Document:

EXHIBIT 10.2

                                                                  EXECUTION COPY

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                             U.S. SECURITY AGREEMENT

                                      among

                             CSA ACQUISITION CORP.,
                         COOPER-STANDARD AUTOMOTIVE INC.

                  CERTAIN SUBSIDIARIES OF CSA ACQUISITION CORP.

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,
                               as COLLATERAL AGENT

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                          Dated as of December 23, 2004

                                   ----------

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                             U.S. SECURITY AGREEMENT

          SECURITY AGREEMENT, dated as of December 23, 2004, made by each of the
undersigned assignors (each, an "Assignor" and, together with any other entity
that becomes an assignor hereunder pursuant to Section 10.12 hereof, the
"Assignors") in favor of Deutsche Bank Trust Company Americas, as Collateral
Agent (together with any successor Collateral Agent, the "Collateral Agent"),
for the benefit of the Secured Creditors (as defined below). Certain capitalized
terms as used herein are defined in Article IX hereof. Except as otherwise
defined herein, all capitalized terms used herein and defined in the Credit
Agreement (as defined below) shall be used herein as therein defined.

                                   WITNESSETH:

          WHEREAS, CSA Acquisition Corp. ("Holdings"), Cooper-Standard
Automotive Inc. (the "U.S. Borrower"), Cooper-Standard Automotive Canada Limited
(the "Canadian Borrower" and, together with the U.S. Borrower, the "Borrowers"),
the lenders from time to time party thereto (the "Lenders"), Deutsche Bank Trust
Company Americas, as administrative agent (together with any successor
administrative agent, the "Administrative Agent"), Lehman Commercial Paper Inc.,
as Syndication Agent, Goldman Sachs Credit Partners L.P., UBS Securities LLC and
The Bank of Nova Scotia, as Co-Documentation Agents and Deutsche Bank Securities
Inc. and Lehman Brothers Inc., as Joint Lead Arrangers and Book Runners, have
entered into a Credit Agreement, dated as of December 23, 2004 (as amended,
modified, restated and/or supplemented from time to time, the "Credit
Agreement"), providing for the making of Loans to, and the issuance of, and
participation in, Letters of Credit for the respective accounts of the
Borrowers, all as contemplated therein (the Lenders, each Issuing Lender, the
Administrative Agent, the Collateral Agent, the Joint Lead Arrangers and each
other Agent are herein called the "Lender Creditors");

          WHEREAS, each Borrower and/or one or more of their respective
Subsidiaries may at any time and from time to time enter into one or more Swap
Agreements with one or more Lenders or any affiliate thereof (each such Lender
or affiliate, even if the respective Lender subsequently ceases to be a Lender
under the Credit Agreement for any reason, together with such Lender's or
affiliate's successors and assigns, if any, collectively, the "Other Creditors"
and, together with the Lender Creditors, the "Secured Creditors", with each such
Swap Agreement with an Other Creditor being herein called a "Secured Hedging
Agreement");

          WHEREAS, pursuant to the Holdings Guaranty, Holdings has guaranteed to
the Secured Creditors the payment when due of all Holdings Guaranteed
Obligations as described therein;

          WHEREAS, pursuant to the U.S. Borrower's Guaranty, the U.S. Borrower
has guaranteed to the Secured Creditors the payment when due of all U.S.
Borrower's Guaranteed Obligations as described therein;

          WHEREAS, pursuant to the U.S. Subsidiaries Guaranty, each U.S.
Subsidiary Guarantor has jointly and severally guaranteed to the Secured
Creditors the payment when due of all Guaranteed Obligations as described
therein;

          WHEREAS, it is a condition precedent to the making of Loans to the
Borrowers and the issuance of, and participation in, Letters of Credit for the
respective accounts of the Borrowers under the Credit Agreement and to the Other
Creditors entering into Secured Hedging Agreements that each Assignor shall have
executed and delivered to the Collateral Agent this Agreement; and

          WHEREAS, each Assignor will obtain benefits from the incurrence of
Loans by the Borrowers and the issuance of, and participation in, Letters of
Credit for the respective accounts of the Borrowers under the Credit Agreement
and the entering into by the Borrowers and/or one or more of their respective
Subsidiaries of Secured Hedging Agreements and, accordingly, desires to execute
this Agreement in order to satisfy the condition described in the preceding
paragraph and to induce the Lenders to make Loans to the Borrowers and issue,
and/or participate in, Letters of Credit for the respective accounts of the
Borrowers and the Other Creditors to enter into Secured Hedging Agreements with
the Borrowers and/or one or more of their respective Subsidiaries;

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

                                    ARTICLE I

                               SECURITY INTERESTS

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

          (i)  each and every Account;

          (ii) all cash;

          (iii) the Cash Collateral Account and all monies, securities,
               Instruments and other investments deposited or required to be
               deposited in the Cash Collateral Account;

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

          (v)  all Commercial Tort Claims;

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          (vi) all computer programs of such Assignor and all intellectual
               property rights therein and all other proprietary information of
               such Assignor, including but not limited to Domain Names and
               Trade Secret Rights;

          (vii) all Contracts, together with all Contract Rights arising
               thereunder;

          (viii) all Copyrights;

          (ix) all Equipment;

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

          (xi) all Documents;

          (xii) all General Intangibles;

          (xiii) all Goods;

          (xiv) all Instruments;

          (xv) all Inventory;

          (xvi) all Investment Property;

          (xvii) all Letter-of-Credit Rights (whether or not the respective
               letter of credit is evidenced by a writing);

          (xviii) all Marks, together with the registrations and right to all
               renewals thereof, the goodwill of the business of such Assignor
               symbolized by the Marks and all causes of action arising prior to
               or after the date hereof for infringement of any Marks or unfair
               competition regarding the same;

          (xix) all Patents and all causes of action arising prior to or after
               the date hereof for infringement of any Patents or unfair
               competition regarding the same;

          (xx) all Permits;

          (xxi) all Software and all Software licensing rights, all writings,
               plans, specifications and schematics, all engineering drawings,
               customer lists, goodwill and licenses, and all recorded data of
               any kind or nature, regardless of the medium of recording;

                                       -3-

          (xxii) all Supporting Obligations; and

          (xxiii) all Proceeds and products of any and all of the foregoing (all
               of the above, the "Collateral").

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

          (c) Notwithstanding clauses (a) and (b) of this Section 1.1, the
payment and performance of the Obligations shall not be secured by:

          (i) any vehicle covered by a certificate of title or ownership;

          (ii) any contract, license, permit or franchise owned or held by an
     Assignor on the Effective Date that validly prohibits, restricts or
     requires the consent of a third party for the creation by such Assignor of
     a security interest in such contract, license, permit or franchise (or in
     any rights or property obtained by such Assignor under such contract,
     license, permit or franchise), except to the extent provided by Sections
     9-406, 9-407, 9-408 and 9-409 of the UCC; or

          (iii) any rights or property owned or held by an Assignor on the
     Effective Date to the extent that any valid and enforceable law, statute or
     regulation applicable to such rights or property or any contracted
     obligation binding on such rights or property prohibits, restricts or
     requires the consent of a third party for the creation of a security
     interest therein on the Effective Date, except to the extent provided by
     Sections 9-406, 9-407, 9-408 and 9-409 of the UCC;

provided, that, notwithstanding the foregoing in this subsection 1.1(c), any
such contract, license, permit, franchise, rights and property described above
shall be excluded from the Collateral only to the extent and for so long as such
prohibition, restriction or third party consent requirement continues validly to
prohibit, restrict or require the consent of a third party for the creation of
such security interest, and upon the expiration, termination or other lifting of
such prohibition, restriction or third party consent requirement, the contracts,
licenses, permits, franchises, rights and properties and the rights therein
shall automatically be included in the Collateral, without further action on the
part of any Assignor, the Collateral Agent or any other Secured Creditor.

          1.2 Power of Attorney. Each Assignor hereby constitutes and appoints
the Collateral Agent its true and lawful attorney, irrevocably, with full power
after the occurrence of and during the continuance of an Event of Default (in
the name of such Assignor or otherwise) to act, require, demand, receive,
compound and give acquittance for any and all moneys and claims for moneys due
or to become due to such Assignor under or arising out of the Collateral, to
endorse any checks or other instruments or orders in connection therewith and to
file any claims or take any action or institute any proceedings which the
Collateral Agent may deem to be reasonably necessary or advisable in the
reasonable opinion of the Collateral Agent to protect the interests of the
Secured Creditors, which appointment as attorney is coupled with an interest;
provided that the Collateral Agent shall provide notice to the applicable
Assignor promptly after

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the exercise any of the aforementioned authority (provided, that any failure to
provide such notice shall not effect, void or otherwise invalidate any authority
exercised or actions taken by the Collateral Agent pursuant to this Section
1.2).

                                   ARTICLE II

                GENERAL REPRESENTATIONS, WARRANTIES AND COVENANTS

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

          2.1 Necessary Filings. All filings, registrations, recordings and
other actions necessary or appropriate to create, preserve and perfect the
security interest granted by such Assignor to the Collateral Agent hereby in
respect of the Collateral have been accomplished and the security interest
granted to the Collateral Agent pursuant to this Agreement in and to the
Collateral creates a valid and, together with all such filings, registrations,
recordings and other actions, a perfected security interest therein prior to the
rights of all other Persons therein and subject to no other Liens (other than
Permitted Liens) and is entitled to all the rights, priorities and benefits
afforded by the Uniform Commercial Code or other relevant law as enacted in any
relevant jurisdiction to perfected security interests, in each case to the
extent that the Collateral consists of the type of property in which a security
interest may be perfected by possession or control (within the meaning of the
UCC as in effect on the date hereof in the State of New York), by filing a
financing statement under the Uniform Commercial Code as enacted in any relevant
jurisdiction or by a filing of a Grant of Security Interest in the respective
form attached hereto in the United States Patent and Trademark Office or in the
United States Copyright Office.

          2.2 No Liens. Such Assignor is, and as to all Collateral acquired by
it from time to time after the date hereof such Assignor will be, the owner of
all Collateral free from any Lien, security interest, encumbrance or other
right, title or interest of any Person (other than Permitted Liens), and such
Assignor shall defend the Collateral against all claims and demands of all
Persons at any time claiming the same or any interest therein adverse to the
Collateral Agent.

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

          2.4 Chief Executive Office, Record Locations. The chief executive
office of such Assignor is, on the date of this Agreement, located at the
address indicated on Annex A hereto for such Assignor. During the period of the
four calendar months preceding the date of this Agreement, the chief executive
office of such Assignor has not been located at any address other

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than that indicated on Annex A in accordance with the immediately preceding
sentence, in each case unless each such other address is also indicated on Annex
A hereto for such Assignor.

          2.5 Location of Inventory and Equipment. All Inventory and Equipment
held on the date hereof, or held at any time during the four calendar months
prior to the date hereof, by each Assignor is located at one of the locations
shown on Annex B hereto for such Assignor.

          2.6 Legal Names; Type of Organization (and Whether a Registered
Organization and/or a Transmitting Utility); Jurisdiction of Organization;
Location; Organizational Identification Numbers; Changes Thereto; etc. The exact
legal name of each Assignor, the type of organization of such Assignor, whether
or not such Assignor is a Registered Organization, the jurisdiction of
organization of such Assignor, such Assignor's Location, the organizational
identification number (if any) of such Assignor, and whether or not such
Assignor is a Transmitting Utility, is listed on Annex C hereto for such
Assignor. Such Assignor shall not change its legal name, its type of
organization, its status as a Registered Organization (in the case of a
Registered Organization), its status as a Transmitting Utility or as a Person
which is not a Transmitting Utility, as the case may be, its jurisdiction of
organization, its Location, or its organizational identification number (if any)
from that used on Annex C hereto, except that any such changes shall be
permitted (so long as not in violation of the applicable requirements of the
Secured Debt Agreements and so long as same do not involve (x) a Registered
Organization ceasing to constitute same or (y) such Assignor changing its
jurisdiction of organization or Location from the United States or a State
thereof to a jurisdiction of organization or Location, as the case may be,
outside the United States or a State thereof) if (i) it shall have given to the
Collateral Agent not less than 15 days' prior written notice of each change to
the information listed on Annex C (as adjusted for any subsequent changes
thereto previously made in accordance with this sentence), together with a
supplement to Annex C which shall correct all information contained therein for
such Assignor, and (ii) in connection with the respective such change or
changes, it shall have taken all action reasonably requested by the Collateral
Agent to maintain the security interests of the Collateral Agent in the
Collateral intended to be granted hereby at all times fully perfected and in
full force and effect. In addition, to the extent that such Assignor does not
have an organizational identification number on the date hereof and later
obtains one, such Assignor shall promptly thereafter notify the Collateral Agent
of such organizational identification number and shall take all actions
reasonably satisfactory to the Collateral Agent to the extent necessary to
maintain the security interest of the Collateral Agent in the Collateral
intended to be granted hereby fully perfected and in full force and effect.

          2.7 Trade Names; Etc. Such Assignor has or operates in any
jurisdiction under, or in the preceding five years has had or has operated in
any jurisdiction under, no trade names, fictitious names or other names except
its legal name as specified in Annex C and such other trade or fictitious names
as are listed on Annex D hereto for such Assignor. Such Assignor shall not
assume or operate in any jurisdiction under any new trade, fictitious or other
name until (i) it shall have given to the Collateral Agent not less than 15
days' written notice of its intention so to do, clearly describing such new name
and the jurisdictions in which such new name will be used and providing such
other information in connection therewith as the Collateral Agent may reasonably
request and (ii) with respect to such new name, it shall have taken all action
reasonably requested by the Collateral Agent to maintain the security interest
of the Collateral

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Agent in the Collateral intended to be granted hereby at all times fully
perfected and in full force and effect.

          2.8 Certain Significant Transactions. During the one year period
preceding the date of this Agreement, no Person shall have merged or
consolidated with or into any Assignor, and no Person shall have liquidated
into, or transferred all or substantially all of its assets to, any Assignor, in
each case except in connection with the Foreign Assets Transfers and except as
described in Annex E hereto. With respect to any transactions so described in
Annex E hereto, the respective Assignor shall have furnished such information
with respect to the Person (and the assets of the Person and locations thereof)
which merged with or into or consolidated with such Assignor, or was liquidated
into or transferred all or substantially all of its assets to such Assignor, and
shall have furnished to the Collateral Agent such UCC lien searches as may have
been reasonably requested with respect to such Person and its assets, to
establish that no security interest (excluding Permitted Liens) continues
perfected on the date hereof with respect to any Person described above (or the
assets transferred to the respective Assignor by such Person), including without
limitation pursuant to Section 9-316(a)(3) of the UCC.

          2.9 Non-UCC Property. The aggregate fair market value (as determined
by the Assignors in good faith) of all property of the Assignors of the types
described in clauses (1), (2) and (3) of Section 9-311(a) of the UCC does not
exceed $2,500,000. If the aggregate value of all such property at any time owned
by all Assignors exceeds $2,500,000, the Assignors shall provide prompt written
notice thereof to the Collateral Agent and, upon the request of the Collateral
Agent, the Assignors shall promptly (and in any event within 30 days) take such
actions (at their own cost and expense) as may be required under the respective
United States, State or other laws referenced in Section 9-311(a) of the UCC to
perfect the security interests granted herein in any Collateral where the filing
of a financing statement does not perfect the security interest in such property
in accordance with the provisions of Section 9-311(a) of the UCC.

          2.10 As-Extracted Collateral; Timber-to-be-Cut. On the date hereof,
such Assignor does not own, or expect to acquire, any property which
constitutes, or would constitute, As-Extracted Collateral or Timber-to-be-Cut.

          2.11 Collateral in the Possession of a Bailee. If any Inventory or
other Goods with an aggregate fair market value in excess of $1,000,000 are at
any time in the possession of a bailee, such Assignor shall promptly notify the
Collateral Agent thereof and, if requested by the Collateral Agent, shall use
its reasonable best efforts to promptly obtain an acknowledgment from such
bailee, in form and substance reasonably satisfactory to the Collateral Agent,
that the bailee holds such Collateral for the benefit of the Collateral Agent
and shall act upon the instructions of the Collateral Agent, without the further
consent of such Assignor. The Collateral Agent agrees with such Assignor that
the Collateral Agent shall not give any such instructions unless an Event of
Default has occurred and is continuing or would occur after taking into account
any action by the respective Assignor with respect to any such bailee.

          2.12 Recourse. This Agreement is made with full recourse to each
Assignor and pursuant to and upon all the warranties, representations, covenants
and agreements on the part of

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such Assignor contained herein, in the Secured Debt Agreements and otherwise in
writing in connection herewith or therewith.

                                  ARTICLE III

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

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

          3.2 Maintenance of Records. Each Assignor will keep and maintain at
its own cost and expense proper records of its Accounts and Contracts in
accordance with U.S. GAAP, consistently applied, and in accordance with the
internal controls of each Assignor, and such Assignor will make the same
available on such Assignor's premises to the Collateral Agent for inspection, at
such Assignor's own cost and expense, at any and all reasonable times upon
reasonable prior notice to such Assignor and in accordance with the Credit
Agreement. Upon the occurrence and during the continuance of an Event of Default
and at the request of the Collateral Agent, such Assignor shall, at its own cost
and expense, deliver all tangible evidence of its Accounts and Contract Rights
(including, without limitation, all documents evidencing the Accounts and all
Contracts) and such books and records to the Collateral Agent or to its
representatives (copies of which evidence and books and records may be retained
by such Assignor). Upon the occurrence and during the continuance of an Event of
Default and if the Collateral Agent so directs, such Assignor shall legend, in
form and manner satisfactory to the Collateral Agent, the Accounts and the
Contracts, as well as books, records and documents (if any) of such Assignor
evidencing or pertaining to such Accounts and Contracts with an appropriate
reference to the fact that such Accounts and Contracts have been assigned to the
Collateral Agent and that the Collateral Agent has a security interest therein.

          3.3 Direction to Account Debtors; Contracting Parties; etc. Upon the
occurrence and during the continuance of an Event of Default, if the Collateral
Agent so directs any Assignor, such Assignor agrees (x) to cause all payments on
account of the Accounts and Contracts to be made directly to the Cash Collateral
Account, (y) that the Collateral Agent may, at its option, directly notify the
obligors with respect to any Accounts and/or under any Contracts to make
payments with respect thereto as provided in the preceding clause (x), and (z)
that the Collateral Agent may enforce collection of any such Accounts and
Contracts and may adjust,

                                       -8-

settle or compromise the amount of payment thereof, in the same manner and to
the same extent as such Assignor. Without prior notice to or assent by any
Assignor, the Collateral Agent may, upon the occurrence and during the
continuance of an Event of Default, apply any or all amounts then in, or
thereafter deposited in, the Cash Collateral Account toward the payment of the
Obligations then due in the manner provided in Section 7.4 of this Agreement;
provided that the Collateral Agent shall provide notice to the applicable
Assignor promptly after the exercise any of the aforementioned authority
(provided, that any failure to provide such notice shall not effect, void or
otherwise invalidate any authority exercised or actions taken by the Collateral
Agent pursuant to this Section 3.3). The reasonable costs and expenses of
collection (including, without limitation, reasonable attorneys' fees and
disbursements), whether incurred by an Assignor or the Collateral Agent, shall
be borne by the relevant Assignor. The Collateral Agent shall deliver a copy of
each notice referred to in the preceding clause (y) to the relevant Assignor,
provided that (x) the failure by the Collateral Agent to so notify such Assignor
shall not affect the effectiveness of such notice or the other rights of the
Collateral Agent created by this Section 3.3 and (y) no such notice shall be
required if an Event of Default of the type described in clauses (h), (i) or (j)
of Section 11 of the Credit Agreement has occurred and is continuing.

          3.4 Modification of Terms; etc. Except in accordance with such
Assignor's ordinary course of business and consistent with reasonable business
judgment or as permitted by Section 3.5, no Assignor shall rescind or cancel any
indebtedness evidenced by any Account or under any Contract, or modify any
material term thereof or make any material adjustment with respect thereto, or
extend or renew the same, or compromise or settle any material dispute, claim,
suit or legal proceeding relating thereto, or sell any Account or Contract, or
interest therein, without the prior written consent of the Collateral Agent. No
Assignor will do anything to impair the rights of the Collateral Agent in the
Accounts or Contracts in any material respect.

          3.5 Collection. Each Assignor shall endeavor in accordance with
reasonable business practices to cause to be collected from the account debtor
named in each of its Accounts or obligor under any Contract, as and when due
(including, without limitation, amounts which are delinquent, such amounts to be
collected in accordance with generally accepted lawful collection procedures)
any and all amounts owing under or on account of such Account or Contract, and
apply forthwith upon receipt thereof all such amounts as are so collected to the
outstanding balance of such Account or under such Contract. Except as otherwise
directed by the Collateral Agent after the occurrence and during the
continuation of an Event of Default, any Assignor may allow in the ordinary
course of business as adjustments to amounts owing under its Accounts and
Contracts (i) an extension or renewal of the time or times of payment, or
settlement for less than the total unpaid balance, which such Assignor finds
appropriate in accordance with reasonable business judgment and (ii) a refund or
credit due as a result of returned or damaged merchandise or improperly
performed services or for other reasons which such Assignor finds appropriate in
accordance with reasonable business judgment. The reasonable costs and expenses
(including, without limitation, reasonable attorneys' fees) of collection,
whether incurred by an Assignor or the Collateral Agent, shall be borne by the
relevant Assignor.

          3.6 Instruments. If any Assignor owns or acquires any Instrument
constituting Collateral evidencing an individual amount in excess of $1,000,000
(other than (x) checks and

                                       -9-

other payment instruments received and collected in the ordinary course of
business and (y) any Instrument subject to pledge pursuant to the U.S. Pledge
Agreement), such Assignor will within 10 Business Days notify the Collateral
Agent thereof, and upon request by the Collateral Agent will promptly deliver
such Instrument(s) to the Collateral Agent appropriately endorsed to the order
of the Collateral Agent.

          3.7 Assignors Remain Liable Under Accounts. Anything herein to the
contrary notwithstanding, the Assignors shall remain liable under each of the
Accounts to observe and perform all of the conditions and obligations to be
observed and performed by it thereunder, all in accordance with the terms of any
agreement giving rise to such Accounts. Neither the Collateral Agent nor any
other Secured Creditor shall have any obligation or liability under any Account
(or any agreement giving rise thereto) by reason of or arising out of this
Agreement or the receipt by the Collateral Agent or any other Secured Creditor
of any payment relating to such Account pursuant hereto, nor shall the
Collateral Agent or any other Secured Creditor be obligated in any manner to
perform any of the obligations of any Assignor under or pursuant to any Account
(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 them or as to the
sufficiency of any performance by any party under any Account (or any agreement
giving rise thereto), to present or file any claim, to take any action to
enforce any performance or to collect the payment of any amounts which may have
been assigned to them or to which they may be entitled at any time or times.

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

          3.9 Deposit Accounts; Etc. (a) Except as disclosed on Annex F,
Assignor maintains, or at any time after the date of this Agreement shall
establish or maintain, any demand, time, savings, passbook or similar account,
except for such accounts maintained with a bank (as defined in Section 9-102 of
the UCC) whose jurisdiction (determined in accordance with Section 9-304 of the
UCC) is within a State of the United States. Annex F hereto accurately sets
forth, as of the date of this Agreement, for each Assignor, each Deposit Account
maintained by such Assignor (including a description thereof and the respective
account number), the name of the respective bank with which such Deposit Account
is maintained, and the jurisdiction of the respective bank with respect to such
Deposit Account. For each Deposit Account (other than the Cash Collateral
Account, any other Deposit Account maintained with the Collateral Agent or any
Exempted Deposit Account), the respective Assignor shall cause the bank with
which the

                                      -10-

Deposit Account is maintained to execute and deliver to the Collateral Agent,
within 60 days after the date of this Agreement or, if later, within 60 days
after the time of the establishment of the respective Deposit Account, a
"control agreement" in the form of Annex G hereto (or in such other form as may
be reasonably satisfactory to the Collateral Agent) (appropriately completed),
with such changes thereto as may be acceptable to the Collateral Agent. If any
bank with which a Deposit Account (other than any Exempted Deposit Account) is
maintained refuses to, or does not, enter into such a "control agreement", then
the respective Assignor shall promptly (and in any event within 60 days after
the date of this Agreement or, if later, 60 days after the establishment of such
account) close the respective Deposit Account and transfer all balances therein
to the Cash Collateral Account or another Deposit Account meeting the
requirements of this Section 3.9. If any bank with which a Deposit Account
(other than any Exempted Deposit Account) is maintained refuses to subordinate
all of its claims with respect to such Deposit Account to the Collateral Agent's
security interest therein on terms satisfactory to the Collateral Agent, then
the Collateral Agent, at its option, may (x) require that such Deposit Account
be terminated in accordance with the immediately preceding sentence or (y) agree
to a "control agreement" without such subordination, provided that in such event
the Collateral Agent may at any time, at its option, subsequently require that
such Deposit Account be terminated (within 60 days after written notice from the
Collateral Agent) in accordance with the requirements of the immediately
preceding sentence.

          (b) After the date of this Agreement, no Assignor shall establish any
new demand, time, savings, passbook or similar account, except for Deposit
Accounts established and maintained with banks and meeting the requirements of
preceding clause (a). At the time any such Deposit Account (other than any
Exempted Deposit Account) is established, the appropriate "control agreement"
shall be entered into in accordance with the requirements of preceding clause
(a) and the respective Assignor shall furnish to the Collateral Agent a
supplement to Annex F hereto containing the relevant information with respect to
the respective Deposit Account and the bank with which same is established.

          3.10 Letter-of-Credit Rights. If any Assignor is at any time a
beneficiary under a letter of credit with a stated amount of $2,000,000 or more,
such Assignor shall promptly notify the Collateral Agent thereof and, at the
request of the Collateral Agent, such Assignor shall, pursuant to an agreement
in form and substance reasonably satisfactory to the Collateral Agent, use its
reasonable best efforts to (i) arrange for the issuer and any confirmer of such
letter of credit to consent to an assignment to the Collateral Agent of the
proceeds of any drawing under such letter of credit or (ii) arrange for the
Collateral Agent to become the transferee beneficiary of such letter of credit,
with the Collateral Agent agreeing, in each case, that the proceeds of any
drawing under the letter of credit are to be applied as provided in this
Agreement after the occurrence and during the continuance of an Event of
Default.

          3.11 Commercial Tort Claims. All Commercial Tort Claims of each
Assignor in existence on the date of this Agreement are described in Annex H
hereto. If any Assignor shall at any time after the date of this Agreement
acquire a Commercial Tort Claim in an amount (taking the greater of the
aggregate claimed damages thereunder or the reasonably estimated value thereof)
of $500,000 or more, such Assignor shall promptly notify the Collateral Agent
thereof in a writing signed by such Assignor and describing the details thereof
and shall grant to the Collateral Agent in such writing a security interest
therein and in the proceeds thereof, all

                                      -11-

upon the terms of this Agreement, with such writing to be in form and substance
reasonably satisfactory to the Collateral Agent.

          3.12 Chattel Paper. Upon the request of the Collateral Agent made at
any time or from time to time, each Assignor shall promptly furnish to the
Collateral Agent a list of all Electronic Chattel Paper held or owned by such
Assignor. Furthermore, if requested by the Collateral Agent, each Assignor shall
promptly take all actions which are reasonably practicable so that the
Collateral Agent has "control" of all Electronic Chattel Paper in accordance
with the requirements of Section 9-105 of the UCC. Each Assignor will promptly
(and in any event within 10 days) following any request by the Collateral Agent,
deliver all of its Tangible Chattel Paper to the Collateral Agent.

          3.13 Further Actions. Each Assignor will, at its own expense, make,
execute, endorse, acknowledge, file and/or deliver to the Collateral Agent from
time to time such vouchers, invoices, schedules, confirmatory assignments,
conveyances, financing statements, transfer endorsements, certificates, reports
and other assurances or instruments and take such further steps, including any
and all actions as may be necessary or required under the Federal Assignment of
Claims Act, relating to its Accounts, Contracts, Instruments and other property
or rights covered by the security interest hereby granted, as the Collateral
Agent may reasonably require.

                                   ARTICLE IV

            SPECIAL PROVISIONS CONCERNING TRADEMARKS AND DOMAIN NAMES

          4.1 Additional Representations and Warranties. Annex I hereto lists
all U.S. and Canadian Marks and Domain Names and all material foreign (other
than Canadian) Marks and Domain Names that each Assignor owns as of the date
hereof. Each Assignor represents and warrants that it owns, or has the right to
use, all material Marks and Domain Names that it uses in its business as of the
date hereof. Each Assignor further warrants that, as of the date hereof, it has
no knowledge of any third party claim received by it that any aspect of such
Assignor's present or contemplated business operations infringes or will
infringe any trademark, service mark or trade name of any other Person other
than as could not, either individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. Each Assignor represents and
warrants that all U.S. trademark registrations and applications and Domain Name
registrations listed in Annex I hereto are subsisting, have not been canceled
and to the knowledge of such Assignor are valid. Each Assignor further
represents and warrants that to the knowledge of such Assignor, on the date
hereof, there are no actual third-party claims that any of said registrations
are invalid or unenforceable. Each Assignor hereby grants to the Collateral
Agent an absolute power of attorney to sign, upon the occurrence and during the
continuance of an Event of Default which has been notified in writing to such
Assignor, any document which may be required by the United States Patent and
Trademark Office or similar registrar in order to effect an absolute assignment
of all right, title and interest in each Mark and/or Domain Name, and record the
same.

                                      -12-

          4.2 Licenses and Assignments. Except as otherwise permitted by the
Secured Debt Agreements, each Assignor hereby agrees not to divest itself of any
right under any Mark or Domain Name absent prior written approval of the
Collateral Agent.

          4.3 Infringements. Each Assignor agrees, promptly upon learning
thereof, to notify the Collateral Agent in writing of the name and address of,
and to furnish such pertinent information that may reasonably be available to
such Assignor with respect to, (i) any party who such Assignor believes is, or
may be, infringing or diluting or otherwise violating any of such Assignor's
rights in and to any Mark or Domain Name in any manner that could reasonably be
expected to have a Material Adverse Effect, or (ii) except as could not be
reasonably expected to have a Material Adverse Effect, any party claiming that
such Assignor's use of any Mark or Domain Name violates in any material respect
any intellectual property right of that party. Each Assignor further agrees to
prosecute diligently in accordance with such Assignor's reasonable business
judgment, any Person infringing any Mark or Domain Name owned by such Assignor
in any manner that could reasonably be expected to have a Material Adverse
Effect.

          4.4 Preservation of Marks and Domain Names. Each Assignor agrees to
use its Marks and Domain Names which are material to such Assignor's business in
interstate commerce during the time in which this Agreement is in effect and to
take all such other actions as are reasonably necessary to preserve such Marks
as trademarks or service marks under the laws of the United States (other than
for any Marks or Domain Names which have never been used in interstate commerce
or, in the reasonable business judgment of each Assignor, are no longer useful
in its business or operations).

          4.5 Maintenance of Registration. Each Assignor shall, at its own
expense, diligently process all documents reasonably required to maintain all
Mark and/or Domain Name registrations owned by such Assignor, including but not
limited to affidavits of use and applications for renewals of registration in
the United States Patent and Trademark Office for all of its material registered
Marks, and shall pay all fees and disbursements in connection therewith and
shall not abandon any such filing of affidavit of use or any such application of
renewal prior to the exhaustion of all reasonable administrative and judicial
remedies without prior written consent of the Collateral Agent (other than with
respect to any Mark and/or Domain Name registrations and applications deemed by
such Assignor in its reasonable business judgment to be no longer necessary or
desirable to pursue).

          4.6 Future Registered Marks and Domain Names. If any Mark registration
is issued hereafter to any Assignor as a result of any application now or
hereafter pending before the United States Patent and Trademark Office or any
Domain Name is registered by Assignor, within 60 days of receipt of such
certificate or similar indicia of ownership by such Assignor, such Assignor
shall, at its expense, deliver to the Collateral Agent, (i) a copy of such
registration certificate or similar indicia of ownership, and (ii) a grant of a
security interest in such Mark and/or Domain Name, to the Collateral Agent, the
form of such security to be substantially in the form of Annex L hereto or in
such other form as may be reasonably satisfactory to the Collateral Agent.

          4.7 Remedies. If an Event of Default shall occur and be continuing,
the Collateral Agent may, by written notice to the relevant Assignor, take any
or all of the following

                                      -13-

actions: (i) declare the entire right, title and interest of such Assignor in
and to each of the Marks and Domain Names, vested in the Collateral Agent for
the benefit of the Secured Creditors, in which event such rights, title and
interest shall immediately vest, in the Collateral Agent for the benefit of the
Secured Creditors, and the Collateral Agent shall be entitled to exercise the
power of attorney referred to in Section 4.1 hereof to execute, cause to be
acknowledged and notarized and record said absolute assignment with the
applicable agency or registrar; (ii) take and use or sell the Marks or Domain
Names and the goodwill of such Assignor's business symbolized by the Marks or
Domain Names and the right to carry on the business and use the assets of such
Assignor in connection with which the Marks or Domain Names have been used; and
(iii) direct such Assignor to refrain, in which event such Assignor shall
refrain, from using the Marks or Domain Names in any manner whatsoever, directly
or indirectly, and such Assignor shall execute such further documents that the
Collateral Agent may reasonably request to further confirm the above and to
transfer ownership of the Marks or Domain Names and registrations and any
pending trademark applications in the United States Patent and Trademark Office
or applicable Domain Name registrar to the Collateral Agent for the benefit of
the Secured Creditors.

                                   ARTICLE V

       SPECIAL PROVISIONS CONCERNING PATENTS, COPYRIGHTS AND TRADE SECRETS

          5.1 Additional Representations and Warranties. Each Assignor
represents and warrants that it is the owner of all (i) Trade Secret Rights,
(ii) the Patents listed in Annex J hereto for such Assignor and that said
Patents include all the United States patents and applications for United States
patents that such Assignor owns as of the date hereof and (iii) the Copyrights
listed in Annex K hereto for such Assignor and that said Copyrights include all
the United States copyrights registered with the United States Copyright Office
and applications to United States copyrights that such Assignor owns as of the
date hereof. Each Assignor further warrants that it has no knowledge of any
actual third party claim that (x) any aspect of such Assignor's present or
contemplated business operations infringes or will infringe any patent of any
other Person, or that (y) such Assignor has misappropriated any Trade Secret or
proprietary information of any other Person, in each case other than as could
not, either individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. Each Assignor hereby grants to the Collateral Agent an
absolute power of attorney to sign, upon the occurrence and during the
continuance of any Event of Default which has been notified in writing to such
Assignor, any document which may be required by the United States Patent and
Trademark Office or the United States Copyright Office in order to effect an
absolute assignment of all right, title and interest in each Patent or
Copyright, and to record the same.

          5.2 Licenses and Assignments. Except as otherwise permitted by the
Secured Debt Agreements, each Assignor hereby agrees not to divest itself of any
right under any Patent or Copyright absent prior written approval of the
Collateral Agent.

          5.3 Infringements. Each Assignor agrees, promptly upon learning
thereof, to furnish the Collateral Agent in writing with all pertinent
information reasonably available to such Assignor with respect to (i) any
infringement, contributing infringement or active inducement to infringe or
other violation of such Assignor's rights in any Patent or Copyright; (ii) any
claim

                                      -14-

that the practice of any Patent or use of any Copyright of such Assignor
violates any intellectual property right of a third party; or (iii) any third
party claim of misappropriation of any Trade Secret Right or any third party
claim that practice of any Trade Secret Right violates any intellectual property
right of such third party, except in each case, as could not, either
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. Unless determined by mutual agreement of the Collateral Agent
and the Company, that it is not in the interest of the Company's business to do
so, each Assignor further agrees, absent direction of the Collateral Agent to
the contrary, to diligently prosecute, in accordance with its reasonable
business judgment, any Person infringing any Patent or Copyright or any Person
misappropriating any Trade Secret Right, in each case, if such infringement or
misappropriation, either individually or in the aggregate, could reasonably be
expected to have a Material Adverse Effect.

          5.4 Maintenance of Patents or Copyrights. At its own expense, each
Assignor shall make timely payment of all post-issuance fees required to
maintain its rights under each Patent or Copyright, absent prior written consent
of the Collateral Agent (other than with respect to any Patents or Copyrights
which are no longer used or are deemed by such Assignor in its reasonable
business judgment to no longer be useful in its business or operations).

          5.5 Prosecution of Patent or Copyright Applications. At its own
expense, each Assignor shall diligently prosecute all its material applications
for (i) United States Patents listed in Annex J hereto and (ii) Copyrights
listed on Annex K hereto, and such Assignor shall not abandon any such
application prior to exhaustion of all reasonable administrative and judicial
remedies (in each case, other than for applications that are deemed by such
Assignor in its reasonable business judgment to no longer be necessary or
desirable in the conduct of such Assignor's business), absent written consent of
the Collateral Agent.

          5.6 Other Patents and Copyrights. Within 25 days, (or, in the case of
patents, 60 days), of an acquisition or issuance of a United States Patent,
registration of a Copyright, or acquisition of a registered Copyright, or a
filing of an application for a United States Patent or Copyright, the relevant
Assignor shall, at its expense, deliver to the Collateral Agent (i) a copy of
said Copyright or Patent, or certificate or registration of, or application
therefor, as the case may be; and (ii) a grant of a security interest as to such
Patent or Copyright, as the case may be, to the Collateral Agent, the form of
such grant of a security interest to be substantially in the form of Annex M or
N hereto, as appropriate, or in such other form as may be reasonably
satisfactory to the Collateral Agent.

          5.7 Remedies. If an Event of Default shall occur and be continuing,
the Collateral Agent may, by written notice to the relevant Assignor, take any
or all of the following actions: (i) declare the entire right, title, and
interest of such Assignor in each of the Patents and Copyrights vested in the
Collateral Agent for the benefit of the Secured Creditors, in which event such
right, title, and interest shall immediately vest in the Collateral Agent for
the benefit of the Secured Creditors, in which case the Collateral Agent shall
be entitled to exercise the power of attorney referred to in Section 5.1 hereof
to execute, cause to be acknowledged and notarized and to record said absolute
assignment with the applicable agency; (ii) take and practice or sell the
Patents and Copyrights; and (iii) direct such Assignor to refrain, in which
event such Assignor shall refrain, from practicing the Patents and using the
Copyrights directly or indirectly, and such

                                      -15-

Assignor shall execute such further documents as the Collateral Agent may
reasonably request further to confirm this and to transfer ownership of the
Patents and Copyrights to the Collateral Agent for the benefit of the Secured
Creditors.

                                   ARTICLE VI

                      PROVISIONS CONCERNING ALL COLLATERAL

          6.1 Protection of Collateral Agent's Security. Except as otherwise
permitted by the Secured Debt Agreements, each Assignor will do nothing to
impair the rights of the Collateral Agent in the Collateral in any material
respect. Each Assignor will at all times maintain insurance, at such Assignor's
own expense to the extent and in the manner provided in the Secured Debt
Agreements. Except to the extent otherwise permitted to be retained by such
Assignor or applied by such Assignor pursuant to the terms of the Secured Debt
Agreements, the Collateral Agent shall, at the time any proceeds of such
insurance are distributed to the Secured Creditors, apply such proceeds in
accordance with Section 7.4 hereof. Each Assignor assumes all liability and
responsibility in connection with the Collateral acquired by it and the
liability of such Assignor to pay the Obligations shall in no way be affected or
diminished by reason of the fact that such Collateral may be lost, destroyed,
stolen, damaged or for any reason whatsoever unavailable to such Assignor.

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

          6.3 Additional Information. Each Assignor will, at its own expense,
from time to time upon the reasonable request of the Collateral Agent, promptly
(and in any event within 30 days after its receipt of the respective request)
furnish to the Collateral Agent such information with respect to the Collateral
(including the identity of the Collateral or such components thereof as may have
been reasonably requested by the Collateral Agent, the value and location of
such Collateral, etc.) as may be reasonably requested by the Collateral Agent.
Without limiting the forgoing, each Assignor agrees that it shall promptly (and
in any event within 30 days after its receipt of the respective request) furnish
to the Collateral Agent such updated Annexes hereto as may from time to time be
reasonably requested by the Collateral Agent.

          6.4 Further Actions. Subject to the rights of such Assignor under the
Secured Debt Agreements to dispose of Collateral, each Assignor will, at its own
expense and upon the reasonable request of the Collateral Agent, make, execute,
endorse, acknowledge, file and/or deliver to the Collateral Agent from time to
time such lists, descriptions and designations of its Collateral, warehouse
receipts, receipts in the nature of warehouse receipts, bills of lading,
documents of title, vouchers, invoices, schedules, confirmatory assignments,
conveyances, financing statements, transfer endorsements, certificates, reports
and other assurances or instruments and take such further steps relating to the
Collateral and other property or rights covered by the security interest hereby
granted, which in each case the Collateral Agent deems

                                      -16-

reasonably necessary or, in the reasonable opinion of the Collateral Agent,
advisable to perfect, preserve or protect its security interest in the
Collateral.

          6.5 Financing Statements. Each Assignor agrees to execute and deliver
to the Collateral Agent such financing statements, in form reasonably acceptable
to the Collateral Agent, as the Collateral Agent may from time to time
reasonably request and as are reasonably necessary or advisable in the
reasonable opinion of the Collateral Agent to establish and maintain a valid,
enforceable, perfected security interest in the Collateral as provided herein
and the other rights and security contemplated hereby. Each Assignor will pay
any applicable filing fees, recordation taxes and related expenses relating to
its Collateral. Each Assignor hereby authorizes the Collateral Agent to file any
such financing statements without the signature of such Assignor where permitted
by law (and such authorization includes describing the Collateral as "all
assets" of such Assignor).

                                  ARTICLE VII

                 REMEDIES UPON OCCURRENCE OF AN EVENT OF DEFAULT

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

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

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

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

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

                                      -17-

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

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

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

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

          (vi) license or sublicense, whether on an exclusive or nonexclusive
     basis, any Marks, Domain Names, Patents or Copyrights included in the
     Collateral for such term and on such conditions and in such manner as the
     Collateral Agent shall in its sole judgment determine;

          (vii) apply any monies constituting Collateral or proceeds thereof in
     accordance with the provisions of Section 7.4; and

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

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

          7.2 Remedies; Disposition of the Collateral. If any Noticed Event of
Default shall have occurred and be continuing, then any Collateral repossessed
by the Collateral Agent under or pursuant to Section 7.1 hereof and any other
Collateral whether or not so repossessed by the Collateral Agent, may be sold,
assigned, leased or otherwise disposed of under one or more contracts or as an
entirety, and without the necessity of gathering at the place of sale the
property to be sold, and in general in such manner, at such time or times, at
such place or places and on such terms as the Collateral Agent may, in
compliance with any mandatory requirements of

                                      -18-

applicable law, determine to be commercially reasonable. Any of the Collateral
may be sold, leased or otherwise disposed of, in the condition in which the same
existed when taken by the Collateral Agent or after any overhaul or repair at
the expense of the relevant Assignor which the Collateral Agent shall determine
to be commercially reasonable. Any such sale, lease or other disposition may be
effected by means of a public disposition or private disposition, effected in
accordance with the applicable requirements (in each case if and to the extent
applicable) of Sections 9-610 through 9-613 of the UCC and/or such other
mandatory requirements of applicable law as may apply to the respective
disposition. The Collateral Agent may, without notice or publication, adjourn
any public or private disposition or cause the same to be adjourned from time to
time by announcement at the time and place fixed for the disposition, and such
disposition may be made at any time or place to which the disposition may be so
adjourned. To the extent permitted by any such requirement of law, the
Collateral Agent may bid for and become the purchaser (and may pay all or any
portion of the purchase price by crediting Obligations against the purchase
price) of the Collateral or any item thereof, offered for disposition in
accordance with this Section 7.2 without accountability to the relevant
Assignor. If, under applicable law, the Collateral Agent shall be permitted to
make disposition of the Collateral within a period of time which does not permit
the giving of notice to the relevant Assignor as hereinabove specified, the
Collateral Agent need give such Assignor only such notice of disposition as
shall be required by such applicable law. Each Assignor agrees to do or cause to
be done all such other acts and things as may be reasonably necessary to make
such disposition or dispositions of all or any portion of the Collateral valid
and binding and in compliance with any and all applicable laws, regulations,
orders, writs, injunctions, decrees or awards of any and all courts, arbitrators
or governmental instrumentalities, domestic or foreign, having jurisdiction over
any such sale or sales, all at such Assignor's expense.

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

          (i) all damages occasioned by such taking of possession or any such
     disposition except any damages which are the direct result of the
     Collateral Agent's gross negligence or willful misconduct (as determined by
     a court of competent jurisdiction);

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

          (iii) all rights of redemption, appraisement, valuation, stay,
     extension or moratorium now or hereafter in force under any applicable law
     in order to prevent or delay the enforcement of this Agreement or the
     absolute sale of the Collateral or any portion thereof, and each Assignor,
     for itself and all who may claim under it, insofar as it or they now or
     hereafter lawfully may, hereby waives the benefit of all such laws.

                                      -19-

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

          7.4 Application of Proceeds. (a) All moneys collected by the
Collateral Agent (or, to the extent the U.S. Pledge Agreement or any other
Security Document requires proceeds of collateral under such other Security
Document to be applied in accordance with the provisions of this Agreement, the
Pledgee under, and as defined in, the U.S. Pledge Agreement or collateral agent
or mortgagee under such other Security Document) upon any sale or other
disposition of the Collateral, together with all other moneys received by the
Collateral Agent hereunder, shall be applied as follows:

          (i) first, to the payment of all amounts owing the Collateral Agent of
     the type described in clauses (iii), (iv) and (v) of the definition of
     "Obligations";

          (ii) second, to the extent proceeds remain after the application
     pursuant to the preceding clause (i), to the payment of all amounts owing
     to any Agent of the type described in clauses (v) and (vi) of the
     definition of "Obligations";

          (iii) third, but subject to the provisions of the following clauses
     (g) and (h), to the extent proceeds remain after the application pursuant
     to the preceding clauses (i) and (ii), an amount equal to the outstanding
     Primary Obligations shall be paid to the Secured Creditors as provided in
     Section 7.4(e) hereof, with (x) each Secured Creditor receiving an amount
     equal to its outstanding Primary Obligations or, if the proceeds are
     insufficient to pay in full all such Primary Obligations, its Pro Rata
     Share of the amount remaining to be distributed, (y) the amount received by
     any Lender Creditor in respect of Primary Obligations consisting of Credit
     Document Obligations pursuant to this clause (iii) to be applied (a) first,
     in satisfaction of the Primary Obligations owing to such Lender Creditor by
     the U.S. Borrower (other than Primary Obligations owing by the U.S.
     Borrower pursuant to its U.S. Borrower Guaranty) and by the U.S. Subsidiary
     Guarantors (other than Primary Obligations owing by them pursuant to the
     U.S. Subsidiaries Guaranty which represent a guarantee of the Primary
     Obligations of the Canadian Borrower consisting of Credit Document
     Obligations) and (b) second, to the extent proceeds remain after the
     application pursuant to preceding sub-clause (a), in satisfaction of all
     other Primary Obligations owing to such Lender Creditor by the U.S.
     Borrower and the U.S. Subsidiary Guarantors and (z) the amount received by
     any Other Creditor in respect of Primary Obligations consisting of Other
     Obligations pursuant to this clause (iii) to be applied (a) first, in
     satisfaction of the Primary Obligations owing to such Other Creditor by the
     U.S. Borrower (other than Primary Obligations owing by the U.S. Borrower
     pursuant to its U.S. Borrower Guaranty) and by Domestic Subsidiaries of the
     U.S. Borrower (other than Primary Obligations owing by them pursuant to the
     U.S. Subsidiaries Guaranty which represent a guarantee of the Primary
     Obligations of Foreign Subsidiaries of the U.S. Borrower consisting of
     Other Obligations) and (b) second, to the

                                      -20-

     extent proceeds remain after the application pursuant to preceding
     sub-clause (a), in satisfaction of all other Primary Obligations owing to
     such Other Creditor by the U.S. Borrower and its Subsidiaries;

          (iv) fourth, but subject to the provisions of the following clauses
     (g) and (h), to the extent proceeds remain after the application pursuant
     to the preceding clauses (i) through (iii), inclusive, an amount equal to
     the outstanding Secondary Obligations shall be paid to the Secured
     Creditors as provided in Section 7.4(e) hereof, with each Secured Creditor
     receiving an amount equal to its outstanding Secondary Obligations or, if
     the proceeds are insufficient to pay in full all such Secondary
     Obligations, its Pro Rata Share of the amount remaining to be distributed;
     and

          (v) fifth, to the extent proceeds remain after the application
     pursuant to the preceding clauses (i) through (iv), inclusive, and
     following the termination of this Agreement pursuant to Section 10.8(a)
     hereof, to the relevant Assignor or to whomever may be lawfully entitled to
     receive such surplus.

          (b) For purposes of this Agreement, (x) "Pro Rata Share" shall mean,
when calculating a Secured Creditor's portion of any distribution or amount,
that amount (expressed as a percentage) equal to a fraction the numerator of
which is the then unpaid amount of such Secured Creditor's Primary Obligations
or Secondary Obligations, as the case may be, and the denominator of which is
the then outstanding amount of all Primary Obligations or Secondary Obligations,
as the case may be, (y) "Primary Obligations" shall mean (i) in the case of the
Credit Document Obligations, all principal (or, Face Amount, as applicable) of,
premium, fees and interest on, all Loans, all Unpaid Drawings, the Stated Amount
of all outstanding Letters of Credit and all Fees and (ii) in the case of the
Other Obligations, all amounts due under each Secured Hedging Agreement (other
than indemnities, fees (including, without limitation, attorneys' fees) and
similar obligations and liabilities) and (z) "Secondary Obligations" shall mean
all Obligations other than Primary Obligations.

          (c) When payments to Secured Creditors are based upon their respective
Pro Rata Shares, the amounts received by such Secured Creditors hereunder shall
be applied (for purposes of making determinations under this Section 7.4 only)
(i) first, to their Primary Obligations and (ii) second, to their Secondary
Obligations. If any payment to any Secured Creditor of its Pro Rata Share of any
distribution would result in overpayment to such Secured Creditor, such excess
amount shall instead be distributed in respect of the unpaid Primary Obligations
or Secondary Obligations, as the case may be, of the other Secured Creditors,
with each Secured Creditor whose Primary Obligations or Secondary Obligations,
as the case may be, have not been paid in full to receive an amount equal to
such excess amount multiplied by a fraction the numerator of which is the unpaid
Primary Obligations or Secondary Obligations, as the case may be, of such
Secured Creditor and the denominator of which is the unpaid Primary Obligations
or Secondary Obligations, as the case may be, of all Secured Creditors entitled
to such distribution.

          (d) Each of the Secured Creditors, by their acceptance of the benefits
hereof and of the other Security Documents, agrees and acknowledges that if the
Lender Creditors receive a distribution on account of undrawn amounts with
respect to Letters of Credit issued

                                      -21-

under the Credit Agreement (which shall only occur after all outstanding
Revolving Loans under the Credit Agreement and Unpaid Drawings have been paid in
full), such amounts shall be paid to the Administrative Agent under the Credit
Agreement and held by it, for the equal and ratable benefit of the Lender
Creditors, as cash security for the repayment of Obligations owing to the Lender
Creditors as such. If any amounts are held as cash security pursuant to the
immediately preceding sentence, then upon the termination of all outstanding
Letters of Credit under the Credit Agreement, and after the application of all
such cash security to the repayment of all Obligations owing to the Lender
Creditors after giving effect to the termination of all such Letters of Credit,
if there remains any excess cash, such excess cash shall be returned by the
Administrative Agent to the Collateral Agent for distribution in accordance with
Section 7.4(a) hereof.

          (e) All payments required to be made hereunder shall be made (x) if to
the Lender Creditors, to the Administrative Agent for the account of the Lender
Creditors and (y) if to the Other Creditors, to the trustee, paying agent or
other similar representative (each, a "Representative") for the Other Creditors
or, in the absence of such a Representative, directly to the Other Creditors.

          (f) For purposes of applying payments received in accordance with this
Section 7.4, the Collateral Agent shall be entitled to rely upon (i) the
Administrative Agent and (ii) the Representative or, in the absence of such a
Representative, upon the Other Creditors for a determination (which the
Administrative Agent, each Representative and the Other Creditors agree (or
shall agree) to provide upon request of the Collateral Agent) of the outstanding
Primary Obligations and Secondary Obligations (and Dollar Equivalents thereof)
owed to the Lender Creditors or the Other Creditors, as the case may be. Unless
it has received written notice from a Lender Creditor or an Other Creditor to
the contrary, the Administrative Agent and each Representative, in furnishing
information pursuant to the preceding sentence, and the Collateral Agent, in
acting hereunder, shall be entitled to assume that no Secondary Obligations are
outstanding. Unless it has written notice from an Other Creditor to the
contrary, the Collateral Agent, in acting hereunder, shall be entitled to assume
that no Secured Hedging Agreements are in existence.

          (g) Notwithstanding anything to the contrary contained above, to the
extent monies or proceeds to be applied pursuant to this Section 7.4 consist of
proceeds received from a sale or other disposition of Excess Exempted Foreign
Entity Voting Stock, such proceeds will be applied as otherwise required above
in this Section 7.4, but for this purpose treating the outstanding Primary
Obligations and Secondary Obligations as only those obligations secured by the
Excess Exempted Foreign Entity Voting Stock in accordance with the provisions of
clause (x) to the proviso appearing at the end of Section 3.1 of the U.S. Pledge
Agreement. In determining whether any Excess Exempted Foreign Entity Voting
Stock has been sold or otherwise disposed of, the Collateral Agent shall treat
any sale or disposition of Voting Stock of any Exempted Foreign Entity as first
being a sale of Voting Stock which is not Excess Exempted Foreign Entity Voting
Stock until such time as the stock sold represents 65% of the total combined
voting power of all classes of Voting Stock of the respective Exempted Foreign
Entity and, after such threshold has been met, any further sales of Voting Stock
of the respective Exempted Foreign Entity shall be treated as sales of Excess
Exempted Foreign Entity Voting Stock.

                                      -22-

          (h) Notwithstanding anything to the contrary contained above, to the
extent monies or proceeds to be applied pursuant to this Section 7.4 consist of
proceeds received under any Foreign Security Document (other than a Local Law
Pledge Agreement), such proceeds will be applied as otherwise required above in
this Section 7.4, but for this purpose (i) treating the outstanding Primary
Obligations and Secondary Obligations as only those obligations secured by the
respective Foreign Security Document and (ii) without giving effect to clause
(y) or (z) of Section 7.4(a)(iii) above.

          (i) It is understood that the Assignors shall remain jointly and
severally liable to the extent of any deficiency between the amount of the
proceeds of the Collateral and the aggregate amount of the Obligations.

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

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

                                  ARTICLE VIII

                                    INDEMNITY

          8.1 Indemnity. (a) Each Assignor jointly and severally agrees to
indemnify, reimburse and hold the Collateral Agent, each other Secured Creditor
and their respective successors, assigns, employees, affiliates and agents
(hereinafter in this Section 8.1 referred to

                                      -23-

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

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

          (c) Without limiting the application of Section 8.1(a) or (b) hereof,
each Assignor agrees, jointly and severally, to pay, indemnify and hold each
Indemnitee harmless from and against any loss, costs, damages and expenses which
such Indemnitee may suffer, expend or incur in consequence of or growing out of
any misrepresentation by any Assignor in this Agreement, any other Secured Debt
Agreement or in any writing contemplated by or made or delivered pursuant to or
in connection with this Agreement or any other Secured Debt Agreement.

          (d) If and to the extent that the obligations of any Assignor under
this Section 8.1 are unenforceable for any reason, such Assignor hereby agrees
to make the maximum

                                      -24-

contribution to the payment and satisfaction of such obligations which is
permissible under applicable law.

          8.2 Indemnity Obligations Secured by Collateral; Survival. Any amounts
paid by any Indemnitee as to which such Indemnitee has the right to
reimbursement shall constitute Obligations secured by the Collateral. The
indemnity obligations of each Assignor contained in this Article VIII shall
continue in full force and effect notwithstanding the full payment of all of the
other Obligations and notwithstanding the full payment of all the Notes issued,
and Loans made, under the Credit Agreement, the termination of all Letters of
Credit issued under the Credit Agreement, the termination of all Secured Hedging
Agreements and the payment of all other Obligations and notwithstanding the
discharge thereof and the occurrence of the Termination Date.

                                   ARTICLE IX

                                   DEFINITIONS

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

          "Account" shall mean any "account" as such term is defined in the
Uniform Commercial Code as in effect on the date hereof in the State of New
York, and in any event shall include but shall not be limited to, all rights to
payment of any monetary obligation, whether or not earned by performance, (i)
for property that has been or is to be sold, leased, licensed, assigned or
otherwise disposed of, (ii) for services rendered or to be rendered, (iii) for a
policy of insurance issued or to be issued, (iv) for a secondary obligation
incurred or to be incurred, (v) for energy provided or to be provided, (vi) for
the use or hire of a vessel under a charter or other contract, (vii) arising out
of the use of a credit or charge card or information contained on or for use
with the card, or (viii) as winnings in a lottery or other game of chance
operated or sponsored by a State, governmental unit of a State, or person
licensed or authorized to operate the game by a State or governmental unit of a
State; provided, that, the term Account shall not include any Account that is
transferred to an SPE Subsidiary pursuant to the documents executing the related
Permitted Securitization, unless and until the respective Account is transferred
back to one or more Assignors. Without limiting the foregoing, the term
"account" shall include all Health-Care-Insurance Receivables.

          "Administrative Agent" shall have the meaning provided in the recitals
of this Agreement.

          "Agreement" shall mean this Security Agreement as the same may be
amended, modified, restated and/or supplemented from time to time in accordance
with its terms.

          "As-Extracted Collateral" shall mean "as-extracted collateral" as such
term is defined in the Uniform Commercial Code as in effect on the date hereof
in the State of New York.

                                      -25-

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

          "Borrowers" shall have the meaning provided in the recitals of this
Agreement.

          "Canadian Borrower" shall have the meaning provided in the recitals of
this Agreement.

          "Cash Collateral Account" shall mean a non-interest bearing cash
collateral account maintained with, and in the sole dominion and control of, the
Collateral Agent for the benefit of the Secured Creditors.

          "Chattel Paper" shall mean "chattel paper" as such term is defined in
the Uniform Commercial Code as in effect on the date hereof in the State of New
York. Without limiting the foregoing, the term "Chattel Paper" shall in any
event include all Tangible Chattel Paper and all Electronic Chattel Paper.

          "Class" shall have the meaning provided in Section 10.2 of this
Agreement.

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

          "Collateral Agent" shall have the meaning provided in the first
paragraph of this Agreement.

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

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

          "Contracts" shall mean all contracts between any Assignor and one or
more additional parties (including, without limitation, any Swap Agreements,
licensing agreements and any partnership agreements, joint venture agreements
and limited liability company agreements).

          "Copyrights" shall mean any United States or foreign copyright now or
hereafter owned by any Assignor, including any registrations of any copyrights,
in the United States Copyright Office or any foreign equivalent office, as well
as any application for a copyright registration now or hereafter made with the
United States Copyright Office or any foreign equivalent office by any Assignor.

          "Credit Agreement" shall have the meaning provided in the recitals of
this Agreement.

                                      -26-

          "Credit Document Obligations" shall have the meaning provided in the
definition of "Obligations" in this Article IX.

          "Deposit Accounts" shall mean all "deposit accounts" as such term is
defined in the Uniform Commercial Code as in effect on the date hereof in the
State of New York.

          "Documents" shall mean "documents" as such term is defined in the
Uniform Commercial Code as in effect on the date hereof in the State of New
York.

          "Domain Names" shall mean all Internet domain names and associated URL
addresses in or to which any Assignor now or hereafter has any right, title or
interest.

          "Electronic Chattel Paper" shall mean "electronic chattel paper" as
such term is defined in the Uniform Commercial Code as in effect on the date
hereof in the State of New York.

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

          "Event of Default" shall mean any Event of Default under, and as
defined in, the Credit Agreement.

          "Excess Exempted Foreign Entity Voting Stock" shall have the meaning
provided in the U.S. Pledge Agreement.

          "Exempted Deposit Account" shall mean (i) the Deposit Account
maintained by the U.S. Borrower with Bank Mendes Gans nv under the Cash Pooling
Agreement, dated as of October 14, 2004, with Bank Mendes Gans nv (the "Existing
Cash Pooling Agreement") and any similar future Deposit Account subject to cash
pooling arrangements managed in the ordinary course and consistent with the
arrangements provided for in the Existing Cash Pooling Agreement, so long as (in
any such case) payments made to any such account by or on behalf of the U.S.
Borrower are made in the ordinary course of business and consistent with past
practices of the U.S. Borrower as in effect on the Effective Date, (ii) each
Deposit Account of each Assignor used solely to fund payroll and payroll taxes
and (iii) any other Deposit Accounts maintained by any Assignor, so long as (and
only so long as) the average daily aggregate balance in all such Deposit
Accounts that are Exempted Deposit Accounts pursuant to this clause (iii) for
any calendar month does not exceed $50,000 at any time.

          "Exempted Foreign Entity" shall have the meaning provided in the U.S.
Pledge Agreement.

          "General Intangibles" shall mean "general intangibles" as such term is
defined in the Uniform Commercial Code as in effect on the date hereof in the
State of New York.

                                      -27-

          "Goods" shall mean "goods" as such term is defined in the Uniform
Commercial Code as in effect on the date hereof in the State of New York.

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

          "Holdings" shall have the meaning provided in the recitals hereto.

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

          "Instrument" shall mean "instruments" as such term is defined in the
Uniform Commercial Code as in effect on the date hereof in the State of New
York.

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

          "Investment Property" shall mean "investment property" as such term is
defined in the Uniform Commercial Code as in effect on the date hereof in the
State of New York.

          "Lender Creditors" shall have the meaning provided in the recitals of
this Agreement.

          "Lenders" shall have the meaning provided in the recitals of this
Agreement.

          "Letter-of-Credit Rights" shall mean "letter-of-credit rights" as such
term is defined in the Uniform Commercial Code as in effect on the date hereof
in the State of New York.

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

          "Marks" shall mean all right, title and interest in and to any
trademarks, service marks and trade names now held or hereafter acquired by any
Assignor, including any registration or application for registration of any
trademarks and service marks now held or hereafter acquired by any Assignor,
which are registered or filed in the United States Patent and Trademark Office
or the equivalent thereof in any state of the United States or any equivalent
foreign office or agency, as well as any unregistered trademarks and service
marks used by an Assignor and any trade dress including logos, designs,
fictitious business names and other business identifiers used by any Assignor.

                                      -28-

          "Noticed Event of Default" shall mean (i) an Event of Default with
respect to any Assignor under clause (h), (i) or (j) of Section 11 of the Credit
Agreement and (ii) any other Event of Default in respect to which the Collateral
Agent has given the U.S. Borrower notice that such Event of Default constitutes
a "Noticed Event of Default".

          "Obligations" shall mean and include, as to any Assignor, all of the
following:

          (i) the full and prompt payment when due (whether at stated maturity,
     by acceleration or otherwise) of all obligations, liabilities and
     indebtedness (including, without limitation, principal (or Face Amount, as
     applicable), premium, interest (including, without limitation, all interest
     that accrues after the commencement of any case, proceeding or other action
     relating to the bankruptcy, insolvency, reorganization or similar
     proceeding of any Assignor at the rate provided for in the respective
     documentation, whether or not a claim for post-petition interest is allowed
     in any such proceeding), reimbursement obligations under Letters of Credit,
     fees, costs and indemnities) of such Assignor to the Lender Creditors,
     whether now existing or hereafter incurred under, arising out of, or in
     connection with, each Credit Document to which such Assignor is a party
     (including, without limitation, in the event such Assignor is a Guarantor,
     all such obligations, liabilities and indebtedness of such Assignor under
     its Guaranty) and the due performance and compliance by such Assignor with
     all of the terms, conditions and agreements contained in each such Credit
     Document (all such obligations, liabilities and indebtedness under this
     clause (i), except to the extent consisting of obligations or indebtedness
     with respect to Secured Hedging Agreements, being herein collectively
     called the "Credit Document Obligations");

          (ii) the full and prompt payment when due (whether at stated maturity,
     by acceleration or otherwise) of all obligations, liabilities and
     indebtedness (including, without limitation, all interest that accrues
     after the commencement of any case, proceeding or other action relating to
     the bankruptcy, insolvency, reorganization or similar proceeding of any
     Assignor at the rate provided for in the respective documentation, whether
     or not a claim for post-petition interest is allowed in any such
     proceeding) owing by such Assignor to the Other Creditors, now existing or
     hereafter incurred under, arising out of or in connection with any Secured
     Hedging Agreement, whether such Secured Hedging Agreement is now in
     existence or hereinafter arising (including, without limitation, in the
     case of a Assignor that is a Guarantor, all obligations, liabilities and
     indebtedness of such Assignor under its Guaranty in respect of the Secured
     Hedging Agreements), and the due performance and compliance by such
     Assignor with all of the terms, conditions and agreements contained in each
     such Secured Hedging Agreement (all such obligations, liabilities and
     indebtedness under this clause (ii) being herein collectively called the
     "Other Obligations");

          (iii) any and all sums advanced by the Collateral Agent in order to
     preserve the Collateral or preserve its security interest in the
     Collateral;

          (iv) in the event of any proceeding for the collection or enforcement
     of any indebtedness, obligations, or liabilities of such Assignor referred
     to in clauses (i) and (ii) above, after an Event of Default shall have
     occurred and be continuing, the reasonable

                                      -29-

     expenses of retaking, holding, preparing for sale or lease, selling or
     otherwise disposing of or realizing on the Collateral, or of any exercise
     by the Collateral Agent of its rights hereunder, together with reasonable
     attorneys' fees and court costs;

          (v) all amounts paid by any Indemnitee as to which such Indemnitee has
     the right to reimbursement under Section 8.1 of this Agreement; and

          (vi) all amounts owing to any Agent pursuant to any of the Credit
     Documents in its capacity as such;

it being acknowledged and agreed that the "Obligations" shall include extensions
of credit of the types described above, whether outstanding on the date of this
Agreement or extended from time to time after the date of this Agreement.

          "Other Creditors" shall have the meaning provided in the recitals of
this Agreement.

          "Other Obligations" shall have the meaning provided in the definition
of "Obligations" in this Article IX.

          "Patents" shall mean any patent in or to which any Assignor now or
hereafter has any right, title or interest therein, and any divisions,
continuations (including, but not limited to, continuations-in-parts) and
improvements thereof, as well as any application for a patent now or hereafter
made by any Assignor.

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

          "Primary Obligations" shall have the meaning provided in Section
7.4(b) of this Agreement.

          "Pro Rata Share" shall have the meaning provided in Section 7.4(b) of
this Agreement.

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

          "Registered Organization" shall have the meaning provided in the
Uniform Commercial Code as in effect in the State of New York.

                                      -30-

          "Representative" shall have the meaning provided in Section 7.4(e) of
this Agreement.

          "Required Secured Creditors" shall mean (i) at any time when any
Credit Document Obligations or Letters of Credit are outstanding or any
Commitments under the Credit Agreement exist, the Required Lenders (or, to the
extent provided in Section 13.12 of the Credit Agreement, each of the Lenders)
and (ii) at any time after all of the Credit Document Obligations have been paid
in full and all Commitments under the Credit Agreement have been terminated and
no further Commitments and Letters of Credit may be provided thereunder, the
holders of a majority of the Other Obligations.

          "Requisite Creditors" shall have the meaning provided in Section 10.2
of this Agreement.

          "Secondary Obligations" shall have the meaning provided in Section
7.4(b) of this Agreement.

          "Secured Creditors" shall have the meaning provided in the recitals of
this Agreement.

          "Secured Debt Agreements" shall mean and include this Agreement, the
other Credit Documents and each Secured Hedging Agreement.

          "Secured Hedging Agreement" shall have the meaning provided in the
recitals to this Agreement.

          "Software" shall mean "software" as such term is defined in the
Uniform Commercial Code as in effect on the date hereof in the State of New
York.

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

          "Tangible Chattel Paper" shall mean "tangible chattel paper" as such
term is defined in the Uniform Commercial Code as in effect on the date hereof
in the State of New York.

          "Termination Date" shall have the meaning provided in Section 10.8(a)
of this Agreement.

          "Timber-to-be-Cut" shall mean "timber-to-be-cut" as such term is
defined in the Uniform Commercial Code as in effect on the date hereof in the
State of New York.

                                      -31-

          "Trade Secrets" shall mean any secretly held existing engineering or
other data, information, production procedures and other know-how relating to
the design manufacture, assembly, installation, use, operation, marketing, sale
and/or servicing of any products or business of an Assignor worldwide whether
written or not.

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

          "Transmitting Utility" shall have the meaning given such term in
Section 9-102(a)(80) of the UCC.

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

          "U.S. Borrower" shall have the meaning provided in the recitals of
this Agreement.

          "Voting Stock" shall have the meaning provided in the U.S. Pledge
Agreement.

                                    ARTICLE X

                                  MISCELLANEOUS

          10.1 Notices. Except as otherwise specified herein, all notices,
requests, demands or other communications to or upon the respective parties
hereto shall be sent or delivered by mail, telecopy, or courier service and all
such notices and communications shall, when mailed, telecopied or sent by
courier, be effective when deposited in the mails or delivered to the overnight
courier, as the case may be, except that notices and communications to the
Collateral Agent or any Assignor shall not be effective until received by the
Collateral Agent or such Assignor, as the case may be. All notices and other
communications shall be in writing and addressed as follows:

          (a)  if to any Assignor, to the care of the U.S. Borrower as provided
               in Section 13.03 of the Credit Agreement.

          (b)  if to the Collateral Agent, at:

               Deutsche Bank Trust Company Americas
               60 Wall Street
               New York, NY 10005
               Attention: Meg Sutton
               Telephone No.: 212-250-6150
               Telecopier No.: 212-797-5692

          (c) if to any Lender Creditor (other than the Collateral Agent), at
     such address as such Lender Creditor shall have specified in the Credit
     Agreement;

                                      -32-

          (d) if to any Other Creditor, at such address as such Other Creditor
     shall have specified in writing to each Assignor and the Collateral Agent;

or at such other address or addressed to such other individual as shall have
been furnished in writing by any Person described above to the party required to
give notice hereunder.

          10.2 Waiver; Amendment. None of the terms and conditions of this
Agreement (or, to the extent any other Security Document requires waivers or
amendments thereunder to occur in accordance with the provisions of this
Agreement, such other Security Document) may be changed, waived, modified or
varied in any manner whatsoever unless in writing duly signed by each Assignor
(or, to the extent any other Security Document requires waivers or amendments
thereunder to occur in accordance with the provisions of this Agreement, the
pledgor, transferor, mortgagor or other corresponding party under such other
Security Document) directly affected thereby and the Collateral Agent (or, to
the extent any other Security Document requires waivers or amendments thereunder
to occur in accordance with the provisions of this Agreement, the collateral
agent or mortgagee under such other Security Document) (with the written consent
of the Required Secured Creditors); provided, that (i) additional Assignors may
be added as parties hereto from time to time in accordance with Section 10.12
(or the corresponding section in such other Security Document) without the
consent of any other Assignor or of the Secured Creditors, (ii) Assignors may be
removed as parties hereto from time to time in accordance with Section 10.8 or
10.13 (or the corresponding section in such other Security Document), without
the consent of any other Assignor or of the Secured Creditors, (iii) any change,
waiver, modification or variance affecting the rights and benefits of a single
Class (as defined below) of Secured Creditors (and not all Secured Creditors in
a like or similar manner) shall require the written consent of the Requisite
Creditors (as defined below) of such affected Class, (iv) the Required Secured
Creditors may agree to modifications to this Agreement (or such other Security
Document) for the purpose, among other things, of securing additional extensions
of credit (including, without limitation, pursuant to the Credit Agreement or
any refinancing or extension thereof), without obtaining any consent pursuant to
preceding clause (iii) and (v) preceding clause (iii) shall not apply to any
release of Collateral or any Assignor effected in accordance with the
requirements of Section 10.8 or 10.13 of this Agreement (or the corresponding
sections in such other Security Document), as the case may be, or any other
release of Collateral or of any Assignor(s) or the termination of this Agreement
(or such other Security Document), so long as the U.S. Borrower certifies that
such actions will not violate the terms of any Secured Debt Agreement then in
effect. For the purpose of this Agreement, the term "Class" shall mean each
class of Secured Creditors, i.e., whether (x) the Lender Creditors as holders of
the Credit Document Obligations or (y) the Other Creditors as the holders of the
Other Obligations. For the purpose of this Agreement, the term "Requisite
Creditors" of any Class shall mean each of (x) with respect to the Credit
Document Obligations, the Required Lenders (or, to the extent provided in
Section 13.12 of the Credit Agreement, each of the Lenders), and (y) with
respect to the Other Obligations, the holders of at least a majority of all
Other Obligations outstanding from time to time.

          10.3 Obligations Absolute. The obligations of each Assignor hereunder
shall remain in full force and effect without regard to, and shall not be
impaired by, (a) any bankruptcy, insolvency, reorganization, arrangement,
readjustment, composition, liquidation or the like of such Assignor; (b) any
exercise or non-exercise, or any waiver of, any right, remedy,

                                      -33-

power or privilege under or in respect of this Agreement or any other Secured
Debt Agreement; or (c) any amendment to or modification of any Secured Debt
Agreement or any security for any of the Obligations; whether or not such
Assignor shall have notice or knowledge of any of the foregoing.

          10.4 Successors and Assigns. This Agreement shall create a continuing
security interest in the Collateral and shall (i) remain in full force and
effect, subject to release and/or termination as set forth in Section 10.8, (ii)
be binding upon each Assignor, its successors and assigns; provided, however,
that no Assignor shall assign any of its rights or obligations hereunder without
the prior written consent of the Collateral Agent (with the prior written
consent of the Required Secured Creditors), and (iii) inure, together with the
rights and remedies of the Collateral Agent hereunder, to the benefit of the
Collateral Agent, the other Secured Creditors and their respective successors,
transferees and assigns. All agreements, statements, representations and
warranties made by each Assignor herein or in any certificate or other
instrument delivered by such Assignor or on its behalf under this Agreement
shall be considered to have been relied upon by the Secured Creditors and shall
survive the execution and delivery of this Agreement and the other Secured Debt
Agreements regardless of any investigation made by the Secured Creditors or on
their behalf.

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

          10.6 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY
TRIAL. (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF
THE STATE OF NEW YORK. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS
AGREEMENT OR ANY OTHER CREDIT DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE
OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND,
BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH ASSIGNOR HEREBY IRREVOCABLY
ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND
UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH
ASSIGNOR HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK
JURISDICTION OVER SUCH ASSIGNOR, AND AGREES NOT TO PLEAD OR CLAIM IN ANY LEGAL
ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT
BROUGHT IN ANY OF THE AFORESAID COURTS THAT ANY SUCH COURT LACKS JURISDICTION
OVER SUCH ASSIGNOR. EACH ASSIGNOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF
PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING
BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE
PREPAID, TO ANY SUCH ASSIGNOR AT ITS ADDRESS FOR NOTICES AS PROVIDED IN SECTION
10.1 ABOVE, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. EACH
ASSIGNOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND
FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD

                                      -34-

OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER
CREDIT DOCUMENT THAT SUCH SERVICE OF PROCESS WAS IN ANY WAY INVALID OR
INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE COLLATERAL AGENT UNDER
THIS AGREEMENT, OR ANY SECURED CREDITOR, TO SERVE PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST
ANY ASSIGNOR IN ANY OTHER JURISDICTION.

          (b) EACH ASSIGNOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY
NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR
PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER
CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY
FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT
THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN
AN INCONVENIENT FORUM.

          (c) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES
ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING
OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

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

          10.8 Termination; Release. (a) After the Termination Date, this
Agreement (or, to the extent any other Security Document requires termination or
releases thereunder to occur in accordance with the provisions of this
Agreement, such other Security Document) shall terminate and the security
interests granted hereby shall be released automatically (provided that all
indemnities set forth herein including, without limitation in Section 8.1
hereof, shall survive such termination) and the Collateral Agent (or, to the
extent any other Security Document requires termination or releases thereunder
to occur in accordance with the provisions of this Agreement, the collateral
agent or mortgagee under such other Security Document), at the request and
expense of the respective Assignor (or, to the extent any other Security
Document requires termination or releases thereunder to occur in accordance with
the provisions of this Agreement, the pledgor, transferor, mortgagor or other
corresponding party under such other Security Document), will promptly execute
and deliver to such Assignor a proper instrument or instruments (including
Uniform Commercial Code termination statements on form UCC-3) acknowledging the
satisfaction and termination of this Agreement, and will duly assign, transfer
and deliver to such Assignor (without recourse and without any representation or
warranty) such of the Collateral as may be in the possession of the Collateral
Agent or any of its sub-agents hereunder and as has not theretofore been sold or
otherwise applied or released pursuant to this

                                      -35-

Agreement As used in this Agreement, "Termination Date" shall mean the date upon
which all of the Commitments under the Credit Agreement have been terminated, no
Note under the Credit Agreement is outstanding and all Loans thereunder have
been repaid in full, all Letters of Credit issued under the Credit Agreement
have been terminated and all Credit Document Obligations then due and payable
have been paid in full.

          (b) In the event that any part of the Collateral is sold or otherwise
disposed of (to a Person other than a Credit Party) at any time prior to the
time at which all Credit Document Obligations have been paid in full and all
Commitments and Letters of Credit under the Credit Agreement have been
terminated, in connection with a sale or disposition permitted by Section 10.05
of the Credit Agreement or is otherwise released at the direction of the
Required Lenders (or all the Lenders if required by Section 13.12 of the Credit
Agreement), the proceeds of such sale or disposition (or from such release) are
applied in accordance with the terms of the Credit Agreement, to the extent
required to be so applied, such Collateral shall be automatically released from
the security interest granted hereunder and the Collateral Agent (or any of its
sub-agents hereunder), at the request and expense of such Assignor, will execute
and deliver such documentation (including termination or partial release
statements and the like in connection therewith) and assign, transfer and
deliver to such Assignor (without recourse and without any representation or
warranty) such of the Collateral as is then being (or has been) so sold or
otherwise disposed of, or released, and as may be in the possession of the
Collateral Agent and has not theretofore been released pursuant to this
Agreement. Furthermore, upon the release of any U.S. Subsidiary Guarantor from
the U.S. Subsidiaries Guaranty in accordance with the provisions thereof, such
Assignor (and the Collateral at such time assigned by the respective Assignor
pursuant hereto) shall be automatically released from this Agreement.

          (c) At any time that an Assignor desires that the Collateral Agent
take any action to acknowledge or give effect to any release of Collateral
pursuant to the foregoing Section 10.8(a) or (b), such Assignor shall deliver to
the Collateral Agent (and the relevant sub-agent, if any, designated hereunder)
a certificate signed by a principal executive officer of such Assignor stating
that the release of the respective Collateral is permitted pursuant to such
Section 10.8(a) or (b). At any time that either U.S. Borrower or the respective
Assignor desires that a Subsidiary of the U.S. Borrower which has been released
from the U.S. Subsidiaries Guaranty be released hereunder as provided in the
penultimate sentence of Section 10.8(b), it shall deliver to the Collateral
Agent a certificate signed by a principal executive officer of the U.S. Borrower
and the respective Assignor stating that the release of the respective Assignor
(and its Collateral) is permitted pursuant to such Section 10.8(b).

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

                                      -36-

          10.9 Counterparts. This Agreement may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each
of which when so executed and delivered shall be an original, but all of which
shall together constitute one and the same instrument. A set of counterparts
executed by all the parties hereto shall be lodged with the U.S. Borrower and
the Collateral Agent.

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

          10.11 The Collateral Agent and the other Secured Creditors. The
Collateral Agent will hold in accordance with this Agreement all items of the
Collateral at any time received under this Agreement. It is expressly understood
and agreed that the obligations of the Collateral Agent as holder of the
Collateral and interests therein and with respect to the disposition thereof,
and otherwise under this Agreement, are only those expressly set forth in this
Agreement and in Section 12 of the Credit Agreement. The Collateral Agent shall
act hereunder on the terms and conditions set forth herein and in Section 12 of
the Credit Agreement.

          10.12 Additional Assignors. It is understood and agreed that any
Subsidiary Guarantor that desires to become an Assignor hereunder, or is
required to execute a counterpart of this Agreement after the date hereof
pursuant to the requirements of the Credit Agreement or any other Credit
Document, shall become an Assignor hereunder by executing a counterpart hereof
and delivering same to the Collateral Agent, or by executing an assumption
agreement in form and substance satisfactory to the Collateral Agent, (y)
delivering supplements to Annexes A through F, inclusive, and H through K,
inclusive, hereto as are necessary to cause such Annexes to be complete and
accurate with respect to such additional Assignor on such date and (z) taking
all actions as specified in this Agreement as would have been taken by such
Assignor had it been an original party to this Agreement, in each case with all
documents required above to be delivered to the Collateral Agent and with all
documents and actions required above to be taken to the reasonable satisfaction
of the Collateral Agent.

          10.13 Release of Assignors. If at any time all of the Equity Interests
of any Assignor (or, to the extent any other Security Document requires releases
thereunder to occur in accordance with the provisions of this Agreement, the
pledgor, transferor, mortgagor or other corresponding party under such other
Security Document) owned by the U.S. Borrower and its Subsidiaries are sold (to
a person other than the U.S. Borrower or any of its Wholly-Owned Subsidiaries)
in a transaction permitted pursuant to the Credit Agreement (and which does not
violate the terms of any other Secured Debt Agreement then in effect), then, at
the request and expense of the U.S. Borrower, the respective Assignor shall be
automatically released as an Assignor pursuant to this Agreement (and the
Collateral Agent (or, to the extent any other Security Document requires
releases thereunder to occur in accordance with the provisions of this
Agreement, the collateral agent or mortgagee under such other Security Document)
is authorized and directed to execute and deliver such instruments of release as
are reasonably satisfactory to it). At any time that the U.S. Borrower desires
that an Assignor be released from this Agreement as provided in this Section
10.13, the U.S. Borrower shall deliver to the

                                      -37-

Collateral Agent a certificate signed by an officer of the U.S. Borrower stating
that the release of the respective Assignor is permitted pursuant to this
Section 10.13. The Collateral Agent shall have no liability whatsoever to any
other Secured Creditor as a result of the release of any Assignor by it in
accordance with, or which it believes to be in accordance with, this Section
10.13.

    [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGE FOLLOWS]

                                      -38-

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

Address:                                CSA ACQUISITION CORP.,
                                           as an Assignor

39550 Orchard Hill Place Drive
Novi, MI 48375                          By: /s/ Allen J. Campbell
Attn: Allen J. Campbell                     ------------------------------------
Tel: (248) 596-5900                         Name: Allen J. Campbell
Fax: (248) 596-6535                         Title: Vice President

Address:                                COOPER-STANDARD AUTOMOTIVE INC.,
                                           as an Assignor

39550 Orchard Hill Place Drive
Novi, MI 48375                          By: /s/ Allen J. Campbell
Attn: Allen J. Campbell                     ------------------------------------
Tel: (248) 596-5900                         Name: Allen J. Campbell
Fax: (248) 596-6535                         Title: Vice President

Address:                                COOPER-STANDARD AUTOMOTIVE FLUID SYSTEMS
                                        MEXICO HOLDING LLC,
                                           as an Assignor

c/o Cooper-Standard Automotive Inc.
39550 Orchard Hill Place Drive          By: COOPER-STANDARD AUTOMOTIVE INC.,
Novi, MI 48375                             as Sole Member
Attn: Allen J. Campbell
Tel: (248) 596-5900
Fax: (248) 596-6535                     By: /s/ Allen J. Campbell
                                            ------------------------------------
                                            Name: Allen J. Campbell
                                            Title: Vice President

Address:                                COOPER-STANDARD AUTOMOTIVE NC L.L.C.,
                                           as an Assignor

c/o Cooper-Standard Automotive Inc.
39550 Orchard Hill Place Drive          By: COOPER-STANDARD AUTOMOTIVE INC.,
Novi, MI 48375                             as Sole Member
Attn: Allen J. Campbell
Tel: (248) 596-5900
Fax: (248) 596-6535                     By: /s/ Allen J. Campbell
                                            ------------------------------------
                                            Name: Allen J. Campbell
                                            Title: Vice President

Address:                                COOPER-STANDARD AUTOMOTIVE OH, LLC,
                                           as an Assignor

c/o Cooper-Standard Automotive Inc.     By: COOPER-STANDARD AUTOMOTIVE INC.,
39550 Orchard Hill Place Drive             as Sole Member
Novi, MI 48375
Attn: Allen J. Campbell
Tel: (248) 596-5900                     By: /s/ Allen J. Campbell
Fax: (248) 596-6535                         ------------------------------------
                                            Name: Allen J. Campbell
                                            Title: Vice President

Address:                                CSA SERVICES INC.,
                                           as an Assignor

c/o Cooper-Standard Automotive Inc.
39550 Orchard Hill Place Drive          By: /s/ Allen J. Campbell
Novi, MI 48375                              ------------------------------------
Attn: Allen J. Campbell                     Name: Allen J. Campbell
Tel: (248) 596-5900                         Title: Vice President
Fax: (248) 596-6535

Address:                                NISCO HOLDING COMPANY,
                                           as an Assignor

c/o Cooper-Standard Automotive Inc.
39550 Orchard Hill Place Drive          By: /s/ Allen J. Campbell
Novi, MI 48375                              ------------------------------------
Attn: Allen J. Campbell                     Name: Allen J. Campbell
Tel: (248) 596-5900                         Title: Vice President
Fax: (248) 596-6535

                                       (2)

Address:                                NORTH AMERICAN RUBBER, INCORPORATED,
                                           as an Assignor

c/o Cooper-Standard Automotive Inc.
39550 Orchard Hill Place Drive          By: /s/ Allen J. Campbell
Novi, MI 48375                              ------------------------------------
Attn: Allen J. Campbell                     Name: Allen J. Campbell
Tel: (248) 596-5900                         Title: Vice President
Fax: (248) 596-6535

Address:                                STANTECH, INC.,
                                           as an Assignor

c/o Cooper-Standard Automotive Inc.
39550 Orchard Hill Place Drive          By: /s/ Allen J. Campbell
Novi, MI 48375                              ------------------------------------
Attn: Allen J. Campbell                     Name: Allen J. Campbell
Tel: (248) 596-5900                         Title: Vice President
Fax: (248) 596-6535

Address:                                STERLING INVESTMENTS COMPANY,
                                           as an Assignor

c/o Cooper-Standard Automotive Inc.
39550 Orchard Hill Place Drive          By: /s/ Allen J. Campbell
Novi, MI 48375                              ------------------------------------
Attn: Allen J. Campbell                     Name: Allen J. Campbell
Tel: (248) 596-5900                         Title: Vice President
Fax: (248) 596-6535

Address:                                WESTBORN SERVICE CENTER, INC.,
                                           as an Assignor

c/o Cooper-Standard Automotive Inc.
39550 Orchard Hill Place Drive          By: /s/ Allen J. Campbell
Novi, MI 48375                              ------------------------------------
Attn: Allen J. Campbell                     Name: Allen J. Campbell
Tel: (248) 596-5900                         Title: Vice President
Fax: (248) 596-6535

                                       (3)

Accepted and Agreed to:

DEUTSCHE BANK TRUST COMPANY AMERICAS,
   as Collateral Agent

By: /s/ Marguerite Sutton
    -------------------------------
    Name: Marguerite Sutton
    Title: Vice President

                                       (4)EXHIBIT 10.3

                                                                  EXECUTION COPY

                              U.S. PLEDGE AGREEMENT

          PLEDGE AGREEMENT (as amended, modified, restated and/or supplemented
from time to time, this "Agreement"), dated as of December 23, 2004, among each
of the undersigned pledgors (each, a "Pledgor" and, together with any other
entity that becomes a pledgor hereunder pursuant to Section 30 hereof, the
"Pledgors") and Deutsche Bank Trust Company Americas, as collateral agent
(together with any successor collateral agent, the "Pledgee"), for the benefit
of the Secured Creditors (as defined below). Except as otherwise defined herein,
all capitalized terms used herein and defined in the Credit Agreement (as
defined below) shall be used herein as therein defined.

                                  WITNESSETH:

          WHEREAS, CSA Acquisition Corp. ("Holdings"), Cooper-Standard
Automotive Inc. (the "U.S. Borrower"), Cooper-Standard Automotive Canada Limited
(the "Canadian Borrower" and, together with the U.S. Borrower, the "Borrowers"),
the lenders from time to time party thereto (the "Lenders"), Deutsche Bank Trust
Company Americas, as administrative agent (together with any successor
administrative agent, the "Administrative Agent"), Lehman Commercial Paper Inc.,
as Syndication Agent, Goldman Sachs Credit Partners L.P., UBS Securities LLC and
The Bank of Nova Scotia, as Co-Documentation Agents, and Deutsche Bank
Securities Inc. and Lehman Brothers Inc., as Joint Lead Arrangers and Book
Runners, have entered into a Credit Agreement, dated as of December 23, 2004 (as
amended, modified, restated and/or supplemented from time to time, the "Credit
Agreement"), providing for the making of Loans to, and the issuance of, and
participation in, Letters of Credit for the respective accounts of the
Borrowers, all as contemplated therein (the Lenders, each Issuing Lender, the
Administrative Agent, the Collateral Agent, each other Agent, the Joint Lead
Arrangers and the Pledgee are herein called the "Lender Creditors");

          WHEREAS, each Borrower and/or one or more of their respective
Subsidiaries may at any time and from time to time enter into one or more Swap
Agreements with one or more Lenders or any affiliate thereof (each such Lender
or affiliate, even if the respective Lender subsequently ceases to be a Lender
under the Credit Agreement for any reason, together with such Lender's or
affiliate's successors and assigns, if any, collectively, the "Other Creditors"
and, together with the Lender Creditors, the "Secured Creditors", with each such
Swap Agreement with an Other Creditor being herein called a "Secured Hedging
Agreement");

          WHEREAS, pursuant to the Holdings Guaranty, Holdings has guaranteed to
the Secured Creditors the payment when due of all Holdings Guaranteed
Obligations as described therein;

          WHEREAS, pursuant to the U.S. Borrower's Guaranty, the U.S. Borrower
has guaranteed to the Secured Creditors the payment when due of all U.S.
Borrower's Guaranteed Obligations as described therein;

          WHEREAS, pursuant to the U.S. Subsidiaries Guaranty, each U.S.
Subsidiary Guarantor has jointly and severally guaranteed to the Secured
Creditors the payment when due of all Guaranteed Obligations as described
therein;

          WHEREAS, it is a condition precedent to the making of Loans to the
Borrowers and the issuance of, and participation in, Letters of Credit for the
respective accounts of the Borrowers under the Credit Agreement and to the Other
Creditors entering into Secured Hedging Agreements that each Pledgor shall have
executed and delivered to the Pledgee this Agreement; and

          WHEREAS, each Pledgor will obtain benefits from the incurrence of
Loans by the Borrowers and the issuance of, and participation in, Letters of
Credit for the respective accounts of the Borrowers under the Credit Agreement
and the entering into by the Borrowers and/or one or more of their respective
Subsidiaries of Secured Hedging Agreements and, accordingly, desires to execute
this Agreement in order to satisfy the condition described in the preceding
paragraph and to induce the Lenders to make Loans to the Borrowers and issue,
and/or participate in, Letters of Credit for the respective accounts of the
Borrowers and the Other Creditors to enter into Secured Hedging Agreements with
the Borrowers and/or one or more of their respective Subsidiaries;

          NOW, THEREFORE, in consideration of the foregoing and other benefits
accruing to each Pledgor, the receipt and sufficiency of which are hereby
acknowledged, each Pledgor hereby makes the following representations and
warranties to the Pledgee for the benefit of the Secured Creditors and hereby
covenants and agrees with the Pledgee for the benefit of the Secured Creditors
as follows:

          1. SECURITY FOR OBLIGATIONS. This Agreement is made by each Pledgor
for the benefit of the Secured Creditors to secure:

          (i) the full and prompt payment when due (whether at stated maturity,
     by acceleration or otherwise) of all obligations, liabilities and
     indebtedness (including, without limitation, principal (or, Face Amount, as
     applicable), premium, interest (including, without limitation, all interest
     that accrues after the commencement of any case, proceeding or other action
     relating to the bankruptcy, insolvency, reorganization or similar
     proceeding of any Pledgor or any Subsidiary thereof at the rate provided
     for in the respective documentation, whether or not a claim for
     post-petition interest is allowed in any such proceeding), reimbursement
     obligations under Letters of Credit, fees, costs and indemnities) of such
     Pledgor owing to the Lender Creditors, whether now existing or hereafter
     incurred under, arising out of, or in connection with, each Credit Document
     to which such Pledgor is a party (including, in the case of each Pledgor
     that is a Guarantor, all such obligations, liabilities and indebtedness of
     such Pledgor under its Guaranty) and the due performance and compliance by
     such Pledgor with all of the terms, conditions and agreements contained in
     each such Credit Document (all such obligations, liabilities and
     indebtedness under this clause (i), except to the extent consisting of
     obligations, liabilities or indebtedness with respect to the Secured
     Hedging Agreements being herein collectively called the "Credit Document
     Obligations");

                                       2

          (ii) the full and prompt payment when due (whether at stated maturity,
     by acceleration or otherwise) of all obligations, liabilities and
     indebtedness (including, without limitation, all interest that accrues
     after the commencement of any case, proceeding or other action relating to
     the bankruptcy, insolvency, reorganization or similar proceeding of any
     Pledgor at the rate provided for in the respective documentation, whether
     or not a claim for post-petition interest is allowed in any such
     proceeding) owing by such Pledgor to the Other Creditors now existing or
     hereafter incurred under, arising out of or in connection with each Secured
     Hedging Agreement, whether such Secured Hedging Agreement is now in
     existence or hereinafter arising (including, in the case of a Pledgor that
     is a Guarantor, all obligations, liabilities and indebtedness of such
     Pledgor under its Guaranty in respect of each Secured Hedging Agreements),
     and the due performance and compliance by such Pledgor with all of the
     terms, conditions and agreements contained in each Secured Hedging
     Agreement (all such obligations, liabilities and indebtedness under this
     clause (ii) being herein collectively called the "Other Obligations");

          (iii) any and all sums advanced by the Pledgee in order to preserve
     the Collateral (as hereinafter defined) or preserve its security interest
     in the Collateral;

          (iv) in the event of any proceeding for the collection or enforcement
     of any indebtedness, obligations or liabilities of such Pledgor referred to
     in clauses (i) and (ii) above, after an Event of Default shall have
     occurred and be continuing, the reasonable expenses of retaking, holding,
     preparing for sale or lease, selling or otherwise disposing of or realizing
     on the Collateral, or of any exercise by the Pledgee of its rights
     hereunder, together with reasonable attorneys' fees and court costs;

          (v) all amounts paid by any Indemnitee as to which such Indemnitee has
     the right to reimbursement under Section 11 of this Agreement; and

          (vi) all amounts owing to any Agent or any of its affiliates pursuant
     to any of the Credit Documents in its capacity as such;

all such obligations, liabilities, indebtedness, sums and expenses set forth in
clauses (i) through (vi) of this Section 1 being herein collectively called the
"Obligations", it being acknowledged and agreed that the "Obligations" shall
include extensions of credit of the types described above, whether outstanding
on the date of this Agreement or extended from time to time after the date of
this Agreement.

          2. DEFINITIONS. (a) Unless otherwise defined herein, all capitalized
terms used herein and defined in the Credit Agreement shall be used herein as
therein defined. Reference to singular terms shall include the plural and vice
versa.

          (b) The following capitalized terms used herein shall have the
definitions specified below:

          "Administrative Agent" shall have the meaning set forth in the
recitals hereto.

                                       3

          "Adverse Claim" shall have the meaning given such term in Section
8-102(a)(1) of the UCC.

          "Agreement" shall have the meaning set forth in the first paragraph
hereof.

          "Borrowers" shall have the meaning set forth in the recitals hereto.

          "Canadian Borrower" shall have the meaning set forth in the recitals
hereto.

          "Certificated Security" shall have the meaning given such term in
Section 8-102(a)(4) of the UCC.

          "Clearing Corporation" shall have the meaning given such term in
Section 8-102(a)(5) of the UCC.

          "Collateral" shall have the meaning set forth in Section 3.1 hereof.

          "Collateral Accounts" shall mean any and all accounts established and
maintained by the Pledgee in the name of any Pledgor to which Collateral may be
credited.

          "Credit Agreement" shall have the meaning set forth in the recitals
hereto.

          "Credit Document Obligations" shall have the meaning set forth in
Section 1(i) hereof.

          "Domestic Corporation" shall have the meaning set forth in the
definition of "Stock."

          "Event of Default" shall mean any Event of Default under, and as
defined in, the Credit Agreement.

          "Excess Exempted Foreign Entity Voting Equity Interests" shall have
the meaning provided in Section 3.1.

          "Exempted Foreign Entity" shall mean any Foreign Corporation and any
limited liability company organized under the laws of a jurisdiction other than
the United States or any State or Territory thereof that, in any such case, is
treated as a corporation or an association taxable as a corporation for U.S.
Federal income tax purposes.

          "Financial Asset" shall have the meaning given such term in Section
8-102(a)(9) of the UCC; provided that, to the extent the term "Financial Asset"
as used herein includes, Stock, Partnership Interests or Limited Liability
Company Interests, such Equity Interests included within such term shall be
limited by the provisos of the respective definitions of, "Stock", "Partnership
Interests" or "Limited Liability Company Interests", as the case may be.

          "Foreign Corporation" shall have the meaning set forth in the
definition of "Stock".

          "Holdings" shall have the meaning set forth in the recitals hereto.

                                        4

          "Indemnitees" shall have the meaning set forth in Section 11 hereof.

          "Instrument" shall have the meaning given such term in Section
9-102(a)(47) of the UCC.

          "Investment Property" shall have the meaning given such term in
Section 9-102(a)(49) of the UCC; provided that, to the extent the term
"Investment Property" as used herein includes Stock, Partnership Interests or
Limited Liability Company Interests, such Equity Interests included within such
term shall be limited by the provisos of the respective definitions of "Stock",
"Partnership Interests" or "Limited Liability Company Interests", as the case
may be.

          "Lender Creditors" shall have the meaning set forth in the recitals
hereto.

          "Lenders" shall have the meaning set forth in the recitals hereto.

          "Limited Liability Company Assets" shall mean all assets, whether
tangible or intangible and whether real, personal or mixed (including, without
limitation, all limited liability company capital and interest in other limited
liability companies), at any time owned by any Pledgor or represented by any
Limited Liability Company Interest.

          "Limited Liability Company Interests" shall mean the entire limited
liability company membership interest at any time owned by any Pledgor in any
limited liability company; provided that the term "Limited Liability Company
Interest" shall not include any limited liability company membership interest in
(x) any limited liability company that is not a Subsidiary of any Pledgor and
(y) any other limited liability company to the extent (and only for so long as)
the limited liability company agreement or operating agreement for such other
limited liability company or applicable law prohibits the assignment of, or
granting of a security interest in, the limited liability company membership
interests of such limited liability company and such prohibitions are not
rendered invalid by Section 9-406 or Section 9-408 of the UCC, it being
understood and agreed, however, any such excluded other limited liability
company membership interest shall otherwise be subject to the security interests
created by this Agreement (and shall become a "Limited Liability Company
Interest" for all purposes of this Agreement) upon the receipt by such Pledgor
of any necessary approvals or waivers permitting the assignment thereof or the
granting of a security interest therein.

          "Location" of any Pledgor has the meaning given such term in Section
9-307 of the UCC.

          "Non-Voting Equity Interests" shall mean all Equity Interests of any
Person which are not Voting Equity Interests.

          "Notes" shall mean (x) all intercompany notes at any time issued to
each Pledgor and (y) all other promissory notes from time to time issued to, or
held by, each Pledgor.

          "Obligations" shall have the meaning set forth in Section 1 hereof.

          "Other Creditors" shall have the meaning set forth in the recitals
hereto.

                                        5

          "Other Obligations" shall have the meaning set forth in Section 1(ii)
hereof.

          "Partnership Assets" shall mean all assets, whether tangible or
intangible and whether real, personal or mixed (including, without limitation,
all partnership capital and interest in other partnerships), at any time owned
by any Pledgor or represented by any Partnership Interest.

          "Partnership Interest" shall mean the entire general partnership
interest or limited partnership interest at any time owned by any Pledgor in any
general partnership or limited partnership; provided that the term "Partnership
Interest" shall not include any partnership interest (general or limited) in (x)
any partnership that is not a Subsidiary of any Pledgor and (y) any other
partnership, to the extent (and only for so long as) the partnership agreement
for such other partnership or applicable law prohibits the assignment of, or
granting of a security interest in, the partnership interests of such
partnership and such prohibitions are not rendered invalid by Section 9-406 or
Section 9-408 of the UCC, it being understood and agreed, however, any such
excluded other partnership interest shall otherwise be subject to the security
interests created by this Agreement (and shall become a "Partnership Interest"
for all purposes of this Agreement) upon the receipt by such Pledgor of any
necessary approvals or waivers permitting the assignment thereof or the granting
of a security interest therein.

          "Pledged Notes" shall mean all Notes at any time pledged or required
to be pledged hereunder.

          "Pledgee" shall have the meaning set forth in the first paragraph
hereof.

          "Pledgor" shall have the meaning set forth in the first paragraph
hereof.

          "Proceeds" shall have the meaning given such term in Section
9-102(a)(64) of the UCC; provided that to the extent the term "Proceeds" as used
herein includes Stock, Partnership Interests or Limited Liability Company
Interests, such Equity Interests included within such term shall be limited by
the provisos of the respective definitions of "Stock", "Partnership Interests"
or "Limited Liability Company Interests", as the case may be.

          "Registered Organization" shall have the meaning given such term in
Section 9-102(a)(70) of the UCC.

          "Required Secured Creditors" shall have the meaning provided in the
U.S. Security Agreement.

          "Secured Creditors" shall have the meaning set forth in the recitals
hereto.

          "Secured Debt Agreements" shall mean and includes (x) this Agreement,
(y) the other Credit Documents and (z) the Secured Hedging Agreements.

          "Secured Hedging Agreements" shall have the meaning set forth in the
recitals hereto.

                                        6

          "Securities Account" shall have the meaning given such term in Section
8-501(a) of the UCC.

          "Securities Act" shall mean the Securities Act of 1933, as amended, as
in effect from time to time.

          "Securities Intermediary" shall have the meaning given such term in
Section 8-102(14) of the UCC.

          "Security" and "Securities" shall have the meaning given such term in
Section 8-102(a)(15) of the UCC and shall in any event also include all Stock
and all Notes; provided that to the extent the term "Security" or "Securities"
as used herein includes Stock, Partnership Interests or Limited Liability
Company Interests, such Equity Interests included within such term shall be
limited by the provisos of the respective definitions of "Stock", "Partnership
Interests" or "Limited Liability Company Interests", as the case may be.

          "Security Entitlement" shall have the meaning given such term in
Section 8-102(a)(17) of the UCC; provided that to the extent the term "Security
Entitlement" as used herein includes Stock, Partnership Interests or Limited
Liability Company Interests, such Equity Interests included within such term
shall be limited by the provisos of the respective definitions of "Stock",
"Partnership Interests" or "Limited Liability Company Interests", as the case
may be.

          "Stock" shall mean (x) with respect to corporations incorporated under
the laws of the United States or any State or territory thereof or the District
of Columbia (each, a "Domestic Corporation"), all of the issued and outstanding
shares of capital stock of any Domestic Corporation at any time owned by any
Pledgor and (y) with respect to corporations not Domestic Corporations (each, a
"Foreign Corporation"), all of the issued and outstanding shares of capital
stock of any Foreign Corporation at any time owned by any Pledgor; provided that
the term "Stock" shall not include any Stock in (x) a corporation that is not a
Subsidiary of any Pledgor and (y) any other corporation, to the extent (and only
for so long as) the joint venture or other shareholder agreement for such other
corporation or applicable law prohibits the assignment of, or granting of a
security interest in, the Stock of such other corporation and such prohibitions
are not rendered invalid by Section 9-406 or Section 9-408 of the UCC, it being
understood and agreed, however, any such Stock excluded pursuant to preceding
clause (y) shall otherwise be subject to the security interests created by this
Agreement (and shall become "Stock" for all purposes of this Agreement) upon the
receipt by such Pledgor of any necessary approvals or waivers permitting the
assignment thereof or the granting of a security interest therein.

          "Termination Date" shall have the meaning set forth in Section 20
hereof.

          "Transmitting Utility" has the meaning given such term in Section
9-102(a)(80) of the UCC.

          "UCC" shall mean the Uniform Commercial Code as in effect in the State
of New York from time to time; provided that all references herein to specific
Sections or subsections of the UCC are references to such Sections or
subsections, as the case may be, of the Uniform Commercial Code as in effect in
the State of New York on the date hereof.

                                       7

          "Uncertificated Security" shall have the meaning given such term in
Section 8-102(a)(18) of the UCC.

          "U.S. Borrower" shall have the meaning set forth in the recitals
hereto.

          "Voting Equity Interests" of any Person shall mean all classes of
Equity Interests of such Person entitled to vote.

          3. PLEDGE OF SECURITIES, ETC.

          3.1 Pledge. To secure the Obligations now or hereafter owed or to be
performed by such Pledgor (but subject to clause (x) of the proviso at the end
of this Section 3.1 in the case of Voting Equity Interests of Exempted Foreign
Entities pledged hereunder), each Pledgor does hereby grant, pledge and assign
to the Pledgee for the benefit of the Secured Creditors, and does hereby create
a continuing security interest (subject to those Liens permitted to exist with
respect to the Collateral pursuant to the terms of all Secured Debt Agreements
then in effect) in favor of the Pledgee for the benefit of the Secured Creditors
in, all of its right, title and interest in and to the following, whether now
existing or hereafter from time to time acquired (collectively, the
"Collateral"):

          (a) each of the Collateral Accounts (to the extent a security interest
     therein is not created pursuant to the U.S. Security Agreement), including
     any and all assets of whatever type or kind deposited by such Pledgor in
     any such Collateral Account, whether now owned or hereafter acquired,
     existing or arising, including, without limitation, all Financial Assets,
     Investment Property, monies, checks, drafts, Instruments, Securities or
     interests therein of any type or nature deposited or required by the Credit
     Agreement or any other Secured Debt Agreement to be deposited in such
     Collateral Account, and all investments and all certificates and other
     Instruments (including depository receipts, if any) from time to time
     representing or evidencing the same, and all dividends, interest,
     distributions, cash and other property from time to time received,
     receivable or otherwise distributed in respect of or in exchange for any or
     all of the foregoing;

          (b) all Securities owned or held by such Pledgor from time to time and
     all options and warrants owned by such Pledgor from time to time to
     purchase Securities;

          (c) all Limited Liability Company Interests owned by such Pledgor from
     time to time and all of its right, title and interest in each limited
     liability company to which each such Limited Liability Company Interest
     relates, whether now existing or hereafter acquired, including, without
     limitation, to the fullest extent permitted under the terms and provisions
     of the documents and agreements governing such Limited Liability Company
     Interests and applicable law:

               (A) all its capital therein and its interest in all profits,
          income, surpluses, losses, Limited Liability Company Assets and other
          distributions to which such Pledgor shall at any time be entitled in
          respect of such Limited Liability Company Interests;

                                       8

               (B) all other payments due or to become due to such Pledgor in
          respect of Limited Liability Company Interests, whether under any
          limited liability company agreement or otherwise, whether as
          contractual obligations, damages, insurance proceeds or otherwise;

               (C) all of its claims, rights, powers, privileges, authority,
          options, security interests, liens and remedies, if any, under any
          limited liability company agreement or operating agreement, or at law
          or otherwise in respect of such Limited Liability Company Interests;

               (D) all present and future claims, if any, of such Pledgor
          against any such limited liability company for monies loaned or
          advanced, for services rendered or otherwise;

               (E) all of such Pledgor's rights under any limited liability
          company agreement or operating agreement or at law to exercise and
          enforce every right, power, remedy, authority, option and privilege of
          such Pledgor relating to such Limited Liability Company Interests,
          including any power to terminate, cancel or modify any such limited
          liability company agreement or operating agreement, to execute any
          instruments and to take any and all other action on behalf of and in
          the name of such Pledgor in respect of such Limited Liability Company
          Interests and any such limited liability company, to make
          determinations, to exercise any election (including, but not limited
          to, election of remedies) or option or to give or receive any notice,
          consent, amendment, waiver or approval, together with full power and
          authority to demand, receive, enforce, collect or receipt for any of
          the foregoing or for any Limited Liability Company Asset, to enforce
          or execute any checks, or other instruments or orders, to file any
          claims and to take any action in connection with any of the foregoing;
          and

               (F) all other property hereafter delivered in substitution for or
          in addition to any of the foregoing, all certificates and instruments
          representing or evidencing such other property and all cash,
          securities, interest, dividends, rights and other property at any time
          and from time to time received, receivable or otherwise distributed in
          respect of or in exchange for any or all thereof;

          (d) all Partnership Interests owned by such Pledgor from time to time
     and all of its right, title and interest in each partnership to which each
     such Partnership Interest relates, whether now existing or hereafter
     acquired, including, without limitation, to the fullest extent permitted
     under the terms and provisions of the documents and agreements governing
     such Partnership Interests and applicable law:

               (A) all its capital therein and its interest in all profits,
          income, surpluses, losses, Partnership Assets and other distributions
          to which such Pledgor shall at any time be entitled in respect of such
          Partnership Interests;

                                       9

               (B) all other payments due or to become due to such Pledgor in
          respect of Partnership Interests, whether under any partnership
          agreement or otherwise, whether as contractual obligations, damages,
          insurance proceeds or otherwise;

               (C) all of its claims, rights, powers, privileges, authority,
          options, security interests, liens and remedies, if any, under any
          partnership agreement or operating agreement, or at law or otherwise
          in respect of such Partnership Interests;

               (D) all present and future claims, if any, of such Pledgor
          against any such partnership for monies loaned or advanced, for
          services rendered or otherwise;

               (E) all of such Pledgor's rights under any partnership agreement
          or operating agreement or at law to exercise and enforce every right,
          power, remedy, authority, option and privilege of such Pledgor
          relating to such Partnership Interests, including any power to
          terminate, cancel or modify any partnership agreement or operating
          agreement, to execute any instruments and to take any and all other
          action on behalf of and in the name of such Pledgor in respect of such
          Partnership Interests and any such partnership, to make
          determinations, to exercise any election (including, but not limited
          to, election of remedies) or option or to give or receive any notice,
          consent, amendment, waiver or approval, together with full power and
          authority to demand, receive, enforce, collect or receipt for any of
          the foregoing or for any Partnership Asset, to enforce or execute any
          checks, or other instruments or orders, to file any claims and to take
          any action in connection with any of the foregoing; and

               (F) all other property hereafter delivered in substitution for or
          in addition to any of the foregoing, all certificates and instruments
          representing or evidencing such other property and all cash,
          securities, interest, dividends, rights and other property at any time
          and from time to time received, receivable or otherwise distributed in
          respect of or in exchange for any or all thereof;

          (e) all Financial Assets and Investment Property owned by such Pledgor
     from time to time;

          (f) all Security Entitlements owned by such Pledgor from time to time
     in any and all of the foregoing; and

          (g) all Proceeds of any and all of the foregoing;

provided that (A) to the extent Voting Equity Interests of any Exempted Foreign
Entity is pledged hereunder which represents more than 65% of the total combined
voting power of all classes of Voting Equity Interests of the respective
Exempted Foreign Entity (with all Voting Equity Interests of the respective
Exempted Foreign Entity in excess of said 65% limit being herein called "Excess
Exempted Foreign Entity Equity Interests"), such Excess Exempted Foreign Entity
Equity Interests shall secure Obligations of the respective Pledgor only as a
guarantor of the Obligations of the Canadian Borrower, and shall not secure any
direct

                                       10

Obligations of the U.S. Borrower (or guarantees of such Obligations by the
respective Pledgor), (B) each Pledgor shall be required to pledge hereunder 100%
of the Non-Voting Equity Interests of each Exempted Foreign Entity at any time
and from time to time acquired by such Pledgor, which Non-Voting Equity
Interests shall not be subject to the limitations described in preceding clause
(A) and (C) no Pledgor shall be required at any time to pledge hereunder, and
the term "Collateral" shall not include, any rights or property (x) to the
extent that any valid and enforceable law, statute, rule, regulation, order or
directive of a governmental authority or agency applicable to such rights or
property, or any contractual obligations binding on such rights or property,
prohibits, restricts or requires the consent of a third party for, or would
result in the termination of such rights or property as a result of, the
creation of a security interest therein, except to the extent provided by
Sections 9-406, 9-407, 9-408 and 9-409 of the UCC (solely to the extent the UCC
is controlling) or (y) in director's qualifying shares, to the extent that a
Subsidiary of such Pledgor shall have been required by applicable law to issue
such director's qualifying shares, provided, further, that any such rights and
property described in clause (C)(x) of the preceding proviso shall be excluded
from the Collateral only to the extent and for so long as such prohibition,
restriction or third party consent requirement continues validly to prohibit,
restrict or require the consent of a third party for the creation of such
security interest, and upon the expiration, termination or other lifting of such
prohibition, restriction or third party consent requirement, such rights and
properties shall automatically be included in the Collateral, without further
action on the part of any Assignor, the Collateral Agent or any other Secured
Creditor.

          3.2 Procedures. (a) To the extent that any Pledgor at any time or from
time to time owns, acquires or obtains any right, title or interest in any
Collateral, such Collateral shall automatically (and without the taking of any
action by such Pledgor) be pledged pursuant to Section 3.1 of this Agreement
and, in addition thereto, such Pledgor shall (to the extent provided below)
promptly take the following actions as set forth below after it obtains such
Collateral, for the benefit of the Pledgee and the other Secured Creditors:

          (i) with respect to a Certificated Security (other than a Certificated
     Security credited on the books of a Clearing Corporation or Securities
     Intermediary), such Pledgor shall physically deliver such Certificated
     Security to the Pledgee, endorsed to the Pledgee or endorsed in blank;

          (ii) with respect to an Uncertificated Security (other than an
     Uncertificated Security credited on the books of a Clearing Corporation or
     Securities Intermediary), such Pledgor shall cause the issuer of such
     Uncertificated Security to duly authorize, execute, and deliver to the
     Pledgee, an agreement for the benefit of the Pledgee and the other Secured
     Creditors substantially in the form of Annex H hereto (appropriately
     completed to the satisfaction of the Pledgee and with such modifications,
     if any, as shall be satisfactory to the Pledgee) or in such other form as
     may be reasonably satisfactory to the Collateral Agent, pursuant to which
     such issuer agrees to comply with any and all instructions originated by
     the Pledgee without further consent by the registered owner and not to
     comply with instructions regarding such Uncertificated Security (and any
     Partnership Interests and Limited Liability Company Interests issued by
     such issuer) originated by any other Person other than a court of competent
     jurisdiction;

                                       11

          (iii) with respect to a Certificated Security, Uncertificated
     Security, Partnership Interest or Limited Liability Company Interest
     credited on the books of a Clearing Corporation or Securities Intermediary
     (including a Federal Reserve Bank, Participants Trust Company or The
     Depository Trust Company), such Pledgor shall promptly notify the Pledgee
     thereof and shall promptly take (x) all actions required (i) to comply with
     the applicable rules of such Clearing Corporation or Securities
     Intermediary and (ii) to perfect the security interest of the Pledgee under
     applicable law (including, in any event, under Sections 9-314(a), (b) and
     (c), 9-106 and 8-106(d) of the UCC) and (y) such other actions as the
     Pledgee deems necessary or, in the reasonable opinion of the Pledgee,
     advisable to effect the foregoing;

          (iv) with respect to a Partnership Interest or a Limited Liability
     Company Interest (other than a Partnership Interest or Limited Liability
     Company Interest credited on the books of a Clearing Corporation or
     Securities Intermediary), (1) if such Partnership Interest or Limited
     Liability Company Interest is represented by a certificate and is a
     Security for purposes of the UCC, the procedure set forth in Section
     3.2(a)(i) hereof, and (2) if such Partnership Interest or Limited Liability
     Company Interest is not represented by a certificate or is not a Security
     for purposes of the UCC, the procedure set forth in Section 3.2(a)(ii)
     hereof;

          (v) with respect to any Note, physical delivery of such Note to the
     Pledgee, endorsed in blank, or, at the request of the Pledgee, endorsed to
     the Pledgee; and

          (vi) with respect to cash proceeds from any of the Collateral
     described in Section 3.1 hereof, (i) establishment by the Pledgee of a cash
     account in the name of such Pledgor over which the Pledgee shall have
     "control" within the meaning of the UCC and at any time any Default or
     Event of Default is in existence no withdrawals or transfers may be made
     therefrom by any Person except with the prior written consent of the
     Pledgee and (ii) deposit of such cash in such cash account.

          (b) In addition to the actions required to be taken pursuant to
     Section 3.2(a) hereof, each Pledgor shall take the following additional
     actions with respect to the Collateral:

          (i) with respect to all Collateral of such Pledgor whereby or with
     respect to which the Pledgee may obtain "control" thereof within the
     meaning of Section 8-106 of the UCC (or under any provision of the UCC as
     same may be amended or supplemented from time to time, or under the laws of
     any relevant State other than the State of New York), such Pledgor shall
     take all actions as may be reasonably requested from time to time by the
     Pledgee so that "control" of such Collateral is obtained and at all times
     held by the Pledgee; and

          (ii) each Pledgor shall, at the reasonable request of Pledgee, from
     time to time cause appropriate financing statements (on appropriate forms)
     under the Uniform Commercial Code as in effect in the various relevant
     States, covering all Collateral hereunder (with the form of such financing
     statements to be reasonably satisfactory to the

                                       12

     Pledgee), to be filed in the relevant filing offices so that at all times
     the Pledgee's security interest in all Investment Property and other
     Collateral which can be perfected by the filing of such financing
     statements (in each case to the maximum extent perfection by filing may be
     obtained under the laws of the relevant States, including, without
     limitation, Section 9-312(a) of the UCC) is so perfected.

          3.3 Subsequently Acquired Collateral. If any Pledgor shall acquire (by
purchase, stock dividend, distribution or otherwise) any additional Collateral
at any time or from time to time after the date hereof, (i) such Collateral
shall automatically (and without any further action being required to be taken)
be subject to the pledge and security interests created pursuant to Section 3.1
hereof and, furthermore, such Pledgor will thereafter promptly take (or cause to
be taken) all action with respect to such Collateral in accordance with the
procedures set forth in Section 3.2 hereof, and will promptly thereafter deliver
to the Pledgee (i) a certificate executed by an authorized officer of such
Pledgor describing such Collateral and certifying that the same has been duly
pledged in favor of the Pledgee (for the benefit of the Secured Creditors)
hereunder and (ii) supplements to Annexes A through G hereto as are necessary to
cause such Annexes to be complete and accurate at such time.

          3.4 Transfer Taxes. Each pledge of Collateral under Section 3.1 or
Section 3.3 hereof shall be accompanied by any transfer tax stamps required in
connection with the pledge of such Collateral.

          3.5 Certain Representations and Warranties Regarding the Collateral.
Each Pledgor represents and warrants that on the date hereof: (i) each
Subsidiary of such Pledgor, and the direct ownership thereof, is listed in Annex
B hereto; (ii) the Stock (and any warrants or options to purchase Stock) held by
such Pledgor consists of the number and type of shares of the stock (or warrants
or options to purchase any stock) of the corporations as described in Annex C
hereto; (iii) such Stock referenced in clause (ii) of this paragraph constitutes
that percentage of the issued and outstanding capital stock of the issuing
corporation as is set forth in Annex C hereto; (iv) the Notes held by such
Pledgor consist of the promissory notes described in Annex D hereto where such
Pledgor is listed as the lender; (v) the Limited Liability Company Interests
held by such Pledgor consist of the number and type of interests of the Persons
described in Annex E hereto; (vi) each such Limited Liability Company Interest
referenced in clause (v) of this paragraph constitutes that percentage of the
issued and outstanding equity interest of the issuing Person as set forth in
Annex E hereto; (vii) the Partnership Interests held by such Pledgor consist of
the number and type of interests of the Persons described in Annex F hereto;
(viii) each such Partnership Interest referenced in clause (vii) of this
paragraph constitutes that percentage or portion of the entire partnership
interest of the Partnership as set forth in Annex F hereto; (ix) the exact
address of each chief executive office of such Pledgor is listed on Annex G
hereto; (x) the Pledgor has complied with the respective procedure set forth in
Section 3.2(a) hereof with respect to each item of Collateral described in
Annexes C through F hereto; and (xi) on the date hereof, such Pledgor owns no
other Securities, Stock, Notes, Limited Liability Company Interests or
Partnership Interests which are required to be pledged under Section 3.1 hereof.

          4. APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC. The Pledgee shall
have the right to appoint one or more sub-agents for the purpose of retaining
physical

                                       13

possession of the Collateral, which may be held (in the discretion of the
Pledgee) in the name of the relevant Pledgor, endorsed or assigned in blank or
in favor of the Pledgee or any nominee or nominees of the Pledgee or a sub-agent
appointed by the Pledgee.

          5. VOTING, ETC., WHILE NO EVENT OF DEFAULT. Unless and until there
shall have occurred and be continuing a Noticed Event of Default, each Pledgor
shall be entitled to exercise any and all voting and other consensual rights
pertaining to the Collateral owned by it, and to give consents, waivers or
ratifications in respect thereof; provided that, in each case, no vote shall be
cast or any consent, waiver or ratification given or any action taken or omitted
to be taken in any manner that could materially and adversely affect the rights
inuring to a holder of any Collateral or the rights and remedies of any of the
Pledgee or the Secured Creditors under this Agreement or the Credit Agreement or
any other Credit Document or the ability of the Secured Creditors to exercise
the same. All such rights of each Pledgor to vote and to give consents, waivers
and ratifications shall cease in case a Noticed Event of Default has occurred
and is continuing, and Section 7 hereof shall become applicable. As used herein,
a "Noticed Event of Default" shall mean (i) an Event of Default with respect to
any Assignor under clause (h), (i) or (j) of Section 11 of the Credit Agreement
and (ii) any other Event of Default in respect to which the Collateral Agent has
given the U.S. Borrower notice that such Event of Default constitutes a "Noticed
Event of Default".

          6. DIVIDENDS AND OTHER DISTRIBUTIONS. Unless and until there shall
have occurred and be continuing a Noticed Event of Default, all cash dividends,
cash distributions, cash Proceeds and other cash amounts payable in respect of
the Collateral shall be paid to the respective Pledgor. The Pledgee shall be
entitled to receive directly, and to retain as part of the Collateral:

          (i) all other or additional stock, notes, certificates, limited
     liability company interests, partnership interests, instruments or other
     securities or property (including, but not limited to, cash dividends other
     than as set forth above) paid or distributed by way of dividend or
     otherwise in respect of the Collateral;

          (ii) all other or additional stock, notes, certificates, limited
     liability company interests, partnership interests, instruments or other
     securities or property (including, but not limited to, cash (although such
     cash may be paid directly to the respective Pledgor so long as no Event of
     Default then exists)) paid or distributed in respect of the Collateral by
     way of stock-split, spin-off, split-up, reclassification, combination of
     shares or similar rearrangement; and

          (iii) all other or additional stock, notes, certificates, limited
     liability company interests, partnership interests, instruments or other
     securities or property (including, but not limited to, cash) which may be
     paid in respect of the Collateral by reason of any consolidation, merger,
     exchange of stock, conveyance of assets, liquidation or similar corporate
     or other reorganization.

Nothing contained in this Section 6 shall limit or restrict in any way the
Pledgee's right to receive the proceeds of the Collateral in any form in
accordance with Section 3 of this Agreement. All dividends, distributions or
other payments which are received by any Pledgor

                                       14

contrary to the provisions of this Section 6 or Section 7 hereof shall be
received in trust for the benefit of the Pledgee, shall be segregated from other
property or funds of such Pledgor and shall be forthwith paid over to the
Pledgee as Collateral in the same form as so received (with any necessary
endorsement).

          7. REMEDIES IN CASE OF AN EVENT OF DEFAULT. (a) If there shall have
occurred and be continuing a Noticed Event of Default, then and in every such
case, the Pledgee shall be entitled to exercise all of the rights, powers and
remedies (whether vested in it by this Agreement, any other Secured Debt
Agreement or by law) for the protection and enforcement of its rights in respect
of the Collateral, and the Pledgee shall be entitled to exercise all the rights
and remedies of a secured party under the UCC as in effect in any relevant
jurisdiction and also shall be entitled, without limitation, to exercise the
following rights, which each Pledgor hereby agrees to be commercially
reasonable:

          (i) to receive all amounts payable in respect of the Collateral
     otherwise payable under Section 6 hereof to the respective Pledgor;

          (ii) to transfer all or any part of the Collateral into the Pledgee's
     name or the name of its nominee or nominees;

          (iii) to accelerate any Pledged Note which may be accelerated in
     accordance with its terms, and take any other lawful action to collect upon
     any Pledged Note (including, without limitation, to make any demand for
     payment thereon);

          (iv) to vote (and exercise all rights and powers in respect of voting)
     all or any part of the Collateral (whether or not transferred into the name
     of the Pledgee) and give all consents, waivers and ratifications in respect
     of the Collateral and otherwise act with respect thereto as though it were
     the outright owner thereof (each Pledgor hereby irrevocably constituting
     and appointing the Pledgee the proxy and attorney-in-fact of such Pledgor,
     with full power of substitution to do so);

          (v) at any time and from time to time to sell, assign and deliver, or
     grant options to purchase, all or any part of the Collateral, or any
     interest therein, at any public or private sale, without demand of
     performance, advertisement or, notice of intention to sell or of the time
     or place of sale or adjournment thereof or to redeem or otherwise purchase
     or dispose (all of which are hereby waived by each Pledgor), for cash, on
     credit or for other property, for immediate or future delivery without any
     assumption of credit risk, and for such price or prices and on such terms
     as the Pledgee in its absolute discretion may determine, provided at least
     10 days' written notice of the time and place of any such sale shall be
     given to the respective Pledgor. The Pledgee shall not be obligated to make
     any such sale of Collateral regardless of whether any such notice of sale
     has theretofore been given. Each Pledgor hereby waives and releases to the
     fullest extent permitted by law any right or equity of redemption with
     respect to the Collateral, whether before or after sale hereunder, and all
     rights, if any, of marshalling the Collateral and any other security or the
     Obligations or otherwise. At any such sale, unless prohibited by applicable
     law, the Pledgee on behalf of the Secured Creditors may bid for and
     purchase all or any part of the Collateral so sold free from any such right
     or equity of

                                       15

     redemption. Neither the Pledgee nor any other Secured Creditor shall be
     liable for failure to collect or realize upon any or all of the Collateral
     or for any delay in so doing nor shall any of them be under any obligation
     to take any action whatsoever with regard thereto; and

          (vi) to set off any and all Collateral against any and all
     Obligations, and to withdraw any and all cash or other Collateral from any
     and all Collateral Accounts and to apply such cash and other Collateral to
     the payment of any and all Obligations.

          (b) After all Events of Default have been cured or waived and the U.S.
     Borrower has delivered to the Collateral Agent a certificate to that
     effect, unless the Pledgee has received notice from any Lender that an
     Event of Default has occurred and is then continuing, each Pledgor shall
     have the right to exercise the voting rights and powers that such Pledgor
     would otherwise be entitled to exercise pursuant to the terms of Section 6
     hereof.

          8. REMEDIES, CUMULATIVE, ETC. Each and every right, power and remedy
of the Pledgee provided for in this Agreement or in any other Secured Debt
Agreement, or now or hereafter existing at law or in equity or by statute shall
be cumulative and concurrent and shall be in addition to every other such right,
power or remedy. The exercise or beginning of the exercise by the Pledgee or any
other Secured Creditor of any one or more of the rights, powers or remedies
provided for in this Agreement or any other Secured Debt Agreement or now or
hereafter existing at law or in equity or by statute or otherwise shall not
preclude the simultaneous or later exercise by the Pledgee or any other Secured
Creditor of all such other rights, powers or remedies, and no failure or delay
on the part of the Pledgee or any other Secured Creditor to exercise any such
right, power or remedy shall operate as a waiver thereof. No notice to or demand
on any Pledgor in any case shall entitle it to any other or further notice or
demand in similar or other circumstances or constitute a waiver of any of the
rights of the Pledgee or any other Secured Creditor to any other or further
action in any circumstances without notice or demand. The Secured Creditors
agree that this Agreement may be enforced only by the action of the Pledgee, in
each case, acting upon the instructions of the Required Secured Creditors, and
that no other Secured Creditor shall have any right individually to seek to
enforce or to enforce this Agreement or to realize upon the security to be
granted hereby, it being understood and agreed that such rights and remedies may
be exercised by the Pledgee for the benefit of the Secured Creditors upon the
terms of this Agreement and the U.S. Security Agreement.

          9. APPLICATION OF PROCEEDS. (a) All monies collected by the Pledgee
upon any sale or other disposition of the Collateral pursuant to the terms of
this Agreement, together with all other monies received by the Pledgee
hereunder, shall be applied in the manner provided in the U.S. Security
Agreement.

          (b) It is understood and agreed that each Pledgor shall remain jointly
and severally liable with respect to its Obligations to the extent of any
deficiency between the amount of the proceeds of the Collateral pledged by it
hereunder and the aggregate amount of such Obligations.

                                       16

          10. PURCHASERS OF COLLATERAL. Upon any sale of the Collateral by the
Pledgee hereunder (whether by virtue of the power of sale herein granted,
pursuant to judicial process or otherwise), the receipt of the Pledgee or the
officer making such sale shall be a sufficient discharge to the purchaser or
purchasers of the Collateral so sold, and such purchaser or purchasers shall not
be obligated to see to the application of any part of the purchase money paid
over to the Pledgee or such officer or be answerable in any way for the
misapplication or nonapplication thereof.

          11. INDEMNITY. Each Pledgor jointly and severally agrees (i) to
indemnify, reimburse and hold harmless the Pledgee and each other Secured
Creditor and their respective successors, assigns, employees, agents and
affiliates (individually an "Indemnitee", and collectively, the "Indemnitees")
from and against any and all obligations, damages, injuries, penalties, claims,
demands, losses, judgments and liabilities (including, without limitation,
liabilities for penalties) of whatsoever kind or nature, and (ii) to reimburse
each Indemnitee for all reasonable costs, expenses and disbursements, including
reasonable attorneys' fees and expenses, in each case arising out of or
resulting from this Agreement or the exercise by any Indemnitee of any right or
remedy granted to it hereunder or under any other Secured Debt Agreement (but
excluding any obligations, damages, injuries, penalties, claims, demands,
losses, judgments and liabilities (including, without limitation, liabilities
for penalties) or expenses of whatsoever kind or nature to the extent incurred
or arising by reason of gross negligence or willful misconduct of such
Indemnitee (as determined by a court of competent jurisdiction)). In no event
shall the Pledgee hereunder be liable, in the absence of gross negligence or
willful misconduct on its part (as determined by a court of competent
jurisdiction), for any matter or thing in connection with this Agreement other
than to account for monies or other property actually received by it in
accordance with the terms hereof. If and to the extent that the obligations of
any Pledgor under this Section 11 are unenforceable for any reason, such Pledgor
hereby agrees to make the maximum contribution to the payment and satisfaction
of such obligations which is permissible under applicable law. The indemnity
obligations of each Pledgor contained in this Section 11 shall continue in full
force and effect notwithstanding the full payment of all the Notes issued under
the Credit Agreement, the termination of all Secured Hedging Agreements and
Letters of Credit, the payment of all other Obligations and the discharge
thereof, and the occurrence of the Termination Date.

          12. PLEDGEE NOT A PARTNER OR LIMITED LIABILITY COMPANY MEMBER. (a)
Nothing herein shall be construed to make the Pledgee or any other Secured
Creditor liable as a member of any limited liability company or as a partner of
any partnership and neither the Pledgee nor any other Secured Creditor by virtue
of this Agreement or otherwise (except as referred to in the following sentence)
shall have any of the duties, obligations or liabilities of a member of any
limited liability company or as a partner in any partnership. The parties hereto
expressly agree that, unless the Pledgee shall become the absolute owner of
Collateral consisting of a Limited Liability Company Interest or a Partnership
Interest pursuant hereto, this Agreement shall not be construed as creating a
partnership or joint venture among the Pledgee, any other Secured Creditor, any
Pledgor and/or any other Person.

          (b) Except as provided in the last sentence of paragraph (a) of this
Section 12, the Pledgee, by accepting this Agreement, did not intend to become a
member of any limited liability company or a partner of any partnership or
otherwise be deemed to be a co-venturer with

                                       17

respect to any Pledgor, any limited liability company, partnership and/or any
other Person either before or after an Event of Default shall have occurred. The
Pledgee shall have only those powers set forth herein and the Secured Creditors
shall assume none of the duties, obligations or liabilities of a member of any
limited liability company or as a partner of any partnership or any Pledgor
except as provided in the last sentence of paragraph (a) of this Section 12.

          (c) The Pledgee and the other Secured Creditors shall not be obligated
to perform or discharge any obligation of any Pledgor as a result of the pledge
hereby effected.

          (d) The acceptance by the Pledgee of this Agreement, with all the
rights, powers, privileges and authority so created, shall not at any time or in
any event obligate the Pledgee or any other Secured Creditor to appear in or
defend any action or proceeding relating to the Collateral to which it is not a
party, or to take any action hereunder or thereunder, or to expend any money or
incur any expenses or perform or discharge any obligation, duty or liability
under the Collateral.

          13. FURTHER ASSURANCES; POWER-OF-ATTORNEY. (a) Each Pledgor agrees
that, at the reasonable request of Pledgee, it will join with the Pledgee in
executing and, at such Pledgor's own expense, file and refile under the UCC or
other applicable law such financing statements, continuation statements and
other documents, in form reasonably acceptable to the Pledgee, in such offices
as the Pledgee (acting on its own or on the instructions of the Required Secured
Creditors) may reasonably deem necessary or appropriate and wherever required or
permitted by law in order to perfect and preserve the Pledgee's security
interest in the Collateral hereunder and hereby authorizes the Pledgee to file
financing statements and amendments thereto relative to all or any part of the
Collateral (including, without limitation, (x) financing statements which list
the Collateral specifically and/or "all assets" as collateral and (y) "in lieu
of" financing statements) without the signature of such Pledgor where permitted
by law, and agrees to do such further acts and things and to execute and deliver
to the Pledgee such additional conveyances, assignments, agreements and
instruments as the Pledgee may reasonably require or deem, in its reasonable
opinion, advisable to carry into effect the purposes of this Agreement or to
further assure and confirm unto the Pledgee its rights, powers and remedies
hereunder or thereunder.

          (b) Each Pledgor hereby constitutes and appoints the Pledgee its true
and lawful attorney-in-fact, irrevocably, with full authority in the place and
stead of such Pledgor and in the name of such Pledgor or otherwise, from time to
time after the occurrence and during the continuance of an Event of Default, in
the Pledgee's discretion, to act, require, demand, receive and give acquittance
for any and all monies and claims for monies due or to become due to such
Pledgor under or arising out of the Collateral, to endorse any checks or other
instruments or orders in connection therewith and to file any claims or take any
action or institute any proceedings and to execute any instrument which the
Pledgee may deem necessary or, in its reasonable opinion, advisable to
accomplish the purposes of this Agreement, which appointment as attorney is
coupled with an interest.

          14. THE PLEDGEE AS COLLATERAL AGENT. The Pledgee will hold in
accordance with this Agreement all items of the Collateral at any time received
under this Agreement. It is expressly understood, acknowledged and agreed by
each Secured Creditor that

                                       18

by accepting the benefits of this Agreement each such Secured Creditor
acknowledges and agrees that the obligations of the Pledgee as holder of the
Collateral and interests therein and with respect to the disposition thereof,
and otherwise under this Agreement, are only those expressly set forth in this
Agreement and in Section 12 of the Credit Agreement. The Pledgee shall act
hereunder on the terms and conditions set forth herein and in Section 12 of the
Credit Agreement.

          15. TRANSFER BY THE PLEDGORS. Except as permitted (i) prior to the
date all Credit Document Obligations have been paid in full and all Commitments
under the Credit Agreement have been terminated, pursuant to the Credit
Agreement, and (ii) thereafter, pursuant to the other Secured Debt Agreements,
no Pledgor will sell or otherwise dispose of, grant any option with respect to,
or mortgage, pledge or otherwise encumber any of the Collateral or any interest
therein.

          16. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGORS. (a)
Each Pledgor represents, warrants and covenants as to itself and each of its
Subsidiaries that:

          (i) it is the legal, beneficial and record owner of, and has good and
     marketable title to, all of its Collateral consisting of one or more
     Securities, Partnership Interests and Limited Liability Company Interests
     and that it has sufficient interest in all of its Collateral in which a
     security interest is purported to be created hereunder for such security
     interest to attach (subject, in each case, to no pledge, lien, mortgage,
     hypothecation, security interest, charge, option, Adverse Claim or other
     encumbrance whatsoever, except the liens and security interests created by
     this Agreement or permitted under the Secured Debt Agreements);

          (ii) it has full power, authority and legal right to pledge all the
     Collateral pledged by it pursuant to this Agreement;

          (iii) this Agreement has been duly authorized, executed and delivered
     by such Pledgor and constitutes a legal, valid and binding obligation of
     such Pledgor enforceable against such Pledgor in accordance with its terms,
     subject to (A) the effects of bankruptcy, insolvency, fraudulent
     conveyance, reorganization, moratorium and other similar laws relating to
     or affecting creditors' rights generally, (B) general equitable principles
     (whether considered in a proceeding in equity or at law), (C) an implied
     covenant of good faith and fair dealing and (D) as it relates to the pledge
     of any capital stock of Foreign Subsidiaries of the U.S. Borrower, the
     effects of the possible judicial application of foreign laws or foreign
     governmental or judicial action affecting creditors' rights;

          (iv) except to the extent already obtained or made, no consent of any
     other party (including, without limitation, any stockholder, partner,
     member or creditor of such Pledgor or any of its Subsidiaries) and no
     consent, license, permit, approval or authorization of, exemption by,
     notice or report to, or registration, filing or declaration with, any U.S.
     Governmental Authority is required to be obtained by such Pledgor in
     connection with (a) the execution, delivery or performance of this
     Agreement by such

                                       19

     Pledgor, (b) the validity or enforceability of this Agreement against such
     Pledgor (except as set forth in clause (iii) above), (c) the perfection or
     enforceability of the Pledgee's security interest in such Pledgor's
     Collateral or (d) except for compliance with or as may be required by
     applicable securities laws, the exercise by the Pledgee of any of its
     rights or remedies provided herein;

          (v) neither the execution, delivery or performance by such Pledgor of
     this Agreement or any other Secured Debt Agreement to which it is a party,
     nor compliance by it with the terms and provisions hereof and thereof nor
     the consummation of the transactions contemplated therein: (i) will
     contravene any provision of any applicable domestic law, statute, rule or
     regulation, or any applicable domestic order, writ, injunction or decree of
     any court, arbitrator or governmental instrumentality, applicable to such
     Pledgor; (ii) will conflict with or result in any breach of any of the
     terms, covenants, conditions or provisions of, or constitute a default
     under, or result in the creation or imposition of (or the obligation to
     create or impose) any Lien (except pursuant to the Security Documents) upon
     any of the properties or assets of such Pledgor or any of its Subsidiaries
     pursuant to the terms of any indenture, credit agreement, loan agreement or
     any other material agreement, material contract or other material
     instrument to which such Pledgor or any of its Subsidiaries is a party or
     is otherwise bound, or by which it or any of its properties or assets is
     bound or to which it may be subject; or (iii) will violate any provision of
     the certificate of incorporation, by-laws, certificate of partnership,
     partnership agreement, certificate of formation or limited liability
     company agreement (or equivalent organizational documents), as the case may
     be, of such Pledgor or any of its Subsidiaries;

          (vi) all of such Pledgor's Collateral (consisting of Securities,
     Limited Liability Company Interests and Partnership Interests, but with
     respect to Pledged Notes issued by a person that is not a Subsidiary of
     Holdings or an Affiliate of any such Subsidiary, to the best of each
     Pledgor's knowledge) has been duly and validly issued, is fully paid and
     non-assessable and is subject to no options to purchase or similar rights;

          (vii) each of such Pledgor's Pledged Notes (solely with respect to
     Pledged Notes issued by a person that is not a Subsidiary of Holdings or an
     Affiliate of any such Subsidiary, to the best of each Pledgor's knowledge)
     constitutes, or when executed by the obligor thereof will constitute, the
     legal, valid and binding obligation of such obligor, enforceable in
     accordance with its terms, except to the extent that the enforceability
     thereof may be limited by applicable bankruptcy, insolvency,
     reorganization, moratorium or other similar laws affecting creditors'
     rights generally and by general equitable principles (regardless of whether
     enforcement is sought in equity or at law);

          (viii) the pledge, collateral assignment and delivery to the Pledgee
     of such Pledgor's Collateral consisting of Certificated Securities and
     Pledged Notes pursuant to this Agreement creates a valid and perfected
     first priority security interest in such Certificated Securities and
     Pledged Notes, and the proceeds thereof to the extent the creation and
     perfection of the security interest therein is governed by the UCC or other
     applicable domestic laws, subject to no prior Lien or encumbrance or to any
     agreement purporting to grant to any third party a Lien or encumbrance on
     the property or assets of

                                       20

     such Pledgor which would include the Securities (other than the liens and
     security interests permitted under the Secured Debt Agreements then in
     effect) and the Pledgee is entitled to all the rights, priorities and
     benefits afforded by the UCC or other relevant law as enacted in any
     relevant jurisdiction to perfect security interests in respect of such
     Collateral; and

          (ix) "control" (as defined in Section 8-106 of the UCC) has been
     obtained by the Pledgee over all of such Pledgor's Collateral consisting of
     Securities (including, without limitation, Notes which are Securities) with
     respect to which such "control" may be obtained pursuant to Section 8-106
     of the UCC, except to the extent that the obligation of the applicable
     Pledgor to provide the Pledgee with "control" of such Collateral has not
     yet arisen under this Agreement; provided that in the case of the Pledgee
     obtaining "control" over Collateral consisting of a Security Entitlement,
     such Pledgor shall have taken all steps in its control so that the Pledgee
     obtains "control" over such Security Entitlement.

          (b) Each Pledgor covenants and agrees that it will defend the
Pledgee's right, title and security interest in and to such Pledgor's Collateral
and the proceeds thereof against the claims and demands of all persons
whomsoever; and each Pledgor covenants and agrees that it will have like title
to and right to pledge any other property at any time hereafter pledged to the
Pledgee by such Pledgor as Collateral hereunder and will likewise defend the
right thereto and security interest therein of the Pledgee and the other Secured
Creditors.

          (c) Each Pledgor covenants and agrees that it will take no action
which would violate any of the terms of any Secured Debt Agreement.

          17. LEGAL NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED
ORGANIZATION AND/OR A TRANSMITTING UTILITY); JURISDICTION OF ORGANIZATION;
LOCATION; ORGANIZATIONAL IDENTIFICATION NUMBERS; CHANGES THERETO; ETC. The exact
legal name of each Pledgor, the type of organization of such Pledgor, whether or
not such Pledgor is a Registered Organization, the jurisdiction of organization
of such Pledgor, such Pledgor's Location, the organizational identification
number (if any) of such Pledgor, and whether or not such Pledgor is a
Transmitting Utility, is listed on Annex A hereto for such Pledgor. No Pledgor
shall change its legal name, its type of organization, its status as a
Registered Organization (in the case of a Registered Organization), its status
as a Transmitting Utility or as a Person which is not a Transmitting Utility, as
the case may be, its jurisdiction of organization, its Location, or its
organizational identification number (if any), except that any such changes
shall be permitted (so long as not in violation of the applicable requirements
of the Secured Debt Agreements and so long as same do not involve (x) a
Registered Organization ceasing to constitute same or (y) any Pledgor changing
its jurisdiction of organization or Location from the United States or a State
thereof to a jurisdiction of organization or Location, as the case may be,
outside the United States or a State thereof) if (i) it shall have given to the
Collateral Agent not less than 15 days' prior written notice of each change to
the information listed on Annex A (as adjusted for any subsequent changes
thereto previously made in accordance with this sentence), together with a
supplement to Annex A which shall correct all information contained therein for
such Pledgor, and (ii) in connection with the respective such change or changes,
it shall have taken all action reasonably requested by the

                                       21

Collateral Agent to maintain the security interests of the Collateral Agent in
the Collateral intended to be granted hereby at all times fully perfected and in
full force and effect. In addition, to the extent that any Pledgor does not have
an organizational identification number on the date hereof and later obtains
one, such Pledgor shall promptly thereafter deliver a notification of the
Collateral Agent of such organizational identification number and shall take all
actions reasonably satisfactory to the Collateral Agent to the extent necessary
to maintain the security interest of the Collateral Agent in the Collateral
intended to be granted hereby fully perfected and in full force and effect.

          18. PLEDGORS' OBLIGATIONS ABSOLUTE, ETC. The obligations of each
Pledgor under this Agreement shall be absolute and unconditional and shall
remain in full force and effect without regard to, and shall not be released,
suspended, discharged, terminated or otherwise affected by, any circumstance or
occurrence whatsoever (other than termination of this Agreement pursuant to
Section 20 hereof), including, without limitation:

          (i) any renewal, extension, amendment or modification of, or addition
     or supplement to or deletion from any Secured Debt Agreement (other than
     this Agreement in accordance with its terms), or any other instrument or
     agreement referred to therein, or any assignment or transfer of any
     thereof;

          (ii) any waiver, consent, extension, indulgence or other action or
     inaction under or in respect of any such agreement or instrument including,
     without limitation, this Agreement (other than a waiver, consent or
     extension with respect to this Agreement in accordance with its terms);

          (iii) any furnishing of any additional security to the Pledgee or its
     assignee or any acceptance thereof or any release of any security by the
     Pledgee or its assignee;

          (iv) any limitation on any party's liability or obligations under any
     such instrument or agreement or any invalidity or unenforceability, in
     whole or in part, of any such instrument or agreement or any term thereof;
     or

          (v) any bankruptcy, insolvency, reorganization, composition,
     adjustment, dissolution, liquidation or other like proceeding relating to
     any Pledgor or any Subsidiary of any Pledgor, or any action taken with
     respect to this Agreement by any trustee or receiver, or by any court, in
     any such proceeding, whether or not such Pledgor shall have notice or
     knowledge of any of the foregoing.

          19. SALE OF COLLATERAL WITHOUT REGISTRATION. If at any time when the
Pledgee shall determine to exercise its right to sell all or any part of the
Collateral consisting of Securities, Limited Liability Company Interests or
Partnership Interests pursuant to Section 7 hereof, and such Collateral or the
part thereof to be sold shall not, for any reason whatsoever, be effectively
registered under the Securities Act, as then in effect, the Pledgee may, in its
sole and absolute discretion, sell such Collateral or part thereof by private
sale in such manner and under such circumstances as the Pledgee may deem
necessary or, in its reasonable opinion, advisable in order that such sale may
legally be effected without such registration. Without limiting the generality
of the foregoing, in any such event the Pledgee, in its sole and

                                       22

absolute discretion (i) may proceed to make such private sale notwithstanding
that a registration statement for the purpose of registering such Collateral or
part thereof shall have been filed under such Securities Act, (ii) may approach
and negotiate with a single possible purchaser to effect such sale, and (iii)
may restrict such sale to a purchaser who will represent and agree that such
purchaser is purchasing for its own account, for investment, and not with a view
to the distribution or sale of such Collateral or part thereof. In the event of
any such sale, the Pledgee shall incur no responsibility or liability for
selling all or any part of the Collateral at a price which the Pledgee, in its
sole and absolute discretion, may in good faith deem reasonable under the
circumstances, notwithstanding the possibility that a substantially higher price
might be realized if the sale were deferred until the registration as aforesaid.

          20. TERMINATION; RELEASE. (a) On the Termination Date (as defined
below), this Agreement shall terminate and the security interests granted hereby
shall be released automatically (provided that all indemnities set forth herein
including, without limitation, in Section 11 hereof shall survive any such
termination) and the Pledgee, at the request and expense of such Pledgor, will
execute and deliver to such Pledgor a proper instrument or instruments
(including UCC termination statements) acknowledging the satisfaction and
termination of this Agreement (including, without limitation, UCC termination
statements and instruments of satisfaction, discharge and/or reconveyance), and
will assign, transfer and deliver to such Pledgor (without recourse and without
any representation or warranty) such of the Collateral as may be in the
possession of the Pledgee or any of its sub-agents hereunder and as has not
theretofore been sold or otherwise applied or released pursuant to this
Agreement, together with any moneys at the time held by the Pledgee or any of
its sub-agents hereunder and, with respect to any Collateral consisting of an
Uncertificated Security, a Partnership Interest or a Limited Liability Company
Interest (other than an Uncertificated Security, Partnership Interest or Limited
Liability Company Interest credited on the books of a Clearing Corporation or
Securities Intermediary), a termination of the agreement relating thereto
executed and delivered by the issuer of such Uncertificated Security pursuant to
Section 3.2(a)(ii) or by the respective partnership or limited liability company
pursuant to Section 3.2(a)(iv)(2). As used in this Agreement, "Termination Date"
shall mean the date upon which the Commitments under the Credit Agreement have
been terminated, no Letter of Credit or Note (as defined in the Credit
Agreement) is outstanding (and all Loans have been paid in full), all Letters of
Credit have been terminated, and all other Credit Document Obligations (other
than indemnities described in Section 11 hereof and described in Section 13.01
of the Credit Agreement, and any other indemnities set forth in any other
Security Documents, in each case which are not then due and payable) then due
and payable have been paid in full.

          (b) In the event that any part of the Collateral is sold or otherwise
disposed of (to a Person other than a Credit Party) at any time prior to the
time at which all Credit Document Obligations have been paid in full and all
Commitments and Letters of Credit under the Credit Agreement have been
terminated, in connection with a sale or disposition permitted by Section 10.05
of the Credit Agreement or is otherwise released at the direction of the
Required Lenders (or all the Lenders if required by Section 13.12 of the Credit
Agreement), the proceeds of such sale or disposition (or from such release) are
applied in accordance with the terms of the Credit Agreement to the extent
required to be so applied, such Collateral shall be automatically released from
the security interest granted hereunder and the Pledgee, at the request and
expense of such Pledgor, will execute and deliver such documentation (including
termination or partial release

                                       23

statements and the like in connection therewith) and assign, transfer and
deliver to such Pledgor (without recourse and without any representation or
warranty) such of the Collateral as is then being (or has been) so sold or
released and as may be in the possession of the Pledgee (or, in the case of
Collateral held by any sub-agent designated pursuant to Section 4 hereto, such
sub-agent) and has not theretofore been released pursuant to this Agreement.
Furthermore, upon the release of any U.S. Subsidiary Guarantor from the U.S.
Subsidiaries Guaranty in accordance with the provisions thereof, such Pledgor
(and the Collateral at such time assigned by the respective Pledgor pursuant
hereto) shall be automatically released from this Agreement.

          (c) At any time that any Pledgor desires that the Pledgee execute and
deliver any release documentation as provided in the foregoing Section 20(a) or
(b), such Pledgor shall deliver to the Pledgee (and the relevant sub-agent, if
any, designated pursuant to Section 4 hereof) a certificate signed by an
authorized officer of such Pledgor stating that the release of the respective
Collateral is permitted pursuant to Section 20(a) or (b) hereof. At any time
that the U.S. Borrower or the respective Pledgor desires that the Pledgee
execute and deliver any release documentation in connection with the release of
a Subsidiary of the U.S. Borrower which has been released from the U.S.
Subsidiaries Guaranty as provided in the penultimate sentence of Section 20(b),
it shall deliver to the Pledgee a certificate signed by an officer of the U.S.
Borrower and the respective Pledgor stating that the release of the respective
Pledgor (and its Collateral) is permitted pursuant to such Section 20(b).

          (d) The Pledgee shall have no liability whatsoever to any other
Secured Creditor as the result of any release of Collateral by it in accordance
with (or which the Collateral Agent believes to be in accordance with) this
Section 20.

          21. NOTICES, ETC. Except as otherwise specified herein, all notices,
requests, demands or other communications to or upon the respective parties
hereto shall be sent or delivered by mail, telecopy or courier service and all
such notices and communications shall, when mailed, telecopied or sent by
courier, be effective when deposited in the mails or delivered to the overnight
courier, as the case may be, or sent by telecopier, except that notices and
communications to the Pledgee or any Pledgor shall not be effective until
received by the Pledgee or such Pledgor, as the case may be. All notices and
other communications shall be in writing and addressed as follows:

          (a) if to any Pledgor, to the care of the U.S. Borrower as provided in
     Section 13.03 of the Credit Agreement;

          (b) if to the Pledgee, at:

               Deutsche Bank Trust Company Americas
               60 Wall Street, MS NYC60-4305
               New York, NY 10005-2858
               Attention: Meg Sutton
               Telephone: 212-250-6150
               Facsimile: 212-797-5692

                                       24

          (c) if to any Lender Creditor, either (x) to the Administrative Agent,
     at the address of the Administrative Agent specified in the Credit
     Agreement, or (y) at such address as such Lender Creditor shall have
     specified in the Credit Agreement; and

          (d) if to any Other Creditor, at such address as such Other Creditor
     shall have specified in writing to the Pledgors and the Pledgee;

or at such other address or addressed to such other individual as shall have
been furnished in writing by any Person described above to the party required to
give notice hereunder.

          22. WAIVER; AMENDMENT. Except as provided in Sections 30 and 32
hereof, none of the terms and conditions of this Agreement may be changed,
waived, modified or varied in any manner whatsoever except in accordance with
the requirements specified in the U.S. Security Agreement.

          23. SUCCESSORS AND ASSIGNS. This Agreement shall create a continuing
security interest in the Collateral and shall (i) remain in full force and
effect, subject to release and/or termination as set forth in Section 20, (ii)
be binding upon each Pledgor, its successors and assigns; provided, however,
that no Pledgor shall assign any of its rights or obligations hereunder without
the prior written consent of the Pledgee (with the prior written consent of the
Required Secured Creditors), and (iii) inure, together with the rights and
remedies of the Pledgee hereunder, to the benefit of the Pledgee, the other
Secured Creditors and their respective successors, transferees and assigns. All
agreements, statements, representations and warranties made by each Pledgor
herein or in any certificate or other instrument delivered by such Pledgor or on
its behalf under this Agreement shall be considered to have been relied upon by
the Secured Creditors and shall survive the execution and delivery of this
Agreement and the other Secured Debt Agreements regardless of any investigation
made by the Secured Creditors or on their behalf.

          24. HEADINGS DESCRIPTIVE. The headings of the several Sections of this
Agreement are inserted for convenience only and shall not in any way affect the
meaning or construction of any provision of this Agreement.

          25. GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY
TRIAL. (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF
THE STATE OF NEW YORK. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS
AGREEMENT OR ANY OTHER CREDIT DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE
OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN
EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND
DELIVERY OF THIS AGREEMENT, EACH PLEDGOR HEREBY IRREVOCABLY ACCEPTS FOR ITSELF
AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE
JURISDICTION OF THE AFORESAID COURTS. EACH PLEDGOR HEREBY FURTHER IRREVOCABLY
WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK PERSONAL JURISDICTION OVER SUCH
PLEDGOR, AND AGREES NOT TO PLEAD OR

                                       25

CLAIM IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY
OTHER CREDIT DOCUMENT BROUGHT IN ANY OF THE AFORESAID COURTS THAT ANY SUCH COURT
LACKS PERSONAL JURISDICTION OVER SUCH PLEDGOR. EACH PLEDGOR FURTHER IRREVOCABLY
CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN
ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR
CERTIFIED MAIL, POSTAGE PREPAID, TO ANY SUCH PLEDGOR AT ITS ADDRESS FOR NOTICES
AS PROVIDED IN SECTION 21 ABOVE, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER
SUCH MAILING. EACH PLEDGOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH
SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR
CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER CREDIT
DOCUMENT THAT SUCH SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE.
NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE PLEDGEE UNDER THIS AGREEMENT, OR
ANY SECURED CREDITOR, TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR
TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY PLEDGOR IN ANY
OTHER JURISDICTION.

          (b) EACH PLEDGOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY
NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR
PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER
CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY
FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT
THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN
AN INCONVENIENT FORUM.

          (c) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES
ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING
OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

          26. PLEDGOR'S DUTIES. It is expressly agreed, anything herein
contained to the contrary notwithstanding, that each Pledgor shall remain liable
to perform all of the obligations, if any, assumed by it with respect to the
Collateral and the Pledgee shall not have any obligations or liabilities with
respect to any Collateral by reason of or arising out of this Agreement, except
for the safekeeping of Collateral actually in Pledgor's possession, nor shall
the Pledgee be required or obligated in any manner to perform or fulfill any of
the obligations of any Pledgor under or with respect to any Collateral.

          27. COUNTERPARTS. This Agreement may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each
of which when so executed and delivered shall be an original, but all of which
shall together constitute one and the same instrument. A set of counterparts
executed by all the parties hereto shall be lodged with each Pledgor and the
Pledgee.

                                       26

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

          29. RECOURSE. This Agreement is made with full recourse to each
Pledgor and pursuant to and upon all the representations, warranties, covenants
and agreements on the part of such Pledgor contained herein and in the other
Secured Debt Agreements and otherwise in writing in connection herewith or
therewith.

          30. ADDITIONAL PLEDGORS. It is understood and agreed that any
Subsidiary of Holdings that is required to become a party to this Agreement
after the date hereof pursuant to the requirements of the Credit Agreement or
any other Credit Document, shall become a Pledgor hereunder by (x) executing a
counterpart hereof and delivering same to the Pledgee, or by executing an
assumption agreement in form and substance reasonably satisfactory to the
Pledgee, (y) delivering supplements to Annexes A through G, hereto as are
necessary to cause such annexes to be complete and accurate with respect to such
additional Pledgor on such date and (z) taking all actions as specified in this
Agreement as would have been taken by such Pledgor had it been an original party
to this Agreement, in each case with all documents required above to be
delivered to the Pledgee and with all documents and actions required above to be
taken to the reasonable satisfaction of the Pledgee.

          31. LIMITED OBLIGATIONS. It is the desire and intent of each Pledgor
and the Secured Creditors that this Agreement shall be enforced against each
Pledgor to the fullest extent permissible under the laws applied in each
jurisdiction in which enforcement is sought. Notwithstanding anything to the
contrary contained herein, in furtherance of the foregoing, it is noted that the
obligations of each Pledgor constituting a U.S. Subsidiary Guarantor have been
limited as provided in the U.S. Subsidiaries Guaranty.

RELEASE OF PLEDGORS. If at any time all of the Equity Interests of any Pledgor
owned by the U.S. Borrower or any of its Subsidiaries are sold (to a Person
other than a Credit Party) in a transaction permitted pursuant to the Credit
Agreement (and which does not violate the terms of any other Secured Debt
Agreement then in effect), then, at the request and expense of the U.S.
Borrower, the respective Pledgor shall be released as a Pledgor pursuant to this
Agreement automatically without any further action hereunder (it being
understood that the sale of all of the Equity Interests in any Person that owns,
directly or indirectly, all of the Equity Interests in any Pledgor shall be
deemed to be a sale of all of the Equity Interests in such Pledgor for purposes
of this Section), and the Pledgee is authorized and directed to execute and
deliver such instruments of release as are reasonably satisfactory to it. At any
time that the U.S. Borrower desires that a Pledgor be released from this
Agreement as provided in this Section 32, the U.S. Borrower shall deliver to the
Pledgee a certificate signed by a principal executive officer of the U.S.
Borrower stating that the release of such Pledgor is permitted pursuant to this
Section 32. The Pledgee shall have no liability whatsoever to any other Secured
Creditor as a result of the release of any Pledgor by it in accordance with, or
which it believes to be in accordance with, this Section 32.

                                       27

          IN WITNESS WHEREOF, each Pledgor and the Pledgee have caused this
Agreement to be executed by their duly elected officers duly authorized as of
the date first above written.

                                         CSA ACQUISITION CORP., as a Pledgor

                                         By: /s/ Allen J. Campbell
                                             -----------------------------------
                                             Name: Allen J. Campbell
                                             Title: Vice President

                                         COOPER-STANDARD AUTOMOTIVE INC.,
                                            as a Pledgor

                                         By: /s/ Allen J. Campbell
                                             -----------------------------------
                                             Name: Allen J. Campbell
                                             Title: Vice President

                                         COOPER-STANDARD AUTOMOTIVE FLUID
                                         SYSTEMS MEXICO HOLDING LLC,
                                            as a Pledgor

                                         By: COOPER-STANDARD AUTOMOTIVE INC.,
                                            as Sole Member

                                         By: /s/ Allen J. Campbell
                                             -----------------------------------
                                             Name: Allen J. Campbell
                                             Title: Vice President

                                         COOPER-STANDARD AUTOMOTIVE NC L.L.C.,
                                            as a Pledgor

                                         By: COOPER-STANDARD AUTOMOTIVE INC.,
                                            as Sole Member

                                         By: /s/ Allen J. Campbell
                                             -----------------------------------
                                             Name: Allen J. Campbell
                                             Title: Vice President

                                         COOPER-STANDARD AUTOMOTIVE OH, LLC,
                                            as a Pledgor

                                         By: COOPER-STANDARD AUTOMOTIVE INC.,
                                            as Sole Member

                                         By: /s/ Allen J. Campbell
                                             -----------------------------------
                                             Name: Allen J. Campbell
                                             Title: Vice President

                                         CSA SERVICES INC., as a Pledgor

                                         By: /s/ Allen J. Campbell
                                             -----------------------------------
                                             Name: Allen J. Campbell
                                             Title: Vice President

                                         NISCO HOLDING COMPANY, as a Pledgor

                                         By: /s/ Allen J. Campbell
                                             -----------------------------------
                                             Name: Allen J. Campbell
                                             Title: Vice President

                                       2

                                         NORTH AMERICAN RUBBER, INCORPORATED,
                                            as a Pledgor

                                         By: /s/ Allen J. Campbell
                                             -----------------------------------
                                             Name: Allen J. Campbell
                                             Title: Vice President

                                         STANTECH, INC., as a Pledgor

                                         By: /s/ Allen J. Campbell
                                             -----------------------------------
                                             Name: Allen J. Campbell
                                             Title: Vice President

                                         STERLING INVESTMENTS COMPANY,
                                            as a Pledgor

                                         By: /s/ Allen J. Campbell
                                             -----------------------------------
                                             Name: Allen J. Campbell
                                             Title: Vice President

                                         WESTBORN SERVICE CENTER, INC.,
                                            as a Pledgor

                                         By: /s/ Allen J. Campbell
                                             -----------------------------------
                                             Name: Allen J. Campbell
                                             Title: Vice President

                                       3

Accepted and Agreed to:

DEUTSCHE BANK TRUST COMPANY AMERICAS,
   as Collateral Agent and Pledgee

By: /s/ Marguerite Sutton
    ----------------------------------
    Name: Marguerite Sutton
    Title: Vice President

                                       4

                                                                         ANNEX A
                                                                              to
                                                           U.S. PLEDGE AGREEMENT

                  SCHEDULE OF LEGAL NAMES, TYPE OF ORGANIZATION
                  (AND WHETHER A REGISTERED ORGANIZATION AND/OR
             A TRANSMITTING UTILITY), JURISDICTION OF ORGANIZATION,
               LOCATION AND ORGANIZATIONAL IDENTIFICATION NUMBERS

--------------------------------------------------------------------------------------------------------------------------
                                                                                              PLEDGOR'S
                                                                                             ORGANIZATION
                                                                                            IDENTIFICATION
        EXACT LEGAL            REGISTERED                       PLEDGOR'S LOCATION (FOR   NUMBER (OR, IF IT   TRANSMITTING
       NAME OF EACH          ORGANIZATION?   JURISDICTION OF      PURPOSES OF NY UCC         HAS NONE, SO       UTILITY?
          PLEDGOR               (YES/NO)       ORGANIZATION         SECTION 9-307)            INDICATE)         (YES/NO)
--------------------------------------------------------------------------------------------------------------------------

Cooper-Standard Automotive        Yes        Delaware          39550 Orchard Hill Place        2831403             No
Fluid Systems Mexico                                           Drive, Novi, Michigan
Holding LLC                                                    48375
--------------------------------------------------------------------------------------------------------------------------
Cooper-Standard Automotive        Yes        North Carolina    39550 Orchard Hill Place         612563             No
NC L.L.C.                                                      Drive, Novi, Michigan
                                                               48375
--------------------------------------------------------------------------------------------------------------------------
Cooper-Standard Automotive        Yes        Ohio              39550 Orchard Hill Place        1277862             No
OH, LLC                                                        Drive, Novi, Michigan
                                                               48375
--------------------------------------------------------------------------------------------------------------------------
Cooper-Standard Automotive        Yes        Ohio              39550 Orchard Hill Place         166598             No
Inc.                                                           Drive, Novi, Michigan
                                                               48375
--------------------------------------------------------------------------------------------------------------------------
CSA Acquisition Corp.             Yes        Delaware          39550 Orchard Hill Place        3853203             No
                                                               Drive, Novi, Michigan
                                                               48375
--------------------------------------------------------------------------------------------------------------------------
CSA Services Inc.                 Yes        Ohio              39550 Orchard Hill Place        1250435             No
                                                               Drive, Novi, Michigan
                                                               48375
--------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------
                                                                                              PLEDGOR'S
                                                                                             ORGANIZATION
                                                                                            IDENTIFICATION
        EXACT LEGAL            REGISTERED                       PLEDGOR'S LOCATION (FOR   NUMBER (OR, IF IT   TRANSMITTING
       NAME OF EACH          ORGANIZATION?   JURISDICTION OF      PURPOSES OF NY UCC         HAS NONE, SO       UTILITY?
          PLEDGOR               (YES/NO)       ORGANIZATION         SECTION 9-307)            INDICATE)         (YES/NO)
--------------------------------------------------------------------------------------------------------------------------

NISCO Holding Company             Yes        Delaware          39550 Orchard Hill Place        2191265             No
                                                               Drive, Novi, Michigan
                                                               48375
--------------------------------------------------------------------------------------------------------------------------
North American Rubber,            Yes        Texas             39550 Orchard Hill Place       71261000             No
Incorporated                                                   Drive, Novi, Michigan
                                                               48375
--------------------------------------------------------------------------------------------------------------------------
StanTech, Inc.                    Yes        Delaware          39550 Orchard Hill Place        2305216             No
                                                               Drive, Novi, Michigan
                                                               48375
--------------------------------------------------------------------------------------------------------------------------
Sterling Investments              Yes        Delaware          39550 Orchard Hill Place        2544731             No
Company                                                        Drive, Novi, Michigan
                                                               48375
--------------------------------------------------------------------------------------------------------------------------
Westborn Service Center,          Yes        Michigan          39550 Orchard Hill Place        175-263             No
Inc.                                                           Drive,Novi, Michigan
                                                               48375
--------------------------------------------------------------------------------------------------------------------------

                                       2

                                                                         ANNEX B
                                                                              to
                                                           U.S. PLEDGE AGREEMENT

                            SCHEDULE OF SUBSIDIARIES

----------------------------------------------------------------------------------------------
                                                                               JURISDICTION OF
             ENTITY                                OWNERSHIP                     ORGANIZATION
----------------------------------------------------------------------------------------------

Cooper-Standard Automotive Inc.   100 shares, all of which are owned by CSA          Ohio
                                  Acquisition Corp.
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive UK     11,356,150 shares, all of which are owned        England
Fluid Systems Limited             by UNA 26. Equity Management GmbH (in the
                                  process of being renamed CSA
                                  Beteiligungen (Deutschland)
                                  GmbH - HRB Frankfurt am Main 73648).
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive        Share capital of 3,067,751.29 euros, all         Germany
(Deutschland) GmbH                of which is owned by UNA 25. Equity
                                  Management GmbH (in the process of being
                                  renamed CSA Holding (Deutschland) GmbH -
                                  HRB Frankfurt am Main 73647).
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive        793,590 Series A shares of 4.16 euros             Spain
Espana, S.A.                      each and 1,525,000 Series B shares of
                                  6.01 euros each, all of which are owned
                                  by UNA 26. Equity Management GmbH (in the
                                  process of being renamed CSA
                                  Beteiligungen (Deutschland) GmbH - HRB
                                  Frankfurt am Main 73648).
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive        Total registered capital of 250,100,000       Czech Republic
Ceska republika s.r.o.            Czech Crowns, 250,080,000 of which are
                                  owned by UNA 25. Equity Management GmbH
                                  (in the process of being renamed CSA
                                  Holding (Deutschland) GmbH - HRB
                                  Frankfurt am Main 73647), and 20,000,000
                                  of which are owned by UNA 26. Equity
                                  Management GmbH (in the process of being
                                  renamed CSA Beteiligungen (Deutschland)
                                  GmbH - HRB Frankfurt am Main 73648).
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive        25,503 quotas, 17,602 of which                    Brazil
----------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------
                                                                               JURISDICTION OF
             ENTITY                                OWNERSHIP                     ORGANIZATION
----------------------------------------------------------------------------------------------

Brasil Fluid Systems Ltda.        are owned by Cooper-Standard Automotive Inc.
                                  and 7,901 of which are owned by CSA
                                  Holding do Brasil Ltda.
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive        4,863,395 shares, 4,863,375 of which              India
India Private Limited             are owned by Cooper-Standard Automotive
                                  Inc., 10 of which are owned by Freyan J.
                                  Desai as nominee for Cooper-Standard
                                  Automotive Inc. and 10 of which are owned
                                  by Shivani Awasthy as nominee for Cooper.
----------------------------------------------------------------------------------------------
Cooper-Standard Services          10,000 shares, all of which are owned by          Korea
Korea, Inc.                       Cooper-Standard Automotive Inc.
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive        170,021 shares, all of which are owned by         Canada
Canada Limited                    Cooper-Standard Automotive Inc.
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive        2,400,000 shares, 456,000 of which are            France
France S.A.S.                     owned by Cooper-Standard Automotive Canada
                                  Limited and 1,944,000 of which are owned
                                  by Cooper-Standard Automotive Inc.
----------------------------------------------------------------------------------------------
Technistan SNC                    100 shares, 99 of which are owned by              France
                                  Cooper-Standard Automotive France S.A.S.
                                  and 1 of which is owned by
                                  Cooper-Standard Automotive UK Sealing
                                  Limited.
----------------------------------------------------------------------------------------------
Cooper Standard Automotive        10,400, 1 of which is owned by                    Italy
Italy s.r.l.                      Cooper-Standard Automotive France S.A.S.
                                  and 10,399 of which are owned by
                                  Technistan SNC.
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive        618,500 shares, all of which are owned by       Australia
(Australia) Pty. Ltd.             Cooper-Standard Automotive Canada Limited.
----------------------------------------------------------------------------------------------
Diorama                           100% owned by Cooper-Standard Automotive         Germany
Grundstucksverwaltungs mbH &      (Deutschland) GmbH.
Co. Vermietungs KG
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive UK     600,000 ordinary shares and                      England
----------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------
                                                                               JURISDICTION OF
             ENTITY                                OWNERSHIP                     ORGANIZATION
----------------------------------------------------------------------------------------------

Sealing Limited                   34,948,197 deferred shares, all of which
                                  are owned by Cooper-Standard Automotive
                                  Inc.
----------------------------------------------------------------------------------------------
Standard Products Mould & Tool    1,000 shares, all of which are owned by          England
Co. Limited                       Cooper-Standard Automotive UK Sealing
                                  Limited.
----------------------------------------------------------------------------------------------
Huntingdon Rubber Company         100 shares, all of which are                     England
Limited                           owned by Cooper-Standard Automotive
                                  UK Sealing Limited.
----------------------------------------------------------------------------------------------
Standard Products (UK) Limited    1 share owned by Cooper-Standard                 England
                                  Automotive UK Sealing Limited.
----------------------------------------------------------------------------------------------
The Standard Products Company     2 shares, both of which are owned by             England
(Europe) Limited                  Cooper-Standard Automotive UK Sealing
                                  Limited.
----------------------------------------------------------------------------------------------
Bird Mould and Tool Company       2 shares, both owned by Cooper-Standard          England
Limited                           Automotive UK Sealing Limited.
----------------------------------------------------------------------------------------------
Silent Channel Products            1 share owned by Cooper-Standard                England
Limited                            Automotive UK Sealing Limited.
----------------------------------------------------------------------------------------------
Sterling Investments Company      1,000 shares, all of which are                   Delaware
                                  owned by Cooper-Standard Automotive Inc.
----------------------------------------------------------------------------------------------
North American Rubber,            196 shares, all of which are owned by             Texas
Incorporated                      Cooper-Standard Automotive Inc.
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive        483,910 shares, 435,519 of which are              Korea
Korea, Inc.                       owned by Cooper-Standard Automotive Inc.
                                  and 48,391 of which are owned by Kyong
                                  Sup Lee.
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive        All membership interests owned                     Ohio
OH, LLC                           by Cooper-Standard Automotive Inc.
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive NC     All membership interests owned by             North Carolina
L.L.C.                            Cooper-Standard Automotive Inc.
----------------------------------------------------------------------------------------------
Coopermex S.A. de C.V.            7,734,200 shares, 7,734,199 of which are          Mexico
                                  owned by Cooper-Standard Automotive Inc.
                                  and 1
----------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------
                                                                               JURISDICTION OF
             ENTITY                                OWNERSHIP                     ORGANIZATION
----------------------------------------------------------------------------------------------

                                  of which is owned by Cooper-Standard
                                  Automotive de Mexico S.A. de C.V.
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive de     44,080,170 shares, 44,080,168 of which            Mexico
Mexico S.A. de C.V.               are owned by Cooper-Standard Automotive
                                  Inc. and 2 of which are owned by CSA
                                  Services Inc.
----------------------------------------------------------------------------------------------
NISCO Holding Company             100 shares, all of which are owned by            Delaware
                                  Cooper-Standard Automotive Inc.
----------------------------------------------------------------------------------------------
StanTech, Inc.                    1,000 shares, all of which are owned by          Delaware
                                  Cooper-Standard Automotive Inc.
----------------------------------------------------------------------------------------------
Westborn Service Center, Inc.     250 shares, all of which are owned by            Michigan
                                  Cooper-Standard Automotive Inc.
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive        75,980 shares, all of which are owned by          Poland
Polska Sp. z.o.o.                 Cooper-Standard Automotive Inc.
----------------------------------------------------------------------------------------------
Itatiaia Standard Industria e     100 shares, 98 of which are owned by              Brazil
Comercio Ltda.                    Cooper-Standard Automotive Inc. and 2 of
                                  which are owned by SPB Comercio e
                                  Participacoes Ltda.
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive        50,000 shares, 49,999 of which are owned          Mexico
Services S.A. de C.V.             by Cooper-Standard Automotive Inc. and 1
                                  of which is owned by CSA Services Inc.
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive        500 Class I Shares, 499 of which are owned        Mexico
Sealing de Mexico, S.A. de C.V.   by Cooper-Standard Automotive Inc. and 1
                                  of which is owned by Nishikawa of America
                                  Inc. and 1,921,850 Class II Shares,
                                  1,537,381 of which are owned by
                                  Cooper-Standard Automotive Inc. and
                                  384,469 of which are owned by Nishikawa
                                  of America Inc.
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive        2 equity quotas, 1 of which has a value           Mexico
Fluid Systems de Mexico, S. de    of 26,184,462 pesos and is owned by
R.L. de C.V.                      Cooper-Standard Automotive Inc. and 1 of
                                  which has a value of 1 peso and is
----------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------
                                                                               JURISDICTION OF
             ENTITY                                OWNERSHIP                     ORGANIZATION
----------------------------------------------------------------------------------------------

                                  owned by Cooper-Standard Automotive Fluid
                                  Systems Mexico Holding LLC.
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive        All membership interests owned by                Delaware
Fluid Systems Mexico Holding      Cooper-Standard Automotive Inc.
LLC
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive de     2 equity quotas, 1 of which has a value           Mexico
Mexico Fluid Services, S. de      of 75,875,070 pesos and is owned by
R.L. de C.V.                      Cooper-Standard Automotive Inc. and 1 of
                                  which has a value of 1 peso and is owned
                                  by Cooper-Standard Automotive Fluid
                                  Systems Mexico Holding LLC.
----------------------------------------------------------------------------------------------
SPB Comercio e Participacoes      3,457,551 quotas, 3,457,550 of which are          Brazil
Ltda.                             owned by Cooper-Standard Automotive Inc.
                                  and 1 of which is owned by Itatiaia
                                  Standard Industrial Ltda.
----------------------------------------------------------------------------------------------
Itatiaia Standard Industrial      14,725,554 quotas, 8,056,315 of which are         Brazil
Ltda.                             owned by Cooper-Standard Automotive Inc.
                                  and 6,669,239 of which are owned by SPB
                                  Comercio Participacoes Ltda.
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive        137,822,438 quotas, 137,822,437 of which          Brazil
Brasil Sealing Ltda.              are owned by Cooper-Standard Automotive
                                  Inc. and 1 of which is owned by Itatiaia
                                  Standard Industrial Ltda.
----------------------------------------------------------------------------------------------
CSA Services Inc.                 10 shares, all of which are owned by               Ohio
                                  Cooper-Standard Automotive Inc.
----------------------------------------------------------------------------------------------
CSA (Barbados) Investment Co.     100 shares, all of which are owned by            Barbados
Ltd.                              Cooper-Standard Automotive Canada Limited.
----------------------------------------------------------------------------------------------
Cooper Saiyang Wuhu Automotive    60% owned by CSA (Barbados) Investment            China
Co., Ltd.                         Co. Ltd. and 40% owned by Wuhu SaiYing
                                  Seal Products Co., Ltd.
----------------------------------------------------------------------------------------------
Cooper-Standard Kunshan           100% owned by CSA                                 China
----------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------
                                                                               JURISDICTION OF
             ENTITY                                OWNERSHIP                     ORGANIZATION
----------------------------------------------------------------------------------------------

Automotive Co., Ltd.              (Barbados) Investment Co. Ltd.
----------------------------------------------------------------------------------------------
Cooper-Standard Automotive UK     1 share owned by Cooper-Standard                 England
Pension Trust Ltd.                Automotive UK Fluid Systems Limited.
----------------------------------------------------------------------------------------------
Cooper-Standard Chongqing         100% owned by CSA (Barbados) Investment           China
Automotive Co., Ltd.              Co. Ltd.
----------------------------------------------------------------------------------------------
CS Automotive LLC                 All membership interests owned by                Delaware
                                  Cooper-Standard Automotive Canada Limited.
----------------------------------------------------------------------------------------------
UNA 25. Equity Management GmbH    2 shares, both of which are owned by             Germany
(in the process of being          Cooper-Standard Automotive Canada Limited.
renamed CSA Holding
(Deutschland) GmbH - HRB
Frankfurt am Main 73647)
----------------------------------------------------------------------------------------------
UNA 26. Equity Management GmbH    2 shares, both of which are owned by UNA         Germany
(in the process of being          25. Equity Management GmbH (in the process
renamed CSA Beteiligungen         of being renamed CSA Holding (Deutschland)
(Deutschland) GmbH - HRB          GmbH - HRB Frankfurt am Main 73647).
Frankfurt am Main 73648)
----------------------------------------------------------------------------------------------
CSA Holding do Brazil Ltda.       99.9% owned by Cooper-Standard Automotive         Brazil
                                  Inc. and 0.1% owned by Cooper-Standard
                                  Automotive Brasil Sealing Ltda.
----------------------------------------------------------------------------------------------

                                                                         ANNEX C
                                                                              to
                                                           U.S. PLEDGE AGREEMENT

                                SCHEDULE OF STOCK

1.   CSA Acquisition Corp.

                                                                             Sub-clause of
    Name of                                                                 Section 3.2(a)
    Issuing                Type of   Number of   Certificate   Percentage      of Pledge
  Corporation               Shares     Shares        No.          Owned        Agreement
------------------------   -------   ---------   -----------   ----------   --------------

Cooper-Standard
Automotive Inc.             Common       26           3           100%            (i)
                                                                (voting)

2.   Cooper-Standard Automotive Inc.

                                                                             Sub-clause of
    Name of                                                                 Section 3.2(a)
    Issuing                Type of   Number of   Certificate   Percentage      of Pledge
  Corporation               Shares     Shares        No.          Owned        Agreement
------------------------   -------   ---------   -----------   ----------   --------------

CSA Services Inc.           Common          10        2           100%             (i)
                                                                (voting)
NISCO Holding Company       Common         100        1           100%            (i)
                                                                (voting)
North American Rubber,
   Incorporated             Common         196        4           100%            (i)
                                                                (voting)
StanTech, Inc.              Common       1,000        4           100%            (i)
                                                                (voting)
Sterling Investments
   Company                  Common       1,000        2           100%            (i)
                                                                (voting)

Westborn Service Center,
   Inc.                     Common         250        2           100%            (i)
                                                                (voting)
Cooper-Standard Services
   Korea, Inc.              Common      10,000                    100%            (i)
                                                                (voting)
Cooper-Standard
   Automotive Korea,
   Inc.                     Common     435,519      C001;         100%            (i)
                                                    C002;       (voting)
                                                    C004;
                                                    C005;
Cooper-Standard                                   C006; C007
   Automotive India
   Private Limited          Common   4,863,375                    100%            (i)
                                                                (voting)
Cooper-Standard
   Automotive UK Sealing
   Limited                  Common     600,000        42          100%            (i)
                                                                (voting)
Cooper-Standard
Automotive Canada Limited   Common     170,021   35 (170,020      100%            (i)
                                                 shares); 36    (voting)
                                                  (1 share)

                                                                         ANNEX D
                                                                              to
                                                           U.S. PLEDGE AGREEMENT

                                SCHEDULE OF NOTES

None.

                                                                         ANNEX E
                                                                              to
                                                           U.S. PLEDGE AGREEMENT

                 SCHEDULE OF LIMITED LIABILITY COMPANY INTERESTS

Cooper-Standard Automotive Inc.

                                                                    Sub-clause of
               Name of                   Type of    Percentage      Section 3.2(a)
  Issuing Limited Liability Company     Interest       Owned     of Pledge Agreement
------------------------------------   ----------   ----------   -------------------

Cooper-Standard Automotive Fluid
Systems Mexico Holding LLC             Membership       100%             (ii)

Cooper-Standard Automotive NC L.L.C.   Membership       100%             (ii)

Cooper-Standard Automotive OH, LLC     Membership       100%             (ii)

Cooper-Standard Automotive Brasil
Fluid Systems Ltda.                    Membership     69.02%             (ii)

Itatiaia Standard Industria e
Comercio Ltda.                         Membership     54.71%             (ii)

SPB Comercio e Participacoes Ltda.     Membership       100%             (ii)

Itatiaia Standard Industrial Ltda.     Membership     54.71%             (ii)

Cooper-Standard Automotive Brasil
Sealing Ltda.                          Membership      99.9%             (ii)

Cooper-Standard Automotive Polska
Sp. z.o.o.                             Membership       100%             (ii)

                                                                         ANNEX F
                                                                              to
                                                           U.S. PLEDGE AGREEMENT

                        SCHEDULE OF PARTNERSHIP INTERESTS

None.

                                                                         ANNEX G
                                                                              to
                                                           U.S. PLEDGE AGREEMENT

                       SCHEDULE OF CHIEF EXECUTIVE OFFICES

--------------------------------------------------------------------------------
             Name of Pledgor               Address(es) of Chief Executive Office
--------------------------------------------------------------------------------
Cooper-Standard Automotive Fluid Systems   39550 Orchard Hill Place Drive
Mexico Holding LLC                         Novi, Michigan 48375
--------------------------------------------------------------------------------
Cooper-Standard Automotive NC L.L.C.       39550 Orchard Hill Place Drive
                                           Novi, Michigan 48375
--------------------------------------------------------------------------------
Cooper-Standard Automotive OH, LLC         39550 Orchard Hill Place Drive
                                           Novi, Michigan 48375
--------------------------------------------------------------------------------
Cooper-Standard Automotive Inc.            39550 Orchard Hill Place Drive
                                           Novi, Michigan 48375
--------------------------------------------------------------------------------
CSA Acquisition Corp.                      39550 Orchard Hill Place Drive
                                           Novi, Michigan 48375
--------------------------------------------------------------------------------
CSA Services Inc.                          39550 Orchard Hill Place Drive
                                           Novi, Michigan 48375
--------------------------------------------------------------------------------
NISCO Holding Company                      39550 Orchard Hill Place Drive
                                           Novi, Michigan 48375
--------------------------------------------------------------------------------
North American Rubber, Incorporated        39550 Orchard Hill Place Drive
                                           Novi, Michigan 48375
--------------------------------------------------------------------------------
StanTech, Inc.                             39550 Orchard Hill Place Drive
                                           Novi, Michigan 48375
--------------------------------------------------------------------------------
Sterling Investments Company               39550 Orchard Hill Place Drive
                                           Novi, Michigan 48375
--------------------------------------------------------------------------------
Westborn Service Center, Inc.              39550 Orchard Hill Place Drive
--------------------------------------------------------------------------------

                                                                         ANNEX G
                                                                          Page 2

--------------------------------------------------------------------------------
                                           Novi, Michigan 48375
--------------------------------------------------------------------------------

                                                                         ANNEX H
                                                                              to
                                                           U.S. PLEDGE AGREEMENT

    Form of Agreement Regarding Uncertificated Securities, Limited Liability
                   Company Interests and Partnership Interests

          AGREEMENT (as amended, modified, restated and/or supplemented from
time to time, this "Agreement"), dated as of [_______ __, 200_], among the
undersigned pledgor (the "Pledgor"), [____________], not in its individual
capacity but solely as Collateral Agent (the "Pledgee"), and [__________], as
the issuer of the Uncertificated Securities, Limited Liability Company Interests
and/or Partnership Interests (each as defined below) (the "Issuer").

                                   WITNESSETH:

          WHEREAS, the Pledgor, certain of its affiliates and the Pledgee have
entered into a Pledge Agreement, dated as of November ____, 2004 (as amended,
modified, restated and/or supplemented from time to time, the "U.S. Pledge
Agreement"), under which, among other things, in order to secure the payment of
the Obligations (as defined in the U.S. Pledge Agreement), the Pledgor has or
will pledge to the Pledgee for the benefit of the Secured Creditors (as defined
in the Pledge Agreement), and grant a security interest in favor of the Pledgee
for the benefit of the Secured Creditors in, all of the right, title and
interest of the Pledgor in and to any and all Collateral (as defined in the U.S.
Pledge Agreement) constituting ["uncertificated securities" (as defined in
Section 8-102(a)(18) of the Uniform Commercial Code, as adopted in the State of
New York) ("Uncertificated Securities")] [Partnership Interests (as defined in
the Pledge Agreement)] [Limited Liability Company Interests (as defined in the
Pledge Agreement)], from time to time by the Issuer, whether now existing or
hereafter from time to time acquired by the Pledgor (with all of such
[Uncertificated Securities] [Partnership Interests] [Limited Liability Company
Interests] being herein collectively called the "Issuer Pledged Interests"); and

          WHEREAS, the Pledgor desires the Issuer to enter into this Agreement
in order to perfect the security interest of the Pledgee under the U.S. Pledge
Agreement in the Issuer Pledged Interests, to vest in the Pledgee control of the
Issuer Pledge Interests and to provide for the rights of the parties under this
Agreement;

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

          1. The Pledgor hereby irrevocably authorizes and directs the Issuer,
and the Issuer hereby agrees, to comply with any and all instructions and orders
originated by the Pledgee (and its successors and assigns) regarding any and all
of the Issuer Pledged Interests without the further consent by the registered
owner (including the Pledgor), and, following its receipt of a notice from the
Pledgee stating that the Pledgee is exercising exclusive control of the Issuer
Pledged Interests, not to comply with any instructions or orders regarding any
or all of the

                                                                         ANNEX H
                                                                          Page 4

Issuer Pledged Interests originated by any person or entity other
than the Pledgee (and its successors and assigns) or a court of competent
jurisdiction.

          2. The Issuer hereby certifies that (i) no notice of any security
interest, lien or other encumbrance or claim affecting the Issuer Pledged
Interests (other than the security interest of the Pledgee) has been received by
it, and (ii) the security interest of the Pledgee in the Issuer Pledged
Interests has been registered in the books and records of the Issuer.

          3. The Issuer hereby represents and warrants that (i) the pledge by
the Pledgor of, and the granting by the Pledgor of a security interest in, the
Issuer Pledged Interests to the Pledgee, for the benefit of the Secured
Creditors, does not violate the charter, by-laws, partnership agreement,
membership agreement or any other material agreement governing the Issuer or the
Issuer Pledged Interests, and (ii) the Issuer Pledged Interests consisting of
capital stock of a corporation are fully paid and nonassessable.

          4. All notices, statements of accounts, reports, prospectuses,
financial statements and other communications to be sent to the Pledgor by the
Issuer in respect of the Issuer will also be sent to the Pledgee at the
following address:

             [__________________]
             [__________________]
             Attention: [______________]
             Telephone No.: [______________]
             Telecopier No.: [______________]

          5. Following its receipt of a notice from the Pledgee stating that the
Pledgee is exercising exclusive control of the Issuer Pledged Interests in
accordance with the terms of the U.S. Pledge Agreement and until the Pledgee
shall have delivered written notice to the Issuer that the Termination Date has
occurred or the security interest granted in the Issuer Pledged Interests has
been released in accordance with Sections 20 and 32 of the U.S. Pledge Agreement
and this Agreement is terminated, the Issuer will send any and all redemptions,
distributions, interest or other payments in respect of the Issuer Pledged
Interests from the Issuer for the account of the Pledgee only by wire transfers
to such account as the Pledgee shall instruct.

          6. Except as expressly provided otherwise in Sections 4 and 5, all
notices, instructions, orders and communications hereunder shall be sent or
delivered by mail, telecopy, or overnight courier service and all such notices
and communications shall, when mailed, telecopied, or sent by overnight courier,
be effective when deposited in the mails or delivered to overnight courier,
prepaid and properly addressed for delivery on such or the next Business Day, or
sent by telecopier, except that notices and communications to the Pledgee or the
Issuer shall not be effective until received. All notices and other
communications shall be in writing and addressed as follows:

                                       ii

                                                                         ANNEX H
                                                                          Page 4

          (a)  if to the Pledgor, at:

               __________________
               __________________
               __________________
               __________________
               Attention: _________
               Telephone No.:
               Fax No.:

          (b)  if to the Pledgee, at the address given in Section 4 hereof;

          (c)  if to the Issuer, at:

               _________________________
               _________________________
               _________________________

or at such other address as shall have been furnished in writing by any Person
described above to the party required to give notice hereunder. As used in this
Section 6, "Business Day" means any day other than a Saturday, Sunday, or other
day in which banks in New York are authorized to remain closed.

          7. This Agreement shall be binding upon the successors and assigns of
the Pledgor and the Issuer and shall inure to the benefit of and be enforceable
by the Pledgee and its successors and assigns. This Agreement may be executed in
any number of counterparts, each of which shall be an original, but all of which
shall constitute one instrument. In the event that any provision of this
Agreement shall prove to be invalid or unenforceable, such provision shall be
deemed to be severable from the other provisions of this Agreement which shall
remain binding on all parties hereto. None of the terms and conditions of this
Agreement may be changed, waived, modified or varied in any manner whatsoever
except in writing signed by the Pledgee, the Issuer and the Pledgor.

          8. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York.

                                       iii

                                                                         ANNEX H
                                                                          Page 4

          IN WITNESS WHEREOF, the Pledgor, the Pledgee and the Issuer have
caused this Agreement to be executed by their duly elected officers duly
authorized as of the date first above written.

                                       [                                      ],
                                        --------------------------------------
                                        as Pledgor

                                       By
                                         ---------------------------------------
                                         Name:
                                         Title:

                                       DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                          not in its individual capacity but
                                          solely as Collateral Agent and Pledgee

                                       By
                                         ---------------------------------------
                                         Name:
                                         Title:

                                       By
                                         ---------------------------------------
                                         Name:
                                         Title:

                                       [                                      ],
                                        --------------------------------------
                                        as the Issuer

                                       By
                                         ---------------------------------------
                                         Name:
                                         Title:

                                       iv

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