Document:

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                         PLEDGE AGREEMENT (Coyne Trusts)

                  This PLEDGE AGREEMENT, dated as of July 2, 2002 (together with
all amendments, if any, from time to time hereto, this "Agreement"), is made by
and among EACH OF THE PLEDGORS SIGNATORY HERETO AND EACH ADDITIONAL PARTY THAT
BECOMES A PLEDGOR HERETO PURSUANT TO SECTION 21 HEREOF (together with their
respective successors and assigns, collectively, "Pledgors" and each
individually, "Pledgor"), and GENERAL ELECTRIC CAPITAL CORPORATION, in its
capacity as Agent ("Agent") for itself and the lenders from time to time party
to the Credit Agreement referred to below ("Lenders").

                              W I T N E S S E T H:

                  WHEREAS, pursuant to that certain Credit Agreement, dated as
of the date hereof, by and among Coyne International Enterprises Corp., a New
York corporation ("Coyne") and Blue Ridge Textile Manufacturing Inc., a Georgia
corporation ("Blue Ridge") (Coyne and Blue Ridge are sometimes collectively
referred to herein as the "Borrowers" and individually as a "Borrower"); the
other Credit Parties signatory thereto; General Electric Capital Corporation,
for itself, as Lender, and as Agent for Lenders, and the other Lenders signatory
thereto from time to time (including all annexes, exhibits and schedules
thereto, as from time to time amended, restated, supplemented or otherwise
modified, the "Credit Agreement") the Lenders have agreed to make Loans to, and
incur the Letter of Credit Obligations for the benefit of, Borrowers;

                  WHEREAS, Pledgors are the respective record and beneficial
owners of the Pledged Shares listed in Part A of Schedule I hereto and the
respective owners of the Pledged Indebtedness listed in Part B of Schedule I;

                  WHEREAS, Pledgors collectively own all of the capital stock of
Coyne and indirectly owns all of the capital stock of the other Credit Parties
and will directly or indirectly benefit from the credit facilities made
available to Borrowers under the Credit Agreement; and

                  WHEREAS, in order to induce Agent and Lenders to enter into
the Credit Agreement and the other Loan Documents and to induce Agent and
Lenders to make the Loans and to incur the Letter of Credit Obligations as
provided for in the Credit Agreement, Pledgors have agreed to pledge the Pledged
Collateral to Agent in accordance herewith;

                  NOW, THEREFORE, in consideration of the premises and the
covenants hereinafter contained and to induce Lenders to make the Loans and to
incur the Letter of Credit Obligations under the Credit Agreement, it is agreed
as follows:

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                  1. Definitions. Unless otherwise defined herein, terms defined
in the Credit Agreement or in Annex A thereto are used herein (including the
recitals hereof) as therein defined, and the following shall have 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.

                  "Operating Agreement" means each limited liability company
agreement, operating agreement or similar agreement identified on Part A of
Schedule I hereto relating to Pledged Shares consisting of a membership interest
in a limited liability company, in each case, as amended, supplemented or
otherwise modified from time to time.

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

                  "Pledged Entity" means an issuer of Pledged Shares or Pledged
Indebtedness.

                  "Pledged Indebtedness" means, with respect to any Pledgor or
Pledgors, the Indebtedness evidenced by promissory notes and instruments listed
on Part B of Schedule I hereto.

                  "Pledged Shares" means, with respect to any Pledgor or
Pledgors, those shares of Stock held by such Pledgor or Pledgors 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 Agent, and grants to
Agent (i) for itself and the benefit of the holders of A Obligations, a first
priority security interest in all of the following and (ii) the for benefit of
the holders of B Obligations, a second priority security interest in all of the
following (collectively, the "Pledged Collateral"):

                     (a) such Pledgor's Pledged Shares and the certificates
         representing such Pledged Shares, and all dividends, distributions,
         cash, instruments and other property or proceeds from time to time
         received, receivable or otherwise distributed and to the extent
         applicable, allocations of profit and losses in respect of or in
         exchange for any or all of such Pledged Shares;

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                     (b) any additional shares of Stock, or other right, title
         or interest in, any Credit Party from time to time acquired by such
         Pledgor in any manner (which shares shall be deemed to be part of such
         Pledgor's Pledged Shares), and any certificates representing such
         Stock, and 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
         such Stock;

                     (c) such Pledgor's Pledged Indebtedness and the promissory
         notes or instruments evidencing such Pledged Indebtedness, and all
         interest, cash, instruments and other property and assets from time to
         time received, receivable or otherwise distributed in respect of such
         Pledged Indebtedness; and

                     (d) all additional Indebtedness arising after the date
         hereof and owing to such Pledgor by any Credit Party (which
         Indebtedness shall be deemed to be part of such Pledgor's Pledged
         Indebtedness) 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 such
         Pledged Indebtedness.

                 3.  Security for Obligations; Delivery of Pledged Collateral.

                     (a) 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
         Obligations of any kind under or in connection with the Credit
         Agreement and the other Loan Documents and all obligations of Pledgors
         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").

                     (b) All certificates and all promissory notes and
         instruments evidencing the Pledged Collateral shall be delivered to and
         held by or on behalf of Agent, for itself and the benefit of Lenders,
         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 Agent and all
         promissory notes or other instruments evidencing the Pledged
         Indebtedness shall be endorsed by the applicable Pledgor, in form and
         substance reasonably satisfactory to Agent. Each Pledgor has caused
         each such Pledged Entity to record on its books and records the pledge
         created hereby and to execute and deliver the Acknowledgment and
         Consent in the form of Schedule III hereto. Each Pledgor hereby
         authorizes Agent to attach each Pledge Amendment to this Agreement and
         agrees that all Pledged Shares and Pledged Indebtedness listed on

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         any Pledge Amendment delivered to Agent shall for all purposes
         hereunder be considered Pledged Collateral.

                 4.  Pledgor hereby authorizes and instructs each Pledged Entity
listed on Part A of Schedule I hereto to comply with any instruction received by
it from Agent without any further order or further consent or instructions from
Pledgor and Pledgor agrees that each Pledged Entity shall be fully protected in
so complying.

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

                     (a) Such Pledgor is, and at the time of its pledge of any
         Pledged Collateral hereunder will be, the sole holder of record and the
         sole beneficial owner of such Pledged Collateral free and clear of any
         Lien thereon or affecting the title thereto, except for (i) any Lien
         created by this Agreement, (ii) a pledge in favor of M&T Bank & Trust
         Co. ("M&T"), f/k/a OnBank & --- Trust Co., to secure payment of a
         Promissory Note dated August 3, 1995, made by J. Stanley Coyne in the
         principal amount of $1,285,161.57, payable August 3, 2003, with
         interest at 10% per annum, (iii) Lien in favor of Hanora A. VanderSluis
         to secure payment of Promissory Note dated September 27, 1996, made by
         J. Stanley Coyne in the principal amount of $62,678.41, which note is
         due August 3, 2003, with interest at 10% per annum; and (iv) the
         statutory Lien of the Internal Revenue Service for potential estate tax
         liabilities under the estate of J. Stanley Coyne;

                     (b) All of the Pledged Shares 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 obligations of, the
         Pledged Entities, and no such Pledged Entity is in default thereunder;

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

                     (d) None of the Pledged Collateral 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 are presently owned by such
         Pledgor and are presently represented by the certificates as listed on
         Part A of Schedule I hereto. As of the date hereof, there are no
         existing options, warrants, calls, purchase rights or commitments of
         any character whatsoever relating to the Pledged Shares;

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                     (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 such
         Pledgor of its Pledged Collateral pursuant to this Agreement or for the
         execution, delivery or performance of this Agreement by such Pledgor,
         or (ii) for the exercise by Agent of the voting or other rights
         provided for in this Agreement or the remedies in respect of such
         Pledgor's 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;

                     (g) The pledge, assignment and delivery of such Pledgor's
         Pledged Collateral pursuant to this Agreement will create (i) a valid
         first priority Lien on and a first priority perfected security interest
         in favor of the Agent for the benefit of Agent and holders of A
         Obligations in such Pledged Collateral and (ii) a valid second priority
         Lien on and a second priority perfected security interest in favor of
         Agent for the benefit of the holders of B Obligations the proceeds
         thereof, securing the payment of the Secured Obligations, subject to no
         other Lien;

                     (h) Each Pledgor is a trust duly organized and validly
         existing under the laws of its respective jurisdiction of organization
         and is in compliance with the respective agreement of trust which
         created such trust (each, a "Trust Agreement") and the trustees of each
         Pledgor have all requisite trust powers and authority to enter into,
         execute and deliver this Agreement];

                     (i) The execution, delivery and performance by each Pledgor
         of this Agreement and the creation of all Liens provided for therein:
         (a) are within such Person's trust power; (b) have been duly and
         validly authorized by all necessary action on the part of the trustees
         of such trust; (c) do not contravene any provision of such Person's
         Trust Agreement; (d) do not violate any law or regulation, or any order
         or decree of any court or Governmental Authority; (e) do not conflict
         with or result in the breach or termination of, constitute a default
         under or accelerate or permit the acceleration of any performance
         required by, any indenture, mortgage, deed of trust, lease, agreement
         or other instrument to which such Person is a party or by which such
         Person or any of its property is bound; (f) do not result in the
         creation or imposition of any Lien upon any of the property of such
         Person other than those in favor of Agent, on behalf of itself and
         Lenders, pursuant to this Agreement; and (g) do not require the consent
         or approval of any Governmental Authority or any other Person. This
         Agreement has been duly executed and delivered by such Pledgor and
         constitutes a legal, valid and binding obligation of each Pledgor
         enforceable against it in accordance with its terms;

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                  (j) Such Pledgor's Pledged Shares together with the Pledged
         Shares of the other Pledgor's hereto constitute 100% of the issued and
         outstanding shares of Stock of each Pledged Entity;

                  (k) No Pledgor is an "investment company" or an "affiliated
         person" of, or "promoter" or "principal underwriter" for, an
         "investment company," as such terms are defined in the Investment
         Company Act of 1940. No Pledgor is subject to regulation under the
         Public Utility Holding Company Act of 1935, the Federal Power Act, or
         any other federal or state statute that restricts or limits its ability
         to incur Indebtedness or to perform its obligations hereunder.

                  (l) No Pledgor is engaged, nor will it engage, principally or
         as one of its important activities, in the business of extending credit
         for the purpose of "purchasing" or "carrying" any "margin stock" as
         such terms are defined in Regulation U of the Federal Reserve Board as
         now and from time to time hereafter in effect. No Pledgor owns any
         Margin Stock, and none of the proceeds of the Loans or other extensions
         of credit under the Loan Documents will be used, directly or
         indirectly, for the purpose of purchasing or carrying any Margin Stock,
         for the purpose of reducing or retiring any Indebtedness that was
         originally incurred to purchase or carry any Margin Stock or for any
         other purpose that might cause any of the Loans or other extensions of
         credit under the Loan Documents to be considered a "purpose credit"
         within the meaning of Regulations T, U or X of the Federal Reserve
         Board. No Pledgor will take or permit to be taken any action that might
         cause any Loan Document to violate any regulation of the Federal
         Reserve Board;

                  (m) All Tax Returns to be filed by any Pledgor have been filed
         with the appropriate Governmental Authority, all such Tax Returns are
         true, correct and complete in all material respects, and all Charges
         have been paid prior to the date on which any fine, penalty, interest
         or late charge may be added thereto for nonpayment thereof (or any such
         fine, penalty, interest, late charge or loss has been paid). There are
         no Liens for charges (other than current charges not yet due and
         payable) upon the assets of any Pledgor. No adjustment relating to such
         Tax Returns has been proposed formally or informally by any
         Governmental Authority and to the knowledge of each Pledgor, no basis
         exists for any such adjustments. None of the Pledgors are liable for
         any Charges: (a) under any agreement (including any tax sharing
         agreements) or (b) to each Pledgor's knowledge, as a transferee. As of
         the Closing Date, no Pledgor has agreed or been requested to make any
         adjustment under IRC Section 481(a), by reason of a change in
         accounting method or otherwise;

                  (n) No broker or finder brought about the obtaining, making or
         closing of the Loans or the Related Transactions, and no Pledgor or
         Affiliate

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         thereof has any obligation to any Person in respect of any finder's or
         brokerage fees in connection therewith;

                  (o) No action, claim, lawsuit, demand, investigation or
         proceeding is now pending or, to the knowledge of any Pledgor,
         threatened against any Pledgor, before any Governmental Authority or
         before any arbitrator or panel of arbitrators (collectively,
         "Litigation") (a) that challenges any Pledgor's right or power to enter
         into or perform any of its obligations under this Agreement or any
         other Loan Document to which it is a party, or the validity or
         enforceability of any Related Transaction Document or any action taken
         thereunder; and

                  (p) None of such Pledgor's Pledged Indebtedness is
         subordinated in right of payment to other Indebtedness (except for the
         Secured Obligations) or subject to the terms of an indenture.

                  (q) The foregoing notwithstanding, it is understood that
10,725 Class B Common Shares, 3,362 Class A Preferred Shares, and 719 Class B
Preferred Shares are subject to Liens in favor of M&T and Hanora VanderSluis to
secure payment of the J. Stanley Coyne promissory notes described at Section
5(a)(ii) and (iii) above, and that certificates representing such shares are in
the possession of M&T.

            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
Termination Date:

                  (a) Without the prior written consent of Agent, no Pledgor
         will 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, in each
         case, otherwise expressly permitted by this Agreement;

                  (b) Each Pledgor will, at its expense, (a) promptly execute,
         acknowledge and deliver all such instruments and take all such actions
         as Agent from time to time may request in order to ensure to Agent and
         Lenders the benefits of the Liens in and to the Pledged Collateral
         intended to be created by this Agreement, including the filing of any
         necessary Code financing statements, which may be filed by Agent with
         or (to the extent permitted by law) without the signature of such
         Pledgor, and (b) will cooperate with Agent, at such 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;

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                  (c) Each Pledgor has and will defend the title to the Pledged
         Collateral pledged by it and the Liens of Agent in such 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 Stock or promissory notes or instruments of any Credit Party
         or any other Subsidiaries, which Stock, notes or instruments are not
         already Pledged Collateral, promptly (and in any event within three (3)
         Business Days) deliver to Agent a Pledge Amendment, duly executed by
         such Pledgor, in substantially the form of Schedule II hereto (a
         "Pledge Amendment") in respect of any such additional Stock, notes or
         instruments, pursuant to which such Pledgor shall pledge to Agent all
         of such additional Stock, notes and instruments. Each Pledgor hereby
         authorizes Agent to attach each Pledge Amendment to this Agreement and
         agrees that all Pledged Shares and Pledged Indebtedness listed on any
         Pledge Amendment delivered to Agent shall for all purposes hereunder be
         considered Pledged Collateral; and Pledgor shall not permit any
         amendments to the Pledged Entity's certificate of incorporation,
         by-laws, operating agreements or other organizational or governing
         documents without the prior written consent of Agent;

                  (e) Each Pledgor shall comply with all federal, state, local
         and foreign laws and regulations applicable to it except to the extent
         that such non-compliance will have a de minimis impact on such Pledgor
         and its ability to perform under this Agreement or any other Loan
         Document;

                  (f) No Pledgor shall (a) change its name as it appears in
         official filings in the state of its organization (b) change the type
         of entity that it is, (c) change its organization identification
         number, if any, issued by its state of incorporation or other
         organization, or (d) change its state of organization, in each case
         without at least 30 days prior written notice to Agent and after
         Agent's written acknowledgment that any reasonable action requested by
         Agent in connection therewith, including to continue the perfection of
         any Liens in favor of Agent, on behalf of Lenders, in any Collateral,
         has been completed or taken, and provided, that any such new location
         shall be in the continental United States;

            The covenants set forth in this Section 6 shall survive the
execution and delivery of this Agreement.

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

                  (a) Pledgors 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

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         Agreement or any other Loan Document; provided, however, that no vote
         shall be cast, and no consent shall be given or action taken, which
         would have the effect of impairing the position or interest of Agent in
         respect of the Pledged Collateral or which would authorize, effect or
         consent to (unless and to the extent expressly permitted by the Credit
         Agreement):

                      (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 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 such Pledged Entity's Stock or
         the issuance of any other interests convertible into or granting the
         right to purchase or receive any additional shares of stock; or

                      (v)   the alteration of the voting rights with respect to
         the Stock of a Pledged Entity;

                  (b)

                      (i)   Pledgors shall be entitled, from time to time, to
         collect and receive for its own use all cash dividends, other
         distributions and interest paid in respect of the Pledged Collateral to
         the extent not in violation of the Credit Agreement or any other Loan
         Document other than any and all: (A) dividends, other distributions and
         interest paid or payable other than in cash in respect of any Pledged
         Collateral, and instruments and other property received, receivable or
         otherwise distributed in respect of, or in exchange for, any Pledged
         Collateral; (B) dividends and other distributions paid or payable in
         cash 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) cash paid, payable or otherwise distributed, in respect of
         principal of, or in redemption of, or in exchange for, any Pledged
         Collateral which is not expressly permitted by the Credit Agreement;
         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, other distributions and interest
         (other than such cash dividends, other distributions and interest as
         are permitted to be

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         paid to Pledgors in accordance with clause (i) above) in respect of any
         of the Pledged Shares or Pledged Indebtedness, whenever paid or made,
         shall be delivered to Agent to hold as Pledged Collateral and shall, if
         received by any Pledgor, be received in trust for the benefit of Agent,
         be segregated from the other property or funds of such Pledgor, and be
         forthwith delivered to Agent as Pledged Collateral in the same form as
         so received (with any necessary endorsement).

                  8.  Defaults and Remedies; Proxy.

                      (a)   Upon the occurrence of an Event of Default or a
         violation of this Agreement and during the continuation of such Event
         of Default or violation of this Agreement, and concurrently with
         written notice to Pledgors, 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 Pledgors agree is commercially
         reasonable) the whole or any part of the Pledged Collateral and to
         otherwise act with respect to the Pledged Collateral as though Agent
         was the outright owner thereof. Any sale shall be made at a public or
         private sale at 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 Agent may deem fair, and 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
         Pledgors or any right of redemption. Each sale shall be made to the
         highest bidder, but Agent reserves the right to reject any and all bids
         at such sale which, in its discretion, it shall deem inadequate.
         Demands of performance, 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 Agent. EACH
         PLEDGOR HEREBY IRREVOCABLY CONSTITUTES AND APPOINTS AGENT AS THE PROXY
         AND ATTORNEY-IN-FACT OF SUCH PLEDGOR WITH RESPECT TO THE PLEDGED
         COLLATERAL, INCLUDING THE RIGHT TO VOTE THE PLEDGED SHARES FOLLOWING
         THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT OR A
         VIOLATION OF THIS AGREEMENT, WITH FULL POWER OF SUBSTITUTION TO DO SO.
         THE APPOINTMENT OF AGENT AS PROXY AND ATTORNEY-IN-FACT IS COUPLED WITH
         AN INTEREST AND SHALL BE IRREVOCABLE UNTIL THE TERMINATION DATE. IN
         ADDITION TO THE RIGHT TO VOTE THE PLEDGED SHARES, THE APPOINTMENT OF
         AGENT AS PROXY AND

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     ATTORNEY-IN-FACT SHALL INCLUDE THE RIGHT TO EXERCISE ALL OTHER RIGHTS,
     POWERS, PRIVILEGES AND REMEDIES TO WHICH A HOLDER OF THE PLEDGED SHARES
     WOULD BE ENTITLED (INCLUDING GIVING OR WITHHOLDING WRITTEN CONSENTS OF
     SHAREHOLDERS OR MEMBERS, CALLING SPECIAL MEETINGS OF SHAREHOLDERS OR
     MEMBERS AND VOTING AT SUCH MEETINGS). SUCH PROXY SHALL BE EFFECTIVE,
     AUTOMATICALLY AND WITHOUT THE NECESSITY OF ANY ACTION (INCLUDING ANY
     TRANSFER OF ANY PLEDGED SHARES ON THE RECORD BOOKS OF THE ISSUER THEREOF)
     BY ANY PERSON (INCLUDING THE ISSUER OF THE PLEDGED SHARES OR ANY OFFICER OR
     AGENT THEREOF), UPON THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT
     OF DEFAULT OR VIOLATION OF THIS AGREEMENT. NOTWITHSTANDING THE FOREGOING,
     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.

               (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 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, 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 Pledgors.

               (c)  If, at any time when Agent in its sole discretion
     determines, following the occurrence and during the continuance of an Event
     of Default or a violation of the Agreement, that, in connection with any
     actual or contemplated exercise of its rights (when permitted under this
     Section 8) to sell the whole or any part of the Pledged Collateral
     hereunder, it is necessary or advisable to effect a public registration of
     all or part of the Pledged Collateral pursuant to the Securities Act of
     1933, as amended (or any similar statute then in effect) (the "Act"),
     Pledgors shall, in an expeditious manner, cause the Pledged Entities listed
     on Part A and Part B of Schedule I to:

                    (i) Prepare and file with the Securities and Exchange
     Commission (the "Commission") a registration statement with respect to the

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          Pledged Collateral and in good faith use commercially reasonable
          efforts to cause such registration statement to become and remain
          effective;

                         (ii)   Prepare and file with the Commission such
          amendments and supplements to such registration statement and the
          prospectus used in connection therewith as may be necessary to keep
          such registration statement effective and to comply with the
          provisions of the Act with respect to the sale or other disposition of
          the Pledged Collateral covered by such registration statement whenever
          Agent shall desire to sell or otherwise dispose of the Pledged
          Collateral;

                         (iii)  Furnish to Agent such numbers of copies of a
          prospectus and a preliminary prospectus, in conformity with the
          requirements of the Act, and such other documents as Agent may request
          in order to facilitate the public sale or other disposition of the
          Pledged Collateral by Agent;

                         (iv)   Use commercially reasonable efforts to register
          or qualify the Pledged Collateral covered by such registration
          statement under such other securities or blue sky laws of such
          jurisdictions within the United States and Puerto Rico as Agent shall
          request, and do such other reasonable acts and things as may be
          required of it to enable Agent to consummate the public sale or other
          disposition in such jurisdictions of the Pledged Collateral by Agent;

                         (v)    Furnish, at the request of Agent, on the date
          that the Pledged Collateral is delivered to the underwriters for sale
          pursuant to such registration or, if the security is not being sold
          through underwriters, on the date that the registration statement with
          respect to such Pledged Collateral becomes effective, (A) an opinion,
          dated such date, of the independent counsel representing such
          registrant for the purposes of such registration, addressed to the
          underwriters, if any, and in the event the Pledged Collateral are not
          being sold through underwriters, then to Agent, in customary form and
          covering matters of the type customarily covered in such legal
          opinions; and (B) a comfort letter, dated such date, from the
          independent certified public accountants of such registrant, addressed
          to the underwriters, if any, and in the event the Pledged Collateral
          are not being sold through underwriters, then to Agent, in a customary
          form and covering matters of the type customarily covered by such
          comfort letters and as the underwriters or Agent shall reasonably
          request. The opinion of counsel referred to above shall additionally
          cover such other legal matters with respect to the registration in
          respect of which such opinion is being given as Agent may reasonably
          request. The letter referred to above from the independent certified
          public accountants shall additionally cover such other financial
          matters (including information as to the period ending not more than
          five (5) Business Days prior to the date of such letter) with respect
          to the registration in respect of which such letter is being given as
          Agent may reasonably request; and

                                       12

<PAGE>

                         (vi)   Otherwise use commercially reasonable efforts to
          comply with all applicable rules and regulations of the Commission,
          and make available to its security holders, as soon as reasonably
          practicable but not later than 18 months after the effective date of
          the registration statement, an earnings statement covering the period
          of at least 12 months beginning with the first full month after the
          effective date of such registration statement, which earnings
          statement shall satisfy the provisions of Section 11(a) of the Act.

                    (d)  All expenses incurred in complying with Section 8(c)
          hereof, including, without limitation, all registration and filing
          fees (including all expenses incident to filing with the National
          Association of Securities Dealers, Inc.), printing expenses, fees and
          disbursements of counsel for the registrant, the fees and expenses of
          counsel for Agent, expenses of the independent certified public
          accountants (including any special audits incident to or required by
          any such registration) and expenses of complying with the securities
          or blue sky laws or any jurisdictions, shall be paid by Pledgors.

                    (e)  If, at any time when 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 Act, 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 circumstances as 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, 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 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;

                                       13

<PAGE>

                         (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 any 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 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.

                    (f)  Pledgors recognize that 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
          clause (e) above. Pledgors also acknowledge 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. 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 sale under the Act, or under applicable state
          securities laws, even if the applicable Pledgor and the Pledged Entity
          would agree to do so.

                    (g)  Each Pledgor agrees to the maximum extent permitted by
          applicable law that following the occurrence and during the
          continuance of an Event of Default or a violation of this Agreement 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 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 Agent of any one or more of such rights, powers or
          remedies. No failure or delay on the part of 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 Agent with respect to any such remedies
          shall operate as a waiver

                                       14

<PAGE>

          thereof, or limit or impair 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 any Pledgor in any respect.

                    (h)  Each Pledgor further agrees that a breach of any of the
          covenants contained in this Agreement will cause irreparable injury to
          Agent, that 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 Agreement 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.

               9.   Waiver. No delay on 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 Agent with respect to any power of sale,
Lien, option or other right hereunder, shall constitute a waiver thereof, or
limit or impair 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 Agent's rights as against any Pledgor in any respect.

               10.  Assignment. 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. Immediately following the Termination Date,
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
executed in connection therewith, free and clear of the Liens hereof and, except
as otherwise provided herein, all of Pledgors' obligations hereunder shall at
such time terminate.

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

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

                                       15

<PAGE>

               (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 Credit Party or Pledgor; or

               (e) any other circumstance which might otherwise constitute a
     defense available to, or a discharge of, any Pledgor.

          13. Release. Each Pledgor, in its capacity as Pledgor, consents and
agrees that 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 (including the Pledged Collateral), or any part thereof, by
     whomsoever deposited, which is now or may hereafter be held by Agent in
     connection with all or any of the Secured Obligations; all in such manner
     and upon such terms as Agent may deem proper, and without notice to or
     further assent from Pledgors, it being hereby agreed that Pledgors 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.
     Pledgors hereby waive 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 Pledgors. No act or omission of any kind on
     Agent's part shall in any event affect or impair this Agreement.

          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 Credit Party, Pledgor or any Pledged Entity for liquidation or
reorganization, should any Credit Party, 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 Credit
Party, Pledgor's or any 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

                                       16

<PAGE>

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) 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) Pledgors jointly and severally agree to promptly reimburse
     Agent for actual out-of-pocket expenses, including, without limitation,
     reasonable counsel fees, incurred by Agent in connection with the
     administration and enforcement of this Agreement.

               (c) Neither Agent nor any Lender or 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 as finally determined by a court of competent
     jurisdiction.

               (d) THIS AGREEMENT SHALL BE BINDING UPON AND INURE TO THE BENEFIT
     OF EACH PLEDGOR AND AGENT AND THEIR RESPECTIVE SUCCESSORS AND ASSIGNS
     (INCLUDING IN THE CASE OF ANY PLEDGOR A DEBTOR-IN-POSSESSION ON BEHALF OF
     SUCH PLEDGOR). NO PLEDGOR MAY ASSIGN, SELL, HYPOTHECATE OR OTHERWISE
     TRANSFER ANY INTEREST IN OR OBLIGATION UNDER THIS AGREEMENT WITHOUT THE
     PRIOR EXPRESS WRITTEN CONSENT OF AGENT. NO SALES OF PARTICIPATIONS, OTHER
     SALES, ASSIGNMENTS, TRANSFERS OR OTHER DISPOSITIONS OF ANY AGREEMENT
     GOVERNING OR INSTRUMENT EVIDENCING THE SECURED OBLIGATIONS OR ANY PORTION
     THEREIN OR INTEREST THEREON SHALL IN ANY MANNER IMPAIR THE LIEN GRANTED TO
     AGENT FOR ITS AND LENDERS BENEFIT HEREUNDER.

               (e) THIS AGREEMENT, INCLUDING ALL MATTERS OF CONSTRUCTION,
     VALIDITY AND PERFORMANCE, AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE
     GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL
     LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN
     THAT STATE AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. EACH
     PLEDGOR HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED
     IN NEW YORK COUNTY, CITY OF NEW YORK, NEW YORK SHALL HAVE EXCLUSIVE
     JURISDICTION TO HEAR AND

                                       17

<PAGE>

     DETERMINE ANY CLAIMS OR DISPUTES BETWEEN PLEDGORS, AGENT AND LENDERS
     PERTAINING TO THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR TO ANY
     MATTER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE OTHER
     LOAN DOCUMENTS; PROVIDED, THAT AGENT, LENDERS AND THE PLEDGORS ACKNOWLEDGE
     THAT ANY APPEALS FROM THOSE COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED
     OUTSIDE OF NEW YORK COUNTY; PROVIDED FURTHER, THAT NOTHING IN THIS
     AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE AGENT FROM BRINGING SUIT
     OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE
     COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO ENFORCE A
     JUDGMENT OR OTHER COURT ORDER IN FAVOR OF AGENT. EACH PLEDGOR EXPRESSLY
     SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT
     COMMENCED IN ANY SUCH COURT, AND EACH PLEDGOR HEREBY WAIVES ANY OBJECTION
     THAT SUCH PLEDGOR MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION,
     IMPROPER VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING
     OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.
     EACH PLEDGOR HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND
     OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF
     SUCH SUMMONS, COMPLAINTS AND OTHER PROCESS MAY BE MADE BY REGISTERED OR
     CERTIFIED MAIL ADDRESSED TO SUCH PLEDGOR AT THE ADDRESS SET FORTH IN ANNEX
     A HERETO AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE
     EARLIER OF SUCH PLEDGOR'S ACTUAL RECEIPT THEREOF OR 3 DAYS AFTER DEPOSIT IN
     THE UNITED STATES MAILS, PROPER POSTAGE PREPAID.

               (f) BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL
     TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED
     AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO
     APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR
     DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE,
     TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND
     OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY
     ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER
     SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG AGENT, LENDERS AND ANY
     PLEDGOR ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL

                                       18

<PAGE>

     TO THE RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH, THIS
     AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS RELATED
     THERETO.

               (g) Agent's or any Lender's failure, at any time or times, to
     require strict performance by the Pledgors of any provision of this
     Agreement shall not waive, affect or diminish any right of Agent thereafter
     to demand strict compliance and performance herewith or therewith. None of
     the undertakings, agreements, warranties, covenants and representations of
     any Pledgor contained in this Agreement by any Pledgor shall be deemed to
     have been suspended or waived by Agent, unless such waiver or suspension is
     by an instrument in writing signed by an officer of or other authorized
     employee of Agent, and directed to Borrowers specifying such suspension or
     waiver.

          16.  Severability. Whenever possible, each provision of this Agreement
shall be interpreted in a manner as to be effective and valid under applicable
law, but if any provision of this Agreement shall be prohibited by or invalid
under applicable law, such provision shall be ineffective only to the extent of
such prohibition or invalidity without invalidating the remainder of such
provision or the remaining provisions of this Agreement. This Agreement is to be
read, construed and applied together with the Credit Agreement and the other
Loan Documents which, taken together, set forth the complete understanding and
agreement of Agent, Lenders and Pledgors with respect to the matters referred to
herein and therein.

          17.  Notices. 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 another any such communication with
respect to this Agreement, each such notice, demand, request, consent, approval,
declaration or other communication shall be in writing and shall be addressed to
the party to be notified at the address set forth in Annex A attached hereto.

          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
separate counterparts, each of which shall collectively and separately
constitute one agreement.

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

                                       19

<PAGE>

          21. Additional Pledgors. The initial Pledgors hereunder shall be the
parties signatories hereto on the date hereof. From time to time subsequent to
the date hereof, additional Subsidiaries of any Pledgor may become parties
hereto, as additional Pledgors (each, an "Additional Pledgor"), by executing a
counterpart of this Agreement substantially in the form of Exhibit A attached
hereto. Upon delivery of any such counterpart to Agent, notice of which is
hereby waived by the Pledgors, each Additional Pledgor shall be a Pledgor and
shall be as fully a party hereto as if such Additional Pledgor were an original
signatory hereto. Each Pledgor expressly agrees that its obligations arising
hereunder shall not be affected or diminished by the addition or release of any
other Pledgor hereunder nor by any election of Agent not to cause any Subsidiary
of any Pledgor to become an Additional Pledgor hereunder. This Agreement shall
be fully effective as to any Pledgor that is or becomes a party hereto
regardless of whether any other Person becomes or fails to become or ceases to
be a Pledgor hereunder.

          22. No Strict Construction. The parties hereto have participated
jointly in the negotiation and drafting of this Agreement. In the event an
ambiguity or question of intent or interpretation arises, this Agreement shall
be construed as if drafted jointly by the parties hereto and no presumption or
burden of proof shall arise favoring or disfavoring any party by virtue of the
authorship of any provisions of this Agreement.

          23. Further Assurances. Each Pledgor executing this Agreement agrees
that it shall and shall cause each other Pledgor to, at such Pledgor's expense
and upon request of Agent, duly execute and deliver, or cause to be duly
executed and delivered, to Agent such further instruments and do and cause to be
done such further acts as may be necessary or proper in the reasonable opinion
of Agent to carry out more effectively the provisions and purposes of this
Agreement or any other Loan Document.

          24. Advice of Counsel. Each of the parties represents to each other
party hereto that it has discussed this Agreement and, specifically, the
provisions of Section 15(e) and (f), with its counsel.

          25. Intercreditor Agreements. The Lenders have agreed, among
themselves, that the Lien created in favor of the holders of A Obligations shall
be prior and superior to any Lien or other interests created in favor of or held
by the holders of the B Obligations in respect of the Collateral, such priority
as between the holders of the A Obligations and the holders of the B
Obligations, shall give the holders of the A Obligations all the rights, powers
and privileges of a first priority secured creditor under the Code, other
applicable law and otherwise in respect of the Collateral, with the rights,
powers and privileges of holders of the B Obligations in respect of the
Collateral being subject to and subordinate to the Lien for the benefit of the
holders of the A Obligations. The application and receipt of Proceeds of
Collateral are subject to the provisions of Section 1.18 of the Credit
Agreement. The Lien priorities provided herein and in the Collateral Documents
shall not be altered or otherwise affected by any modification, renewal,

                                       20

<PAGE>

restatement, extension or refinancing of any Obligations. The Lenders
acknowledge and consent to the granting of the Liens on the Collateral as
provided for herein and shall not (and hereby waive any right to) contest in any
proceeding the validity, priority or enforceability of the Lien on the
Collateral of the holders of A Obligations. The provisions of this Section 25
and the rights and benefits hereof shall insure solely to the benefit of the
Lenders and their respective successors and permitted assigns and no other
Person (including, without limitation, the Credit Parties) shall have or be
entitled to assert rights or benefits under this Section 25.

          26. Permitted Redemptions. It is contemplated that certain of the
Pledged Shares will be redeemed from time to time by Coyne pursuant to a
Redemption Agreement of even date between Pledgors and Coyne (the "Redemption
Agreement"). So long as these redemptions are in compliance with the terms and
restrictions of the Redemption Agreement including, without limitation, Section
6, Agent agrees, on reasonable prior notice, to release its Lien on such Pledged
Shares in order to permit such redemptions and shall execute and deliver to the
applicable Pledgor, at such Pledgor's expense, appropriate UCC-3 termination
statements and other releases as reasonably requested by Pledgor.

                            [SIGNATURE PAGE FOLLOWS]

                                       21

<PAGE>

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

                                            PLEDGORS:

                                            J. STANLEY COYNE REVOCABLE TRUST

                                            By:_________________________________
                                               Name:
                                               Title:

                                            J. STANLEY COYNE INTER VIVOS
                                            IRREVOCABLE TRUST

                                            By:_________________________________
                                               Thomas M. Coyne, Trustee

                                            By:_________________________________
                                               Raymond T. Ryan, Trustee

                                            By:_________________________________
                                               Wallace J. McDonald, Trustee

                                            THOMAS M. COYNE VOTING TRUST

                                            By:_________________________________
                                               Thomas M. Coyne, Trustee

                                            By:_________________________________
                                               Raymond T. Ryan, Trustee

                                            By:_________________________________
                                               Wallace J. McDonald, Trustee

<PAGE>

                                            TRUSTS OF FBO OF GERALD M. COYNE,
                                            JOANNE MATINA, SUSAN B. WHITNEY AND
                                            JOHN S. COYNE, JR. UNDER AUTHORITY
                                            OF THE STANLEY COYNE INTER VIVOS
                                            IRREVOCABLE TRUST

                                            By:_________________________________
                                               Thomas M. Coyne, Trustee

                                            By:_________________________________
                                               Raymond T. Ryan, Trustee

                                            By:_________________________________
                                               Wallace J. McDonald, Trustee

<PAGE>

                                            AGENT:

                                            GENERAL ELECTRIC CAPITAL
                                            CORPORATION, as Agent

                                            By:_________________________________
                                               Name:
                                               Its: Duly Authorized Signatory

<PAGE>

                                   SCHEDULE I

                                     PART A

                                 PLEDGED SHARES

CORPORATIONS

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
                                           Class                       Number         % of
                                             of       Stock Cert.        of        Outstanding
       Pledgor          Pledged Entity     Stock         No.(s)        Shares        Shares
       -------          --------------     -----         ------        ------        ------
<S>                      <C>               <C>        <C>              <C>         <C>
-------------------------------------------------------------------------------------------------

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</TABLE>

LIMITED LIABILITY COMPANIES

<PAGE>

                                     PART B

                              PLEDGED INDEBTEDNESS

<PAGE>

                                   SCHEDULE II

                                PLEDGE AMENDMENT

                  This Pledge Amendment, dated ________________, ___ is
delivered pursuant to Section 6(d) of the Pledge Agreement referred to below.
All defined terms herein shall have the meanings ascribed thereto or
incorporated by reference in the Pledge Agreement. The undersigned hereby
certifies that the representations and warranties in Section 5 of the Pledge
Agreement are and continue to be true and correct, both as to the promissory
notes, instruments, Stock pledged prior to this Pledge Amendment and as to the
promissory notes, instruments, Stock pledged pursuant to this Pledge Amendment.
The undersigned further agrees that this Pledge Amendment may be attached to
that certain Pledge Agreement, dated as of [___________ __], 2002, among the
signatories thereto, each as a Pledgor, and General Electric Capital
Corporation, as Agent, (the "Pledge Agreement") and that the Pledged Collateral
listed on this Pledge Amendment shall be and become a part of the Pledged
Collateral referred to in said Pledge Agreement and shall secure all Secured
Obligations referred to in said Pledge Agreement. The undersigned acknowledges
that any promissory notes, instruments, Stock interests not included in the
Pledged Collateral at the discretion of Agent may not otherwise be pledged by
the undersigned to any other Person or otherwise used as security for any
obligations other than the Secured Obligations.

                                                     [NAME OF PLEDGOR]

                                                     By:________________________
                                                        Name:
                                                        Title:

PLEDGED SHARES:

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
Name and                                                    Class             Certificate        Number
Address of Pledgor               Pledged Entity             of Stock           Number(s)         of Shares
------------------               --------------             --------          ----------         ---------
--------------------------------------------------------------------------------------------------------------
<S>                              <C>                        <C>               <C>                <C>
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

PLEDGED SHARES:  MEMBERSHIP INTERESTS:

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
                                                  Description
                                                  of Pledged
                                                   Limited
                                                  Liability
                                                   Company
                                                     and                     Number of          % of
                                                   Operating      Cert.         of          Outstanding
         Pledgor              Pledged Entity       Agreement      No.(s)     Interests       Interests
         -------              --------------       ---------      ------     ---------       ---------
---------------------------------------------------------------------------------------------------------
<S>      <C>                  <C>                 <C>             <C>        <C>            <C>
---------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------
</TABLE>

PLEDGED INDEBTEDNESS

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
                                 Initial                    Issue Date        Maturity           Interest Rate
                                 -------                    ----------        --------           -------------
Maker                            Principal Amount                             Date
-----                            ----------------                             ----
------------------------------------------------------------------------------------------------------------------
<S>                              <C>                        <C>               <C>                <C>
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                  SCHEDULE III
                           ACKNOWLEDGMENT AND CONSENT

General Electric Capital Corporation
355 Madison Avenue, 12th Floor
New York, New York 10017
Attn:  Coyne Account Manager

               [Name of Pledged Entity] ("Company") hereby (i) acknowledges
receipt of a fully executed copy of the Pledge Agreement, dated as of
[___________] (the "Agreement"; capitalized terms used herein without definition
have the meanings provided therein), made by [Name of Pledgor] ("Pledgor") and
certain other pledgors in favor of General Electric Capital Corporation, as
Agent ("Agent"); (ii) consents and agrees to the pledge by Pledgor of the
Pledged Collateral pursuant to the Agreement and to all of the other terms and
provisions of the Agreement; (iii) agrees to comply with all instructions
received by it from Agent without further consent by Pledgor; [(iv) irrevocably
waives any breach or default under the Operating Agreement as a result of the
execution, delivery and performance by Pledgor and Agent of the Agreement; (v)
advises Pledgor and Agent that a pledge of the Pledged Stock consisting of
membership interests in limited liability companies set forth on Schedule I to
the Agreement has been registered on the books of Company and in the name of the
Agent and agrees to so register any additional Pledged Stock consisting of a
membership interest in a limited liability company; (vi) represents and warrants
that, except for the pledge in favor of Agent, there are no liens, restrictions
or adverse claims to which the Pledged Collateral is or may be subject as of the
date hereof; (vii) except with the prior written consent of Agent, agrees not to
admit any new Members to Company or any limited liability company to which
Company is a Member;]/1/ and (viii) [(iv)] consents and agrees to any transfer
of the Pledged Collateral pursuant to Section 8 of the Agreement.

               IN WITNESS WHEREOF, a duly authorized officer of the undersigned
has executed and delivered this Acknowledgment and Consent as of this ___ day of
_____, 200_

                                            [NAME OF PLEDGED ENTITY]

                                            By:___________________________
                                            Name:
                                            Title:

-------------------
/1/    Insert clauses (iv) to (vii) only for Pledged Entities which are limited
liability companies.

<PAGE>

                                    EXHIBIT A
                                       TO
                                PLEDGE AGREEMENT
                         COUNTERPART TO PLEDGE AGREEMENT

               This counterpart, dated _________, [200__], is delivered pursuant
to Section 21 of that certain Pledge Agreement dated as of [___________ __],
2002 (as from time to time amended, modified or supplemented, the "Pledge
Agreement"; the terms defined therein and not otherwise defined herein being
used as therein defined), among the signatories thereto, as Pledgors, and
General Electric Capital Corporation, as Agent. The undersigned hereby agrees
(i) that this counterpart may be attached to the Pledge Agreement, and (ii) that
the undersigned will comply with and be subject to, including representations
and warranties, all the terms and conditions of the Pledge Agreement as if it
were an original signatory thereto.

                                            [NAME OF ADDITIONAL PLEDGOR]

                                            By:_________________________
                                               Name:
                                               Title:

<PAGE>

                                     Annex A
                                NOTICE ADDRESSES

(A)       If to Agent or GE Capital, at
          General Electric Capital Corporation
          335 Madison Avenue, 12 Floor
          New York, New York 10017
          Attention: E. Joseph Hess, Coyne Account Manager
          Telecopier No.:  (212) 309-8798
          Telephone No.:   (212) 370-8047

          with copies to:

          Paul, Hastings, Janofsky & Walker
          1055 Washington boulevard,
          Stamford, Connecticut 06901-2217
          Attention: Mario J. Ippolito
          Telecopier No.: (203) 359-3031
          Telephone No.:  (203) 961-7420

          and

          General Electric Capital Corporation
          201 High Ridge Road
          Stamford, Connecticut 06927-5100
          Attention:  Corporate Counsel - Commercial Finance
          Telecopier No.: (203) 316-7889
          Telephone No.:  (203) 316-7552

(B)       If to any Pledgor, at

          Coyne International Enterprises Corp.
          140 Cortland Avenue
          Syracuse, New York 13221-4854
          Attention: Alex Pobedinsky
          Telecopier No.: (315) 473-09844
          Telephone No.:  (315) 475-1626

<PAGE>

          with copies to:

          Bond, Schoeneck & King, LLP
          One Lincoln Center
          Syracuse, New York 13202-1355
          Attention: Wallace J. McDonald
          Telecopier No.: (315) 422-3598
          Telephone No.:  (315) 422-0121

          with copies to:

          Cooley Godward LLP
          One Freedom Square
          Reston Town Center
          11951 Freedom Drive
          Reston, Virginia 20190
          Attention: Thomas R. Salley
          Telecopier No.: (703) 456-8100
          Telephone No.:  (703) 456-8070<PAGE>

                    INTELLECTUAL PROPERTY SECURITY AGREEMENT

          THIS INTELLECTUAL PROPERTY SECURITY AGREEMENT (together with all
amendments, if any, from time to time, this "Intellectual Property Security
Agreement"), dated as of July 2, 2002, is made by EACH OF THE GRANTORS LISTED ON
THE SIGNATURE PAGES HERETO AND EACH ADDITIONAL PARTY WHICH BECOMES A GRANTOR
HERETO PURSUANT TO SECTION 8 HEREOF (collectively, "Grantors" and each, a
"Grantor"), in favor of GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware
corporation, in its capacity as Agent ("Agent") for itself and the lenders from
time to time party to the Credit Agreement described below ("Lenders").

                              W I T N E S S E T H:

          WHEREAS, pursuant to that certain Credit Agreement, dated as of the
date hereof, by and among Coyne International Enterprises Corp., a New York
corporation ("Coyne") and Blue Ridge Textile Manufacturing Inc., a Georgia
corporation ("Blue Ridge") (Coyne and Blue Ridge are sometimes collectively
referred to herein as the "Borrowers" and individually as a "Borrower"); the
other Credit Parties signatory thereto; General Electric Capital Corporation,
for itself, as a Lender, and as Agent for Lenders, and the other Lenders
signatory thereto from time to time (including all annexes, exhibits and
schedules thereto, as from time to time amended, restated, supplemented or
otherwise modified, the "Credit Agreement"), Lenders have agreed to make Loans
and to incur Letter of Credit Obligations on behalf of the Borrowers; and

          WHEREAS, Grantors directly or indirectly benefit from the credit
facilities made available to Borrowers under the Credit Agreement and in order
to induce Agent and Lenders to enter into the Credit Agreement and other Loan
Documents and to induce Lenders to make the Loans and to incur Letter of Credit
Obligations as provided for in the Credit Agreement, Grantors desire to grant a
continuing Lien on the Intellectual Property Collateral to Agent, for the
benefit of Agent and Lenders, to secure all of the Obligations;

          NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

          1. DEFINED TERMS. All capitalized terms used but not otherwise defined
herein have the meanings given to them in Annex A to the Credit Agreement.

          2. GRANT OF SECURITY INTEREST IN INTELLECTUAL PROPERTY COLLATERAL. (a)
To secure the prompt and complete payment, performance and observance of all the
Obligations (and with respect to each Grantor who is a Borrower, specifically
including, without limitation, such Grantor's Obligations arising under the
cross guaranty provisions of Section 12 of the Credit Agreement), each Grantor
hereby grants, assigns, conveys, mortgages, pledges, hypothecates and transfers
to Agent, (i) for itself and the benefit of the holders of A Obligations, a
continuing first priority security interest in and Lien upon all of its right,
title and interest in, to and under the following and (ii) for the benefit of
the holders of B Obligations, a continuing second priority security interest in
and lien upon all its rights, title and interest in, to and under the following
in each case, whether presently existing or hereafter

<PAGE>

created or acquired by or arising in favor of such Grantor and whether owned or
consigned by or to, or licensed from or to, such Grantor (collectively, the
"Intellectual Property Collateral"):

          (i)   all of its Patents and Patent Licenses to which it is a party
including those referred to on Schedule I hereto;

          (ii)  all of its Trademarks and Trademark Licenses to which it is a
party including those referred to on Schedule II hereto;

          (iii) all of its Copyrights and Copyright Licenses to which it is a
party including those referred to on Schedule III hereto;

          (iv)  all reissues, continuations or extensions of the foregoing;

          (v)   all goodwill of the business connected with the use of, and
symbolized by, each Patent, each Patent License, each Trademark, each Trademark
License, each Copyright and each Copyright License; and

          (vi) all products and proceeds of the foregoing, including, without
limitation, any claim by such Grantor against third parties for past, present or
future (A) infringement or dilution of any Patent or Patent licensed under any
Patent License, (B) injury to the goodwill associated with any Patent or any
Patent licensed under any Patent License, (C) infringement or dilution of any
Trademark or Trademark licensed under any Trademark License, (D) injury to the
goodwill associated with any Trademark or any Trademark licensed under any
Trademark License, (E) infringement or dilution of any Copyright or Copyright
licensed under any Copyright License, and (F) injury to the goodwill associated
with any Copyright or any Copyright licensed under any Copyright License.

                (b)  In addition, to secure the prompt and complete payment,
     performance and observance of the Obligations and in order to induce Agent
     and Lenders as aforesaid, each Grantor hereby grants to Agent, for itself
     and the benefit of Lenders, a right of setoff, against the property of such
     Grantor held by Agent or any Lender, consisting of property described above
     in Section 2(a) now or hereafter in the possession or custody of or in
     transit to Agent or any Lender, for any purpose, including safekeeping,
     collection or pledge, for the account of such Grantor, or as to which such
     Grantor may have any right or power.

          3.    REPRESENTATIONS AND WARRANTIES. Each Grantor jointly and
severally represents and warrants that such Grantor does not have any interest
in, or title to, any Patent, Trademark or Copyright except as set forth in
Schedule I, Schedule II and Schedule III, respectively, hereto. This
Intellectual Property Security Agreement is effective to create a valid and
continuing Lien on and, upon the filing hereof with the United States Patent and
Trademark Office and the United States Copyright Office and the filing of
appropriate financing statements listed on Schedule I to the Security Agreement,
perfected security interests in favor of Agent in all of Grantors' Patents,
Trademarks and Copyrights and such perfected security interests are enforceable
as such as against any and all creditors of, and purchasers from, Grantors. Upon
filing of this Intellectual Property Security Agreement with the United States
Patent and

                                       2

<PAGE>

Trademark Office and the United States Copyright Office and the filing of
appropriate financing statements listed on Schedule I to the Security Agreement,
all action necessary or otherwise requested by Agent to protect and perfect
Agent's Lien on Grantor's Patents, Trademarks and Copyrights shall have been
duly taken.

          4.   COVENANTS. Each Grantor jointly and severally covenants and
agrees with Agent, for the benefit of Agent and Lenders, that from and after the
date of this Intellectual Property Security Agreement and until the Termination
Date:

               (a) Each Grantor shall notify Agent immediately if it knows or
     has reason to know that any application or registration relating to any
     Patent, Trademark or Copyright (now or hereafter existing) may become
     abandoned or dedicated to the public, or of any adverse determination or
     development (including the institution of, or any such determination or
     development in, any proceeding in the United States Patent and Trademark
     Office, the United States Copyright Office or any court) regarding such
     Grantor's ownership of any Patent, Trademark or Copyright, its right to
     register the same, or to keep and maintain the same unless Grantor has
     elected, and Agent has consented, to abandon any application or
     registration which Grantor deems to be no longer material to the conduct of
     its business or operations.

               (b) In no event shall any Grantor, either directly or through any
     agent, employee, licensee or designee, file an application for the
     registration of any Patent, Trademark or Copyright with the United States
     Patent and Trademark Office, the United States Copyright Office or any
     similar office or agency without giving Agent prior written notice thereof,
     and, upon request of Agent, such Grantor shall execute and deliver a
     supplement hereto (in form and substance satisfactory to Agent) to evidence
     Agent's, Lien on such Patent, Trademark or Copyright, and the General
     Intangibles of such Grantor relating thereto or represented thereby.

               (c) Each Grantor shall take all actions necessary or requested by
     Agent to maintain and pursue each application, to obtain the relevant
     registration and to maintain the registration of each of the Patents or
     Trademarks (now or hereafter existing), including the filing of
     applications for renewal, affidavits of use, affidavits of
     noncontestability and opposition and interference and cancellation
     proceedings unless Grantor has elected, and Agent has consented, to abandon
     any application or registration which Grantor deems to be no longer
     material to the conduct of its business or operations.

               (d) In the event that any of the Intellectual Property Collateral
     is infringed upon, or misappropriated or diluted by a third party, each
     Grantor shall notify Agent promptly after such Grantor learns thereof. Each
     Grantor shall, unless it shall reasonably determine that such Intellectual
     Property Collateral is in no way material to the conduct of its business or
     operations, promptly take such actions to enforce its rights and protect
     such Intellectual Property Collateral, whether by action, suit, proceeding
     or otherwise, as Grantor shall deem necessary or appropriate under the
     circumstances in its reasonable business judgment or as Agent may otherwise
     request.

                                       3

<PAGE>

          5.   SECURITY AGREEMENT. The security interests granted pursuant to
this Intellectual Property Security Agreement are granted in conjunction with
the security interests granted to Agent pursuant to the Security Agreement. Each
Grantor hereby acknowledges and affirms that the rights and remedies of Agent
with respect to the security interest in the Intellectual Property Collateral
made and granted hereby are more fully set forth in the Security Agreement, the
terms and provisions of which are incorporated by reference herein as if fully
set forth herein.

          6.   REINSTATEMENT. This Intellectual Property Security Agreement
shall remain in full force and effect and continue to be effective should any
petition be filed by or against any Grantor or Credit Party for liquidation or
reorganization, should any Grantor or Credit Party become insolvent or make an
assignment for the benefit of any creditor or creditors or should a receiver or
trustee be appointed for all or any significant part of any Grantor's or Credit
Party'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 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 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 Obligations
shall be reinstated and deemed reduced only by such amount paid and not so
rescinded, reduced, restored or returned.

          7.   NOTICES. 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 another any such communication with
respect to this Intellectual Property Security Agreement, each such notice,
demand, request, consent, approval, declaration or other communication shall be
in writing and shall be addressed to the party to be notified at the address set
forth in Annex I to the Credit Agreement (or such other address as may be
substituted by notice given in the manner required by Section 11.10 of the
Credit Agreement), and given in the manner required by Section 11.10 of the
Credit Agreement.

          8.   ADDITIONAL GRANTORS. The initial Grantors hereunder shall be the
Credit Parties signatories hereto on the date hereof. From time to time
subsequent to the date hereof, additional Credit Parties may become parties
hereto, as additional Grantors (each, an "Additional Grantor"), by executing a
counterpart of this Intellectual Property Security Agreement substantially in
the form of Exhibit A attached hereto. Upon delivery of any such counterpart to
Agent, notice of which is hereby waived by the Grantors, each Additional Grantor
shall be a Grantor and shall be as fully a party hereto as if such Additional
Grantor were an original signatory hereto. Each Grantor expressly agrees that
its obligations arising hereunder shall not be affected or diminished by the
addition or release of any other Grantor hereunder nor by any election of Agent
not to cause any Credit Party to become an Additional Grantor hereunder. This
Intellectual Property Security Agreement shall be fully effective as to any
Grantor that is or becomes a party hereto regardless of whether any other Person
becomes or fails to become or ceases to be a Grantor hereunder.

                                       4

<PAGE>

          9.   TERMINATION OF THIS SECURITY AGREEMENT. Subject to Section 6
hereof, this Intellectual Property Security Agreement shall terminate upon the
Termination Date.

          10.  NO STRICT CONSTRUCTION. The parties hereto have participated
jointly in the negotiation and drafting of this Intellectual Property Security
Agreement. In the event an ambiguity or question of intent or interpretation
arises, this Intellectual Property Security Agreement shall be construed as if
drafted jointly by the parties hereto and no presumption or burden of proof
shall arise favoring or disfavoring any party by virtue of the authorship of any
provisions of this Intellectual Property Security Agreement.

          11.  ADVICE OF COUNSEL. Each of the parties represents to each other
party hereto that it has discussed this Intellectual Property Security Agreement
with its counsel.

          12.  INTERCREDITOR AGREEMENTS. The Lenders have agreed, among
themselves, that the Lien created in favor of the holders of A Obligations shall
be prior and superior to any Lien or other interests created in favor of or held
by the holders of the B Obligations in respect of the Collateral, such priority
as between the holders of the A Obligations and the holders of the B
Obligations, shall give the holders of the A Obligations all the rights, powers
and privileges of a first priority secured creditor under the Code, other
applicable law and otherwise in respect of the Collateral, with the rights,
powers and privileges of holders of the B Obligations in respect of the
Collateral being subject to and subordinate to the Lien for the benefit of the
holders of the A Obligations. The application and receipt of Proceeds of
Collateral are subject to the provisions of Section 1.18 of the Credit
Agreement. The Lien priorities provided herein and in the Collateral Documents
shall not be altered or otherwise affected by any modification, renewal,
restatement, extension or refinancing of any Obligations. The Lenders
acknowledge and consent to the granting of the Liens on the Collateral as
provided for herein and shall not (and hereby waive any right to) contest in any
proceeding the validity, priority or enforceability of the Lien on the
Collateral of the holders of A Obligations. The provisions of this Section 12
and the rights and benefits hereof shall inure solely to the benefit of the
Lenders and their respective successors and permitted assigns and no other
Person (including, without limitation, the Credit Parties) shall have or be
entitled to assert rights or benefits under this Section 12.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       5

<PAGE>

          IN WITNESS WHEREOF, each Grantor has caused this Intellectual Property
Security Agreement to be executed and delivered by its duly authorized officer
as of the date first set forth above.

                                    COYNE INTERNATIONAL ENTERPRISES, CORP.

                                    By:_________________________________________
                                    Name:
                                    Title:

                                    BLUE RIDGE TEXTILE MANUFACTURING, INC.

                                    By:_________________________________________
                                    Name:
                                    Title:

                                    OHIO GARMENT RENTAL, INC.

                                    By:_________________________________________
                                    Name:
                                    Title:

                                    GENERAL ELECTRIC CAPITAL CORPORATION,
                                    as Agent

                                    By:_________________________________________
                                    Name:
                                    Its: Duly Authorized Signatory

<PAGE>

ACKNOWLEDGMENT OF GRANTORS

STATE OF ___________     )
                         )    ss.
COUNTY OF __________     )

     On this __ day of ___________, 2002 before me personally appeared
______________________, proved to me on the basis of satisfactory evidence to be
the person who executed the foregoing instrument on behalf of COYNE
INTERNATIONAL ENTERPRISES CORP., who being by me duly sworn did depose and say
that he is an authorized officer of said corporation, that the said instrument
was signed on behalf of said corporation as authorized by its Board of Directors
and that he acknowledged said instrument to be the free act and deed of said
corporation.

                                  _________________________
                                  Notary Public

{seal}

<PAGE>

STATE OF ____________      )
                           )  ss.
COUNTY OF ___________      )

     On this __ day of ____________, 2002 before me personally appeared
______________________, proved to me on the basis of satisfactory evidence to be
the person who executed the foregoing instrument on behalf of BLUE RIDGE TEXTILE
MANUFACTURING INC., who being by me duly sworn did depose and say that he is an
authorized officer of said corporation, that the said instrument was signed on
behalf of said corporation as authorized by Board of Directors and that he
acknowledged said instrument to be the free act and deed of said corporation.

                                  _______________________________
                                  Notary Public

{seal}

<PAGE>

STATE OF ____________      )
                           )  ss.
COUNTY OF __________       )

     On this __ day of ______________, 2002 before me personally appeared
______________________, proved to me on the basis of satisfactory evidence to be
the Person who executed the foregoing instrument on behalf of OHIO GARMENT
RENTAL, INC., who being by me duly sworn did depose and say that he is an
authorized officer of said corporation, that the said instrument was signed on
behalf of said corporation as authorized by Board of Directors and that he
acknowledged said instrument to be the free act and deed of said corporation.

                                  ____________________________________
                                  Notary Public

{seal}

<PAGE>

                                   SCHEDULE I
                                       to
                    INTELLECTUAL PROPERTY SECURITY AGREEMENT

I.   PATENT REGISTRATIONS

     Grantor                    Patent          Reg. No.              Date
     -------                    ------          --------              ----

II.  PATENT APPLICATIONS

     Grantor                    Patent       Application No.          Date
     -------                    ------       ---------------          ----

III. PATENT LICENSES

     Grantor           Name of Agreement Date of Agreement            Parties
     -------           ----------------- -----------------            -------

<PAGE>

                                   SCHEDULE II
                                       to
                    INTELLECTUAL PROPERTY SECURITY AGREEMENT

I.   TRADEMARK  REGISTRATIONS

     Grantor           Mark                 Reg. No.                  Date
     -------           ----                 --------                  ----

II.  TRADEMARK APPLICATIONS

     Grantor           Mark                 Application No.           Date
     -------           ----                 ---------------           ----

III. TRADEMARK LICENSES

     Grantor           Name of Agreement   Date of Agreement          Parties
     -------           -----------------   -----------------          -------

<PAGE>

                                  SCHEDULE III
                                       to
                    INTELLECTUAL PROPERTY SECURITY AGREEMENT

I.   COPYRIGHT  REGISTRATIONS

     Grantor           Copyright                 Reg. No.             Date
     -------           ---------                 --------             ----

II.  COPYRIGHT APPLICATIONS

     Grantor           Copyright                 Application No.      Date
     -------           ---------                 ---------------      ----

III. COPYRIGHT LICENSES

     Grantor           Name of Agreement         Date of Agreement    Parties
     -------           -----------------         -----------------    -------

<PAGE>

                                    EXHIBIT A

                           COUNTERPART TO INTELLECTUAL
                           PROPERTY SECURITY AGREEMENT

     This counterpart, dated _________, [200__], is delivered pursuant to
Section 8 of that certain Intellectual Property Security Agreement dated as of
[__________ ___], 2002 (as from time to time amended, modified or supplemented,
the "IP Security Agreement"; the terms defined therein and not otherwise defined
herein being used as therein defined), between Coyne International Enterprises
Corp., Blue Ridge Textile Manufacturing Inc., Ohio Garment Rental, Inc., each a
Grantor and General Electric Capital Corporation, as Agent. The undersigned
hereby agrees (i) that this counterpart may be attached to the IP Security
Agreement, and (ii) that the undersigned will comply with and be subject to,
including representations and warranties, all the terms and conditions of the IP
Security Agreement as if it were an original signatory thereto.

                                    [NAME OF ADDITIONAL GRANTOR]

                                    By:______________________________
                                    Name:
                                    Title:

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