Document:

<PAGE>
                                                                    Exhibit 4.14

                                    THIS AMENDED AND RESTATED INDEMNITY,
                                    SUBROGATION and CONTRIBUTION AGREEMENT
                                    (together with instruments executed and
                                    delivered pursuant to Section 12, this
                                    "Agreement") dated as of May 22, 2002, among
                                    ACTUANT CORPORATION, a Wisconsin corporation
                                    (formerly known as Applied Power Inc.) (the
                                    "Company"), each subsidiary of the Company
                                    listed on Schedule I hereto (the "Subsidiary
                                    Guarantors") and CREDIT SUISSE FIRST BOSTON,
                                    a bank organized under the laws of
                                    Switzerland, acting through its New York
                                    Branch ("CSFB"), as collateral agent (in
                                    such capacity, the "Collateral Agent") for
                                    the Secured Parties (as defined herein).

         Reference is made to (a) the Amended and Restated Credit Agreement
dated as of May 22, 2002 (as amended, supplemented or otherwise modified from
time to time, the "Credit Agreement"), among the Company, the Lenders (as
defined in Article I thereof), CSFB as administrative agent (in such capacity,
the "Administrative Agent"), as collateral agent (in such capacity, the
"Collateral Agent") and as issuing bank (in such capacity, the "Issuing Bank")
for the Lenders, WACHOVIA BANK, NATIONAL ASSOCIATION as syndication agent (in
such capacity, the "Syndication Agent"), and ING CAPITAL LLC as documentation
agent (in such capacity, the "Documentation Agent"), (b) the Subsidiary
Guarantee Agreement dated as of May 22, 2002 (as amended, supplemented or
otherwise modified from time to time, the "Subsidiary Guarantee Agreement"),
among the Subsidiary Guarantors and the Collateral Agent, and (c) the Security
Documents referred to in the Credit Agreement. Capitalized terms used herein and
not defined herein are used with the meanings assigned to such terms in the
Credit Agreement.

         The Lenders have agreed to make Loans to the Borrower, and the Issuing
Bank has agreed to issue Letters of Credit for the account of the Borrower, in
each case pursuant to, and upon the terms and subject to the conditions
specified in, the Credit Agreement. The Subsidiary Guarantors have guaranteed
such Loans and the other Obligations (as defined in the Credit Agreement) of the
Borrower under the Credit Agreement pursuant to the Credit Agreement and the
Subsidiary Guarantee Agreement and have granted Liens on and security interests
in certain of their assets pursuant to the Security Documents to secure the
Obligations. The obligations of the Lenders to make Loans and of the Issuing
Bank to issue Letters of Credit are conditioned on, among other things, the
execution and delivery by the Parents and the Subsidiary Guarantors of an
agreement in the form hereof.

         Accordingly, the Borrower, each Subsidiary Guarantor and the Collateral
Agent agree as follows:

         SECTION 1. Indemnity and Subrogation. In addition to all such rights of
indemnity and subrogation as the Subsidiary Guarantors may have under applicable
law (but subject to Section 3), the Borrower agrees that (a) in the event a
payment shall be made by any Subsidiary Guarantor under the Subsidiary Guarantee
Agreement, the Borrower shall indemnify such Subsidiary Guarantor for the full
amount of such payment and, until such indemnification obligation shall have
been satisfied, such Subsidiary Guarantor shall be subrogated to the rights of
the person to whom such payment shall have been made to the extent of such
payment and (b) in the event any assets of any Subsidiary Guarantor shall be
sold pursuant to any Security Document to satisfy a claim of any Secured Party,
the Borrower shall indemnify such Subsidiary Guarantor in an amount equal to the
greater of the book value or the fair market value of the assets so sold.

         SECTION 2. Contribution and Subrogation. Each Subsidiary Guarantor (a
"Contributing Guarantor") agrees (subject to Section 3) that, in the event a
payment shall be made by any other Subsidiary Guarantor under the Subsidiary
Guarantee Agreement or assets of any other Subsidiary Guarantor shall be sold
pursuant to any Security Document to satisfy a claim of any Secured Party, and,
in either case, such other Subsidiary Guarantor

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                                      -2-

(the "Claiming Guarantor") shall not have been fully indemnified by the Borrower
as provided in Section 1, the Contributing Guarantor shall, to the extent the
Claiming Guarantor shall not have been so indemnified by the Borrower, indemnify
the Claiming Guarantor in an amount equal to the amount of such payment or the
fair market value of such assets, as the case may be, in each case multiplied by
a fraction of which the numerator shall be the net worth of the Contributing
Guarantor on the date hereof (or, in the case of any Subsidiary Guarantor
becoming a party hereto pursuant to Section 12, the date of the Supplement
hereto executed and delivered by such Subsidiary Guarantor) and the denominator
shall be the aggregate net worth of all the Subsidiary Guarantors on the date
hereof (or, in the case of any Subsidiary Guarantor becoming a party hereto
pursuant to Section 12, the date of the Supplement hereto executed and delivered
by such Subsidiary Guarantor). Any Contributing Guarantor making any payment to
a Claiming Guarantor pursuant to this Section 2 shall be subrogated to the
rights of such Claiming Guarantor under Section 1 to the extent of such payment.

         SECTION 3. Subordination. Notwithstanding any provision of this
Agreement to the contrary, all rights of the Subsidiary Guarantors under
Sections 1 and 2 and all other rights of indemnity, contribution or subrogation
under applicable law or otherwise shall be fully subordinated to the
indefeasible payment in full in cash of the Obligations. No failure on the part
of either the Borrower or any Subsidiary Guarantor to make the payments required
by Sections 1 and 2 (or any other payments required under applicable law or
otherwise) shall in any respect limit the obligations and liabilities of any
Subsidiary Guarantor with respect to its obligations hereunder, and each
Subsidiary Guarantor shall remain liable for the full amount of the obligations
of such Subsidiary Guarantor hereunder.

         SECTION 4. Termination. This Agreement shall survive and be in full
force and effect so long as the Subsidiary Guarantee Agreement has not been
terminated, and shall continue to be effective or be reinstated, as the case may
be, if at any time payment, or any part thereof, of any Obligation is rescinded
or must otherwise be restored by any Secured Party upon the bankruptcy or
reorganization of either the Borrower, any Subsidiary Guarantor or otherwise.

         SECTION 5. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

         SECTION 6. No Waiver, Amendment. (a) No failure on the part of the
Collateral Agent or any Subsidiary Guarantor to exercise, and no delay in
exercising, any right, power or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right, power or
remedy by the Collateral Agent or any Subsidiary Guarantor preclude any other or
further exercise thereof or the exercise of any other right, power or remedy.
All remedies hereunder are cumulative and are not exclusive of any other
remedies provided by law. None of the Collateral Agent and the Subsidiary
Guarantors shall be deemed to have waived any rights hereunder unless such
waiver shall be in writing and signed by such parties.

         (b) Neither this Agreement nor any provision hereof may be waived,
amended or modified except pursuant to a written agreement entered into between
the Borrower, the Subsidiary Guarantors and the Collateral Agent, with any
consent required under the Credit Agreement.

         SECTION 7. Notices. All communications and notices hereunder shall be
in writing and given as provided in the Credit Agreement or the Subsidiary
Guarantee Agreement, as applicable, and addressed as specified therein.

         SECTION 8. Binding Agreement, Assignments. Whenever in this Agreement
any of the parties hereto is referred to, such reference shall be deemed to
include the successors and assigns of such party; and all covenants, promises
and agreements by or on behalf of the parties that are contained in this
Agreement shall bind

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                                      -3-

and inure to the benefit of their respective successors and assigns. Neither the
Borrower nor any Subsidiary Guarantor may assign or transfer any of its rights
or obligations hereunder (and any such attempted assignment or transfer shall be
void) without the prior written consent of the Required Lenders. Notwithstanding
the foregoing, at the time any Subsidiary Guarantor is released from its
obligations under the Subsidiary Guarantee Agreement in accordance with the
Subsidiary Guarantee Agreement and the Credit Agreement, such Subsidiary
Guarantor will cease to have any rights or obligations under this Agreement.

         SECTION 9.  Survival of Agreement, Severability. (a) All covenants and
agreements made by the Borrower and each Subsidiary Guarantor herein and in the
certificates or other instruments prepared or delivered in connection with this
Agreement or the other Loan Documents shall be considered to have been relied
upon by the Collateral Agent, the other Secured Parties and each Subsidiary
Guarantor, shall survive the making by the Lenders of the Loans and the issuance
of the Letters of Credit by the Issuing Bank and shall continue in full force
and effect as long as the principal of or any accrued interest on any Loans or
any other fee or amount payable under the Credit Agreement, this Agreement or
any of the other Loan Documents is outstanding and unpaid, the L/C Exposure does
not equal zero or the Commitments have not been terminated.

         (b) In case any one or more of the provisions contained in this
Agreement should be held invalid, illegal or unenforceable in any respect, no
party hereto shall be required to comply with such provision for so long as such
provision is held to be invalid, illegal or unenforceable, but the validity,
legality and enforceability of the remaining provisions contained herein shall
not in any way be affected or impaired thereby. The parties shall endeavor in
good-faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions the economic effect of which comes as close as
possible to that of the invalid, illegal or unenforceable provisions.

         SECTION 10. Counterparts. This Agreement may be executed in
counterparts (and by different parties hereto on different counterparts), each
of which shall constitute an original, but all of which when taken together
shall constitute a single contract. This Agreement shall be effective with
respect to any Subsidiary Guarantor when a counterpart bearing the signature of
such Subsidiary Guarantor shall have been delivered to the Collateral Agent.
Delivery of an executed signature page to this Agreement by facsimile
transmission shall be as effective as delivery of a manually signed counterpart
of this Agreement.

         SECTION 11. Rules of Interpretation. The rules of interpretation
specified in Section 1.02 of the Credit Agreement shall be applicable to this
Agreement.

         SECTION 12. Additional Subsidiary Guarantors. Subject to the provisions
of Section 5.11(b) of the Credit Agreement, each Domestic Subsidiary that was
not in existence on the date of the Credit Agreement is required to enter into
this Agreement as a Subsidiary Guarantor upon becoming such a Subsidiary. Upon
execution and delivery, after the date hereof, by the Collateral Agent and such
a Subsidiary of an instrument in the form of Annex 1 hereto, such Subsidiary
shall become a Subsidiary Guarantor hereunder with the same force and effect as
if originally named as a Subsidiary Guarantor hereunder. The execution and
delivery of any instrument adding an additional Subsidiary Guarantor as a party
to this Agreement shall not require the consent of any Subsidiary Guarantor
hereunder. The rights and obligations of each Subsidiary Guarantor hereunder
shall remain in full force and effect notwithstanding the addition of any new
Subsidiary Guarantor as a party to this Agreement.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized officers as of the date first appearing above.

                                         ACTUANT CORPORATION

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                                       -4-

                                         By: /s/ Terence M. Braatz
                                            ------------------------------------
                                            Name: Terence M. Braatz
                                            Title: Treasurer

                                         EACH OF THE SUBSIDIARIES LISTED ON
                                         SCHEDULE I HERETO

                                         By:  /s/ Terence M. Braatz
                                              ----------------------------------
                                              Name: Terence M. Braatz
                                              Title: Treasurer

                                         CREDIT SUISSE FIRST BOSTON, as
                                         Collateral Agent

                                         By:  /s/ Karl Studer
                                              ----------------------------------
                                              Name: Karl Studer
                                              Title: Director

                                         By:  /s/ Mark Gleason
                                              ----------------------------------
                                              Name: Mark Gleason
                                              Title: Director<PAGE>

                                                                    Exhibit 4.15

                           THIS AMENDED AND RESTATED SUBSIDIARY GUARANTEE
                           AGREEMENT (together with instruments executed and
                           delivered pursuant to Section 20 hereof, this
                           "Agreement") dated as of May 22, 2002, among each of
                           the subsidiaries of ACTUANT CORPORATION, a Wisconsin
                           corporation (formerly known as Applied Power Inc.)
                           (the "Borrower") listed on Schedule I hereto (the
                           "Subsidiary Guarantors"), and CREDIT SUISSE FIRST
                           BOSTON, a bank organized under the laws of
                           Switzerland, acting through its New York Branch
                           ("CSFB"), as collateral agent (in such capacity, the
                           "Collateral Agent") for the Secured Parties (as
                           defined in the Credit Agreement referred to below).

                  Reference is made to the Amended and Restated Credit Agreement
dated as of May 22, 2002 (as amended, supplemented or otherwise modified from
time to time, the "Credit Agreement") among the Borrower, the Lenders (as
defined in Article I thereof), CSFB, as administrative agent (in such capacity,
the "Administrative Agent"), as collateral agent (in such capacity, the
"Collateral Agent") and as issuing bank (in such capacity, the "Issuing Bank")
for the Lenders, WACHOVIA BANK, NATIONAL ASSOCIATION as syndication agent (in
such capacity, the "Syndication Agent"), and ING CAPITAL LLC as documentation
agent (in such capacity, the "Documentation Agent"). Capitalized terms used and
not defined herein (including, without limitation, the term "Obligations", as
used in Section 1 and elsewhere herein) are used with the meanings assigned to
such terms in the Credit Agreement.

                  The Lenders have agreed to make Loans to the Borrower, and the
Issuing Bank has agreed to issue Letters of Credit for the account of the
Borrower, in each case pursuant to, and upon the terms and subject to the
conditions specified in, the Credit Agreement. Each of the Subsidiary Guarantors
is a Subsidiary of the Borrower and acknowledges that it will derive substantial
benefit from the making of the Loans by the Lenders to the Borrower, and the
issuance of the Letters of Credit by the Issuing Bank for the account of the
Borrower. The obligations of the Lenders to make Loans and of the Issuing Bank
to issue Letters of Credit are conditioned on, among other things, the execution
and delivery by the Subsidiary Guarantors of a Subsidiary Guarantee Agreement in
the form hereof. As consideration therefor and in order to induce the Lenders to
make Loans and the Issuing Bank to issue Letters of Credit, the Subsidiary
Guarantors are willing to execute this Agreement.

                  Accordingly, the parties hereto agree as follows:

                  SECTION 1. Subsidiary Guarantee. Each Subsidiary Guarantor
unconditionally guarantees, jointly with the other Subsidiary Guarantors and
severally, as a primary obligor and not merely as a surety, the due and punctual
payment of the Obligations. Each Subsidiary Guarantor waives notice of and
hereby consents to any agreements or arrangements whatsoever by the Secured
Parties with any other person pertaining to the Obligations, including
agreements and arrangements for payment, extension, renewal, subordination,
composition, arrangement, discharge or release of the whole or any part of the
Obligations, or for the discharge or surrender of any or all security, or for
the compromise, whether by way of acceptance of part payment or otherwise, and
the same shall in no way impair such Subsidiary Guarantor's liability hereunder.

                  SECTION 2. Obligations Not Waived. To the fullest extent
permitted by applicable law, each Subsidiary Guarantor waives presentment to,
demand of payment from and protest to the Borrower or any other person of any of
the Obligations, and also waives notice of acceptance of its guarantee, notice
of protest for nonpayment, and all other formalities. To the fullest extent
permitted by applicable law, the obligations of each Subsidiary Guarantor
hereunder shall not be affected by (a) the failure of any Loan Party to assert
any claim or demand or to enforce or exercise any right or remedy against the
Borrower or any other Subsidiary Guarantor under the provisions of the Credit
Agreement, any other Loan Document or otherwise, (b) any ex tension, renewal or
increase of or in any of the Obligations, (c) any rescission, waiver, amendment
or modification of, or any release

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                                       -2-

from, any of the terms or provisions of this Agreement, the Credit Agreement,
any other Loan Document, any guarantee or any other agreement or instrument,
including with respect to any other Subsidiary Guarantor under this Agreement,
(d) the release of (or the failure to perfect a security interest in) any of the
security held by or on behalf of the Collateral Agent or any other Secured Party
or (e) the failure or delay of any Secured Party to exercise any right or remedy
against any other guarantor of the Obligations; provided, in any action or
proceeding involving any state corporate law, or any state, federal or foreign
bankruptcy, insolvency, reorganization or other law affecting the rights of
creditors generally, if the obligations of any Subsidiary Guarantor hereunder
would otherwise be held or determined to be void, voidable, invalid or
unenforceable, or subordinated to the claims of any other creditors, on account
of the amount of its liability hereunder, then, notwithstanding any other
provision to the contrary, the amount of such liability shall, without any
further action by such Subsidiary Guarantor, any Lender, any Agent or any other
person, be automatically limited and reduced to the highest amount that is valid
and enforceable and not subordinated to the claims of other creditors as
determined in such action or proceeding.

                  SECTION 3. Security. Each of the Subsidiary Guarantors
authorizes the Collateral Agent to (a) take and hold security for the payment of
this Subsidiary Guarantee and the Obligations and exchange, enforce, waive and
release any such security, (b) apply such security and direct the order or
manner of sale thereof as it in its sole discretion may determine subject to the
terms of any other Loan Documents and (c) release or substitute any one or more
endorsees, other guarantors or other obligors.

                  SECTION 4. Guarantee of Payment. Each Subsidiary Guarantor
further agrees that its guarantee constitutes a guarantee of payment when due
and not of collection, and waives any right to require that any resort be had by
the Collateral Agent or any other Secured Party to any of the security held for
payment of the Obligations or to any balance of any deposit account or credit on
the books of the Collateral Agent or any other Secured Party in favor of the
Borrower or any other person.

                  SECTION 5. No Discharge or Diminishment of Guarantee. The
obligations of each Subsidiary Guarantor hereunder shall not be subject to any
reduction, limitation, impairment or termination for any reason (other than the
indefeasible payment in full in cash of the Obligations), including any claim of
waiver, release, surrender, alteration or compromise of any of the Obligations,
and shall not be subject to any defense (other than a defense of payment) or
setoff, counterclaim, recoupment or termination whatsoever by reason of the
invalidity, illegality or unenforceability of the Obligations or otherwise.
Without limiting the generality of the foregoing, the obligations of each
Subsidiary Guarantor hereunder shall not be discharged or impaired or otherwise
affected by the failure of the Collateral Agent or any other Secured Party to
assert any claim or demand or to enforce any remedy under the Credit Agreement,
any other Loan Document, any guarantee or any other agreement or instrument, by
any amendment, waiver or modification of any provision of the Credit Agreement
or any other Loan Document or other agreement or instrument, by any default,
failure or delay, wilful or otherwise, in the performance of the Obligations, or
by any other act, omission or delay to do any other act that may or might in any
manner or to any extent vary the risk of such Subsidiary Guarantor or that would
otherwise operate as a discharge of such Subsidiary Guarantor as a matter of law
or equity (other than the indefeasible payment in full in cash of all the
Obligations) or which would impair or eliminate any right of such Subsidiary
Guarantor to subrogation.

                  SECTION 6. Defenses Waived. To the fullest extent permitted by
applicable law, each of the Subsidiary Guarantors waives any defense based on or
arising out of the unenforceability of the Obligations or any part thereof from
any cause or the cessation from any cause of the liability (other than the final
and indefeasible payment in full in cash of the Obligations) of the Borrower or
any other person. The Collateral Agent and the other Secured Parties may, at
their election, foreclose on any security held by one or more of them by one or
more judicial or nonjudicial sales, accept an assignment of any such security in
lieu of foreclosure,

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                                       -3-

compromise or adjust any part of the Obligations, make any other accommodation
with the Borrower or any other guarantor or exercise any other right or remedy
available to them against the Borrower or any other guarantor, without affecting
or impairing in any way the liability of any Subsidiary Guarantor hereunder
except to the extent the Obligations have been fully, finally and indefeasibly
paid in cash. Pursuant to applicable law, each of the Subsidiary Guarantors
waives any defense arising out of any such election even though such election
operates, pursuant to applicable law, to impair or to extinguish any right of
reimbursement or subrogation or other right or remedy of such Subsidiary
Guarantor against the Borrower or any other guarantor or any security.

                  SECTION 7.  Agreement to Pay; Subordination. In furtherance of
the foregoing and not in limitation of any other right that the Collateral Agent
or any other Secured Party has at law or in equity against any Subsidiary
Guarantor by virtue hereof, upon the failure of the Borrower or any other Loan
Party to pay any Obligation when and as the same shall become due, whether at
maturity, by acceleration, after notice of prepayment or otherwise, each
Subsidiary Guarantor hereby promises to and will forthwith pay, or cause to be
paid, to the Collateral Agent or such other Secured Party as designated thereby
in cash an amount equal to the unpaid amount of such Obligations then due,
together with accrued and unpaid interest and fees on such Obligations. Upon
payment by any Subsidiary Guarantor of any sums to the Collateral Agent or any
Secured Party as provided above, all rights of such Subsidiary Guarantor against
the Borrower arising as a result thereof by way of right of subrogation,
contribution, reimbursement, indemnity or otherwise shall in all respects be
subordinate and junior in right of payment to the prior indefeasible payment in
full in cash of all the Obligations. In addition, any indebtedness of the
Borrower or any Subsidiary now or hereafter held by any Subsidiary Guarantor is
hereby subordinated in right of payment to the prior payment in full of the
Obligations. If any amount shall be paid to any Subsidiary Guarantor on account
of (i) such subrogation, contribution, reimbursement, indemnity or similar right
or (ii) any such indebtedness at any time when any Obligation then due and owing
has not been paid, such amount shall be held in trust for the benefit of the
Secured Parties and shall forthwith be paid to the Collateral Agent to be
credited against the payment of the Obligations, whether matured or unmatured,
in accordance with the terms of the Loan Documents.

                  SECTION 8.  Information. Each of the Subsidiary Guarantors
assumes all responsibility for being and keeping itself informed of the
Borrower's financial condition and assets, all other circumstances bearing upon
the risk of nonpayment of the Obligations and the nature, scope and extent of
the risks that such Subsidiary Guarantor assumes and incurs hereunder and agrees
that none of the Collateral Agent or the other Secured Parties will have any
duty to advise any of the Subsidiary Guarantors of information known to it or
any of them regarding such circumstances or risks.

                  SECTION 9.  Representations and Warranties. Each of the
Subsidiary Guarantors represents and warrants as to itself that all
representations and warranties relating to it contained in the Credit Agreement
are true and correct.

                  SECTION 10. Termination. The Guarantees made hereunder (a)
shall terminate when (i) the principal of and premium, if any, and interest
(including interest accruing during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or
allowable in such proceeding) on all Loans, (ii) each payment required to be
made under the Credit Agreement in respect of any Letter of Credit, and (iii)
all other Obligations then due and owing, have in each case been indefeasibly
paid in full and the Lenders have no further commitment to lend under the Credit
Agreement, the L/C Exposure has been reduced to zero and the Issuing Bank has no
further obligation to issue Letters of Credit under the Credit Agreement and (b)
shall continue to be effective or be reinstated, as the case may be, if at any
time any payment, or any part thereof, on any Obligation is rescinded or repaid
in good faith settlement of a pending or threatened avoidance claim or must
otherwise be restored by any Secured Party upon the bankruptcy or reorganization
of the Company, the Borrower, or any Subsidiary Guarantor or otherwise.

<PAGE>

                                      -4-

                  SECTION 11. Binding Effect; Several Agreement; Assignments;
Releases. Whenever in this Agreement any of the parties hereto is referred to,
such reference shall be deemed to include the successors and assigns of such
party; and all covenants, promises and agreements by or on behalf of the
Subsidiary Guarantors that are contained in this Agreement shall bind and inure
to the benefit of each party hereto and their respective successors and assigns.
This Agreement shall become effective as to any Subsidiary Guarantor when a
counterpart hereof (or a Supplement referred to in Section 20 hereof) executed
on behalf of such Subsidiary Guarantor shall have been delivered to the
Collateral Agent and a counterpart hereof (or a Supplement referred to in
Section 20) shall have been executed on behalf of the Collateral Agent, and
thereafter shall be binding upon such Subsidiary Guarantor and the Collateral
Agent and their respective successors and assigns, and shall inure to the
benefit of such Subsidiary Guarantor, the Collateral Agent and the other Secured
Parties, and their respective successors and assigns, except that no Subsidiary
Guarantor shall have the right to assign its rights or obligations hereunder or
any interest herein (and any such attempted assignment shall be void). This
Agreement shall be construed as a separate agreement with respect to each
Subsidiary Guarantor and may be amended, modified, supplemented, waived or
released with respect to any Subsidiary Guarantor without the approval of any
other Subsidiary Guarantor and without affecting the obligations of any other
Subsidiary Guarantor. The Collateral Agent is hereby expressly authorized to,
and agrees upon request of the Borrower it will, release any Subsidiary
Guarantor from its obligations hereunder in the event that all the capital stock
of such Subsidiary Guarantor shall be sold, transferred or otherwise disposed of
to a person that is not an Affiliate of the Borrower in a transaction permitted
by Section 6.05 of the Credit Agreement.

                  SECTION 12. Waivers; Amendment. (a) No failure or delay of the
Collateral Agent in exercising any power or right hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right or
power, or any abandonment or discontinuance of steps to enforce such a right or
power, preclude any other or further exercise thereof or the exercise of any
other right or power. The rights and remedies of the Collateral Agent hereunder
and of the other Secured Parties under the other Loan Documents are cumulative
and are not exclusive of any rights or remedies that they would otherwise have.
No waiver of any provision of this Agreement or consent to any departure by any
Subsidiary Guarantor therefrom shall in any event be effective unless the same
shall be permitted by paragraph (b) below, and then such waiver or consent shall
be effective only in the specific instance and for the purpose for which given.
No notice or demand on any Subsidiary Guarantor in any case shall entitle such
Subsidiary Guarantor to any other or further notice or demand in similar or
other circumstances.

                  (b) Neither this Agreement nor any provision hereof may be
waived, amended or modified except pursuant to a written agreement entered into
between the Subsidiary Guarantors to which such waiver, amendment or
modification relates and the Collateral Agent with consent required under the
Credit Agreement.

                  SECTION 13. Governing Law. THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                  SECTION 14. Notices. All communications and notices hereunder
shall be in writing and given as provided in Section 9.01 of the Credit
Agreement. All communications and notices hereunder to each Subsidiary Guarantor
shall be given to it at its address set forth in Schedule I with a copy to the
Borrower.

                  SECTION 15. Survival of Agreement; Severability. (a) All
covenants, agreements, representations and warranties made by the Subsidiary
Guarantors herein and in the certificates or other instruments prepared or
delivered in connection with or pursuant to this Agreement or any other Loan
Document shall be considered to have been relied upon by the Collateral Agent
and the other Secured Parties and shall survive the making by the Lenders of the
Loans and the issuance of the Letters of Credit by the Issuing Bank regardless
of any investigation made by the Secured Parties or on their behalf, and shall
continue in full force and effect as

<PAGE>

                                      -5-

long as the principal of or any accrued interest on any Loan or any other fee or
amount payable under this Agreement or any other Loan Document is outstanding
and unpaid, the L/C Exposure does not equal zero or the Commitments and the L/C
Commitment have not been terminated.

                  (b) In the event any one or more of the provisions contained
in this Agreement or in any other Loan Document should be held invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of
the remaining provisions contained herein and therein shall not in any way be
affected or impaired thereby (it being understood that the invalidity of a
particular provision in a particular jurisdiction shall not in and of itself
affect the validity of such provision in any other jurisdiction). The parties
shall endeavor in good-faith negotiations to replace the invalid, illegal or
unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable
provisions.

                  SECTION 16. Counterparts. This Agreement may be executed in
counterparts, each of which shall constitute an original, but all of which when
taken together shall constitute a single contract, and shall become effective as
provided in Section 11. Delivery of an executed signature page to this Agreement
by facsimile transmission shall be as effective as delivery of a manually
executed counterpart of this Agreement.

                  SECTION 17. Rules of Interpretation. The rules of
interpretation specified in Section 1.02 of the Credit Agreement shall be
applicable to this Agreement.

                  SECTION 18. Jurisdiction; Consent to Service of Process. (a)
Each Subsidiary Guarantor hereby irrevocably and unconditionally submits, for
itself and its property, to the nonexclusive jurisdiction of any New York State
court or Federal court of the United States of America sitting in New York City,
and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Agreement or the other Loan Documents, or for
recognition or enforcement of any judgment, and each of the parties hereto
hereby irrevocably and unconditionally agrees that all claims in respect of any
such action or proceeding may be heard and determined in such New York State
court or, to the extent permitted by law, in such Federal court. Each of the
parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Agreement shall
affect any right that the Collateral Agent or any other Secured Party may
otherwise have to bring any action or proceeding relating to this Agreement or
the other Loan Documents against any Subsidiary Guarantor or its properties in
the courts of any jurisdiction.

                  (b) Each Subsidiary Guarantor hereby irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do
so, any objection that it may now or hereafter have to the laying of venue of
any suit, action or proceeding arising out of or relating to this Agreement or
the other Loan Documents in any New York State or Federal court. Each of the
parties hereto hereby irrevocably waives, to the fullest extent permitted by
law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court.

                  (c) Each party to this Agreement irrevocably consents to
service of process in the manner provided for notices in Section 14. Nothing in
this Agreement will affect the right of any party to this Agreement to serve
process in any other manner permitted by law.

                  SECTION 19. Waiver of Jury Trial. EACH PARTY HERETO HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING
OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS.
EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT

<PAGE>

                                      -6-

OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS
APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN
THIS SECTION 19.

                  SECTION 20. Additional Subsidiary Guarantors. Pursuant to
Section 5.11 of the Credit Agreement, each Domestic Subsidiary that was not in
existence on the date of the Credit Agreement is required to enter into this
Agreement as a Subsidiary Guarantor upon becoming a Domestic Subsidiary. Upon
execution and delivery after the date hereof by the Collateral Agent and such a
Subsidiary of a Supplement in the form of Annex 1, such Subsidiary shall become
a Subsidiary Guarantor hereunder with the same force and effect as if originally
named as a Subsidiary Guarantor herein. The execution and delivery of any
Supplement adding an additional Subsidiary Guarantor as a party to this
Agreement shall not require the consent of any other Subsidiary Guarantor
hereunder. The rights and obligations of each Subsidiary Guarantor hereunder
shall remain in full force and effect notwithstanding the addition of any new
Subsidiary Guarantor as a party to this Agreement.

                  SECTION 21. Right of Setoff. If an Event of Default shall have
occurred and be continuing, each Secured Party is hereby authorized at any time
and from time to time, to the fullest extent permitted by law, to set off and
apply any and all deposits (general or special, time or demand, provisional or
final) at any time held and other Indebtedness at any time owing by such Secured
Party to or for the credit or the account of any Subsidiary Guarantor against
any or all the obligations of such Subsidiary Guarantor now or hereafter
existing under this Agreement and the other Loan Documents held by such Secured
Party, irrespective of whether or not the Collateral Agent or any Secured Party
shall have made any demand under this Agreement or any other Loan Document and
although such obligations may be unmatured. The rights of each Secured Party
under this Section 21 are in addition to other rights and remedies (including
other rights of setoff) which such Secured Party may have.

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the day and year first above written.

                                        EACH OF THE SUBSIDIARIES LISTED ON
                                        SCHEDULE I HERETO

                                        By:   /s/ Terence M. Braatz
                                              ----------------------------------
                                              Name: Terence M. Braatz
                                              Title: Treasurer

                                        CREDIT SUISSE FIRST BOSTON, as
                                        Collateral Agent

                                        By:   /s/ Karl Studer
                                              ----------------------------------
                                              Name: Karl Studer
                                              Title: Director

                                        By:   /s/ Mark Gleason
                                              ----------------------------------
                                              Name: Mark Gleason
                                              Title: Director

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