Document:

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EXHIBIT 10.2

                                     FORM OF
                               SECURITY AGREEMENT

         SECURITY AGREEMENT (U.S.) (this "AGREEMENT") dated as of May 22, 2002
by and between ________________________, (1) having its chief executive office
at 122 Fifth Avenue, New York, NY 10011 (the "SUBSIDIARY GUARANTOR"), and FLEET
NATIONAL BANK, as secured party and as administrative agent for itself and each
other Bank (as defined below) (the "ADMINISTRATIVE AGENT").

         WHEREAS, Barnes & Noble, Inc. (the "BORROWER") has requested the
Administrative Agent and the lending institutions listed on the signature pages
of a certain Revolving Credit Agreement dated as of May 22, 2002 (the "LOAN
AGREEMENT") (collectively, the "BANKS") to enter into such Loan Agreement;

         WHEREAS, the Borrower is the sole member of the Subsidiary Guarantor,
and the Subsidiary Guarantor has guaranteed the Borrower's obligations under the
Loan Agreement pursuant to a Subsidiary Guaranty of even date (the "GUARANTY");
and

         WHEREAS, it is a condition precedent to the Banks' agreement to enter
into the Loan Agreement and extend credit to the Borrower thereunder that the
Subsidiary Guarantor execute and deliver this Agreement and grant the security
interests herein provided.

         NOW, THEREFORE, in order to induce the Banks to enter into the Loan
Agreement and extend credit to the Borrower thereunder, which shall be of direct
benefit to the Subsidiary Guarantor as a subsidiary of the Borrower, and in
consideration thereof, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

ARTICLE 1.  DEFINITIONS.

         1.01 Generally. Capitalized terms used but not defined herein or in any
certificate, report or other document delivered pursuant hereto shall have the
meanings ascribed to such terms in the Loan Agreement. Except as otherwise
defined herein, terms defined in the NY UCC (as defined below) and used herein
shall have the meanings ascribed to such terms in the NY UCC; provided, however,
that if a term is defined in Article 9 of the NY UCC differently than in another
Article thereof, the term shall have the meaning set forth in Article 9.

         1.02 Terms Defined in this Agreement. For purposes of this Agreement,
the following terms have the meanings set forth below:

         "ADMINISTRATIVE AGENT" shall have the meaning set forth in the
Preamble.

-------------
(1) See Footnote 2 on signature page.

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         "AGREEMENT" shall have the meaning set forth in the Preamble.

         "BANKS" shall have the meaning set forth in the Preamble.

         "BLUE SKY LAWS" shall have the meaning set forth in Section 9.02(c).

         "CHANGE" shall have the meaning set forth in Section 8.02.

         "COLLATERAL" shall have the meaning set forth in Article 2.

         "BORROWER" shall have the meaning set forth in the Preamble.

         "INDEMNIFIED PARTY" shall have the meaning set forth in Article 12.

         "LOAN AGREEMENT" shall have the meaning set forth in the Preamble.

         "NY UCC" means the Uniform Commercial Code in effect in the State of
New York, as it may be amended from time to time, provided, that if by reason of
mandatory provisions of law, perfection, or the effect of perfection or
nonperfection, of the Security Interest in any Collateral or the availability of
any remedy hereunder is governed by the Uniform Commercial Code as in effect in
a jurisdiction other than New York, "NY UCC" means the Uniform Commercial Code
as in effect in such other jurisdiction for purposes of the provisions hereof
relating to such perfection or effect of perfection or non-perfection or
availability of such remedy, as the case may be.

         "PERFECTION CERTIFICATE" means the certificate, substantially in the
form attached hereto as Exhibit A, signed by an authorized officer of the
Subsidiary Guarantor and delivered to the Administrative Agent.

         "PERFECTION DOCUMENTS" shall have the meaning set forth in Section
3.01.

         "SECURITIES ACT" shall have the meaning set forth in Section 9.02(c).

         "SECURITY INTEREST" means the security interest and liens granted
pursuant to Article 2 hereof as well as all other security interests created or
assigned as additional security for the Obligations pursuant to this Agreement.

         "SUBSIDIARY GUARANTOR" shall have the meaning set forth in the
Preamble.

         "UNIFORM COMMERCIAL CODE" means, in reference to any jurisdiction, the
Uniform Commercial Code as adopted and in effect in such jurisdiction, as it may
be amended from time to time.

         1.03 Terms Defined in NY UCC. For purposes of this Agreement, the terms
for which definitions are supplied by the NY UCC include, without limitation,
those set forth

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below. Term and section references contained herein are provided for convenience
only, and the omission of any term from following list is not intended to mean
that the applicable NY UCC definition does not apply to such omitted term.

<TABLE>
<S>                                              <C>
         "ACCOUNT"                               Section 9-102(a)(2)
         "ACCOUNT DEBTOR"                        Section 9-102(a)(3)
         "CERTIFICATED SECURITY"                 Section 8-102(a)(4)
         "CONFIRMER"                             Section 5-102(a)(4)
         "ELECTRONIC CHATTEL PAPER"              Section 9-102(a)(31)
         "ENTITLEMENT HOLDER"                    Section 8-102(a)(7)
         "FILING OFFICE"                         Section 9-102(a)(37)
         "FINANCIAL ASSET"                       Section 8-102(a)(9)
         "FINANCING STATEMENT"                   Section 9-102(a)(39)
         "FIXTURE FILING"                        Section 9-102(a)(40)
         "GENERAL INTANGIBLE"                    Section 9-102(a)(42)
         "INSTRUMENT(S)"                         Section 9-102(a)(47)
         "INVESTMENT PROPERTY                    Section 9-102(a)(49)
         "ISSUER"                                Section 8-201
         "LETTER-OF-CREDIT RIGHT"                Section 9-102(a)(51)
         "PAYMENT INTANGIBLE"                    Section 9-102(a)(61)
         "PROCEEDS"                              Section 9-102(a)(64)
         "SECURITY" OR "SECURITIES"              Section 8-102(a)(15)
         "SUPPORTING OBLIGATION"                 Section 9-102(a)(77)
         "TANGIBLE CHATTEL PAPER"                Section 9-102(a)(78)
         "UNCERTIFICATED SECURITY"               Section 8-102(a)(18)
</TABLE>

         1.04 Matters of Interpretation and Construction.

                  (a) The language of this Agreement, having been negotiated by
the parties hereto, shall not be construed against any party hereto by reason of
the extent to which such party or its counsel participated in the drafting
hereof or by reason of the extent to which any such provision is inconsistent
with any prior draft hereof.

                  (b) Use of the singular shall be deemed to include the plural
and use of the plural shall be deemed to include the singular. Use of any gender
shall be deemed to include all other genders.

                  (c) A reference to any law, agreement or other document
includes any amendment or modification to such law, agreement or document.

                  (d) A reference to any Person includes its successors and
permitted assigns.

                  (e) Unless the context clearly requires otherwise, reference
to a particular "Article" or "Section" refers to the corresponding article or
section of this Agreement.

                  (f) Unless the context clearly requires otherwise, use of the
word

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"including" shall mean "including, without limitation".

ARTICLE 2. GRANT OF SECURITY INTEREST. The Subsidiary Guarantor hereby grants to
the Administrative Agent for the benefit of the Administrative Agent and the
Banks, to secure the full, punctual and unconditional payment and performance of
the Obligations, a security interest in all of the Subsidiary Guarantor 's
right, title and interest in and to the following properties, assets and rights
of the Subsidiary Guarantor, wherever located, whether now owned or hereafter
acquired or arising, and all Proceeds and products thereof (all of the same
being hereinafter called the "COLLATERAL"):

         all (i) Accounts, (ii) General Intangibles constituting any right to
         the payment of money, including, without limitation, all Payment
         Intangibles and all tax refunds, (iii) Instruments (including
         promissory notes and rights to payment thereunder), (iv) Chattel Paper
         (whether Tangible Chattel Paper or Electronic Chattel Paper)
         evidencing, representing, arising from or existing in respect of,
         relating to securing or otherwise supporting the payment of any of the
         foregoing described in clauses (i), (ii) or (iii) above, (v)
         Letter-of-Credit Rights (whether or not the letter of credit is
         evidenced by a writing) evidencing, representing, arising from or
         existing in respect of, relating to securing or otherwise supporting
         the payment of any of the foregoing described in clauses (i), (ii) or
         (iii) above, (vi) Supporting Obligations evidencing, representing,
         arising from or existing in respect of, relating to securing or
         otherwise supporting the payment of any of the foregoing described in
         clauses (i), (ii) or (iii) above, (vii) Investment Property
         constituting Securities in Subsidiaries of the Subsidiary Guarantor and
         General Intangibles constituting equity interests in Subsidiaries of
         the Subsidiary Guarantor (including, without limitation, Certificated
         Securities and Uncertificated Securities), (viii) any other rights to
         the payment of money, (ix) sums payable under any policy of insurance
         (including without limitation, any return for premiums) relating to any
         of the foregoing, and (x) books, records, correspondence, credit files,
         invoices and other papers, including, without limitation, all tapes,
         cards, computer runs and other papers and documents in the possession
         or under the control of the Subsidiary Guarantor or any computer bureau
         or service company from time to time acting for the Subsidiary
         Guarantor.

The Subsidiary Guarantor agrees that the security interest herein granted has
attached and shall continue until (i) the Obligations have been paid, performed
and discharged in full and (ii) the Banks are no longer committed to extend any
credit to the Borrower under the Loan Agreement or any other Loan Document. The
security interest is granted as security only and shall not subject the
Administrative Agent or the Banks to, transfer to the Administrative Agent or
the Banks, or in any way affect or modify, any obligation or liability of the
Subsidiary Guarantor with respect to any of the Collateral or any transaction in
connection therewith. Except during the existence of an Event of Default, the
Subsidiary Guarantor shall retain the right to vote any of the Securities
constituting Collateral in a manner not inconsistent with the terms of this
Agreement and the Loan Agreement.

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ARTICLE 3.  DELIVERY AND FILING OF FINANCING STATEMENTS.

         3.01 Delivery of Perfection Documents. Upon the execution of this
Agreement, and from time to time thereafter, the Subsidiary Guarantor shall
deliver to the Administrative Agent such Financing Statements, documentation,
notices, and assignments, including assignments under the Assignment of Claims
Act of 1940, as amended (collectively, the "PERFECTION DOCUMENTS"), as may be
deemed necessary by the Administrative Agent to perfect the Security Interest in
all Collateral.

         3.02 Authorization to File Financing Statements and Take Other Action.
The Subsidiary Guarantor hereby irrevocably authorizes the Administrative Agent
at any time and from time to time to sign (if required) and file in any
appropriate Filing Office, wherever located, any Financing Statement that (a)
describes the Collateral and (b) contains any other information required by Part
5 of Article 9 of the Uniform Commercial Code of the applicable jurisdiction for
the sufficiency or Filing Office acceptance of any Financing Statement,
including whether the Subsidiary Guarantor is an organization, the type of
organization and any organization identification number issued to the Subsidiary
Guarantor. The Subsidiary Guarantor also authorizes the Administrative Agent to
file a copy of this Agreement in lieu of a Financing Statement, and to take any
and all actions required by any earlier versions of the Uniform Commercial Code
or by any other applicable law. The Subsidiary Guarantor shall provide the
Administrative Agent with any information the Administrative Agent shall
reasonably request in connection with any of the foregoing.

ARTICLE 4. [RESERVED]

ARTICLE 5. [RESERVED]

ARTICLE 6. [RESERVED]

ARTICLE 7. REPRESENTATIONS AND WARRANTIES. The Subsidiary Guarantor hereby
represents and warrants to the Administrative Agent and the Banks as follows,
each such representation and warranty to continue in full force so long as this
Agreement remains in effect:

         7.01 Accuracy of Perfection Certificate. The Subsidiary Guarantor has
delivered a Perfection Certificate to the Administrative Agent on the date
hereof, which is hereby incorporated by reference as if fully set forth herein.
All of the information set forth in such Perfection Certificate is true and
correct in all material respects. The Subsidiary Guarantor has not failed to
disclose in the Perfection Certificate any information necessary for the
information contained in the Perfection Certificate not to be misleading in any
material respect.

         7.02 Ownership of Collateral; Absence of Liens and Restrictions. The
Subsidiary Guarantor is, and in the case of property acquired after the date
hereof, will be, the sole legal and equitable owner of the Collateral purported
to be owned by it, holding

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good title to the same free and clear of all Encumbrances except for the
Security Interest, Encumbrances specifically permitted under the terms of the
Loan Agreement and liens set forth in Schedule 4.01 to the Patent and Trademark
Security Agreement, if any, and has good right and legal authority to pledge,
sell, assign, deliver, and create the Security Interest in such Collateral in
the manner herein contemplated. The Collateral is genuine and is what it is
purported to be. The Collateral is not subject to any restriction that would
prohibit or restrict the assignment, delivery or creation of the Security
Interest.

         7.03 First Priority Security Interest. This Agreement creates a valid
and continuing lien on and security interest in the Collateral. Upon the filing
of a Financing Statement in the appropriate Filing Office for the location of
the Subsidiary Guarantor listed in the Subsidiary Guarantor's Perfection
Certificate, the Security Interest will be perfected (except to the extent a
security interest may not be perfected by filing under the Uniform Commercial
Code), prior to all other Encumbrances, and will be enforceable as such against
creditors of the Subsidiary Guarantor, any owner of the real property where any
of the Collateral is located, any purchaser of such real property and any
present or future creditor obtaining a lien on such real property.

         7.04 No Conflicts. Neither the Subsidiary Guarantor nor any of its
predecessors has performed any act or is bound by any agreement which might
prevent the Administrative Agent from enforcing the Security Interest or any of
the terms of this Agreement, or which would limit the Administrative Agent in
any such enforcement. Except as specifically disclosed in the Perfection
Certificate, no Financing Statement or other document evidencing a lien that
names the Subsidiary Guarantor as debtor is on file in any jurisdiction and the
Subsidiary Guarantor has not signed any document or agreement authorizing the
filing of any such Financing Statement or document.

         7.05 Accounts. Each Account constituting Collateral (i) is and will be
a true and correct statement of the actual Indebtedness incurred by each Account
Debtor with respect thereto, (ii) arises and will arise out of or in connection
with the sale or lease of Goods or for the rendering of services by the
Subsidiary Guarantor to each Account Debtor, and (iii) is and shall be a valid,
legal and binding obligation of the party purported to be obligated thereon,
enforceable in accordance with its terms, except as limited by applicable
bankruptcy, insolvency, reorganization, moratorium and similar laws affecting
the enforcement of creditors' rights generally, or general equitable principles
(whether in a proceeding at law or in equity) and, to the Subsidiary Guarantor's
knowledge, free of material setoffs, defenses or counterclaims.

         7.06 [Reserved]

         7.07 Notes and Other Instruments. Pursuant to the terms of this
Agreement, the Subsidiary Guarantor has endorsed, assigned and delivered to the
Administrative Agent all promissory notes and other Instruments pledged
hereunder. Regardless of the form of such endorsement, the Subsidiary Guarantor
hereby waives presentment, demand, notice of dishonor, protest, notice of
protest and all other notices with respect thereto.

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<PAGE>
         7.08 No Authorization. No authorization, approval or other action by,
and no notice to or filing with, any domestic or foreign governmental authority
or regulatory body or consent of any other Person is required for (i) the grant
of the Security Interest, (ii) the execution, delivery or performance of this
Agreement by the Subsidiary Guarantor or (iii) the perfection of the Security
Interest or the exercise by the Administrative Agent of its rights and remedies
hereunder, other than (a) the filing of Financing Statements under the Uniform
Commercial Code, (b) the filing of UCC-3 termination statements executed by the
administrative agent of the institutional lenders of the Borrower under its
existing revolving credit facility, and the recordation of similar terminations
with the United States Patent and Trademark Office, and (c) such other filings
as have already been made.

         7.09 Validity of Collateral. The Subsidiary Guarantor has no knowledge
of any fact that would impair the validity or make uncollectible any material
amount of the Collateral that is Accounts, Chattel Paper, Payment Intangibles,
General Intangibles, contract rights or Instruments, and to the best of the
Subsidiary Guarantor's knowledge, each obligor liable on such Collateral has and
will have the capacity to contract.

ARTICLE 8. COVENANTS. The Subsidiary Guarantor hereby covenants with the
Administrative Agent and the Banks that, so long as this Agreement remains in
effect:

         8.01 Perfection Certificate. The Subsidiary Guarantor will supplement
the Perfection Certificate promptly upon learning of (i) the inaccuracy of any
of the information provided therein or (ii) the existence of any information
that is necessary for the information contained therein not to be misleading or
incomplete in any material respect.

         8.02 Changes Relating to Subsidiary Guarantor. The Subsidiary Guarantor
will not change its name, identity or organizational structure, nature or
jurisdiction of organization, or place where its business records and records
relating to the Collateral are kept, or move any tangible Collateral (other than
Securities) to a location other than those set forth in the Perfection
Certificate, or merge into or consolidate with any other Person, without prior
notice to the Administrative Agent. With respect to any such proposed event, the
Subsidiary Guarantor shall provide the Administrative Agent at least 30 days'
prior written notice thereof and the Subsidiary Guarantor shall deliver to the
Administrative Agent such new Financing Statements or other documentation as may
be necessary or required by the Administrative Agent to ensure the continued
perfection and priority of the Security Interest. Promptly after the
consummation of any of the foregoing changes or any merger or consolidation
(each, a "CHANGE"), the Subsidiary Guarantor shall deliver to the Administrative
Agent copies of its amended organizational documents, if any, certified by the
Secretary of State (or equivalent) of its state of organization evidencing the
Change.

         8.03 Protection and Defense of Security Interest; Sales and
Encumbrances. The Subsidiary Guarantor shall take all steps that are necessary
and prudent to protect the Security Interest in the Collateral, and shall defend
the Security Interest of the Administrative Agent in the Collateral against the
competing claims and demands of all

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other Persons. The Subsidiary Guarantor will not sell, grant, lease, assign or
transfer any interest in, or permit to exist any lien, security interest or
other Encumbrance on, any of the Collateral, except the Security Interest and as
specifically permitted by the Loan Agreement.

         8.04 Books and Records; Notice of Security Interest. The Subsidiary
Guarantor shall keep complete and accurate books and records relating to the
Collateral at its chief executive office as listed on the Perfection
Certificate, and will not remove the same from such location without prior
notice to the Administrative Agent in accordance with Section 8.02. Upon the
request of the Administrative Agent, the Subsidiary Guarantor shall stamp or
otherwise mark such books and records in such manner as the Administrative Agent
may reasonably request in order to reflect the Security Interest including,
without limitation, notation of the Security Interest on any certificates of
title or other evidence of ownership outstanding with respect to the Collateral
and the posting of notices thereof upon the Collateral or in and about
designated areas where the Collateral may be used, stored or kept, from time to
time. The Subsidiary Guarantor will allow the Administrative Agent or its
designees access at any reasonable time and from time to time during the
Subsidiary Guarantor's regular business hours upon reasonable notice (and at all
times during the continuance of an Event of Default) to examine, inspect and
make extracts from or copies of the Subsidiary Guarantor's books and records,
inspect the Collateral and, during the continuance of an Event of Default,
arrange for verification of Accounts constituting Collateral directly with any
Account Debtors or by other methods or for other purposes as the Administrative
Agent may reasonably require.

         8.05 Collection and Delivery of Proceeds. The Subsidiary Guarantor will
diligently collect in the ordinary course of business all of its Accounts
constituting Collateral until the Administrative Agent exercises its right to
collect the Accounts pursuant to this Agreement during the continuance of an
Event of Default. During the continuance of an Event of Default, all Proceeds of
Accounts and other Collateral received by the Subsidiary Guarantor, regardless
of the form of the Collateral or the manner of receipt, shall be held in trust
for the Administrative Agent and the Banks, and the Subsidiary Guarantor shall
deliver said Proceeds as promptly as possible to the Administrative Agent,
without commingling, in the identical form received (properly endorsed or
assigned where required to enable the Administrative Agent to collect same), for
application to the Obligations.

         8.06 Lockboxes. Upon request of the Administrative Agent during the
continuance of an Event of Default, the Subsidiary Guarantor will (i) enter into
a lockbox arrangement satisfactory to the Administrative Agent with one or more
financial institutions (which may include the Banks) deemed acceptable by the
Administrative Agent for the collection of Proceeds and direct all of its
Account Debtors to make all payments on Accounts to the lockboxes established
thereunder, and/or (ii) maintain all its Deposit Accounts (other than payroll
accounts) with the Administrative Agent or at another financial institution
which has agreed to accept drafts drawn on it by the Administrative Agent under
a written depository transfer agreement or other arrangement with the
Administrative Agent and to block such Deposit Accounts and waive such

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institution's own rights as against such Deposit Accounts, and deposit all
Proceeds of Collateral (including the Proceeds received in such lockboxes) into
such Deposit Accounts. The Subsidiary Guarantor shall pay all fees, costs and
expenses associated with the establishment and maintenance of such lockboxes and
Deposit Accounts.

         8.07 Notification of Account Debtors. During the continuance of an
Event of Default, the Administrative Agent may, and at the request of the
Administrative Agent, the Subsidiary Guarantor shall, notify Account Debtors of
the Security Interest in any Account and that payment thereof is to be made
directly to the Administrative Agent for application to the Obligations.

         8.08 [Reserved]

         8.09 Insurance. The Subsidiary Guarantor will maintain insurance on the
Collateral as required by the Loan Agreement or other Loan Documents.

         8.10 Maintenance and Use; Payment of Taxes. The Subsidiary Guarantor
will maintain and preserve the Collateral and prevent any waste or unusual or
unreasonable depreciation thereof; will not use the same in violation of law or
any policy of insurance thereon, and will pay promptly when due all taxes and
assessments on such Collateral or on its use, except as otherwise permitted by
the Loan Agreement. The Subsidiary Guarantor hereby grants to the Administrative
Agent, for a term commencing on the date on which the Obligations (other than
any Obligations under any Interest Rate Protection Agreement) are accelerated
under Section 7.2 of the Loan Agreement and continuing so long as any of the
Obligations remain outstanding, at a rental of $1.00 for such entire term, the
receipt and sufficiency of which are hereby acknowledged, the right to the use
of all premises or places of business which the Subsidiary Guarantor now or
hereafter may have and where any Collateral may be located for the sole purpose
of exercising its rights against the Collateral, except, in the case of leased
premises, to the extent such a grant is prohibited by the terms of the
applicable lease. With respect to any such leased premises, the Subsidiary
Guarantor hereby agrees that the Administrative Agent shall not owe to the
Subsidiary Guarantor any rent attributable to the Administrative Agent's use of
such leased premises while exercising its right under this Agreement.

         8.11 General Intangibles. The Subsidiary Guarantor will apply for, and
diligently pursue applications for, registration of its ownership of the General
Intangibles constituting Collateral for which registration is appropriate, and
will use such other reasonable measures as are appropriate to preserve its
rights in its other General Intangibles constituting Collateral, except that the
Subsidiary Guarantor may abandon such rights as could not reasonably be expected
to materially adversely affect the value of such General Intangibles. The
Subsidiary Guarantor will, at the request of the Administrative Agent, retain
current copies of all materials created by or furnished to the Subsidiary
Guarantor on which is recorded then-current information about any computer
programs or data bases that the Subsidiary Guarantor has developed or otherwise
has the right to use from time to time. Such materials shall include, without
limitation, magnetic or other computer media on which object, source or other
code is recorded and documentation of

                                      -9-
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those computer programs or data bases, in the nature of listing printouts,
narrative descriptions, flow diagrams and similar items. The Subsidiary
Guarantor will, at the reasonable request of the Administrative Agent, deliver a
set of such copies to the Administrative Agent for safekeeping and retention or
transfer in the event of foreclosure.

         8.12 Securities. If the Subsidiary Guarantor shall at any time hold or
acquire any Certificated Securities, the Subsidiary Guarantor shall forthwith
endorse, assign and deliver the same to the Administrative Agent, accompanied by
such instruments of transfer or assignment duly executed in blank as the
Administrative Agent may from time to time specify, all of which thereafter
shall be held by the Administrative Agent, pursuant to the terms of this
Agreement, as part of the Collateral. If any Securities now held or hereafter
acquired by the Subsidiary Guarantor are Uncertificated Securities and are
issued to the Subsidiary Guarantor or its nominee directly by the Issuer
thereof, the Subsidiary Guarantor shall promptly notify the Administrative Agent
thereof and, at the Administrative Agent's request and option, pursuant to an
agreement in form and substance reasonably satisfactory to the Administrative
Agent, either (i) cause the Issuer to agree to comply with instructions from the
Administrative Agent as to such Securities, without further consent of the
Subsidiary Guarantor or such nominee, or (ii) arrange for the Administrative
Agent to become the registered owner of the Securities. So long as no Event of
Default shall have occurred and be continuing, (i) the Subsidiary Guarantor
shall have the right to exercise all voting, consensual and other powers or
ownership pertaining to the Securities for all purposes not inconsistent with
the terms of this Agreement, the Loan Agreement or any other instrument or
agreement referred to herein or therein; and the Administrative Agent shall
execute and deliver or cause to be executed and delivered to the Subsidiary
Guarantor all such proxies, powers of attorney, dividend and other orders, and
all such instruments, without recourse, as the Subsidiary Guarantor may
reasonably request for the purpose of enabling the Subsidiary Guarantor to
exercise the rights and powers which it is entitled to exercise pursuant hereto,
and (ii) the Subsidiary Guarantor shall be entitled to receive and retain any
dividends or other distributions on the Securities.

         8.13 Proceeds. The Subsidiary Guarantor shall take all actions
necessary or requested by the Administrative Agent to maintain, preserve or
protect the rights and interest of the Administrative Agent with respect to all
Proceeds of Collateral.

         8.14 Letters of Credit Rights. For each letter of credit at any time
issued to the Subsidiary Guarantor as beneficiary thereunder which is Collateral
hereunder, the Subsidiary Guarantor shall notify the Administrative Agent
thereof and, at the option and request of the Administrative Agent, the
Subsidiary Guarantor shall, pursuant to an agreement in form and substance
satisfactory to the Administrative Agent, either (i) arrange for the issuer and
any Confirmer of such letter of credit to consent to an assignment to the
Administrative Agent of the proceeds of any drawing under the letter of credit
or (ii) arrange for the Administrative Agent to become the transferee
beneficiary of the letter of credit, with the Administrative Agent agreeing, in
each case, that at any time in which an Event of Default is not continuing, the
Administrative Agent shall remit the proceeds of any such drawing to the
Subsidiary Guarantor and, during the continuance of

                                      -10-
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an Event of Default, the proceeds of any such drawing are to be held by the
Administrative Agent as Collateral pursuant to this Agreement.

         8.15 Electronic Chattel Paper and Transferable Records. If the
Subsidiary Guarantor at any time holds or acquires an interest in any Collateral
which constitutes Electronic Chattel Paper or any "transferable record," as that
term is defined in Section 201 of the federal Electronic Signatures in Global
and National Commerce Act, or in Section 16 of the Uniform Electronic
Transactions Act as in effect in any jurisdiction applicable to the Subsidiary
Guarantor, the Subsidiary Guarantor shall promptly notify the Administrative
Agent thereof and, at the request of the Administrative Agent, shall take such
action as the Administrative Agent may reasonably request to vest in the
Administrative Agent control under Section 9-105 of the Uniform Commercial Code
of such Electronic Chattel Paper or control under Section 201 of the federal
Electronic Signatures in Global and National Commerce Act or, as the case may
be, Section 16 of the Uniform Electronic Transactions Act, of such transferable
record. The Administrative Agent agrees with the Subsidiary Guarantor that the
Administrative Agent will arrange, pursuant to procedures satisfactory to the
Administrative Agent and so long as such procedures will not result in the
Administrative Agent's loss of control, for the Subsidiary Guarantor to make
alterations to the electronic chattel paper or transferable record permitted
under UCC Section 9-105 or, as the case may be, Section 201 of the federal
Electronic Signatures in Global and National Commerce Act or Section 16 of the
Uniform Electronic Transaction Act for a party in control to make without loss
of control, unless an Event of Default has occurred and is continuing or would
occur after taking into account any action by the Subsidiary Guarantor with
respect to such electronic chattel paper or transferable record.

         8.16 Agents, Etc. If any Collateral is at any time in the possession or
control of any of the Subsidiary Guarantor's agents, the Subsidiary Guarantor
shall promptly notify the Administrative Agent thereof and, upon request of the
Administrative Agent, (i) notify such agent of the Security Interest and
instruct such agent to hold all such Collateral for the Administrative Agent's
account subject to the Administrative Agent's instructions, (ii) obtain from
such agent a written acknowledgment that such Person holds possession of the
Collateral for the Administrative Agent 's benefit and shall act upon the
Administrative Agent's instructions with respect to such Collateral without the
further consent of the Subsidiary Guarantor, (iii) deliver any negotiable
warehouse receipt, bill of lading or other document of title issued with regard
to the Collateral to the Administrative Agent appropriately endorsed to the
Administrative Agent's order, and/or (iv) arrange for the issuance in the name
of the Administrative Agent, in form reasonably satisfactory to the
Administrative Agent, any nonnegotiable document of title covering such
Collateral. The Administrative Agent agrees with the Subsidiary Guarantor that
the Administrative Agent shall not give any such instructions unless an Event of
Default has occurred and is continuing or would occur after taking into account
any action by the Subsidiary Guarantor with respect to such agent.

         8.17 Assignment of Claims Act. If at any time any Accounts of the
Subsidiary Guarantor arise from contracts with the United States of America or
any department,

                                      -11-
<PAGE>
agency or instrumentality thereof, the Subsidiary Guarantor will promptly notify
the Administrative Agent thereof and shall execute all assignments and take all
steps reasonably requested by the Administrative Agent in order that all monies
due and to become due thereunder will be assigned and paid to the Administrative
Agent and notice thereof given to the federal authorities under the Assignment
of Claims Act of 1940.

         8.18 Tangible Chattel Paper, Notes and Other Instruments. If at any
time any amount payable under or in connection with any of the Collateral is
evidenced by any Tangible Chattel Paper, promissory note, trade acceptances or
other Instrument, the Subsidiary Guarantor shall promptly deliver the same to
the Administrative Agent, accompanied by such instruments of transfer or
assignment duly executed in blank as the Administrative Agent may from time to
time reasonably request.

         8.19 Assembly of Collateral. Following the occurrence and during the
continuance of an Event of Default, the Subsidiary Guarantor will, upon demand,
assemble the Collateral and make it available to the Administrative Agent at a
place and time designated by the Administrative Agent that is reasonably
convenient to both parties.

         8.20 Further Assurances. Upon the reasonable request of the
Administrative Agent, and at the sole expense of the Subsidiary Guarantor, the
Subsidiary Guarantor will promptly execute and deliver such further instruments
and documents and take such further actions as the Administrative Agent may deem
desirable to obtain the full benefits of this Agreement and of the rights and
powers herein granted, including, without limitation, filing of any Financing
Statement, or notice under the Uniform Commercial Code or other applicable law,
execution of assignments of General Intangibles, delivery of appropriate stock
or bond powers, and transfer of Collateral to the Administrative Agent's
possession. The Subsidiary Guarantor shall also take all actions reasonably
requested by the Administrative Agent in order to insure the continued
perfection and priority of the Security Interest in any of the Collateral and
the preservation of the rights of the Administrative Agent therein.

         8.21 Notices and Reports Pertaining to Collateral. In addition to any
other notice or reporting requirement imposed on the Subsidiary Guarantor under
this Agreement, the Subsidiary Guarantor will, with respect to the Collateral:

                  (a) promptly furnish to the Administrative Agent, from time to
time upon reasonable request, reports in form and detail reasonably satisfactory
to the Administrative Agent;

                  (b) promptly notify the Administrative Agent of any
Encumbrance (except Encumbrances specifically permitted under the Loan
Agreement) asserted against the Collateral, including any attachment, levy,
execution or other legal process levied against any of the Collateral, and of
any information received by the Subsidiary Guarantor relating to the Collateral,
including the Accounts, the Account Debtors, or other Persons obligated in
connection therewith, that may in any way materially adversely affect the value
of the Collateral or the rights and remedies of the Administrative Agent with
respect

                                      -12-
<PAGE>
thereto, and reimburse the Administrative Agent and the Banks for any expenses
they may reasonably incur in satisfying any of the foregoing;

                  (c) promptly notify the Administrative Agent when it obtains
knowledge of actual or imminent bankruptcy or other insolvency proceeding of any
material Account Debtor;

                  (d) promptly deliver to the Administrative Agent, as the
Administrative Agent may from time to time reasonably request, originals of all
schedules, lists, invoices, delivery receipts, customers' purchase orders,
documents of the shipping instructions, bills of lading and any other evidence
of shipping arrangements, receipts, writings and other items relating to the
Collateral;

                  (e) promptly notify the Administrative Agent of any material
return or adjustment, rejection, repossession, or loss or damage of or to
merchandise represented by Accounts and of any material credit, adjustment or
dispute arising in connection with the goods or services represented by
Accounts;

                  (f) promptly after the application by the Subsidiary Guarantor
for registration of any General Intangibles, as contemplated in Section 8.12,
notify the Administrative Agent thereof;

                  (g) [Reserved]; and

                  (h) promptly notify the Administrative Agent in the event of a
material loss or damage to the Collateral, if such loss or damage is not covered
by insurance, of any reclamation or repossession of or any action by a creditor
to reclaim or repossess any material asset(s) of the Subsidiary Guarantor, of
any material adverse change in the Collateral, and of any other occurrence that
may materially adversely affect the Security Interest of the Administrative
Agent in the Collateral.

ARTICLE 9.  RIGHTS AND REMEDIES OF THE ADMINISTRATIVE AGENT.

         9.01 Rights and Remedies Generally. Following the occurrence and during
the continuance of an Event of Default, in addition to the rights and remedies
of a secured party under the NY UCC and the Uniform Commercial Code in effect in
any other jurisdiction in which enforcement of the rights of the Administrative
Agent is sought, the Administrative Agent may take any or all of the following
actions:

                  (a) The Administrative Agent may, at its option, without
notice or demand, cause all of the Obligations (other than any Obligations under
any Interest Rate Protection Agreement) to become immediately due and payable
and take immediate possession of the Collateral, and for that purpose the
Administrative Agent may, so far as the Subsidiary Guarantor can give authority
therefor, enter upon any premises on which any of the Collateral is situated and
remove the same therefrom or remain on such

                                      -13-
<PAGE>
premises and in possession of such Collateral for purposes of conducting a sale
or enforcing the rights of the Administrative Agent.

                  (b) The Administrative Agent may collect and receive all
income and Proceeds in respect of any Collateral and exercise all rights of the
Subsidiary Guarantor with respect thereto, including without limitation the
right to exercise all voting and corporate rights at any meeting of the
shareholders of the Issuer of any Securities and to exercise any and all rights
of conversion, exchange, subscription or any other rights, privileges or options
pertaining to any Securities as if the Administrative Agent was the absolute
owner thereof, including the right to exchange, at its discretion, any and all
of any Securities upon the merger, consolidation, reorganization,
recapitalization or other readjustment of the Issuer thereof, all without
liability except to account for property actually received (but the
Administrative Agent shall have no duty to exercise any of the aforesaid rights,
privileges or options and shall not be responsible for any failure to do so or
delay in so doing).

                  (c) The Administrative Agent may, upon such notice as is
required by Section 9.02 or by applicable statute, sell, lease or otherwise
dispose of any Collateral at a public or private sale, with or without having
such Collateral at the place of sale, and upon such terms and in such manner as
the Administrative Agent may determine, and the Administrative Agent may
purchase any Collateral at any such sale. The Subsidiary Guarantor agrees that
upon any such sale the Collateral sold shall be held by the purchaser free from
all claims or rights of every kind and nature, including any equity of
redemption or similar rights, and all such equity of redemption and similar
rights are hereby expressly waived and released by the Subsidiary Guarantor. In
the event any consent, approval or authorization of any governmental agency is
necessary to effectuate any such sale, the Subsidiary Guarantor agrees to
execute all applications or other instruments as may be required.

                  (d) With respect to any Collateral consisting of Accounts, the
Administrative Agent may (i) demand, collect, and receive any amounts relating
thereto, as the Administrative Agent may determine; (ii) commence and prosecute
any actions in any court for the purposes of collecting any such Accounts and
enforcing any other rights in respect thereof, (iii) defend, settle or
compromise any action brought and, in connection therewith, give such discharges
or releases as the Administrative Agent may reasonably deem appropriate; (iv)
receive, open and dispose of mail addressed to the Subsidiary Guarantor and
endorse checks, notes, drafts, acceptances, money orders, bills of lading,
warehouse receipts or other instruments or documents evidencing payment,
shipment or storage of the goods giving rise to such Accounts or securing or
relating to such Accounts, on behalf of and in the name of the Subsidiary
Guarantor; and (v) sell, assign, transfer, make any agreement in respect of, or
otherwise deal with or exercise rights in respect of, any such Accounts or the
goods or services which have given rise thereto, as fully and completely as
though the Administrative Agent were the absolute owner thereof for all
purposes.

                  (e) [RESERVED]

                                      -14-
<PAGE>
                  (f) With respect to any Collateral consisting of Securities,
the Administrative Agent may (i) transfer such Collateral at any time to itself,
or to its nominee, and receive the income thereon and hold the same as
Collateral hereunder or apply it to the Obligations in the manner described in
clause (h) below; and (ii) demand, sue for, collect or make any compromise or
settlement it deems desirable.

                  (g) The Administrative Agent may perform any covenant or
agreement of the Subsidiary Guarantor contained herein that the Subsidiary
Guarantor has failed to perform and in so doing the Administrative Agent may
expend such sums as it may reasonably deem advisable in the performance thereof,
including, without limitation, the payment of any taxes or insurance premiums,
payment to obtain a release of an Encumbrance or potential Encumbrance,
expenditures made in defending against any adverse claim and all other
expenditures which the Administrative Agent may make for the protection of any
Collateral or which it may be compelled to make by operation of law. All such
sums and amounts so expended shall be repaid by the Subsidiary Guarantor upon
demand, shall constitute additional Obligations and shall bear interest from the
date said amounts are expended at the rate per annum provided in the Loan
Agreement to be paid on Base Rate Loans after the occurrence of an Event of
Default. No such performance of any covenant or agreement by the Administrative
Agent on behalf of the Subsidiary Guarantor, and no such advance or expenditure
therefor, shall relieve the Subsidiary Guarantor of any Event of Default.

                  (h) The Administrative Agent may retain and apply the Proceeds
of any disposition of Collateral, first, to the payment of its reasonable
expenses of retaking, holding, protecting and maintaining, and preparing for
disposition and disposing of, the Collateral, including reasonable attorneys'
fees and other legal expenses incurred by it in connection therewith; second, to
the payment of fees then due and payable to the Administrative Agent and any
Issuing Bank; third, to all unreimbursed draws under outstanding Letters of
Credit; fourth, to the payment fees then due and payable to the Banks; fifth, to
accrued and unpaid interest on any outstanding Swingline Loans; sixth, to the
principal amount of any outstanding Swingline Loans; seventh, to accrued and
unpaid interest on the Revolving Credit Loans; eighth, to the principal amount
of any outstanding Revolving Credit Loans; and ninth, to unpaid amounts under
any Interest Rate Protection Agreements (pro rata to each Bank that is due any
such amounts based upon the ratio of the amounts due to such Bank to the total
obligations under Interest Rate Protection Agreements due to all the Banks). Any
surplus remaining after such application shall be paid to the Subsidiary
Guarantor or to whomever may be legally entitled thereto, provided that in no
event shall the Subsidiary Guarantor be credited with any part of the Proceeds
of the disposition of the Collateral until such Proceeds shall have been
received in cash by the Banks. The Subsidiary Guarantor shall remain liable for
any deficiency.

         9.02 Disposition of Collateral.

                  (a) Prior to any disposition of Collateral pursuant to this
Agreement, the Administrative Agent may, at its option, cause any of the
Collateral to be repaired or

                                      -15-
<PAGE>
reconditioned in such manner and to such extent as to make it saleable. Unless
such Collateral threatens to decline rapidly in value or is of the type
customarily sold on a recognized market, the Administrative Agent shall send to
the Subsidiary Guarantor prior written notice (which, if given within ten (10)
Business Days of any sale, shall be deemed to be reasonable) of the time and
place of any public sale of such Collateral or of the time after which any
private sale or other disposition thereof is to be made.

                  (b) The Subsidiary Guarantor hereby grants to the
Administrative Agent, effective upon acceleration of the Obligations under
Section 7.2 of the Loan Agreement, a license or other right to use, without
charge, the Subsidiary Guarantor's labels, patents, copyrights, rights of use of
any name, trade secrets, trade names, trademarks and advertising matter, or any
property of a similar nature, relating to the Collateral, in completing
production of , advertising for sale and selling any Collateral; and the
Subsidiary Guarantor's rights under all licenses and all franchise agreements
shall inure to the Administrative Agent's benefit.

                  (c) The Subsidiary Guarantor recognizes (i) that the
Administrative Agent may be unable to effect a public sale of all or a part of
the Securities by reason of certain prohibitions contained in the Securities Act
of 1933 (as amended from time to time, the "SECURITIES ACT") or the Securities
laws of various states (the "BLUE SKY LAWS"), but may be compelled to resort to
one or more private sales to a restricted group of purchasers who will be
obliged to agree, among other things, to acquire the Securities for their own
account, for investment and not with a view to the distribution or resale
thereof, (ii) that private sales so made may be at prices and upon other terms
less favorable to the seller than if the Securities were sold at public sales,
(iii) that neither the Administrative Agent nor the Banks has any obligation to
delay sale of any of the Securities for the period of time necessary to permit
the Securities to be registered for public sale under the Securities Act or the
Blue Sky Laws, and (iv) that private sales made under the foregoing
circumstances shall be deemed to have been made in a commercially reasonable
manner.

         9.03 Appointment as Attorney-in-Fact. The Subsidiary Guarantor hereby
appoints the Administrative Agent and the Administrative Agent's designees or
agents as attorney-in-fact of the Subsidiary Guarantor, irrevocably and with
power of substitution, with full authority in the name of the Subsidiary
Guarantor, for sole use and benefit of the Banks, but at the Subsidiary
Guarantor's expense, so long as an Event of Default is continuing, to take any
and all of the actions specified above in this section and elsewhere in this
Agreement. This power of attorney is coupled with an interest and shall be
irrevocable for so long as any of the Obligations remain outstanding.

         9.04 Duties regarding Collateral. Except as otherwise provided herein,
and as may be mandated by applicable law despite an agreement by the Subsidiary
Guarantor and the Administrative Agent to the contrary, the Administrative Agent
shall have no duty as to the collection or protection of any Collateral nor as
to the preservation of any rights pertaining thereto, beyond the safe custody of
any Collateral in its possession.

                                      -16-
<PAGE>
         9.05 Destruction of Documents and Records. The Subsidiary Guarantor
authorizes the Administrative Agent and the Banks to destroy all invoices,
delivery receipts, reports and other types of documents and records delivered to
the Administrative Agent and/or the Banks in connection with the transactions
contemplated herein at any time subsequent to 12 months following such delivery.

ARTICLE 10. SET-OFF. Any deposits, balances or other sums credited by or due
from any Bank or any of its branch or affiliate offices to the Subsidiary
Guarantor may, at any time and from time to time upon the occurrence and during
the continuance of an Event of Default, without demand or notice (any such
demand or notice being expressly waived hereby) and to the fullest extent
permitted by law and without regard to any source of payment whatsoever, be set
off, appropriated, and applied against Obligations on which the Subsidiary
Guarantor is liable, and advice thereof shall thereafter be given to the
Subsidiary Guarantor's chief financial officer.

ARTICLE 11. WAIVERS. To the extent permitted by applicable law, the Subsidiary
Guarantor irrevocably waives (i) presentment, demand, notice, protest, notice of
acceptance of this Agreement, notice of any loans made, credit or other
extensions granted, Collateral received or delivered and any other action taken
in reliance hereon and all other demands and notices of any description, except
for such demands and notices as are expressly required to be provided to the
Subsidiary Guarantor under this Agreement or any other document evidencing the
Obligations and (ii) to the full extent permitted by law, the benefit of all
appraisement, valuation, stay, extension and redemption laws now or hereafter in
force and all rights of marshaling in the event of any sale or disposition of
any of the Collateral. To the extent that it lawfully may do so, the Subsidiary
Guarantor hereby agrees that it will not invoke any law relating to the
marshaling of collateral which might cause delay in or impede the enforcement of
the rights of the Administrative Agent or the Banks under this Agreement or
under any other instrument evidencing any of the Obligations or under which any
of the Obligations is outstanding or by which any of the Obligations is secured
or guaranteed, and to the extent that it lawfully may do so the Subsidiary
Guarantor hereby irrevocably waives the benefits of all such laws. With respect
to both the Obligations and any Collateral, the Subsidiary Guarantor assents to
any extension or postponement of the time of payment or any other forgiveness or
indulgence, to any substitution, exchange or release of Collateral, to the
addition or release of any party or Person primarily or secondarily liable, to
the acceptance of partial payment thereon and the settlement, compromise or
adjustment of any thereof, all in such manner and at such time or times as the
Administrative Agent may deem advisable. The Administrative Agent may exercise
its rights with respect to the Collateral without resorting, or regard, to other
collateral or sources of reimbursement for Obligations. The Administrative Agent
and the Banks shall not be deemed to have waived any of their rights with
respect to the Obligations or the Collateral unless such waiver is in writing
and signed by the Administrative Agent and the Banks. No delay or omission on
the part of the Administrative Agent or the Banks in exercising any right and no
course of dealing shall operate as a waiver of such right or any other right. A
waiver on any one occasion shall not bar or waive the exercise of any right on
any future occasion. All rights and remedies of the Administrative Agent and the
Banks with the respect to the Obligations or the

                                      -17-
<PAGE>
Collateral, whether evidenced hereby or by any other instrument or papers, are
cumulative and not exclusive of any remedies provided by law or any other
agreement, and may be exercised separately or concurrently.

ARTICLE 12. INDEMNIFICATION AND EXPENSES. The Subsidiary Guarantor agrees to
indemnify and hold the Administrative Agent and the Banks, and their respective
officers, directors, trustees, agents, servants and employees (each, an
"INDEMNIFIED PARTY") harmless from and against any taxes, liabilities, claims
and damages, including reasonable attorneys' fees and disbursements, and other
reasonable expenses incurred or arising by reason of the taking or the failure
to take action by the Indemnified Party under this Agreement and in respect of
any transactions effected in connection with this Agreement, except those
arising from the gross negligence or willful misconduct of the Indemnified
Party. The Subsidiary Guarantor promises to reimburse the Administrative Agent
and the Banks on demand for all reasonable out-of-pocket fees and disbursements
(including all reasonable attorneys' fees and collateral evaluation costs)
incurred or expended in protecting, preserving or enforcing the rights of the
Administrative Agent and the Banks under or in respect of the Obligations or any
of the Collateral. The amount of all such costs and expenses shall, from and
after the third Business Day following demand therefor until paid, bear interest
at the rate applicable to Base Rate Loans and shall be an Obligation secured by
the Collateral.

ARTICLE 13. NOTICES. All notices, approvals, requests, demands and other
communications hereunder expressly required by this Agreement to be in writing,
to any party hereto shall be deemed to have been given when delivered in the
manner provided in the Loan Agreement. Any notice, unless otherwise specified,
may be given orally or in writing.

ARTICLE 14. SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and
inure to the benefit of the Subsidiary Guarantor and its successors and assigns,
and shall be binding upon and inure to the benefit of and be enforceable by the
Administrative Agent and its successors and assigns permitted under the Loan
Agreement, whether or not an express assignment of rights hereunder is made;
provided that the Subsidiary Guarantor may not assign or transfer its rights or
obligations hereunder. Without limiting the generality of the foregoing
sentence, any Bank may, in the manner and to the extent set forth in the Loan
Agreement, assign or otherwise transfer any Note or other document held by it
evidencing, securing or otherwise executed in connection with the Obligations,
or sell participations in any interest therein, to any other Person, and such
other Person shall thereupon become vested, to the extent set forth in the
agreement evidencing such assignment, transfer or participation, with all the
rights in respect thereof granted to such Bank under the terms of the Loan
Documents.

ARTICLE 15. GOVERNING LAW. This Agreement shall be governed by, and interpreted
and determined in accordance with, the laws of the State of New York (without
regard to its principles relating to choice and conflicts of law).

ARTICLE 16. CONSENT TO JURISDICTION. THE SUBSIDIARY GUARANTOR AND THE
ADMINISTRATIVE AGENT EACH HEREBY CONSENTS TO THE

                                      -18-
<PAGE>
JURISDICTION OF ANY OF THE COURTS OF THE STATE OF NEW YORK LOCATED IN NEW YORK
COUNTY AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW
YORK SITTING IN NEW YORK, NEW YORK IN CONNECTION WITH ANY ACTION TO ENFORCE THE
RIGHTS OF THE ADMINISTRATIVE AGENT OR THE BANKS UNDER THIS AGREEMENT. THE
SUBSIDIARY GUARANTOR AND THE ADMINISTRATIVE AGENT EACH IRREVOCABLY WAIVES ANY
OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE EXERCISE OF JURISDICTION BY
SAID COURTS IN CONNECTION WITH ANY SUCH ACTION AND AGREES NOT TO ASSERT IN ANY
SUCH ACTION THAT SUCH ACTION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

ARTICLE 17. WAIVER OF JURY TRIAL. THE SUBSIDIARY GUARANTOR AND THE
ADMINISTRATIVE AGENT MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM, COUNTERCLAIM OR
DEFENSE BASED HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
AGREEMENT, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS
AND OBLIGATIONS. EXCEPT AS PROHIBITED BY LAW, THE SUBSIDIARY GUARANTOR AND THE
ADMINISTRATIVE AGENT EACH HEREBY WAIVES ANY RIGHTS WHICH IT MAY HAVE TO CLAIM OR
RECOVER IN ANY LITIGATION REFERRED TO IN THE PRECEDING SENTENCE ANY SPECIAL,
EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN ACTUAL
DAMAGES. THE SUBSIDIARY GUARANTOR (A) CERTIFIES THAT NO REPRESENTATIVE,
ADMINISTRATIVE AGENT OR ATTORNEY OF THE ADMINISTRATIVE AGENT OR THE BANKS HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE ADMINISTRATIVE AGENT OR THE BANKS
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND
(B) ACKNOWLEDGES THAT, IN ENTERING INTO THE LOAN AGREEMENT AND THE OTHER LOAN
DOCUMENTS TO WHICH THE BANKS OR THE ADMINISTRATIVE AGENT ARE A PARTY, THE BANKS
AND THE ADMINISTRATIVE AGENT ARE RELYING UPON, AMONG OTHER THINGS, THE
SUBSIDIARY GUARANTOR'S WAIVERS AND CERTIFICATIONS CONTAINED HEREIN.

ARTICLE 18. CONTINUING OBLIGATIONS. The Subsidiary Guarantor acknowledges that
the Administrative Agent and the Banks, in determining to enter into the Loan
Agreement, have relied upon the fact that the Security Interest granted herein
constitutes the continuing and irrevocable agreement of the Subsidiary
Guarantor, and the Subsidiary Guarantor agrees that its obligations hereunder
may not be revoked in whole or in part. The obligations of the Subsidiary
Guarantor hereunder shall terminate when the commitment of the Banks to extend
credit under the Loan Agreement shall have terminated and all of the Obligations
have been paid in full in cash and discharged; provided, however, that:

                                      -19-
<PAGE>
                  (a) if a claim is made upon the Administrative Agent or the
Banks at any time for repayment or recovery of any amounts or any property
received by the Administrative Agent or the Banks from any source on account of
any of the Subsidiary Guarantor's Obligations and the Administrative Agent or
the Banks repay or return any amounts or property so received (including
interest thereon to the extent required to be paid by the Administrative Agent
or the Banks) or

                  (b) if the Administrative Agent or the Banks become liable for
any part of such claim by reason of (i) any judgment or order of any court or
administrative authority having competent jurisdiction, or (ii) any settlement
or compromise of any such claim, then the Subsidiary Guarantor shall remain
obligated under this Agreement with respect to the amounts so repaid or property
so returned and the amounts for which the Administrative Agent or the Banks
become liable (such amounts being deemed part of the Obligations), and the
Security Interest granted herein shall apply with full force and effect to such
Obligations, to the same extent as if such amounts or property had never been
received by the Administrative Agent or the Banks, notwithstanding any
termination hereof or the cancellation of any instrument or agreement evidencing
any such Obligations.

ARTICLE 19. GENERAL.

         19.01 Amendment, Etc. This Agreement may not be amended, modified or
supplemented except by a writing signed by the parties hereto.

         19.02 Counterparts. This Agreement and any amendment hereof may be
signed in any number of counterparts with the same effect as if the signatures
hereto and thereto were upon the same instrument. All such counterparts shall
together constitute one and the same agreement.

         19.03 Captions. Captions and headings in this Agreement are for
convenience only and in no way define, limit, expand or describe the scope or
intent of the provisions hereof.

         19.04 Survival. All representations, warranties, covenants and
agreements contained in this Agreement, including without limitation the
agreement of the Subsidiary Guarantor to indemnify the Administrative Agent and
the Banks set forth in Article 12, shall survive the execution and delivery of
the Loan Documents and shall continue for so long as this Agreement shall remain
in effect.

         19.05 Severability. If any provision of this Agreement shall be held
invalid or unenforceable by any court of competent jurisdiction, that holding
shall not invalidate or render unenforceable any other provision hereof.

                            (signatures on next page)

                                      -20-
<PAGE>
         IN WITNESS WHEREOF, the Subsidiary Guarantor has caused this Agreement
to be executed by its duly authorized officer as of the day and year first above
written.

SUBSIDIARY GUARANTOR:

BARNES & NOBLE ENTITY(2)

By:  /s/ Maureen O'Connell
     ------------------------------
     Name: Maureen O'Connell
     Title: Chief Financial Officer
     Hereunto Duly Authorized

Accepted as of the day and
year first above written.

ADMINISTRATIVE AGENT:

FLEET NATIONAL BANK,
  as Administrative Agent

-------------
(2)      Maureen O'Connell executed separate Security Agreements for Barnes &
Noble, Inc. and the following direct and indirect subsidiaries of Barnes &
Noble, Inc.:

Michael Friedman Publishing Group, Inc.
B.Dalton Bookseller, Inc.
Doubleday Book Shops, Inc.
Barnes & Noble Booksellers, Inc.
B&N.com Holding Corp.
Barnes & Noble Publishing, Inc.
J.B. Fairfax, Inc.
B&N General Partner (Texas) Corp.
B&N Limited Partner (Texas) Corp.
B&N General Partner (Georgia) Corp.
B&N Limited Partner (Georgia) Corp.
B&N General Partner (Pennsylvania) Corp. I
B&N General Partner (Pennsylvania) Corp. II
Barnes & Noble Booksellers (Georgia), L.P.
Barnes & Noble Booksellers (Pennsylvania), L.P.
Barnes & Noble Booksellers (Texas), L.P.
SparkNotes LLC
B&N Gamestop Holding Corp.
CCI Holdings, Inc.

                                      -21-
<PAGE>
By:  /s/ Thomas J. Bullard
     -------------------------------
     Name: Thomas J. Bullard
     Title: Director
     Hereunto Duly Authorized

                                      -22-<PAGE>

Exhibit 10.3

                                     FORM OF

                     SECURITIES COLLATERAL PLEDGE AGREEMENT

      SECURITIES COLLATERAL PLEDGE AGREEMENT (this "AGREEMENT") dated as of May
22, 2002 by and between _______________________(1) having its chief executive
office at 122 Fifth Avenue, New York, NY 10011 (the "PLEDGOR"), and FLEET
NATIONAL BANK, a national banking association having an office located at 100
Federal Street, Boston, Massachusetts 02110 (the "ADMINISTRATIVE AGENT"), as
administrative agent for itself and each other Bank (as defined below) under the
terms of that certain Revolving Credit Agreement dated as of May 22, 2002 (as it
may be amended from time to time, the "LOAN AGREEMENT") by and among the Barns &
Noble, Inc. (the "Borrower"), the lending institutions that are party thereto
(collectively, the "BANKS"), and the Administrative Agent.

      WHEREAS, the Borrower has requested that the Administrative Agent and
the Banks to enter into the Loan Agreement;

      WHEREAS, the Borrower is the sole stockholder of the Pledgor, and the
Pledgor has guaranteed the Borrower's obligations under the Loan Agreement
pursuant to a subsidiary Guaranty of Even date (the "Guaranty");

      WHEREAS, the Pledgor is the direct legal and beneficial owner of the
percentage interest set forth on Schedule 1 of the issued and outstanding shares
of capital stock and membership interests, as the case may be, of each of the
entities listed on Schedule 1 (each, a "SCHEDULED SUBSIDIARY" and collectively,
the "SCHEDULED SUBSIDIARIES"); and

      WHEREAS, it is a condition precedent to the Banks' agreement to enter into
the Loan Agreement and extend credit to the Pledgor thereunder that the Pledgor
execute and deliver this Agreement and pledge the Securities Collateral (as
defined below) to the Administrative Agent on the terms and conditions described
herein.

      NOW, THEREFORE, in order to induce the Banks to enter into the Loan
Agreement and extend credit to the Borrower thereunder, and in consideration
thereof, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

ARTICLE 1. DEFINITIONS; INTERPRETATION.

       1.01 Generally. Capitalized terms used but not defined herein or in any
certificate, report or other document delivered pursuant hereto shall have the
meanings ascribed to such terms in the Loan Agreement. Except as otherwise
defined herein, terms defined in the NY UCC (as defined below) and used herein
shall have the meanings ascribed to such terms in the NY UCC; provided, however,
that if a term is defined in

------------------

(1)   See Footnote 2 on signature page.
<PAGE>
Article 9 of the NY UCC differently than in another Article thereof, the term
shall have the meaning set forth in Article 9.

       1.02 Terms Defined in this Agreement. For purposes of this Agreement, the
following terms have the meanings set forth below:

      "ADDITIONAL SECURITIES" shall have the meaning set forth in clause (b) of
Article 2.

      "ADMINISTRATIVE AGENT" shall have the meaning set forth in the Preamble.

      "AGREEMENT" shall have the meaning set forth in the Preamble.

      "BANKS" shall have the meaning set forth in the Preamble.

      "CASH COLLATERAL" shall have the meaning set forth in Section 3.05(b).

      "CASH COLLATERAL ACCOUNT" shall have the meaning set forth in Section
3.05(b).

      "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

      "LOAN AGREEMENT" shall have the meaning set forth in the Preamble.

       "NY UCC" means the Uniform Commercial Code in effect in the State of New
York, as it may be amended from time to time, provided, that if by reason of
mandatory provisions of law, matters pertaining to the perfection or
non-perfection of the security interest in any Securities Collateral, the effect
of such perfection or non-perfection, or the availability of any remedy
hereunder, is governed by the Uniform Commercial Code as in effect in a
jurisdiction other than New York, "NY UCC" shall mean the Uniform Commercial
Code as in effect in such other jurisdiction for purposes of the provisions of
this Agreement relating to the matters so governed.

      "PLEDGED SECURITIES" means the Scheduled Securities, any Additional
Securities, and all other Investment Property at any time pledged or required to
be pledged hereunder, including, without limitation, (a) with respect to any
Domestic Subsidiary, securities representing all of the ownership interest in
each such Domestic Subsidiary at any time owned by the Pledgor and (b) with
respect to any Foreign Subsidiary, securities representing not more than 65% of
the total combined voting power of all classes of ownership interest of such
Foreign Subsidiary entitled to vote and not more than 65% of any other
Investment Property of such Foreign Subsidiary, in each case at any time owned
by the Pledgor.

      "PLEDGOR" shall have the meaning set forth in the Preamble.

      "SCHEDULED SECURITIES" shall have the meaning set forth in clause (a) of
Article 2.
<PAGE>
      "SCHEDULED SUBSIDIARY(IES)" shall have the meaning set forth in the
Preamble.

      "SEC" means the United States Securities and Exchange Commission.

      "SECURITIES ACT" means the Securities Act of 1933, as amended.

      "SECURITIES COLLATERAL" shall have the meaning set forth in Article 2.

      "TIME DEPOSITS" shall have the meaning set forth in Section 3.05(b).

      "UNIFORM COMMERCIAL CODE" means, in reference to any jurisdiction, the
Uniform Commercial Code as adopted and in effect in such jurisdiction, as it may
be amended from time to time.

      1.03 Terms Defined in NY UCC. For purposes of this Agreement, the terms
for which definitions are supplied by the NY UCC include, without limitation,
the terms set forth below. Such term and section references are provided for
convenience only, and the omission of any term from the following list shall not
be construed to mean that the NY UCC definition of such omitted term does not
apply.

            "CERTIFICATED SECURITY"     Section 8-102(a)(4)
            "ENTITLEMENT HOLDER"        Section 8-102(a)(7)
            "ENTITLEMENT ORDER"         Section 8-102(a)(8)
            "FILING OFFICE"             Section 9-102(a)(37)
            "FINANCIAL ASSET"           Section 8-102(a)(9)
            "FINANCING STATEMENT"       Section 9-102(a)(39)
            "INVESTMENT PROPERTY"       Section 9-102(a)(49)
            "ISSUER"                    Section 8-201
            "PAYMENT INTANGIBLE"        Section 9-102(a)(61)
            "PROCEEDS"                  Section 9-102(a)(64)
            "SECURITIES INTERMEDIARY"   Section 8-102(a)(14)
            "SECURITY"                  Section 8-102(a)(15)
            "SECURITY ENTITLEMENT"      Section 8-102(a)(17)
            "SUPPORTING OBLIGATION"     Section 9-102(a)(77)
            "UNCERTIFICATED SECURITY"   Section 8-102(a)(18)

      1.04  Matters of Interpretation and Construction.

             (a) The language of this Agreement, having been negotiated by the
parties hereto, shall not be construed against any party hereto by reason of the
extent to which such party or its counsel participated in the drafting hereof or
by reason of the extent to which any such provision is inconsistent with any
prior draft hereof.

             (b) Use of the singular shall be deemed to include the plural and
use of the plural shall be deemed to include the singular. Use of any gender
shall be deemed to include all other genders.
<PAGE>
            (c) A reference to any law, agreement or other document includes any
amendment or modification to such law, agreement or document.

            (d) A reference to any Person includes its successors and
permitted assigns.

            (e) Unless the context clearly requires otherwise, reference to a
particular "Article" or "Section" refers to the corresponding article or section
of this Agreement.

            (f) Unless the context clearly requires otherwise, use of the word
"including" shall mean "including, without limitation".

ARTICLE 2. GRANT OF SECURITY. As security for the prompt and unconditional
payment and performance of the Obligations, and for the benefit of the
Administrative Agent and the Banks, the Pledgor hereby pledges, collaterally
assigns and transfers to the Administrative Agent, and grants the Administrative
Agent a security interest in, all of the Pledgor's right, title and interest in
and to the following, whether now owned or hereafter acquired, and all Proceeds
thereof (collectively, the "SECURITIES COLLATERAL"):

      (a) the Securities owned by the Pledgor on the date hereof as described in
Schedule 1 hereto (the "SCHEDULED SECURITIES"), the certificates representing
the Scheduled Securities, if any, and all distributions or other property
(regardless of form) at any time received, receivable or otherwise distributed
(whether by dividend or distribution, or upon the consolidation, merger,
recapitalization, reclassification or liquidation of the Issuer, or otherwise)
in respect of or in exchange for any or all of the Scheduled Securities, and all
other Financial Assets, Investment Property and monies owned by the Pledgor and
relating thereto;

      (b) all additional Securities of any Issuer of the Scheduled Securities
from time to time acquired by the Pledgor in any manner ("ADDITIONAL
SECURITIES"), the certificates representing such Additional Securities, if any,
and all distributions or other property (regardless of form) at any time
received, receivable or otherwise distributed (whether by dividend or
distribution, or upon the consolidation, merger, recapitalization,
reclassification or liquidation of the Issuer, or otherwise) in respect of or in
exchange for any or all of the such Additional Securities, and all other
Financial Assets, Investment Property and monies owned by the Pledgor and
relating thereto, provided, however, that the term "ADDITIONAL SECURITIES" shall
not include Securities issued by a Foreign Subsidiary if the pledge of such
Securities would result in more than 65% of the total combined voting power of
all classes of capital stock of such Foreign Subsidiary entitled to vote, or
more than 65% of any other Investment Property or other Securities of such
Foreign Subsidiary, to be subject to pledge pursuant to this Agreement; and

      (c)  the Cash Collateral Account and all of the Cash Collateral.
<PAGE>
Notwithstanding anything to the contrary stated herein, the term "SECURITIES
COLLATERAL" shall not include income or Proceeds received by the Pledgor to the
extent that the Pledgor is expressly permitted to retain such income or Proceeds
under Article 4.

ARTICLE 3. DELIVERY AND CONTROL; FINANCING STATEMENTS.

      3.01 Certificated Securities. With respect to Pledged Securities that are
Certificated Securities, the Pledgor shall deliver to the Administrative Agent
the original certificates representing same accompanied by duly executed
instruments of transfer or assignment in blank, all in form and substance
reasonably satisfactory to the Administrative Agent, to be held by the
Administrative Agent upon the terms and conditions set forth in this Agreement.

      3.02 Uncertificated Securities. With respect to Pledged Securities that
are Uncertificated Securities, the Pledgor shall, pursuant to an agreement in
form and substance reasonably satisfactory to the Administrative Agent, at the
Administrative Agent's option either (i) cause the Issuer to agree to comply
with instructions from the Administrative Agent as to such securities, without
further consent of the Pledgor, or (ii) arrange for the Administrative Agent to
become the registered owner of the Securities.

      3.03 Additional Securities. If the Pledgor shall acquire by purchase,
stock dividend or otherwise any Additional Securities at any time or from time
to time after the date hereof, the Pledgor will forthwith notify the
Administrative Agent of such acquisition and shall immediately take such action
with respect to such Additional Securities as is required under Section 3.01 or
3.02, as the case may be. The Pledgor authorizes the Administrative Agent to
attach as Schedule 1 hereto from time to time an updated list of the Pledged
Securities (including the Issuers thereof) then pledged with the Administrative
Agent hereunder.

      3.04 Securities Collateral Held By Intermediaries. If any Pledged
Securities, whether Certificated or Uncertificated, or other Securities
Collateral, now held or hereafter acquired by the Pledgor are held by the
Pledgor or its nominee through a Securities Intermediary, the Pledgor shall
immediately notify the Administrative Agent of such fact and, at the request and
option of the Administrative Agent, (a) cause any certificates representing such
Pledged Securities to be delivered to the Administrative Agent in accordance
with Section 3.01, or (b) pursuant to an agreement in form and substance
reasonably satisfactory to the Administrative Agent, either (i) cause such
Securities Intermediary to agree to comply with Entitlement Orders or other
instructions from the Administrative Agent to such Securities Intermediary as to
such Pledged Securities or other Securities Collateral without further consent
of the Pledgor or such nominee, or (ii) arrange for the Administrative Agent to
become the Entitlement Holder with respect to such Pledged Securities or other
Securities Collateral, with the Pledgor being permitted, only with the consent
of the Administrative Agent, to exercise rights to withdraw or otherwise deal
with such Pledged Securities or other Securities Collateral.
<PAGE>
      3.05 Dividends, Distributions, Etc. Upon the occurrence and during the
continuance of an Event of Default:

      (a) all sums of money and property paid or distributed in respect of the
Pledged Securities, whether as a dividend or upon a liquidation, dissolution,
recapitalization or reclassification of the Issuer, or otherwise, that are
received by the Pledgor shall be paid over and delivered to the Administrative
Agent and held or applied, as the case may be, as provided in subsection (b)
below. The Pledgor agrees to forthwith endorse, assign and deliver such items to
the Administrative Agent, accompanied by such instruments of transfer or
assignment duly executed in blank as the Administrative Agent may from time to
time reasonably specify.

      (b) all sums of cash or cash equivalents that are delivered to the
Administrative Agent pursuant to this Section 3.05 shall be applied to pay the
Obligations, or if Letters of Credit are the only outstanding Obligations, shall
be deposited into an interest bearing account with the Administrative Agent (the
"CASH COLLATERAL ACCOUNT"). All other items of property shall be held by the
Administrative Agent as security for the payment and performance in full of the
Obligations. Some or all of the funds from time to time in the Cash Collateral
Account may be invested in time deposits, including, without limitation,
certificates of deposit issued by the Administrative Agent (such certificates of
deposit or other time deposits being hereinafter referred to, collectively, as
"TIME DEPOSITS"), that are satisfactory to the Administrative Agent after
consultation with the Pledgor, provided that, in each such case, arrangements
reasonably satisfactory to the Administrative Agent are made and are in place to
perfect and to ensure the first priority status of the security interest of the
Administrative Agent therein. Interest earned on the Cash Collateral Account and
on the Time Deposits, and the principal of the Time Deposits at maturity that is
not invested in new Time Deposits, shall be deposited in the Cash Collateral
Account. The Cash Collateral Account, all sums from time to time standing to the
credit of the Cash Collateral Account, all Time Deposits, all instruments or
other writings evidencing Time Deposits, and all Proceeds of any of the
foregoing, are hereinafter referred to as the "CASH COLLATERAL".

      (c) except as otherwise expressly provided in Article 12, the Pledgor
shall have no right to withdraw sums from the Cash Collateral Account, to
receive any of the Cash Collateral or to require the Administrative Agent to
part with possession of any instruments or other writings evidencing any Time
Deposits.

      3.06 Stock Transfer Records. Upon request of the Administrative Agent, the
Pledgor shall deliver to the Administrative Agent the stock transfer books of
each Scheduled Subsidiary to be held by the Administrative Agent for the
duration of the pledge hereunder, provided that prior to the occurrence and
continuance of an Event of Default, the Pledgor shall only be required to
deliver copies of such stock transfer books to the Administrative Agent.

      3.07 Items Held in Trust. All items required to be paid or delivered to
the Administrative Agent under this Article 3 shall, until so paid or delivered
to the
<PAGE>
Administrative Agent, be held in trust for the benefit of the Administrative
Agent and the Banks, as security for the payment and performance in full of the
Obligations.

      3.08 Authorization to File Financing Statements and Take Other Action. The
Pledgor hereby irrevocably authorizes the Administrative Agent at any time and
from time to time to sign (if required) and file in any appropriate Filing
Office, wherever located, any Financing Statement that (a) describes the
Securities Collateral in a manner consistent with Article 2 hereof, and (b)
contains any other information required by Part 5 of Article 9 of the Uniform
Commercial Code of the applicable jurisdiction for the sufficiency or Filing
Office acceptance of any Financing Statement, including whether the Pledgor is
an organization, the type of organization and any organization identification
number issued to the Pledgor. The Pledgor also authorizes the Administrative
Agent to file a copy of this Agreement in lieu of a Financing Statement, and to
take any and all actions required by any earlier versions of the Uniform
Commercial Code or by any other applicable law. The Pledgor shall provide the
Administrative Agent with any information the Administrative Agent shall
reasonably request in connection with any of the foregoing.

ARTICLE 4. DIVIDENDS; VOTING.

      4.01 Unless an Event of Default shall have occurred and be continuing, the
Pledgor shall be entitled to receive all cash dividends and distributions paid
in respect of the Pledged Securities without delivering such sums to the
Administrative Agent or depositing such sums in the Cash Collateral Account, to
vote and exercise any and all other voting and consensual rights with respect to
the Pledged Securities and to give consents, waivers or ratifications in respect
thereof, provided that no vote shall be cast or consent, waiver or ratification
given or action taken which would violate or be inconsistent with any of the
terms of this Agreement or the other Loan Documents or which could reasonably be
expected to have an adverse effect on the interest of the Administrative Agent
in the Securities Collateral.

      4.02 Upon the occurrence and during the continuance of an Event of
Default, (i) the Pledgor's rights under Section 4.01 shall immediately cease,
(ii) all cash dividends and other distributions in respect of the Pledged
Securities shall be deposited to the Cash Collateral Account in accordance with
the provisions of Article 3, and (iii) the Administrative Agent shall have the
right to vote, and to give consents, waivers and ratifications with respect to,
the Pledged Securities. If the Administrative Agent elects not to exercise such
rights, the Pledgor may continue to exercise such rights, provided that the
Pledgor shall not take any vote or other action with respect to such Pledged
Securities that could reasonably be expected to have an adverse effect on the
interest of the Administrative Agent in the Securities Collateral, and if so
directed in writing, shall vote or take such other action as directed by the
Administrative Agent. The Pledgor hereby grants to the Pledgee, an irrevocable
proxy to exercise all voting and consensual rights with respect to the Pledged
Securities and to give consents, waivers or ratifications in respect thereof,
which proxy shall only be effective upon the occurrence of an Event of Default
and shall remain effective during the continuance of an Event of Default.
<PAGE>
ARTICLE 5. REPRESENTATIONS, WARRANTIES AND COVENANTS OF PLEDGOR. For so long as
this Agreement shall remain in effect, the Pledgor represents, warrants and
covenants to and with the Administrative Agent as follows:

      5.01 The Pledgor has the requisite power, authority and legal right to
execute, deliver and perform its obligations under this Agreement and to pledge
and grant a security interest in all of the Securities Collateral. The
execution, delivery and performance of this Agreement, and the pledge of and
granting of a security interest in the Securities Collateral hereunder, have
been duly authorized by all necessary corporate or other action of the Pledgor
and do not contravene (i) any law, rule or regulation, (ii) any provision of the
Pledgor's charter documents or by-laws, (iii) any judgment, decree or order of
any arbitrator, court or other adjudicatory or regulatory body or (iv) any
agreement or instrument to which the Pledgor is a party or by which it or any of
its property is bound or affected or constitute a default thereunder other than
those, in the case of clauses (i) and (iv), that could not reasonably be
expected, individually or in the aggregate, to have a Material Adverse Effect.

      5.02 The Pledgor is the owner, legally, beneficially and of record, of all
of the Scheduled Securities free of any Encumbrances, except for Encumbrances
specifically permitted under the terms of the Loan Agreement. All of the
Scheduled Securities have been duly and validly issued, and are fully paid and
nonassessable.

      5.03 The Pledgor covenants that, with respect to any Additional Securities
that it may pledge to the Administrative Agent in the future, at the time of
such pledge, (a) the Pledgor will be the legal, beneficial and record owner of
such Additional Securities free of any Encumbrances, except for Encumbrances
specifically permitted under the terms of the Loan Agreement, (b) the Pledgor
will have the requisite legal right, power and authority to pledge same to the
Administrative Agent hereunder and (c) all such Additional Securities shall be
duly and validly issued, and will be fully paid and nonassessable.

      5.04 Schedule 1 accurately sets forth as to each Issuer of Scheduled
Securities (i) the total number of issued and outstanding Securities of such
Issuer and (ii) the total number of such Securities that have been pledged
hereunder. With respect to each Foreign Subsidiary whose capital stock is
pledged hereunder by the Pledgor, the Pledgor has pledged stock representing at
least 65%, but not more than 66 1/3% of the total combined voting power of all
classes of capital stock of such Foreign Subsidiary entitled to vote.

      5.05 Upon execution and delivery of the Loan Documents by the parties
thereto and the delivery by the Pledgor of the Scheduled Securities and related
certificates to the Administrative Agent accompanied by instruments of transfer
or assignment duly executed in blank in form and substance reasonably
satisfactory to the Administrative Agent or, if a security interest in any of
the Securities Collateral may not under applicable law be perfected by
possession, then upon the filing of appropriate Financing Statements,
<PAGE>
the Administrative Agent will obtain a valid first lien on, and perfected
security interest in, the Securities Collateral and the Proceeds thereof,
subject to no prior Encumbrance.

      5.06 The Pledgor will defend the security interest of the Administrative
Agent in the Securities Collateral against the competing claims and demands of
all other Persons, other than claims or demands related to Encumbrances
specifically permitted under the terms of the Loan Agreement.

      5.07 Except as may be permitted by the Loan Agreement, the Pledgor will
not (a) sell or otherwise dispose of, grant any option with respect to, or
mortgage, pledge (except pursuant to this Agreement) or otherwise encumber any
of the Securities Collateral, any shares in the capital stock of any Subsidiary,
or any membership or other ownership interest therein, or (b) consent to or
approve the issuance of (i) any additional shares of any class of capital stock
of any Subsidiary, or the issuance of any membership or other ownership interest
in any Subsidiary; (ii) any securities convertible voluntarily by the holder
thereof or automatically upon the occurrence or nonoccurrence of any event or
condition into, or exchangeable for, any such shares or interests; or (iii) any
warrants, options, rights, or other commitments entitling any person to purchase
or otherwise acquire any such shares or interests except pursuant to an employee
stock option plan of such Subsidiary authorizing the grant of no more than 30%
of such Subsidiary's shares or interests.

      5.08 The Pledgor, at its sole cost and expense, will execute and deliver
all such instruments, and take all such other action as the Administrative Agent
from time to time may reasonably request, in order to further effectuate the
purposes of this Agreement and to carry out the terms hereof.

ARTICLE 6. REMEDIES UPON EVENT OF DEFAULT.

      6.01 Remedies in General. Following the occurrence and during the
continuance of an Event of Default, the Administrative Agent shall be entitled
to exercise all of its rights, powers and remedies (whether vested in it by this
Agreement, the other Loan Documents or by law) for the protection and
enforcement of its rights in respect of the Securities Collateral, and the
Administrative Agent shall be entitled, without limitation, to exercise the
following rights and remedies (in addition to the rights and remedies of a
secured party under the NY UCC), which the Pledgor hereby agrees are
commercially reasonable:

      (a) to cause the Pledged Securities and any other Securities constituting
Securities Collateral to be transferred into its own name or the name(s) of its
nominee(s) or successor(s) in interest on the books of the Issuer of such
Securities;

      (b) to collect, receive and hold as Cash Collateral for the Obligations
(or apply the same to any Obligation) all dividends, distributions and other
income on the Pledged Securities and the other Securities Collateral;
<PAGE>
      (c) to vote all or any part of the Pledged Securities (whether or not
transferred into the name of a Person other than the Pledgor pursuant to clause
(a)) and give all consents, waivers and ratifications in respect of the
Securities Collateral and otherwise act with respect thereto as though the
Administrative Agent was the outright owner thereof;

      (d) to demand, sue for, collect or make any compromise or settlement the
Administrative Agent deems suitable in respect of any Securities Collateral;

      (e) subject to applicable law, at any time or from time to time to sell,
assign and deliver, or grant options to purchase, all or any part of the
Securities Collateral, or any interest therein in accordance with the provisions
of Section 6.02; and

      (f) to set off against the Obligations any and all sums deposited with the
Administrative Agent or held by it, including without limitation, any sums or
Financial Assets standing to the credit of the Cash Collateral Account and any
Time Deposits issued by the Administrative Agent.

The Administrative Agent may enforce its rights hereunder without any other
notice and without compliance with any other condition precedent now or
hereafter imposed by statute, rule of law or otherwise (all of which are hereby
expressly waived by the Pledgor, to the fullest extent permitted by law).

      6.02 Sale of Securities Collateral.

      (a) In the event of any disposition of the Securities Collateral as
provided in Section 6.01(e), the Administrative Agent shall give to the Pledgor
at least ten (10) days' prior written notice of the time and place of any public
sale of the Securities Collateral or of the time after which any private sale or
any other intended disposition is intended to be made. The Pledgor hereby
acknowledges that ten (10) days' prior written notice of such sale or sales
constitutes reasonable notice. If any of the Securities Collateral is sold by
the Administrative Agent upon credit or for future delivery, the Administrative
Agent shall not be liable for the failure of the purchaser to pay for the same
and in such event the Administrative Agent may resell such Securities
Collateral. At any public sale of Securities Collateral, unless prohibited by
applicable law, the Administrative Agent or any holder of the Obligations may
bid for and purchase all or any part of the Securities Collateral so sold free
from any such right or equity of redemption; and if any part or all of the
Securities Collateral is of a type customarily sold in a recognized market or is
of the type which is the subject of widely-distributed standard price
quotations, the Administrative Agent or any holder of the Obligations may buy at
a private sale and may make payment therefor by any means including, without
limitation, cancellation of indebtedness secured thereby and payment of any
surplus to the Pledgor or such other party as may be required by applicable law.

      (b) The Pledgor recognizes that the Administrative Agent may be unable to
effect a public sale of the Pledged Securities by reason of certain prohibitions
contained in the
<PAGE>
Securities Act, federal banking laws or other applicable laws, regulations, or
agreements to which such Pledged Securities may be subject and, therefore, may
be compelled to resort to one or more private sales thereof to a restricted
group of purchasers. Notwithstanding the foregoing, the Pledgor shall not be
required to register the Pledged Securities under the Securities Act or
applicable state or foreign law securities laws. The Pledgor agrees that any
such private sales, which may be at prices and other terms less favorable to the
seller than if sold at public sales, shall be deemed to have been made in a
"commercially reasonable" manner within the meaning of the NY UCC, provided that
the notice specified in Section 6.02(a) shall have been given to the Pledgor.
The Administrative Agent shall be under no obligation to delay a sale of any of
the Pledged Securities for the period of time necessary to permit the Issuer of
such Pledged Securities to register same for public sale under the Securities
Act, or such other federal banking or applicable laws, even if the Issuer agrees
to do so. Subject to the foregoing, the Administrative Agent agrees that any
sale of the Securities Collateral shall be made in a commercially reasonable
manner.

      (c) The Pledgor agrees to do or cause to be done all acts and things as
may be reasonably necessary to cause the sale(s) of all or any portion of the
Securities Collateral pursuant to this Article 6 to be valid and binding and to
comply with any and all applicable laws, including, without limitation, the
Securities Act, the Exchange Act, SEC and other regulations, orders, writs,
injunctions or decrees of any and all courts, arbitrators or governmental
agencies or similar regulatory bodies having jurisdiction over any such sale or
sales, all at the Pledgor's sole cost and expense except that the Pledgor shall
not be required to register the Pledged Securities under the Securities Act or
applicable state or foreign law securities laws. In furtherance and not in
limitation of the foregoing, at the request of the Administrative Agent, the
Pledgor shall use best efforts to cause any Issuer(s) of Securities Collateral
contemplated to be sold:

            (i) to execute and deliver, and to cause its directors and officers
to execute and deliver, all instruments and documents, and to do or cause to be
done all other acts and things as may be necessary or advisable (in the opinion
of legal counsel to the Administrative Agent) to cause such Pledged Securities
to be exempt from the registration requirements of the Securities Act; and

            (ii) to comply with the provisions of the securities or "Blue Sky"
laws of any jurisdiction which the Administrative Agent shall reasonably
designate and, if required, to make available to its Security holders, as soon
as practicable, an earnings statement (which need not be audited) which will
allow Persons to take advantage of the provisions of Section 11(a) of the
Securities Act.

      6.03 Appointment as Attorney-in-Fact. The Pledgor hereby irrevocably
appoints the Administrative Agent as the Pledgor's attorney-in-fact with full
power of substitution, effective upon the occurrence and during the continuance
of an Event of Default, to take any and all of the actions specified in this
Article 6 and elsewhere in this Agreement with full authority in the name of the
Pledgor and at the Pledgor's sole cost and expense. This
<PAGE>
power of attorney is coupled with an interest and shall be irrevocable for so
long as this Agreement shall remain in effect.

      6.04 Injunctive Relief. The Pledgor acknowledges that a breach of any of
the covenants contained in this Article 6 will cause irreparable injury to the
Administrative Agent and the Banks, and that the Administrative Agent and the
Banks have no adequate remedy at law in respect of such breach. As a
consequence, the Pledgor agrees that each and every covenant contained in this
Article 6 shall be specifically enforceable against the Pledgor, and the Pledgor
hereby (i) agrees not to assert in defense of any action for specific
performance that the Administrative Agent has not suffered irreparable harm or
that the Administrative Agent has an adequate remedy at law, and (ii) waives any
defense based upon the grounds set forth in clause (i) of this Section 6.04.

ARTICLE 7. REMEDIES CUMULATIVE. Each right, power and remedy of the
Administrative Agent or any holder of the Obligations provided for in this
Agreement, the other Loan Documents, or now or hereafter existing at law or in
equity, or otherwise, shall be cumulative and concurrent and shall be in
addition to every other such right, power or remedy. The exercise or beginning
of the exercise by the Administrative Agent or any holder of the Obligations of
one or more of such rights, powers or remedies shall not preclude the
simultaneous or subsequent exercise by the Administrative Agent or any holder of
the Obligations of all such other rights, powers or remedies, and no failure or
delay on the part of the Administrative Agent or any holder of the Obligations
to exercise any such right, power or remedy shall operate as a waiver thereof.

ARTICLE 8. MARSHALLING. The Administrative Agent may exercise its rights with
respect to the Securities Collateral without resorting or regard to other
collateral or sources of reimbursement. The Administrative Agent shall not be
required to marshal any present or future collateral security for, or other
assurances of payment of, the Obligations or any of them, or to resort to such
collateral security or other assurances of payment in any particular order. To
the extent that it may lawfully do so, the Pledgor hereby (a) agrees that it
will not invoke any law relating to the marshalling of collateral that might
cause delay in or impede the enforcement of the Administrative Agent's rights
with respect to the Obligations or any of the Collateral and (b) irrevocably
waives the benefits of all such laws.

ARTICLE 9. APPLICATION OF MONEYS BY THE ADMINISTRATIVE AGENT. All monies
collected upon any sale of the Securities Collateral hereunder, together with
all other monies received by the Administrative Agent hereunder, shall be
applied in the same manner as set forth in Section 9.01(h) of the Security
Agreement of the Pledgor.

ARTICLE 10. PLEDGOR'S OBLIGATIONS ABSOLUTE. The obligations of the Pledgor under
this Agreement shall be absolute and unconditional and shall remain in full
force and effect without regard to, and shall not be released, suspended,
discharged, terminated or otherwise affected by, any circumstance or occurrence
whatsoever, including, without limitation: (a) any renewal, extension, amendment
or modification of or addition or supplement to or deletion from the other Loan
Documents, or any assignment or transfer
<PAGE>
of the other Loan Documents; (b) any waiver, consent, extension, indulgence or
other action or inaction under or in respect of the Loan Documents; (c) any
furnishing of any additional collateral security to the Administrative Agent or
its assignee or any acceptance thereof or any release of any collateral security
by the Administrative Agent or its assignee; (d) any limitation on any party's
liability or obligations under the Loan Documents or any invalidity or
unenforceability, in whole or in part, of the same; or (e) any bankruptcy,
insolvency, reorganization, composition, adjustment, dissolution, liquidation or
other like proceeding relating to the Pledgor or any other Person, or any action
taken with respect to this Agreement by any trustee or receiver or by any court,
in any such proceeding; whether or not the Pledgor shall have notice or
knowledge of any of the foregoing. The Pledgor expressly consents to any and all
of the foregoing and, to the maximum extent permitted by law, waives any rights
or defenses relating to the enforcement of this Agreement that the Pledgor may
have in connection therewith. Except for notices specifically provided for
herein, the Pledgor hereby expressly waives demand, notice, protest, notice of
acceptance of this Agreement, notice of loans made, credit extended, collateral
received or delivered or other action taken in reliance hereon and all other
demands and notices of any description.

ARTICLE 11. EXONERATION OF ADMINISTRATIVE AGENT. Under no circumstances shall
the Administrative Agent be deemed to assume any responsibility for or
obligation or duty with respect to any part or all of the Securities Collateral
of any nature or kind, or any matter or proceedings arising out of or relating
thereto, other than (i) to exercise reasonable care in the physical custody of
the Securities Collateral and (ii) following the occurrence and during the
continuance of an Event of Default, to act in a commercially reasonable manner.
The Administrative Agent shall not be required to take any action of any kind to
collect, preserve or protect its or the Pledgor's rights in the Securities
Collateral or against any other Person. The Administrative Agent's prior
recourse to any part or all of the Securities Collateral shall not constitute a
condition of any demand, suit or proceeding for payment or collection of the
Obligations.

ARTICLE 12. TERMINATION. The obligations of the Pledgor hereunder shall
terminate when the commitment of the Banks to extend credit under the Loan
Agreement shall have terminated and all of the Obligations have been paid in
full in cash and discharged and promptly upon such full and complete performance
and satisfaction, Pledgee shall surrender, at the request and expense of the
Pledgor, any remaining Securities Collateral and money received in respect
thereof to the Pledgor; provided, however, that:

            (a) if a claim is made upon the Administrative Agent or the Banks at
any time for repayment or recovery of any amounts or any property received by
the Administrative Agent or the Banks from any source on account of any of the
Obligations and the Administrative Agent or the Banks repay or return any
amounts or property so received (including interest thereon to the extent
required to be paid by the Administrative Agent or the Banks) or
<PAGE>
            (b) if the Administrative Agent or the Banks become liable for any
part of such claim by reason of (i) any judgment or order of any court or
administrative authority having competent jurisdiction, or (ii) any settlement
or compromise of any such claim,

then the Pledgor shall remain obligated under this Agreement with respect to the
amounts so repaid or property so returned and the amounts for which the
Administrative Agent or the Banks become liable (such amounts being deemed part
of the Obligations), and the security interest granted herein shall apply with
full force and effect to such Obligations, to the same extent as if such amounts
or property had never been received by the Administrative Agent or the Banks,
notwithstanding any termination hereof or the cancellation of any instrument or
agreement evidencing any of the Obligations.

ARTICLE 13. OVERDUE AMOUNTS. Until paid, all amounts due and payable by the
Pledgor hereunder shall constitute an Obligation under the Loan Documents and
shall be secured by the Securities Collateral. Such amounts shall bear interest
at the rate per annum provided in the Loan Agreement to be paid on Base Rate
Loans after the occurrence of an Event of Default.

ARTICLE 14. MISCELLANEOUS.

      14.01 Successors and Assigns. This Agreement shall be binding upon the
Pledgor, the Administrative Agent and the Banks and their respective successors
and assigns, and shall inure to the benefit of the Administrative Agent and the
Banks and their respective successors, transferees and assigns, as permitted by
the Loan Agreement. The Pledgor may not assign any of its obligations hereunder
without the prior written consent of the Administrative Agent.

      14.02 Survival. All representations, warranties, covenants and agreements
contained in this Agreement shall survive the execution and delivery of the Loan
Documents and shall continue for so long as this Agreement shall remain in
effect.

      14.03 Severability. If any provision of this Agreement shall be held
invalid or unenforceable by any court of competent jurisdiction, that holding
shall not invalidate or render unenforceable any other provision hereof.

      14.04 Amendments; Waiver, Etc. No provision of this Agreement, or any
right of the Administrative Agent in respect of the Obligations, can be changed,
waived, modified, discharged or terminated except by an instrument in writing
signed by the Administrative Agent and the Pledgor expressly referring to the
provision of this Agreement or the right to which such instrument relates; and
no such waiver shall extend to, affect or impair any right with respect to any
obligation which is not expressly dealt with therein. No course of dealing or
delay or omission on the part of the Administrative Agent or the Banks or any of
them in exercising any right shall operate as a waiver of such right or any
other right, or otherwise be prejudicial thereto. A waiver on any one occasion
shall not be construed as a bar to or waiver of any right on any future
occasion.
<PAGE>
      14.05 Counterparts. This Agreement and any amendment hereof may be
executed in several counterparts by each party on a separate counterpart, each
of which when so executed and delivered shall be an original, but all of which
together shall constitute one and the same instrument.

      14.06 Captions. Captions and headings in this Agreement are for
convenience only and in no way define, limit or describe the scope or intent of
the provisions hereof.

      14.07 Notices. All notices, approvals, requests, demands and other
communications hereunder shall be in writing and shall be deemed to have been
given when delivered in the manner provided in the Loan Agreement and delivered
to a party at its address for notice set forth in the Loan Agreement or to such
other address as a party shall furnish by notice to the other parties.

      14.08 Governing Law. This Agreement shall be governed by, and interpreted
and defined in accordance with, the laws of the State of New York (without
regard to its principles relating to choice and conflicts of law).

      14.09 CONSENT TO JURISDICTION. THE PLEDGOR AND ADMINISTRATIVE AGENT EACH
AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS AGREEMENT MAY BE BROUGHT IN THE
COURTS OF THE STATE OF NEW YORK LOCATED IN NEW YORK COUNTY, OR IN THE UNITED
STATES DISTRICT COURT SITTING IN NEW YORK, NEW YORK, OR ANY APPELLATE COURT TO
WHICH APPEALS MAY BE TAKEN FROM ANY OF THE FOREGOING COURTS, AND CONSENTS TO THE
NON-EXCLUSIVE JURISDICTION OF SUCH COURTS AND TO SERVICE OF PROCESS IN ANY SUCH
SUIT BEING MADE UPON THE PLEDGOR BY MAIL AT THE ADDRESS ABOVE. THE PLEDGOR AND
ADMINISTRATIVE AGENT EACH HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR
HEREAFTER HAVE TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT
IS BROUGHT IN AN INCONVENIENT COURT.

      14.10 WAIVER OF JURY TRIAL. EACH OF THE PLEDGOR AND THE ADMINISTRATIVE
AGENT KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE RIGHT TO A TRIAL BY
JURY IN RESPECT OF ANY CLAIM BASED HEREON, ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS PLEDGE AGREEMENT OR ANY OTHER LOAN DOCUMENTS CONTEMPLATED
TO BE EXECUTED IN CONNECTION HEREWITH OR ANY COURSE OF CONDUCT, COURSE OF
DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS
WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR THE ADMINISTRATIVE AGENT TO ENTER
INTO THIS PLEDGE AGREEMENT AND FOR THE BANKS TO MAKE LOANS AND EXTEND CREDIT TO
THE PLEDGOR. EXCEPT AS PROHIBITED BY LAW, EACH OF THE PLEDGOR AND ADMINISTRATIVE
AGENT WAIVES ANY RIGHT WHICH IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION
REFERRED TO IN THE FIRST SENTENCE OF THIS
<PAGE>
SECTION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES
OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. THE PLEDGOR (I) CERTIFIES THAT
NEITHER THE ADMINISTRATIVE AGENT, NOR ANY BANK NOR ANY REPRESENTATIVE,
ADMINISTRATIVE AGENT OR ATTORNEY OF THE ADMINISTRATIVE AGENT OR ANY BANK HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE ADMINISTRATIVE AGENT OR ANY BANK
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND
(II) ACKNOWLEDGES THAT, IN ENTERING INTO THE LOAN AGREEMENT AND THE OTHER LOAN
DOCUMENTS TO WHICH THE ADMINISTRATIVE AGENT IS A PARTY, THE ADMINISTRATIVE AGENT
AND THE BANKS ARE RELYING UPON, AMONG OTHER THINGS, THE WAIVERS AND
CERTIFICATIONS CONTAINED IN THIS SECTION.

                            (signatures on next page)
<PAGE>
      IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
by their respective duly authorized officers as of the day and year first above
written.

PLEDGOR:                                ADMINISTRATIVE AGENT:

BARNES & NOBLE ENTITY(2)                FLEET NATIONAL BANK, as
                                        Administrative Agent

By:  /s/ Maureen O'Connell              By:  /s/ Thomas J. Bullard
   -----------------------                 -----------------------
Name:  Maureen O'Connell                Name:  Thomas J. Bullard
Title:  Chief Financial Officer         Title:    Director
Hereunto Duly Authorized                Hereunto Duly Authorized

--------

(2)    Maureen O'Connell executed separate Securities Collateral Pledge
Agreements for Barnes & Noble, Inc. and the following direct and indirect
subsidiaries of Barnes & Noble, Inc.:

B&N General Partner (Pennsylvania) Corp. I
B&N General Partner (Pennsylvania) Corp. II
B&N General Partner (Georgia) Corp.
B&N Limited Partner (Georgia) Corp.
B&N General Partner (Texas) Corp.
B&N Limited Partner (Texas) Corp.
Barnes & Noble Publishing, Inc.
B&N.com Holding Corp.
<PAGE>
                         Exhibits and Schedules Omitted

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