Document:

EX-10.4

Exhibit 10.4

 

 

GUARANTEE AND COLLATERAL AGREEMENT

among

DEX MEDIA WEST, INC.,

DEX MEDIA WEST LLC

and certain of their Subsidiaries

and

JPMORGAN CHASE BANK, N.A.,

as Collateral Agent

Dated as of June 6, 2008

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	 
	 	 	 	 	 	 	 	 
	SECTION 1.	 	DEFINED TERMS	 	 	1	 
	 
	 	1.1	 	Definitions	 	 	1	 
	 
	 	1.2	 	Other Definitional Provisions	 	 	5	 
	 
	 	 	 	 	 	 	 	 
	SECTION 2.	 	GUARANTEE	 	 	5	 
	 
	 	2.1	 	Guarantee	 	 	5	 
	 
	 	2.2	 	Right of Contribution	 	 	6	 
	 
	 	2.3	 	No Subrogation	 	 	6	 
	 
	 	2.4	 	Amendments, etc. with respect to the Borrower Obligations	 	 	6	 
	 
	 	2.5	 	Guarantee Absolute and Unconditional	 	 	6	 
	 
	 	2.6	 	Reinstatement	 	 	7	 
	 
	 	2.7	 	Payments	 	 	7	 
	 
	 	 	 	 	 	 	 	 
	SECTION 3.	 	GRANT OF SECURITY INTEREST	 	 	7	 
	 
	 	3.1	 	Grant of Security Interest	 	 	7	 
	 
	 	3.2	 	Excluded Property	 	 	8	 
	 
	 	 	 	 	 	 	 	 
	SECTION 4.	 	REPRESENTATIONS AND WARRANTIES	 	 	8	 
	 
	 	4.1	 	Title; No Other Liens	 	 	8	 
	 
	 	4.2	 	Perfected First Priority Lien	 	 	9	 
	 
	 	4.3	 	Jurisdiction of Organization; Chief Executive Office	 	 	9	 
	 
	 	4.4	 	Farm Products	 	 	9	 
	 
	 	4.5	 	Investment Property	 	 	9	 
	 
	 	4.6	 	Receivables	 	 	10	 
	 
	 	4.7	 	Intellectual Property	 	 	10	 
	 
	 	4.8	 	Deposit Accounts, Securities Accounts	 	 	10	 
	 
	 	 	 	 	 	 	 	 
	SECTION 5.	 	COVENANTS	 	 	10	 
	 
	 	5.1	 	Delivery of Instruments, Certificated Securities and Chattel Paper	 	 	10	 
	 
	 	5.2	 	Maintenance of Insurance	 	 	11	 
	 
	 	5.3	 	Payment of Obligations	 	 	11	 
	 
	 	5.4	 	Maintenance of Perfected Security Interest; Further Documentation	 	 	11	 
	 
	 	5.5	 	Changes in Locations, Name, etc.	 	 	12	 
	 
	 	5.6	 	Notices	 	 	12	 
	 
	 	5.7	 	Investment Property	 	 	12	 
	 
	 	5.8	 	Receivables	 	 	13	 
	 
	 	5.9	 	Intellectual Property	 	 	13	 
	 
	 	5.10	 	Commercial Tort Claims	 	 	14	 
	 
	 	5.11	 	Deposit Accounts, Securities Accounts	 	 	14	 
	 
	 	 	 	 	 	 	 	 
	SECTION 6.	 	REMEDIAL PROVISIONS	 	 	15	 
	 
	 	6.1	 	Certain Matters Relating to Receivables	 	 	15	 
	 
	 	6.2	 	Communications with Obligors; Grantors Remain Liable	 	 	15	 
	 
	 	6.3	 	Pledged Stock	 	 	16	 
	 
	 	6.4	 	Proceeds to be Turned Over To Collateral Agent	 	 	16	 
	 
	 	6.5	 	Code and Other Remedies	 	 	17	 
	 
	 	6.6	 	Registration Rights	 	 	17	 

i

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	6.7	 	Deficiency	 	 	18	 
	 
	 	 	 	 	 	 	 	 
	SECTION 7.	 	THE COLLATERAL ACCOUNT; DISTRIBUTIONS	 	 	18	 
	 
	 	7.1	 	The Collateral Account	 	 	18	 
	 
	 	7.2	 	Control of Collateral Account	 	 	18	 
	 
	 	7.3	 	Investment of Funds Deposited in Collateral Account	 	 	18	 
	 
	 	7.4	 	Application of Moneys	 	 	19	 
	 
	 	7.5	 	Collateral Agent’s Calculations	 	 	20	 
	 
	 	 	 	 	 	 	 	 
	SECTION 8.	 	THE COLLATERAL AGENT	 	 	20	 
	 
	 	8.1	 	Collateral Agent’s Appointment as Attorney-in-Fact, etc.	 	 	20	 
	 
	 	8.2	 	Appointment of Collateral Agent as Agent for the Secured Parties	 	 	21	 
	 
	 	8.3	 	Duty of Collateral Agent	 	 	22	 
	 
	 	8.4	 	Execution of Financing Statements	 	 	22	 
	 
	 	8.5	 	General Provisions	 	 	22	 
	 
	 	8.6	 	Authority of Collateral Agent	 	 	22	 
	 
	 	 	 	 	 	 	 	 
	SECTION 9.	 	MISCELLANEOUS	 	 	22	 
	 
	 	9.1	 	Amendments in Writing	 	 	22	 
	 
	 	9.2	 	Notices	 	 	22	 
	 
	 	9.3	 	No Waiver by Course of Conduct; Cumulative Remedies	 	 	23	 
	 
	 	9.4	 	Enforcement Expenses; Indemnification	 	 	23	 
	 
	 	9.5	 	Successors and Assigns	 	 	23	 
	 
	 	9.6	 	Setoff	 	 	23	 
	 
	 	9.7	 	Counterparts	 	 	24	 
	 
	 	9.8	 	Severability	 	 	24	 
	 
	 	9.9	 	Section Headings	 	 	24	 
	 
	 	9.10	 	Integration	 	 	24	 
	 
	 	9.11	 	GOVERNING LAW	 	 	24	 
	 
	 	9.12	 	Submission To Jurisdiction; Waivers	 	 	24	 
	 
	 	9.13	 	Acknowledgements	 	 	25	 
	 
	 	9.14	 	Additional Grantors	 	 	25	 
	 
	 	9.15	 	Releases	 	 	25	 
	 
	 	9.16	 	WAIVER OF JURY TRIAL	 	 	26	 

SCHEDULES

	 	 	 
	 
	 	 
	Schedule 1

	 	Notice Addresses
	Schedule 2

	 	Investment Property
	Schedule 3

	 	Perfection Matters
	Schedule 4

	 	Jurisdictions of Organization, Identification Numbers and Location of Chief Executive Offices
	Schedule 5

	 	Intellectual Property
	Schedule 6

	 	Deposit and Securities Accounts
	Schedule 7

	 	Additional Specified Swap Agreements

ANNEXES

	 	 	 
	 
	 	 
	Annex I

	 	Form of Assumption Agreement

ii

 

 

GUARANTEE AND COLLATERAL AGREEMENT

          GUARANTEE AND COLLATERAL AGREEMENT, dated as of June 6, 2008, among each of the signatories
hereto (together with any other entity that may become a party hereto as provided herein, the
“Grantors”), and JPMorgan Chase Bank, N.A., as Collateral Agent (in such capacity, together
with any successor collateral agent, the “Collateral Agent”) for the banks and other
financial institutions or entities (the “Lenders”) from time to time parties to the Credit
Agreement, dated as of June 6, 2008 (as amended, restated, amended and restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among Dex Media, Inc., Dex
Media West, Inc. (“Holdings”), Dex Media West LLC (the “Borrower”), the Lenders and
JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”).

WITNESSETH:

          WHEREAS, pursuant to the Credit Agreement, the Lenders have severally agreed to make
extensions of credit to the Borrower upon the terms and subject to the conditions set forth
therein;

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

          WHEREAS, the proceeds of the extensions of credit under the Credit Agreement will be used in
part to enable the Borrower to make valuable transfers to one or more of the other Grantors in
connection with the operation of their respective businesses;

          WHEREAS, the Borrower and the other Grantors are engaged in related businesses, and each
Grantor will derive substantial direct and indirect benefit from the making of the extensions of
credit under the Credit Agreement;

          WHEREAS, it is a condition precedent to the obligation of the Lenders to make their respective
extensions of credit to the Borrower under the Credit Agreement that the Grantors shall have
executed and delivered this Agreement to the Collateral Agent for the benefit of the Secured
Parties (as defined below); and

          NOW, THEREFORE, in consideration of the premises and to induce the Secured Parties to enter
into the Credit Agreement and to induce the Lenders to make their respective extensions of credit
to the Borrower thereunder and the other Secured Parties to enter into agreements with the Borrower
and its Subsidiaries, each Grantor hereby agrees with the Collateral Agent, for the benefit of the
Secured Parties, as follows:

SECTION 1. DEFINED TERMS

     1.1 Definitions. (a) Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit Agreement, and the
following terms are used herein as defined in the New York UCC: Accounts, Certificated Security,
Chattel Paper, Commercial Tort Claims, Documents, Equipment, Farm Products, General Intangibles,
Instruments, Inventory, Letter-of-Credit Rights, Securities Account and Supporting Obligations.

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

 

2

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

          “Borrower Obligations”: the collective reference to the unpaid principal of and
interest on the Loans and Reimbursement Obligations  and all other obligations and
liabilities of the Borrower (including, without limitation, interest accruing at the then
applicable rate provided in the Credit Agreement after the maturity of the Loans and Reimbursement
Obligations and interest accruing at the then applicable rate provided in the Credit Agreement
after the filing of any petition in bankruptcy, or the commencement of any insolvency,
reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing
or post-petition interest is allowed in such proceeding) to any Secured Party, whether direct or
indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred,
which may arise under, out of, or in connection with, the Credit Agreement, this Agreement, the
other Loan Documents, any Letter of Credit, any Specified Swap Agreement or any other document
made, delivered or given in connection with any of the foregoing, in each case whether on account
of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise
(including, without limitation, all fees and disbursements of counsel to the Secured Parties that
are required to be paid by the Borrower pursuant to the terms of any of the foregoing agreements).

          “Collateral”: as defined in Section 3.

          “Collateral Account”: the collateral account established by the Collateral Agent as
provided in Section 7.1.

          “Collateral Agent Fees”: all fees, costs and expenses of the Collateral Agent of the
types described in Sections 8.1(c) and 9.4.

          “Copyrights”: (i) all copyrights arising under the laws of the United States, any
other country or any political subdivision thereof, whether registered or unregistered and whether
published or unpublished (including, without limitation, those listed in Schedule 5), all
registrations and recordings thereof, and all applications in connection therewith, including,
without limitation, all registrations, recordings and applications in the United States Copyright
Office, and (ii) the right to obtain all renewals thereof.

          “Copyright Licenses”: any written agreement naming any Grantor as licensor or
licensee (including, without limitation, those listed in Schedule 5), granting any right
under any Copyright, including, without limitation, the grant of rights to manufacture, distribute,
exploit and sell materials derived from any Copyright.

          “Deposit Account”: as defined in the Uniform Commercial Code of any applicable
jurisdiction and, in any event, including, without limitation, any demand, time, savings, passbook
or like account maintained with a depositary institution.

          “Distribution Date”: each date fixed by the Collateral Agent in its sole discretion
for a distribution to the relevant Secured Parties of funds held in the Collateral Account.

          “East Guarantee and Collateral Agreement”: the Guarantee and Collateral Agreement,
dated as of October 24, 2007, among Dex Media East, Inc., Dex Media East LLC, Dex Media East
Finance Co. and JPMorgan Chase Bank, N.A., as collateral agent.

          “Foreign Subsidiary”: any Subsidiary organized under the laws of any jurisdiction
outside the United States of America.

 

3

          “Foreign Subsidiary Voting Stock”: the voting Equity Interests of any Foreign
Subsidiary.

          “Grantors”: as defined in the preamble hereto.

          “Guarantor Obligations”: with respect to any Guarantor, all obligations and
liabilities of such Guarantor which may arise under or in connection with this Agreement
(including, without limitation, Section 2) or any other Loan Document or Specified Swap Agreement
to which such Guarantor is a party, in each case whether on account of guarantee obligations,
reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without
limitation, all fees and disbursements of counsel to the Secured Parties that are required to be
paid by such Guarantor pursuant to the terms of this Agreement or any other Loan Document or
Specified Swap Agreement).

          “Guarantors”: Holdings and the Subsidiary Loan Parties.

          “Intellectual Property”: the collective reference to all rights, priorities and
privileges relating to intellectual property, whether arising under United States, multinational or
foreign laws or otherwise, including, without limitation, the Copyrights, the Copyright Licenses,
the Patents, the Patent Licenses, the Trademarks and the Trademark Licenses, and all rights to sue
at law or in equity for any infringement or other impairment thereof, including the right to
receive all proceeds and damages therefrom.

          “Intercompany Note”: any promissory note evidencing loans made by any Grantor to
Holdings or any of its Subsidiaries.

          “Investment Property”: the collective reference to (i) all “investment property,” as
such term is defined in Section 9-102(a)(49) of the New York UCC (other than any Foreign Subsidiary
Voting Stock excluded from the definition of “Pledged Stock”) and (ii) whether or not constituting
“investment property” as so defined, all Pledged Notes and all Pledged Stock.

          “Issuers”: the collective reference to each issuer of any Investment Property.

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

          “Obligations”: (i) in the case of the Borrower, the Borrower Obligations and (ii) in
the case of each Guarantor, its Guarantor Obligations.

          “Patents”: (i) all letters patent of the United States, any other country or any
political subdivision thereof, all reissues and extensions thereof and all goodwill associated
therewith, including, without limitation, any of the foregoing referred to in Schedule 5,
(ii) all applications for letters patent of the United States or any other country and all
divisions, continuations and continuations-in-part thereof, including, without limitation, any of
the foregoing referred to in Schedule 5 and (iii) all rights to obtain any reissues or
extensions of the foregoing.

          “Patent License”: all agreements, whether written or oral, providing for the grant by
or to any Grantor of any right to manufacture, use or sell any invention covered in whole or in
part by a Patent, including, without limitation, any of the foregoing referred to in Schedule
5.

          “Pledged Notes”: all promissory notes listed on Schedule 2, all Intercompany
Notes at any time issued to any Grantor and all other promissory notes issued to or held by any
Grantor (other than

 

4

promissory notes issued in connection with extensions of trade credit by any Grantor in the
ordinary course of business).

          “Pledged Stock”: the shares of Equity Interests listed on Schedule 2,
together with any other shares, stock certificates, options, interests or rights of any nature
whatsoever in respect of the Equity Interests of any Person that may be issued or granted to, or
held by, any Grantor while this Agreement is in effect; provided that in no event shall
more than 65% of the total outstanding Foreign Subsidiary Voting Stock of any Foreign Subsidiary be
required to be pledged hereunder.

          “Proceeds”: all “proceeds,” as such term is defined in Section 9-102(a)(64) of the
New York UCC and, in any event, shall include, without limitation, all dividends or other income
from the Investment Property, collections thereon or distributions or payments with respect
thereto.

          “Receivable”: any right to payment for goods sold or leased or for services rendered,
whether or not such right is evidenced by an Instrument or Chattel Paper and whether or not it has
been earned by performance (including, without limitation, any Account).

          “Reimbursement Obligation”: the obligation of the Borrower to reimburse the Issuing
Bank pursuant to Section 2.05(e) of the Credit Agreement.

          “Secured Parties”: collectively, (a) the Administrative Agent, (b) the Collateral
Agent, (c) the Lenders and any Affiliate of any Lender to which Borrower Obligations or Guarantor
Obligations, as applicable, are owed, (d) the Issuing Bank, (e) the beneficiaries of each
indemnification obligation undertaken by any Loan Party under any Loan Document or the holder of
any other Obligations, (f) any Secured Swap Provider to which Borrower Obligations or Guarantor
Obligations, as applicable, are owed and (g) the successors and assigns of each of the foregoing.

          “Secured Swap Provider”: a Person with whom the Borrower has entered into a Specified
Swap Agreement arranged by any Lender or any Affiliate of a Lender and any assignee thereof which
is a Lender or Affiliate of a Lender.

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

          “Specified Swap Agreement”: any Swap Agreement entered into by the Borrower or any of
its Subsidiaries provided or arranged by any Person who was a Lender or an Affiliate of a Lender at
the time such Swap Agreement was entered into; provided that, in addition, each Swap
Agreements listed on Schedule 7 shall be deemed to be a Specified Swap Agreement and for
purposes of this Agreement shall be deemed to be provided and arranged on the date hereof by a
Person who is a Lender or an Affiliate of a Lender.

          “Trademarks”: (i) all trademarks, trade names, corporate names, company names,
business names, fictitious business names, trade styles, service marks, logos and other source or
business identifiers, and all goodwill associated therewith, now existing or hereafter adopted or
acquired, all registrations and recordings thereof, and all applications in connection therewith,
whether in the United States Patent and Trademark Office or in any similar office or agency of the
United States, any State thereof or any other country or any political subdivision thereof, or
otherwise, and all common-law rights related thereto, including, without limitation, any of the
foregoing referred to in Schedule 5, and (ii) the right to obtain all renewals thereof.

 

5

          “Trademark License”: any agreement, whether written or oral, providing for the grant
by or to any Grantor of any right to use any Trademark, including, without limitation, any of the
foregoing referred to in Schedule 5.

     1.2 Other Definitional Provisions. (a) The words “hereof,” “herein,” “hereto” and
“hereunder” and words of similar import when used in this Agreement shall refer to this Agreement
as a whole and not to any particular provision of this Agreement, and Section and Schedule
references are to this Agreement unless otherwise specified.

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

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

SECTION 2. GUARANTEE

     2.1 Guarantee. (a) Each of the Guarantors hereby, jointly and severally, unconditionally
and irrevocably, guarantees as a primary obligor and not merely as surety to the Collateral Agent,
for the benefit of the Secured Parties and their respective successors, indorsees, transferees and
assigns, the prompt and complete payment and performance by the Borrower when due (whether at the
stated maturity, by acceleration or otherwise) of the Borrower Obligations.

     (b) Anything herein or in any other Loan Document to the contrary notwithstanding, the maximum
liability of each Guarantor hereunder and under the other Loan Documents shall in no event exceed
the amount which can be guaranteed by such Guarantor under applicable federal and state laws
relating to the insolvency of debtors (after giving effect to the right of contribution established
in Section 2.2).

     (c) Each Guarantor agrees that the Borrower Obligations may at any time and from time to time
exceed the amount of the liability of such Guarantor hereunder without impairing the guarantee
contained in this Section 2 or affecting the rights and remedies of the Collateral Agent or any
Secured Party hereunder.

     (d) Subject to Section 9.15 hereof, the guarantee contained in this Section 2 shall remain in
full force and effect until all the Borrower Obligations and the obligations of each Guarantor
under the guarantee contained in this Section 2 shall have been satisfied by payment in full, no
Letter of Credit shall be outstanding and the Commitments shall be terminated, notwithstanding that
from time to time during the term of the Credit Agreement the Borrower may be free from any
Borrower Obligations.

     (e) No payment made by the Borrower, any of the Guarantors, any other guarantor or any other
Person or received or collected by the Collateral Agent or any Secured Party from the Borrower, any
of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or
any set-off or appropriation or application at any time or from time to time in reduction of or in
payment of the Borrower Obligations shall be deemed to modify, reduce, release or otherwise affect
the liability of any Guarantor hereunder which shall, notwithstanding any such payment (other than
any payment made by such Guarantor in respect of the Borrower Obligations or any payment received
or collected from such
Guarantor in respect of the Borrower Obligations), remain liable for the Borrower Obligations
up to the maximum liability of such Guarantor hereunder until the Borrower Obligations are paid in
full, no Letter of Credit shall be outstanding and the Commitments are terminated.

 

6

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

     2.3 No Subrogation. Notwithstanding any payment made by any Guarantor hereunder or any
set-off or application of funds of any Guarantor by the Collateral Agent or any Secured Party, no
Guarantor shall be entitled to be subrogated to any of the rights of the Collateral Agent or any
Secured Party against the Borrower or any other Guarantor or any collateral security or guarantee
or right of offset held by the Collateral Agent or any Secured Party for the payment of the
Borrower Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or
reimbursement from the Borrower or any other Guarantor in respect of payments made by such
Guarantor hereunder, until all amounts owing to the Collateral Agent and the Secured Parties by the
Borrower on account of the Borrower Obligations are paid in full, no Letter of Credit shall be
outstanding and the Commitments are terminated. If any amount shall be paid to any Guarantor on
account of such subrogation rights at any time when all of the Borrower Obligations shall not have
been paid in full, such amount shall be held by such Guarantor in trust for the Collateral Agent
and the Secured Parties, segregated from other funds of such Guarantor, and shall, forthwith upon
receipt by such Guarantor, be turned over to the Collateral Agent in the exact form received by
such Guarantor (duly indorsed by such Guarantor to the Collateral Agent, if required), to be
applied against the Borrower Obligations, whether matured or unmatured, in such order as the
Collateral Agent may determine.

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

     2.5 Guarantee Absolute and Unconditional. Each Guarantor waives any and all notice of the
creation, renewal, extension or accrual of any of the Borrower Obligations and notice of or proof
of reliance by the Collateral Agent or any Secured Party upon the guarantee contained in this
Section 2 or acceptance of the guarantee contained in this Section 2; the Borrower Obligations, and
any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed,
extended, amended or waived, in reliance upon the guarantee contained in this Section 2; and all
dealings between the Borrower

 

7

and any of the Guarantors, on the one hand, and the Collateral Agent
and the Secured Parties, on the other hand, likewise shall be conclusively presumed to have been
had or consummated in reliance upon the guarantee contained in this Section 2. Each Guarantor
waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to
or upon the Borrower or any of the Guarantors with respect to the Borrower Obligations. Each
Guarantor understands and agrees that the guarantee contained in this Section 2 shall be construed
as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity
or enforceability of the Credit Agreement or any other Loan Document, any of the Borrower
Obligations or any other collateral security therefor or guarantee or right of offset with respect
thereto at any time or from time to time held by the Collateral Agent or any Secured Party, (b) any
defense, set-off or counterclaim (other than a defense of payment or performance) which may at any
time be available to or be asserted by the Borrower or any other Person against the Collateral
Agent or any Secured Party, or (c) any other circumstance whatsoever (with or without notice to or
knowledge of the Borrower or such Guarantor) which constitutes, or might be construed to
constitute, an equitable or legal discharge of the Borrower for the Borrower Obligations, or of
such Guarantor under the guarantee contained in this Section 2, in bankruptcy or in any other
instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder
against any Guarantor, the Collateral Agent and any Secured Party may, but shall be under no
obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have
against the Borrower, any other Guarantor or any other Person or against any collateral security or
guarantee for the Obligations or any right of offset with respect thereto, and any failure by the
Collateral Agent or any Secured Party to make any such demand, to pursue such other rights or
remedies or to collect any payments from the Borrower, any other Guarantor or any other Person or
to realize upon any such collateral security or guarantee or to exercise any such right of offset,
or any release of the Borrower, any other Guarantor or any other Person or any such collateral
security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or
liability hereunder, and shall not impair or affect the rights and remedies, whether express,
implied or available as a matter of law, of the Collateral Agent or any Secured Party against any
Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of any
legal proceedings.

     2.6 Reinstatement. The guarantee contained in this Section 2 shall continue to be
effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of
any of the Borrower Obligations is rescinded or must otherwise be restored or returned by any
Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the
Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or
conservator of, or trustee or similar officer for, the Borrower or any Guarantor or any substantial
part of its property, or otherwise, all as though such payments had not been made.

     2.7 Payments. Each Guarantor hereby guarantees that payments hereunder will be paid to the Collateral
Agent for the sole benefit of the Secured Parties without set-off or counterclaim in Dollars at the
office of the Collateral Agent located at 270 Park Avenue, New York, New York 10017.

SECTION 3. GRANT OF SECURITY INTEREST

     3.1 Grant of Security Interest. Subject to Section 3.2, each Grantor hereby assigns and
transfers to the Collateral Agent, and hereby grants to the Collateral Agent, for the benefit of
the Secured Parties, a security interest in, all of the following property now owned or at any time
hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future
may acquire any right, title or interest (collectively, the “Collateral”), as collateral
security for the prompt and complete payment and performance when due (whether at the stated
maturity, by acceleration or otherwise) of such Grantor’s Obligations:

     (a) all Accounts;

 

8

     (b) all Chattel Paper;

     (c) all Contracts;

     (d) all Deposit Accounts;

     (e) all Documents;

     (f) all Equipment;

     (g) all General Intangibles;

     (h) all Instruments;

     (i) all Intellectual Property;

     (j) all Inventory;

     (k) all Investment Property;

     (l) all Letter-of-Credit Rights;

     (m) all other personal property not otherwise described above;

     (n) all books and records pertaining to the Collateral; and

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

     3.2 Excluded Property. Notwithstanding any of the other provisions set forth in this
Section 3, this Agreement shall not constitute a grant of a security interest in, and the
Collateral shall not include, any property to the extent
that such grant of a security interest (i) is prohibited by any Requirements of Law of a
Governmental Authority or requires a consent not obtained of any Governmental Authority pursuant to
such Requirement of Law, (ii) is prohibited by, or constitutes a breach or default under or results
in the termination of or requires any consent not obtained under, any contract, license, agreement,
instrument or other document evidencing or giving rise to such property, or (iii) in the case of
any Investment Property, Pledged Stock or Pledged Note, any applicable shareholder or similar
agreement, except in each case to the extent that such Requirement of Law or the term in such
contract, license, agreement, instrument or other document or shareholder or similar agreement
providing for such prohibition, breach, default or termination or requiring such consent is
ineffective under applicable law.

SECTION 4. REPRESENTATIONS AND WARRANTIES

          To induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to
induce the Lenders to make their respective extensions of credit to the Borrower under the Credit
Agreement and the Secured Parties to enter into agreements with the Borrower and its Subsidiaries,
each Grantor hereby represents and warrants to the Collateral Agent and each Secured Party that:

     4.1 Title; No Other Liens. Except for the security interests granted to the Collateral
Agent for the benefit of the Secured Parties pursuant to this Agreement and the other Liens
permitted to exist on

 

9

the Collateral by the Credit Agreement, such Grantor owns each item of the
Collateral free and clear of any and all Liens or claims of others. No financing statement or
other public notice with respect to all or any part of the Collateral is on file or of record in
any public office, except such as have been filed in favor of the Collateral Agent, for the benefit
of the Secured Parties pursuant to this Agreement or as are permitted by the Credit Agreement. For
the avoidance of doubt, it is understood and agreed that any Grantor may, as part of its business,
grant licenses to third parties to use Intellectual Property owned or developed by a Grantor. For
purposes of this Agreement and the other Loan Documents, such licensing activity shall not
constitute a “Lien” on such Intellectual Property. Each Secured Party understands that any such
licenses may be exclusive to the applicable licensees, and such exclusivity provisions may limit
the ability of the Collateral Agent to utilize, sell, lease or transfer the related Intellectual
Property or otherwise realize value from such Intellectual Property pursuant hereto.

     4.2 Perfected First Priority Lien. The security interests granted pursuant to this
Agreement (i) upon completion of the filings and other actions specified on Schedule 3
(which, in the case of all filings and other documents referred to on such Schedule, have been
delivered to the Collateral Agent in completed and duly executed form) will constitute valid
perfected security interests in all of the Collateral to which Article 9 of the New York UCC is
applicable in favor of the Collateral Agent, for the benefit of the Secured Parties, as collateral
security for the Obligations, enforceable in accordance with the terms hereof against all creditors
of such Grantor and any Persons purporting to purchase any such Collateral from such Grantor and
(ii) are prior to all other Liens on the Collateral to which Article 9 of the New York UCC is
applicable in existence on the date hereof except for Liens permitted by the Credit Agreement to
have priority over the security interests granted pursuant to this Agreement.

     4.3 Jurisdiction of Organization; Chief Executive Office. On the date hereof, such
Grantor’s jurisdiction of organization, identification number from the jurisdiction of organization
(if any), and the location of such Grantor’s chief executive office or sole place of business or
principal residence, as the case may be, are specified on Schedule 4. Such
Grantor has furnished to the Collateral Agent a certified charter, certificate of
incorporation or other organizational document and a long-form good standing certificate as of a
date which is recent to the date hereof.

     4.4 Farm Products. None of the Collateral constitutes, or is the Proceeds of, Farm
Products.

     4.5 Investment Property. (a) The shares of Pledged Stock pledged by such Grantor
hereunder constitute all the issued and outstanding shares of all classes of the Equity Interests
of each Issuer owned by such Grantor or, in the case of Foreign Subsidiary Voting Stock, if less,
65% of the outstanding Foreign Subsidiary Voting Stock of each relevant Issuer.

     (b) All the shares of the Pledged Stock have been duly and validly issued and are fully paid
and nonassessable.

     (c) Each of the Pledged Notes constituting Collateral constitutes the legal, valid and binding
obligation of the obligor with respect thereto, enforceable in accordance with its terms, subject
to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other similar laws relating to or affecting creditors’ rights generally, general equitable
principles (whether considered in a proceeding in equity or at law) and an implied covenant of good
faith and fair dealing.

     (d) Such Grantor is the record and beneficial owner of, and has good and marketable title to,
the Investment Property pledged by it hereunder, free of any and all Liens or options in favor of,
or claims of, any other Person, except the security interest created by this Agreement.

 

10

     4.6 Receivables. With respect to the Receivables constituting Collateral of any Grantor
only:

     (a) No amount payable to such Grantor under or in connection with any Receivable is evidenced
by any Instrument or Chattel Paper which has not been delivered to the Collateral Agent.

     (b) None of the obligors on any Receivables is a Governmental Authority.

     (c) The amounts represented by such Grantor to the Secured Parties from time to time as owing
to such Grantor in respect of the Receivables will at such times be accurate.

     4.7 Intellectual Property. With respect to the Intellectual Property constituting
Collateral of any Grantor only:

     (a) Schedule 5 lists or describes all Copyrights, Trademarks, Patents and
applications for the foregoing owned by such Grantor in its own name on the date hereof and all
Copyright Licenses, Patent Licenses and Trademark Licenses.

     (b) On the date hereof, all material Intellectual Property is valid, subsisting, unexpired and
enforceable, has not been abandoned and, to the knowledge of such Grantor, does not infringe the
intellectual property rights of any other Person.

     (c) Except as set forth in Schedule 5 hereto, on the date hereof, none of the
Intellectual Property is the subject of any licensing or franchise agreement pursuant to which such
Grantor is the licensor or franchisor.

     (d) No holding, decision or judgment has been rendered by any Governmental Authority which
would limit, cancel or question the validity of, or such Grantor’s rights in, any Intellectual
Property in any respect that could reasonably be expected to have a Material Adverse Effect.

     (e) No action or proceeding is pending, or, to the knowledge of such Grantor, threatened, on
the date hereof (i) seeking to limit, cancel or question the validity of any Intellectual Property
or such Grantor’s ownership interest therein, or (ii) which, if adversely determined, would have a
material adverse effect on the value of any Intellectual Property.

     4.8 Deposit Accounts, Securities Accounts . Schedule 6 hereto sets forth each
Deposit Account or Securities Account constituting Collateral in which any Grantor has any interest
on the date hereof.

SECTION 5. COVENANTS

          Each Grantor covenants and agrees with the Collateral Agent for the benefit of the Secured
Parties that, from and after the date of this Agreement until the Obligations (other than
contingent indemnity obligations not then due and payable) shall have been paid in full, no Letter
of Credit shall be outstanding and the Commitments shall have terminated:

     5.1 Delivery of Instruments, Certificated Securities and Chattel Paper. If any amount
payable under or in connection with any of the Collateral shall be or become evidenced by any
Instrument, Certificated Security or Chattel Paper constituting Collateral, such Instrument,
Certificated Security or Chattel Paper shall be immediately delivered to the Collateral Agent, duly
indorsed in a manner satisfactory to the Collateral Agent, to be held as Collateral pursuant to
this Agreement.

 

11

     5.2 Maintenance of Insurance. (a) Such Grantor will maintain, with financially sound and
reputable companies, insurance policies (i) insuring the Inventory and Equipment against loss by
fire, explosion, theft and such other casualties as may be reasonably satisfactory to the
Collateral Agent and (ii) to the extent requested by the Collateral Agent, insuring such Grantor
against liability for personal injury and property damage relating to such Inventory and Equipment,
such policies to be in such form and amounts and having such coverage as may be reasonably
satisfactory to the Collateral Agent.

     (b) All such insurance shall (i) provide that no cancellation, material reduction in amount or
material change in coverage thereof shall be effective unless the insurer gives at least 30 days
notice to the Collateral Agent, (ii) name the Collateral Agent as insured party or loss payee, as
applicable, and (iii) be reasonably satisfactory in all other respects to the Collateral Agent.

     (c) The Borrower shall deliver to the Collateral Agent a report of a reputable insurance
broker with respect to such insurance substantially concurrently with each delivery of the
Borrower’s audited annual financial statements and such supplemental reports with respect thereto
as the Collateral Agent may from time to time reasonably request.

     5.3 Payment of Obligations. Such Grantor will pay and discharge or otherwise satisfy
at or before maturity or before they become delinquent, as the case may be, all taxes, assessments
and governmental charges or levies imposed upon the Collateral or in respect of income or profits
therefrom, as well as all claims of any kind (including, without limitation, claims for labor,
materials and supplies) against or with respect to the Collateral, except that no such charge need
be paid if the amount or validity thereof is currently being contested in good faith by appropriate
proceedings, reserves in conformity with GAAP with respect thereto have been provided on the books
of such Grantor and such proceedings could not reasonably be expected to result in the sale,
forfeiture or loss of any material portion of the Collateral or any interest therein.

     5.4 Maintenance of Perfected Security Interest; Further Documentation. (a) Such Grantor
shall maintain the security interest created by this Agreement as a perfected security interest
having at least the priority described in Section 4.2 and shall defend such security interest
against the claims and demands of all Persons whomsoever, subject to the rights of such Grantor
under the Loan Documents to dispose of the Collateral.

     (b) Such Grantor will furnish to the Collateral Agent from time to time statements and
schedules further identifying and describing the assets and property of such Grantor and such other
reports in connection therewith as the Collateral Agent may reasonably request, all in reasonable
detail.

     (c) At any time and from time to time, upon the written request of the Collateral Agent, and
at the sole expense of such Grantor, such Grantor will promptly and duly execute and deliver, and
have recorded, such further instruments and documents and take such further actions as the
Collateral Agent may reasonably request for the purpose of obtaining or preserving the full
benefits of this Agreement and of the rights and powers herein granted, including, without
limitation, (i) filing any financing or continuation statements under the Uniform Commercial Code
(or other similar laws) in effect in any jurisdiction with respect to the security interests
created hereby and (ii) in the case of Investment Property, Deposit Accounts and Letter-of-Credit
Rights constituting Collateral and any other relevant Collateral, taking any actions necessary to
enable the Collateral Agent to obtain “control” (within the meaning of the applicable Uniform
Commercial Code) with respect thereto. Notwithstanding anything in this Agreement to the contrary
(other than with respect to (i) Investment Property and (ii) Deposit Accounts and Securities
Accounts), no Grantor shall be required to take any actions to perfect or maintain the Collateral
Agent’s security interest with respect to any personal property Collateral which (i) cannot be
perfected or maintained by filing a financing statement under the Uniform Commercial Code and (ii)

 

12

has a fair market value which, together with the value of all other personal property Collateral of
all Grantors with respect to which a security interest is not perfected or maintained in reliance
on this sentence, does not exceed $2,500,000.

     (d) Subject to Section 5.11, such Grantor will not establish any additional Deposit Accounts
or Securities Accounts constituting Collateral without executing and delivering, concurrently with
the establishment of such account, a control agreement in form and substance satisfactory to the
Collateral Agent and the related depositary bank or securities intermediary, as the case may be, in
order to perfect the security interests of the Collateral Agent in such account under the Uniform
Commercial Code.

     5.5 Changes in Locations, Name, etc. Such Grantor will not, except upon 15 days’ prior
written notice to the Collateral Agent and delivery to the Collateral Agent and the Administrative
Agent of all additional financing statements
and other documents reasonably requested by the Collateral Agent or the Administrative Agent
to maintain the validity, perfection and priority of the security interests provided for herein:

     (i) change its jurisdiction of organization from that referred to in Section 4.3; or

     (ii) change its name.

     5.6 Notices. Such Grantor will advise the Collateral Agent and the Administrative Agent
promptly, in reasonable detail (which notice shall specify that it is being delivered pursuant to
this Section), of:

     (a) any Lien (other than security interests created hereby or Liens permitted under the Credit
Agreement) on any of the Collateral which would adversely affect the ability of the Collateral
Agent to exercise any of its remedies hereunder; and

     (b) the occurrence of any other event which could reasonably be expected to have a material
adverse effect on the aggregate value of the Collateral or on the security interests created
hereby.

     5.7 Investment Property. (a) If such Grantor shall become entitled to receive or shall
receive any certificate (including, without limitation, any certificate representing a dividend or
a distribution in connection with any reclassification, increase or reduction of capital or any
certificate issued in connection with any reorganization), option or rights in respect of the
Equity Interests of any Issuer, whether in addition to, in substitution of, as a conversion of, or
in exchange for, any shares of the Pledged Stock, or otherwise in respect thereof, such Grantor
shall accept the same as the agent of the Collateral Agent for the benefit of the Secured Parties,
hold the same in trust for the Collateral Agent for the benefit of the Secured Parties and deliver
the same forthwith to the Collateral Agent in the exact form received, duly indorsed by such
Grantor to the Collateral Agent, if required, together with an undated stock power covering such
certificate duly executed in blank by such Grantor and with, if the Collateral Agent so requests,
signature guaranteed, to be held by the Collateral Agent, subject to the terms hereof, as
additional collateral security for the Secured Obligations. Any sums paid upon or in respect of
the Investment Property upon the liquidation or dissolution of any Issuer shall be paid over to the
Collateral Agent to be held by it hereunder as additional collateral security for the Secured
Obligations, and in case any distribution of capital shall be made on or in respect of the
Investment Property or any property shall be distributed upon or with respect to the Investment
Property pursuant to the recapitalization or reclassification of the capital of any Issuer or
pursuant to the reorganization thereof, the property so distributed shall, unless otherwise subject
to a perfected security interest in favor of the Collateral Agent, be delivered to the Collateral
Agent to be held by it hereunder as additional collateral security for the Secured Obligations. If
any sums of money or property so paid or distributed in respect of the Investment

 

13

Property shall be
received by such Grantor, such Grantor shall, until such money or property is paid or delivered to
the Collateral Agent, hold such money or property in trust for the Collateral Agent for the benefit
of the Secured Parties, segregated from other funds of such Grantor, as additional collateral
security for the Secured Obligations.

     (b) Without the prior written consent of the Collateral Agent, such Grantor will not (i) vote
to enable, or take any other action to permit, any Issuer to issue any Equity Interests of any
nature or to issue any other securities convertible into or granting the right to purchase or
exchange for any Equity Interests of any nature of any Issuer, except to the extent permitted by
the Credit Agreement, (ii) sell, assign, transfer, exchange, or otherwise dispose of, or grant any
option with respect to, the Investment Property or Proceeds thereof (except pursuant to a
transaction expressly permitted by the Credit Agreement), (iii)
create, incur or permit to exist any Lien or option in favor of, or any claim of any Person
with respect to, any of the Investment Property or Proceeds thereof, or any interest therein,
except for the security interests created by this Agreement and the Liens permitted by the Credit
Agreement or (iv) enter into any agreement or undertaking restricting the right or ability of such
Grantor or the Collateral Agent to sell, assign or transfer any of the Investment Property or
Proceeds thereof.

     (c) In the case of each Grantor which is an Issuer, such Issuer agrees that (i) it will be
bound by the terms of this Agreement relating to the Investment Property issued by it and will
comply with such terms insofar as such terms are applicable to it, (ii) it will notify the
Collateral Agent promptly in writing of the occurrence of any of the events described in Section
5.7(a) with respect to the Investment Property issued by it and (iii) the terms of Sections 6.3(c)
and 6.6 shall apply to it, mutatis mutandis, with respect to all actions that may
be required of it pursuant to Section 6.3(c) or 6.6 with respect to the Investment Property issued
by it.

     5.8 Receivables. (a) Other than in the ordinary course of business consistent with
its past practice, such Grantor will not (i) grant any extension of the time of payment of any
Receivable, (ii) compromise or settle any Receivable for less than the full amount thereof, (iii)
release, wholly or partially, any Person liable for the payment of any Receivable, (iv) allow any
credit or discount whatsoever on any Receivable or (v) amend, supplement or modify any Receivable
in any manner that could reasonably be expected to adversely affect the value thereof.

     (b) Such Grantor will deliver to the Collateral Agent a copy of each material demand, notice
or document received by it that questions or calls into doubt the validity or enforceability of
more than 5% of the aggregate amount of the then outstanding Receivables.

     5.9 Intellectual Property. (a) Except to the extent any Grantor reasonably determines
that any Intellectual Property is no longer used or useful in its business, such Grantor (either
itself or through licensees) will (i) continue to use commercially each material Trademark in order
to maintain such Trademark in full force free from any claim of abandonment for non-use, (ii)
maintain as in the past the quality of products and services offered under such Trademark, (iii)
use such Trademark with the appropriate notice of registration and all other notices and legends
required by applicable Requirements of Law, (iv) not adopt or use any mark which is confusingly
similar or a colorable imitation of such Trademark unless the Collateral Agent, for the benefit of
the Secured Parties, shall obtain a perfected security interest in such mark pursuant to this
Agreement and (v) not (and not permit any licensee or sublicensee thereof to) do any act or
knowingly omit to do any act whereby such Trademark may become invalidated or impaired in any way.

     (b) Such Grantor (either itself or through licensees) will not do any act, or omit to do any
act, whereby any material Patent may become forfeited, abandoned or dedicated to the public.

 

14

     (c) Such Grantor (either itself or through licensees) (i) will employ each material Copyright
and (ii) will not (and will not permit any licensee or sublicensee thereof to) do any act or
knowingly omit to do any act whereby any material portion of the Copyrights may become invalidated
or otherwise impaired. Such Grantor will not (either itself or through licensees) do any act
whereby any material portion of the Copyrights may fall into the public domain.

     (d) Such Grantor (either itself or through licensees) will not do any act that knowingly uses
any material Intellectual Property to infringe the intellectual property rights of any other
Person.

     (e) Such Grantor will notify the Collateral Agent immediately if it knows, or has reason to
know, that any application or registration relating to any material Intellectual Property may
become forfeited, abandoned or dedicated to the public, or of any final or non-appealable adverse
determination or development (including, without limitation, any proceeding in the United States
Patent and Trademark Office, the United States Copyright Office or any court or tribunal in any
country) regarding such Grantor’s ownership of, or the validity of, any material Intellectual
Property or such Grantor’s right to register the same or to own and maintain the same.

     (f) Whenever such Grantor, either by itself or through any agent, employee, licensee or
designee, shall file an application for the registration of any Intellectual Property with the
United States Patent and Trademark Office, the United States Copyright Office or any similar office
or agency in any other country or any political subdivision thereof, such Grantor shall report such
filing to the Collateral Agent within five Business Days after the last day of the fiscal quarter
in which such filing occurs. Upon request of the Collateral Agent, such Grantor shall execute and
deliver, and have recorded, any and all agreements, instruments, documents, and papers as the
Collateral Agent may request to evidence the Collateral Agent’s security interest in any Copyright,
Patent or Trademark and the goodwill and general intangibles of such Grantor relating thereto or
represented thereby.

     (g) Such Grantor will take all reasonable and necessary steps, including, without limitation,
in any proceeding before the United States Patent and Trademark Office, the United States Copyright
Office or any similar office or agency in any other country or any political subdivision thereof,
to maintain and pursue each application (and to obtain the relevant registration) and to maintain
each registration of the material Intellectual Property, including, without limitation, filing of
applications for renewal, affidavits of use and affidavits of incontestability.

     (h) In the event that any material Intellectual Property is infringed, misappropriated or
diluted by a third party, such Grantor shall (i) take such actions as such Grantor shall reasonably
deem appropriate under the circumstances to protect such Intellectual Property and (ii) if such
Intellectual Property is of material economic value, promptly notify the Collateral Agent after it
learns thereof and sue for infringement, misappropriation or dilution, to seek appropriate relief
and to recover any and all damages for such infringement, misappropriation or dilution.

     5.10 Commercial Tort Claims. Such Grantor shall advise the Collateral Agent promptly of
any Commercial Tort Claim held by such Grantor in excess of $1,000,000 and shall promptly execute a
supplement to this Agreement in form and substance satisfactory to the Collateral Agent to grant
security interests in such Commercial Tort Claim to the Collateral Agent for the benefit of the
Secured Parties.

     5.11 Deposit Accounts, Securities Accounts. No Grantor shall establish or maintain a
Deposit Account or Securities Account for which such Grantor has not delivered to the Collateral
Agent a control agreement executed by all parties relevant thereto, provided that the
Grantors shall not be required to enter into control agreements with respect to any Deposit
Accounts or Securities Accounts having an aggregate balance of less than $1,000,000.

 

15

SECTION 6. REMEDIAL PROVISIONS

     6.1 Certain Matters Relating to Receivables. (a) After an Event of Default has occurred
and is continuing, the Collateral Agent shall have the right to make test verifications of the
Receivables in any manner and through any medium that it reasonably considers advisable, and each
Grantor shall furnish all such assistance and information as the Collateral Agent may require in
connection with such test verifications.

     (b) The Collateral Agent hereby authorizes each Grantor to collect such Grantor’s Receivables.
The Collateral Agent may curtail or terminate said authority at any time after the occurrence and
during the continuance of an Event of Default. If required by the Collateral Agent, upon the
request of the Required Lenders or the Administrative Agent, at any time after the occurrence and
during the continuance of an Event of Default, any payments of Receivables, when collected by any
Grantor, (i) shall be forthwith (and, in any event, within two Business Days) deposited by such
Grantor in the exact form received, duly indorsed by such Grantor to the Collateral Agent if
required, in the Collateral Account, subject to withdrawal by the Collateral Agent for the account
of the Secured Parties only as provided in Section 7.4, and (ii) until so turned over, shall be
held by such Grantor in trust for the Collateral Agent and the other Secured Parties, segregated
from other funds of such Grantor. Each such deposit of Proceeds of Receivables shall be
accompanied by a report identifying in reasonable detail the nature and source of the payments
included in the deposit.

     (c) At the Collateral Agent’s request, upon the occurrence and during the continuance of an
Event of Default, each Grantor shall deliver to the Collateral Agent all original and other
documents evidencing, and relating to, the agreements and transactions which gave rise to the
Receivables, including, without limitation, all original orders, invoices and shipping receipts.

     6.2 Communications with Obligors; Grantors Remain Liable. (a) The Collateral Agent in
its own name or in the name of others may at any time after the occurrence and during the
continuance of an Event of Default and after prior notice to the Grantors communicate with obligors
under the Receivables to verify with them to the Collateral Agent’s satisfaction the existence,
amount and terms of any Receivables.

     (b) After the occurrence and during the continuance of an Event of Default and at the
direction of the Administrative Agent, the Collateral Agent in its own name or in the name of
others may, and upon the request of the Collateral Agent each Grantor shall, notify obligors on the
Receivables that the Receivables have been assigned to the Collateral Agent for the benefit of the
Secured Parties and that payments in respect thereof shall be made directly to the Collateral
Agent.

     (c) Anything herein to the contrary notwithstanding, each Grantor shall remain liable under
each of the Receivables to observe and perform all the conditions and obligations to be observed
and performed by it thereunder, all in accordance with the terms of any agreement giving rise
thereto. Neither the Collateral Agent nor any Secured Party shall have any obligation or liability
under any Receivable (or any agreement giving rise thereto) by reason of or arising out of this
Agreement or the receipt by the Collateral Agent nor any Secured Party of any payment relating
thereto, nor shall the Collateral Agent or any Secured Party be obligated in any manner to perform
any of the obligations of any Grantor under or pursuant to any Receivable (or any agreement giving
rise thereto), to make any payment, to make any inquiry as to the nature or the sufficiency of any
payment received by it or as to the sufficiency of any performance by any party thereunder, to
present or file any claim, to take any action to enforce any
performance or to collect the payment of any amounts which may have been assigned to it or to
which it may be entitled at any time or times.

 

16

     6.3 Pledged Stock. (a) Unless an Event of Default shall have occurred and be continuing
and the Collateral Agent shall have given notice to the relevant Grantor of the Collateral Agent’s
intent to exercise its corresponding rights pursuant to Section 6.3(b), each Grantor shall be
permitted to receive all cash dividends paid in respect of the Pledged Stock and all payments made
in respect of the Pledged Notes, in each case paid in the normal course of business of the relevant
Issuer and consistent with past practice, to the extent permitted in the Credit Agreement, and to
exercise all voting and corporate or other organizational rights with respect to the Investment
Property; provided, however, that no vote shall be cast or corporate or other
organizational right exercised or other action taken which, in the Administrative Agent’s
reasonable judgment, would result in any violation of any provision of the Credit Agreement, this
Agreement or any other Loan Document.

     (b) If an Event of Default shall occur and be continuing and the Collateral Agent shall give
notice of its intent to exercise such rights to the relevant Grantor or Grantors, (i) the
Collateral Agent shall have the right to receive any and all cash dividends, payments or other
Proceeds paid in respect of the Investment Property and make application thereof to the Secured
Obligations in such order as the Collateral Agent may determine, and (ii) any or all of the
Investment Property shall be registered in the name of the Collateral Agent or its nominee, and the
Collateral Agent or its nominee may thereafter exercise (x) all voting, corporate and other rights
pertaining to such Investment Property at any meeting of shareholders of the relevant Issuer or
Issuers or otherwise and (y) any and all rights of conversion, exchange and subscription and any
other rights, privileges or options pertaining to such Investment Property as if it were the
absolute owner thereof (including, without limitation, the right to exchange at its discretion any
and all of the Investment Property upon the merger, consolidation, reorganization, recapitalization
or other fundamental change in the corporate or other organizational structure of any Issuer, or
upon the exercise by any Grantor or the Collateral Agent of any right, privilege or option
pertaining to such Investment Property, and in connection therewith, the right to deposit and
deliver any and all of the Investment Property with any committee, depositary, transfer agent,
registrar or other designated agency upon such terms and conditions as the Collateral Agent may
determine), all without liability except to account for property actually received by it, but the
Collateral Agent shall have no duty to any Grantor to exercise any such right, privilege or option
and shall not be responsible for any failure to do so or delay in so doing.

     (c) Each Grantor hereby authorizes and instructs each Issuer of any Investment Property
pledged by such Grantor hereunder to (i) comply with any instruction received by it from the
Collateral Agent in writing that (x) states that an Event of Default has occurred and is continuing
and (y) is otherwise in accordance with the terms of this Agreement, without any other or further
instructions from such Grantor, and each Grantor agrees that each Issuer shall be fully protected
in so complying, and (ii) upon delivery of any notice to such effect pursuant to Section 6.3(a),
pay any dividends or other payments with respect to the Investment Property directly to the
Collateral Agent.

     6.4 Proceeds to be Turned Over To Collateral Agent. In addition to the rights of the
Collateral Agent and the Secured Parties specified in Section 6.1 with respect to payments of
Receivables, if an Event of Default shall occur and be continuing, and the Collateral Agent, upon
the request of the Administrative Agent, shall have given notice thereof to the Grantors, all
Proceeds received by any Grantor consisting of cash, checks and other near-cash items shall be held
by such Grantor in trust for the Collateral Agent and the Secured Parties, segregated from
other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned over
to the Collateral Agent in the exact form received by such Grantor (duly indorsed by such Grantor
to the Collateral Agent, if required). All Proceeds received by the Collateral Agent hereunder
shall be held by the Collateral Agent in a Collateral Account maintained under its sole dominion
and control in accordance with Section 7.1. All Proceeds while held by the Collateral Agent in a
Collateral Account (or by such Grantor in trust for the Secured Parties) shall

 

17

continue to be held
as collateral security for all the Secured Obligations and shall not constitute payment thereof
until applied as provided in Section 7.4.

     6.5 Code and Other Remedies. If an Event of Default shall occur and be continuing, upon
the request of the Administrative Agent or the Required Lenders, the Collateral Agent, on behalf of
the Secured Parties, may exercise, in addition to all other rights and remedies granted to them in
this Agreement and in any other instrument or agreement securing, evidencing or relating to the
Secured Obligations, all rights and remedies of a secured party under the New York UCC or any other
applicable law. Without limiting the generality of the foregoing, the Collateral Agent, without
demand of performance or other demand, presentment, protest, advertisement or notice of any kind
(except any notice required by law referred to below) to or upon any Grantor or any other Person
(all and each of which demands, defenses, advertisements and notices are hereby waived), may in
such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any
part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase, or
otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the
foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s
board or office of any Secured Party or elsewhere upon such terms and conditions as it may deem
advisable and at such prices as it may deem best, for cash or on credit or for future delivery
without assumption of any credit risk. Any Secured Party shall have the right upon any such public
sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to
purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption
in any Grantor, which right or equity is hereby waived and released. Each Grantor further agrees,
at the Collateral Agent’s request, to assemble the Collateral and make it available to the
Collateral Agent at places which the Collateral Agent shall reasonably select, whether at such
Grantor’s premises or elsewhere. The Collateral Agent shall apply the net proceeds of any action
taken by it pursuant to this Section 6.5, after deducting all reasonable costs and expenses of
every kind incurred in connection therewith or incidental to the care or safekeeping of any of the
Collateral or in any way relating to the Collateral or the rights of the Secured Parties hereunder,
including, without limitation, reasonable attorneys’ fees and disbursements, to the payment in
whole or in part of the Secured Obligations, in such order as the Collateral Agent may elect, and
only after such application and after the payment by the Collateral Agent of any other amount
required by any provision of law, including, without limitation, Section 9-615(a)(3) of the New
York UCC, need the Collateral Agent account for the surplus, if any, to any Grantor. To the extent
permitted by applicable law, each Grantor waives all claims, damages and demands it may acquire
against the Secured Parties arising out of the exercise by them of any rights hereunder. If any
notice of a proposed sale or other disposition of Collateral shall be required by law, such notice
shall be deemed reasonable and proper if given at least 10 days before such sale or other
disposition.

     6.6 Registration Rights. (a) If the Collateral Agent shall determine to exercise its
right to sell any or all of the Pledged Stock pursuant to Section 6.5, and if in the opinion of the
Collateral Agent it is necessary or advisable to have the Pledged Stock, or that portion thereof to
be sold, registered under the provisions of the Securities Act, the relevant Grantor will cause the
Issuer thereof to (i) execute and deliver, and cause the directors and officers of such Issuer to
execute and deliver, all such instruments and documents, and do or cause to be done all such other
acts as may be, in the opinion of the Collateral Agent, necessary or
advisable to register the Pledged Stock, or that portion thereof to be sold, under the
provisions of the Securities Act, (ii) use its best efforts to cause the registration statement
relating thereto to become effective and to remain effective for a period of one year from the date
of the first public offering of the Pledged Stock, or that portion thereof to be sold, and (iii)
make all amendments thereto and/or to the related prospectus which, in the opinion of the
Collateral Agent, are necessary or advisable, all in conformity with the requirements of the
Securities Act and the rules and regulations of the Securities and Exchange Commission applicable
thereto. Each Grantor agrees to cause such Issuer to comply with the provisions of the securities
or “Blue Sky” laws of any and all jurisdictions which the

 

18

Collateral Agent shall designate and to
make available to its security holders, as soon as practicable, an earnings statement (which need
not be audited) which will satisfy the provisions of Section 11(a) of the Securities Act.

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

     (c) Each Grantor agrees to use its best efforts to do or cause to be done all such other acts
as may be necessary to make such sale or sales of all or any portion of the Pledged Stock pursuant
to this Section 6.6 valid and binding and in compliance with any and all other applicable
Requirements of Law. Each Grantor further agrees that a breach of any of the covenants contained
in this Section 6.6 will cause irreparable injury to the Collateral Agent and the Secured Parties,
that the Collateral Agent and the Secured Parties have no adequate remedy at law in respect of such
breach and, as a consequence, that each and every covenant contained in this Section 6.6 shall be
specifically enforceable against such Grantor, and such Grantor hereby waives and agrees not to
assert any defenses against an action for specific performance of such covenants except for a
defense that no Event of Default has occurred under the Credit Agreement.

     6.7 Deficiency. Each Grantor shall remain liable for any deficiency if the proceeds of
any sale or other disposition of the Collateral are insufficient to pay the Secured Obligations and
the fees and disbursements of any attorneys employed by the Collateral Agent or any Secured Party
to collect such deficiency.

SECTION 7. THE COLLATERAL ACCOUNT; DISTRIBUTIONS

     7.1 The Collateral Account. At such time as the Collateral Agent deems appropriate, there
shall be established and, at all times thereafter until this Agreement shall have terminated, the
Collateral Agent shall maintain a separate collateral account under its sole dominion and control
(the “Collateral Account”). All moneys which are received by the Collateral Agent or any
agent or nominee of the Collateral Agent in respect of the Collateral, whether in connection with
the exercise of the remedies provided in this Agreement or any
Security Document, shall be deposited in the Collateral Account and held by the Collateral
Agent as part of the Collateral and applied in accordance with the terms of this Agreement.

     7.2 Control of Collateral Account. All right, title and interest in and to the Collateral
Account shall vest in the Collateral Agent, and funds on deposit in the Collateral Account shall
constitute part of the Collateral. The Collateral Account shall be subject to the exclusive
dominion and control of the Collateral Agent.

     7.3 Investment of Funds Deposited in Collateral Account. The Collateral Agent may, but is
under no obligation to, invest and reinvest moneys on deposit in the Collateral Account at any time
in Permitted Investments. All such investments and the interest and income received thereon and
the net

 

19

proceeds realized on the sale or redemption thereof shall be held in the Collateral Account
and constitute Collateral. The Collateral Agent shall not be responsible for any diminution in
funds resulting from such investments or any liquidation prior to maturity.

     7.4 Application of Moneys. (a) The Collateral Agent shall have the right at any time to
apply moneys held by it in the Collateral Account to the payment of due and unpaid Collateral Agent
Fees.

     (b) All remaining moneys held by the Collateral Agent in the Collateral Account or received by
the Collateral Agent with respect to the Collateral shall, to the extent available for distribution
(it being understood that the Collateral Agent may liquidate investments prior to maturity in order
to make a distribution pursuant to this Section 7.4), be distributed by the Collateral Agent on
each Distribution Date in the following order of priority (with such distributions being made by
the Collateral Agent to the respective representatives for the Secured Parties as provided in
Section 7.4(d), and each such representative shall be responsible for insuring that amounts
distributed to it are distributed to its Secured Parties in the order of priority set forth below):

     First, to the Collateral Agent for any unpaid Collateral Agent Fees and then to
any Secured Party which has theretofore advanced or paid any Collateral Agent Fees
constituting administrative expenses allowable under Section 503(b) of the Bankruptcy Code,
an amount equal to the amount thereof so advanced or paid by such Secured Party and for
which such Secured Party has not been reimbursed prior to such Distribution Date, and, if
such moneys shall be insufficient to pay such amounts in full, then ratably (without
priority of any one over any other) to such Secured Parties in proportion to the amounts of
such Collateral Agent Fees advanced by the respective Secured Parties and remaining unpaid
on such Distribution Date;

     Second, to any Secured Party which has theretofore advanced or paid any
Collateral Agent Fees other than such administrative expenses described in clause
First above, an amount equal to the amount thereof so advanced or paid by such
Secured Party and for which such Secured Party has not been reimbursed prior to such
Distribution Date, and, if such moneys shall be insufficient to pay such amounts in full,
then ratably (without priority of any one over any other) to such Secured Parties in
proportion to the amounts of such Collateral Agent Fees advanced by the respective Secured
Parties and remaining unpaid on such Distribution Date;

     Third, to the Secured Parties, the amount then due and owing and remaining
unpaid in respect of the Obligations, pro rata among the Secured Parties to
which such Obligations are then
due and owing based on the respective amounts thereof, until such Obligations are paid
or cash collateralized (to the extent not then due and payable) in full;

     Fourth (this clause being applicable only if an Event of Default shall have
occurred and be continuing), to the Secured Parties, the amount of unpaid principal,
interest, fees, charges, costs and expenses in respect of the Obligations, pro
rata among the Secured Parties holding such Obligations based on the respective
amounts thereof, until such Obligations are paid or cash collateralized (to the extent not
then due and payable) in full; and

     Fifth, any balance remaining after the Obligations shall have been paid or cash
collateralized in full, no Letters of Credit shall be outstanding and the Commitments shall
have terminated shall be paid over to the Borrower or to whomsoever may be lawfully entitled
to receive the same.

     (c) The term “unpaid” as used in clauses Third and Fourth of Section 7.4(b)
refers:

 

20

     (i) in the absence of a bankruptcy proceeding with respect to the relevant
Grantor(s), to all amounts of the Obligations outstanding as of a Distribution Date,
and

     (ii) during the pendency of a bankruptcy proceeding with respect to the
relevant Grantor(s), to all amounts allowed (within the meaning of Title 11 of the
United States Code entitled “Bankruptcy”) by the bankruptcy court in respect of the
Obligations as a basis for distribution (including estimated amounts, if any,
allowed in respect of contingent claims),

to the extent that prior distributions have not been made in respect thereof.

     (d) The Collateral Agent shall make all payments and distributions under this Section 7.4 on
account of Obligations to the Administrative Agent, pursuant to directions of the Administrative
Agent, for re-distribution in accordance with the provisions of the Credit Agreement.

     7.5 Collateral Agent’s Calculations. In making the determinations and allocations
required by Section 7.4, the Collateral Agent may conclusively rely upon information supplied by
the Administrative Agent as to the amounts of unpaid principal and interest and other amounts
outstanding with respect to the Obligations and, as to the amounts of any other Obligations,
information supplied by the holder thereof, and the Collateral Agent shall have no liability to any
of the Secured Parties for actions taken in reliance on such information, provided that nothing in
this sentence shall prevent any Grantor from contesting any amounts claimed by any Secured Party in
any information so supplied. All distributions made by the Collateral Agent pursuant to Section
7.4 shall be (subject to any decree of any court of competent jurisdiction) final (absent manifest
error), and the Collateral Agent shall have no duty to inquire as to the application by the
Administrative Agent of any amounts distributed to them.

SECTION 8. THE COLLATERAL AGENT

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

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

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

 

21

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

     (iv) execute, in connection with any sale provided for in Section 6.5 or 6.6, any
indorsements, assignments or other instruments of conveyance or transfer with respect to the
Collateral; and

     (v) (1) direct any party liable for any payment under any of the Collateral to make
payment of any and all moneys due or to become due thereunder directly to the Collateral Agent
or as the Collateral Agent shall direct; (2) ask or demand for, collect, and receive payment of
and receipt for, any and all moneys, claims and other amounts due or to become due at any time
in respect of or arising out of any Collateral; (3) sign and indorse any invoices, freight or
express bills, bills of lading, storage or warehouse receipts, drafts against debtors,
assignments, verifications, notices and other documents in connection with any of the
Collateral; (4) commence and prosecute any suits, actions or proceedings at law or in equity in
any court of competent jurisdiction to collect the Collateral or any portion thereof and to
enforce any other right in respect of any Collateral; (5) defend any suit, action or proceeding
brought against such Grantor with respect to any Collateral; (6) settle, compromise or adjust
any such suit, action or proceeding and, in connection therewith, give such discharges or
releases as the Collateral Agent may deem appropriate; (7) assign any Copyright, Patent or
Trademark (along with the goodwill of the business to which any such Copyright, Patent or
Trademark pertains), throughout the world for such term or terms, on such conditions, and in
such manner, as the Collateral Agent shall in its sole discretion determine; and (8) generally,
sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the
Collateral as fully and completely as though the Collateral Agent were the absolute owner
thereof for all purposes, and do, at the Collateral Agent’s option and such Grantor’s expense,
at any time, or from time to time, all acts and things which the Collateral Agent deems
necessary to protect, preserve or realize upon the Collateral and Collateral Agent’s security
interests therein and to effect the intent of this Agreement, all as fully and effectively as
such Grantor might do.

     Anything in this Section 8.1(a) to the contrary notwithstanding, the Collateral Agent agrees
that it will not exercise any rights under the power of attorney provided for in this Section
8.1(a) unless an Event of Default shall have occurred and be continuing.

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

     (c) The expenses of the Collateral Agent incurred in connection with actions undertaken as
provided in this Section 8.1, together with interest thereon at the rate applicable thereto under
Section 2.13(c) of the Credit Agreement, from the date of payment by the Collateral Agent to the
date reimbursed by the relevant Grantor, shall be payable by such Grantor to the Collateral Agent
on demand.

     (d) Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done
by virtue hereof. All powers, authorizations and agencies contained in this Agreement are coupled
with an interest and are irrevocable until this Agreement is terminated and the security interests
created hereby are released.

     8.2 Appointment of Collateral Agent as Agent for the Secured Parties. By acceptance of
the benefits of this Agreement and the Security Documents, each Secured Party shall be deemed
irrevocably (i) to consent to the appointment of the Collateral Agent as its agent hereunder and
under the Security Documents, (ii) to confirm that the Collateral Agent shall have the authority to
act as the exclusive agent

 

22

of such Secured Party for enforcement of any provisions of this
Agreement and the Security Documents against any Grantor or the exercise of remedies hereunder or
thereunder, (iii) to agree that such Secured Party shall not take any action to enforce any
provisions of this Agreement or any Security Document against any Grantor or to exercise any remedy
hereunder or thereunder and (iv) to agree to be bound by the terms of this Agreement and the
Security Documents.

     8.3 Duty of Collateral Agent. The Collateral Agent’s sole duty with respect to the
custody, safekeeping and physical preservation of the Collateral in its possession, under Section
9-207 of the New York UCC or otherwise, shall be to deal with it in the same manner as the
Collateral Agent deals with similar property for its own account. No Secured Party nor any of its
officers, directors, employees or agents shall be liable for failure to demand, collect or realize
upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or
otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take
any other action whatsoever with regard to the Collateral or any part thereof. The powers
conferred on the Collateral Agent and the Secured Parties hereunder are solely to protect the
Collateral Agent’s and the Secured Parties’ interests in the Collateral and shall not impose any
duty upon the Collateral Agent or any Secured Party to exercise any such powers. The Collateral
Agent and the Secured Parties shall be accountable only for amounts that they actually receive as a
result of the exercise of such powers, and neither they nor any of their officers, directors,
employees or agents shall be responsible to any Grantor for any act or failure to act hereunder,
except for their own gross negligence or willful misconduct.

     8.4 Execution of Financing Statements. Pursuant to any applicable law, each Grantor
authorizes the Collateral Agent to file or record financing statements and other filing or
recording documents or instruments with respect to the Collateral without the signature of such
Grantor in such form and in such offices as the Collateral Agent determines appropriate to perfect
the security interests of the Collateral Agent under this Agreement. Each Grantor authorizes the
Collateral Agent to use the collateral description “all personal property” in any such financing
statement. Each Grantor hereby ratifies and authorizes the filing by the Collateral Agent of any
financing statement with respect to the Collateral made prior to the date hereof.

     8.5 General Provisions. The Collateral Agent shall be entitled to all of the benefits of
Article VIII of the Credit Agreement.

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

SECTION 9. MISCELLANEOUS

     9.1 Amendments in Writing. None of the terms or provisions of this Agreement may be
waived, amended, supplemented or otherwise modified except with the consent of the Collateral Agent
and in accordance with Section 9.02 of the Credit Agreement.

     9.2 Notices. All notices, requests and demands to or upon the Administrative Agent or any
Grantor hereunder shall be effected in the manner provided for in Section 9.01 of the Credit
Agreement;

 

23

provided that any such notice, request or demand to or upon any Guarantor shall be
addressed to such Guarantor at its notice address set forth on Schedule 1 or such other
address specified in writing to the Administrative Agent in accordance with such Section. All
notices, requests and demands to or upon the Collateral Agent shall be effected in the manner
provided for in Section 9.01 of the Credit Agreement and shall be addressed to the Collateral Agent
at 270 Park Avenue, New York, New York 10017.

     9.3 No Waiver by Course of Conduct; Cumulative Remedies. Neither the Collateral Agent nor
any Secured Party shall by any act (except by a written instrument pursuant to Section 9.1), delay,
indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have
acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in
exercising, on the part of the Collateral Agent or any Secured Party, any right, power or privilege
hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or
privilege hereunder shall preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. A waiver by the Collateral Agent or any Secured Party of any
right or remedy hereunder on any one occasion shall not be construed as a bar to any right or
remedy which the Collateral Agent or such Secured Party would otherwise have on any future
occasion. The rights and remedies herein provided are cumulative, may be exercised singly or
concurrently and are not exclusive of any other rights or remedies provided by law.

     9.4 Enforcement Expenses; Indemnification. (a) The parties hereto agree that the Collateral Agent shall be entitled to reimbursement of its
reasonable expenses incurred hereunder as provided in Section 9.03 of the Credit Agreement.

     (b) Without limitation of its indemnification obligations under the other Loan Documents, each
Grantor jointly and severally agrees to indemnify the Collateral Agent and the other Indemnitees
(as defined in Section 9.03 of the Credit Agreement) against, and hold each Indemnitee harmless
from, any and all losses, claims, damages, liabilities and related expenses, including the
reasonable fees, charges and disbursements of any counsel for any Indemnitee, incurred by or
asserted against any Indemnitee arising out of, in connection with, or as a result of, the
execution, delivery or performance of this Agreement or any claim, litigation, investigation or
proceeding relating hereto, or to the Collateral, whether or not any Indemnitee is a party thereto;
provided that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses are determined by a court of
competent jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence or wilful misconduct of such Indemnitee.

     (c) Any such amounts payable as provided hereunder shall be additional Obligations secured
hereby and by the other Security Documents. The provisions of this Section 9.4 shall remain
operative and in full force and effect regardless of the termination of this Agreement or any other
Loan Document, the consummation of the transactions contemplated hereby, the repayment of any of
the Obligations, the invalidity or unenforceability of any term or provision of this Agreement or
any other Loan Document, or any investigation made by or on behalf of the Collateral Agent or any
other Secured Party. All amounts due under this Section 9.4 shall be payable on written demand
therefor.

     9.5 Successors and Assigns. This Agreement shall be binding upon the successors and
assigns of each Grantor and shall inure to the benefit of the Collateral Agent and the Secured
Parties and their successors and assigns; provided that no Grantor may assign, transfer or delegate
any of its rights or obligations under this Agreement without the prior written consent of the
Collateral Agent.

     9.6 Setoff. If an Event of Default shall have occurred and be continuing, each Secured
Party and each of its 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 obligations at any time owing by
such Secured Party or

 

24

Affiliate to or for the credit or the account of the Borrower against any of
and all the obligations of the Borrower now or hereafter existing under this Agreement held by such
Secured Party, irrespective of whether or not such Secured Party shall have made any demand under
this Agreement and although such obligations may be unmatured. The rights of each Secured Party
under this Section are in addition to other rights and remedies (including other rights of setoff)
which such Secured Party may have.

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

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

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

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

     9.11 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

     9.12 Submission To Jurisdiction; Waivers. Each Grantor hereby irrevocably and
unconditionally:

     (a) submits for itself and its property in any legal action or proceeding relating to this
Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement
of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the
State of New York, the courts of the United States of America for the Southern District of New
York, and appellate courts from any thereof;

     (b) consents that any such action or proceeding may be brought in such courts and waives any
objection that it may now or hereafter have to the venue of any such action or proceeding in any
such court or that such action or proceeding was brought in an inconvenient court and agrees not to
plead or claim the same;

     (c) agrees that service of process in any such action or proceeding may be effected by mailing
a copy thereof by registered or certified mail (or any substantially similar form of mail), postage
prepaid, to such Grantor at its address referred to in Section 9.2 or at such other address of
which the Collateral Agent shall have been notified pursuant thereto;

 

25

     (d) agrees that nothing herein shall affect the right to effect service of process in any
other manner permitted by law or shall limit the right to sue in any other jurisdiction; and

     (e) waives, to the maximum extent not prohibited by law, any right it may have to claim or
recover in any legal action or proceeding referred to in this Section any special, exemplary,
punitive or consequential damages.

     9.13 Acknowledgements. Each Grantor hereby acknowledges that:

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

     (b) neither the Collateral Agent nor any other Secured Party has any fiduciary relationship
with or duty to any Grantor arising out of or in connection with this Agreement or any of the other
Loan Documents, and the relationship between the Grantors, on the one hand, and the Collateral
Agent and the Secured Parties, on the other hand, in connection herewith or therewith is solely
that of debtor and creditor; and

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

     9.14 Additional Grantors. Each Subsidiary of the Borrower that is required to become a
party to this Agreement pursuant to Section 5.12 of the Credit Agreement shall become a Grantor for
all purposes of this Agreement upon execution and delivery by such Subsidiary of an Assumption
Agreement in the form of Annex I hereto.

     9.15 Releases. (a) Subject to clause (b) below, at such time as the Loans and the other
Obligations (other than Obligations in respect of Specified Swap Agreements) shall have been paid
in full and the Commitments have been terminated, the Collateral shall be released from the Liens
created hereby, and this Agreement and all obligations (other than those expressly stated to
survive such termination) of the Collateral Agent and each Grantor hereunder shall terminate, all
without delivery of any instrument or performance of any act by any party, and all rights to the
Collateral shall revert to the Grantors. At the request and sole expense of any Grantor following
any such termination, the Collateral Agent shall deliver to such Grantor any Collateral held by the
Collateral Agent hereunder, and execute and deliver to such Grantor such documents as such Grantor
shall reasonably request to evidence such termination.

     (b) In the event that the East/West Merger is consummated in compliance with the terms of the
Credit Agreement and without any further action required by any party hereto (without limiting the
rights of the Administrative Agent to request any amendments or acknowledgments contemplated by
Section 4.03(d) of the Credit Agreement), the terms of this Agreement shall be superseded by the
terms of the East Guarantee and Collateral Agreement (other than the terms of this Agreement
expressly stated to survive termination) and the guarantees contained herein and Liens created
hereby shall continue and remain in full force and effect thereunder.

     (c) If any of the Collateral shall be sold, transferred or otherwise disposed of by any
Grantor in a transaction permitted by the Credit Agreement, then the Collateral Agent, at the
request and sole expense of such Grantor, shall execute and deliver to such Grantor all releases or
other documents reasonably necessary or desirable for the release of the Liens created hereby on
such Collateral. At the request and sole expense of the Borrower, a Subsidiary Loan Party shall be
released from its obligations

 

26

hereunder in the event that all the Equity Interests of such
Subsidiary Loan Party shall be sold, transferred or otherwise disposed of in a transaction
permitted by the Credit Agreement; provided that the Borrower
shall have delivered to the Collateral Agent, at least ten Business Days prior to the date of
the proposed release, a written request for release identifying the relevant Subsidiary Loan Party
and the terms of the sale or other disposition in reasonable detail, including the price thereof
and any expenses in connection therewith, together with a certification by the Borrower stating
that such transaction is in compliance with the Credit Agreement and the other Loan Documents.

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

 

27

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

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A., as Collateral

Agent

 	 
	 	By:  	/s/ Peter B. Thauer
 	 
	 	 	Name:  	Peter B. Thauer 	 
	 	 	Title:  	Executive Director 	 
	 
	 	DEX MEDIA WEST, INC.

 	 
	 	By:  	/s/ Jenny L. Apker
 	 
	 	 	Name:  	Jenny L. Apker 	 
	 	 	Title:  	Vice President and Treasurer 	 
	 
	 	DEX MEDIA WEST LLC

 	 
	 	By:  	/s/ Jenny L. Apker
 	 
	 	 	Name:  	Jenny L. Apker 	 
	 	 	Title:  	Vice President and Treasurer 	 
	 
	 	DEX MEDIA WEST FINANCE CO.

 	 
	 	By:  	/s/ Jenny L. Apker
 	 
	 	 	Name:  	Jenny L. Apker 	 
	 	 	Title:  	Vice President and Treasurer 	 
	 

Signature Page to the Dex Media West Guarantee and Collateral AgreementEX-10.5

Exhibit 10.5

PLEDGE AGREEMENT

dated as of

June 6, 2008,

among

DEX MEDIA, INC.

and

JPMORGAN CHASE BANK, N.A.,

as Collateral Agent

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 
	 	 	 	 	 	 
	 

	 	ARTICLE I	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Definitions	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 1.01.

	 	Credit Agreement
	 	 	1	 
	SECTION 1.02.

	 	Other Defined Terms
	 	 	1	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE II	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Pledge of Securities	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 2.01.

	 	Pledge
	 	 	2	 
	SECTION 2.02.

	 	Delivery of the Pledged Collateral
	 	 	3	 
	SECTION 2.03.

	 	Representations, Warranties and Covenants
	 	 	3	 
	SECTION 2.04.

	 	Registration in Nominee Name; Denominations
	 	 	4	 
	SECTION 2.05.

	 	Voting Rights: Dividends and Interest, etc.
	 	 	4	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE III	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Remedies	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 3.01.

	 	Remedies upon Default
	 	 	5	 
	SECTION 3.02.

	 	Application of Proceeds
	 	 	6	 
	SECTION 3.03.

	 	Securities Act, etc.
	 	 	7	 
	SECTION 3.04.

	 	Registration, etc.
	 	 	7	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE IV	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Miscellaneous	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 4.01.

	 	Notices
	 	 	8	 
	SECTION 4.02.

	 	Security Interest Absolute
	 	 	8	 
	SECTION 4.03.

	 	Survival of Agreement
	 	 	8	 
	SECTION 4.04.

	 	Binding Effect: Several Agreement
	 	 	8	 
	SECTION 4.05.

	 	Successors and Assigns
	 	 	8	 
	SECTION 4.06.

	 	Collateral Agents Fees and Expenses; Indemnification
	 	 	9	 
	SECTION 4.07.

	 	Collateral Agent Appointed Attorney-in-Fact
	 	 	9	 
	SECTION 4.08.

	 	GOVERNING LAW
	 	 	10	 
	SECTION 4.09.

	 	Waivers; Amendment
	 	 	10	 
	SECTION 4.10.

	 	WAIVER OF JURY TRIAL
	 	 	10	 
	SECTION 4.11.

	 	Severability
	 	 	10	 
	SECTION 4.12.

	 	Counterparts
	 	 	11	 
	SECTION 4.13.

	 	Headings
	 	 	11	 
	SECTION 4.14.

	 	Jurisdiction; Consent to Service of Process
	 	 	11	 
	SECTION 4.15.

	 	Non-Recourse Obligation
	 	 	11	 
	SECTION 4.16.

	 	Execution of Financing Statements
	 	 	11	 

i

 

 

     PLEDGE AGREEMENT dated as of June 6, 2008, (this “Agreement”),
among DEX MEDIA, INC., a Delaware corporation (“Parent”) and
JPMORGAN CHASE BANK, N.A., as Collateral Agent (in such capacity, the
“Collateral Agent”) for the Secured Parties (as defined below).

          Reference is made to the Credit Agreement dated as of June 6, 2008 (as amended, restated,
amended and restated, supplemented, waived or otherwise modified from time to time, the “Credit
Agreement”), among Parent, Dex Media West, Inc. (“Holdings”), Dex Media West LLC (the
“Borrower”), the Lenders from time to time party thereto (the “Lenders”) and
JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent (in either or both such
capacities, the “Agent”). The Lenders have agreed to extend credit to the Borrower subject
to the terms and conditions set forth in the Credit Agreement, and the Parent will derive
substantial benefits from the extension of credit to the Borrower pursuant to the Credit Agreement.
Accordingly, the parties hereto agree as follows:

ARTICLE I

Definitions

     SECTION 1.01. Credit Agreement. (a) Capitalized terms used in this Agreement and
not otherwise defined herein have the meanings specified in the Credit Agreement. All terms defined
in the New York UCC (as defined herein) and not defined in this Agreement have the meanings
specified therein.

          (b) The rules of construction specified in Section 1.03 of the Credit Agreement also apply to
this Agreement.

     SECTION 1.02. Other Defined Terms. As used in this Agreement, the following terms
have the meanings specified below:

          “Additional Obligations” means the due and punctual payment and performance of all the
obligations of the Parent and each Loan Party (other than the Borrower) under or pursuant to this
Agreement and each of the other Loan Documents.

          “Borrower Obligations” means the collective reference to the unpaid principal of and
interest on the Loans and Reimbursement Obligations and all other obligations and liabilities of
the Borrower (including, without limitation, interest accruing at the then applicable rate provided
in the Credit Agreement after the maturity of the Loans and Reimbursement Obligations and interest
accruing at the then applicable rate provided in the Credit Agreement after the filing of any
petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding,
relating to the Borrower, whether or not a claim for post-filing or post-petition interest is
allowed in such proceeding) to any Secured Party, whether direct or indirect, absolute or
contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out
of, or in connection with, the Credit Agreement, this Agreement, the other Loan Documents, any
Letter of Credit, any Specified Swap Agreement or any other document made, delivered or given in
connection with any of the foregoing, in each case whether on account of principal, interest,
reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without
limitation, all fees and disbursements of counsel to the Secured Parties that are required to be
paid by the Borrower pursuant to the terms of any of the foregoing agreements).

          “Credit Agreement” has the meaning assigned to such term in the preliminary statement
of this Agreement.

 

2

          “Equity Interests” means shares of capital stock, partnership interests, membership
interests in a limited liability company, beneficial interests in a trust or other equity ownership
interests in a Person of whatever nature, and any warrants, options or other rights entitling the
holder thereof to purchase or acquire any of the foregoing.

          “Federal Securities Laws” has the meaning assigned to such term in Section 3.03.

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

          “Obligations” means (a) the Borrower Obligations and (b) the Additional Obligations.

          “Pledged Collateral” has the meaning assigned to such term in Section 2.01.

          “Pledged Stock” has the meaning assigned to such term in Section 2.01.

          “Proceeds” has the meaning specified in Section 9-102 of the New York UCC.

          “Reimbursement Obligation” means the obligation of the Borrower to reimburse the
Issuing Bank pursuant to Section 2.05(e) of the Credit Agreement.

          “Secured Parties” means collectively, (a) the Administrative Agent, (b) the Collateral
Agent, (c) the Lenders and any Affiliate of any Lender to which Borrower Obligations or Guarantor
Obligations, as applicable, are owed, (d) the Issuing Bank, (e) the beneficiaries of each
indemnification obligation undertaken by any Loan Party under any Loan Document or the holder of
any other Obligations, (f) any Secured Swap Provider to which Borrower Obligations or Guarantor
Obligations, as applicable, are owed and (g) the successors and assigns of each of the foregoing.

          “Secured Swap Provider” means a Person with whom the Borrower has entered into a
Specified Swap Agreement arranged by any Lender or any Affiliate of a Lender and any assignee
thereof which is a Lender or Affiliate of a Lender.

          “Specified Swap Agreement” means any Swap Agreement entered into by Borrower or any of
its Subsidiaries provided or arranged by any Person who was a Lender or an Affiliate of a Lender at
the time such Swap Agreement was entered into.

ARTICLE II

Pledge of Securities

     SECTION 2.01. Pledge. As security for the payment or performance, as the case may
be, in full of the Obligations, the Parent hereby assigns and pledges to the Collateral Agent, its
successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Collateral
Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest in
all of the Parent’s right, title and interest in, to and under (a) the shares of capital stock of
Holdings owned by it and listed on Schedule I and any other Equity Interests of Holdings obtained
in the future by the Parent and the certificates representing all such Equity Interests (the
“Pledged Stock”); provided that the Pledged Stock shall (i) not include to the
extent applicable law requires that Holdings issue directors’ qualifying shares, such qualifying
shares and (ii) subject to clause (i), include all the Equity Interests of the surviving entity of
any merger of Holdings and the Borrower permitted under the Credit Agreement and (b) subject to

 

3

Section 2.05, all Proceeds of any of the foregoing (the items referred to in clauses (a) and
(b) above being collectively referred to as the “Pledged Collateral”).

          TO HAVE AND TO HOLD the Pledged Collateral, together with all right, title, interest, powers,
privileges and preferences pertaining or incidental thereto, unto the Collateral Agent, its
successors and assigns, for the ratable benefit of the Secured Parties, forever; subject,
however, to the terms, covenants and conditions hereinafter set forth.

     SECTION 2.02. Delivery of the Pledged Collateral. (a) To the extent not previously
delivered, the Parent agrees promptly to deliver or cause to be delivered to the Collateral Agent
any and all Pledged Stock. Without limiting the foregoing, concurrently with any merger of Holdings
and the Borrower permitted under the Credit Agreement, the Parent shall deliver to the Collateral
Agent certificates representing all of the Equity Interests of the surviving entity of such merger
required to be pledged hereunder.

          (b) Upon delivery to the Collateral Agent, to the extent not previously delivered, (i) any
Pledged Stock shall be accompanied by stock powers duly executed in blank or other instruments of
transfer satisfactory to the Collateral Agent and by such other instruments and documents as the
Collateral Agent may reasonably request and (ii) all other property composing part of the Pledged
Collateral shall be accompanied by proper instruments of assignment duly executed by the Parent and
such other instruments or documents as the Collateral Agent may reasonably request. Each delivery
of Pledged Stock shall be accompanied by a schedule describing the securities, which schedule shall
be attached hereto as Schedule I and made a part hereof; provided that failure to attach
any such schedule hereto shall not affect the validity of such pledge of such Pledged Stock. Each
schedule so delivered shall supplement any prior schedules so delivered.

     SECTION 2.03. Representations, Warranties and Covenants. The Parent represents,
warrants and covenants to and with the Collateral Agent, for the benefit of the Secured Parties,
that:

          (a) Schedule I correctly sets forth the percentage of the issued and outstanding shares of
each class of the Equity Interests of Holdings represented by such Pledged Stock and includes all
Equity Interests of Holdings owned by it, and at all times, the Pledged Stock shall represent 100%
of the Equity Interests of Holdings owned, directly or indirectly, beneficially or of record, by
the Parent;

          (b) the Pledged Stock has been duly and validly issued by Holdings and is fully paid and
nonassessable;

          (c) except for the security interests granted hereunder, the Parent (i) is the owner,
beneficially and of record, of the Pledged Stock indicated on Schedule I, (ii) holds the same free
and clear of all Liens, other than Liens created by this Agreement and Permitted Encumbrances,
(iii) will make no assignment, pledge, hypothecation, sale, disposition or transfer of, or create
or permit to exist any security interest in or other Lien on, the Pledged Collateral, other than
Liens created by this Agreement and Permitted Encumbrances and (iv) will defend its title or
interest hereto or therein against any and all Liens (other than Liens created by this Agreement
and Permitted Encumbrances), however arising, of all Persons;

          (d) except for restrictions and limitations imposed by the Loan Documents or securities laws
generally, the Pledged Collateral is and will continue to be freely transferable and assignable,
and none of the Pledged Collateral is or will be subject to any option, right of first refusal,
shareholders agreement, charter or by-law provisions or contractual restriction of any nature that
might prohibit, impair, delay or otherwise affect the pledge of such Pledged Collateral hereunder,
the sale or

 

4

disposition thereof pursuant hereto or the exercise by the Collateral Agent of rights and
remedies hereunder;

          (e) the Parent has the power and authority to pledge the Pledged Collateral pledged by it
hereunder in the manner hereby done or contemplated;

          (f) no consent or approval of any Governmental Authority, any securities exchange or any other
Person was or is necessary to the validity of the pledge effected hereby (other than such as have
been obtained and are in full force and effect);

          (g) by virtue of the execution and delivery by the Parent of this Agreement, when any Pledged
Stock is delivered to the Collateral Agent in accordance with this Agreement (or maintained by the
Collateral Agent in the case of Pledged Stock previously delivered), the Collateral Agent will
obtain a valid and perfected first priority lien upon and security interest in such Pledged Stock
as security for the payment and performance of the Obligations; and

          (h) the pledge effected hereby is effective to vest in the Collateral Agent, for the ratable
benefit of the Secured Parties, the rights of the Collateral Agent in the Pledged Collateral as set
forth herein.

     SECTION 2.04. Registration in Nominee Name; Denominations. The Collateral Agent, on
behalf of the Secured Parties, shall have the right at any time following the occurrence and during
the continuance of an Event of Default (in its sole and absolute discretion) to hold the Pledged
Stock in its own name as pledgee, the name of its nominee (as pledgee or as sub-agent) or the name
of the Parent, endorsed or assigned in blank or in favor of the Collateral Agent. The Parent will
promptly give to the Collateral Agent copies of any notices or other communications received by it
with respect to Pledged Stock registered in the name of the Parent. The Collateral Agent shall at
all times have the right to exchange the certificates representing Pledged Stock for certificates
of smaller or larger denominations for any purpose consistent with this Agreement.

     SECTION 2.05. Voting Rights: Dividends and Interest, etc. (a) So long as no Event
of Default shall have occurred and be continuing:

     (i) The Parent shall be entitled to exercise any and all voting and/or other
consensual rights and powers inuring to an owner of Pledged Stock or any part
thereof for any purpose consistent with the terms of this Agreement, the Credit
Agreement and the other Loan Documents: provided that such rights and powers
shall not be exercised in any manner that could materially and adversely affect the
rights inuring to a holder of any Pledged Stock, the rights and remedies of any of
the Collateral Agent or the other Secured Parties under this Agreement, the Credit
Agreement or any other Loan Document or the ability of the Secured Parties to
exercise the same.

     (ii) The Collateral Agent shall execute and deliver to the Parent, or cause to
be executed and delivered to the Parent, all such proxies, powers of attorney and
other instruments as the Parent may reasonably request for the purpose of enabling
the Parent to exercise the voting and/or consensual rights and powers it is entitled
to exercise pursuant to subparagraph (i) above.

     (iii) The Parent shall be entitled to receive and retain any and all dividends
and other distributions paid on or distributed in respect of the Pledged Stock;
provided that any noncash dividends or other distributions that would
constitute Pledged Stock,

 

5

whether resulting from a subdivision, combination or reclassification of the
outstanding Equity Interests of the issuer of any Pledged Stock or received in
exchange for Pledged Stock or any part thereof, or in redemption thereof, or as a
result of any merger, consolidation, acquisition or other exchange of assets to
which such issuer may be a party or otherwise, shall be and become part of the
Pledged Collateral, and, if received by the Parent, shall not be commingled by the
Parent with any of its other funds or property but shall be held separate and apart
therefrom, shall be held in trust for the benefit of the Collateral Agent and shall
be forthwith delivered to the Collateral Agent in the same form as so received (with
any necessary endorsement).

          (b) Upon the occurrence and during the continuance of an Event of Default, all rights of the
Parent to dividends or other distributions that the Parent is authorized to receive pursuant to
paragraph (a)(iii) of this Section 2.05 shall cease, and all such rights shall thereupon become
vested in the Collateral Agent, which shall have the sole and exclusive right and authority to
receive and retain such dividends or other distributions. All dividends or other distributions
received by the Parent contrary to the provisions of this Section 2.05 shall be held in trust for
the benefit of the Collateral Agent, shall be segregated from other property or funds of the Parent
and shall be forthwith delivered to the Collateral Agent in the same form as so received (with any
necessary endorsement). Any and all money and other property paid over to or received by the
Collateral Agent pursuant to the provisions of this paragraph (b) shall be retained by the
Collateral Agent in an account to be established by the Collateral Agent upon receipt of such money
or other property and shall be applied in accordance with the provisions of Section 3.02. After all
Events of Default have been cured or waived and the Borrower has delivered to the Collateral Agent
a certificate to that effect, the Collateral Agent shall promptly repay to the Parent (without
interest) all dividends or other distributions that the Parent would otherwise be permitted to
retain pursuant to the terms of paragraph (a)(iii) of this Section 2.05 and that remain in such
account.

          (c) Upon the occurrence and during the continuance of an Event of Default, all rights of the
Parent to exercise the voting and consensual rights and powers it is entitled to exercise pursuant
to paragraph (a)(i) of this Section 2.05, and the obligations of the Collateral Agent under
paragraph (a)(ii) of this Section 2.05, shall cease, and all such rights shall thereupon become
vested in the Collateral Agent, which shall have the sole and exclusive right and authority to
exercise such voting and consensual rights and powers; provided that, unless otherwise
directed by the Required Lenders, the Collateral Agent shall have the right from time to time
following and during the continuance of an Event of Default to permit the Parent to exercise such
rights. After all Events of Default have been cured or waived and the Borrower has delivered to the
Collateral Agent a certificate to that effect, the Parent will have the right to exercise the
voting and consensual rights and powers that the Parent would otherwise be entitled to exercise
pursuant to the terms of paragraph (a)(i) above.

ARTICLE III

Remedies

     SECTION 3.01. Remedies upon Default. Upon the occurrence and during the continuance
of an Event of Default, the Parent agrees to deliver each item of Pledged Collateral to the
Collateral Agent on demand. Without limiting the generality of the foregoing, the Parent agrees
that the Collateral Agent shall have the right, subject to the mandatory requirements of applicable
law, to sell or otherwise dispose of all or any part of the Pledged Collateral at a public or
private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for
future delivery as the Collateral Agent shall deem appropriate. The Collateral Agent shall be
authorized at any such sale of securities (if it deems it advisable to do so) to restrict the
prospective bidders or purchasers to Persons who will represent and agree that they are purchasing
the Pledged Collateral for their own account for investment and not with a

 

6

view to the distribution or sale thereof, and upon consummation of any such sale of Pledged
Collateral the Collateral Agent shall have the right to assign, transfer and deliver to the
purchaser or purchasers thereof the Pledged Collateral so sold. Each such purchaser at any such
sale shall hold the property sold absolutely, free from any claim or right on the part of the
Parent, and the Parent hereby waives and releases (to the extent permitted by law) all rights of
redemption, stay, valuation and appraisal that the Parent now has or may at any time in the future
have under any rule of law or statute now existing or hereafter enacted.

          The Collateral Agent shall give 10 days’ written notice (which the Parent agrees is reasonable
notice within the meaning of Section 9-61l of the New York UCC or its equivalent in other
jurisdictions) of the Collateral Agent’s intention to make any sale of Pledged Collateral. Such
notice, in the case of a public sale, shall state the time and place for such sale and, in the case
of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at
which such sale is to be made and the day on which the Pledged Collateral, or portion thereof, will
first be offered for sale at such board or exchange. Any such public sale shall be held at such
time or times within ordinary business hours and at such place or places as the Collateral Agent
may fix and state in the notice (if any) of such sale. At any such sale, the Pledged Collateral, or
portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the
Collateral Agent may (in its sole and absolute discretion) determine. The Collateral Agent shall
not be obligated to make any sale of any Pledged Collateral if it shall determine not to do so,
regardless of the fact that notice of sale of such Pledged Collateral shall have been given. The
Collateral Agent may, without notice or publication, adjourn any public or private sale or cause
the same to be adjourned from time to time by announcement at the time and place fixed for sale,
and such sale may, without further notice, be made at the time and place to which the same was so
adjourned. In case any sale of all or any part of the Pledged Collateral is made on credit or for
future delivery, the Pledged Collateral so sold may be retained by the Collateral Agent until the
sale price is paid by the purchaser or purchasers thereof, but the Collateral Agent shall not incur
any liability in case any such purchaser or purchasers shall fail to take up and pay for the
Pledged Collateral so sold and, in case of any such failure, such Pledged Collateral may be sold
again upon like notice. At any public (or, to the extent permitted by law, private) sale made
pursuant to this Section 3.01, any Secured Party may bid for or purchase for cash, free (to the
extent permitted by law) from any right of redemption, stay, valuation or appraisal on the part of
the Parent (all said rights being also hereby waived and released to the extent permitted by law),
the Pledged Collateral or any part thereof offered for sale and such Secured Party may, upon
compliance with the terms of sale, hold, retain and dispose of such property without further
accountability to the Parent therefor. For purposes hereof, a written agreement to purchase the
Pledged Collateral or any portion thereof shall be treated as a sale thereof; the Collateral Agent
shall be free to carry out such sale pursuant to such agreement and the Parent shall not be
entitled to the return of the Pledged Collateral or any portion thereof subject thereto,
notwithstanding the fact that after the Collateral Agent shall have entered into such an agreement
all Events of Default shall have been remedied and the Obligations paid in full. As an alternative
to exercising the power of sale herein conferred upon it, the Collateral Agent may proceed by a
suit or suits at law or in equity to foreclose this Agreement and to sell the Pledged Collateral or
any portion thereof pursuant to a judgment or decree of a court or courts having competent
jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the
provisions of this Section 3.01 shall be deemed to conform to the commercially reasonable standards
as provided in Section 9-610(b) of the New York UCC or its equivalent in other jurisdictions. It is
expressly understood and agreed that the rights and remedies of the Collateral Agent are subject to
Section 4.15 hereof.

     SECTION 3.02. Application of Proceeds. The Collateral Agent shall apply the proceeds
of any collection or sale of Pledged Collateral, as well as any Pledged Collateral consisting of
cash in accordance with Section 7 of the Guarantee and Collateral Agreement.

 

7

     SECTION 3.03. Securities Act, etc. In view of the position of the Parent in relation
to the Pledged Collateral, or because of other current or future circumstances, a question may
arise under the Securities Act of 1933, as now or hereafter in effect, or any similar statute
hereafter enacted analogous in purpose or effect (such Act and any such similar statute as from
time to time in effect being called the “Federal Securities Laws”) with respect to any
disposition of the Pledged Collateral permitted hereunder. the Parent understands that compliance
with the Federal Securities Laws might very strictly limit the course of conduct of the Collateral
Agent if the Collateral Agent were to attempt to dispose of all or any part of the Pledged
Collateral, and might also limit the extent to which or the manner in which any subsequent
transferee of any Pledged Collateral could dispose of the same. Similarly, there may be other legal
restrictions or limitations affecting the Collateral Agent in any attempt to dispose of all or part
of the Pledged Collateral under applicable Blue Sky or other state securities laws or similar laws
analogous in purpose or effect. The Parent recognizes that in light of such restrictions and
limitations the Collateral Agent may, with respect to any sale of the Pledged Collateral, limit the
purchasers to those who will agree, among other things, to acquire such Pledged Collateral for
their own account, for investment, and not with a view to the distribution or resale thereof. The
Parent acknowledges and agrees that in light of such restrictions and limitations, the Collateral
Agent, when exercising remedies on behalf of the Secured Parties after an Event of Default has
occurred and is continuing, (a) may proceed to make such a sale whether or not a registration
statement for the purpose of registering such Pledged Collateral or part thereof shall have been
filed under the Federal Securities Laws and (b) may approach and negotiate with a single potential
purchaser to effect such sale. The Parent acknowledges and agrees that any such sale might result
in prices and other terms less favorable to the seller than if such sale were a public sale without
such restrictions. In the event of any such sale, the Collateral Agent shall incur no
responsibility or liability for selling all or any part of the Pledged Collateral at a price that
the Collateral Agent, in its sole and absolute discretion, may in good faith deem reasonable under
the circumstances, notwithstanding the possibility that a substantially higher price might have
been realized if the sale were deferred until after registration as aforesaid or if more than a
single purchaser were approached. The provisions of this Section 3.03 will apply notwithstanding
the existence of a public or private market upon which the quotations or sales prices may exceed
substantially the price at which the Collateral Agent sells.

     SECTION 3.04. Registration, etc. The Parent agrees that, upon the occurrence and
during the continuance of an Event of Default, if for any reason the Collateral Agent desires to
sell any of the Pledged Collateral at a public sale, it will, at any time and from time to time,
upon the written request of the Collateral Agent, use its commercially reasonable efforts to take
or to cause the issuer of such Pledged Collateral to take such action and prepare, distribute
and/or file such documents, as are required or advisable in the reasonable opinion of counsel for
the Collateral Agent to permit the public sale of such Pledged Collateral. The Parent further
agrees to indemnify, defend and hold harmless the Administrative Agent, the Collateral Agent, each
other Secured Party, any underwriter and their respective officers, directors, affiliates and
controlling persons from and against all loss, liability, expenses, costs of counsel (including,
without limitation, reasonable fees and expenses to the Collateral Agent of legal counsel), and
claims (including the costs of investigation) that they may incur insofar as such loss, liability,
expense or claim arises out of or is based upon any alleged untrue statement of a material fact
contained in any prospectus (or any amendment or supplement thereto) or in any notification or
offering circular, or arises out of or is based upon any alleged omission to state a material fact
required to be stated therein or necessary to make the statements in any thereof not misleading,
except insofar as the same may have been caused by any untrue statement or omission based upon
information furnished in writing to the Parent or the issuer of such Pledged Collateral by the
Collateral Agent or any other Secured Party expressly for use therein. The Parent further agrees,
upon such written request referred to above, to use its commercially reasonable efforts to qualify,
file or register, or cause the issuer of such Pledged Collateral to qualify, file or register, any
of the Pledged Collateral under the Blue Sky or other securities laws of such states as maybe
requested by the Collateral Agent and keep effective, or cause to be kept effective, all such
qualifications, filings or registrations. The Parent will bear all costs and expenses of carrying
out its

 

8

obligations under this Section 3.04. The Parent acknowledges that there is no adequate remedy
at law for failure by it to comply with the provisions of this Section 3.04 and that such failure
would not be adequately compensable in damages, and therefore agrees that its agreements contained
in this Section 3.04 may be specifically enforced.

ARTICLE IV

Miscellaneous

     SECTION 4.01. Notices. All communications and notices to the Collateral Agent and
the Parent hereunder shall (except as otherwise expressly permitted herein) be in writing and given
as provided in Section 9.01 of the Credit Agreement, or to such other address or telecopy number as
specified by notice to the Collateral Agent. All notices and other communications given to any
party hereto in accordance with the provisions of this Agreement shall be deemed to have been given
on the date of receipt.

     SECTION 4.02. Security Interest Absolute. All rights of the Collateral Agent
hereunder, the security interest in the Pledged Collateral and all obligations of the Parent
hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or
enforceability of the Credit Agreement, any other Loan Document, any agreement with respect to any
of the Obligations or any other agreement or instrument relating to any of the foregoing, (b) any
change in the time, manner or place of payment of, or in any other term of, all or any of the
Obligations, or any other amendment or waiver of or any consent to any departure from the Credit
Agreement, any other Loan Document or any other agreement or instrument, (c) any exchange, release
or non-perfection of any Lien on other collateral, or any release or amendment or waiver of or
consent under or departure from any guarantee, securing or guaranteeing all or any of the
Obligations, or (d) any other circumstance that might otherwise constitute a defense available to,
or a discharge of, the Parent in respect of the Obligations or this Agreement.

     SECTION 4.03. Survival of Agreement. All covenants, agreements, representations and
warranties made by the Parent in the Loan Documents and in the certificates or other instruments
prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document
shall be considered to have been relied upon by the Lenders and shall survive the execution and
delivery of the Loan Documents and the making of any Loans and the issuance of any Letters of
Credit, regardless of any investigation made by any Lender or on its behalf and notwithstanding
that the Administrative Agent, the Collateral Agent, the Issuing Bank or any Lender may have had
notice or knowledge of any Default or incorrect representation or warranty at the time any credit
is extended under the Credit Agreement, and shall continue in full force and effect as long as the
principal of or any accrued interest on any Loan or any fee or any other amount payable under any
Loan Document is outstanding and unpaid or any Letter of Credit is outstanding and so long as the
Commitments have not expired or terminated.

     SECTION 4.04. Binding Effect: Several Agreement. This Agreement shall become
effective as to the Parent when a counterpart hereof executed on behalf of the Parent shall have
been delivered to the Administrative Agent and a counterpart hereof shall have been executed on
behalf of the Collateral Agent, and thereafter shall be binding upon the Parent and the Collateral
Agent and their respective permitted successors and assigns, and shall inure to the benefit of the
Parent, the Collateral Agent and the other Secured Parties and their respective permitted
successors and assigns, except that the Parent shall not have the right to assign or transfer its
rights or obligations hereunder or any interest herein or in the Pledged Collateral (and any such
assignment or transfer shall be void) except as expressly contemplated by this Agreement or the
Credit Agreement.

     SECTION 4.05. Successors and Assigns. Whenever in this Agreement any of the parties
hereto is referred to, such reference shall be deemed to include the permitted successors and
assigns of such

 

9

party; and all covenants, promises and agreements by or on behalf of the Parent or the
Collateral Agent that are contained in this Agreement shall bind and inure to the benefit of their
respective permitted successors and assigns.

     SECTION 4.06. Collateral Agents Fees and Expenses; Indemnification. (a) The parties
hereto agree that the Collateral Agent shall be entitled to reimbursement of its reasonable
expenses incurred hereunder as provided in Section 9.03 of the Credit Agreement.

          (b) Without limitation of any indemnification obligations under the other Loan Documents, the
Parent jointly and severally agrees to indemnify the Collateral Agent and the other Indemnitees (as
defined in Section 9.03 of the Credit Agreement) against, and hold each Indemnitee harmless from,
any and all losses, claims, damages, liabilities and related expenses, including the reasonable
fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against
any Indemnitee arising out of, in connection with, or as a result of, the execution, delivery or
performance of this Agreement or any claim, litigation, investigation or proceeding relating
hereto, or to the Pledged Collateral, whether or not any Indemnitee is a party thereto;
provided that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses are determined by a court of
competent jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence or wilful misconduct of such Indemnitee.

          (c) Any such amounts payable as provided hereunder shall be additional Obligations secured
hereby and by the other Security Documents. The provisions of this Section 4.06 shall remain
operative and in full force and effect regardless of the termination of this Agreement or any other
Loan Document, the consummation of the transactions contemplated hereby, the repayment of any of
the Obligations, the invalidity or unenforceability of any term or provision of this Agreement or
any other Loan Document, or any investigation made by or on behalf of the Collateral Agent or any
other Secured Party. All amounts due under this Section 4.06 shall be payable on written demand
therefor.

     SECTION 4.07. Collateral Agent Appointed Attorney-in-Fact. The Parent hereby
appoints the Collateral Agent the attorney-in-fact of the Parent upon the occurrence and during the
continuance of an Event of Default, for the purpose of carrying out the provisions of this
Agreement and taking any action and executing any instrument that the Collateral Agent may deem
necessary or advisable to accomplish the purposes hereof, which appointment is irrevocable and
coupled with an interest. Without limiting the generality of the foregoing, the Collateral Agent
shall have the right, upon the occurrence and during the continuance of an Event of Default, with
full power of substitution either in the Collateral Agent’s name or in the name of the Parent, (a)
to receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money
orders or other evidences of payment relating to the Pledged Collateral or any part thereof; (b) to
demand, collect, receive payment of, give receipt for and give discharges and releases of all or
any of the Pledged Collateral; (c) to ask for, demand, sue for, collect, receive and give
acquittance for any and all moneys due or to become due under and by virtue of any Pledged
Collateral; (d) to commence and prosecute any and all suits, actions or proceedings at law or in
equity in any court of competent jurisdiction to collect or otherwise realize on all or any of the
Pledged Collateral or to enforce any rights in respect of any Pledged Collateral; (e) to settle,
compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of
the Pledged Collateral; and (f) to use, sell, assign, transfer, pledge, make any agreement with
respect to or otherwise deal with all or any of the Pledged Collateral, and to do all other acts
and things necessary to carry out the purposes of this Agreement, as fully and completely as though
the Collateral Agent were the absolute owner of the Pledged Collateral for all purposes;
provided, that nothing herein contained shall be construed as requiring or obligating the
Collateral Agent to make any commitment or to make any inquiry as to the nature or sufficiency of
any payment received by the Collateral Agent, or to present or file any claim or notice, or to take
any action with respect to the Pledged Collateral or any part thereof or the moneys due or to
become due in respect

 

10

thereof or any property covered thereby. The Collateral Agent and the other Secured Parties
shall be accountable only for amounts actually received as a result of the exercise of the powers
granted to them herein, and neither they nor their officers, directors, employees or agents shall
be responsible to the Parent for any act or failure to act hereunder, except for their own gross
negligence or wilful misconduct.

     SECTION 4.08. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES UNDER THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE PRINCIPLES THEREOF RELATING TO CONFLICTS OF LAW TO
THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

     SECTION 4.09. Waivers; Amendment. (a) No failure or delay by the Administrative
Agent, the Collateral Agent, the Issuing Bank or any Lender in exercising any right, power or
remedy hereunder or under any other Loan Document shall operate as a waiver thereof nor shall any
single or partial exercise of any such right, power or remedy, or any abandonment or discontinuance
of steps to enforce such a right, power or remedy, preclude any other or further exercise thereof
or the exercise of any other right, power or remedy. The rights, powers and remedies of the
Administrative Agent, the Collateral Agent, the Issuing Bank and the Lenders hereunder and under
the other Loan Documents are cumulative and are not exclusive of any rights, powers or remedies
that they would otherwise have. No waiver of any provision of this Agreement or consent to any
departure by the Parent or any Loan Party therefrom shall in any event be effective unless the same
shall be permitted by paragraph (b) of this Section 4.09, and then such waiver or consent shall be
effective only in the specific instance and for the purpose for which given. Without limiting the
generality of the foregoing, the making of a Loan or the issuance of a Letter of Credit shall not
be construed as a waiver of any Default, regardless of whether the Administrative Agent, the
Collateral Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default
at the time. No notice or demand on the Parent in any case shall entitle the Parent to any other or
further notice or demand in similar or other circumstances.

          (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by the Collateral Agent and the
Parent, subject to any consent required in accordance with Section 9.02 of the Credit Agreement.

     SECTION 4.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION 4.10.

     SECTION 4.11. Severability. Any provision of this Agreement held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity, illegality or unenforceability without affecting the validity, legality
and enforceability in such jurisdiction of the remaining provisions hereof; and the invalidity of a
particular provision in a particular jurisdiction shall not invalidate such provision in any other
jurisdiction. The parties hereto shall endeavor

 

11

in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions the economic effect of which comes as close as possible to that of the invalid,
illegal or unenforceable provisions.

     SECTION 4.12. Counterparts. This Agreement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original but
all of which, when taken together, shall constitute a single contract, and shall become effective
as provided in Section 4.04. Delivery of an executed signature page to this Agreement by facsimile
or other electronic transmission shall be as effective as delivery of a manually signed counterpart
of this Agreement.

     SECTION 4.13. Headings. Article and Section headings used herein are for the purpose
of reference only, are not part of this Agreement and are not to affect the construction of, or to
be taken into consideration in interpreting, this Agreement.

     SECTION 4.14. Jurisdiction; Consent to Service of Process. (a) The Parent hereby
irrevocably and unconditionally submits, for itself and its property, to the nonexclusive
jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the
United States District Court of the Southern District of New York, and any appellate court from any
thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan
Document, or for recognition or enforcement of any judgment, and the Collateral Agent hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may be heard and determined in such New York State or, to the extent permitted by law, such Federal
court. Each of the parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Nothing in this Agreement or any other Loan Document shall affect any
right that the Administrative Agent, the Collateral Agent, the Issuing Bank or any Lender may
otherwise have to bring any action or proceeding relating to this Agreement or any other Loan
Document against the Parent, or its properties, in the courts of any jurisdiction.

          (b) The Parent hereby irrevocably and unconditionally waives, to the fullest extent permitted
by law, 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 Agreement or any other Loan Document in any court
referred to in paragraph (a) of this Section 4.14. The Parent hereby irrevocably waives, to the
fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such
action or proceeding in any such court.

          (c) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 4.01. Nothing in this Agreement or any other Loan Document will
affect the right of any party to this Agreement to serve process in any other manner permitted by
law.

     SECTION 4.15. Non-Recourse Obligation. Notwithstanding any other provision of this
Agreement or any other Loan Document, it is expressly understood and agreed that the Parent shall
not be personally liable hereunder and the Collateral Agent on behalf of itself and each Secured
Party agrees to look solely to the Pledged Collateral for satisfaction of the Parent’s obligations
hereunder.

     SECTION 4.16. Execution of Financing Statements. Pursuant to Section 9-509(b) of the
Uniform Commercial Code as in effect in the State of New York, the Parent authorizes the Collateral
Agent to file financing statements with respect to the Pledged Collateral owned by it without the
signature of the Parent in such form and in such filing offices as the Collateral Agent reasonably
determines appropriate to perfect the security interests of the Collateral Agent under this
Agreement; provided,

 

12

     however, that the description of collateral in such financing statements shall not
include any property that is not Pledged Collateral.

 

 

          IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written.

	 	 	 	 	 
	 
	 	DEX MEDIA, INC.

 	 
	 	By:  	/s/ Jenny L. Apker
 	 
	 	 	Name:  	Jenny L. Apker 	 
	 	 	Title:  	Vice President and Treasurer 	 
	 
	 	JPMORGAN CHASE BANK, N.A., as Collateral Agent

 	 
	 	By:  	/s/ Peter B. Thauer
 	 
	 	 	Name:  	Peter B. Thauer  	 
	 	 	Title:  	Executive Director 	 
	 

Signature Page to the Pledge Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}]]