Document:

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                                                                   EXHIBIT 10.14

                                PARENT GUARANTEE

         THIS PARENT GUARANTEE (as amended, supplemented, amended and restated
or otherwise modified from time to time, this "Guarantee"), is made and entered
into as of May 31, 2002, by EnPro Industries, Inc. (the "Guarantor"), in favor
of the financial institutions and their successors and permitted assigns (the
"Lenders") which may now be or hereafter become parties to the Credit Agreement
(as defined below), the Letter of Credit Issuer (as defined in the Credit
Agreement) and BANK OF AMERICA, N.A., for itself and as agent for the Lenders
and the Letter of Credit Issuer (the "Agent"; and together with the Lenders and
the Letter of Credit Issuer, the "Guaranteed Parties").

                              W I T N E S S E T H:
                               - - - - - - - - - -

         WHEREAS, the Agent, the Lenders, Citicorp USA, Inc., as Syndication
Agent, and Coltec Industries Inc, a Pennsylvania corporation ("Coltec"), Coltec
Industrial Products LLC, a Delaware limited liability company ("CIP"), Garlock
Sealing Technologies LLC, a Delaware limited liability company ("Garlock
Sealing"), Garlock Bearings LLC, a Delaware limited liability company ("Garlock
Bearing"), Haber Tool Company Inc., a Michigan corporation ("Haber Tool"), and
Stemco LLC, a Delaware limited liability company ("Stemco" and, together with
Coltec, CIP, Garlock Sealing, Garlock Bearing and Haber Tool, each individually
referred to herein as a "Borrower" and collectively as the "Borrowers") propose
to enter into that certain Credit Agreement dated as of May 16, 2002 (as the
same may be amended, supplemented, amended and restated or otherwise modified
from time to time, the "Credit Agreement"), providing for the extension of
credit by the Lenders to the Borrowers and issuance of Letters of Credit by the
Letter of Credit Issuer for the benefit of the Borrowers. When capitalized and
used herein, terms defined in the Credit Agreement and not otherwise defined
herein shall have the meanings ascribed to them in the Credit Agreement; and

         WHEREAS, the Lenders and the Agent have required, as a condition to the
extension of credit and the issuance of Letters of Credit under the Credit
Agreement, that the Guarantor execute and deliver this Guarantee.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the premises and to induce the
Lenders and the Agent to enter into, and to extend credit under the Credit
Agreement, the Guarantor agrees with the Guaranteed Parties as follows:

         Section 1   THE GUARANTEE. The guarantee of the Guarantor hereunder
is as follows:

         Section 1.1 Guarantee Of Extensions Of Credit To Borrowers. The
Guarantor hereby unconditionally, absolutely and irrevocably guarantees to the
Guaranteed Parties and their successors, endorsees, transferees and assigns, the
prompt payment, when and as due (whether at stated maturity, on mandatory
prepayment by acceleration or otherwise), and performance of all of the
Obligations of the Borrowers under the Credit Agreement and the other Loan
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Documents (including all interest and costs of enforcement or preservation and
protection of Collateral payable by the Borrowers under the Credit Agreement or
any Loan Document which may at any time accrue with respect to the Obligations
of the Borrowers or which would accrue but for the operation of any provision or
doctrine with respect to the Bankruptcy Code, as hereinafter defined, and
whether or not an allowed claim) (the "Guaranteed Obligations"). The Guarantor
agrees that this Guarantee is a guaranty of payment and performance and not of
collection, and that its obligations under this Guarantee shall be joint and
several with any other Persons which may at any time or from time to time be or
become directly or indirectly financially responsible to the Guaranteed Parties
with respect to the Guaranteed Obligations (any such Person, an "Obligor") and
shall be under all circumstances primary, absolute and unconditional,
irrespective of, and unaffected by:

         (a) the genuineness, validity, regularity, enforceability or any future
amendment of, or change in, this Guarantee, the Credit Agreement, any other Loan
Document or other agreement, document or instrument to which the Guarantor or
any Borrower or Obligor is or may become a party;

         (b) the absence of any action to enforce this Guarantee, any other Loan
Document or the waiver or consent by the Guaranteed Parties with respect to any
of the provisions hereof or thereof;

         (c) the existence, value or condition of, or failure of the Agent to
perfect its Lien against, any Collateral or any action, or the absence of any
action, by the Agent in respect thereof (including, without limitation, the
release of any Collateral);

         (d) any bankruptcy, insolvency, reorganization, arrangement,
adjustment, composition, liquidation or the like of the Guarantor or any
Borrower or Obligor including, but not limited to, (i) any Guaranteed Party's
election, in any proceeding instituted under Title 11 of the United States Code
(11 U.S.C. ss. 101 et seq.) or any replacement or supplemental federal statutes
dealing with the bankruptcy of debtors (the "Bankruptcy Code"), of the
application of Section 1111(b)(2) of the Bankruptcy Code, (ii) any borrowing or
grant of a Lien by the Guarantor or any Borrower or Obligor as
debtor-in-possession, under Section 364 of the Bankruptcy Code, or (iii) the
disallowance or subordination of all or any portion of any Guaranteed Party's
claim(s) for repayment of the Guaranteed Obligations under Sections 502, 510,
544, 547, 548 or 550 of the Bankruptcy Code;

         (e) any merger or consolidation of the Guarantor or any Borrower or
Obligor into or with any other Person, or any sale, lease or transfer of any or
all of the assets of the Guarantor or any Borrower or Obligor to any other
Person;

         (f) any circumstance which might constitute a defense available to, or
a discharge of the Guarantor or any Borrower or Obligor (other than the defense
of payment of the Obligations);

         (g) any sale, transfer or other disposition of any stock of the
Guarantor or any Borrower or Obligor;

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         (h) absence of any notice to, or knowledge by, the Guarantor of the
existence or occurrence of any of the matters or events set forth in the
foregoing subdivisions (a) through (g); or

         (i) any other fact or circumstance which might otherwise constitute a
defense available to, or a discharge of, a surety or guarantor (other than the
fulfillment of the termination requirements under Section 8.12 hereof);

it being agreed by the Guarantor that its obligations under this Guarantee shall
not be discharged until the payment and performance, in full, of the Guaranteed
Obligations (including all interest and costs of enforcement or preservation and
protection of Collateral payable by the Borrowers under the Credit Agreement and
the other Loan Documents which may at any time accrue with respect to the
Guaranteed Obligations or which would accrue but for the operation of any
provision of or doctrine with respect to the Bankruptcy Code and whether or not
an allowed claim) or release of the Guarantor by the Guaranteed Parties,
whichever shall occur first. The Guarantor shall be regarded, and shall be in
the same position, as principal debtor (and not merely as surety) with respect
to the Guaranteed Obligations and specifically agrees that, notwithstanding any
discharge of any Borrower or any other Person or the operation of any other
provision of the Bankruptcy Code with respect to the Guaranteed Obligations or
any such Persons, the Guarantor shall be fully responsible for paying all
interest and costs of enforcement or preservation and protection of Collateral
which may at any time accrue with respect to the Guaranteed Obligations or which
would accrue but for the operation of any provision of or doctrine with respect
to the Bankruptcy Code and whether or not an allowed claim. The Guarantor
expressly waives all rights it may have now or in the future under any statute,
or at common law, or at law or in equity, or otherwise, to compel the Guaranteed
Parties to proceed in respect of the Guaranteed Obligations against the
Guarantor, any Borrower or any other Person or against any Collateral before
proceeding against, or as a condition to proceeding against, the Guarantor. The
Guarantor agrees that any notice or directive given at any time to the
Guaranteed Parties which is inconsistent with the waiver in the immediately
preceding sentence shall be null and void and may be ignored by the Guaranteed
Parties, and, in addition, may not be pleaded or introduced as evidence in any
litigation relating to this Guarantee for the reason that such pleading or
introduction would be at variance with the written terms of this Guarantee
unless the Agent has specifically agreed otherwise in writing. It is agreed
between the Guarantor and the Guaranteed Parties that the foregoing waivers are
of the essence of the transaction contemplated by the Loan Documents and that,
but for this Guarantee and such waivers, the Guaranteed Parties would decline to
enter into the Credit Agreement.

         Section 1.2    Demand By The Agent. In addition to the terms of the
Guarantee set forth in Section 1.1 hereof, and in no manner imposing any other
limitation on such terms, it is expressly understood and agreed that, if any or
all of the then outstanding principal amount of the Guaranteed Obligations
(together with all accrued interest thereon) becomes due and payable, then the
obligations of the Guarantor shall, at the option of the Agent, without notice
or demand, become due and payable and the Guarantor shall, upon demand in
writing therefor by the Agent to the Guarantor, pay to the holder or holders of
the Guaranteed Obligations the outstanding Guaranteed Obligations due and owing
to such holder or holders. Payment by the Guarantor shall be made in Dollars to
the Agent for the ratable benefit of the Guaranteed Parties, in immediately
available Federal funds to an account designated by the Agent or at the address

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set forth herein for the giving of notice to the Agent or at any other address
that may be specified in writing from time to time by the Agent.

         Section 1.3     Enforcement Of Guarantee. In no event shall the Agent
or the Guaranteed Parties have any obligation (although it is entitled, at its
option) to proceed against any Borrower or any other Person or any Collateral
before seeking satisfaction from the Guarantor, and the Agent may proceed, prior
or subsequent to, or simultaneously with, the enforcement of the Guaranteed
Parties' rights hereunder, to exercise any right or remedy which it or they may
have against any Collateral. The obligations of the Guarantor hereunder are
independent of the obligations of any other Obligor of the Guaranteed
Obligations or of any Borrower, and a separate action or actions may be brought
and prosecuted against the Guarantor whether or not action is brought against
any other Obligor or any Borrower, and whether or not any such Persons are
joined in any such action or actions.

         Section 1.4     Waiver. In addition to the waivers contained in Section
1.1 hereof, the Guarantor waives, and agrees that it shall not at any time
insist upon, plead or in any manner whatever claim or take the benefit or
advantage of, any appraisal, valuation, stay, extension, marshalling of assets
or redemption or similar laws, or exemption, whether now or at any time
hereafter in force, which may delay, prevent or otherwise affect the performance
by the Guarantor of its obligations under, or the enforcement by the Agent or
the Guaranteed Parties of, this Guarantee. The Guarantor hereby waives
diligence, presentment and demand (whether for nonpayment or protest or of
acceptance, maturity, extension of time, change in nature or form of the
Guaranteed Obligations, acceptance of further security, release of further
security, composition or agreement arrived at as to the amount of, or the terms
of, the Guaranteed Obligations, notice of adverse change in any Borrower's or
any other Obligor's financial condition or any other fact which might materially
increase the risk to the Guarantor) with respect to any of the Guaranteed
Obligations or all other demands whatsoever and waives notice of default or any
failure on the part of any Borrower or any other Obligor to perform and comply
with any covenant, term or condition of the Credit Agreement or any other Loan
Document. The Guarantor further waives all notices which may be required by
statute or rule of law, now or hereafter in effect, to preserve intact any
rights against the Guarantor and waives the benefit of all provisions of law
which are or might be in conflict with the terms of this Guarantee. Without
limiting the generality of the foregoing, the Guarantor hereby specifically
waives the benefits of N.C. Gen. Stat. Sections 26-7 through 26-9, inclusive.
The Guarantor hereby waives any requirement on the part of any holder of any
note to mitigate the damages resulting from any default under such note. The
Guarantor represents, warrants and agrees that, as of the date of this
Guarantee, its obligations under this Guarantee are not subject to any offsets
or defenses against any Guaranteed Party or any Borrower. The Guarantor further
agrees that its obligations under this Guarantee shall not be subject to any
counterclaims, offsets or defenses against any Guaranteed Party or any Borrower
which may arise in the future.

         Section 1.5     Benefit Of Guarantee. The provisions of this Guarantee
are for the ratable benefit of the Guaranteed Parties and their respective
successors and permitted transferees, endorsees and assigns, and nothing herein
contained shall impair, as among the Borrowers, the Guarantor and the Guaranteed
Parties, the obligations of the Borrowers and the Guarantor under the Loan
Documents. In the event all or any part of the Guaranteed Obligations are
transferred, endorsed or assigned by the Guaranteed Parties to any Person or
Persons in

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accordance with the terms of the Credit Agreement, any reference to "Guaranteed
Parties" herein shall be deemed to refer equally to such Person or Persons.

         Section 1.6      Modification Of Guaranteed Obligations. If the
Guaranteed Parties shall at any time or from time to time, with or without the
consent of, or notice to, the Guarantor:

         (a) make Loans and extend other credit to any Borrower, change the
time, manner or place of payment of, or any other term of, all or any portion
of, the Guaranteed Obligations, or otherwise waive or consent to any departure
from the terms of any Loan Document;

         (b) take any action under or in respect of the Loan Documents in the
exercise of any remedy, power or privilege contained therein or available to it
at law, equity or otherwise, or waive or refrain from exercising any such
remedies, powers or privileges;

         (c) amend or modify, in any manner whatsoever, the Loan Documents;

         (d) extend or waive the time for and of the Guarantor's, any Borrower's
or any other Person's performance of, or compliance with, any term, covenant or
agreement on its part to be performed or observed under the Loan Documents, or
waive such performance or compliance or consent to a failure of, or departure
from, such performance or compliance;

         (e) take and hold Collateral for the payment of the Guaranteed
Obligations, or sell, exchange, release, dispose of, or otherwise deal with, any
Collateral to secure any indebtedness of the Guarantor or any Borrower to the
Guaranteed Parties;

         (f) release or limit the liability of anyone who may be liable in any
manner for the payment of any amounts owed by the Guarantor or any Borrower to
the Guaranteed Parties;

         (g) modify or terminate the terms of any intercreditor or subordination
agreement pursuant to which claims of other creditors of the Guarantor or any
Borrower are subordinated to the claims of any of the Guaranteed Parties; and/or

         (h) apply any sums by whomever paid or however realized to any amounts
owing by the Guarantor or the Borrowers to the Guaranteed Parties in such manner
as the Guaranteed Parties shall determine in their discretion;

then the Guaranteed Parties shall not incur any liability to the Guarantor
pursuant hereto as a result thereof and no such action shall impair or release
the obligations of the Guarantor under this Guarantee.

         Section 1.7 Reinstatement. This Guarantee shall remain in full force
and effect and continue to be effective in the event any petition is filed by or
against any of the Borrowers, the Guarantor or any other Person for liquidation
or reorganization, in the event any of the Borrowers, the Guarantor or any other
Person becomes insolvent or makes an assignment for the benefit of creditors or
in the event a receiver or trustee is appointed for all or any significant part

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of any of the Borrowers', the Guarantor's or such other Person's assets, and
shall continue to be effective or be reinstated, as the case may be, if at any
time payment and performance of the Guaranteed Obligations, or any part thereof,
is, pursuant to applicable law, rescinded or reduced in amount, or must
otherwise be restored or returned by the Guaranteed Parties, whether as a
"voidable preference", "fraudulent conveyance", or otherwise, all as though such
payment or performance had not been made. In the event that any payment, or any
part thereof, is rescinded, reduced, restored or returned, the Guaranteed
Obligations shall be reinstated and deemed reduced only by such amount paid and
not so rescinded, reduced, restored or returned.

         Section 1.8     Waiver Of Subrogation. THE GUARANTOR HEREBY
IRREVOCABLY WAIVES UNTIL INDEFEASIBLE PAYMENT IN FULL OF THE OBLIGATIONS ALL
RIGHTS OF SUBROGATION (WHETHER CONTRACTUAL, UNDER SECTION 509 OF THE BANKRUPTCY
CODE, UNDER COMMON LAW, OR OTHERWISE) TO THE CLAIMS OF THE GUARANTEED PARTIES
AGAINST ANY BORROWER AND ALL CONTRACTUAL, STATUTORY OR COMMON LAW RIGHTS OF
CONTRIBUTION, REIMBURSEMENT, INDEMNIFICATION AND SIMILAR RIGHTS AND "CLAIMS" (AS
SUCH TERM IS DEFINED IN THE BANKRUPTCY CODE) AGAINST ANY BORROWER OR ANY OTHER
OBLIGOR WHICH ARISE IN CONNECTION WITH, OR AS A RESULT OF, THIS GUARANTEE.

         Section 1.9     Continuing Guarantee; Transfer Of Notes. This Guarantee
is a continuing guaranty and shall (i) remain in full force and effect until
payment and performance in full (including after the Termination Date) of the
Guaranteed Obligations and termination of the Lenders' Commitments, (ii) be
binding upon the Guarantor and its successors and permitted transferees and
assigns, and (iii) inure, together with the rights and remedies of the
Guaranteed Parties hereunder, to the benefit of the Guaranteed Parties and their
respective permitted successors, transferees, endorsees and assigns. Without
limiting the generality of foregoing clause (iii), any Lender or the Agent may,
except as limited by the express terms of the Credit Agreement, assign or
otherwise transfer any note or Commitment held by it to any other Person or
entity, and such other Person or entity shall thereupon become vested with all
the benefits in respect thereof granted to such Guaranteed Party herein or
otherwise.

         Section 1.10     Real Property Security. The Guarantor agrees that the
Agent or its designee, in its sole discretion, without notice or demand and
without affecting the liability of the Guarantor under this Guarantee, may
foreclose, pursuant to the terms of the Loan Documents and/or applicable law, on
any mortgages and the interests in real property secured thereby by nonjudicial
or other sale. The Guarantor understands that the exercise by any Guaranteed
Party or the Agent, or any of them, of certain rights and remedies contained in
the Credit Agreement may affect or eliminate the Guarantor's right of
subrogation and reimbursement against the Borrowers and any other Obligors and
that the Guarantor may therefore incur a partially or totally nonreimbursable
liability hereunder. Nevertheless, the Guarantor hereby authorizes and empowers
the Agent, any Lender and the Letter of Credit Issuer to exercise, in its sole
discretion, any rights and remedies, or any combination thereof, which may then
be available, since it is the intent and purpose of the Guarantor that the
obligations hereunder shall be absolute, independent and unconditional under any
and all circumstances. The Guarantor waives all rights and defenses arising out
of an election of remedies by the Guaranteed Parties, even though that election
of remedies, such as a nonjudicial foreclosure with respect to security for a
Guaranteed

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Obligation, has destroyed the Guarantor's rights of subrogation and
reimbursement against any Borrower or other Obligor by the operation of law or
otherwise. Notwithstanding any foreclosure of the lien of any mortgage with
respect to any or all real or personal property secured thereby, whether by the
exercise of any power of sale contained therein, by an action for judicial
foreclosure or by an acceptance of a deed in lieu of foreclosure, the Guarantor
shall remain bound under this Guarantee, including its obligation to pay any
deficiency after a nonjudicial foreclosure.

         Section 2     SUBORDINATION OF OTHER OBLIGATIONS. Unless waived by the
Agent and the requisite number of Lenders in accordance with the Credit
Agreement, any indebtedness of any Borrower now or hereafter held by the
Guarantor is hereby subordinated in right of payment to the Guaranteed
Obligations, and any such indebtedness of any Borrower to the Guarantor
collected or received by the Guarantor after an Event of Default has occurred
and is continuing shall be held in trust for the Agent on behalf of the
Guaranteed Parties and shall forthwith be paid over to the Agent for the benefit
of the Guaranteed Parties to be credited and applied against the Guaranteed
Obligations but without affecting, impairing or limiting in any manner the
liability of the Guarantor under any other provision of this Guarantee.

         Section 3     DELIVERIES. In a form satisfactory to the Agent, the
Guarantor shall deliver to the Agent, concurrently with the execution of this
Guarantee, the other Loan Documents and instruments, certificates and documents
as are required to be delivered by the Guarantor to the Guaranteed Parties under
the conditions to closing set forth in the Credit Agreement unless such
conditions are waived by the Agent.

         Section 4     REPRESENTATIONS AND COVENANTS

         Section 4.1     Organization and Qualification. The Guarantor is duly
incorporated and validly existing in good standing under the laws of the state
of North Carolina which is the only jurisdiction in which qualification is
necessary in order for it to own or lease its property and conduct its business
as of the Closing Date.

         Section 4.2     Authorization, Validity and Enforceability of this
Agreement. The Guarantor has the power and authority to execute, deliver and
perform this Agreement and to guaranty the Guaranteed Obligations. The Guarantor
has taken all necessary action (including obtaining approval of its stockholders
if necessary) to authorize its execution, delivery, and performance of this
Agreement. This Agreement has been duly executed and delivered by the Guarantor,
and constitutes the legal, valid and binding obligations of the Guarantor,
enforceable against it in accordance with its terms, except as enforceability
may be limited by bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting creditors' rights generally, by general equitable
principles or by principles of good faith and fair dealing. The Guarantor's
execution, delivery, and performance of this Agreement does not and will not
conflict with, or constitute a violation or breach of, or result in the
imposition of any Lien upon the property of the Guarantor or any of its
Subsidiaries, by reason of the terms of (a) any contract, mortgage, lease,
agreement, indenture, or instrument to which the Guarantor is a party or which
is binding upon it, (b) any Requirement of Law applicable to the Guarantor or
any of its Subsidiaries, or (c) the certificate or articles of incorporation or
by-laws of the Guarantor or the limited liability company agreement of any of
its Subsidiaries.

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         Section 4.3      Covenants. The covenants set forth in the Credit
Agreement which are applicable to the Guarantor as indicated therein are hereby
incorporated into this Section 4.3 by reference and the Guarantor hereby agrees
to comply with each such covenant which is applicable to the Guarantor. In
addition to the foregoing, the Guarantor hereby covenants to comply with each of
the covenants set forth in Sections 7.9 (Mergers, Consolidations or Sales), 7.13
(Debt), 7.14 (Prepayment), 7.17 (Business Conducted), 7.18 (Liens), 7.19 (Sale
and Leaseback Transactions) and 7.20 (New Subsidiaries) of the Credit Agreement
as if references to a "Borrower" thereunder were references to the Guarantor,
and such covenants are hereby incorporated herein mutatis mutandis; provided
that notwithstanding the foregoing, the Guarantor shall be permitted to make
loans to any Excess Collateral Provider provided that such loans (i) are
subordinated to the Guarantor's obligations hereunder pursuant to the terms of
the Intercompany Subordination Agreement and (ii) are pledged to the Agent as
additional security for the Guarantor's obligations hereunder.

         Section 5     FURTHER ASSURANCES. The Guarantor agrees, upon the
written request of the Agent, and at the Guarantor's expense, to execute and
deliver to the Agent, from time to time, any additional instruments or documents
considered necessary by the Agent to cause this Guarantee to be, become or
remain valid and effective in accordance with its terms.

         Section 6     PAYMENTS FREE AND CLEAR OF TAXES.

         Section 6.1     Payment of Taxes. Any and all payments by the Guarantor
hereunder shall be made free and clear of and without deduction for any and all
Taxes. If the Guarantor shall be required by law to deduct any Taxes from or in
respect of any sum payable hereunder to any Guaranteed Party, (i) the sum
payable shall be increased as may be necessary so that after making all required
deductions of Taxes (including deductions of Taxes applicable to additional sums
payable under this Section 6) such Guaranteed Party receives an amount equal to
the sum it would have received had no such deductions been made, (ii) the
Guarantor shall make such deductions and (iii) the Guarantor shall pay the full
amount so deducted to the relevant taxation authority or other authority in
accordance with applicable law.

         Section 6.2     Other Taxes. In addition, the Guarantor agrees to pay
any present or future stamp, documentary, excise, privilege, intangible or
similar levies that arise at any time or from time to time (i) from any payment
made hereunder, (ii) from the transfer of the rights of any Guaranteed Party
hereunder to any transferee, or (iii) from the execution or delivery by the
Guarantor of, or from the filing or recording or maintenance of, or otherwise
with respect to the exercise by any Guaranteed Party of its rights hereunder
(hereinafter referred to as "Other Taxes").

         Section 6.3     Indemnification. The Guarantor hereby indemnifies each
Guaranteed Party for the full amount of (i) Taxes imposed on or with respect to
amounts payable hereunder (including, without limitation and without
duplication, any Taxes imposed by any jurisdiction on amounts payable under this
Section 6), (ii) Other Taxes (including, without limitation and without
duplication, any Taxes imposed by any jurisdiction on amounts payable under this
Section 6), and (iii) any liability (including penalties, interest and
reasonable expenses) arising solely therefrom or with respect thereto. Payment
of this indemnification shall be made within 15 days from the date of such
Guaranteed Party certifying and setting forth in

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reasonable detail the calculation thereof as to the amount and type of such
Taxes. Any such certificate submitted by the Guaranteed Party shall, absent
manifest or demonstrable error, be final, conclusive and binding on all parties.

         Section 6.4     Receipts. Within 30 days after having received a
receipt of Taxes or Other Taxes, the applicable Guarantor will furnish to the
Agent the original or a certified copy of a receipt evidencing payment thereof.

         Section 6.5     Survival. Without prejudice to the survival of any
other agreement of the Guarantor hereunder, the agreements and obligations of
the Guarantor contained in this Section 6 shall survive the payment in full of
the Guaranteed Obligations and termination of the Lenders' Commitments.

         Section 7       RIGHT OF SET-OFF. In addition to and not in limitation
of all rights of offset that any Guaranteed Party or other holder of a note may
have under applicable law or under any Loan Document, each Guaranteed Party,
other holder of a note and/or their respective Affiliates shall upon the
occurrence and during the continuation of any Event of Default and whether or
not such Guaranteed Party or such holder has made any demand or the Guarantor's
obligations are matured, have the right to appropriate and apply to the payment
of each of the Guarantor's obligations hereunder, all deposits (general or
special, time or demand, provisional or final) then or thereafter held by and
other indebtedness or property then or thereafter owing by such Guaranteed
Party, other holder and/or their respective Affiliates to the Guarantor, whether
or not related to this Guarantee or any transaction hereunder. The Agent agrees
that, upon the Agent's receipt of notice that a Guaranteed Party has exercised
any rights of set-off hereunder, the Agent shall promptly send notice to the
Guarantor in accordance with Section 8.5 hereof; provided, however, that the
failure to give such notice shall not affect the validity of such set-off and
application.

         Section 8     MISCELLANEOUS.

         Section 8.1     Amendments. Any amendment or waiver of any provision of
this Guarantee and any consent to any departure by the Guarantor from any
provision of this Guarantee shall be effective only if made or given in
compliance with all of the terms and provisions of Section 11.1 of the Credit
Agreement.

         Section 8.2     Expenses. The Guarantor shall promptly pay to the
Agent, for the ratable benefit of the Guaranteed Parties, the amount of any and
all costs and expenses of the Guaranteed Parties (both before and after the
execution hereof) in connection with any matters contemplated by or arising out
of this Guarantee or any of the Loan Documents whether (a) costs and expenses of
the Agent to prepare, negotiate or execute (i) any amendment to, modification of
or extension of this Guarantee or any other Loan Document to which the Guarantor
is a party or (ii) any instrument, document or agreement in connection with any
sale or attempted sale of any interest herein to any participant, (b) to
commence, defend, or intervene in any litigation or to file a petition,
complaint, answer, motion or other pleadings necessary to protect or enforce the
rights of the Guaranteed Parties under this Guarantee or any other Loan
Document, (c) to take any other action in or with respect to any suit or
proceeding (bankruptcy or otherwise) necessary to protect the rights of the
Guaranteed Parties under this Guarantee or any other Loan Document

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or to respond to any subpoena, deposition or interrogatory with respect to any
litigation involving the Guarantor, or (d) to attempt to enforce or to enforce
any rights of the Guaranteed Parties to collect any of the Guaranteed
Obligations, including all reasonable fees and expenses of attorneys and
paralegals.

         Section 8.3     Headings. The headings in this Guarantee are for
purposes of reference only and shall not otherwise affect the meaning or
construction of any provision of this Guarantee.

         Section 8.4     Severability. The provisions of this Guarantee are
severable, and if any clause or provision shall be held invalid or unenforceable
in whole or in part in any jurisdiction, then such invalidity or
unenforceability shall affect in that jurisdiction only such clause or
provision, or part thereof, and shall not in any manner affect such clause or
provision in any other jurisdiction or any other clause or provision of this
Guarantee in any jurisdiction.

         Section 8.5     Notices. All notices, requests and other communications
(a) to the Agent hereunder shall be in writing and sent by certified or
registered mail, return receipt requested, or by overnight delivery services,
with all charges prepaid and shall be given to the Agent at its address or cable
or telecopy number for notices as set forth in Section 13.8 of the Credit
Agreement and (b) to the Guarantor hereunder shall be in writing and sent by
certified or registered mail, return receipt requested, or by overnight delivery
services, with all charges prepaid and shall be given to the Guarantor at its
address, cable or telecopy number set forth on the signature page or such other
address or cable or telecopy number as such party may hereafter specify by
notice to the other party. All such notices and correspondence shall be deemed
given (i) if sent by certified or registered mail, three Business Days after
being sent, (ii) if sent by overnight delivery service, when received at the
above stated addresses or when delivery is refused and (iii) if sent by telex or
facsimile transmission, when receipt of such transmission is acknowledged.

         Section 8.6     Remedies Cumulative. Each right, power and remedy of
the Guaranteed Parties provided in this Guarantee or now or hereafter existing
at law or in equity or by statute or otherwise shall be cumulative and
concurrent and shall be in addition to every other right, power or remedy
provided for in this Guarantee or now or hereafter existing at law or in equity
or by statute or otherwise. The exercise or partial exercise by the Guaranteed
Parties of any one or more of such rights, powers or remedies shall not preclude
the simultaneous or later exercise by the Guaranteed Parties of all such other
rights, powers or remedies, and no failure or delay on the part of the
Guaranteed Parties to exercise any such right, power or remedy shall operate as
a waiver thereof.

         Section 8.7     Statute of Limitations. To the full extent permitted by
applicable law, the Guarantor hereby waives the right to plead any statute of
limitations as a defense to performance of its obligations under, or enforcement
of, this Guarantee.

         Section 8.8    Final Expression. This Guarantee, together with any
other agreement executed in connection herewith, is intended by the parties as a
final expression of the Guarantee and is intended as a complete and exclusive
statement of the terms and conditions thereof. Acceptance of or acquiescence in
a course of performance rendered under this

                                       10
<PAGE>

Guarantee shall not be relevant to determine the meaning of this Guarantee even
though the accepting or acquiescing party had knowledge of the nature of the
performance and opportunity for objection.

         Section 8.9     Financial Status. The Guarantor hereby assumes
responsibility for keeping itself informed of the financial condition of each
Borrower and any and all endorsers and/or other Obligors of any instrument or
document evidencing all or any part of the Guaranteed Obligations and of all
other circumstances bearing upon the risk of nonpayment of the Guaranteed
Obligations or any part thereof that diligent inquiry would reveal, and the
Guarantor hereby agrees that the Guaranteed Parties shall have no duty to advise
the Guarantor of information known to the Guaranteed Parties regarding such
condition or any such circumstances. In the event the Guaranteed Parties, in
their discretion, undertake at any time or from time to time to provide any such
information to the Guarantor, the Guaranteed Parties shall be under no
obligation (i) to undertake any investigation not a part of their regular
business routine, (ii) to disclose any information which pursuant to accepted or
reasonable commercial lending practices the Guaranteed Parties wish to maintain
confidential, or (iii) to make any other or future disclosures of such
information or any other information to the Guarantor.

         Section 8.10     Assignability. This Guarantee shall be binding on the
Guarantor and its successors and permitted assigns and transferees and shall
inure to the benefit of the Guaranteed Parties and their respective successors,
transferees, endorsees and assigns as permitted under the Credit Agreement. No
Guarantor may assign this Guarantee.

         Section 8.11     Non-Waiver. The failure of the Guaranteed Parties to
exercise any right or remedy hereunder, or promptly to enforce any such right or
remedy, shall not constitute a waiver thereof, nor give rise to any estoppel
against the Guaranteed Parties, nor excuse the Guarantor from its obligations
hereunder.

         Section 8.12     Termination. Subject to the provisions of Sections 1.7
and 6.5, this Guarantee shall terminate upon the receipt by each of the
Guaranteed Parties of the payment (or prepayment) and performance in full of the
Guaranteed Obligations and any other amounts which may be owing hereunder and
termination of the Lenders' Commitments, or the written release of the Guarantor
by the Guaranteed Parties, whichever shall occur first. At the time of such
termination, the Guaranteed Parties, at the request and expense of the
Guarantor, will execute and deliver to the Guarantor a proper instrument or
instruments acknowledging the satisfaction and termination of this Guarantee.
The Agent may release the obligations of the Guarantor hereunder to the extent
permitted pursuant to the terms of the Credit Agreement

         Section 8.13     Counterparts. This Guarantee may be executed in any
number of counterparts and by the different parties hereto on separate
counterparts, each of which, when so executed and delivered, shall be an
original, but all of which shall together constitute one and the same agreement.

         Section 8.14     Governing Law. THE VALIDITY, INTERPRETATION AND
ENFORCEMENT OF THIS GUARANTEE AND ANY DISPUTE ARISING OUT OF OR IN CONNECTION
WITH THIS GUARANTEE, WHETHER SOUNDING IN CONTRACT,

                                       11
<PAGE>

TORT, EQUITY OR OTHERWISE, SHALL BE GOVERNED BY THE LAWS AND DECISIONS OF THE
STATE OF NORTH CAROLINA.

         Section 8.15     SUBMISSION TO JURISDICTION; WAIVERS.

         (a) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY
BE BROUGHT IN THE COURTS OF THE STATE OF NORTH CAROLINA OR OF THE UNITED STATES
OF AMERICA LOCATED IN THE WESTERN DISTRICT OF NORTH CAROLINA, AND BY EXECUTION
AND DELIVERY OF THIS AGREEMENT, EACH OF THE GUARANTOR AND THE AGENT CONSENTS,
FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF
THOSE COURTS. THE GUARANTOR AND THE AGENT IRREVOCABLY WAIVE ANY OBJECTION,
INCLUDING 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 AGREEMENT. NOTWITHSTANDING
THE FOREGOING: (1) THE AGENT SHALL HAVE THE RIGHT TO BRING ANY ACTION OR
PROCEEDING AGAINST THE GUARANTOR OR ITS PROPERTY IN THE COURTS OF ANY OTHER
JURISDICTION THE AGENT DEEMS NECESSARY OR APPROPRIATE IN ORDER TO REALIZE ON THE
COLLATERAL OR OTHER SECURITY FOR THE OBLIGATIONS AND (2) EACH OF THE PARTIES
HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THE COURTS DESCRIBED IN THE
IMMEDIATELY PRECEDING SENTENCE MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE
THOSE JURISDICTIONS;

         (b) THE GUARANTOR HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS
UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY REGISTERED
MAIL (RETURN RECEIPT REQUESTED) DIRECTED TO THE GUARANTOR AT ITS ADDRESS SET
FORTH HEREIN AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED FIVE (5) DAYS
AFTER THE SAME SHALL HAVE BEEN SO DEPOSITED IN THE U.S. MAILS POSTAGE PREPAID.
NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF THE AGENT TO SERVE LEGAL
PROCESS BY ANY OTHER MANNER PERMITTED BY LAW;

         (c) THE GUARANTOR AND THE AGENT IRREVOCABLY 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 AGREEMENT, 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
ANY AGENT-RELATED PERSON, PARTICIPANT OR ASSIGNEE, WHETHER WITH RESPECT TO
CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. THE GUARANTOR AND THE AGENT 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

                                       12
<PAGE>

SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE
OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT 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
AGREEMENT AND THE OTHER LOAN DOCUMENTS;

         (d) THE GUARANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES THE
RIGHT TO ASSERT ANY SETOFF, COUNTERCLAIM OR CROSS-CLAIM IN RESPECT OF, AND ALL
STATUTES OF LIMITATIONS WHICH MAY BE RELEVANT TO, SUCH ACTION OR PROCEEDING; AND

         (e) THE GUARANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES DUE
DILIGENCE, DEMAND, PRESENTMENT AND PROTEST AND ANY NOTICES THEREOF AS WELL AS
NOTICE OF NONPAYMENT.

         Section 8.16     Limitation Of Liability. EXCEPT AS EXPRESSLY PROVIDED
HEREIN, NO CLAIM MAY BE MADE BY THE GUARANTOR OR THE AGENT OR ANY OTHER PERSON
AGAINST THE AGENT, THE GUARANTOR OR THE AFFILIATES, DIRECTORS, OFFICERS,
EMPLOYEES, COUNSEL, REPRESENTATIVES, AGENTS OR ATTORNEYS-IN-FACT OF ANY OF THEM
FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES IN RESPECT OF ANY
CLAIM FOR BREACH OF CONTRACT OR ANY OTHER THEORY OF LIABILITY ARISING OUT OF OR
RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT, OR ANY ACT, OMISSION OR EVENT OCCURRING IN CONNECTION THEREWITH, AND
THE GUARANTOR AND THE AGENT EACH HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE
UPON ANY CLAIM FOR SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN
OR SUSPECTED TO EXIST IN ITS FAVOR.

         Section 8.17     Payments. Notwithstanding any provision to the
contrary herein or in any Loan Document, all payments made under or in
connection with this Guarantee and the other Loan Documents shall be in lawful
currency of the United States.

                            [SIGNATURE PAGE FOLLOWS]

                                       13
<PAGE>

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

                                  ENPRO INDUSTRIES, INC.

                                  By: /s/   Robert Rehley
                                      ---------------------------------------
                                  Robert Rehley, Vice President and Treasurer

                                  Address: 5605 Carnegie Boulevard
                                           Charlotte, North Carolina 28209-4674

                                  Facsimile: 704-423-7587<PAGE>
                                                                   EXHIBIT 10.15

                                PLEDGE AGREEMENT

                  This PLEDGE AGREEMENT, dated as of May __, 2002 (together with
all amendments, if any, from time to time hereto, this "Agreement"), among each
of the parties named as a Pledgor on the signature pages hereto (individually, a
"Pledgor" and collectively, the "Pledgors") and BANK OF AMERICA, N.A. (the
"Agent").

                              W I T N E S S E T H:
                               - - - - - - - - - -

                  WHEREAS, pursuant to that certain Credit Agreement, dated as
May 16, 2002, by and among the financial institutions from time to time parties
thereto (such financial institutions, together with their respective successors
and assigns, are referred to hereinafter each individually as a "Lender" and
collectively as the "Lenders"), the Agent, Citicorp USA, Inc., as Syndication
Agent, and Coltec Industries Inc, a Pennsylvania corporation ("Coltec"), Coltec
Industrial Products LLC ("CIP"), Garlock Sealing Technologies LLC, a Delaware
limited liability company ("Garlock Sealing"), Garlock Bearings LLC, a Delaware
limited liability company ("Garlock Bearing"), Haber Tool Company, a Michigan
corporation ("Haber Tool"), and Stemco LLC, a Delaware limited liability company
("Stemco" and, together with Coltec, CIP, Garlock Sealing, Garlock Bearing and
Haber Tool, each individually referred to herein as a "Borrower" and
collectively as the "Borrowers") with Coltec acting in its capacity as Funds
Administrator for the Borrowers (as amended, restated or otherwise modified from
time to time, the "Credit Agreement"), the Lenders have agreed to make Loans to
and provide other financial accommodations for the benefit of the Borrowers;

                  WHEREAS, EnPro Industries, Inc., as parent company to the
Borrowers and as a Pledgor hereunder (herein, the "Parent"), has executed that
certain Parent Guarantee dated as of the date hereof (as from time to time
reaffirmed, amended, restated, supplemented or otherwise modified, the "Parent
Guarantee") in favor of the Agent, pursuant to which the Parent has agreed to
guarantee all the "Obligations" (as defined in the Credit Agreement);

                  WHEREAS, the Pledgors (other than the Parent and the
Borrowers) have executed that certain Subsidiary Guarantee dated as of the date
hereof (as from time to time reaffirmed, amended, restated, supplemented or
otherwise modified, the "Subsidiary Guarantee") in favor of the Agent, pursuant
to which such Pledgors have agreed to guarantee all the "Obligations" (as
defined in the Credit Agreement);

                  WHEREAS, each Pledgor is the record and beneficial owner of
the shares of capital stock, limited liability company equity interests and/or
the promissory notes and instruments listed on Schedule I hereto; and

                  WHEREAS, the extension and/or continued extension of credit,
as aforesaid, by the Lenders is necessary and desirable to the conduct and
operation of the business of the Borrowers and will inure to the financial
benefit of each Pledgor and in order to induce the Lenders to make the Loans and
provide other financial accommodations as set forth in the Credit Agreement,
each Pledgor has agreed to pledge the Pledged Collateral (as defined below) to
the Agent in accordance herewith;
<PAGE>

                  NOW, THEREFORE, in consideration of the premises and the
covenants hereinafter contained and to induce the Lenders to make Loans and
provide other financial accommodations under the Credit Agreement, it is agreed
as follows:

                  1.   Definitions. Unless otherwise defined herein, terms
defined in the Credit Agreement are used herein as therein defined, and the
following shall have (unless otherwise provided elsewhere in this Agreement) the
following respective meanings (such meanings being equally applicable to both
the singular and plural form of the terms defined):

                  "Bankruptcy Code" means title 11, United States Code, as
         amended from time to time, and any successor statute thereto.

                  "Domestic Pledged Entity" means an issuer of Pledged Shares or
         Pledged Indebtedness having a jurisdiction of organization inside the
         United States.

                  "Foreign Pledged Entity" means an issuer of Pledged Shares or
         Pledged Indebtedness having a jurisdiction of organization outside the
         United States.

                  "Pledged Collateral" has the meaning assigned to such term in
         Section 2 hereof.

                  "Pledged Entity" means either a Domestic Pledged Entity or a
         Foreign Pledged Entity.

                  "Pledged Indebtedness" means the indebtedness evidenced by the
         promissory notes and instruments listed on Part B of Schedule I hereto.

                  "Pledged Shares" means those shares of stock and equity
         membership interests listed on Part A of Schedule I hereto.

                  "Secured Obligations" has the meaning assigned to such term in
         Section 3 hereof.

                  2.   Pledge. Each Pledgor hereby pledges to the Agent, and
grants to the Agent, a first priority security interest in all of the following
(collectively, the "Pledged Collateral"):

                  (a) the Pledged Shares and any and all certificates
         representing the Pledged Shares, and, subject to Section 7(b) hereof,
         all dividends, distributions, cash, instruments and other property or
         proceeds from time to time received, receivable or otherwise
         distributed in respect of or in exchange for any or all of the Pledged
         Shares;

                  (b) subject to the terms of this Agreement, all rights,
         privileges, authority or power of such Pledgor as owner or holder of
         the Pledged Shares, including, but not limited to, all rights under any
         by-laws, shareholder agreement, operating agreement or similar
         agreement related thereto; and

                  (c) the Pledged Indebtedness and the promissory notes or
         instruments evidencing the Pledged Indebtedness, and all interest,
         cash, instruments and other

                                       2
<PAGE>

         property and assets from time to time received, receivable or otherwise
         distributed in respect of the Pledged Indebtedness; and

                  (d) all additional Indebtedness arising after the date hereof
         and owing to such Pledgor from any Person and evidenced by promissory
         notes or other instruments, together with such promissory notes and
         instruments, and all interest, cash, instruments and other property and
         assets from time to time received, receivable or otherwise distributed
         in respect of that Pledged Indebtedness.

                  3.   Security for Obligations. This Agreement secures, and
the Pledged Collateral is security for, the prompt payment in full when due,
whether at stated maturity, by acceleration or otherwise, and performance of
all of the Pledgors' obligations and liabilities under the Credit Agreement and
the other Loan Documents, as applicable, and all obligations of each Pledgor
now or hereafter existing under this Agreement including, without limitation,
all fees, costs and expenses whether in connection with collection actions
hereunder or otherwise (collectively, the "Secured Obligations").

                  4.   Delivery of Pledged Collateral. All certificates and all
promissory notes and instruments evidencing the Pledged Collateral shall be
delivered to and held by or on behalf of the Agent, pursuant hereto. All
Pledged Shares evidenced by certificates shall be accompanied by duly executed
instruments of transfer or assignment in blank, all in form and substance
satisfactory to the Agent and all promissory notes or other instruments
evidencing the Pledged Indebtedness shall be endorsed by each applicable
Pledgor.

                  5.   Representations and Warranties. Each Pledgor represents
and warrants to the Agent that:

                  (a) Each Pledgor is, and at the time of delivery of the
         Pledged Shares to the Agent will be, the sole holder of record and the
         sole beneficial owner of such Pledged Collateral pledged by such
         Pledgor free and clear of any lien thereon or affecting the title
         thereto, except for any lien created by this Agreement. Each Pledgor is
         and at the time of delivery of the Pledged Indebtedness to the Agent
         will be, the sole owner of such Pledged Collateral free and clear of
         any lien thereon or affecting title thereto, except for any lien
         created by this Agreement;

                  (b) All of the Pledged Shares representing shares of capital
         stock have been duly authorized, validly issued and are fully paid and
         non-assessable, the Pledged Indebtedness has been duly authorized,
         authenticated or issued and delivered by, and is the legal, valid and
         binding obligation of, the Pledged Entities, except as enforceability
         may be limited by bankruptcy, insolvency, reorganization, moratorium or
         other similar laws affecting creditors' rights generally, by general
         equitable principles or by principles of good faith and fair dealing,
         and no such Pledged Entity is in default thereunder;

                  (c) Each Pledgor has the right and requisite authority to
         pledge, assign, transfer, deliver, deposit and set over the Pledged
         Collateral pledged by such Pledgor to the Agent as provided herein;

                                       3
<PAGE>

                  (d) None of the Pledged Shares or Pledged Indebtedness has
         been issued or transferred in violation of the securities registration,
         securities disclosure or similar laws of any jurisdiction to which such
         issuance or transfer may be subject;

                  (e) All of the Pledged Shares of corporations and limited
         liability companies are presently owned by each applicable Pledgor, and
         are presently represented by the certificates, if any, listed on Part A
         of Schedule I hereto. As of the date hereof, there are no existing
         options, warrants, calls or commitments of any character whatsoever
         relating to the Pledged Shares;

                  (f) No consent, approval, authorization or other order or
         other action by, and no notice to or filing with, any governmental
         authority or any other Person is required (i) for the pledge by any
         Pledgor of the Pledged Collateral pursuant to this Agreement or for the
         execution, delivery or performance of this Agreement by any Pledgor, or
         (ii) for the exercise by the Agent of the voting or other rights
         provided for in this Agreement or the remedies in respect of the
         Pledged Collateral pursuant to this Agreement, except as may be
         required in connection with such disposition by laws affecting the
         offering and sale of securities generally, except under antitrust and
         similar laws and except for the filing of UCC financing statements;

                  (g) The pledge, assignment and delivery of the Pledged
         Collateral pursuant to this Agreement will create a valid first
         priority lien on and a first priority perfected security interest in
         favor of the Agent in the Pledged Collateral and the proceeds thereof,
         securing the payment of the Secured Obligations, subject to no other
         lien;

                  (h) This Agreement has been duly authorized, executed and
         delivered by each Pledgor and constitutes a legal, valid and binding
         obligation of each Pledgor enforceable against each Pledgor in
         accordance with its terms, except as enforceability may be limited by
         bankruptcy, insolvency, reorganization, moratorium or other similar
         laws affecting creditors' rights generally, by general equitable
         principles or by principles of good faith and fair dealing;

                  (i) Except as disclosed on Schedule I, the Pledged Shares
         constitute 100% of the issued and outstanding shares of capital stock
         or equity membership interests, as applicable, of each Domestic Pledged
         Entity and 65% of the issued and outstanding shares of capital stock of
         each Foreign Pledged Entity; and

                  (j) Except as disclosed on Part B of Schedule I, none of the
         Pledged Indebtedness is subordinated in right of payment to other
         indebtedness (except for the Secured Obligations) or subject to the
         terms of an indenture.

                  The representations and warranties set forth in this Section 5
shall survive the execution and delivery of this Agreement.

                  6.   Covenants. Each Pledgor covenants and agrees that until
the indefeasible payment in full of all the Borrowers' Obligations and the
Secured Obligations and the expiration of the Lenders' commitment to make
advances under the Credit Agreement (the "Termination Date"):

                                       4
<PAGE>

                  (a) Without the prior written consent of the Agent, each
         Pledgor will not sell, assign, transfer, pledge, or otherwise encumber
         any of its rights in or to the Pledged Collateral, or any unpaid
         dividends, interest or other distributions or payments with respect to
         the Pledged Collateral or grant a lien in the Pledged Collateral,
         unless otherwise permitted by the Credit Agreement or consented to by
         the Required Lenders;

                  (b) Each Pledgor will, at its expense, promptly execute,
         acknowledge and deliver all such instruments and take all such actions
         as the Agent from time to time may request in order to ensure to the
         Agent the benefits of the liens in and to the Pledged Collateral
         intended to be created by this Agreement, including the filing of any
         necessary Uniform Commercial Code financing statements, which may be
         filed by the Agent with or (to the extent permitted by law) without the
         signature of any Pledgor, and will cooperate with the Agent, at each
         Pledgor's expense, in obtaining all necessary approvals and making all
         necessary filings under federal, state, local or foreign law in
         connection with such liens or any sale or transfer of the Pledged
         Collateral;

                  (c) Each Pledgor has and will defend the title to the Pledged
         Collateral and the liens of the Agent in the Pledged Collateral against
         the claim of any Person and will maintain and preserve such liens;

                  (d) Each Pledgor will, upon obtaining ownership of any
         additional capital stock, equity membership interests, promissory notes
         or instruments of a Pledged Entity otherwise required to be pledged to
         the Agent pursuant to any of the Loan Documents, which capital stock,
         equity membership interests, notes or instruments are not already
         Pledged Collateral, promptly (and in any event within five (5) Business
         Days) deliver to the Agent an amendment to this Agreement, duly
         executed by such Pledgor, in substantially the form of Schedule II
         hereto (a "Pledge Amendment") in respect of any such additional capital
         stock, equity membership interests, notes or instruments pursuant to
         which such Pledgor shall pledge to the Agent all of such additional
         capital stock, equity membership interests, notes or instruments. Each
         Pledgor hereby authorizes the Agent to attach each Pledge Amendment to
         this Agreement and agrees that all Pledged Indebtedness listed on any
         Pledge Amendment delivered to the Agent shall for all purposes
         hereunder be considered Pledged Collateral; and

                  (e) Each Pledgor will cause all Pledged Shares consisting of
         certificated equity membership interests to be or remain certificated
         securities (to the extent permitted by applicable law). Each Pledgor
         will cause all Pledged Shares consisting of uncertificated equity
         interests to be or remain uncertificated.

                  7.   Pledgor's Rights. As long as no Event of Default shall
have occurred and be continuing and until written notice shall be given to such
Pledgor in accordance with Section 8(a) hereof:

                  (a) Each such Pledgor shall have the right, from time to time,
         to vote and give consents with respect to the Pledged Collateral, or
         any part thereof for all purposes not inconsistent with the provisions
         of this Agreement, the Credit Agreement or any Loan Documents;
         provided, however, that no vote shall be cast, and no consent shall be
         given

                                       5
<PAGE>

         or action taken, which would have the effect of impairing the position
         or interest of the Agent in respect of the Pledged Collateral or which
         would authorize, effect or consent to (unless and to the extent
         permitted by the Credit Agreement or any other Loan Document or
         consented to by the Required Lenders):

                           (i)    the dissolution or liquidation, in whole or in
                  part, of a Pledged Entity;

                           (ii)   the consolidation or merger of a Pledged
                  Entity with any other Person;

                           (iii)  the sale, disposition or encumbrance of all
                  or substantially all of the assets of a Pledged Entity, except
                  for liens in favor of the Agent;

                           (iv)   any change in the authorized number of shares,
                  the stated capital or the authorized share capital of a
                  Pledged Entity or the issuance of any additional shares of its
                  capital stock or equity membership interests, as applicable;
                  or

                           (v)   the alteration of the voting rights with
                  respect to the capital stock or equity membership interests,
                  as applicable, of a Pledged Entity; and

                  (b)      (i) Each such Pledgor shall be entitled, from time to
                  time, to collect, receive and retain for its own use all
                  dividends, distributions and interest paid in respect of the
                  Pledged Shares and Pledged Indebtedness to the extent not in
                  violation of the Credit Agreement or any other Loan Document
                  other than any and all: (A) dividends and interest paid or
                  payable in Pledged Shares, Pledged Indebtedness or other
                  securities or instruments distributed in respect of, or in
                  exchange for, any Pledged Collateral; (B) dividends and other
                  distributions paid or payable in Pledged Shares, Pledged
                  Indebtedness or other securities or instruments distributed in
                  respect of any Pledged Shares in connection with a partial or
                  total liquidation or dissolution or in connection with a
                  reduction of capital, capital surplus or paid-in capital of a
                  Pledged Entity; and (C) Pledged Shares, Pledged Indebtedness
                  or other securities or instruments paid, payable or otherwise
                  distributed, in respect of principal of, or in redemption of,
                  or in exchange for, any Pledged Collateral; provided, however,
                  that until actually paid all rights to such distributions
                  shall remain subject to the lien created by this Agreement;
                  and

                           (ii)   all dividends, distributions and interest
                  (other than such dividends, distributions and interest as are
                  permitted to be paid to any Pledgor in accordance with Section
                  7(b)(i) hereof), whenever paid or made, shall be delivered to
                  the Agent to hold as Pledged Collateral and shall, if received
                  by any Pledgor, be received in trust for the benefit of the
                  Agent, be segregated from the other property or funds of such
                  Pledgor, and be forthwith delivered to the Agent as Pledged
                  Collateral in the same form as so received (with any necessary
                  endorsement).

                  8. Defaults and Remedies.

                                       6
<PAGE>

                  (a) Upon the occurrence of an Event of Default and during the
         continuation of such Event of Default, and concurrently with written
         notice to each applicable Pledgor, the Agent (personally or through an
         agent) is hereby authorized and empowered to transfer and register in
         its name or in the name of its nominee the whole or any part of the
         Pledged Collateral, to exchange certificates or instruments
         representing or evidencing Pledged Collateral for certificates or
         instruments of smaller or larger denominations, to exercise the voting
         and all other rights as a holder with respect thereto, to collect and
         receive all cash dividends, interest, principal and other distributions
         made thereon, to sell in one or more sales after ten (10) days' notice
         of the time and place of any public sale or of the time at which a
         private sale is to take place (which notice each Pledgor agrees is
         commercially reasonable) the whole or any part of the Pledged
         Collateral and to otherwise act with respect to the Pledged Collateral
         as though the Agent was the outright owner thereof, each Pledgor hereby
         irrevocably constituting and appointing the Agent as the proxy and
         attorney-in-fact of such Pledgor, with full power of substitution to do
         so, and which appointment shall remain in effect until the Termination
         Date; provided, however, the Agent shall not have any duty to exercise
         any such right or to preserve the same and shall not be liable for any
         failure to do so or for any delay in doing so. Any sale shall be made
         at a public or private sale at the Agent's place of business, or at any
         place to be named in the notice of sale, either for cash or upon credit
         or for future delivery at such price as the Agent may deem fair, and
         the Agent may be the purchaser of the whole or any part of the Pledged
         Collateral so sold and hold the same thereafter in its own right free
         from any claim of each Pledgor or any right of redemption. Each sale
         shall be made to the highest bidder, but the Agent reserves the right
         to reject any and all bids at such sale which, in its discretion, it
         shall deem inadequate. Demands of performance and, except as otherwise
         herein specifically provided for, notices of sale, advertisements and
         the presence of property at sale are hereby waived and any sale
         hereunder may be conducted by an auctioneer or any officer or agent of
         the Agent.

                  (b) If, at the original time or times appointed for the sale
         of the whole or any part of the Pledged Collateral, the highest bid, if
         there be but one sale, shall be inadequate to discharge in full all the
         Secured Obligations, or if the Pledged Collateral be offered for sale
         in lots, if at any of such sales, the highest bid for the lot offered
         for sale would indicate to the Agent, in its discretion, that the
         proceeds of the sales of the whole of the Pledged Collateral would be
         unlikely to be sufficient to discharge all the Secured Obligations, the
         Agent may, on one or more occasions and in its discretion, postpone any
         of said sales by public announcement at the time of sale or the time of
         previous postponement of sale, and no other notice of such postponement
         or postponements of sale need be given, any other notice being hereby
         waived; provided, however, that any sale or sales made after such
         postponement shall be after ten (10) days' notice to each applicable
         Pledgor.

                  (c) If, at any time when the Agent shall determine to exercise
         its right to sell the whole or any part of the Pledged Collateral
         hereunder, such Pledged Collateral or the part thereof to be sold shall
         not, for any reason whatsoever, be effectively registered under the
         Securities Act of 1933, as amended (or any similar statute then in
         effect) (the "Act"), the Agent may, in its discretion (subject only to
         applicable requirements of law), sell such Pledged Collateral or part
         thereof by private sale in such manner and under such

                                       7
<PAGE>

         circumstances as the Agent may deem necessary or advisable, but subject
         to the other requirements of this Section 8, and shall not be required
         to effect such registration or to cause the same to be effected.
         Without limiting the generality of the foregoing, in any such event,
         the Agent in its discretion (x) may, in accordance with applicable
         securities laws, proceed to make such private sale notwithstanding that
         a registration statement for the purpose of registering such Pledged
         Collateral or part thereof could be or shall have been filed under said
         Act (or similar statute), (y) may approach and negotiate with a single
         possible purchaser to effect such sale, and (z) may restrict such sale
         to a purchaser who is an accredited investor under the Act and who will
         represent and agree that such purchaser is purchasing for its own
         account, for investment and not with a view to the distribution or sale
         of such Pledged Collateral or any part thereof. In addition to a
         private sale as provided above in this Section 8, if any of the Pledged
         Collateral shall not be freely distributable to the public without
         registration under the Act (or similar statute) at the time of any
         proposed sale pursuant to this Section 8, then the Agent shall not be
         required to effect such registration or cause the same to be effected
         but, in its discretion (subject only to applicable requirements of
         law), may require that any sale hereunder (including a sale at auction)
         be conducted subject to restrictions:

                           (i)    as to the financial sophistication and ability
                  of any Person permitted to bid or purchase at any such sale;

                           (ii)   as to the content of legends to be placed upon
                  any certificates representing the Pledged Collateral sold in
                  such sale, including restrictions on future transfer thereof;

                           (iii)  as to the representations required to be made
                  by each Person bidding or purchasing at such sale relating to
                  that Person's access to financial information about each
                  applicable Pledgor and such Person's intentions as to the
                  holding of the Pledged Collateral so sold for investment for
                  its own account and not with a view to the distribution
                  thereof; and

                           (iv)   as to such other matters as the Agent may, in
                  its discretion, deem necessary or appropriate in order that
                  such sale (notwithstanding any failure so to register) may be
                  effected in compliance with the Bankruptcy Code and other laws
                  affecting the enforcement of creditors' rights and the Act and
                  all applicable state securities laws.

                  (d) Each Pledgor recognizes that the Agent may be unable to
         effect a public sale of any or all the Pledged Collateral and may be
         compelled to resort to one or more private sales thereof in accordance
         with Section 8(c) hereof. Each Pledgor also acknowledges that any such
         private sale may result in prices and other terms less favorable to the
         seller than if such sale were a public sale and, notwithstanding such
         circumstances, agrees that any such private sale shall not be deemed to
         have been made in a commercially unreasonable manner solely by virtue
         of such sale being private. the Agent shall be under no obligation to
         delay a sale of any of the Pledged Collateral for the period of time
         necessary to permit the Pledged Entity to register such securities for
         public

                                       8
<PAGE>

         sale under the Act, or under applicable state securities laws, even if
         each applicable Pledgor and the Pledged Entity would agree to do so.

                  (e)   Each Pledgor agrees to the maximum extent permitted by
         applicable law that following the occurrence and during the continuance
         of an Event of Default it will not at any time plead, claim or take the
         benefit of any appraisal, valuation, stay, extension, moratorium or
         redemption law now or hereafter in force in order to prevent or delay
         the enforcement of this Agreement, or the absolute sale of the whole or
         any part of the Pledged Collateral or the possession thereof by any
         purchaser at any sale hereunder, and each Pledgor waives the benefit of
         all such laws to the extent it lawfully may do so. Each Pledgor agrees
         that it will not interfere with any right, power and remedy of the
         Agent provided for in this Agreement or now or hereafter existing at
         law or in equity or by statute or otherwise, or the exercise or
         beginning of the exercise by the Agent of any one or more of such
         rights, powers or remedies. No failure or delay on the part of the
         Agent to exercise any such right, power or remedy and no notice or
         demand which may be given to or made upon any Pledgor by the Agent with
         respect to any such remedies shall operate as a waiver thereof, or
         limit or impair the Agent's right to take any action or to exercise any
         power or remedy hereunder, without notice or demand, or prejudice its
         rights as against such Pledgor in any respect.

                  (f)   Each Pledgor further agrees that a breach of any of the
         covenants contained in this Section 8 will cause irreparable injury to
         the Agent, that the Agent shall have no adequate remedy at law in
         respect of such breach and, as a consequence, agrees that each and
         every covenant contained in this Section 8 shall be specifically
         enforceable against each Pledgor, and each Pledgor hereby waives and
         agrees not to assert any defenses against an action for specific
         performance of such covenants except for a defense that the Secured
         Obligations are not then due and payable in accordance with the
         agreements and instruments governing and evidencing such obligations or
         that the Secured Obligations have been paid in full in cash.

                  9.   Waiver. No delay on the Agent's part in exercising any
power of sale, lien, option or other right hereunder, and no notice or demand
which may be given to or made upon any Pledgor by the Agent with respect to any
power of sale, lien, option or other right hereunder, shall constitute a waiver
thereof, or limit or impair the Agent's right to take any action or to exercise
any power of sale, lien, option, or any other right hereunder, without notice or
demand, or prejudice the Agent's rights as against any Pledgor in any respect.

                  10.   Assignment. the Agent may assign, indorse or transfer
any instrument evidencing all or any part of the Secured Obligations as provided
in, and in accordance with, the Credit Agreement, and the holder of such
instrument shall be entitled to the benefits of this Agreement.

                  11.   Termination. Upon the payment in full of the Borrowers'
Obligations and the Secured Obligations and the expiration of the Lenders'
Commitments to make advances under the Credit Agreement, the Agent shall deliver
to each Pledgor the Pledged Collateral pledged by such Pledgor at the time
subject to this Agreement and all instruments of assignment

                                       9
<PAGE>

executed in connection therewith, free and clear of the liens hereof and, except
as otherwise provided herein, all of such Pledgor's obligations hereunder shall
at such time terminate.

                  12.   Lien Absolute. All rights of the Agent hereunder, and
all obligations of each Pledgor hereunder, shall be absolute and unconditional
irrespective of:

                  (a)   any lack of validity or enforceability of the Credit
         Agreement, any Loan Documents or any other agreement or instrument
         governing or evidencing any Secured Obligations;

                  (b)   any change in the time, manner or place of payment of,
         or in any other term of, all or any part of the Secured Obligations, or
         any other amendment or waiver of or any consent to any departure from
         the Credit Agreement, any Loan Documents or any other agreement or
         instrument governing or evidencing any Secured Obligations;

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

                  (d)   the insolvency of any Borrower or Pledgor; or

                  (e)   any other circumstance which might otherwise constitute
         a defense available to, or a discharge of, any Pledgor (other than the
         payment in full of the Borrowers' Obligations and the Secured
         Obligations and the expiration of the Lenders' Commitments to make
         advances under the Credit Agreement).

                  13.   Release. Each Pledgor consents and agrees that the Agent
may at any time, or from time to time, in its discretion:

                  (a)   renew, extend or change the time of payment, and/or the
         manner, place or terms of payment of all or any part of the Secured
         Obligations; and

                  (b)   exchange, release and/or surrender all or any of the
         Collateral, or any part thereof, by whomsoever deposited, which is now
         or may hereafter be held by the Agent in connection with all or any of
         the Secured Obligations; all in such manner and upon such terms as the
         Agent may deem proper, and without notice to or further assent from any
         Pledgor, it being hereby agreed that each Pledgor shall be and remain
         bound upon this Agreement, irrespective of the value or condition of
         any of the Collateral, and notwithstanding any such change, exchange,
         settlement, compromise, surrender, release, renewal or extension, and
         notwithstanding also that the Secured Obligations may, at any time,
         exceed the aggregate principal amount thereof set forth in the Credit
         Agreement, or any other agreement governing any Secured Obligations.
         Each Pledgor hereby waives notice of acceptance of this Agreement, and
         also presentment, demand, protest and notice of dishonor of any and all
         of the Secured Obligations, and promptness in commencing suit against
         any party hereto or liable hereon, and in giving any notice to or of
         making any claim or demand hereunder upon such Pledgor. No act or
         omission of any kind on the Agent's part shall in any event affect or
         impair this Agreement.

                                       10
<PAGE>

                  14.   Reinstatement. This Agreement shall remain in full force
and effect and continue to be effective should any petition be filed by or
against any Pledgor or any Pledged Entity for liquidation or reorganization,
should any Pledgor or any Pledged Entity become insolvent or make an assignment
for the benefit of creditors or should a receiver or trustee be appointed for
all or any significant part of any Pledgor's or a Pledged Entity's assets, and
shall continue to be effective or be reinstated, as the case may be, if at any
time payment and performance of the Secured Obligations, or any part thereof,
is, pursuant to applicable law, rescinded or reduced in amount, or must
otherwise be restored or returned by any obligee of the Secured Obligations,
whether as a "voidable preference", "fraudulent conveyance", or otherwise, all
as though such payment or performance had not been made. In the event that any
payment, or any part thereof, is rescinded, reduced, restored or returned, the
Secured Obligations shall be reinstated and deemed reduced only by such amount
paid and not so rescinded, reduced, restored or returned.

                  15.   Miscellaneous.

                  (a)   The Agent may execute any of its duties hereunder by or
         through agents or employees and shall be entitled to advice of counsel
         concerning all matters pertaining to its duties hereunder.

                  (b)   Each Pledgor agrees to promptly reimburse the Agent for
         actual out-of-pocket expenses, including, without limitation,
         reasonable counsel fees, incurred by the Agent in connection with the
         administration and enforcement of this Agreement.

                  (c)   Neither the Agent, nor any of its respective officers,
         directors, employees, agents or counsel shall be liable for any action
         lawfully taken or omitted to be taken by it or them hereunder or in
         connection herewith, except for its or their own gross negligence or
         willful misconduct.

                  (d)   THIS AGREEMENT SHALL BE BINDING UPON EACH PLEDGOR AND
         ITS SUCCESSORS AND ASSIGNS (INCLUDING A DEBTOR-IN-POSSESSION ON BEHALF
         OF SUCH PLEDGOR), AND SHALL INURE TO THE BENEFIT OF, AND BE ENFORCEABLE
         BY, THE AGENT AND ITS SUCCESSORS AND ASSIGNS, AND SHALL BE GOVERNED BY,
         AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
         NORTH CAROLINA APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT
         STATE, AND NONE OF THE TERMS OR PROVISIONS OF THIS AGREEMENT MAY BE
         WAIVED, ALTERED, MODIFIED OR AMENDED EXCEPT IN WRITING DULY SIGNED FOR
         AND ON BEHALF OF THE AGENT AND THE APPLICABLE PLEDGOR.

                  (e)   ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS
         AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NORTH CAROLINA
         OR OF THE UNITED STATES OF AMERICA LOCATED IN THE WESTERN DISTRICT OF
         NORTH CAROLINA, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH
         OF THE PLEDGORS AND THE AGENT CONSENTS, FOR ITSELF AND IN RESPECT OF
         ITS PROPERTY, TO THE

                                       11
<PAGE>

         NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE PLEDGORS AND
         THE AGENT IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING 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 AGREEMENT.
         NOTWITHSTANDING THE FOREGOING: (1) THE AGENT SHALL HAVE THE RIGHT TO
         BRING ANY ACTION OR PROCEEDING AGAINST ANY PLEDGOR OR ITS PROPERTY IN
         THE COURTS OF ANY OTHER JURISDICTION THE AGENT DEEMS NECESSARY OR
         APPROPRIATE IN ORDER TO REALIZE ON THE COLLATERAL OR OTHER SECURITY FOR
         THE OBLIGATIONS AND (2) EACH OF THE PARTIES HERETO ACKNOWLEDGES THAT
         ANY APPEALS FROM THE COURTS DESCRIBED IN THE IMMEDIATELY PRECEDING
         SENTENCE MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE THOSE
         JURISDICTIONS.

                  (f) EACH PLEDGOR HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL
         PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS MAY BE
         MADE BY REGISTERED MAIL (RETURN RECEIPT REQUESTED) DIRECTED TO SUCH
         PLEDGOR AT ITS ADDRESS SET FORTH HEREIN AND SERVICE SO MADE SHALL BE
         DEEMED TO BE COMPLETED FIVE (5) DAYS AFTER THE SAME SHALL HAVE BEEN SO
         DEPOSITED IN THE U.S. MAILS POSTAGE PREPAID. NOTHING CONTAINED HEREIN
         SHALL AFFECT THE RIGHT OF AGENT TO SERVE LEGAL PROCESS BY ANY OTHER
         MANNER PERMITTED BY LAW.

                  (g) EACH PLEDGOR AND THE AGENT IRREVOCABLY 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 AGREEMENT, 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 ANY AGENT-RELATED PERSON,
         PARTICIPANT OR ASSIGNEE, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT
         CLAIMS, OR OTHERWISE. EACH PLEDGOR AND THE AGENT 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 AGREEMENT 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 AGREEMENT AND THE OTHER
         LOAN DOCUMENTS.

                                       12
<PAGE>

                  16.   Severability. If for any reason any provision or
provisions hereof are determined to be invalid and contrary to any existing or
future law, such invalidity shall not impair the operation of or effect those
portions of this Agreement which are valid.

                  17.   Notices. Except as otherwise provided herein, whenever
it is provided herein that any notice, demand, request, consent, approval,
declaration or other communication shall or may be given to or served upon any
of the parties by any other party, or whenever any of the parties desires to
give or serve upon any other a communication with respect to this Agreement,
each such notice, demand, request, consent, approval, declaration or other
communication shall be in writing and either shall be delivered in person or
sent by registered or certified mail, return receipt requested, with proper
postage prepaid, or by facsimile transmission and confirmed by delivery of a
copy by personal delivery or United States Mail as otherwise provided herein to
the applicable party's address set forth below its signature hereto or at such
other address as may be substituted by notice given as herein provided. The
giving of any notice required hereunder may be waived in writing by the party
entitled to receive such notice. Every notice, demand, request, consent,
approval, declaration or other communication hereunder shall be deemed to have
been duly served, given or delivered (a) upon the earlier of actual receipt and
four (4) Business Days after deposit in the United States Mail, registered or
certified mail, return receipt requested, with proper postage prepaid, (b) upon
transmission, when sent by telecopy or other similar facsimile transmission
(with such telecopy or facsimile promptly confirmed by delivery of a copy by
personal delivery or United States Mail as otherwise provided in this Section
17, (c) one (1) Business Day after deposit with a reputable overnight courier
with all charges prepaid, or (d) when delivered, if hand-delivered by messenger.
Failure or delay in delivering copies of any notice, demand, request, consent,
approval, declaration or other communication to the persons designated above to
receive copies shall in no way adversely affect the effectiveness of such
notice, demand, request, consent, approval, declaration or other communication.

                  18.   Section Titles. The Section titles 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.

                  19.   Counterparts. This Agreement may be executed in any
number of counterparts, which shall, collectively and separately, constitute one
agreement.

                  20.   Benefit of the Agent. All security interests granted or
contemplated hereby shall be for the benefit of the Agent, and all proceeds or
payments realized from the Pledged Collateral in accordance herewith shall be
applied to the Secured Obligations.

                            [Signature Pages Follows]

                                       13
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed as of the date first written above.

                                     PLEDGORS:

                                     ENPRO INDUSTRIES, INC.

                                     By: /s/  Robert Rehley
                                        ----------------------------------------
                                        Robert Rehley, Vice President and
                                        Assistant Secretary

                                     Address for Notices:

                                     5605 Carnegie Blvd.
                                     Charlotte, NC  28209-4674
                                     Fax:  704-423-7587
                                     Attention: _______________

                                     COLTEC INDUSTRIES INC

                                     By: /s/  Scott E. Kuechle
                                        ----------------------------------------
                                        Scott E. Kuechle, Vice President and
                                        Treasurer

                                     Address for Notices:

                                     5605 Carnegie Blvd.
                                     Charlotte, NC  28209-4674
                                     Fax:  704-423-7059
                                     Attention: _______________

                                     GARLOCK INTERNATIONAL INC.

                                     By: /s/  Scott E. Kuechle
                                        ----------------------------------------
                                        Scott E. Kuechle, Vice President and
                                        Treasurer

                                     Address for Notices:

                                     5605 Carnegie Blvd.
                                     Charlotte, NC  28209-4674
                                     Fax:  704-423-7059
                                     Attention: _______________

<PAGE>

                                     GARLOCK OVERSEAS CORPORATION

                                     By: /s/  Scott E. Kuechle
                                        ----------------------------------------
                                        Scott E. Kuechle, Vice President and
                                        Treasurer

                                     Address for Notices:

                                     5605 Carnegie Blvd.
                                     Charlotte, NC  28209-4674
                                     Fax:  704-423-7059
                                     Attention: _______________

                                     GLACIER GARLOCK BEARINGS, INC.

                                     By: /s/  Scott E. Kuechle
                                        ----------------------------------------
                                        Scott E. Kuechle, Vice President and
                                        Treasurer

                                     Address for Notices:

                                     700 Mid Atlantic Pkwy
                                     Thorofare, NJ  08086
                                     Fax:  704-423-7059
                                     Attention: _______________

                                     GARLOCK SEALING TECHNOLOGIES LLC

                                     By: /s/  Michael J. Leslie
                                        ----------------------------------------
                                        Michael J. Leslie, President

                                     Address for Notices:

                                     1666 Division Street
                                     Palmyra, NY  14522
                                     Fax:  704-423-7059
                                     Attention: _______________

                                       2
<PAGE>

                                     COLTEC INTERNATIONAL SERVICES CO.

                                     By: /s/  Scott E. Kuechle
                                        ----------------------------------------
                                        Scott E. Kuechle, Vice President and
                                        Treasurer

                                     Address for Notices:

                                     c/o Coltec Industries, Inc.
                                     5605 Carnegie Blvd.
                                     Charlotte, NC  28209-4674
                                     Fax:  704-423-7059
                                     Attention: _______________

                                     AGENT:

                                     BANK OF AMERICA, N.A.

                                     By: /s/  David M. Anderson
                                        ----------------------------------------
                                        David M. Anderson

                                     Address for Notices:

                                     Atlanta Plaza Building
                                     600 Peachtree Street, N.E.
                                     Atlanta, Georgia  30308-2265
                                     Fax:
                                     Attention:

                                       3

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