Document:

<PAGE>
                                                                     Exhibit 4.6

                            INTERCREDITOR AGREEMENT

This INTERCREDITOR AGREEMENT, dated as of May 5, 2001 (this "Agreement"), is
executed and delivered by BARTON CAPITAL CORPORATION, a Delaware limited
liability company, as purchaser under the Receivables Purchase Agreement
referred to herein ("Barton"), SOCIETE GENERALE, a banking corporation organized
under the laws of France, as agent for Barton (in such capacity, the "Conduit
Agent"), and BANK OF AMERICA, NATIONAL ASSOCIATION, a national banking
association, as administrative agent under the Credit Agreement referred to
herein (in such capacity, the "Lender Agent").

                                  BACKGROUND

     A.  Applied Power Credit Corporation (the "Receivables Subsidiary"), APW
North America, Inc. ("APW"), as initial servicer and guarantor, and certain
originators (the "Originators") are parties to the Amended and Restated Purchase
and Sale Agreement, dated as of November 20, 1997, (as amended, supplemented or
otherwise modified from time to time, the "Purchase and Sale Agreement"),
pursuant to which the Originators have agreed to sell, and the Receivables
Subsidiary has agreed to purchase, from time to time, certain receivables and
related assets.

     B.  The Receivables Subsidiary, APW, Barton and the Conduit Agent are
parties to the Receivables Purchase Agreement, dated as of November 20, 1997 (as
amended, supplemented or otherwise modified from time to time, the "Receivables
Purchase Agreement"), pursuant to which Barton has agreed to purchase, from time
to time, undivided percentage interests in such receivables and related assets.

     C.  APW, APW Ltd., APW Holdings Denmark APS (collectively, the
"Borrowers"), Bank One, NA, as syndication agent, The Chase Manhattan Bank, as
documentation agent, certain financial institutions party thereto as lenders (in
their capacity as lenders thereunder, the "Lenders") and the Lender Agent are
parties to the Multicurrency Credit Agreement, dated as of July 31, 2000 (as
amended, supplemented or otherwise modified from time to time, the "Credit
Agreement").

     D.  The Borrowers have requested certain waivers of rights under the Credit
Agreement.

     E.  The Lenders have agreed to provide certain waivers of rights under the
Credit Agreement in return for the pledge of certain collateral, including a
pledge of the stock of the Receivables Subsidiary, to the Lender Agent for its
benefit and the benefit of the Lenders.

<PAGE>

     F.    Each of APW and the Receivables Subsidiary has requested an extension
of the Commitment Termination Date under the Receivables Purchase Agreement.
Concurrent with such extension, the parties to the Receivables Purchase
Agreement and the Purchase and Sale Agreement desire to amend and restate such
agreements.

     G.    The execution and delivery of this Agreement is a condition precedent
to such extension and the concurrent amendment and restatement of such
agreements.

     NOW, THEREFORE, for good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereto agree as follows:

     1.    Definitions.  (a)  Capitalized terms not defined herein that are
defined in Schedule I to the Receivables Purchase Agreement shall for the
purposes of this Agreement (including the recitals hereof) have the meanings
ascribed to such terms in such Schedule I, and this Agreement (including the
recitals hereof) shall be interpreted in accordance with the conventions set
forth in "Other Terms" of such Schedule I.

     (b)   In addition, the following terms shall have the meanings specified
below:

           "APW" has the meaning set forth in paragraph A of the recitals.

           "Barton" has the meaning set forth in the preamble.

           "Borrower" has the meaning set forth in paragraph C of the recitals.

           "Conduit Agent" has the meaning set forth in the preamble.

           "Credit Agreement" has the meaning set forth in paragraph C of the
     recitals.

           "Credit Documents" means the Credit Agreement ,the Security
     Agreement, the Pledge Agreement, the Guaranties and all other agreements,
     instruments and documents from time to time executed and delivered by the
     Borrowers and certain subsidiaries of the Borrowers in connection therewith
     for the benefit of the Lenders and the Lender Agent, as the same may be
     amended, supplemented, or otherwise modified from time to time.

           "Credit Obligations" means all obligations of the Borrowers to the
     Lender Parties arising under or in connection with or in respect of the
     Credit Documents, whether direct or indirect, absolute or contingent, now
     or hereafter existing, or due or to become due.

           "Guaranties" means the guaranties of the Borrowers and certain
     subsidiaries of the Borrowers pursuant to the Credit Agreement, as amended,
     supplemented or otherwise modified from time to time.

           "Lender" has the meaning set forth in paragraph C of the recitals.

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           "Lender Agent" has the meaning set forth in the preamble.

           "Loan Collateral" means all property (other than Securitization
     Assets) now owned or hereafter acquired by the Borrowers or any
     subsidiaries of the Borrowers in or upon which a security interest, lien or
     mortgage is granted by the Borrowers or such subsidiaries to the Lender
     Agent for the benefit of the Lender Parties under the Credit Documents.

           "Lender Parties" means the Lender Agent and the Lenders.

           "Originators" mean such Borrowers and subsidiaries of the Borrowers
     as are listed in the attached Schedule 1 and such additional subsidiaries
     of the Borrowers to which the Required Banks (as defined in the Credit
     Agreement) may consent.

           "Pledge Agreement Collateral" means (a) the Receivables Subsidiary
     Stock, (b) each Receivables Subsidiary Note, (c) all payments of principal
     and interest or dividends or other distributions on, and other rights to
     payment under, any of the foregoing, and (d) all proceeds of any of the
     foregoing.

           "Pledge Agreement" means the Pledge Agreement, dated as of March 30,
     2001, among the Borrowers, certain subsidiaries of the Borrowers and the
     Lender Agent.

           "Purchase and Sale Agreement" has the meaning set forth in paragraph
     A of the recitals.

           "Receivables Purchase Documents" means the Receivables Purchase
     Agreement, the Purchase and Sale Agreement and all other agreements,
     instruments and documents from time to time executed and delivered by APW
     or the Receivables Subsidiary in connection therewith, as the same may be
     amended, supplemented, or otherwise modified from time to time.

           "Receivables Purchase Agreement" has the meaning set forth in
     paragraph B of the recitals.

           "Receivables Subsidiary" has the meaning set forth in paragraph A of
     the recitals.

           "Receivables Subsidiary Note" means any promissory note issued and
     delivered by the Receivables Subsidiary, payable to the order of an
     Originator, pursuant to the Purchase and Sale Agreement, as the same may be
     amended, supplemented, endorsed or otherwise modified from time to time,
     together with any promissory note issued in substitution therefor or
     renewal thereof in accordance with the Receivables Purchase Documents.

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           "Receivables Subsidiary Stock" means (a) all the issued and
     outstanding capital stock of the Receivables Subsidiary, (b) all additional
     shares of capital stock of the Receivables Subsidiary issued from time to
     time, and (c) all options, warrants and other rights with respect to the
     foregoing.

           "Securitization Assets" means all Receivables and Related Assets that
     may be sold, purportedly sold, contributed, transferred, conveyed or
     assigned by the Originators to the Receivables Subsidiary (regardless of
     whether any such transfer is characterized as a sale or as a secured loan).
     For purposes of this definition, "Receivables" has the meaning as presently
     defined in the Receivables Purchase Agreement and "Related Assets" has the
     meaning as presently defined in the Purchase and Sale Agreement.

           "Security Agreement" means the Security Agreement, dated as of March
     30, 2001 among the Borrowers, certain subsidiaries of the Borrowers and the
     Lender Agent.

     2.    Authorization. The Lender Agent hereby confirms that it has been duly
authorized to execute, deliver and perform this Agreement, and that each of the
Lender Parties shall, upon the Lender Agent's execution hereof, be bound by this
Agreement.

     3.    Confirmation of Sale.  Each of the Borrowers hereby, by its
acknowledgment hereof, confirms to Barton, the Conduit Agent and the Lender
Parties that it has no ownership interests, liens, claims, encumbrances or
security interests of any kind whatsoever in any now existing or hereafter
arising Securitization Assets and shall not exercise any set-off, recoupment or
similar right it may have with respect to the obligations of the Receivables
Subsidiary.

     4.    Acknowledgment.  Except for any rights or interests which the Lender
Parties may have as pledgees of the Receivables Subsidiary Stock or the
Receivables Subsidiary Notes under the Credit Documents, the Lender Parties (a)
are not creditors of, and have no recourse to any assets of, the Receivables
Subsidiary and (b) have no lien on or claim, contractual or otherwise, arising
under any of the Receivables Purchase Documents (or otherwise) to the
Securitization Assets nor any other assets of the Receivables Subsidiary,
including any proceeds thereof or earnings thereon, whether now existing or
hereafter acquired and whether tangible or intangible.

     5.    Release of Securitization Assets.  (a)  Notwithstanding anything
contained in the Credit Documents,  any other agreement, instrument, mortgage,
deed of trust or document delivered under or in connection therewith, any UCC
financing statement or any applicable law, the Lender Agent, on behalf of itself
and all of the other Lender Parties, hereby releases all liens, mortgages,
security interests, claims and interests of any kind whatsoever that it may hold
in any of the Securitization Assets (it being understood that such release shall
be automatic and irrevocable upon each sale, purported sale, contribution,
transfer, conveyance or assignment of the Securitization Assets). It is
understood and agreed that no Lender Party shall have any rights to or in any
proceeds of the Loan Collateral that constitute Securitization Assets.  The
Lender

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Agent agrees, upon the request of the Conduit Agent, to execute and deliver to
the Conduit Agent such UCC partial release statements and other documents and
instruments, and do such other acts and things, as the Conduit Agent may
reasonably request in order to evidence the release provided for in this Section
5; provided, however, that failure to execute and deliver any such partial
release statements, documents or instruments, or to do such acts and things,
shall not affect or impair the release provided for in this Section 5.

     (b)   The Lender Agent further acknowledges and agrees that to the extent
that, notwithstanding Section 5(a) above, the Lender Parties are deemed to have
any interest, claim or benefit in or from the Securitization Assets whether by
operation of law, legal process, pursuant to applicable provisions of the
Bankruptcy Code or otherwise (including without limitation by virtue of Section
1111(b) of the federal Bankruptcy Code or any successor provision having similar
effect under the Bankruptcy Code), then any such interest, claim or benefit in
or from the Securitization Assets is and shall be expressly subordinated to the
indefeasible payment in full of each Undivided Interest and other obligation to
an Affected Party (whether or not any such claim is legally perfected or
otherwise entitled to a priority of distribution or application under applicable
law, including the Bankruptcy Code) including, without limitation, the payment
of post-petition interest on such other obligations and liabilities.

     6.    Separation of Collateral.  The Lender Agent hereby agrees promptly to
return to the Conduit Agent any funds or other property which constitute
Securitization Assets (or proceeds thereof), provided, that the Conduit Agent or
the Servicer shall have identified such Securitization Assets or proceeds in
writing to the Lender Agent or the Lender Agent otherwise has actual knowledge
of the identity of such Securitization Assets or proceeds.  Solely for purposes
of maintaining the perfection of the Conduit Agent's interests therein, the
Conduit Agent hereby appoints the Lender Agent as its agent with respect to such
Securitization Assets and proceeds, and the Lender Agent hereby accepts such
appointment.

     7.    Additional Agreements with Lender Parties.  The Lender Agent agrees,
represents and warrants, on behalf of itself and the Lender Parties as follows:

           (a)   The Lender Parties shall not contest or challenge, or join any
     other Person in contesting or challenging, the transfers of Securitization
     Assets from any Originator to the Receivables Subsidiary, whether on the
     grounds that such transfers were disguised financings, preferential
     transfers, fraudulent conveyances or otherwise or a transfer other than a
     "true sale" or a "true contribution."  Without limiting the foregoing, the
     Lender Parties shall not contest or challenge, or join any other Person in
     contesting or challenging, the validity, enforceability, priority or
     perfection of the interest of the Receivables Subsidiary in any of the
     Securitization Assets, or the validity, enforceability, priority or
     perfection of the interest of any assignee of the Receivables Subsidiary
     (including Barton) in any of the Securitization Assets.  In addition, the
     Lender Parties shall not (x) assert that any Person and the Receivables
     Subsidiary should be substantively consolidated or that the Receivables
     Subsidiary is not or was not a

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     corporation separate and distinct from the Originators, APW or any other
     Person, or (y) challenge the valuation of any Securitization Assets which
     Barton, any assignee of Barton or the Conduit Agent may elect to liquidate
     as permitted under the Receivables Purchase Documents, or otherwise assert
     that any such liquidation was illegal, not done in a commercially
     reasonable manner, or otherwise invalid or improper.

           (b)   Notwithstanding any prior termination of this Agreement, the
     Lender Parties shall not, with respect to the Receivables Subsidiary or
     Barton, institute or join any other Person in instituting any bankruptcy,
     reorganization, arrangement, insolvency or liquidation proceeding, or other
     similar proceeding under any federal or state bankruptcy or similar law, so
     long as any Commercial Paper Note, Undivided Interest or other obligation
     to an Affected Person shall be outstanding and there shall not have lapsed
     one year and one day since  the latest maturing Commercial Paper Note and
     all Undivided Interests and such other obligations shall have been paid in
     full.

           (c)   No Lender Party shall assign its rights or obligations under
     the Credit Documents to any other Person unless such Person shall have
     agreed in writing to be bound by the terms of this Agreement as if it were
     a party hereto.

           (d)   Notwithstanding any provision of the Credit Documents, so long
     as any Commercial Paper Note issued to fund or maintain Barton's investment
     in the Securitization Assets, or any undivided Interest or other obligation
     to an Affected Person shall be outstanding, the Lender Parties will not (i)
     transfer any of the Pledge Agreement Collateral or any interest therein,
     except in connection with the granting of an assignment of or a
     participation in the Credit Obligations (provided, that in the case of any
     such assignment, the assignee shall have agreed in writing to be bound by
     the terms of this Agreement), to any Person, or assume ownership of the
     Receivables Subsidiary Stock or the Receivables Subsidiary Notes, (ii)
     exercise any voting rights under the Receivables Subsidiary Stock, (iii)
     institute, or cause or require any Originator to institute, any action or
     suit or exercise, or cause or require any Originator to exercise, any
     rights or remedies of such Originator upon or with respect to any breach or
     default by the Receivables Subsidiary under any Receivables Subsidiary Note
     or any other Person under any of the Receivables Purchase Documents, or
     (iv) exercise any other remedies on default by any Borrower under the
     Credit Documents with respect to the Pledge Agreement Collateral or any
     other rights or interests of the Originators under the Receivables Purchase
     Documents; provided, however, that, to the extent provided in the Credit
     Documents or under applicable law, the Lender Agent may take, or require
     any Borrower to take, reasonable actions to assure the validity, perfection
     and priority of the Lender Agent's security interest in the Pledge
     Agreement Collateral and proceeds thereof.

           (e)   The Lender Parties will not take or assert any lien on or
     security interest in (i) any rights of any Originator to sell any
     Receivable and any other Securitization Assets with respect to such
     Receivable under the Receivables Purchase Agreement, APW to act

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<PAGE>

     as Servicer under the Receivables Purchase Agreement or otherwise to
     exercise any rights (other than the rights to receive payments from the
     Receivables Subsidiary, the Servicer or Barton under the Receivables
     Purchase Documents) or to perform any duties or obligations of such
     Originator under the Receivables Purchase Documents or (ii) any portion of
     the Servicer's Fee which, pursuant to the Receivables Purchase Agreement,
     is to be paid to Persons other than APW or any other Borrower or other
     affiliated entity on account of any costs or expenses of the transactions
     contemplated in the Receivables Purchase Documents and not to APW.

           (f)   The Lender Parties will not attempt to prohibit or restrict any
     sale or other transfer of the Securitization Assets or to interfere in any
     manner with the transactions contemplated under the Receivables Purchase
     Documents.

           (g)   The Lender Parties will not alter or cause the alteration of
     the independent director provisions of the Receivables Subsidiary's
     Articles of Incorporation or attempt to remove or replace any serving
     independent director without the consent of the Conduit Agent.

           (h)   The Lender Parties hereby acknowledge and agree that neither
     Barton nor the Conduit Agent has a fiduciary duty to any Lender Party based
     on the pledge of the Receivable Subsidiary Stock.

     8.    Reliance. Each Affected Person, and each Lender Party may rely on
this Agreement as if such Person were a party hereto. This Agreement shall
remain in effect until one year and one day after the latest maturing Commercial
Paper Note, Undivided Interest or other obligation to an Affected Person is paid
in full.

     9.    Miscellaneous. (a) No delay upon the part of any party to this
Agreement and the exercise of any right, power or remedy shall operate as a
waiver thereof, nor shall any single or partial exercise by any such party of
any right, power or remedy preclude other or further exercise thereof, or the
exercise of any other right, power or remedy. No waiver, amendment or other
modification, or consent with respect to, any provision of this Agreement shall
be effective unless the same shall be in writing and shall be signed by the
Lender Agent, Barton and the Conduit Agent.

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

           (c)   This Agreement shall be governed by and construed in accordance
     with the internal laws (as opposed to conflicts of law provisions) of
     Illinois.

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           (d)   This Agreement shall be binding upon and inure to the benefit
     of each of the parties hereto and their respective successors and assigns.

           (e)   All notices and other communications hereunder shall, unless
     otherwise stated herein, be in writing (including telecommunications and
     communications by facsimile copy) and mailed, transmitted or delivered, as
     to each party hereto at its address set forth on Exhibit A hereto or at
     such other address as shall be designated by such party in a written notice
     to the other parties hereto.  All such notices and communications shall be
     effective upon receipt or (i) in the case of notice by mail, three Business
     Days after being deposited in the mails, postage prepaid, and (ii) in the
     case of notice by facsimile copy, upon the earlier to occur of (A)
     completion of transmission and telephone confirmation of receipt and (B)
     the recipient's close of business on the date of transmission.

           (f)   The section headings contained in this Agreement are and shall
     be without substantive meaning or content of any kind whatsoever and are
     not a part of the agreement between the parties hereto.

           (g)   Any provision of this Agreement that is prohibited or
     unenforceable in any jurisdiction shall, as to such jurisdiction, be
     ineffective to the extent of such prohibition or unenforceability without
     invalidating the remaining provisions hereof or thereof or affecting the
     validity or enforceability of such provision in any other jurisdiction.

                              [SIGNATURES FOLLOW]

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IN WITNESS WHEREOF, the Lender Agent, Barton and the Conduit Agent have caused
this Agreement to be executed and delivered as of the day first above written.

                           BANK OF AMERICA, NATIONAL ASSOCIATION,
                           as Lender Agent

                           By: __________________________________
                           Name:________________________________
                           Title:_________________________________

                           SOCIETE GENERALE,
                           as Conduit Agent

                           By: _________________________________
                           Name:_______________________________
                           Title:________________________________

                           By: _________________________________
                           Name:_______________________________
                           Title:________________________________

                           BARTON CAPITAL CORPORATION

                           By: _________________________________
                           Name:_______________________________
                           Title:________________________________

<PAGE>

Acknowledged and agreed as of the date first above written:

APPLIED POWER CREDIT CORPORATION

By: ____________________________________
Name:___________________________________
Title:__________________________________

APW NORTH AMERICA, INC.

By: ____________________________________
Name:___________________________________
Title:__________________________________

APW LTD.

By: ____________________________________
Name:___________________________________
Title:__________________________________

APW HOLDINGS DENMARK, APS

By: ____________________________________
Name:___________________________________
Title:__________________________________<PAGE>

                                                                     Exhibit 4.7

                     FORM OF GUARANTY (U.S. SUBSIDIARIES)

          This Guaranty is entered into as of __________, 2001, by
__________________, a __________ corporation (the "Guarantor"), in favor of Bank
of America, N.A. as administrative agent (in such capacity, the "Agent") for the
financial institutions (the "Banks") from time to time party to that certain
Multicurrency Credit Agreement (as amended, restated, modified or refinanced
from time to time, the "Credit Agreement") among APW, Ltd. (the "Parent"), APW
Holdings Denmark APS ("APW-Denmark"), APW North America, Inc. ("APW-NA";
together with the Parent and APW-Denmark, the "Borrowers"), Bank One, N.A. as
syndication agent, The Chase Manhattan Bank, as documentation agent, the Banks
and the Agent.

                                   Recitals

          A.  The Banks are willing to make certain Loans to the Borrowers and
issue certain letters of credit on the application of the Parent, as provided in
the Credit Agreement on the condition (among others) that the Guarantor enter
into this Guaranty.

          B.  The Guarantor will derive substantial and direct benefits (which
benefits are hereby acknowledged by the Guarantor) from the Loans and the
Letters of Credit and other benefits to be provided to the Parent, APW-NA and
APW-Denmark under the Credit Agreement;

          C.  In order to induce the Banks to make such Loans available to the
Borrowers as provided in the Credit Agreement, and for other valuable
consideration, the Guarantor has agreed to issue this Guaranty.

     NOW, THEREFORE, for good and valuable consideration, the Guarantor agrees
as follows:

     1.   Definitions.  Unless otherwise defined herein, capitalized terms used
in this Guaranty have the meanings given to them from time to time in the Credit
Agreement. The Parent, APW-NA and APW-Denmark are collectively called the
"Guaranteed Borrower."

     2.   Guaranty.

<PAGE>

          2.1  Guaranty.  The Guarantor hereby irrevocably, absolutely and
unconditionally guarantees the full and punctual payment or performance when
due, whether at stated maturity, by required prepayment, declaration,
acceleration, demand or otherwise, of all of the Obligations of the Guaranteed
Borrower (the "Guaranteed Obligations"), including Obligations in respect of
amounts that would become due but for the operation of the automatic stay under
Section 362(a) of the U.S. Bankruptcy Code, the operation of Sections 502(b) and
506(b) of the U.S. Bankruptcy Code or the operation of any comparable provisions
of laws of countries other than the United States; provided, however, that the
Guarantor shall be liable under this Guaranty for the maximum amount of such
liability that can be hereby incurred without rendering this Guaranty, as it
relates to the Guarantor, voidable under applicable law relating to fraudulent
conveyance, fraudulent transfer or other applicable law, and not for any greater
amount.  This Guaranty constitutes a guaranty of payment and performance when
due and not of collection, and the Guarantor specifically agrees that it shall
not be necessary or required that the Agent or any Bank exercise any right,
assert any claim or demand or enforce any remedy whatsoever against the
Guaranteed Borrower (or any other Person) before or as a condition to the
obligations of the Guarantor hereunder.  The Agent or any Bank may permit the
indebtedness of the Guaranteed Borrower to the Agent or any Bank to include
indebtedness other than the Guaranteed Obligations, and may apply any amounts
received from any source, other than from the Guarantor, to that portion of the
Guaranteed Borrower's indebtedness to the Agent or any Bank which is not a part
of the Obligations.

          2.2  Currency.  Payments hereunder shall be made in the same currency
as the Guaranteed Obligations so guaranteed.  If and to the extent payments
hereunder are made in a different currency, payments required hereunder shall be
increased to the extent necessary to avoid any loss to the Agent or the Banks on
account of any change or changes in the value of such different currency from
the currency of the applicable Guaranteed Obligations.

          2.3  Obligations Independent.  The obligations hereunder are
independent of the obligations of the Guaranteed Borrower, and a separate action
or actions may be brought and prosecuted against the Guarantor whether any
action is brought against the Guaranteed Borrower or whether the Guaranteed
Borrower shall be joined in any such action or actions.

          2.4  Authorization of Renewals, Etc.  The Guarantor authorizes the
Agent and each Bank, without notice or demand and without affecting its
liability hereunder, from time to time:

               (a)  to renew, compromise, extend, accelerate or otherwise change
the time for payments of, or otherwise change the terms of, the Guaranteed
Obligations, including increase or decrease of the rate of interest thereon, or
otherwise change the terms of the Credit Agreement or any other Loan Document,
as permitted therein;

               (b)  to receive and hold security for the payment of this
Guaranty or the Guaranteed Obligations and exchange, enforce, waive, release,
fail to perfect, sell, or otherwise dispose of any such security;

                                       2
<PAGE>

               (c)  to apply such security and direct the order or manner of
sale thereof as the Agent or any Bank, as the case may be, in its discretion may
determine; and

               (d)  to release or substitute any one or more of any endorsers or
guarantors of the Guaranteed Obligations.

The Guarantor further agrees that the performance or occurrence of any of the
acts or events described in clauses (a), (b), (c), and (d) above with respect to
indebtedness or other obligations of the Guaranteed Borrower, other than the
Guaranteed Obligations, to the Agent or any Bank, shall not affect the liability
of the Guarantor hereunder.

          2.5  Waiver of Certain Rights.  The Guarantor waives any right to
require the Agent or any Bank:

               (a)  to proceed against the Guaranteed Borrower or any other
Person;

               (b)  to proceed against or exhaust any security for the
Guaranteed Obligations or any other indebtedness of the Guaranteed Borrower to
the Agent or any Bank; or

               (c)  to pursue any other remedy in the Agent's or any such Bank's
power whatsoever.

          2.6  Waiver of Certain Defenses.  The Guarantor waives any defense
arising by reason of any disability or other defense of the Guaranteed Borrower
or the cessation from any cause whatsoever of the liability of the Guaranteed
Borrower, whether consensual or arising by operation of law or any bankruptcy,
insolvency or debtor relief proceeding, or from any other cause, or any claim
that the Guarantor's obligations exceed or are more burdensome than those of the
Guaranteed Borrower.  The Guarantor waives all rights and defenses arising out
of an election of remedies by the Agent, or any Bank, even though that election
of remedies, such as a nonjudicial foreclosure with respect to security for the
Guaranteed Obligations, has terminated the Guarantor's rights of subrogation and
reimbursement against the Guaranteed Borrower by operation of applicable law,
and all rights or defenses the Guarantor may have by reason of protection
afforded to the Guaranteed Borrower with respect to the Guaranteed Obligations
pursuant to any antideficiency laws or other laws of applicable jurisdiction
limiting or discharging the Guaranteed Obligations.  The Guarantor waives any
benefit of, and any right to participate in, any security or other guaranty now
or hereafter held by the Agent or any Bank securing the Guaranteed Obligations.

          2.7  Waiver of Presentments, Etc.  The Guarantor waives all
presentments, demands for performance, notices of nonperformance, protests,
notices of protest, notices of dishonor and notices of acceptance of this
Guaranty and of the existence or creation of new Guaranteed Obligations or any
other indebtedness of the Guaranteed Borrower to the Agent or any Bank.

          2.8  Information Relating to the Guaranteed Borrower.  The Guarantor
acknowledges and agrees that it shall have the sole responsibility for obtaining
from the

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<PAGE>

Guaranteed Borrower such information concerning the Guaranteed Borrower's
financial condition or business operations as the Guarantor may require, and
that neither the Agent nor any Bank has any duty at any time to disclose to the
Guarantor any information relating to the business, operations or financial
condition of the Guaranteed Borrower.

          2.9   Right of Setoff.  In addition to any rights and remedies of the
Banks provided by law, if the Guarantor has failed to make any payment due
hereunder upon demand, each Bank is authorized at any time and from time to
time, without prior notice to the Guarantor, any such notice being waived by the
Guarantor to the fullest extent permitted by law, to set off and apply any and
all deposits (general or special, time or demand, provisional or final)
(including deposits in other currencies in amounts determined at the Spot Rate
on the date of setoff) at any time held and other indebtedness at any time owing
by such Bank to or for the credit or the account of the Guarantor against any
and all obligations of the Guarantor now or hereafter existing under this
Guaranty or any other Loan Document, irrespective of whether or not the Agent or
such Bank shall have made demand under this Guaranty or any other Loan Document.
Each Bank agrees promptly to notify the Guarantor and the Agent after any such
set-off and application made by such Bank; provided, however, that the failure
to give such notice shall not affect the validity of such set-off and
application.  The rights of each Bank under this Section 2.9 are in addition to
the other rights and remedies (including, without limitation, other rights of
set-off) which such Bank may have.

          2.10  Subordination.  Any obligations of the Guaranteed Borrower to
the Guarantor, now or hereafter existing, constituting obligations to the
Guarantor as subrogee of the Agent or any Bank or resulting from the Guarantor's
performance under this Guaranty, are hereby fully subordinated in time and
priority of payment to the Obligations.

          2.11  Reinstatement of Guaranty.  If any payment or transfer of any
interest in property by the Guaranteed Borrower to the Agent or any Bank in
fulfillment of any Guaranteed Obligation is rescinded or must at any time
(including after the return or cancellation of this Guaranty) be returned, in
whole or in part, by the Agent or any Bank to the Guaranteed Borrower or any
other Person, upon the insolvency, bankruptcy or reorganization of the
Guaranteed Borrower or otherwise, this Guaranty shall be reinstated with respect
to any such payment or transfer, regardless of any such prior return or
cancellation.

          2.12  Powers.  It is not necessary for the Agent or any Bank to
inquire into the powers of the Guaranteed Borrower or of the officers,
directors, partners or agents acting or purporting to act on its behalf, and any
Guaranteed Obligations made or created in reliance upon the professed exercise
of such powers shall be guaranteed hereunder.

          2.13  Taxes.  (a)  Any and all payments by the Guarantor to each Bank
or the Agent under this Guaranty shall be made free and clear of, and without
deduction or withholding for, any Taxes.  In addition, the Guarantor shall pay
all Other Taxes.

                                       4
<PAGE>

               (b)  If the Guarantor shall be required by law to deduct or
withhold any Taxes, Other Taxes or Further Taxes from or in respect of any sum
payable hereunder to any Bank or the Agent, then:

                    (i)    the sum payable shall be increased as necessary so
     that, after making all required deductions and withholdings (including
     deductions and withholdings applicable to additional sums payable under
     this Section), such Bank or the Agent, as the case may be, receives and
     retains an amount equal to the sum it would have received and retained had
     no such deductions or withholdings been made;

                    (ii)   the Guarantor shall make such deductions and
     withholdings;

                    (iii)  the Guarantor shall pay the full amount deducted or
     withheld to the relevant taxing authority or other authority in accordance
     with applicable law; and

                    (iv)   the Guarantor shall also pay to each Bank or the
     Agent for the account of such Bank, at the time interest is paid, on
     request of such Bank after such incurrence, Further Taxes in the amount
     that the respective Bank determines in good faith as necessary to preserve
     the after-tax yield such Bank would have received if such Taxes, Other
     Taxes or Further Taxes had not been imposed.

               (c)  The Guarantor agrees to indemnify and hold harmless each
Bank and the Agent for the full amount of (i) Taxes, (ii) Other Taxes, and (iii)
Further Taxes in the amount that the respective Bank determines in good faith as
necessary to preserve the after-tax yield such Bank would have received if such
Taxes, Other Taxes or Further Taxes had not been imposed, and any liability
(including penalties, interest, additions to tax and expenses) arising therefrom
or with respect thereto, whether or not such Taxes, Other Taxes or Further Taxes
were correctly or legally asserted; provided, that the Guarantor shall not be
required to indemnify a Bank for any such liability which arose because of the
failure of said Bank to make a payment for more than five days after such Bank
became aware of the requirement to make such payment. Payment under this
indemnification shall be made within 30 days after the date the applicable Bank
or the Agent makes written demand therefor.

               (d)  Within 30 days after the date of any payment by the
Guarantor of Taxes, Other Taxes or Further Taxes, the Guarantor shall furnish to
each Bank or the Agent the original or a certified copy of a receipt evidencing
payment thereof, or other evidence of payment satisfactory to such Bank or the
Agent.

               (e)  For purposes of this Section, (i) "Taxes" means any and all
present or future taxes, levies, assessments, imposts, duties, deductions, fees,
withholdings or similar charges, and all liabilities with respect thereto,
excluding, in the case of each Bank and the Agent, respectively, taxes imposed
on or measured by its net income by the jurisdiction (or any political
subdivision thereof) under the laws of which such Bank or the Agent, as the case

                                       5
<PAGE>

may be, is organized or maintains a lending office in respect of the Credit
Agreement; (ii) "Other Taxes" means any present or future stamp, court or
documentary taxes or any other excise or property taxes, charges or similar
levies which arise from any payment made hereunder or from the execution,
delivery, performance, enforcement or registration of, or otherwise with respect
to, this Guaranty; and (iii) "Further Taxes" means any and all present or future
taxes, levies, assessments, imposts, duties, deductions, fees, withholdings or
similar charges (including, without limitation, net income taxes and franchise
taxes), and all liabilities with respect thereto, imposed by any jurisdiction on
account of amounts payable or paid pursuant to this Section.

     3.   Representations and Warranties.  The Guarantor represents and warrants
to the Agent and each Bank as follows:

          3.1  Existence and Power.  The Guarantor (a)  is a corporation duly
organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation; (b) has the power and authority and all
governmental licenses, authorizations, consents and approvals to own its assets,
carry on its business and to execute, deliver, and perform its obligations under
this Guaranty and any other Loan Document to which it is a party; (c) is duly
qualified as a foreign corporation, and licensed and in good standing, under the
laws of each jurisdiction where its ownership, lease or operation of property or
the conduct of its business requires such qualification or license except to the
extent failure to so qualify would not have a Material Adverse Effect; and (d)
is in compliance with all Requirements of Law except to the extent the failure
to so comply would not have a Material Adverse Effect.

          3.2  Corporate Authorization; No Contravention.  The execution,
delivery and performance by the Guarantor of this Guaranty and any other Loan
Document to which it is party, have been duly authorized by all necessary
corporate action, and do not and will not (a) contravene the terms of any of the
Guarantor's Organic Documents; (b) conflict with or result in any material
breach or contravention of, or the creation of any lien under, any document
evidencing any material Contractual Obligation to which the Guarantor is a party
or any order, injunction, writ or decree of any Governmental Authority to which
the Guarantor or its property is subject; or (c) violate any Requirement of Law.

          3.3  Governmental Authorization.  No approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any
Governmental Authority is necessary or required in connection with the
execution, delivery or performance by, or enforcement against, the Guarantor of
this Guaranty or any other Loan Document to which it is a party.

          3.4  Binding Effect.  This Guaranty and each other Loan Document to
which the Guarantor is a party constitute the legal, valid and binding
obligations of the Guarantor, enforceable against the Guarantor in accordance
with their respective terms, except as enforceability may be limited by
applicable bankruptcy, insolvency, or similar laws affecting the enforcement of
creditors' rights generally or by equitable principles relating to
enforceability.

                                       6
<PAGE>

          3.5  Regulated Entities.  The Guarantor is not subject to any statute
or regulation limiting its ability to incur or guarantee Debt.

     4.   Miscellaneous

          4.1  Application of Payments on Guaranty.  All payments required to be
made by the Guarantor hereunder shall, unless otherwise expressly provided
herein, be made to the Agent for the account of the Banks at the Administrative
Agent's Payment Office. The Agent will promptly distribute to each Bank its
share of such payment in like funds as received. Payments received from the
Guarantor shall, unless otherwise expressly provided herein, be applied to
costs, fees, or other expenses due under the Loan Documents, any interest, any
principal due under the Loan Documents and any other Guaranteed Obligations, in
such order as the Agent, with the consent of or at the request of the Required
Banks, shall determine.

          4.2  Assignments and Participations.  Any Bank may from time to time,
without notice to the Guarantor and without affecting the Guarantor's
obligations hereunder, transfer its interest in the Guaranteed Obligations to
Participants and Assignees as provided in the Credit Agreement.  The Guarantor
agrees that each such transfer will give rise to a direct obligation of the
Guarantor to each such Participant and Assignee and that each such Participant
and Assignee shall have the same rights and benefits under this Guaranty as it
would have if it were a Bank party to the Credit Agreement and this Guaranty.

          4.3  Loan Document.  This Guaranty is a Loan Document executed and
delivered pursuant to the Credit Agreement and shall (unless otherwise expressly
indicated herein) be construed, administered and applied in accordance with the
terms and provisions thereof.

          4.4  Waivers; Writing Required.  No delay or omission by the Agent or
any Bank to exercise any right under this Guaranty shall impair any such right,
nor shall it be construed to be a waiver thereof. No waiver of any single breach
or default under this Guaranty shall be deemed a waiver of any other breach or
default. Any amendment or waiver of any provision of this Guaranty must be in
writing and signed by the Guarantor and the Agent, with the written consent of
the Required Banks or all of the Banks, in accordance with the terms of Section
10.1 of the Credit Agreement.

          4.5  Remedies.  All rights and remedies provided in this Guaranty and
any instrument or agreement referred to herein are cumulative and are not
exclusive of any rights or remedies otherwise provided by law. Any single or
partial exercise of any right or remedy shall not preclude the further exercise
thereof or the exercise of any other right or remedy.

          4.6  Costs and Expenses.  The Guarantor agrees to pay or reimburse the
Agent and each Bank within five Business Days after demand for all reasonable
costs and expenses (including Attorney Costs) incurred by them in connection
with the enforcement, attempted enforcement, or preservation of any rights or
remedies under this Guaranty (including in connection with any "workout" or
restructuring regarding amounts due under this Guaranty, and including in any
insolvency proceeding or appellate proceeding).

                                       7
<PAGE>

          4.7  Severability.  The illegality or unenforceability of any
provision of this Guaranty or any instrument or agreement referred to herein
shall not in any way affect or impair the legality or enforceability of the
remaining provisions of this Guaranty or any instrument or agreement referred to
herein.

          4.8  Governing Law and Jurisdiction.  (a)  THIS GUARANTY SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF ILLINOIS;
PROVIDED THAT THE AGENT AND THE BANKS SHALL RETAIN ALL RIGHTS ARISING UNDER
FEDERAL LAW.

               (b)  ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS GUARANTY
AND ANY OTHER LOAN DOCUMENTS MAY BE BROUGHT IN THE COURTS OF THE STATE OF
ILLINOIS OR OF THE UNITED STATES FOR THE NORTHERN DISTRICT OF ILLINOIS, AND BY
EXECUTION AND DELIVERY OF THIS GUARANTY, THE GUARANTOR, CONSENTS, FOR ITSELF AND
IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS.
EACH OF THE GUARANTOR, THE AGENT AND THE BANKS IRREVOCABLY WAIVES ANY OBJECTION,
INCLUDING, WITHOUT LIMITATION, ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON
THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE
BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS
GUARANTY OR ANY DOCUMENT RELATED HERETO.  THE GUARANTOR, THE AGENT AND THE BANKS
EACH WAIVE PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH
MAY BE MADE BY ANY OTHER MEANS PERMITTED BY ILLINOIS LAW.

          4.9  Waiver of Jury Trial.  THE GUARANTOR, THE BANKS AND THE AGENT
EACH WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF
ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS GUARANTY, THE OTHER LOAN
DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, IN ANY ACTION,
PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST
ANY OTHER PARTY OR PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT
CLAIMS, OR OTHERWISE. THE GUARANTOR, THE BANKS AND THE AGENT EACH AGREE THAT ANY
SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY.
WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE
RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY
ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO
CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS GUARANTY OR THE OTHER LOAN
DOCUMENTS OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY
SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS GUARANTY
AND THE OTHER LOAN DOCUMENTS.

                                       8
<PAGE>

          4.10  Judgment.  If, for the purposes of obtaining judgment in any
court, it is necessary to convert a sum due hereunder in one currency into
another currency, the rate of exchange used shall be that at which in accordance
with its normal banking procedures the Agent could purchase the first currency
with such other currency on the Business Day preceding that on which final
judgment is given. The obligation of the Guarantor in respect of any such sum
due from it to the Agent hereunder shall, notwithstanding any judgment in a
currency (the "Judgment Currency") other than that in which such sum is
denominated in accordance with the applicable provisions of this Guaranty (the
"Agreement Currency"), be discharged only to the extent that on the Business Day
following receipt by the Agent of any sum adjudged to be so due in the Judgment
Currency, the Agent may in accordance with normal banking procedures purchase
the Agreement Currency with the Judgment Currency. If the amount of the
Agreement Currency so purchased is less than the sum originally due to the Agent
in the Agreement Currency, the Guarantor agrees, as a separate obligation and
notwithstanding any such judgment, to indemnify the Agent or the Person to whom
such obligation was owing against such loss.

          4.11  Entire Agreement.  This Guaranty (a) integrates all the terms
and conditions mentioned herein or incidental hereto, (b) supersedes all oral
negotiations and prior writings with respect to the subject matter hereof, and
(c) is intended by the parties as the final expression of the agreement with
respect to the terms and conditions set forth in this Guaranty and any such
instrument, agreement and document and as the complete and exclusive statement
of the terms agreed to by the parties.

                                       9
<PAGE>

          IN WITNESS WHEREOF, the Guarantor has executed this Guaranty by its
duly authorized officers as of the day and year first above written.

                                [______________________________]

                                By:
                                Name:
                                Title:

                                      10

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