Document:

EXECUTION COPY

                               SUBSIDIARY GUARANTY

                            Dated as of June 28, 2004

                                      From

                           THE GUARANTORS NAMED HEREIN

                                       and

                  THE ADDITIONAL GUARANTORS REFERRED TO HEREIN

                                  as Guarantors

                                   in favor of

                       THE SECURED PARTIES REFERRED TO IN
                     THE CREDIT AGREEMENT REFERRED TO HEREIN

                          T A B L E O F C O N T E N T S
                          - - - - - - - - - - - - - - -

SECTION                                                                     PAGE

Section 1.   Guaranty; Limitation of Liability.................................1

Section 2.   Guaranty Absolute.................................................2

Section 3.   Waivers and Acknowledgments.......................................3

Section 4.   Subrogation.......................................................4

Section 5.   Payments Free and Clear of Taxes, Etc.............................5

Section 6.   Representations and Warranties....................................7

Section 7.   Covenants.........................................................7

Section 8.   Amendments, Guaranty Supplements, Etc.............................7

Section 9.   Notices, Etc......................................................8

Section 10.  No Waiver; Remedies...............................................8

Section 11.  Right of Set-off..................................................8

Section 12.  Indemnification...................................................9

Section 13.  Subordination.....................................................9

Section 14.  Continuing Guaranty; Assignments under the Credit Agreement......10

Section 15.  Execution in Counterparts........................................11

Section 16.  Governing Law; Jurisdiction; Waiver of Jury Trial, Etc...........11

Exhibit A - Guaranty Supplement

                               SUBSIDIARY GUARANTY

     SUBSIDIARY GUARANTY dated as of June 28, 2004 made by the Persons listed on
the signature pages hereof under the caption "Subsidiary Guarantors" and the
Additional Guarantors (as defined in Section 8(b)) (such Persons so listed and
the Additional Guarantors being, collectively, the "Guarantors" and,
individually, each a "Guarantor") in favor of the Secured Parties (as defined in
the Credit Agreement referred to below).

     PRELIMINARY STATEMENT. Ames True Temper, Inc., a Delaware corporation (the
"BORROWER"), is party to a Credit Agreement dated as of June 28, 2004 (as
amended, amended and restated, supplemented or otherwise modified from time to
time, the "CREDIT AGREEMENT"; the capitalized terms defined therein and not
otherwise defined herein being used herein as therein defined) with ATT Holding
Co., a Delaware corporation, as Guarantor, certain Lenders party thereto and
Bank of America, N.A., as Administrative Agent for such Lenders. Each Guarantor
will derive substantial direct and indirect benefits from the transactions
contemplated by the Credit Agreement. It is a condition precedent to the making
of Loans by the Lenders and the issuance of Letters of Credit by the L/C Issuer
under the Credit Agreement and the entry by the Hedge Banks into Secured Hedge
Agreements from time to time that each Guarantor shall have executed and
delivered this Guaranty.

     NOW, THEREFORE, in consideration of the premises and in order to induce the
Lenders to make Loans and the L/C Issuer to issue Letters of Credit under the
Credit Agreement and the Hedge Banks to enter into Secured Hedge Agreements from
time to time, each Guarantor, jointly and severally with each other Guarantor,
hereby agrees as follows:

     Section 1. Guaranty; Limitation of Liability. (a) Each Guarantor hereby
absolutely, unconditionally and irrevocably guarantees the punctual payment when
due, whether at scheduled maturity or on any date of a required prepayment or by
acceleration, demand or otherwise, of all Obligations of each other Loan Party
now or hereafter existing under or in respect of the Loan Documents (including,
without limitation, any extensions, modifications, substitutions, amendments or
renewals of any or all of the foregoing Obligations), whether direct or
indirect, absolute or contingent, and whether for principal, interest, premiums,
fees, indemnities, contract causes of action, costs, expenses or otherwise (such
Obligations being the "GUARANTEED OBLIGATIONS"), and agrees to pay any and all
expenses (including, without limitation, reasonable fees and expenses of
counsel) incurred by the Administrative Agent or any other Secured Party in
enforcing any rights under this Guaranty or any other Loan Document. Without
limiting the generality of the foregoing, each Guarantor's liability shall
extend to all amounts that constitute part of the Guaranteed Obligations and
would be owed by any other Loan Party to any Secured Party under or in respect
of the Loan Documents but for the fact that they are unenforceable or not
allowable due to the existence of a bankruptcy, reorganization or similar
proceeding involving such other Loan Party.

     (b) Each Guarantor, and by its acceptance of this Guaranty, the
Administrative Agent and each other Secured Party, hereby confirms that it is
the intention of all such Persons that this Guaranty and the Obligations of each
Guarantor hereunder not constitute a fraudulent transfer or conveyance for
purposes of Bankruptcy Law (as hereinafter defined), the Uniform Fraudulent
Conveyance Act, the Uniform Fraudulent Transfer Act or any similar

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foreign, federal or state law to the extent applicable to this Guaranty and the
Obligations of each Guarantor hereunder. To effectuate the foregoing intention,
the Administrative Agent, the other Secured Parties and the Guarantors hereby
irrevocably agree that the Obligations of each Guarantor under this Guaranty at
any time shall be limited to the maximum amount as will result in the
Obligations of such Guarantor under this Guaranty not constituting a fraudulent
transfer or conveyance. For purposes hereof, "BANKRUPTCY LAW" means any
proceeding of the type referred to in Section 9.01(f) of the Credit Agreement or
Title 11, U.S. Code, or any similar foreign, federal or state law for the relief
of debtors.

     (c) Each Guarantor hereby unconditionally and irrevocably agrees that in
the event any payment shall be required to be made to any Secured Party under
this Guaranty or the Holdings Guaranty or any other guaranty, such Guarantor
will contribute, to the maximum extent permitted by law, such amounts to each
other Guarantor and Holdings and each other guarantor so as to maximize the
aggregate amount paid to the Secured Parties under or in respect of the Loan
Documents.

     Section 2. Guaranty Absolute. Each Guarantor guarantees that the Guaranteed
Obligations will be paid strictly in accordance with the terms of the Loan
Documents, regardless of any law, regulation or order now or hereafter in effect
in any jurisdiction affecting any of such terms or the rights of any Secured
Party with respect thereto. The Obligations of each Guarantor under or in
respect of this Guaranty are independent of the Guaranteed Obligations or any
other Obligations of any other Loan Party under or in respect of the Loan
Documents, and a separate action or actions may be brought and prosecuted
against each Guarantor to enforce this Guaranty, irrespective of whether any
action is brought against the Borrower or any other Loan Party or whether the
Borrower or any other Loan Party is joined in any such action or actions. The
liability of each Guarantor under this Guaranty shall be irrevocable, absolute
and unconditional irrespective of, and each Guarantor hereby irrevocably waives
any defenses it may now have or hereafter acquire in any way relating to, any or
all of the following:

     (a) any lack of validity or enforceability of any Loan Document or any
agreement or instrument relating thereto;

     (b) any change in the time, manner or place of payment of, or in any other
term of, all or any of the Guaranteed Obligations or any other Obligations of
any other Loan Party under or in respect of the Loan Documents, or any other
amendment or waiver of or any consent to departure from any Loan Document,
including, without limitation, any increase in the Guaranteed Obligations
resulting from the extension of additional credit to any Loan Party or any of
its Subsidiaries or otherwise;

     (c) any taking, exchange, release or non-perfection of any Collateral or
any other collateral, or any taking, release or amendment or waiver of, or
consent to departure from, any other guaranty, for all or any of the Guaranteed
Obligations;

     (d) any manner of application of Collateral or any other collateral, or
proceeds thereof, to all or any of the Guaranteed Obligations, or any manner of
sale or other disposition of any Collateral or any other

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collateral for all or any of the Guaranteed Obligations or any other Obligations
of any Loan Party under the Loan Documents or any other assets of any Loan Party
or any of its Subsidiaries;

     (e) any change, restructuring or termination of the corporate structure or
existence of any Loan Party or any of its Subsidiaries;

     (f) any failure of any Secured Party to disclose to any Loan Party any
information relating to the business, condition (financial or otherwise),
operations, performance, properties or prospects of any other Loan Party now or
hereafter known to such Secured Party (each Guarantor waiving any duty on the
part of the Secured Parties to disclose such information);

     (g) the failure of any other Person to execute or deliver this Guaranty,
any Guaranty Supplement (as hereinafter defined) or any other guaranty or
agreement or the release or reduction of liability of any Guarantor or other
guarantor or surety with respect to the Guaranteed Obligations; or

     (h) any other circumstance (including, without limitation, any statute of
limitations) or any existence of or reliance on any representation by any
Secured Party that might otherwise constitute a defense available to, or a
discharge of, any Loan Party or any other guarantor or surety.

This Guaranty shall continue to be effective or be reinstated, as the case may
be, if at any time any payment of any of the Guaranteed Obligations is rescinded
or must otherwise be returned by any Secured Party or any other Person upon the
insolvency, bankruptcy or reorganization of the Borrower or any other Loan Party
or otherwise, all as though such payment had not been made.

     Section 3. Waivers and Acknowledgments. (a) Each Guarantor hereby
unconditionally and irrevocably waives promptness, diligence, notice of
acceptance, presentment, demand for performance, notice of nonperformance,
default, acceleration, protest or dishonor and any other notice with respect to
any of the Guaranteed Obligations and this Guaranty and any requirement that any
Secured Party protect, secure, perfect or insure any Lien or any property
subject thereto or exhaust any right or take any action against any Loan Party
or any other Person or any Collateral.

     (b) Each Guarantor hereby unconditionally and irrevocably waives any right
to revoke this Guaranty and acknowledges that this Guaranty is continuing in
nature and applies to all Guaranteed Obligations, whether existing now or in the
future.

     (c) Each Guarantor hereby unconditionally and irrevocably waives (i) any
defense arising by reason of any claim or defense based upon an election of
remedies by any Secured Party that in any manner impairs, reduces, releases or
otherwise adversely affects the subrogation, reimbursement, exoneration,
contribution or indemnification rights of such Guarantor or other rights of such
Guarantor to proceed against any of the other Loan Parties, any other guarantor
or any other Person or any Collateral and (ii) any defense based on any right of
set-off or counterclaim against or in respect of the Obligations of such
Guarantor hereunder.

                                       4

     (d) Each Guarantor acknowledges that the Collateral Agent may, without
notice to or demand upon such Guarantor and without affecting the liability of
such Guarantor under this Guaranty, foreclose under any mortgage by nonjudicial
sale, and each Guarantor hereby waives any defense to the recovery by the
Collateral Agent and the other Secured Parties against such Guarantor of any
deficiency after such nonjudicial sale and any defense or benefits that may be
afforded by applicable law.

     (e) Each Guarantor hereby unconditionally and irrevocably waives any duty
on the part of any Secured Party to disclose to such Guarantor any matter, fact
or thing relating to the business, condition (financial or otherwise),
operations, performance, properties or prospects of any other Loan Party or any
of its Subsidiaries now or hereafter known by such Secured Party.

     (f) Each Guarantor acknowledges that it will receive substantial direct and
indirect benefits from the financing arrangements contemplated by the Loan
Documents and that the waivers set forth in Section 2 and this Section 3 are
knowingly made in contemplation of such benefits.

     Section 4. Subrogation. Each Guarantor hereby unconditionally and
irrevocably agrees not to exercise any rights that it may now have or hereafter
acquire against the Borrower, any other Loan Party or any other insider
guarantor that arise from the existence, payment, performance or enforcement of
such Guarantor's Obligations under or in respect of this Guaranty or any other
Loan Document, including, without limitation, any right of subrogation,
reimbursement, exoneration, contribution or indemnification and any right to
participate in any claim or remedy of any Secured Party against the Borrower,
any other Loan Party or any other insider guarantor or any Collateral, whether
or not such claim, remedy or right arises in equity or under contract, statute
or common law, including, without limitation, the right to take or receive from
the Borrower, any other Loan Party or any other insider guarantor, directly or
indirectly, in cash or other property or by set-off or in any other manner,
payment or security on account of such claim, remedy or right, unless and until
all of the Guaranteed Obligations and all other amounts payable under this
Guaranty shall have been paid in full in cash, all Letters of Credit and all
Secured Hedge Agreements shall have expired or been terminated or Cash
Collateralized and the Commitments shall have expired or been terminated. If any
amount shall be paid to any Guarantor in violation of the immediately preceding
sentence at any time prior to the latest of (a) the payment in full in cash of
the Guaranteed Obligations and all other amounts payable under this Guaranty,
(b) the Maturity Date and (c) the latest date of expiration, termination or Cash
Collateralization of all Letters of Credit and all Secured Hedge Agreements,
such amount shall be received and held in trust for the benefit of the Secured
Parties, shall be segregated from other property and funds of such Guarantor and
shall forthwith be paid or delivered to the Administrative Agent in the same
form as so received (with any necessary endorsement or assignment) to be
credited and applied to the Guaranteed Obligations and all other amounts payable
under this Guaranty, whether matured or unmatured, in accordance with the terms
of the Loan Documents, or to be held as Collateral for any Guaranteed
Obligations or other amounts payable under this Guaranty thereafter arising. If
(i) any Guarantor shall make payment to any Secured Party of all or any part of
the Guaranteed Obligations, (ii) all of the Guaranteed Obligations and all other
amounts payable under this Guaranty shall have been paid in full in cash, (iii)
the Maturity Date shall have occurred and (iv) all Letters of Credit and all
Secured

                                       5

Hedge Agreements shall have expired, been terminated or Cash Collateralized, the
Secured Parties will, at such Guarantor's request and expense, execute and
deliver to such Guarantor appropriate documents, without recourse and without
representation or warranty, necessary to evidence the transfer by subrogation to
such Guarantor of an interest in the Guaranteed Obligations resulting from such
payment made by such Guarantor pursuant to this Guaranty.

     Section 5. Payments Free and Clear of Taxes, Etc. (a) Any and all payments
made by any Guarantor under or in respect of this Guaranty or any other Loan
Document shall be made, in accordance with Section 2.12 of the Credit Agreement,
free and clear of and without deduction for any Indemnified Taxes or Other
Taxes. If any Guarantor shall be required by law to deduct any Indemnified Taxes
or Other Taxes from or in respect of any sum payable under or in respect of this
Guaranty or any other Loan Document to any Secured Party, (i) the sum payable by
such Guarantor shall be increased as may be necessary so that after such
Guarantor and the Administrative Agent have made all required deductions
(including deductions applicable to additional sums payable under this Section
5), such Secured Party receives an amount equal to the sum it would have
received had no such deductions been made, (ii) such Guarantor shall make all
such deductions and (iii) such Guarantor shall pay the full amount deducted to
the relevant taxation authority or other authority in accordance with applicable
law.

     (b) In addition, each Guarantor agrees to pay any Other Taxes that arise
from any payment made by or on behalf of such Guarantor under or in respect of
this Guaranty or any other Loan Document or from the execution, delivery or
registration of, performance under, or otherwise with respect to, this Guaranty
and the other Loan Documents.

     (c) Each Guarantor will indemnify each Secured Party for and hold it
harmless against the full amount of Taxes and Other Taxes, and for the full
amount of Indemnified Taxes or Other Taxes imposed by any jurisdiction on
amounts payable under this Section 5, imposed on or paid by such Secured Party
and any liability (including penalties, additions to tax, interest and expenses)
arising therefrom or with respect thereto. This indemnification shall be made
within 10 days from the date such Secured Party makes written demand therefor
setting forth in reasonable detail the amount of such Indemnified Taxes or Other
Taxes and the circumstances giving rise thereto, which written demand shall be
conclusive absent manifest error.

     (d) Within 30 days after the date of any payment of Indemnified Taxes or
Other Taxes by or on behalf of any Guarantor, such Guarantor shall furnish to
the Administrative Agent, at its address referred to in Section 9, the original
or a certified copy of a receipt evidencing such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent.

     (e) For purposes of this Section 5, the terms "UNITED STATES" and "UNITED
STATES PERSON" shall have the meanings specified in Section 7701 of the Internal
Revenue Code. Upon the reasonable request in writing of any Guarantor, each
Secured Party organized under the laws of a jurisdiction outside the United
States shall, on or prior to the date of its execution and delivery of the
Credit Agreement in the case of each Lender or the L/C Issuer, as the case may
be, and on or prior to the date of the Assignment and Acceptance or Secured
Hedge Agreement pursuant to which it becomes a Secured Party in the case of each
other Secured Party, and from

                                       6

time to time thereafter upon the reasonable request in writing by any Guarantor
(but only so long thereafter as such Secured Party remains lawfully able to do
so), provide each of the Administrative Agent and such Guarantor with two
original duly completed and executed Internal Revenue Service forms W-8BEN or
W-8ECI, as appropriate, or (in the case of a Secured Party that has certified in
writing to the Administrative Agent that it is not a "bank" as defined in
Section 881(c)(3)(A) of the Internal Revenue Code) form W-8BEN (and, if such
Secured Party delivers a form W-8BEN, a certificate representing that such
Secured Party is not a "bank" for purposes of Section 881(c) of the Internal
Revenue Code, is not a 10-percent shareholder (within the meaning of Section
871(h)(3)(B) of the Internal Revenue Code) of the Borrower and is not a
controlled foreign corporation related to the Borrower (within the meaning of
Section 864(d)(4) of the Internal Revenue Code)), as appropriate, or any
successor or other form prescribed by the Internal Revenue Service, certifying
that such Secured Party is exempt from or entitled to a reduced rate of United
States withholding tax on all payments under the Credit Agreement, or the Notes
and any other Loan Document or, in the case of a Secured Party providing a form
W-8BEN, certifying that such Secured Party is a foreign corporation,
partnership, estate or trust. If the forms provided by a Secured Party at the
time such Secured Party first becomes a party to the Credit Agreement or the
applicable Secured Hedge Agreement indicate a United States withholding tax rate
in excess of zero, withholding tax at such rate shall be considered excluded
from Indemnified Taxes unless and until such Secured Party provides the
appropriate form certifying that a lesser rate applies, whereupon withholding
tax at such lesser rate only shall be considered excluded from Taxes for periods
governed by such forms; provided, however, that if, in the case of a Secured
Party becoming a party to the Credit Agreement, at the date of the Assignment
and Acceptance pursuant to which a Secured Party becomes a party to the Credit
Agreement, the Secured Party assignor was entitled to payments under subsection
(a) of this Section 5 in respect of United States withholding tax with respect
to interest paid at such date, then, to such extent, the term Indemnified Taxes
shall include (in addition to withholding taxes that may be imposed in the
future or other amounts otherwise includable in Taxes) United States withholding
tax, if any, applicable with respect to the Secured Party assignee on such date.
If any form or document referred to in this subsection (e) and requested by any
Guarantor pursuant to this subsection (e) requires the disclosure of
information, other than information necessary to compute the tax payable and
information required on the date hereof by Internal Revenue Service form W-8BEN
or W-8ECI (or the related certificate described above), that the applicable
Secured Party reasonably considers to be confidential, such Secured Party shall
give notice thereof to the applicable Guarantor and shall not be obligated to
include in such form or document such confidential information.

     (f) For any period with respect to which a Secured Party has failed to
provide any Guarantor following such Guarantor's request therefor pursuant to
subsection (e) above with the appropriate form described in subsection (e) above
(other than if such failure is due to a change in law occurring after the date
on which a form originally was required to be provided or if such form otherwise
is not required under subsection (e) above), such Secured Party shall not be
entitled to indemnification under subsection (a) or (c) of this Section 5 with
respect to Indemnified Taxes imposed by the United States by reason of such
failure; provided, however, that should a Secured Party become subject to
Indemnified Taxes because of its failure to deliver a form required and at such
Secured Party's sole expense, hereunder, such Guarantor shall take such steps as
such Secured Party shall reasonably request to assist such Secured Party to
recover such Taxes.

                                       7

     (g) Any Secured Party claiming any additional amounts payable pursuant to
this Section 5 agrees to use reasonable efforts (consistent with its internal
policy and legal and regulatory restrictions) to change the jurisdiction of its
Eurodollar Lending Office if the making of such a change would avoid the need
for, or reduce the amount of, any such additional amounts that may thereafter
accrue and would not, in the reasonable judgment of such Secured Party, be
otherwise disadvantageous to such Secured Party.

     (h) If any Secured Party determines, in its sole discretion, that it has
actually realized, by reason of a refund, deduction or credit of any Indemnified
Taxes or Other Taxes paid or reimbursed by any Guarantor pursuant to this
Section 5 in respect of payments under the Loan Documents, a current monetary
benefit that it would otherwise not have obtained, and that would result in the
total payments under this Section 5 exceeding the amount needed to make such
Secured Party whole, such Secured Party shall pay to such Guarantor, with
reasonable promptness following the date on which it actually realizes such
benefit, an amount equal to the lesser of the amount of such benefit or the
amount of such excess, in each case net of all out-of-pocket expenses in
securing such refund, deduction or credit.

     Section 6. Representations and Warranties. Each Guarantor hereby makes each
representation and warranty made in the Loan Documents by the Borrower with
respect to such Guarantor and each Guarantor hereby further represents and
warrants as follows:

     (a) There are no conditions precedent to the effectiveness of this Guaranty
that have not been satisfied or waived.

     (b) Such Guarantor has, independently and without reliance upon any Secured
Party and based on such documents and information as it has deemed appropriate,
made its own credit analysis and decision to enter into this Guaranty and each
other Loan Document to which it is or is to be a party, and such Guarantor has
established adequate means of obtaining from each other Loan Party on a
continuing basis information pertaining to, and is now and on a continuing basis
will be completely familiar with, the business, condition (financial or
otherwise), operations, performance, properties and prospects of such other Loan
Party.

     Section 7. Covenants. Each Guarantor covenants and agrees that, so long as
any part of the accrued Guaranteed Obligations shall remain unpaid, any Letter
of Credit shall be outstanding and not Cash Collateralized, any Lender shall
have any Commitment or any Secured Hedge Agreement shall be in effect, such
Guarantor will perform and observe, and cause each of its Subsidiaries to
perform and observe, all of the terms, covenants and agreements set forth in the
Loan Documents on its or their part to be performed or observed or that the
Borrower has agreed to cause such Guarantor or such Subsidiaries to perform or
observe.

     Section 8. Amendments, Guaranty Supplements, Etc. (a) No amendment or
waiver of any provision of this Guaranty and no consent to any departure by any
Guarantor therefrom shall in any event be effective unless the same shall be in
writing and signed by the Administrative Agent, the Required Lenders and the
Guarantors (except as otherwise expressly provided in the Credit Agreement), and
then such waiver or consent shall be effective only in the specific instance and
for the specific purpose for which given; provided, however, that no amendment,
waiver or consent shall, unless in writing and signed by all of the Secured
Parties

                                       8

(other than any Lender that is, at such time, a Defaulting Lender), (a) reduce
or limit the obligations of any Guarantor hereunder, release any Guarantor
hereunder or otherwise limit any Guarantor's liability with respect to the
Obligations owing to the Secured Parties under or in respect of the Loan
Documents except as provided in the next succeeding sentence, (b) postpone any
date fixed for payment hereunder or (c) change the number of Secured Parties or
the percentage of (x) the Commitments, (y) the aggregate unpaid principal amount
of the Loans or (z) the aggregate L/C Obligations that, in each case, shall be
required for the Secured Parties or any of them to take any action hereunder.

     (b) Upon the execution and delivery by any Person of a guaranty supplement
in substantially the form of Exhibit A hereto (each, a "GUARANTY SUPPLEMENT"),
(i) such Person shall be referred to as an "ADDITIONAL Guarantor" and shall
become and be a Guarantor hereunder, and each reference in this Guaranty to a
"GUARANTOR" shall also mean and be a reference to such Additional Guarantor, and
each reference in any other Loan Document to a "SUBSIDIARY GUARANTOR" shall also
mean and be a reference to such Additional Guarantor, and (ii) each reference
herein to "THIS GUARANTY", "HEREUNDER", "HEREOF" or words of like import
referring to this Guaranty, and each reference in any other Loan Document to the
"SUBSIDIARY GUARANTY", "THEREUNDER", "THEREOF" or words of like import referring
to this Guaranty, shall mean and be a reference to this Guaranty as supplemented
by such Guaranty Supplement.

     Section 9. Notices, Etc. All notices and other communications provided for
hereunder shall be in writing (including telecopy communication) and mailed (by
certified or registered mail), telecopied, or delivered to it, if to any
Guarantor, addressed to it in care of the Borrower at the Borrower's address
specified in Section 11.02 of the Credit Agreement, if to any Agent or any
Lender, at its address specified in Section 11.02 of the Credit Agreement, if to
any Hedge Bank, at its address specified in the Secured Hedge Agreement to which
it is a party, or, as to any party, at such other address as shall be designated
by such party in a written notice to each other party. All such notices and
other communications shall, when mailed or telecopied, be effective when
deposited in the mails or transmitted by telecopier respectively. Delivery by
telecopier of an executed counterpart of a signature page to any amendment or
waiver of any provision of this Guaranty or of any Guaranty Supplement to be
executed and delivered hereunder shall be effective as delivery of an original
executed counterpart thereof.

     Section 10. No Waiver; Remedies. No failure on the part of any Secured
Party to exercise, and no delay in exercising, any right hereunder shall operate
as a waiver thereof; nor shall any single or partial exercise of any right
hereunder preclude any other or further exercise thereof or the exercise of any
other right. The remedies herein provided are cumulative and not exclusive of
any remedies provided by law.

     Section 11. Right of Set-off. Upon (a) the occurrence and during the
continuance of any Event of Default and (b) the making of the request or the
granting of the consent specified by Section 9.02 of the Credit Agreement to
authorize the Administrative Agent to declare the Notes due and payable pursuant
to the provisions of said Section 9.02, each Agent and each Lender and each of
their respective Affiliates is hereby authorized at any time and from time to
time, to the fullest extent permitted by law, to set off and apply any and all
deposits (general or special, time or demand, provisional or final) at any time
held and other indebtedness at any time owing by such Agent, such Lender or such
Affiliate to or for the credit or the account of any

                                       9

Guarantor against any and all of the Obligations of such Guarantor now or
hereafter existing under the Loan Documents, irrespective of whether such Agent
or such Lender shall have made any demand under this Guaranty or any other Loan
Document and although such Obligations may be unmatured. Each Agent and each
Lender agrees promptly to notify such Guarantor after any such set-off and
application; provided, however, that the failure to give such notice shall not
affect the validity of such set-off and application. The rights of each Agent
and each Lender and their respective Affiliates under this Section are in
addition to other rights and remedies (including, without limitation, other
rights of set-off) that such Agent, such Lender and their respective Affiliates
may have.

     Section 12. Indemnification. (a) Without limitation on any other
Obligations of any Guarantor or remedies of the Secured Parties under this
Guaranty, each Guarantor shall, to the fullest extent permitted by law,
indemnify, defend and save and hold harmless each Secured Party and each of
their Affiliates and their respective officers, directors, employees, agents and
advisors (each, an "INDEMNIFIED PARTY") from and against, and shall pay on
demand, any and all claims, damages, losses, liabilities and expenses
(including, without limitation, reasonable fees and expenses of counsel) that
may be incurred by or asserted or awarded against any Indemnified Party in
connection with or as a result of any failure of any Guaranteed Obligations to
be the legal, valid and binding obligations of any Loan Party enforceable
against such Loan Party in accordance with their terms, provided that such
indemnity shall not, as to any Indemnified Party, be available to the extent
that such claims, damages or losses, liabilities, and expenses are determined by
a court of competent jurisdiction by final non-appealable judgment to have
resulted from the gross negligence, willful misconduct or bad faith of such
Indemnified Party.

     (b) Each Guarantor hereby also agrees that none of the Indemnified Parties
shall have any liability (whether direct or indirect, in contract, tort or
otherwise) to any of the Guarantors or any of their respective Affiliates or any
of their respective officers, directors, employees, agents and advisors, and
each Guarantor hereby agrees not to assert any claim against any Indemnified
Party on any theory of liability, for special, indirect, consequential or
punitive damages arising out of or otherwise relating to the Facilities, the
actual or proposed use of the proceeds of the Loans or the Letters of Credit,
the Loan Documents or any of the transactions contemplated by the Loan
Documents.

     (c) Without prejudice to the survival of any of the other agreements of any
Guarantor under this Guaranty or any of the other Loan Documents, the agreements
and obligations of each Guarantor contained in Section 1(a) (with respect to
enforcement expenses), the last sentence of Section 2, Section 5 and this
Section 12 shall survive the payment in full of the Guaranteed Obligations and
all of the other amounts payable under this Guaranty.

     Section 13. Subordination. Each Guarantor hereby subordinates any and all
debts, liabilities and other Obligations owed to such Guarantor by each other
Loan Party (the "SUBORDINATED OBLIGATIONS") to the Guaranteed Obligations to the
extent and in the manner hereinafter set forth in this Section 13:

     (a) Prohibited Payments, Etc. Except during the continuance of a Default
(including the commencement and continuation of any proceeding under any
Bankruptcy Law relating to any other Loan Party), each Guarantor may receive
regularly scheduled payments

                                       10

from any other Loan Party on account of the Subordinated Obligations. After the
occurrence and during the continuance of any Default (including the commencement
and continuation of any proceeding under any Bankruptcy Law relating to any
other Loan Party), however, unless the Administrative Agent otherwise agrees, no
Guarantor shall demand, accept or take any action to collect any payment on
account of the Subordinated Obligations.

     (b) Prior Payment of Guaranteed Obligations. In any proceeding under any
Bankruptcy Law relating to any other Loan Party, each Guarantor agrees that the
Secured Parties shall be entitled to receive payment in full in cash of all
Guaranteed Obligations (including all interest and expenses accruing after the
commencement of a proceeding under any Bankruptcy Law, whether or not
constituting an allowed claim in such proceeding ("POST PETITION INTEREST"))
before such Guarantor receives payment of any Subordinated Obligations.

     (c) Turn-Over. After the occurrence and during the continuance of any
Default (including the commencement and continuation of any proceeding under any
Bankruptcy Law relating to any other Loan Party), each Guarantor shall, if the
Administrative Agent so requests, collect, enforce and receive payments on
account of the Subordinated Obligations as trustee for the Secured Parties and
deliver such payments to the Administrative Agent on account of the Guaranteed
Obligations (including all Post Petition Interest), together with any necessary
endorsements or other instruments of transfer, but without reducing or affecting
in any manner the liability of such Guarantor under the other provisions of this
Guaranty.

     (d) Administrative Agent Authorization. After the occurrence and during the
continuance of any Default (including the commencement and continuation of any
proceeding under any Bankruptcy Law relating to any other Loan Party), the
Administrative Agent is authorized and empowered (but without any obligation to
so do), in its discretion, (i) in the name of each Guarantor, to collect and
enforce, and to submit claims in respect of, Subordinated Obligations and to
apply any amounts received thereon to the Guaranteed Obligations (including any
and all Post Petition Interest), and (ii) to require each Guarantor (A) to
collect and enforce, and to submit claims in respect of, Subordinated
Obligations and (B) to pay any amounts received on such obligations to the
Administrative Agent for application to the Guaranteed Obligations (including
any and all Post Petition Interest).

     Section 14. Continuing Guaranty; Assignments under the Credit Agreement.
(a) This Guaranty is a continuing guaranty and shall (i) remain in full force
and effect until the latest of (A) the payment in full in cash of the Guaranteed
Obligations and all other amounts payable under this Guaranty, (B) the Maturity
Date and (C) the latest date of expiration or termination or Cash
Collateralization of all Letters of Credit and all Secured Hedge Agreements,
(ii) be binding upon the Guarantor, its successors and assigns and (iii) inure
to the benefit of and be enforceable by the Secured Parties and their
successors, transferees and assigns. Without limiting the generality of clause
(iii) of the immediately preceding sentence, any Secured Party may assign or
otherwise transfer all or any portion of its rights and obligations under the
Credit Agreement (including, without limitation, all or any portion of its
Commitments, the Loans owing to it and the Note or Notes held by it) to any
other Person, and such other Person shall thereupon become vested with all the
benefits in respect thereof granted to such Secured Party herein or otherwise,
in each case as and to the extent provided in Section 11.06 of the Credit
Agreement. Subject to

                                       11

Section 7.04 of the Credit Agreement, no Guarantor shall have the right to
assign its rights hereunder or any interest herein without the prior written
consent of the Secured Parties.

     (b) Any Guarantor ceasing to be a Subsidiary as a result of a transaction
not prohibited by the Loan Documents shall be automatically released from the
Guaranty.

     Section 15. Execution in Counterparts. This Guaranty and each amendment,
waiver and consent with respect hereto may be executed in any number of
counterparts and by different parties thereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement. Delivery of an executed
counterpart of a signature page to this Guaranty by telecopier shall be
effective as delivery of an original executed counterpart of this Guaranty.

     Section 16. Governing Law; Jurisdiction; Waiver of Jury Trial, Etc. (a)
This Guaranty shall be governed by, and construed in accordance with, the laws
of the State of New York.

     (b) Each Guarantor hereby irrevocably and unconditionally submits, for
itself and its property, to the nonexclusive jurisdiction of any New York State
court or federal court of the United States of America sitting in New York City,
and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Guaranty or any of the other Loan Documents to which
it is or is to be a party, or for recognition or enforcement of any judgment,
and each Guarantor hereby irrevocably and unconditionally agrees that all claims
in respect of any such action or proceeding may be heard and determined in any
such New York State court or, to the extent permitted by law, in such federal
court. Each Guarantor agrees that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. Nothing in this
Guaranty or any other Loan Document shall affect any right that any party may
otherwise have to bring any action or proceeding relating to this Guaranty or
any other Loan Document in the courts of any jurisdiction.

     (c) Each Guarantor irrevocably and unconditionally waives, to the fullest
extent it may legally and effectively do so, any objection that it may now or
hereafter have to the laying of venue of any suit, action or proceeding arising
out of or relating to this Guaranty or any of the other Loan Documents to which
it is or is to be a party in any New York State or federal court. Each Guarantor
hereby irrevocably waives, to the fullest extent permitted by law, the defense
of an inconvenient forum to the maintenance of such suit, action or proceeding
in any such court.

     (d) EACH GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN
ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR
OTHERWISE) ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS, THE ADVANCES
OR THE ACTIONS OF ANY SECURED PARTY IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE OR ENFORCEMENT THEREOF.

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

                                               AMES TRUE TEMPER PROPERTIES, INC.

                                               By /s/ Judy Schuchart
                                                  ------------------------------
                                                  Title: Chief Financial Officer

                                        1

EXHIBIT A
TO THE
SUBSIDIARY GUARANTY

                     FORM OF SUBSIDIARY GUARANTY SUPPLEMENT

_________ __, ____

Bank of America, N.A., as Administrative Agent
[Address of Administrative Agent]

Attention: _________

Credit Agreement dated as of _________ __, 2004 among
Ames True Temper, Inc., a Delaware corporation (the "BORROWER"),
ATT Holding Co., a Delaware corporation, the Lenders party to the
Credit Agreement and Bank of America, N.A., as Administrative Agent

Ladies and Gentlemen:

     Reference is made to the above-captioned Credit Agreement and to the
Subsidiary Guaranty referred to therein (such Subsidiary Guaranty, as in effect
on the date hereof and as it may hereafter be amended, supplemented or otherwise
modified from time to time, together with this Guaranty Supplement, being the
"SUBSIDIARY GUARANTY"). The capitalized terms defined in the Subsidiary Guaranty
or in the Credit Agreement and not otherwise defined herein are used herein as
therein defined.

     (1) Guaranty; Limitation of Liability. (a) The undersigned hereby
absolutely, unconditionally and irrevocably guarantees the punctual payment when
due, whether at scheduled maturity or on any date of a required prepayment or by
acceleration, demand or otherwise, of all Obligations of each other Loan Party
now or hereafter existing under or in respect of the Loan Documents (including,
without limitation, any extensions, modifications, substitutions, amendments or
renewals of any or all of the foregoing Obligations), whether direct or
indirect, absolute or contingent, and whether for principal, interest, premium,
fees, indemnities, contract causes of action, costs, expenses or otherwise (such
Obligations being the "GUARANTEED OBLIGATIONS"), and agrees to pay any and all
expenses (including, without limitation, reasonable fees and expenses of
counsel) incurred by the Administrative Agent or any other Secured Party in
enforcing any rights under this Guaranty Supplement, the Subsidiary Guaranty or
any other Loan Document. Without limiting the generality of the foregoing, the
undersigned's liability shall extend to all amounts that constitute part of the
Guaranteed Obligations and would be owed by any other Loan Party to any Secured
Party under or in respect of the Loan Documents but for the fact that they are
unenforceable or not allowable due to the existence of a bankruptcy,
reorganization or similar proceeding involving such other Loan Party.

     (b) The undersigned, and by its acceptance of this Guaranty Supplement, the
Administrative Agent and each other Secured Party, hereby confirms that it is
the intention of all such Persons that this Guaranty Supplement, the Subsidiary
Guaranty and the Obligations of the undersigned hereunder and thereunder not
constitute a fraudulent transfer or conveyance for

                                       2

purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar foreign, federal or state law to the
extent applicable to this Guaranty Supplement, the Subsidiary Guaranty and the
Obligations of the undersigned hereunder and thereunder. To effectuate the
foregoing intention, the Administrative Agent, the other Secured Parties and the
undersigned hereby irrevocably agree that the Obligations of the undersigned
under this Guaranty Supplement and the Subsidiary Guaranty at any time shall be
limited to the maximum amount as will result in the Obligations of the
undersigned under this Guaranty Supplement and the Subsidiary Guaranty not
constituting a fraudulent transfer or conveyance.

     (c) The undersigned hereby unconditionally and irrevocably agrees that in
the event any payment shall be required to be made to any Secured Party under
this Guaranty Supplement, the Subsidiary Guaranty, or the Holdings Guaranty or
any other guaranty, the undersigned will contribute, to the maximum extent
permitted by applicable law, such amounts to each other Guarantor and each other
guarantor so as to maximize the aggregate amount paid to the Secured Parties
under or in respect of the Loan Documents.

     (2) Obligations Under the Guaranty. The undersigned hereby agrees, as of
the date first above written, to be bound as a Guarantor by all of the terms and
conditions of the Subsidiary Guaranty to the same extent as each of the other
Guarantors thereunder. The undersigned further agrees, as of the date first
above written, that each reference in the Subsidiary Guaranty to an "ADDITIONAL
GUARANTOR" or a "GUARANTOR" shall also mean and be a reference to the
undersigned, and each reference in any other Loan Document to a "SUBSIDIARY
GUARANTOR" or a "LOAN PARTY" shall also mean and be a reference to the
undersigned.

     (3) Representations and Warranties. The undersigned hereby makes each
representation and warranty set forth in Section 6 of the Subsidiary Guaranty to
the same extent as each other Guarantor.

     (4) Delivery by Telecopier. Delivery of an executed counterpart of a
signature page to this Guaranty Supplement by telecopier shall be effective as
delivery of an original executed counterpart of this Guaranty Supplement.

     (5) Governing Law; Jurisdiction; Waiver of Jury Trial, Etc. (a) This
Guaranty Supplement shall be governed by, and construed in accordance with, the
laws of the State of New York.

     (b) The undersigned hereby irrevocably and unconditionally submits, for
itself and its property, to the nonexclusive jurisdiction of any New York State
court or any federal court of the United States of America sitting in New York
City, and any appellate court from any thereof, in any action or proceeding
arising out of or relating to this Guaranty Supplement, the Subsidiary Guaranty
or any of the other Loan Documents to which it is or is to be a party, or for
recognition or enforcement of any judgment, and the undersigned hereby
irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may be heard and determined in any such New York State
court or, to the extent permitted by law, in such federal court. The undersigned
agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or
in any other manner provided by law. Nothing in this Guaranty Supplement or the
Subsidiary Guaranty

                                       3

or any other Loan Document shall affect any right that any party may otherwise
have to bring any action or proceeding relating to this Guaranty Supplement, the
Subsidiary Guaranty or any of the other Loan Documents to which it is or is to
be a party in the courts of any other jurisdiction.

     (c) The undersigned irrevocably and unconditionally waives, to the fullest
extent it may legally and effectively do so, any objection that it may now or
hereafter have to the laying of venue of any suit, action or proceeding arising
out of or relating to this Guaranty Supplement, the Subsidiary Guaranty or any
of the other Loan Documents to which it is or is to be a party in any New York
State or federal court. The undersigned hereby irrevocably waives, to the
fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of such suit, action or proceeding in any such court.

     (d) THE UNDERSIGNED HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN
ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR
OTHERWISE) ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS, THE ADVANCES
OR THE ACTIONS OF ANY SECURED PARTY IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE OR ENFORCEMENT THEREOF.

                                                  Very truly yours,

                                                  [NAME OF ADDITIONAL GUARANTOR]

                                                  By:
                                                     ---------------------------
                                                     Name:
                                                     Title:Dated June 28, 2004

                             AMES TRUE TEMPER, INC.

                                       and

                              BANK OF AMERICA, N.A.
                              (as Collateral Agent)

                                CHARGE OF SHARES
                            in respect of the shares
                                       of
                               TRUE TEMPER LIMITED

                                McCann FitzGerald
                                   Solicitors
                              2 Harbourmaster Place
                     International Financial Services Centre
                                    Dublin 1

                                    CONTENTS

Clause                                                                     Page

1.    DEFINITIONS AND INTERPRETATION..........................................3

2.    COVENANT TO PAY.........................................................5

3.    SECURITY OVER CHARGED PORTFOLIO.........................................5

4.    DEPOSIT OF CERTIFICATES.................................................6

5.    EXERCISE OF RIGHTS IN RESPECT OF CHARGED PORTFOLIO......................7

6.    COVENANTS...............................................................8

7.    REPRESENTATIONS AND WARRANTIES..........................................9

8.    FURTHER ASSURANCES.....................................................11

9.    COLLATERAL AGENT'S POWERS..............................................11

10.   RECEIVER...............................................................13

11.   POWER OF ATTORNEY......................................................13

12.   CONTINUING SECURITY/SUBROGATION........................................14

13.   AVOIDANCE OF PAYMENTS..................................................14

14.   PROVISO FOR REDEMPTION.................................................14

15.   INDEMNITY..............................................................15

16.   DEFAULT INTEREST.......................................................15

17.   PAYMENTS...............................................................16

18.   SET-OFF................................................................16

19.   ASSIGNMENT.............................................................16

20.   COSTS, EXPENSES AND STAMP DUTY.........................................17

21.   NOTICES................................................................17

22.   MISCELLANEOUS..........................................................17

23.   THE COLLATERAL AGENT AS TRUSTEE........................................18

24.   GOVERNING LAW AND JURISDICTION.........................................18

SCHEDULE.....................................................................20

THIS CHARGE is made on June 28, 2004

BETWEEN:

(1)     AMES TRUE TEMPER, INC. a corporation incorporated under the laws of the
        state of Delaware (the "Chargor" which term includes its successors
        and/or assigns); and

(2)     BANK OF AMERICA, N.A. as security trustee for the Secured Parties of the
        security constituted by this Charge (hereinafter referred to as the
        "Collateral Agent" which expression shall, where the context so admits,
        include any successor trustee or trustees of the trusts under which the
        security hereby constituted is held).

RECITALS

(A)     The Principal Company is a wholly owned subsidiary of the Chargor.

(B)     The Lenders have agreed to make each Facility available to the Borrower
        on the terms and subject to the conditions set out in the Credit
        Agreement.

(C)     It is one of the conditions to the availability of each Facility that
        the Charger executes this Charge and provides to the Collateral Agent
        the security created by this Charge.

(D)     The Board of Directors of the Chargor is satisfied that it is in the
        interests, and for the benefit, of the Chargor to enter into the Charge.

(E)     The Collateral Agent has agreed to enter into this Charge as security
        trustee for the Secured Parties and to hold the benefit of the security
        constituted by this Charge on trust under the terms and conditions of
        this Charge and the Credit Agreement.

(F)     The authorised share capital of the Principal Company is divided into
        700,000 ordinary shares of (euro)1.269738 each, of which 647,350
        ordinary have been issued and are fully paid. The Chargor is the
        registered and beneficial owner of 647,350 ordinary shares in the
        capital of the Principal Company.

NOW IT IS AGREED as follows:

1.      DEFINITIONS AND INTERPRETATION

1.1.    Words and expressions defined in the Credit Agreement, and not otherwise
        defined herein shall, unless there is something in the subject or the
        context which is inconsistent therewith, bear the same meaning herein as
        in the Credit Agreement.

1.2.    In this Charge, unless the context requires otherwise:

                  "Act" means the Conveyancing and Law of Property Act, 1881, as
                  amended by the Conveyancing Acts, 1882 and 1911;

                  "Charged Portfolio" means the Shares and the Related Assets
                  (and shall include, where the context so requires, any part
                  thereof);

                                       3

                  "Credit Agreement" means the credit agreement dated as of the
                  date of this Charge among (1) Ames True Temper, Inc. as
                  Borrower, (2) ATT Holdings Co. as a Guarantor, (3) Bank of
                  America, N.A. as Administrative Agent, Swing Line Lender and
                  L/C Issuer, (4) each Lender from time to time a party thereto,
                  (5) General Electric Capital Corporation as Documentation
                  Agent, (6) Wachovia Bank, National Association as Syndication
                  Agent and (7) Bank of America Securities LLC as Sole Lead
                  Arranger and Sole Book Manager;

                  "Principal Company" means True Temper Limited, a company
                  incorporated under the laws of Ireland with registration
                  number 79790;

                  "Related Assets" means all dividends, interest and other
                  monies payable in respect of the Shares and all other rights,
                  benefits and proceeds in respect of or derived from the Shares
                  (whether by way of redemption, bonus, preference, option,
                  substitution, conversion or otherwise);

                  "Secured Obligations" means each of the Obligations of the
                  Chargor now or hereafter existing under the Loan Documents,
                  whether direct or indirect, absolute or contingent, and
                  whether for principal, reimbursement obligations, interest,
                  fees, premiums, penalties, indemnifications, contract causes
                  of action, costs, expenses or otherwise;

                  "Security Agreement" means the security agreement dated on or
                  about the date of this Charge from the Grantors referred to
                  therein (including the Chargor) to the Collateral Agent;

                  "Shares" means, at any time, 66% of all of the issued shares
                  in the capital of the Principal Company at such time (being at
                  the date of this Charge 427,251 shares in the capital of the
                  Principal Company).

1.3.    In this Charge unless the context requires otherwise:

        (a)     clause headings are inserted for convenience only and shall not
                affect the construction of this Charge and all references to
                Clauses are to Clauses of this Charge;

        (b)     words denoting the singular number shall include the plural and
                vice versa;

        (c)     references to a "person" include references to an individual,
                firm, company, corporation, unincorporated body of persons or
                any state or government or any instrumentality, agency or
                political subdivision thereof or authority, board or body
                created or constituted thereby;

        (d)     references to any agreement (including, without limitation, the
                Credit Agreement), document or instrument are to be construed as
                references to that agreement, document or instrument as amended
                or supplemented or varied from time to time; and

                                       4

        (e)     references to any statute shall include re-enactments,
                amendments and extensions thereof, whether by statute,
                regulation or otherwise.

2.      COVENANT TO PAY

        The Chargor hereby covenants that it will in accordance with the
        provisions of the Loan Documents discharge the Secured Obligations.

3.      SECURITY OVER CHARGED PORTFOLIO

3.1.    The Chargor, as beneficial owner, as a continuing security for the
        purpose of securing the due and punctual payment and discharge of the
        Secured Obligations, hereby charges and mortgages, and agrees to charge
        and mortgage, to the Collateral Agent (as trustee for the Secured
        Parties), by way of first fixed charge and mortgage, all of its rights,
        title, benefit and interest whatsoever, present and future, to or in
        respect of the Charged Portfolio, but so that the Collateral Agent shall
        not in any circumstances incur any liability whatsoever in respect of
        any calls, instalments or otherwise in connection with the Charged
        Portfolio.

3.2.    Forthwith upon the execution and delivery of this Charge, the Chargor
        shall if required by the Collateral Agent, procure that the Articles of
        Association of the Principal Company are altered in a manner
        satisfactory to the Collateral Agent so as to allow a transfer of the
        Shares to the Collateral Agent or its nominees and any transfer of the
        Shares by or on behalf of the Collateral Agent made pursuant to this
        Charge to be registered without requiring the consent of the directors
        of the Principal Company or any other condition to be obtained or met.

3.3.    The security created by or pursuant to this Charge and the obligations
        of the Chargor hereunder shall not be affected or discharged by:

        (a)     any time, indulgence, waiver or consent at any time given to the
                Chargor, the Borrower or any other person;

        (b)     any amendment to any provision of this Charge or any other Loan
                Document, security, guarantee or indemnity;

        (c)     any increase or decrease in any Facility;

        (d)     the making or absence of any demand on the Borrower, or any
                other person for payment;

        (e)     the enforcement or absence of enforcement of all or part of this
                Charge or any other Loan Document, security, guarantee or
                indemnity;

        (f)     the release of any guarantee, indemnity or security (including
                any security created by or pursuant to this Charge or any other
                Loan Document);

                                       5

        (g)     the insolvency, winding-up, administration or examination of the
                Borrower, the Chargor, the Principal Company or any other person
                (or the commencement of any such winding-up, administration or
                examination);

        (h)     the illegality, invalidity or unenforceability of or any defect
                in any provision of this Charge or any other Loan Document
                (including any security created by or pursuant to this Charge)
                or any of the rights or obligations of any of the parties
                hereunder or thereunder (whether on the grounds of ultra vires,
                not being in the interests of the relevant party, not having
                been duly authorised, executed or delivered by the relevant
                party or for any other reason whatsoever) or under the any other
                Finance Document, security, guarantee or indemnity;

        (i)     the illegality, invalidity or unenforceability of or any defect
                in any other document relating to or securing all or any part of
                the Secured Obligations;

        (j)     any other matter or thing whatsoever,

and, in addition, the Chargor further covenants with the Collateral Agent that
if, by reason of any moneys or liabilities the payment or discharge of which is
expressed or intended to be guaranteed to the Collateral Agent by the Chargor
not being legally recoverable from the relevant third party or for any other
reason whatsoever, such moneys or liabilities (or any part of them) would not be
recoverable from the Chargor as a surety, then (notwithstanding that that was
known to the Collateral Agent) they shall be fully recoverable from the Charger
as sole, original and independent obligor and the Chargor will pay or discharge
them to the Collateral Agent upon demand.

4.      DEPOSIT OF CERTIFICATES

4.1.    The Chargor will, and will procure that its nominee(s) will, deposit
        with the Collateral Agent and permit the Collateral Agent during the
        continuance of the security hereby created to hold and retain:

        (a)     all certificates or other documents representing or evidencing
                ownership of the Charged Portfolio together with instruments of
                transfer in respect of the Charged Portfolio duly executed by or
                on behalf of the Chargor and its nominees but omitting the name
                of the transferee and the date and such other documents as the
                Collateral Agent may from time to time require for perfecting or
                protecting its title to the Charged Portfolio or for vesting or
                enabling it to vest title to the Charged Portfolio in the
                Collateral Agent or its nominee(s) to the intent that the
                Collateral Agent may at any time without notice present for
                registration any transfer of the Charged Portfolio to itself or
                its nominee for the purpose of protecting or perfecting its
                security over the Charged Portfolio and may, upon or at any time
                after this Charge has become enforceable pursuant to Clause 9.1,
                without notice present for registration any transfer of the
                Charged Portfolio to any purchaser;

        (b)     a certified copy of the Share Register of the Principal Company;
                and

                                       6

        (c)     executed undated resignations from each director and officer of
                the Principal Company from time to time in the form set out in
                the Schedule.

4.2.    The Chargor shall, promptly upon the accrual, offer or issue of any
        Related Assets (in the form of stocks, shares, warrant or other
        securities) in which the Chargor has a beneficial interest, procure the
        delivery to the Collateral Agent of (a) all certificates and other
        documents of title representing such Related Assets and (b) stock
        transfer forms or other instruments of transfer (executed in blank for
        or on behalf of the Charger) in respect of those Related Assets as the
        Collateral Agent may request.

5.      EXERCISE OF RIGHTS IN RESPECT OF CHARGED PORTFOLIO

5.1.    Unless and until an Event of Default shall have occurred and is
        continuing and following a declaration to that effect by the Collateral
        Agent:

        (a)     all rights and powers conferred by statute or otherwise upon an
                absolute owner thereof shall:

                (i)     with respect to all or any part of the Charged Portfolio
                        registered in the name of the Collateral Agent or its
                        nominee(s), be exercised as the Chargor may direct; and

                (ii)    with respect to all or any part of Charged Portfolio
                        registered in the name of the Chargor or its nominee(s),
                        be exercised by the Chargor;

        (b)     the Chargor shall be entitled to collect and retain the full
                benefit of all dividends or other bonus payments or rights
                relating to the Charged Portfolio,

provided that the Chargor's title and powers relating to the Charged Portfolio
shall not be exercised in any manner which would result in any variation of the
rights attaching to or conferred by the Charged Portfolio or any part thereof or
which in the opinion of the Collateral Agent is inconsistent with, or
prejudicial to, its security over the Charged Portfolio or any part thereof or
which would result in the Collateral Agent incurring any cost, expense or
liability.

5.2.    At any time after the occurrence of an Event of Default which is
        continuing and following a declaration to that effect by the Collateral
        Agent (and without any consent or authority on the part of the Chargor),
        the Collateral Agent and its nominee(s) may at the Collateral Agent's
        discretion (in the name of the Chargor or otherwise):

        (a)     exercise or cause to be exercised in respect of any part of the
                Charged Portfolio any voting rights or rights to receive
                dividends, interest, principal or other payments of money, as
                the case may be, forming part of the Charged Portfolio and all
                other powers and rights conferred or exercisable by the bearer
                or holder thereof; and

        (b)     date any or all, as the Collateral Agent in its absolute
                discretion may deem appropriate, of the letters of resignation
                of the Directors of the Company provided to the Collateral Agent
                pursuant to Clause 4.1(c) and sign, seal, execute, deliver,

                                       7

                acknowledge, file and register all such documents, instruments,
                agreements, certificates and any other document (including, but
                not limited to, such letters of resignation) and do any and all
                such other acts or things as the Collateral Agent may in its
                absolute discretion deem necessary or desirable to remove any or
                all of the directors from the office of director of the
                Principal Company.

5.3.    Without prejudice to Clause 5.2, the Chargor hereby covenants with the
        Collateral Agent that, at any time after the occurrence of an Event of
        Default which is continuing and following a declaration to that effect
        by the Collateral Agent, it will exercise in respect of the Charged
        Portfolio any voting rights or any other rights attaching to the Charged
        Portfolio in accordance with the direction of the Collateral Agent or
        any of its nominee(s).

6.      COVENANTS

        The Chargor hereby covenants with the Collateral Agent that during the
        continuance of this security:

        (a)     it will remain the registered and the beneficial owner of the
                Charged Portfolio charged by it hereunder and that it will not
                permit any person other than the Collateral Agent (or such
                person as may be specified for this purpose in writing by the
                Collateral Agent) to be registered as holder of the Charged
                Portfolio or any part thereof;

        (b)     except for the Liens created pursuant to this Charge and the
                other Loan Documents and save as otherwise permitted pursuant to
                the Credit Agreement, it will not create or purport to create or
                permit to subsist any Liens on or over the Charged Portfolio or
                any part thereof or interest therein;

        (c)     it will not sell, transfer or otherwise dispose of the Charged
                Portfolio or any part thereof or interest therein or attempt or
                agree so to do except to the extent permitted pursuant to the
                Credit Agreement;

        (d)     it will not do or cause or permit to be done anything which may
                in any way depreciate, jeopardise or otherwise prejudice the
                value to the Collateral Agent of the security hereby created;

        (e)     it will not procure or authorise the issue of any further
                Charged Portfolio or other securities in the Principal Company;

        (f)     it will ensure that such (if any) part of the Charged Portfolio
                as is not registered in the name of the Chargor are at all times
                registered in the names of persons who have executed
                declarations of trust in favour of the Chargor in such forms as
                the Collateral Agent may specify, being (if at any time the
                Collateral Agent so requires) persons nominated by the
                Collateral Agent;

        (g)     no amendments shall be made to any provision of the Memorandum
                and Articles of Association of the Principal Company (save as
                contemplated by Clause 3.2);

                                       8

        (h)     it will not take from any person in respect of the Secured
                Obligations any Lien whether personal or constituting a charge
                on the property or assets of the Principal Company or any other
                person and in the event of its having taken or at any time
                taking such a security the same shall be held by it on trust for
                the Collateral Agent as a security for the Secured Obligations
                and be deposited by it with the Collateral Agent;

        (i)     it will duly and promptly pay all calls, instalments or other
                payments which may be or become due in respect of the Charged
                Portfolio as and when the same from time to time become due;

        (j)     it will immediately give to the Collateral Agent all material
                notices and other material documents received in respect of the
                Charged Portfolio;

        (k)     it will ensure that the Shares are, and at all times remain,
                free from any restriction on transfer to the Collateral Agent or
                its nominee(s) or to any purchaser from the Collateral Agent
                pursuant to the exercise of any rights or remedies of the
                Collateral Agent under or pursuant to this Charge;

        (l)     it will notify the Collateral Agent immediately upon receipt of
                any notice issued under section 16(1) of the Companies Act, 1990
                in respect of all or any of the Shares or upon becoming aware
                that any such notice has been issued or that steps have been
                taken or are about to be taken to obtain an order for the sale
                of all or any of the Shares under section 16(7) of the Companies
                Act, 1990;

        (m)     it will notify the Collateral Agent immediately upon the
                appointment of any additional or replacement director or officer
                of the Principal Company; and

        (n)     it will take such action as the Collateral Agent may, in its
                absolute discretion, direct in the event that it becomes
                possible (whether under the terms of issue of the Shares, a
                reorganisation or otherwise) to convert or exchange the Shares
                or have them repaid or in the event that any offer to purchase
                is made in respect of the Shares or any proposal is made for
                varying or abrogating any rights attaching to them.

7.      REPRESENTATIONS AND WARRANTIES

7.1.    The Chargor hereby represents and warrants to the Collateral Agent that:

        (a)     it is the absolute legal and beneficial owner of the Charged
                Portfolio;

        (b)     the Charged Portfolio is, save for this Charge and any other
                Lien created pursuant to or permitted by the Loan Documents,
                free from all Liens whatsoever or claims whatsoever;

        (c)     the Shares have been validly issued and are fully paid up;

                                       9

        (d)     the details of the Principal Company's authorised and issued
                share capital in Recital G and in Schedule 2 are correct in all
                respects;

        (e)     it has not received a notice under section 16(1) of the
                Companies Act, 1990 in respect of all or any part of the Shares
                and, so far as it is aware, no such notice has been issued and,
                so far as it is aware, no steps have been taken or are about to
                be taken to obtain an order for the sale of all or any part of
                the Shares under section 16(7) of the Companies Act, 1990;

        (f)     it has full power and authority to enter into and deliver this
                Charge, to create the security provided for herein and to
                perform its obligations hereunder;

        (g)     this Charge constitutes its legal, valid and binding obligations
                and is an effective security over the Charged Portfolio (and
                each part thereof);

        (h)     the execution, delivery and performance of this Charge are
                within its corporate or other powers, have been duly authorised
                by all necessary corporate or other organisational action and do
                not and will not (a) contravene the terms of its Organisation
                Documents; (b) conflict with or result in any breach or
                contravention of, or the creation of any Lien under, or require
                any payment to be made under (i) any material Contractual
                Obligation to which it or the Principal Company (a "Person") is
                a party or affecting such Person or the properties of Such
                Person or (ii) any order, injunction, writ or degree of any
                Governmental Authority or any arbitral award to which such
                Person or its property is subject; or (c) violate any Law.
                Neither the Chargor or the Principal Company is in violation of
                any Law or in breach of any such Contractual Obligation, the
                violation or breach of which could be reasonably likely to have
                a Material Adverse Effect;

        (i)     all consents, licences, approvals and authorisations required in
                connection with the entry into, performance, validity and
                enforceability of this Charge have been obtained and are in full
                force and effect;

        (j)     it is not necessary for the legality, validity, enforceability
                or admissibility in evidence of this Charge that this Charge or
                any document relating to it be registered, filed, recorded, or
                enrolled with any court, registry or public authority in any
                relevant jurisdiction or that any stamp, registration or similar
                taxes be paid on or in relation to this Charge;

        (k)     no Default has occurred and is continuing nor will a Default
                result from the entry by the Chargor into this Charge or the
                exercise by the Chargor of its rights under, or the performance
                by it of any of its obligations, under this Charge; and

        (l)     no action, suit, proceeding, litigation or dispute against the
                Chargor the Principal Company is currently taking place or
                pending or, to its knowledge, threatened nor is there subsisting
                any judgment or award given against any of them before any
                court, board or arbitration or other body which, in any case,
                could or might result in any material adverse change in its
                financial condition.

                                       10

7.2.    The representations and warranties of the Chargor in Clause 7.1 shall
        survive the execution of this Charge and will be correct and complied
        with in all respects so long as any Secured Obligations remain to be
        paid or discharged as if repeated then by reference to the then existing
        circumstances.

8.      FURTHER ASSURANCES

8.1.    The Chargor shall at any time, if and when required by the Collateral
        Agent, execute such share transfers and such further legal or other
        charges or assignments in favour of the Collateral Agent as the
        Collateral Agent shall from time to time reasonably require over all or
        any part of the Charged Portfolio charged by it hereunder and all rights
        relating thereto both present and future (including any substituted
        securities and any vendor's lien) and any other transfers or documents
        the Collateral Agent may from time to time require for perfecting or
        protecting its title to the same or for vesting or enabling it to vest
        the same in itself or its nominee(s) to secure or discharge the Secured
        Obligations, such further charges or assignments to be prepared by or on
        behalf of the Collateral Agent at the cost of the Chargor and to contain
        an immediate power of sale without notice, a clause varying the
        provisions of Section 20 of the Act (regulation of power of sale)
        accordingly, a clause excluding the provisions of Section 17 of the Act
        (restriction on consolidation of mortgages) and such other clauses for
        the benefit of the Collateral Agent as the Collateral Agent may
        reasonably require.

8.2.    The Chargor shall on or at any time following the occurrence of an Event
        of Default which is continuing and if and when required by the
        Collateral Agent, execute such share transfers as the Collateral Agent
        shall require over all or any part of the Shares and all Related Rights
        both present and future and any other transfers or documents the
        Collateral Agent may from time to time require for vesting or enabling
        it to vest the same in any purchaser.

9.      COLLATERAL AGENT'S POWERS

9.1.    The Secured Obligations shall be deemed to have become due for the
        purpose of this Charge and of Section 19 of the Act (exercise of power
        of sale and other powers), and the security created by the Chargor by or
        pursuant to this Charge shall become immediately enforceable, and the
        power of sale and other powers conferred by the Act in each case as
        varied and extended by this Charge, and the powers and remedies provided
        for herein shall be immediately exercisable in relation to the security
        created by or pursuant to this Charge, upon the execution and delivery
        of this Charge, but, as between the Collateral Agent and the Chargor
        only (and not so as to prejudice or affect any third party), the
        Collateral Agent agrees not to enforce this security or exercise any
        such powers except at any time after an Event of Default occurs.

9.2.    Upon or at any time after this Charge has become enforceable pursuant to
        Clause 9.1 hereof: -

        (a)     the Collateral Agent and any nominee of the Collateral Agent
                wherever situate may without further notice and without the
                restrictions contained in Section 17 of

                                       11

                the Act (restriction or consolidation of mortgages) in respect
                of all or any part of the Charged Portfolio, exercise all the
                powers or rights which may be exercisable by the registered
                holder of the Charged Portfolio and all other powers conferred
                on mortgagees by the Act as hereby varied or extended; and

        (b)     any dividends or other payments which may be received or
                receivable by the Collateral Agent or by any nominee in respect
                of any part of the Charged Portfolio may be applied by the
                Collateral Agent as though they were proceeds of sale.

9.3.    Section 20 of the Act (regulation of the power of sale) shall not apply
        in relation to the security created by or pursuant to this Charge and
        the statutory power of sale contained in the Act (as extended by this
        Charge) and any other power whether implied by statute or otherwise
        shall be exercisable immediately upon the security hereby created
        becoming enforceable. Section 17 of the Act (restriction on
        consolidation of mortgages) shall not apply to the Charged Portfolio or
        to any security given to the Collateral Agent pursuant to this Charge.

9.4.    In exercising the powers referred to in Clause 9.2, the Charged
        Portfolio or any part thereof may be sold or disposed of at such times
        in such manner and generally on such terms and conditions and for such
        consideration as the Collateral Agent may think fit. Any such sale or
        disposition may be for cash, debentures or other obligations, shares,
        stock, securities or other valuable consideration and be payable
        immediately or by instalments spread over such period as the Collateral
        Agent shall think fit. No purchaser or other person shall be bound or
        concerned to see or enquire whether the Collateral Agent's right to
        exercise any of the powers hereby conferred has arisen or not or be
        concerned with notice to the contrary or with the propriety of the
        exercise or purported exercise of such powers.

9.5.    All moneys received by the Collateral Agent in the exercise of any
        powers conferred by this Charge shall be applied after the discharge of
        all liabilities having priority thereto in or towards satisfaction of
        the Secured Obligations and in the manner specified in Section 22(b) of
        the Security Agreement (save that the Collateral Agent may credit the
        same to a suspense account for so long and in such manner as the
        Collateral Agent may from time to time determine).

9.6.    The Collateral Agent shall not be liable to account as mortgagee in
        possession in respect of all or any part of the Charged Portfolio and
        shall not be liable for any loss upon realisation or for any neglect or
        failure to present any dividend coupon or any bond or stock drawn for
        repayment or for any failure to pay any call or instalment or to accept
        any offer or to notify the Chargor of any such matter or for any other
        loss of any nature whatsoever in connection with the Charged Portfolio.

9.7.    If the Collateral Agent receives notice of any subsequent security,
        assignment or other disposition affecting the Charged Portfolio or any
        part thereof or interest therein, the Collateral Agent may open a new
        account for the Chargor; if the Collateral Agent does not open a new
        account then unless the Collateral Agent gives express written notice to

                                       12

        the contrary to the Chargor it shall nevertheless be treated as if it
        had done so at the time when it received such notice and as from that
        time all payments made by or on behalf of the Chargor to the Collateral
        Agent shall be credited or be treated as having been credited to the new
        account and shall not operate to reduce the amount due from the Chargor
        to the Collateral Agent at the time when it received notice.

10.     RECEIVER

10.1.   After the occurrence of an Event of Default which is continuing or if
        requested by the Chargor, the Collateral Agent may by writing (acting
        through an authorised officer of the Collateral Agent) without notice to
        the Chargor appoint one or more persons to be receiver of the whole or
        any part of the Charged Portfolio (each such person being (a) entitled
        to act individually as well as jointly and (b) for all purposes deemed
        to be the agent of the Chargor and the Chargor shall be responsible for
        the remuneration of any such receiver(s)).

10.2.   in addition to having the powers of the Collateral Agent conferred by
        Clause 9, each person appointed pursuant to Clause 10.1 shall have, in
        relation to the part of the Charged Portfolio in respect of which he was
        appointed, all the powers conferred by the Act on a receiver appointed
        under the Act.

11.     POWER OF ATTORNEY

        The Chargor hereby by way of security for the performance of its
        obligations under this Charge irrevocably appoints the Collateral Agent,
        each and every person to whom the Collateral Agent from time to time
        shall have delegated the exercise of the power of attorney conferred by
        this Clause 11 and any receiver and each of them jointly and also
        severally to be the attorney of the Chargor (with full powers of
        substitution and delegation) and in its name or otherwise and on its
        behalf and as its act and deed to sign, seal, execute, deliver, perfect
        and do all deeds, instruments, acts and things which the Chargor may or
        ought to do under the covenants and provisions contained in this Charge
        and generally in its name and on its behalf to exercise all or any of
        the powers, authorities and discretions conferred by or pursuant to this
        Charge or by any statute or common law on the Collateral Agent or any
        receiver or which may be required or which the Collateral Agent or any
        receiver shall deem fit for carrying any sale, charge, mortgage or
        dealing by the Collateral Agent or by any receiver into effect or for
        giving to the Collateral Agent or any receiver the full benefit of these
        presents (including the exercise of a right of a legal or beneficial
        owner of the Charged Portfolio) and generally to use the name of the
        Chargor in the exercise of all or any of the powers, authorities or
        discretions conferred on the Collateral Agent or any receiver and the
        Chargor hereby ratifies and confirms and agrees to ratify and confirm
        whatsoever any such attorney shall do or purport to do by virtue of this
        Clause 11 and all money expended by any such attorney shall be deemed to
        be expenses incurred by the Collateral Agent hereunder provided that the
        Collateral Agent shall not exercise such power unless an Event of
        Default has occurred and is continuing.

                                       13

12.     CONTINUING SECURITY/SUBROGATION

12.1.   This security shall be a continuing security notwithstanding the
        insolvency, bankruptcy, liquidation or incapacity for any reason of the
        Chargor or the Principal Company or any settlement of account or any
        other matter whatsoever and is in addition to and shall not merge with
        or otherwise prejudice or affect any contractual or other right or
        remedy or any guarantee, lien, pledge, bill, note, mortgage or other
        security (whether created by the deposit of documents or otherwise) now
        or hereafter held by or available to the Collateral Agent and shall not
        be in any way prejudiced or affected thereby or by the invalidity
        thereof or by the Collateral Agent now or hereafter dealing with,
        exchanging, releasing, varying or abstaining from perfecting or
        enforcing any of the same or any rights which it may now or hereafter
        have or giving time for payment or indulgence or compounding with any
        other person liable.

12.2.   Until the Secured Obligations have been paid or satisfied in full (and
        notwithstanding payment of a dividend in any liquidation or bankruptcy
        or under any compromise or arrangement), the Chargor waives all rights
        of subrogation against the Principal Company and agrees not to demand or
        accept or to negotiate, assign, charge or otherwise dispose of any
        moneys, obligations or liabilities now or hereafter due or owing to it
        by the Principal Company or to take any step to enforce any right
        against the Principal Company for the same or to claim or prove in
        competition with the Collateral Agent in the bankruptcy or liquidation
        of the Principal Company. If the Chargor acts in breach of this Clause,
        anything so received and any benefit derived directly or indirectly by
        it therefrom shall be held in trust for the Collateral Agent as a
        continuing security for the Secured Obligations.

13.     AVOIDANCE OF PAYMENTS

        Any release, discharge or settlement between the Chargor and the
        Collateral Agent shall be conditional upon no security, disposition or
        payment to the Collateral Agent by the Chargor or any other person being
        void, set aside or ordered to be refunded pursuant to any enactment of
        law relating to liquidation, administration, examinership or insolvency
        or for any other reason whatsoever, and if such condition shall not be
        fulfilled, the Collateral Agent shall be entitled to enforce this Charge
        subsequently to the full extent of the Secured Obligations as if such
        release, discharge or settlement had not occurred and any such payment
        had not been made. The Collateral Agent may in its absolute discretion
        retain the security hereby created for a period of one month plus such
        statutory period within which such security, disposition or payment can
        be avoided, set aside or ordered to be refunded after the Secured
        Obligations have been paid or discharged in full, notwithstanding any
        release, discharge or settlement given or made by the Collateral Agent
        on, or as a consequence of, such termination of liability.

14.     PROVISO FOR REDEMPTION

        Subject to Clause 13, if:

        (a)     no Obligations (other than contingent indemnification
                obligations not yet accrued and payable) of the Chargor under
                the Loan Documents remain outstanding; and

                                       14

        (b)     all Secured Obligations have been irrevocably paid or discharged
                to the Collateral Agent in full,

        the Collateral Agent shall at the request and expense of the Chargor
        promptly release the assets hereby charged (or such part thereof as may
        then remain vested in the Collateral Agent) from the security created by
        or pursuant to this Charge.

15.     INDEMNITY

        The Chargor covenants with the Collateral Agent fully to indemnify the
        Collateral Agent and its subsidiaries and affiliates and their
        respective officers, agents, servants and employees and the dependents
        of any such officers, agents, servants and employees against all losses,
        liabilities, claims, proceedings, taxes, penalties, fines, costs,
        charges and expenses incurred (whether before or after this Charge has
        become enforceable pursuant to Clause 9.1):

        (a)     in consequence of anything done or purported to be done by or on
                behalf of the Collateral Agent under this Charge or any other
                document relating to this Charge or of any failure by the
                Chargor to comply with its obligations thereunder or otherwise
                in connection therewith; or

        (b)     in consequence of any payment in respect of the Secured
                Obligations (whether made by the Chargor or any other person)
                being impeached or declared void for any reason whatsoever; or

        (c)     in consequence of the preparation, registration or perfecting of
                this Charge (or the charge herein contained), or other document
                relating to it; or

        (d)     in consequence of the exercise, or attempted or purported
                exercise, or the consideration of the exercise, by or on behalf
                of the Collateral Agent of any of the powers of the Collateral
                Agent or any other action taken by or on behalf of the
                Collateral Agent with a view to or in connection with the
                recovery by the Collateral Agent of the Secured Obligations from
                the Chargor or any other person; or

        (e)     in consequence of the carrying out or consideration of any other
                act or matter which the Collateral Agent or any other person on
                behalf of the Collateral Agent may consider to be necessary for
                the preservation of the Charged Portfolio.

16.     DEFAULT INTEREST

        In the event that the Collateral Agent does not receive on the due date
        any sums due under this Charge in respect of the Secured Obligations,
        the Chargor shall pay to the Collateral Agent on demand interest on that
        sum calculated day by day from the date of the relevant demand until
        full discharge (both before and after judgment) calculated at the
        Default Rate specified in the Credit Agreement and such amounts and
        interest shall form part of the Secured Obligations and accordingly be
        secured on the Charged Portfolio under the first fixed charge and pledge
        contained in this Charge.

                                       15

17.     PAYMENTS

        All payments of whatever nature to be made by the Chargor to the
        Collateral Agent under this Charge shall be made to the Collateral Agent
        without set-off and free and clear of and without deduction for or on
        account of any tax of any kind unless the Chargor is obliged by law to
        make the payment subject to the deduction or withholding of tax, in
        which case, the relevant payment shall be increased to the extent
        necessary to ensure that, after the making of the deduction or
        withholding, the Collateral Agent receives and retains (free from any
        liability in respect of any deduction or withholding) a net sum equal to
        the sum which it would have received and so retained had no deduction or
        withholding been made or required to be made. The Chargor shall
        indemnify the Collateral Agent against any liability of the Collateral
        Agent in respect of any such tax and shall provide the Collateral Agent
        from time to time, on request, with evidence satisfactory to the
        Collateral Agent that the Chargor has remitted to the relevant taxation
        authority any such tax which it was obliged to deduct.

18.     SET-OFF

        Without prejudice to any right of set-off or any similar right to which
        the Collateral Agent may be entitled at law or in equity or by agreement
        between the parties and, without prejudice to anything else herein
        contained, the Collateral Agent may at any time without notice to or
        further authorisation from the Chargor combine and consolidate all or
        any accounts of the Chargor with the Collateral Agent anywhere and/or
        set-off any moneys whatsoever and whether on current, deposit or any
        other account and in whatever currency or currencies against any moneys
        or liabilities whatsoever in whatever currency which may be due, owing
        or incurred by the Chargor to the Collateral Agent whether actually or
        contingently and whether or not any period of any deposit by reference
        to which interest therein is calculated has expired and any conversion
        from one currency to another for the purpose of any of the foregoing
        shall be made at the Collateral Agent's then prevailing spot selling
        rate at its office by which such conversion is made.

19.     ASSIGNMENT

19.1.   This Charge shall be binding upon and enure to the benefit of each of
        the parties and their respective successors and permitted assigns.

19.2.   The Chargor may not assign or transfer all or any of its rights,
        benefits or obligations under this Charge.

19.3.   In the event that any Loan Document is assigned in whole or in part by
        the Collateral Agent, then the Collateral Agent may assign its rights,
        powers and the benefit of this Charge to the assignee or transferee of
        such Loan Document or any part thereof, and, in that event, the Chargor
        shall execute such documents as the Collateral Agent may specify with a
        view to perfecting such assignment or transfer or, where necessary,
        shall execute further security documentation in favour of the assignee
        or transferee in like form to this Charge.

                                       16

20.     COSTS, EXPENSES AND STAMP DUTY

20.1.   After the occurrence and during the continuance of a Default, all costs
        and expenses (including any tax liability and any reasonable legal costs
        and, in each case, value added tax or any similar tax charged or
        chargeable in respect thereof) incurred by the Collateral Agent or, as
        the case may, any receiver appointed hereunder in the exercise of any of
        the rights, remedies and powers conferred on the Collateral Agent by
        this Charge or in the perfection or enforcement of any other security
        for or guarantee in respect of the Secured Obligations or in connection
        with any proceedings instituted by or against the Collateral Agent in
        relation to the title to the whole or any part of the Charged Portfolio
        shall be reimbursed by the Chargor to the Collateral Agent on demand on
        a full indemnity basis and shall carry interest from the date of such
        demand until so reimbursed at the rate referred to in Clause 16.

20.2.   The Chargor will promptly pay any stamp and other documentary duties and
        registration taxes to which this Charge or any transfer of the Charged
        Portfolio (or any part thereof) contemplated hereby may be subject to or
        give rise and will fully indemnify the Collateral Agent on demand of the
        Collateral Agent from and against any loss or liability suffered or
        incurred as a result of any delay or omission by the Chargor to pay any
        such duties or taxes.

20.3.   The cost of the Chargor complying with any of its obligations under this
        Charge (including, without limitation, its obligations under Clause 3
        and Clause 8) shall be borne by the Chargor.

21.     NOTICES

        Any notice or other communication to be given under or for the purposes
        of this Charge shall be in writing and shall be treated as properly
        served or given if delivered in accordance with the provisions of the
        Security Agreement.

22.     MISCELLANEOUS

22.1.   In the event of any conflict between the terms of this Charge and the
        terms of the Security Agreement, the terms of the Security Agreement
        shall prevail.

22.2.   Subject to Clause 22.1, this Charge together with the other documents
        referred to herein embodies the entire agreement between the parties and
        supersedes all previous statements, representations and agreements
        between the parties relating to the subject matter of this Charge.

22.3.   Time shall be of the essence of this Charge. No delay or omission on the
        part of the Collateral Agent in exercising any right, power or remedy
        under this Charge shall impair the right, power or remedy or be
        construed as a waiver thereof nor shall any single or partial exercise
        of any such right, power or remedy preclude any further exercise thereof
        or the exercise of any other right, power or remedy. The rights, powers
        and remedies provided in this Charge are cumulative and not exclusive
        of any rights, powers

                                       17

        and remedies provided by law. No waiver by the Collateral Agent of any
        terms of this Charge, and no approval or consent by it, shall be
        effective unless in writing.

22.4.   If at any time any one or more of the provisions in this Charge is or
        becomes invalid, illegal or unenforceable in any respect under any law
        or regulation, the validity, legality and enforceability of the
        remaining provisions of this Charge shall not be in any way affected or
        impaired thereby.

22.5.   This Charge may be executed in any number of counterparts and by the
        different parties hereto on separate counterparts, each of which, when
        executed and delivered, shall constitute an original, but all the
        counterparts shall together constitute but one and the same instrument.

22.6.   In any proceedings relating to this Charge a statement as to any amount
        due to the Collateral Agent under this Charge which is certified as
        being correct by an officer or agent of the Collateral Agent shall, in
        the absence of manifest error, be conclusive evidence that such amount
        is in fact due and payable.

23.     THE COLLATERAL AGENT AS TRUSTEE

23.1.   The Collateral Agent declares itself trustee of the security and other
        rights (including but not limited to the benefit of the covenants
        contained herein), titles and interests constituted by this Charge and
        of all monies, property and assets paid to the Collateral Agent or to
        its order or held by the Collateral Agent or its nominee or received or
        recovered by the Collateral Agent or its nominee pursuant to or in
        connection with this Charge with effect from the date hereof to hold the
        same on trust for itself and each of the Secured Parties absolutely pro
        rata in accordance with their entitlements under the Loan Documents
        (save as may otherwise be agreed between the Collateral Agent and the
        other Secured Parties from time to time).

23.2.   All moneys received by the Secured Parties shall be held by it upon
        trust for itself and the Secured Parties according to their respective
        interests to apply the same in accordance with Clause 9.5.

23.3.   The parties to this Charge declare that the perpetuity period applicable
        to the trusts constituted by this Charge shall be a period of 21 years
        after the death of the last survivor of the issue living on the date of
        this Charge of his late Britannic Majesty King George VI unless there
        has previously been legislation making it lawful for the trusts
        constituted by this Charge to continue.

23.4.   The rights, powers and discretions conferred on the Collateral Agent by
        this Charge shall be supplemental to the Trustee Act 1893 and in
        addition to any which may be vested in the Collateral Agent by the Loan
        Documents, general law or otherwise.

24.     GOVERNING LAW AND JURISDICTION

24.1.   This Charge shall be governed by and construed in accordance with the
        laws of Ireland.

                                       18

24.2.   For the exclusive benefit of the Collateral Agent, the Chargor
        irrevocably agrees that the courts of Ireland are to have jurisdiction
        to settle any disputes which may arise out of or in connection with this
        Charge and that accordingly any suit, action or proceedings arising out
        of or in connection with this Charge ("Proceedings") may be brought in
        such courts.

24.3.   The Chargor irrevocably waives any objection which it may have now or
        hereafter to the bringing of any Proceedings in any such court as is
        referred to in this Clause 24 and any claim that any Proceedings have
        been brought in an inconvenient forum and further irrevocably agrees
        that a judgment in any Proceedings brought in any court referred to in
        this Clause 24 shall be conclusive and binding upon the Chargor and may
        be enforced in the courts of any other jurisdiction. The Chargor
        undertakes to enter an unconditional appearance within 14 days after the
        completion of any service of process in any Proceedings. The Chargor
        hereby consents to the service by post of any process issued in that
        jurisdiction and appoints the Principal Company at its registered office
        for the time being to be its agent for the acceptance of any process
        issued in connection with this Charge. Nothing herein shall affect the
        right to serve process in any other manner permitted by law.

24.4.   Nothing contained in this Clause 24 shall limit the right of the
        Collateral Agent to take Proceedings against the Chargor in any court of
        competent jurisdiction, nor shall the taking of any Proceedings in one
        or more jurisdictions preclude the taking of any Proceedings in any
        other jurisdiction whether concurrently or not.

IN WITNESS WHEREOF the parties have executed this Charge on the date written
above.

                                       19

                                    SCHEDULE
                             (Letter of Resignation)

To:      (1)      Bank of America, NA.
                  as Collateral Agent

         (2)      The Secretary
                  True Temper Limited (the "Principal Company")

                                                                          [Date]

Dear Sirs

Charge of Shares made or to be made between Ames True Temper, Inc. and Bank of
America, N.A. as Collateral Agent (the "Charge")

1       I hereby resign as a director of the Principal Company and confirm that
        I have no claims against the Principal Company for loss of office,
        arrears of pay or otherwise howsoever.

2.      This resignation is to be effective as at the date hereof. You are
        hereby authorised to complete this letter by dating the same at any time
        after the occurrence of a Default (as defined in the Charge).

Yours faithfully

------------------------------------------------
[                       ]

                           EXECUTION PAGE FOR CHARGOR

THE CHARGOR

AMES TRUE TEMPER, INC.

By:      /s/ Judy Schuchart

Name:    Judy Schuchart

Title:   Chief Financial Officer

                       EXECUTION PAGE FOR COLLATERAL AGENT

         THE COLLATERAL AGENT

         /s/ Mr. Thomas Barnett
         ----------------------

         SIGNED by
         BANK OF AMERICA, N.A.
         in the presence of:

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