LENDERS,
PRO-RATA, UNTIL PAID IN FULL;

 

FIFTH, TO THE PAYMENT OF THE
ADMINISTRATIVE AGENT AN AMOUNT EQUAL TO ALL SECURED OBLIGATIONS IN RESPECT OF
ALL OUTSTANDING LETTERS OF CREDIT, IF ANY, TO BE HELD AS CASH COLLATERAL IN
RESPECT OF SUCH OBLIGATIONS;

 

SIXTH, TO THE PAYMENT OF ALL BANK
PRODUCTS OBLIGATIONS AND SPECIFIED HEDGING OBLIGATIONS THEN DUE AND PAYABLE TO
ANY LENDER OR ITS AFFILIATES, PRO-RATA, UNTIL PAID IN FULL;

 

10

 

SEVENTH, TO THE PAYMENT OF ALL
OTHER SECURED OBLIGATIONS THEN DUE AND PAYABLE TO EACH LENDER, PRO-RATA, UNTIL
PAID IN FULL; AND

 

EIGHTH, THE REMAINING PROCEEDS, IF
ANY, TO THE GRANTORS OR TO WHOMEVER MAY BE LAWFULLY ENTITLED TO RECEIVE SUCH
AMOUNTS.

 

6.3           Code
and Other Remedies. Subject to Section 11.10(k) of the Credit Agreement, if
an Event of Default shall occur and be continuing, the Administrative Agent, on
behalf of the Lenders, may exercise, in addition to all other rights and
remedies granted to them in this Agreement and in any other instrument or
agreement securing, evidencing or relating to the Secured Obligations, all
rights and remedies of a secured party under the UCC or any other applicable
law. Without limiting the generality of the foregoing, the Administrative
Agent, without demand of performance or other demand, presentment, protest,
advertisement or notice of any kind (except any notice required by law referred
to below) to or upon the Company or any other Person (all and each of which
demands, defenses, advertisements and notices are hereby waived), may in such
circumstances forthwith collect, receive, appropriate, realize upon and take
possession of the Collateral, or any part thereof (in addition to Collateral of
which it already has possession), wherever it may be found, and for that
purpose may pursue the same wherever it may be found, and may enter onto any of
the Company’s premises where any of the Collateral may be, and search for, take
possession of, remove, keep and store any of the Collateral until the same
shall be sold or otherwise disposed of, and Administrative Agent shall have the
right to store the same at any of the Company’s premises without cost to
Administrative Agent or any Lender in each case, subject to the terms of the
applicable lease agreement, with respect to premises leased by the Company. The
Administrative Agent may forthwith sell, lease, assign, give options to
purchase, or otherwise dispose of and deliver the Collateral or any part
thereof (or contract to do any of the foregoing), in one or more parcels at
public or private sale or sales, at any exchange, broker’s board or office of
the Administrative Agent or any Lender or elsewhere upon such terms and
conditions as it may deem advisable and at such prices as it may reasonably
deem best, for cash or on credit or for future delivery with assumption of any
credit risk. The Administrative Agent or any Lender shall have the right upon
any such public sale or sales, and, to the extent permitted by law, upon any
such private sale or sales, to purchase the whole or any part of the Collateral
so sold, free of any right or equity of redemption in the Company, which right
or equity is hereby waived and released. The Company further agrees, at the
Administrative Agent’s request and at the Company’s expense, to assemble the
Collateral and make it available to the Administrative Agent at places which
the Administrative Agent shall reasonably select, whether at the Company’s
premises or elsewhere. The Administrative Agent shall apply the net proceeds of
any action taken by it pursuant to this Section 6.3, after deducting all
reasonable costs and expenses of every kind incurred in connection therewith or
incidental to the care or safekeeping of any of the Collateral or in any way
relating to the Collateral or the rights of the Administrative Agent and the
Lenders hereunder, including Attorney Costs, as provided in Section 6.2.
To the extent permitted by applicable law, the Company waives all claims,
damages and demands it may acquire against the Administrative Agent or any
Lender arising out of the exercise by them of any rights hereunder, except
claims, damages and demands related to Administrative Agent or any Lender’s
gross negligence, willful misconduct or bad faith. If any notice of a proposed
sale or other disposition of Collateral shall be required by law,

 

11

 

such notice shall be deemed reasonable and proper if
given at least 10 days before such sale or other disposition.

 

6.4           Waiver.
The Company waives and agrees not to assert any rights or privileges which it
may acquire under Section 9-626 of the UCC.

 

SECTION 7            THE ADMINISTRATIVE AGENT.

 

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

 

(i)            in
the name of the Company or its own name, or otherwise, take possession of and
indorse and collect any checks, drafts, notes, acceptances or other instruments
for the payment of moneys due under any Receivable that constitutes Collateral
hereunder or with respect to any other Collateral and file any claim or take
any other action or proceeding in any court of law or equity or otherwise
deemed reasonably appropriate by the Administrative Agent for the purpose of
collecting any and all such moneys due under any Receivable that constitutes
Collateral hereunder or with respect to any other Collateral whenever payable;

 

(ii)           in
the case of any Intellectual Property that constitutes Collateral hereunder ,
execute and deliver, and have recorded, any and all agreements, instruments,
documents and papers as the Administrative Agent may reasonably request to
evidence the Administrative Agent’s security interest in such Intellectual
Property that constitutes Collateral hereunder and the goodwill and general
intangibles of the Company relating thereto or represented thereby;

 

(iii)          discharge
Liens levied or placed on or threatened against the Collateral (other than
Permitted Liens), and effect any repairs or insurance called for by the terms
of this Agreement and pay all or any part of the premiums therefor and the
costs thereof;

 

(iv)          execute,
in connection with any sale provided for in Section 6.4, any
indorsements, assignments or other instruments of conveyance or transfer with
respect to the Collateral; and

 

(v)           (1)
direct any party liable for any payment under any of the Collateral to make
payment of any and all moneys due or to become due thereunder directly to the
Administrative Agent or as the Administrative Agent shall direct; (2) ask or
demand for, collect, and receive payment of and receipt for, any and all
moneys, claims and other amounts due or to become due at any time in respect of
or arising out of any Collateral;

 

12

 

(3) sign and
indorse any invoices, freight or express bills, bills of lading, storage or
warehouse receipts, drafts against debtors, assignments, verifications, notices
and other documents in connection with any of the Collateral; (4) commence and
prosecute any suits, actions or proceedings at law or in equity in any court of
competent jurisdiction to collect the Collateral or any portion thereof and to
enforce any other right in respect of any Collateral; (5) defend any suit,
action or proceeding brought against the Company with respect to any
Collateral; (6) settle, compromise or adjust any such suit, action or
proceeding and, in connection therewith, give such discharges or releases as
the Administrative Agent may deem reasonably appropriate; (7) assign any
Copyright, Patent or Trademark, in each case, that constitutes Collateral and
is subject to the Lien of the Administrative Agent granted pursuant to this
Agreement, throughout the world for such term or terms, on such conditions, and
in such manner, as the Administrative Agent shall in its reasonable discretion
determine; (8) vote any right or interest with respect to any Investment
Property that constitutes Collateral; (9) order good standing certificates and
conduct lien searches in respect of such jurisdictions or offices as the
Administrative Agent may deem reasonably appropriate; and (10) generally sell,
transfer, pledge and make any agreement with respect to or otherwise deal with
any of the Collateral as fully and completely as though the Administrative
Agent were the absolute owner thereof for all purposes, and do, at the
Administrative Agent’s option and the Company’s expense, at any time, or from
time to time, all acts and things which the Administrative Agent deems
reasonably necessary to protect, preserve or realize upon the Collateral and
the Administrative Agent’s security interests therein and to effect the intent
of this Agreement, all as fully and effectively as the Company might do.

 

Anything in this Section 7.1(a) or any other
Loan Document to the contrary notwithstanding, the Administrative Agent agrees
that it will not exercise any rights under the power of attorney provided for
in this Section 7.1(a) unless an Event of Default shall have occurred
and be continuing, and the Agent is exercising its rights under this Agreement.

 

(b)           If
the Company fails to perform or comply with any of its agreements contained
herein, the Administrative Agent, at its option, but without any obligation so
to do, may, after written notice to the Company, perform or comply, or
otherwise cause performance or compliance, with such agreement.

 

(c)           The
Company hereby ratifies all that such attorneys in fact shall lawfully do or
cause to be done by virtue hereof. All powers, authorizations and agencies
contained in this Agreement are coupled with an interest and are irrevocable
until this Agreement is terminated and the Secured Obligations are Paid in
Full.

 

7.2           Duty
of Administrative Agent. The Administrative Agent’s sole duty with respect
to the custody, safekeeping and physical preservation of the Collateral in its
possession shall be to deal with it in the same manner as the Administrative
Agent deals with similar property for its own account. Neither the
Administrative Agent or any Lender nor any of their respective officers,
directors, employees or agents shall be liable for any failure to demand,
collect or realize upon any of the Collateral or for any delay in doing so or
shall be under any obligation to sell or otherwise dispose of any Collateral
upon the request of the Company or any other Person or to take any other action
whatsoever with regard to the Collateral or any part

 

13

 

thereof. The powers conferred on the Administrative
Agent and the Lenders hereunder are solely to protect the Administrative Agent’s
and the Lenders’ interests in the Collateral and shall not impose any duty upon
the Administrative Agent or any Lender to exercise any such powers. The
Administrative Agent and the Lenders shall be accountable only for amounts that
they actually receive as a result of the exercise of such powers, and neither
the Administrative Agent, nor any Lender nor any of their respective officers,
directors, employees or agents shall be responsible to the Company for any act
(except for the Administrative Agent’s or any Lender’s gross negligence or
willful misconduct in so acting) or failure to act hereunder.

 

7.3           Authority
of Administrative Agent. The Company acknowledges that the rights and
responsibilities of the Administrative Agent under this Agreement with respect
to any action taken by the Administrative Agent or the exercise or non-exercise
by the Administrative Agent of any option, voting right, request, judgment or
other right or remedy provided for herein or resulting or arising out of this
Agreement shall, as between the Administrative Agent and the Lenders, be
governed by the Credit Agreement and by such other agreements with respect
thereto as may exist from time to time among them, but, as between the
Administrative Agent and the the Company, the Administrative Agent shall be
conclusively presumed to be acting as agent for the Lenders with full and valid
authority so to act or refrain from acting, and no the Company shall be under
any obligation, or entitlement, to make any inquiry respecting such authority.

 

SECTION 8            MISCELLANEOUS.

 

8.1           Amendments
in Writing. None of the terms or provisions of this Agreement may be
waived, amended, supplemented or otherwise modified except in accordance with
Section 15.1 of the Credit Agreement.

 

8.2           Notices.
All notices, requests and demands to or upon the Administrative Agent or the
Company hereunder shall be addressed to the Administrative Agent or Loan Party
Representative, respectively, and effected in the manner provided for in
Section 15.3 of the Credit Agreement and the Company hereby appoints the Loan
Party Representative as its agent to give and receive notices hereunder and the
Administrative Agent shall be fully protected and held harmless by the the
Company hereunder for relying on any such notice reasonably believed by it to
have been delivered by the Loan Party Representative.

 

8.3           Indemnification
by Company. THE COMPANY HEREBY AGREES TO INDEMNIFY AND HOLD EACH LENDER
PARTY AND ISSUING BANK FREE AND HARMLESS FROM AND AGAINST ANY AND ALL
INDEMNIFIED LIABILITIES, INCURRED BY THE LENDER PARTIES, ISSUING BANK OR ANY OF
THEM AS A RESULT OF, OR ARISING OUT OF, OR RELATING TO THE EXECUTION, DELIVERY,
PERFORMANCE OR ENFORCEMENT OF THIS AGREEMENT BY ANY OF THE LENDER PARTIES OR
ISSUING BANK, EXCEPT FOR ANY SUCH INDEMNIFIED LIABILITIES ARISING ON ACCOUNT OF
THE APPLICABLE LENDER PARTY’S OR ISSUING BANK’S GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT. IF AND TO THE EXTENT THAT THE FOREGOING UNDERTAKING MAY BE
UNENFORCEABLE FOR ANY REASON, THE COMPANY HEREBY AGREES TO MAKE THE MAXIMUM
CONTRIBUTION TO THE PAYMENT AND SATISFACTION OF EACH OF THE

 

14

 

INDEMNIFIED LIABILITIES WHICH IS PERMISSIBLE UNDER
APPLICABLE LAW. ALL OBLIGATIONS PROVIDED FOR IN THIS SECTION 8.3 SHALL
SURVIVE REPAYMENT OF ALL (AND SHALL BE) SECURED OBLIGATIONS (AND TERMINATION OF
ALL COMMITMENTS UNDER THE CREDIT AGREEMENT), ANY FORECLOSURE UNDER, OR ANY
MODIFICATION, RELEASE. DISCHARGE OR TERMINATION OF THIS AGREEMENT.

 

8.4           Enforcement
Expenses. (a)  The Company agrees to
pay or reimburse within three (3) Business Days of demand each Lender and the
Administrative Agent for all reasonable out-of-pocket costs and expenses
(subject to the limitations on the number of counsel set forth in Section 15.5
of the Credit Agreement, including, without duplication of any provision of
this Agreement, Attorney Costs) incurred in collecting against the Company
under the guaranty contained in Section 2 or otherwise enforcing or
preserving any rights under this Agreement.

 

(b)           The
Company agrees to pay, and to save the Administrative Agent and the Lenders
harmless from, any and all liabilities with respect to, or resulting from any
delay caused by the Company in paying, any and all stamp, excise, sales or
other taxes which may be payable or determined to be payable with respect to
any of the Collateral or in connection with any of the transactions
contemplated by this Agreement.

 

(c)           The
agreements in this Section 8.4 shall survive repayment of all (and shall
be) Secured Obligations (and termination of all commitments under the Credit
Agreement), any foreclosure under, or any modification, release or discharge
of, any or all of the Collateral Documents and termination of this Agreement.

 

8.5           Captions.
Section captions used in this Agreement are for convenience only and shall not
affect the construction of this Agreement.

 

8.6           Nature
of Remedies. All Secured Obligations of the Company and rights of the
Administrative Agent and the Lenders expressed herein shall be in addition to
and not in limitation of those provided by applicable law. No failure to
exercise and no delay in exercising, on the part of the Administrative Agent or
any Lender, any right, remedy, power or privilege hereunder, shall operate as a
waiver thereof; nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or
the exercise of any other right, remedy, power or privilege.

 

8.7           Counterparts.
This Agreement may be executed in any number of counterparts and by the
different parties hereto on separate counterparts and each such counterpart
shall be deemed to be an original, but all such counterparts shall together
constitute but one and the same Agreement. Receipt by telecopy of any executed
signature page to this Agreement shall constitute effective delivery of such
signature page.

 

8.8           Severability.
The illegality or unenforceability of any provision of this Agreement or any
instrument or agreement required hereunder shall not in any way affect or
impair the legality or enforceability of the remaining provisions of this
Agreement or any instrument or agreement required hereunder.

 

15

 

8.9           Entire
Agreement. This Agreement, together with the other Loan Documents to which
the parties hereto are parties, embodies the entire agreement and understanding
among the parties hereto and supersedes all prior or contemporaneous agreements
and understandings of such Persons, verbal or written, relating to the subject
matter hereof and thereof and any prior arrangements made with respect to the
payment by the Company of (or any indemnification for) any fees, costs or
expenses payable to or incurred (or to be incurred) by or on behalf of the
Administrative Agent or the Lenders.

 

8.10         Successors;
Assigns. This Agreement shall be binding upon the Company, the Lenders
and the Administrative Agent and their respective successors and assigns, and
shall inure to the benefit of the Company, Lenders and the Administrative Agent
and the successors and assigns of the Lenders and the Administrative Agent. No
other Person shall be a direct or indirect legal beneficiary of, or have any
direct or indirect cause of action or claim in connection with, this Agreement.
The Company may not assign or transfer any of its rights or Obligations under
this Agreement without the prior written consent of the Administrative Agent.

 

8.11         Governing
Law. THIS AGREEMENT SHALL BE A CONTRACT MADE UNDER AND GOVERNED BY THE
INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE
PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO CONFLICT OF LAWS
PRINCIPLES.

 

8.12         Forum
Selection; Consent to Jurisdiction. ANY LITIGATION BASED HEREON, OR ARISING
OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT SHALL BE BROUGHT AND
MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK OR IN THE UNITED
STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK; PROVIDED
THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE THE
ADMINISTRATIVE AGENT FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY
OTHER JURISDICTION IN WHICH COLLATERAL IS LOCATED. THE COMPANY HEREBY EXPRESSLY
AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW
YORK AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW
YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE. THE COMPANY
FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL,
POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK.
THE COMPANY HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO
ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM.

 

8.13         Waiver
of Jury Trial. THE COMPANY, THE ADMINISTRATIVE AGENT AND EACH LENDER HEREBY
WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR
DEFEND ANY RIGHTS UNDER THIS AGREEMENT AND ANY AMENDMENT, INSTRUMENT, DOCUMENT
OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN

 

16

 

CONNECTION HEREWITH AND AGREES THAT ANY SUCH ACTION OR
PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

 

8.14         Acknowledgements.
The Company hereby acknowledges that:

 

(a)           it
has been advised by counsel in the negotiation, execution and delivery of this
Agreement and the other Loan Documents to which it is a party;

 

(b)           neither
the Administrative Agent nor any Lender has any fiduciary relationship with or
duty to the Company arising out of or in connection with this Agreement or any
of the other Loan Documents, and the relationship between the Company, on the
one hand, and the Administrative Agent and the Lenders, on the other hand, in
connection herewith or therewith is solely that of debtor and creditor; and

 

(c)           no joint
venture is created hereby or by the other Loan Documents or otherwise exists by
virtue of the transactions contemplated hereby among the Lenders or among the
Company and the Lenders.

 

8.15         Releases.
At such time as the Secured Obligations have been Paid in Full, the Collateral
shall be automatically released from the Liens created hereby, and this
Agreement and all obligations (other than those expressly stated to survive
such termination) of the Administrative Agent and the Company hereunder shall terminate,
all without delivery of any instrument or performance of any act by any party,
and all rights to the Collateral shall revert to the the Company. At the
request and sole expense of the Company concurrently with any such termination,
the Administrative Agent shall deliver to the Company any Collateral held by
the Administrative Agent hereunder, and execute and deliver to the the Company
such documents as the the Company shall reasonably request to evidence such
termination.

 

8.16         Obligations
and Liens Absolute and Unconditional. The Company understands and agrees
that the obligations of the Company under this Agreement shall be construed as
a continuing, absolute and unconditional without regard to (a) the validity or
enforceability of any Loan Document, any of the Secured Obligations or any
other collateral security therefor or guaranty or right of offset with respect
thereto at any time or from time to time held by the Administrative Agent or
any Lender, (b) any defense, set-off or counterclaim (other than a defense of
payment or performance) which may at any time be available to or be asserted by
the Company or any other Person against the Administrative Agent or any Lender,
or (c) any other circumstance whatsoever (with or without notice to or knowledge
of the Company) which constitutes, or might be construed to constitute, an
equitable or legal discharge of the Company for the Secured Obligations, in
bankruptcy or in any other instance. When making any demand hereunder or
otherwise pursuing its rights and remedies hereunder against the Company, the
Administrative Agent or any Lender may, but shall be under no obligation to,
make a similar demand on or otherwise pursue such rights and remedies as it may
have against any other the Company or any other Person or against any
collateral security or guaranty for the Secured Obligations or any right of
offset with respect thereto, and any failure by the Administrative Agent or any
Lender to make any such demand, to pursue such other rights or remedies or to collect
any payments from any other the Company or any other Person or to realize upon
any such collateral security or guaranty or to exercise any such right of
offset, or any release of any

 

17

 

other the Company or any other Person or any such
collateral security, guaranty or right of offset, shall not relieve the Company
of any obligation or liability hereunder, and shall not impair or affect the
rights and remedies, whether express, implied or available as a matter of law,
of the Administrative Agent or any Lender against the Company. For the purposes
hereof “demand” shall include the commencement and continuance of any legal
proceedings.

 

8.17         Reinstatement.
This Agreement shall remain in full force and effect and continue to be
effective should any petition be filed by or against the Company for
liquidation or reorganization, should the Company become insolvent or make an
assignment for the benefit of creditors or should a receiver or trustee be
appointed for all or any significant part of the Company’s assets, and shall
continue to be effective or be reinstated, as the case may be, if at any time
payment and performance of the Secured Obligations, or any part thereof, is,
pursuant to applicable law, rescinded or reduced in amount, or must otherwise
be restored or returned by any obligee of the Secured Obligations, whether as a
“voidable preference”, “fraudulent conveyance”, or otherwise, all as though
such payment or performance had not been made. In the event that any payment,
or any part thereof, is rescinded, reduced, restored or returned, the Secured
Obligations shall be reinstated and deemed reduced only by such amount paid and
not so rescinded, reduced, restored or returned.

 

[signature
pages follow]

 

18

 

Each of the undersigned has caused this Limited
Recourse Guaranty and Collateral Agreement to be duly executed and delivered as
of the date first above written.

 

	
   

  	
  RUSS BERRIE AND COMPANY, INC., a New Jersey

  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John Wille  

  
	
   

  	
  Name: John Wille

  
	
   

  	
  Title: Vice President and Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LASALLE BUSINESS CREDIT, LLC, as the 

  Administrative Agent and a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ C. John Mostofi

  
	
   

  	
  Name:  C. John Mostofi

  
	
   

  	
  Title:  Senior Vice PresidentExhibit 4.15

 

Execution Version

 

THIS GUARANTY IS SUBJECT TO THE TERMS AND
CONDITIONS OF THAT CERTAIN INTERCREDITOR AGREEMENT DATED AS OF MARCH 14, 2006
BY AND AMONG LASALLE BUSINESS CREDIT, LLC AND LASALLE BUSINESS CREDIT, A
DIVISION OF ABN AMRO BANK N.V., CANADA BRANCH (AS AMENDED, RESTATED,
SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME, THE “INTERCREDITOR
AGREEMENT”)

 

GUARANTY AGREEMENT

 

THIS GUARANTY AGREEMENT (this “Agreement”),
dated as of March 14, 2006, made by Russ Berrie U.S. Gift, Inc., a Delaware
corporation (“Guarantor”) in favor of LaSalle Business Credit, a
division of ABN AMRO Bank N.V., Canada Branch, as agent (in such capacity, “Agent”),
for itself and the Lenders (as such term is defined in the Credit Agreement
referred to below). Capitalized terms used herein but not otherwise defined
have the same meanings ascribed to such terms in the Credit Agreement referred
to below; provided that if such terms are not defined in the Credit Agreement,
then such terms have the meanings ascribed to them in the US Credit Agreement.

 

W I T N E S S E T H:

 

WHEREAS, Guarantor is an affiliate of Amram’s
Distributing Ltd., a corporation incorporated under the laws of Canada (“Borrower”);

 

WHEREAS, Borrower has entered into that certain Credit
Agreement dated June 28, 2005 (as amended, restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”) with Agent and Lenders and
acknowledged by Guarantor, pursuant to which Agent and Lenders have agreed to
make certain loans, advances and other financial accommodations to Borrower;

 

WHEREAS, as a condition to their agreeing to enter
into the Credit Agreement and to make certain loans, advances and other
financial accommodations to Borrower, Agent and Lenders require that Guarantor
enter into this Agreement; and

 

WHEREAS, Guarantor will derive substantial benefit and
advantage from the loans, advances and other financial accommodations available
to Borrower pursuant to the Credit Agreement, and it will be to Guarantor’s
indirect interest and economic benefit to assist Borrower in procuring said
loans, advances and other financial accommodations from Lenders and Agent.

 

NOW, THEREFORE, for value received and in
consideration of any loan, advance, or financial accommodation of any kind
whatsoever heretofore, now or hereafter made, given or granted to Borrower by
Agent and Lenders pursuant to the Credit Agreement, Guarantor agrees as
follows:

 

A.            Guaranty

 

1.             Guarantor
hereby unconditionally and irrevocably guarantees (i) the full and prompt payment
when due, whether at maturity or earlier, by reason of acceleration or
otherwise, and at all times thereafter, of all Obligations of Borrower owing 

 

1

 

to Agent and Lenders under the Credit Agreement and
the other Loan Documents and (ii) the prompt, full discharge by Borrower of
each and every term, condition, agreement, representation and warranty now or
hereafter made by Borrower to Agent and Lenders pursuant to the Credit
Agreement and the other Loan Documents to which Borrower is a party (all such
Obligations being hereinafter referred to as “Guaranteed Obligations”). It is
expressly understood and agreed that, if, at any time, the outstanding
principal amount of Guaranteed Obligations is declared to be immediately due
and payable for any reason whatsoever, then Guarantor shall, without demand but
subject to the Intercreditor Agreement, pay to the holders of Guaranteed
Obligations the entire outstanding Guaranteed Obligations due and owing to such
holders. This guaranty is a guaranty of payment and performance and not a
guaranty of collection.

 

2.             Notwithstanding
any provision of this Agreement to the contrary, it is intended that this
Agreement not constitute a “Fraudulent Conveyance” (as defined below). Consequently,
Guarantor, Agent and Lenders each agrees that if this Agreement would, but for
the application of this sentence, constitute a Fraudulent Conveyance, this
Agreement shall be valid and enforceable only to the maximum extent that would
not cause this Agreement to constitute a Fraudulent Conveyance as to Guarantor,
and this Agreement shall automatically be deemed to have been amended
accordingly at all relevant times. For purposes hereof, “Fraudulent Conveyance”
means a fraudulent conveyance under Section 548 of Chapter 11 of Title 11 of
the United States Code (11 U.S.C. §101, et seq.), as amended (the “Bankruptcy
Code”) or a fraudulent conveyance or fraudulent transfer under the applicable
provisions of any fraudulent conveyance or fraudulent transfer law or similar
law of any state, nation or other governmental unit, as in effect from time to
time.

 

3.             Guarantor
hereby agrees that its obligations under this Agreement shall be unconditional,
irrespective of (a) the validity or enforceability of Guaranteed Obligations or
any part thereof, or of any promissory note or other document evidencing all or
any part of Guaranteed Obligations, (b) the absence of any attempt to collect
Guaranteed Obligations from Borrower or any other guarantor or other action to
enforce the same, (c) the waiver or consent by Agent and/or Lenders with
respect to any provision of any instrument evidencing Guaranteed Obligations,
or any part thereof, or any other agreement heretofore, now or hereafter
executed by Borrower and delivered to Agent and/or Lenders, (d) the institution
of any proceeding under the Bankruptcy Code, or any similar proceeding, by or
against Borrower, (e) any borrowing or grant of a security interest by Borrower
or any other obligor as debtor-in-possession, under Section 364 of the
Bankruptcy Code, (f) the disallowance, under Sections 502 or 506 of the
Bankruptcy Code, of all or any portion of Agent’s or any Lender’s claim(s) for
repayment of Guaranteed Obligations, or (g) any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of a Loan Party.

 

4.             Guarantor
hereby waives diligence, presentment, demand of payment, filing of claims with
a court in the event of a receivership or bankruptcy of Borrower or any other
Loan Party, protest or notice with respect to Guaranteed Obligations and all
demands whatsoever, and covenants that this Agreement will not be discharged,
except by complete performance of the Guaranteed Obligations or upon Agent’s
consent to discharge in writing. Upon the occurrence and during the continuance

 

2

 

of any Event of Default by Borrower as provided in any
instrument or document evidencing all or any part of Guaranteed Obligations,
including, without limitation, the Credit Agreement, Agent may, subject to the
Intercreditor Agreement, at its sole election, or shall, at the request of the
Required Lenders, proceed directly and at once, without notice, against
Guarantor to collect and recover the full amount or any portion of Guaranteed
Obligations due and payable, without first proceeding against Borrower any
other Loan Party, or any other person, firm, or corporation.

 

5.             Agent
and each Lender is hereby authorized, without notice or demand and without affecting
the liability of Guarantor hereunder, to at any time and from time to time (a)
renew, extend, accelerate or otherwise change the time for payment of, or other
terms relating to, Guaranteed Obligations or otherwise modify, amend or change
the terms of any promissory note or other agreement, document or instrument now
or hereafter executed by Borrower or any other Loan Party and delivered to
Agent and/or Lenders; (b) accept partial payments on Guaranteed Obligations;
(c) take and hold security or collateral (other than from Guarantor) for the
payment of Guaranteed Obligations guaranteed hereby or other liabilities of
Borrower or any other Loan Party, and exchange, enforce, waive and release any
such security or collateral; (d) apply such security or collateral and direct
the order or manner of sale thereof as in its reasonable discretion it may
determine; and (e) settle, release, compromise, collect or otherwise liquidate
Guaranteed Obligations and any security or collateral therefor in any manner, without
affecting or impairing the obligations of Guarantor hereunder.

 

6.             Guarantor
hereby assumes responsibility for keeping itself informed of the financial
condition of Borrower, each other Loan Party, and any and all endorsers of any
instrument or document evidencing all or any part of Guaranteed Obligations and
of all other circumstances bearing upon the risk of nonpayment of Guaranteed
Obligations or any part thereof that diligent inquiry would reveal and
Guarantor hereby agrees that neither Agent nor any Lender shall have any duty
to advise Guarantor of information known to Agent or such Lender regarding such
condition or any such circumstances or to undertake any investigation not a
part of its regular business routine. If Agent or any Lender, in its sole
discretion, undertakes at any time or from time to time to provide any such
information to Guarantor, neither Agent nor such Lender shall be under any
obligation to update any such information or to provide any such information to
Guarantor on any subsequent occasion.

 

7.             Guarantor
agrees that, to the extent that Borrower makes a payment or payments to Agent
and/or any Lender, or Agent or any Lender receives any proceeds of collateral,
which payment or payments or any part thereof are subsequently invalidated,
declared to be fraudulent or preferential, set aside and/or required to be
repaid to Borrower, its estate, trustee, receiver or any other party,
including, without limitation, Guarantor or any debtor-in-possession, receiver
or trustee of or for Guarantor, under any bankruptcy law, state or federal law,
common law or equitable theory, then to the extent of such payment or
repayment, Guaranteed Obligations or the part thereof which has been paid,
reduced or satisfied by such amount, and Guarantor’s obligations hereunder with
respect to such portion of Guaranteed Obligations, shall be reinstated and
continued in full force and effect as of the date such initial payment,
reduction or satisfaction occurred.

 

3

 

8.             Guarantor
agrees that any and all claims of Guarantor against Borrower, any other Loan
Party or any endorser of all or any part of Guaranteed Obligations, or against
any of Borrower’s, any other Loan Party’s or any such other endorser’s
properties, whether arising by reason of any payment by Guarantor to Agent
pursuant to the provisions hereof, or otherwise, including any and all claims
for subrogation, contribution or indemnity, whether arising out of contract or
law shall be subordinate and subject in right of payment to the prior payment,
in full, in cash, of all of Guaranteed Obligations (including any required
payment or cash collateralization of outstanding Letters of Credit pursuant to
the Credit Agreement, but excluding, contingent indemnification obligations not
yet asserted to be due and payable) and the termination of the Credit
Agreement, and no such action or claim therefor shall be brought or asserted
prior to such time. Guarantor acknowledges and agrees that this subordination
is intended to benefit Agent and Lenders and shall not limit or otherwise
affect Guarantor’s liability hereunder or the enforceability of this Section
8, and that Agent and Lenders and their respective successors and assigns
are intended third party beneficiaries of the waivers and agreements set forth
in this Section 8.

 

9.             Subject
to the terms of the Credit Agreement, Agent and each Lender may, without notice
to anyone, sell or assign Guaranteed Obligations or any part thereof, or grant
participations therein, in connection with the assignment by Agent or Lender of
its respective rights under the Credit Agreement, and Agent shall have an
unimpaired right, prior and superior to that of any such assignee, holder or
participant, to enforce this Agreement for the benefit of Agent and Lenders as
to any part of Guaranteed Obligations retained by Agent or any Lender or held
by such assignee, holder or participant.

 

B.            Binding Obligations

 

10.           This
Agreement shall be binding upon Guarantor and upon its successors (including without
limitation, any receiver, trustee or debtor in possession of or for a
Guarantor) and assigns and shall inure to the benefit of Agent and Lenders and
their respective successors and assigns.

 

C.            Remedies

 

11.           Upon
the occurrence and during the continuance of an Event of Default, Agent,
subject to the Intercreditor Agreement, may, and upon the direction of the
Required Lenders shall, exercise from time to time any rights and remedies
available to it under the Uniform Commercial Code and any other applicable law
in addition to, and not in lieu of, any rights and remedies expressly granted
in this Agreement, the Credit Agreement or in any of the other Loan Documents
and all of Agent’s rights and remedies shall be cumulative and nonexclusive to
the extent permitted by law. Guarantor recognizes that if Guarantor fails to
perform, observe or discharge any of their Guaranteed Obligations under this
Agreement or the other Loan Documents, no remedy at law will provide adequate
relief to Agent and Lenders, and agrees that Agent and Lenders shall be
entitled to temporary and permanent injunctive relief in any such case.

 

4

 

D.            Miscellaneous

 

12.           Guarantor
agrees to pay reasonable costs and expenses, including, without limitation, all
legal expenses and reasonable attorneys’ fees (whether for internal or outside
counsel, without duplication), incurred by Agent in connection with the (i)
collection of any Guaranteed Obligations after an Event of Default has occurred
and is continuing and (ii) administration and enforcement of any of Agent’s
and/or any Lender’s rights under this Agreement. In addition, following the
occurrence of an Event of Default, Guarantor shall reimburse each Lender for
all costs and expenses incurred by such Lender in connection with the (i)
collection of any Guaranteed Obligations after an Event of Default has occurred
and is continuing and (ii) administration and enforcement of such Lender’s
rights under this Agreement, including the reasonable fees and disbursements of
one counsel for all Lenders (unless there is an actual or perceived conflict of
interest with respect to any other Lender, asserted in good faith, in which
case each Lender affected thereby may retain its own counsel). Notwithstanding
the foregoing, in no event shall Guarantor reimburse Agent for (i) costs or
expenses constituting overhead of Agent other than allocated costs and expenses
of internal legal counsel of Agent without duplication of expenses incurred by
third parties or (ii) inspections, evaluations or audits performed by employees
of Agent or its affiliates unless the Borrower is responsible for same pursuant
to the Credit Agreement.

 

All
such fees, costs or expenses required to be paid hereunder shall be payable by
Guarantor (x) if no Event of Default shall then be existing, on no less than
five (5) Business Days’ prior written notice to Guarantor thereof (such notice,
a “Guarantor Fee Notice”) and (y) after the occurrence and during the
continuance of an Event of Default, at Agent’s discretion. Guarantor shall have
five (5) Business Days after the date of any Guarantor Fee Notice to request
from Agent an invoice setting forth in reasonable detail such costs, fees
and/or expenses requested to be paid by Agent and such costs, fees and/or
expenses shall be due and payable by Guarantor to Agent no later than the fifth
(5th) Business Day after delivery of such invoice to Guarantor. Notwithstanding
the foregoing, in the event that Guarantor, in good faith and in its
commercially reasonable judgment, provides written notice to Agent of its
determination to contest such fees, costs and/or expenses within the later to
occur of five (5) Business Days after: (i) the date of the Guarantor Fee Notice
or (ii) delivery of the applicable invoice, Guarantor shall be permitted thirty
(30) days from the date of the Guarantor Fee Notice to resolve such dispute,
during which period, such costs, fees and expenses shall remain outstanding and
after which period such costs, fees and expenses shall be immediately due and
payable to Agent whether or not such dispute has been resolved. Any costs, fees
or expenses owing hereunder which are not paid when due shall, to the extent
permitted by applicable law, bear interest at a rate equal to the Revolving Loan
Base Rate Margin applicable to Base Rate Loans plus two percent (2.0%) if such
costs, fees and expenses are denominated in U.S. Dollars or at a rate equal to
the Revolving Loan Canadian Base Rate Margin applicable to Canadian Base Rate
Loans plus two percent (2.0%) if such costs, fees and expenses are denominated
in Canadian Dollars.

 

13.           If
the incurrence or payment of the Obligations by the Guarantor or the transfer
to Agent or any Lender of any property should for any reason subsequently be
declared to be void or voidable under any state or federal law relating to
creditors’ rights,

 

5

 

including provisions of the Bankruptcy Code relating
to fraudulent conveyances, preferences, or other voidable or recoverable
payments of money or transfers of property (collectively, a “Voidable
Transfer”), and if Agent or any Lender is required to repay or restore, in
whole or in part, any such Voidable Transfer, or elects to do so upon the
reasonable advice of its counsel, then, as to any such Voidable Transfer, or
the amount thereof that Agent or any Lender is required or elects to repay or
restore, and as to all reasonable costs, expenses, and reasonable attorneys
fees of Agent and Lenders, the Obligations automatically shall be revived,
reinstated, and restored and shall exist as though such Voidable Transfer had
never been made, and if the Terminating Event (as defined below) had previously
occurred, it shall be rescinded and this Agreement, the Credit Agreement, the other
Loan Documents and all Liens granted thereunder shall be immediately reinstated
until full and final payment of the Obligations, in cash, shall have been
received by Agent.

 

14.           This
Agreement shall continue in full force and effect, and Agent and Lenders shall
be entitled to make loans and advances and extend financial accommodations to
Borrower on the faith hereof until such time as Agent has, in writing, notified
Guarantor that all of Guaranteed Obligations have been paid in full in cash and
the Credit Agreement has been terminated (the “Terminating Event”), this
Agreement and the obligations of Guarantor and its successors or assigns, shall
remain in full force and effect with respect to all of Guaranteed Obligations
incurred prior to the receipt by Agent of written notice of the Terminating
Event.

 

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

 

16.           THIS
AGREEMENT SHALL BE GOVERNED AND CONTROLLED BY THE INTERNAL LAWS (OTHER THAN
CONFLICTS OF LAWS RULES) OF THE STATE OF NEW YORK.

 

17.           GUARANTOR
IRREVOCABLY AGREES THAT, SUBJECT TO AGENT’S SOLE AND ABSOLUTE ELECTION, ALL
ACTIONS OR PROCEEDINGS IN ANY WAY, MANNER OR RESPECT, ARISING OUT OF OR FROM OR
RELATED TO THIS AGREEMENT SHALL BE LITIGATED IN COURTS HAVING SITUS WITHIN THE
STATE OF NEW YORK. GUARANTOR HEREBY CONSENTS AND SUBMITS TO THE JURISDICTION OF
ANY LOCAL, STATE OR FEDERAL COURTS LOCATED WITHIN SAID STATE. GUARANTOR
IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE
PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK. GUARANTOR
HEREBY WAIVES ANY RIGHT IT MAY HAVE TO TRANSFER OR CHANGE THE VENUE OF ANY
LITIGATION BROUGHT AGAINST GUARANTOR BY AGENT IN ACCORDANCE WITH THIS
PARAGRAPH.

 

6

 

18.           GUARANTOR
HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING WHICH
PERTAINS DIRECTLY OR INDIRECTLY TO THIS AGREEMENT.

 

19.           Notwithstanding
anything to the contrary contained in this Agreement, no payment made by or for
the account of Guarantor including, without limitation, a payment made by
Guarantor in respect of Guaranteed Obligations, shall entitle Guarantor by
subrogation, or contribution or otherwise, to demand or receive any payment
from Borrower, any other Loan Party or any other endorser of any instrument or
document evidencing Guaranteed Obligations or from or out of any property of
Borrower, any other Loan Party or any other such Person until the date
following the Terminating Event and Guarantor shall not exercise any right or
remedy against Borrower or any property of Borrower, any other Obligor or any
other such Person by reason of any performance by Guarantor under this Agreement
until the date following the Terminating Event.

 

20.           If
in the recovery by Agent or any Lender of any amount owing hereunder in any
currency, judgment can only be obtained in another currency and because of
changes in the exchange rate of such currencies between the date of judgment
and payment in full of the amount of such judgment, the amount of recovery
under the judgment differs from the full amount owing hereunder, Guarantor
shall pay any such shortfall to Agent or such Lender and such shortfall can be
claimed by Agent or such Lender against Guarantor as an alternative or
additional cause of action.

 

21.           Any
and all payments by or on account of any of the Guaranteed Obligations shall be
made free and clear of and without deduction for any taxes (including without
limitation withholding taxes). If Guarantor shall be required to deduct any
taxes from payments to be made to Agent or any Lender hereunder, then (i) the
amount payable by Guarantor shall be increased as necessary so that, after
making all required deductions, Agent or such Lender receives an amount equal
to the sum it would have received had not such deductions been made, and (ii)
the Agent or the Lender, as the case may be, shall use all commercially
reasonable efforts (to the extent then permitted by applicable law) to deliver
to the Guarantor, prior to any such payment, two accurate and complete original
signed copies of an IRS Form W8BEN, W-8ECI, or W-8IMY (or any successor or
other applicable forms prescribed by the IRS) to confirm or establish the
entitlement of such Lender or the Administrative Agent to a complete exemption
from, or a reduced rate of withholding with respect to, United States
withholding tax on payments to be made hereunder by the Guarantor, and, if
applicable, a certificate (in form and substance reasonably acceptable to the
Guarantor) demonstrating that the Lender is entitled to a complete exemption
from United States withholding tax on interest pursuant to Section 871(h) or
881(c) of the United States Internal Revenue Code of 1986, as amended. Guarantor
shall make any and all required deductions and pay the full amount deducted to
the appropriate governmental authority in accordance with applicable law.

 

22.           The
parties hereto acknowledge and agree that none of the Guarantor’s obligations
under this Agreement are secured by the assets or property of the Guarantor or
any other person.

 

7

 

IN WITNESS WHEREOF, this Agreement has been duly
executed by the undersigned as of this 14th day of March 2006.

 

	
   

  	
  RUSS BERRIE U.S. GIFT, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ John Wille

  
	
   

  	
  Name:

  	
   John Wille

  
	
   

  	
  Title:

  	
   Vice President, Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Acknowledged and agreed to by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  LASALLE BUSINESS CREDIT, a

  	
   

  	
   

  
	
  Division of ABN AMRO N.V.

  	
   

  	
   

  
	
  Canada Branch, as Agent and Lender

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   /s/ Darcy
  Mack

  	
   

  
	
  Name:

  	
   Darcy Mack

  	
   

  
	
  Title:

  	
   First Vice
  President

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   /s/ James
  Bruce

  	
   

  
	
  Name:

  	
   James Bruce

  	
   

  
	
  Title:

  	
   Vice
  President

  	
   

  
										

 

 

Signature page to Canadian Guaranty Agreement

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