Document:

ex4-2.htm

    EXHIBIT 4.2

     

    EXECUTION
COPY

    REGISTRATION RIGHTS
AGREEMENT

    

    $460,000,000

    

    ACCO
BRANDS CORPORATION

    

    10.625
% Senior Secured Notes due 2015

    
 

    September 30, 2009

    

    Credit
Suisse Securities (USA) LLC

    Deutsche
Bank Securities Inc.

    Banc of
America Securities LLC

    BMO
Capital Markets Corp.

    Barclays
Capital Inc.

    Barrington
Research Associates, Inc.

    CJS
Securities, Inc.

    SunTrust
Robinson Humphrey, Inc.

    As
Representative (“Representative”) of the several Initial
Purchasers,

    c/o
Credit Suisse Securities (USA) LLC

          Eleven
Madison Avenue

          New
York, New York 10010-3629

    

    Dear
Sirs:

    

    ACCO Brands Corporation, a Delaware
corporation (the “Company”), proposes to issue and sell to Credit Suisse
Securities (USA) LLC (“Credit Suisse”), Deutsche Bank Securities Inc., Banc of
America Securities LLC, BMO Capital Markets Corp., Barclays Capital Inc.,
Barrington Research Associates, Inc., CJS Securities, Inc. and SunTrust Robinson
Humphrey, Inc. (collectively, the “Initial Purchasers”), upon the terms set
forth in a purchase agreement, dated September 21, 2009, between the Company,
the Guarantors and the Initial Purchasers (the “Purchase Agreement”), U.S.
$460,000,000 aggregate principal amount of its 10.625% Senior Secured Notes due
2015 (the “Initial Securities”) to be unconditionally
guaranteed (the “Guarantees”) by the subsidiaries of the Company listed on Schedule A hereto
(the “Guarantors”).  The Initial Securities will be issued pursuant to
an Indenture, dated as of September 30, 2009 (the “Indenture”) among the
Company, the Guarantors and U.S. Bank National Association, as trustee (the
“Trustee”).  To induce the Initial Purchasers to enter into the
Purchase Agreement and to satisfy a condition of the Initial Purchasers’
obligations thereunder, the Company agrees with the Initial Purchasers, for the
benefit of the holders of the Initial Securities (including, without limitation,
the Initial Purchasers), the Exchange Securities (as defined below) and the
Private Exchange Securities (as defined below) (collectively, the “Holders”), as
follows:

    

    1.  Registered Exchange
Offer. The Company and the Guarantors shall, at their own cost,
prepare and, not later than 180 days after (or, if the 180th day is not a
business day, the first business day thereafter) the date of original issue of
the Initial Securities (the “Issue Date”), file with the Securities and Exchange
Commission (the “Commission”) a registration statement (the “Exchange Offer
Registration Statement”) on an appropriate form under the Securities Act of
1933, as amended (the “Securities Act”), with respect to a proposed offer (the
“Registered Exchange Offer”) to the Holders of Securities (as defined below)
that are Transfer Restricted Securities (as defined in Section 6(d) herein)
who are not prohibited by any law or policy of the Commission from participating
in the Registered Exchange Offer, to issue and deliver to such Holders, in
exchange for the Initial Securities, a like aggregate principal amount of debt
securities (the 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Exchange
Securities”) of the Company issued under the Indenture and identical in all
material respects to the Initial Securities (except for the transfer
restrictions relating to the Initial Securities and the provisions relating to
the matters described in Section 6 herein) that would be registered under the
Securities Act.  The Company and the Guarantors shall use their
commercially reasonable efforts to cause such Exchange Offer Registration
Statement to be declared effective under the Securities Act within 210 days of
the Issue Date (or if the 210th day is not a business day, the first business
day thereafter) (or, if the Commission elects to review the Exchange Offer
Registration Statement, within 270 days of the Issue Date (or if the 270th day is
not a business day, the first business day thereafter)) and shall keep the
Exchange Offer Registration Statement effective for not less than 30 days
(or longer, if required by applicable law) after the date notice of the
Registered Exchange Offer is mailed to the Holders (such period being called the
“Exchange Offer Registration Period”).

    

    If the Company commences the Registered
Exchange Offer, the Company (on behalf of itself and the Guarantors) will be
entitled to close the Registered Exchange Offer 30 days after the commencement
thereof (provided that the Company has accepted all the Initial Securities
theretofore validly tendered in accordance with the terms of the Registered
Exchange Offer); provided, however, that if the
Registered Exchange Offer has not been consummated within 240 days of the Issue
Date (or, if the Commission elects to review the Exchange Offer Registration
Statement, within 300 days of the Issue Date), the Company will be required to
file a Shelf Registration Statement (as defined in Section 2 herein) in
compliance with Section 2 herein.

    

    Following the declaration of the
effectiveness of the Exchange Offer Registration Statement, the Company (on
behalf of itself and the Guarantors) shall promptly commence the Registered
Exchange Offer, it being the objective of such Registered Exchange Offer to
enable each Holder electing to exchange the Initial Securities for Exchange
Securities (assuming that such Holder is not an affiliate of the Company or the
Guarantors within the meaning of the Securities Act, acquires the Exchange
Securities in the ordinary course of such Holder’s business and has no
arrangements with any person to participate in the distribution of the Exchange
Securities and is not prohibited by any law or policy of the Commission from
participating in the Registered Exchange Offer) to trade such Exchange
Securities from and after their receipt without any limitations or restrictions
under the Securities Act and without material restrictions under the securities
laws of the several states of the United States.

    

    The Company and the Guarantors
acknowledge that, pursuant to current interpretations by the Commission’s staff
of Section 5 of the Securities Act, in the absence of an applicable exemption
therefrom, (i) each Holder which is a broker-dealer electing to exchange Initial
Securities, acquired for its own account as a result of market making activities
or other trading activities, for Exchange Securities (an “Exchanging Dealer”),
is required to deliver a prospectus containing the information set forth in (a)
Annex A hereto on the cover of such prospectus, (b) Annex B hereto in the
“Exchange Offer Procedures” section and the “Purpose of the Exchange Offer”
section of such prospectus, and (c) Annex C hereto in the “Plan of Distribution”
section of such prospectus in connection with a sale of any such Exchange
Securities received by such Exchanging Dealer pursuant to the Registered
Exchange Offer and (ii) an Initial Purchaser that elects to sell Exchange
Securities acquired in exchange for Initial Securities constituting any portion
of an unsold allotment is required to deliver a prospectus containing the
information required by Items 507 or 508 of Regulation S-K under the Securities
Act, as applicable, in connection with such sale.

    

    The Company and the Guarantors shall
use their commercially reasonable efforts to keep the Exchange Offer
Registration Statement effective and to amend and supplement the prospectus
contained therein, in order to permit such prospectus to be lawfully delivered
by all persons subject to the prospectus delivery requirements of the Securities
Act for such period of time as such persons must comply with such requirements
in order to resell the Exchange Securities; provided, however, that (i) in the
case where such prospectus and any amendment or supplement thereto must be
delivered by an Exchanging Dealer or an

     

     

    
      
        
        

      

      
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    Initial
Purchaser, such period shall be the lesser of 180 days and the date on which all
Exchanging Dealers and the Initial Purchasers have sold all Exchange Securities
held by them (unless such period is extended pursuant to Section 3(j) below) and
(ii) the Company and the Guarantors shall make such prospectus and any amendment
or supplement thereto, available to any broker-dealer for use in connection with
any resale of any Exchange Securities for a period of not less than 180 days
after the consummation of the Registered Exchange Offer.

    

    If, upon consummation of the Registered
Exchange Offer, any Initial Purchaser holds Initial Securities acquired by it as
part of its initial distribution, the Company, on behalf of itself and the
Guarantors and simultaneously with the delivery of the Exchange Securities
pursuant to the Registered Exchange Offer, shall issue and deliver to such
Initial Purchaser upon the written request of such Initial Purchaser, in
exchange (the “Private Exchange”) for the Initial Securities held by such
Initial Purchaser, a like principal amount of debt securities of the Company
issued under the Indenture and identical in all material respects (including the
existence of restrictions on transfer under the Securities Act and the
securities laws of the several states of the United States, but excluding
provisions relating to the matters described in Section 6 herein) to the Initial
Securities (the “Private Exchange Securities”).  The Initial
Securities, the Exchange Securities and the Private Exchange Securities are
herein collectively called the “Securities”.

    

    In connection with the Registered
Exchange Offer, the Company, on behalf of itself and the Guarantors,
shall:

    

    (a)  mail to each Holder a
copy of the prospectus forming part of the Exchange Offer Registration
Statement, together with an appropriate letter of transmittal and related
documents;

    

    (b)  keep the Registered
Exchange Offer open for not less than 30 days (or longer, if required by
applicable law) after the date notice thereof is mailed to the
Holders;

    

    (c)  utilize the services of
a depositary for the Registered Exchange Offer with an address in the Borough of
Manhattan, The City of New York, which may be the Trustee or an affiliate of the
Trustee;

    

    (d)  permit Holders to
withdraw tendered Securities at any time prior to the close of business, New
York time, on the last business day on which the Registered Exchange Offer shall
remain open; and

    

    (e)  otherwise comply with
all applicable laws.

    

    As soon as practicable after the close
of the Registered Exchange Offer or the Private Exchange, as the case may be,
the Company shall:

    

    (x)  accept for exchange all
the Securities validly tendered and not withdrawn pursuant to the Registered
Exchange Offer and the Private Exchange;

    

    (y)  deliver to the Trustee
for cancellation all the Initial Securities so accepted for exchange;
and

    

    (z)  cause the Trustee to
authenticate and deliver Exchange Securities or Private Exchange Securities, as
the case may be, promptly to each Holder of Initial Securities equal in
principal amount to the Initial Securities of such Holder so accepted for
exchange.

     

     

    
      
        
        

      

      
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    The Indenture will provide that the
Exchange Securities will not be subject to the transfer restrictions set forth
in the Indenture and that all the Securities will vote and consent together on
all matters as one class and that none of the Securities will have the right to
vote or consent as a class separate from one another on any matter.

    

    Interest on each Exchange Security and
Private Exchange Security issued pursuant to the Registered Exchange Offer and
in the Private Exchange will accrue from the last interest payment date on which
interest was paid on the Initial Securities surrendered in exchange therefor or,
if no interest has been paid on the Initial Securities, from the date of
original issue of the Initial Securities.

    

    Each Holder participating in the
Registered Exchange Offer shall be required to represent to the Company that at
the time of the consummation of the Registered Exchange Offer (i) any
Exchange Securities received by such Holder will be acquired in the ordinary
course of business, (ii) such Holder will have no arrangements or
understanding with any person to participate in the distribution of the
Securities or the Exchange Securities within the meaning of the Securities Act,
(iii) such Holder is not an “affiliate,” as defined in Rule 405 of the
Securities Act, of the Company or if it is an affiliate, such Holder will comply
with the registration and prospectus delivery requirements of the Securities Act
to the extent applicable, (iv) if such Holder is not a broker-dealer, that
it is not engaged in, and does not intend to engage in, the distribution of the
Exchange Securities and (v) if such Holder is a broker-dealer, that it will
receive Exchange Securities for its own account in exchange for Initial
Securities that were acquired as a result of market-making activities or other
trading activities and that it will be required to acknowledge that it will
deliver a prospectus in connection with any resale of such Exchange
Securities.

    

    Notwithstanding any other provisions
herein, the Company will ensure that (i) any Exchange Offer Registration
Statement and any amendment thereto and any prospectus forming a part thereof
and any supplement thereto complies in all material respects with the Securities
Act and the rules and regulations thereunder, (ii) any Exchange Offer
Registration Statement and any amendment thereto does not, when it becomes
effective, contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading and (iii) any prospectus forming part of any Exchange
Offer Registration Statement, and any supplement to such prospectus, does not
include an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading.

    

    2.  Shelf
Registration.  If, (i) because of any change in law or in
applicable interpretations thereof by the staff of the Commission, the Company
and the Guarantors are not permitted to effect a Registered Exchange Offer, as
contemplated by Section 1 hereof, (ii) the Registered Exchange Offer is not
consummated within 240 days (or, if the Commission elects to review the Exchange
Offer Registration Statement, within 300 days) of the Issue Date or (iii) any
Holder notifies the Company within 20 days following the consummation of the
Registered Exchange Offer that (a) it is prohibited by any law or applicable
interpretations thereof by the staff of the Commission from participating in the
Registered Exchange Offer, (b) it may not resell the Exchange Securities
acquired by it in the Registered Exchange Offer to the public without delivering
a prospectus and the prospectus contained in the Exchange Offer Registration
Statement is not appropriate or available for such resales or (c) it is an
Exchanging Dealer and owns Securities acquired directly from the Company or an
affiliate of the Company, the Company shall take the following
actions:

    

    (a)  The Company and the
Guarantors shall, at their cost, as promptly as practicable (but in no event
more than 60 days after so required or requested pursuant to this Section 2)
file with the Commission and thereafter shall use its commercially reasonable
efforts to cause to be declared effective (unless it becomes effective
automatically upon filing) within 120 days after so required or requested
pursuant to this Section 2 (but in no event earlier than the Company’s and the

     

     

    
      
        
        

      

      
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    Guarantors’
obligation with respect to the filing of the Exchange Offer Registration
Statement), a registration statement (the “Shelf Registration Statement” and,
together with the Exchange Offer Registration Statement, a “Registration
Statement”) on an appropriate form under the Securities Act relating to the
offer and sale of the Transfer Restricted Securities (as defined in Section 6(d)
herein) by the Holders thereof from time to time in accordance with the methods
of distribution set forth in the Shelf Registration Statement and Rule 415 under
the Securities Act (hereinafter, the “Shelf Registration”); provided, however, that no Holder
(other than an Initial Purchaser) shall be entitled to have the Securities held
by it covered by such Shelf Registration Statement unless such Holder agrees in
writing to be bound by all the provisions of this Agreement applicable to such
Holder.

    

    (b)  The Company and the
Guarantors shall use their commercially reasonable efforts to keep the Shelf
Registration Statement continuously effective in order to permit the prospectus
included therein to be lawfully delivered by the Holders of the relevant
Securities, for a period of one year (or for such longer period if extended
pursuant to Section 3(j) below) from the Issue Date or such shorter period that
will terminate when all the Securities covered by the Shelf Registration
Statement (i) have been sold pursuant thereto or (ii) are no longer restricted
securities (as defined in Rule 144 under the Securities Act, or any successor
rule thereof) or are saleable pursuant to Rule 144(d) under the Securities
Act.  The Company and the Guarantors shall be deemed not to have used
their commercially reasonable efforts to keep the Shelf Registration Statement
effective during the requisite period if any of them voluntarily takes any
action that would result in Holders of Securities covered thereby not being able
to offer and sell such Securities during that period, unless such action is
required by applicable law.

    

    (c)  Notwithstanding any
other provisions of this Agreement to the contrary, the Company and the
Guarantors shall cause the Shelf Registration Statement and the related
prospectus and any amendment or supplement thereto, as of the effective date of
the Shelf Registration Statement, amendment or supplement, (i) to comply in all
material respects with the applicable requirements of the Securities Act and the
rules and regulations of the Commission and (ii) not to contain any untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading.

    

    3.  Registration
Procedures.  In connection with any Shelf Registration
contemplated by Section 2 hereof and, to the extent applicable, any Registered
Exchange Offer contemplated by Section 1 hereof, the following provisions shall
apply:

    

    (a)  The Company and the
Guarantors shall, at their cost (i) fulfill their obligations and comply
with the requirements listed in Section 1 and 2 hereof, as the case may be, (ii)
furnish to Credit Suisse, as Representative of each Initial Purchaser, prior to
the filing thereof with the Commission, a copy of the Registration Statement and
each amendment thereof and each supplement, if any, to the prospectus included
therein and, in the event that an Initial Purchaser (with respect to any portion
of an unsold allotment from the original offering) is participating in the
Registered Exchange Offer or the Shelf Registration Statement, the Company shall
use its commercially reasonable efforts to reflect in each such document, when
so filed with the Commission, such comments as Credit Suisse, as Representative
of the Initial Purchasers reasonably may propose; (iii) include the information
set forth in Annex A hereto on the cover, in Annex B hereto in the “Exchange
Offer Procedures” section and the “Purpose of the Exchange Offer” section and in
Annex C hereto in the “Plan of Distribution” section of the prospectus forming a
part of the Exchange Offer Registration Statement and include the information
set forth in Annex D hereto in the Letter of Transmittal delivered pursuant to
the Registered Exchange Offer; (iv) if requested by an Initial Purchaser,
include the information required by Items 507 or 

     

     

    
      
        
        

      

      
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    508 of
Regulation S-K under the Securities Act, as applicable, in the prospectus
forming a part of the Exchange Offer Registration Statement; (v) include
within the prospectus contained in the Exchange Offer Registration Statement a
section entitled “Plan of Distribution,” reasonably acceptable to the Initial
Purchasers, which shall contain a summary statement of the positions taken or
policies made by the staff of the Commission with respect to the potential
“underwriter” status of any broker-dealer that is the beneficial owner (as
defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) of Exchange Securities received by such broker-dealer in the
Registered Exchange Offer (a “Participating Broker-Dealer”), whether such
positions or policies have been publicly disseminated by the staff of the
Commission or such positions or policies, in the reasonable judgment of the
Initial Purchasers based upon advice of counsel (which may be in-house counsel),
represent the prevailing views of the staff of the Commission; and (vi) in the
case of a Shelf Registration Statement, include in the prospectus included in
the Shelf Registration Statement (or, if permitted by Commission
Rule 430B(b), in a prospectus supplement that becomes a part thereof
pursuant to Commission Rule 430B(f)) that is delivered to any Holder
pursuant to Section 3(d) and (f), the names of the Holders who propose
to sell Securities pursuant to the Shelf Registration Statement, as selling
securityholders.

    

    (b)  The Company and the
Guarantors shall give written notice to the Initial Purchasers, the Holders of
the Securities and any Participating Broker-Dealer from whom the Company has
received prior written notice that it will be a Participating Broker-Dealer in
the Registered Exchange Offer (which notice pursuant to clauses (ii)-(v) hereof
shall be accompanied by an instruction to suspend the use of the prospectus
until the requisite changes have been made):

    

    (i)  when the Registration
Statement or any amendment thereto has been filed with the Commission and when
the Registration Statement or any post-effective amendment thereto has become
effective;

    

    (ii)  of any request by the
Commission for amendments or supplements to the Registration Statement or the
prospectus included therein or for additional information;

    

    (iii)  of the issuance by the
Commission of any stop order suspending the effectiveness of the Registration
Statement or the initiation of any proceedings for that purpose, of the issuance
by the Commission of a notification of objection to the use of the form on which
the Registration Statement has been filed, and of the happening of any event
that causes the Company to become an “ineligible issuer,” as defined in
Commission Rule 405.

    

    (iv)  of the receipt by the
Company or its legal counsel of any notification with respect to the suspension
of the qualification of the Securities for sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose; and

    

    (v)  of the happening of any
event that requires the Company to make changes in the Registration Statement or
the prospectus in order that the Registration Statement or the prospectus does
not contain an untrue statement of a material fact nor omit to state a material
fact required to be stated therein or necessary to make the statements therein
(in the case of the prospectus, in light of the circumstances under which they
were made) not misleading.

    

    (c)  The Company and the
Guarantors shall use commercially reasonable efforts to obtain the withdrawal at
the earliest possible time, of any order suspending the effectiveness of the
Registration Statement.

     

     

    
      
        
        

      

      
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    (d)  If not otherwise
available on the Commission’s Electronic Data Gathering, Analysis and Retrieval
(“EDGAR”) System, the Company and the Guarantors shall furnish to each Holder of
Securities included within the coverage of the Shelf Registration, without
charge, at least one copy of the Shelf Registration Statement and any
post-effective amendment or supplement thereto, including financial statements
and schedules, and, if the Holder so requests in writing, all exhibits thereto
(including those, if any, incorporated by reference).  The Company
shall not, without the prior consent of the Initial Purchasers, and each Initial
Purchaser shall not, without the prior written consent of the Company, make any
offer relating to the Securities that would constitute a “free writing
prospectus,” as defined in Commission Rule 405.

    

    (e)  If not otherwise
available on the Commission’s EDGAR System, the Company and the Guarantors shall
deliver to each Exchanging Dealer and each Initial Purchaser, and to any other
Holder who so requests, without charge, at least one copy of the Exchange Offer
Registration Statement and any post-effective amendment thereto, including
financial statements and schedules, and, if any Initial Purchaser or any such
Holder requests, all exhibits thereto (including those incorporated by
reference).

    

    (f)  The Company and the
Guarantors shall, during the Shelf Registration Period, deliver to each Holder
of Securities included within the coverage of the Shelf Registration, without
charge, as many copies of the prospectus (including each preliminary prospectus)
included in the Shelf Registration Statement and any amendment or supplement
thereto as such person may reasonably request. The Company consents, subject to
the provisions of this Agreement, to the use of the prospectus or any amendment
or supplement thereto by each of the selling Holders of the Securities in
connection with the offering and sale of the Securities covered by the
prospectus, or any amendment or supplement thereto, included in the Shelf
Registration Statement.

    

    (g)  The Company and the
Guarantors shall deliver to each Initial Purchaser, any Exchanging Dealer, any
Participating Broker-Dealer and such other persons required to deliver a
prospectus following the Registered Exchange Offer, without charge, as many
copies of the final prospectus included in the Exchange Offer Registration
Statement and any amendment or supplement thereto as such persons may reasonably
request.  The Company consents, subject to the provisions of this
Agreement, to the use of the prospectus or any amendment or supplement thereto
by any Initial Purchaser, if necessary, any Participating Broker-Dealer and such
other persons required to deliver a prospectus following the Registered Exchange
Offer in connection with the offering and sale of the Exchange Securities
covered by the prospectus, or any amendment or supplement thereto, included in
such Exchange Offer Registration Statement.

    

    (h)  Prior to any public
offering of the Securities, pursuant to any Registration Statement, the Company,
on behalf of itself and the Guarantors, shall use their commercially reasonable
efforts to register or qualify or cooperate with the Holders of the Securities
included therein and their respective counsel in connection with the
registration or qualification of the Securities for offer and sale under the
securities or “blue sky” laws of such states of the United States as any Holder
of the Securities reasonably requests in writing and do any and all other acts
or things necessary or advisable to enable the offer and sale in such
jurisdictions of the Securities covered by such Registration Statement;
provided, however, that the Company shall not be required to (i) qualify
generally to do business in any jurisdiction where it is not then so qualified
or (ii) take any action which would subject it to general service of process or
to taxation in any jurisdiction where it is not then so subject.

    

    (i) The Company and the Guarantors
shall cooperate with the Holders of the Securities to facilitate the timely
preparation and delivery of certificates representing the Securities to be sold
pursuant to any Registration Statement free of any restrictive legends and in
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    and
registered in such names as the Holders may request a reasonable period of time
prior to sales of the Securities pursuant to such Registration
Statement.

    

    (j)  Upon the occurrence of
any event contemplated by paragraphs (ii) through (v) of Section 3(b) above
during the period for which the Company is required to maintain an effective
Registration Statement, the Company and the Guarantors shall promptly prepare
and file a post-effective amendment to the Registration Statement or a
supplement to the related prospectus and any other required document so that, as
thereafter delivered to Holders of the Securities or purchasers of Securities,
the prospectus will not contain an untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were
made, not misleading.  If the Company notifies the Initial Purchasers,
the Holders of the Securities and any known Participating Broker-Dealer in
accordance with paragraphs (ii) through (v) of Section 3(b) above to suspend the
use of the prospectus until the requisite changes to the prospectus have been
made, then the Initial Purchasers, the Holders of the Securities and any such
Participating Broker-Dealers shall suspend use of such prospectus, and the
period of effectiveness of the Shelf Registration Statement provided for in
Section 2(b) above and the Exchange Offer Registration Statement provided for in
Section 1 above shall each be extended by the number of days from and including
the date of the giving of such notice to and including the date when the Initial
Purchasers, the Holders of the Securities and any known Participating
Broker-Dealer shall have received such amended or supplemented prospectus
pursuant to this Section 3(j).  During the period during which the
Company is required to maintain an effective Shelf Registration Statement
pursuant to this Agreement, the Company and the Guarantors will, prior to the
three-year expiration of that Shelf Registration Statement file, and use their
commercially reasonable efforts to cause to be declared effective (unless it
becomes effective automatically upon filing) within a period that avoids any
interruption in the ability of Holders of Securities covered by the expiring
Shelf Registration Statement to make registered dispositions, a new registration
statement relating to the Securities, which shall be deemed the “Shelf
Registration Statement” for purposes of this Agreement; provided that the Company
shall not be obligated to keep the Shelf Registration Statement effective beyond
the period specified in Section 2(b).

    

    (k)  Not later than the
effective date of the applicable Registration Statement, the Company and the
Guarantors will provide a CUSIP number or CUSIP numbers for the Initial
Securities, the Exchange Securities or the Private Exchange Securities, as the
case may be, and provide the applicable trustee with printed certificates for
the Initial Securities, the Exchange Securities or the Private Exchange
Securities, as the case may be, in a form eligible for deposit with The
Depository Trust Company.

    

    (l)  The Company and the
Guarantors will comply with all rules and regulations of the Commission to the
extent and so long as they are applicable to the Registered Exchange Offer or
the Shelf Registration and will make generally available to its security holders
(or otherwise provide in accordance with Section 11(a) of the Securities Act) an
earnings statement satisfying the provisions of Section 11(a) of the Securities
Act, no later than 45 days after the end of a 12-month period (or 90 days, if
such period is a fiscal year) beginning with the first month of the Company’s
first fiscal quarter commencing after the effective date of the Registration
Statement, which statement shall cover such 12-month period.

    

    (m)  The Company and the
Guarantors shall cause the Indenture to be qualified under the Trust Indenture
Act of 1939, as amended (the “Trust Indenture Act”), in a timely manner and
containing such changes, if any, as shall be necessary for such
qualification.  In the event that such qualification would require the
appointment of a new trustee under the Indenture, the Company shall appoint a
new trustee thereunder pursuant to the applicable provisions of the
Indenture.

     

     

    
      
        
        

      

      
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    (n)  The Company may require
each Holder of Securities to be sold pursuant to the Shelf Registration
Statement to furnish to the Company such information regarding the Holder and
the distribution of the Securities as the Company may from time to time
reasonably require for inclusion in the Shelf Registration Statement, and the
Company may exclude from such registration the Securities of any Holder that
unreasonably fails to furnish such information within a reasonable time after
receiving such request.

    

    (o)  The Company shall enter
into such customary agreements (including, if requested, an underwriting
agreement in customary form) and take all such other action, if any, as the
Holders of at least 10% of the aggregate principal amount of Securities covered
by a Shelf Registration shall reasonably request in order to facilitate the
disposition of the Securities pursuant to any Shelf Registration.

    

    (p)  In the case of any Shelf
Registration, the Company and the Guarantors, as applicable, shall (i) make
reasonably available for inspection by the Holders of the Securities, any
underwriter participating in any disposition pursuant to the Shelf Registration
Statement and any attorney, accountant or other agent retained by the Holders of
the Securities or any such underwriter all relevant financial and other records,
pertinent corporate documents and properties of the Company and (ii) cause the
Company’s officers, directors, employees, accountants and auditors to supply all
relevant information reasonably requested by the Holders of the Securities or
any such underwriter, attorney, accountant or agent in connection with the Shelf
Registration Statement, in each case, as shall be reasonably necessary to enable
such persons, to conduct a reasonable investigation within the meaning of
Section 11 of the Securities Act; provided, however, that the foregoing
inspection and information gathering shall be coordinated on behalf of the
Initial Purchasers by Credit Suisse and on behalf of the other parties, by one
counsel designated by and on behalf of such other parties as described in
Section 4 hereof; provided
further, however, that the conduct of
the foregoing inspection and information gathering shall be subject to the
execution by all persons party to such inspection and information gathering of a
reasonable confidentiality agreement in customary form with respect to
confidential and proprietary information of the Company.

    

    (q)  In the case of any Shelf
Registration, the Company, if requested by any Holder of Securities covered
thereby, shall cause (i) its counsel to deliver an opinion and updates
thereof relating to the Securities in customary form addressed to such Holders
and the managing underwriters, if any, thereof and dated, in the case of the
initial opinion, the effective date of such Shelf Registration Statement (it
being agreed that the matters to be covered by such opinion shall include,
without limitation, the due incorporation and good standing of the Company and
its subsidiaries; the qualification of the Company and its subsidiaries to
transact business as foreign corporations; the due authorization, execution and
delivery of the relevant agreement of the type referred to in Section 3(o)
hereof; the due authorization, execution, authentication and issuance, and the
validity and enforceability, of the applicable Securities; the absence of
material legal or governmental proceedings involving the Company and its
subsidiaries; the absence of governmental approvals required to be obtained in
connection with the Shelf Registration Statement, the offering and sale of the
applicable Securities, or any agreement of the type referred to in
Section 3(o) hereof; the compliance as to form of such Shelf Registration
Statement and any documents incorporated by reference therein and of the
Indenture with the requirements of the Securities Act and the Trust Indenture
Act, respectively; and (A) as of the date of the opinion and as of the
effective date of the Shelf Registration Statement or most recent post-effective
amendment thereto, as the case may be, the absence from such Shelf Registration
Statement and the prospectus included therein, as then amended or supplemented,
and from any documents incorporated by reference therein and (B) as of an
applicable time identified by such Holders or managing underwriters, the absence
from such prospectus taken together with any other documents

     

     

    
      
        
        

      

      
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    identified
by such Holders or managing underwriters, in the case of (A) and (B),
of an untrue statement of a material fact or the omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading (in the case of any such incorporated documents, in the
light of the circumstances existing at the time that such documents were filed
with the Commission under the Exchange Act); (ii) its officers to execute
and deliver all customary documents and certificates and updates thereof
requested by any underwriters of the applicable Securities and (iii) its
independent public accountants and the independent public accountants with
respect to any other entity for which financial information is provided in the
Shelf Registration Statement to provide to the selling Holders of the applicable
Securities and any underwriter therefor a comfort letter in customary form and
covering matters of the type customarily covered in comfort letters in
connection with primary underwritten offerings, subject to receipt of
appropriate documentation as contemplated, and only if permitted, by Statement
of Auditing Standards No. 72 and any other applicable
pronouncements.

    

    (r)  In the case of the
Registered Exchange Offer, if requested by any Initial Purchaser or any known
Participating Broker-Dealer, the Company shall cause (i) its counsel to deliver
to such Initial Purchaser or such Participating Broker-Dealer a signed opinion
in the form set forth in Section 7(d) of the Purchase Agreement with such
changes as are customary in connection with the preparation of a Registration
Statement and (ii) its independent public accountants and the independent public
accountants with respect to any other entity for which financial information is
provided in the Registration Statement to deliver to such Initial Purchaser or
such Participating Broker-Dealer a comfort letter, in customary form, meeting
the requirements as to the substance thereof as set forth in Section 7(a)
of the Purchase Agreement, with appropriate date changes.

    

    (s)  If a Registered Exchange
Offer or a Private Exchange is to be consummated, upon delivery of the Initial
Securities by Holders to the Company (or to such other Person as directed by the
Company) in exchange for the Exchange Securities or the Private Exchange
Securities, as the case may be, the Company shall mark, or caused to be marked,
on the Initial Securities so exchanged that such Initial Securities are being
canceled in exchange for the Exchange Securities or the Private Exchange
Securities, as the case may be; in no event shall the Initial Securities be
marked as paid or otherwise satisfied.

    

    (t)  The Company and the
Guarantors will use their commercially reasonable efforts to (a) if the Initial
Securities have been rated prior to the initial sale of such Initial Securities,
confirm such ratings will apply to the Securities covered by a Registration
Statement, or (b) if the Initial Securities were not previously rated, cause the
Securities covered by a Registration Statement to be rated with the appropriate
rating agencies, if so requested by Holders of a majority in aggregate principal
amount of Securities covered by such Registration Statement, or by the managing
underwriters, if any.

    

    (u)  In the event that any
broker-dealer registered under the Exchange Act shall underwrite any Securities
or participate as a member of an underwriting syndicate or selling group or
“assist in the distribution” (within the meaning of the Conduct Rules (the
“Rules”) of the Financial Industry Regulatory Authority (“FINRA”)) thereof,
whether as a Holder of such Securities or as an underwriter, a placement or
sales agent or a broker or dealer in respect thereof, or otherwise, the Company
and the Guarantors will assist such broker-dealer in complying with the
requirements of such Rules, including, without limitation, by (i) if such
Rules, including Rule 2720, shall so require, engaging a “qualified independent
underwriter” (as defined in Rule 2720) to participate in the preparation of the
Registration Statement relating to such Securities, to exercise usual standards
of due diligence in respect thereto and, if any portion of the offering
contemplated by such Registration Statement is an underwritten offering or is
made through a placement or sales agent, to recommend the yield of such
Securities, (ii) indemnifying any such qualified independent 

     

     

    
      
        
        

      

      
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    underwriter
to the extent of the indemnification of underwriters provided in Section 5
hereof and (iii) providing such information to such broker-dealer as may be
required in order for such broker-dealer to comply with the requirements of the
Rules.

    

    (v)  The Company and the
Guarantors shall use their commercially reasonable efforts to take all other
steps necessary to effect the registration of the Securities covered by a
Registration Statement contemplated hereby.

    

    4.  Registration
Expenses.  The Company and the Guarantors shall bear all fees
and expenses incurred in connection with the performance of its obligations
under Sections 1 through 3 hereof (including the reasonable fees and expenses,
if any, of Skadden, Arps, Slate, Meagher & Flom LLP, counsel for the Initial
Purchasers, incurred in connection with the Registered Exchange Offer), whether
or not the Registered Exchange Offer or a Shelf Registration is filed or becomes
effective, and, in the event of a Shelf Registration, shall bear or reimburse
the Holders of the Securities covered thereby for the reasonable fees and
disbursements of one firm of counsel designated by the Holders of a majority in
principal amount of the Initial Securities covered thereby to act as counsel for
the Holders of the Initial Securities in connection therewith.

    

    5.  Indemnification.  (a)  The
Company and the Guarantors, jointly and severally, agree to indemnify and hold
harmless each Holder of the Securities, any Participating Broker-Dealer and each
person, if any, who controls such Holder or such Participating Broker-Dealer
within the meaning of the Securities Act or the Exchange Act (each Holder, any
Participating Broker-Dealer and such controlling persons are referred to
collectively as the “Indemnified Parties”) from and against any losses, claims,
damages or liabilities, joint or several, or any actions in respect thereof
(including, but not limited to, any losses, claims, damages, liabilities or
actions relating to purchases and sales of the Securities) to which each
Indemnified Party may become subject under the Securities Act, the Exchange Act
or otherwise, insofar as such losses, claims, damages, liabilities or actions
arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in a Registration Statement or prospectus or in any
amendment or supplement thereto or in any preliminary prospectus or “issuer free
writing prospectus,” as defined in Commission Rule 433 (“Issuer FWP”),
relating to a Shelf Registration, or arise out of, or are based upon, the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein in the light of the
circumstances under which they were made not misleading, and shall reimburse, as
incurred, the Indemnified Parties for any legal or other expenses reasonably
incurred by them in connection with investigating or defending any such loss,
claim, damage, liability or action in respect thereof; provided, however, that
(i) the Company shall not be liable in any such case to the extent that
such loss, claim, damage or liability arises out of or is based upon any untrue
statement or alleged untrue statement or omission or alleged omission made in a
Registration Statement or prospectus or in any amendment or supplement thereto
or in any preliminary prospectus or Issuer FWP relating to a Shelf Registration
in reliance upon and in conformity with written information pertaining to such
Holder and furnished to the Company by or on behalf of such Holder specifically
for inclusion therein and (ii) with respect to any untrue statement or
omission or alleged untrue statement or omission made in any preliminary
prospectus relating to a Shelf Registration Statement, the indemnity agreement
contained in this subsection (a) shall not inure to the benefit of any
Holder or Participating Broker-Dealer from whom the person asserting any such
losses, claims, damages or liabilities purchased the Securities concerned, to
the extent that a prospectus relating to such Securities was required to be
delivered (including through satisfaction of the conditions of Commission
Rule 172) by such Holder or Participating Broker-Dealer under the
Securities Act in connection with such purchase and any such loss, claim, damage
or liability of such Holder or Participating Broker-Dealer results from the fact
that there was not conveyed to such person, at or prior to the time of the sale
of such Securities to such person, an amended or supplemented prospectus or, if
permitted by Section 3(d) hereof, an Issuer FWP correcting such untrue
statement or omission or alleged untrue statement or omission if the Company and
the Guarantors had previously furnished copies thereof to such Holder or
Participating Broker-Dealer; provided further, however, that this indemnity

     

     

    
      
        
        

      

      
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    agreement
will be in addition to any liability which the Company and the Guarantors may
otherwise have to such Indemnified Party.  The Company and the
Guarantors shall also indemnify underwriters, their officers and directors and
each person who controls such underwriters within the meaning of the Securities
Act or the Exchange Act to the same extent as provided above with respect to the
indemnification of the Holders of the Securities if requested by such
Holders.

    

    (b)  Each Holder of the
Securities, severally and not jointly, will indemnify and hold harmless the
Company and the Guarantors and each person, if any, who controls the Company and
the Guarantors within the meaning of the Securities Act or the Exchange Act from
and against any losses, claims, damages or liabilities or any actions in respect
thereof, to which the Company, the Guarantors or any such controlling person may
become subject under the Securities Act, the Exchange Act or otherwise, insofar
as such losses, claims, damages, liabilities or actions arise out of or are
based upon any untrue statement or alleged untrue statement of a material fact
contained in a Registration Statement or prospectus or in any amendment or
supplement thereto or in any preliminary prospectus or Issuer FWP relating to a
Shelf Registration, or arise out of or are based upon the omission or alleged
omission to state therein a material fact necessary to make the statements
therein not misleading, but in each case only to the extent that the untrue
statement or omission or alleged untrue statement or omission was made in
reliance upon and in conformity with written information pertaining to such
Holder and furnished to the Company by or on behalf of such Holder specifically
for inclusion therein; and, subject to the limitation set forth immediately
preceding this clause, shall reimburse, as incurred, the Company or the
Guarantors, as the case may be, for any legal or other expenses reasonably
incurred by the Company, the Guarantors or any such controlling person in
connection with investigating or defending any loss, claim, damage, liability or
action in respect thereof.  This indemnity agreement will be in
addition to any liability which such Holder may otherwise have to the Company,
the Guarantors or any of their controlling persons.

    

    (c)  Promptly after receipt
by an indemnified party under this Section 5 of notice of the commencement of
any action or proceeding (including a governmental investigation), such
indemnified party will, if a claim in respect thereof is to be made against the
indemnifying party under this Section 5, notify the indemnifying party of the
commencement thereof; but the failure to notify the indemnifying party shall not
relieve the indemnifying party from any liability that it may have under
subsection (a) or (b) above except to the extent that it has been materially
prejudiced (through the forfeiture of substantive rights or defenses) by such
failure; and provided further that the failure to notify the indemnifying party
shall not relieve it from any liability that it may have to an indemnified party
otherwise than under subsection (a) or (b) above.  In case any such
action is brought against any indemnified party, and it notifies the
indemnifying party of the commencement thereof, the indemnifying party will be
entitled to participate therein and, to the extent that it may wish, jointly
with any other indemnifying party similarly notified, to assume the defense
thereof, with counsel reasonably satisfactory to such indemnified party (who
shall not, except with the consent of the indemnified party, be counsel to the
indemnifying party), and after notice from the indemnifying party to such
indemnified party of its election so to assume the defense thereof the
indemnifying party will not be liable to such indemnified party under this
Section 5 for any legal or other expenses, other than reasonable costs of
investigation, subsequently incurred by such indemnified party in connection
with the defense thereof.  No indemnifying party shall, without the
prior written consent of the indemnified party, effect any settlement of any
pending or threatened action in respect of which any indemnified party is or
could have been a party and indemnity could have been sought hereunder by such
indemnified party unless such settlement (i) includes an unconditional release
of such indemnified party from all liability on any claims that are the subject
matter of such action, and (ii) does not include a statement as to or an
admission of fault, culpability or a failure to act by or on behalf of any
indemnified party.

    

    (d)  If the indemnification
provided for in this Section 5 is unavailable or insufficient to hold harmless
an indemnified party under subsections (a) or (b) above, then each indemnifying
party shall contribute to the amount paid or payable by such indemnified party
as a result of the losses, claims, 

     

     

    
      
        
        

      

      
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    damages
or liabilities (or actions in respect thereof) referred to in subsection (a) or
(b) above (i) in such proportion as is appropriate to reflect the relative
benefits received by the indemnifying party or parties on the one hand and the
indemnified party on the other from the exchange of the Securities, pursuant to
the Registered Exchange Offer, or (ii) if the allocation provided by the
foregoing clause (i) is not permitted by applicable law, in such proportion as
is appropriate to reflect not only the relative benefits referred to in clause
(i) above but also the relative fault of the indemnifying party or parties on
the one hand and the indemnified party on the other in connection with the
statements or omissions that resulted in such losses, claims, damages or
liabilities (or actions in respect thereof) as well as any other relevant
equitable considerations.  The relative fault of the parties shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by the Company and the
Guarantors on the one hand or such Holder or such other indemnified party, as
the case may be, on the other, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or
omission.  The amount paid by an indemnified party as a result of the
losses, claims, damages or liabilities referred to in the first sentence of this
subsection (d) shall be deemed to include any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending
any action or claim which is the subject of this subsection
(d).  Notwithstanding any other provision of this Section 5(d), the
Holders of the Securities shall not be required to contribute any amount in
excess of the amount by which the net proceeds received by such Holders from the
sale of the Securities pursuant to a Registration Statement exceeds the amount
of damages which such Holders have otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged
omission.  No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation.  For purposes of this paragraph (d), each person,
if any, who controls such indemnified party within the meaning of the Securities
Act or the Exchange Act shall have the same rights to contribution as such
indemnified party and each person, if any, who controls the Company or the
Guarantors within the meaning of the Securities Act or the Exchange Act shall
have the same rights to contribution as the Company or the Guarantors, as the
case may be.

    

    (e)  The agreements contained
in this Section 5 shall survive the sale of the Securities pursuant to a
Registration Statement and shall remain in full force and effect, regardless of
any termination or cancellation of this Agreement or any investigation made by
or on behalf of any indemnified party.

    

    6.  Additional Interest Under Certain
Circumstances.  (a)  Additional interest (the
“Additional Interest”) with respect to the Transfer Restricted Securities shall
be assessed as follows if any of the following events occur (each such event in
clauses (i) through (iv) below constitutes a “Registration
Default”):

    

    (i)  any Registration
Statement required by this Agreement is not filed with the Commission on or
prior to the applicable filing deadlines as described herein;

    

    (ii)  any Registration
Statement required by this Agreement is not declared effective by the Commission
on or prior to the applicable effectiveness deadlines as described
herein;

    

    (iii)  the Company and the
Guarantors fail to consummate the Registered Exchange Offer within 240 days (or,
if the Commission elects to review the Exchange Offer Registration Statement,
within 300 days) of the Issue Date; or

    

    (iv) any Registration Statement
required by this Agreement is declared (or becomes automatically) effective but
(A) such Registration Statement thereafter ceases to be effective during
the period specified in Section 1 and Section 2(b) of this Agreement, except, in
the case of the Exchange Offer Registration Statement, following the
consummation of the Exchange Offer 

     

     

    
      
        
        

      

      
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    with
respect to all Securities tendered in connection therewith prior to the
expiration of the Exchange Offer or (B) such Registration Statement or the
related prospectus ceases to be usable (except as permitted in
paragraph (b)) in connection with resales or exchanges of Transfer
Restricted Securities during the periods specified herein because either
(1) any event occurs as a result of which the related prospectus forming
part of such Registration Statement would include any untrue statement of a
material fact or omit to state any material fact necessary to make the
statements therein in the light of the circumstances under which they were made
not misleading, (2) it shall be necessary to amend such Registration
Statement or supplement the related prospectus, to comply with the Securities
Act or the Exchange Act or the respective rules thereunder, or (3) such
Registration Statement is a Shelf Registration Statement that has expired before
a replacement Shelf Registration Statement has become effective; provided that Additional
Interest is payable in respect of only one (1) Registration Default at any
time.

    

    Additional Interest shall accrue on the
Transfer Restricted Securities over and above the interest set forth in the
title of the Transfer Restricted Securities from and including the date on which
any such Registration Default shall occur to but excluding the date on which all
such Registration Defaults have been cured, at a rate of (i) 0.25% per annum of
the principal amounts of Transfer Restricted Securities for the first 90-day
period immediately following such Registration Default; (ii) 0.50% per annum of
the principal amounts of Transfer Restricted Securities for the second 90-day
period immediately following such Registration Default; (iii) 0.75% per annum of
the principal amounts of Transfer Restricted Securities for the third 90-day
period immediately following such Registration Default; and (iv) 1.00% per annum
of the principal amounts of Transfer Restricted Securities for the fourth 90-day
period and thereafter immediately following such Registration
Default.

    

    (b)  A Registration Default
referred to in Section 6(a)(iv)(B) hereof shall be deemed not to have
occurred and be continuing in relation to a Shelf Registration Statement or the
related prospectus if (i) such Registration Default has occurred solely as
a result of (x) the filing of a post-effective amendment to such Shelf
Registration Statement to incorporate annual audited financial information with
respect to the Company where such post-effective amendment is not yet effective
and needs to be declared effective to permit Holders to use the related
prospectus or (y) other material events with respect to the Company that would
need to be described in such Shelf Registration Statement or the related
prospectus and (ii) in the case of clause (y), the Company is proceeding
promptly and in good faith to amend or supplement such Shelf Registration
Statement and related prospectus to describe such events; provided, however, that in any case if
such Registration Default occurs for a continuous period in excess of 45 days,
Additional Interest shall be payable in accordance with the above paragraph from
the day such Registration Default occurs until such Registration Default is
cured.

    

    (c)  Any amounts of
Additional Interest due pursuant to Section 6(a) above will be payable in cash
on the regular interest payment dates with respect to the Transfer Restricted
Securities and will be payable through the payment methods as set forth in the
Indenture. The amount of Additional Interest will be determined by multiplying
the applicable Additional Interest rate by the principal amount of the Transfer
Restricted Securities, multiplied by a fraction, the numerator of which is the
number of days such Additional Interest rate was applicable during such period
(determined on the basis of a 360-day year comprised of twelve 30-day months),
and the denominator of which is 360.

    

    (d)  “Transfer Restricted
Securities” means each Security until (i) the date on which such Security has
been exchanged by a person other than a broker-dealer for a freely transferable
Exchange Security in the Registered Exchange Offer, (ii) following the exchange
by a broker-dealer in the Registered Exchange Offer of an Initial Security for
an Exchange Security, the date on which such Exchange Security is sold to a
purchaser who receives from such broker-dealer on or prior to the date of such
sale a copy of the prospectus contained in the Exchange Offer Registration
Statement, (iii) the date on which such Security has been effectively registered
under the Securities Act and disposed of in accordance with the Shelf
Registration 

     

     

    
      
        
        

      

      
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    Statement
or (iv) the date on which such Security is distributed to the public pursuant to
Rule 144 under the Securities Act or is saleable pursuant to Rule 144(d) under
the Securities Act.

    

    7.  Rules 144 and
144A.  The Company and the Guarantors shall use their
commercially reasonable efforts to file the reports required to be filed by them
under the Securities Act and the Exchange Act in a timely manner and, if at any
time the Company is not required to file such reports, the Company and the
Guarantors will, upon the request of any Holder of Securities that are
“restricted securities” within the meaning of Rule 144 and are not saleable
pursuant to Rule 144(d), make publicly available other information so long as
necessary to permit sales of their Securities pursuant to Rules 144 and
144A.  The Company and the Guarantors covenant that they will take
such further action as any Holder of Securities may reasonably request, all to
the extent required from time to time to enable such Holder to sell Securities
without registration under the Securities Act within the limitation of the
exemptions provided by Rules 144 and 144A (including the requirements of
Rule 144A(d)(4)).  The Company, on behalf of itself and the
Guarantors, will provide a copy of this Agreement to prospective purchasers of
Initial Securities identified to the Company by the Initial Purchasers upon
request.  Upon the request of any Holder of Initial Securities, the
Company shall deliver to such Holder a written statement as to whether it has
complied with such requirements. Notwithstanding the foregoing, nothing in this
Section 7 shall be deemed to require the Company to register any of its
securities pursuant to the Exchange Act.

    

    8.  Underwritten
Registrations.  If any of the Transfer Restricted Securities
covered by any Shelf Registration are to be sold in an underwritten offering,
the investment banker or investment bankers and manager or managers that will
administer the offering (“Managing Underwriters”) will be selected by the
Holders of a majority in aggregate principal amount of such Transfer Restricted
Securities to be included in such offering.

    

    No person may participate in any
underwritten registration hereunder unless such person (i) agrees to sell such
person’s Transfer Restricted Securities on the basis reasonably provided in any
underwriting arrangements approved by the persons entitled hereunder to approve
such arrangements and (ii) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents reasonably
required under the terms of such underwriting arrangements.

    

    9.  Miscellaneous.

    

    (a) Remedies.  The
Company and the Guarantors acknowledge and agree that any failure by the Company
and the Guarantors to comply with their obligations under Section 1 and 2 hereof
may result in material irreparable injury to the Initial Purchasers or the
Holders for which there is no adequate remedy at law, that it will not be
possible to measure damages for such injuries precisely and that, in the event
of any such failure, the Initial Purchasers or any Holder may obtain such relief
as may be required to specifically enforce the Company’s and the Guarantors’
obligations under Sections 1 and 2 hereof. The Company and the Guarantors
further agree to waive the defense in any action for specific performance that a
remedy at law would be adequate. The Initial Purchasers and the Holders
acknowledge and agree that the Additional Interest provided by Section 6 of this
Agreement shall be the exclusive monetary remedy available to Holders for any
Registration Default.

    

    (b)  Amendments and
Waivers.  The provisions of this Agreement may not be amended,
modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given, except by the Company and the written
consent of the Holders of a majority in principal amount of the Transfer
Restricted Securities affected by such amendment, modification, supplement,
waiver or consents.

    

    (c)  Notices.  All
notices and other communications provided for or permitted hereunder shall be
made in writing by hand delivery, first-class mail, facsimile transmission, or
air courier which guarantees overnight delivery:

     

     

    
      
        
        

      

      
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    (1)  if to a Holder of the
Securities, at the most current address given by such Holder to the
Company.

    

    (2)  if to the Initial
Purchasers;

    

    Credit Suisse Securities (USA)
LLC

    Eleven Madison Avenue

    New York, New York
10010-3629

    Fax
No.:  (212) 325-4296

    Attention:  Transactions
Advisory Group

    

    with a copy to:

    

    Skadden, Arps, Slate, Meagher &
Flom LLP

    155 N. Wacker Drive

    Suite 2700

    Chicago, Illinois
60606-1720

    Fax No.:  (312)
407-0700

    Attention: William R. Kunkel,
Esq.

    

    (3)           if
to the Company, at its address as follows:

    

    ACCO Brands Corporation

    300 Tower Parkway

    Lincolnshire, Illinois
60069

    Attention: Neal Fenwick

    

    

    with a copy to:

    

    Vedder Price P.C.

    222 N. LaSalle Street

    Suite 2600

    Chicago, Illinois
60601-1003

    Fax No.: (312) 609-5005

    Attention: John T.
Blatchford

    

    All such notices and communications
shall be deemed to have been duly given: at the time delivered by hand, if
personally delivered; three business days after being deposited in the mail,
postage prepaid, if mailed; when receipt is acknowledged by recipient’s
facsimile machine operator, if sent by facsimile transmission; and on the day
delivered, if sent by overnight air courier guaranteeing next day
delivery.

    

    (d)  No Inconsistent
Agreements.  The Company has not, as of the date hereof,
entered into, nor shall it, on or after the date hereof, enter into, any
agreement with respect to its securities that is inconsistent with the rights
granted to the Holders herein or otherwise conflicts with the provisions
hereof.

    

    (e)  Successors and
Assigns.  This Agreement shall be binding upon the Company and
the Guarantors and their respective successors and assigns.

     

     

    
      
        
        

      

      
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    (f)  Counterparts.  This
Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

    

    (g)  Headings.  The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.

    

    (h)  Governing
Law.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES
OF CONFLICTS OF LAWS.

    

    (i)  Severability.  If
any one or more of the provisions contained herein, or the application thereof
in any circumstance, is held invalid, illegal or unenforceable, the validity,
legality and enforceability of any such provision in every other respect and of
the remaining provisions contained herein shall not be affected or impaired
thereby.

    

    (j)  Securities Held by the
Company.  Whenever the consent or approval of Holders of a
specified percentage of principal amount of Securities is required hereunder,
Securities held by the Company or its affiliates (other than subsequent Holders
of Securities if such subsequent Holders are deemed to be affiliates solely by
reason of their holdings of such Securities) shall not be counted in determining
whether such consent or approval was given by the Holders of such required
percentage.

    

    [Signature
pages follow]

     

    
 

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    

    If the foregoing is in accordance with
your understanding of our agreement, please sign and return to the Company a
counterpart hereof, whereupon this instrument, along with all counterparts, will
become a binding agreement among the several Initial Purchasers, the Company and
the Guarantors in accordance with its terms.

     

    
      
        
          	 	
                  Very
      truly yours,

                   

                	 
	 	
                  ACCO
      Brands Corporation

                   

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/Steven
      Rubin	 
	 	 	Name: 
      Steven
      Rubin	 
	 	 	
                  Title:  Senior Vice President,
      Secretary

                       
      and General Counsel

                	 
	 	 	 	 

        

      

    

    
       

      
        
          	 	
                  ACCO
      Brands USA LLC

                   

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven
      Rubin	 
	 	 	Title:     Vice President and
      Secretary	 
	 	 	 	 

        

      

    

     

    
      
        
          	 	
                  Day-Timers
      Inc.

                   

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:    
      Vice President
      and Secretary	 
	 	 	 	 

        

      

       

      
        
          	 	
                  General
      Binding Corporation

                   

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven
      Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

        

         

        
          	 	
                  ACCO
      International Holdings, Inc.

                   

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven
      Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

        

      

       

      
        

        
          
            
            

          

          
            [Signature
page to Registration Rights Agreement]

            
              

            

          

          
            
            

          

        

         

        
          
            	 	
                    GBC
      International, Inc.

                     

                  	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven
      Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

          

        

        
           

          
            
              	 	
                      ACCO
      Brands International, Inc.

                       

                    	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven
      Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

            

             

            
              
                	 	
                        ACCO
      Europe Finance Holdings, LLC

                         

                      	 
	 	 	 	 
	
                         

                      	
                        By:
      

                      	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

              

               

              
                
                  	 	
                          ACCO
      Europe International Holdings LLC

                           

                        	 
	 	 	 	 
	
                           

                        	
                          By:
      

                        	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                

              

               

              
                
                  	 	
                          Swingline
      Inc.

                        	 
	 	 	 	 
	
                           

                        	
                          By:
      

                        	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                

              

            

          

        

      

    

    
       

      
        
          	 	
                  Polyblend
      Corporation

                   

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

        

         

         

        
          
            
            

          

          
            [Signature page to Registration Rights Agreement]

            
              

            

          

          
            
            

          

        

        
           

          
            
              	 	
                      Boone
      International, Inc.

                       

                    	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

            

          

        

      

    

    

     

    
      
        
        

      

      
        [Signature page to Registration Rights Agreement]

        
          

        

      

      
        
        

      

    

     

    
      
        
          The
foregoing Registration

          Rights
Agreement is hereby confirmed

          and
accepted as of the date first

          above
written.

           

           

        

        
          
            
              
                
                  	
                          By
      Credit
      Suisse Securities (USA) LLC

                           

                        	 
	 	 	 	 
	
                           

                        	
                          By:
      

                        	/s/Lisa Langhart	 
	 	Name: 	Lisa Langhart	 
	 	Title: 	Director	 
	 	 	 	 

                

              

            

          

        

      

      
         

        
          
            
              
                
                  	
                          By
      Deutsche Bank Securities Inc.

                           

                        	 
	 	 	 	 
	
                           

                        	
                          By:
      

                        	/s/Edwin E. Roland	 
	 	Name: 	Edwin E. Roland	 
	 	Title: 	Managing Director	 
	 	 	 	 

                

              

            

          

        

        
           

          
            
              
                
                  
                    
                      
                        	
                                 

                              	
                                By:
      

                              	/s/Frank Fazio	 
	 	Name: 	Frank Fazio	 
	 	Title: 	Managing Director	 
	 	 	 	 

                      

                    

                  

                

              

            

            
               

            

          

          
            
              
                
                  
                    	
                            
                              By
      Banc
      of America Securities LLC

                            

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
      

                          	/s/Thomas M. Brown	 
	 	Name: 	Thomas M. Brown	 
	 	Title: 	Managing Director	 
	 	 	 	 

                  

                

              

            

          

          
             

            
              
                
                  
                    
                      	
                              By
      BMO Capital Markets Corp.

                               

                            	 
	 	 	 	 
	
                               

                            	
                              By:
      

                            	/s/James J. Goll	 
	 	Name: 	James J. Goll	 
	 	Title: 	Managing Director	 
	 	 	 	 

                    

                  

                

              

            

            
               

              
                
                  
                    
                      
                        	
                                By
      Barclays Capital Inc.

                                 

                              	 
	 	 	 	 
	
                                 

                              	
                                By:
      

                              	/s/Benjamin Burton	 
	 	Name: 	Benjamin Burton	 
	 	Title: 	Director	 
	 	 	 	 

                      

                    

                  

                

              

              
                 

                
                  
                    
                      
                        
                          	
                                  By
      Barrington Research Associates, Inc.

                                   

                                	 
	 	 	 	 
	
                                   

                                	
                                  By:
      

                                	/s/Gregory Paris	 
	 	Name: 	Gregory Paris	 
	 	Title: 	Vice President and Treasurer	 
	 	 	 	 

                        

                      

                    

                  

                

                
                   

                   

                  
                    
                      
                      

                    

                    
                      [Signature page to Registration Rights Agreement]

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

                  
                    
                      
                        
                          
                            	
                                    By
      CJS Securities, Inc.

                                     

                                  	 
	 	 	 	 
	
                                     

                                  	
                                    By:
      

                                  	/s/Charles Strauzer	 
	 	Name: 	Charles Strauzer	 
	 	Title: 	Senior Managing Director	 
	 	 	 	 

                          

                        

                      

                    

                  

                  
                     

                    
                      
                        
                          
                            
                              	
                                      
                                        By
      SunTrust
      Robinson Humphrey, Inc.

                                      

                                       

                                    	 
	 	 	 	 
	
                                       

                                    	
                                      By:
      

                                    	/s/Christopher L. Wood	 
	 	Name: 	Christopher L. Wood	 
	 	Title: 	Managing Director	 
	 	 	 	 

                            

                          

                        

                      

                    

                    

 

                    
                      
                        
                        

                      

                      
                        [Signature page to Registration Rights Agreement]

                        
                          

                        

                      

                      
                        
                        

                      

                    

                  

                

              

            

          

        

      

    

    

    ANNEX A

     

    

    Each broker-dealer that receives
Exchange Securities for its own account pursuant to the Exchange Offer must
acknowledge that it will deliver a prospectus in connection with any resale of
such Exchange Securities.  The Letter of Transmittal states that by so
acknowledging and by delivering a prospectus, a broker-dealer will not be deemed
to admit that it is an “underwriter” within the meaning of the Securities
Act.  This Prospectus, as it may be amended or supplemented from time
to time, may be used by a broker-dealer in connection with resales of Exchange
Securities received in exchange for Initial Securities where such Initial
Securities were acquired by such broker-dealer as a result of market-making
activities or other trading activities.  The Company has agreed that,
for a period of 180 days after the Expiration Date (as defined herein), it will
make this Prospectus available to any broker-dealer for use in connection with
any such resale.  See “Plan of Distribution.”

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    ANNEX B

    

     

    Each broker-dealer that receives
Exchange Securities for its own account in exchange for Initial Securities,
where such Initial Securities were acquired by such broker-dealer as a result of
market-making activities or other trading activities, must acknowledge that it
will deliver a prospectus in connection with any resale of such Exchange
Securities.  See “Plan of Distribution.”

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    ANNEX C

     

    

    PLAN OF
DISTRIBUTION

    

    Each broker-dealer that receives
Exchange Securities for its own account pursuant to the Exchange Offer must
acknowledge that it will deliver a prospectus in connection with any resale of
such Exchange Securities.  This Prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer in connection
with resales of Exchange Securities received in exchange for Initial Securities
where such Initial Securities were acquired as a result of market-making
activities or other trading activities.  The Company has agreed that,
for a period of 180 days after the Expiration Date, it will make this
prospectus, as amended or supplemented, available to any broker-dealer for use
in connection with any such resale.  In addition,
until                   ,
200 ,  all dealers effecting transactions in the Exchange Securities
may be required to deliver a prospectus.

    

    The Company will not receive any
proceeds from any sale of Exchange Securities by
broker-dealers.  Exchange Securities received by broker-dealers for
their own account pursuant to the Exchange Offer may be sold from time to time
in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on the Exchange Securities or a
combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated
prices.  Any such resale may be made directly to purchasers or to or
through brokers or dealers who may receive compensation in the form of
commissions or concessions from any such broker-dealer or the purchasers of any
such Exchange Securities.  Any broker-dealer that resells Exchange
Securities that were received by it for its own account pursuant to the Exchange
Offer and any broker or dealer that participates in a distribution of such
Exchange Securities may be deemed to be an “underwriter” within the meaning of
the Securities Act and any profit on any such resale of Exchange Securities and
any commission or concessions received by any such persons may be deemed to be
underwriting compensation under the Securities Act.  The Letter of
Transmittal states that, by acknowledging that it will deliver and by delivering
a prospectus, a broker-dealer will not be deemed to admit that it is an
“underwriter” within the meaning of the Securities Act.

    

    For a period of 180 days after the
Expiration Date, the Company will promptly send additional copies of this
Prospectus and any amendment or supplement to this Prospectus to any
broker-dealer that requests such documents in the Letter of
Transmittal.  The Company has agreed to pay all expenses incident to
the Exchange Offer (including the expenses of one counsel for the Holders of the
Securities) other than commissions or concessions of any brokers or dealers and
will indemnify the Holders of the Securities (including any broker-dealers)
against certain liabilities, including liabilities under the Securities
Act.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    ANNEX D

    

     

    
       ̈  CHECK HERE IF YOU ARE A
BROKER-DEALER AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10
COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.

    

    

    Name:  ____________________________________________

    Address:
___________________________________________

                  ___________________________________________

    

     

    

    

    If the
undersigned is not a broker-dealer, the undersigned represents that it is not
engaged in, and does not intend to engage in, a distribution of Exchange
Securities.  If the undersigned is a broker-dealer that will receive
Exchange Securities for its own account in exchange for Initial Securities that
were acquired as a result of market-making activities or other trading
activities, it acknowledges that it will deliver a prospectus in connection with
any resale of such Exchange Securities; however, by so acknowledging and by
delivering a prospectus, the undersigned will not be deemed to admit that it is
an “underwriter” within the meaning of the Securities Act.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    SCHEDULE
A

    

    
      	
               
      

            	
              ACCO
      Brands USA LLC

            

    

    
      	
               
      

            	
              Day-Timers
      Inc.

            

    

    
      	
               
      

            	
              General
      Binding Corporation

            

    

    
      
        	
                 
      

              	
                ACCO
      International Holdings, Inc.

              
	 	GBC
      International, Inc. 
	 	ACCO
      Brands International, Inc.
	 	ACCO
      Europe Finance Holdings, LLC
	 	ACCO
      Europe International Holdings LLC
	 	Swingline
      Inc.
	 	Polyblend
      Corporation
	 	Boone
      International, Inc.ex4-3.htm

     

    EXHIBIT
4.3

     

     

    
      EXECUTION
VERSION

       

       

        
          

        

      

       

      INTERCREDITOR
AGREEMENT

       

      dated as
of September 30, 2009

       

      among

       

      ACCO
BRANDS CORPORATION

      the other
GRANTORS from time to time party hereto,

       

      DEUTSCHE
BANK AG NEW YORK BRANCH,

      as
Collateral Agent

      under the
Syndicated Facility Agreement – ABL Revolving Facility,

       

      and

       

      U.S. BANK
NATIONAL ASSOCIATION,

      as
Collateral Trustee

      under the
Senior Secured Notes Indenture

       

      
        
          
            

          

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      TABLE
OF CONTENTS

       

       

      Page

       

      
        
          
            	
                    ARTICLE
      I

                  	
                    Definitions

                  	
                    2

                  
	 
      	 
      	 
      
	
                    SECTION
      1.01

                  	
                    Construction;
      Certain Defined Terms

                  	
                    2

                  
	 
      	 
      	 
      
	
                    ARTICLE
      II

                  	
                    Subordination
      of Junior Liens; Certain Agreements

                  	
                    24

                  
	 
      	 
      	 
      
	
                    SECTION
      2.01

                  	
                    Subordination
      of Junior Liens

                  	
                    24

                  
	
                    SECTION
      2.02

                  	
                    No
      Action With Respect to Junior Secured Obligations Collateral Subject to
      Senior Liens

                  	
                    25

                  
	
                    SECTION
      2.03

                  	
                    No
      Duties of Senior Representative

                  	
                    25

                  
	
                    SECTION
      2.04

                  	
                    No
      Interference; Payment Over; Reinstatement

                  	
                    26

                  
	
                    SECTION
      2.05

                  	
                    Release
      of Liens; Automatic Release of Junior Liens

                  	
                    29

                  
	
                    SECTION
      2.06

                  	
                    Certain
      Agreements With Respect to Insolvency or Liquidation
      Proceedings

                  	
                    31

                  
	
                    SECTION
      2.07

                  	
                    Reinstatement

                  	
                    34

                  
	
                    SECTION
      2.08

                  	
                    Entry
      Upon Premises by the ABL Agent and the ABL Secured Parties

                  	
                    34

                  
	
                    SECTION
      2.09

                  	
                    Insurance

                  	
                    36

                  
	
                    SECTION
      2.10

                  	
                    Refinancings
      and Additional Secured Debt

                  	
                    36

                  
	
                    SECTION
      2.11

                  	
                    Amendments
      to Security Documents; Legend

                  	
                    38

                  
	
                    SECTION
      2.12

                  	
                    Reserved.

                  	
                    39

                  
	
                    SECTION
      2.13

                  	
                    Junior
      Secured Obligations Secured Parties Rights as Unsecured
      Creditors

                  	
                    39

                  
	 
      	 
      	 
      
	
                    ARTICLE
      III

                  	
                    Bailee
      for Perfection;  Consent to License to Use Intellectual
      Property

                  	
                    39

                  
	 
      	 
      	 
      
	
                    SECTION
      3.01

                  	
                    General

                  	
                    39

                  
	
                    SECTION
      3.02

                  	
                    Collateral
      Proceeds Account.

                  	
                    40

                  
	
                    SECTION
      3.03

                  	
                    Consent
      to License to Use Intellectual Property.

                  	
                    41

                  
	 
      	 
      	 
      
	
                    ARTICLE
      IV

                  	
                    Existence
      and Amounts of Liens and Obligations

                  	
                    42

                  
	 
      	 
      	 
      
	
                    ARTICLE
      V

                  	
                    Consent
      of Grantors

                  	
                    42

                  
	 
      	 
      	 
      
	
                    ARTICLE
      VI

                  	
                    Representations
      and Warranties

                  	
                    42

                  
	 
      	 
      	 
      
	
                    SECTION
      6.01

                  	
                    Representations
      and Warranties of Each Party

                  	
                    42

                  
	
                    SECTION
      6.02

                  	
                    Representations
      and Warranties of Each Representative

                  	
                    43

                  
	 
      	 
      	 
      
	
                    ARTICLE
      VII

                  	
                    Miscellaneous

                  	
                    43

                  
	 
      	 
      	 
      
	
                    SECTION
      7.01

                  	
                    Notices

                  	
                    43

                  
	
                    SECTION
      7.02

                  	
                    Waivers;
      Amendment

                  	
                    44

                  
	
                    SECTION
      7.03

                  	
                    Parties
      in Interest

                  	
                    44

                  

          

        

         

         

        
          
            
            

          

          
            i

            
              

            

          

          
            
            

          

        

         

        
          
            	
                    SECTION
      7.04

                  	
                    Survival
      of Agreement

                  	
                    44

                  
	
                    SECTION
      7.05

                  	
                    Counterparts

                  	
                    44

                  
	
                    SECTION
      7.06

                  	
                    Severability

                  	
                    44

                  
	
                    SECTION
      7.07

                  	
                    Governing
      Law; Jurisdiction; Consent to Service of Process

                  	
                    45

                  
	
                    SECTION
      7.08

                  	
                    WAIVER
      OF JURY TRIAL

                  	
                    45

                  
	
                    SECTION
      7.09

                  	
                    Headings

                  	
                    46

                  
	
                    SECTION
      7.10

                  	
                    Conflicts

                  	
                    46

                  
	
                    SECTION
      7.11

                  	
                    Provisions
      Solely to Define Relative Rights

                  	
                    46

                  
	
                    SECTION
      7.12

                  	
                    Certain
      Terms Concerning the Noteholder Collateral Trustee

                  	
                    46

                  
	
                    SECTION
      7.13

                  	
                    Certain
      Terms Concerning ABL Agent and Noteholder Collateral
    Trustee

                  	
                    47

                  
	
                    SECTION
      7.14

                  	
                    Reliance

                  	
                    47

                  
	
                    SECTION
      7.15

                  	
                    No
      Warranties or Liability

                  	
                    47

                  
	
                    SECTION
      7.16

                  	
                    No
      Waiver of Lien Priorities

                  	
                    47

                  
	
                    SECTION
      7.17

                  	
                    Obligations
      Unconditional

                  	
                    49

                  

          

        

        
 

      

      EXHIBIT A
– Form of Intercreditor Agreement Joinder

      EXHIBIT B
– Form of Lien Sharing and Priority Confirmation Joinder

       

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

       

      This
INTERCREDITOR AGREEMENT is dated as of September 30, 2009, and is by and among
ACCO BRANDS CORPORATION, a Delaware corporation (“Holdings”),
the other GRANTORS  from time to time party hereto, DEUTSCHE BANK AG
NEW YORK BRANCH (in its individual capacity, and any successor corporation
thereto by merger, consolidation or otherwise, “DBNY”), as
collateral agent under the ABL Debt Documents (as defined below) (in such
capacity and together with its successors and assigns in such capacity, the
“Original
ABL
Agent”), and U.S. BANK NATIONAL ASSOCIATION (in its individual capacity,
and any successor corporation thereto by merger, consolidation or otherwise,
“U.S.
Bank”) as collateral trustee under the Indenture (as defined
below).  Capitalized terms used herein but not otherwise defined
herein shall have the meanings set forth in Section 1.01 below.

       

      WHEREAS,
Holdings and certain of the Grantors have entered into an ABL Credit Agreement,
which provides for a $175,000,000 revolving credit facility to Holdings, certain
of the other Grantors and other subsidiaries of Holdings, which revolving credit
facility may be increased by the Incremental Commitments under (and as defined
in) the ABL Credit Agreement;

       

      WHEREAS,
pursuant to the various ABL Debt Documents, (i) Holdings, other Grantors and
other subsidiaries of Holdings have provided guarantees for the ABL Debt
Obligations and (ii) Holdings, other Grantors and other subsidiaries of Holdings
have provided security for the ABL Debt Obligations;

       

      WHEREAS,
Holdings has entered into an Indenture, dated as of the date hereof (as amended,
supplemented, amended and restated or otherwise modified and in effect from time
to time, the “Indenture”),
among Holdings, as issuer, the Grantors, as guarantors, and U.S. Bank, as
trustee (in such capacity and together with its successors and assigns in such
capacity, the “Original
Noteholder Collateral Trustee”), pursuant to which senior secured notes
shall be issued by Holdings on the date hereof in an aggregate original
principal amount of $460,000,000;

       

      WHEREAS,
pursuant to the various Indenture Priority Lien Documents, (i) Holdings and the
other Grantors have provided guarantees for the Indenture Priority Lien
Obligations and (ii) Holdings and the other Grantors have provided security for
the Indenture Priority Lien Obligations;

       

      WHEREAS,
Holdings and the other Grantors intend to secure the ABL Debt Obligations under
the ABL Credit Agreement and any other ABL Debt Documents (including any
Permitted Replacement thereof) with a first priority lien on the ABL First Lien
Collateral and a second priority lien on the Noteholder First Lien Collateral;
and

       

      WHEREAS,
Holdings and the other Grantors intend to secure the Indenture Priority Lien
Obligations under the Indenture and any other Indenture Priority Lien Documents
(including any Permitted Replacement thereof) with a first priority lien on the
Noteholder First Lien Collateral and a second priority lien on the ABL First
Lien Collateral.

       

      NOW,
THEREFORE, in consideration of the mutual agreements herein contained and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the ABL Agent (for itself and on behalf of the ABL Secured
Parties), the 

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Noteholder
Collateral Trustee (for itself and on behalf of the Indenture Priority Lien
Secured Parties and the Additional Priority Lien Secured Parties, if any),
Holdings and the other Grantors party hereto agree as follows:

       

      ARTICLE
I

       

      Definitions

       

      SECTION
1.01           Construction;
Certain Defined Terms.

       

      (a)         The
definitions of terms herein shall apply equally to the singular and plural forms
of the terms defined.  Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter
forms.  The words “include,” “includes” and “including” shall be
deemed to be followed by the phrase “without limitation.”  The word
“will” shall be construed to have the same meaning and effect as the word
“shall.”  Unless the context requires otherwise, (i) any definition of
or reference to any agreement, instrument, other document, statute or regulation
herein shall be construed as referring to such agreement, instrument, other
document, statute or regulation as from time to time amended, supplemented or
otherwise modified, (ii) any reference herein to any Person shall be construed
to include such Person’s successors and assigns, but shall not be deemed to
include the subsidiaries of such Person unless express reference is made to such
subsidiaries, (iii) the words “herein,” “hereof and “hereunder,” and words of
similar import, shall be construed to refer to this Agreement in its entirety
and not to any particular provision hereof, (iv) all references herein to
Articles, Sections and Annexes shall be construed to refer to Articles, Sections
and Annexes of this Agreement, (v) unless otherwise expressly qualified herein,
the words “asset” and “property” shall be construed to have the same meaning and
effect and to refer to any and all tangible and intangible assets and
properties, including cash, securities, accounts and contract rights and (vi)
the term “or” is not exclusive.

       

      (b)         All
terms used in this Agreement that are defined in Article 1, 8 or 9 of the New
York UCC (whether capitalized herein or not) and not otherwise defined herein
have the meanings assigned to them in Article 1, 8 or 9 of the New York
UCC.  If a term is defined in Article 9 of the New York UCC and
another Article of the UCC, such term shall have the meaning assigned to it in
Article 9 of the New York UCC.

       

      (c)         Unless
otherwise set forth herein, all references herein to the Noteholder Collateral
Trustee shall be deemed to refer to the Noteholder Collateral Trustee in its
capacity as collateral trustee under the Noteholder Collateral Trust
Agreement.

       

      (d)         As
used in this Agreement, the following terms have the meanings specified
below:

       

      “ABL Agent”
means the Original ABL Agent, and, from and after the date of execution and
delivery of an ABL Substitute Facility, the agent, collateral agent, trustee or
other representative of the lenders or holders of the indebtedness and other
Obligations evidenced thereunder or governed thereby, in each case, together
with its successors in such capacity.

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      “ABL Credit
Agreement” means the Syndicated Facility Agreement – ABL Revolving
Agreement, dated as of the date hereof, among Holdings, certain of the other
Grantors and other subsidiaries of Holdings, as borrowers, ABL Lenders and DBNY,
as administrative agent, as amended, restated, adjusted, waived, renewed,
extended, supplemented or otherwise modified from time to time and any credit
agreement, loan agreement, note agreement, promissory note, indenture or any
other agreement or instrument evidencing or governing the terms of any ABL
Substitute Facility.

       

       “ABL Debt”
means

       

      (a)         Indebtedness
outstanding under the ABL Credit Agreement on the date hereof or incurred from
time to time after the date hereof under the ABL Credit Agreement;
and

       

      (b)         additional
Indebtedness (including letters of credit and reimbursement obligations with
respect thereto) of Holdings or any Restricted Subsidiary secured by senior
Liens on ABL Facility Collateral and junior Liens on Noteholder Collateral (or,
with respect to Foreign Subsidiaries, secured by Liens on assets of such Foreign
Subsidiaries that would constitute ABL Facility Collateral if owned by Holdings
or any Guarantor); provided, in the case
of any additional Indebtedness referred to in this clause (b),
that:

       

      (i)                 on
or before the date on which such additional Indebtedness is incurred by
Holdings  or such Restricted Subsidiary, as applicable, such
additional Indebtedness is designated by Holdings, in an Officers’ Certificate
delivered to the Noteholder Collateral Trustee, as “ABL Debt” for purposes of
the Priority Lien Documents; provided,
that such Indebtedness may not be designated as both ABL Debt and Priority Lien
Debt; and

       

      (ii)                 the
collateral agent or other representative with respect to such Indebtedness, the
ABL Agent, the Noteholder Collateral Trustee, Holdings and each applicable
Grantor have duly executed and delivered this Agreement (or an Intercreditor
Agreement, Lien Sharing and Priority Confirmation Joinder or a new intercreditor
agreement substantially similar to this Agreement, as in effect on the date
hereof, and in a form reasonably acceptable to each of the parties
hereto).

       

      Notwithstanding
the foregoing, if the aggregate principal amount of Indebtedness (excluding
Indebtedness representing Hedging Obligations and Indebtedness in respect of
cash management services and treasury management services) constituting
principal outstanding under the ABL Credit Agreement and the other ABL Debt
Documents or any ABL Substitute Facility (as of the date of incurrence of any
such Indebtedness and after giving pro forma effect to the
application of the net proceeds therefrom and with letters of credit or bankers’
acceptances issued under the ABL Credit Agreement and the other ABL Debt
Documents being deemed to have a principal amount equal to the face amount
thereof) exceeds the ABL Lien Cap, then only that portion of such Indebtedness
and such aggregate face amount of letters of credit and bankers’ acceptances
equal to the ABL Lien Cap shall be included in ABL Debt and interest, fees,
expenses and indemnification obligations with respect to such Indebtedness and
letters of credit and bankers’ 

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      acceptances
shall only constitute ABL Debt Obligations to the extent related to Indebtedness
and the face amounts of letters of credit and bankers’ acceptances included in
ABL Debt.

       

      “ABL Debt
Documents” means the ABL Credit Agreement and any notes, guarantees,
collateral documents and instruments and agreements executed in connection
therewith (other than any such documents that do not secure ABL Debt
Obligations).

       

      “ABL Debt
Obligations” means ABL Debt and all other Obligations in connection with
the ABL Credit Agreement, including:

       

      (a)         additional
Obligations of Holdings or any Restricted Subsidiary relating to any cash
management services or treasury management services provided to Holdings or any
Restricted Subsidiary by any ABL Lender or lender of any indebtedness under any
ABL Substitute Facility or Affiliate thereof even if the respective ABL Lender
or holder or lender of any indebtedness under any ABL Substitute Facility
subsequently ceases to be an ABL Lender ABL Lender or holder or lender of any
indebtedness under any ABL Substitute Facility (together with successors and
assigns); and

       

      (b)         Hedging
Obligations of Holdings or any Restricted Subsidiary relating to hedging
agreements with any ABL Lender, or lender of any indebtedness under any ABL
Substitute Facility or Affiliate thereof even if the respective ABL Lender or
holder or lender of any indebtedness under any ABL Substitute Facility
subsequently ceases to be an ABL Lender or holder or lender of any indebtedness
under any ABL Substitute Facility (together with successors and
assigns).

       

      “ABL Facility
Collateral” means all assets and properties subject to Liens created by
the ABL Security Documents to secure the ABL Debt Obligations.

       

      “ABL First Lien
Collateral” means all present and future right, title and interest of
Holdings and the Grantors in and to the following, whether now owned or
hereafter acquired, existing or arising, and wherever located:

       

      (a)         Accounts
and payment intangibles, including tax refunds, but excluding payment
intangibles that constitute identifiable proceeds of Noteholder First Lien
Collateral;

       

      (b)         inventory
and all Indebtedness owed to Holdings or any of its subsidiaries that arises
from cash advances to enable the obligor thereof to acquire
inventory;

       

      (c)         deposit
accounts, commodity accounts, securities accounts and all lock-boxes at any
bank, including all money and certificated securities, uncertificated
securities, securities entitlements and investment property or other assets
credited thereto or deposited therein (including all cash, cash equivalents,
marketable securities and other funds held in or on deposit in any such deposit
account, commodity account or securities account but excluding all equity
interests owned by Holdings or the Grantors), instruments, including
intercompany notes (subject to the proviso in clause (e) below), chattel paper
and all cash and cash equivalents, including cash and cash equivalents securing
letters of credit or other ABL Debt Obligations;

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      (d)         general
intangibles, chattel paper or instruments pertaining to the other items of
property included within clauses (a), (b), (c), (e), (f) and (g) of this
definition;

       

      (e)         all
indebtedness of Holdings and any of its subsidiaries that is owing to Holdings
or any Grantor provided that ABL First
Lien Collateral shall not include intercompany indebtedness from Foreign
Subsidiaries owed to Holdings or any Grantor up to an aggregate amount of
$30,000,000;

       

      (f)         
books and records, documents and related letters of credit and commercial tort
claims or other claims and causes of action, in each case, to the extent related
primarily to any of the foregoing; and

       

      (g)         all
substitutions, replacements, accessions, products, supporting obligations and
proceeds (including, without limitation, insurance proceeds, licenses,
royalties, income, payments, claims, damages and proceeds of suit) of all or any
of the foregoing;

       

      except to
the extent that any item of property included in clauses (a) through (g)
constitutes an Excluded Asset and provided that in no case
shall any item included in clauses (a) through (g) include any identifiable cash
proceeds in respect of Noteholder First Lien Collateral or any Net Proceeds from
a sale, lease, conveyance or other disposition of any Noteholder First Lien
Collateral to the extent that such item includes identifiable cash proceeds in
respect of Noteholder First Lien Collateral or any Net Proceeds from a sale of
Noteholder First Lien Collateral that have been (or should have been) deposited
in the Collateral Proceeds Account in accordance with the terms of the
Indenture, until such time as such Net Proceeds are released therefrom in
accordance with the terms of the Indenture.

       

      “ABL
Lenders” means the lenders from time to time party to the ABL Credit
Agreement.

       

       “ABL Lien
Cap” means, as of any date of determination, the sum of (x) $225,000,000
and (y) to the extent the ABL Credit Agreement as entered into on the date
hereof is amended, modified, renewed, refunded, replaced, restated,
restructured, or refinanced after the date hereof, the fees and transaction
costs in connection therewith.

       

       “ABL Liens”
means Liens on the ABL Facility Collateral created under the ABL Security
Documents to secure the ABL Debt Obligations (including Liens on such Collateral
under the security documents associated with any ABL Substitute
Facility).

       

      “ABL Secured
Parties” means (i) the “Secured Parties” as such term is defined in the
ABL Credit Agreement in effect as of the date hereof and (ii) any term with
substantially the same meaning under any ABL Substitute Facility.

       

      “ABL Security
Documents” means the ABL Credit Agreement (insofar as the same grants a
Lien on the Collateral), each Lien Sharing and Priority Confirmation Joinder and
all security agreements, pledge agreements, collateral assignments, collateral
agency agreements, debentures, control agreements or other grants or transfers
for security executed and delivered by Holdings or any Grantor creating (or
purporting to create) a Lien upon Collateral in favor of the ABL Agent, in each
case, as amended, modified, renewed, restated or replaced, in whole or in

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      part,
from time to time, in accordance with its terms and the provisions of the
Indenture (including any such documents or instruments associated with any ABL
Substitute Facility).

       

       “ABL Substitute
Facility” means any facility with respect to which the requirements
contained in Section 2.10(a) of this Agreement have been satisfied and that
Replaces the ABL Credit Agreement then in existence.  For the
avoidance of doubt, no ABL Substitute Facility shall be required to be a
revolving or asset-based loan facility and may be a facility evidenced or
governed by a credit agreement, loan agreement, note agreement, promissory note,
indenture or any other agreement or instrument; provided that any ABL Lien
securing such ABL Substitute Facility shall be subject to the terms of this
Agreement for all purposes (including the lien priorities as set forth herein as
of the date hereof).

       

      “Account”
shall mean, without duplication, (i) an account, (ii) any and all
supporting obligations in respect thereof and (iii) any right to payment of
a monetary obligation, whether or not earned by performance, (a) for
property that has been or is to be sold, leased, licensed, assigned, or
otherwise disposed of, or (b) for services rendered or to be
rendered.

       

      “Additional
Interest” means all special interest then owing pursuant to the
Registration Rights Agreement.

       

       “Additional
Priority Lien Debt Documents” means the Additional Priority Lien Debt
Facility and the Additional Priority Lien Security Documents.

       

      “Additional
Priority Lien Debt Facility” means one or more debt facilities,
commercial paper facilities or indentures for which the requirements of Section
2.10(b) of this Agreement have been satisfied, in each case with banks, other
lenders or trustees, providing for revolving credit loans, term loans,
receivables financing (including through the sale of receivables to such lenders
or to special purpose entities formed to borrow from such lenders against such
receivables), letters of credit, notes or other borrowings, in each case, as
amended, restated, modified, renewed, refunded, restated, restructured,
increased, supplemented, replaced or refinanced in whole or in part from time to
time in accordance with each applicable Secured Document; provided that neither the ABL
Credit Agreement nor any ABL Substitute Facility shall constitute an Additional
Priority Lien Debt Facility at any time.

       

      “Additional
Priority Lien Debt Obligations” means, with respect to any Grantor, any
obligations of such Grantor owed to any Additional Priority Lien Secured Party
(or any of its Affiliates) in respect of the Additional Priority Lien Debt
Documents.

       

      “Additional
Priority Lien Secured Parties” means, at any time, the Noteholder
Collateral Trustee, the trustee, agent or other representative of the holders of
any Series of Priority Lien Debt who maintains the transfer register for such
Series of Priority Lien Debt, the beneficiaries of each indemnification
obligation undertaken by any Grantor under any Additional Priority Lien Debt
Document and each other holder of, or obligee in respect of, any holder or
lender pursuant to any Series of Priority Lien Debt outstanding at such time;
provided that the
Indenture Priority Lien Secured Parties shall not be deemed Additional Priority
Lien Secured Parties.

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      “Additional
Priority Lien Security Documents” means all collateral trust agreements,
security agreements, pledge agreements, collateral assignments, mortgages, deeds
of trust, control agreements, guarantees, notes and any other documents or
instruments now existing or entered into after the date hereof that create Liens
on any assets or properties of any Grantor or any of its subsidiaries to secure
any Obligations of the Grantors owed thereunder to any Additional Priority Lien
Secured Parties.

       

      “Additional
Secured Debt” has the meaning assigned to that term in Section
2.10(b).

       

      “Administrative
Agent” means Deutsche Bank AG New York Branch, in its capacity as
Administrative Agent under the ABL Credit Agreement, and its successors in such
capacity, and any agent, trustee or other representative representing holders or
lenders under any ABL Substitute Facility.

       

      “Affiliate”
of any specified Person means (a) any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
such specified Person or (b) any executive officer or director of such specified
Person.  For purposes of this definition, “control,”
as used with respect to any Person, shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of the management or
policies of such Person, whether through the ownership of voting securities, by
agreement or otherwise.  For purposes of this definition, the terms
“controlling,”
“controlled
by” and “under common
control with” shall have correlative meanings.

       

      “Bankruptcy
Code” means Title 11 of the United States Code.

       

      “Board of
Directors” means (a) with respect to a corporation, the board of
directors of the corporation; (b) with respect to a partnership, the board of
directors of the general partner of the partnership or of the partnership; and
(c) with respect to any other Person, the board or committee of such Person
serving a similar function.

       

       “Capital
Stock” means (a) in the case of a corporation, corporate stock, (b) in
the case of an association or business entity, any and all shares, interests,
participations, rights or other equivalents (however designated) of corporate
stock, (c) in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited), and (d) any
other interest or participation that confers on a Person the right to receive a
share of the profits and losses of, or distributions of assets of, the issuing
Person.

       

       “Capitalized Lease
Obligations” means, at the time any determination thereof is to be made,
the amount of the liability in respect of a capital lease that would at such
time be required to be capitalized and reflected as a liability on a balance
sheet (excluding the footnotes thereto) in accordance with GAAP.

       

      “Class”
means every Series of Priority Lien Debt, taken together.

       

      “Collateral”
means all of the assets and property of any Grantor, whether real, personal or
mixed, constituting the ABL Facility Collateral and the Noteholder
Collateral.

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      “Collateral
Proceeds Account” means a segregated account or accounts held by or under
the control of the Noteholder Collateral Trustee or its agent to secure all
Priority Lien Obligations pursuant to arrangements reasonably satisfactory to
the Noteholder Collateral Trustee.

       

      “Contingent
Obligations” means with respect to any Person, any obligation of such
Person guaranteeing any leases, dividends or other obligations that do not
constitute Indebtedness (“primary
obligations”) of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, including,
without limitation, any obligation of such Person, whether or not
contingent:

       

      (1) to
purchase any such primary obligation or any property constituting direct or
indirect security therefor,

       

      (2) to
advance or supply funds:

       

      (a)           for
the purchase or payment of any such primary obligation; or

       

      (b)           to
maintain working capital or equity capital of the primary obligor or otherwise
to maintain the net worth or solvency of the primary obligor; or

       

      (3) to
purchase property, securities or services primarily for the purpose of assuring
the owner of any such primary obligation of the ability of the primary obligor
to make payment of such primary obligation against loss in respect
thereof.

       

      “Credit
Facilities” means one or more debt facilities (including, without
limitation, the ABL Credit Agreement), commercial paper facilities, note
purchase agreements or indentures, in each case with banks, other lenders or
trustees, providing for revolving credit loans, term loans, receivables
financing (including through the sale of receivables to such lenders or to
special purpose entities formed to borrow from such lenders against such
receivables), letters of credit, notes or other borrowings, in each case, as
amended, restated, modified, renewed, refunded, restated, restructured,
increased, supplemented, replaced or refinanced in whole or in part from time to
time.

       

      “Discharge of ABL
Debt Obligations” means, with respect to any particular ABL Debt
Obligations, the occurrence of all of the following:

       

      (a)         termination
or expiration of all commitments to extend credit that would constitute ABL
Debt;

       

      (b)         payment
in full in cash of the principal of and interest, fees and premium (if any) on
all ABL Debt (other than any undrawn letters of credit), other than from the
proceeds of an incurrence of ABL Debt;

       

      (c)         (i)
cash collateralization (at the percentage of the aggregate undrawn amount
required for release of liens under the terms of the applicable ABL Debt
Document) or other discharge satisfactory to the issuing lender thereof of all
outstanding letters of credit 

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      constituting
ABL Debt Obligations and (ii) the termination or expiration of all commitments
to issue letters of credit that would constitute ABL Debt Obligations;
and

       

      (d)         payment
in full in cash of all other ABL Debt Obligations that are outstanding and
unpaid at the time the ABL Debt is paid in full in cash (other than any
obligations for taxes, costs, indemnifications, reimbursements, damages and
other liabilities in respect of which no claim or demand for payment has been
made at such time).

       

      “Discharge of
Priority Lien Obligations” means, with respect to any particular Priority
Lien Obligations, the occurrence of all of the following:

       

      (a)         termination
or expiration of all commitments to extend credit that would constitute Priority
Lien Debt;

       

      (b)         payment
in full in cash of the principal of, and interest and premium, if any, and
Additional Interest, if any, on all Priority Lien Debt (other than any undrawn
letters of credit), other than from the proceeds of an incurrence of Priority
Lien Debt;

       

      (c)         discharge
or cash collateralization (at the lower of (x) 105% of the aggregate undrawn
amount and (y) the percentage of the aggregate undrawn amount required for
release of liens under the terms of the applicable Priority Lien Document) of
all outstanding letters of credit constituting Priority Lien Debt;
and

       

      (d)         payment
in full in cash of all other Priority Lien Obligations that are outstanding and
unpaid at the time the Priority Lien Debt is paid in full in cash (other than
any obligations for taxes, costs, indemnifications, reimbursements, damages and
other liabilities in respect of which no claim or demand for payment has been
made at such time).

       

      “Discharge of
Senior Secured Debt Obligations” means, (a) in respect of the Priority
Lien Obligations, the Discharge of the Priority Lien Obligations, and (b) in
respect of the ABL Debt Obligations, the Discharge of the ABL Debt Obligations;
provided that the
Discharge of Senior Secured Debt Obligations shall not be deemed to have
occurred in connection with a Replacement as contemplated by Section
2.10(a).

       

      “Disqualified
Stock” means, with respect to any Person, any Capital Stock of such
Person which, by its terms (or by the terms of any security into which it is
convertible or for which it is redeemable or exchangeable), or upon the
happening of any event:

       

      (1)
matures or is mandatorily redeemable, pursuant to a sinking fund obligation or
otherwise,

       

      (2) is
convertible or exchangeable for Indebtedness or Disqualified Stock of such
Person, or

       

      (3) is
redeemable at the option of the holder thereof, in whole or in part, in each
case prior to 91 days after the maturity date of the Indenture Notes; provided, however, that only the
portion of Capital Stock which so matures or is mandatorily redeemable, is so
convertible or exchangeable or is so redeemable at the option of the holder
thereof prior to such date shall be 

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      deemed to
be Disqualified Stock; provided, further, however, that if such Capital
Stock is issued to any employee or to any plan for the benefit of employees of
Holdings or its Subsidiaries or by any such plan to such employees, such Capital
Stock shall not constitute Disqualified Stock solely because it may be required
to be repurchased by Holdings in order to satisfy applicable statutory or
regulatory obligations or as a result of such employee’s termination, death or
disability; provided,
further, that any class
of Capital Stock of such Person that by its terms authorizes such Person to
satisfy its obligations thereunder by delivery of Capital Stock that is not
Disqualified Stock shall not be deemed to be Disqualified Stock. Notwithstanding
the preceding sentence, any Capital Stock that would constitute Disqualified
Stock solely because the holders thereof have the right to require the issuer to
repurchase such Capital Stock upon the occurrence of a Change of Control or an
Asset Sale (each as defined in the ABL Credit Agreement and the Indenture, in
each case, as of the date hereof) will not constitute Disqualified Stock if the
terms of such Capital Stock provide that the issuer may not repurchase or redeem
any such Capital Stock pursuant to such provisions unless such repurchase or
redemption complies with the Indenture.

       

      “Domestic
Subsidiary” means any Restricted Subsidiary of Holdings other than a
Restricted Subsidiary that is (a) a “controlled foreign corporation” under
Section 957 of the Internal Revenue Code or (b) a Subsidiary of any such
controlled foreign corporation.

       

      “Equally and
Ratably” means, in reference to sharing of Liens or proceeds thereof as
between holders of any Priority Lien Obligations within the same Class, that
such Liens or proceeds:

       

      (a)         will
be allocated and distributed to the Secured Debt Representative for each
outstanding Series of Priority Lien Debt within that Class, for the account of
the holders of such Series of Secured Debt, ratably in proportion to the
principal of, and interest and premium (if any) and Additional Interest (if any)
and reimbursement obligations (contingent or otherwise) with respect to letters
of credit, if any, outstanding (whether or not drawings have been made on such
letters of credit) on, each outstanding Series of Priority Lien Debt within that
Class when the allocation or distribution is made, and thereafter;
and

       

      (b)         will
be allocated and distributed (if any remain after payment in full of all of the
principal of, and interest and premium (if any) and reimbursement obligations
(contingent or otherwise) with respect to letters of credit, if any, outstanding
(whether or not drawings have been made on such letters of credit), on all
outstanding Priority Lien Obligations within that Class) to the Secured Debt
Representative for each outstanding Series of Priority Lien Debt within that
Class, for the account of the holders of any remaining Priority Lien
Obligations, as the case may be, within that Class, ratably in proportion to the
aggregate unpaid amount of such remaining Priority Lien Obligations within that
Class due and demanded (with written notice to the Secured Debt Representative)
prior to the date such distribution is made.

       

      “Event of
Default” means an “Event of Default” under and as defined in the ABL
Credit Agreement, the Indenture or any Additional Priority Lien Debt Documents,
as the context may require.

       

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      “Equity
Interests” means Capital Stock and all warrants, options or other rights
to acquire Capital Stock (but excluding any debt security that is convertible
into, or exchangeable for, Capital Stock).

       

       “Excluded
Assets” means each of the following:

       

      (a)         all
interests in real property other than:

       

      (i)                 fee
interests if the greater of the cost or the book value of such fee interest is
more than $2,000,000; and

       

      (ii)                 leasehold
interests in real property contemplated to be used by Holdings or the applicable
Grantor for any material manufacturing operations, in each case, as designated
as such by Holdings to the Noteholder Collateral Trustee in writing (except in
cases where Holdings and the Grantors have been unable to obtain the consent of
the landlord of such leased property to the granting of a Lien on such leasehold
interests after using commercially reasonable efforts to do so).

       

      (b)         any
property or asset to the extent that the grant of a Lien under the Security
Documents in such property or asset is prohibited by applicable law or requires
any consent of any governmental authority not obtained pursuant to applicable
law; provided that such property or asset shall be an Excluded Asset only to the
extent and for so long as the consequences specified above shall result and
shall cease to be an Excluded Asset and shall become subject to the Lien granted
under the Security Documents, immediately and automatically, at such time as
such consequences shall no longer result;

       

      (c)         any
lease, license, contract, property right or agreement to which Holdings or any
Grantor is a party or any of its rights or interests thereunder only to the
extent and only for so long as the grant of a Lien under the Security Documents
shall constitute or result in a breach, termination or default under or requires
any consent not obtained under any such lease, license, contract, agreement or
property right (other than to the extent that any such term would be rendered
ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the Uniform
Commercial Code (or any successor provision or provisions) of any relevant
jurisdiction or any other applicable law (including the Bankruptcy Code) or
principles of equity); provided that such lease, license, contract, property
right or agreement shall be an Excluded Asset only to the extent and for so long
as the consequences specified above shall result and shall cease to be an
Excluded Asset and shall become subject to the Lien granted under the Security
Documents, immediately and automatically, at such time as such consequences will
no longer result;

       

      (d)         Equity
Interests in ACCO Brands Receivables Funding LLC, so long as such entity is a
Receivables Subsidiary;

       

      (e)         Equity
Interests or other securities of any subsidiary of Holdings (other than ACCO
Brands Europe Holding LP) to the extent the pledge of such Equity Interests or
other securities would require Holdings to file separate financial statements
with the SEC with respect to such subsidiary pursuant to Rule 3-16 of Regulation
S-X under the
Securities Act, as in effect from time to time; provided that in the event that Rule 3-16 of
Regulation S-X under the 

       

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      Securities
Act is amended, modified or interpreted by the SEC to permit (or is replaced
with another rule or regulation, or any other law, rule or regulation is
adopted, which would permit) all of such subsidiary’s Equity Interests or other
securities to be pledged to secure the Priority Lien Obligations without the
filing with the SEC of separate financial statements of such subsidiary, then
all of the Equity Interests and other securities of such subsidiary shall
automatically be deemed to be part of the Noteholder Collateral (and the
Priority Lien Security Documents shall be amended to reflect such inclusion in
the Noteholder Collateral);

       

      (f)         
any amount of Voting Equity Interests of any Foreign Subsidiary exceeding, and
only to the extent that such Voting Equity Interests exceed, 65% of the total
Voting Equity Interests of such Foreign Subsidiary held by Holdings or any
Grantor;

       

      (g)         the
Equity Interests of any Foreign Subsidiary other than (A) ACCO Mexicana S.A. de
C.V., ACCO Brands Canada Inc. and ACCO Brands Europe Holding LP; and (B) any
Foreign Subsidiary directly owned by Holdings or any Grantor if the product of
that Foreign Subsidiary’s EBITDA for the preceding fiscal year times 7.0 exceeds
$42,500,000, such determination to be made annually at the conclusion of the
audit of Holdings’s annual financial statements, in each case subject to clauses
(e) and (f) above; and

       

      (h)         certain
other items agreed by the parties and as more fully set forth in the Priority
Lien Security Documents.

       

      “Excluded
Subsidiary” means:

       

      (1)           ACCO
Brands Receivables Funding LLC; and

       

      (2)           any
Foreign Subsidiary.

       

      “Fair Market
Value” means, with respect to any asset or property, the price which
could be negotiated in an arm’s-length, free market transaction, for cash,
between a willing seller and a willing and able buyer, neither of whom is under
undue pressure or compulsion to complete the transaction.

       

      “Foreign
Subsidiary” means any Restricted Subsidiary of Holdings other than a
Domestic Subsidiary.

       

      “Grantors”
means

       

      (1)           each
direct or indirect Domestic Subsidiary of Holdings on the date hereof (other
than any Excluded Subsidiary on the date hereof); and

       

      (2)           any
other Restricted Subsidiary of Holdings on the date hereof that executes a
Guarantee of the Indenture Notes pursuant to the Indenture from time to time in
accordance with the provisions of the Indenture.

       

      (3)           their
respective successors and assigns until released from their obligations under
the Security Documents pursuant to the Indenture and the ABL Credit
Agreement.

       

       

      
        
          
          

        

        
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      “Guarantee”
means, as to any Person, a guarantee other than by endorsement of negotiable
instruments for collection in the ordinary course of business, direct or
indirect, in any manner including, without limitation, by way of a pledge of
assets or through letters of credit or reimbursement agreements in respect
thereof, of all or any part of any Indebtedness of another Person.

       

      “Hedging
Obligations” means, with respect to any Person, the obligations of such
Person under:

       

      (a)         currency
exchange, interest rate or commodity swap agreements, currency exchange,
interest rate or commodity cap agreements and currency exchange, interest rate
or commodity collar agreements; and

       

      (b)         other
agreements or arrangements designed to protect such Person against fluctuations
in currency exchange, interest rates and/or commodity prices.

       

      “Holders of
Priority Lien Debt” means (a) the Holders under and as defined in the
Indenture, (b) the holders or lenders pursuant to any Series of Priority Lien
Debt and (c) the holders or lenders of any indebtedness under any Noteholder
Substitute Facility.

       

      “Indebtedness”
means, with respect to any specified Person, without duplication:

       

      (a)         any
indebtedness of such Person, without duplication, whether or not contingent, (i)
in respect of borrowed money, (ii) evidenced by bonds, notes, debentures or
similar instruments or letters of credit (or, without duplication, reimbursement
agreements in respect thereof), excluding letters of credit securing obligations
other than obligations described in subclauses (i), (ii), (v) and (vi) of this
clause (a) and entered into in the ordinary course of business of such Person,
to the extent such letters of credit are not drawn upon, or, if drawn upon, to
the extent such drawing is reimbursed no later than the fifth (5th) Business Day
following receipt by such Person of a demand for reimbursement, (iii) in respect
of bankers’ acceptances, (iv) representing the deferred balance and unpaid
purchase price of any property, except any such balance that constitutes an
accrued expense or trade payable or similar obligation to a trade creditor and
excluding any such balance or unpaid purchase price to the extent that it is
either required to be or at the option of such Person may be satisfied solely
through the issuance of Equity Interests of Holdings that are not Disqualified
Stock, (v) in respect of Capitalized Lease Obligations, or (vi) representing any
Hedging Obligations, other than Hedging Obligations that are incurred in the
normal course of business and not for speculative purposes, and that do not
increase the Indebtedness of the obligor outstanding at any time other than as a
result of fluctuations in interest rates, commodity prices or foreign currency
exchange rates or by reason of fees, indemnities and compensation payable
thereunder, if and to the extent that any of the foregoing indebtedness (other
than letters of credit and Hedging Obligations) would appear as a liability on a
balance sheet (excluding the footnotes thereto) of such Person prepared in
accordance with GAAP;

       

      (b)         to
the extent not otherwise included, any obligation of such Person to be liable
for, or to pay, as obligor, guarantor or otherwise, on the Indebtedness of
another 

       

       

      
        
          
          

        

        
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      Person
(other than by endorsement of negotiable instruments for collection in the
ordinary course of business);

       

      (c)         to
the extent not otherwise included, Indebtedness of another Person secured by a
Lien on any asset owned by such Person (whether or not such Indebtedness is
assumed by such Person); provided,
however, that the amount of such Indebtedness will be the lesser of: (i)
the Fair Market Value of such asset at such date of determination, and (ii) the
amount of such Indebtedness of such other Person; and

       

      (d)         to
the extent not otherwise included, with respect to Holdings and its Restricted
Subsidiaries, the amount then outstanding (i.e., advanced, and received by, and
available for use by, Holdings or any of its Restricted Subsidiaries) under any
Receivables Financing (as set forth in the books and records of Holdings or any
Restricted Subsidiary and confirmed by the agent, Trustee or other
representative of the institution or group providing such Receivables
Financing);

       

      provided, however, that notwithstanding
the foregoing, Indebtedness shall be deemed not to include (i) Contingent
Obligations incurred in the ordinary course of business and not in respect of
borrowed money or (ii) Obligations under or in respect of Qualified Receivables
Financing.

       

      “Indenture”
has the meaning set forth in the recitals hereto.

       

      “Indenture
Noteholder Security Documents” means the Indenture (insofar as the same
grants a Lien on the Collateral), the Noteholder Collateral Trust Agreement,
each Lien Sharing and Priority Confirmation Joinder and all security agreements,
pledge agreements, collateral assignments, collateral agency agreements,
debentures, control agreements or other grants or transfers for security
executed and delivered by Holdings or any Grantor creating (or purporting to
create) a Lien upon Collateral in favor of the Noteholder Collateral Trustee, in
each case, as amended, modified, renewed, restated or replaced, in whole or in
part, from time to time, in accordance with its terms and the provisions of the
Indenture (including any such documents or instruments associated with any
Noteholder Substitute Facility).

       

       “Indenture
Notes” means the 10.625% Senior Secured Notes due 2015 issued under the
Indenture, and any other senior secured notes issued thereunder.

       

      “Indenture
Priority Lien Documents” means the Indenture, the Indenture Noteholder
Security Documents and all other loan documents, notes, guarantees, instruments
and agreements governing or evidencing any Noteholder Substitute
Facility.

       

      “Indenture
Priority Lien Obligations” means, with respect to any Grantor, any
obligations of such Grantor owed to any Indenture Priority Lien Secured Party
(or any of its Affiliates) in respect of the Indenture Priority Lien
Documents.

       

      “Indenture
Priority Lien Secured Parties” means, at any time, the Trustee, all
holders of indenture Notes, the Noteholder Collateral Trustee, the trustees,
agents and other representatives of the holders of the Indenture Notes
(including any holders of notes pursuant to supplements executed in connection
with the issuance of Series of Priority Lien Debt under the Indenture) who
maintains the transfer register for such Indenture Notes or such Series of
Priority 

       

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      Lien
Debt, the beneficiaries of each indemnification obligation undertaken by any
Grantor under any Indenture Priority Lien Document and each other holder of, or
obligee in respect of, any holder or lender pursuant to any Indenture Priority
Lien Document outstanding at such time; provided that the Additional
Priority Lien Secured Parties shall not be deemed Indenture Priority Lien
Secured Parties.

       

      “Insolvency or
Liquidation Proceeding” means:

       

      (a)         any
case commenced by or against Holdings or any other Grantor under the Bankruptcy
Code or any similar federal or state law for the relief of debtors, any other
proceeding for the reorganization, recapitalization or adjustment or marshalling
of the assets or liabilities of Holdings or any other Grantor, any receivership
or assignment for the benefit of creditors relating to Holdings or any other
Grantor or any similar case or proceeding relative to Holdings or any other
Grantor or its creditors, as such, in each case whether or not
voluntary;

       

      (b)         any
liquidation, dissolution, marshalling of assets or liabilities or other winding
up of or relating to Holdings or any other Grantor, in each case whether or not
voluntary and whether or not involving bankruptcy or insolvency, unless
otherwise permitted by the Senior Documents;

       

      (c)         any
proceeding seeking the appointment of a trustee, receiver, liquidator, custodian
or other insolvency official with respect to Holdings or any Grantor or any of
their assets;

       

      (d)         any
other proceeding of any type or nature in which substantially all claims of
creditors of Holdings or any Grantor are determined and any payment or
distribution is or may be made on account of such claims; or

       

      (e)         any
analogous procedure or step in any jurisdiction.

       

      “Intercreditor
Agreement Joinder” means an agreement substantially in the form of
Exhibit A.

       

      “Investment Grade
Securities” means:

       

      (a)         securities
issued or directly and fully guaranteed or insured by the United States
government or any agency or instrumentality thereof (other than Cash
Equivalents), in each case with maturities not exceeding two (2) years from the
date of acquisition,

       

      (b)         investments
in any fund that invests exclusively in investments of the type described in
clause (a), which fund may also hold immaterial amounts of cash pending
investment and/or distribution, and

       

      (c)         corresponding
instruments in countries other than the United States customarily utilized for
high quality investments and in each case with maturities not exceeding two
years from the date of acquisition.

       

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      “Investments”
means, with respect to any Person, all investments by such Person in other
Persons (including Affiliates) in the form of loans (including guarantees),
advances or capital contributions (excluding accounts receivable, trade credit
and advances to customers and commission, payroll, travel and similar advances
to officers, employees and consultants made in the ordinary course of business),
purchases or other acquisitions for consideration of Indebtedness, Equity
Interests or other securities issued by any other Person, together with all
items that are or would be classified as investments on a balance sheet prepared
in accordance with GAAP.

       

      “Junior
Documents” means (a) in respect of the Noteholder First Lien Collateral,
the ABL Debt Documents and (b) in respect of the ABL First Lien Collateral, the
Priority Lien Documents.

       

      “Junior
Liens” means (a) in respect of the ABL First Lien Collateral, the
Priority Liens on such Collateral, and (b) in respect of the Noteholder First
Lien Collateral, the ABL Liens.

       

      “Junior
Representative” means (a) with respect to the Noteholder First Lien
Collateral, the ABL Agent and (b) with respect to the ABL First Lien Collateral,
the Noteholder Collateral Trustee.

       

      “Junior Secured
Obligations” means (a) with respect to the Priority Lien Obligations (to
the extent such Obligations are secured, or intended to be secured, by the
Noteholder First Lien Collateral), the ABL Debt Obligations and (b) with respect
to ABL Debt Obligations (to the extent such Obligations are secured, or intended
to be secured, by the ABL First Lien Collateral), the Priority Lien
Obligations.

       

      “Junior Secured
Obligations Collateral” means the Collateral in respect of which the
Junior Representative (on behalf of itself and the Junior Secured Obligations
Secured Parties) holds a Junior Lien.

       

      “Junior Secured
Obligations Secured Parties” means (a) with respect to the Noteholder
First Lien Collateral, the ABL Secured Parties and (b) with respect to the ABL
First Lien Collateral, the Priority Lien Secured Parties.

       

      “Junior Secured
Obligations Security Documents” means (a) with respect to the ABL First
Lien Collateral, the Priority Lien Security Documents, and (b) with respect to
the Noteholder First Lien Collateral, the ABL Security Documents.

       

      “Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security
interest or encumbrance of any kind in respect of such asset, whether or not
filed, recorded or otherwise perfected under applicable law (including any
conditional sale or other title retention agreement, any lease in the nature
thereof, any option or other agreement to sell or give a security interest in
and any filing of or agreement to give any financing statement under the Uniform
Commercial Code (or equivalent statutes) of any jurisdiction); provided that in no event
shall an operating lease be deemed to constitute a Lien.

       

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      “Lien Sharing and
Priority Confirmation Joinder” means an agreement substantially in the
form of Exhibit B.

       

      “Net
Proceeds” means the aggregate cash proceeds received by Holdings or any
of its Restricted Subsidiaries in respect of any sale, lease, conveyance or
other disposition of collateral (including, without limitation, any cash
payments received by way of deferred payment of principal pursuant to a note or
installment receivable or otherwise, but only as and when received, but
excluding the assumption by the acquiring person of Indebtedness relating to the
disposed assets or other consideration received in any other non-cash form), net
of the direct costs relating to such asset sale, lease, conveyance or other
disposition (including, without limitation, legal, accounting and investment
banking fees, and brokerage and sales commissions), and any relocation expenses
Incurred as a result thereof, taxes paid or payable as a result thereof (after
taking into account any available tax credits or deductions and any tax sharing
arrangements related thereto), amounts required to be applied to the repayment
of principal, premium (if any), Additional Interest (if any) and interest on
Indebtedness required (other than pursuant to the Indenture) to be paid as a
result of such transaction, and any deduction of appropriate amounts to be
provided by Holdings as a reserve in accordance with GAAP against any
liabilities associated with the asset disposed of in such transaction and
retained by Holdings after such sale or other disposition thereof, including,
without limitation, pension and other post-employment benefit liabilities and
liabilities related to environmental matters or against any indemnification
obligations associated with such transaction.

       

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

       

      “Noteholder
Collateral” means all assets and properties subject to Liens created by
the Indenture Noteholder Security Documents to secure the Indenture Priority
Lien Obligations.

       

      “Noteholder
Collateral Trust Agreement” means the Collateral Trust Agreement, dated
as of September 30, 2009, among Holdings, the subsidiaries of Holdings from time
to time party thereto, the Trustee, the other Secured Debt Representatives from
time to time party thereto and the Noteholder Collateral Trustee, as amended,
restated, adjusted, waived, renewed, extended, supplemented or otherwise
modified from time to time, in accordance with each applicable Secured
Document.

       

      “Noteholder
Collateral Trustee” means the Original Noteholder Collateral Trustee,
and, from and after the date of execution and delivery of an Noteholder
Substitute Facility, the agent, collateral agent, trustee or other
representative of the lenders or other holders of the indebtedness and other
obligations evidence thereunder or governed thereby, in each case, together with
its successors in such capacity.

       

      “Noteholder First
Lien Collateral” means all of the tangible and intangible properties and
assets at any time owned or acquired by Holdings or any Grantor,
except:

       

      (a)         Excluded
Assets; and

       

      (b)         ABL
First Lien Collateral.

       

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

      “Noteholder
Substitute Facility” means any facility with respect to which the
requirements contained in Section 2.10(a) of this Agreement have been satisfied
and that is permitted to be incurred pursuant to the ABL Debt Documents, the
proceeds of which are used to, among other things, Replace the Indenture and/or
any Additional Priority Lien Debt Facility then in existence.  For the
avoidance of doubt, no Noteholder Substitute Facility shall be required to be
evidenced by notes or other instruments and may be a facility evidenced or
governed by a credit agreement, loan agreement, note agreement, promissory note,
indenture or any other agreement or instrument; provided that any such
Noteholder Substitute Facility shall be subject to the terms of this Agreement
for all purposes (including the lien priority as set forth herein as of the date
hereof) as the other Liens securing the Priority Lien Obligations are subject to
under this Agreement.

       

      “Obligations”
means any principal, interest, penalties, fees, expenses, indemnifications,
reimbursements, damages and other liabilities (including all interest accruing
after the commencement of any Insolvency or Liquidation Proceeding, even if such
interest is not enforceable, allowable or allowed as a claim in such proceeding)
under the documentation governing any Indebtedness.

       

      “Officer”
means, with respect to any Person, the Chairman of the Board, the Chief
Executive Officer, the President, the Chief Operating Officer, the Chief
Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the
Secretary, any Senior Vice President, any Vice President or any Assistant Vice
President of such Person.

       

      “Officers’
Certificate” means a certificate signed on behalf of Holdings by at least
two Officers of Holdings, one of whom must be the principal executive officer,
the principal financial officer, the treasurer or the principal accounting
officer of Holdings.

       

      “Original
ABL
Agent” has the meaning assigned to that term in the preamble
hereto.

       

       “Original
Noteholder Collateral Trustee” has the meaning assigned to that term in
the preamble hereto.

       

      “Original
Trustee” means U.S. Bank National Association, in its capacity as trustee
under the Indenture, and together with its successors in such
capacity.

       

      “Person”
means any individual, corporation, partnership, joint venture, association,
joint-stock company, trust, unincorporated organization, limited liability
company, government or any agency or political subdivision thereof or any other
entity.

       

      “Permitted
Replacement” means, as to any Indebtedness, the Replacement of such
Indebtedness to refinance such existing Indebtedness; provided that, in the case of
such Replacing Indebtedness, the following conditions are
satisfied:

       

      (a)         the
weighted average life to maturity of such Replacement of such Indebtedness shall
be greater than or equal to the weighted average life to maturity of the
Indebtedness being refinanced;

       

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

      (b)         the
principal amount of such Replacement of such Indebtedness shall be less than or
equal to (i) the principal amount then outstanding of the Indebtedness being
refinanced or (ii) in the case of a revolving credit facility, the amount of the
commitment thereunder at the time of such Replacement, except to the extent an
increase in the principal amount or the committed amount, as applicable, is
permitted at such time pursuant to the ABL Debt Documents and Indenture Priority
Lien Documents which then remain in effect; and

       

      (c)         the
terms applicable to such Replacement of such Indebtedness and, if applicable,
the related guarantees of such Permitted Replacement, shall not violate the
applicable requirements contained in any Indenture Priority Lien Documents or
ABL Debt Documents which remain outstanding after giving effect to the
respective Permitted Replacement.

       

      “Priority
Lien” means a Lien granted by the Priority Lien Documents to the
Noteholder Collateral Trustee, at any time, upon any property of Holdings or any
Grantor to secure Priority Lien Obligations.

       

      “Priority Lien
Cap” means, as of any date of determination, $495,000,000.

       

      “Priority Lien
Debt” means:

       

      (a)         the
Indenture Notes initially issued by Holdings under the Indenture;
and

       

      (b)         additional
notes issued under any indenture or Other Indebtedness  (including
letters of credit and reimbursement obligations with respect thereto) of
Holdings with respect to which the requirements of Section 2.10(b) have been
satisfied that is secured equally and ratably with the Indenture Notes by a
Priority Lien that was permitted to be incurred and so secured under each
applicable Priority Lien Document; provided, in the case of any additional notes
or other Indebtedness referred to in this clause (b), that:

       

      (i)                 on
or before the date on which such additional notes were issued or Indebtedness is
incurred by Holdings, such additional notes or other Indebtedness, as
applicable, is designated by Holdings, in an Officers’ Certificate delivered to
the Noteholder Collateral Trustee, as “Priority Lien Debt” for the
purposes of the Secured Debt Documents; provided that no Series of Priority Lien Debt
may be designated as both ABL Debt and Priority Lien Debt;

       

      (ii)                 such
additional notes or such Indebtedness is governed by an indenture or a credit
agreement, as applicable, or other agreement that includes a Lien Sharing and
Priority Confirmation Joinder; and

       

      (iii)                 all
requirements set forth in the Collateral Trust Agreement as to the confirmation,
grant or perfection of the Noteholder Collateral Trustee’s Lien to secure such
additional notes or such Indebtedness or Obligations in respect thereof are
satisfied (and the satisfaction of such requirements and the other provisions of
this clause (iii) will be conclusively established if Holdings delivers to
the Noteholder Collateral Trustee an Officers’ Certificate stating that

       

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

      such
requirements and other provisions have been satisfied and that such notes or
such Indebtedness is “Priority Lien
Debt”).

       

      Notwithstanding
the foregoing, if the aggregate principal amount of Indebtedness constituting
principal outstanding under the Priority Lien Documents (as of the date of
incurrence of any such Indebtedness and after giving pro forma effect to the
application of the net proceeds therefrom) exceeds the Priority Lien Cap, then
only that portion of such Indebtedness equal to the Priority Lien Cap shall be
included in Priority Lien Debt and interest, fees, expenses and indemnification
obligations with respect to such Indebtedness shall only constitute Priority
Lien Obligations to the extent related to Indebtedness included in the Priority
Lien Debt.

       

      “Priority Lien
Documents” means the Indenture Priority Lien Documents and the Additional
Priority Lien Debt Documents.

       

      “Priority Lien
Obligations” means Priority Lien Debt and all other Obligations in
respect thereof.

       

      “Priority Lien
Secured Parties” means the Indenture Priority Lien Secured Parties and
the Additional Priority Lien Secured Parties.

       

      “Priority Lien
Security Documents” means the Indenture Noteholder Security Documents and
the Additional Priority Lien Security Documents.

       

      “Qualified
Receivables Financing” means any Receivables Financing of a Receivables
Subsidiary that meets the following conditions:

       

      (a)         the
Board of Directors of Holdings shall have determined in good faith that such
Qualified Receivables Financing (including financing terms, covenants,
termination events and other provisions) is in the aggregate economically fair
and reasonable to Holdings and the Receivables Subsidiary;

       

      (b)         all
sales of accounts receivable and related assets to the Receivables Subsidiary
are made at Fair Market Value (as determined in good faith by Holdings);
and

       

      (c)         the
financing terms, covenants, termination events and other provisions thereof
shall be market terms (as determined in good faith by Holdings) and may include
Standard Securitization Undertakings.

       

      The grant
of a security interest in any accounts receivable of Holdings or any of its
Restricted Subsidiaries (other than a Receivables Subsidiary) to secure ABL Debt
Obligations, Priority Lien Obligations shall not be deemed a Qualified
Receivables Financing.

       

      “Real Estate
Asset” means, at any time of determination, any fee interest then owned
by Holdings or any Grantor in any real property.

       

      “Receivables
Financing” means any transaction or series of transactions that may be
entered into by Holdings or any of its Subsidiaries pursuant to which Holdings
or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a
Receivables Subsidiary (in the case of a transfer by Holdings or any of its
Subsidiaries); and (b) any other Person (in the case of 

       

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

       

      a
transfer by a Receivables Subsidiary), or may grant a security interest in, any
accounts receivable (whether now existing or arising in the future) of Holdings
or any of its Subsidiaries, and any assets related thereto including, without
limitation, all collateral securing such accounts receivable, all contracts and
all Guarantees or other obligations in respect of such accounts receivable,
proceeds of such accounts receivable and other assets which are customarily
transferred or in respect of which security interests are customarily granted in
connection with asset securitization transactions involving accounts receivable
and any Hedging Obligations entered into by Holdings or any such Subsidiary in
connection with such accounts receivable.

       

      “Receivables
Repurchase Obligation” means any obligation of a seller of receivables in
a Qualified Receivables Financing to repurchase receivables arising as a result
of a breach of a representation, warranty or covenant or otherwise, including as
a result of a receivable or portion thereof becoming subject to any asserted
defense, dispute, off-set or counterclaim of any kind as a result of any action
taken by, any failure to take action by or any other event relating to the
seller.

       

      “Receivables
Subsidiary” means a Wholly Owned Restricted Subsidiary of Holdings (or
another Person formed for the purposes of engaging in Qualified Receivables
Financing with Holdings in which Holdings or any Subsidiary of Holdings makes an
Investment and to which Holdings or any Subsidiary of Holdings transfers
accounts receivable and related assets) which engages in no activities other
than in connection with the financing of accounts receivable of Holdings and its
Subsidiaries, all proceeds thereof and all rights (contractual or other),
collateral and other assets relating thereto, and any business or activities
incidental or related to such business, and which is designated by the Board of
Directors of Holdings (as provided below) as a Receivables Subsidiary
and:

       

      (a)         no
portion of the Indebtedness or any other obligations (contingent or otherwise)
of which (i) is Guaranteed by Holdings or any other Subsidiary of Holdings
(excluding Guarantees of obligations (other than the principal of and interest
on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is
recourse to or obligates Holdings or any other Subsidiary of Holdings in any way
other than pursuant to Standard Securitization Undertakings, or (iii) subjects
any property or asset of Holdings or any other Subsidiary of Holdings, directly
or indirectly, contingently or otherwise, to the satisfaction thereof, other
than pursuant to Standard Securitization Undertakings;

       

      (b)         with
which neither Holdings nor any other Subsidiary of Holdings has any material
contract, agreement, arrangement or understanding other than on terms which
Holdings reasonably believes to be no less favorable to Holdings or such
Subsidiary than those that might be obtained at the time from Persons that are
not Affiliates of Holdings; and

       

      (c)         to
which neither Holdings nor any other Subsidiary of Holdings has any obligation
to maintain or preserve such entity’s financial condition or cause such entity
to achieve certain levels of operating results.

       

      Any such
designation by the Board of Directors of Holdings shall be evidenced to the
Trustee by filing with the Trustee a certified copy of the resolution of the
Board of Directors 

       

       

      
        
          
          

        

        
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      of
Holdings giving effect to such designation and an Officers’ Certificate
certifying that such designation complied with the foregoing
conditions.

       

      “Registration
Rights Agreement” means (a) the Registration Rights Agreement dated as of
September 30, 2009 among Holdings, the Grantors and the initial purchasers
listed on Schedule A thereto relating to the Priority Lien Debt and (b) any
other similar Registration Rights Agreement relating to Additional Priority Lien
Debt Obligations.

       

       “Replaces”
means, (a) in respect of any agreement with reference to the ABL Credit
Agreement or the ABL Debt Obligations or any ABL Substitute Facility, that such
agreement refunds, refinances or replaces the ABL Credit Agreement or such ABL
Substitute Facility in whole (in a transaction that is in compliance with
Section 2.10(a)) and that all commitments thereunder are terminated, or, to the
extent permitted by the terms of the ABL Credit Agreement or such ABL Substitute
Facility, in part, and (b) in respect of any indebtedness with reference to the
Priority Lien Documents or the Priority Lien Obligations or any Noteholder
Substitute Facility, that such indebtedness refunds, refinances or replaces the
Priority Lien Documents or such Noteholder Substitute Facility in whole (in a
transaction that is in compliance with Section 2.10(a)) and that all commitments
thereunder are terminated, or, to the extent permitted by the terms of the
Priority Lien Documents or such Noteholder Substitute Facility, in
part.  “Replace,”
“Replaced”
and “Replacement”
shall have correlative meanings.

       

      “Representative”
means (a) in the case of any Priority Lien Obligations, the Noteholder
Collateral Trustee, and (b) in the case of any ABL Debt Obligations, the ABL
Agent.

       

      “Restricted
Subsidiary” of a Person means any subsidiary of Holdings that is not an
Unrestricted Subsidiary.

       

      “Sale and
Leaseback Transaction” means an arrangement relating to property now
owned or hereafter acquired by Holdings or a Restricted Subsidiary whereby
Holdings or a Restricted Subsidiary transfers such property to a Person and
Holdings or such Restricted Subsidiary leases it from such Person, other than
leases between Holdings and a Restricted Subsidiary of Holdings or between
Restricted Subsidiaries of Holdings.

       

      “SEC” means
the United States Securities and Exchange Commission.

       

      “Secured Debt
Representative” means (a) in the case of the Indenture Notes, Noteholder
Collateral Trustee, and (b) in the case of any other Series of Priority Lien
Debt, the trustee, agent or representative of the holders of such Series of
Priority Lien Debt who maintains the transfer register for such Series of
Priority Lien Debt and is appointed as a representative of such Series of
Priority Lien Debt (for purposes related to the administration of the security
documents) pursuant to the indenture, credit agreement or other agreement
governing such Series of Priority Lien Debt.

       

      “Secured
Parties” means the Priority Lien Secured Parties and the ABL Secured
Parties.

       

      “Secured
Documents” means the Priority Lien Documents and the ABL Debt
Documents.

       

       

      
        
          
          

        

        
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      “Security
Documents” means the Indenture Noteholder Security Documents, the ABL
Security Documents and the Additional Priority Lien Security
Documents.

       

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

       

      “Senior
Documents” means (a) in respect of the Noteholder First Lien Collateral,
the Priority Lien Documents, and (b) in respect of the ABL First Lien
Collateral, the ABL Debt Documents.

       

      “Senior
Liens” means (a) in respect of the ABL First Lien Collateral, the ABL
Liens on such Collateral, and (b) in respect of the Noteholder First Lien
Collateral, the Priority Liens on such Collateral.

       

      “Senior
Representative” means (a) with respect to the Noteholder First Lien
Collateral, the Noteholder Collateral Trustee, and (b) with respect to the ABL
First Lien Collateral, the ABL Agent.

       

      “Senior Secured
Obligations” means (a) with respect to the ABL Debt Obligations (to the
extent such obligations are secured, or are intended to be secured, by the
Noteholder First Lien Collateral), the Priority Lien Obligations, and (b) with
respect to Priority Lien Obligations (to the extent such obligations are
secured, or are intended to be secured, by the ABL First Lien Collateral), the
ABL Debt Obligations.

       

      “Senior Secured
Obligations Collateral” means the Collateral in respect of which the
Senior Representative (on behalf of itself and the applicable Senior Secured
Obligations Secured Parties) holds a Senior Lien.

       

      “Senior Secured
Obligations Secured Parties” means (a) with respect to the Noteholder
First Lien Collateral, the Priority Lien Secured Parties, and (b) with respect
to the ABL First Lien Collateral, the ABL Secured Parties.

       

      “Senior Secured
Obligations Security Documents” means (a) with respect to the ABL First
Lien Collateral, the ABL Security Documents, and (b) with respect to the
Noteholder First Lien Collateral, the Indenture Noteholder Security Documents
and the Additional Priority Lien Security Documents.

       

      “Series of
Priority Lien Debt” means, severally, the Indenture Notes and any
additional notes, any Credit Facility (other than the ABL Credit Agreement) and
other Indebtedness that constitutes Priority Lien Debt.

       

      “Standard
Securitization Undertakings” means representations, warranties,
covenants, indemnities and guarantees of performance entered into by Holdings or
any Subsidiary of Holdings which Holdings has determined in good faith to be
customary in a Receivables Financing including, without limitation, those
relating to the servicing of the assets of a Receivables Subsidiary, it being
understood that any Receivables Repurchase Obligation shall be deemed to be a
Standard Securitization Undertaking.

       

       

      
        
          
          

        

        
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      “subsidiary”
means, with respect to any specified Person (a) any corporation, association or
other business entity of which more than 50% of the total voting power of shares
of Capital Stock entitled (without regard to the occurrence of any contingency)
to vote in the election of directors, managers or trustees thereof is at the
time owned or controlled, directly or indirectly, by such Person or one or more
of the other subsidiaries of that Person (or a combination thereof); and (b)any
partnership (i) the sole general partner or the managing general partner of
which is such Person or a subsidiary of such Person or (ii) the only general
partners of which are such Person or one or more subsidiaries of such Person (or
any combination thereof).

       

      “TIA” means
the Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa-77bbbb) as in effect on
the date hereof.

       

      “Trustee”
means the Original Trustee, and, from and after the date of execution and
delivery of the Noteholder Substitute Facility, the agent, collateral agent,
trustee or other representative of the lenders or other holders of the
indebtedness and other obligations evidenced thereunder or governed thereby,
together with its successors in such capacity.

       

      “Unrestricted
Subsidiary” means

       

      (a)         any
subsidiary of Holdings that at the time of determination shall be designated an
Unrestricted Subsidiary by the Board of Directors of Holdings in accordance with
the Indenture; and

       

      (b)           any
subsidiary of an Unrestricted Subsidiary.

       

      “Voting Equity
Interests” of any Person as of any date means the Equity Interests of
such Person that is at the time entitled to vote in the election of the Board of
Directors of such Person.

       

      “Wholly Owned
Restricted Subsidiary” means any Wholly Owned Subsidiary that is a
Restricted Subsidiary.

       

      “Wholly Owned
Subsidiary” of any Person means a Subsidiary of such Person 100% of the
outstanding Capital Stock or other ownership interests of which (other than
directors’ qualifying shares) shall at the time be owned by such Person or by
one or more Wholly Owned Subsidiaries of such Person or by such Person and one
or more Wholly Owned Subsidiaries of such Person.

       

      ARTICLE
II

       

      Subordination
of Junior Liens; Certain Agreements

       

      SECTION
2.01            Subordination of Junior
Liens.

       

      (a)         The
grant of the ABL Liens pursuant to the ABL Security Documents and the grant of
the Priority Liens pursuant to the Indenture Noteholder Security Documents and
the Additional Priority Lien Security Documents create two separate and distinct
Liens on the Collateral.

       

       

      
        
          
          

        

        
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      (b)         All
Junior Liens in respect of any Collateral are expressly subordinated and made
junior in right, priority, operation and effect to any and all Senior Liens in
respect of such Collateral, notwithstanding anything contained in this
Agreement, the Priority Lien Documents, the ABL Debt Documents or any other
agreement or instrument or operation of law to the contrary, and irrespective of
the time, order or method of creation, attachment or perfection of such Junior
Liens and Senior Liens or any failure, defect or deficiency or alleged failure,
defect or deficiency in any of the foregoing.

       

      (c)         It
is acknowledged that (i) the Senior Secured Obligations may be increased from
time to time pursuant to the terms of the Senior Documents, (ii) a portion of
the Senior Secured Obligations consists or may consist of indebtedness that is
revolving in nature, and the amount thereof that may be outstanding at any time
or from time to time may be increased or reduced and subsequently reborrowed,
and (iii) the Senior Secured Obligations may be increased, extended, renewed,
replaced, restated, supplemented, restructured, repaid, refunded, refinanced or
otherwise amended or modified from time to time, all without affecting the
subordination of the Junior Liens hereunder or the provisions of this Agreement
defining the relative rights of the ABL Secured Parties and the Priority Lien
Secured Parties.  The lien priorities provided for herein shall not be
altered or otherwise affected by any amendment, modification, supplement,
extension, increase, renewal, restatement or Replacement of either the Junior
Secured Obligations (or any part thereof) or the Senior Secured Obligations (or
any part thereof), by the release of any Collateral or of any guarantees for any
Senior Secured Obligations or by any action that any Representative or Secured
Party may take or fail to take in respect of any Collateral.

       

      SECTION
2.02            No Action With Respect to Junior Secured
Obligations Collateral Subject to Senior Liens.  Subject
to Section 2.04 and 2.13, no Junior Representative or other Junior Secured
Obligations Secured Party shall commence or instruct any Junior Representative
to commence any judicial or nonjudicial foreclosure proceedings with respect to,
seek to have a trustee, receiver, liquidator or similar official appointed for
or over, attempt any action to take possession of, exercise any right, remedy or
power with respect to, or otherwise take any action to enforce its interest in
or realize upon, or take any other action available to it in respect of, any
Junior Secured Obligations Collateral under any Junior Secured Obligations
Security Document, applicable law or otherwise until the associated Discharge of
Senior Secured Debt Obligations, it being agreed that only the Senior
Representative, acting in accordance with the applicable Senior Secured
Obligations Security Documents, shall be entitled to take any such actions or
exercise any such remedies prior to the associated Discharge of Senior Secured
Debt Obligations.  Notwithstanding the foregoing, any Junior
Representative may, on behalf of any Junior Secured Obligations Secured Party,
subject to Section 2.05, take all such actions as it shall deem necessary to (i)
perfect or continue the perfection of its Junior Liens or (ii) to create,
preserve or protect (but not enforce or exercise remedies with respect to) the
Junior Liens on any Collateral.

       

      SECTION
2.03             No Duties of Senior
Representative.  Each
Junior Secured Obligations Secured Party acknowledges and agrees that neither
the Senior Representative nor any other Senior Secured Obligations Secured Party
shall have any duties or other obligations to such Junior Secured Obligations
Secured Party with respect to any Senior Secured Obligations Collateral, other
than, upon demand of the Junior Representative, to transfer to the Junior

       

       

      
        
          
          

        

        
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      Representative,
(i) any proceeds remaining from the sale or disposition of any such Collateral
that constitutes Junior Secured Obligations Collateral in which the Junior
Secured Obligations Secured Party continues to hold a security interest
following the associated Discharge of Senior Secured Debt Obligations and (ii)
if the Senior Representative is in possession of all or any part of the Senior
Secured Obligations Collateral, after the Discharge of Senior Secured Debt
Obligations, such Senior Secured Obligations Collateral or any part thereof
remaining, in each case without representation or warranty on the part of the
Senior Representative or any Senior Secured Obligations Secured
Party.  In furtherance of the foregoing, each Junior Secured
Obligations Secured Party acknowledges and agrees that until the associated
Discharge of Senior Secured Debt Obligations secured by any Collateral on which
such Junior Secured Obligations Secured Party holds a Junior Lien, the Senior
Representative shall be entitled, for the benefit of the holders of such Senior
Secured Obligations, to sell, transfer or otherwise dispose of or deal with such
Collateral, as provided herein and in the Senior Secured Obligations Security
Documents, without regard to any Junior Lien or any rights to which the holders
of the Junior Secured Obligations would otherwise be entitled as a result of
such Junior Lien.  Without limiting the foregoing, each Junior Secured
Obligations Secured Party agrees that neither the Senior Representative nor any
other Senior Secured Obligations Secured Party shall have any duty or obligation
first to marshal or realize upon any type of Senior Secured Obligations
Collateral (or any other collateral securing the Senior Secured Obligations), or
to sell, dispose of or otherwise liquidate all or any portion of such Collateral
(or any other collateral securing the Senior Secured Obligations), in any manner
that would maximize the return to the Junior Secured Obligations Secured
Parties, notwithstanding that the order and timing of any such realization,
sale, disposition or liquidation may affect the amount of proceeds actually
received by the Junior Secured Obligations Secured Parties from such
realization, sale, disposition or liquidation.  Following the
associated Discharge of Senior Secured Debt Obligations, the Junior Secured
Obligations Secured Parties may, subject to any other agreements binding on such
Junior Secured Obligations Secured Parties, assert their rights under the New
York UCC or otherwise to any proceeds remaining following a sale, disposition or
other liquidation of Collateral by, or on behalf of the Junior Secured
Obligations Secured Parties.  Each of the Junior Secured Obligations
Secured Parties waives any claim such Junior Secured Obligations Secured Party
may now or hereafter have against the Senior Representative or any other Senior
Secured Obligations Secured Party (or their representatives) arising out of any
actions which the Senior Representative or the Senior Secured Obligations
Secured Parties take or omit to take (including actions with respect to the
creation, perfection or continuation of Liens on any Collateral, actions with
respect to the foreclosure upon, sale, release or depreciation of, or failure to
realize upon, any of the Collateral and actions with respect to the collection
of any claim for all or any part of the Senior Secured Obligations from any
account debtor, guarantor or any other party) in accordance with this Agreement
and the Senior Secured Obligations Security Documents or any other agreement
related thereto or to the collection of the Senior Secured Obligations or the
valuation, use, protection or release of any security for the Senior Secured
Obligations.

       

      SECTION
2.04              No Interference; Payment Over;
Reinstatement.

       

      (a)         Each
Junior Secured Obligations Secured Party agrees that (i) it shall not take or
cause to be taken any action the purpose or effect of which is, or could be, to
make any Junior Lien pari passu with, or
to give such Junior Secured Obligations Secured Party any preference or priority
relative to, any Senior Lien with respect to the Collateral subject to

       

       

      
        
          
          

        

        
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      such
Senior Lien, (ii) it shall not challenge or question in any proceeding the
validity or enforceability of any Senior Secured Obligations or Senior Secured
Obligations Security Document, or the validity, attachment, perfection or
priority of any Senior Lien, (iii) it shall not take or cause to be taken any
action the purpose or intent of which is, or could be, to interfere, hinder,
delay or prohibit, in any manner, whether by judicial proceedings or otherwise,
any sale, transfer or other disposition of the Collateral subject to any Junior
Lien by any Senior Secured Obligations Secured Parties secured by Senior Liens
on such Collateral or any Senior Representative acting on their behalf, (iv) it
shall have no right to (A) direct any Senior Representative or any holder of
Senior Secured Obligations to exercise any right, remedy or power with respect
to the Collateral subject to any Junior Lien or (B) consent to the exercise by
any Senior Representative or any other Senior Secured Obligations Secured Party
of any right, remedy or power with respect to the Collateral subject to any
Junior Lien, (v) it will not institute any suit or assert in any suit or
Insolvency or Liquidation Proceeding any claim against any Senior Representative
or other Senior Secured Obligations Secured Party seeking damages from or other
relief by way of specific performance, instructions or otherwise with respect
to, and neither any Senior Representative nor any other Senior Secured
Obligations Secured Party shall be liable for, any action taken or omitted to be
taken by such Senior Representative or other Senior Secured Obligations Secured
Party with respect to any Collateral securing such Senior Secured Obligations
that is subject to any Junior Lien, (vi) it will not seek, and hereby waives any
right, to have any Senior Secured Obligations Collateral subject to any Junior
Lien or any part thereof marshaled upon any foreclosure or other disposition of
such Collateral and (vii) it will not attempt, directly or indirectly, whether
by judicial proceedings or otherwise, to challenge or question the validity or
enforceability of any provision of this Agreement.

       

      (b)         Subject
to Section 2.04(d) below, the Junior Representative and each other Junior
Secured Obligations Secured Party hereby agrees that if it shall obtain
possession of any Senior Secured Obligations Collateral or shall realize any
proceeds or payment in respect of any such Collateral, pursuant to any Junior
Secured Obligations Security Document or by the exercise of any rights available
to it under applicable law or in any Insolvency or Liquidation Proceeding or
through any other exercise of remedies, at any time prior to the associated
Discharge of Senior Secured Debt Obligations, then it shall hold such
Collateral, proceeds or payment in trust for the applicable Senior Secured
Obligations Secured Parties and transfer such Collateral, proceeds or payment,
as the case may be, to the Senior Representative reasonably promptly after
obtaining actual knowledge or receiving notice from the Senior Secured
Obligations Secured Parties that it has possession of such Senior Secured
Obligations Collateral or proceeds or payments as the case may
be.  Each Junior Secured Obligations Secured Party agrees that if, at
any time, it obtains actual knowledge or receives notice that all or part of any
payment with respect to any Senior Secured Obligations previously made shall be
rescinded for any reason whatsoever, such Junior Secured Obligations Secured
Party shall promptly pay over to the Senior Representative any payment received
by it and then in its possession or under its control in respect of any
Collateral subject to any Senior Lien securing such Senior Secured Obligations
and shall promptly turn any Collateral subject to any such Senior Lien then held
by it over to the Senior Representative, and the provisions set forth in this
Agreement shall be reinstated as if such payment had not been made, until the
payment and satisfaction in full of the Senior Secured Obligations. Anything
contained herein to the contrary notwithstanding, this Section 2.04(b) shall not
apply to any proceeds of Senior Secured Obligations Collateral realized in a
transaction not prohibited by the Senior Documents, the Junior Documents and
this 

       

       

      
        
          
          

        

        
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      Agreement
and as to which the possession or receipt thereof by the Junior Representative
or other Junior Secured Obligations Secured Party is otherwise permitted by the
Senior Documents, the Junior Documents and this Agreement.

       

      (c)         Neither
the Noteholder Collateral Trustee nor the ABL Collateral Agent shall commence
any judicial or nonjudicial foreclosure proceedings with respect to, seek to
have a trustee, receiver, liquidator or similar official appointed for or over,
attempt any action to take possession of, exercise any right, remedy or power
with respect to, or otherwise take any action to enforce its interest in or
realize upon, or take any other action available to it in respect of, any Senior
Secured Obligations Collateral consisting of indebtedness of Holdings or any of
its subsidiaries that is owing to Holdings or any Grantor until (x) in the case
of any such enforcement action desired to be taken by the Noteholder Collateral
Trustee, the Noteholder Collateral Trustee (as directed by the Indenture
Priority Lien Secured Parties and the Additional Priority Lien Secured Parties,
if any) has designated in writing to the ABL Collateral Agent that portion of
indebtedness from Foreign Subsidiaries owed to Holdings or any Grantor, in an
aggregate principal amount not to exceed $30,000,000, that shall constitute
Noteholder First Lien Collateral and (y) in the case of any such enforcement
action desired to be taken by the ABL Collateral Agent, the ABL Collateral Agent
has notified the Noteholder Collateral Trustee in writing that it desires to
take such an action and the Noteholder Collateral Trustee (as directed by the
Indenture Priority Lien Secured Parties and the Additional Priority Lien Secured
Parties, if any) has designated in writing to the ABL Collateral Agent that
portion of indebtedness from Foreign Subsidiaries owed to Holdings or any
Grantor, in an aggregate principal amount not to exceed $30,000,000, that shall
constitute Noteholder First Lien Collateral; provided that if the Noteholder Collateral
Trustee fails to make such designation within 120 days of such written notice by
the ABL Collateral Agent, the ABL Collateral Agent shall have the right to
designate that portion of indebtedness from Foreign Subsidiaries owed to
Holdings or any Grantor, in an aggregate principal amount equal to $30,000,000,
that shall constitute Noteholder First Lien Collateral (that portion of the
indebtedness from Foreign Subsidiaries owed to Holdings or any Grantor, in an
aggregate principal amount not to exceed $30,000,000, designated as Noteholder
First Lien Collateral by the Noteholder Collateral Trustee or the ABL Collateral
Agent pursuant to this Section 2.04(c) being the “Designated Noteholder First Lien
Collateral”).  For the avoidance of doubt, (i) any designation
by the Noteholder Collateral Trustee or the ABL Collateral Agent pursuant to
this Section 2.04(c) shall be considered final and binding, (ii) neither the ABL
Collateral Agent nor any ABL Secured Party shall have any right to take any such
enforcement action against any Designated Noteholder First Lien Collateral until
the Discharge of Priority Lien Obligations and (iii) neither the Noteholder
Collateral Trustee nor any Priority Lien Secured Party shall have any right to
take any such enforcement action against any Collateral consisting of
indebtedness of Holdings or any of its subsidiaries that is owing to Holdings or
any Grantor that is not Designated Noteholder First Lien Collateral until the
Discharge of ABL Debt Obligations.

       

      (d)         Notwithstanding
anything in Section 2.04(b) to the contrary, the ABL Agent shall be entitled
(but not required) to retain possession of documents and instruments evidencing
indebtedness from Foreign Subsidiaries owed to Holdings or any Grantor and the
ABL Agent agrees that it shall hold any such documents and instruments in its
possession as collateral agent for the ABL Secured Parties and as bailee for and
agent for the Noteholder Collateral Trustee (on behalf of the Priority Lien
Secured Parties) solely for the purpose of 

       

       

      
        
          
          

        

        
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      perfecting
the security interest granted under the Priority Lien Security Documents; provided that (i) at such time, if any, as the
aggregate principal amount of indebtedness from Foreign Subsidiaries owed to
Holdings or any Grantor is less than or equal to $30,000,000, the Noteholder
Collateral Trustee shall be entitled to possession of all documents and
instruments evidencing such indebtedness, and the ABL Agent and each other ABL
Secured Party hereby agrees that, at any such time, it shall hold any such
documents and instruments in trust for the applicable Indenture Priority Lien
Secured Parties and transfer any such documents and instruments to the
Noteholder Collateral Trustee reasonably promptly after receiving written notice
from the Indenture Priority Lien Secured Parties that the aggregate principal
amount of indebtedness from Foreign Subsidiaries owed to Holdings or any Grantor
is less than or equal to $30,000,000 and (ii) at such time, if any, as a portion
of the indebtedness from Foreign Subsidiaries owed to Holdings or any Grantor
has been designated as Noteholder First Lien Collateral pursuant to Section
2.04(c), the Noteholder Collateral Trustee shall be entitled to possession of
all documents and instruments evidencing such Designated Noteholder First Lien
Collateral, and the ABL Agent and each other ABL Secured Party hereby agrees
that, at any such time, it shall hold any such documents and instruments in
respect of such Designated Noteholder First Lien Collateral in trust for the
applicable Indenture Priority Lien Secured Parties and transfer any such
documents and instruments in respect of such Designated Noteholder First Lien
Collateral to the Noteholder Collateral Trustee reasonably promptly after
receiving written notice from the Indenture Priority Lien Secured Parties that
such designation has been made (or after making such designation, if such
designation is made by the ABL Collateral Agent pursuant to Section
2.04(c)).

       

      (e)         If
at any time the Senior Secured Obligations under the Senior Documents are
secured by assets of the Grantors of the type constituting Senior Secured
Obligations Collateral that do not also secure the Junior Secured Obligations,
then the Junior Secured Obligations shall be secured at such time by a second
priority lien on such assets to the same extent provided in the Junior Secured
Obligations Security Documents with respect to the other Senior Secured
Obligations Collateral.  If the Senior Secured Obligations under the
Senior Documents are secured by assets of the Grantors of the type constituting
Junior Secured Obligations Collateral that do not also secure the Junior Secured
Obligations, then the Junior Secured Obligations shall be secured at such time
by a first priority lien on such assets to the same extent provided in the
Senior Secured Obligations Security Documents with respect to the other Junior
Secured Obligations Collateral.

       

      SECTION
2.05              Release of Liens; Automatic Release of Junior
Liens.

       

      (a)         The
Junior Representative and each other Junior Secured Obligations Secured Party
agree that (i) in the event the Senior Secured Obligations Secured Parties
release their Lien on any Senior Secured Obligations Collateral subject to any
Junior Lien pursuant to the terms contained in this Agreement (other than a
release in connection with a sale, transfer or other disposition of Senior
Secured Obligations Collateral, which shall be governed by clause (a)(ii)
below), such Junior Lien on such Collateral shall terminate and be released
automatically, unconditionally and without further action, unless, at the time
of such release by the Senior Secured Obligations Secured Parties, an Event of
Default shall then have occurred and be continuing under any Junior Documents
(provided that any Junior Lien that
would have 

       

       

      
        
          
          

        

        
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      otherwise
been released and terminated pursuant to this clause (a)(i) in the absence of
such an Event of Default under the Junior Documents shall terminate and be
released automatically and without further action when such Event of Default
(and all other Events of Default under the Junior Documents)) ceases to exist;
and (ii) in the event of a sale, transfer or other disposition of Senior Secured
Obligations Collateral subject to any Junior Lien (regardless of whether an
Event of Default has occurred and is continuing under the Junior Documents at
the time of such sale, transfer or other disposition), such Junior Lien on such
Collateral shall terminate and be released automatically and without further
action if the applicable Senior Liens on such Collateral are released and if
such sale, transfer or other disposition either (A) is then not prohibited by
the Junior Documents or (B) occurs in connection with the foreclosure upon or
other exercise of rights and remedies with respect to such Senior Secured
Obligations Collateral; provided that
such Junior Lien shall remain in place with respect to any proceeds of a sale,
transfer or other disposition under this clause (a)(ii) that remain after the
associated Discharge of Senior Secured Debt Obligations.  In addition,
for the avoidance of doubt, the Junior Representative and each Junior Secured
Obligations Secured Party agree that, with respect to any property or assets
that would otherwise constitute Senior Secured Obligations Collateral, the
requirement that a Junior Lien attach to, or be perfected with respect to, such
property or assets shall be waived automatically and without further action so
long as the requirement that a Senior Lien attach to, or be perfected with
respect to, such property or assets is waived by the Senior Secured Obligations
Secured Parties (or the Senior Representative) in accordance with the Senior
Documents and so long as no Event of Default under the Junior Documents shall
have occurred, be continuing or would result therefrom at such
time.  Notwithstanding the foregoing, in the event of release of Liens
by the Senior Secured Obligations Secured Parties on all or substantially all of
the Senior Secured Obligations  Collateral (other than when such
release occurs in connection with the Senior Secured Obligations Secured
Parties’ foreclosure upon or other exercise of rights and remedies with respect
to such Collateral in accordance with the terms of this Agreement), no release
of the Junior Lien on such Senior Secured Obligations Collateral under this
Section 2.05 shall be made unless (A) consent to the release of such Junior
Liens has been given by the requisite percentage or number of the Junior Secured
Obligations Secured Parties at the time outstanding as provided for in the
applicable Junior Documents and (B) Holdings has delivered an Officers’
Certificate to the ABL Agent, the Noteholder Collateral Trustee and the Secured
Debt Representatives (if any) certifying that all such consents have been
obtained.

       

      (b)         The
ABL Agent and the Noteholder Collateral Trustee agree for the benefit of
Holdings and the other Grantors that, with respect to the release of any
Collateral, if the ABL Agent or Noteholder Collateral Trustee, as applicable, at
any time receives:

       

      (i)                 an
Officers’ Certificate stating that (A) the signing officers have read Article 2
of this Agreement and understand the provisions and the definitions relating
hereto, (B) such officers have made such examination or investigation as is
necessary to enable such Persons to express an informed opinion as to whether or
not the conditions precedent in this Agreement and all other Secured Documents,
if any, relating to the release of such Collateral have been complied with and
(C) to the  best knowledge of such officers, such conditions
precedent, if any, have been complied with;

       

       

      
        
          
          

        

        
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      (ii)                 the
proposed instrument or instruments releasing such Lien as to such property in
recordable form, if applicable; and

       

      (iii)                 prior
to the associated Discharge of Senior Secured Debt Obligations, the written
confirmation of the applicable Senior Representative, not to be unreasonably
withheld or delayed (or, at any time after the associated Discharge of Senior
Secured Debt Obligations, the Junior Representative) (such confirmation to be
given promptly following receipt of, and based solely on, the Officers’
Certificate described in clause (i) above) that, in its reasonable judgment,
such release is permitted by Section 2.05(a) and the respective Secured
Documents governing the Priority Lien Obligations or the ABL Debt Obligations,
as applicable, the holders of which such Representative represents;

       

      then the
ABL Agent or Noteholder Collateral Trustee, as applicable, will promptly execute
(with such acknowledgements and/or notarizations as are required) and deliver
such release to Holdings or other applicable Grantor on or before the later of
(x) the date specified in such request for such release and (y) the fifth
business day after the date of receipt of the items required by this Section
2.05(b) by the applicable Representative.

       

      (c)         The
Junior Representative agrees to execute and deliver (at the sole cost and
expense of the Grantors) all such releases and other instruments as shall
reasonably be requested by the Senior Representative to evidence and confirm any
release of Junior Secured Obligations Collateral provided for in this Section
2.05.

       

      SECTION
2.06              Certain Agreements With Respect to Insolvency
or Liquidation Proceedings.

       

      (a)         This
Agreement shall continue in full force and effect, notwithstanding the
commencement of any Insolvency or Liquidation Proceeding by or against Holdings
or any of its subsidiaries.

       

      (b)         If
Holdings or any of its subsidiaries shall become subject to a case under the
Bankruptcy Code and shall, as debtor(s)-in-possession, move for approval of
financing (“DIP
Financing”) to be provided by one or more lenders (the “DIP Lenders”) under Section
364 of the Bankruptcy Code or the use of cash collateral under Section 363 of
the Bankruptcy Code, each Junior Secured Obligations Secured Party agrees that
it will raise no objection or opposition (or join any third party in any
objection or opposition), and will waive any claim such Person may now or
hereafter have, to any such financing or to the Liens on the Senior Secured
Obligations Collateral securing the same (“DIP Financing Liens”) or to
any use of cash collateral that constitutes Senior Secured Obligations
Collateral, or to any grant of administrative expense priority under Section 364
of the Bankruptcy Code, unless (i) the Senior Secured Obligations Secured
Parties, or a representative authorized by the Senior Secured Obligations
Secured Parties, shall then oppose or object to such DIP Financing or such DIP
Financing Liens or use of such cash collateral or (ii) such DIP Financing Liens
are neither senior to, nor rank pari passu
with, the Senior Liens upon any property of the estate in such Insolvency
or Liquidation Proceeding.  To the extent such DIP Financing Liens are
senior to, or rank pari passu with, the

       

       

      
        
          
          

        

        
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      Senior
Liens, the Junior Representative will, on behalf of the other Junior Secured
Obligations Secured Parties, subordinate the Junior Liens on the Senior Secured
Obligations Collateral to the Senior Liens and the DIP Financing Liens, so long
as the Junior Representative on behalf of Junior Secured Obligations Secured
Parties retain Liens on all the Junior Secured Obligations Collateral, including
proceeds thereof arising after the commencement of the Insolvency or Liquidation
Proceeding, with the same priority as existed prior to the commencement of the
case under the Bankruptcy Code.

       

      (c)         Until
the Discharge of the Senior Secured Debt Obligations, the Junior Representative,
on behalf of itself and the Junior Secured Obligations Secured Parties, shall
not seek relief from the automatic stay or any other stay in any Insolvency or
Liquidation Proceeding in respect of the Senior Secured Obligations Collateral,
without the prior written consent of the Senior Representative.

       

      (d)         The
Junior Representative, on behalf of itself and the Junior Secured Obligations
Secured Parties, shall not contest (or support any other Person contesting) (i)
any request by the Senior Representative or the Senior Secured Obligations
Secured Parties for adequate protection with respect to any Senior Secured
Obligations Collateral or (ii) any objection by the Senior Representative or the
Senior Secured Obligations Secured Parties to any motion, relief or proceeding
based on the Senior Representative or the Senior Secured Obligations Secured
Parties claiming a lack of adequate protection with respect to the Senior
Secured Obligations Collateral.  Notwithstanding the previous
sentence, in any Insolvency or Liquidation Proceeding, (A) if the holders of
Senior Secured Obligations (or any subset thereof) shall be granted adequate
protection in the form of additional collateral in the nature of assets
constituting Senior Secured Obligations Collateral in connection with any DIP
Financing, then the Junior Representative, on behalf of itself or the Junior
Secured Obligations Secured Parties, may seek or request adequate protection in
the form of a Lien on such additional collateral, which Lien will be
subordinated to the Liens securing the Senior Secured Obligations and such DIP
Financing (and all obligations relating thereto) on the same basis as the other
Liens on Senior Secured Obligations securing the Junior Secured Obligations are
so subordinated to the Senior Secured Obligations under this Agreement, and (B)
in the event the Junior Representative, on behalf of itself and the Junior
Secured Obligations Secured Parties, seeks or requests adequate protection in
respect of Senior Secured Obligations Collateral securing Junior Secured
Obligations and such adequate protection is granted in the form of additional
collateral in the nature of assets constituting Senior Secured Obligations
Collateral, then the Junior Representative, on behalf of itself and the Junior
Secured Obligations Secured Parties, agrees that the Senior Representative will
also be granted a senior Lien on such additional collateral as security for the
Senior Secured Obligations and for any such DIP Financing provided by the Senior
Secured Obligations Secured Parties and that any Lien on such additional
collateral securing the Junior Secured Obligations will be subordinated to the
Liens on such collateral securing the Senior Secured Obligations and any such
DIP Financing provided by the Senior Secured Obligations Secured Parties (and
all obligations relating thereto) and to any other Liens granted to Senior
Secured Obligations Secured Parties as adequate protection on the same basis as
the other Liens on Senior Secured Collateral securing the Junior Secured
Obligations are so subordinated to such Senior Secured Obligations under this
Agreement.

       

       

      
        
          
          

        

        
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      (e)         Each
Junior Secured Obligations Secured Party agrees that it will not object to or
oppose a sale or other disposition of any Senior Secured Obligations Collateral
(or any portion thereof) under Section 363 of the Bankruptcy Code or any other
provision of the Bankruptcy Code if the Senior Secured Obligations Secured
Parties shall have consented to such sale or disposition of such Senior Secured
Obligations Collateral and all Senior Liens and Junior Liens will attach to the
proceeds of the sale.

       

      (f)         The
holders of Junior Secured Obligations and the Junior Representative will not
file or prosecute in any Insolvency or Liquidation Proceeding any motion for
adequate protection (or any comparable request for relief) based upon their
interest in the Collateral under the Junior Liens, except that the holders of
Junior Secured Obligations and the Junior Representative may:

       

      (i)                 freely
seek and obtain relief granting a Junior Lien co-extensive in all respects with,
but subordinated (as set forth in Section 2.01) to, all Liens granted in the
Insolvency or Liquidation Proceeding to, or for the benefit of, the holders of
Senior Secured Obligations;

       

      (ii)                 freely
seek and obtain any relief upon a motion for adequate protection (or any
comparable relief), without any condition or restriction whatsoever, at any time
after the associated Discharge of Senior Secured Debt Obligations;
and

       

      (iii)                 freely
vote on any plan of reorganization or similar dispositive restructuring
plan.

       

      (g)         If,
in any Insolvency or Liquidation Proceeding, debt obligations of the reorganized
debtor secured by Liens upon any property of the reorganized debtor shall be
distributed, pursuant to a plan or reorganization or similar dispositive
restructuring plan, both on account of ABL Debt Obligations and on account of
Priority Lien Obligations, then to the extent the debt obligations distributed
on account of the ABL Debt Obligations and on account of the Priority Lien
Obligations are secured by Liens upon the same property, the provisions of this
Agreement shall survive the distribution of such debt obligations pursuant to
such plan and shall apply with like effect to the Liens securing such debt
obligations.

       

      (h)         Neither
the Junior Representative nor any Junior Secured Obligations Secured Party shall
oppose or seek to challenge any claim made by the Senior Representative or any
Senior Secured Obligations Secured Party for allowance in any Insolvency or
Liquidation Proceeding of Senior Secured Obligations consisting of post-petition
interest, fees or expenses to the extent of the value of the Lien of the Senior
Secured Obligations Secured Parties on the Senior Secured Obligations
Collateral, without regard to the existence of the Lien of the Junior
Representative on behalf of the Junior Secured Obligations Secured Parties on
the Senior Secured Obligations Collateral. Neither the Senior Representative nor
any Senior Secured Obligations Secured Party will oppose or seek to challenge
any claim made by the Junior Representative nor any Junior Secured Obligations
Secured Party for allowance in any Insolvency or Liquidation Proceeding of
Junior Secured Obligations consisting of post-petition interest, fees or
expenses to the extent of the value of the Lien of the Junior Representative on

       

       

      
        
          
          

        

        
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      behalf of
the Junior Secured Obligations Secured Parties on Senior Secured Obligations
Collateral (after taking into account the Lien of Senior Secured Obligations
Secured Parties on the Senior Secured Obligations Collateral).

       

      (i)         Each
of the Junior Secured Obligations Secured Parties waives any claim such Junior
Secured Obligations Secured Party may now or hereafter have against the Senior
Representative or any other Senior Secured Obligations Secured Party (or their
representatives) arising out of the election by the Senior Representative or any
Senior Secured Obligations Secured Parties, of the application of Section
1111(b)(2) of the Bankruptcy Code and/or out of any cash collateral or financing
arrangement or out of any grant of a security interest in connection with the
Senior Secured Obligations Collateral in any Insolvency or Liquidation
Proceeding.

       

      SECTION
2.07            Reinstatement.  In
the event that any of the Senior Secured Obligations shall be paid in full and
such payment or any part thereof shall subsequently, for whatever reason
(including an order or judgment for disgorgement of a preference under the
Bankruptcy Code, or any similar law, or the settlement of any claim in respect
thereof), be required to be returned or repaid, the terms and conditions of this
Article II shall be fully applicable thereto until all such Senior Secured
Obligations shall again have been paid in full in cash.

       

      SECTION
2.08            Entry Upon Premises by the ABL Agent and the
ABL Secured Parties.

       

      (a)         If
the ABL Agent takes any enforcement action with respect to the ABL First Lien
Collateral, the Priority Lien Secured Parties (i) shall reasonably cooperate
with the ABL Agent (at the sole cost and expense of the ABL Agent and subject to
the condition that the Priority Lien Secured Parties shall have no obligation or
duty to take any action or refrain from taking any action that could reasonably
be expected to result in the incurrence of any liability or damage to the
Priority Lien Secured Parties) in its efforts to enforce its security interest
in the ABL First Lien Collateral and to finish any work-in-process and assemble
the ABL First Lien Collateral including any collection, sale, lease, exchange,
transfer or other disposition of the ABL First Lien Collateral, whether by
foreclosure or otherwise, or that would limit, invalidate, avoid or set aside
any Lien or ABL Security Document with respect to the ABL First Lien Collateral
or subordinate the priority of the ABL Debt Obligations to the Priority Lien
Obligations with respect to the ABL Facility Collateral or grant the Liens with
respect to the ABL First Lien Collateral securing the Priority Lien Obligations
equal ranking to the Liens with respect to the ABL First Lien Collateral
securing the ABL Debt Obligations, (ii) waive any and all rights it may have as
a junior lien creditor with respect to the ABL First Lien Collateral or
otherwise to object to the manner in which the ABL Agent or the holders of ABL
Debt Obligations seek to enforce or collect the ABL Debt Obligations or the
Liens granted in any of the ABL First Lien Collateral, regardless of whether any
action or failure to act by or on behalf of the ABL Agent or holders of ABL Debt
Obligations is adverse to the interest of the holders of Priority Lien
Obligations, (iii) shall not take any action designed or intended to hinder or
restrict in any respect the ABL Agent from enforcing its security interest in
the ABL First Lien Collateral or from finishing any work-in-process or
assembling the ABL First Lien Collateral, and (iv) shall permit the ABL Agent,
its employees, agents, advisers and representatives, at the 

       

       

      
        
          
          

        

        
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      sole cost
and expense of the ABL Secured Parties and upon reasonable advance notice, to
enter upon and use the Noteholder First Lien Collateral (including (A)
equipment, processors, computers and other machinery related to the storage or
processing of records, documents or files and (B) intellectual property), for a
period not to exceed 180 days after the taking of such enforcement action, for
purposes of (1) assembling and storing the ABL First Lien Collateral and
completing the processing of and turning into finished goods of any ABL First
Lien Collateral consisting of work-in-process, (2) selling any or all of the ABL
First Lien Collateral located in or on such Noteholder First Lien Collateral,
whether in bulk, in lots or to customers in the ordinary course of business or
otherwise, (3) removing any or all of the ABL First Lien Collateral located on
such Noteholder First Lien Collateral, (4) otherwise processing, shipping,
producing, storing, completing, supplying, leasing, selling or otherwise
handling, dealing with, assembling or disposing of, in any lawful manner, the
ABL First Lien Collateral, and/or (5) taking reasonable actions to protect,
secure and otherwise enforce the rights of the ABL Agent and the ABL Secured
Parties in and to the ABL First Lien Collateral; provided, however, that nothing contained in
this Agreement shall restrict the rights of the Noteholder Collateral Trustee
from selling, assigning or otherwise transferring any Noteholder First Lien
Collateral prior to the expiration of such 180-day period if the purchaser,
assignee or transferee thereof agrees to be bound by the provisions of this
Section.  If any stay or other order prohibiting the exercise of
remedies with respect to the ABL First Lien Collateral has been entered by a
court of competent jurisdiction, such 180-day period shall be tolled during the
pendency of any such stay or other order.  If the ABL Agent conducts a
sale or auction of the ABL First Lien Collateral at any of the real property
included within the Noteholder First Lien Collateral, the ABL Agent shall
provide the Noteholder Collateral Trustee with reasonable notice and use
reasonable efforts to hold such sale or auction in a manner which would not
unduly disrupt the Noteholder Collateral Trustee’s use of, access to and
preservation of the value of the Noteholder First Lien Collateral.

       

      (b)         During
the period of actual occupation, use or control by the ABL Secured Parties
and/or the ABL Agent (or their employees, agents, advisers and representatives)
of any Noteholder First Lien Collateral, the ABL Secured Parties and the ABL
Agent shall be obligated to repair at their expense any physical damage to such
Noteholder First Lien Collateral resulting from such occupancy, use or control,
and to leave such Noteholder First Lien Collateral in substantially the same
condition as it was at the commencement of such occupancy, use or control,
ordinary wear and tear excepted.  Notwithstanding the foregoing, in no
event shall the ABL Secured Parties or the ABL Agent have any liability to the
Priority Lien Secured Parties pursuant to this Section 2.08(b) as a result of
any condition (including any environmental condition, claim or liability) on or
with respect to the Noteholder First Lien Collateral existing prior to the date
of the exercise by the ABL Secured Parties or the ABL Agent, as the case may be,
of their rights under this Section 2.08(b) and the ABL Secured Parties shall
have no duty or liability to maintain the Noteholder First Lien Collateral in a
condition or manner better than that in which it was maintained prior to the use
thereof by the ABL Secured Parties, or for any diminution in the value of the
Noteholder First Lien Collateral that results solely from ordinary wear and tear
resulting from the use of the Noteholder First Lien Collateral by the ABL
Secured Parties in the manner and for the time periods specified under this
Section 2.08(b).  Without limiting the rights granted in this
paragraph, the ABL Secured Parties and the ABL Agent, to the extent that rights
have been exercised under this Section 2.08(b) by the ABL Agent, shall cooperate
with the Priority Lien Secured Parties in connection with any efforts made by
the Priority Lien Secured Parties to sell the Noteholder First Lien
Collateral.

       

       

      
        
          
          

        

        
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      (c)         The
Noteholder Collateral Trustee shall be entitled, as a condition of permitting
such access and use, to demand and receive assurances reasonably satisfactory to
it that the access or use requested and all activities incidental
thereto:

       

      (i)                 will
be permitted, lawful and enforceable under applicable law and shall be conducted
in accordance with prudent manufacturing practices; and

       

      (ii)                 will
be adequately insured for damage to property and liability to persons, including
property and liability insurance for the benefit of the Noteholder Collateral
Trustee and the holders of the Priority Lien Obligations, at no cost to the
Noteholder Collateral Trustee or such holders.

       

      The Noteholder Collateral Trustee (i)
shall provide reasonable cooperation to the ABL Agent in connection with the
manufacture, production, completion, handling, removal and sale of any ABL
Facility Collateral by the ABL Agent as provided above and (ii) shall be
entitled to receive from the ABL Agent fair compensation and reimbursement for
their reasonable costs and expenses incurred in connection with such
cooperation, support and assistance to the ABL Agent.  The Noteholder
Collateral Trustee and/or any such purchaser (or its transferee or successor)
shall not otherwise be required to manufacture, produce, complete, remove,
insure, protect, store, safeguard, sell or deliver any inventory subject to any
Lien held by the ABL Agent on the ABL Facility Collateral or to provide any
support, assistance or cooperation to the ABL Agent in respect
thereof.

       

      SECTION
2.09            Insurance.  Unless
and until written notice the by ABL Agent to the Noteholder Collateral Trustee
that the Discharge of the ABL Debt Obligations has occurred, as between the ABL
Agent, on the one hand, and the Noteholder Collateral Trustee, on the other
hand, only the ABL Agent will have the right (subject to the rights of Holdings
under the ABL Debt Documents) to adjust settlement for any insurance policy
covering ABL First Lien Collateral in the event of any loss thereunder and to
approve any award granted in any condemnation or similar proceeding (or any deed
in lieu of condemnation) affecting the ABL First Lien
Collateral.  Unless and until written notice by the Noteholder
Collateral Trustee to the ABL Agent that the Discharge of the Priority Lien
Obligations has occurred, as between the ABL Agent, on the one hand, and the
Noteholder Collateral Trustee, on the other hand, only the Noteholder Collateral
Trustee will have the right (subject to the rights of Holdings under the
Priority Lien Documents) to adjust settlement for any insurance policy covering
the Noteholder First Lien Collateral in the event of any loss thereunder and to
approve any award granted in any condemnation or similar proceeding solely
affecting the Noteholder First Lien Collateral.  To the extent that an
insured loss covers or constitutes both ABL First Lien Collateral and Noteholder
First Lien Collateral, then the ABL Agent and the Noteholder Collateral Trustee
will work jointly and in good faith to collect, adjust settlement (subject to
the rights of the Grantors under the ABL Debt Documents and the Priority Lien
Documents) under the relevant insurance policy.

       

      SECTION
2.10            Refinancings and Additional Secured
Debt.

       

      (a)         Upon
receipt of a notice stating that Holdings or any other Grantor has entered into
a new Senior Document in respect of a Permitted Replacement of Senior

       

       

      
        
          
          

        

        
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      Secured
Obligations (which notice shall include the identity of the new ABL Agent or
Noteholder Collateral Trustee, as applicable, such agent, the “New Agent”), and
delivery by the New Agent of an Lien Sharing and Priority Confirmation Joinder,
the ABL Agent or Noteholder Collateral Trustee, as applicable, shall promptly
(i) enter into such documents and agreements (including amendments or
supplements to this Agreement) as Holdings or such New Agent shall reasonably
request in order to provide to the New Agent the rights contemplated hereby, in
each case consistent in all material respects with the terms hereof and (ii)
deliver to the New Agent any Senior Secured Obligations Collateral held by the
ABL Agent or Noteholder Collateral Trustee, as applicable, together with any
necessary endorsements (or otherwise allow the New Agent to obtain control of
such Senior Secured Obligations Collateral).  The New Agent shall
agree to be bound by the terms of this Agreement.

       

      (b)         Holdings
and the other applicable Grantors will be permitted to designate as an
additional holder of Priority Lien Obligations (including the Obligations
incurred under each Series of Priority Lien Debt) hereunder each Person who is,
or who becomes, the registered holder of Priority Lien Debt incurred by Holdings
or such other Grantor after the date of this Agreement in accordance with the
terms of all applicable Secured Documents.  Holdings or other
applicable Grantor may effect such designation by delivering to the Noteholder
Collateral Trustee and the ABL Agent, each of the following:

       

      (i)                 an
Officers’ Certificate stating that Holdings or such other Grantor intends to
incur additional Priority Lien Debt (“Additional Secured Debt”)
which will be Priority Lien Debt permitted by each applicable Secured Document
to be incurred and secured by a Priority Lien equally and ratably with all
previously existing and future Priority Lien Debt;

       

      (ii)                 an
authorized agent, trustee or other representative on behalf of the holders or
lenders of any Additional Secured Debt must be designated as an additional
holder of Priority Lien Obligations (including the Obligations incurred under
each Series of Priority Lien Debt) hereunder and must, prior to such
designation, sign and deliver on behalf of the holders or lenders of such
Additional Secured Debt a Lien Sharing and Priority Confirmation Joinder, and,
to the extent necessary or appropriate to facilitate such transaction, a new
intercreditor agreement substantially similar to this Agreement, as in effect on
the date hereof; and

       

      (iii)                 evidence
that Holdings or such other Grantor has duly authorized, executed (if
applicable) and recorded (or caused to be recorded) in each appropriate
governmental office all relevant filings and recordations deemed necessary by
Holdings or other Grantor and the holder of such Additional Secured Debt, or its
Secured Debt Representative, to ensure that the Additional Secured Debt is
secured by the Collateral in accordance with the Priority Lien Security
Documents.

       

      Notwithstanding
the foregoing, nothing in this Agreement will be construed to allow Holdings or
any other Grantor to incur additional indebtedness unless otherwise permitted by
the terms of each applicable Secured Document.

       

       

      
        
          
          

        

        
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      SECTION
2.11            Amendments to Security Documents;
Legend.

       

      (a)         Without
the prior written consent of the Senior Representative, no Junior Secured
Obligations Security Document may be amended, supplemented or otherwise modified
or entered into to the extent such amendment, supplement or modification, or the
terms of any new Junior Secured Obligations Security Document, would contravene
the provisions of this Agreement.

       

      (b)         In
the event that the Senior Secured Obligations Secured Parties or the Senior
Representative enter into any amendment, waiver or consent in respect of any of
the Senior Secured Obligations Security Documents for the purpose of adding to,
or deleting from, or waiving or consenting to any departures from any provisions
of, any Senior Secured Obligations Security Document or changing in any manner
the rights of the Senior Representative, the Senior Secured Obligations Secured
Parties, any of the Grantors thereunder (including the release of any Liens in
Senior Secured Obligations Collateral to the extent permitted by Section 2.05),
then such amendment, waiver or consent shall apply automatically to any
comparable provision of the comparable Junior Secured Obligations Security
Document without the consent of the Junior Representative or any Junior Secured
Obligations Secured Party and without any action by the Junior Representative,
Holdings or any other Grantor; provided,
however, that (A) no such amendment, waiver or consent may have the
effect of (i) removing assets that constitute Senior Secured Obligations
Collateral subject to the Lien of the Junior Secured Obligations Security
Documents, except to the extent that a release of such Lien is permitted by
Section 2.05, and provided that there is
a corresponding release of such Lien securing the Senior Secured Obligations
Collateral, (ii) imposing duties on the Junior Representative without its
consent or (iii) permitting other Liens on the Senior Secured Obligations
Collateral not permitted under the terms of the Junior Secured Obligations
Security Documents or Section 2.06 and (B) notice of such amendment, waiver or
consent shall have been given to the Junior Representative within ten Business
Days after the effective date of such amendment, waiver or consent.

       

      (c)         The
Grantors agree that each Security Document shall include the following language
(with any necessary modifications to give effect to applicable definitions) (or
language to similar effect approved by the Representative):

       

      “Notwithstanding
anything herein to the contrary, the liens and security interests granted to the
[ABL Agent][Noteholder Collateral Trustee] pursuant to this Agreement in any
[ABL Facility Collateral][Noteholder Collateral] and the exercise of any right
or remedy by the [ABL Agent][Noteholder Collateral Trustee] with respect to any
[ABL Facility Collateral][Noteholder Collateral] hereunder are subject to the
provisions of the Intercreditor Agreement, dated as of September 30, 2009 (as
amended, restated, supplemented or otherwise modified from time to time, the
“ABL/Senior Secured
Notes Intercreditor Agreement”), among ACCO BRANDS CORPORATION, a
Delaware corporation (“Holdings”), the other
GRANTORS from time to time party thereto, DEUTSCHE BANK AG NEW YORK BRANCH
(“DBNY”), as
ABL Facility Collateral Agent, and U.S. BANK NATIONAL ASSOCIATION, as Noteholder
Collateral Trustee, and certain other Persons party or that may become

       

       

      
        
          
          

        

        
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      party
thereto from time to time.  In the event of any conflict between the
terms of the ABL/Intercreditor Agreement and this Agreement, the terms of the
Intercreditor Agreement shall govern and control.”

       

      (d)         In
addition, the Grantors agree that each mortgage in favor of the ABL Secured
Parties covering any Noteholder Collateral shall contain such other language as
the Noteholder Collateral Trustee may reasonably request to reflect the
subordination of such mortgage to the mortgage in favor of the Noteholder
Collateral Trustee covering such Noteholder Collateral.

       

      SECTION
2.12            Reserved.

       

      SECTION
2.13            Junior Secured Obligations Secured Parties
Rights as Unsecured Creditors.  Notwithstanding
the provisions of Sections 2.02, 2.04(a) and 2.06(b), (c) and (d) or otherwise,
both before and during an Insolvency or Liquidation Proceeding, any of the
Junior Secured Obligations Secured Parties may take any actions and exercise any
and all rights that would be available to a holder of unsecured claims,
including, without limitation, the commencement of an Insolvency or Liquidation
Proceeding against Holdings or any other Grantor in accordance with applicable
law; provided, that the
Junior Secured Obligations Secured Parties may not take any of the actions
prohibited by Section 2.02, clauses (i) through (vii) of Section 2.04(a) or
Section 2.06(b), (c) and (d); provided, further, that in the event
that any of the Junior Secured Obligations Secured Parties becomes a judgment
lien creditor in respect of any Collateral as a result of its enforcement of its
rights as an unsecured creditor with respect to the Junior Secured Obligations,
such judgment lien shall be subject to the terms of this Agreement for all
purposes (including in relation to the Senior Secured Obligations) as the other
Liens securing the Junior Secured Obligations are subject to this
Agreement.

       

      ARTICLE
III

       

      Bailee
for Perfection;

      Consent
to License to Use Intellectual Property

       

      SECTION
3.01            General.  (a)
The Senior Representative agrees to hold that part of the Senior Secured
Obligations Collateral that is in its possession or control (or in the
possession or control of its agents or bailees) to the extent that possession or
control thereof is taken to perfect a Senior Lien thereon under the UCC as
collateral agent for the Senior Secured Obligations Secured Parties and as
bailee for and, with respect to any Senior Secured Obligations Collateral that
cannot be perfected in such manner, as agent for, the Junior Representative (on
behalf of the Junior Secured Obligations Secured Parties) and any assignee
thereof solely for the purpose of perfecting the security interest granted under
the Junior Secured Obligations Security Documents and the Senior Secured
Obligations Security Documents, respectively, subject to the terms and
conditions of this Section.

       

      (b)         Subject
to the terms of this Agreement, until the Discharge of Senior Secured Debt
Obligations, the Senior Representative shall be entitled to deal with the Senior
Secured Obligations Collateral in accordance with the terms of the Senior
Documents as if the Liens of the Junior Representative under the Junior Secured
Obligations Security Documents did 

       

       

      
        
          
          

        

        
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      not
exist.  The rights of the Junior Representative shall at all times be
subject to the terms of this Agreement and to the Senior Representative’s rights
under the Senior Documents.

       

      (c)         The
Senior Representative shall have no obligation whatsoever to any Senior Secured
Obligations Secured Parties or the Junior Secured Obligations Secured Parties to
ensure that the Senior Secured Obligations Collateral is genuine or owned by any
of the Grantors or to preserve rights or benefits of any Person except as
expressly set forth in this Section.  The duties or responsibilities
of the Senior Representative under this Section shall be limited solely to
holding the Senior Secured Obligations Collateral as bailee or agent in
accordance with this Section.

       

      (d)         The
Senior Representative acting pursuant to this Section shall not have by reason
of the any Security Documents, this Agreement or any other document a fiduciary
relationship in respect of any Senior Secured Obligations Secured Party, the
Senior Representative or any Junior Secured Notes Secured Party.

       

      (e)         Upon
the Discharge of Senior Secured Debt Obligations, the Senior Representative
shall deliver or cause to be delivered the remaining Senior Secured Obligations
Collateral (if any) in its possession or in possession of its agents or bailees,
together with any necessary endorsements, (I) first, to the Junior
Representative to the extent Junior Secured Obligations remain outstanding and
(II) second, to the applicable Grantor to the extent no Senior Secured
Obligations or Junior Secured Obligations remain outstanding (in each case, so
as to allow such Person to obtain control of such Senior Secured Obligations
Collateral) and will cooperate with the Junior Representative in assigning
(without recourse to or warranty by the Senior Representative or any Senior
Secured Obligations Secured Party or agent or bailee thereof) control over any
other Senior Secured Obligations Collateral under its control.  The
Senior Representative further agrees to take all other action reasonably
requested by such Person in connection with such Person obtaining a first
priority interest in the Senior Secured Obligations Collateral or as a court of
competent jurisdiction may otherwise direct.

       

      (f)         Notwithstanding
anything to the contrary herein, if, for any reason, any Senior Secured
Obligations remain outstanding upon the Discharge of the Senior Secured Debt
Obligations, all rights of the Senior Representative hereunder and under the
Senior Secured Obligations Security Documents (1) with respect to the delivery
and control of any part of the Senior Secured Obligations Collateral, and (2) to
direct, instruct, vote upon or otherwise influence the maintenance or
disposition of such Senior Secured Obligations Collateral, shall immediately,
and (to the extent permitted by law) without further action on the part of
either of the Junior Representative or the Senior Representative, pass to the
Junior Representative, who shall thereafter hold such rights for the benefit of
the Senior Secured Obligations Secured Party.  Each of the Senior
Representative and the Grantors agrees that it will, if any Senior Secured
Obligations remain outstanding upon the Discharge of the Senior Secured Debt
Obligations, take any other action required by any law or reasonably requested
by the Junior Representative, in connection with the Junior Representative’s
establishment and perfection of a first priority security interest in the Senior
Secured Obligations Collateral.

       

      SECTION
3.02            Collateral Proceeds
Account.  The
Grantors, the Representatives, the Secured Parties and all other parties hereto
agree that only proceeds of the 

       

       

      
        
          
          

        

        
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      Noteholder
First Lien Collateral may be deposited in the Collateral Proceeds Account and
agree to so instruct each account debtor of each Grantor and each other
applicable Person and to take all other actions necessary to give effect to the
intent of this Section 3.02.  Without limiting the generality of the
foregoing, the Noteholder Collateral Trustee hereby agrees that if the
Collateral Proceeds Account contains any proceeds of the ABL First Lien
Collateral, it shall hold such proceeds in trust for the ABL Secured Parties and
transfer such proceeds to the ABL Secured Parties reasonably promptly after
obtaining actual knowledge or notice from the ABL Secured Parties that it has
possession of such proceeds in accordance with Section 2.04(b).

       

      SECTION
3.03            Consent to License to Use Intellectual
Property.  The
Noteholder Collateral Trustee (and any purchaser, assignee or transferee of
assets as provided in Section 2.8) (a) consents (without any representation,
warranty or obligation whatsoever) to the grant by any Grantor to the ABL Agent
of a non-exclusive royalty-free license to use for a period not to exceed 180
days (commencing with the initiation of any enforcement of Liens by either the
Noteholder Collateral Trustee (provided that the ABL Agent
has received notice thereof) or the ABL Agent) any patent, trademark or
proprietary information of such Grantor that is subject to a Lien held by the
Noteholder Collateral Trustee pursuant to the Priority Lien Documents (or
acquired by any purchaser assignee or transferee from any Grantor, as the case
may be) and (b) solely to the extent such entity has acquired ownership of any
patent, trademark or proprietary information from Holdings or any Grantor in
accordance with the Priority Lien Documents and has the rights to so license
such patent, trademark or proprietary information, grant to the ABL Agent a
non-exclusive royalty-free license to use for a period not to exceed 180 days
(commencing with the earlier of (x) the initiation of any enforcement of Liens
by either the Noteholder Collateral Trustee (provided that the ABL Agent
has received notice thereof) or the ABL Agent and (y) the purchase, assignment
or transfer of such patent, trademark or proprietary information, as the case
may be) any patent, trademark or proprietary information that is subject to a
Lien held by the Noteholder Collateral Trustee pursuant to the Priority Lien
Documents (or subject to such purchase, assignment or transfer, as the case may
be), in each of the foregoing clauses (a) and (b), solely to the extent
reasonably necessary in connection with the ABL Agent’s enforcement of any Lien
held by the ABL Agent upon any inventory or other ABL Facility Collateral of
Holdings or any Grantor pursuant to the ABL Debt Documents and solely to the
extent the use of such patent, trademark or proprietary information is
reasonably necessary for the ABL Agent to process, ship, produce, store,
complete, supply, lease, sell or otherwise dispose of any such inventory in any
lawful manner in accordance with its rights under the ABL Debt Documents and
this Agreement.

       

      If the
Noteholder Collateral Trustee shall take actual possession of any documentation
of Holdings or any Grantor (whether such documentation is in the form of a
writing or is stored in any data equipment or data record in the physical
possession of the Noteholder Collateral Trustee), then upon request of the ABL
Agent and reasonable advance notice, the Noteholder Collateral Trustee shall
permit the ABL Agent or its representative to inspect and copy such
documentation solely if and to the extent that, and the ABL Agent certifies to
the Noteholder Collateral Trustee that:

       

      (i)                 such
documentation contains, or in the good faith opinion of the ABL Agent is
reasonably likely to contain, information reasonably necessary to the
enforcement by the ABL Agent of the ABL Agent’s Liens upon 

       

       

      
        
          
          

        

        
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      any ABL
Facility Collateral pursuant to the ABL Debt Documents and this Agreement;
and

       

      (ii)                 the
ABL Agent and the holders of ABL Debt Obligations are entitled to receive and
use such information under applicable law and, in doing so, shall comply with
all obligations imposed by law or contract in respect of the disclosure or use
of such information.

       

      ARTICLE
IV

       

      Existence
and Amounts of Liens and Obligations

       

      Whenever
a Representative shall be required, in connection with the exercise of its
rights or the performance of its obligations hereunder, to determine the
existence or amount of any Senior Secured Obligations (or the existence of any
commitment to extend credit that would constitute Senior Secured Obligations) or
Junior Secured Obligations, or the existence of any Lien securing any such
obligations, or the Collateral subject to any such Lien, it may request that
such information be furnished to it in writing by the other Representative and
shall be entitled to make such determination on the basis of the information so
furnished; provided,
however, that if a
Representative shall fail or refuse reasonably promptly to provide the requested
information, the requesting Representative shall be entitled to make any such
determination by such method as it may, in the exercise of its good faith
judgment, determine, including by reliance upon a certificate of the
Grantors.  Each Representative may rely conclusively, and shall be
fully protected in so relying, on any determination made by it in accordance
with the provisions of the preceding sentence (or as otherwise directed by a
court of competent jurisdiction) and shall have no liability to the Grantors or
any of their subsidiaries, any Secured Party or any other person as a result of
such determination.

       

      ARTICLE
V

       

      Consent
of Grantors

       

      Each
Grantor hereby consents to the provisions of this Agreement and the
intercreditor arrangements provided for herein and agrees that the obligations
of the Grantors under the Security Documents will in no way be diminished or
otherwise affected by such provisions or arrangements (except as expressly
provided herein).

       

      ARTICLE
VI

       

      Representations
and Warranties

       

      SECTION
6.01             Representations and Warranties of Each
Party.  Each
party hereto represents and warrants to the other parties hereto as
follows:

       

      (a)         Such
party is duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization and has all requisite power and authority
to enter into and perform its obligations under this Agreement.

       

       

      
        
          
          

        

        
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      (b)         This
Agreement has been duly executed and delivered by such party.

       

      (c)         The
execution, delivery and performance by such party of this Agreement (i) do not
require any consent or approval of, registration or filing with or any other
action by any governmental authority of which the failure to obtain could
reasonably be expected to have a material adverse effect, (ii) will not violate
any applicable law or regulation or any order of any governmental authority or
any indenture, agreement or other instrument binding upon such party which could
reasonably be expected to have a material adverse effect and (iii) will not
violate the charter, by-laws or other organizational documents of such
party.

       

      SECTION
6.02             Representations and Warranties of Each
Representative.  Each
of the Noteholder Collateral Trustee and the ABL Agent represents and warrants
to the other parties hereto that it is authorized under the Noteholder
Collateral Trust Agreement and the ABL Credit Agreement, as the case may be, to
enter into this Agreement.

       

      ARTICLE
VII

       

      Miscellaneous

       

      SECTION
7.01             Notices.  All
notices and other communications provided for herein shall be in writing and
shall be delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by telecopy, as follows:

       

      (a)         if
to the ABL Agent, to Deutsche Bank AG New York Branch at 60 Wall Street, New
York, New York 10005; Attention: Enrique Landaeta; Telecopy No. (212)
797-4655;

       

      (b)         if
to the Noteholder Collateral Trustee, to U.S. Bank National Association at 209
South LaSalle Street, Suite 300, Chicago, Illinois 60604; Attention: Corporate
Trust Services; Telecopy No. (312) 325-8974;

       

      (c)         if
to Holdings or to either of the Grantors, to ACCO Brands Corporation at: 300
Tower Parkway, Lincolnshire, Illinois 60069; Attention: General Counsel;
Telecopy No.  (847) 484-4144; and

       

      (d)         if
to any other Secured Debt Representative, to such address as specified in the
Lien Sharing and Priority Confirmation Joinder.

       

      Any party
hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto (and for this
purpose a notice to the Grantors shall be deemed to be a notice to each
Grantor).  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 (if a business day) and on the next
business day thereafter (in all other cases) if delivered by hand or overnight
courier service or sent by telecopy or on the date five business days after
dispatch by certified or registered mail if mailed, in each case delivered, sent
or mailed (properly addressed) to such party as provided in this Section 7.01 or
in accordance with the latest unrevoked direction from such party given in
accordance with this Section 7.01.  As agreed to in writing among the
Grantors, the Noteholder 

       

       

      
        
          
          

        

        
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      Collateral
Trustee and the ABL Agent from time to time, notices and other communications
may also be delivered by e-mail to the e-mail address of a representative of the
applicable person provided from time to time by such person.

       

      SECTION
7.02             Waivers; Amendment.

       

      (a)         No
failure or delay on the part of any party hereto in exercising any right or
power hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or
power.  The rights and remedies of the parties hereto are cumulative
and are not exclusive of any rights or remedies that they would otherwise
have.  No waiver of any provision of this Agreement or consent to any
departure by any party therefrom shall in any event be effective unless the same
shall be permitted by paragraph (b) of this Section, and then such waiver or
consent shall be effective only in the specific instance and for the purpose for
which given.  No notice or demand on any party hereto in any case
shall entitle such party to any other or further notice or demand in similar or
other circumstances.

       

      (b)         Neither
this Agreement nor any provision hereof may be terminated, waived, amended or
modified except pursuant to an agreement or agreements in writing entered into
by each Representative and the Grantors; provided, however, that this Agreement may be
amended from time to time (x) as provided in Section 2.10 and (y) at the sole
request and expense of the Grantors, and without the consent of either
Representative, to add, pursuant to the Intercreditor Agreement Joinder,
additional Grantors whereupon such Person will be bound by the terms hereof to
the same extent as if it had executed and delivered this Agreement as of the
date hereof.  Any amendment of this Agreement that is proposed to be
effected without the consent of a Representative as permitted by the proviso to
the preceding sentence shall be submitted to such Representative for its review
at least 5 business days prior to the proposed effectiveness of such
amendment.

       

      SECTION
7.03             Parties in Interest.  This
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns, as well as the other Secured
Parties, all of whom are intended to be bound by, and to be third party
beneficiaries of, this Agreement.

       

      SECTION
7.04             Survival of Agreement. All
covenants, agreements, representations and warranties made by any party in this
Agreement shall be considered to have been relied upon by the other parties
hereto and shall survive the execution and delivery of this
Agreement.

       

      SECTION
7.05             Counterparts.  This
Agreement may be executed in counterparts, each of which shall constitute an
original but all of which when taken together shall constitute a single
contract.  Delivery of an executed signature page to this Agreement by
facsimile transmission shall be as effective as delivery of a manually signed
counterpart of this Agreement.

       

       

      
        
          
          

        

        
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      SECTION
7.06             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 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
shall endeavor 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
7.07             Governing Law; Jurisdiction; Consent to
Service of Process.

       

      (a)         THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES (BUT
GIVING EFFECT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION
LAW).

       

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

       

      (c)         Each
party hereto hereby irrevocably and unconditionally waives, to the fullest
extent it may legally and effectively do so, any objection which 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 in any court referred to in paragraph (b)
of this Section.  Each of the parties hereto 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.

       

      (d)         Each
party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 7.01.  Nothing in this Agreement will
affect the right of any party to this Agreement to serve process in any other
manner permitted by law.

       

      SECTION
7.08           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.  EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR 

       

       

      
        
          
          

        

        
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      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.

       

      SECTION
7.09            Headings.  Article,
Section and Annex headings used herein are for convenience 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
7.10            Conflicts.  In
the event of any conflict or inconsistency between the provisions of this
Agreement and the provisions of any Secured Documents, the provisions of this
Agreement shall control; provided, however, that if any of the
provisions of the Priority Lien Security Documents limit, qualify or conflict
with the duties imposed by the provisions of the TIA, the TIA shall
control.

       

      SECTION
7.11            Provisions Solely to Define Relative
Rights.  The
provisions of this Agreement are and are intended solely for the purpose of
defining the relative rights of the ABL Secured Parties, on the one hand, and
the Priority Lien Secured Parties, on the other hand.  None of the
Grantors, any other Grantor or any other creditor thereof shall have any rights
or obligations hereunder, except as expressly provided in this Agreement (provided that nothing in this
Agreement (other than Sections 2.05, 2.06, 2.10, 2.11 or Article VII) is
intended to or will amend, waive or otherwise modify the provisions of the ABL
Credit Agreement or the Indenture), and neither Holdings nor any other Grantor
may rely on the terms hereof (other than Sections 2.05, 2.06, 2.10, 2.11,
Article VI and Article VII).  Nothing in this Agreement is intended to
or shall impair the obligations of Holdings or any other Grantor, which are
absolute and unconditional, to pay the Obligations under the Secured Documents
as and when the same shall become due and payable in accordance with their
terms.  Notwithstanding anything to the contrary herein or in any
Secured Document, the Grantors shall not be required to act or refrain from
acting (a) pursuant to this Agreement or any Priority Lien Document with respect
to any ABL First Lien Collateral in any manner that would cause a default under
any ABL Debt Document, or (b) pursuant to this Agreement or any ABL Debt
Document with respect to any Noteholder First Lien Collateral in any manner that
would cause a default under any Priority Lien Document.

       

      SECTION
7.12           Certain Terms Concerning the Noteholder
Collateral Trustee.  The
Noteholder Collateral Trustee is executing and delivering this Agreement solely
in its capacity as such and pursuant to direction set forth in the Noteholder
Collateral Trust Agreement; and in so doing, the Noteholder Collateral Trustee
shall not be responsible for the terms or sufficiency of this Agreement for any
purpose. The Noteholder Collateral Trustee shall have no duties or obligations
under or pursuant to this Agreement other than such duties as may be expressly
set forth in this Agreement as duties on its part to be performed or
observed.  In entering into this Agreement, or in taking (or
forbearing from) any action under or pursuant to the Agreement, the Noteholder
Collateral Trustee shall have and be protected by all of the rights, immunities,
indemnities and other protections granted to it under the Indenture (including
without limitation Sections 7.01, 7.02, 7.04, 7.07 and 7.11 thereof), and, in
the case of the Noteholder Collateral Trustee, the Priority Lien Security
Documents.

       

       

      
        
          
          

        

        
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      SECTION
7.13           Certain Terms Concerning ABL Agent and
Noteholder Collateral Trustee.  Neither
the ABL Agent nor the Noteholder Collateral Trustee shall have any liability or
responsibility for the actions or omissions of any other Secured Party, or for
any other Secured Party’s compliance with (or failure to comply with) the terms
of this Agreement.  Neither the ABL Agent nor the Noteholder
Collateral Trustee shall have individual liability to any Person if it shall
mistakenly pay over or distribute to any Secured Party (or the Grantors) any
amounts in violation of the terms of this Agreement, so long as the ABL Agent or
the Noteholder Collateral Trustee, as the case may be, is acting in good
faith.

       

      SECTION
7.14            Reliance.  Other
than any reliance on the terms of this Agreement, the Junior Representative, on
behalf of itself and the Junior Secured Obligations Secured Parties under its
Junior Documents, acknowledges that it and such Junior Secured Obligations
Secured Parties have, independently and without reliance on the Senior
Representative or any Senior Secured Obligations Secured Parties, and based on
documents and information deemed by them appropriate, made their own credit
analysis and decision to enter into the Junior Documents and be bound by the
terms of this Agreement and they will continue to make their own credit decision
in taking or not taking any action under the Indenture or this
Agreement.

       

      SECTION
7.15           No Warranties or Liability.  The
Junior Representative, on behalf of itself and the Junior Secured Obligations,
acknowledges and agrees that the Senior Representative and the Senior Secured
Obligations Secured Parties have made no express or implied representation or
warranty, including with respect to the execution, validity, legality,
completeness, collectibility or enforceability of any of the Senior Documents,
the ownership of any Collateral or the perfection or priority of any Liens
thereon.  The Senior Secured Obligations Secured Parties will be
entitled to manage and supervise their respective loans and extensions of credit
under their respective Senior Documents in accordance with law and as they may
otherwise, in their sole discretion, deem appropriate.  The Senior
Representative and the Senior Secured Obligations Secured Parties shall have no
duty to the Junior Representative or any of the Junior Secured Obligations
Secured Parties to act or refrain from acting in a manner which allows, or
results in, the occurrence or continuance of an event of default or default
under any agreements with Holdings or any other Grantor (including the Senior
Documents and the Junior Documents), regardless of any knowledge thereof which
they may have or be charged with.

       

      SECTION
7.16           No Waiver of Lien Priorities. 
(a)         No
right of the Senior Secured Obligations Secured Parties, the Senior
Representative or any of them to enforce any provision of this Agreement or any
Senior Document shall at any time in any way be prejudiced or impaired by any
act or failure to act on the part of Holdings or any other Grantor or by any act
or failure to act by any Senior Secured Obligations Secured Party or the Senior
Representative, or by any noncompliance by any Person with the terms, provisions
and covenants of this Agreement, any of the Senior Documents or any of the
Junior Documents, regardless of any knowledge thereof which the Senior
Representative or the Senior Secured Obligations Secured Parties, or any of
them, may have or be otherwise charged with.

       

      (b)         Without
in any way limiting the generality of the foregoing paragraph (but subject to
the rights of Holdings and the other Grantors under the Senior Documents and
subject to the provisions of Section 2.11), the Senior Secured Obligations

       

       

      
        
          
          

        

        
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      Secured
Parties, the Senior Representative and any of them may, at any time and from
time to time in accordance with the Senior Documents and/or applicable law,
without the consent of, or notice to, the Junior Representative or any Junior
Secured Obligations Secured Party, without incurring any liabilities to the
Junior Representative or any Junior Secured Obligations Secured Parties and
without impairing or releasing the Lien priorities and other benefits provided
in this Agreement (even if any right of subrogation or other right or remedy of
the Junior Representative or any Junior Secured Obligations Secured Party is
affected, impaired or extinguished thereby) do any one or more of the
following:

       

      (i)                 make
loans and advances to any Grantor or issue, guaranty or obtain letters of credit
for account of any Grantor or otherwise extend credit to any Grantor, in any
amount and on any terms, whether pursuant to a commitment or as a discretionary
advance and whether or not any default or event of default or failure of
condition is then continuing;

       

      (ii)                 change
the manner, place or terms of payment or change or extend the time of payment
of, or amend, renew, exchange, increase or alter, the terms of any of the Senior
Secured Obligations or any Lien on any Senior Secured Obligations Collateral or
guaranty thereof or any liability of Holdings or any other Grantor, or any
liability incurred directly or indirectly in respect thereof (including any
increase in or extension of the Senior Secured Obligations, without any
restriction as to the amount, tenor or terms of any such increase or extension)
or otherwise amend, renew, exchange, extend, modify or supplement in any manner
any Liens on the Senior Secured Obligations Collateral held by the Senior
Representative or any of the Senior Secured Obligations Secured Parties, the
Senior Secured Obligations or any of the Senior Documents;

       

      (iii)                 sell,
exchange, realize upon, enforce or otherwise deal with in any manner (subject to
the terms hereof) and in any order any part of the Senior Secured Obligations
Collateral or any liability of Holdings or any other Grantor to the Senior
Secured Obligations Secured Parties or the Senior Representative, or any
liability incurred directly or indirectly in respect thereof;

       

      (iv)                 settle
or compromise any Senior Secured Obligation or any other liability of Holdings
or any other Grantor or any security therefor or any liability incurred directly
or indirectly in respect thereof; and

       

      (v)                 exercise
or delay in or refrain from exercising any right or remedy against Holdings or
any other Grantor or any other Person, elect any remedy and otherwise deal
freely with Holdings, any other Grantor or any Senior Secured Obligations
Collateral and any security and any guarantor or any liability of Holdings or
any other Grantor to the Senior Secured Obligations Secured Parties or any
liability incurred directly or indirectly in respect thereof.

       

      (c)         The
Junior Representative, on behalf of itself and the Junior Secured Obligations
Secured Parties, also agrees that the Senior Secured Obligations Secured Parties
and the Senior Representative shall have no liability to the Junior
Representative or any Junior 

       

       

      
        
          
          

        

        
          48

          
            

          

        

        
          
          

        

      

       

      Secured
Obligations Secured Party, and the Junior Representative, on behalf of itself
and the Junior Secured Obligations Secured Parties, hereby waives any claim
against any Senior Secured Obligations Secured Party or the Senior
Representative, arising out of any and all actions which the Senior Secured
Obligations Secured Parties or the Senior Representative may take or permit or
omit to take with respect to:

       

      (i)                 the
Senior Documents (other than this Agreement);

       

      (ii)                 the
collection of the Senior Secured Obligations; or

       

      (iii)                 the
foreclosure upon, or sale, liquidation or other disposition of, any Senior
Secured Obligations Collateral.

       

      The Junior Representative, on behalf of
itself and the Junior Secured Obligations Secured Parties, agrees that the
Senior Secured Obligations Secured Parties and the Senior Representative have no
duty to the Junior Representative or the Junior Secured Obligations Secured
Parties in respect of the maintenance or preservation of the Senior Secured
Obligations Collateral, the Senior Secured Obligations or
otherwise.

       

      (iv)                 The
Junior Representative, on behalf of itself and the Junior Secured Obligations
Secured Parties, agrees not to assert and hereby waives, to the fullest extent
permitted by law, any right to demand, request, plead or otherwise assert or
otherwise claim the benefit of, any marshalling, appraisal, valuation or other
similar right that may otherwise be available under applicable law with respect
to the Senior Secured Obligations Collateral or any other similar rights a
junior secured creditor may have under applicable law.

       

      SECTION
7.17             Obligations
Unconditional.   All
rights, interests, agreements and obligations of the Senior Representative and
the Senior Secured Obligations Secured Parties and the Junior Representative and
the Junior Secured Obligations Secured Parties, respectively, hereunder shall
remain in full force and effect irrespective of:

       

      (a)         any
lack of validity or enforceability of any Senior Document or any Junior
Document;

       

      (b)         except
as otherwise set forth in the Agreement, any change permitted hereunder in the
time, manner or place of payment of, or in any other terms of, all or any of the
Senior Secured Obligations or Junior Secured Obligations, or any amendment or
waiver or other modification permitted hereunder, whether by course of conduct
or otherwise, of the terms of any Senior Document or any Junior
Document;

       

      (c)         any
exchange of any security interest in any Senior Secured Obligations Collateral
or any amendment, waiver or other modification permitted hereunder, whether in
writing or by course of conduct or otherwise, of all or any of the Senior
Secured Obligations or Junior Secured Obligations;

       

      (d)         the
commencement of any Insolvency or Liquidation Proceeding in respect of Holdings
or any other Grantor; or

       

       

      
        
          
          

        

        
          49

          
            

          

        

        
          
          

        

      

       

      (e)         any
other circumstances which otherwise might constitute a defense available to, or
a discharge of, Holdings or any other Grantor in respect of the Senior Secured
Obligations, or of the Junior Representative or any Junior Secured Obligations
Secured Party in respect of this Agreement.

       

       

      [Remainder
of this page intentionally left blank]

       

       

      
        
          
          

        

        
          50

          
            

          

        

        
          
          

        

      

       

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

       

       

      
        
           

          
            
              	 	
                      
                        DEUTSCHE
      BANK AG NEW YORK BRANCH,

                        as
      ABL Agent

                      

                       

                    	 
	 	 	 	 
	
                       

                    	
                      By:

                    	/s/Enrique
      Landaeta 	 
	 	 	Name: 
      Enrique
      Landaeta	 
	 	 	Title:  Vice
      President	 
	 	 	 	 

            

          

        

         

        
          
            
              
                	 	
                         

                         

                      	 
	 	 	 	 
	
                         

                      	
                        By:

                      	/s/Omayra
      Laucella 	 
	 	 	Name: 
      Omayra
      Laucella	 
	 	 	Title:  Vice
      President	 
	 	 	 	 

              

            

          

           

        

         

        
          
            
            

            
              
                
                

              

              
                INTERCREDITOR
AGREEMENT

                
                  

                

              

              
                
                

              

            

          

        

      

       

       

      
        
           

          
            
              	 	
                      U.S.
      BANK NATIONAL ASSOCIATION,

                      as
      Noteholder Collateral Trustee

                       

                    	 
	 	 	 	 
	
                       

                    	
                      By:

                    	/s/Diane
      Swanson 	 
	 	 	Name: 
      Diane
      Swanson	 
	 	 	Title:  Vice
      President	 
	 	 	 	 

            

          

        

         

         

        
          
            
            

          

          
            INTERCREDITOR AGREEMENT

            
              

            

          

          
            
            

          

        

        
          
             

            
              
                
                  
                    
                      
                         

                      

                    

                  

                

                
                  
                    
                      	 	
                              ACCO
      BRANDS CORPORATION

                               

                            	 
	 	 	 	 
	
                               

                            	
                              By:
      

                            	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven
      Rubin 	 
	 	 	Title:  Senior Vice
      President, Secretary
     
      and General Counsel 	 
	 	 	 	 

                    

                  

                   

                  
                    
                      
                        
                          	 	
                                  ACCO BRANDS USA LLC

                                   

                                	 
	 	 	 	 
	
                                   

                                	
                                  By:
      

                                	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven
      Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                        

                      

                    

                  

                

                 

                
                  
                    
                      	 	
                              GENERAL BINDING CORPORATION

                               

                            	 
	 	 	 	 
	
                               

                            	
                              By:
      

                            	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven
      Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                    

                  

                

                 

                
                  
                    
                      	 	
                              DAY-TIMERS INC.

                               

                            	 
	 	 	 	 
	
                               

                            	
                              By:
      

                            	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven
      Rubin	 
	 	 	Title:  Secretary	 
	 	 	 	 

                    

                  

                   

                  
                    
                      	 	
                              ACCO BRANDS INTERNATIONAL, INC.

                               

                            	 
	 	 	 	 
	
                               

                            	
                              By:
      

                            	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven
      Rubin	 
	 	 	Title:  Secretary	 
	 	 	 	 

                    

                  

                  
                     

                     

                  

                  
                    
                      
                        
                        

                      

                      
                        INTERCREDITOR AGREEMENT

                        
                          

                        

                      

                      
                        
                        

                      

                    

                     

                    
                      
                        
                          
                            
                              
                                
                                  	 	
                                          ACCO EUROPE FINANCE HOLDINGS, LLC

                                           

                                        	 
	 	 	 	 
	
                                           

                                        	
                                          By:
      

                                        	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven
      Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                                

                              

                            

                            
                               

                            

                          

                          
                            
                              	 	
                                      ACCO EUROPE INTERNATIONAL HOLDINGS, LLC

                                       

                                    	 
	 	 	 	 
	
                                       

                                    	
                                      By:
      

                                    	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven
      Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                            

                          

                        

                         

                      

                      
                        
                          	 	
                                  ACCO INTERNATIONAL HOLDINGS, INC.

                                   

                                	 
	 	 	 	 
	
                                   

                                	
                                  By:
      

                                	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                        

                      

                       

                    

                    
                      
                        	 	
                                GBC INTERNATIONAL, INC.

                                 

                              	 
	 	 	 	 
	
                                 

                              	
                                By:

                              	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                      

                    

                    
                       

                      
                        
                          
                            
                              	 	
                                      BOONE INTERNATIONAL, INC.

                                       

                                    	 
	 	 	 	 
	
                                       

                                    	
                                      By:
      

                                    	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                            

                          

                        

                         

                         

                        
                          
                            
                            

                          

                          
                            INTERCREDITOR
AGREEMENT

                            
                              

                            

                          

                          
                            
                            

                          

                        

                         

                      

                    

                  

                

                
                  
                    
                      	 	
                              POLYBLEND CORPORATION

                               

                            	 
	 	 	 	 
	
                               

                            	
                              By:
      

                            	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                    

                     

                    
                       

                      
                        
                          
                            
                              	 	
                                      SWINGLINE, INC.

                                    	 
	 	 	 	 
	
                                       

                                    	
                                      By:
      

                                    	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven
      Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                            

                          

                        

                      

                      
                         

                        
                          
                          

                        

                      

                    

                    
                      
                        
                        

                      

                      
                        INTERCREDITOR AGREEMENT

                        
                          

                        

                      

                      
                        
                        

                      

                    

                  

                

              

            

          

        

      

       

      EXHIBIT
A

      to
Intercreditor Agreement

       

      [FORM
OF]

      INTERCREDITOR
AGREEMENT JOINDER

       

      The
undersigned, _____________________, a _______________, hereby agrees to become
party as a [Grantor] under the Intercreditor Agreement dated as of September 30,
2009 (the “Intercreditor
Agreement”) among ACCO BRANDS CORPORATION, a Delaware corporation (“Holdings”),
the Grantors from time to time party thereto, Deutsche Bank AG New York Branch,
as agent under the ABL Credit Agreement (as defined therein) and U.S. Bank
National Association, as collateral trustee under the Indenture (as defined
therein), for all purposes thereof on the terms set forth therein, and to be
bound by the terms of the Intercreditor Agreement as fully as if the undersigned
had executed and delivered the Intercreditor Agreement as of the date
thereof.

       

      The
provisions of Article 7 of the Intercreditor Agreement will apply with like
effect to this Joinder.

       

      IN
WITNESS WHEREOF, the parties hereto have caused this Intercreditor Agreement
Joinder to be executed by their respective officers or representatives as of
___________________, 20____.

       

      
        
          
            	 	[_________________________________________]	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	 	 
	 	 	Name:
      ______________________________________	 
	 	 	Title: _______________________________________	 
	 	 	 	 
	 	 	[Notice
      Address] 	 

          

        

      

       

       

      
        
          
          

        

        
          Exhibit
A-1

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
B

      to
Intercreditor Agreement

       

      [FORM
OF]

      LIEN
SHARING AND PRIORITY CONFIRMATION JOINDER

       

      Reference
is made to the Intercreditor Agreement, dated as of September 30, 2009 (as
amended, supplemented, amended and restated or otherwise modified and in effect
from time to time, the “Intercreditor
Agreement”) among ACCO Brands Corporation, a Delaware corporation (“Holdings”),
the other Grantors from time to time party thereto, Deutsche Bank AG New York
Branch (in its individual capacity, and any successor corporation thereto by
merger, consolidation or otherwise, “DBNY”), as
collateral agent under the ABL Credit Agreement (as defined below) (the “ABL
Agent”), and U.S. Bank National Association (in its individual capacity,
and any successor corporation thereto by merger, consolidation or otherwise,
“U.S.
Bank”) as collateral trustee under the Indenture (as defined
below).

       

      Capitalized
terms used but not otherwise defined herein shall have the meaning set forth in
the Intercreditor Agreement.  This Lien Sharing and Priority
Confirmation Joinder is being executed and delivered pursuant to Section
2.10[a][b] of the Intercreditor Agreement as a condition precedent to the debt
for which the undersigned is acting as representative being entitled to the
rights and obligations of being additional secured debt under the Intercreditor
Agreement.

       

      1.           Joinder.  The
undersigned, [_________________], a [_______________], (the “New
Representative”) as [trustee] [collateral trustee] [administrative agent]
[collateral agent] under that certain [described applicable indenture,
credit agreement or other document governing the additional secured debt]
hereby:

       

      (a)           represents
that the New Representative has been authorized to become a party to the
Intercreditor Agreement on behalf of the [ABL Secured Parties under an ABL
Substitute Facility][Indenture Priority Lien Secured Parties under the
Noteholder Substitute Facility][Additional Priority Lien Secured Parties under
the Additional Priority Lien Debt Facility] as [an ABL Agent under an ABL
Substitute Facility] [a Noteholder Collateral Trustee under a Noteholder
Substitute Facility] [a Secured Debt Representative] under the Intercreditor
Agreement for all purposes thereof on the terms set forth therein, and to be
bound by the terms of the Intercreditor Agreement as fully as if the undersigned
had executed and delivered the Intercreditor Agreement as of the date thereof;
and

       

      (b)           agrees
that its address for receiving notices pursuant to the Intercreditor Agreement
shall be as follows:

       

      [Address];

       

      2.           Lien Sharing and Priority
Confirmation.

       

      [Option A: to be used if Additional
Debt constitutes ABL
Debt]  The undersigned New Representative, on behalf of itself
and each holder of ABL Debt Obligations for which the undersigned is acting as
[Administrative Agent]
hereby agrees, for the enforceable benefit of all 

       

       

      
        
          
          

        

        
          Exhibit
B-1

          
            

          

        

        
          
          

        

      

       

      Secured
Parties and each existing and future Secured Debt Representative, and as a
condition to being treated as ABL Debt Obligations under the Intercreditor
Agreement, that the New Representative is bound by the provisions of the
Intercreditor Agreement, including the provisions relating to the ranking of ABL
Liens. [or]

       

      [Option B: to be used if Additional
Debt constitutes a Series
of Priority Lien Debt]  The undersigned New Representative, on
behalf of itself and each holder of Obligations in respect of the Series of
Priority Lien Debt [that constitutes Noteholder Substitute Facility] for which
the undersigned is acting as [Secured Debt Representative][Noteholder Collateral
Trustee] hereby agrees, for the enforceable benefit of all Secured Parties and
each existing and future Secured Debt Representative, and as a condition to
being treated as Secured Debt under the Intercreditor Agreement,
that:

       

      (a)           all
Priority Lien Obligations will be and are secured Equally and Ratably by all
Priority Liens at any time granted by Holdings or any other Grantor to secure
any Obligations in respect of such Series of Priority Lien Debt, whether or not
upon property otherwise constituting Collateral for such Series of Priority Lien
Debt, and that all such Priority Liens will be enforceable by the Noteholder
Collateral Trustee with respect to such Series of Priority Lien Debt for the
benefit of all holders of Priority Lien Obligations Equally and
Ratably;

       

      (b)           the
New Representative and each holder of Obligations in respect of the Series of
Priority Lien Debt for which the undersigned is acting as [Secured Debt
Representative] are bound by the provisions of the Intercreditor Agreement,
including the provisions relating to the ranking of Priority Liens and the order
of application of proceeds from enforcement of Priority Liens; and

       

      (c)           the
New Representative and each holder of Obligations in respect of the Series of
Priority Lien Debt for which the undersigned is acting as [Secured Debt Representative]
appoints the Noteholder Collateral Trustee and consents to the terms of the
Intercreditor Agreement and the performance by the Noteholder Collateral Agent
of, and directs the Noteholder Collateral Agent to perform, its obligations
under the Intercreditor Agreement, the Noteholder Collateral Trust Agreement and
the other Security Documents, together with all such powers as are reasonably
incidental thereto. 

       

      3.           Governing Law and
Miscellaneous Provisions.  The provisions of Article 7 of the
Intercreditor Agreement will apply with like effect to this Lien Sharing and
Priority Confirmation Joinder.

       

       

      
        
          
          

        

        
          Exhibit B-2

          
            

          

        

        
          
          

        

      

       

      IN
WITNESS WHEREOF, the parties hereto have caused this Lien Sharing and Priority
Confirmation Joinder to be executed by their respective officers or
representatives as of [___________________, 20____].

       

      
         

        
          
            
              	 	[insert name of New
Representative]	 
	 	 	 	 
	
                       

                    	
                      By
      

                    	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 

            

          

        

         

        The
Noteholder Collateral Trustee hereby acknowledges receipt of this Lien Sharing
and Priority Confirmation Joinder and agrees to act as Noteholder Collateral
Trustee for the New Representative and the holders of the Obligations
represented thereby:

      

       

      
        
           

          
            
              
                	 	
                        [•],

                        as
      Noteholder Collateral Trustee

                      	 
	 	 	 	 
	
                         

                      	
                        By
      

                      	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 

              

            

          

           

          The ABL Agent hereby acknowledges receipt of this Lien Sharing and
Priority Confirmation Joinder and agrees to act as ABL Agent for the New
Representative and the holders of the Obligations represented
thereby:____________________________,

           

           

        

      

      
        
          
            
              
                	 	
                        [•],

                        as ABL Agent

                      	 
	 	 	 	 
	
                         

                      	
                        By
      

                      	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 

              

            

          

           

        

      

    

     

    
      
        
        

      

      
        Exhibit B-3

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