Document:

Exhibit 10.8

 

Execution Version

	
 
    

 

COLLATERAL AGREEMENT

 

made by

 

ATKORE INTERNATIONAL HOLDINGS INC.

 

ATKORE INTERNATIONAL, INC.

 

and certain of its Subsidiaries,

 

in favor of

 

WILMINGTON TRUST FSB, 

as Note Collateral Agent

 

Dated as of December 22, 2010

	
 
    

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    
	
SECTION 1 DEFINED TERMS
    	
2
    
	
 
    	
1.1 Definitions
    	
2
    
	
 
    	
1.2 Other Definitional Provisions
    	
11
    
	
 
    	
 
    	
 
    
	
SECTION 2 [RESERVED]
    	
12
    
	
 
    	
 
    
	
SECTION 3 GRANT OF SECURITY   INTEREST
    	
12
    
	
 
    	
3.1 Grant
    	
12
    
	
 
    	
3.2 Pledged Collateral
    	
13
    
	
 
    	
3.3 Certain Limited Exceptions
    	
13
    
	
 
    	
3.4 Intercreditor Relations
    	
15
    
	
 
    	
 
    	
 
    
	
SECTION 4 REPRESENTATIONS   AND WARRANTIES
    	
16
    
	
 
    	
4.1 [RESERVED]
    	
16
    
	
 
    	
4.2 Representations and Warranties of Each Grantor
    	
16
    
	
 
    	
4.3 Representations and Warranties of Each Pledgor
    	
19
    
	
 
    	
 
    	
 
    
	
SECTION 5 COVENANTS
    	
20
    
	
 
    	
5.1 [RESERVED]
    	
20
    
	
 
    	
5.2 Covenants of Each Grantor
    	
20
    
	
 
    	
5.3 Covenants of Each Pledgor
    	
24
    
	
 
    	
 
    	
 
    
	
SECTION 6 REMEDIAL   PROVISIONS
    	
28
    
	
 
    	
6.1 Certain Matters Relating to Accounts
    	
28
    
	
 
    	
6.2 Communications with Obligors; Grantors Remain Liable
    	
29
    
	
 
    	
6.3 Pledged Stock
    	
29
    
	
 
    	
6.4 Proceeds to be Turned Over to the Collateral Agent
    	
30
    
	
 
    	
6.5 Application of Proceeds
    	
31
    
	
 
    	
6.6 Code and Other Remedies
    	
32
    
	
 
    	
6.7 Registration Rights
    	
32
    
	
 
    	
6.8 Waiver; Deficiency
    	
33
    
	
 
    	
 
    	
 
    
	
SECTION 7 THE NOTE   COLLATERAL AGENT
    	
34
    
	
 
    	
7.1 Collateral Agent’s Appointment as Attorney-in-Fact, etc.
    	
34
    
	
 
    	
7.2 Duty of Collateral Agent
    	
35
    
	
 
    	
7.3 Financing Statements
    	
36
    
	
 
    	
7.4 Authority of Collateral Agent
    	
36
    
	
 
    	
7.5 Right of Inspection
    	
36
    
	
 
    	
 
    	
 
    
	
SECTION 8 NON-INDENTURE   SECURED PARTIES
    	
37
    
	
 
    	
 
    
	
SECTION 9 MISCELLANEOUS
    	
39
    
	
 
    	
9.1 Amendments in Writing
    	
39
    

 

i

 

	
 
    	
9.2 Notices
    	
39
    
	
 
    	
9.3 No Waiver by Course of Conduct; Cumulative Remedies
    	
39
    
	
 
    	
9.4 [RESERVED]
    	
40
    
	
 
    	
9.5 Successors and Assigns
    	
40
    
	
 
    	
9.6 [RESERVED]
    	
40
    
	
 
    	
9.7 Counterparts
    	
40
    
	
 
    	
9.8 Severability
    	
40
    
	
 
    	
9.9 Section Headings
    	
40
    
	
 
    	
9.10 Integration
    	
40
    
	
 
    	
9.11 GOVERNING LAW
    	
41
    
	
 
    	
9.12 Submission to Jurisdiction; Waivers
    	
41
    
	
 
    	
9.13 Acknowledgments
    	
41
    
	
 
    	
9.14 WAIVER OF JURY TRIAL
    	
41
    
	
 
    	
9.15 Additional Grantors
    	
41
    
	
 
    	
9.16 Releases
    	
41
    

 

	
SCHEDULES
    
	
 
    
	
1
    	
Notice   Addresses of Grantors
    
	
2
    	
Pledged   Securities
    
	
3
    	
Perfection   Matters
    
	
4
    	
Location   of Jurisdiction of Organization
    
	
5
    	
Intellectual   Property
    
	
6
    	
Commercial   Tort Claims
    
	
7
    	
Mortgage   Property
    
	
 
    	
 
    
	
ANNEXES
    
	
 
    
	
1
    	
Acknowledgement   and Consent of Issuers
    
	
2
    	
Assumption   Agreement
    
	
3
    	
Supplemental   Agreement
    
	
4
    	
Non-Indenture   Secured Party Designation
    
	
5
    	
Form of   Mortgage
    

 

ii

 

COLLATERAL AGREEMENT

 

COLLATERAL AGREEMENT, dated as of December 22, 2010, made by ATKORE INTERNATIONAL HOLDINGS INC., a Delaware corporation (together with its successors and assigns, and as more particularly defined in the Indenture referred to below, “Holdings”), ATKORE INTERNATIONAL, INC., a Delaware corporation, as issuer of the Notes (together with its successors and assigns, and as more particularly defined in the Indenture, the “Company”) and certain Subsidiaries of the Company in favor of WILMINGTON TRUST FSB, as collateral agent under certain of the Note Documents (as defined below) (in such capacity, and together with any successors and assigns in such capacity, the “Note Collateral Agent”) for the Secured Parties (as defined below).  Capitalized terms defined in Section 1 hereof are used in this Agreement as so defined.

 

W I T N E S S E T H:

 

WHEREAS, pursuant to that certain Indenture, dated as of the date hereof (as amended by that First Supplemental Indenture, dated as of the date hereof, and as the same may be further amended, amended and restated, waived, supplemented or otherwise, modified from time to time, together with any agreement extending the maturity of, or restructuring, refunding, refinancing or increasing the Indebtedness under such agreement or successor agreements, the “Indenture”), among Holdings, the Company, the Subsidiary Guarantors from time to time party thereto, and Wilmington Trust FSB, as indenture trustee (in such capacity, and together with any successors and assigns in such capacity, the “Trustee”) on behalf of the Holders (as defined in the Indenture) and as Note Collateral Agent, the Company is issuing $410,000,000 million aggregate principal amount of 9.875% senior secured notes due 2018, and may in the future issue Additional Notes (as defined therein), upon the terms and subject to the conditions set forth therein;

 

WHEREAS, pursuant to that certain ABL Credit Agreement, among the ABL Borrowers, the ABL Lenders, UBS AG, Stamford Branch, as administrative agent (in its specific capacity as Administrative Agent, and together with any successors and assigns in such capacity, the “ABL Administrative Agent”) for the ABL Lenders thereunder and the ABL Agent, and the other parties party thereto, the ABL Lenders have severally agreed to make extensions of credit to the ABL Borrowers upon the terms and subject to the conditions set forth therein;

 

WHEREAS, pursuant to the ABL Collateral Documents, the ABL Borrowers and certain of the Company’s subsidiaries have granted a first priority Lien to the ABL Agent for the benefit of the holders of ABL Obligations on the ABL Priority Collateral and a second priority Lien for the benefit of the holders of the ABL Obligations on the Note Priority Collateral (subject in each case to Permitted Liens (as defined in the ABL Credit Agreement));

 

WHEREAS, the Note Collateral Agent and the ABL Agent have entered into an Intercreditor Agreement, acknowledged by the Company and the other Grantors, dated as of the date hereof (as amended, amended and restated, waived, supplemented or otherwise modified from time to time (subject to Section 9.1 hereof), the “Base Intercreditor Agreement”);

 

 

WHEREAS, the Note Collateral Agent and one or more Additional Agents may in the future enter into a Note Collateral Intercreditor Agreement substantially in the form attached to the Indenture as Exhibit G, and acknowledged by the Company and the other Grantors (as amended, amended and restated, waived, supplemented or otherwise modified from time to time (subject to Section 9.1 hereof), the “Note Collateral Intercreditor Agreement”), and one or more other Intercreditor Agreements;

 

WHEREAS, the Company is a member of an affiliated group of companies that includes Holdings, the Company, the Company’s Domestic Subsidiaries that are party hereto and any other Domestic Subsidiary of the Company that becomes a party hereto from time to time after the date hereof;

 

WHEREAS, it is a condition to the issuance and purchase of the Notes on the date hereof that the Company execute and deliver this Agreement to the Note Collateral Agent for the benefit of the Secured Parties; and

 

NOW, THEREFORE, in consideration of the premises and to induce the Trustee to enter into the Indenture and to induce the Holders to purchase the Notes to be issued on the date hereof, and in consideration of the receipt of other valuable consideration (which receipt is hereby acknowledged), each Grantor hereby agrees with the Note Collateral Agent, for the benefit of the Secured Parties, as follows:

 

SECTION 1   DEFINED TERMS

 

1.1  Definitions.  (a) Unless otherwise defined herein, terms defined in the Indenture and used herein shall have the meanings given to them in the Indenture, and the following terms that are defined in the Code (as in effect on the date hereof) are used herein as so defined: Chattel Paper, Commercial Tort Claims, Documents, Electronic Chattel Paper, Deposit Accounts, Documents, Equipment, Farm Products, Fixtures, General Intangibles, Letter of Credit Rights, Money, Promissory Notes, Records, Securities, Securities Accounts, Security Entitlements, Supporting Obligations and Tangible Chattel Paper.

 

(b)           The following terms shall have the following meanings:

 

“ABL Administrative Agent”: as defined in the recitals hereto.

 

“ABL Agent”:  as defined in the Base Intercreditor Agreement.

 

“ABL Borrowers”: as defined in the Base Intercreditor Agreement.

 

“ABL Collateral Documents”: as defined in the Base Intercreditor Agreement.

 

“ABL Credit Agreement”: as defined in the Base Intercreditor Agreement.

 

“ABL Lenders”: as defined in the Base Intercreditor Agreement.

 

“ABL Obligations”: as defined in the Base Intercreditor Agreement.

 

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“ABL Priority Collateral”: as defined in the Base Intercreditor Agreement.

 

“Accounts”:  all accounts (as defined in the Code) of each Grantor, whether now existing or existing in the future, including, without limitation, with respect to such Grantor, (a) all accounts receivable of such Grantor, including all accounts created by or arising from all of such Grantor’s sales of goods or rendition of services made under any of its trade names, or through any of its divisions, (b) all unpaid rights of such Grantor (including rescission, replevin, reclamation and stopping in transit) relating to the foregoing or arising therefrom, (c) all rights to any goods represented by any of the foregoing, including returned or repossessed goods, (d) all reserves and credit balances held by such Grantor with respect to any such accounts receivable of any Grantor, (e) all letters of credit, guarantees or collateral for any of the foregoing, (f) all insurance policies or rights relating to any of the foregoing and (g) all Accounts Receivable of such Grantor.

 

“Accounts Receivable”:  any right to payment for goods sold or leased or for services rendered, which is not evidenced by an instrument (as defined in the Code) or Chattel Paper.

 

“Additional Agent”: as defined in the Base Intercreditor Agreement.

 

“Additional Collateral Documents”: as defined in the Base Intercreditor Agreement.

 

“Additional Obligations”: as defined in the Base Intercreditor Agreement.

 

“Additional Secured Parties”: as defined in the Base Intercreditor Agreement.

 

“Agreement”: this Collateral Agreement, as the same may be amended, restated, supplemented, waived or otherwise modified from time to time.

 

“Applicable Law”: as defined in Section 9.8 hereto.

 

“Asset Sales Proceeds Account”: one or more Deposit Accounts or Securities Accounts holding only the proceeds of any sale or disposition of any Note Priority Collateral and the proceeds or investment thereof.

 

“Bank Products Agreement”: any agreement pursuant to which a bank or other financial institution agrees to provide treasury or cash management services (including, without limitation, controlled disbursements, automated clearinghouse transactions, return items, netting, overdrafts and interstate depository network services).

 

“Bankruptcy Case”:  (i) Holdings or any of its Subsidiaries commencing any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization, conservatorship or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or Holdings or any of its Subsidiaries making a general assignment for the benefit of its creditors; or (ii) there being commenced against Holdings or any

 

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of its Subsidiaries any case, proceeding or other action of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 60 days.

 

“Base Intercreditor Agreement”: as defined in the recitals hereto.

 

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

 

“Collateral”:  as defined in Section 3; provided that, for purposes of subsection 6.5, Section 8 and subsection 9.16, “Collateral” shall have the meaning assigned to such term in the Indenture.

 

“Collateral Account Bank”:  a bank or other financial institution as selected by the relevant Grantor; provided such Grantor shall not alter the Collateral Account Bank during the continuance of an Event of Default without the consent of the Note Collateral Agent (such consent not to be unreasonably withheld or delayed).

 

“Collateral Proceeds Account”:  a non-interest bearing cash collateral account established and maintained by the relevant Grantor at an office of the Collateral Account Bank in the name, and under the sole dominion and control of, the Note Collateral Agent for the benefit of the Secured Parties.

 

“Collateral Representative”:  (i) the Note Collateral Representative, (ii) if the Note Collateral Intercreditor Agreement is executed, the Senior Priority Representative and (iii) if any other Intercreditor Agreement is executed, the Person acting as representative for the Note Collateral Agent and the Secured Parties thereunder for the applicable purpose contemplated by this Agreement.

 

“Commercial Tort Action”: any action, other than an action primarily seeking declaratory or injunctive relief with respect to claims asserted or expected to be asserted by Persons other than the Grantors, that is commenced by a Grantor in the courts of the United States of America, any state or territory thereof or any political subdivision of any such state or territory, in which any Grantor seeks damages arising out of torts committed against it that would reasonably be expected to result in a damage award to it exceeding $3,000,000.

 

“Company”: as defined in the preamble hereto.

 

“Company Obligations”: the collective reference to: all obligations and liabilities of the Company in respect of the unpaid principal of and interest on (including, without limitation, interest and fees (if any) accruing after the maturity of the Notes and interest and fees (if any) accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Company, whether or not a claim for post-filing or post-petition interest or fees (if any) is allowed in such proceeding) the Notes, and all other obligations and liabilities of the Company to the Secured Parties, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, the Indenture, the Notes and the other Note Documents, any Hedging Agreement entered into with a Note Hedging Provider, any Bank

 

4

 

Products Agreement entered into with a Note Bank Products Provider, any Management Guarantee entered into with a Management Credit Provider, or any other document made, delivered or given in connection therewith, in each case whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all reasonable fees, expenses and disbursements of counsel to the Trustee or the Note Collateral Agent that are required to be paid by the Company pursuant to the terms of the Indenture or any other Note Document).

 

“Contracts”:  with respect to any Grantor, all contracts, agreements, instruments and indentures in any form and portions thereof, to which such Grantor is a party or under which such Grantor or any property of such Grantor is subject, as the same may from time to time be amended, supplemented, waived or otherwise modified, including, without limitation, (i) all rights of such Grantor to receive moneys due and to become due to it thereunder or in connection therewith, (ii) all rights of such Grantor to damages arising thereunder and (iii) all rights of such Grantor to perform and to exercise all remedies thereunder.

 

“Contractual Obligation”: as to any Person, any provision of any material security issued by such Person or of any material agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.

 

“Copyright Licenses”:  with respect to any Grantor, all United States written license agreements of such Grantor providing for the grant by or to such Grantor of any right under any United States copyright of such Grantor, other than agreements with any Person who is an Affiliate or a Subsidiary of the Company or such Grantor, including, without limitation, any material license agreements listed on Schedule 5 hereto, subject, in each case, to the terms of such license agreements, and the right to prepare for sale, sell and advertise for sale, all Inventory now or hereafter covered by such licenses.

 

“Copyrights”:  with respect to any Grantor, all of such Grantor’s right, title and interest in and to all United States copyrights, whether or not the underlying works of authorship have been published or registered, all United States copyright registrations and copyright applications, including, without limitation, any copyright registrations and copyright applications listed on Schedule 5 hereto, and (i) all renewals thereof, (ii) all income, royalties, damages and payments now and hereafter due and/or payable with respect thereto, including, without limitation, payments under all licenses entered into in connection therewith, and damages and payments for past or future infringements thereof and (iii) the right to sue or otherwise recover for past, present and future infringements and misappropriations thereof.

 

“DDAs”: any checking or other demand deposit account maintained by the Grantors (other than any such account if such account is, or all of the funds and other assets owned by a Grantor held in such account are, excluded from the Collateral pursuant to any Note Security Document). All funds in such DDAs shall be conclusively presumed to be Collateral and proceeds of Collateral and the Note Collateral Agent shall have no duty to inquire as to the source of the amounts on deposit in the DDAs, subject to the Note Security Documents and the Intercreditor Agreements.

 

5

 

“Domestic Subsidiary”: any Restricted Subsidiary of the Company that is not a Foreign Subsidiary.

 

“Equity Issuers”:  the collective reference to the Persons identified on Schedule 2 as the issuers of Pledged Stock and any other Subsidiary of a Pledgor that is an issuer of Pledged Stock, in each case  together with any successors to such companies.

 

“Excluded Assets”: as defined in Section 3.3.

 

“Foreign Intellectual Property”: any right, title or interest in or to any copyrights, copyright licenses, patents, patent applications, patent licenses, trade secrets, trade secret licenses, trademarks, trademark applications, trade names, trademark licenses, technology, know-how and processes or any other intellectual property governed by or arising or existing under, pursuant to or by virtue of the laws of any jurisdiction other than the United States of America or a state thereof.

 

“Foreign Subsidiary”: (a) any Restricted Subsidiary of the Company that is not organized under the laws of the United States of America or any state thereof or the District of Columbia and any Restricted Subsidiary of such Foreign Subsidiary and (b) any Restricted Subsidiary of the Company that has no material assets other than securities or Indebtedness of one or more Foreign Subsidiaries (or Subsidiaries thereof), intellectual property relating to such Foreign Subsidiaries (or Subsidiaries thereof) and other assets relating to an ownership interest in any such securities, Indebtedness, intellectual property or Subsidiaries.

 

“General Fund Account”: the general fund account of the relevant Grantor established at the same office of the Collateral Account Bank as the Collateral Proceeds Account.

 

“Governmental Authority”: any nation or government, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including the European Union.

 

“Grantor”:  Holdings, the Company, the Company’s Domestic Subsidiaries that are party hereto and any other Subsidiary of the Company that becomes a party hereto from time to time after the date hereof.

 

“Grantor Obligations”:  with respect to any Grantor (other than the Company), the collective reference to (i) the Company Obligations guaranteed by such Grantor pursuant to either Section 1301 or Section 1401 of the Indenture, as applicable, and (ii) all obligations and liabilities of such Grantor that may arise under or in connection with this Agreement or any other Note Document to which such Grantor is a party, any Hedging Agreement entered into with a Note Hedging Provider, any Bank Products Agreement entered into with a Note Bank Products Provider, any Management Guarantee entered into with a Management Credit Provider, or any other document made, delivered or given in connection therewith of such Grantor, in each case whether on account of guarantee obligations, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Trustee or the Note Collateral Agent that are required to be paid by such Grantor pursuant to the terms of this Agreement or any other Note Document), and including interest and fees (if any) accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency,

 

6

 

reorganization or like proceeding, relating to such Grantor, whether or not a claim for post-filing or post-petition interest or fees (if any) is allowed in such proceeding.

 

“Hedging Agreement”:  any interest rate, foreign currency, commodity or equity swap, collar, cap, floor or forward rate agreement, or other agreement or arrangement designed to protect against fluctuations in interest rates or currency, commodity or equity values (including, without limitation, any option with respect to any of the foregoing and any combination of the foregoing agreements or arrangements), and any confirmation executed in connection with any such agreement or arrangement.

 

“Holdings”:  as defined in the recitals hereto.

 

“Indenture”:  as defined in the recitals hereto.

 

“Indenture Secured Parties”:  the collective reference to (i) the Holders, (ii) the Trustee, (iii) the Note Collateral Agent and (iv) their respective successors and assigns and their permitted transferees and endorsees.

 

“Instruments”:  has the meaning specified in Article 9 of the Code, but excluding the Pledged Securities.

 

“Intellectual Property”:  with respect to any Grantor, the collective reference to such Grantor’s Copyrights, Copyright Licenses, Patents, Patent Licenses, Trade Secrets, Trade Secret Licenses, Trademarks and Trademark Licenses.

 

“Intercompany Note”: with respect to any Grantor, any promissory note in a principal amount in excess of $3,000,000 evidencing loans made by such Grantor to Holdings or any of its Subsidiaries.

 

“Inventory”: with respect to any Grantor, all inventory (as defined in the Code) of such Grantor.

 

“Investment Property”:  the collective reference to (i) all “investment property” as such term is defined in Section 9-102(a)(49) of the Uniform Commercial Code in effect in the State of New York on the date hereof (other than any Capital Stock of any Foreign Subsidiary in excess of 65% of any series of such stock and other than any Capital Stock excluded from the definition of “Pledged Stock”) and (ii) whether or not constituting “investment property” as so defined, all Pledged Securities.

 

“Lenders”: as defined in the recitals hereto.

 

“Management Credit Provider”: any Person that is a beneficiary of a Management Guarantee, as designated by the Company in accordance with Section 8.4.

 

“Material Adverse Effect”: a material adverse effect on the business, operations, property or financial condition of the Company and its Subsidiaries taken as a whole.

 

7

 

“Mortgage Property”:  the collective reference to the real properties owned by the Grantors described on Schedule 7.

 

“Mortgages”: each of the mortgages and deeds of trust, if any, executed and delivered by a Grantor to the Note Collateral Agent, as the same may be amended, supplemented, waived or otherwise modified from time to time.

 

“Non-Indenture Secured Parties”:  any Note Bank Products Provider, any Note Hedging Provider and any Management Credit Provider, and their respective successors and assigns and their permitted transferees and endorsees.

 

“Note Bank Products Provider”:  any Person that has entered into a Bank Products Agreement with a Grantor with the obligations of such Grantor thereunder being secured hereunder, as designated by the Company in accordance with Section 8.4.

 

“Note Collateral Agent”:  as defined in the preamble hereto.

 

“Note Collateral Intercreditor Agreement”:  as defined in the recitals hereto.

 

“Note Collateral Representative”: as defined in the Base Intercreditor Agreement.

 

“Note Documents”: the collective reference to the Indenture, the Notes, this Agreement, and the other Note Security Documents, as the same may be amended, supplemented, waived, modified, replaced and/or refinanced from time to time in accordance with the terms hereof and Article IX of the Indenture.

 

“Note Hedging Provider”:  any Person that has entered into a Hedging Agreement with a Grantor with the obligations of such Grantor thereunder being secured hereunder, as designated by the Company in accordance with Section 8.4.

 

“Note Priority Collateral”: as defined in the Base Intercreditor Agreement.

 

“Note Collateral Intercreditor Agreement”:  as defined in the recitals hereto.

 

“Obligations”:  (i) in the case of the Company, its Company Obligations and (ii) in the case of each other Grantor, its Grantor Obligations.

 

“Organizational Documents”: with respect to any Person, (a) the articles of incorporation, certificate of incorporation or certificate of formation (or the equivalent organizational documents) of such Person, (b) the bylaws or operating agreement (or the equivalent governing documents) of such Person and (c) any document (other than policy or procedural manuals or other similar documents) setting forth the manner of election or duties of the directors or managing members of such Person (if any) and the designation, amount or relative rights, limitations and preferences of any class or series of such Person’s Capital Stock.

 

“Parent Guarantee”: as defined in the Indenture.

 

8

 

“Patent Licenses”:  with respect to any Grantor, all United States written license agreements of such Grantor providing for the grant by or to such Grantor of any right under any United States patent, patent application, or patentable invention other than agreements with any Person who is an Affiliate or a Subsidiary of the Company or such Grantor, including, without limitation, the material license agreements listed on Schedule 5 hereto, subject, in each case, to the terms of such license agreements, and the right to prepare for sale, sell and advertise for sale, all Inventory now or hereafter covered by such licenses.

 

“Patents”:  with respect to any Grantor, all of such Grantor’s right, title and interest in and to all United States patents, patent applications and patentable inventions and all reissues and extensions thereof, including, without limitation, all patents and patent applications identified in Schedule 5 hereto, and including, without limitation, (i) all inventions and improvements described and claimed therein, (ii) the right to sue or otherwise recover for any and all past, present and future infringements and misappropriations thereof, (iii) all income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation, payments under all licenses entered into in connection therewith, and damages and payments for past, present or future infringements thereof), and (iv) all other rights corresponding thereto in the United States and all reissues, divisions, continuations, continuations-in-part, substitutes, renewals, and extensions thereof, all improvements thereon, and all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto.

 

“Pledged Collateral”:  as to any Pledgor, the Pledged Securities now owned or at any time hereafter acquired by such Pledgor, and any Proceeds thereof.

 

“Pledged Notes”: with respect to any Pledgor, all Intercompany Notes at any time issued to, or held or owned by, such Pledgor.

 

“Pledged Securities”:  the collective reference to the Pledged Notes and the Pledged Stock.

 

“Pledged Stock”:  with respect to any Pledgor, the shares of Capital Stock listed on Schedule 2 as held by such Pledgor, together with any other shares of Capital Stock required to be pledged by such Pledgor pursuant to Section 1503 of the Indenture as well as any other shares, stock certificates, options or rights of any nature whatsoever in respect of the Capital Stock of any Equity Issuer that may be issued or granted to, or held by, such Pledgor while this Agreement is in effect; provided that in no event shall there be pledged, nor shall any Pledgor be required to pledge, directly or indirectly, (i) more than 65% of any series of the outstanding Capital Stock (including for these purposes any investment deemed to be Capital Stock for U.S. tax purposes) of any Foreign Subsidiary, (ii) any of the Capital Stock of a Subsidiary of a Foreign Subsidiary, (iii) de minimis shares of a Foreign Subsidiary held by any Pledgor as a nominee or in a similar capacity and (iv) any Excluded Assets.

 

“Pledgor”:  Holdings (with respect to the Pledged Stock of the Company and all other Pledged Collateral of the Company), the Company (with respect to Pledged Stock of the entities listed on Schedule 2 hereto held by the Company and all other Pledged Collateral of the

 

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Company) and each other Grantor (with respect to Pledged Securities held by such Grantor and all other Pledged Collateral of such Grantor).

 

“Proceeds”:  all “proceeds” as such term is defined in Section 9-102(a)(64) of the Uniform Commercial Code in effect in the State of New York on the date hereof and, in any event, Proceeds of Pledged Securities shall include, without limitation, all dividends or other income from the Pledged Securities, collections thereon or distributions or payments with respect thereto.

 

“Requirement of Law”: as to any Person, the Organizational Documents of such Person, and any law, statute, ordinance, code, decree, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its material property or to which such Person or any of its material property is subject, including laws, ordinances and regulations pertaining to zoning, occupancy and subdivision of real properties; provided that the foregoing shall not apply to any non-binding recommendation of any Governmental Authority.

 

“Restrictive Agreements”: as defined in subsection 3.3(a).

 

“Secured Parties”:  the collective reference to the Indenture Secured Parties and any Non-Indenture Secured Parties.

 

“Securities Act”:  the Securities Act of 1933, as amended from time to time.

 

“Security Collateral”:  with respect to any Grantor, means, collectively, the Collateral (if any) and the Pledged Collateral (if any) of such Grantor.

 

“Senior Priority Representative”: as defined in the Note Collateral Intercreditor Agreement.

 

“Specified Asset”:  as defined in subsection 4.2.2 hereof.

 

“Subsidiary Guarantee”: as defined in the Indenture.

 

“Trade Secret Licenses”: with respect to any Grantor, all United States written license agreements of such Grantor providing for the grant by or to such Grantor of any right under any United States trade secrets, including, without limitation, know how, processes, formulae, compositions, designs, and confidential business and technical information, and all rights of any kind whatsoever accruing thereunder or pertaining thereto, other than agreements with any Person who is an Affiliate or a Subsidiary of the Company or such Grantor, subject, in each case, to the terms of such license agreements, and the right to prepare for sale, sell and advertise for sale, all Inventory now or hereafter covered by such licenses.

 

“Trade Secrets”:  with respect to any Grantor, all of such Grantor’s right, title and interest in and to all United States trade secrets, including, without limitation, know-how, processes, formulae, compositions, designs, and confidential business and technical information, and all rights of any kind whatsoever accruing thereunder or pertaining thereto, including, without limitation, (i) all income, royalties, damages and payments now and hereafter due and/or payable

 

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with respect thereto, including, without limitation, payments under all licenses, non-disclosure agreements and memoranda of understanding entered into in connection therewith, and damages and payments for past or future misappropriations thereof, and (ii) the right to sue or otherwise recover for past, present or future misappropriations thereof.

 

“Trademark Licenses”:  with respect to any Grantor, all United States written license agreements of such Grantor providing for the grant by or to such Grantor of any right under any United States trademarks, service marks, trade names, trade dress or other indicia of trade origin or business identifiers, other than agreements with any Person who is an Affiliate or a Subsidiary of the Company or such Grantor, including, without limitation, the material license agreements listed on Schedule 5 hereto, subject, in each case, to the terms of such license agreements, and the right to prepare for sale, sell and advertise for sale, all Inventory now or hereafter covered by such licenses.

 

“Trademarks”:  with respect to any Grantor, all of such Grantor’s right, title and interest in and to all United States trademarks, service marks, trade names, trade dress or other indicia of trade origin or business identifiers, trademark and service mark registrations, and applications for trademark or service mark registrations (except for “intent to use” applications for trademark or service mark registrations filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, unless and until an Amendment to Allege Use or a Statement of Use under Sections 1(c) and 1(d) of said Act has been filed, it being understood and agreed that the carve out in this parenthetical shall be applicable only if and for so long as a grant of a security interest in such intent to use application would invalidate or otherwise jeopardize Grantor’s rights therein), and any renewals thereof, including, without limitation, each registration and application identified in Schedule 5 hereto, and including, without limitation, (i) the right to sue or otherwise recover for any and all past, present and future infringements or dilutions thereof, (ii) all income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation, payments under all licenses entered into in connection therewith, and damages and payments for past or future infringements thereof), and (iii) all other rights corresponding thereto and all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto in the United States, together in each case with the goodwill of the business connected with the use of, and symbolized by, each such trademark, service mark, trade name, trade dress or other indicia of trade origin or business identifiers.

 

“Trustee”:  as defined in the recitals hereto.

 

“Vehicles”: all cars, trucks, trailers, construction and earth moving equipment and other vehicles covered by a certificate of title law of any state and all tires and other appurtenances to any of the foregoing.

 

1.2  Other Definitional Provisions.  (a) The words “hereof”, “herein”, “hereto” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Annex references are to this Agreement unless otherwise specified.  The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”.

 

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(b)           The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

 

(c)           Where the context requires, terms relating to the Collateral, Pledged Collateral or Security Collateral, or any part thereof, when used in relation to a Grantor shall refer to such Grantor’s Collateral, Pledged Collateral or Security Collateral or the relevant part thereof.

 

(d)           All references in this Agreement to any of the property described in the definition of the term “Collateral” or “Pledged Collateral”, or to any Proceeds thereof, shall be deemed to be references thereto only to the extent the same constitute Collateral or Pledged Collateral, respectively.

 

SECTION 2  [RESERVED]

 

SECTION 3  GRANT OF SECURITY INTEREST

 

3.1  Grant.  Each Grantor hereby grants to the Note Collateral Agent, for the benefit of the Secured Parties, a security interest in all of the Collateral of such Grantor, as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations of such Grantor.  The term “Collateral”, as to any Grantor, means the following property (wherever located) now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest, except as provided in subsection 3.3:

 

(a)           all Accounts;

 

(b)           all Money (including all cash);

 

(c)           all Cash Equivalents;

 

(d)           all Chattel Paper;

 

(e)           all Contracts;

 

(f)            all Deposit Accounts (including DDAs);

 

(g)           all Documents;

 

(h)           all Equipment;

 

(i)            all General Intangibles;

 

(j)            all Instruments;

 

(k)           all Intellectual Property;

 

(l)            all Inventory;

 

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(m)          all Investment Property;

 

(n)           all Letter of Credit Rights;

 

(o)           all Fixtures;

 

(p)           all Commercial Tort Claims constituting Commercial Tort Actions described in Schedule 6 (together with any Commercial Tort Actions subject to a further writing provided in accordance with subsection 5.2.12);

 

(q)           all books and records pertaining to any of the foregoing;

 

(r)            the Collateral Proceeds Account; and

 

(s)           to the extent not otherwise included, all Proceeds and products of any and all of the foregoing and all collateral security and guarantees given by any Person with respect to any of the foregoing;

 

provided that, in the case of each Grantor, Collateral shall not include any Pledged Collateral, or any property or assets specifically excluded from Pledged Collateral (including any Capital Stock of any Foreign Subsidiary in excess of 65% of any series of such stock).

 

3.2  Pledged Collateral.  Each Grantor that is a Pledgor, hereby grants to the Note Collateral Agent, for the benefit of the Secured Parties, a security interest in all of the Pledged Collateral of such Pledgor now owned or at any time hereafter acquired by such Pledgor, and any Proceeds thereof, as collateral security for the prompt and complete performance when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations of such Pledgor, except as provided in subsection 3.3.

 

3.3  Certain Exceptions.  No security interest is or will be granted pursuant to this Agreement or any other Note Security Document in any right, title or interest of any Grantor under, to or in any Excluded Assets.  As used in this Agreement, the term “Excluded Assets” means:

 

(a)           any Instruments, Contracts, Chattel Paper, General Intangibles, Copyright Licenses, Patent Licenses, Trademark Licenses, Trade Secret Licenses or other contracts or agreements with or issued by Persons other than Holdings, a Restricted Subsidiary of Holdings or an Affiliate thereof (collectively, “Restrictive Agreements”) that would otherwise be included in the Security Collateral (and such Restrictive Agreements shall not be deemed to constitute a part of the Security Collateral) for so long as, and to the extent that, the granting of such a security interest pursuant hereto would result in a breach, default or termination of such Restrictive Agreements (in each case, except to the extent that, pursuant to the Code or other applicable law, the granting of security interests therein can be made without resulting in a breach, default or termination of such Restrictive Agreements);

 

(b)           any Equipment or other property that would otherwise be included in the Security Collateral (and such Equipment or other property shall not be deemed to constitute a part of the Security Collateral) if such Equipment or other property (x) is subject to a Lien in

 

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respect of Purchase Money Obligations or Capitalized Lease Obligations permitted by Section 413 of the Indenture as a “Permitted Lien” pursuant to clause (h), or (with respect to such a Lien described in clause (h) of such term) clause (o) of the definition of such term (but in each case only for so long as such Liens are in place) or (y) is subject to any Lien in respect of Hedging Obligations permitted by Section 413 of the Indenture as a “Permitted Lien” pursuant to clause (h), or (with respect to such a Lien described clause (h) of such term) clause (o) of the definition of such term (but in each case only for so long as such Liens are in place), and such Equipment or other property consists solely of (i) cash, Cash Equivalents, Temporary Cash Investments and Investment Grade Securities, together with proceeds, dividends and distributions in respect thereof, (ii) any assets relating to such assets, proceeds, dividends or distributions or to any Hedging Obligations, and/or (iii) any other assets consisting of, relating to or arising under or in connection with (A) any Interest Rate Agreements, Currency Agreements or Commodities Agreements or (B) any other agreements, instruments or documents related to any Hedging Obligations or to any of the assets referred to in any of subclauses (i) through (iii) of this clause (y);

 

(c)           any property that would otherwise be included in the Security Collateral (and such property shall not be deemed to constitute a part of the Security Collateral) if such property (x) has been sold or otherwise transferred in connection with a Special Purpose Financing, or (y) constitutes the proceeds or products of any property that has been sold or otherwise transferred pursuant to such Special Purpose Financing (other than any payments received by the Company or any Grantor in payment for the sale and transfer of such property in such Special Purpose Financing), or (z) is subject to any Liens securing Indebtedness incurred in compliance with Section 407(b)(ix) of the Indenture or permitted by Section 413 of the Indenture as “Permitted Liens” permitted pursuant to clause (k)(5) or (p)(12) of the definition of such term;

 

(d)           any property that would otherwise be included in the Security Collateral (and such property shall not be deemed to constitute a part of the Security Collateral) if such property has been sold or otherwise transferred in connection with a sale and leaseback transaction permitted under Section 411 of the Indenture, or is subject to any Liens permitted under Section 413 of the Indenture and consists of property subject to any such sale and leaseback transaction or general intangibles related thereto; provided that notwithstanding the foregoing, the security interest of the Note Collateral Agent shall attach to any money, securities or other consideration received by any Grantor as consideration for the sale or other disposition of such property as and to the extent such consideration would otherwise constitute Collateral;

 

(e)           Capital Stock that constitutes (i) more than 65% of any series of the outstanding Capital Stock of any Foreign Subsidiary, (ii) the Capital Stock of a Subsidiary of a Foreign Subsidiary or (iii) de minimis shares of a Foreign Subsidiary held by the Company or any Grantor as a nominee or in a similar capacity;

 

(f)            any Money, cash, checks, other negotiable instrument, funds and other evidence of payment held in any Deposit Account of the Company or any of its Subsidiaries in the nature of a security deposit with respect to obligations for the benefit of the Company or any of its Subsidiaries, which must be held for or returned to the applicable counterparty under applicable law or pursuant to Contractual Obligations;

 

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(g)           the Investment Agreement and any rights therein or arising thereunder;

 

(h)           any interest in leased real property;

 

(i)            any fee interest in owned real property if the fair market value of such fee interest is less than $2.0 million individually;

 

(j)            any Vehicles and any other assets subject to certificate of title;

 

(k)           Letter of Credit Rights and Commercial Tort Claims individually with a value of less than $3.0 million;

 

(l)            assets to the extent a security interest in such assets would result in costs or consequences as reasonably determined by the Company with respect to the granting or perfecting of a security interest that is excessive in view of the benefits to be obtained by the Secured Parties;

 

(m)          those assets over which the granting of security interests in such assets would be prohibited by contract permitted under the Indenture, applicable law or regulation or the organizational documents or joint venture documents of any non-wholly owned Subsidiary (including permitted liens, leases and licenses), or to the extent that such security interests would result in material adverse tax consequences as reasonably determined by the Company;

 

(n)           Foreign Intellectual Property;

 

(o)           any Capital Stock and other securities of a Subsidiary to the extent that the pledge of or grant of any other Lien on such Capital Stock and other securities results in the Company being required to file separate financial statements of such Subsidiary with the Securities and Exchange Commission (or any other governmental authority) pursuant to either Rule 3-10 or 3-16 of Regulation S-X under the Securities Act, or any other law, rule or regulation as in effect from time to time, but only to the extent necessary to not be subject to such requirement; and

 

(p)           any Capital Stock of any Foreign Subsidiary, provided that if the ownership interest in such Capital Stock is not transferred to a Subsidiary of the Company that is not a Grantor substantially concurrently with the consummation of the Transactions or within forty-five days thereafter, such Capital Stock shall no longer be an Excluded Asset pursuant to this clause (p) and shall be deemed to constitute a part of the Security Collateral to the extent not an Excluded Asset pursuant to any of clauses (a) through (o) above.

 

For the avoidance of doubt, if any Grantor receives any payment or other amount under the Investment Agreement, such payment or other amount shall constitute Collateral when and if actually received by such Grantor, to the extent set forth in Section 3.1 above.  The Company will give written notice to the Note Collateral Agent of any determination made by the Company as contemplated by clause (l) or (m) of the preceding Excluded Assets definition.

 

3.4  Intercreditor Relations.  Notwithstanding anything herein to the contrary, it is the understanding of the parties that the Liens granted pursuant to subsection 3.1 and 3.2 herein

 

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shall (x) with respect to all ABL Priority Collateral, prior to the Discharge of ABL Obligations (as defined in the Base Intercreditor Agreement), be subject and subordinate to the Liens granted to the ABL Agent for the benefit of the holders of the ABL Obligations to secure the ABL Obligations pursuant to the ABL Collateral Documents and (y) with respect to all Security Collateral, prior to the applicable Discharge of Additional Obligations (as defined in the Base Intercreditor Agreement), be pari passu and equal in priority to the Liens granted to any Additional Agent for the benefit of the holders of the applicable Additional Obligations to secure such Additional Obligations pursuant to the applicable Additional Collateral Documents (except, in the case of this clause (y), as may be separately otherwise agreed, between the Note Collateral Agent, on behalf of itself and the Secured Parties represented thereby, and any Additional Agent, on behalf of itself and the Additional Secured Parties represented thereby).  The Note Collateral Agent acknowledges and agrees that the relative priority of the Liens granted to the Note Collateral Agent, the ABL Agent and any Additional Agent may be determined solely pursuant to the applicable Intercreditor Agreements, and not by priority as a matter of law or otherwise.  Notwithstanding anything herein to the contrary, the Liens and security interest granted to the Note Collateral Agent pursuant to this Agreement and the exercise of any right or remedy by the Note Collateral Agent hereunder are subject to the provisions of the Intercreditor Agreements.  In the event of any conflict between the terms of this Agreement and any Intercreditor Agreement, the terms of such Intercreditor Agreement shall govern and control as among (a) the Note Collateral Agent, the ABL Agent and any Additional Agent, in the case of the Base Intercreditor Agreement, (b) the Note Collateral Agent and any Additional Agent, in the case of the Note Collateral Intercreditor Agreement, and (c) the Note Collateral Agent and any other party thereto, in the case of any other Intercreditor Agreement.  In the event of any such conflict, each Grantor may act (or omit to act) in accordance with such Intercreditor Agreement, and shall not be in breach, violation or default of its obligations hereunder by reason of doing so.  Notwithstanding any other provision hereof, (x) for so long as any ABL Obligations remain outstanding, any obligation hereunder to deliver to the Note Collateral Agent any Security Collateral constituting ABL Priority Collateral shall be satisfied by causing such ABL Priority Collateral to be delivered to the ABL Agent to be held in accordance with the Base Intercreditor Agreement and (y) for so long as any Additional Obligations remain outstanding, any obligation hereunder to deliver to the Note Collateral Agent any Security Collateral shall be satisfied by causing such Security Collateral to be delivered to the applicable Collateral Representative or any Additional Agent to be held in accordance with the applicable Intercreditor Agreement.

 

SECTION 4  REPRESENTATIONS AND WARRANTIES

 

4.1  [RESERVED]

 

4.2  Representations and Warranties of Each Grantor.  Each Grantor party hereto on the date hereof hereby represents and warrants to the Note Collateral Agent on the date hereof that, in each case after giving effect to the Transactions:

 

4.2.1        Title; No Other Liens.  Except for the security interests granted to the Note Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement and the other Liens permitted to exist on such Grantor’s Collateral by the Indenture (including, without limitation, Section 413 thereof), such Grantor owns each item of such Grantor’s Collateral free

 

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and clear of any and all Liens securing Indebtedness.  Except as set forth on Schedule 3, to the knowledge of such Grantor, no currently effective financing statement or other similar public notice with respect to any Lien securing Indebtedness on all or any part of such Grantor’s Collateral is on file or of record in any public office in the United States of America, any state, territory or dependency thereof or the District of Columbia, except such as have been filed in favor of the Note Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement or as are permitted by the Indenture (including, without limitation, Section 413 thereof) or any other Note Document or for which termination statements will be delivered on the Closing Date.

 

4.2.2        Perfection; Priority.  (a) This Agreement is effective to create, as collateral security for the Obligations of such Grantor, valid and enforceable Liens on such Grantor’s Security Collateral in favor of the Note Collateral Agent for the benefit of the Secured Parties, except as to enforcement, as may be limited by 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.

 

(b)           Except with regard to (i) Liens (if any) on Specified Assets and (ii) any rights in favor of the United States government as required by law (if any), upon the completion of the Filings and, with respect to Instruments, Chattel Paper and Documents upon the earlier of such Filing or the delivery to and continuing possession by the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable, in accordance with the applicable Intercreditor Agreement, of all Instruments, Chattel Paper and Documents a security interest in which is perfected by possession, and the obtaining and maintenance of “control” (as described in the Code) by the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable (or their respective agents appointed for purposes of perfection), in accordance with the applicable Intercreditor Agreement, of all Deposit Accounts, the Collateral Proceeds Account, Electronic Chattel Paper and Letter of Credit Rights a security interest in which is perfected by “control” and in the case of Commercial Tort Actions (other than such Commercial Tort Actions listed on Schedule 6 on the date of this Agreement), the taking of the actions required by subsection 5.2.12 herein, the Liens created pursuant to this Agreement will constitute valid Liens on and (to the extent provided herein) perfected security interests in such Grantor’s Collateral in favor of the Note Collateral Agent for the benefit of the Secured Parties, and will be prior to all other Liens of all other Persons securing Indebtedness other than Permitted Liens (and subject to any Intercreditor Agreement), and enforceable as such as against all other Persons other than Ordinary Course Transferees, except to the extent that the recording of an assignment or other transfer of title to the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent or any Additional Agent (in accordance with the applicable Intercreditor Agreement) or the recording of other applicable documents in the United States Patent and Trademark Office or United States Copyright Office may be necessary for perfection or enforceability, and except as to enforcement, as may be limited by 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. As used in this subsection 4.2.2(b), the following terms shall have the following meanings:

 

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“Filings”:  the filing or recording of (i) the Financing Statements as set forth in Schedule 3, (ii) this Agreement or a notice thereof with respect to Intellectual Property as set forth in Schedule 3,  and (iii) any filings after the date hereof in any other jurisdiction as may be necessary under any Requirement of Law.

 

“Financing Statements”:  the financing statements delivered to the Note Collateral Agent by such Grantor on the date hereof and described on Schedule 3.

 

“Ordinary Course Transferees”:  (i) with respect to goods only, buyers in the ordinary course of business and lessees in the ordinary course of business to the extent provided in Section 9-320(a) and 9-321 of the Uniform Commercial Code as in effect from time to time in the relevant jurisdiction, (ii) with respect to general intangibles only, licensees in the ordinary course of business to the extent provided in Section 9-321 of the Uniform Commercial Code as in effect from time to time in the relevant jurisdiction and (iii) any other Person who is entitled to take free of the Lien pursuant to the Uniform Commercial Code as in effect from time to time in the relevant jurisdiction.

 

“Permitted Liens”:  Liens permitted pursuant to the Indenture, including, without limitation, those permitted to exist pursuant to Section 413 of the Indenture.

 

“Specified Assets”:  the following property and assets of such Grantor:

 

(1)  Patents, Patent Licenses, Trademarks and Trademark Licenses to the extent that (a) Liens thereon cannot be perfected by the filing of financing statements under the Uniform Commercial Code or by the filing and acceptance thereof in the United States Patent and Trademark Office or (b) such Patents, Patent Licenses, Trademarks and Trademark Licenses are not, individually or in the aggregate, material to the business of the Company and its Subsidiaries taken as a whole;

 

(2) Copyrights and Copyright Licenses with respect thereto and Accounts or receivables arising therefrom to the extent that the Uniform Commercial Code as in effect from time to time in the relevant jurisdiction is not applicable to the creation or perfection of Liens thereon;

 

(3) Collateral for which the perfection of Liens thereon requires filings in or other actions under the laws of jurisdictions outside of the United States of America, any State, territory or dependency thereof or the District of Columbia;

 

(4) goods included in Collateral received by any Person from any Grantor for “sale or return” within the meaning of Section 2-326 of the Uniform Commercial Code of the applicable jurisdiction, to the extent of claims of creditors of such Person;

 

(5) Fixtures, Vehicles, Money and Cash Equivalents (other than Cash Equivalents constituting Investment Property to the extent a security interest is perfected by the filing of a financing statement);

 

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(6) Proceeds of Accounts or Inventory which do not themselves constitute Collateral or which have not yet been transferred to or deposited in the Collateral Proceeds Account (if any); and

 

(7) uncertificated securities (to the extent a security interest is not perfected by the filing of a financing statement).

 

4.2.3        Jurisdiction of Organization.  On the date hereof, such Grantor’s jurisdiction of organization is specified on Schedule 4.

 

4.2.4        Farm Products.  None of such Grantor’s Collateral constitutes, or is the Proceeds of, Farm Products.

 

4.2.5        [RESERVED]

 

4.2.6        Patents, Copyrights and Trademarks.  Schedule 5 lists all material Trademarks, material Copyrights and material Patents, in each case, registered in the United States Patent and Trademark Office or the United States Copyright Office, as applicable, and owned by such Grantor in its own name as of the date hereof, and all material Trademark Licenses, all material Copyright Licenses and all material Patent Licenses (including, without limitation, material Trademark Licenses for registered Trademarks, material Copyright Licenses for registered Copyrights and material Patent Licenses for registered Patents) owned by such Grantor in its own name as of the date hereof, in each case, that is solely United States Intellectual Property.

 

4.3  Representations and Warranties of Each Pledgor.  Each Pledgor party hereto on the date hereof hereby represents and warrants to the Note Collateral Agent on the date hereof that, in each case after giving effect to the Transactions:

 

4.3.1        Schedule 2 lists all Capital Stock of Subsidiaries of such Pledgor (other than Excluded Assets) held by such Pledgor on the date hereof.  Except as provided in subsection 3.3, the shares of Pledged Stock pledged by such Pledgor hereunder constitute (i) in the case of shares of a Domestic Subsidiary, all the issued and outstanding shares of all classes of the Capital Stock of such Domestic Subsidiary owned by such Pledgor and (ii) in the case of any Pledged Stock constituting Capital Stock of any Foreign Subsidiary, such percentage (not more than 65%) as is specified on Schedule 2 of all the issued and outstanding shares of all classes of the Capital Stock of each such Foreign Subsidiary owned by such Pledgor.

 

4.3.2        [RESERVED]

 

4.3.3        Such Pledgor is the record and beneficial owner of, and has good title to, the Pledged Securities pledged by it hereunder, free of any and all Liens securing Indebtedness owing to any other Person, except the security interest created by this Agreement and Liens permitted by the Indenture (including, without limitation, those permitted to exist pursuant to Section 413 of the Indenture).

 

4.3.4        Upon the delivery to the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent or any Additional Agent, as applicable, in accordance with the

 

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applicable Intercreditor Agreement, of the certificates evidencing the Pledged Securities held by such Pledgor together with executed undated stock powers or other instruments of transfer, the security interest created in such Pledged Securities constituting certificated securities by this Agreement, assuming the continuing possession of such Pledged Securities by the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent or any Additional Agent, as applicable, in accordance with the applicable Intercreditor Agreement, will constitute a valid, perfected first priority (subject, in terms of priority only, to the priority of the Liens of the ABL Agent and any Additional Agent) security interest in such Pledged Securities to the extent provided in and governed by the Code, enforceable in accordance with its terms against all creditors of such Pledgor and any Persons purporting to purchase such Pledged Securities from such Pledgor to the extent provided in and governed by the Code, in each case subject to Liens permitted pursuant to the Indenture, including Permitted Liens (and any applicable Intercreditor Agreement), and except as to enforcement, as may be limited by 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.

 

4.3.5        Upon the earlier of (x) (to the extent a security interest in uncertificated securities may be perfected by the filing of a financing statement) the filing of the financing statements listed on Schedule 3 hereto and (y) the obtaining and maintenance of “control” (as described in the Code) by the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent (or their respective agents appointed for purposes of perfection), as applicable, in accordance with the applicable Intercreditor Agreement, of all Pledged Securities that constitute uncertificated securities, the security interest created by this Agreement in such Pledged Securities that constitute uncertificated securities, will constitute a valid, perfected first priority  (subject, in terms of priority only, to the priority of the Liens of the ABL Agent or any Additional Agent) security interest in such Pledged Securities constituting uncertificated securities to the extent provided in and governed by the Code, enforceable in accordance with its terms against all creditors of such Pledgor and any persons purporting to purchase such Pledged Securities from such Pledgor to the extent provided in and governed by the Code, in each case subject to Liens permitted pursuant to the Indenture, including Permitted Liens (and any applicable Intercreditor Agreement), except as to enforcement, as may be limited by 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.

 

SECTION 5  COVENANTS

 

5.1  [RESERVED].

 

5.2  Covenants of Each Grantor.  Each Grantor covenants and agrees with the Note Collateral Agent that, from and after the date of this Agreement until the earlier to occur of (i) as to any Grantor, the date upon which all the Capital Stock of such Grantor shall have been sold or otherwise disposed of (to a Person other than Holdings, the Company or a Restricted Subsidiary of either) in accordance with the terms of the Indenture, (ii) as to any Grantor, the release of such Grantor’s Parent Guarantee or Subsidiary Guarantee in accordance with the terms

 

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of the Indenture, (iii) as to any Grantor, the designation of such Grantor as an Unrestricted Subsidiary or (iv) the release of all of the Collateral or the termination of this Agreement in accordance with the terms of the Indenture:

 

5.2.1        Delivery of Instruments and Chattel Paper.  If any amount payable under or in connection with any of such Grantor’s Collateral shall be or become evidenced by any Instrument or Chattel Paper, such Grantor shall (except as provided in the following sentence) be entitled to retain possession of all Collateral of such Grantor evidenced by any Instrument or Chattel Paper, and shall hold all such Collateral in trust for the Note Collateral Agent, for the benefit of the Secured Parties.  In the event that an Event of Default shall have occurred and be continuing, upon the request of the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent or any Additional Agent, as applicable, in accordance with the applicable Intercreditor Agreement, such Instrument or Chattel Paper shall be promptly delivered to the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent or any Additional Agent, as applicable, in accordance with the applicable Intercreditor Agreement, duly indorsed in a manner reasonably satisfactory to the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent or any Additional Agent, as applicable, in accordance with the applicable Intercreditor Agreement, to be held as Collateral pursuant to this Agreement.  Such Grantor shall not permit any other Person to possess any such Collateral at any time other than in connection with any sale or other disposition of such Collateral in a transaction permitted by the Indenture or as contemplated by the Intercreditor Agreements.

 

5.2.2        Maintenance of Insurance.  Such Grantor will use commercially reasonable efforts to maintain with financially sound insurance companies insurance on, or self insure, all property of such Grantor material to the business of the Company and its Subsidiaries, taken as a whole, in at least such amounts and against at least such risks as are usually insured against in the same general area by companies engaged in the same or a similar business, all as determined in good faith by such Grantor or the Company.  Such Grantor or the Company shall ensure that at all times following the date that is 180 days after the date hereof the Note Collateral Agent, for the benefit of the Secured Parties, or the applicable Collateral Representative, in accordance with the applicable Intercreditor Agreement, shall be named as additional insureds with respect to liability policies, and the Note Collateral Agent or the applicable Collateral Representative, in accordance with the applicable Intercreditor Agreement, shall be named a loss payee with respect to the property insurance maintained by such Grantor with respect to such Grantor’s Collateral and Mortgage Property; provided that, unless an Event of Default shall have occurred and be continuing, the Note Collateral Agent shall turn over to the Company any amounts received by it as loss payee under any property insurance maintained by such Grantor, and, unless an Event of Default shall have occurred and be continuing, the Note Collateral Agent agrees that the Company and/or the applicable Grantor shall have the sole right to adjust or settle any claims under such insurance.  Each Grantor shall deliver to the Note Collateral Agent evidence that the Note Collateral Agent or the applicable Collateral Representative, in accordance with the applicable Intercreditor Agreement, has been named as a loss payee and named as an additional insured in accordance with the foregoing sentence and, upon written request of the Note Collateral Agent, further information in reasonable detail as to the insurance carried.

 

5.2.3        [RESERVED]

 

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5.2.4        Defense of Perfected Security Interest; Further Documentation.  (a) Such Grantor shall use commercially reasonable efforts to maintain the security interest created by this Agreement in such Grantor’s Collateral as a perfected security interest as described in subsection 4.2.2 and to defend the security interest created by this Agreement in such Grantor’s Collateral against the claims and demands of all Persons whomsoever (subject to the other provisions hereof and to Sections 1501, 1502, 1503 and 1508 or the Indenture).

 

(b)           [RESERVED]

 

(c)           At any time and from time to time, upon the written request of the Note Collateral Agent, and at the sole expense of such Grantor, such Grantor will promptly and duly execute and deliver such further instruments and documents and take such further actions as the Note Collateral 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 by such Grantor, including, without limitation, the filing of any financing or continuation statements under the Uniform Commercial Code (or other similar laws) in effect in any United States jurisdiction with respect to the security interests created hereby; provided further that the Company or such Grantor will not be required to (x) take any action in any jurisdiction other than the United States of America, or required by the laws of any such jurisdiction, in order to create any security interests (or other Liens) in assets located or titled outside of the United States of America or to perfect any security interests (or other Liens) in any Collateral, (y) deliver control agreements with respect to, or confer perfection by “control” over, any deposit accounts, bank or securities account or other Collateral, except, in the case of Collateral that constitutes Capital Stock or intercompany notes in certificated form, delivering such Capital Stock or intercompany notes (in the case of intercompany notes, limited to any such note with a principal amount in excess of $3.0 million) to the Note Collateral Agent (or another Person as required under any applicable Intercreditor Agreement) or (z) deliver landlord lien waivers, estoppels or collateral access letters.

 

5.2.5        Changes in Name, Jurisdiction of Organization, etc.  Such Grantor will give prompt written notice to the Note Collateral Agent of any change in its name or jurisdiction of organization (whether by merger of otherwise) (and in any event within 30 days of such change); provided that, promptly thereafter such Grantor shall deliver to the Note Collateral Agent copies (or other evidence of filing) of all additional filed financing statements and all other documents reasonably necessary to maintain the validity, perfection and priority of the security interests created hereunder as and to the extent provided for herein.

 

5.2.6        [RESERVED]

 

5.2.7        Pledged Stock.  In the case of each Grantor that is an Equity Issuer, such Equity Issuer agrees that (i) it will be bound by the terms of this Agreement relating to the Pledged Stock issued by it and will comply with such terms insofar as such terms are applicable to it, (ii) it will notify the Note Collateral Agent promptly in writing of the occurrence of any of the events described in subsection 5.3.1 with respect to the Pledged Stock issued by it and (iii) the terms of subsections 6.3(c) and 6.7 shall apply to it, mutatis  mutandis, with respect to all actions that may be required of it pursuant to subsection 6.3(c) or 6.7 with respect to the Pledged Stock issued by it.

 

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5.2.8        [RESERVED]

 

5.2.9        Maintenance of Records.  Such Grantor will keep and maintain at its own cost and expense reasonably satisfactory and complete records of its Collateral and Mortgage Property, including, without limitation, a record of all payments received and all credits granted with respect to such Collateral and Mortgage Property, all as determined in good faith by such Grantor or the Company.

 

5.2.10      Acquisition of Intellectual Property.  Within 90 days after the end of each calendar year, such Grantor will notify the Note Collateral Agent of any acquisition by such Grantor of (i) any registration of any material Copyright, Patent or Trademark or (ii) any exclusive rights under a material Copyright License, Patent License or Trademark License constituting Collateral, and shall take such actions as may be reasonably necessary (but only to the extent such actions are within such Grantor’s control) to perfect the security interest granted to the Note Collateral Agent and the other Secured Parties therein, to the extent provided herein in respect of any Copyright, Patent or Trademark constituting Collateral on the date hereof, by (x) the execution and delivery of an amendment or supplement to this Agreement (or amendments to any such agreement previously executed or delivered by such Grantor) and/or (y) the making of appropriate filings (I) of financing statements under the Uniform Commercial Code of any applicable jurisdiction and/or (II) in the United States Patent and Trademark Office, or with respect to Copyrights and Copyright Licenses, another applicable United States office).

 

5.2.11      [RESERVED]

 

5.2.12      Commercial Tort Actions.  All Commercial Tort Actions of each Grantor in existence on the date of this Agreement in an amount of $3,000,000 or greater, known to such Grantor on the date hereof, are described in Schedule 6 hereto.  If any Grantor shall at any time after the date of this Agreement acquire a Commercial Tort Action in an amount (taking the greater of the aggregate claimed damages thereunder or the reasonably estimated value thereof) of $3,000,000, such Grantor shall promptly notify the Note Collateral Agent thereof in a writing signed by such Grantor and describing the details thereof and shall grant to the Note Collateral Agent in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement.

 

5.2.13      Protection of Trademarks.  Such Grantor shall, with respect to any Trademarks that are material to the business of such Grantor, use commercially reasonable efforts not to cease the use of any of such Trademarks or fail to maintain the level of the quality of products sold and services rendered under any of such Trademarks at a level at least substantially consistent with the quality of such products and services as of the date hereof, and shall use commercially reasonable efforts to take all steps reasonably necessary to ensure that licensees of such Trademarks use such consistent standards of quality, except as would not reasonably be expected to have a Material Adverse Effect.

 

5.2.14      Protection of Intellectual Property.  Subject to and except as permitted by the Indenture, such Grantor shall use commercially reasonable efforts not to do any act or omit to do any act whereby any of the Intellectual Property that is material to the business of Grantor

 

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may lapse, expire, or become abandoned, or unenforceable, except as would not reasonably be expected to have a Material Adverse Effect.

 

5.2.15 Assignment of Letter of Credit Rights.  In the case of any Letter-of-Credit Rights of any Grantor in any letter of credit exceeding $3,000,000 in value acquired following the date hereof, such Grantor shall use its commercially reasonable efforts to promptly obtain the consent of the issuer thereof and any nominated person thereon to the assignment of the proceeds of the related letter of credit in accordance with Section 5-114(c) of the UCC.

 

5.3  Covenants of Each Pledgor.  Each Pledgor covenants and agrees with the Note Collateral Agent and the other Secured Parties that, from and after the date of this Agreement until the earlier to occur of (i) as to any Pledgor, all the Capital Stock of such Pledgor shall have been sold or otherwise disposed of (to a Person other than Holdings, the Company or a Subsidiary of either) as permitted under the terms of the Indenture, (ii) as to any Grantor, the release of such Grantor’s Parent Guarantee or Subsidiary Guarantee in accordance with the terms of the Indenture, (iii) as to any Grantor, the designation of such Grantor as an Unrestricted Subsidiary or (iv) the release of all of the Collateral or the termination of this Agreement in accordance with the terms of the Indenture:

 

5.3.1        Additional Shares.  If such Pledgor shall, as a result of its ownership of its Pledged Stock, become entitled to receive or shall receive any stock certificate (including, without limitation, any stock certificate representing a stock dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), stock option or similar rights in respect of the Capital Stock of any Equity Issuer, whether in addition to, in substitution of, as a conversion of, or in exchange for, any shares of the Pledged Stock, or otherwise in respect thereof, such Pledgor shall accept the same as the agent of the Note Collateral Agent and the other Secured Parties, hold the same in trust for the Note Collateral Agent and the other Secured Parties and deliver the same forthwith to the Note Collateral Agent (who will hold the same on behalf of the Secured Parties), or the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable, in accordance with the applicable Intercreditor Agreement, in the exact form received, duly indorsed by such Pledgor to the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable, in accordance with the applicable Intercreditor Agreement, if required, together with an undated stock power covering such certificate duly executed in blank by such Grantor, to be held by the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable, in accordance with the applicable Intercreditor Agreement, subject to the terms hereof, as additional collateral security for the Obligations (subject to subsection 3.3 and provided that in no event shall there be pledged, nor shall any Pledgor be required to pledge, more than 65% of any series of the outstanding Capital Stock of any Foreign Subsidiary pursuant to this Agreement).  If an Event of Default shall have occurred and be continuing, any sums paid upon or in respect of the Pledged Stock upon the liquidation or dissolution of any Equity Issuer (except any liquidation or dissolution of any Subsidiary of the Company permitted by the Indenture) shall be paid over to the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable, in accordance with the applicable Intercreditor Agreement, to be held by the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable, in accordance

 

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with the applicable Intercreditor Agreement, subject to the terms hereof as additional collateral security for the Obligations, and in case any distribution of capital shall be made on or in respect of the Pledged Stock or any property shall be distributed upon or with respect to the Pledged Stock pursuant to the recapitalization or reclassification of the capital of any Equity Issuer or pursuant to the reorganization thereof, the property so distributed shall, unless otherwise subject to a perfected security interest in favor of the Note Collateral Agent, be delivered to the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable, in accordance with the applicable Intercreditor Agreement, to be held by the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable, in accordance with the applicable Intercreditor Agreement, subject to the terms hereof as additional collateral security for the Obligations, in each case except as otherwise provided by the applicable Intercreditor Agreement.  If any sums of money or property so paid or distributed in respect of the Pledged Stock shall be received by such Pledgor, such Pledgor shall, until such money or property is paid or delivered to the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable, in accordance with the applicable Intercreditor Agreement, hold such money or property in trust for the Secured Parties, segregated from other funds of such Pledgor, as additional collateral security for the Obligations.

 

5.3.2        [RESERVED].

 

5.3.3        Pledged Notes.  Such Pledgor shall, on the date of this Agreement (or on such later date upon which it becomes a party hereto pursuant to subsection 9.15), deliver to the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable, in accordance with the applicable Intercreditor Agreement, all Pledged Notes then held by such Pledgor (excluding any Pledged Note the principal amount of which does not exceed $3,000,000), endorsed in blank or, at the request of the Note Collateral Agent, endorsed to the Note Collateral Agent.  Furthermore, within ten Business Days after any Pledgor obtains a Pledged Note with a principal amount in excess of $3,000,000, such Pledgor shall cause such Pledged Note to be delivered to the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable, in accordance with the applicable Intercreditor Agreement, endorsed in blank or, at the request of the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable, in accordance with the applicable Intercreditor Agreement, endorsed to the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable, in accordance with the applicable Intercreditor Agreement.

 

5.3.4        Maintenance of Security Interest.  Such Pledgor shall use commercially reasonable efforts to maintain the security interest created by this Agreement in such Pledgor’s Pledged Collateral as a perfected security interest as described in subsection 4.3.4 or 4.3.5 and to defend the security interest created by this Agreement in such Pledgor’s Pledged Collateral against the claims and demands of all Persons whomsoever (subject to the other provisions hereof and to Sections 1501, 1502, 1503 and 1508 or the Indenture).  At any time and from time to time, upon the written request of the Note Collateral Agent and at the sole expense of such Pledgor, such Pledgor will promptly and duly execute and deliver such further instruments and documents and take such further actions as the Note Collateral Agent may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and

 

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powers herein granted by such Pledgor; provided further that the Company or such Pledgor will not be required to (x) take any action in any jurisdiction other than the United States of America, or required by the laws of any such jurisdiction, in order to create any security interests (or other Liens) in assets located or titled outside of the United States of America or to perfect any security interests (or other Liens) in any Collateral, (y) deliver control agreements with respect to, or confer perfection by “control” over, any deposit accounts, bank or securities account or other Collateral, except, in the case of Collateral that constitutes Capital Stock or intercompany notes in certificated form, delivering such Capital Stock or intercompany notes (in the case of intercompany notes, limited to any such note with a principal amount in excess of $3.0 million) to the Note Collateral Agent (or another Person as required under any applicable Intercreditor Agreement) or (z) deliver landlord lien waivers, estoppels or collateral access letters.

 

5.4  Mortgaged Real Property.

 

5.4.1    With respect to each real property of such Grantor subject to a Mortgage:

 

(a)           If any portion of any such property is located in an area identified as a special flood hazard area by the Federal Emergency Management Agency or other applicable agency, such Grantor shall maintain or cause to be maintained, flood insurance to the extent required by law.

 

(b)           Such Grantor shall comply with and conform to (i) all provisions of each insurance policy maintained with respect to such property pursuant to subsection 5.2.2, and (ii) all requirements of the insurers of such property applicable to such Grantor or such property or to the use, manner of use, occupancy, possession, operation, maintenance, alteration or repair of such property, except for such non-compliance or non-conformity as would not reasonably be expected to have a Material Adverse Effect.  The Grantor shall not use or permit the use of such property in any manner that would reasonably be expected to result in the cancellation of, or to void coverage under, any insurance policy required to be maintained with respect to such property pursuant to subsection 5.2.2, except as would not reasonably be expected to have a Material Adverse Effect.

 

(c)           If such Grantor is in default of its obligations to obtain any such insurance policy required to be maintained with respect to such property pursuant to subsection 5.2.2, the result of which would reasonably be expected to have a Material Adverse Effect, then the Note Collateral Agent, at its option upon 10 days’ written notice to the Company, may effect such insurance from year to year at rates substantially similar to the rate at which the Company or any Subsidiary thereof had insured such property, and pay the premium or premiums therefor, and such Grantor or the Company shall pay to the Note Collateral Agent on demand such premium or premiums so paid by the Note Collateral Agent.

 

5.4.2        If such property, or any part thereof, shall be destroyed or damaged and the reasonably estimated cost thereof would exceed $10,000,000 the Company shall give prompt notice thereof to the Note Collateral Agent.  All insurance proceeds paid or payable in connection with any damage or casualty to any property shall be applied in the manner specified in subsection 5.2.2.

 

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5.4.3        Each Grantor that owns one or more of the real properties listed on Schedule 7 hereof agrees to use its commercially reasonable efforts to (a) deliver to the Note Collateral Agent the deliverables (which shall be in form and substance as reasonably determined by the Company) set forth below, and (b) pay or cause to be paid commercially reasonable fees and expenses to the extent specified below, with respect to such property, as soon as reasonably practicable (but no later than 180 days) following the date of this Agreement:

 

(a)           A fully executed counterpart of a Mortgage with respect to each such property, substantially in the form set forth in Annex 5 hereto, with such changes as may be necessary or desirable to comply with the law of the jurisdiction in which such Mortgage is to be filed, together with evidence that counterparts of each such Mortgage have been delivered to the Title Company (as defined below) or to the appropriate recording office for recording in all places to the extent reasonably necessary.

 

(b)           Customary opinions addressed to the Note Collateral Agent, of local counsel in each jurisdiction where each such property is located.

 

(c)           With respect to each such Mortgage, a policy of title insurance (or commitment to issue such a policy having the effect of a policy of title insurance) insuring (or committing to insure) the lien of such Mortgage as a valid and enforceable lien on the property described therein, subject to Liens permitted by the Indenture, including Permitted Liens (such policies collectively, the “Mortgage Policies”), in an amount reasonably determined by the Company (based upon recent assessed valuations for real estate tax purposes, if permitted under local law) and issued by such title company reasonably determined by the Company (the “Title Company”), which Mortgage Policy shall include such reasonable and customary title insurance endorsements to the extent available at commercially reasonable rates (excluding endorsements or  coverage related to creditors’ rights).

 

(d)           With respect to each such Mortgage Policy, any and all surveys or no change affidavits as may be reasonably necessary to cause the Title Company to issue such Mortgage Policy with a “comprehensive” endorsement (to the extent available) and to remove the standard survey exceptions from such Mortgage Policy with respect thereto (to the extent available).

 

(e)           To the extent the Mortgage is not sufficient to serve as a fixture filing under applicable local law, fixture filings under the Uniform Commercial Code on Form UCC-1 for filing under the Uniform Commercial Code in the jurisdiction in which each such property is located, as reasonably necessary to perfect the security interest in fixtures purported to be created by each such Mortgage in favor of the Note Collateral Agent for the benefit of the Secured Parties.

 

(f)            Evidence of payment of all Mortgage Policy premiums, mortgage recording taxes, and all commercially reasonable search and examination charges, fees, costs and expenses required for the recording of the Mortgages, fixture filings and issuance of the Mortgage Policies referred to above.

 

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5.4.4        It is understood and agreed that no Grantor shall be required to file any fixture filing with respect to any security interest in Fixtures affixed to or attached to any real property constituting Excluded Assets.

 

SECTION 6  REMEDIAL PROVISIONS

 

6.1  Certain Matters Relating to Accounts; Collateral Proceeds Account.  (a)  At any time and from time to time after the occurrence and during the continuance of an Event of Default, if the Discharge of ABL Obligations has occurred (and subject to any applicable Intercreditor Agreement), the Note Collateral Agent shall have the right to make test verifications of the Accounts Receivable constituting Collateral in any reasonable manner and through any reasonable medium that it reasonably considers advisable, and the relevant Grantor shall furnish all such assistance and information as the Note Collateral Agent may reasonably require in connection with such test verifications.  At any time and from time to time after the occurrence and during the continuance of an Event of Default, if the Discharge of ABL Obligations has occurred (and subject to any applicable Intercreditor Agreement), upon the Note Collateral Agent’s reasonable request and at the expense of the relevant Grantor, such Grantor shall cause independent public accountants or others reasonably satisfactory to the Note Collateral Agent to furnish to the Note Collateral Agent reports showing reconciliations, aging and test verifications of, and trial balances for, the Accounts Receivable constituting Collateral.

 

(b)           [RESERVED]

 

(c)           At any time and from time to time after the occurrence and during the continuance of an Event of Default specified in Section 601(i) or (ii) of the Indenture, if the Discharge of ABL Obligations has occurred (and subject to any applicable Intercreditor Agreement), at the Note Collateral Agent’s request, each Grantor shall deliver to the Note Collateral Agent copies or, if required by the Note Collateral Agent for the enforcement thereof or foreclosure thereon, originals of all documents held by such Grantor evidencing, and relating to, the agreements and transactions that gave rise to such Grantor’s Accounts Receivable constituting Collateral, including, without limitation, all statements relating to such Grantor’s Accounts Receivable constituting Collateral and all orders, invoices and shipping receipts.

 

(d)           So long as no Event of Default has occurred and is continuing, the Note Collateral Agent shall instruct the Collateral Account Bank to promptly remit any funds on deposit in each Grantor’s Collateral Proceeds Account to such Grantor’s General Fund Account or any other account designated by such Grantor.  In the event that an Event of Default has occurred and is continuing (and subject to any applicable Intercreditor Agreement), the Note Collateral Agent at its option may require that each Collateral Proceeds Account of each Grantor be established at the Note Collateral Agent or another institution reasonably acceptable to the Note Collateral Agent.  In the event that an Event of Default has occurred and is continuing, if the Discharge of ABL Obligations has occurred (and subject to any applicable Intercreditor Agreement), the Note Collateral Agent and the Grantors agree that the Note Collateral Agent, at its option, may require that the General Fund Account of each Grantor be established at the Note Collateral Agent or another institution reasonably acceptable to the Note Collateral Agent.  Each Grantor shall have the right, at any time and from time to time, to withdraw such of its own

 

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funds from its own General Fund Account, and to maintain such balances in its General Fund Account, as it shall deem to be necessary or desirable.

 

6.2  Communications with Obligors; Grantors Remain Liable.  (a)  The Note Collateral Agent in its own name or in the name of others, may at any time and from time to time after the occurrence and during the continuance of an Event of Default specified in Section 601(i) or (ii) of the Indenture, if the Discharge of ABL Obligations has occurred (and subject to any applicable Intercreditor Agreement), communicate with obligors under the Accounts Receivable constituting Collateral and parties to the Contracts (in each case, to the extent constituting Collateral) to verify with them to the Note Collateral Agent’s satisfaction the existence, amount and terms of any Accounts Receivable or Contracts.

 

(b)           Upon the request of the Note Collateral Agent at any time after the occurrence and during the continuance of an Event of Default specified in Section 601(i) or (ii) of the Indenture, if the Discharge of ABL Obligations has occurred (and subject to any applicable Intercreditor Agreement), each Grantor shall notify obligors on such Grantor’s Accounts Receivable and parties to such Grantor’s Contracts (in each case, to the extent constituting Collateral) that such Accounts Receivable and such Contracts have been assigned to the Note Collateral Agent, for the benefit of the Secured Parties, and that payments in respect thereof shall be made directly to the Note Collateral Agent.

 

(c)           Anything herein to the contrary notwithstanding, each Grantor shall remain liable under each of such Grantor’s Accounts Receivable to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise thereto.  None of the Note Collateral Agent or any other Secured Party shall have any obligation or liability under any Account Receivable (or any agreement giving rise thereto) by reason of or arising out of this Agreement or the receipt by the Note Collateral Agent or any other Secured Party of any payment relating thereto, nor shall the Note Collateral Agent or any other Secured Party be obligated in any manner to perform any of the obligations of any Grantor under or pursuant to any Account Receivable (or 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 it or as to the sufficiency of any performance by any party thereunder, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts that may have been assigned to it or to which it may be entitled at any time or times.

 

6.3  Pledged Stock.  (a)  Unless an Event of Default shall have occurred and be continuing and the Note Collateral Agent shall have given notice to the relevant Pledgor of the Note Collateral Agent’s intent to exercise its corresponding rights pursuant to subsection 6.3(b), each Pledgor shall be permitted to receive all cash dividends and distributions paid in respect of the Pledged Stock and all payments made in respect of the Pledged Notes and to exercise all voting and corporate rights with respect to the Pledged Stock.

 

(b)           If an Event of Default shall occur and be continuing and the Note Collateral Agent shall give written notice of its intent to exercise such rights to the relevant Pledgor or Pledgors, (i) the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable, in accordance with each applicable

 

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Intercreditor Agreement, shall have the right to receive any and all cash dividends, payments or other Proceeds paid in respect of the Pledged Stock and make application thereof to the Obligations of the relevant Pledgor as and in such order as is provided in subsection 6.5, and (ii) any or all of the Pledged Stock shall be registered in the name of the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, any Additional Agent, or the respective nominee of any thereof, and the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable, or acting through its respective nominee, if applicable, in accordance with each applicable Intercreditor Agreement, may thereafter exercise (x) all voting, corporate and other rights pertaining to such Pledged Stock at any meeting of shareholders of the relevant Equity Issuer or Equity Issuers or otherwise and (y) any and all rights of conversion, exchange, subscription and any other rights, privileges or options pertaining to such Pledged Stock as if it were the absolute owner thereof (including, without limitation, the right to exchange at its discretion any and all of the Pledged Stock upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate structure of any Equity Issuer, or upon the exercise by the relevant Pledgor or the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable, in accordance with each applicable Intercreditor Agreement, of any right, privilege or option pertaining to such Pledged Stock, and in connection therewith, the right to deposit and deliver any and all of the Pledged Stock with any committee, depository, transfer agent, registrar or other designated agency upon such terms and conditions as the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable, in accordance with each applicable Intercreditor Agreement, may reasonably determine), all without liability to the maximum extent permitted by applicable law (other than for its gross negligence or willful misconduct) except to account for property actually received by it, but the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable, in accordance with each applicable Intercreditor Agreement, shall have no duty, to any Pledgor to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing, provided that the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable, in accordance with each applicable Intercreditor Agreement, shall not exercise any voting or other consensual rights pertaining to the Pledged Stock in any way that would constitute an exercise of the remedies described in subsection 6.6 other than in accordance with subsection 6.6.

 

(c)           Each Pledgor hereby authorizes and instructs each Equity Issuer or maker of any Pledged Securities pledged by such Pledgor hereunder to (i) comply with any instruction received by it from the Note Collateral Agent in writing that (x) states that an Event of Default has occurred and is continuing and (y) is otherwise in accordance with the terms of this Agreement, without any other or further instructions from such Pledgor, and each Pledgor agrees that each Equity Issuer or maker shall be fully protected in so complying, and (ii) unless otherwise expressly permitted hereby, pay any dividends or other payments with respect to the Pledged Securities directly to the Note Collateral Agent.

 

6.4  Proceeds to be Turned Over to the Note Collateral Agent.  In addition to the rights of the Note Collateral Agent specified in subsection 6.1 with respect to payments of Accounts Receivable constituting Collateral, if an Event of Default shall occur and be continuing, and the Note Collateral Agent shall have instructed any Grantor to do so, all

 

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Proceeds of Collateral received by such Grantor consisting of cash, checks and other Cash Equivalent items shall be held by such Grantor in trust for the Note Collateral Agent and the other Secured Parties hereto, or the ABL Agent and the other Secured Parties (as defined in the ABL Guarantee and Collateral Agreement), any Additional Agent and the other applicable Additional Secured Parties (as defined in the applicable Intercreditor Agreement), or the applicable Collateral Representative, as applicable, in accordance with the terms of the applicable Intercreditor Agreement, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned over to the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable, in accordance with the applicable Intercreditor Agreement (or their respective agents appointed for purposes of perfection), in the exact form received by such Grantor (duly indorsed by such Grantor to the Note Collateral Agent, the applicable Collateral Representative, the ABL Agent, or any Additional Agent, as applicable, in accordance with the applicable Intercreditor Agreement, if required).  All Proceeds of Collateral received by the Note Collateral Agent hereunder shall be held by the Note Collateral Agent in the relevant Collateral Proceeds Account maintained under its sole dominion and control.  All Proceeds of Collateral while held by the Note Collateral Agent in such Collateral Proceeds Account (or by the relevant Grantor in trust for the Note Collateral Agent and the other Secured Parties) shall continue to be held as collateral security for all the Obligations of such Grantor and shall not constitute payment thereof until applied as provided in subsection 6.5.

 

6.5  Application of Proceeds.  It is agreed that if an Event of Default shall occur and be continuing, any and all Proceeds of the relevant Grantor’s Collateral (as defined in the Indenture) received by the Note Collateral Agent (whether from the relevant Grantor or otherwise) shall be held by the Note Collateral Agent for the benefit of the Secured Parties as collateral security for the Obligations of the relevant Grantor (whether matured or unmatured), and/or then or at any time thereafter may, in the sole discretion of the Note Collateral Agent, be applied by the Note Collateral Agent against the Obligations of the relevant Grantor then due and owing in the following order of priority, subject to each applicable Intercreditor Agreement:

 

First:  To the payment of all amounts due the Trustee under Section 707 of the Indenture;

 

Second:  To the payment of all amounts due the Note Collateral Agent under Section 1510 of the Indenture;

 

Third:  To the payment of the amounts then due and unpaid upon the other Obligations of such Grantor ratably, without preference or priority of any kind, according to the amounts due and payable on such Obligations; provided that any such application of Proceeds shall be made on a pro rata basis as between and among (i) the Holders and their respective successors and assigns and their permitted transferees and endorsees and (ii) the Non-Indenture Secured Parties; and

 

Fourth:  to such Grantor.

 

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6.6  Code and Other Remedies.  If an Event of Default shall occur and be continuing, the Note Collateral Agent, on behalf of the Secured Parties, 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 Obligations to the extent permitted by applicable law, all rights and remedies of a secured party under the Code and under any other applicable law and in equity.  Without limiting the generality of the foregoing, to the extent permitted by applicable law, the Note Collateral 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 any Grantor 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 and realize upon the Security Collateral, or any part thereof, and/or may forthwith, subject to any existing reserved rights or licenses, sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Security 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 Note Collateral Agent or any other Secured Party or elsewhere upon such terms and conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk.  To the extent permitted by law, the Note Collateral Agent or any other Secured Party shall have the right, upon any such sale or sales, to purchase the whole or any part of the Security Collateral so sold, free of any right or equity of redemption in such Grantor, which right or equity is hereby waived and released.  Each Grantor further agrees, at the Note Collateral Agent’s request (subject to each applicable Intercreditor Agreement), to assemble the Security Collateral and make it available to the Note Collateral Agent at places which the Note Collateral Agent shall reasonably select, whether at such Grantor’s premises or elsewhere.  The Note Collateral Agent shall apply the net proceeds of any action taken by it pursuant to this subsection 6.6, 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 Security Collateral or in any way relating to the Security Collateral or the rights of the Note Collateral Agent and the other Secured Parties hereunder, including, without limitation, reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Obligations of the relevant Grantor then due and owing, as and in the order of priority specified in subsection 6.5 above, and only after such application and after the payment by the Note Collateral Agent of any other amount required by any provision of law, including, without limitation, Section 9-615(a)(3) of the Code, need the Note Collateral Agent account for the surplus, if any, to such Grantor.  To the extent permitted by applicable law, (i) such Grantor waives all claims, damages and demands it may acquire against the Note Collateral Agent or any other Secured Party arising out of the repossession, retention or sale of the Security Collateral, other than any such claims, damages and demands that may arise from the gross negligence or willful misconduct of any of the Note Collateral Agent or such other Secured Party, and (ii) if any notice of a proposed sale or other disposition of Security Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such sale or other disposition.

 

6.7  Registration Rights.  (a) If the Note Collateral Agent shall determine to exercise its right to sell any or all of the Pledged Stock pursuant to subsection 6.6, and if in the reasonable opinion of the Note Collateral Agent it is necessary or reasonably advisable to have the Pledged Stock, or that portion thereof to be sold, registered under the provisions of the Securities Act, the relevant Pledgor will use its reasonable best efforts to cause the Equity Issuer

 

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thereof to (i) execute and deliver, and use its reasonable best efforts to cause the directors and officers of such Equity Issuer to execute and deliver, all such instruments and documents, and do or cause to be done all such other acts as may be, in the reasonable opinion of the Note Collateral Agent, necessary or advisable to register such Pledged Stock, or that portion thereof to be sold, under the provisions of the Securities Act, (ii) use its reasonable best efforts to cause the registration statement relating thereto to become effective and to remain effective for a period of not more than one year from the date of the first public offering of such Pledged Stock, or that portion thereof to be sold, and (iii) make all amendments thereto and/or to the related prospectus that, in the reasonable opinion of the Note Collateral Agent, are necessary or advisable, all in conformity with the requirements of the Securities Act and the rules and regulations of the Securities and Exchange Commission applicable thereto.  Such Pledgor agrees to use its reasonable best efforts to cause such Equity Issuer to comply with the provisions of the securities or “Blue Sky” laws of any and all states and the District of Columbia that the Note Collateral Agent shall reasonably designate and to make available to its security holders, as soon as practicable, an earnings statement (which need not be audited) that will satisfy the provisions of Section 11(a) of the Securities Act.

 

(b)           Such Pledgor recognizes that the Note Collateral Agent may be unable to effect a public sale of any or all such Pledged Stock, by reason of certain prohibitions contained in the Securities Act and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof.  Such Pledgor acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, to the extent permitted by applicable law, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner.  The Note Collateral Agent shall be under no obligation to delay a sale of any of the Pledged Stock for the period of time necessary to permit the Equity Issuer thereof to register such securities for public sale under the Securities Act, or under applicable state securities laws, even if such Equity Issuer would agree to do so.

 

(c)           Such Pledgor agrees to use its reasonable best efforts to do or cause to be done all such other acts as may be necessary to make such sale or sales of all or any portion of such Pledged Stock pursuant to this subsection 6.7 valid and binding and in compliance with any and all other applicable Requirements of Law.  Such Pledgor further agrees that a breach of any of the covenants contained in this subsection 6.7 will cause irreparable injury to the Note Collateral Agent and the Secured Parties, that the Note Collateral Agent and the Secured Parties have no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this subsection 6.7 shall be specifically enforceable against such Pledgor, and to the extent permitted by applicable law, such Pledgor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that no Event of Default has occurred or is continuing under the Indenture.

 

6.8  Waiver; Deficiency.  Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Security Collateral are insufficient to pay in full the Notes and, to the extent then due and owing, all other Obligations of such Grantor and

 

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the reasonable fees and disbursements of any attorneys employed by the Note Collateral Agent or any other Secured Party to collect such deficiency.

 

SECTION 7  THE NOTE COLLATERAL AGENT

 

7.1  Note Collateral Agent’s Appointment as Attorney-in-Fact, etc.  (a) Each Grantor hereby irrevocably constitutes and appoints the Note Collateral Agent and any authorized 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 such Grantor and in the name of such Grantor 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 that may be reasonably necessary or desirable to accomplish the purposes of this Agreement to the extent permitted by applicable law, provided that the Note Collateral Agent agrees not to exercise such power except upon the occurrence and during the continuance of any Event of Default, and in accordance with and subject to each applicable Intercreditor Agreement.  Without limiting the generality of the foregoing, at any time when an Event of Default has occurred and is continuing (in each case to the extent permitted by applicable law and subject to each applicable Intercreditor Agreement), (x) each Pledgor hereby gives the Note Collateral Agent the power and right, on behalf of such Pledgor, without notice or assent by such Pledgor, to execute, in connection with any sale provided for in subsection 6.6 or 6.7, any endorsements, assessments or other instruments of conveyance or transfer with respect to such Pledgor’s Pledged Collateral, and (y) each Grantor hereby gives the Note Collateral Agent the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do any or all of the following:

 

(i)            in the name of such Grantor 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 Account Receivable of such Grantor that constitutes Collateral or with respect to any other Collateral of such Grantor and file any claim or take any other action or institute any proceeding in any court of law or equity or otherwise deemed appropriate by the Note Collateral Agent for the purpose of collecting any and all such moneys due under any Account Receivable of such Grantor that constitutes Collateral or with respect to any other Collateral of such Grantor whenever payable;

 

(ii)           in the case of any Copyright, Patent or Trademark constituting Collateral of such Grantor, execute and deliver any and all agreements, instruments, documents and papers as the Note Collateral Agent may reasonably request to such Grantor to evidence the Note Collateral Agent’s and the Secured Parties’ security interest in such Copyright, Patent or Trademark and the goodwill and general intangibles of such Grantor relating thereto or represented thereby, and such Grantor hereby consents to the non-exclusive royalty free use by the Note Collateral Agent of any Copyright, Patent or Trademark owned by such Grantor included in the Collateral for the purposes of disposing of any Note Priority Collateral;

 

(iii)          pay or discharge taxes and Liens, other than Liens permitted under this Agreement or the other Note Documents, levied or placed on the Collateral of such

 

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Grantor, effect any repairs or any insurance called for by the terms of this Agreement and pay all or any part of the premiums therefor and the costs thereof; and

 

(iv)          (A) direct any party liable for any payment under any of the Collateral of such Grantor to make payment of any and all moneys due or to become due thereunder directly to the Note Collateral Agent or as the Note Collateral Agent shall direct; (B) ask or demand for, collect, 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 of such Grantor; (C) 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 of such Grantor; (D) commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral of such Grantor or any portion thereof and to enforce any other right in respect of any Collateral of such Grantor; (E) defend any suit, action or proceeding brought against such Grantor with respect to any Collateral of such Grantor; (F) settle, compromise or adjust any such suit, action or proceeding described in clause (E) above and, in connection therewith, to give such discharges or releases as the Note Collateral Agent may deem appropriate; (G) subject to any existing reserved rights or licenses, assign any Copyright, Patent or Trademark constituting Collateral of such Grantor (along with the goodwill of the business to which any such Copyright, Patent or Trademark pertains), for such term or terms, on such conditions, and in such manner, as the Note Collateral Agent shall in its sole discretion determine; and (H) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Collateral of such Grantor as fully and completely as though the Note Collateral Agent were the absolute owner thereof for all purposes, and do, at the Note Collateral Agent’s option and such Grantor’s expense, at any time, or from time to time, all acts and things which the Note Collateral Agent deems necessary to protect, preserve or realize upon the Collateral of such Grantor and the Note Collateral Agent’s and the other Secured Parties’ security interests therein and to effect the intent of this Agreement, all as fully and effectively as such Grantor might do.

 

(b)           The reasonable expenses of the Note Collateral Agent incurred in connection with actions undertaken as provided in this subsection 7.1 shall be payable by such Grantor to the Note Collateral Agent on demand in accordance with the Indenture.

 

(c)           Each Grantor hereby ratifies all that said attorney 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 as to the relevant Grantor until this Agreement is terminated as to such Grantor, and the security interests in the Security Collateral of such Grantor created hereby are released.

 

7.2  Duty of Note Collateral Agent.  The Note Collateral Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Security Collateral in its possession, under Section 9-207 of the Code or otherwise, shall be to deal with it in the same manner as the Note Collateral Agent deals with similar property for its own account.  None of the Note Collateral Agent or any other Secured Party nor any of their respective officers,

 

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directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Security Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Security Collateral upon the request of any Grantor or any other Person or, except as otherwise provided herein, to take any other action whatsoever with regard to the Security Collateral or any part thereof.  The powers conferred on the Note Collateral Agent and the other Secured Parties hereunder are solely to protect the Note Collateral Agent’s and the other Secured Parties’ interests in the Security Collateral and shall not impose any duty upon the Note Collateral Agent or any other Secured Party to exercise any such powers.  The Note Collateral Agent and the other Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and to the maximum extent permitted by applicable law, neither they nor any of their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except as otherwise provided herein or for their own gross negligence or willful misconduct.

 

7.3  Financing Statements.  Pursuant to any applicable law, each Grantor authorizes the Note Collateral Agent to file or record financing statements and other filing or recording documents or instruments with respect to such Grantor’s Security Collateral without the signature of such Grantor in such form and in such filing offices as the Note Collateral Agent reasonably determines appropriate to perfect the security interests of the Note Collateral Agent under this Agreement.  Each Grantor authorizes the Note Collateral Agent to use any collateral description reasonably determined by the Note Collateral Agent, including, without limitation, the collateral description “all personal property” or “all assets” in any such financing statements.  The Note Collateral Agent agrees to notify the relevant Grantor of any financing or continuation statement filed by it, provided that any failure to give such notice shall not affect the validity or effectiveness of any such filing.

 

7.4  Authority of Note Collateral Agent.  Each Grantor acknowledges that the rights and responsibilities of the Note Collateral Agent under this Agreement with respect to any action taken by the Note Collateral Agent or the exercise or non-exercise by the Note Collateral Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement or any amendment, supplement or other modification of this Agreement shall, as between the Note Collateral Agent and the Secured Parties, be governed by the Indenture and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Note Collateral Agent and the Grantors, the Note Collateral Agent shall be conclusively presumed to be acting as agent for the Secured Parties with full and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority.  The Note Collateral Agent shall have the benefit of the rights, privileges and immunities contained in Section 1509 of the Indenture.

 

7.5  Note Collateral Agent as Bailee for the Grantors.  In the event that at any time, any Capital Stock or Intercompany Notes owned by any Grantor and held by the Note Collateral Agent constitute Excluded Assets (including any such Capital Stock or Intercompany Notes constituting Pledged Securities at the time of delivery to the Note Collateral Agent that later become Excluded Assets), and for so long as they constitute Excluded Assets, any such Capital Stock or Intercompany Notes in the possession of the Note Collateral Agent, shall be held by the Note Collateral Agent solely as bailee and in trust for the applicable Grantor and

 

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such Pledged Securities will not be subject to subsections 3.1 and 3.2 or any Lien or security interest created pursuant thereto.  The Note Collateral Agent, at the request of the applicable Grantor, shall promptly return to such Grantor any Capital Stock or Intercompany Notes held by the Note Collateral Agent constituting Excluded Assets.

 

SECTION 8  NON-INDENTURE SECURED PARTIES

 

8.1  Rights to Collateral  (a) The Non-Indenture Secured Parties shall not have any right whatsoever to do any of the following:  (i) exercise any rights or remedies with respect to the Collateral (such term, as used in this Section 8, having the meaning assigned to it in the Indenture), or to direct to the Note Collateral Agent to do the same, including, without limitation, the right to (A) enforce any Liens or sell or otherwise foreclose on any portion of the Collateral, (B) request any action, institute any proceedings, exercise any voting rights, give any instructions, make any election, notify account debtors or make collections with respect to all or any portion of the Collateral or (C) release any Grantor under this Agreement or release any Collateral from the Liens of any Note Security Document or consent to or otherwise approve any such release; (ii) demand, accept or obtain any Lien on any Collateral (except for Liens arising under, and subject to the terms of, this Agreement); (iii) vote in any Bankruptcy Case or similar proceeding in respect of Holdings or any of its Subsidiaries (any such proceeding, for purposes of this clause (a), a “Bankruptcy”) with respect to, or take any other actions concerning the Collateral; (iv) receive any proceeds from any sale, transfer or other disposition of any of the Collateral (except in accordance with this Agreement); (v) oppose any sale, transfer or other disposition of the Collateral; (vi) object to any debtor-in-possession financing in any Bankruptcy that is provided by one or more Lenders among others (including on a priming basis under Section 364(d) of the Bankruptcy Code); (vii) object to the use of cash collateral in respect of the Collateral in any Bankruptcy; or (viii) seek, or object to any Indenture Secured Party seeking on an equal and ratable basis, any adequate protection or relief from the automatic stay with respect to the Collateral in any Bankruptcy.

 

(b)           Each Non-Indenture Secured Party, by its acceptance of the benefits of this Agreement and the other Note Security Documents, agrees that in exercising rights and remedies with respect to the Collateral, the Note Collateral Agent and the Holders, with the consent of the Note Collateral Agent, may enforce the provisions of the Note Security Documents and exercise remedies thereunder and under any other Note Documents (or refrain from enforcing rights and exercising remedies), all in such order and in such manner as they may determine in the exercise of their sole business judgment.  Such exercise and enforcement shall include, without limitation, the rights to collect, sell, dispose of or otherwise realize upon all or any part of the Collateral, to incur expenses in connection with such collection, sale, disposition or other realization and to exercise all the rights and remedies of a secured lender under the Uniform Commercial Code of any applicable jurisdiction.  The Non-Indenture Secured Parties by their acceptance of the benefits of this Agreement and the other Note Security Documents hereby agree not to contest or otherwise challenge any such collection, sale, disposition or other realization of or upon all or any of the Collateral.  Whether or not a Bankruptcy Case has been commenced, the Non-Indenture Secured Parties shall be deemed to have consented to any sale or other disposition of any property, business or assets of Holdings or any of its Subsidiaries and the release of any or all of the Collateral from the Liens of any Note Security Document in connection therewith.

 

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(c)           Notwithstanding any provision of this subsection 8.1, the Non-Indenture Secured Parties shall be entitled (subject to each applicable Intercreditor Agreement) to file any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleadings (A) in order to prevent any Person from seeking to foreclose on the Collateral or supersede the Non-Indenture Secured Parties’ claim thereto or (B) in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims of the Non-Indenture Secured Parties.  Each Non-Indenture Secured Party, by its acceptance of the benefits of this Agreement, agrees to be bound by and to comply with each applicable Intercreditor Agreement.

 

(d)           Each Non-Indenture Secured Party, by its acceptance of the benefits of this Agreement, agrees that the Note Collateral Agent, the Trustee and the Holders may deal with the Collateral, including any exchange, taking or release of Collateral, may change or increase the amount of the Company Obligations and/or the Grantor Obligations, and may release any Grantor from its Obligations hereunder, all without any liability or obligation (except as may be otherwise expressly provided herein) to the Non-Indenture Secured Parties.  The Note Collateral Agent shall not be required to provide any notice of any event that the Note Collateral Agent may be aware of, or any action taken by the Note Collateral Agent, to any Non-Indenture Secured Party.

 

8.1  Appointment of Agent.  Each Non-Indenture Secured Party, by its acceptance of the benefits of this Agreement and the other Note Security Documents, shall be deemed irrevocably to make, constitute and appoint the Note Collateral Agent, as agent under the Indenture (and all officers, employees or agents designated by the Note Collateral Agent) as such Person’s true and lawful agent and attorney-in-fact, and in such capacity, the Note Collateral Agent shall have the right, with power of substitution for the Non-Indenture Secured Parties and in each such Person’s name or otherwise, to effectuate any sale, transfer or other disposition of the Collateral.  It is understood and agreed that the appointment of the Note Collateral Agent as the agent and attorney-in-fact of the Non-Indenture Secured Parties for the purposes set forth herein is coupled with an interest and is irrevocable.

 

8.2  Waiver of Claims.  To the maximum extent permitted by law, each Non-Indenture Secured Party waives any claim it might have against the Note Collateral Agent, the Trustee or the Holders with respect to, or arising out of, any action or failure to act or any error of judgment, negligence, or mistake or oversight whatsoever on the part of the Note Collateral Agent, the Trustee or the Holders or their respective directors, officers, employees or agents with respect to any exercise of rights or remedies under the Note Documents or any transaction relating to the Collateral (including, without limitation, any such exercise described in subsection 8.1(b) above), except for any such action or failure to act that constitutes willful misconduct or gross negligence of such Person.  To the maximum extent permitted by law, none of the Note Collateral Agent, the Trustee or any Holder or any of their respective directors, officers, employees or agents shall be liable for 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 Holdings, any Subsidiary of Holdings, any Non-Indenture Secured Party or any other Person or to take any other action or forbear from doing so whatsoever with regard to the Collateral or any part thereof, except for any such action or failure to act that constitutes willful misconduct or gross negligence of such Person.  The Note

 

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Collateral Agent shall not be subject to any fiduciary or other implied duties of any kind or nature to the Non-Indenture Secured Parties, regardless of whether an Event of Default has occurred or is continuing.

 

8.3  Note Bank Products Providers; Note Hedging Providers; Management Credit Providers.  The Company may from time to time designate a Person as a “Note Bank Products Provider”, a “Note Hedging Provider” or a “Management Credit Provider” hereunder by delivering to the Note Collateral Agent a Non-Indenture Secured Party Designation (in substantially the form attached as Annex 4 hereto) executed by the Company and such Note Bank Products Provider, Note Hedging Provider or Management Credit Provider.

 

SECTION 9  MISCELLANEOUS

 

9.1  Amendments in Writing.  None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except by a written instrument executed by each affected Grantor and the Note Collateral Agent, subject to Article IX of the Indenture.  In addition, if separately agreed in writing between the Company and any Non-Indenture Secured Party (and such Non-Indenture Secured Party has been designated in writing by the Company to the Note Collateral Agent for purposes of this sentence, for so long as so designated), no such amendment, modification or waiver shall amend, modify or waive subsection 6.5 (or the definition of “Non-Indenture Secured Party” or “Secured Party” to the extent relating thereto) if such amendment, modification or waiver would directly and adversely affect such Non-Indenture Secured Party without the written consent of such Non-Indenture Secured Party.  For the avoidance of doubt, it is understood and agreed that any amendment, amendment and restatement, waiver, supplement or other modification of or to any Intercreditor Agreement that would have the effect, directly or indirectly, through any reference herein to such Intercreditor Agreement or otherwise, of waiving, amending, supplementing or otherwise modifying this Agreement, or any term or provision hereof, or any right or obligation of any Grantor hereunder or in respect hereof, shall not be given such effect except pursuant to a written instrument executed by each affected Grantor and the Note Collateral Agent in accordance with this Section 9.1.  In addition, the Indenture, the other Note Documents, the Base Intercreditor Agreement and the Note Collateral Intercreditor Agreement may be amended in accordance with the terms thereof.

 

9.2  Notices.  All notices, requests and demands to or upon the Note Collateral Agent or any Grantor hereunder shall be effected in the manner provided for in Section 109 of the Indenture; provided that any such notice, request or demand to or upon any Grantor shall be addressed to such Grantor at its notice address set forth on Schedule 1, unless and until such Grantor shall change such address by notice to the Note Collateral Agent given in accordance with Section 109 of the Indenture.

 

9.3  No Waiver by Course of Conduct; Cumulative Remedies.  Neither the Note Collateral Agent nor any other Secured Party shall by any act (except by a written instrument pursuant to subsection 9.1 hereof or Article IX of the Indenture), delay, indulgence, omission or

 

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otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default.  No failure to exercise, nor any delay in exercising, on the part of the Note Collateral Agent or any other Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof.  No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  A waiver by the Note Collateral Agent or any other Secured Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy that the Note Collateral Agent or such other Secured Party would otherwise have on any future occasion.  The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law.

 

9.4  [RESERVED].

 

9.5  Successors and Assigns.  This Agreement shall be binding upon and shall inure to the benefit of the Grantors, the Note Collateral Agent and the Secured Parties and their respective successors and assigns.

 

9.6  [RESERVED].

 

9.7  Counterparts.  This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

9.8  Severability.  To the extent permitted by law, 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; provided that, with respect to any Pledged Stock issued by a Foreign Subsidiary, all rights, powers and remedies provided in this Agreement may be exercised only to the extent that they do not violate any provision of any law, rule or regulation of any Governmental Authority applicable to any such Pledged Stock or affecting the legality, validity or enforceability of any of the provisions of this Agreement against the Pledgor (such laws, rules or regulations, “Applicable Law”) and are intended to be limited to the extent necessary so that they will not render this Agreement invalid, unenforceable or not entitled to be recorded, registered or filed under the provisions of any Applicable Law.

 

9.9  Section Headings.  The Section headings used in this Agreement are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof.

 

9.10  Integration.  This Agreement and the other Note Documents represent the entire agreement of the Grantors, the Note Collateral Agent and the other Secured Parties with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Grantors, the Note Collateral Agent or any other Secured Party relative to the subject matter hereof not expressly set forth or referred to herein or in the other Note Documents.

 

40

 

9.11  GOVERNING LAW.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND ANY CLAIM OR CONTROVERSY RELATING HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

9.12  Submission to Jurisdiction.  Each party hereto hereby irrevocably and unconditionally agrees to submit to the jurisdiction of any United States federal or state court located in the borough of Manhattan, in the city of New York in any action or proceeding arising out of or relating to this Agreement.

 

9.13  Acknowledgments.  Each Grantor hereby acknowledges that:

 

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

 

(b)           none of the Note Collateral Agent or any other Secured Party has any fiduciary relationship with or duty to any Grantor arising out of or in connection with this Agreement or any of the other Note Documents, and the relationship between the Grantors, on the one hand, and the Note Collateral Agent and the other Secured Parties, 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 Note Documents or otherwise exists by virtue of the transactions contemplated hereby among the Secured Parties or among the Guarantors and the Secured Parties.

 

9.14  WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

9.15  Additional Grantors.  Each new Subsidiary of the Company that is required to become a party to this Agreement pursuant to Section 414 of the Indenture shall become a Grantor for all purposes of this Agreement upon execution and delivery by such Subsidiary of an Assumption Agreement in the form of Annex 2 hereto.  Each existing Grantor that is required to become a Pledgor with respect to Capital Stock of any new Subsidiary of the Company pursuant to Section 1503 of the Indenture shall become a Pledgor with respect thereto upon execution and delivery by such Grantor of a Supplemental Agreement substantially in the form of Annex 3 hereto.

 

9.16  Releases.  (a)  The Collateral shall be released from the Lien and security interest created by this Agreement, all without delivery of any instrument or performance of any act by any party, at any time or from time to time in accordance with the provisions of Section 1502 of the Indenture.  Upon such release, all rights in the Collateral so released shall revert to the Company and the Grantors.

 

(b)           The Note Collateral Agent and, if necessary, the Trustee shall, at the Company’s expense, execute, deliver or acknowledge such instruments or releases to evidence

 

41

 

and shall do or cause to be done all other acts reasonably necessary to effect, in each case as soon as is reasonably practicable, the release of any Collateral permitted to be released pursuant to the Indenture.  Neither the Trustee nor the Note Collateral Agent shall be liable for any such release undertaken in good faith and in the absence of negligence or willful misconduct.

 

(c)           So long as no Event of Default has occurred and is continuing, the Note Collateral Agent shall at the direction of any applicable Grantor return to such Grantor any proceeds or other property received by it during any Event of Default pursuant to either Section 5.3.1 or 6.4 and not otherwise applied in accordance with Section 6.5.

 

[Remainder of page left blank intentionally; Signature page to follow.]

 

42

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, all as of the date first written above.

 

	
 
    	
 
    	
ATKORE   INTERNATIONAL HOLDINGS INC., as a Grantor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Name:   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Title:   Vice President
    

 

	
 
    	
 
    	
ATKORE   INTERNATIONAL, INC., as a Grantor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Name:   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Title:   Vice President
    

 

	
 
    	
 
    	
AFC   CABLE SYSTEMS, INC., as a Grantor
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Name:   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Title:   Vice President
    

 

	
 
    	
 
    	
ALLIED   TUBE & CONDUIT CORPORATION, as a Grantor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Name:   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Title:   Vice President
    

 

[Signature Page to the Note Collateral Agreement]

 

 

	
 
    	
 
    	
GEORGIA   PIPE COMPANY, as a Grantor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Name:   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Title:   Vice President
    

 

	
 
    	
 
    	
TKN,   INC., as a Grantor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Name:   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Title:   Vice President
    

 

	
 
    	
 
    	
TYCO   INTERNATIONAL (NV) INC., as a Grantor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Name:   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Title:   Vice President
    

 

	
 
    	
 
    	
TYCO   INTERNATIONAL CTC, INC., as a Grantor 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Name:   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Title:   Vice President
    

 

	
 
    	
 
    	
UNISTRUT   INTERNATIONAL CORPORATION, as a Grantor 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Name:   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Title:   Vice President
    

 

[Signature Page to the Note Collateral Agreement]

 

 

	
 
    	
 
    	
UNISTRUT   INTERNATIONAL HOLDINGS, LLC, as a Grantor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Name:   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Title:   Vice President
    

 

	
 
    	
 
    	
WPFY,   INC., as a Grantor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Name:   John S. Jenkins, Jr.
    
	
 
    	
 
    	
 
    	
Title:   Vice President
    

 

[Signature Page to the Note Collateral Agreement]

 

 

	
 
    	
 
    	
WILMINGTON TRUST FSB, as   Note Collateral Agent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/ Joseph P O’Donnell
    
	
 
    	
 
    	
 
    	
Name: Joseph P O’Donnell
    
	
 
    	
 
    	
 
    	
Title: Vice President
    

 

[Signature Page to Notes Collateral Agreement]

 

 

SCHEDULE 1

 

Notice of Addresses of Guarantors

 

	
Guarantor
    	
 
    	
Notice Address
    
	
AFC Cable Systems, Inc.
    	
 
    	
c/o Atkore International, Inc. 

16100 S. Lathrop Avenue 

Harvey, IL 60426 

Attn: General Counsel
    
	
Allied Tube & Conduit Corporation
    	
 
    	
c/o Atkore International, Inc. 

16100 S. Lathrop Avenue 

Harvey, IL 60426 

Attn: General Counsel
    
	
Atkore International Holdings, Inc.
    	
 
    	
16100 S. Lathrop Avenue 

Harvey, IL 60426 

Attn: General Counsel
    
	
Atkore International, Inc.
    	
 
    	
16100 S. Lathrop Avenue 

Harvey, IL 60426 

Attn: General Counsel
    
	
Georgia Pipe Company
    	
 
    	
c/o Atkore International, Inc. 

16100 S. Lathrop Avenue 

Harvey, IL 60426 

Attn: General Counsel
    
	
TKN, INC.
    	
 
    	
c/o Atkore International, Inc. 

16100 S. Lathrop Avenue 

Harvey, IL 60426 

Attn: General Counsel
    
	
Tyco International CTC, Inc.
    	
 
    	
c/o Atkore International, Inc. 

16100 S. Lathrop Avenue 

Harvey, IL 60426 

Attn: General Counsel
    
	
Tyco International (NV) Inc.
    	
 
    	
c/o Atkore International, Inc. 

16100 S. Lathrop Avenue 

Harvey, IL 60426 

Attn: General Counsel
    
	
Unistrut International Corporation
    	
 
    	
c/o Atkore International, Inc. 

16100 S. Lathrop Avenue 

Harvey, IL 60426 

Attn: General Counsel
    
	
Unistrut International Holdings, LLC
    	
 
    	
c/o Atkore International, Inc. 

16100 S. Lathrop Avenue 

Harvey, IL 60426 

Attn: General Counsel
    
	
WPFY, Inc.
    	
 
    	
c/o Atkore International, Inc. 

16100 S. Lathrop Avenue 

Harvey, IL 60426 

Attn: General Counsel
    

 

1

 

SCHEDULE 2

 

PLEDGED SECURITIES

 

Pledged Stock:

 

	
Grantor
    	
 
    	
Issuer
    	
 
    	
Class of Stock/
   Type of Interest
   Owned
    	
 
    	
Certificate
   Number
    	
 
    	
Par Value
    	
 
    	
Number of
   shares
   outstanding
    	
 
    	
Percentage
   Pledged
    	
 
    
	
Atkore International Holdings Inc.
    	
 
    	
Atkore International, Inc
    	
 
    	
Common Stock
    	
 
    	
1
    	
 
    	
$
    	
0.01
    	
 
    	
100
    	
 
    	
100
    	
 
    
	
Atkore International, Inc.
    	
 
    	
Allied Tube & Conduit Corporation 
    	
 
    	
Common Stock
    	
 
    	
9
    	
 
    	
$
    	
1.00
    	
 
    	
1000
    	
 
    	
100
    	
 
    
	
Atkore International, Inc.
    	
 
    	
Unistrut International Corporation
    	
 
    	
Common Stock
    	
 
    	
7
    	
 
    	
$
    	
0.01
    	
 
    	
1
    	
 
    	
100
    	
 
    
	
Atkore International, Inc.
    	
 
    	
Tyco International CTC, Inc.
    	
 
    	
Common Stock
    	
 
    	
40
    	
 
    	
$
    	
10.00
    	
 
    	
999.946
    	
 
    	
100
    	
 
    
	
Atkore International, Inc.
    	
 
    	
Tyco International (NV) Inc.
    	
 
    	
Common Stock
    	
 
    	
7
    	
 
    	
$
    	
1.00
    	
 
    	
100
    	
 
    	
100
    	
 
    
	
Tyco International (NV) Inc.
    	
 
    	
AFC Cable Systems, Inc.
    	
 
    	
Common Stock
    	
 
    	
1
    	
 
    	
$
    	
0.01
    	
 
    	
100
    	
 
    	
100
    	
 
    
	
AFC Cable Systems, Inc.
    	
 
    	
WPFY, Inc.
    	
 
    	
Common Stock
    	
 
    	
1
    	
 
    	
$
    	
0.01
    	
 
    	
100
    	
 
    	
100
    	
 
    
	
AFC Cable Systems, Inc.
    	
 
    	
TKN, INC.
    	
 
    	
Common Stock
    	
 
    	
6
    	
 
    	
$
    	
1.00
    	
 
    	
90
    	
 
    	
100
    	
 
    
	
AFC Cable Systems, Inc.
    	
 
    	
Georgia Pipe Company
    	
 
    	
Common Stock
    	
 
    	
11
    	
 
    	
no par value
    	
 
    	
1,000
    	
 
    	
100
    	
 
    

 

Pledged Notes:

 

1.     Amended and Restated Promissory Note, dated December 21, 2010, issued by AFC Cable Systems, Inc. to Tyco International (NV) Inc. in the original principal amount of $80,000,000.

 

2.     Amended and Restated Promissory Note, dated December 21, 2010, issued by AFC Cable Systems, Inc. to Tyco International (NV) Inc. in the original principal amount of $135,000,000.

 

3      Amended and Restated Promissory Note, dated December 21, 2010, issued by AFC Cable Systems, Inc. to Tyco International (NV) Inc. in the original principal amount of $15,000,000.

 

 

SCHEDULE 3

 

PERFECTION MATTERS

 

I. Existing Security Interests

 

See Schedule 8.14(b) to the Credit Agreement.

 

II. Closing Date UCC Filings

 

	
Granting Party
    	
 
    	
State
    	
 
    	
Filing Office
    	
 
    	
Document Filed
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
AFC Cable Systems, Inc.
    	
 
    	
Delaware
    	
 
    	
Delaware Secretary of State
    	
 
    	
UCC-1 financing statements
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Allied Tube & Conduit Corporation
    	
 
    	
Delaware
    	
 
    	
Delaware Secretary of State
    	
 
    	
UCC-1 financing statements
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Atkore International Holdings, Inc.
    	
 
    	
Delaware
    	
 
    	
Delaware Secretary of State
    	
 
    	
UCC-1 financing statements
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Atkore International, Inc.
    	
 
    	
Delaware
    	
 
    	
Delaware Secretary of State
    	
 
    	
UCC-1 financing statements
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Georgia Pipe Company
    	
 
    	
Georgia
    	
 
    	
Georgia Secretary of State
    	
 
    	
UCC-1 financing statements
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
TKN, INC.
    	
 
    	
Rhode Island
    	
 
    	
Rhode Island Secretary of State
    	
 
    	
UCC-1 financing statements
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Tyco International CTC, Inc.
    	
 
    	
Arkansas
    	
 
    	
Arkansas Secretary of State
    	
 
    	
UCC-1 financing statements
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Tyco International (NV) Inc.
    	
 
    	
Nevada
    	
 
    	
Nevada Secretary of State
    	
 
    	
UCC-1 financing statements
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Unistrut International Corporation
    	
 
    	
Nevada
    	
 
    	
Nevada Secretary of State
    	
 
    	
UCC-1 financing statements
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Unistrut International Holdings, LLC
    	
 
    	
Delaware
    	
 
    	
Delaware Secretary of State
    	
 
    	
UCC-1 financing statements
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
WPFY, Inc.
    	
 
    	
Delaware
    	
 
    	
Delaware Secretary of State
    	
 
    	
UCC-1 financing statements
    

 

 

SCHEDULE 3

 

III. Closing Date Intellectual Property Filings

 

Note Notices:

 

1.                                       Note Notice and Confirmation of Grant of Security Interest in Trademarks by Allied Tube & Conduit Corporation, dated as of December 22, 2010 in the U.S. Patent and Trademark Office

 

2.                                       Note Notice and Confirmation of Grant of Security Interest in Trademarks by WPFY, Inc., dated as of December 22, 2010 in the U.S. Patent and Trademark Office

 

3.                                       Note Notice and Confirmation of Grant of Security Interest in Trademarks by Unistrut International Corporation, dated as of December 22, 2010 in the U.S. Patent and Trademark Office

 

4.                                       Note Notice and Confirmation of Grant of Security Interest in Patents by WPFY, Inc., dated as of December 22, 2010 in the U.S. Patent and Trademark Office

 

5.                                       Note Notice and Confirmation of Grant of Security Interest in Patents by Allied Tube & Conduit Corporation, dated as of December 22, 2010 in the U.S. Patent and Trademark Office

 

6.                                       Note Notice and Confirmation of Grant of Security Interest in Patents by Unistrut International Corporation, dated as of December 22, 2010 in the U.S. Patent and Trademark Office

 

7.                                       Note Notice and Confirmation of Grant of Security Interest in Patents by AFC Cable Systems, Inc., dated as of December 22, 2010 in the U.S. Patent and Trademark Office

 

8.                                       Note Grant of Security Interest in Copyrights by Allied Tube & Conduit Corporation, dated as of December 22, 2010 in the U.S. Copyright Office

 

9.                                       Note Grant of Security Interest in Copyrights by Unistrut International Corporation, dated as of December 22, 2010 in the U.S. Copyright Office

 

 

SCHEDULE 4

 

LOCATION OF JURISDICTION OF ORGANIZATION

 

	
Granting Party
    	
 
    	
Location
    
	
AFC Cable Systems, Inc.
    	
 
    	
Delaware
    
	
Allied Tube & Conduit Corporation
    	
 
    	
Delaware
    
	
Atkore International, Inc.
    	
 
    	
Delaware
    
	
Atkore International Holdings Inc.
    	
 
    	
Delaware
    
	
Georgia Pipe Company
    	
 
    	
Georgia
    
	
TKN, INC.
    	
 
    	
Rhode Island
    
	
Tyco International CTC, Inc.
    	
 
    	
Arkansas
    
	
Tyco International (NV) Inc.
    	
 
    	
Nevada
    
	
Unistrut International Corporation
    	
 
    	
Nevada
    
	
Unistrut International Holdings, LLC
    	
 
    	
Delaware
    
	
WPFY, Inc.
    	
 
    	
Delaware
    

 

 

SCHEDULE 5

 

INTELLECTUAL PROPERTY

 

I. COPYRIGHTS

 

GRANTOR: Allied Tube & Conduit Corporation

 

	
 
    	
Title of Work
    	
 
    	
Registration
   Number
    	
 
    	
Registration
   Date
    	
 
    
	
 
    	
Let’s Build A Fence, the Easy Way!
    	
 
    	
TX-640-457
    	
 
    	
02-Mar-1981
    	
 
    

 

GRANTOR: Unistrut International Corporation

 

	
 
    	
Title of Work
    	
 
    	
Registration
   Number
    	
 
    	
Registration
   Date
    	
 
    
	
 
    	
UNISTRUT Diversified Products Company: Technical   Bulletin
    	
 
    	
TX3-981-792
    	
 
    	
03-Mar-1995
    	
 
    

 

	
IL PATENTS

 

GRANTOR: WPFY, Inc.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title
    	
 
    	
Status
    	
 
    	
Application
    Number
    	
 
    	
File Date
    	
 
    	
Patent No.
    	
 
    	
Issue Date
    	
 
    	
Expires
    
	
AC CABLE WITH POLYMER COATED CONDUCTORS AND BARE   GROUND
    	
 
    	
Published
    	
 
    	
12/419607
    	
 
    	
4//7/09
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Published
    	
 
    	
US09/39753
    	
 
    	
4/7/09
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Antibacterial Coating for Electrical Conduit
    	
 
    	
Pending
    	
 
    	
12/505675
    	
 
    	
7/20/09
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Pending
    	
 
    	
12/505681
    	
 
    	
7/20/09
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
ANTI-SHORT BUSHING
    	
 
    	
Granted
    	
 
    	
29/039905
    	
 
    	
6/7/95
    	
 
    	
D375250
    	
 
    	
11/5/96
    	
 
    	
11/5/10
    
	
ARMORED CABLE
    	
 
    	
Granted
    	
 
    	
07/865334
    	
 
    	
4/8/92
    	
 
    	
5350885
    	
 
    	
9/27/94
    	
 
    	
4/8/12
    
	
 
    	
 
    	
Granted
    	
 
    	
08/139314
    	
 
    	
10/19/93
    	
 
    	
5468914
    	
 
    	
11/21/95
    	
 
    	
11/21/12
    
	
 
    	
 
    	
Granted
    	
 
    	
08/458642
    	
 
    	
6/2/95
    	
 
    	
5557071
    	
 
    	
9/17/96
    	
 
    	
9/17/13
    
	
 
    	
 
    	
Granted
    	
 
    	
08/712323
    	
 
    	
9/11/96
    	
 
    	
5708235
    	
 
    	
1/13/98
    	
 
    	
4/8/12
    
	
 
    	
 
    	
Granted
    	
 
    	
09/482340
    	
 
    	
1/13/00
    	
 
    	
RE38345
    	
 
    	
12/16/03
    	
 
    	
4/8/12
    
	
 
    	
 
    	
Pending
    	
 
    	
12/326270
    	
 
    	
12/2/08
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
CABLE CONNECTOR
    	
 
    	
Granted
    	
 
    	
29/049758
    	
 
    	
1/30/96
    	
 
    	
D380197
    	
 
    	
6/24/97
    	
 
    	
6/24/11
    
	
DUPLEX CABLE CONNECTOR
    	
 
    	
Granted
    	
 
    	
29/046170
    	
 
    	
11/8/95
    	
 
    	
D381630
    	
 
    	
7/29/97
    	
 
    	
7/29/11
    
	
Flexible Conduit and Cable (a.k.a. “Breakable   Conduit”)
    	
 
    	
Granted
    	
 
    	
11/003658
    	
 
    	
12/3/04
    	
 
    	
7420120
    	
 
    	
9/2/08
    	
 
    	
12/3/24
    
	
INDICIA-CODED ELECTRICAL CABLE
    	
 
    	
Granted
    	
 
    	
09/573490
    	
 
    	
5/16/00
    	
 
    	
6825418
    	
 
    	
11/30/04
    	
 
    	
5/16/20
    
	
 
    	
 
    	
Granted
    	
 
    	
10/920278
    	
 
    	
8/18/04
    	
 
    	
7465878
    	
 
    	
12/16/08
    	
 
    	
5/16/20
    

 

6

 

SCHEDULE 5

 

	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title
    	
 
    	
Status
    	
 
    	
Application
    Number
    	
 
    	
File Date
    	
 
    	
Patent No.
    	
 
    	
Issue Date
    	
 
    	
Expires
    
	
 
    	
 
    	
Published
    	
 
    	
12/331923
    	
 
    	
12/10/08
    	
 
    	
 
    	
 
    	
 
    	
 
    	
5/16/20
    
	
 
    	
 
    	
Pending
    	
 
    	
90/009433
    	
 
    	
4/3/09
    	
 
    	
 
    	
 
    	
 
    	
 
    	
5/16/20
    
	
 
    	
 
    	
Converted
    	
 
    	
US01/40739
    	
 
    	
5/16/01
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
MC CABLE WITH COATED CONDUCTORS AND BARE GROUND
    	
 
    	
Published
    	
 
    	
12/419634
    	
 
    	
4/7/09
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Published
    	
 
    	
US09/39761
    	
 
    	
4/7/09
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
MODULAR CABLE ASSEMBLIES
    	
 
    	
Granted
    	
 
    	
09/687703
    	
 
    	
10/13/00
    	
 
    	
6663438
    	
 
    	
12/16/03
    	
 
    	
10/13/20
    

 

	
GRANTOR:   Allied Tube & Conduit Corporation
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title
    	
 
    	
Status
    	
 
    	
Application
    Number
    	
 
    	
File Date
    	
 
    	
Patent
   No.
    	
 
    	
Issue
   Date
    	
 
    	
Expires
    
	
APPARATUS FOR CONTINUOUSLY ELECTROSTATIC-ALLY   COATING AN ELONGATED OBJECT.
    	
 
    	
Granted
    	
 
    	
08/717704
    	
 
    	
9/23/96
    	
 
    	
5718027
    	
 
    	
2/17/98
    	
 
    	
9/23/16
    
	
APPLICATION AND   COMPOSITION OF HYDRAULIC FRICTION REDUCING INTERNAL DIAMETER COATING FOR FIRE   PROTECTION PIPING
    	
 
    	
Granted
    	
 
    	
12/534616
    	
 
    	
8/3/09
    	
 
    	
7819140
    	
 
    	
10/26/10
    	
 
    	
 
    
	
ARCH FORMATION OF STEEL PROFILES IN CONTINUOUS   IN-LINE PROCESS
    	
 
    	
Pending
    	
 
    	
12/811593
    	
 
    	
12/12/08
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Converted
    	
 
    	
US08/86655
    	
 
    	
12/12/08
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
BUILDING SYSTEM
    	
 
    	
Granted
    	
 
    	
08/149477
    	
 
    	
11/9/93
    	
 
    	
5657606
    	
 
    	
8/19/97
    	
 
    	
8/19/14
    
	
Conduit Coupling Assembly
    	
 
    	
Granted
    	
 
    	
10/328077
    	
 
    	
12/23/02
    	
 
    	
7404582
    	
 
    	
7/29/08
    	
 
    	
12/23/22
    
	
 
    	
 
    	
Converted
    	
 
    	
US03/41080
    	
 
    	
12/22/03
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Granted 
    	
 
    	
12/144735
    	
 
    	
6/24/08
    	
 
    	
7726001
    	
 
    	
6/1/10
    	
 
    	
12/23/22
    
	
Continuous Manufactured Colored Metallic Products   and Method of Manufacture of such Products
    	
 
    	
Published
    	
 
    	
10/702625
    	
 
    	
11/6/03
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Converted
    	
 
    	
US04/037040
    	
 
    	
11/8/04
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Fence System
    	
 
    	
Granted
    	
 
    	
09/552940
    	
 
    	
4/20/00
    	
 
    	
6341764
    	
 
    	
1/29/02
    	
 
    	
4/20/20
    
	
Fencing Construction Apparatus and  Method
    	
 
    	
Granted
    	
 
    	
11/753252
    	
 
    	
5/24/07
    	
 
    	
7789376
    	
 
    	
9/7/10
    	
 
    	
 
    
	
Fire Protection Pipe and Methods of Manufacture
    	
 
    	
Converted
    	
 
    	
60/233676
    	
 
    	
9/19/00
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Granted
    	
 
    	
09/955426
    	
 
    	
9/18/01
    	
 
    	
6758282
    	
 
    	
7/6/04
    	
 
    	
9/18/21
    
	
FLOW COAT GALVANIZING
    	
 
    	
Granted
    	
 
    	
08/365228
    	
 
    	
12/28/94
    	
 
    	
5527563
    	
 
    	
6/18/96
    	
 
    	
6/18/13
    
	
 
    	
 
    	
Granted
    	
 
    	
08/608823
    	
 
    	
2/29/96
    	
 
    	
5718765
    	
 
    	
2/17/98
    	
 
    	
2/29/16
    
	
HINGE CONNECTOR
    	
 
    	
Granted
    	
 
    	
08/088752
    	
 
    	
7/8/93
    	
 
    	
5412843
    	
 
    	
5/9/95
    	
 
    	
7/8/13
    
	
IN-LINE COATING & CURING A CONTINUOUSLY MOVING   WELDED TUBE WITH AN ORGANIC POLYMER.
    	
 
    	
Granted
    	
 
    	
08/476506
    	
 
    	
6/7/95
    	
 
    	
6197394
    	
 
    	
3/6/01
    	
 
    	
3/6/18
    
	
 
    	
 
    	
Granted
    	
 
    	
09/127143
    	
 
    	
7/31/98
    	
 
    	
6063452
    	
 
    	
5/16/00
    	
 
    	
7/31/18
    
	
IN-LINE COATING OF STEEL TUBING.
    	
 
    	
Granted
    	
 
    	
08/243583
    	
 
    	
5/16/94
    	
 
    	
5453302
    	
 
    	
9/26/95
    	
 
    	
5/16/14
    
	
 
    	
 
    	
Granted
    	
 
    	
08/388972
    	
 
    	
2/14/95
    	
 
    	
5614265
    	
 
    	
3/25/97
    	
 
    	
5/16/14
    

 

7

 

SCHEDULE 5

 

	
 
    
	
INTEGRAL COMPRESSION Coupling for EMT
    	
 
    	
Published
    	
 
    	
12/325336
    	
 
    	
12/1/08
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Metal Floor Joist system
    	
 
    	
Pending
    	
 
    	
11/549360
    	
 
    	
10/13/06
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Metal Roof Truss
    	
 
    	
Granted
    	
 
    	
08/181615
    	
 
    	
1/13/94
    	
 
    	
5463837
    	
 
    	
11/7/95
    	
 
    	
1/13/14
    
	
METALLIC WALL HAVING COINED KNOCKOUT AND METHOD   OF FORMING
    	
 
    	
Granted
    	
 
    	
08/026432
    	
 
    	
3/4/93
    	
 
    	
5364661
    	
 
    	
3/5/96
    	
 
    	
3/5/13
    
	
 
    	
 
    	
Granted
    	
 
    	
08/337865
    	
 
    	
11/14/94
    	
 
    	
5496588
    	
 
    	
3/5/96
    	
 
    	
3/5/13
    
	
 
    	
 
    	
Granted
    	
 
    	
08/411489
    	
 
    	
3/28/95
    	
 
    	
5538556
    	
 
    	
7/23/96
    	
 
    	
7/23/13
    
	
 
    	
 
    	
Granted
    	
 
    	
08/608822
    	
 
    	
2/29/96
    	
 
    	
5855674
    	
 
    	
1/5/99
    	
 
    	
3/4/13
    
	
METHOD FOR GALVANIZING LINEAR MATERIALS.
    	
 
    	
Granted
    	
 
    	
08/431481
    	
 
    	
5/1/95
    	
 
    	
5506002
    	
 
    	
4/9/96
    	
 
    	
8/9/14
    
	
Modular Building Frame
    	
 
    	
Granted NR1
    	
 
    	
09/468981
    	
 
    	
12/21/99
    	
 
    	
6460297
    	
 
    	
10/8/02
    	
 
    	
12/21/19
    
	
 
    	
 
    	
Published NR2
    	
 
    	
10/267112
    	
 
    	
10/7/02
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Modular Center Spine Cable Tray System
    	
 
    	
Granted
    	
 
    	
09/506133
    	
 
    	
2/17/00
    	
 
    	
6483025
    	
 
    	
11/19/02
    	
 
    	
2/17/20
    
	
Modular Frame Building
    	
 
    	
Granted LNR3
    	
 
    	
08/952589
    	
 
    	
8/2/96
    	
 
    	
6003280
    	
 
    	
12/21/99
    	
 
    	
8/2/16
    
	
PAVER EDGING CONCEPT
    	
 
    	
Published
    	
 
    	
12/198465
    	
 
    	
8/26/08
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
PICKET FENCE ASSEMBLY
    	
 
    	
Granted
    	
 
    	
11/296972
    	
 
    	
12/8/05
    	
 
    	
7434789
    	
 
    	
10/14/08
    	
 
    	
12/8/25
    
	
RDU (Rapid Deployment Unit) disclosed   Incorporating an improved Antipersonnel Barrier
    	
 
    	
Published
    	
 
    	
11/313485
    	
 
    	
12/20/05
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Support Post
    	
 
    	
Granted
    	
 
    	
29/298903
    	
 
    	
12/14/07
    	
 
    	
D624198
    	
 
    	
9/21/10
    	
 
    	
 
    
	
Threadless Pipe Coupler
    	
 
    	
Granted
    	
 
    	
08/397920
    	
 
    	
3/3/95
    	
 
    	
5490694
    	
 
    	
2/13/96
    	
 
    	
3/3/15
    
	
 
    	
 
    	
Granted
    	
 
    	
08/489106
    	
 
    	
6/9/95
    	
 
    	
5671955
    	
 
    	
9/30/97
    	
 
    	
6/9/15
    

 

	
GRANTOR:   Unistrut International Corporation
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title
    	
 
    	
Status
    	
 
    	
Application
    Number
    	
 
    	
File
   Date
    	
 
    	
Patent
   No.
    	
 
    	
Issue
   Date
    	
 
    	
Expires
    
	
Channel Support System
    	
 
    	
Granted
    	
 
    	
07/857009
    	
 
    	
3/25/92
    	
 
    	
5314156
    	
 
    	
5/24/94
    	
 
    	
3/25/12
    
	
Clean Room Wall System
    	
 
    	
Granted
    	
 
    	
08/139388
    	
 
    	
10/19/93
    	
 
    	
5414967
    	
 
    	
5/16/95
    	
 
    	
10/19/13
    
	
 
    	
 
    	
Granted
    	
 
    	
09/271401
    	
 
    	
3/17/99
    	
 
    	
6155014
    	
 
    	
12/5/00
    	
 
    	
3/17/19
    
	
Post Anchor System
    	
 
    	
Granted
    	
 
    	
09/626406
    	
 
    	
7/26/00
    	
 
    	
6343446
    	
 
    	
2/5/02
    	
 
    	
7/26/20
    
	
Slim Wall System
    	
 
    	
Granted
    	
 
    	
07/894499
    	
 
    	
6/4/92
    	
 
    	
5307600
    	
 
    	
5/3/94
    	
 
    	
6/4/12
    
	
Slot Nut for Securement of   channel
    	
 
    	
Granted
    	
 
    	
11/453421
    	
 
    	
6/15/06
    	
 
    	
7766594
    	
 
    	
8/3/10
    	
 
    	
 
    
	
Solar Panel Bracket
    	
 
    	
Granted
    	
 
    	
12/361920
    	
 
    	
1/29/09
    	
 
    	
7658356
    	
 
    	
2/9/10
    	
 
    	
1/29/29
    
	
 
    	
 
    	
Pending
    	
 
    	
12/645641
    	
 
    	
12/23/09
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Standing Seam Metal Roof Clamp
    	
 
    	
Pending
    	
 
    	
61/308535
    	
 
    	
2/26/10
    	
 
    	
 
    	
 
    	
 
    	
 
    	
2/26/11
    
	
Support Structure Beam
    	
 
    	
Granted
    	
 
    	
07/857008
    	
 
    	
3/25/92
    	
 
    	
5351926
    	
 
    	
10/4/94
    	
 
    	
3/25/12
    
	
Sure-Align Fittings
    	
 
    	
Published
    	
 
    	
12/051132
    	
 
    	
3/19/08
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Tubular Framing System
    	
 
    	
Granted
    	
 
    	
07/876248
    	
 
    	
4/30/92
    	
 
    	
5188479
    	
 
    	
2/23/93
    	
 
    	
4/30/12
    

 

1 Allied Tube & Conduit Corporation is the owner of an undivided joint interest in this patent.

2 Allied Tube & Conduit Corporation is the owner of an undivided joint interest in this patent application.

3 Allied Tube & Conduit Corporation is the owner of an undivided joint interest in this patent.

 

8

 

SCHEDULE 5

 

	
 
    	
 
    	
Granted
    	
 
    	
08/006561
    	
 
    	
1/21/93
    	
 
    	
5297888
    	
 
    	
3/29/94
    	
 
    	
4/30/12
    
	
 
    	
 
    	
Converted
    	
 
    	
US93/00506
    	
 
    	
1/21/93
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

	
GRANTOR:   AFC Cable Systems, Inc.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Title
    	
 
    	
Status
    	
 
    	
Application
    Number
    	
 
    	
File 
   Date
    	
 
    	
Patent 
   No.
    	
 
    	
Issue 
   Date
    	
 
    	
Expires
    
	
PROTECTING ELECTRICAL DEVICE ASSEMBLIES DURING   INSTALLATION
    	
 
    	
Granted
    	
 
    	
09/329924
    	
 
    	
6/10/99
    	
 
    	
6166329
    	
 
    	
12/26/00
    	
 
    	
6/10/19
    

 

	
II. TRADEMARKS

 

GRANTOR:   Allied Tube & Conduit Corporation
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Trademark
    	
 
    	
Status
    	
 
    	
App. No.
    	
 
    	
File Date
    	
 
    	
Reg. No.
    	
 
    	
Reg. Date
    	
 
    	
Renewal
    
	
50 55 Stylized
    	
 
    	
Registered
    	
 
    	
73378127
    	
 
    	
04-Aug-82
    	
 
    	
1304677
    	
 
    	
13-Nov-84
    	
 
    	
13-Nov-14
    
	
60/75
    	
 
    	
Registered
    	
 
    	
77427919
    	
 
    	
20-Mar-08
    	
 
    	
3625519
    	
 
    	
26-May-09
    	
 
    	
26-May-19
    
	
ABF
    	
 
    	
Registered
    	
 
    	
77320979
    	
 
    	
05-Nov-07
    	
 
    	
3645509
    	
 
    	
30-Jun-09
    	
 
    	
30-Jun-19
    
	
AICKINGRATE
    	
 
    	
Registered
    	
 
    	
75691810
    	
 
    	
26-Apr-99
    	
 
    	
2472146
    	
 
    	
24-Jul-01
    	
 
    	
24-Jul-11
    
	
AICKINSTRUT
    	
 
    	
Registered
    	
 
    	
74000932
    	
 
    	
16-Nov-89
    	
 
    	
1606445
    	
 
    	
17-Jul-90
    	
 
    	
17-Jul-20
    
	
Allied Circle-Triangle Logo
    	
 
    	
Registered
    	
 
    	
73489964
    	
 
    	
16-Jul-84
    	
 
    	
1350298
    	
 
    	
23-Jul-85
    	
 
    	
23-Jul-15
    
	
ALLIED TUBE & CONDUIT
    	
 
    	
Registered
    	
 
    	
77111074
    	
 
    	
20-Feb-07
    	
 
    	
3394192
    	
 
    	
11-Mar-08
    	
 
    	
11-Mar-18
    
	
BLT
    	
 
    	
Registered
    	
 
    	
74294039
    	
 
    	
14-Jul-92
    	
 
    	
1755162
    	
 
    	
02-Mar-93
    	
 
    	
02-Mar-13
    
	
CAT TRAY
    	
 
    	
Registered
    	
 
    	
75761834
    	
 
    	
27-Jul-99
    	
 
    	
2485930
    	
 
    	
04-Sep-01
    	
 
    	
04-Sep-11
    
	
CENTIPEDE
    	
 
    	
Registered
    	
 
    	
75690894
    	
 
    	
26-Apr-99
    	
 
    	
2460247
    	
 
    	
12-Jun-01
    	
 
    	
12-Jun-11
    
	
COPE
    	
 
    	
Registered
    	
 
    	
77879408
    	
 
    	
24-Nov-09
    	
 
    	
3817525
    	
 
    	
13-Jul-10
    	
 
    	
13-Jul-20
    
	
COPE
    	
 
    	
Registered
    	
 
    	
77879409
    	
 
    	
24-Nov-09
    	
 
    	
3817526
    	
 
    	
13-Jul-10
    	
 
    	
13-Jul-20
    
	
DETAINER HOOK
    	
 
    	
Registered
    	
 
    	
75788947
    	
 
    	
31-Aug-99
    	
 
    	
2410372
    	
 
    	
05-Dec-00
    	
 
    	
05-Dec-20
    
	
DYNA-FLOW
    	
 
    	
Registered
    	
 
    	
74085583
    	
 
    	
06-Aug-90
    	
 
    	
1681099
    	
 
    	
31-Mar-92
    	
 
    	
31-Mar-12
    
	
DYNA-THREAD
    	
 
    	
Registered
    	
 
    	
74160560
    	
 
    	
25-Apr-91
    	
 
    	
1688940
    	
 
    	
26-May-92
    	
 
    	
26-May-12
    
	
E-Z PULL
    	
 
    	
Registered
    	
 
    	
73790786
    	
 
    	
03-Apr-89
    	
 
    	
1657191
    	
 
    	
17-Sep-91
    	
 
    	
17-Sep-11
    
	
FABLOK
    	
 
    	
Registered
    	
 
    	
74665513
    	
 
    	
25-Apr-95
    	
 
    	
2089626
    	
 
    	
19-Aug-97
    	
 
    	
19-Aug-17
    
	
FIRE ALARM
    	
 
    	
Registered
    	
 
    	
78226542
    	
 
    	
17-Mar-03
    	
 
    	
2887776
    	
 
    	
21-Sep-04
    	
 
    	
21-Sep-14
    
	
FLO 90
    	
 
    	
Registered
    	
 
    	
78900348
    	
 
    	
05-Jun-06
    	
 
    	
3307052
    	
 
    	
09-Oct-07
    	
 
    	
09-Oct-17
    
	
FLO-COAT
    	
 
    	
Registered
    	
 
    	
72285181
    	
 
    	
20-Nov-67
    	
 
    	
862614
    	
 
    	
31-Dec-68
    	
 
    	
31-Dec-18
    
	
FLO-FORM
    	
 
    	
Registered
    	
 
    	
77088064
    	
 
    	
22-Jan-07
    	
 
    	
3301319
    	
 
    	
02-Oct-07
    	
 
    	
02-Oct-17
    
	
GATORSHIELD
    	
 
    	
Registered
    	
 
    	
73522625
    	
 
    	
19-Feb-85
    	
 
    	
1378808
    	
 
    	
21-Jan-86
    	
 
    	
21-Jan-16
    
	
GATORSHIELD and Design
    	
 
    	
Registered
    	
 
    	
73528737
    	
 
    	
25-Mar-85
    	
 
    	
1398231
    	
 
    	
24-Jun-86
    	
 
    	
24-Jun-16
    
	
INSTABARRIER
    	
 
    	
Registered
    	
 
    	
73582757
    	
 
    	
14-Feb-86
    	
 
    	
1411050
    	
 
    	
30-Sep-86
    	
 
    	
30-Sep-16
    
	
KWIK-COUPLE
    	
 
    	
Registered
    	
 
    	
75536075
    	
 
    	
17-Aug-98
    	
 
    	
2537549
    	
 
    	
12-Feb-02
    	
 
    	
12-Feb-12
    
	
KWIK-FIT
    	
 
    	
Registered
    	
 
    	
76422464
    	
 
    	
18-Jun-02
    	
 
    	
2749843
    	
 
    	
12-Aug-03
    	
 
    	
12-Aug-13
    
	
MAZE
    	
 
    	
Registered
    	
 
    	
73433077
    	
 
    	
05-Jul-83
    	
 
    	
1291828
    	
 
    	
28-Aug-84
    	
 
    	
28-Aug-14
    
	
PALJOEY
    	
 
    	
Registered
    	
 
    	
72361957
    	
 
    	
08-Jun-70
    	
 
    	
0934686
    	
 
    	
23-May-72
    	
 
    	
23-May-12
    
	
POWER-STRUT
    	
 
    	
Registered
    	
 
    	
73527529
    	
 
    	
18-Mar-85
    	
 
    	
1370880
    	
 
    	
19-Nov-85
    	
 
    	
19-Nov-15
    
	
QWIK-COAT
    	
 
    	
Registered
    	
 
    	
77228132
    	
 
    	
12-Jul-07
    	
 
    	
3381584
    	
 
    	
12-Feb-08
    	
 
    	
12-Feb-18
    
	
OWIK-PUNCH
    	
 
    	
Registered
    	
 
    	
73630384
    	
 
    	
04-Nov-86
    	
 
    	
1465136
    	
 
    	
17-Nov-87
    	
 
    	
17-Nov-17
    
	
RAZOR-RIBBON
    	
 
    	
Registered
    	
 
    	
73040056
    	
 
    	
20-Dec-74
    	
 
    	
1035183
    	
 
    	
09-Mar-76
    	
 
    	
09-Mar-16
    

 

9

 

SCHEDULE 5

 

	
   
    
	
Trademark
    	
 
    	
Status
    	
 
    	
App. No.
    	
 
    	
File Date
    	
 
    	
Reg. No.
    	
 
    	
Reg. Date
    	
 
    	
Renewal
    
	
RAZOR-STRAND
    	
 
    	
Registered
    	
 
    	
78931472
    	
 
    	
18-Jul-06
    	
 
    	
3273079
    	
 
    	
31-Jul-07
    	
 
    	
31-Jul-17
    
	
SILENT SWORDSMAN
    	
 
    	
Registered
    	
 
    	
73693161
    	
 
    	
02-Nov-87
    	
 
    	
1565430
    	
 
    	
14-Nov-89
    	
 
    	
14-Nov-19
    
	
SQUARE-FIT
    	
 
    	
Registered
    	
 
    	
73601050
    	
 
    	
27-May-86
    	
 
    	
1436068
    	
 
    	
07-Apr-87
    	
 
    	
07-Apr-17
    
	
SS 15
    	
 
    	
Registered
    	
 
    	
77088141
    	
 
    	
22-Jan-07
    	
 
    	
3397277
    	
 
    	
18-Mar-08
    	
 
    	
18-Mar-18
    
	
SS 20
    	
 
    	
Registered
    	
 
    	
73123531
    	
 
    	
21-Apr-77
    	
 
    	
1079686
    	
 
    	
20-Dec-77
    	
 
    	
20-Dec-17
    
	
SS 30
    	
 
    	
Registered
    	
 
    	
78784563
    	
 
    	
04-Jan-06
    	
 
    	
3180539
    	
 
    	
05-Dec-06
    	
 
    	
05-Dec-16
    
	
SS 40
    	
 
    	
Registered
    	
 
    	
77007268
    	
 
    	
26-Sep-06
    	
 
    	
3350772
    	
 
    	
11-Dec-07
    	
 
    	
11-Dec-17
    
	
STUDCO
    	
 
    	
Registered
    	
 
    	
78961656
    	
 
    	
28-Aug-06
    	
 
    	
3339996
    	
 
    	
20-Nov-07
    	
 
    	
20-Nov-17
    
	
SUPER 40
    	
 
    	
Registered
    	
 
    	
74295655
    	
 
    	
20-Jul-92
    	
 
    	
1760997
    	
 
    	
30-Mar-93
    	
 
    	
30-Mar-13
    
	
SUPER FLO
    	
 
    	
Registered
    	
 
    	
74242921
    	
 
    	
03-Feb-92
    	
 
    	
1959487
    	
 
    	
05-Mar-96
    	
 
    	
05-Mar-16
    
	
TECTRON 
    	
 
    	
Registered
    	
 
    	
74650382
    	
 
    	
22-Mar-95
    	
 
    	
2089604
    	
 
    	
19-Aug-97
    	
 
    	
19-Aug-17
    
	
TECTRON TUBE & design
    	
 
    	
Registered
    	
 
    	
77743858
    	
 
    	
25-May-09
    	
 
    	
3725505
    	
 
    	
15-Dec-09
    	
 
    	
15-Dec-19
    
	
THE ANGLED LINE Logo
    	
 
    	
Registered
    	
 
    	
77112619
    	
 
    	
21-Feb-07
    	
 
    	
3505917
    	
 
    	
23-Sep-08
    	
 
    	
23-Sep-18
    
	
TOPGRIP NUT
    	
 
    	
Registered
    	
 
    	
72343890
    	
 
    	
18-Nov-69
    	
 
    	
904149
    	
 
    	
15-Dec-70
    	
 
    	
15-Dec-20
    
	
XL
    	
 
    	
Registered
    	
 
    	
76526337
    	
 
    	
27-Jun-03
    	
 
    	
2844584
    	
 
    	
25-May-04
    	
 
    	
25-May-14
    

 

	
GRANTOR:   WPFY, Inc.
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Trademark
    	
 
    	
Status
    	
 
    	
App. No.
    	
 
    	
File Date
    	
 
    	
Reg. No.
    	
 
    	
Reg. Date
    	
 
    	
Renewal
    
	
AC-90
    	
 
    	
Registered
    	
 
    	
77726387
    	
 
    	
30-Apr-09
    	
 
    	
3715075
    	
 
    	
24-Nov-09
    	
 
    	
24-Nov-19
    
	
AC-LITE
    	
 
    	
Registered
    	
 
    	
74040024
    	
 
    	
19-Mar-90
    	
 
    	
1647967
    	
 
    	
18-Jun-91
    	
 
    	
18-Jun-11
    
	
AFC CABLE SYSTEMS
    	
 
    	
Registered
    	
 
    	
74451176
    	
 
    	
26-Oct-93
    	
 
    	
1886593
    	
 
    	
28-Mar-95
    	
 
    	
28-Mar-15
    
	
AMERICA CABLE SYSTEMS
    	
 
    	
Registered
    	
 
    	
75168596
    	
 
    	
19-Sep-96
    	
 
    	
2122562
    	
 
    	
16-Dec-97
    	
 
    	
16-Dec-17
    
	
AMERICA CABLE SYSTEMS
    	
 
    	
Registered
    	
 
    	
77430965
    	
 
    	
25-Mar-08
    	
 
    	
3520199
    	
 
    	
21-Oct-08
    	
 
    	
21-Oct-18
    
	
COLORSPEC
    	
 
    	
Registered
    	
 
    	
78310351
    	
 
    	
07-Oct-03
    	
 
    	
3174785
    	
 
    	
21-Nov-06
    	
 
    	
21-Nov-16
    
	
COLOR-TRAK
    	
 
    	
Pending
    	
 
    	
85086166
    	
 
    	
16-Jul-10
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
CUSTOM CUTS
    	
 
    	
Registered
    	
 
    	
73692210
    	
 
    	
23-Oct-87
    	
 
    	
1492988
    	
 
    	
21-Jun-88
    	
 
    	
21-Jun-18
    
	
FLEX 4 (stylized)
    	
 
    	
Registered
    	
 
    	
73494446
    	
 
    	
13-Aug-84
    	
 
    	
1355076
    	
 
    	
20-Aug-85
    	
 
    	
20-Aug-15
    
	
HCF-90
    	
 
    	
Registered
    	
 
    	
73783546
    	
 
    	
27-Feb-89
    	
 
    	
1594970
    	
 
    	
08-May-90
    	
 
    	
08-May-20
    
	
HCF-LITE
    	
 
    	
Registered
    	
 
    	
74717357
    	
 
    	
18-Aug-95
    	
 
    	
1988636
    	
 
    	
23-Jul-96
    	
 
    	
23-Jul-16
    
	
HOME RUN CABLE
    	
 
    	
Registered
    	
 
    	
73481404
    	
 
    	
21-May-84
    	
 
    	
1328225
    	
 
    	
02-Apr-85
    	
 
    	
02-Apr-15
    
	
KAF-TECH
    	
 
    	
Registered
    	
 
    	
77151619
    	
 
    	
09-Apr-07
    	
 
    	
3358990
    	
 
    	
25-Dec-07
    	
 
    	
25-Dec-17
    
	
MC-QUIK
    	
 
    	
Registered
    	
 
    	
77573428
    	
 
    	
18-Nov-08
    	
 
    	
3713117
    	
 
    	
17-Nov-09
    	
 
    	
17-Nov-19
    
	
MC LITE
    	
 
    	
Registered
    	
 
    	
73554337
    	
 
    	
19-Aug-85
    	
 
    	
1414788
    	
 
    	
28-Oct-86
    	
 
    	
28-Oct-16
    
	
MC STAT
    	
 
    	
Registered
    	
 
    	
77573442
    	
 
    	
18-Sep-08
    	
 
    	
3713118
    	
 
    	
17-Nov-09
    	
 
    	
17-Nov-19
    
	
MC TUFF
    	
 
    	
Registered
    	
 
    	
75876422
    	
 
    	
20-Dec-99
    	
 
    	
2404265
    	
 
    	
14-Nov-00
    	
 
    	
14-Nov-20
    
	
MC-PLUS
    	
 
    	
Registered
    	
 
    	
77713084
    	
 
    	
14-Apr-09
    	
 
    	
3711683
    	
 
    	
17-Nov-09
    	
 
    	
17-Nov-19
    
	
Miscellaneous Design (AFC logo) (eagle)
    	
 
    	
Registered
    	
 
    	
74566575
    	
 
    	
29-Aug-94
    	
 
    	
1907213
    	
 
    	
25-Jul-95
    	
 
    	
25-Jul-15
    
	
SUPER NEUTRAL CABLE
    	
 
    	
Registered
    	
 
    	
74315526
    	
 
    	
21-Sep-92
    	
 
    	
1782264
    	
 
    	
13-Jul-93
    	
 
    	
13-Jul-13
    
	
THE INTELLIGENT CEILING
    	
 
    	
Registered
    	
 
    	
74390582
    	
 
    	
14-May-93
    	
 
    	
1914118
    	
 
    	
22-Aug-95
    	
 
    	
22-Aug-15
    
	
THE INTELLIGENT FLOOR
    	
 
    	
Registered
    	
 
    	
74390581
    	
 
    	
14-May-93
    	
 
    	
1895560
    	
 
    	
23-May-95
    	
 
    	
23-May-15
    
	
TUFF-TEMPS
    	
 
    	
Registered
    	
 
    	
77223546
    	
 
    	
06-Jul-07
    	
 
    	
3686630
    	
 
    	
22-Sep-09
    	
 
    	
22-Sep-19
    

 

10

 

SCHEDULE 5

 

	
GRANTOR: Unistrut   International Corporation
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Trademark
    	
 
    	
Status
    	
 
    	
App. No.
    	
 
    	
File Date
    	
 
    	
Reg. No.
    	
 
    	
Reg. Date
    	
 
    	
Renewal
    
	
CUT-N-STRUT
    	
 
    	
Registered
    	
 
    	
78789147
    	
 
    	
11-Jan-06
    	
 
    	
3320948
    	
 
    	
23-Oct-07
    	
 
    	
23-Oct-17
    
	
MR. STRUT Design (no words)
    	
 
    	
Registered
    	
 
    	
72285597
    	
 
    	
24-Nov-67
    	
 
    	
862747
    	
 
    	
31-Dec-68
    	
 
    	
31-Dec-18
    
	
MR. STRUT (words only)
    	
 
    	
Registered
    	
 
    	
72053067
    	
 
    	
06-Jun-58
    	
 
    	
688160
    	
 
    	
17-Nov-59
    	
 
    	
17-Nov-19
    
	
N-1000
    	
 
    	
Registered
    	
 
    	
75583154
    	
 
    	
05-Nov-98
    	
 
    	
2376739
    	
 
    	
15-Aug-00
    	
 
    	
15-Aug-20
    
	
P1000
    	
 
    	
Registered
    	
 
    	
73314979
    	
 
    	
15-Jan-81
    	
 
    	
1274104
    	
 
    	
17-Apr-84
    	
 
    	
17-Apr-14
    
	
ROOFWALKS
    	
 
    	
Registered
    	
 
    	
73696046
    	
 
    	
17-Nov-87
    	
 
    	
1496545
    	
 
    	
19-Jul-88
    	
 
    	
19-Jul-18
    
	
TELESPAR
    	
 
    	
Registered
    	
 
    	
73579378
    	
 
    	
22-Jan-86
    	
 
    	
1438940
    	
 
    	
12-May-87
    	
 
    	
12-May-17
    
	
TELESTRUT
    	
 
    	
Registered
    	
 
    	
74649227
    	
 
    	
20-Mar-95
    	
 
    	
1953363
    	
 
    	
30-Jan-96
    	
 
    	
23-Jan-16
    
	
UNI-CLIP
    	
 
    	
Registered
    	
 
    	
72308333
    	
 
    	
26-Sep-68
    	
 
    	
881999
    	
 
    	
09-Dec-69
    	
 
    	
09-Dec-19
    
	
UNI-CUSHION
    	
 
    	
Registered
    	
 
    	
73255294
    	
 
    	
24-Mar-80
    	
 
    	
1172255
    	
 
    	
06-Oct-81
    	
 
    	
06-Oct-11
    
	
UNIPIER
    	
 
    	
Registered
    	
 
    	
77189472
    	
 
    	
24-May-07
    	
 
    	
3434445
    	
 
    	
27-May-08
    	
 
    	
27-May-18
    
	
UNIPIER and Design
    	
 
    	
Registered
    	
 
    	
77191680
    	
 
    	
29-May-07
    	
 
    	
3434453
    	
 
    	
27-May-08
    	
 
    	
27-May-18
    
	
UNISTRUT
    	
 
    	
Registered
    	
 
    	
72200395
    	
 
    	
21-Aug-64
    	
 
    	
793173
    	
 
    	
27-Jul-65
    	
 
    	
27-Jul-15
    
	
UNISTRUT
    	
 
    	
Registered
    	
 
    	
72200397
    	
 
    	
21-Aug-64
    	
 
    	
802145
    	
 
    	
18-Jan-66
    	
 
    	
18-Jan-16
    
	
UNISTRUT
    	
 
    	
Registered
    	
 
    	
72200396
    	
 
    	
21-Aug-64
    	
 
    	
793185
    	
 
    	
27-Jul-65
    	
 
    	
27-Jul-15
    
	
UNISTRUT
    	
 
    	
Registered
    	
 
    	
71624800
    	
 
    	
11-Feb-52
    	
 
    	
591532
    	
 
    	
22-Jun-54
    	
 
    	
22-Jun-14
    
	
UNITED INTERLOCK
    	
 
    	
Registered
    	
 
    	
76159922
    	
 
    	
06-Nov-00
    	
 
    	
2608939
    	
 
    	
20-Aug-02
    	
 
    	
20-Aug-12
    

 

Material Copyright Licenses, Patent Licenses and Trademark Licenses

(other than licenses to commercially available software)

 

None.

 

11

 

SCHEDULE 6

 

COMMERCIAL TORT CLAIMS

 

None.

 

12

 

SCHEDULE 7

 

Mortgaged Property

 

	
 
    	
 
    	
Address
    
	
 
    	
 
    	
 
    
	
1)
    	
 
    	
260 Duchaine Boulevard, New Bedford, MA 02745
    
	
 
    	
 
    	
 
    
	
2)
    	
 
    	
1206 Sunset Drive, Thomasville, GA 31792
    
	
 
    	
 
    	
 
    
	
3)
    	
 
    	
960 Flaherty Drive, New Bedford, MA 02745
    
	
 
    	
 
    	
 
    
	
4)
    	
 
    	
16100 South Lathrop Avenue / 16425 Center Avenue, Harvey, IL 06426/   323 East 151 Street, Harvey, IL 06426
    
	
 
    	
 
    	
 
    
	
5)
    	
 
    	
4004 N. US 421, Madison, IN 47520
    
	
 
    	
 
    	
 
    
	
6)
    	
 
    	
2525 North 27th Avenue, Phoenix, AZ 85009
    
	
 
    	
 
    	
 
    
	
7)
    	
 
    	
650 Heritage Road, Depere, WI 54115
    
	
 
    	
 
    	
 
    
	
8)
    	
 
    	
11539 North Houston Rosslyn Road, Houston, TX 77088
    
	
 
    	
 
    	
 
    
	
9)
    	
 
    	
11350, 11400 and 11500 Norcom Road and 2751 Red Lion Road,   Philadelphia, PA 19154
    

 

13

 

 

Annex 1 to

Collateral Agreement

 

ACKNOWLEDGEMENT AND CONSENT*

 

The undersigned hereby acknowledges receipt of a copy of the Collateral Agreement, dated as of December 22, 2010 (the “Agreement”), made by the Grantors party thereto for the benefit of [                  ], as Note Collateral Agent.  The undersigned agrees for the benefit of the Note Collateral Agent and the Secured Parties as follows:

 

The undersigned will be bound by the terms of the Agreement applicable to it as an Equity Issuer (as defined in the Agreement) and will comply with such terms insofar as such terms are applicable to the undersigned as an Equity Issuer.

 

The undersigned will notify the Note Collateral Agent promptly in writing of the occurrence of any of the events described in subsection 5.3.1 of the Agreement.

 

The terms of subsections 6.3(c) and 6.7 of the Agreement shall apply to it, mutatis  mutandis, with respect to all actions that may be required of it pursuant to subsection 6.3(c) or 6.7 of the Agreement.

 

	
 
    	
[NAME   OF ISSUER]
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
Address   for Notices:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Fax:
    

 

* This consent is necessary only with respect to any Issuer which is not also a Grantor.

 

 

Annex 2 to

Collateral Agreement

 

ASSUMPTION AGREEMENT

 

ASSUMPTION AGREEMENT, dated as of                          ,         , made by                                  , a                              corporation (the “Additional Grantor”), in favor of WILMINGTON TRUST FSB, as collateral agent (in such capacity, the “Note Collateral Agent”) for the Secured Parties (as defined in the Collateral Agreement).  All capitalized terms not defined herein shall have the meaning ascribed to them in such Collateral Agreement referred to below.

 

W  I  T  N  E  S  S  E  T  H :

 

WHEREAS, ATKORE INTERNATIONAL HOLDINGS INC., a Delaware corporation (“Holdings”), ATKORE INTERNATIONAL, INC., a Delaware corporation (the “Company”), Wilmington Trust FSB, as trustee, the Note Collateral Agent and certain Subsidiaries of the Company, from time to time party thereto, dated as of December 22, 2010 (as amended by the First Supplemental Indenture, date as of December 22, 2010, and as may be further amended, supplemented, waived or otherwise modified from time to time, the “Indenture”);

 

WHEREAS, in connection with the Indenture, Holdings, the Company and certain of its Subsidiaries are, or are to become, parties to the Collateral Agreement, dated as of December 22, 2010 (as amended, supplemented, waived or otherwise modified from time to time, the “Collateral Agreement”), in favor of the Note Collateral Agent, for the benefit of the Secured Parties;

 

WHEREAS, the Additional Grantor is a member of an affiliated group of companies that includes the Company and each other Grantor;

 

WHEREAS, the Indenture requires the Additional Grantor to become a party to the Collateral Agreement; and

 

WHEREAS, the Additional Grantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Collateral Agreement;

 

 

Annex 2

Page 2

 

NOW, THEREFORE, IT IS AGREED:

 

1.  Collateral Agreement.  By executing and delivering this Assumption Agreement, the Additional Grantor, as provided in subsection 9.15 of the Collateral Agreement, hereby becomes a party to the Collateral Agreement as a Grantor thereunder with the same force and effect as if originally named therein as a [Grantor and Pledgor] [Grantor] and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a [Grantor and Pledgor] [Grantor] thereunder.  The information set forth in Annex 1-A hereto is hereby added to the information set forth in Schedules                          to the Collateral Agreement, and such Schedules are hereby amended and modified to include such information.  The Additional Grantor hereby represents and warrants that each of the representations and warranties of such Additional Grantor, in its capacities as a [Grantor and Pledgor] [Grantor], contained in Section 4 of the Collateral Agreement is true and correct in all material respects on and as the date hereof (after giving effect to this Assumption Agreement) as if made on and as of such date.  Each Additional Grantor hereby grants, as and to the same extent as provided in the Collateral Agreement, to the Note Collateral Agent, for the benefit of the Secured Parties, a continuing security interest in the [Collateral (as such term is defined in Subsection 3.1 of the Collateral Agreement) of such Additional Grantor] [and] [the Pledged Collateral (as such term is defined in the Collateral Agreement) of such Additional Grantor, except as provided in Subsection 3.3 of the Collateral Agreement].

 

2.  GOVERNING LAW.  THIS ASSUMPTION AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND ANY CLAIM OR CONTROVERSY RELATING HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

 

Annex 2

Page 3

 

IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first above written.

 

	
 
    	
[ADDITIONAL   GRANTOR]
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

 

Acknowledged and Agreed to as

of the date hereof by:

 

[                                                                          ],

as Note Collateral Agent

 

 

	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

 

Annex 1-A to

Assumption Agreement

 

Supplement to

Collateral Agreement

Schedule 1

 

Supplement to

Collateral Agreement

Schedule 2

 

Supplement to

Collateral Agreement

Schedule 3

 

Supplement to

Collateral Agreement

Schedule 4

 

Supplement to

Collateral Agreement

Schedule 5

 

Supplement to

Collateral Agreement

Schedule 6

 

Supplement to

Collateral Agreement

Schedule 7

 

 

Annex 3 to
  Collateral Agreement

 

SUPPLEMENTAL AGREEMENT

 

SUPPLEMENTAL AGREEMENT, dated as of                              ,         , made by                                 , a                      corporation (the “Additional Pledgor”), in favor of WILMINGTON TRUST FSB, as collateral agent (in such capacity, the “Note Collateral Agent”) for the Secured Parties (as defined in the Collateral Agreement).  All capitalized terms not defined herein shall have the meaning ascribed to them in the Collateral Agreement referred to below, or if not defined therein, in the Credit Agreement.

 

W I T N E S S E T H:

 

WHEREAS, ATKORE INTERNATIONAL HOLDINGS INC., a Delaware corporation (“Holdings”), ATKORE INTERNATIONAL, INC., a Delaware corporation (the “Company”), Wilmington Trust FSB, as trustee, the Note Collateral Agent and certain Subsidiaries of the Company, from time to time party thereto, dated as of December 22, 2010 (as amended by the First Supplemental Indenture, dated as of December 22, 2010, and as may be further amended, supplemented, waived or otherwise modified from time to time, the “Indenture”);

 

WHEREAS, in connection with the Indenture, Holdings, the Company and certain of its Subsidiaries are, or are to become, parties to the Collateral Agreement, dated as of December 22, 2010 (as amended, supplemented, waived or otherwise modified from time to time, the “Collateral Agreement”), in favor of the Note Collateral Agent, for the benefit of the Secured Parties;

 

WHEREAS, the Indenture requires the Additional Pledgor to become a Pledgor under the Collateral Agreement with respect to Capital Stock of certain new Subsidiaries of the Additional Pledgor; and

 

WHEREAS, the Additional Pledgor has agreed to execute and deliver this Supplemental Agreement in order to become such a Pledgor under the Collateral Agreement;

 

NOW, THEREFORE, IT IS AGREED:

 

1.                                       Collateral Agreement.  By executing and delivering this Supplemental Agreement, the Additional Pledgor, as provided in Section 9.15 of the Collateral Agreement, hereby becomes a Pledgor under the Collateral Agreement with respect to the shares of Capital Stock of the Subsidiary of the Additional Pledgor listed in Annex 1-A hereto, as a Pledgor thereunder.  The information set forth in Annex 1-A hereto is hereby added to the information set forth in Schedule 2 to the Collateral Agreement, and such Schedule 2 is hereby amended and modified to include such information.

 

2.                                      GOVERNING LAW.  THIS SUPPLEMENTAL AGREEMENT AND RIGHTS AND OBLIGATIONS OF THE PARTIES HERUNDER AND ANY CLAIM OR CONTROVERSY RELATING HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

 

IN WITNESS WHEREOF, the undersigned has caused this Supplemental Agreement to be duly executed and delivered as of the date first above written.

 

	
 
    	
[ADDITIONAL   PLEDGOR]
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

Acknowledged and Agreed to as

of the date hereof by:

 

[                                                                          ],

as Note Collateral Agent

 

 

	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

 

Annex 1-A to

Supplemental Agreement

 

Supplement to
 Collateral Agreement
  Schedule 2

 

Pledged Stock

 

	
Pledgor
    	
 
    	
Equity Issuer
    	
 
    	
Description of Pledged Stock
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    

 

 

Annex 4 to
  Collateral Agreement

 

[Form of]

NON-INDENTURE SECURED PARTY DESIGNATION

[Name of New Non-Indenture Secured Party]
 [Address of New Non-Indenture Secured Party]

 

[Date]

	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    

 

Atkore International Inc. (the “Company”) hereby designates [       ] as a [Note Bank Products Provider][Note Hedging Provider] [Management Credit Provider] (the “New Non-Indenture Secured Party”) under the Collateral Agreement dated as of December 22, 2010 (as amended, restated, supplemented, waived or otherwise modified from time to time, the “Collateral Agreement” (terms used without definition herein have the meanings assigned to such term by the Collateral Agreement)) among Atkore International Holdings Inc., the Company and certain of its Subsidiaries and Wilmington Trust FSB, as Note Collateral Agent (the “Note Collateral Agent”).

 

In consideration of the foregoing, the New Non-Indenture Secured Party hereby:

 

(i)                                     acknowledges that it has received a copy of the Collateral Agreement; and

 

(ii)                                  acknowledges that it is a Non-Indenture Secured Party under the Collateral Agreement, and agrees to the provisions of Section 8 of the Collateral Agreement.

 

The Company hereby confirms to the Note Collateral Agent that the obligations of the Company or the applicable Grantor under the [Bank Products Agreement][Hedging Agreement][Management Guarantee] with the New Non-Indenture Secured Party are permitted to be incurred by the Company or such Grantor under the Indenture.

 

THIS NON-INDENTURE SECURED PARTY DESIGNATION AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER AND ANY CLAIM OR CONTROVERSY RELATING HERETO SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

 

IN WITNESS WHEREOF, the undersigned has caused this Non-Indenture Secured Party Designation to be duly executed by its authorized officer as of the        day                                  , of 20    .

 

	
 
    	
ATKORE   INTERNATIONAL, INC.,
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[NAME   OF NEW NON-INDENTURE SECURED PARTY]
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    
	
 
    	
Title:
    

 

Acknowledged and Agreed
 [                                          ],
 as Note Collateral Agent

 

	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

 

Annex 5 to
  Collateral Agreement

 

[Form of Mortgage]

 

	
1 This   instrument was prepared in consultation with counsel in the state in which   the Premises is located by the attorney named below and after recording,   please return to:
    	
 
    

 

[                            ]

[                            ]

[                            ]

 

	
STATE   OF
    	
 
    	
 
    	
 
    

 

	
COUNTY   OF
    	
 
    	
 
    

 

MORTGAGE,  SECURITY AGREEMENT, ASSIGNMENT

OF LEASES AND RENTS AND FIXTURE FILING

 

THIS MORTGAGE, SECURITY AGREEMENT, ASSIGNMENT OF LEASES AND RENTS AND FIXTURE FILING (the “Mortgage”) is made and entered into as of the        day of                     , 2011, by [                           , a                          ], with an address as of the date hereof at [                                      ], Attention: [                          ] (the “Grantor”), for the benefit of WILMINGTON TRUST FSB, in its capacity as Note Collateral Agent for the Secured Parties (as defined in the Collateral Agreement), with an address as of the date hereof at [                            ], Attention: [                  ] (in such capacity, the “Grantee”).

 

RECITALS:

 

WHEREAS, pursuant to that certain Indenture, dated as of December [22], 2010, between Atkore International, Inc., a Delaware corporation (the “Company”), as the issuer, certain subsidiaries and affiliates of the Company, including the Grantor, as guarantors (collectively, the “Note Guarantors”), Wilmington Trust FSB, in its capacity as Trustee (in such capacity, the “Trustee”), and the Grantee, in its capacity as Note Collateral Agent (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Indenture”), the Company has issued $410,000,000 aggregate principal amount of its 9.875% Senior Secured Notes due 2018 (and may in the future issue Additional Notes (as defined therein)), upon such terms and conditions as set forth therein;

 

1              Local counsel to advise as to any recording requirements for the cover page, including need for recording tax notification or a separate tax affidavit.

 

1

 

WHEREAS, the Grantor is the owner of the fee simple interest in the real property described on Exhibit A attached hereto and incorporated herein by reference;

 

WHEREAS, the Indenture contemplates that the Grantor shall execute and deliver to the Grantee this Mortgage;

 

WHEREAS, concurrently with the entering into of the Indenture, the Company, the Note Guarantors and the Grantee have entered into that certain Collateral Agreement (as amended, amended and restated, modified, renewed or replaced from time to time, the “Collateral Agreement”);

 

WHEREAS, concurrently with the entering into of the Indenture, the Company and the Note Guarantors have entered into that certain Credit Agreement, dated as of December [22], 2010, with UBS AG, Stamford Branch, as administrative agent and collateral agent (in such capacity, the “ABL Collateral Agent”) and the lenders named therein (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Senior Credit Agreement”), and all monetary obligations of the Grantor under the Senior Credit Agreement and the other Loan Documents (as defined in the Senior Credit Agreement) are secured by, among other things, that certain Second Lien Mortgage, Security Agreement, Assignment of Leases and Rents and Fixture Filing executed by the Grantor for the benefit of the ABL Collateral Agent;

 

WHEREAS, in connection with the execution and delivery of the Indenture and the Senior Credit Agreement, the Grantee and the ABL Collateral Agent have agreed to the  subordination, intercreditor and other provisions set forth in that certain Intercreditor Agreement, dated as of the date of the Indenture;

 

WHEREAS, the Grantor will receive substantial benefit from the execution and performance of the obligations under the Indenture and the Notes, and is, therefore, willing to enter into this Mortgage; and

 

WHEREAS, this Mortgage is given by the Grantor in favor of the Grantee for its benefit and the benefit of the other Secured Parties to secure the payment and performance of all of the Obligations (as defined in the Collateral Agreement).

 

2

 

W  I  T  N  E  S  S  E  T  H:

 

NOW THEREFORE, the Grantor, in consideration of the indebtedness herein recited and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, has irrevocably granted, released, sold, remised, bargained, assigned, pledged, warranted, mortgaged, transferred and conveyed, and does hereby grant, release, sell, remise, bargain, assign, pledge, warrant, mortgage, transfer and convey to the Grantee, for the benefit of the Secured Parties, and the Grantee’s successors and assigns, a continuing security interest in and to, and lien upon, all of the Grantor’s right, title and interest in and to the following described land, real property interests, buildings, improvements and fixtures:

 

(a)           All that tract or parcel of land and other real property interests in                         County,                       , as more particularly described in Exhibit A attached hereto and made a part hereof (the “Land”), and all of the Grantor’s right, title and interest in and to rights appurtenant thereto, including easement rights;

 

(b)           All buildings and improvements of every kind and description now or hereafter erected or placed on the Land (the “Improvements”) and all fixtures now or hereafter owned by the Grantor and attached to or installed in and used in connection with the aforesaid Land and Improvements (collectively, the “Fixtures”) (hereinafter, the Land, the Improvements and the Fixtures may be collectively referred to as the “Premises”); and

 

(c)           Subject to the terms of the Collateral Agreement, any and all cash proceeds and noncash proceeds from the conversion, voluntary or involuntary, of any of the Premises or any portion thereof into cash or liquidated claims, including (i) proceeds of any insurance, indemnity, warranty, guaranty or claim payable to the Grantee or to the Grantor from time to time with respect to any of the Premises, (ii) payments (in any form whatsoever) made or due and payable to the Grantor in connection with any condemnation, seizure or similar proceeding and (iii) other amounts from time to time paid or payable under or in connection with any of the Premises, including, without limitation, refunds of real estate taxes and assessments, including interest thereon, but in each case under this clause (c) excluding Excluded Assets (as defined in the Collateral Agreement) (collectively, the “Proceeds”).

 

TO HAVE AND HOLD the same, together with all privileges, hereditaments, easements and appurtenances thereunto belonging, subject to Permitted Liens, to the Grantee for the benefit of the Secured Parties and the Grantee’s successors and assigns to secure the Obligations and other obligations herein recited; provided that, upon (i) the payment in full of the principal of, together with accrued and unpaid interest on, the Notes and all other Obligations that are due and payable at or prior to the time such principal, together with accrued and unpaid interest, is paid or (ii) the satisfaction of the conditions set forth in the Indenture for the release of this Mortgage in accordance with the terms thereof, the lien and security interest of this Mortgage shall cease, terminate and be void and the Grantee or its successor or assign shall promptly cause a release of this Mortgage to be filed in the appropriate office; and until such obligations are fully satisfied, it shall remain in full force and virtue.

 

3

 

And, as additional security for said Obligations, subject to the Collateral Agreement, the Grantor hereby unconditionally assigns to the Grantee, for the benefit of the Secured Parties, all the security deposits, rents, issues, profits and revenues of the Premises from time to time accruing (the “Rents and Profits”), which assignment constitutes a present, absolute and unconditional assignment and not an assignment for additional security only, reserving only to the Grantor a license to collect and apply the same as the Grantor chooses as long as no Event of Default (as hereinafter defined) has occurred and is continuing.  Immediately upon the occurrence of and during the continuance of any Event of Default, whether or not legal proceedings have commenced and without regard to waste, adequacy of security for the Obligations or solvency of the Grantor, the license granted in the immediately preceding sentence shall automatically cease and terminate without any notice by the Grantee (such notice being hereby expressly waived by the Grantor to the extent permitted by applicable law), or any action or proceeding or the intervention of a receiver appointed by a court.

 

As additional collateral and further security for the Obligations, subject to the Collateral Agreement, the Grantor does hereby assign by way of security and grants to the Grantee, for the benefit of the Secured Parties, a security interest in all of the right, title and the interest of the Grantor in and to any and all real property leases and rental agreements (collectively, the “Leases”) with respect to the Premises or any part thereof, and the Grantor agrees to execute and deliver to the Grantee such additional instruments, in form and substance reasonably satisfactory to the Grantee, as may hereafter be requested by the Grantee to evidence and confirm said assignment; provided, however, that acceptance of any such assignment shall not be construed to impose upon the Grantee any obligation or liability with respect thereto.

 

The Grantor covenants, represents and agrees as follows:

 

ARTICLE I

 

Indebtedness Secured

 

1.1           Indebtedness. This Mortgage is given to secure the payment and performance by the Grantor of the Obligations of the Grantor.  [The maximum amount of the obligations secured hereby will not exceed $                    , plus, to the extent permitted by applicable law, collection costs, sums advanced for the payment of taxes, assessments, maintenance and repair charges, insurance premiums and any other costs incurred to protect the security encumbered hereby or the lien hereof, expenses incurred by the Grantee by reason of any default by the Grantor under the terms hereof, together with interest thereon, all of which amount shall be secured hereby.]2

 

1.2           Future Obligations.  This Mortgage is given to secure the Obligations of the Grantor and the repayment of the aforesaid obligations (including, without limitation, the Obligations of the Grantor with respect to any Additional Notes, any renewals or extensions or modifications thereof upon the same or different terms or at the same or different rate of interest,

 

2 To be included in states that impose mortgage recording tax and subject to applicable laws.

 

4

 

and all renewals, modifications, replacements and extensions thereof).  The lien of such future obligations shall relate back to the date of this Mortgage.

 

1.3           No Release.  Nothing set forth in this Mortgage shall impose any obligation on the Grantee or any other Secured Party to perform or observe any such term, covenant, condition or agreement on the Grantor’s part to be so performed or observed or shall impose any liability on the Grantee or any other Secured Party for any act or omission on the part of the Grantor relating thereto or for any breach of any representation or warranty on the part of the Grantor contained in this Mortgage or any other Note Document, or under or in respect of the Premises or made in connection herewith or therewith.

 

ARTICLE II

 

Grantor’s Covenants, Representations and Agreements

 

2.1           Title to Property.  The Grantor represents and warrants that (i) the Grantor has good title in fee simple to the Premises, and the Premises are not subject to any Lien securing Indebtedness, except for Permitted Liens; and (ii) except with regard to any rights in favor of the United States government as required by law (if any), upon the recordation in the official real estate records in the county (or other applicable jurisdiction) in which the Premises are located, the Liens created pursuant to this Mortgage will constitute valid and enforceable Liens on and (to the extent provided herein) perfected security interests in the Premises in favor of the Grantee for the benefit of the Secured Parties, and, subject to any Intercreditor Agreement, will be prior to all other Liens of all other Persons securing Indebtedness other than Permitted Liens, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law) or by an implied covenant of good faith and fair dealing. As used in this Mortgage, the term “Permitted Liens” means Liens permitted pursuant to the Indenture, including, without limitation, those permitted to exist pursuant to Section 413 of the Indenture.

 

2.2           Reimbursement.  The Grantor agrees to reimburse the Grantee for its costs and expenses related to this Mortgage and indemnify the Grantee for any losses related hereto each in accordance with and to the extent provided in Section 1510 of the Indenture.

 

2.3           Further Actions; Additional Documents.  The Grantor agrees to take any and all actions reasonably required to create and maintain the Lien of this Mortgage as against the Premises, and to protect and preserve the validity thereof, in each case in accordance with and to the extent provided in Section 1501 of the Indenture and shall permit the Grantee or the Trustee, as applicable, to do the same in accordance with and to the extent provided in Section 1504 of the Indenture.

 

2.4           Restrictions on Sale or Encumbrance.  The Grantor shall only make Asset Dispositions relating to the Premises in accordance with the Indenture.

 

5

 

2.5           Insurance.  The Grantor shall maintain insurance for the Premises as set forth in Section 5.2.2 of the Collateral Agreement to the extent applicable.

 

2.6           Releases and Waivers.  The Grantor agrees that no release by the Grantee of any portion of the Premises, the Rents and Profits or the Leases, no subordination of lien, no forbearance on the part of the Grantee to collect on any Notes, or any part thereof, no waiver of any right granted or remedy available to the Grantee and no action taken or not taken by the Grantee shall, except to the extent expressly released, in any way have the effect of releasing the Grantor from full responsibility to the Grantee for the complete discharge of each and every of the Grantor’s obligations hereunder.

 

2.7          Security Agreement.

 

(a)           This Mortgage is hereby made and declared to be a security agreement encumbering the Fixtures, and Grantor grants to the Grantee a security interest in the Fixtures.  The Grantor grants to the Grantee all of the rights and remedies of a secured party under the laws of the state in which the Premises are located.  A financing statement or statements reciting this Mortgage to be a security agreement with respect to the Fixtures may be appropriately filed by the Grantee.

 

(b)           The Grantor warrants that, as of the date hereof, the name and address of the “Debtor” (which is the Grantor) are as set forth in the preamble of this Mortgage and a statement indicating the types, or describing the items, of collateral is set forth hereinabove.  Grantor warrants that Grantor’s exact legal name is correctly set forth in the preamble of this Mortgage.

 

(c)           This Mortgage will be filed in the real property records.

 

(d)           As of the date hereof, the Grantor is a [                ] organized under the laws of the State of [                  ] and the Grantor’s organizational identification number is [                            ].

 

2.8           Mortgage Recording Tax.  The Grantor shall pay upon the recording hereof any and all mortgage recording taxes or any such similar fees and expenses due and payable to record this Mortgage in the appropriate records of the county in which the Premises is located.

 

ARTICLE III

 

Events of Default

 

An Event of Default shall exist and be continuing under the terms of this Mortgage upon the existence and during the continuance of an Event of Default under the terms of the Indenture.

 

6

 

ARTICLE IV

 

Foreclosure

 

4.1           Acceleration of Secured Indebtedness; Foreclosure.  Upon the occurrence and during the continuance of an Event of Default, the entire balance of the Obligations, including all accrued interest, shall become due and payable to the extent such amounts become due and payable under the Indenture.  Provided an Event of Default has occurred and is continuing, upon failure to pay the Obligations or reimburse any other amounts due under the Note Documents (as defined in the Collateral Agreement) in full at any stated or accelerated maturity and in addition to all other remedies available to the Grantee at law or in equity, the Grantee may foreclose the lien of this Mortgage by judicial or non-judicial proceeding in a manner permitted by applicable law.  The Grantor hereby waives, to the fullest extent permitted by law, any statutory right of redemption in connection with such foreclosure proceeding.

 

4.2           Proceeds of Sale. The proceeds of any foreclosure sale of the Premises, or any part thereof, will be distributed and applied in accordance with the terms and conditions of each applicable Intercreditor Agreement (subject to any applicable provisions of applicable law).  As between the Indenture Secured Parties (as defined in the Collateral Agreement) and the Non-Indenture Secured Parties (as defined in the Collateral Agreement), such proceeds will be distributed and applied in accordance with the terms and conditions of Section 6.5 of the Collateral Agreement (subject to any applicable provisions of applicable law).

 

ARTICLE V

 

Additional Rights and Remedies of the Grantee

 

5.1           Rights Upon an Event of Default.  Upon the occurrence and during the continuance of an Event of Default, the Grantee, immediately and without additional notice and without liability therefor to the Grantor, except for gross negligence, willful misconduct, bad faith or unlawful conduct, may do or cause to be done any or all of the following to the extent permitted by applicable law, and subject to the terms of each applicable Intercreditor Agreement: (a) take physical possession of the Premises; (b) exercise its right to collect the Rents and Profits; (c) enter into contracts for the completion, repair and maintenance of the Improvements thereon; (d) expend Notes proceeds and any rents, income and profits derived from the Premises for the payment of any taxes, insurance premiums, assessments and charges for completion, repair and maintenance of the Improvements, preservation of the lien of this Mortgage and satisfaction and fulfillment of any liabilities or obligations of the Grantor arising out of or in any way connected with the Premises whether or not such liabilities and obligations in any way affect, or may affect, the lien of this Mortgage; (e) enter into leases demising the Premises or any part thereof; (f) take such steps to protect and enforce the specific performance of any covenant, condition or agreement in the Notes, this Mortgage, the Indenture or the other Note Documents, or to aid the execution of any power herein granted; and (g) generally, supervise, manage, and contract with reference to the Premises as if the Grantee were equitable owner of the Premises.  The Grantor also agrees that any of the foregoing rights and remedies of the Grantee may be exercised at any

 

7

 

time during the continuance of an Event of Default independently of the exercise of any other such rights and remedies, and the Grantee may continue to exercise any or all such rights and remedies until (i) the Event of Default is cured, (ii) foreclosure and the conveyance of the Premises to the high bidder, or (iii) the outstanding principal amount of the Notes, accrued and unpaid interest thereon (if any), and any other amounts then due and owing under the Indenture, to the Trustee or the Grantee are paid in full.

 

5.2           Appointment of Receiver.  Upon the occurrence and during the continuance of an Event of Default, subject to the terms of each applicable Intercreditor Agreement, the Grantee shall be entitled, without additional notice and without regard to the adequacy of any security for the Obligations secured hereby, whether the same shall then be occupied as a homestead or not, or the solvency of any party bound for its payment, to make application for the appointment of a receiver to take possession of and to operate the Premises, and to collect the rents, issues, profits, and income thereof, all expenses of which shall be added to the Obligations and secured hereby. The receiver shall have all the rights and powers provided for under the laws of the state in which the Premises are located, including without limitation, the power to execute leases, and the power to collect the rents, sales proceeds, issues, profits and proceeds of the Premises during the pendency of such foreclosure suit, as well as during any further times when the Grantor, its successors or assigns, except for the intervention of such receiver, would be entitled to collect such rents, sales proceeds, issues, proceeds and profits, and all other powers which may be necessary or are usual in such cases for the protection, possession, control, management and operation of the Premises during the whole of said period.  Receiver’s fees, reasonable attorneys’ fees and costs incurred in connection with the appointment of a receiver pursuant to this Section 5.2 shall be secured by this Mortgage.  Notwithstanding the appointment of any receiver, trustee or other custodian, subject to each applicable Intercreditor Agreement, the Grantee shall be entitled to retain possession and control of any cash or other instruments at the time held by or payable or deliverable under the terms of the Mortgage to the Grantee to the fullest extent permitted by law.

 

5.3           Waivers.  No waiver of a prior Event of Default shall operate to waive any subsequent Event(s) of Default.  All remedies provided in this Mortgage, the Notes, the Indenture or any of the other Note Documents are cumulative and may, at the election of the Grantee, be exercised alternatively, successively, or in any manner and are in addition to any other rights provided by law.

 

5.4           Delivery of Possession After Foreclosure.  In the event there is a foreclosure sale hereunder and at the time of such sale, the Grantor or the Grantor’s successors or assigns are occupying or using the Premises, or any part thereof, each and all immediately shall become the tenant of the purchaser at such sale, which tenancy shall be a tenancy from day to day, terminable at the will of either landlord or tenant, at a reasonable rental per day based upon the value of the property occupied, such rental to be due daily to the purchaser; and to the extent permitted by applicable law, the purchaser at such sale, notwithstanding any language herein apparently to the contrary, shall have the sole option to demand possession immediately following the sale or to permit the occupants to remain as tenants at will.  In the event the tenant fails to surrender possession of said property upon demand, the purchaser shall be entitled to

 

8

 

institute and maintain a summary action for possession of the property (such as an action for forcible detainer) in any court having jurisdiction.

 

5.5           Marshalling.  The Grantor hereby waives, in the event of foreclosure of this Mortgage or the enforcement by the Grantee of any other rights and remedies hereunder, any right otherwise available in respect to marshalling of assets which secure any Notes and any other indebtedness secured hereby or to require the Grantee to pursue its remedies against any other such assets.

 

5.6           Protection of Premises.  Upon the occurrence and during the continuance of an Event of Default, the Grantee may take such actions, including, but not limited to disbursements of such sums, as the Grantee in its sole but reasonable discretion deems necessary to protect the Grantee’s interest in the Premises.

 

ARTICLE VI

 

General Conditions

 

6.1           Terms.  Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Indenture.  The singular used herein shall be deemed to include the plural; the masculine deemed to include the feminine and neuter; and the named parties deemed to include their successors and assigns to the extent permitted under the Indenture.  The word “person” shall include any individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature, and the word “Premises” shall include any portion of the Premises or interest therein.  The words “include”, “includes” and “including” shall be deemed to be followed by the phrase without limitation.

 

6.2           Notices.  All notices, requests and other communications shall be given in accordance with Sections 109 and 110 of the Indenture.

 

6.3           Severability.  If any provision of this Mortgage is determined to be illegal, invalid or unenforceable, such provision shall be fully severable and the remaining provisions shall remain in full force and effect and shall be construed without giving effect to the illegal, invalid or unenforceable provisions.

 

6.4           Headings.  The captions and headings herein are inserted only as a matter of convenience and for reference and in no way define, limit, or describe the scope of this Mortgage nor the intent of any provision hereof.

 

6.5           Intercreditor Agreement.  Notwithstanding anything to the contrary contained herein, the lien and security interest granted to the Grantee pursuant to this Mortgage and the exercise of any right or remedy by the Grantee hereunder are subject to the provisions of each applicable Intercreditor Agreement.

 

6.6           Conflicting Terms.

 

9

 

(a)           The Grantee acknowledges and agrees that the relative priority of the Liens granted to the Grantee, the ABL Collateral Agent and any Additional Agent (as defined in the Collateral Agreement) may be determined solely pursuant to the applicable Intercreditor Agreements, and not by priority as a matter of law or otherwise.  Notwithstanding anything herein to the contrary, the Liens and security interests granted to the Grantee pursuant to this Mortgage and the exercise of any right or remedy by the Grantee hereunder are subject to the provisions of the Intercreditor Agreements.  In the event of any conflict between the terms of this Mortgage and any Intercreditor Agreement, the terms of such Intercreditor Agreement shall govern and control as among (a) the Grantee, the ABL Collateral Agent and any Additional Agent, in the case of the Base Intercreditor Agreement (as defined in the Collateral Agreement), (b) the Grantee and any Additional Agent, in the case of the Note Collateral Intercreditor Agreement (as defined in the Collateral Agreement), and (c) the Grantee and any other party thereto, in the case of any other Intercreditor Agreement, in each case other than with respect to Section 6.7.  In the event of any such conflict, the Grantor may act (or omit to act) in accordance with such Intercreditor Agreement, and shall not be in breach, violation or default of its obligations hereunder by reason of doing so.

 

(b)           In the event of any conflict between the terms and provisions of the Indenture and the terms and provisions of this Mortgage, the terms and provisions of the Indenture shall control and supersede the provisions of this Mortgage with respect to such conflicts other than with respect to Section 6.7.

 

6.7           Governing Law.  This Mortgage shall be governed by and construed in accordance with the internal law of the state in which the Premises are located.

 

6.8           Application of the Foreclosure Law.  If any provision in this Mortgage shall be inconsistent with any provision of the foreclosure laws of the state in which the Premises are located, the provisions of such laws shall take precedence over the provisions of this Mortgage, but shall not invalidate or render unenforceable any other provision of this Mortgage that can be construed in a manner consistent with such laws.

 

6.9           Written Agreement.  This Mortgage may not be amended, supplemented or otherwise modified except in accordance with Article IX of the Indenture.  For the avoidance of doubt, it is understood and agreed that any amendment, amendment and restatement, waiver, supplement or other modification of or to any Intercreditor Agreement that would have the effect, directly or indirectly, through any reference herein to such Intercreditor Agreement or otherwise, of waiving, amending, supplementing or otherwise modifying this Mortgage, or any term or provision hereof, or any right or obligation of the Grantor hereunder or in respect hereof, shall not be given such effect except pursuant to a written instrument executed by the Grantor and the Grantee in accordance with this Section 6.9.

 

6.10         Waiver of Jury Trial.  Section 9.14 of the Collateral Agreement is hereby incorporated by reference.

 

10

 

6.11                           Request for Notice.  The Grantor requests that a copy of any statutory notice of default and a copy of any statutory notice of sale hereunder be mailed to the Grantor at the address specified in Section 6.2 of this Mortgage.

 

6.12                           Counterparts.  This Mortgage may be executed by one or more of the parties on any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.

 

6.13                           Release.  If any of the Premises shall be sold, transferred or otherwise disposed of by the Grantor in a transaction permitted by the Indenture, then the Grantee, at the request of the Grantor, shall execute and deliver to the Grantor all releases or other documents reasonably necessary or desirable for the release of the Liens created hereby on the Premises.  The Grantor shall deliver to the Grantee prior to the date of the proposed release, a written request for release.

 

6.14                           [Last Dollars Secured; Priority.  This Mortgage secures only a portion of the Obligations owing or which may become owing by the Grantor to the Secured Parties.  The parties agree that any payments or repayments of such Obligations shall be and be deemed to be applied first to the portion of the Obligations that is not secured hereby, it being the parties’ intent that the portion of the Obligations last remaining unpaid shall be secured hereby.  If at any time this Mortgage shall secure less than all of the principal amount of the Obligations, it is expressly agreed that any repayments of the principal amount of the Obligations shall not reduce the amount of the lien of this Mortgage until the lien amount shall equal the principal amount of the Obligations outstanding.]3

 

6.15                           State Specific Provisions.  In the event of any inconsistencies between this Section 6.15 and any of the other terms and provisions of this Mortgage, the terms and provisions of this Section 6.15 shall control and be binding.

 

(a)                                  [                                ]

 

(b)                                 [                                ]

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

3  To be included in mortgages for states with a mortgage recording tax, to the extent required.

 

11

 

IN WITNESS WHEREOF, the Grantor has executed this Mortgage as of the above written date.

 

 

	
 
    	
GRANTOR:
    
	
 
    	
 
    
	
 
    	
[                                        ]
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    

 

[ADD STATE NOTARY FORM FOR GRANTOR]4

 

4                                           Local counsel to confirm signature page and notary block which is acceptable for recording in the jurisdiction.

 

 

Exhibit A

 

Legal Description

 

(See Attached)Exhibit 10.9

 

Execution Version

 

INTERCREDITOR AGREEMENT

 

by and between

 

UBS AG, STAMFORD BRANCH

 

as ABL Agent,

 

and

 

WILMINGTON TRUST FSB

 

as Note Agent

 

Dated as of December 22, 2010

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page No.
    
	
 
    	
 
    	
 
    
	
ARTICLE 1 DEFINITIONS
    	
2
    
	
Section 1.1
    	
UCC   Definitions
    	
2
    
	
Section 1.2
    	
Other   Definitions
    	
2
    
	
Section 1.3
    	
Rules of   Construction
    	
21
    
	
 
    	
 
    	
 
    
	
ARTICLE 2 LIEN PRIORITY
    	
22
    
	
Section 2.1
    	
Agreement   to Subordinate
    	
22
    
	
Section 2.2
    	
Waiver   of Right to Contest Liens
    	
26
    
	
Section 2.3
    	
Remedies   Standstill
    	
30
    
	
Section 2.4
    	
Exercise   of Rights
    	
32
    
	
Section 2.5
    	
No   New Liens
    	
39
    
	
Section 2.6
    	
Waiver   of Marshalling
    	
42
    
	
 
    	
 
    	
 
    
	
ARTICLE 3 ACTIONS OF THE PARTIES
    	
43
    
	
Section 3.1
    	
Certain   Actions Permitted
    	
43
    
	
Section 3.2
    	
Agent   for Perfection
    	
43
    
	
Section 3.3
    	
Sharing   of Information and Access
    	
44
    
	
Section 3.4
    	
Insurance
    	
44
    
	
Section 3.5
    	
No   Additional Rights For the Credit Parties Hereunder
    	
45
    
	
Section 3.6
    	
Actions   Upon Breach
    	
45
    
	
Section 3.7
    	
Inspection   Rights
    	
45
    
	
 
    	
 
    	
 
    
	
ARTICLE 4 APPLICATION OF PROCEEDS
    	
46
    
	
Section 4.1
    	
Application   of Proceeds
    	
46
    
	
Section 4.2
    	
Specific   Performance
    	
50
    
	
 
    	
 
    	
 
    
	
ARTICLE 5 INTERCREDITOR ACKNOWLEDGEMENTS AND   WAIVERS
    	
51
    
	
Section 5.1
    	
Notice   of Acceptance and Other Waivers
    	
51
    
	
Section 5.2
    	
Modifications   to ABL Documents and Note Documents
    	
57
    
	
Section 5.3
    	
Reinstatement   and Continuation of Agreement
    	
63
    
	
 
    	
 
    	
 
    
	
ARTICLE 6 INSOLVENCY PROCEEDINGS
    	
64
    
	
Section 6.1
    	
DIP   Financing
    	
64
    
	
Section 6.2
    	
Relief   From Stay
    	
66
    
	
Section 6.3
    	
No   Contest
    	
66
    
	
Section 6.4
    	
Asset   Sales
    	
68
    
	
Section 6.5
    	
Separate   Grants of Security and Separate Classification
    	
68
    
	
Section 6.6
    	
Enforceability
    	
69
    
	
Section 6.7
    	
ABL   Obligations Unconditional
    	
69
    
	
Section 6.8
    	
Note   Obligations Unconditional
    	
69
    
	
Section 6.9
    	
Additional   Obligations Unconditional
    	
70
    
	
Section 6.10
    	
Adequate   Protection
    	
70
    

 

i

 

	
ARTICLE 7 MISCELLANEOUS
    	
71
    
	
Section 7.1
    	
Rights   of Subrogation
    	
71
    
	
Section 7.2
    	
Further   Assurances
    	
72
    
	
Section 7.3
    	
Representations
    	
72
    
	
Section 7.4
    	
Amendments
    	
73
    
	
Section 7.5
    	
Addresses   for Notices
    	
74
    
	
Section 7.6
    	
No   Waiver, Remedies
    	
75
    
	
Section 7.7
    	
Continuing   Agreement, Transfer of Secured Obligations
    	
75
    
	
Section 7.8
    	
Governing   Law: Entire Agreement
    	
75
    
	
Section 7.9
    	
Counterparts
    	
76
    
	
Section 7.10
    	
No   Third Party Beneficiaries
    	
76
    
	
Section 7.11
    	
Designation   of Additional Indebtedness; Joinder of Additional Agents
    	
76
    
	
Section 7.12
    	
Note   Collateral Representative; Notice of Note Collateral Representative Change
    	
77
    
	
Section 7.13
    	
Provisions   Solely to Define Relative Rights
    	
77
    
	
Section 7.14
    	
Headings
    	
78
    
	
Section 7.15
    	
Severability
    	
78
    
	
Section 7.16
    	
Attorneys   Fees
    	
78
    
	
Section 7.17
    	
VENUE;   JURY TRIAL WAIVER
    	
78
    
	
Section 7.18
    	
Intercreditor   Agreement
    	
79
    
	
Section 7.19
    	
No   Warranties or Liability
    	
79
    
	
Section 7.20
    	
Conflicts
    	
79
    
	
Section 7.21
    	
Information   Concerning Financial Condition of the Credit Parties
    	
79
    
	
 
    	
 
    	
 
    
	
EXHIBITS:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Exhibit A
    	
Additional   Indebtedness Designation
    	
 
    
	
 
    	
 
    	
 
    
	
Exhibit B
    	
Additional   Indebtedness Joinder
    	
 
    
	
 
    	
 
    	
 
    
	
Exhibit C
    	
Joinder of ABL   Credit Agreement or Indenture
    	
 
    

 

ii

 

INTERCREDITOR AGREEMENT

 

THIS INTERCREDITOR AGREEMENT (as amended, restated, supplemented, waived or otherwise modified from time to time pursuant to the terms hereof, this “Agreement”) is entered into as of December 22, 2010 between UBS AG, STAMFORD BRANCH, in its capacity as collateral agent (together with its successors and assigns in such capacity from time to time, and as further defined herein, the “ABL Agent”) for the ABL Credit Agreement Lenders and WILMINGTON TRUST FSB, in its capacity as collateral agent (together with its successors and assigns in such capacity from time to time, and as further defined herein, the “Note Agent”) for the Noteholder Secured Parties.  Capitalized terms defined in Article 1 hereof are used in this Agreement as so defined.

 

RECITALS

 

A.            Pursuant to the Original ABL Credit Agreement, the ABL Lenders have agreed to make certain loans and other financial accommodations to or for the benefit of the ABL Borrowers.

 

B.            Pursuant to the ABL Guaranties, the ABL Guarantors have agreed to guarantee the payment and performance of the ABL Borrowers’ obligations under the ABL Documents.

 

C.            As a condition to the effectiveness of the Original ABL Credit Agreement and to secure the obligations of the ABL Credit Parties under and in connection with the ABL Documents, the ABL Credit Parties have granted to the ABL Agent (for the benefit of the ABL Lenders, including the ABL Bank Products Affiliates and ABL Hedging Affiliates) Liens on the Collateral.

 

D.            Pursuant to the Original Indenture, the Company has issued, or will issue, the Notes.

 

E.             Pursuant to the Note Guaranties, the Note Guarantors have agreed to guarantee the payment and performance of the Note Issuer’s obligations under the Note Documents.

 

F.             As a condition to the issuance and sale of the Notes on the date hereof and to secure the obligations of the Note Credit Parties under and in connection with the Note Documents, the Note Credit Parties have granted to the Note Agent (for the benefit of the Noteholder Secured Parties, including the Note Bank Products Providers, Note Hedging Providers and Management Credit Providers) Liens on the Collateral.

 

G.            Pursuant to this Agreement, the Company may, from time to time, designate certain additional Indebtedness of any Credit Party as “Additional Indebtedness” by executing and delivering the Additional Indebtedness Designation and by complying with the procedures set forth in Section 7.11 hereof, and the holders of such Additional Indebtedness and any other applicable Additional Creditor shall thereafter constitute Additional Creditors, and any Additional Agent for any such Additional Creditors shall thereafter constitute an Additional Agent, for all purposes under this Agreement.

 

 

H.            Each of the ABL Agent (on behalf of the ABL Lenders) and the Note Agent (on behalf of the Noteholder Secured Parties) and, by their acknowledgment hereof, the ABL Credit Parties and the Note Credit Parties, desire to agree to the relative priority of Liens on the Collateral and certain other rights, priorities and interests as provided herein.

 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE 1
 DEFINITIONS

 

Section 1.1             UCC Definitions.   The following terms which are defined in the Uniform Commercial Code are used herein as so defined:  Accounts, Chattel Paper, Deposit Accounts, Documents, Electronic Chattel Paper, Equipment, Financial Assets, Instruments, Inventory, Investment Property, Letter-of-Credit Rights, Money, Payment Intangibles, Promissory Notes, Records, Security, Securities Accounts, Security Entitlements, Supporting Obligations, and Tangible Chattel Paper.

 

Section 1.2             Other Definitions.   As used in this Agreement, the following terms shall have the meanings set forth below:

 

“ABL Agent” shall mean UBS AG, Stamford Branch in its capacity as collateral agent under the ABL Credit Agreement, together with its successors and assigns in such capacity from time to time, whether under the Original ABL Credit Agreement or any subsequent ABL Credit Agreement, as well as any Person designated as the “Agent” or “Collateral Agent” under any ABL Credit Agreement.

 

“ABL Bank Products Affiliate” shall mean any ABL Credit Agreement Lender or any Affiliate of any ABL Credit Agreement Lender that has entered into a Bank Products Agreement with an ABL Credit Party with the obligations of such ABL Credit Party thereunder being secured by one or more ABL Collateral Documents.

 

“ABL Borrowers” shall mean the Company and certain of its Subsidiaries, in their capacities as borrowers under the ABL Credit Agreement, together with its and their respective successors and assigns.

 

“ABL Collateral Documents” shall mean all “Security Documents” as defined in the Original ABL Credit Agreement, and all other security agreements, mortgages, deeds of trust and other collateral documents executed and delivered in connection with any ABL Credit Agreement, and any other agreement, document or instrument pursuant to which a Lien is granted securing any ABL Obligations or under which rights or remedies with respect to such Liens are governed, in each case as the same may be amended, supplemented, waived or modified from time to time.

 

“ABL Commingled Collateral” shall have the meaning set forth in Section 3.7(a) hereof.

 

“ABL Credit Agreement” shall mean (i) the Original ABL Credit Agreement and (ii) if designated by the Company, any other credit agreement, loan agreement, note agreement,

 

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promissory note, indenture or other agreement or instrument evidencing or governing the terms of any indebtedness or other financial accommodation that has been incurred to refund, refinance, restructure, replace, renew, repay, increase or extend (whether in whole or in part and whether with the original agent and creditors or other agents and creditors or otherwise) the indebtedness and other obligations outstanding under (x) the Original ABL Credit Agreement or (y) any subsequent ABL Credit Agreement (in each case, as amended, restated, supplemented, waived or otherwise modified from time to time); provided, that the requisite creditors party to such ABL Credit Agreement (or their agent or other representative on their behalf) shall agree, by a joinder agreement substantially in the form of Exhibit C attached hereto or otherwise in form and substance reasonably satisfactory to any Additional Agent (other than any Designated Additional Agent) (or, if there is no continuing Agent other than the Note Agent and any Designated Additional Agent, as designated by the Company), that the obligations under such ABL Credit Agreement are subject to the terms and provisions of this Agreement.  Any reference to the ABL Credit Agreement shall be deemed a reference to any ABL Credit Agreement then in existence.

 

“ABL Credit Agreement Lenders” shall mean the lenders, debtholders and other creditors party from time to time to the ABL Credit Agreement, together with their successors, assigns and transferees.

 

“ABL Credit Parties” shall mean the ABL Borrowers, the ABL Guarantors and each other direct or indirect Subsidiary of the Company or any of its Affiliates that is now or hereafter becomes a party to any ABL Document.

 

“ABL Documents” shall mean the ABL Credit Agreement, the ABL Guaranties, the ABL Collateral Documents, any Bank Products Agreements between any ABL Credit Party and any ABL Bank Products Affiliate, any Hedging Agreements between any ABL Credit Party and any ABL Lender, those other ancillary agreements as to which the ABL Agent or any ABL Lender is a party or a beneficiary and all other agreements, instruments, documents and certificates, now or hereafter executed by or on behalf of any ABL Credit Party or any of its respective Subsidiaries or Affiliates, and delivered to the ABL Agent, in connection with any of the foregoing or any ABL Credit Agreement, in each case as the same may be amended, supplemented, waived or otherwise modified from time to time.

 

“ABL Guaranties” shall mean that certain guarantee agreement dated as of the date hereof by the ABL Guarantors in favor of the ABL Agent, and all other guarantees of any ABL Obligations of any ABL Credit Party by any other ABL Credit Party in favor of any ABL Secured Party, in each case as amended, restated, supplemented, waived or otherwise modified from time to time.

 

“ABL Guarantors” shall mean the collective reference to Holdings (so long as it is a guarantor under any of the ABL Guaranties), each of the Company’s Domestic Subsidiaries that is a guarantor under any of the ABL Guaranties and any other Person who becomes a guarantor under any of the ABL Guaranties.

 

“ABL  Hedging Affiliate” shall mean any ABL Credit Agreement Lender or any Affiliate of any ABL Credit Agreement Lender that has entered into a Hedging Agreement with an ABL

 

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Credit Party with the obligations of such ABL Credit Party thereunder being secured by one or more ABL Collateral Documents.

 

“ABL Lenders” shall mean all ABL Credit Agreement Lenders, together with any Affiliates thereof in their capacity as ABL Bank Products Affiliates or ABL Hedging Affiliates, and all successors, assigns, transferees and replacements thereof, as well as any Person designated as a “Lender” under any ABL Credit Agreement.

 

“ABL Obligations” shall mean any and all loans and all other obligations, liabilities and indebtedness of every kind, nature and description, whether now existing or hereafter arising, whether arising before, during or after the commencement of any case with respect to any ABL Credit Party under the Bankruptcy Code or any other Insolvency Proceeding,  owing by each ABL Credit Party from time to time to the ABL Agent, the “administrative agent” or “agent” under the ABL Credit Agreement, the ABL Credit Agreement Lenders or any of them, any ABL Bank Products Affiliates or any ABL Hedging Affiliates, under any ABL Document, whether for principal, interest (including interest and fees which, but for the filing of a petition in bankruptcy with respect to such ABL Credit Party, would have accrued on any ABL Obligation, whether or not a claim is allowed against such ABL Credit Party for such interest and fees in the related bankruptcy proceeding), reimbursement of amounts drawn under letters of credit, payments for early termination of Hedging Agreements, fees, expenses, indemnification or otherwise, and all other amounts owing or due under the terms of the ABL Documents, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time.

 

“ABL Permitted Access Right” shall have the meaning set forth in Section 3.7(a).

 

“ABL Priority Collateral” shall mean all Collateral consisting of the following:

 

(1)           all Accounts (other than Accounts which constitute identifiable proceeds of Note Priority Collateral);

 

(2)           all Chattel Paper (including Tangible Chattel Paper and Electronic Chattel Paper);

 

(3)           (x) all Deposit Accounts and Money and all cash, checks, other negotiable instruments, funds and other evidences of payments held therein and (y) all Securities, Security Entitlements, and Securities Accounts, in each case, to the extent constituting cash or Cash Equivalents or representing a claim to Cash Equivalents, in each case other than the Asset Sales Proceeds Account and Capital Stock of Subsidiaries of Holdings and all cash, checks and other property held therein or credited thereto, but in any event and regardless of the foregoing clauses, but excluding the Asset Sales Proceeds Account and Proceeds of Note Priority Collateral;

 

(4)           all Inventory;

 

(5)           to the extent involving or governing any of the items referred to in the preceding clauses (1) through (4), all Documents, General Intangibles (other than Intellectual Property and Capital Stock of Subsidiaries of Holdings), Instruments (including, without limitation, Promissory Notes), and Letter of Credit Rights, provided that to the extent any of the foregoing also relates to Note Priority Collateral, only that portion related to the items referred to in the preceding clauses (1) through (4) shall be included in the ABL Priority Collateral;

 

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(6)           to the extent evidencing or governing any of the items referred to in the preceding clauses (1) through (5), all Supporting Obligations; provided that to the extent any of the foregoing also relates to Note Priority Collateral only that portion related to the items referred to in the preceding clauses (1) through (5) shall be included in the ABL Priority Collateral;

 

(7)           all books and Records relating to the foregoing (including without limitation all books, databases, data processing software, customer lists, and Records, whether tangible or electronic, which contain any information relating to any of the foregoing); and

 

(8)           all collateral security and guarantees with respect to any of the foregoing and all cash, Money, instruments, securities (other than Capital Stock of Subsidiaries of Holdings), financial assets, Investment Property (other than Capital Stock of Subsidiaries of Holdings), insurance proceeds and deposit accounts directly received as proceeds of any ABL Priority Collateral described in the preceding clauses (1) through (5) (such proceeds, “ABL Priority Proceeds”); provided, however, that no proceeds of ABL Priority Proceeds will constitute ABL Priority Collateral unless such proceeds of ABL Priority Proceeds would otherwise constitute ABL Priority Collateral.

 

For the avoidance of doubt, under no circumstances shall Excluded Assets (as defined in the next succeeding sentence) be ABL Priority Collateral.  As used in this definition of “ABL Priority Collateral”, the term “Excluded Assets” shall have the meaning provided in the Original ABL Credit Agreement (if the Original ABL Credit Agreement is then in effect) or in the ABL Collateral Documents relating thereto, or in any other ABL Credit Agreement then in effect (if the Original ABL Credit Agreement is not then in effect) or in the ABL Collateral Documents relating thereto.

 

“ABL Recovery” shall have the meaning set forth in Section 5.3(a).

 

“ABL Secured Parties” shall mean the ABL Agent and the ABL Lenders.

 

“Additional Agent” shall mean any one or more agents, trustees or other representatives for or of any one or more Additional Credit Facility Creditors, and shall include any successor thereto, as well as any Person designated as an “Agent” under any Additional Credit Facility.

 

“Additional Bank Products Affiliate” shall mean any Additional Credit Facility Creditor or any Affiliate of any Additional Credit Facility Creditor that has entered into a Bank Products Agreement with a Credit Party with the obligations of such Credit Party thereunder being secured by one or more Additional Collateral Documents.

 

“Additional Bank Products Provider” shall mean any Person (other than an Additional Bank Products Affiliate) that has entered into a Bank Products Agreement with an Additional Credit Party with the obligations of such Additional Credit Party thereunder being secured by one or more Additional Collateral Documents, as designated by the Company in accordance with the terms of the Additional Collateral Documents.

 

“Additional Borrower” shall mean any Additional Credit Party that incurs or issues Additional Indebtedness, together with its successors and assigns.

 

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“Additional Collateral Documents” shall mean all “Security Documents” as defined in any Additional Credit Facility, and in any event shall include all security agreements, mortgages, deeds of trust, pledges and other collateral documents executed and delivered in connection with any Additional Credit Facility, and any other agreement, document or instrument pursuant to which a Lien is granted securing any Additional Obligations or under which rights or remedies with respect to such Liens are governed, in each case as the same may be amended, supplemented, waived or otherwise modified from time to time.

 

“Additional Credit Facilities” shall mean (a) any one or more agreements, instruments and documents under which any Additional Indebtedness is or may be incurred, including without limitation any credit agreements, loan agreements, indentures or other financing agreements, in each case as the same may be amended, supplemented, waived or otherwise modified from time to time, together with (b) if designated by the Company, any other agreement extending the maturity of, consolidating, restructuring, refunding, replacing or refinancing all or any portion of the Additional Obligations, whether by the same or any other lender, debtholder or other creditor or group of lenders, debtholders or other creditors, or the same or any other agent, trustee or representative therefor, or otherwise, and whether or not increasing the amount of any Indebtedness that may be incurred thereunder.

 

“Additional Credit Facility Creditors” shall mean one or more holders of Additional Indebtedness (or commitments therefor) that is or may be incurred under one or more Additional Credit Facilities.

 

“Additional Credit Party” shall mean the Company, Holdings (so long as it is a guarantor under any of the Additional Guaranties), each direct or indirect Subsidiary of the Company or any of its Affiliates that is or becomes a party to any Additional Document, and any other Person who becomes a guarantor under any of the Additional Guaranties.

 

“Additional Creditors” shall mean one or more Additional Credit Facility Creditors and shall include all Additional Bank Products Affiliates, Additional Hedging Affiliates, Additional Bank Products Providers and Additional Hedging Providers and all successors, assigns, transferees and replacements thereof, as well as any Person designated as an “Additional Creditor” under any Additional Credit Facility; and with respect to any Additional Agent, shall mean the Additional Creditors represented by such Additional Agent.

 

“Additional Documents” shall mean any Additional Credit Facilities, any Additional Guaranties, any Additional Collateral Documents, any Bank Products Agreements between any Credit Party and any Additional Bank Products Affiliate or Additional Bank Products Provider, any Hedging Agreements between any Credit Party and any Additional Hedging Affiliate or Additional Hedging Provider, those other ancillary agreements as to which any Additional Secured Party is a party or a beneficiary and all other agreements, instruments, documents and certificates, now or hereafter executed by or on behalf of any Credit Party or any of its respective Subsidiaries or Affiliates, and delivered to any Additional Agent, in connection with any of the foregoing or any Additional Credit Facility, including any intercreditor or joinder agreement among any of the Additional Secured Parties or among any of the Noteholder Secured Parties and Additional Secured Parties, in each case as the same may be amended, supplemented, waived or otherwise modified from time to time.

 

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“Additional Effective Date” shall have the meaning set forth in Section 7.11(b).

 

“Additional Guaranties” shall mean any one or more guarantees of any Additional Obligations of any Additional Credit Party by any other Additional Credit Party in favor of any Additional Secured Party, in each case as the same may be amended, supplemented, waived or otherwise modified from time to time.

 

“Additional Guarantor” shall mean any Additional Credit Party that at any time has provided an Additional Guaranty.

 

“Additional Hedging Affiliate” shall mean any Additional Credit Facility Creditor or any Affiliate of any Additional Credit Facility Creditor that has entered into a Hedging Agreement with any Credit Party with the obligations of such Credit Party thereunder being secured by one or more Additional Collateral Documents.

 

“Additional Hedging Provider” shall mean any Person (other than an Additional Hedging Affiliate) that has entered into a Hedging Agreement with an Additional Credit Party with the obligations of such Additional Credit Party thereunder being secured by one or more Additional Collateral Documents, as designated by the Company in accordance with the terms of the Additional Collateral Documents.

 

“Additional Indebtedness” shall mean any Additional Specified Indebtedness that (1) is permitted to be secured by a Lien (as hereinafter defined) on Collateral by

 

(a)                                  prior to the Discharge of ABL Obligations, Section 8.14 of the Original ABL Credit Agreement (if the Original ABL Credit Agreement is then in effect) or the corresponding negative covenant restricting Liens contained in any other ABL Credit Agreement then in effect if the Original ABL Credit Agreement is not then in effect (which covenant is designated in such ABL Credit Agreement as applicable for purposes of this definition);

 

(b)                                 prior to the Discharge of Note Obligations, Section 413 of the Original Indenture (if the Original Indenture is then in effect) or the corresponding negative covenant restricting Liens contained in any other Indenture then in effect if the Original Indenture is not then in effect (which covenant is designated in such Indenture as applicable for purposes of this definition); and

 

(c)                                  prior to the Discharge of Additional Obligations, any negative covenant restricting Liens contained in any applicable Additional Credit Facility then in effect (which covenant is designated in such Additional Credit Facility as applicable for purposes of this definition); and

 

(2) is designated as “Additional Indebtedness” by the Company pursuant to an Additional Indebtedness Designation and in compliance with the procedures set forth in Section 7.11.

 

As used in this definition of “Additional Indebtedness”, the term “Lien” shall have the meaning set forth (x) for purposes of the preceding clause (1)(a), prior to the Discharge of ABL

 

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Obligations, in the Original ABL Credit Agreement (if the Original ABL Credit Agreement is then in effect), or in any other ABL Credit Agreement then in effect (if the Original ABL Credit Agreement is not then in effect), (y) for purposes of the preceding clause (1)(b), prior to the Discharge of Note Obligations, in the Original Indenture (if the Original Indenture is then in effect), or in any other Indenture then in effect (if the Original Indenture is not then in effect), and (z) for purposes of the preceding clause (1)(c), prior to the Discharge of Additional Obligations, in the applicable Additional Credit Facility then in effect.

 

“Additional Indebtedness Designation” shall mean a certificate of the Company with respect to Additional Indebtedness substantially in the form of Exhibit A attached hereto.

 

“Additional Indebtedness Joinder” shall mean a joinder agreement executed by one or more Additional Agents in respect of the Additional Indebtedness subject to an Additional Indebtedness Designation, on behalf of one or more Additional Creditors in respect of such Additional Indebtedness, substantially in the form of Exhibit B attached hereto.

 

“Additional Obligations” shall mean any and all loans and all other obligations, liabilities and indebtedness of every kind, nature and description, whether now existing or hereafter arising, whether arising before, during or after the commencement of any case with respect to any Additional Credit Party under the Bankruptcy Code or any other Insolvency Proceeding, owing by each Additional Credit Party from time to time to any Additional Agent, any Additional Creditors or any of them, including any Additional Bank Products Affiliates, Additional Hedging Affiliates, Additional Bank Products Provider or Additional Hedging Provider, under any Additional Document, whether for principal, interest (including interest and fees which, but for the filing of a petition in bankruptcy with respect to such Additional Credit Party, would have accrued on any Additional Obligation, whether or not a claim is allowed against such Additional Credit Party for such interest and fees in the related bankruptcy proceeding), reimbursement of amounts drawn under letters of credit, payments for early termination of Hedging Agreements, fees, expenses, indemnification or otherwise, and all other amounts owing or due under the terms of the Additional Documents, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time.

 

“Additional Recovery” shall have the meaning set forth in Section 5.3(c).

 

“Additional Secured Parties” shall mean any Additional Agents and any Additional Creditors.

 

“Additional Specified Indebtedness” shall mean any Indebtedness (as hereinafter defined) that is or may from time to time be incurred by any Credit Party in compliance with:

 

(a)                                  prior to the Discharge of ABL Obligations, Section 8.13 of the Original ABL Credit Agreement (if the Original ABL Credit Agreement is then in effect) or the corresponding negative covenant restricting Indebtedness contained in any other ABL Credit Agreement then in effect if the Original ABL Credit Agreement is not then in effect (which covenant is designated in such ABL Credit Agreement as applicable for purposes of this definition);

 

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(b)                                 prior to the Discharge of Note Obligations, Section 407 of the Original Indenture (if the Original Indenture is then in effect) or the corresponding negative covenant restricting Indebtedness contained in any other Indenture then in effect if the Original Indenture is not then in effect (which covenant is designated in such Indenture as applicable for purposes of this definition); and

 

(c)                                  any negative covenant restricting Indebtedness contained in any Additional Credit Facility then in effect (which covenant is designated in such Additional Credit Facility as applicable for purposes of this definition).

 

As used in this definition of “Additional Specified Indebtedness”, the term “Indebtedness” shall have the meaning set forth (x) for purposes of the preceding clause (a), prior to the Discharge of ABL Obligations, in the Original ABL Credit Agreement (if the Original ABL Credit Agreement is then in effect), or in any other ABL Credit Agreement then in effect (if the Original ABL Credit Agreement is not then in effect), (y) for purposes of the preceding clause (b), prior to the Discharge of Note Obligations, in the Original Indenture (if the Original Indenture is then in effect), or in any other Indenture then in effect (if the Original Indenture is not then in effect), and (z) for purposes of the preceding clause (c), prior to the Discharge of Additional Obligations, in the applicable Additional Credit Facility then in effect.  In the event that any Indebtedness as defined in any such Credit Document shall not be Indebtedness as defined in any other such Credit Document, but is or may be incurred in compliance with such other Credit Document, such Indebtedness shall constitute Additional Specified Indebtedness for purposes of such other Credit Document.

 

“Affiliate” shall mean with respect to any Person, any other Person which, directly or indirectly, is in control of, is controlled by, or is under common control with, such Person.  For purposes of this definition, “control” of a Person shall mean the power, directly or indirectly, either to (a) vote 20% or more of the securities having ordinary voting power for the election of directors of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise.

 

“Agreement” shall mean this Intercreditor Agreement, as the same may be amended, restated, supplemented, waived or otherwise modified from time to time pursuant to the terms hereof.

 

“Agent” shall mean the ABL Agent, the Note Agent and any Additional Agent, as applicable.

 

“Asset Sales Proceeds Account” shall mean one or more Deposit Accounts or Securities Accounts holding only the proceeds of any sale or disposition of any Note Priority Collateral and the proceeds or investment thereof.

 

“Bank Products Agreement” shall mean any agreement pursuant to which a bank or other financial institution agrees to provide treasury or cash management services (including, without limitation, controlled disbursements, automated clearinghouse transactions, return items, netting, overdrafts and interstate depository network services).

 

“Bankruptcy Code” shall mean title 11 of the United States Code.

 

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“Borrower” shall mean any of the ABL Borrowers, the Note Issuer and any Additional Borrower.

 

“Capitalized Lease Obligation” shall mean an obligation that is required to be classified and accounted for as a capitalized lease for financial reporting purposes in accordance with GAAP.

 

“Capital Stock” shall mean any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants or options to purchase any of the foregoing.

 

“Cash Collateral”  shall mean any Collateral consisting of Money or Cash Equivalents, any Security Entitlement and any Financial Assets.

 

“Cash Equivalents” shall mean (a) securities issued or fully guaranteed or insured by the United States government or Canadian government or any agency or instrumentality thereof, (b) time deposits, certificates of deposit or bankers’ acceptances of (i) any ABL Lender or any Additional Lender or any affiliate thereof or (ii) any commercial bank having capital and surplus in excess of $500,000,000 and the commercial paper of the holding company of which is rated at least A-2 or the equivalent thereof by Standard & Poor’s Ratings Group (a division of The McGraw Hill Companies Inc.) or any successor rating agency (“S&P”) or at least P-2 or the equivalent thereof by Moody’s Investors Service, Inc. or any successor rating agency (“Moody’s”) (or if at such time neither is issuing ratings, then a comparable rating of such other nationally recognized rating agency as shall be approved by the ABL Agent, the Note Agent or any Additional Agent, in each case, in its reasonable judgment), (c) commercial paper rated at least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s (or if at such time neither is issuing ratings, then a comparable rating of such other nationally recognized rating agency as shall be approved by the ABL Agent or any Additional Agent (other than any Designated Additional Agent), in each case, in its reasonable judgment (or, if there is no continuing Agent other than the Note Agent or any Designated Additional Agent, as designated by the Company)), (d) investments in money market funds complying with the risk limiting conditions of Rule 2a-7 or any successor rule of the Securities and Exchange Commission under the Investment Company Act of 1940, and (e) investments similar to any of the foregoing denominated in foreign currencies approved by the board of directors of the Company, in each case provided in clauses (a), (b), (c) and (e) above only, maturing within twelve months after the date of acquisition.

 

“Collateral” shall mean all Property now owned or hereafter acquired by any Borrower or any Guarantor in or upon which a Lien is granted or purported to be granted to the ABL Agent, the Note Agent or any Additional Agent under any of the ABL Collateral Documents, the Note Collateral Documents or the Additional Collateral Documents, together with all rents, issues, profits, products, and Proceeds thereof.

 

“Commodities Agreement” shall have the meaning assigned to such term in the Original Indenture.

 

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“Company” shall mean Atkore International, Inc., a Delaware corporation, and any successor in interest thereto.

 

“Control Collateral” shall mean any Collateral consisting of any certificated Security, Investment Property, Deposit Account, Instruments and any other Collateral as to which a Lien may be perfected through possession or control by the secured party, or any agent therefor.

 

“Copyright Licenses” shall mean with respect to any Credit Party, all United States written license agreements of such Credit Party providing for the grant by or to such Credit Party of any right to use any United States copyright of such Credit Party, other than agreements with any Person who is an Affiliate or a Subsidiary of such Credit Party, subject, in each case, to the terms of such license agreements, and the right to prepare for sale, sell and advertise for sale, all Inventory now or hereafter covered by such licenses.

 

“Copyrights” shall mean with respect to any Credit Party, all of such Credit Party’s right, title and interest in and to all United States copyrights, whether or not the underlying works of authorship have been published or registered, United States copyright registrations and copyright applications, and (i) all renewals thereof, (ii) all income, royalties, damages and payments now or hereafter due and/or payable with respect thereto, including, without limitation, payments under all licenses entered into in connection therewith, and damages and payments for past or future infringements thereof and (iii) the right to sue or otherwise recover for past, present and future infringements and misappropriations thereof.

 

“Credit Documents” shall mean the ABL Documents, the Note Documents and any Additional Documents.

 

“Credit Parties” shall mean the ABL Credit Parties, the Note Credit Parties and any Additional Credit Parties.

 

“Currency Agreement” shall have the meaning assigned to such term in the Original Indenture.

 

“Designated Additional Agent” shall mean any Additional Agent that the Company designates as a Designated Additional Agent (as confirmed in writing by such Additional Agent if such designation is made subsequent to the joinder of such Additional Agent to this Agreement), as and to the extent so designated.  Such designation may be for all purposes under this Agreement, or may be for one or more specified purposes thereunder or provisions thereof.

 

“DIP Financing” shall have the meaning set forth in Section 6.1(a).

 

“Discharge of ABL Obligations” shall mean (a) the payment in full in cash of the applicable ABL Obligations that are outstanding and unpaid (and excluding, for the avoidance of doubt, unasserted contingent indemnification or other obligations) at the time all Indebtedness under the applicable ABL Credit Agreement is paid in full in cash, including (if applicable), with respect to amounts available to be drawn under outstanding letters of credit issued thereunder (or indemnities or other undertakings issued pursuant thereto in respect of outstanding letters of credit), delivery or provision of cash or backstop letters of credit in respect thereof in compliance with the terms of any such ABL Credit Agreement (which shall not exceed an amount equal to 

 

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101.5% of the aggregate undrawn amount of such letters of credit) and (b) the termination of all then outstanding commitments to extend credit under the ABL Documents.

 

“Discharge of Additional Obligations” shall mean, if any Indebtedness shall at any time have been incurred under any Additional Credit Facility, (a) the payment in full in cash of the applicable Additional Obligations that are outstanding and unpaid (and excluding, for the avoidance of doubt, unasserted contingent indemnification or other obligations) at the time all Additional Indebtedness under such Additional Credit Facility is paid in full in cash, including (if applicable), with respect to amounts available to be drawn under outstanding letters of credit issued thereunder (or indemnities or other undertakings issued pursuant thereto in respect of outstanding letters of credit), delivery or provision of cash or backstop letters of credit in respect thereof in compliance with the terms of any such Additional Credit Facility (which shall not exceed an amount equal to 101.5% of the aggregate undrawn amount of such letters of credit) and (b) the termination of all then outstanding commitments to extend credit under the applicable Additional Credit Facility.

 

“Discharge of Note Collateral Obligations” shall mean the Discharge of Note Obligations and (if applicable) the Discharge of Additional Obligations.

 

“Discharge of Note Obligations” shall mean the payment in full in cash of the applicable Note Obligations that are outstanding and unpaid (and excluding, for the avoidance of doubt, unasserted contingent indemnification or other obligations) at the time all Indebtedness under the applicable Note Document is paid in full in cash.

 

“Domestic Subsidiary” shall mean any Subsidiary of the Company that is not a Foreign Subsidiary.

 

“Event of Default” shall mean an Event of Default under any ABL Credit Agreement, any Indenture or any Additional Credit Facility.

 

“Exercise Any Secured Creditor Remedies” or “Exercise of Secured Creditor Remedies” shall mean:

 

(a)           the taking of any action to enforce or realize upon any Lien, including the institution of any foreclosure proceedings or the noticing of any public or private sale pursuant to Article 9 of the Uniform Commercial Code;

 

(b)           the exercise of any right or remedy provided to a secured creditor on account of a Lien under any of the Credit Documents, under applicable law, in an Insolvency Proceeding or otherwise, including the election to retain any of the Collateral in satisfaction of a Lien;

 

(c)           the taking of any action or the exercise of any right or remedy in respect of the collection on, set off against, marshaling of, injunction respecting or foreclosure on the Collateral or the Proceeds thereof;

 

(d)           the appointment of a receiver, receiver and manager or interim receiver of all or part of the Collateral;

 

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(e)           the sale, lease, license, or other disposition of all or any portion of the Collateral by private or public sale or any other means permissible under applicable law;

 

(f)            the exercise of any other right of a secured creditor under Part 6 of Article 9 of the Uniform Commercial Code;

 

(g)           the exercise of any voting rights relating to any Capital Stock included in the Collateral; and

 

(h)           the delivery of any notice, claim or demand relating to the Collateral to any Person (including any securities intermediary, depository bank or landlord) in possession or control of any Collateral.

 

For the avoidance of doubt, filing a proof of claim in bankruptcy court or seeking adequate protection shall not be deemed to be an Exercise of Secured Creditor Remedies.

 

“Financing Lease” shall mean any lease of property, real or personal, the obligations of the lessee in respect of which are required to be capitalized on a balance sheet of the lessee in accordance with generally accepted accounting principles as in effect in the United States.

 

“Foreign Subsidiary” shall mean (a) any Subsidiary of the Company that is not organized under the laws of the United States of America or any state thereof or the District of Columbia and any Subsidiary of such Foreign Subsidiary and (b) any Subsidiary of the Company that has no material assets other than securities or Indebtedness of one or more of the Subsidiaries described in clause (a) above (or Subsidiaries thereof), intellectual property relating to such Subsidiaries described in clause (a) above (or Subsidiaries thereof) and other assets relating to an ownership interest in any such securities, Indebtedness, intellectual property or Subsidiaries.

 

“General Intangibles” shall mean all “general intangibles” as such term is defined in the Uniform Commercial Code including, without limitation, with respect to any Credit Party, all contracts, agreements, instruments and indentures in any form, and portions thereof, to which such Credit Party is a party or under which such Credit Party has any right, title or interest or to which such Credit Party or any property of such Credit Party is subject, as the same may from time to time be amended, supplemented, waived or otherwise modified from time to time.

 

“Governmental Authority” shall mean any nation or government, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including the European Union.

 

“Guarantor” shall mean any of the ABL Guarantors, Note Guarantors and any Additional Guarantors.

 

“Hedging Agreement” shall mean any interest rate, foreign currency, commodity or equity swap, collar, cap, floor or forward rate agreement, or other agreement or arrangement designed to protect against fluctuations in interest rates or currency, commodity or equity values (including, without limitation, any option with respect to any of the foregoing and any combination of the foregoing agreements or arrangements), and any confirmation executed in connection with any such agreement or arrangement.

 

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“Hedging Obligations” shall have the meaning assigned to such term in the Original Indenture.

 

“Holdings” shall mean Atkore International Holdings Inc., a Delaware corporation, and any successor in interest thereto.

 

“Impairment” shall have the meaning set forth in Section 2.1(e).

 

“Indebtedness” shall mean, with respect to any Person at any date, (a) all indebtedness of such Person for borrowed money or for the deferred purchase price of property or services (other than trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices), (b) any other indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument, (c) all obligations of such Person under Financing Leases, (d) all obligations of such Person in respect of acceptances issued or created for the account of such Person, (e) all obligations of such Person in respect of interest rate protection agreements, interest rate futures, interest rate options, interest rate caps and any other interest rate hedge arrangements, and (f) all indebtedness or obligations of the types referred to in the preceding clauses (a) through (e) to the extent secured by any Lien on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof.

 

“Indenture” shall mean (i) the Original Indenture and (ii) if designated by the Company, any other credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any indebtedness or other financial accommodation that has been incurred to refund, refinance, restructure, replace, renew, repay, increase or extend (whether in whole or in part and whether with the original agent and creditors or other agents and creditors or otherwise) the indebtedness and other obligations outstanding under (x) the Original Indenture or (y) any subsequent Indenture (as amended, restated, supplemented, waived or otherwise modified from time to time); provided, that the requisite creditors party to such Indenture (or their agent or other representative on their behalf) shall agree, by a joinder agreement substantially in the form of Exhibit C attached hereto or otherwise in form and substance reasonably satisfactory to the ABL Agent and any Additional Agent (other than any Designated Additional Agent) (or, if there is no continuing Agent other than the Note Agent and any Designated Additional Agent, as designated by the Company), that the obligations under such Indenture are subject to the terms and provisions of this Agreement.  Any reference to the Indenture shall be deemed a reference to any Indenture then in existence.

 

“Insolvency Proceeding” shall mean (a) any case, action or proceeding before any court or other governmental authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (b) any general assignment for the benefit of creditors, composition, marshalling of assets for creditors or other similar arrangement in respect of its creditors generally or any substantial portion of its creditors; in each case covered by clauses (a) and (b) undertaken under United States Federal, State or foreign law, including the Bankruptcy Code.

 

“Intellectual Property” shall mean, with respect to any Credit Party, the collective reference to such Credit Party’s Copyrights, Copyright Licenses, Patents, Patent Licenses, Trade Secrets, Trade Secret Licenses, Trademarks and Trademark Licenses.

 

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“Interest Rate Agreement” shall have the meaning assigned to such term in the Original Indenture.

 

“Intervening Creditor” shall have the meaning set forth in Section 4.1(g).

 

“Inventory” shall have the meaning assigned in the Uniform Commercial Code as of the date hereof.

 

“Investment Grade Securities” shall have the meaning assigned to such term in the Original Indenture.

 

“Lien” shall mean any mortgage, pledge, hypothecation, assignment for purposes of security, security deposit arrangement, encumbrance, lien (statutory or other), charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention agreement and any Financing Lease having substantially the same economic effect as any of the foregoing).

 

“Lien Priority” shall mean, with respect to any Lien of the ABL Agent, the ABL Lenders, the Note Agent, the Noteholder Secured Parties, any Additional Agent or any Additional Creditors in the Collateral, the order of priority of such Lien as specified in Section 2.1.

 

“Management Credit Provider” shall mean any Person that is a beneficiary of a Management Guarantee, as designated by the Company in accordance with the terms of the Note Collateral Documents.

 

“Management Guarantee” shall have the meaning assigned to such term in the Original Indenture (if the Original Indenture is then in effect), or in any other Indenture then in effect (if the Original Indenture is not then in effect).

 

“Note Agent” shall mean Wilmington Trust FSB in its capacity as collateral agent under the Indenture, together with its successors and assigns in such capacity from time to time, whether under the Original Indenture or any subsequent Indenture, as well as any Person designated as the “Agent” or “Collateral Agent” under any Indenture.

 

“Note Bank Products Provider” shall mean any Person that has entered into a Bank Products Agreement with a Note Credit Party with the obligations of such Note Credit Party thereunder being secured by one or more Note Collateral Documents, as designated by the Company in accordance with the terms of the Note Collateral Documents.

 

“Note Collateral Documents” shall mean all “Note Security Documents” as defined in the Indenture, and all other security agreements, mortgages, deeds of trust and other collateral documents executed and delivered in connection with any Indenture, in each case as the same may be amended, modified or supplemented from time to time.

 

“Note Collateral Intercreditor Agreement” shall mean an intercreditor agreement substantially in the Form of Exhibit G to the Original Indenture as the same may be amended, supplemented, waived or otherwise modified from time to time in accordance with the terms thereof.

 

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“Note Collateral Obligations” shall mean the Note Obligations and any Additional Obligations.

 

“Note Collateral Representative” shall mean the Note Agent acting for the Note Collateral Secured Parties, unless the principal amount of Additional Obligations under any Additional Credit Facility exceeds the principal amount of Note Obligations under the Indenture, and in such case (unless otherwise agreed in writing between the Note Agent and any Additional Agent or, after the Discharge of Note Obligations, between any Additional Agents), the Additional Agent under such Additional Credit Facility (or, if there is more than one such Additional Credit Facility, the Additional Credit Facility under which the greatest principal amount of Additional Obligations is outstanding at the time) acting for the Note Collateral Secured Parties.

 

“Note Collateral Secured Parties” shall mean the Noteholder Secured Parties and any Additional Secured Parties.

 

“Note Credit Parties” shall mean the Note Issuer, the Note Guarantors and each other direct or indirect Subsidiary of the Company or any of its Affiliates that is now or hereafter becomes a party to any Note Document.

 

“Note Documents” shall mean the Indenture, the Note Collateral Documents, any Bank Products Agreements between any Note Credit Party and any Note Bank Products Provider, any Hedging Agreements between any Note Credit Party and any Note Hedging Provider, any Management Guarantee, and all other agreements, instruments, documents and certificates, now or hereafter executed by or on behalf of any Note Credit Party or any of its respective Subsidiaries or Affiliates, and delivered to the Trustee or Note Agent, in connection with any of the foregoing, in each case as the same may be amended, supplemented, waived or otherwise modified from time to time.

 

“Note Guaranties” shall mean the guarantees of the Note Guarantors pursuant to the Original Indenture and all other guarantees of any Note Obligations of any Note Credit Party by any other Note Credit Party in favor of any Noteholder Secured Party, in each case as amended, restated, supplemented, waived or otherwise modified from time to time.

 

“Note Guarantors” shall mean the collective reference to Holdings (so long as it is a guarantor under any of the Note Guaranties), each of the Company’s Domestic Subsidiaries that is a guarantor under any of the Note Guaranties and any other Person who becomes a guarantor under any of the Note Guaranties.

 

“Note Hedging Provider” shall mean any Person that has entered into a Hedging Agreement with a Note Credit Party with the obligations of such Note Credit Party thereunder being secured by one or more Note Collateral Documents, as designated by the Company in accordance with the terms of the Note Collateral Documents.

 

“Note Issuer” shall mean the Company, in its capacity as issuer under the Indenture, together with its successors and assigns.

 

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“Note Obligations” shall mean any and all loans and all other obligations, liabilities and indebtedness of every kind, nature and description, whether now existing or hereafter arising, whether arising before, during or after the commencement of any case with respect to any Note Credit Party under the Bankruptcy Code or any other Insolvency Proceeding, owing by each Note Credit Party from time to time to the Note Agent, the Trustee, the Noteholders, any Note Bank Products Provider, any Note Hedging Provider or any Management Credit Provider under any Note Document, whether for principal, interest (including interest and fees which, but for the filing of a petition in bankruptcy with respect to such Note Credit Party, would have accrued on any Note Obligation, whether or not a claim is allowed against such Note Credit Party for such interest and fees in the related bankruptcy proceeding), fees, expenses, indemnification or otherwise, and all other amounts owing or due under the terms of the Note Documents, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time.

 

“Note Priority Collateral” shall mean all Collateral, other than the ABL Priority Collateral, including all real property, Equipment, Intellectual Property and Capital Stock of any Subsidiaries of any Credit Party, collateral security and guarantees with respect to any Note Priority Collateral and all cash, Money, instruments, securities, financial assets and deposit accounts directly received as proceeds of any Note Priority Collateral; provided, however, no proceeds of proceeds will constitute Note Priority Collateral unless such proceeds of proceeds would otherwise constitute Note Priority Collateral or are credited to the Asset Sales Proceeds Account.  For the avoidance of doubt, under no circumstance shall Excluded Assets be Note Priority Collateral.  As used in this definition of “Note Priority Collateral”, the term “Excluded Assets” shall have the meaning provided (x) prior to the Discharge of Note Obligations, in the Original Indenture (if the Original Indenture is then in effect), or in any other Indenture then in effect (if the Original Indenture is not then in effect) or the Note Collateral Documents relating thereto, and (y) from and after the Discharge of Note Obligations, in the applicable Additional Credit Facility then in effect or the Note Collateral Documents relating thereto.

 

“Note Priority Collateral Documents” shall mean the Note Documents and any Additional Documents, as applicable.

 

“Note Recovery” shall have the meaning set forth in Section 5.3(b).

 

“Noteholder Secured Parties” shall mean the Trustee, the Note Agent, the Noteholders, any Note Bank Products Provider, any Note Hedging Provider and any Management Credit Provider.

 

“Noteholders” shall mean the holders of the Notes, and all successors, assigns, transferees and replacements thereof, as well as any Person designated as a “Holder” or a “Noteholder” under any Indenture.

 

“Notes” shall mean the notes issued by the Company or any Indebtedness otherwise incurred pursuant to the Indenture.

 

“Original ABL Credit Agreement” shall mean that certain Credit Agreement dated as of the date hereof by and among the ABL Borrowers, Holdings, UBS AG, Stamford Branch, as

 

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administrative agent, the ABL Credit Agreement Lenders and the ABL Agent, as amended, restated, supplemented, waived or otherwise modified from time to time.

 

“Original Indenture” shall mean that certain Indenture dated as of the date hereof by and among the Note Issuer, Holdings, the Note Guarantors, the Trustee, and the Note Agent, as amended, restated, supplemented, waived or otherwise modified from time to time.

 

“Party” shall mean the ABL Agent, the Note Agent or any Additional Agent, and “Parties” shall mean all of the ABL Agent, the Note Agent and any Additional Agent.

 

“Patent License” shall mean, with respect to any Credit Party, all United States written license agreements of such Credit Party with any other Person that is not an Affiliate or a Subsidiary of such Credit Party, in connection with any United States patent, patent application, or patentable invention other than agreements with any Person who is an Affiliate or a Subsidiary of such Credit Party, subject, in each case, to the terms of such license agreements, and the right to prepare for sale, sell and advertise for sale, all Inventory now or hereafter covered by such licenses.

 

“Patents” shall mean, with respect to any Credit Party, all of such Credit Party’s right, title and interest in and to all United States patents, patent applications and patentable inventions and all reissues and extensions thereof, including, without limitation, (i) all inventions and improvements described and claimed therein, (ii) the right to sue or otherwise recover for any and all past, present and future infringements and misappropriations thereof, (iii) all income, royalties, damages and other payments now or hereafter due and/or payable with respect thereto (including, without limitation, payments under all licenses entered into in connection therewith, and damages and payments for past, present or future infringements thereof), and (iv) all other rights corresponding thereto in the United States and all reissues, divisions, continuations, continuations-in-part, substitutes, renewals, and extensions thereof, all improvements thereon, and all other rights of any kind whatsoever of such Credit Party accruing thereunder or pertaining thereto.

 

“Payment Collateral” shall mean all Accounts, Instruments, Chattel Paper, Letter-Of-Credit Rights, Deposit Accounts (other than the Asset Sales Proceeds Account), Securities Accounts, and Payment Intangibles, together with all Supporting Obligations, in each case composing a portion of the Collateral.

 

“Person” shall mean an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature.

 

“Priority Collateral” shall mean the ABL Priority Collateral or the Note Priority Collateral.

 

“Proceeds” shall mean (a) all “proceeds,” as such term is defined in Article 9 of the Uniform Commercial Code, with respect to the Collateral, (b) whatever is recoverable or recovered when any Collateral is sold, exchanged, collected, or disposed of, whether voluntarily or involuntarily and (c) in the case of Proceeds of Pledged Securities, all dividends or other 

 

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income from the Pledged Securities, collections thereon or distributions or payments with respect thereto.

 

“Property” shall mean any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.

 

“Requisite Holders” shall mean Additional Secured Parties and/or Noteholder Secured Parties holding, in the aggregate, in excess of 50% of the aggregate principal amount of the Additional Obligations and the Note Obligations; provided that, (x) if the matter being consented to or the action being taken by the Note Collateral Representative is the subordination of Liens to other Liens, the consent to DIP Financing, or the consent to a sale of all or substantially all of the Note Priority Collateral or (after the Discharge of ABL Obligations) all or substantially all of the Collateral, then “Requisite Holders” shall mean those Note Collateral Secured Parties necessary to validly consent to the requested action in accordance with the applicable Note Documents and Additional Documents, (y) except as may be separately otherwise agreed in writing by and between or among each Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties, if the matter being consented to or the action being taken by the Note Collateral Representative will affect the Noteholder Secured Parties in a manner different and materially adverse relative to the manner such matter or action affects any Additional Secured Parties (except to the extent expressly set forth in this Agreement), then “Requisite Holders” shall mean (1) Additional Secured Parties and/or Noteholder Secured Parties holding, in the aggregate, in excess of 50% of the aggregate principal amount of the Additional Obligations and the Note Obligations and (2) Noteholder Secured Parties holding, in the aggregate, in excess of 50% of the aggregate principal amount of the Note Obligations and (z) except as may be separately otherwise agreed in writing by and between or among each Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties, if the matter being consented to or the action being taken by the Note Collateral Representative will affect any Additional Agent or the Additional Creditors represented thereby in a manner different and materially adverse relative to the manner such matter or action affects the Noteholder Secured Parties or the other Additional Secured Parties (except to the extent expressly set forth in this Agreement), then “Requisite Holders” shall mean (1) Additional Secured Parties and/or Noteholder Secured Parties holding, in the aggregate, in excess of 50% of the aggregate principal amount of the Additional Obligations and the Note Obligations and (2) such Additional Agent and/or Additional Creditors represented thereby holding, in the aggregate, in excess of 50% of the aggregate principal amount of the applicable Additional Obligations.

 

“Secured Parties” shall mean the ABL Secured Parties, the Noteholder Secured Parties and the Additional Secured Parties.

 

“Series” shall mean (a) with respect to the Note Collateral Secured Parties, each of (i) the Noteholder Secured Parties (in their capacities as such) and (ii) the Additional Secured Parties that become subject to this Agreement after the date hereof that are represented by a common Additional Agent (in its capacity as such for such Additional Secured Parties) and (b) with respect to any Note Collateral Obligations, each of (i) the Note Obligations and (ii) the Additional Obligations incurred pursuant to any Additional Credit Facility that is to represented by a common Additional Agent (in its capacity as such for such Additional Obligations).

 

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“Specified Excluded Assets” shall mean property that is subject to any Lien in respect of Hedging Obligations consisting solely of (i) cash, Cash Equivalents, Temporary Cash Investments and Investment Grade Securities, together with proceeds, dividends and distributions in respect thereof, (ii) any assets relating to such assets, proceeds, dividends or distributions or to any Hedging Obligations, and/or (iii) any other assets consisting of, relating to or arising under or in connection with (A) any Interest Rate Agreements, Currency Agreements or Commodities Agreements or (B) any other agreements, instruments or documents related to any Hedging Obligations or to any of the assets referred to in any of subclauses (i) through (iii).

 

“Subsidiary” of any Person shall mean a corporation, partnership, limited liability company, or other entity (a) of which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership, limited liability company or other entity are at the time owned by such Person, or (b) the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person and, in the case of this clause (b), which is treated as a consolidated subsidiary for accounting purposes.

 

“Temporary Cash Investments” shall have the meaning assigned to such term in the Original Indenture.

 

“Trade Secret Licenses” shall mean, with respect to any Credit Party, all United States written license agreements of such Credit Party providing for the grant by or to such Credit Party of any right under any United States trade secrets, including, without limitation, know how, processes, formulae, compositions, designs, and confidential business and technical information, and all rights of any kind whatsoever accruing thereunder or pertaining thereto, other than agreements with any Person who is an Affiliate or a Subsidiary of the Company or such Credit Party, subject, in each case, to the terms of such license agreements, and the right to prepare for sale, sell and advertise for sale, all Inventory now or hereafter covered by such licenses.

 

“Trade Secrets” shall mean with respect to any Credit Party, all of such Credit Party’s right, title and interest in and to all United States trade secrets, including, without limitation, know how, processes, formulae, compositions, designs, and confidential business and technical information, and all rights of any kind whatsoever accruing thereunder or pertaining thereto, including, without limitation, (i) all income, royalties, damages and payments now or hereafter due and/or payable with respect thereto, including, without limitation, payments under all licenses, non disclosure agreements and memoranda of understanding entered into in connection therewith, and damages and payments for past or future misappropriations thereof, and (ii) the right to sue or otherwise recover for past, present or future misappropriations thereof.

 

“Trademark License”   shall mean, with respect to any Credit Party, all United States written license agreements of such Credit Party providing for the grant by or to such Credit Party of any right under any United States trademarks, service marks, trade names, trade dress or other indicia of trade origin or business identifiers, with any other Person who is not an Affiliate or Subsidiary of such Credit Party, subject, in each case, to the terms of such license agreements, and the right to prepare for sale, sell and advertise for sale, all Inventory now or hereafter covered by such licenses.

 

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“Trademarks” shall mean, with respect to any Credit Party, all of such Credit Party’s right, title and interest in and to all United States trademarks, service marks, trade names, trade dress or other indicia of trade origin or business identifiers, trademark and service mark registrations, and applications for trademark or service mark registrations (except for “intent to use” applications for trademark or service mark registrations filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, unless and until an Amendment to Allege Use or a Statement of Use under Sections 1(c) and 1(d) of said Act has been filed, it being understood and agreed that the carve out in this parenthetical shall be applicable only if and for so long as a grant of a security interest in such intent to use application would invalidate or otherwise jeopardize such Credit Party’s rights therein), and any renewals thereof, including, without limitation, (i) the right to sue or otherwise recover for any and all past, present and future infringements or dilutions thereof, (ii) all income, royalties, damages and other payments now or hereafter due and/or payable with respect thereto (including, without limitation, payments under all licenses entered into in connection therewith, and damages and payments for past or future infringements thereof), and (iii) all other rights corresponding thereto in the United States and all other rights of any kind whatsoever of such Credit Party accruing thereunder or pertaining thereto in the United States, together in each case with the goodwill of the business connected with the use of, and symbolized by, each such trademark, service mark, trade name, trade dress or other indicia of trade origin or business identifiers.

 

“Trustee” shall mean Wilmington Trust FSB in its capacity as trustee under the Indenture, together with its successors and assigns in such capacity from time to time, whether under the Original Indenture or any subsequent Indenture, as well as any Person designated as the “Trustee” under any Indenture.

 

“Uniform Commercial Code” shall mean the Uniform Commercial Code as the same may, from time to time, be in effect in the State of New York; provided that to the extent that the Uniform Commercial Code is used to define any term in any security document and such term is defined differently in differing Articles of the Uniform Commercial Code, the definition of such term contained in Article 9 shall govern; provided, further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, publication or priority of, or remedies with respect to, Liens of any Party is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of New York, the term “Uniform Commercial Code” will mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies and for purposes of definitions related to such provisions.

 

Section 1.3            Rules of Construction.       Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular, references to the singular include the plural, the term “including” is not limiting, and the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.”  The words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement.  Article, section, subsection, clause, schedule, and exhibit references herein are to this Agreement unless otherwise specified.  Any reference in this Agreement to any agreement, instrument, or document shall include all alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements thereto and thereof, as applicable (subject 

 

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to any restrictions on such alterations, amendments, changes, extensions, modifications, renewals, replacements, substitutions, joinders, and supplements set forth herein).  Any reference herein to any Person shall be construed to include such Person’s successors and assigns.  Any reference herein to the repayment in full of an obligation shall mean the payment in full in cash of such obligation, or in such other manner as may be approved in writing by the requisite holders or representatives in respect of such obligation, or in such other manner as may be approved by the requisite holders or representatives in respect of such obligation.

 

ARTICLE 2
  LIEN PRIORITY

 

Section 2.1            Agreement to Subordinate.

 

(a)       Notwithstanding (i) the date, time, method, manner, or order of grant, attachment, or perfection (including any defect or deficiency or alleged defect or deficiency in any of the foregoing) of any Liens granted to the ABL Agent or the ABL Lenders in respect of all or any portion of the Collateral, or of any Liens granted to the Note Agent or the Noteholder Secured Parties in respect of all or any portion of the Collateral, or of any Liens granted to any Additional Agent or any Additional Creditors in respect of all or any portion of the Collateral, and regardless of how any such Lien was acquired (whether by grant, statute, operation of law, subrogation or otherwise), (ii) the order or time of filing or recordation of any document or instrument for perfecting the Liens in favor of the ABL Agent, the Note Agent or any Additional Agent (or the ABL Lenders, the Noteholder Secured Parties or any Additional Creditors) in any Collateral, (iii) any provision of the Uniform Commercial Code, the Bankruptcy Code or any other applicable law, or of the ABL Documents, the Note Documents or any Additional Documents, (iv) whether the ABL Agent, the Note Agent or any Additional Agent, in each case, either directly or through agents, holds possession of, or has control over, all or any part of the Collateral, (v) the fact that any such Liens in favor of the ABL Agent or the ABL Lenders, the Note Agent or the Noteholder Secured Parties or any Additional Agent or any Additional Creditors securing any of the ABL Obligations, the Note Obligations or any Additional Obligations, respectively, are (x) subordinated to any Lien securing any obligation of any Credit Party other than the Note Obligations or any Additional Obligations (in the case of the ABL Obligations) or the ABL Obligations (in the case of the Note Obligations or any Additional Obligations), respectively, or (y) otherwise subordinated, voided, avoided, invalidated or lapsed or (vi) any other circumstance of any kind or nature whatsoever, the ABL Agent, on behalf of itself and the ABL Lenders, the Note Agent, on behalf of itself and the Noteholder Secured Parties, and any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, hereby agree that:

 

(1)                       any Lien in respect of all or any portion of the ABL Priority Collateral now or hereafter held by or on behalf of the Note Agent or any Noteholder Secured Party that secures all or any portion of the Note Obligations, and any Lien in respect of all or any portion of the ABL Priority Collateral now or hereafter held by or on behalf of any Additional Agent or any Additional Creditor that secures all or any portion of the Additional Obligations, shall in all respects be junior and subordinate to all Liens granted to the ABL Agent and the ABL 

 

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Lenders in the ABL Priority Collateral to secure all or any portion of the ABL Obligations;

 

(2)                       any Lien in respect of all or any portion of the ABL Priority Collateral now or hereafter held by or on behalf of the ABL Agent or any ABL Lender that secures all or any portion of the ABL Obligations shall in all respects be senior and prior to all Liens granted to the Note Agent or any Noteholder Secured Party in the ABL Priority Collateral to secure all or any portion of the Note Obligations, and all Liens granted to any Additional Agent or any Additional Creditors in the ABL Priority Collateral to secure all or any portion of the Additional Obligations;

 

(3)                       any Lien in respect of all or any portion of the Note Priority Collateral now or hereafter held by or on behalf of the ABL Agent or any ABL Lender that secures all or any portion of the ABL Obligations shall in all respects be junior and subordinate to all Liens granted to the Note Agent and the Noteholder Secured Parties in the Note Priority Collateral to secure all or any portion of the Note Obligations;

 

(4)                       any Lien in respect of all or any portion of the Note Priority Collateral now or hereafter held by or on behalf of the ABL Agent or any ABL Lender that secures all or any portion of the ABL Obligations shall in all respects be junior and subordinate to all Liens granted to any Additional Agent or any Additional Creditors in the Note Priority Collateral to secure all or any portion of any Additional Obligations (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders);

 

(5)                       any Lien in respect of all or any portion of the Note Priority Collateral now or hereafter held by or on behalf of the Note Agent or any Noteholder Secured Party that secures all or any portion of the Note Obligations shall in all respects be senior and prior to all Liens granted to the ABL Agent or any ABL Lender in the Note Priority Collateral to secure all or any portion of the ABL Obligations;

 

(6)                       any Lien in respect of all or any portion of the Note Priority Collateral now or hereafter held by or on behalf of any Additional Agent or any Additional Creditor that secures all or any portion of the Additional Obligations shall in all respects be senior and prior to all Liens granted to the ABL Agent or any ABL Lender in the Note Priority Collateral to secure all or any portion of the ABL Obligations (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders);

 

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(7)                       any Lien in respect of all or any portion of the Collateral now or hereafter held by or on behalf of any Additional Agent or any Additional Creditor that secures all or any portion of the Additional Obligations shall in all respects be pari passu and equal in priority with any Lien in respect of all or any portion of the Collateral now or hereafter held by or on behalf of the Note Agent or any Noteholder Secured Party that secures all or any portion of the Note Obligations (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties); and

 

(8)                       any Lien in respect of all or any portion of the Collateral now or hereafter held by or on behalf of any Additional Agent or any Additional Creditor that secures all or any portion of the Additional Obligations shall in all respects be pari passu and equal in priority with any Lien in respect of all or any portion of the Collateral now or hereafter held by or on behalf of any other Additional Agent or any Additional Creditor represented by such other Additional Agent that secures all or any portion of the Additional Obligations (except as may be separately otherwise agreed in writing by and between such Additional Agents, in each case on behalf of itself and the Additional Creditors represented thereby).

 

(b)       Notwithstanding any failure by any ABL Secured Party, Noteholder Secured Party or Additional Secured Party to perfect its security interests in the Collateral or any avoidance, invalidation, priming or subordination by any third party or court of competent jurisdiction of the security interests in the Collateral granted to the ABL Secured Parties, the Noteholder Secured Parties or any Additional Secured Parties:

 

(1)           the priority and rights as between the ABL Secured Parties, on the one hand, and the Noteholder Secured Parties, on the other hand, with respect to the Collateral shall be as set forth herein;

 

(2)           the priority and rights as between the ABL Secured Parties, on the one hand, and any Additional Secured Parties, on the other hand, with respect to the Collateral shall be as set forth herein (except as may be separately otherwise agreed in writing by and between any applicable Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders);

 

(3)           the priority and rights as between the Noteholder Secured Parties, on the one hand, and any Additional Secured Parties, on the other hand, with respect to the Collateral shall be as set forth herein (except as may be separately otherwise agreed in writing by and between or among any applicable Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties); and

 

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(4)           the priority and rights as between any Additional Agent and the Additional Creditors represented thereby, on the one hand, and any other Additional Agent and the Additional Creditors represented thereby, on the other hand, with respect to the Collateral shall be as set forth herein (except as may be separately otherwise agreed in writing by and between such Additional Agents, each on behalf of itself and the Additional Creditors represented thereby).

 

(c)       The Note Agent, for and on behalf of itself and the Noteholder Secured Parties, acknowledges and agrees that (x) concurrently herewith, the ABL Agent, for the benefit of itself and the ABL Lenders, has been granted Liens upon all of the Collateral in which the Note Agent has been granted Liens and the Note Agent hereby consents thereto and (y) any Additional Agent, on behalf of itself and any Additional Creditors, may be granted Liens upon all of the Collateral in which the Note Agent has been granted Liens and the Note Agent hereby consents thereto.  The ABL Agent, for and on behalf of itself and the ABL Lenders, acknowledges and agrees that (x) concurrently herewith, the Note Agent, for the benefit of itself and the Noteholder Secured Parties, has been granted Liens upon all of the Collateral in which the ABL Agent has been granted Liens and the ABL Agent hereby consents thereto and (y) any Additional Agent, on behalf of itself and any Additional Creditors, may be granted Liens upon all of the Collateral in which the ABL Agent has been granted Liens and the ABL Agent hereby consents thereto.  Any Additional Agent, for and on behalf of itself and any Additional Creditors represented thereby, acknowledges and agrees that, concurrently herewith, (x) the ABL Agent, for the benefit of itself and the ABL Lenders, has been granted Liens upon all of the Collateral in which such Additional Agent is being granted Liens and such Additional Agent hereby consents thereto, (y) the Note Agent, for the benefit of itself and the Noteholder Secured Parties, has been granted Liens upon all of the Collateral in which such Additional Agent is being granted Liens and such Additional Agent hereby consents thereto and (z) any other Additional Agent, on behalf of itself and any Additional Creditors represented thereby, may be granted Liens upon all of the Collateral in which such Additional Agent has been granted Liens and such Additional Agent hereby consents thereto.  The subordination of Liens by the Note Agent in favor of the ABL Agent, by the ABL Agent in favor of the Note Agent and any Additional Agent, and by any Additional Agent in favor of the ABL Agent, in each case as set forth herein, shall not be deemed to subordinate the Liens of the Note Agent, the ABL Agent or any Additional Agent to the Liens of any other Person.  The provision of pari passu and equal priority as between Liens of the Note Agent and Liens of any Additional Agent, or as between Liens of any Additional Agent and Liens of any other Additional Agent, in each case as set forth herein, shall not be deemed to subordinate the Liens of the Note Agent or any Additional Agent to the Liens of any Person other than the ABL Agent as and to the extent set forth herein, or to provide that the Liens of the Note Agent or any Additional Agent will be pari passu or of equal priority with the Liens of any other Person.

 

(d)       Lien priority as among the ABL Obligations, the Note Obligations and the Additional Obligations with respect to any Collateral will be governed solely by this Agreement, except as may be separately otherwise agreed in writing by or among any applicable Parties (including pursuant to the Note Collateral Intercreditor Agreement, if entered into in the future).

 

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(e)       The Note Agent, for and on behalf of itself and the Noteholder Secured Parties, and each Additional Agent, on behalf of itself and the Additional Creditors represented thereby, hereby acknowledges and agrees that, it is the intention of the Note Collateral Secured Parties of each Series that the holders of Note Collateral Obligations of such Series (and not the Note Collateral Secured Parties of any other Series) bear the risk of (i) any determination by a court of competent jurisdiction that (x) any of the Note Collateral Obligations of such Series are unenforceable under applicable law or are subordinated to any other obligations (other than another Series of Note Collateral Obligations), (y) any of the Note Collateral Obligations of such Series do not have an enforceable security interest in any of the Collateral securing any other Series of Note Collateral Obligations and/or (z) any intervening security interest exists securing any other obligations (other than another Series of Note Collateral Obligations) on a basis ranking prior to the security interest of such Series of Note Collateral Obligations but junior to the security interest of any other Series of Note Collateral Obligations or (ii) the existence of any Collateral for any other Series of Note Collateral Obligations that is not also Collateral for the other Series of Note Collateral Obligations (any such condition referred to in the foregoing clauses (i) or (ii) with respect to any Series of Note Collateral Obligations, an “Impairment” of such Series). In the event of any Impairment with respect to any Series of Note Collateral Obligations, the results of such Impairment shall be borne solely by the holders of such Series of Note Collateral Obligations, and the rights of the holders of such Series of Note Collateral Obligations (including, without limitation, the right to receive distributions in respect of such Series of Note Collateral Obligations pursuant to Section 4.1) set forth herein shall be modified to the extent necessary so that the effects of such Impairment are borne solely by the holders of the Series of such Note Collateral Obligations subject to such Impairment.

 

Section 2.2            Waiver of Right to Contest Liens.

 

(a)       The Note Agent, for and on behalf of itself and the Noteholder Secured Parties, agrees that it and they shall not (and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the validity, priority, enforceability, or perfection of the Liens of the ABL Agent and the ABL Lenders in respect of the Collateral or the provisions of this Agreement.  Except to the extent expressly set forth in this Agreement, the Note Agent, for itself and on behalf of the Noteholder Secured Parties, agrees that none of the Note Agent or the Noteholder Secured Parties will take any action that would interfere with any Exercise of Secured Creditor Remedies undertaken by the ABL Agent or any ABL Lender under the ABL Documents with respect to the ABL Priority Collateral.  Except to the extent expressly set forth in this Agreement, the Note Agent, for itself and on behalf of the Noteholder Secured Parties, hereby waives any and all rights it or the Noteholder Secured Parties may have as a junior lien creditor or otherwise to contest, protest, object to, or interfere with the manner in which the ABL Agent or any ABL Lender seeks to enforce its Liens in any ABL Priority Collateral.

 

(b)       The Note Agent, for and on behalf of itself and the Noteholder Secured Parties, agrees that it and they shall not (and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), 

 

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the validity, priority, enforceability, or perfection of the Liens of any Additional Agent and any Additional Creditors in respect of the Collateral or the provisions of this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).  Except to the extent expressly set forth in this Agreement and, for the avoidance of doubt, subject to Section 2.3(e), the Note Agent, for itself and on behalf of the Noteholder Secured Parties, agrees that none of the Note Agent or the Noteholder Secured Parties will take any action that would interfere with any Exercise of Secured Creditor Remedies undertaken by any Additional Agent or any Additional Creditor under any Additional Documents with respect to the Collateral (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).  Except to the extent expressly set forth in this Agreement, and, for the avoidance of doubt, subject to Section 2.3(e), the Note Agent, for itself and on behalf of the Noteholder Secured Parties, hereby waives any and all rights it or the Noteholder Secured Parties may have as a pari passu lien creditor or otherwise to contest, protest, object to, or interfere with the manner in which any Additional Agent or any Additional Creditor seeks to enforce its Liens in any Collateral (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).

 

(c)       The ABL Agent, for and on behalf of itself and the ABL Lenders, agrees that it and they shall not (and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the validity, priority, enforceability, or perfection of the Liens of the Note Agent or the Noteholder Secured Parties in respect of the Collateral or the provisions of this Agreement.  Except to the extent expressly set forth in this Agreement, the ABL Agent, for itself and on behalf of the ABL Lenders, agrees that none of the ABL Agent or the ABL Lenders will take any action that would interfere with any Exercise of Secured Creditor Remedies undertaken by the Note Agent or any Noteholder under the Note Documents with respect to the Note Priority Collateral.  Except to the extent expressly set forth in this Agreement, the ABL Agent, for itself and on behalf of the ABL Lenders, hereby waives any and all rights it or the ABL Lenders may have as a junior lien creditor or otherwise to contest, protest, object to, or interfere with the manner in which the Note Agent or any Noteholder Secured Party seeks to enforce its Liens in any Note Priority Collateral.

 

(d)       The ABL Agent, for and on behalf of itself and the ABL Lenders, agrees that it and they shall not (and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the validity, priority, enforceability, or perfection of the Liens of any Additional Agent and any Additional Creditors in respect of the Collateral or the provisions of this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).  Except to the extent expressly set forth in this Agreement, the ABL Agent, for itself and on behalf of the ABL Lenders, agrees that none of the ABL Agent or the ABL Lenders will take any action that would interfere with any Exercise of Secured Creditor

 

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Remedies undertaken by any Additional Agent or any Additional Creditor under any Additional Documents, with respect to the Note Priority Collateral (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).  Except to the extent expressly set forth in this Agreement, the ABL Agent, for itself and on behalf of the ABL Lenders, hereby waives any and all rights it or the ABL Lenders may have as a junior lien creditor or otherwise to contest, protest, object to, or interfere with the manner in which any Additional Agent or any Additional Creditor seeks to enforce its Liens in any Note Priority Collateral (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).

 

(e)       Any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that it and they shall not (and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the validity, priority, enforceability, or perfection of the Liens of the ABL Agent and the ABL Lenders in respect of the Collateral or the provisions of this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).  Except to the extent expressly set forth in this Agreement, any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that none of such Additional Agent and Additional Creditors will take any action that would interfere with any Exercise of Secured Creditor Remedies undertaken by the ABL Agent or any ABL Lender under the ABL Documents with respect to the ABL Priority Collateral (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).  Except to the extent expressly set forth in this Agreement, any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, hereby waives any and all rights it or such Additional Creditors may have as a junior lien creditor or otherwise to contest, protest, object to, or interfere with the manner in which the ABL Agent or any ABL Lender seeks to enforce its Liens in any ABL Priority Collateral (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).

 

(f)        Any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that it and they shall not (and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the validity, priority, enforceability, or perfection of the Liens of the Note Agent or the Noteholder Secured Parties in respect of the Collateral or the provisions of this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).  Except to the extent expressly set forth in this Agreement, and, for the avoidance of doubt, subject to Section 2.3(e),  any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, 

 

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agrees that none of such Additional Agent and Additional Creditors will take any action that would interfere with any Exercise of Secured Creditor Remedies undertaken by the Note Agent or any Noteholder Secured Party under the Note Documents with respect to the Collateral (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).  Except to the extent expressly set forth in this Agreement, and, for the avoidance of doubt, subject to Section 2.3(e),  any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, hereby waives any and all rights it or such Additional Creditors may have as a pari passu lien creditor or otherwise to contest, protest, object to, or interfere with the manner in which the Note Agent or any Noteholder Secured Party seeks to enforce its Liens in any Collateral (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).

 

(g)       Any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that it and they shall not (and hereby waives any right to) take any action to contest or challenge (or assist or support any other Person in contesting or challenging), directly or indirectly, whether or not in any proceeding (including in any Insolvency Proceeding), the validity, priority, enforceability, or perfection of the Liens of any other Additional Agent or any Additional Creditors represented by such other Additional Agent in respect of the Collateral or the provisions of this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agents, in each case on behalf of itself and the Additional Creditors represented thereby).  Except to the extent expressly set forth in this Agreement, and, for the avoidance of doubt, subject to Section 2.3(e),  any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that none of such Additional Agent and Additional Creditors will take any action that would interfere with any Exercise of Secured Creditor Remedies undertaken by any other Additional Agent or any Additional Creditor represented by such other Additional Agent under any applicable Additional Documents with respect to the Collateral (except as may be separately otherwise agreed in writing in writing by and between such Additional Agents, in each case on behalf of itself and the Additional Creditors represented thereby).  Except to the extent expressly set forth in this Agreement, and, for the avoidance of doubt, subject to Section 2.3(e),  any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, hereby waives any and all rights it or such Additional Creditors may have as a pari passu lien creditor or otherwise to contest, protest, object to, or interfere with the manner in which any other Additional Agent or any Additional Creditor represented by such other Additional Agent seeks to enforce its Liens in any Collateral (except as may be separately otherwise agreed in writing by and between such Additional Agents, in each case on behalf of itself and the Additional Creditors represented thereby).

 

(h)       For the avoidance of doubt, the assertion of priority rights established under the terms of this Agreement shall not be considered a challenge to Lien priority of any Party prohibited by this Section 2.2.

 

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Section 2.3            Remedies Standstill.

 

(a)       The Note Agent, on behalf of itself and the Noteholder Secured Parties, agrees that, until the date upon which the Discharge of ABL Obligations shall have occurred, neither the Note Agent (including in its capacity as Note Collateral Representative, as applicable) nor any Noteholder Secured Party will Exercise Any Secured Creditor Remedies with respect to any of the ABL Priority Collateral without the written consent of the ABL Agent and will not knowingly take, receive or accept any Proceeds of ABL Priority Collateral, it being understood and agreed that the temporary deposit of Proceeds of ABL Priority Collateral in a Deposit Account controlled by the Note Agent shall not constitute a breach of this Agreement so long as such Proceeds are promptly remitted to the ABL Agent.  Subject to Section 2.3(e) hereof, from and after the date upon which the Discharge of ABL Obligations shall have occurred (or prior thereto upon obtaining the written consent of the ABL Agent), the Note Agent or any Noteholder Secured Party may Exercise Any Secured Creditor Remedies under the Note Documents or applicable law as to any ABL Priority Collateral; provided, however, that any Exercise of Secured Creditor Remedies with respect to any Collateral by the Note Agent or any Noteholder Secured Party is at all times subject to the provisions of this Agreement, including Section 4.1 hereof.

 

(b)       The ABL Agent, on behalf of itself and the ABL Lenders, agrees that until the date upon which the Discharge of Note Obligations shall have occurred, neither the ABL Agent nor any ABL Lender will Exercise Any Secured Creditor Remedies with respect to the Note Priority Collateral without the written consent of the Note Agent and will not knowingly take, receive or accept any Proceeds of the Note Priority Collateral, it being understood and agreed that the temporary deposit of Proceeds of Note Priority Collateral in a Deposit Account controlled by the ABL Agent shall not constitute a breach of this Agreement so long as such Proceeds are promptly remitted to the Note Collateral Representative.  Subject to Section 2.3(c) hereof, from and after the date upon which the Discharge of Note Obligations shall have occurred (or prior thereto upon obtaining the written consent of the Note Agent), the ABL Agent or any ABL Lender may Exercise Any Secured Creditor Remedies under the ABL Documents or applicable law as to any Note Priority Collateral; provided, however, that any Exercise of Secured Creditor Remedies with respect to any Collateral by the ABL Agent or any ABL Lender is at all times subject to the provisions of this Agreement, including Section 4.1 hereof.

 

(c)       The ABL Agent, on behalf of itself and the ABL Lenders, agrees that until the date upon which the Discharge of Additional Obligations shall have occurred, neither the ABL Agent nor any ABL Lender will Exercise Any Secured Creditor Remedies with respect to the Note Priority Collateral without the written consent of any Additional Agent and will not knowingly take, receive or accept any Proceeds of the Note Priority Collateral (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders), it being understood and agreed that the temporary deposit of Proceeds of Note Priority Collateral in a Deposit Account controlled by the ABL Agent shall not constitute a breach of this Agreement so long as such Proceeds are promptly remitted to the Note Collateral Representative.  Subject to Section 2.3(b) hereof, from and after the date upon which the Discharge of Additional Obligations shall have occurred (or prior thereto upon obtaining the written consent of each Additional Agent), the ABL Agent or any ABL Lender may Exercise Any Secured Creditor Remedies under the ABL Documents or applicable law as to any Note 

 

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Priority Collateral; provided, however, that any Exercise of Secured Creditor Remedies with respect to any Collateral by the ABL Agent or any ABL Lender is at all times subject to the provisions of this Agreement, including Section 4.1 hereof.

 

(d)       Any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that until the date upon which the Discharge of ABL Obligations shall have occurred, neither such Additional Agent (including in its capacity as Note Collateral Representative, if applicable) nor any such Additional Creditor will Exercise Any Secured Creditor Remedies with respect to any of the ABL Priority Collateral without the written consent of the ABL Agent and will not knowingly take, receive or accept any Proceeds of ABL Priority Collateral, it being understood and agreed that the temporary deposit of Proceeds of ABL Priority Collateral in a Deposit Account controlled by such Additional Agent shall not constitute a breach of this Agreement so long as such Proceeds are promptly remitted to the ABL Agent.  Subject to Section 2.3(e) hereof, from and after the date upon which the Discharge of ABL Obligations shall have occurred (or prior thereto upon obtaining the written consent of the ABL Agent), any Additional Agent or any Additional Creditor may Exercise Any Secured Creditor Remedies under any Additional Documents or applicable law as to any ABL Priority Collateral; provided, however, that any Exercise of Secured Creditor Remedies with respect to any Collateral by any Additional Agent or Additional Creditor is at all times subject to the provisions of this Agreement, including Section 4.1 hereof.

 

(e)       Any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that such Additional Agent and such Additional Creditors will not Exercise Any Secured Creditor Remedies with respect to any of the Collateral without the written consent of the Note Collateral Representative and will not knowingly take, receive or accept any Proceeds of Collateral (except as may be separately otherwise agreed in writing by and between or among each Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties), it being understood and agreed that the temporary deposit of Proceeds of Collateral in a Deposit Account controlled by such Additional Agent shall not constitute a breach of this Agreement so long as such Proceeds are promptly remitted to the Note Collateral Representative; provided that nothing in this sentence shall prohibit any Additional Agent from taking such actions in its capacity as Note Collateral Representative, if applicable.  The Note Agent, on behalf of itself and the Noteholder Secured Parties, agrees that the Note Agent and the Noteholder Secured Parties will not Exercise Any Secured Creditor Remedies with respect to any of the Collateral without the written consent of the Note Collateral Representative and will not take, receive or accept any Proceeds of Collateral (except as may be separately otherwise agreed in writing by and between or among each Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties), it being understood and agreed that the temporary deposit of Proceeds of Collateral in a Deposit Account controlled by the Note Agent shall not constitute a breach of this Agreement so long as such Proceeds are promptly remitted to the Note Collateral Representative; provided that nothing in this sentence shall prohibit the Note Agent from taking such actions in its capacity as Note Collateral Representative, if applicable.  Subject to Sections 2.3(a) and 2.3(c) hereof, the Note Collateral Representative may Exercise Any Secured Creditor Remedies under the Note Priority Collateral Documents or applicable law as to any Collateral; provided, however, that any Exercise of Secured Creditor Remedies with respect to any Collateral by the Note Collateral 

 

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Representative is at all times subject to the provisions of this Agreement, including Section 4.1 hereof.

 

(f)        Notwithstanding any other provision of this Agreement, nothing contained herein shall be construed to prevent (i) the ABL Agent or any ABL Lender, or any Additional Agent or any Additional Creditor, from objecting to any proposed retention of Collateral by the Note Agent or any Noteholder Secured Party in full or partial satisfaction of any Note Obligations, (ii) the Note Agent or any Noteholder Secured Party, or any Additional Agent or any Additional Creditor, from objecting to any proposed retention of Collateral by the ABL Agent or any ABL Lender in full or partial satisfaction of any ABL Obligations, (iii) the ABL Agent or any ABL Lender, or the Note Agent or any Noteholder Secured Party, from objecting to any proposed retention of Collateral by any Additional Agent or any Additional Creditor in full or partial satisfaction of any Additional Obligations, or (iv) any Additional Agent or any Additional Creditor represented thereby from objecting to any proposed retention of Collateral by any other Additional Agent or any Additional Creditor represented by such other Additional Agent in full or partial satisfaction of any Additional Obligations.

 

Section 2.4            Exercise of Rights.

 

(a)       Notice of ABL Agent’s Lien.

 

(i)        Without limiting Section 2.3 hereof, the Note Agent, for and on behalf of itself and the Noteholder Secured Parties, hereby agrees that, until the date upon which the Discharge of ABL Obligations shall have occurred, in connection with any Exercise of Secured Creditor Remedies by the Note Agent (including in its capacity as Note Collateral Representative, if applicable) or any Noteholder Secured Party with respect to any ABL Priority Collateral, the Note Agent or such Noteholder Secured Party, as applicable, shall advise any purchaser or transferee of any ABL Priority Collateral in writing that the sale (whether public, private, by foreclosure, or otherwise) or other transfer is subject to the Liens of the ABL Agent and the ABL Lenders, unless the ABL Agent otherwise consents in writing.  In addition, the Note Agent agrees, for and on behalf of itself and the Noteholder Secured Parties, that, until the date upon which the Discharge of ABL Obligations shall have occurred, any notice of any proposed foreclosure or sale of any ABL Priority Collateral and any other notice in connection with the Exercise of Secured Creditor Remedies with respect thereto shall state prominently and clearly that the sale is subject to the ABL Agent’s and the ABL Lenders’ prior Liens and that such Liens shall continue as against the ABL Priority Collateral to be sold, unless the ABL Agent otherwise consents in writing.

 

(ii)       Without limiting Section 2.3 hereof, any Additional Agent, for and on behalf of itself and any Additional Creditors represented thereby, hereby agrees that, until the date upon which the Discharge of ABL Obligations shall have occurred, in connection with any Exercise of Secured Creditor Remedies by such Additional Agent (including in its capacity as Note Collateral Representative, if applicable) or any such Additional Creditor with respect to any ABL Priority Collateral, such Additional Agent or Additional Creditor, as applicable, shall advise any purchaser or transferee of any ABL Priority Collateral in writing that the sale (whether public, 

 

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private, by foreclosure, or otherwise) or other transfer is subject to the Liens of the ABL Agent and the ABL Lenders, unless the ABL Agent otherwise consents in writing.  In addition, any Additional Agent agrees, for and on behalf of itself and any Additional Creditors represented thereby, that, until the date upon which the Discharge of ABL Obligations shall have occurred, any notice of any proposed foreclosure or sale of any ABL Priority Collateral and any other notice in connection with the Exercise of Secured Creditor Remedies with respect thereto shall state prominently and clearly that the sale is subject to the ABL Agent’s and the ABL Lenders’ prior Liens and that such Liens shall continue as against the ABL Priority Collateral to be sold, unless the ABL Agent otherwise consents in writing.

 

(b)           Notice of Note Agent’s Lien.

 

(i)                            Without limiting Section 2.3 hereof, the ABL Agent, for and on behalf of itself and the ABL Lenders, hereby agrees that, until the date upon which the Discharge of Note Obligations shall have occurred, in connection with any Exercise of Secured Creditor Remedies by the ABL Agent or any ABL Lender with respect to the Note Priority Collateral, the ABL Agent or such ABL Lender, as applicable, shall advise any purchaser or transferee of any Note Priority Collateral in writing that the sale (whether public, private, by foreclosure, or otherwise) or other transfer is subject to the Liens of the Note Agent and the Noteholder Secured Parties, unless the Note Agent otherwise consents in writing.  In addition, the ABL Agent agrees, for and on behalf of itself and the ABL Lenders, that, until the date upon which the Discharge of Note Obligations shall have occurred, any notice of any proposed foreclosure or sale of any Note Priority Collateral and any other notice in connection with the Exercise of Secured Creditor Remedies with respect thereto shall state prominently and clearly that the sale is subject to the Note Agent’s and the Noteholder Secured Parties’ prior Liens and that such Liens shall continue as against the Note Priority Collateral to be sold, unless the Note Agent otherwise consents in writing.

 

(ii)   Without limiting Section 2.3 hereof, any Additional Agent, for and on behalf of itself and any Additional Creditors represented thereby, hereby agrees that, until the date upon which the Discharge of Note Obligations shall have occurred, in connection with any Exercise of Secured Creditor Remedies by such Additional Agent (including in its capacity as Note Collateral Representative, as applicable) or any such Additional Creditor with respect to any Collateral, such Additional Agent or Additional Creditor, as applicable, shall advise any purchaser or transferee of any Collateral in writing that the sale (whether public, private, by foreclosure, or otherwise) or other transfer is subject to the Liens of the Note Agent and the Noteholder Secured Parties (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).  In addition, any Additional Agent agrees, for and on behalf of itself and any Additional Creditors represented thereby, that, until the date upon which the Discharge of Note Obligations shall have occurred, any notice of any proposed foreclosure or sale of any Collateral and any other notice in connection with the Exercise of Secured Creditor Remedies with respect thereto shall state prominently and clearly that the sale is subject 

 

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to the Note Agent’s and the Noteholder Secured Parties’ Liens and that such Liens shall continue as against the Collateral to be sold (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).

 

(c)       Notice of Additional Agent’s Lien.

 

(i)    Without limiting Section 2.3 hereof, the Note Agent, for and on behalf of itself and the Noteholder Secured Parties, hereby agrees that, until the date upon which the Discharge of Additional Obligations shall have occurred, in connection with any Exercise of Secured Creditor Remedies by the Note Agent (including in its capacity as Note Collateral Representative, as applicable) or any Noteholder Secured Party with respect to any Collateral, the Note Agent or such Noteholder Secured Party, as applicable, shall advise any purchaser or transferee of any Collateral in writing that the sale (whether public, private, by foreclosure, or otherwise) or other transfer is subject to the Liens of any Additional Agent and any Additional Creditors (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).  In addition, the Note Agent agrees, for and on behalf of itself and the Noteholder Secured Parties, that, until the date upon which the Discharge of Additional Obligations shall have occurred, any notice of any proposed foreclosure or sale of any Collateral and any other notice in connection with the Exercise of Secured Creditor Remedies with respect thereto shall state prominently and clearly that the sale is subject to any Additional Agent’s and any Additional Creditors’ Liens and that such Liens shall continue as against the Collateral to be sold (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).

 

(ii)   Without limiting Section 2.3 hereof, the ABL Agent, for and on behalf of itself and the ABL Lenders, hereby agrees that, until the date upon which the Discharge of Additional Obligations shall have occurred, in connection with any Exercise of Secured Creditor Remedies by the ABL Agent or any ABL Lender with respect to any Note Priority Collateral, the ABL Agent or such ABL Lender, as applicable, shall advise any purchaser or transferee of any Note Priority Collateral in writing that the sale (whether public, private, by foreclosure, or otherwise) or other transfer is subject to the Liens of any Additional Agent and any Additional Creditors (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).  In addition, the ABL Agent agrees, for and on behalf of itself and the ABL Lenders, that, until the date upon which the Discharge of Additional Obligations shall have occurred, any notice of any proposed foreclosure or sale of any Note Priority Collateral and any other notice in connection with the Exercise of Secured Creditor Remedies with respect thereto shall state prominently and clearly that the sale is subject to any Additional Agent’s and any Additional Creditors’ prior Liens and that such Liens shall continue as against the Note Priority Collateral to be sold (except as may be 

 

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separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).

 

(iii)  Without limiting Section 2.3 hereof, any Additional Agent, for and on behalf of itself and any Additional Creditors represented thereby, hereby agrees that, until the date upon which the applicable Discharge of Additional Obligations shall have occurred, in connection with any Exercise of Secured Creditor Remedies by such Additional Agent or Additional Creditor with respect to any Collateral, such Additional Agent or Additional Creditor, as applicable, shall advise any purchaser or transferee of any Collateral in writing that the sale (whether public, private, by foreclosure, or otherwise) or other transfer is subject to the Liens of any other Additional Agent and any Additional Creditors represented by such other Additional Agent (except as may be separately otherwise agreed in writing by and between such Additional Agents, in each case on behalf of itself and the Additional Creditors represented thereby).  In addition, any Additional Agent agrees, for and on behalf of itself and any Additional Creditors represented thereby, that, until the date upon which the applicable Discharge of Additional Obligations shall have occurred, any notice of any proposed foreclosure or sale of any Collateral and any other notice in connection with the Exercise of Secured Creditor Remedies with respect thereto shall state prominently and clearly that the sale is subject to any Liens of any other Additional Agent and any Additional Creditors represented by such other Additional Agent and that such Liens shall continue as against the Collateral to be sold (except as may be separately otherwise agreed in writing by and between such Additional Agents, in each case on behalf of itself and the Additional Creditors represented thereby).

 

(d)       No Other Restrictions.

 

(i)    Except as expressly set forth in this Agreement, each of the Note Agent, the Noteholder Secured Parties, the ABL Agent, the ABL Lenders, any Additional Agent and any Additional Creditors shall have any and all rights and remedies it may have as a creditor under applicable law, including the right to the Exercise of Secured Creditor Remedies (except as may be separately otherwise agreed in writing by and between or among any applicable Parties, solely as among such Parties and the Secured Parties represented thereby), provided, however, that the Exercise of Secured Creditor Remedies with respect to the Collateral shall be subject to the Lien Priority and to the provisions of this Agreement, including Sections 2.3 and 4.1 hereof.  The ABL Agent may enforce the provisions of the ABL Documents, the Note Agent (including in its capacity as Note Collateral Representative, if applicable) may enforce the provisions of the Note Documents, any Additional Agent (including in its capacity as Note Collateral Representative, if applicable) may enforce the provisions of the Additional Documents, and each may Exercise Any Secured Creditor Remedies, all in such order and in such manner as each may determine in the exercise of its sole discretion, consistent with the terms of this Agreement and mandatory provisions of applicable law (except as may be separately otherwise agreed in writing by and between or among any applicable Parties, solely as among such Parties and the Secured Parties represented thereby); provided, however, that each of the ABL Agent, the Note Agent (including in 

 

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its capacity as Note Collateral Representative, if applicable) and any Additional Agent (including in its capacity as Note Collateral Representative, if applicable) agrees to provide to each other such Party copies of any notices that it is required under applicable law to deliver to any Borrower or any Guarantor; provided, further, however, that the ABL Agent’s failure to provide any such copies to any other such Party shall not impair any of the ABL Agent’s rights hereunder or under any of the ABL Documents, the Note Agent’s failure to provide any such copies to any other such Party shall not impair any of the Note Agent’s rights hereunder or under any of the Note Documents, and any failure by any Additional Agent to provide any such copies to any other such Party shall not impair any of such Additional Agent’s rights hereunder or under any of the Additional Documents.

 

(ii)   Each of the Note Agent (including in its capacity as Note Collateral Representative, if applicable) and the Noteholder Secured Parties agrees that it will not institute any suit or other proceeding or assert in any suit, Insolvency Proceeding or other proceeding any claim against the ABL Agent or any other ABL Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise, with respect to, any action taken or omitted to be taken by such Person with respect to the Collateral that is consistent with the terms of this Agreement, and none of such Persons shall be liable for any such action taken or omitted to be taken.  Each of the Note Agent (including in its capacity as Note Collateral Representative, if applicable) and the Noteholder Secured Parties agrees that it will not institute any suit or other proceeding or assert in any suit, Insolvency Proceeding or other proceeding any claim against any Additional Agent or any other Additional Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise, with respect to, any action taken or omitted to be taken by such Person with respect to the Collateral that is consistent with the terms of this Agreement, and none of such Persons shall be liable for any such action taken or omitted to be taken (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).

 

(iii)  Each of the ABL Agent and the ABL Lenders agrees that it will not institute any suit or other proceeding or assert in any suit, Insolvency Proceeding or other proceeding any claim against the Note Agent or any other Noteholder Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise, with respect to, any action taken or omitted to be taken by such Person with respect to the Collateral that is consistent with the terms of this Agreement, and none of such Persons shall be liable for any such action taken or omitted to be taken.  Each of the ABL Agent and the ABL Lenders agrees that it will not institute any suit or other proceeding or assert in any suit, Insolvency Proceeding or other proceeding any claim against any Additional Agent or any other Additional Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise, with respect to, any action taken or omitted to be taken by such Person with respect to the Collateral that is consistent with the terms of this Agreement, and none of such Persons shall be liable for any such action taken or omitted to be taken (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf 

 

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of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).

 

(iv)  Each of any Additional Agent (including in its capacity as Note Collateral Representative, if applicable) and any Additional Creditors agrees that it will not institute any suit or other proceeding or assert in any suit, Insolvency Proceeding or other proceeding any claim against the ABL Agent or any other ABL Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise, with respect to, any action taken or omitted to be taken by such Person with respect to the Collateral that is consistent with the terms of this Agreement, and none of such Persons shall be liable for any such action taken or omitted to be taken (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).  Each of any Additional Agent (including in its capacity as Note Collateral Representative, if applicable) and any Additional Creditors agrees that it will not institute any suit or other proceeding or assert in any suit, Insolvency Proceeding or other proceeding any claim against the Note Agent or any other Noteholder Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise, with respect to, any action taken or omitted to be taken by such Person with respect to the Collateral that is consistent with the terms of this Agreement, and none of such Persons shall be liable for any such action taken or omitted to be taken (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).  Each of any Additional Agent (including in its capacity as Note Collateral Representative, if applicable) and any Additional Creditors represented thereby agrees that it will not institute any suit or other proceeding or assert in any suit, Insolvency Proceeding or other proceeding any claim against any other Additional Agent or any Additional Creditor represented by such other Additional Agent, seeking damages from or other relief by way of specific performance, instructions or otherwise, with respect to, any action taken or omitted to be taken by such Person with respect to the Collateral that is consistent with the terms of this Agreement, and none of such Persons shall be liable for any such action taken or omitted to be taken (except as may be separately otherwise agreed in writing by and between such Additional Agents, in each case on behalf of itself and the Additional Creditors represented thereby).

 

(e)       Release of Liens.

 

(i)    In the event of (A) any private or public sale of all or any portion of the ABL Priority Collateral in connection with any Exercise of Secured Creditor Remedies by or with the consent of the ABL Agent, (B) any sale, transfer or other disposition of all or any portion of the ABL Priority Collateral, so long as such sale, transfer or other disposition is then permitted by the ABL Documents or (C) the release of the ABL Secured Parties’ Lien on all or any portion of the ABL Priority Collateral, so long as such release shall have been approved by the requisite ABL Lenders (as determined pursuant to the ABL Documents), in the case of clauses (B) and (C) only to the extent prior to the date upon which the Discharge of ABL Obligations shall have

 

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occurred and not in connection with a Discharge of ABL Obligations (and irrespective of whether an Event of Default has occurred), (x) the Note Agent agrees, on behalf of itself and the Noteholder Secured Parties, that so long as the net cash proceeds of any such sale, if any, described in clause (A) above are applied as provided in Section 4.1 hereof, such sale will be free and clear of the Liens on such ABL Priority Collateral securing the Note Obligations, and the Note Agent’s and the Noteholder Secured Parties’ Liens with respect to the ABL Priority Collateral so sold, transferred, disposed or released shall terminate and be automatically released without further action and (y) any Additional Agent agrees, on behalf of itself and any Additional Creditors represented thereby, that so long as the net cash proceeds of any such sale, if any, described in clause (A) above are applied as provided in Section 4.1 hereof, such sale will be free and clear of the Liens on such ABL Priority Collateral securing the Additional Obligations, and such Additional Agent’s and the applicable Additional Secured Parties’ Liens with respect to the ABL Priority Collateral so sold, transferred, disposed or released shall terminate and be automatically released without further action.  In furtherance of, and subject to, the foregoing, each of the Note Agent and any Additional Agent agrees that it will execute any and all Lien releases or other documents reasonably requested by the ABL Agent in connection therewith, so long as the net cash proceeds, if any, from such sale or other disposition of such ABL Priority Collateral described in clause (A) above are applied in accordance with the terms of this Agreement.  Each of the Note Agent and any Additional Agent hereby appoints the ABL Agent and any officer or duly authorized person of the ABL Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power of attorney in the place and stead of such Party and in the name of such Party or in the ABL Agent’s own name, from time to time, in the ABL Agent’s sole discretion, for the purposes of carrying out the terms of this paragraph, to take any and all appropriate action and to execute and deliver any and all documents and instruments as may be necessary or desirable to accomplish the purposes of this paragraph, including, without limitation, any financing statements, endorsements, assignments, releases or other documents or instruments of transfer (which appointment, being coupled with an interest, is irrevocable).

 

(ii)   In the event of (A) any private or public sale of all or any portion of the Note Priority Collateral in connection with any Exercise of Secured Creditor Remedies by or with the consent of the Note Collateral Representative, (B) any sale, transfer or other disposition of all or any portion of the Note Priority Collateral, so long as such sale, transfer or other disposition is then permitted by the Note Priority Collateral Documents or (C) the release of the Note Collateral Secured Parties’ Liens on all or any portion of the Note Priority Collateral, so long as such release shall have been approved by the Requisite Holders, in the case of clauses (B) and (C) only to the extent prior to the date upon which the Discharge of Note Collateral Obligations shall have occurred and not in connection with a Discharge of Note Collateral Obligations (and irrespective of whether an Event of Default has occurred), the ABL Agent agrees, on behalf of itself and the ABL Lenders, that so long as the net cash proceeds of any such sale, if any, described in clause (A) above are applied as provided in Section 4.1 hereof, such sale will be free and clear of the Liens on such Note Priority Collateral securing the ABL Obligations and the ABL Agent’s and the ABL Secured Parties’ Liens with respect to the Note Priority Collateral so sold, transferred, disposed or released shall terminate 

 

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and be automatically released without further action.  In furtherance of, and subject to, the foregoing, the ABL Agent agrees that it will execute any and all Lien releases or other documents reasonably requested by the Note Collateral Representative in connection therewith, so long as the net cash proceeds, if any, from such sale or other disposition described in clause (A) above of such Note Priority Collateral are applied in accordance with the terms of this Agreement.  The ABL Agent hereby appoints the Note Collateral Representative and any officer or duly authorized person of the Note Collateral Representative, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power of attorney in the place and stead of the ABL Agent and in the name of the ABL Agent or in the Note Collateral Representative’s own name, from time to time, in the Note Collateral Representative’s sole discretion, for the purposes of carrying out the terms of this paragraph, to take any and all appropriate action and to execute and deliver any and all documents and instruments as may be necessary or desirable to accomplish the purposes of this paragraph, including, without limitation, any financing statements, endorsements, assignments, releases or other documents or instruments of transfer (which appointment, being coupled with an interest, is irrevocable).

 

Section 2.5            No New Liens.  (a)  Until the date upon which the Discharge of ABL Obligations shall have occurred, the parties hereto agree that:

 

(i)    No Noteholder Secured Party shall knowingly acquire or hold any Lien on any assets of any Credit Party securing any Note Obligation (other than Excluded Assets (as defined in the ABL Documents) constituting Specified Excluded Assets) which assets are not also subject to the Lien of the ABL Agent under the ABL Documents, subject to the Lien Priority set forth herein.  If any Noteholder Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Credit Party securing any Note Obligation (other than Excluded Assets (as defined in the ABL Documents) constituting Specified Excluded Assets) which assets are not also subject to the Lien of the ABL Agent under the ABL Documents, subject to the Lien Priority set forth herein, then the Note Agent (or the relevant Noteholder Secured Party) shall, without the need for any further consent of any other Noteholder Secured Party and notwithstanding anything to the contrary in any other Note Document, be deemed to also hold and have held such lien for the benefit of the ABL Agent as security for the ABL Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify the ABL Agent in writing of the existence of such Lien.  For the avoidance of doubt, this paragraph (i) shall not apply to any Lien on any property of any Credit Party securing any Purchase Money Indebtedness or Capitalized Lease Obligation owing to any Noteholder Secured Party, or any Lien on any property that has been sold or otherwise transferred in connection with a sale and leaseback transaction entered into with any Noteholder Secured Party, or that consists of property subject to any such sale and leaseback transaction or general intangibles related thereto (in each case, to the extent such property constitutes Excluded Assets (as defined in the ABL Documents)).

 

(ii)   No Additional Secured Party shall acquire or hold any Lien on any assets of any Credit Party securing any Additional Obligation (other than Excluded Assets (as defined in the ABL Documents) constituting Specified Excluded 

 

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Assets) which assets are not also subject to the Lien of the ABL Agent under the ABL Documents, subject to the Lien Priority set forth herein.  If any Additional Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Credit Party securing any Additional Obligation (other than Excluded Assets (as defined in the ABL Documents) constituting Specified Excluded Assets) which assets are not also subject to the Lien of the ABL Agent under the ABL Documents, subject to the Lien Priority set forth herein, then the relevant Additional Agent (or the relevant Additional Secured Party) shall, without the need for any further consent of any other Additional Secured Party and notwithstanding anything to the contrary in any other Additional Document, be deemed to also hold and have held such lien for the benefit of the ABL Agent as security for the ABL Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify the ABL Agent in writing of the existence of such Lien.  For the avoidance of doubt, this paragraph (ii) shall not apply to any Lien on any property of any Credit Party securing any Purchase Money Indebtedness or Capitalized Lease Obligation owing to any Additional Secured Party, or any Lien on any property that has been sold or otherwise transferred in connection with a sale and leaseback transaction entered into with any Additional Secured Party, or that consists of property subject to any such sale and leaseback transaction or general intangibles related thereto (in each case, to the extent such property constitutes Excluded Assets (as defined in the ABL Documents)).

 

(b)       Until the date upon which the Discharge of Note Obligations shall have occurred, the parties hereto agree that:

 

(i)    No ABL Secured Party shall acquire or hold any Lien on any assets of any Credit Party (other than Excluded Assets (as defined in the Note Documents) constituting Specified Excluded Assets) securing any ABL Obligation which assets are not also subject to the Lien of the Note Agent under the Note Documents, subject to the Lien Priority set forth herein.  If any ABL Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Credit Party securing any ABL Obligation (other than Excluded Assets (as defined in the Note Documents) constituting Specified Excluded Assets) which assets are not also subject to the Lien of the Note Agent under the Note Documents, subject to the Lien Priority set forth herein, then the ABL Agent (or the relevant ABL Secured Party) shall, without the need for any further consent of any other ABL Secured Party and notwithstanding anything to the contrary in any other ABL Document be deemed to also hold and have held such lien for the benefit of the Note Agent as security for the Note Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify the Note Agent in writing of the existence of such Lien.  For the avoidance of doubt, this paragraph (i) shall not apply to any Lien on any property of any Credit Party securing any Purchase Money Indebtedness or Capitalized Lease Obligation owing to any ABL Secured Party, or any Lien on any property that has been sold or otherwise transferred in connection with a sale and leaseback transaction entered into with any ABL Secured Party, or that consists of property subject to any such sale and leaseback transaction or general intangibles related thereto (in each case, to the extent such property constitutes Excluded Assets (as defined in the Note Documents)).

 

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(ii)   No Additional Secured Party shall acquire or hold any Lien on any assets of any Credit Party securing any Additional Obligation (other than Excluded Assets (as defined in the Note Documents) constituting Specified Excluded Assets) which assets are not also subject to the Lien of the Note Agent under the Note Documents, subject to the Lien Priority set forth herein.  If any Additional Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Credit Party securing any Additional Obligation (other than Excluded Assets (as defined in the Note Documents) constituting Specified Excluded Assets) which assets are not also subject to the Lien of the Note Agent under the Note Documents, subject to the Lien Priority set forth herein, then the relevant Additional Agent (or the relevant Additional Secured Party) shall, without the need for any further consent of any other Additional Secured Party and notwithstanding anything to the contrary in any other Additional Document, be deemed to also hold and have held such lien for the benefit of the Note Agent as security for the Note Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify the Note Agent in writing of the existence of such Lien. For the avoidance of doubt, this paragraph (ii) shall not apply to any Lien on any property of any Credit Party securing any Purchase Money Indebtedness or Capitalized Lease Obligation owing to any Additional Secured Party, or any Lien on any property that has been sold or otherwise transferred in connection with a sale and leaseback transaction entered into with any Additional Secured Party, or that consists of property subject to any such sale and leaseback transaction or general intangibles related thereto (in each case, to the extent such property constitutes Excluded Assets (as defined in the Note Documents)).

 

(c)       Until the date upon which the Discharge of Additional Obligations shall have occurred, the parties hereto agree that:

 

(i)    No ABL Secured Party shall acquire or hold any Lien on any assets of any Credit Party (other than Excluded Assets (as defined in the applicable Additional Documents) constituting Specified Excluded Assets) securing any ABL Obligation which assets are not also subject to the Lien of each Additional Agent under the Additional Documents, subject to the Lien Priority set forth herein.  If any ABL Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Credit Party securing any ABL Obligation (other than Excluded Assets (as defined in the applicable Additional Documents) constituting Specified Excluded Assets) which assets are not also subject to the Lien of each Additional Agent under the Additional Documents, subject to the Lien Priority set forth herein, then the ABL Agent (or the relevant ABL Secured Party) shall, without the need for any further consent of any other ABL Secured Party and notwithstanding anything to the contrary in any other ABL Document be deemed to also hold and have held such lien for the benefit of each Additional Agent as security for the Additional Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify each Additional Agent in writing of the existence of such Lien.  For the avoidance of doubt, this paragraph (i) shall not apply to any Lien on any property of any Credit Party securing any Purchase Money Indebtedness or Capitalized Lease Obligation owing to any ABL Secured Party, or any Lien on any property that has been sold or otherwise transferred in connection with a sale and leaseback transaction entered into with any ABL Secured Party, or that consists of property subject to any such sale and leaseback transaction or general intangibles related 

 

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thereto (in each case, to the extent such property constitutes Excluded Assets (as defined in the applicable Additional Documents)).

 

(ii)   No Noteholder Secured Party shall acquire or hold any Lien on any assets of any Credit Party (other than Excluded Assets (as defined in the applicable Additional Documents) constituting Specified Excluded Assets) securing any Note Obligation which assets are not also subject to the Lien of each Additional Agent under the Additional Documents, subject to the Lien Priority set forth herein.  If any Noteholder Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any assets of any Credit Party securing any Note Obligation (other than Excluded Assets (as defined in the applicable Additional Documents) constituting Specified Excluded Assets) which assets are not also subject to the Lien of each Additional Agent under the Additional Documents, subject to the Lien Priority set forth herein, then the Note Agent (or the relevant Noteholder Secured Party) shall, without the need for any further consent of any other Noteholder Secured Party and notwithstanding anything to the contrary in any other Note Document be deemed to also hold and have held such lien for the benefit of each Additional Agent as security for the Additional Obligations (subject to the Lien Priority and other terms hereof) and shall promptly notify each Additional Agent in writing of the existence of such Lien.  For the avoidance of doubt, this paragraph (ii) shall not apply to any Lien on any property of any Credit Party securing any Purchase Money Indebtedness or Capitalized Lease Obligation owing to any Noteholder Secured Party, or any Lien on any property that has been sold or otherwise transferred in connection with a sale and leaseback transaction entered into with any Noteholder Secured Party, or that consists of property subject to any such sale and leaseback transaction or general intangibles related thereto (in each case, to the extent such property constitutes Excluded Assets (as defined in the applicable Additional Documents)).

 

Section 2.6            Waiver of Marshalling.  Until the Discharge of ABL Obligations, the Note Agent, on behalf of itself and the Noteholder Secured Parties, and any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees (including in its capacity as Note Collateral Representative, if applicable) not to assert, and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable law with respect to the ABL Priority Collateral or any other similar rights a junior secured creditor may have under applicable law.

 

Until the Discharge of Note Obligations, the ABL Agent, on behalf of itself and the ABL Secured Parties, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable law with respect to the Note Priority Collateral or any other similar rights a junior secured creditor may have under applicable law.

 

Until the Discharge of Additional Obligations, the ABL Agent, on behalf of itself and the ABL Secured Parties, agrees not to assert and hereby waives, to the fullest extent permitted by 

 

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law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable law with respect to the Note Priority Collateral or any other similar rights a junior secured creditor may have under applicable law (except as may be separately otherwise agreed in writing by and between the applicable Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).

 

ARTICLE 3
  ACTIONS OF THE PARTIES

 

Section 3.1            Certain Actions Permitted.  The Note Agent, the ABL Agent and any Additional Agent may make such demands or file such claims in respect of the Note Obligations, the ABL Obligations or the Additional Obligations, as applicable, as are necessary to prevent the waiver or bar of such claims under applicable statutes of limitations or other statutes, court orders, or rules of procedure at any time.

 

Section 3.2            Agent for Perfection.  The ABL Agent, for and on behalf of itself and each ABL Lender, the Note Agent (including in its capacity as Note Collateral Representative, if applicable), for and on behalf of itself and each Noteholder Secured Party, and any Additional Agent (including in its capacity as Note Collateral Representative, if applicable), for and on behalf of itself and each Additional Creditor represented thereby, as applicable, each agree to hold all Control Collateral and Cash Collateral that is part of the Collateral in their respective possession, custody, or control (or in the possession, custody, or control of agents or bailees for either) as agent for each other solely for the purpose of perfecting the security interest granted to each in such Control Collateral or Cash Collateral, subject to the terms and conditions of this Section 3.2.  None of the ABL Agent, the ABL Lenders, the Note Agent (including in its capacity as Note Collateral Representative, if applicable), the Noteholder Secured Parties, any Additional Agent (including in its capacity as Note Collateral Representative, if applicable), or any Additional Creditors, as applicable, shall have any obligation whatsoever to the others to assure that the Cash Collateral or the Control Collateral is genuine or owned by any Borrower, any Guarantor, or any other Person or to preserve rights or benefits of any Person.  The duties or responsibilities of the ABL Agent, the Note Agent and any Additional Agent under this Section 3.2 are and shall be limited solely to holding or maintaining control of the Control Collateral and the Cash Collateral as agent for the other Parties for purposes of perfecting the Lien held by the Note Agent, the ABL Agent or any Additional Agent, as applicable.  The ABL Agent is not and shall not be deemed to be a fiduciary of any kind for the Note Agent, the Noteholder Secured Parties, any Additional Agent, any Additional Creditors, or any other Person.  The Note Agent is not and shall not be deemed to be a fiduciary of any kind for the ABL Agent, the ABL Lenders, any Additional Agent, any Additional Creditors, or any other Person.  Any Additional Agent is not and shall not be deemed to be a fiduciary of any kind for the ABL Agent, the ABL Lenders, the Note Agent, the Noteholder Secured Parties, any other Additional Agent or any Additional Creditors represented by any other Additional Agent, or any other Person.  In the event that (a) the Note Agent or any Noteholder Secured Party receives any Collateral or Proceeds of the Collateral in violation of the terms of this Agreement, (b) the ABL Agent or any ABL Lender receives any Collateral or Proceeds of the Collateral in violation of the terms of this Agreement, or (c) any Additional Agent or any Additional Creditor receives any Collateral or Proceeds of the Collateral in violation of the terms of this Agreement, then the Note Agent, such Noteholder 

 

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Secured Party, the ABL Agent, such ABL Lender, such Additional Agent, or such Additional Creditor, as applicable, shall promptly pay over such Proceeds or Collateral to (i) in the case of ABL Priority Collateral or Proceeds thereof, the ABL Agent, or (ii) in the case of Note Priority Collateral or Proceeds thereof, the Note Collateral Representative, in each case, in the same form as received with any necessary endorsements, for application in accordance with the provisions of Section 4.1 of this Agreement.  Each Credit Party shall deliver all Control Collateral and all Cash Collateral required to be delivered pursuant to the Credit Documents (i) in the case of ABL Priority Collateral or Proceeds thereof, to the ABL Agent, or (ii) in the case of Note Priority Collateral or Proceeds thereof, to the Note Collateral Representative.

 

Section 3.3            Sharing of Information and Access.  In the event that the ABL Agent shall, in the exercise of its rights under the ABL Collateral Documents or otherwise, receive possession or control of any books and Records of any Note Credit Party that contain information identifying or pertaining to the Note Priority Collateral, the ABL Agent shall, upon request of the Note Agent or any Additional Agent and as promptly as practicable thereafter, either make available to such Party such books and Records for inspection and duplication or provide to such Party copies thereof.  In the event that the Note Agent or any Additional Agent shall, in the exercise of its rights under the Note Collateral Documents, the Additional Collateral Documents or otherwise, receive possession or control of any books and records of any ABL Credit Party that contain information identifying or pertaining to any of the ABL Priority Collateral, such Party shall, upon written request from the ABL Agent and as promptly as practicable thereafter, either make available to the ABL Agent such books and records for inspection and duplication or provide the ABL Agent copies thereof.  Each Credit Party, the Note Agent and each Additional Agent hereby consent to the non-exclusive royalty free use by the ABL Agent of any Intellectual Property included in the Collateral for the purposes of disposing of any ABL Priority Collateral and, in the event that the Note Agent or any Additional Agent shall, in the exercise of its rights under the Note Collateral Documents or otherwise, obtain title to any such Intellectual Property, such Party hereby irrevocably grants the ABL Agent a non-exclusive license or other right to use, without charge, such Intellectual Property as it pertains to the ABL Priority Collateral in advertising for sale and selling any ABL Priority Collateral.

 

Section 3.4            Insurance.  Proceeds of Collateral include insurance proceeds and, therefore, the Lien Priority shall govern the ultimate disposition of casualty insurance proceeds.  The ABL Agent shall be named as additional insured or loss payee, as applicable, with respect to all insurance policies relating to ABL Priority Collateral and the Note Collateral Representative shall be named as additional insured or loss payee, as applicable, with respect to all insurance policies relating to Note Priority Collateral.  The ABL Agent shall have the sole and exclusive right, as against the Note Agent (including in its capacity as Note Collateral Representative, if applicable) and any Additional Agent (including in its capacity as Note Collateral Representative, if applicable), to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of ABL Priority Collateral.  The Note Collateral Representative shall have the sole and exclusive right, as against the ABL Agent, the Note Agent (other than in its capacity as Note Collateral Representative, if applicable) and any Additional Agent (other than in its capacity as Note Collateral Representative, if applicable), to adjust settlement of insurance claims in the event of any covered loss, theft or destruction of Note Priority Collateral.  All proceeds of such insurance shall be remitted to the ABL Agent or to the 

 

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Note Collateral Representative, as the case may be, and each of the Note Collateral Representative and the ABL Agent shall cooperate (if necessary) in a reasonable manner in effecting the payment of insurance proceeds in accordance with Section 4.1 hereof.

 

Section 3.5            No Additional Rights For the Credit Parties Hereunder.  Except as provided in Section 3.6, if any ABL Secured Party, Noteholder Secured Party or Additional Secured Party shall enforce its rights or remedies in violation of the terms of this Agreement, the Credit Parties shall not be entitled to use such violation as a defense to any action by any ABL Secured Party, Noteholder Secured Party or Additional Secured Party, nor to assert such violation as a counterclaim or basis for set off or recoupment against any ABL Secured Party, Noteholder Secured Party or Additional Secured Party.

 

Section 3.6            Actions Upon Breach.  If any Noteholder Secured Party, any ABL Secured Party or any Additional Secured Party, contrary to this Agreement, commences or participates in any action or proceeding against the Credit Parties or the Collateral, the Credit Parties, with the prior written consent of the ABL Agent or the Note Collateral Representative, as applicable, may interpose as a defense or dilatory plea the making of this Agreement, and any ABL Secured Party, Noteholder Secured Party or Additional Secured Party, as applicable, may intervene and interpose such defense or plea in its or their name or in the name of the Credit Parties.

 

Section 3.7            Inspection Rights.  (a)  Without limiting any rights the ABL Agent or any other ABL Secured Party may otherwise have under applicable law or by agreement, the ABL Agent and the ABL Secured Parties may, at any time and whether or not the Note Agent (including in its capacity as Note Collateral Representative, if applicable) or any other Noteholder Secured Party or any Additional Agent (including in its capacity as Note Collateral Representative, if applicable) or any other Additional Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies (the “ABL Permitted Access Right”), during normal business hours on any business day, access ABL Priority Collateral that (A) is stored or located in or on, (B) has become an accession with respect to (within the meaning of Section 9-335 of the Uniform Commercial Code), or (C) has been commingled with (within the meaning of Section 9-336 of the Uniform Commercial Code), Note Priority Collateral (collectively, the “ABL Commingled Collateral”), for the limited purposes of assembling, inspecting, copying or downloading information stored on, taking actions to perfect its Lien on, completing a production run of inventory involving, taking possession of, moving, selling, storing or otherwise dealing with, or to Exercise Any Secured Creditor Remedies with respect to, the ABL Commingled Collateral, in each case without notice to, the involvement of or interference by any Noteholder Secured Party or Additional Secured Party or liability to any Noteholder Secured Party or Additional Secured Party, except as specifically provided below.  In addition, subject to the terms hereof, the ABL Agent may advertise and conduct public auctions or private sales of the ABL Priority Collateral without notice to, the involvement of or interference by any Noteholder Secured Party or Additional Secured Party (including the Note Collateral Representative) or liability to any Noteholder Secured Party or Additional Secured Party (including the Note Collateral Representative).  In the event that any ABL Secured Party has commenced and is continuing to Exercise Any Secured Creditor Remedies with respect to any ABL Commingled Collateral, the Note Agent (including in its capacity as Note Collateral Representative, if applicable) and any Additional Agent (including in its capacity as Note 

 

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Collateral Representative, if applicable) may not sell, assign or otherwise transfer the related Note Priority Collateral prior to the expiration of the 180-day period commencing on the date such ABL Secured Party begins to Exercise Any Secured Creditor Remedies, unless the purchaser, assignee or transferee thereof agrees to be bound by the provisions of this Section 3.7.  If any stay or other order that prohibits the ABL Agent and other ABL Secured Parties from commencing and continuing to Exercise Any Secured Creditor Remedies with respect to ABL Commingled Collateral has been entered by a court of competent jurisdiction, such 180-day period shall be tolled during the pendency of any such stay or other order.  During the period of actual occupation, use and/or control by the ABL Agent or ABL Secured Parties (or their respective employees, agents, advisers and representatives) of any Note Priority Collateral, the ABL Agent and the ABL Secured Parties shall be obligated to repair at their expense any physical damage (but not any diminution in value) to such Note Priority Collateral resulting from such occupancy, use or control, and to leave such Note Priority Collateral in substantially the same condition as it was at the commencement of such occupancy, use or control, ordinary wear and tear excepted.  The ABL Agent and ABL Secured Parties shall cooperate with the Noteholder Collateral Secured Parties and/or the Note Collateral Representative in connection with any efforts made by the Noteholder Secured Parties and/or the Note Collateral Representative to sell the Note Priority Collateral.

 

(b)       The Note Agent (including in its capacity as Note Collateral Representative, if applicable) and the other Noteholder Secured Parties and any Additional Agent (including in its capacity as Note Collateral Representative, if applicable) and any other Additional Secured Parties shall use commercially reasonable efforts to not hinder or obstruct the ABL Agent and the other ABL Secured Parties from exercising the ABL Permitted Access Right.

 

(c)       Subject to the terms hereof, the Note Collateral Representative may advertise and conduct public auctions or private sales of the Note Priority Collateral without notice to, the involvement of or interference by any ABL Secured Party or liability to any ABL Secured Party.

 

ARTICLE 4
  APPLICATION OF PROCEEDS

 

Section 4.1            Application of Proceeds.

 

(a)       Revolving Nature of ABL Obligations.  The Note Agent, for and on behalf of itself and the Noteholder Secured Parties, and any Additional Agent, for and on behalf of itself and any Additional Creditors represented thereby, expressly acknowledge and agree that (i) any ABL Credit Agreement includes a revolving commitment, that in the ordinary course of business the ABL Agent and the ABL Lenders will apply payments and make advances thereunder, and that no application of any Payment Collateral or Cash Collateral or the release of any Lien by the ABL Agent upon any portion of the Collateral in connection with a permitted disposition under any ABL Credit Agreement shall constitute the Exercise of Secured Creditor Remedies under this Agreement; (ii) the amount of the ABL Obligations that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, and that the terms of the ABL Obligations may be modified, extended or amended from time to time, and that the aggregate amount of the ABL Obligations may be increased, replaced or refinanced, 

 

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in each event, without notice to or consent by the Noteholder Secured Parties (in the case of the Note Agent) or the applicable Additional Secured Parties (in the case of such Additional Agent) and without affecting the provisions hereof; and (iii) all Payment Collateral or Cash Collateral received by the ABL Agent may be applied, reversed, reapplied, credited, or reborrowed, in whole or in part, to the ABL Obligations at any time; provided, however, that from and after the date on which the ABL Agent (or any ABL Lender) commences the Exercise of Any Secured Creditor Remedies (other than, prior to the acceleration of any of the Note Obligations or any Additional Obligations, the exercise of its rights in accordance with Section 4.16 of the ABL Credit Agreement or any similar provision of any other ABL Credit Agreement), all amounts received by the ABL Agent or any ABL Lender shall be applied as specified in this Section 4.1.  The Lien Priority shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of the ABL Obligations, the Note Obligations, or any Additional Obligations, or any portion thereof.

 

(b)       Revolving Nature of Additional Obligations.  The Note Agent, for and on behalf of itself and the Noteholder Secured Parties, and the ABL Agent, for and on behalf of itself and the ABL Lenders, expressly acknowledge and agree that (i) Additional Credit Facilities may include a revolving commitment, that in the ordinary course of business any Additional Agent and Additional Creditors may apply payments and make advances thereunder;  and (ii) the amount of Additional Obligations that may be outstanding thereunder at any time or from time to time may be increased or reduced and subsequently reborrowed, and that the terms of Additional Obligations thereunder may be modified, extended or amended from time to time, and that the aggregate amount of Additional Obligations thereunder may be increased, replaced or refinanced, in each event, without notice to or consent by the Noteholder Secured Parties (in the case of the Note Agent) or the ABL Lenders (in the case of the ABL Agent) and without affecting the provisions hereof; provided, however, that from and after the date on which any Additional Agent or Additional Creditor commences the Exercise of Any Secured Creditor Remedies, all amounts received by any such Additional Agent or Additional Creditor shall be applied as specified in this Section 4.1.  The Lien Priority shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase, replacement, renewal, restatement or refinancing of the ABL Obligations, the Note Obligations, or any Additional Obligations, or any portion thereof.

 

(c)       Application of Proceeds of ABL Priority Collateral.  The ABL Agent, the Note Agent and any Additional Agent hereby agree that all ABL Priority Collateral, and all Proceeds thereof, received by any of them in connection with any Exercise of Secured Creditor Remedies shall be applied,

 

first, to the payment of costs and expenses of the ABL Agent, the Note Agent or any Additional Agent, as applicable, in connection with such Exercise of Secured Creditor Remedies,

 

second, to the payment of the ABL Obligations in accordance with the ABL Documents until the Discharge of ABL Obligations shall have occurred,

 

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third, to the payment of (x) the Note Obligations and in accordance with the Note Documents until the Discharge of Note Obligations shall have occurred and (y) any Additional Obligations in accordance with the applicable Additional Documents until the Discharge of Additional Obligations shall have occurred, which payment shall be made between and among the Note Obligations and any Additional Obligations on a pro rata basis (except (i) with respect to allocation of payments between the Note Obligations and any Additional Obligations, as may be separately otherwise agreed in writing by and between the applicable Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties, and (ii) with respect to allocation of payments among Additional Agents, as may be separately otherwise agreed in writing by and between or among any applicable Additional Agents, in each case on behalf of itself and the Additional Creditors represented thereby), and

 

fourth, the balance, if any, to the Credit Parties or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct.

 

(d)       Application of Proceeds of Note Priority Collateral.  The ABL Agent, the Note Agent and any Additional Agent hereby agree that all Note Priority Collateral, and all Proceeds thereof, received by any of them in connection with any Exercise of Secured Creditor Remedies shall be applied,

 

first, to the payment of costs and expenses of the ABL Agent, the Note Agent or any Additional Agent, as applicable, in connection with such Exercise of Secured Creditor Remedies,

 

second, to the payment of (x) the Note Obligations in accordance with the Note Documents until the Discharge of Note Obligations shall have occurred and (y) any Additional Obligations in accordance with the applicable Additional Documents until the Discharge of Additional Obligations shall have occurred, which payment shall be made between and among the Note Obligations and any Additional Obligations on a pro rata basis (except (i) with respect to allocation of payments between the Note Obligations and any Additional Obligations, as may be separately otherwise agreed in writing by and between the applicable Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties, and (ii) with respect to allocation of payments among Additional Agents, as may be separately otherwise agreed in writing by and between or among any applicable Additional Agents, in each case on behalf of itself and the Additional Creditors represented thereby),

 

third, to the payment of the ABL Obligations in accordance with the ABL Documents until the Discharge of ABL Obligations shall have occurred, and

 

fourth, the balance, if any, to the Credit Parties or to whosoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct,

 

except, in the case of application of Note Priority Collateral and Proceeds thereof as between Additional Obligations and ABL Obligations, as may be separately otherwise agreed in writing by and between any applicable Additional Agent, on behalf of itself and the Additional Creditors 

 

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represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders, with respect to the Additional Obligations owing to any of such Additional Agent and Additional Creditors.

 

(e)       Limited Obligation or Liability.

 

(i)    In exercising remedies, whether as a secured creditor or otherwise, the ABL Agent shall have no obligation or liability to the Note Agent or any Noteholder Secured Party regarding the adequacy of any Proceeds or for any action or omission, save and except solely for an action or omission that breaches the express obligations undertaken by each Party under the terms of this Agreement.  In exercising remedies, whether as a secured creditor or otherwise, the ABL Agent shall have no obligation or liability to any Additional Agent or any Additional Creditor, regarding the adequacy of any Proceeds or for any action or omission, save and except solely for an action or omission that breaches the express obligations undertaken by each Party under the terms of this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).

 

(ii)   In exercising remedies, whether as a secured creditor or otherwise, the Note Agent (including in its capacity as Note Collateral Representative, if applicable) shall have no obligation or liability to the ABL Agent or any ABL Lender regarding the adequacy of any Proceeds or for any action or omission, save and except solely for an action or omission that breaches the express obligations undertaken by each Party under the terms of this Agreement.  In exercising remedies, whether as a secured creditor or otherwise, the Note Agent (including in its capacity as Note Collateral Representative, if applicable) shall have no obligation or liability to any Additional Agent or any Additional Creditor, regarding the adequacy of any Proceeds or for any action or omission, save and except solely for an action or omission that breaches the express obligations undertaken by each Party under the terms of this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).

 

(iii)  In exercising remedies, whether as a secured creditor or otherwise, any Additional Agent (including in its capacity as Note Collateral Representative, if applicable) shall have no obligation or liability to the ABL Agent or any ABL Lender regarding the adequacy of any Proceeds or for any action or omission, save and except solely for an action or omission that breaches the express obligations undertaken by each Party under the terms of this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).  In exercising remedies, whether as a secured creditor or otherwise, any Additional Agent (including in its capacity as Note Collateral Representative, if applicable) shall have no obligation or liability to the Note Agent or any Noteholder Secured Party regarding the adequacy of any Proceeds or for any action or omission, save and except solely for an action or omission that breaches the express obligations undertaken by each Party under the terms of this Agreement (except as may 

 

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be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).  In exercising remedies, whether as a secured creditor or otherwise, any Additional Agent (including in its capacity as Note Collateral Representative, if applicable) shall have no obligation or liability to any other Additional Agent or any Additional Creditors represented by such other Additional Agent regarding the adequacy of any Proceeds or for any action or omission, save and except solely for an action or omission that breaches the express obligations undertaken by each Party under the terms of this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agents, in each case on behalf of itself and the Additional Creditors represented thereby).

 

(f)        Turnover of Cash Collateral After Discharge.  Upon the Discharge of ABL Obligations, the ABL Agent shall deliver to the Note Collateral Representative or shall execute such documents as the Company or the Note Collateral Representative (if other than a Designated Additional Agent) may reasonably request to enable the Note Collateral Representative to have control over any Cash Collateral or Control Collateral still in the ABL Agent’s possession, custody, or control in the same form as received with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct.  Upon the Discharge of Note Collateral Obligations, the Note Collateral Representative shall deliver to the ABL Agent or shall execute such documents as the ABL Agent may reasonably request to enable the ABL Agent to have control over any Cash Collateral or Control Collateral still in the Note Collateral Representative’s possession, custody or control in the same form as received with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct.  As between (i) the Note Collateral Representative and (ii) the Note Agent and any Additional Agent (other than the Note Collateral Representative), any such Cash Collateral or Control Collateral held by the Note Collateral Representative shall be held by it subject to the terms and conditions of Section 2.2.

 

(g)       Intervening Creditor.  Notwithstanding anything in Sections 4.1(c) or (d) to the contrary, with respect to any Collateral for which a third party (other than a Note Collateral Secured Party) has a Lien or security interest that is junior in priority to the Lien or security interest of any Series of Note Collateral Obligations but senior (as determined by appropriate legal proceedings in the case of any dispute) to the Lien or security interest of any other Series of Note Collateral Obligations (such third party an “Intervening Creditor”), the value of any Collateral or Proceeds which are allocated to such Intervening Creditor shall be deducted on a ratable basis solely from the Collateral or Proceeds thereof to be distributed in respect of the Series of Note Collateral Obligations with respect to which such Impairment exists.

 

Section 4.2               Specific Performance.  Each of the ABL Agent, the Note Agent and any Additional Agent is hereby authorized to demand specific performance of this Agreement, whether or not any Borrower or any Guarantor shall have complied with any of the provisions of any of the Credit Documents, at any time when any other Party shall have failed to comply with any of the provisions of this Agreement applicable to it.  Each of the ABL Agent, for and on behalf of itself and the ABL Lenders, the Note Agent (including in its capacity as Note Collateral Representative, if applicable), for and on behalf of itself and the Noteholder Secured Parties, and any Additional Agent (including in its capacity as Note Collateral 

 

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Representative, if applicable), for and on behalf of itself and any Additional Creditors represented thereby, hereby irrevocably waives any defense based on the adequacy of a remedy at law that might be asserted as a bar to such remedy of specific performance.

 

ARTICLE 5
  INTERCREDITOR ACKNOWLEDGEMENTS AND WAIVERS

 

Section 5.1               Notice of Acceptance and Other Waivers.

 

(a)       All ABL Obligations at any time made or incurred by any Borrower or any Guarantor shall be deemed to have been made or incurred in reliance upon this Agreement, and the Note Agent, on behalf of itself and the Noteholder Secured Parties, and any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, hereby waives notice of acceptance of, or proof of reliance by the ABL Agent or any ABL Lender on, this Agreement, and notice of the existence, increase, renewal, extension, accrual, creation, or non-payment of all or any part of the ABL Obligations.  All Note Obligations at any time made or incurred by any Borrower or any Guarantor shall be deemed to have been made or incurred in reliance upon this Agreement, and the ABL Agent, on behalf of itself and the ABL Lenders, and any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, hereby waives notice of acceptance, or proof of reliance, by the Note Agent or any Noteholder Secured Party of this Agreement, and notice of the existence, increase, renewal, extension, accrual, creation, or non-payment of all or any part of the Note Obligations.  All Additional Obligations at any time made or incurred by any Borrower or any Guarantor shall be deemed to have been made or incurred in reliance upon this Agreement, and the Note Agent, on behalf of itself and the Noteholder Secured Parties, the ABL Agent, on behalf of itself and any ABL Lenders, and any other Additional Agent, on behalf of itself and the Additional Creditors represented thereby, hereby waives notice of acceptance, or proof of reliance by any Additional Agent or any Additional Creditors of this Agreement, and notice of the existence, increase, renewal, extension, accrual, creation, or non-payment of all or any part of the Additional Obligations.

 

(b)       None of the ABL Agent, any ABL Lender, or any of their respective Affiliates, directors, officers, employees, or agents shall be liable to the Note Agent or any Noteholder Secured Party for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay in doing so, or shall be under any obligation to sell or otherwise dispose of any Collateral or Proceeds thereof or to take any other action whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in this Agreement.  If the ABL Agent or any ABL Lender honors (or fails to honor) a request by any Borrower for an extension of credit pursuant to any ABL Credit Agreement or any of the other ABL Documents, whether the ABL Agent or any ABL Lender has knowledge that the honoring of (or failure to honor) any such request would constitute a default under the terms of any Indenture or any other Note Document (but not a default under this Agreement) or an act, condition, or event that, with the giving of notice or the passage of time, or both, would constitute such a default, or if the ABL Agent or any ABL Lender otherwise should exercise any of its contractual rights or remedies under any ABL Documents (subject to the express terms and conditions hereof), neither the ABL Agent nor any ABL Lender shall have any liability whatsoever to the Note Agent or any Noteholder Secured Party as a result of such action, omission, or exercise (so long as any such exercise does not breach the express terms and 

 

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provisions of this Agreement).  The ABL Agent and the ABL Lenders shall be entitled to manage and supervise their loans and extensions of credit under any ABL Credit Agreement and any of the other ABL Documents as they may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit without regard to any rights or interests that the Note Agent or any Noteholder Secured Party has in the Collateral, except as otherwise expressly set forth in this Agreement.  The Note Agent, on behalf of itself and the Noteholder Secured Parties, agrees that neither the ABL Agent nor any ABL Lender shall incur any liability as a result of a sale, lease, license, application, or other disposition of all or any portion of the Collateral or Proceeds thereof, pursuant to the ABL Documents, so long as such disposition is conducted in accordance with mandatory provisions of applicable law and does not breach the provisions of this Agreement.

 

(c)       None of the ABL Agent, any ABL Lender, or any of their respective Affiliates, directors, officers, employees, or agents shall be liable to any Additional Agent or any Additional Creditor for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay in doing so, or shall be under any obligation to sell or otherwise dispose of any Collateral or Proceeds thereof or to take any other action whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).  If the ABL Agent or any ABL Lender honors (or fails to honor) a request by any Borrower for an extension of credit pursuant to any ABL Credit Agreement or any of the other ABL Documents, whether the ABL Agent or any ABL Lender has knowledge that the honoring of (or failure to honor) any such request would constitute a default under the terms of any Additional Credit Facility or any other Additional Document (but not a default under this Agreement) or an act, condition, or event that, with the giving of notice or the passage of time, or both, would constitute such a default, or if the ABL Agent or any ABL Lender otherwise should exercise any of its contractual rights or remedies under any ABL Documents (subject to the express terms and conditions hereof), neither the ABL Agent nor any ABL Lender shall have any liability whatsoever to any Additional Agent or any Additional Creditor as a result of such action, omission, or exercise (so long as any such exercise does not breach the express terms and provisions of this Agreement) (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).  The ABL Agent and the ABL Lenders shall be entitled to manage and supervise their loans and extensions of credit under any ABL Credit Agreement and any of the other ABL Documents as they may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit without regard to any rights or interests that any Additional Agent or any Additional Creditor has in the Collateral, except as otherwise expressly set forth in this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).  Any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that neither the ABL Agent nor any ABL Lender shall incur any liability as a result of a sale, lease, license, application, or other disposition of all or any portion of the Collateral or Proceeds thereof, pursuant to the ABL Documents, so long as such disposition is conducted in accordance with mandatory provisions of applicable law and does not breach the provisions of this Agreement (except as may be 

 

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separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).

 

(d)       None of the Note Agent (including in its capacity as Note Collateral Representative, if applicable), the Noteholder Secured Parties or any of their respective Affiliates, directors, officers, employees, or agents shall be liable to the ABL Agent or any ABL Lender for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay in doing so, or shall be under any obligation to sell or otherwise dispose of any Collateral or Proceeds thereof or to take any other action whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in this Agreement.  If the Note Agent or any Noteholder Secured Party honors (or fails to honor) a request by any Borrower for an extension of credit pursuant to any Indenture or any of the other Note Documents, whether the Note Agent or any Noteholder Secured Party has knowledge that the honoring of (or failure to honor) any such request would constitute a default under the terms of any ABL Credit Agreement or any other ABL Document (but not a default under this Agreement) or an act, condition, or event that, with the giving of notice or the passage of time, or both, would constitute such a default, or if the Note Agent or any Noteholder Secured Party otherwise should exercise any of its contractual rights or remedies under the Note Documents (subject to the express terms and conditions hereof), neither the Note Agent nor any Noteholder Secured Party shall have any liability whatsoever to the ABL Agent or any ABL Lender as a result of such action, omission, or exercise (so long as any such exercise does not breach the express terms and provisions of this Agreement).  The Note Agent and the Noteholder Secured Parties shall be entitled to manage and supervise their loans and extensions of credit under the Note Documents as they may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit without regard to any rights or interests that the ABL Agent or any ABL Lender has in the Collateral, except as otherwise expressly set forth in this Agreement.  The ABL Agent, on behalf of itself and the ABL Lenders, agrees that none of the Note Agent (including in its capacity as Note Collateral Representative, if applicable) or the Noteholder Secured Parties shall incur any liability as a result of a sale, lease, license, application, or other disposition of the Collateral or any part or Proceeds thereof, pursuant to the Note Documents, so long as such disposition is conducted in accordance with mandatory provisions of applicable law and does not breach the provisions of this Agreement.

 

(e)       None of the Note Agent (including in its capacity as Note Collateral Representative, if applicable), the Noteholder Secured Parties or any of their respective Affiliates, directors, officers, employees, or agents shall be liable to any Additional Agent or any Additional Creditor for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay in doing so, or shall be under any obligation to sell or otherwise dispose of any Collateral or Proceeds thereof or to take any other action whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).  If the Note Agent or any Noteholder Secured Party honors (or fails to honor) a request by any Borrower for an extension of credit pursuant to any Indenture or any of the other Note Documents, whether the Note Agent or any Noteholder Secured Party has knowledge that the honoring of (or failure to honor) any 

 

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such request would constitute a default under the terms of any Additional Credit Facility or any other Additional Document (but not a default under this Agreement) or an act, condition, or event that, with the giving of notice or the passage of time, or both, would constitute such a default, or if the Note Agent or any Noteholder Secured Party otherwise should exercise any of its contractual rights or remedies under the Note Documents (subject to the express terms and conditions hereof), neither the Note Agent nor any Noteholder Secured Party shall have any liability whatsoever to any Additional Agent or any Additional Creditor as a result of such action, omission, or exercise (so long as any such exercise does not breach the express terms and provisions of this Agreement) (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).  The Note Agent and the Noteholder Secured Parties shall be entitled to manage and supervise their loans and extensions of credit under the Note Documents as they may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit without regard to any rights or interests that any Additional Agent or any Additional Creditor has in the Collateral, except as otherwise expressly set forth in this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).  Any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that none of the Note Agent (including in its capacity as Note Collateral Representative, if applicable) or the Noteholder Secured Parties shall incur any liability as a result of a sale, lease, license, application, or other disposition of the Collateral or any part or Proceeds thereof, pursuant to the Note Documents, so long as such disposition is conducted in accordance with mandatory provisions of applicable law and does not breach the provisions of this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).

 

(f)        None of any Additional Agent (including in its capacity as Note Collateral Representative, if applicable), any Additional Creditors or any of their respective Affiliates, directors, officers, employees, or agents shall be liable to the ABL Agent or any ABL Lender for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay in doing so, or shall be under any obligation to sell or otherwise dispose of any Collateral or Proceeds thereof or to take any other action whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).  If any Additional Agent or any Additional Creditor honors (or fails to honor) a request by any Borrower for an extension of credit pursuant to any Additional Credit Facility or any of the other Additional Documents, whether such Additional Agent or any Additional Creditor has knowledge that the honoring of (or failure to honor) any such request would constitute a default under the terms of any ABL Credit Agreement or any other ABL Document (but not a default under this Agreement) or an act, condition, or event that, with the giving of notice or the passage of time, or both, would constitute such a default, or if any Additional Agent or any Additional Creditor otherwise should exercise any of its contractual rights or remedies under the Additional Documents (subject to the express terms and conditions hereof), neither such Additional Agent nor any Additional Creditor shall have any liability 

 

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whatsoever to the ABL Agent or any ABL Lender as a result of such action, omission, or exercise (so long as any such exercise does not breach the express terms and provisions of this Agreement) (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).  Any Additional Agent and any Additional Creditors shall be entitled to manage and supervise their loans and extensions of credit under the Additional Documents as they may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit without regard to any rights or interests that the ABL Agent or any ABL Lender has in the Collateral, except as otherwise expressly set forth in this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).  The ABL Agent, on behalf of itself and the ABL Lenders agrees that none of any Additional Agent (including in its capacity as Note Collateral Representative, if applicable) or any Additional Creditors shall incur any liability as a result of a sale, lease, license, application, or other disposition of the Collateral or any part or Proceeds thereof, pursuant to the Additional Documents, so long as such disposition is conducted in accordance with mandatory provisions of applicable law and does not breach the provisions of this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).

 

(g)       None of any Additional Agent (including in its capacity as Note Collateral Representative, if applicable), any Additional Creditors or any of their respective Affiliates, directors, officers, employees, or agents shall be liable to the Note Agent or any Noteholder Secured Party for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay in doing so, or shall be under any obligation to sell or otherwise dispose of any Collateral or Proceeds thereof or to take any other action whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).  If any Additional Agent or any Additional Creditor honors (or fails to honor) a request by any Borrower for an extension of credit pursuant to any Additional Credit Facility or any of the other Additional Documents, whether such Additional Agent or any Additional Creditor has knowledge that the honoring of (or failure to honor) any such request would constitute a default under the terms of the Indenture or any other Note Document (but not a default under this Agreement) or an act, condition, or event that, with the giving of notice or the passage of time, or both, would constitute such a default, or if any Additional Agent or any Additional Creditor otherwise should exercise any of its contractual rights or remedies under the Additional Documents (subject to the express terms and conditions hereof), neither such Additional Agent nor any Additional Creditor shall have any liability whatsoever to the Note Agent or any Noteholder Secured Party as a result of such action, omission, or exercise (so long as any such exercise does not breach the express terms and provisions of this Agreement) (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).  Any Additional Agent and any Additional Creditors shall be entitled to manage and supervise their loans and extensions of credit under the Additional Documents as they may, in their sole 

 

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discretion, deem appropriate, and may manage their loans and extensions of credit without regard to any rights or interests that the Note Agent or any Noteholder Secured Party has in the Collateral, except as otherwise expressly set forth in this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).  The Note Agent, on behalf of itself and the Noteholder Secured Parties, agrees that none of any Additional Agent (including in its capacity as Note Collateral Representative, if applicable) or any Additional Creditors shall incur any liability as a result of a sale, lease, license, application, or other disposition of the Collateral or any part or Proceeds thereof, pursuant to the Additional Documents, so long as such disposition is conducted in accordance with mandatory provisions of applicable law and does not breach the provisions of this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).

 

(h)       None of any Additional Agent (including in its capacity as Note Collateral Representative, if applicable), any Additional Creditors or any of their respective Affiliates, directors, officers, employees, or agents shall be liable to any other Additional Agent or any Additional Creditor represented thereby for failure to demand, collect, or realize upon any of the Collateral or any Proceeds, or for any delay in doing so, or shall be under any obligation to sell or otherwise dispose of any Collateral or Proceeds thereof or to take any other action whatsoever with regard to the Collateral or any part or Proceeds thereof, except as specifically provided in this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agents, in each case on behalf of itself and the Additional Creditors represented thereby).  If any Additional Agent or any Additional Creditor honors (or fails to honor) a request by any Borrower for an extension of credit pursuant to any Additional Credit Facility or any of the other Additional Documents, whether such Additional Agent or any Additional Creditor has knowledge that the honoring of (or failure to honor) any such request would constitute a default under the terms of any Additional Credit Facility or any other Additional Document to which any other Additional Agent or any Additional Creditor represented by such other Additional Agent is party or beneficiary (but not a default under this Agreement) or an act, condition, or event that, with the giving of notice or the passage of time, or both, would constitute such a default, or if any Additional Agent or any Additional Creditor otherwise should exercise any of its contractual rights or remedies under the Additional Documents (subject to the express terms and conditions hereof), neither such Additional Agent nor any Additional Creditor shall have any liability whatsoever to any other Additional Agent or any Additional Creditor represented by such other Additional Agent, as a result of such action, omission, or exercise (so long as any such exercise does not breach the express terms and provisions of this Agreement) (except as may be separately otherwise agreed in writing by and between such Additional Agents, in each case on behalf of itself and the Additional Creditors represented thereby).  Any Additional Agent and any Additional Creditors shall be entitled to manage and supervise their loans and extensions of credit under the Additional Documents as they may, in their sole discretion, deem appropriate, and may manage their loans and extensions of credit without regard to any rights or interests that any other Additional Agent or any Additional Creditor represented by such other Additional Agent, has in the Collateral, except as otherwise expressly set forth in this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agents, in each case on behalf of itself and the 

 

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Additional Creditors represented thereby).  Any Additional Agent, on behalf of itself and the Additional Creditors represented thereby, agrees that none of any other Additional Agent (including in its capacity as Note Collateral Representative, if applicable) or any Additional Creditor represented thereby shall incur any liability as a result of a sale, lease, license, application, or other disposition of the Collateral or any part or Proceeds thereof, pursuant to the Additional Documents, so long as such disposition is conducted in accordance with mandatory provisions of applicable law and does not breach the provisions of this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agents, in each case on behalf of itself and the Additional Creditors represented thereby).

 

Section 5.2            Modifications to ABL Documents and Note Documents.

 

(a)       The Note Agent, on behalf of itself and the Noteholder Secured Parties, hereby agrees that, without affecting the obligations of the Note Agent and the Noteholder Secured Parties hereunder, the ABL Agent and the ABL Lenders may, at any time and from time to time, in their sole discretion without the consent of or notice to the Note Agent or any Noteholder Secured Party (except to the extent such notice or consent is required pursuant to the express provisions of this Agreement), and without incurring any liability to the Note Agent or any Noteholder Secured Party or impairing or releasing the subordination provided for herein, amend, restate, supplement, replace, refinance, extend, consolidate, restructure, or otherwise modify any of the ABL Documents in any manner whatsoever, including, to:

 

(i)            change the manner, place, time, or terms of payment or renew, alter or increase, all or any of the ABL Obligations or otherwise amend, restate, supplement, or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of the ABL Obligations or any of the ABL Documents;

 

(ii)           retain or obtain a Lien on any Property of any Person to secure any of the ABL Obligations, and in connection therewith to enter into any additional ABL Documents;

 

(iii)          amend, or grant any waiver, compromise, or release with respect to, or consent to any departure from, any guaranty or other obligations of any Person obligated in any manner under or in respect of the ABL Obligations;

 

(iv)          release its Lien on any Collateral or other Property;

 

(v)           exercise or refrain from exercising any rights against any Borrower, any Guarantor, or any other Person;

 

(vi)          retain or obtain the primary or secondary obligation of any other Person with respect to any of the ABL Obligations; and

 

(vii)         otherwise manage and supervise the ABL Obligations as the ABL Agent shall deem appropriate.

 

(b)       Any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, hereby agrees that, without affecting the obligations of such

 

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Additional Agent and such Additional Creditors hereunder, the ABL Agent and the ABL Lenders may, at any time and from time to time, in their sole discretion without the consent of or notice to such Additional Agent or any such Additional Creditor (except to the extent such notice or consent is required pursuant to the express provisions of this Agreement), and without incurring any liability to such Additional Agent or any such Additional Creditor or impairing or releasing the subordination provided for herein, amend, restate, supplement, replace, refinance, extend, consolidate, restructure, or otherwise modify any of the ABL Documents in any manner whatsoever, including, to:

 

(i)            change the manner, place, time, or terms of payment or renew, alter or increase, all or any of the ABL Obligations or otherwise amend, restate, supplement, or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of the ABL Obligations or any of the ABL Documents;

 

(ii)           retain or obtain a Lien on any Property of any Person to secure any of the ABL Obligations, and in connection therewith to enter into any additional ABL Documents;

 

(iii)          amend, or grant any waiver, compromise, or release with respect to, or consent to any departure from, any guaranty or other obligations of any Person obligated in any manner under or in respect of the ABL Obligations;

 

(iv)          release its Lien on any Collateral or other Property;

 

(v)           exercise or refrain from exercising any rights against any Borrower, any Guarantor, or any other Person;

 

(vi)          retain or obtain the primary or secondary obligation of any other Person with respect to any of the ABL Obligations; and

 

(vii)         otherwise manage and supervise the ABL Obligations as the ABL Agent shall deem appropriate;

 

except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders.

 

(c)       The ABL Agent, on behalf of itself and the ABL Lenders, hereby agrees that, without affecting the obligations of the ABL Agent and the ABL Lenders hereunder, the Note Agent and the Noteholder Secured Parties may, at any time and from time to time, in their sole discretion without the consent of or notice to the ABL Agent or any ABL Lender (except to the extent such notice or consent is required pursuant to the express provisions of this Agreement), and without incurring any liability to the ABL Agent or any ABL Lender or impairing or releasing the subordination provided for herein, amend, restate, supplement, replace, refinance, extend, consolidate, restructure, or otherwise modify any of the Note Documents in any manner whatsoever, including, to:

 

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(i)        change the manner, place, time, or terms of payment or renew, alter or increase, all or any of the Note Obligations or otherwise amend, restate, supplement, or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of the Note Obligations or any of the Note Documents;

 

(ii)       retain or obtain a Lien on any Property of any Person to secure any of the Note Obligations, and in connection therewith to enter into any additional Note Documents;

 

(iii)      amend, or grant any waiver, compromise, or release with respect to, or consent to any departure from, any guaranty or other obligations of any Person obligated in any manner under or in respect of the Note Obligations;

 

(iv)     release its Lien on any Collateral or other Property;

 

(v)      exercise or refrain from exercising any rights against any Borrower, any Guarantor, or any other Person;

 

(vi)     retain or obtain the primary or secondary obligation of any other Person with respect to any of the Note Obligations; and

 

(vii)    otherwise manage and supervise the Note Obligations as the Note Agent shall deem appropriate.

 

(d)       Any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, hereby agrees that, without affecting the obligations of such Additional Agent and such Additional Creditors hereunder, the Note Agent and the Noteholder Secured Parties may, at any time and from time to time, in their sole discretion without the consent of or notice to such Additional Agent or any such Additional Creditor (except to the extent such notice or consent is required pursuant to the express provisions of this Agreement), and without incurring any liability to such Additional Agent or any such Additional Creditor or impairing or releasing the subordination provided for herein, amend, restate, supplement, replace, refinance, extend, consolidate, restructure, or otherwise modify any of the Note Documents in any manner whatsoever, including, to:

 

(i)        change the manner, place, time, or terms of payment or renew, alter or increase, all or any of the Note Obligations or otherwise amend, restate, supplement, or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of the Note Obligations or any of the Note Documents;

 

(ii)       retain or obtain a Lien on any Property of any Person to secure any of the Note Obligations, and in connection therewith to enter into any additional Note Documents;

 

(iii)      amend, or grant any waiver, compromise, or release with respect to, or consent to any departure from, any guaranty or other obligations of any Person obligated in any manner under or in respect of the Note Obligations;

 

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(iv)     release its Lien on any Collateral or other Property;

 

(v)      exercise or refrain from exercising any rights against any Borrower, any Guarantor, or any other Person;

 

(vi)     retain or obtain the primary or secondary obligation of any other Person with respect to any of the Note Obligations; and

 

(vii)    otherwise manage and supervise the Note Obligations as the Note Agent shall deem appropriate;

 

except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties.

 

(e)       The Note Agent, on behalf of itself and the Noteholder Secured Parties, hereby agrees that, without affecting the obligations of the Note Agent and the Noteholder Secured Parties hereunder, any Additional Agent and any Additional Creditors may, at any time and from time to time, in their sole discretion without the consent of or notice to the Note Agent or any Noteholder Secured Party or (except to the extent such notice or consent is required pursuant to the express provisions of this Agreement), and without incurring any liability to the Note Agent or any Noteholder Secured Party or impairing or releasing the subordination provided for herein, amend, restate, supplement, replace, refinance, extend, consolidate, restructure, or otherwise modify any of the Additional Documents in any manner whatsoever, including, to:

 

(i)        change the manner, place, time, or terms of payment or renew, alter or increase, all or any of the Additional Obligations or otherwise amend, restate, supplement, or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of the Additional Obligations or any of the Additional Documents;

 

(ii)       retain or obtain a Lien on any Property of any Person to secure any of the Additional Obligations, and in connection therewith to enter into any additional Additional Documents;

 

(iii)      amend, or grant any waiver, compromise, or release with respect to, or consent to any departure from, any guaranty or other obligations of any Person obligated in any manner under or in respect of the Additional Obligations;

 

(iv)     release its Lien on any Collateral or other Property;

 

(v)      exercise or refrain from exercising any rights against any Borrower, any Guarantor, or any other Person;

 

(vi)     retain or obtain the primary or secondary obligation of any other Person with respect to any of the Additional Obligations; and

 

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(vii)    otherwise manage and supervise the Additional Obligations as such Additional Agent shall deem appropriate;

 

except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties.

 

(f)        The ABL Agent, on behalf of itself and the ABL Lenders, hereby agrees that, without affecting the obligations of the ABL Agent and the ABL Lenders hereunder, any Additional Agent and any Additional Creditors may, at any time and from time to time, in their sole discretion without the consent of or notice to the ABL Agent or any ABL Lender (except to the extent such notice or consent is required pursuant to the express provisions of this Agreement), and without incurring any liability to the ABL Agent or any ABL Lender or impairing or releasing the subordination provided for herein, amend, restate, supplement, replace, refinance, extend, consolidate, restructure, or otherwise modify any of the Additional Documents in any manner whatsoever, including, to:

 

(i)        change the manner, place, time, or terms of payment or renew, alter or increase, all or any of the Additional Obligations or otherwise amend, restate, supplement, or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of the Additional Obligations or any of the Additional Documents;

 

(ii)       retain or obtain a Lien on any Property of any Person to secure any of the Additional Obligations, and in connection therewith to enter into any additional Additional Documents;

 

(iii)      amend, or grant any waiver, compromise, or release with respect to, or consent to any departure from, any guaranty or other obligations of any Person obligated in any manner under or in respect of the Additional Obligations;

 

(iv)     release its Lien on any Collateral or other Property;

 

(v)      exercise or refrain from exercising any rights against any Borrower, any Guarantor, or any other Person;

 

(vi)     retain or obtain the primary or secondary obligation of any other Person with respect to any of the Additional Obligations; and

 

(vii)    otherwise manage and supervise the Additional Obligations as such Additional Agent shall deem appropriate;

 

except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders.

 

(g)       Any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, hereby agrees that, without affecting the obligations of such 

 

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Additional Agent and such Additional Creditors hereunder, any other Additional Agent and any Additional Creditors represented by such other Additional Agent may, at any time and from time to time, in their sole discretion without the consent of or notice to such Additional Agent or any such Additional Creditor (except to the extent such notice or consent is required pursuant to the express provisions of this Agreement), and without incurring any liability to such Additional Agent or any such Additional Creditor or impairing or releasing the subordination provided for herein, amend, restate, supplement, replace, refinance, extend, consolidate, restructure, or otherwise modify any of the Additional Documents to which such other Additional Agent or any Additional Creditor represented by such other Additional Agent is party or beneficiary in any manner whatsoever, including, to:

 

(i)                    change the manner, place, time, or terms of payment or renew, alter or increase, all or any of the Additional Obligations or otherwise amend, restate, supplement, or otherwise modify in any manner, or grant any waiver or release with respect to, all or any part of the Additional Obligations or any of the Additional Documents;

 

(ii)                   retain or obtain a Lien on any Property of any Person to secure any of the Additional Obligations, and in connection therewith to enter into any additional Additional Documents;

 

(iii)                  amend, or grant any waiver, compromise, or release with respect to, or consent to any departure from, any guaranty or other obligations of any Person obligated in any manner under or in respect of the Additional Obligations;

 

(iv)                  release its Lien on any Collateral or other Property;

 

(v)                   exercise or refrain from exercising any rights against any Borrower, any Guarantor, or any other Person;

 

(vi)                  retain or obtain the primary or secondary obligation of any other Person with respect to any of the Additional Obligations; and

 

(vii)                 otherwise manage and supervise the Additional Obligations as such other Additional Agent shall deem appropriate;

 

except as may be separately otherwise agreed in writing by and between such Additional Agents, in each case on behalf of itself and the Additional Creditors represented thereby.

 

(h)   The ABL Obligations, the Note Obligations and any Additional Obligations may be refunded, replaced or refinanced, in whole or in part, in each case, without notice to, or the consent (except to the extent a consent is required to permit the refunding, replacement or refinancing transaction under any ABL Document, any Note Document or any Additional Document) of the ABL Agent, the ABL Lenders, the Note Agent or the Noteholder Secured Parties, any Additional Agent or any Additional Creditors, as the case may be, all without affecting the Lien Priorities provided for herein or the other provisions hereof; provided, however, that, if the indebtedness refunding, replacing or refinancing any such ABL Obligations, Note Obligations or Additional Obligations is to constitute ABL Obligations, Note Obligations 

 

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or Additional Obligations governed by this Agreement, the holders of such indebtedness (or an authorized agent or trustee on their behalf) bind themselves in writing to the terms of this Agreement pursuant to a joinder agreement substantially in the form of Exhibit C attached hereto or otherwise in form and substance reasonably satisfactory to the ABL Agent or any Additional Agent (other than any Designated Additional Agent), as the case may be (or, if there is no continuing Agent other than the Note Agent and any Designated Additional Agent, as designated by the Company), and any such refunding, replacement or refinancing transaction shall be in accordance with any applicable provisions of the ABL Documents, the Note Documents and any Additional Documents.  For the avoidance of doubt, any ABL Obligations, Note Obligations or Additional Obligations may be refinanced, in whole or in part, in each case without notice to, or the consent (except to the extent a consent is required to permit the refinancing transaction under the ABL Documents, Note Documents or Additional Documents) of, any of the ABL Agent or any other ABL Secured Party, the Note Agent or any other Noteholder Secured Party or any Additional Agent or any other Additional Secured Party, through the incurrence of Additional Indebtedness, subject to Section 7.11.

 

Section 5.3            Reinstatement and Continuation of Agreement.

 

(a)       If the ABL Agent or any ABL Lender is required in any Insolvency Proceeding or otherwise to turn over or otherwise pay to the estate of any Borrower, any Guarantor, or any other Person any payment made in satisfaction of all or any portion of the ABL Obligations (an “ABL  Recovery”), then the ABL Obligations shall be reinstated to the extent of such ABL Recovery.  If this Agreement shall have been terminated prior to such ABL Recovery, this Agreement shall be reinstated in full force and effect in the event of such ABL Recovery, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the Parties from such date of reinstatement.  All rights, interests, agreements, and obligations of the ABL Agent, the Note Agent, any Additional Agent, the ABL Lenders, the Noteholder Secured Parties and any Additional Creditors under this Agreement shall remain in full force and effect and shall continue irrespective of the commencement of, or any discharge, confirmation, conversion, or dismissal of, any Insolvency Proceeding by or against any Borrower or any Guarantor or any other circumstance which otherwise might constitute a defense available to, or a discharge of any Borrower or any Guarantor in respect of the ABL Obligations, the Note Obligations or any Additional Obligations.  No priority or right of the ABL Agent or any ABL Lender shall at any time be prejudiced or impaired in any way by any act or failure to act on the part of any Borrower or any Guarantor or by the noncompliance by any Person with the terms, provisions, or covenants of any of the ABL Documents, regardless of any knowledge thereof which the ABL Agent or any ABL Lender may have.

 

(b)       If the Note Agent or any Noteholder Secured Party is required in any Insolvency Proceeding or otherwise to turn over or otherwise pay to the estate of any Borrower, any Guarantor, or any other Person any payment made in satisfaction of all or any portion of the Note Obligations (a “Note Recovery”), then the Note Obligations shall be reinstated to the extent of such Note Recovery.  If this Agreement shall have been terminated prior to such Note Recovery, this Agreement shall be reinstated in full force and effect in the event of such Note Recovery, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the Parties from such date of reinstatement.  All rights, interests, agreements, and obligations of the ABL Agent, the Note Agent, any Additional Agent, the ABL 

 

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Lenders, the Noteholder Secured Parties and any Additional Creditors under this Agreement shall remain in full force and effect and shall continue irrespective of the commencement of, or any discharge, confirmation, conversion, or dismissal of, any Insolvency Proceeding by or against any Borrower or any Guarantor or any other circumstance which otherwise might constitute a defense available to, or a discharge of any Borrower or any Guarantor in respect of the ABL Obligations, the Note Obligations or any Additional Obligations.  No priority or right of the Note Agent or any Noteholder Secured Party shall at any time be prejudiced or impaired in any way by any act or failure to act on the part of any Borrower or any Guarantor or by the noncompliance by any Person with the terms, provisions, or covenants of any of the Note Documents, regardless of any knowledge thereof which the Note Agent or any Noteholder Secured Party may have.

 

(c)       If any Additional Agent or any Additional Creditor is required in any Insolvency Proceeding or otherwise to turn over or otherwise pay to the estate of any Borrower, any Guarantor, or any other Person any payment made in satisfaction of all or any portion of the Additional Obligations (an “Additional Recovery”), then the Additional Obligations shall be reinstated to the extent of such Additional Recovery.  If this Agreement shall have been terminated prior to such Additional Recovery, this Agreement shall be reinstated in full force and effect in the event of such Additional Recovery, and such prior termination shall not diminish, release, discharge, impair, or otherwise affect the obligations of the Parties from such date of reinstatement.  All rights, interests, agreements, and obligations of the ABL Agent, the Note Agent, any Additional Agent, the ABL Lenders, the Noteholder Secured Parties and any Additional Creditors under this Agreement shall remain in full force and effect and shall continue irrespective of the commencement of, or any discharge, confirmation, conversion, or dismissal of, any Insolvency Proceeding by or against any Borrower or any Guarantor or any other circumstance which otherwise might constitute a defense available to, or a discharge of any Borrower or any Guarantor in respect of the ABL Obligations, the Note Obligations or any Additional Obligations.  No priority or right of any Additional Agent or any Additional Creditor shall at any time be prejudiced or impaired in any way by any act or failure to act on the part of any Borrower or any Guarantor or by the noncompliance by any Person with the terms, provisions, or covenants of any of the Additional Documents, regardless of any knowledge thereof which any Additional Agent or any Additional Creditor may have.

 

ARTICLE 6
 INSOLVENCY PROCEEDINGS

 

Section 6.1            DIP Financing.

 

(a)       If any Borrower or any Guarantor shall be subject to any Insolvency Proceeding in the United States at any time prior to the Discharge of ABL Obligations, and the ABL Agent or the ABL Lenders shall seek to provide any Borrower or any Guarantor with, or consent to a third party providing, any financing under Section 364 of the Bankruptcy Code or consent to any order for the use of cash collateral under Section 363 of the Bankruptcy Code (“DIP Financing”), with such DIP Financing to be secured by all or any portion of the Collateral (including assets that, but for the application of Section 552 of the Bankruptcy Code would be Collateral), then the Note Agent, on behalf of itself and the Noteholder Secured Parties, agrees that it will raise no objection and will not support any objection to such DIP Financing or to the 

 

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Liens securing the same on the grounds of a failure to provide “adequate protection” for the Liens of the Note Agent securing the Note Obligations or on any other grounds (and will not request any adequate protection solely as a result of such DIP Financing), so long as (i) the Note Agent retains its Lien on the Collateral to secure the Note Obligations (in each case, including Proceeds thereof arising after the commencement of the case under the Bankruptcy Code) and, as to the Note Priority Collateral only, such Lien has the same priority as existed prior to the commencement of the case under the Bankruptcy Code and any Lien securing such DIP Financing is junior and subordinate to the Lien of the Note Agent on the Note Priority Collateral, (ii) all Liens on ABL Priority Collateral securing any such DIP Financing shall be senior to or on a parity with the Liens of the ABL Agent and the ABL Lenders securing the ABL Obligations on ABL Priority Collateral and (iii) if the ABL Agent receives an adequate protection Lien on post-petition assets of the debtor to secure the ABL Obligations, the Note Agent also receives an adequate protection Lien on such post-petition assets of the debtor to secure the Note Obligations, provided that (x) such Liens in favor of the ABL Agent and the Note Agent shall be subject to the provisions of Section 6.1(c) hereof and (y) the foregoing provisions of this Section 6.1(a) shall not prevent the Note Agent and the Noteholder Secured Parties from objecting to any provision in any DIP Financing relating to any provision or content of a plan of reorganization.

 

(b)       If any Borrower or any Guarantor shall be subject to any Insolvency Proceeding in the United States at any time prior to the Discharge of ABL Obligations, and the ABL Agent or the ABL Lenders shall seek to provide any Borrower or any Guarantor with, or consent to a third party providing, any DIP Financing, with such DIP Financing to be secured by all or any portion of the Collateral (including assets that, but for the application of Section 552 of the Bankruptcy Code would be Collateral), then any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that it will raise no objection and will not support any objection to such DIP Financing or to the Liens securing the same on the grounds of a failure to provide “adequate protection” for the Liens of such Additional Agent securing the Additional Obligations or on any other grounds (and will not request any adequate protection solely as a result of such DIP Financing), so long as (i) such Additional Agent retains its Lien on the Collateral to secure the Additional Obligations (in each case, including Proceeds thereof arising after the commencement of the case under the Bankruptcy Code) and, as to the Note Priority Collateral only, such Lien has the same priority as existed prior to the commencement of the case under the Bankruptcy Code and any Lien securing such DIP Financing is junior and subordinate to the Lien of such Additional Agent on the Note Priority Collateral (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders), (ii) all Liens on ABL Priority Collateral securing any such DIP Financing shall be senior to or on a parity with the Liens of the ABL Agent and the ABL Lenders securing the ABL Obligations on ABL Priority Collateral and (iii) if the ABL Agent receives an adequate protection Lien on post-petition assets of the debtor to secure the ABL Obligations, such Additional Agent also receives an adequate protection Lien on such post-petition assets of the debtor to secure the Additional Obligations, provided that (x) such Liens in favor of the ABL Agent and such Additional Agent shall be subject to the provisions of Section 6.1(c) hereof and (y) the foregoing provisions of this Section 6.1(b) shall not prevent any Additional Agent and any Additional Creditors from objecting to any provision in any DIP Financing relating to any provision or content of a plan of reorganization.

 

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(c)       All Liens granted to the ABL Agent, the Note Agent or any Additional Agent in any Insolvency Proceeding, whether as adequate protection or otherwise, are intended by the Parties to be and shall be deemed to be subject to the Lien Priority and the other terms and conditions of this Agreement.

 

Section 6.2                               Relief From Stay.  Until the Discharge of ABL Obligations has occurred, the Note Agent, on behalf of itself and the Noteholder Secured Parties, and any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees not to seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any portion of the ABL Priority Collateral without the ABL Agent’s express written consent.  Until the Discharge of Note Collateral Obligations has occurred, the ABL Agent, on behalf of itself and the ABL Lenders, agrees not to seek relief from the automatic stay or any other stay in any Insolvency Proceeding in respect of any portion of the Note Priority Collateral without the Note Collateral Representative’s express written consent.  In addition, none of the Note Agent (including in its capacity as Note Collateral Representative, if applicable), the ABL Agent nor any Additional Agent (including in its capacity as Note Collateral Representative, if applicable) shall seek any relief from the automatic stay with respect to any Collateral without providing 30 days’ prior written notice to each other Party, unless such period is agreed in writing by the ABL Agent, the Note Agent and each Additional Agent to be modified.

 

Section 6.3                               No Contest.

 

(a)       The Note Agent, on behalf of itself and the Noteholder Secured Parties, agrees that, prior to the Discharge of ABL Obligations, none of them shall contest (or support any other Person contesting) (i) any request by the ABL Agent or any ABL Lender for adequate protection of its interest in the Collateral, or (ii) any objection by the ABL Agent or any ABL Lender to any motion, relief, action, or proceeding based on a claim by the ABL Agent or any ABL Lender that its interests in the Collateral are not adequately protected (or any other similar request under any law applicable to an Insolvency Proceeding), so long as any Liens granted to the ABL Agent as adequate protection of its interests are subject to this Agreement.  Any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that, prior to the Discharge of ABL Obligations, none of them shall contest (or support any other Person contesting) (i) any request by the ABL Agent or any ABL Lender for adequate protection of its interest in the Collateral, or (ii) any objection by the ABL Agent or any ABL Lender to any motion, relief, action, or proceeding based on a claim by the ABL Agent or any ABL Lender that its interests in the Collateral are not adequately protected (or any other similar request under any law applicable to an Insolvency Proceeding), so long as any Liens granted to the ABL Agent as adequate protection of its interests are subject to this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).

 

(b)       The ABL Agent, on behalf of itself and the ABL Lenders, agrees that, prior to the Discharge of Note Obligations, none of them shall contest (or support any other Person contesting) (i) any request by the Note Agent or any Noteholder Secured Party for adequate protection of its interest in the Collateral (unless in contravention of Section 6.1(a) hereof), or (ii) any objection by the Note Agent or any Noteholder Secured Party to any motion, 

 

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relief, action or proceeding based on a claim by the Note Agent or any Noteholder Secured Party that its interests in the Collateral (unless in contravention of Section 6.1(a) hereof) are not adequately protected (or any other similar request under any law applicable to an Insolvency Proceeding), so long as any Liens granted to the Note Agent as adequate protection of its interests are subject to this Agreement.  Any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that, prior to the Discharge of Note Obligations, none of them shall contest (or support any other Person contesting) (i) any request by the Note Agent or any Noteholder Secured Party for adequate protection of its interest in the Collateral, or (ii) any objection by the Note Agent or any Noteholder Secured Party to any motion, relief, action or proceeding based on a claim by the Note Agent or any Noteholder Secured Party that its interests in the Collateral are not adequately protected (or any other similar request under any law applicable to an Insolvency Proceeding), so long as any Liens granted to the Note Agent as adequate protection of its interests are subject to this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).

 

(c)       The Note Agent, on behalf of itself and the Noteholder Secured Parties, agrees that, prior to the Discharge of Additional Obligations, none of them shall contest (or support any other Person contesting) (i) any request by any Additional Agent or any Additional Creditor for adequate protection of its interest in the Collateral, or (ii) any objection by any Additional Agent or any Additional Creditor to any motion, relief, action, or proceeding based on a claim by any Additional Agent or any Additional Creditor that its interests in the Collateral are not adequately protected (or any other similar request under any law applicable to an Insolvency Proceeding), so long as any Liens granted to such Additional Agent as adequate protection of its interests are subject to this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the Note Agent, on behalf of itself and the Noteholder Secured Parties).  The ABL Agent, on behalf of itself and the ABL Lenders, agrees that, prior to the Discharge of Additional Obligations, none of them shall contest (or support any other Person contesting) (i) any request by any Additional Agent or any Additional Creditor for adequate protection of its interest in the Collateral (unless in contravention of Section 6.1(b) hereof), or (ii) any objection by any Additional Agent or any Additional Creditor to any motion, relief, action, or proceeding based on a claim by any Additional Agent or any Additional Creditor that its interests in the Collateral (unless in contravention of Section 6.1(b) hereof) are not adequately protected (or any other similar request under any law applicable to an Insolvency Proceeding), so long as any Liens granted to such Additional Agent as adequate protection of its interests are subject to this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders).  Any Additional Agent, on behalf of itself and any Additional Creditors represented thereby, agrees that, prior to the applicable Discharge of Additional Obligations, none of them shall contest (or support any other Person contesting) (a) any request by any other Additional Agent or any Additional Creditor represented by such other Additional Agent for adequate protection of its interest in the Collateral, or (b) any objection by such other Additional Agent or any Additional Creditor to any motion, relief, action, or proceeding based on a claim by any Additional Agent or any Additional Creditor represented by such other Additional Agent that its interests in the Collateral are not

 

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adequately protected (or any other similar request under any law applicable to an Insolvency Proceeding), so long as any Liens granted to such other Additional Agent as adequate protection of its interests are subject to this Agreement (except as may be separately otherwise agreed in writing by and between such Additional Agents, in each case on behalf of itself and the Additional Creditors represented thereby).

 

Section 6.4                                                                                   Asset Sales.  The Note Agent agrees, on behalf of itself and the Noteholder Secured Parties, and any Additional Agent agrees, on behalf of itself and any Additional Creditors represented thereby, that it will not oppose any sale consented to by the ABL Agent of any ABL Priority Collateral pursuant to Section 363(f) of the Bankruptcy Code (or any similar provision under the law applicable to any Insolvency Proceeding) so long as the proceeds of such sale are applied in accordance with this Agreement.  The ABL Agent agrees, on behalf of itself and the ABL Lenders, that it will not oppose any sale consented to by the Note Agent, any Additional Agent or the Note Collateral Representative of any Note Priority Collateral pursuant to Section 363(f) of the Bankruptcy Code (or any similar provision under the law applicable to any Insolvency Proceeding) so long as the proceeds of such sale are applied in accordance with this Agreement.  If such sale of Collateral includes both ABL Priority Collateral and Note Priority Collateral and the Parties are unable to agree on the allocation of the purchase price between the ABL Priority Collateral and Note Priority Collateral, any Party may apply to the court in such Insolvency Proceeding to make a determination of such allocation, and the court’s determination shall be binding upon the Parties.

 

Section 6.5                                                                                   Separate Grants of Security and Separate Classification.  Each Noteholder Secured Party, the Note Agent, each ABL Lender, the ABL Agent, each Additional Creditor and each Additional Agent acknowledges and agrees that (i) the grants of Liens pursuant to the ABL Security Documents, the Note Collateral Documents and the Additional Security Documents constitute separate and distinct grants of Liens and (ii) because of, among other things, their differing rights in the Collateral, the Note Obligations and Additional Obligations are fundamentally different from the ABL Obligations and must be separately classified in any plan of reorganization proposed or adopted in an Insolvency Proceeding.  To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that the claims of the ABL Secured Parties, on the one hand, and the Noteholder Secured Parties and Additional Secured Parties, on the other hand, in respect of the Collateral constitute only one secured claim (rather than separate classes of senior and junior secured claims), then the ABL Secured Parties, the Noteholder Secured Parties and any Additional Secured Parties hereby acknowledge and agree that all distributions shall be made as if there were separate classes of ABL Obligation claims, Note Obligation claims and Additional Obligation claims against the Credit Parties (with the effect being that, to the extent that the aggregate value of the ABL Priority Collateral or the Note Priority Collateral is sufficient (for this purpose ignoring all claims held by the other Secured Parties), the ABL Secured Parties or the Noteholder Secured Parties and Additional Secured Parties, respectively, shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect of post-petition interest that is available from each pool of Priority Collateral for each of the ABL Secured Parties, on the one hand, and the Noteholder Secured Parties and Additional Secured Parties, on the other hand, before any distribution is made in respect of the claims held by the other Secured Parties, with the other Secured Parties hereby acknowledging and agreeing to turn over to the respective other Secured 

 

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Parties amounts otherwise received or receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the aggregate recoveries.  The foregoing sentence is subject to any separate agreement by and between any Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and any other Party, on behalf of itself and the Secured Parties represented thereby, with respect to the Additional Obligations owing to any of such Additional Agent and Additional Creditors.

 

Section 6.6                                                                                   Enforceability.  The provisions of this Agreement are intended to be and shall be enforceable under Section 510(a) of the Bankruptcy Code.

 

Section 6.7                                                                                   ABL Obligations Unconditional.  All rights of the ABL Agent hereunder, and all agreements and obligations of the Note Agent, any Additional Agent and the Credit Parties (to the extent applicable) hereunder, shall remain in full force and effect irrespective of:

 

(i)                             any lack of validity or enforceability of any ABL Document;

 

(ii)                          any change in the time, place or manner of payment of, or in any other term of, all or any portion of the ABL Obligations, or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any ABL Document;

 

(iii)                       any exchange, release, voiding, avoidance or non perfection of any security interest in any Collateral or any other collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding, restatement or increase of all or any portion of the ABL Obligations or any guarantee or guaranty thereof; or

 

(iv)                      any other circumstances that otherwise might constitute a defense available to, or a discharge of, any Credit Party in respect of the ABL Obligations, or of any of the Note Agent, any Additional Agent or any Credit Party, to the extent applicable, in respect of this Agreement.

 

Section 6.8                                                                                   Note Obligations Unconditional.  All rights of the Note Agent hereunder, and all agreements and obligations of the ABL Agent, any Additional Agent and the Credit Parties (to the extent applicable) hereunder, shall remain in full force and effect irrespective of:

 

(i)                             any lack of validity or enforceability of any Note Document;

 

(ii)                          any change in the time, place or manner of payment of, or in any other term of, all or any portion of the Note Obligations, or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any Note Document;

 

(iii)                       any exchange, release, voiding, avoidance or non perfection of any security interest in any Collateral, or any other collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or 

 

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any refinancing, replacement, refunding, restatement or increase of all or any portion of the Note Obligations or any guarantee or guaranty thereof; or

 

(iv)                      any other circumstances that otherwise might constitute a defense available to, or a discharge of, any Credit Party in respect of the Note Obligations, or of any of the ABL Agent, any Additional Agent or any Credit Party, to the extent applicable, in respect of this Agreement.

 

Section 6.9                                                                                   Additional Obligations Unconditional.  All rights of any Additional Agent hereunder, and all agreements and obligations of the ABL Agent, the Note Agent and the Credit Parties (to the extent applicable) hereunder, shall remain in full force and effect irrespective of:

 

(i)                             any lack of validity or enforceability of any Additional Document;

 

(ii)                          any change in the time, place or manner of payment of, or in any other term of, all or any portion of the Additional Obligations, or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any Additional Document;

 

(iii)                       any exchange, release, voiding, avoidance or non perfection of any security interest in any Collateral, or any other collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding, restatement or increase of all or any portion of the Additional Obligations or any guarantee or guaranty thereof; or

 

(iv)                      any other circumstances that otherwise might constitute a defense available to, or a discharge of, any Credit Party in respect of the Additional Obligations, or of any of the ABL Agent, the Note Agent or any Credit Party, to the extent applicable, in respect of this Agreement.

 

Section 6.10                                                                            Adequate Protection.  Except to the extent expressly provided in Section 6.1, nothing in this Agreement shall limit the rights of (a) the ABL Agent and the ABL Lenders, (b) the Note Agent and the Noteholder Secured Parties, or (c) any Additional Agent and any Additional Creditors, respectively, from seeking or requesting adequate protection with respect to their interests in the applicable Collateral in any Insolvency Proceeding, including adequate protection in the form of a cash payment, periodic cash payments, cash payments of interest, additional collateral or otherwise; provided that (a) in the event that the ABL Agent, on behalf of itself or any of the ABL Lenders, seeks or requests adequate protection in respect of the ABL Obligations and such adequate protection is granted in the form of additional collateral comprising assets of the type of assets that constitute Note Priority Collateral, then the ABL Agent, on behalf of itself and each of the ABL Lenders, agrees that the Note Agent shall also be granted a senior Lien on such collateral as security for the Note Obligations and that any Lien on such collateral securing the ABL Obligations shall be subordinate to any Lien on such collateral securing the Note Obligations, (b) in the event that the ABL Agent, on behalf of itself or any of the ABL Lenders, seeks or requests adequate protection in respect of the ABL Obligations and 

 

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such adequate protection is granted in the form of additional collateral comprising assets of the type of assets that constitute Note Priority Collateral, then the ABL Agent, on behalf of itself and each of the ABL Lenders, agrees that any Additional Agent shall also be granted a senior Lien on such collateral as security for the Additional Obligations and that any Lien on such collateral securing the ABL Obligations shall be subordinate to any Lien on such collateral securing the Additional Obligations (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders), (c) in the event that the Note Agent, on behalf of itself or any of the Noteholder Secured Parties, seeks or requests adequate protection in respect of the Note Obligations and such adequate protection is granted in the form of additional collateral comprising assets of the type of assets that constitute ABL Priority Collateral, then the Note Agent, on behalf of itself and each of the Noteholder Secured Parties, agrees that the ABL Agent shall also be granted a senior Lien on such collateral as security for the ABL Obligations and that any Lien on such collateral securing the Note Obligations shall be subordinate to the Lien on such collateral securing the ABL Obligations and (d) in the event that any Additional Agent, on behalf of itself or any Additional Creditor, seeks or requests adequate protection in respect of the Additional Obligations and such adequate protection is granted in the form of additional collateral comprising assets of the type of assets that constitute ABL Priority Collateral, then such Additional Agent, on behalf of itself and any Additional Creditor represented thereby, agrees that the ABL Agent shall also be granted a senior Lien on such collateral as security for the ABL Obligations and that any Lien on such collateral securing the Additional Obligations shall be subordinate to the Lien on such collateral securing the ABL Obligations.

 

ARTICLE 7
  MISCELLANEOUS

 

Section 7.1                                   Rights of Subrogation.  The Note Agent, for and on behalf of itself and the Noteholder Secured Parties, agrees that no payment by the Note Agent or any Noteholder Secured Party to the ABL Agent or any ABL Lender pursuant to the provisions of this Agreement shall entitle the Note Agent or any Noteholder Secured Party to exercise any rights of subrogation in respect thereof until the Discharge of ABL Obligations shall have occurred.  Following the Discharge of ABL Obligations, the ABL Agent agrees to execute such documents, agreements, and instruments as the Note Agent or any Noteholder Secured Party may reasonably request to evidence the transfer by subrogation to any such Person of an interest in the ABL Obligations resulting from payments to the ABL Agent by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by the ABL Agent are paid by such Person upon request for payment thereof.

 

The ABL Agent, for and on behalf of itself and the ABL Lenders, agrees that no payment by the ABL Agent or any ABL Lender to the Note Agent or any Noteholder Secured Party pursuant to the provisions of this Agreement shall entitle the ABL Agent or any ABL Lender to exercise any rights of subrogation in respect thereof until the Discharge of Note Obligations shall have occurred.  Following the Discharge of Note Obligations, the Note Agent agrees to execute such documents, agreements, and instruments as the ABL Agent or any ABL Lender may reasonably request to evidence the transfer by subrogation to any such Person of an interest in the Note Obligations resulting from payments to the Note Agent by such Person, so 

 

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long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by the Note Agent are paid by such Person upon request for payment thereof.

 

Any Additional Agent, for and on behalf of itself and any Additional Creditors represented thereby, agrees that no payment by such Additional Agent or any such Additional Creditor to the ABL Agent or any ABL Lender pursuant to the provisions of this Agreement shall entitle such Additional Agent or any such Additional Creditor to exercise any rights of subrogation in respect thereof until the Discharge of ABL Obligations shall have occurred.  Following the Discharge of ABL Obligations, the ABL Agent agrees to execute such documents, agreements, and instruments as such Additional Agent or any such Additional Creditor may reasonably request to evidence the transfer by subrogation to any such Person of an interest in the ABL Obligations resulting from payments to the ABL Agent by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by the ABL Agent are paid by such Person upon request for payment thereof.

 

The ABL Agent, for and on behalf of itself and the ABL Lenders, agrees that no payment by the ABL Agent or any ABL Lender to any Additional Agent or any Additional Creditor represented thereby pursuant to the provisions of this Agreement shall entitle the ABL Agent or any ABL Lender to exercise any rights of subrogation in respect thereof until the Discharge of Additional Obligations shall have occurred.  Following the Discharge of Additional Obligations, such Additional Agent agrees to execute such documents, agreements, and instruments as the ABL Agent or any ABL Lender may reasonably request to evidence the transfer by subrogation to any such Person of an interest in the applicable Additional Obligations resulting from payments to such Additional Agent by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by such Additional Agent are paid by such Person upon request for payment thereof.

 

Section 7.2                                   Further Assurances.  The Parties will, at their own expense and at any time and from time to time, promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that any Party may reasonably request, in order to protect any right or interest granted or purported to be granted hereby or to enable such Party to exercise and enforce its rights and remedies hereunder; provided, however, that no Party shall be required to pay over any payment or distribution, execute any instruments or documents, or take any other action referred to in this Section 7.2, to the extent that such action would contravene any law, order or other legal requirement or any of the terms or provisions of this Agreement, and in the event of a controversy or dispute, such Party may interplead any payment or distribution in any court of competent jurisdiction, without further responsibility in respect of such payment or distribution under this Section 7.2.

 

Section 7.3                                   Representations.  The Note Agent represents and warrants to the ABL Agent and any Additional Agent that it has the requisite power and authority under the Note Documents to enter into, execute, deliver, and carry out the terms of this Agreement on behalf of itself and the Noteholder Secured Parties.  The ABL Agent represents and warrants to the Note Agent and any Additional Agent that it has the requisite power and authority under the ABL Documents to enter into, execute, deliver, and carry out the terms of this Agreement on behalf of itself and the ABL Lenders.  Any Additional Agent represents and warrants to the Note 

 

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Agent, the ABL Agent and any other Additional Agent that it has the requisite power and authority under the applicable Additional Documents to enter into, execute, deliver, and carry out the terms of this Agreement on behalf of itself and any Additional Creditors represented thereby.

 

Section 7.4                                   Amendments. (a)  No amendment, modification or waiver of any provision of this Agreement, and no consent to any departure by any Party hereto, shall be effective unless it is in a written agreement executed by the Note Agent, the ABL Agent and any Additional Agent.  Notwithstanding the foregoing, the Company may, without the consent of any Party hereto, amend this Agreement by (x) executing an Additional Indebtedness Joinder as provided in Section 7.11 or (y) executing a joinder agreement in the form of Exhibit C attached hereto as provided for in the definition of “ABL Credit Agreement” or “Indenture”, as applicable.  No amendment, modification or waiver of any provision of this Agreement, and no consent to any departure therefrom by any Party hereto, that changes, alters, modifies or otherwise affects any power, privilege, right, remedy, liability or obligation of, or otherwise affects in any manner, any Additional Agent that is not then a Party, or any Additional Creditor not then represented by an Additional Agent that is then a Party (including but not limited to any change, alteration, modification or other effect upon any power, privilege, right, remedy, liability or obligation of or other effect upon any such Additional Agent or Additional Creditor that may at any subsequent time become a Party or beneficiary hereof) shall be effective unless it is consented to in writing by the Company (regardless of whether any such Additional Agent or Additional Creditor ever becomes a Party or beneficiary hereof), and any amendment, modification or waiver of any provision of this Agreement that would have the effect, directly or indirectly, through any reference in any Credit Document to this Agreement or otherwise, of waiving, amending, supplementing or otherwise modifying any Credit Document, or any term or provision thereof, or any right or obligation of the Company or any other Credit Party thereunder or in respect thereof, shall not be given such effect except pursuant to a written instrument executed by the Company and each other affected Credit Party.

 

(b)                     In the event that the ABL Agent or the requisite ABL Lenders enter into any amendment, waiver or consent in respect of or replace any ABL Collateral Document for the purpose of adding to, or deleting from, or waiving or consenting to any departure from any provisions of, any ABL Collateral Document relating to the ABL Priority Collateral or changing in any manner the rights of the ABL Agent, the ABL Lenders, or any ABL Credit Party with respect to the ABL Priority Collateral (including the release of any Liens on ABL Priority Collateral), then such amendment, waiver or consent shall apply automatically to any comparable provision of each Note Collateral Document and each Additional Collateral Document without the consent of any Note Agent or any Noteholder Secured Party or any Additional Agent or Additional Secured Party, as applicable, and without any action by any Note Agent or any Noteholder Secured Party or any Additional Agent or any Additional Secured Party, as applicable; provided, that such amendment, waiver or consent does not materially adversely affect the rights of the Noteholder Secured Parties or the Additional Secured Parties, as applicable, or the interests of the Noteholder Secured Parties or the Additional Secured Parties, as applicable, in the Note Priority Collateral. The ABL Agent shall give written notice of such amendment, waiver or consent to each Note Agent and Additional Agent; provided that the failure to give such notice shall not affect the effectiveness of such amendment, waiver or consent with respect to the provisions of any Note Collateral Document or any Additional Collateral Document as set forth in this Section 7.4(b).

 

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(c)                      In the event that the Note Agent or the requisite Noteholders enter into any amendment, waiver or consent in respect of or replace any Note Collateral Document for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any Note Collateral Document relating to the Note Priority Collateral or changing in any manner the rights of the Note Agent, the Noteholders, or any Note Credit Party with respect to the Note Priority Collateral (including the release of any Liens on Note Priority Collateral), then such amendment, waiver or consent shall apply automatically to any comparable provision of each ABL Collateral Document without the consent of or any actions by the ABL Agent or any ABL Lender; provided, that such amendment, waiver or consent does not materially adversely affect the rights or interests of the ABL Lenders in the ABL Priority Collateral.  The Note Agent shall give written notice of such amendment, waiver or consent to the ABL Agent; provided that the failure to give such notice shall not affect the effectiveness of such amendment, waiver or consent with respect to the provisions of any ABL Collateral Document as set forth in this Section 7.4(c).

 

(d)                     In the event that the Additional Agent or the requisite Additional Creditors enter into any amendment, waiver or consent in respect of or replace any Additional Collateral Document for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any Additional Collateral Document relating to the Note Priority Collateral or changing in any manner the rights of the Additional Agent, the Additional Creditors, or any Additional Credit Party with respect to the Note Priority Collateral (including the release of any Liens on Note Priority Collateral), then such amendment, waiver or consent shall apply automatically to any comparable provision of each ABL Collateral Document without the consent of or any actions by the ABL Agent or any ABL Lender (except as may be separately otherwise agreed in writing by and between such Additional Agent, on behalf of itself and the Additional Creditors represented thereby, and the ABL Agent, on behalf of itself and the ABL Lenders); provided, that such amendment, waiver or consent does not materially adversely affect the rights or interests of the ABL Lenders in the ABL Priority Collateral.  The Additional Agent shall give written notice of such amendment, waiver or consent to the ABL Agent; provided that the failure to give such notice shall not affect the effectiveness of such amendment, waiver or consent with respect to the provisions of any ABL Collateral Document as set forth in this Section 7.4(d).

 

Section 7.5                                   Addresses for Notices.  Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally served, faxed, or sent by overnight express courier service or United States mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a facsimile or five (5) days after deposit in the United States mail (certified, with postage prepaid and properly addressed).  For the purposes hereof, the addresses of the parties hereto (until notice of a change thereof is delivered as provided in this Section) shall be as set forth below or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties.

 

	
ABL Agent:
    	
UBS AG, Stamford   Branch
    
	
 
    	
677 Washington   Avenue
    
	
 
    	
Stamford, CT 06901
    
	
 
    	
Attention:   April Varner Nanton
    

 

74

 

	
 
    	
Facsimile:   (203) 719-3180
    
	
 
    	
Telephone:   (203) 719-5274
    
	
 
    	
 
    
	
Note Agent:
    	
Wilmington Trust   FSB
    
	
 
    	
246 Goose Lane,   Suite 105
    
	
 
    	
Guilford, CT 06437
    
	
 
    	
Attention:   Atkore Administrator
    
	
 
    	
Facsimile:   (203) 453-1183
    
	
 
    	
Telephone:   (203) 435-4130
    
	
 
    	
 
    
	
Any Additional   Agent:
    	
As set forth in   the Additional Indebtedness Joinder executed and delivered by such Additional   Agent pursuant to Section 7.11.
    

 

Section 7.6                                   No Waiver, Remedies.  No failure on the part of any 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 right hereunder preclude any other or further exercise thereof or the exercise of any other right.  The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

 

Section 7.7                                   Continuing Agreement, Transfer of Secured Obligations.  This Agreement is a continuing agreement and shall (a) remain in full force and effect until the Discharge of ABL Obligations, the Discharge of Note Obligations and the Discharge of Additional Obligations shall have occurred, (b) be binding upon the Parties and their successors and assigns, and (c) inure to the benefit of and be enforceable by the Parties and their respective successors, transferees and assigns.  Nothing herein is intended, or shall be construed to give, any other Person any right, remedy or claim under, to or in respect of this Agreement or any Collateral, subject to Section 7.10 hereof.  All references to any Credit Party shall include any Credit Party as debtor-in-possession and any receiver or trustee for such Credit Party in any Insolvency Proceeding.  Without limiting the generality of the foregoing clause (c), the ABL Agent, any ABL Lender, the Note Agent, any Noteholder Secured Party, any Additional Agent or any Additional Creditor may assign or otherwise transfer all or any portion of the ABL Obligations, the Note Obligations or any Additional Obligations, as applicable, to any other Person, and such other Person shall thereupon become vested with all the rights and obligations in respect thereof granted to the ABL Agent, the Note Agent, such ABL Lender, such Noteholder Secured Party, such Additional Agent or such Additional Creditor, as the case may be, herein or otherwise.  The ABL Secured Parties, the Noteholder Secured Parties and any Additional Secured Parties may continue, at any time and without notice to the other Parties hereto, to extend credit and other financial accommodations, lend monies and provide indebtedness to, or for the benefit of, any Credit Party on the faith hereof.

 

Section 7.8                                   Governing Law: Entire Agreement.  The validity, performance, and enforcement of this Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.  This Agreement constitutes the entire agreement and understanding among the Parties with respect to the subject matter hereof and supersedes any prior agreements, written or oral, with respect thereto.

 

75

 

Section 7.9                                   Counterparts.  This Agreement may be executed in any number of counterparts, and it is not necessary that the signatures of all Parties be contained on any one counterpart hereof, each counterpart will be deemed to be an original, and all together shall constitute one and the same document.

 

Section 7.10                            No Third Party Beneficiaries.  This Agreement and the rights and benefits hereof shall inure to the benefit of each of the parties hereto and its respective successors and assigns and shall inure to the benefit of each of the ABL Agent, the ABL Creditors, the Note Agent, the Noteholder Secured Parties, each Additional Agent, the Additional Secured Parties and the Company and the other Credit Parties.  No other Person shall have or be entitled to assert rights or benefits hereunder.

 

Section 7.11                            Designation of Additional Indebtedness; Joinder of Additional Agents.  (a)  The Company may designate any Additional Indebtedness complying with the requirements of the definition of “Additional Indebtedness” as Additional Indebtedness for purposes of this Agreement, upon complying with the following conditions:

 

(i)                             one or more Additional Agents for one or more Additional Creditors in respect of such Additional Indebtedness shall have executed the Additional Indebtedness Joinder with respect to such Additional Indebtedness, and the Company or any such Additional Agent shall have delivered such executed Additional Indebtedness Joinder to the ABL Agent, the Note Agent and any other Additional Agent then party to this Agreement;

 

(ii)                          at least five Business Days (unless a shorter period is agreed in writing by the Parties and the Company) prior to delivery of the Additional Indebtedness Joinder, the Company shall have delivered to the ABL Agent, the Note Agent and any other Additional Agent then party to this Agreement complete and correct copies of any Additional Credit Facility, Additional Guaranties and Additional Collateral Documents that will govern such Additional Indebtedness upon giving effect to such designation (which may be unexecuted copies of Additional Documents to be executed and delivered concurrently with the effectiveness of such designation);

 

(iii)                       the Company shall have executed and delivered to the ABL Agent, the Note Agent and any other Additional Agent then party to this Agreement an Additional Indebtedness Designation, with respect to such Additional Indebtedness;

 

(iv)                      all state and local stamp, recording, filing, intangible and similar taxes or fees (if any) that are payable in connection with the inclusion of such Additional Indebtedness under this Agreement shall have been paid and reasonable evidence thereof shall have been given to the ABL Agent, the Note Agent and any other Additional Agent then party to this Agreement; and

 

(v)                         no Event of Default shall have occurred and be continuing.

 

(b)                                 Upon satisfaction of the foregoing conditions, the designated Additional Indebtedness shall constitute “Additional Indebtedness”, any Additional Credit Facility under which such Additional Indebtedness is or may be incurred shall constitute an “Additional Credit 

 

76

 

Facility”, any holder of such Additional Indebtedness or other applicable Additional Creditor shall constitute an “Additional Creditor”, and any Additional Agent for any such Additional Creditor shall constitute an “Additional Agent”, for all purposes under this Agreement.  The date on which the foregoing conditions shall have been satisfied with respect to such Additional Indebtedness is herein called the “Additional Effective Date”.  Prior to the Additional Effective Date with respect to such Additional Indebtedness, all references herein to Additional Indebtedness shall be deemed not to take into account such Additional Indebtedness, and the rights and obligations of the ABL Agent, the Note Agent and any other Additional Agent then party to this Agreement shall be determined on the basis that such Additional Indebtedness is not then designated.  On and after the Additional Effective Date with respect to such Additional Indebtedness, all references herein to Additional Indebtedness shall be deemed to take into account such Additional Indebtedness, and the rights and obligations of the ABL Agent, the Note Agent and any other Additional Agent then party to this Agreement shall be determined on the basis that such Additional Indebtedness is then designated.

 

(c)                                  In connection with any designation of Additional Indebtedness pursuant to this Section 7.11, each of the ABL Agent, the Note Agent and any Additional Agent then party hereto agrees at the Company’s expense (x) to execute and deliver any amendments, amendments and restatements, restatements or waivers of or supplements to or other modifications to, any Note Collateral Documents, ABL Collateral Documents, or Additional Collateral Documents, as applicable, and any blocked account, control or other agreements relating to any security interest in Control Collateral or Cash Collateral, and to make or consent to any filings or take any other actions, as may be reasonably deemed by the Company to be necessary or reasonably desirable for any Lien on any Collateral to secure such Additional Indebtedness to become a valid and perfected Lien (with the priority contemplated by this Agreement), and (y) otherwise to reasonably cooperate to effectuate a designation of Additional Indebtedness pursuant to this Section 7.11 (including without limitation, if requested, by executing an acknowledgment of any Additional Indebtedness Joinder or of the occurrence of any Additional Effective Date).

 

Section 7.12                            Note Collateral Representative; Notice of Note Collateral Representative Change.  The Note Collateral Representative shall act for the Note Collateral Secured Parties as provided in this Agreement, and shall be entitled to so act at the direction of the Requisite Holders from time to time.  Until a Party (other than the existing Note Collateral Representative) receives written notice from the existing Note Collateral Representative, in accordance with Section 7.5 of this Agreement, of a change in the identity of the Note Collateral Representative, such Party shall be entitled to act as if the existing Note Collateral Representative is in fact the Note Collateral Representative.  Each Party (other than the existing Note Collateral Representative) shall be entitled to rely upon any written notice of a change in the identity of the Note Collateral Representative which facially appears to be from the then existing Note Collateral Representative and is delivered in accordance with Section 7.5 and such Agent shall not be required to inquire into the veracity or genuineness of such notice.   Each existing Note Collateral Representative from time to time agrees to give prompt written notice to each Party of any change in the identity of the Note Collateral Representative.

 

Section 7.13                            Provisions Solely to Define Relative Rights.  The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the

 

77

 

ABL Secured Parties, the Noteholder Secured Parties and any Additional Secured Parties, respectively.  Nothing in this Agreement is intended to or shall impair the rights of the Company or any other Credit Party, or the obligations of the Company or any other Credit Party to pay the ABL Obligations, the Note Obligations and any Additional Obligations as and when the same shall become due and payable in accordance with their terms.

 

Section 7.14         Headings.  The headings of the articles and sections of this Agreement are inserted for purposes of convenience only and shall not be construed to affect the meaning or construction of any of the provisions hereof.

 

Section 7.15         Severability.  If any of the provisions in this Agreement shall, for any reason, be held invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement and shall not invalidate the Lien Priority or the application of Proceeds and other priorities set forth in this Agreement.

 

Section 7.16         Attorneys Fees.  The Parties agree that if any dispute, arbitration, litigation, or other proceeding is brought with respect to the enforcement of this Agreement or any provision hereof, the prevailing party in such dispute, arbitration, litigation, or other proceeding shall be entitled to recover its reasonable attorneys’ fees and all other costs and expenses incurred in the enforcement of this Agreement, irrespective of whether suit is brought.

 

Section 7.17         VENUE; JURY TRIAL WAIVER.

 

(a)       EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT RELATED THERETO, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

(b)       EACH PARTY HERETO HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS.  EACH PARTY HERETO REPRESENTS THAT IT HAS REVIEWED THIS WAIVER AND IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.  IN THE EVENT OF 

 

78

 

LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

(c)       EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 7.5.  NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

Section 7.18         Intercreditor Agreement.  This Agreement is the Intercreditor Agreement referred to in the ABL Credit Agreement and any Additional Credit Facility and is the “Base Intercreditor Agreement” referred to in the Indenture.  Nothing in this Agreement shall be deemed to subordinate the right of any ABL Secured Party to receive payment to the right of any Noteholder Secured Party or any Additional Secured Party to receive payment or of any Noteholder Secured Party or any Additional Secured Party to receive payment to the right of any ABL Secured Party to receive payment (whether before or after the occurrence of an Insolvency Proceeding), it being the intent of the Parties that this Agreement shall effectuate a subordination of Liens as between the ABL Secured Parties, on the one hand, and the Noteholder Secured Parties and any Additional Secured Parties, on the other hand, but not a subordination of Indebtedness.

 

Section 7.19         No Warranties or Liability.  The Note Agent, the ABL Agent and any Additional Agent each acknowledge and agree that none of the other Parties has made any representation or warranty with respect to the execution, validity, legality, completeness, collectability or enforceability of any other ABL Document, any other Note Document or any other Additional Document.  Except as otherwise provided in this Agreement, the Note Agent, the ABL Agent and any Additional Agent will be entitled to manage and supervise their respective extensions of credit to any Credit Party in accordance with law and their usual practices, modified from time to time as they deem appropriate.

 

Section 7.20         Conflicts.  In the event of any conflict between the provisions of this Agreement and the provisions of any ABL Document, any Note Document or any Additional Document, the provisions of this Agreement shall govern.  The parties hereto acknowledge that the terms of this Agreement are not intended to negate any specific rights granted to the Company or any other Credit Party in the Note Documents, the ABL Documents or any Additional Documents.

 

Section 7.21         Information Concerning Financial Condition of the Credit Parties.  None of the Note Agent, the ABL Agent and any Additional Agent has any responsibility for keeping any other Party informed of the financial condition of the Credit Parties or of other circumstances bearing upon the risk of nonpayment of the ABL Obligations, the Note Obligations or any Additional Obligations.  The Note Agent, the ABL Agent and any Additional Agent hereby agree that no party shall have any duty to advise any other party of information known to it regarding such condition or any such circumstances.  In the event the Note Agent, the ABL Agent or any Additional Agent, in its sole discretion, undertakes at any time or from time to time to provide any information to any other party to this Agreement, it shall be under no obligation (A) to provide any such information to such other party or any other 

 

79

 

party on any subsequent occasion, (B) to undertake any investigation not a part of its regular business routine, or (C) to disclose any other information.

 

[Signature pages follow]

 

80

 

IN WITNESS WHEREOF, the ABL Agent, for and on behalf of itself and the ABL Lenders, and the Note Agent, for and on behalf of itself and the Noteholder Secured Parties, have caused this Agreement to be duly executed and delivered as of the date first above written.

 

	
 
    	
UBS AG, STAMFORD BRANCH
    
	
 
    	
in its capacity as   the ABL Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Mary E. Evans
    
	
 
    	
Name:
    	
Mary   E. Evans
    
	
 
    	
Title:
    	
Associate   Director
    
	
 
    	
 
    	
Banking   Products Services, US
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Irja R. Otsa
    
	
 
    	
Name:
    	
Irja   R. Otsa
    
	
 
    	
Title:
    	
Associate   Director
    
	
 
    	
 
    	
Banking   Products Services, US
    

 

[Signature Page to Intercreditor Agreement]

 

 

ACKNOWLEDGMENT

 

Each Borrower and each Guarantor hereby acknowledges that it has received a copy of this Agreement and consents thereto, agrees to recognize all rights granted thereby to the ABL Agent, the ABL Lenders, the Note Agent, the Noteholder Secured Parties, any Additional Agent and any Additional Creditors and will not do any act or perform any obligation which is not in accordance with the agreements set forth in this Agreement.

 

CREDIT PARTIES:

 

	
 
    	
ATKORE   INTERNATIONAL HOLDINGS INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John S.   Jenkins, Jr.
    
	
 
    	
 
    	
Name:
    	
John S. Jenkins,   Jr.
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    
	
 
    	
ATKORE   INTERNATIONAL, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John S.   Jenkins, Jr.
    
	
 
    	
 
    	
Name:
    	
John S. Jenkins,   Jr.
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    
	
 
    	
AFC   CABLE SYSTEMS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John S.   Jenkins, Jr.
    
	
 
    	
 
    	
Name:
    	
John S. Jenkins,   Jr.
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    
	
 
    	
ALLIED   TUBE & CONDUIT CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John S.   Jenkins, Jr.
    
	
 
    	
 
    	
Name:
    	
John S. Jenkins,   Jr.
    
	
 
    	
 
    	
Title:
    	
Vice President
    

 

[Signature Page to Acknowledgement of Intercreditor Agreement]

 

 

	
 
    	
GEORGIA   PIPE COMPANY
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John S.   Jenkins, Jr.
    
	
 
    	
 
    	
Name:
    	
John S. Jenkins,   Jr.
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    
	
 
    	
TKN,   INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John S. Jenkins,   Jr.
    
	
 
    	
 
    	
Name:
    	
John S. Jenkins,   Jr.
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    
	
 
    	
TYCO   INTERNATIONAL (NV) INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John S.   Jenkins, Jr.
    
	
 
    	
 
    	
Name:
    	
John S. Jenkins,   Jr.
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    
	
 
    	
TYCO   INTERNATIONAL CTC, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John S. Jenkins,   Jr.
    
	
 
    	
 
    	
Name:
    	
John S. Jenkins,   Jr.
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    
	
 
    	
UNISTRUT   INTERNATIONAL CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John S.   Jenkins, Jr.
    
	
 
    	
 
    	
Name:
    	
John S. Jenkins,   Jr.
    
	
 
    	
 
    	
Title:
    	
Vice President
    
	
 
    	
 
    
	
 
    	
UNISTRUT   INTERNATIONAL HOLDINGS, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John S.   Jenkins, Jr.
    
	
 
    	
 
    	
Name:
    	
John S. Jenkins,   Jr.
    
	
 
    	
 
    	
Title:
    	
Vice President
    

 

[Signature Page to Acknowledgement of Intercreditor Agreement]

 

 

	
 
    	
WPFY,   INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ John S.   Jenkins, Jr.
    
	
 
    	
 
    	
Name:
    	
John S. Jenkins,   Jr.
    
	
 
    	
 
    	
Title:
    	
Vice President
    

 

[Signature Page to Acknowledgement of Intercreditor Agreement]

 

 

	
 
    	
WILMINGTON   TRUST FSB,
    
	
 
    	
in   its capacity as the Note Agent
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Joseph P   O’Donnell
    
	
 
    	
 
    	
Name:
    	
Joseph P O’Donnell
    
	
 
    	
 
    	
Title:
    	
Vice President
    

 

 

EXHIBIT A

 

ADDITIONAL INDEBTEDNESS DESIGNATION

 

DESIGNATION dated as of                    , 20    , by [COMPANY]1 (the “Company”).  Capitalized terms used herein and not otherwise defined herein shall have the meaning specified in the Intercreditor Agreement (as amended, supplemented, waived or otherwise modified from time to time, the “Intercreditor Agreement”) entered into as of December 22, 2010 between UBS AG, STAMFORD BRANCH, in its capacity as collateral agent (together with its successors and assigns in such capacity from time to time, and as further defined in the Intercreditor Agreement, the “ABL Agent”) for the ABL Credit Agreement Lenders and Wilmington Trust FSB, in its capacity as collateral agent (together with its successors and assigns in such capacity from time to time, and as further defined in the Intercreditor Agreement, the “Note Agent”) for the Noteholder Secured Parties.2  Capitalized terms used herein and not otherwise defined herein shall have the meaning specified in the Intercreditor Agreement.

 

Reference is made to that certain [insert name of Additional Credit Facility], dated as of                    , 20     (the “Additional Credit Facility”), among [list any applicable Credit Party], [list Additional Creditors] [and Additional Agent, as agent (the “Additional Agent”)].3

 

Section 7.11 of the Intercreditor Agreement permits the Company to designate Additional Indebtedness under the Intercreditor Agreement.  Accordingly:

 

Section 1.  Representations and Warranties.  The Company hereby represents and warrants to the ABL Agent, the Note Agent, and any Additional Agent that:

 

(1)           The Additional Indebtedness incurred or to be incurred under the Additional Credit Facility constitutes “Additional Indebtedness” which complies with the definition of such term in the Intercreditor Agreement;

 

(2)           all conditions set forth in Section 7.11 of the Intercreditor Agreement with respect to the Additional Indebtedness have been satisfied; and

 

(3)           on the date hereof there does not exist, and after giving effect to the designation of such Additional Indebtedness there will not exist, any Event of Default.

 

Section 2.  Designation of Additional Indebtedness.  The Company hereby designates such Additional Indebtedness as Additional Indebtedness under the Intercreditor Agreement.

 

1              Revise as appropriate to refer to any permitted successor or assign.

 

2              Revise as appropriate to refer to any successor ABL Agent or Note Agent and to add reference to any previously added Additional Agent.

 

3              Revise as appropriate to refer to the relevant Additional Credit Facility, Additional Creditors and any Additional Agent.

 

 

IN WITNESS OF, the undersigned has caused this Designation to be duly executed by its duly authorized officer or other representative, all as of the day and year first above written.

 

 

	
 
    	
[COMPANY]
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

ii

 

EXHIBIT B

 

ADDITIONAL INDEBTEDNESS JOINDER

 

JOINDER, dated as of                               , 20    , among [COMPANY] (the “Company”), UBS AG, STAMFORD BRANCH, in its capacity as collateral agent (together with its successors and assigns in such capacity from time to time, and as further defined in the Intercreditor Agreement, the “ABL Agent”)1 for the ABL Lenders, WILMINGTON TRUST FSB, in its capacity as collateral agent (together with its successors and assigns in such capacity from time to time, and as further defined in the Intercreditor Agreement, the “Note Agent”)2 for the Noteholder Secured Parties, [list any previously added Additional Agent] [and insert name of each Additional Agent under any Additional Credit Facility being added hereby as party] and any successors or assigns thereof, to the Intercreditor Agreement dated as of December 22, 2010 (as amended, supplemented, waived or otherwise modified from time to time, the “Intercreditor Agreement”) among the ABL Agent, [and] the Note Agent [and (list any previously added Additional Agent)].  Capitalized terms used herein and not otherwise defined herein shall have the meaning specified in the Intercreditor Agreement.

 

Reference is made to that certain [insert name of Additional Credit Facility], dated as of                    , 20     (the “Additional Credit Facility”), among [list any applicable Credit Party], [list any applicable Additional Creditors (the “Joining Additional Creditors”)] [and insert name of each applicable Additional Agent (the “Joining Additional Agent”)].3

 

Section 7.11 of the Intercreditor Agreement permits the Company to designate Additional Indebtedness under the Intercreditor Agreement.  The Company has so designated Additional Indebtedness incurred or to be incurred under the Additional Credit Facility as Additional Indebtedness by means of an Additional Indebtedness Designation.

 

Accordingly, [the Joining Additional Agent, for itself and on behalf of the Joining Additional Creditors,]4 hereby agrees with the ABL Agent, the Note Agent and any other Additional Agent party to the Intercreditor Agreement as follows:

 

Section 1.  Agreement to be Bound.  The [Joining Additional Agent, for itself and on behalf of the Joining Additional Creditors,]5 hereby agrees to be bound by the terms and provisions of the Intercreditor Agreement and shall, as of the Additional Effective Date with respect to the Additional Credit Facility, be deemed to be a party to the Intercreditor Agreement.

 

1              Revise as appropriate to refer to any successor ABL Agent.

 

2              Revise as appropriate to refer to any successor Note Agent.

 

3              Revise as appropriate to refer to the relevant Additional Credit Facility, Additional Creditors and any Additional Agent.

 

4              Revise as appropriate to refer to any Additional Agent being added hereby and any Additional Creditors represented thereby.

 

5              Revise references throughout as appropriate to refer to the party or parties being added.

 

 

Section 2.  Recognition of Claims.  (a) The ABL Agent (for itself and on behalf of the ABL Lenders), the Note Agent (for itself and on behalf of the Noteholder Secured Parties) and [each of] the Additional Agent[s](for itself and on behalf of any Additional Creditors represented thereby) hereby agree that the interests of the respective Secured Parties in the Liens granted to the ABL Agent, the Note Agent, or any Additional Agent, as applicable, under the applicable Credit Documents shall be treated, as among the Secured Parties, as having the priorities provided for in Section 2.1 of the Intercreditor Agreement, and shall at all times be allocated among the Secured Parties as provided therein regardless of any claim or defense (including without limitation any claims under the fraudulent transfer, preference or similar avoidance provisions of applicable bankruptcy, insolvency or other laws affecting the rights of creditors generally) to which the ABL Agent, the Note Agent, any Additional Agent or any Secured Party may be entitled or subject.  The ABL Agent (for itself and on behalf of the ABL Lenders), the Note Agent (for itself and on behalf of the Noteholder Secured Parties), and any Additional Agent party to the Intercreditor Agreement (for itself and on behalf of any Additional Creditors represented thereby) (a) recognize the existence and validity of the Additional Obligations represented by the Additional Credit Facility, and (b) agree to refrain from making or asserting any claim that the Additional Credit Facility or other applicable Additional Documents are invalid or not enforceable in accordance with their terms as a result of the circumstances surrounding the incurrence of such obligations.  The [Joining Additional Agent (for itself and on behalf of the Joining Additional Creditors] (a) recognize[s] the existence and validity of the ABL Obligations and the existence and validity of the Note Obligations6 and (b) agree[s] to refrain from making or asserting any claim that the ABL Credit Agreement, the Notes or other ABL Credit Documents or Note Documents,7 as the case may be, are invalid or not enforceable in accordance with their terms as a result of the circumstances surrounding the incurrence of such obligations.

 

Section 3.  Notices.  Notices and other communications provided for under the Intercreditor Agreement to be provided to [the Joining Additional Agent] shall be sent to the address set forth on Annex 1 attached hereto (until notice of a change thereof is delivered as provided in Section 7.5 of the Intercreditor Agreement).

 

Section 4.  Miscellaneous.  THIS JOINDER SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PRINCIPLES TO THE EXTENT THAT THE SAME ARE NOT MANDATORILY APPLICABLE BY STATUTE AND WOULD PERMIT OR REQUIRE THE APPLICATION OF LAWS OF ANOTHER JURISDICTION.

 

[Add Signatures]

 

6              Add reference to any previously added Additional Obligations as appropriate.

 

7              Add reference to any previously added Additional Credit Facility and related Additional Documents as appropriate.

 

ii

 

EXHIBIT C

 

[ABL CREDIT AGREEMENT][INDENTURE] JOINDER

 

JOINDER, dated as of                               , 20    , among UBS AG STAMFORD BRANCH, in its capacity as collateral agent (together with its successors and assigns in such capacity from time to time, and as further defined in the Intercreditor Agreement, the “ABL Agent”)1 for the ABL Credit Agreement Lenders, WILMINGTON TRUST FSB, in its capacity as collateral agent (together with its successors and assigns in such capacity from time to time, and as further defined in the Intercreditor Agreement, the “Note Agent”)2 for the Noteholder Secured Parties, [list any previously added Additional Agent] [and insert name of additional Noteholder Secured Parties, Note Agent, ABL Lenders or ABL Agent, as applicable, being added hereby as party] and any successors or assigns thereof, to the Intercreditor Agreement dated as of December [22], 2010 (as amended, supplemented, waived or otherwise modified from time to time, the “Intercreditor Agreement”) among the ABL Agent3, [and] the Note Agent4 [and (list any previously added Additional Agent)].  Capitalized terms used herein and not otherwise defined herein shall have the meaning specified in the Intercreditor Agreement.

 

Reference is made to that certain [insert name of new facility], dated as of                    , 20     (the “Joining [ABL Credit Agreement][Indenture]”), among [list any applicable Credit Party], [list any applicable new ABL Lenders or Noteholder Secured Parties, as applicable (the “Joining [ABL Lenders][Noteholder Secured Parties]”)] [and insert name of each applicable Agent (the “Joining [ABL][Note] Agent”)].5

 

 The Joining [ABL][Note] Agent, for itself and on behalf of the Joining [ABL Lenders][Noteholder Secured Parties],6 hereby agrees with the Company and the other Grantors, the [ABL][ Note] Agent and any other Additional Agent party to the Intercreditor Agreement as follows:

 

Section 1.  Agreement to be Bound.  The [Joining [ABL][Note] Agent, for itself and on behalf of the Joining [ABL Lenders][Noteholder Secured Parties],]7 hereby agrees to be 

 

1              Revise as appropriate to refer to any successor ABL Agent.

 

2              Revise as appropriate to refer to any successor Note Agent.

 

3              Revise as appropriate to describe predecessor ABL or ABL Lenders, if joinder is for a new ABL Credit Agreement.

 

4              Revise as appropriate to describe predecessor Note Agent or Noteholder Secured Parties, if joinder is for a new Term Loan Credit Agreement.

 

5              Revise as appropriate to refer to the new credit facility, Secured Parties and Agents.

 

6              Revise as appropriate to refer to any Agent being added hereby and any Secured Parties represented thereby.

 

7              Revise references throughout as appropriate to refer to the party or parties being added.

 

 

bound by the terms and provisions of the Intercreditor Agreement and shall, as of the date hereof, be deemed to be a party to the Intercreditor Agreement as [the][a] [ABL] [Note] Agent.  As of the date hereof, the Joining [ABL Credit Agreement][Indenture] shall be deemed [the][a] [ABL Credit Agreement] [Indenture] under the Intercreditor Agreement, and the obligations thereunder are subject to the terms and provisions of the Intercreditor Agreement.

 

Section 2.  Notices.  Notices and other communications provided for under the Intercreditor Agreement to be provided to the Joining [ABL] [Note] Agent shall be sent to the address set forth on Annex 1 attached hereto (until notice of a change thereof is delivered as provided in Section 7.5 of the Intercreditor Agreement).

 

Section 3.  Miscellaneous.  THIS JOINDER SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PRINCIPLES TO THE EXTENT THAT THE SAME ARE NOT MANDATORILY APPLICABLE BY STATUTE AND WOULD PERMIT OR REQUIRE THE APPLICATION OF LAWS OF ANOTHER JURISDICTION.

 

[ADD SIGNATURES]

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