Document:

EX-10.3

 

Exhibit 10.3

AMENDED AND RESTATED SUBSIDIARY GUARANTEE

     THIS AMENDED AND RESTATED SUBSIDIARY GUARANTEE (as at any time amended, restated, modified or
supplemented, this “Guarantee”), is made and entered into as of April 26, 2006, by each of
QFM SALES AND SERVICES, INC., a Delaware corporation (“QFM”), COLTEC INTERNATIONAL SERVICES
CO, a Delaware corporation (“Coltec International”), GARRISON LITIGATION MANAGEMENT GROUP,
LTD., a Delaware corporation (“Garrison”), GGB, INC. (formerly Glacier Garlock Bearings
Inc.), a Delaware corporation (“GGB Inc.”), GARLOCK INTERNATIONAL INC, a Delaware
corporation (“Garlock International”), STEMCO DELAWARE LP, a Delaware limited partnership
(and successor to Stemco LLC, a Delaware limited liability company) (“Stemco LP (DE)”),
GARLOCK OVERSEAS CORPORATION, a Delaware corporation (“Garlock Overseas”), STEMCO HOLDINGS,
INC., a Delaware corporation (“Stemco Holdings”), and STEMCO HOLDINGS DELAWARE, INC., a
Delaware corporation (“Stemco Holdings Delaware”; QFM, Coltec International, Garrison, GGB
Inc., Garlock International, Stemco LP (DE), Garlock Overseas, Stemco Holdings and Stemco Holdings
Delaware each individually referred to herein as a “Guarantor” and collectively as the
“Guarantors”), in favor of BANK OF AMERICA, N.A., a national banking association, in its
capacity as collateral and administrative agent (together with its successors in such capacity, the
“Agent”) for the Secured Parties (as such term is defined in the Loan Agreement (defined
below)).

WITNESSETH:

     WHEREAS, pursuant to that certain Credit Agreement dated as of May 16, 2002 by and among
Coltec Industries Inc, a Pennsylvania corporation (“Coltec”), Coltec Industrial Products
LLC, a Delaware limited liability company (“CIP”), Garlock Sealing Technologies LLC, a
Delaware limited liability company (“Garlock Sealing”), GGB LLC (formerly Garlock Bearings
LLC), a Delaware limited liability company (“GGB LLC”), HTCI, Inc. (formerly Haber Tool
Company, Inc.), a Michigan corporation (“HTCI”), Corrosion Control Corporation, a Colorado
corporation (“CCC”), and Stemco LP, a Texas limited partnership (“Stemco LP (TX)”;
Coltec, CIP, Garlock Sealing, GGB LLC, HTCI, CCC and Stemco LP (TX) each individually referred to
herein as an “Original Borrower” and collectively as “Original Borrowers”), the
Agent, and the various financial institutions party thereto from time to time (the “Original
Lenders”) (including all annexes, exhibits and schedules thereto, as at any time amended,
restated, modified, or supplemented prior to the date hereof, including by means of any joinder
agreements, the “Original Loan Agreement”), the Original Lenders agreed to make loans to,
and issue letters of credit on behalf of, Original Borrowers;

     WHEREAS, in connection with the Original Loan Agreement, (i) EnPro Industries, Inc., a North
Carolina corporation (the “Parent”) executed and delivered that certain Parent Guarantee
dated as of May 31, 2002 in favor of the Agent and the Original Lenders (as at any time amended,
restated, modified, or supplemented prior to the date hereof, the “Original Parent
Guarantee”), pursuant to which the Parent unconditionally guaranteed to the Agent and the
Original Lenders the payment and performance of all of the “Guaranteed Obligations” (as defined
therein); (ii) the Guarantors executed and delivered that certain Subsidiary Guarantee dated as of
May 31, 2002 in favor of the Agent and the Original Lenders (as at any time amended, restated,
modified, or supplemented prior to the date hereof, including by means of any joinder agreements,
the “Original Subsidiary Guarantee”), pursuant to which the Guarantors jointly and
severally unconditionally guaranteed to the Agent and the Original Lenders the payment and
performance of all of the “Guaranteed Obligations” (as defined

 

 

therein); and (iii) Original Borrowers, the Parent, and the Guarantors executed and delivered
that certain Security Agreement dated as of May 16, 2002 in favor of the Agent for the benefit of
itself and the Original Lenders (as at any time amended, restated, modified, or supplemented prior
to the date hereof, including by means of any joinder agreements, the “Original Security
Agreement”), pursuant to which Original Borrowers, the Parent and the Guarantors granted to the
Agent for the benefit of itself and the Original Lenders a security interest in all of the
collateral described therein as security for all of the “Obligations” (as defined therein);

     WHEREAS, Coltec, CIP, Garlock Sealing, GGB LLC, CCC and Stemco LP (TX) (each individually
referred to herein as a “Borrower” and collectively as “Borrowers”, the Parent and
Guarantors, the Agent and the various financial institutions party thereto from time to time (the
“Lenders”) have entered into that certain Amended and Restated Loan and Security Agreement
dated as of even date herewith (as at any time amended, restated, modified or supplemented, the
“Loan Agreement”), which Loan Agreement amends and restates both the Original Loan
Agreement and the Original Security Agreement;

     WHEREAS, it is a condition to the Agent’s and the Lenders’ willingness to make loans and other
financial accommodations to or for the benefit of the Borrowers under the Loan Agreement that the
Guarantors agree to amend and restate the Original Subsidiary Guarantee in its entirety as
hereinafter set forth; and

     WHEREAS, each Guarantor has determined that it is and will be in the best interest and to the
direct advantage of such Guarantor to assist the Borrowers in borrowing money and obtaining
extensions of credit from the Agent and the Lenders under the Loan Agreement in order to further
the business of such Guarantor, and each Guarantor agrees that the Original Subsidiary Guarantee is
hereby amended and restated in its entirety by this Guarantee, and Guarantors agree to jointly and
severally unconditionally guaranty to the Secured Parties (as defined in the Loan Agreement), all
of the Guaranteed Obligations (as defined herein), and to ratify, renew and continue the prior
Guaranteed Obligations (as defined in the Original Subsidiary Guarantee) all on the terms set forth
herein;

AGREEMENT

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

     Section 1 DEFINITIONS. Capitalized terms used herein, unless otherwise defined herein, shall
have the meanings ascribed to such terms in the Loan Agreement.

     Section 2 THE GUARANTEE. The guarantee of each of the Guarantors hereunder is as follows:

     Section 2.1 Guarantee Of Extensions Of Credit To Borrowers. The Guarantors hereby
jointly and severally, unconditionally, absolutely and irrevocably guarantee to the Secured Parties
and their successors, endorsees, transferees and assigns, the prompt payment, when and as due
(whether at stated maturity, on mandatory prepayment by acceleration or otherwise), and performance
of all of the Obligations of the Borrowers under the Loan Agreement and the other Loan Documents
(including all interest and reasonable out-of-pocket costs of enforcement or

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preservation and protection of Collateral payable by the Borrowers under the Loan Agreement or
any Loan Document which may at any time accrue with respect to the Obligations of the Borrowers or
which would accrue but for the operation of any provision or doctrine with respect to the
Bankruptcy Code, as hereinafter defined, and whether or not an allowed claim) (the “Guaranteed
Obligations”). Each of the Guarantors agrees that this Guarantee is a guaranty of payment and
performance and not of collection, and that its obligations under this Guarantee (a) shall be joint
and several with any other Persons which may at any time or from time to time be or become directly
or indirectly financially responsible to the Secured Parties with respect to the Guaranteed
Obligations (any such Person, an “Obligor”) and (b) shall be under all circumstances
primary, absolute and unconditional, irrespective of, and unaffected by:

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

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

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

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

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

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

          (vii) any sale, transfer or other disposition of any Equity Interests of any Borrower,
Guarantor or other Obligor;

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

          (ix) any other fact or circumstance which might otherwise constitute a defense available to,
or a discharge of, a surety or guarantor (other than the fulfillment of the termination
requirements under Section 7.12 hereof); it being agreed by each Guarantor that its obligations
under this Guarantee shall not be discharged until the payment and performance, in full, of the
Guaranteed Obligations (including all interest and reasonable out-of-pocket costs of

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enforcement or preservation and protection of Collateral payable by the Borrowers under the
Loan Agreement and the other Loan Documents which may at any time accrue with respect to the
Guaranteed Obligations or which would accrue but for the operation of any provision of or doctrine
with respect to the Bankruptcy Code and whether or not an allowed claim) or the written release of
such Guarantor by the Secured Parties, whichever shall occur first. Each of the Guarantors shall be
regarded, and shall be in the same position, as principal debtor (and not merely as surety) with
respect to the Guaranteed Obligations and each of the Guarantors specifically agrees that,
notwithstanding any discharge of any Borrower or any other Person or the operation of any other
provision of the Bankruptcy Code with respect to the Guaranteed Obligations or any such Persons,
such Guarantor shall be fully responsible for paying all interest and reasonable out-of-pocket
costs of enforcement or preservation and protection of Collateral which may at any time accrue with
respect to the Guaranteed Obligations or which would accrue but for the operation of any provision
of or doctrine with respect to the Bankruptcy Code and whether or not an allowed claim. Each of the
Guarantors expressly waives all rights it may have now or in the future under any statute, or at
common law, or at law or in equity, or otherwise, to compel the Secured Parties to proceed in
respect of the Guaranteed Obligations against any Borrower, Guarantor or any other Person or
against any Collateral before proceeding against, or as a condition to proceeding against, such
Guarantor. Each of the Guarantors agrees that any notice or directive given at any time to the
Secured Parties which is inconsistent with the waiver in the immediately preceding sentence shall
be null and void and may be ignored by the Secured Parties, and, in addition, may not be pleaded or
introduced as evidence in any litigation relating to this Guarantee for the reason that such
pleading or introduction would be at variance with the written terms of this Guarantee unless the
Agent has specifically agreed otherwise in writing. It is agreed among each of the Guarantors and
the Secured Parties that the foregoing waivers are of the essence of the transaction contemplated
by the Loan Documents and that, but for this Guarantee and such waivers, the Secured Parties would
decline to enter into the Loan Agreement. Notwithstanding any other provision of this Guarantee to
the contrary, if the obligations of any Guarantor hereunder would otherwise be held or determined
by a court of competent jurisdiction in any action or proceeding involving any state corporate law
or any state or Federal bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance
or other law affecting the rights of creditors generally, to be void, invalid or unenforceable to
any extent on account of the amount of such Guarantor’s liability under this Guarantee, then
notwithstanding any other provision of this Guarantee to the contrary, the amount of such liability
shall, without any further action by any Guarantor or any other party, be automatically limited and
reduced to the highest amount which is valid and enforceable as determined in such action or
proceeding (the “Maximum Guaranteed Amount”). The Guarantors desire to allocate among
themselves, in a fair and equitable manner, the Guaranteed Obligations arising under this
Guarantee. Accordingly, in the event any payment or distribution is made hereunder on any date by a
Guarantor (a “Funding Guarantor”) that exceeds its Fair Share (as hereinafter defined) as
of such date, that Funding Guarantor shall be entitled to a contribution from each of the other
Guarantors in the amount of such other Guarantor’s Fair Share Shortfall (as hereinafter defined) as
of such date, with the result that all such contributions will cause
each Guarantor’s Aggregate
Payments (as hereinafter defined) to equal its Fair Share as of such date. “Fair Share”
means, with respect to a Guarantor as of any date of determination, an amount equal to (i) the
ratio of (x) the Adjusted Maximum Guaranteed Amount (as hereinafter defined) with respect to such
Guarantor to (y) the aggregate of the Adjusted Maximum Guaranteed Amounts with respect to all
Guarantors, multiplied by (ii) the aggregate amount paid or distributed on or before such date by
all Funding Guarantors hereunder in respect of the obligations guaranteed. “Fair Share
Shortfall” means, with respect to a Guarantor as of any date of determination, the excess, if
any, of the Fair Share of such Guarantor over the Aggregate Payments of such Guarantor.
“Adjusted 

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Maximum Guaranteed Amount” means, with respect to a Guarantor as of any date of
determination, the Maximum Guaranteed Amount of such Guarantor, provided that,
solely for purposes of calculating the “Adjusted Maximum Guaranteed Amount” with respect to
any Guarantor for purposes of this paragraph, any assets or liabilities arising by virtue of any
rights to subrogation, reimbursement or indemnity or any rights to or obligations of contribution
hereunder shall not be considered as assets or liabilities of such Guarantor. “Aggregate
Payments” means, with respect to a Guarantor as of any date of determination, the aggregate
amount of all payments and distributions made on or before such date by such Guarantor in respect
of this Guarantee (including, without limitation, in respect of this paragraph). The amounts
payable as contributions hereunder shall be determined as of the date on which the related payment
or distribution is made by the applicable Funding Guarantor. The allocation among Guarantors of
their obligations as set forth in this paragraph shall not be construed in any way to limit the
liability of any Guarantor hereunder to the Secured Parties.

     Section 2.2 Demand By The Agent. In addition to the terms of the Guarantee set forth
in Section 2.1 hereof, and in no manner imposing any other limitation on such terms, it is
expressly understood and agreed that, if any or all of the then outstanding principal amount of the
Guaranteed Obligations (together with all accrued interest thereon) becomes due and payable, then
the obligations of each of the Guarantors shall, at the option of the Agent, without notice or
demand, become due and payable and each Guarantor shall, upon demand in writing therefor by the
Agent to such Guarantor, pay to the holder or holders of the Guaranteed Obligations the outstanding
Guaranteed Obligations due and owing to such holder or holders. Payment by each Guarantor shall be
made in Dollars to the Agent for the ratable benefit of the Secured Parties, in immediately
available Federal funds to an account designated by the Agent or at the address set forth herein
for the giving of notice to the Agent or at any other address that may be specified in writing from
time to time by the Agent.

     Section 2.3 Enforcement Of Guarantee. In no event shall the Agent or any of the other
Secured Parties have any obligation (although the Agent is entitled, at the Agent’s option) to
proceed against any Borrower or any other Person or any Collateral before seeking satisfaction from
any Guarantor, and the Agent may proceed, prior or subsequent to, or simultaneously with, the
enforcement of the Secured Parties’ rights hereunder, to exercise any right or remedy which the
Agent or any of the other Secured Parties may have against any Collateral. The obligations of each
of the Guarantors hereunder are independent of the obligations of any other Guarantor or other
Obligor of the Guaranteed Obligations or of any Borrower, and a separate action or actions may be
brought and prosecuted against any Guarantor whether or not action is brought against any other
Guarantor, any other Obligor or any Borrower, and whether or not any such Persons are joined in any
such action or actions.

     Section 2.4 Waiver. In addition to the waivers contained in Section 2.1 hereof, each
of the Guarantors waives, and agrees that it shall not at any time insist upon, plead or in any
manner whatever claim or take the benefit or advantage of, any appraisal, valuation, stay,
extension, marshaling of assets or redemption or similar laws, or exemption, whether now or at any
time hereafter in force, which may delay, prevent or otherwise affect the performance by such
Guarantor of its obligations under, or the enforcement by the Agent or any of the other Secured
Parties of, this Guarantee. Each of the Guarantors hereby waives diligence, presentment and demand
(whether for nonpayment or protest or of acceptance, maturity, extension of time, change in nature
or form of the Guaranteed Obligations, acceptance of further security, release of further security,
composition or agreement arrived at as to the amount of, or the terms of, the Guaranteed
Obligations, notice of adverse change in any Borrower’s, any Guarantor’s or any other Obligor’s
financial condition or any other fact which might materially increase the risk to such Guarantor)
with respect to

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any of the Guaranteed Obligations or all other demands whatsoever, and further waives notice
of default or any failure on the part of any Borrower or any other Obligor to perform and comply
with any covenant, term or condition of the Loan Agreement or any other Loan Document. Each of the
Guarantors further waives all notices which may be required by statute or rule of law, now or
hereafter in effect, to preserve intact any rights against the Guarantor and waives the benefit of
all provisions of law which are or might be in conflict with the terms of this Guarantee. Without
limiting the generality of the foregoing, each of the Guarantors hereby specifically waives the
benefits of N.C. Gen. Stat. Sections 26-7 through 26-9, inclusive. Each of the Guarantors hereby
waives any requirement on the part of any holder of any note to mitigate the damages resulting from
any default under such note. Each of the Guarantors represents, warrants and agrees that, as of the
date of this Guarantee, the Guarantor’s obligations under this Guarantee are not subject to any
offsets or defenses against any of the Secured Parties or any Borrower. Each of the Guarantors
further agrees that its obligations under this Guarantee shall not be subject to any counterclaims,
offsets or defenses against any of the Secured Parties or any Borrower which may arise in the
future (other than fulfillment of the termination requirements under Section 7.12 hereof).

     Section 2.5 Benefit Of Guarantee. The provisions of this Guarantee are for the ratable
benefit of the Secured Parties and their respective successors and permitted transferees, endorsees
and assigns, and nothing herein contained shall impair, as among the Borrowers, the Guarantors and
the Secured Parties, the obligations of the Borrowers and the Guarantors under the Loan Documents.
In the event all or any part of the Guaranteed Obligations are transferred, endorsed or assigned by
the Secured Parties to any Person or Persons in accordance with the terms of the Loan Agreement,
any reference to “Secured Parties” herein shall be deemed to refer equally to such Person or
Persons.

     Section 2.6 Modification Of Guaranteed Obligations. If the Secured Parties shall at
any time or from time to time, with or without the consent of, or notice to, any Guarantor:

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

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

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

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

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

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

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

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

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

     Section 2.7 Reinstatement. This Guarantee shall remain in full force and effect and
continue to be effective in the event any petition is filed by or against any of the Borrowers, any
Guarantor or any other Person for liquidation or reorganization, in the event any of the Borrowers,
any Guarantor or any other Person becomes insolvent or makes an assignment for the benefit of
creditors or in the event a receiver or trustee is appointed for all or any significant part of any
of the Borrowers’, any of the Guarantors’ or such other Person’s assets, and shall continue to be
effective or be reinstated, as the case may be, if at any time payment and performance of the
Guaranteed Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced
in amount, or must otherwise be restored or returned by the Secured Parties, whether as a “voidable
preference”, “fraudulent conveyance”, or otherwise, all as though such payment or performance had
not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored
or returned, the Guaranteed Obligations shall be reinstated and deemed reduced only by such amount
paid and not so rescinded, reduced, restored or returned.

     Section 2.8 Waiver Of Subrogation. EACH OF THE GUARANTORS HEREBY IRREVOCABLY WAIVES
UNTIL INDEFEASIBLE PAYMENT IN FULL OF THE OBLIGATIONS (A) ALL RIGHTS OF SUBROGATION (WHETHER
CONTRACTUAL, UNDER SECTION 509 OF THE BANKRUPTCY CODE, UNDER COMMON LAW, OR OTHERWISE) TO THE
CLAIMS OF THE SECURED PARTIES AGAINST ANY BORROWER AND (B) ALL CONTRACTUAL, STATUTORY OR COMMON LAW
RIGHTS OF CONTRIBUTION, REIMBURSEMENT, INDEMNIFICATION AND SIMILAR RIGHTS AND “CLAIMS” (AS SUCH
TERM IS DEFINED IN THE BANKRUPTCY CODE) AGAINST ANY BORROWER, ANY GUARANTOR OR ANY OTHER OBLIGOR
WHICH ARISE IN CONNECTION WITH, OR AS A RESULT OF, THIS GUARANTEE.

     Section 2.9 Continuing Guarantee: Transfer Of Notes. This Guarantee is a continuing
guaranty and shall (i) remain in full force and effect until payment and performance in full
(including after the Commitment Termination Date) of the Guaranteed Obligations and termination of
the Lenders’ Commitments, (ii) be binding upon each Guarantor and its successors and permitted
transferees and assigns, and (iii) inure, together with the rights and remedies of the Secured
Parties hereunder, to the benefit of the Secured Parties and their respective permitted successors,
transferees, endorsees and assigns. Without limiting the generality of foregoing clause (iii), any
Lender or the Agent may, except as limited by the express terms of the Loan Agreement, assign or
otherwise transfer any Loan or Commitment held by it to any other Person or entity, and such other
Person or entity shall thereupon become vested with all the benefits in respect thereof granted to
the Secured Parties herein or otherwise.

     Section 2.10 Waiver of Certain Rights. Each of the Guarantors understands that the

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exercise by any of the Secured Parties or the Agent, of certain rights and remedies contained
in the Loan Agreement may affect or eliminate such Guarantor’s right of subrogation and
reimbursement against the Borrowers and the other Guarantors and other Obligors and that such
Guarantor may therefore incur a partially or totally nonreimbursable liability hereunder.
Nevertheless, each of the Guarantors hereby authorizes and empowers the Agent, and each of the
other Secured Parties, to exercise, in its sole discretion, any rights and remedies, or any
combination thereof, which may then be available under the Loan Documents or Applicable Law, since
it is the intent and purpose of the Guarantors that the obligations hereunder shall be absolute,
independent and unconditional under any and all circumstances. Each of the Guarantors waives all
rights and defenses arising out of an election of remedies by the Secured Parties, even though that
election of remedies, such as a nonjudicial foreclosure with respect to security for a Guaranteed
Obligation, has destroyed such Guarantor’s rights of subrogation and reimbursement against any
Borrower or other Guarantor or other Obligor by the operation of law or otherwise. Notwithstanding
any foreclosure of the lien of any security agreement with respect to any or all personal property
secured thereby, each of the Guarantors shall remain bound under this Guarantee, including
Guarantors’ obligation to pay any deficiency after a nonjudicial foreclosure.

     Section 3 SUBORDINATION OF OTHER OBLIGATIONS. Unless waived by the Agent and the requisite
number of Lenders in accordance with the Loan Agreement, any indebtedness of any Borrower now or
hereafter held by any Guarantor is hereby subordinated in right of payment to the Guaranteed
Obligations, and any such indebtedness of any Borrower to any Guarantor collected or received by
such Guarantor after an Event of Default has occurred and is continuing shall be held in trust for
the Agent on behalf of the Secured Parties and shall forthwith be paid over to the Agent for the
benefit of the Secured Parties to be credited and applied against the Guaranteed Obligations but
without affecting, impairing or limiting in any manner the liability of any Guarantor under any
other provision of this Guarantee.

     Section 4 FURTHER ASSURANCES. Each of the Guarantors agrees, upon the written request of the
Agent, and at Guarantors’ expense, to execute and deliver to the Agent, from time to time, any
additional instruments or documents considered necessary by the Agent to cause this Guarantee to
be, become or remain valid and effective in accordance with its terms.

     Section 5 PAYMENTS FREE AND CLEAR OF TAXES.

     Section 5.1 Payment of Taxes. Any and all payments by any of the Guarantors hereunder
shall be made free and clear of and without deduction for any and all Taxes (other than Excluded
Taxes). If any Guarantor shall be required by law to deduct any Indemnified Taxes from or in
respect of any sum payable hereunder to any of the Secured Parties, (i) the sum payable shall be
increased as may be necessary so that, after making all required deductions of Indemnified Taxes
(including deductions of Indemnified Taxes applicable to additional sums payable under this Section
5), the relevant Secured Parties receive an amount equal to the sum they would have received had no
such deductions been made, (ii) such Guarantor shall make such deductions, and (iii) such Guarantor
shall pay the full amount so deducted to the relevant taxation authority or other authority in
accordance with applicable law. If Agent or any Lender determines that it has received a refund,
credit or other reduction of taxes in respect of any Taxes paid by any Guarantor pursuant to this
Section 5.1, such Person shall, within 30 days from the date of actual receipt of such refund or
the filing of the tax return in which such credit or other reduction results in a lower tax
payment, pay over such refund or the amount of such tax reduction to such Guarantor (but only to
the extent of Taxes paid by such Guarantor pursuant to this Section 5.1), net of all out-of-pocket
expenses of such Person, and without

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interest (other than interest paid by the relevant Governmental Authority with respect to such
refund).

     Section 5.2 Survival. Without prejudice to the survival of any other agreement of any
Guarantor hereunder, the agreements and obligations of the Guarantors contained in this Section 5
shall survive the payment in full of the Guaranteed Obligations (other than the Guaranteed
Obligations that are Contingent Obligations that survive the termination of the Loan Documents) and
termination of the Lenders’ Commitments.

     Section 6 RIGHT OF SET-OFF. In addition to any Liens granted under any of the Loan Documents
and any rights now or hereafter available under Applicable Law, Agent and each Lender (and each of
their respective Affiliates) is hereby authorized by each Guarantor at any time that an Event of
Default exists, without notice to any Guarantor or any other Person (any such notice being hereby
expressly waived), to set off and to appropriate and apply any and all deposits, general or special
(including certificates of deposit whether matured or unmatured (but not including trust accounts))
and any other Debt at any time held or owing by such Lender or any of their Affiliates to or for
the credit or the account of any Guarantor against and on account of the Guaranteed Obligations of
Guarantors arising under the Loan Documents to Agent, such Lender or any of their Affiliates,
including all Guaranteed Obligations and all claims of any nature or description arising out of or
in connection with this Guarantee, irrespective of whether or not (i) Agent or such Lender shall
have made any demand hereunder, (ii) Agent, at the request or with the consent of the Required
Lenders, shall have declared the principal of and interest on the Loans and other amounts due under
the Loan Agreement to be due and payable and even though such Guaranteed Obligations may be
contingent or unmatured or (iii) the Collateral for the Guaranteed Obligations is adequate.
Notwithstanding the foregoing, each of Agent and Lenders agree with each other that it shall not,
without the express consent of the Required Lenders, and that it shall (to the extent that it is
lawfully entitled to do so) upon the request of the Required Lenders, exercise its setoff rights
hereunder against any accounts of any Guarantor now or hereafter maintained with Agent, such Lender
or any Affiliate of any of them, but no Guarantor shall have any claim or cause of action against
Agent or any Lender for any setoff made without the consent of the Required Lenders and the
validity of any such setoff shall not be impaired by the absence of such consent. If any party (or
its Affiliate) exercises the right of setoff provided for hereunder, such party shall be obligated
to share any such setoff in the manner and to the extent required by Section 13.5 of the Loan
Agreement.

     Section 7 MISCELLANEOUS.

     Section 7.1 Amendments. Any amendment or waiver of any provision of this Guarantee and
any consent to any departure by any Guarantor from any provision of this Guarantee shall be
effective only if made or given in compliance with all of the terms and provisions of Section 13.9
of the Loan Agreement.

     Section 7.2 Expenses. The Guarantors shall promptly pay to the Agent, for the ratable
benefit of the Secured Parties, the amount of any and all reasonable out-of-pocket costs and
expenses of the Secured Parties (both before and after the execution hereof) in connection with any
matters contemplated by or arising out of this Guarantee or any of the Loan Documents whether (a)
costs and expenses of the Agent (but not any other Secured Party) to prepare, negotiate or execute
(i) any amendment to, modification of or extension of this Guarantee or any other Loan Document to
which any Guarantor is a party or (ii) any instrument, document or agreement in connection with any
sale or attempted sale of any interest herein to any participant, (b) to commence, defend, or
intervene in any litigation or to file a petition, complaint, answer, motion or other pleadings
necessary to protect or enforce the rights

- 9 -

 

of the Secured Parties under this Guarantee or any other Loan Document, (c) to take any other
action in or with respect to any suit or proceeding (bankruptcy or otherwise) necessary to protect
the rights of the Secured Parties under this Guarantee or any other Loan Document or to respond to
any subpoena, deposition or interrogatory with respect to any litigation involving any Guarantor,
or (d) to attempt to enforce or to enforce any rights of the Secured Parties to collect any of the
Guaranteed Obligations, including all reasonable out-of-pocket fees and expenses of attorneys and
paralegals.

     Section 7.3 Headings. The headings in this Guarantee are for purposes of reference
only and shall not otherwise affect the meaning or construction of any provision of this Guarantee.

     Section 7.4 Severability. The provisions of this Guarantee are severable, and if any
clause or provision shall be held invalid or unenforceable in whole or in part in any jurisdiction,
then such invalidity or unenforceability shall affect in that jurisdiction only such clause or
provision, or part thereof, and shall not in any manner affect such clause or provision in any
other jurisdiction or any other clause or provision of this Guarantee in any jurisdiction.

     Section 7.5 Notices. All notices, requests and other communications to the Agent or to
any Guarantor hereunder shall be given in accordance with Section 15.9 of the Loan Agreement.

     Section 7.6 Remedies Cumulative. Each right, power and remedy of the Secured Parties
provided in this Guarantee or now or hereafter existing at law or in equity or by statute or
otherwise shall be cumulative and concurrent and shall be in addition to every other right, power
or remedy provided for in this Guarantee or now or hereafter existing at law or in equity or by
statute or otherwise. The exercise or partial exercise by the Secured Parties of any one or more of
such rights, powers or remedies shall not preclude the simultaneous or later exercise by the
Secured Parties of all such other rights, powers or remedies, and no failure or delay on the part
of the Secured Parties to exercise any such right, power or remedy shall operate as a waiver
thereof.

     Section 7.7 Statute of Limitations. To the full extent permitted by applicable law,
each of the Guarantors hereby waives the right to plead any statute of limitations as a defense to
performance of its obligations under, or enforcement of, this Guarantee.

     Section 7.8 Final Expression. This Guarantee, together with any other agreement
executed in connection herewith, is intended by the parties as a final expression of the Guarantee
and is intended as a complete and exclusive statement of the terms and conditions thereof.
Acceptance of or acquiescence in a course of performance rendered under this Guarantee shall not be
relevant to determine the meaning of this Guarantee even though the accepting or acquiescing party
had knowledge of the nature of the performance and opportunity for objection.

     Section 7.9 Financial Status. Each of the Guarantors hereby assumes responsibility for
keeping itself informed of the financial condition of each Borrower and any and all endorsers
and/or other Obligors of any instrument or document evidencing all or any part of the Guaranteed
Obligations and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed
Obligations or any part thereof that diligent inquiry would reveal, and each of the Guarantors
hereby agrees that the Secured Parties shall have no duty to advise such Guarantor of information
known to the Secured Parties regarding such condition or any such circumstances. In the event the
Secured Parties, in their discretion, undertake at any time or from time to time to provide any
such information to any Guarantor, the Secured Parties shall be under no obligation (i) to
undertake any investigation not a part of their regular business routine, (ii) to disclose any
information which pursuant to accepted or

- 10 -

 

reasonable commercial lending practices the Secured Parties wish to maintain confidential, or
(iii) to make any other or future disclosures of such information or any other information to any
Guarantor.

     Section 7.10 Assignability. This Guarantee shall be binding on each Guarantor and its
successors and permitted assigns and transferees and shall inure to the benefit of the Secured
Parties and their respective successors, transferees, endorsees and assigns as permitted under the
Loan Agreement. No Guarantor may assign this Guarantee.

     Section 7.11 Non-Waiver. The failure of the Secured Parties to exercise any right or
remedy hereunder, or to promptly enforce any such right or remedy, shall not constitute a waiver
thereof, nor give rise to any estoppel against the Secured Parties, nor excuse any Guarantor from
its obligations hereunder.

     Section 7.12 Termination. Subject to the provisions of Sections 1.7 and 5.2, this
Guarantee shall terminate upon the receipt by each of the Secured Parties of the payment (or
prepayment) and performance in full of the Guaranteed Obligations and any other amounts which may
be owing hereunder (in each case, other than Guaranteed Obligations that are Contingent Obligations
that survive the termination of the Loan Documents) and termination of the Lenders’ Commitments, or
the written release of the Guarantors by the Secured Parties, whichever shall occur first. At the
time of such termination, the Secured Parties, at the request and expense of the Guarantors, will
execute and deliver to the Guarantors a proper instrument or instruments acknowledging the
satisfaction and termination of this Guarantee. The Agent shall release the obligations of any
Guarantor hereunder to the extent permitted or required pursuant to the terms of the Loan Agreement
(including, without limitation, in connection with any Permitted Merger/Liquidation of such
Guarantor, any Permitted Asset Disposition with respect to all of the Equity Interests of such
Guarantor, or as otherwise consented to by the Required Lenders; provided, that, in
any such case, each surviving Guarantor reaffirms its obligations under this Guarantee).

     Section 7.13 Counterparts. This Guarantee may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each of which, when so
executed and delivered, shall be an original, but all of which shall together constitute one and
the same agreement.

     Section 7.14 Governing Law. THE VALIDITY, INTERPRETATION AND ENFORCEMENT OF THIS
GUARANTEE AND ANY DISPUTE ARISING OUT OF OR IN CONNECTION WITH THIS GUARANTEE, WHETHER SOUNDING IN
CONTRACT, TORT, EQUITY OR OTHERWISE, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS AND DECISIONS OF THE STATE OF NORTH CAROLINA (BUT WITHOUT REGARD TO CONFLICT OF LAW
PRINCIPLES), BUT GIVING EFFECT TO FEDERAL LAWS RELATING TO NATIONAL BANKS.

Section 7.15 SUBMISSION TO JURISDICTION: WAIVERS.

     (a) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS GUARANTEE MAY BE BROUGHT IN ANY UNITED
STATES FEDERAL COURT SITTING IN OR WITH DIRECT OR INDIRECT JURISDICTION OVER THE WESTERN DISTRICT
OF NORTH CAROLINA OR IN ANY NORTH CAROLINA STATE COURT SITTING IN MECKLENBURG COUNTY, NORTH
CAROLINA, AND BY EXECUTION AND DELIVERY OF THIS GUARANTEE, EACH OF THE GUARANTORS AND THE AGENT
CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE
COURTS. EACH OF THE GUARANTORS AND THE AGENT IRREVOCABLY

- 11 -

 

WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS
OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION
OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS GUARANTEE. NOTWITHSTANDING THE FOREGOING: (1)
THE AGENT SHALL HAVE THE RIGHT TO BRING ANY ACTION OR PROCEEDING AGAINST ANY GUARANTOR OR ITS
PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION THE AGENT DEEMS NECESSARY OR APPROPRIATE IN ORDER
TO REALIZE ON THE COLLATERAL OR OTHER SECURITY FOR THE OBLIGATIONS, AND (2) EACH OF THE PARTIES
HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THE COURTS DESCRIBED IN THE IMMEDIATELY PRECEDING
SENTENCE MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE THOSE JURISDICTIONS;

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

     (c) EACH OF THE GUARANTORS AND THE AGENT IRREVOCABLY WAIVES THEIR RESPECTIVE RIGHTS TO A TRIAL
BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS GUARANTEE,
THE OTHER LOAN DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, IN ANY ACTION,
PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR
ANY AGENT-RELATED PERSON, PARTICIPANT OR ASSIGNEE, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT
CLAIMS, OR OTHERWISE. THE GUARANTORS AND THE AGENT AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION
SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER
AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO
ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE
VALIDITY OR ENFORCEABILITY OF THIS GUARANTEE OR THE OTHER LOAN DOCUMENTS OR ANY PROVISION HEREOF OR
THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS GUARANTEE AND THE OTHER LOAN DOCUMENTS;

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

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

     Section 7.16 Limitation Of Liability. EXCEPT AS EXPRESSLY PROVIDED HEREIN, NO CLAIM
MAY BE MADE BY ANY GUARANTOR OR THE AGENT OR ANY OTHER

- 12 -

 

PERSON AGAINST THE AGENT, ANY GUARANTOR OR THE AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES,
COUNSEL, REPRESENTATIVES, AGENTS OR ATTORNEYS-IN-FACT OF ANY OF THEM FOR ANY SPECIAL, INDIRECT,
CONSEQUENTIAL OR PUNITIVE DAMAGES IN RESPECT OF ANY CLAIM FOR BREACH OF CONTRACT OR ANY OTHER
THEORY OF LIABILITY ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS GUARANTEE OR
ANY OTHER LOAN DOCUMENT, OR ANY ACT, OMISSION OR EVENT OCCURRING IN CONNECTION THEREWITH, AND EACH
OF THE GUARANTORS AND THE AGENT HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE UPON ANY CLAIM FOR
SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR

     Section 7.17 Payments. Notwithstanding any provision to the contrary herein or in any
Loan Document, all payments made under or in connection with this Guarantee and the other Loan
Documents shall be in lawful currency of the United States.

     Section 7.18 Amendment and Restatement.

     (a) This Guarantee amends and restates the Original Subsidiary Guarantee. All rights,
benefits, indebtedness, interests, liabilities and obligations of the parties to the Original
Subsidiary Guarantee and the agreements, documents and instruments executed and delivered in
connection with the Original Subsidiary Guarantee (collectively, the “Original Subsidiary
Guarantee Documents”) are hereby renewed, amended, restated and superseded in their entirety
according to the terms and provisions set forth in this Guarantee and the other Loan Documents.
This Guarantee does not constitute, nor shall it result in, a waiver of, or release, discharge or
forgiveness of, any amount payable pursuant to the Original Subsidiary Guarantee or any
indebtedness, liabilities or obligations of the Guarantors thereunder, all of which are renewed and
continued and are hereafter payable and to be performed in accordance with this Guarantee and the
other Loan Documents. Neither this Guarantee nor any of the other Loan Documents extinguishes the
indebtedness or liabilities outstanding in connection with the Original Subsidiary Guarantee
Documents, nor do they constitute a novation with respect thereto.

     (b) All security interests, pledges, assignments, and other Liens previously granted by the
Guarantor pursuant to the Original Subsidiary Guarantee Documents are hereby renewed and continued,
and all such security interests, pledges, assignments and other Liens shall remain in full force
and effect as security for the Guaranteed Obligations.

[SIGNATURE PAGE FOLLOWS]

- 13 -

 

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

	 	 	 	 	 
	 	QFM SALES AND SERVICES, INC.

 	 
	 	By:  	/s/ Robert D. Rehley
 	 
	 	 	Name:  	Robert D. Rehley 	 
	 	 	   Title: Treasurer 	 
	 
	 	Address:

c/o Coltec Industries Inc

5605 Carnegie Blvd.

Charlotte, North Carolina 28209-4674

Facsimile: 704-493-7587

 	 
	 	 	 
	 	 	 
	 	 	 
	 
	 	COLTEC INTERNATIONAL SERVICES CO.

 	 
	 	By:  	/s/       Robert D. Rehley
 	 
	 	 	Name:  	Robert D. Rehley 	 
	 	 	   Title: Treasurer 	 
	 
	 	Address:

c/o Coltec Industries Inc

5605 Carnegie Blvd.

Charlotte, North Carolina 28209-4674

Facsimile: 704-493-7587

 	 
	 	 	 
	 	 	 
	 	 	 
	 
	 	GARRISON LITIGATION 

MANAGEMENT GROUP, LTD.

 	 
	 	By:  	/s/ Paul L. Grant
 	 
	 	 	Name:  	Paul L. Grant 	 
	 	 	   Title: President 	 
	 
	 	Address:

One HSBC Plaza

Suite 1830

Rochester, New York 14604-2415

Facsimile: 704-731-1534

- 14 -

 

	 	 	 	 	 
	 	GGB, INC.

 	 
	 	By:  	/s/      Robert D. Rehley
 	 
	 	 	Name:  	Robert D. Rehley 	 
	 	 	   Title: Treasurer 	 
	 
	 	Address:

700 Mid Atlantic Parkway

Thorofare, New Jersey 08086

Facsimile: 704-421-7587

 	 
	 	 	 
	 	 	 
	 	 	 
	 
	 	GARLOCK INTERNATIONAL INC.

 	 
	 	By:  	/s/ John R. Mayo
 	 
	 	 	Name:  	John R. Mayo 	 
	 	 	   Title: Vice
President and Secretary 	 
	 
	 	Address:

c/o Coltec Industries Inc

5605 Carnegie Blvd.

Charlotte, North Carolina 28209-4674

Facsimile: 704-493-7587

 	 
	 	 	 
	 	 	 
	 	 	 
	 
	 	STEMCO DELAWARE LP

 	 
	 	By:  	/s/  Nathaniel E. Standing
 	 
	 	 	Name:  	Nathaniel E. Standing 	 
	 	 	   Title: Vice
President and Treasurer 	 
	 
	 	Address:

c/o Coltec Industries Inc

5605 Carnegie Blvd.

Charlotte, North Carolina 28209-4674

Facsimile: 704-493-7587

 	 
	 	 	 
	 	 	 
	 	 	 
	 
	 	GARLOCK OVERSEAS CORPORATION

 	 
	 	By:  	/s/ John R. Mayo
 	 
	 	 	Name:  	John R. Mayo 	 
	 	 	   Title: Vice
President and Treasurer 	 
	 
	 	Address:

c/o Coltec Industries Inc

5605 Carnegie Blvd.

Charlotte, North Carolina 28209-4674

Facsimile: 704-493-7587

- 15 -

 

	 	 	 	 	 
	 	STEMCO HOLDINGS, INC.

 	 
	 	By:  	/s/ Robert P. McKinney
 	 
	 	 	Name:  	Robert P. McKinney 	 
	 	 	   Title: Vice
President 	 
	 
	 	Address:

c/o Coltec Industries Inc

5605 Carnegie Blvd.

Charlotte, North Carolina 28209-4674

       Facsimile: 704-493-7587

 	 
	 	 	 
	 	 	 
	 	 	 
	 
	 	STEMCO HOLDINGS DELAWARE, INC.

 	 
	 	By:  	/s/  Nathaniel E. Standing
 	 
	 	 	Name:  	Nathaniel E. Standing 	 
	 	 	   Title: Vice President and Treasurer 	 
	 
	 	Address:

c/o Coltec Industries Inc

5605 Carnegie Blvd.

Charlotte, North Carolina 28209-4674

       Facsimile: 704-493-7587

 	 
	 	 	 
	 	 	 
	 	 	 

- 16 -

 

	 	 	 	 	 

	 	 	 	 	 
	 	Accepted on April 26, 2006:

BANK OF AMERICA, N.A.,

as the Agent

 	 
	 	By:  	/s/ Andrew Doherty
 	 
	 	 	Name: Andrew Doherty 	 
	 	 	   Title: Senior Vice President 	 
	 
	 	Address:

300 Galleria Parkway, Suite 800

Atlanta, Georgia 30339

   Facsimile: (770) 857-2947

 	 
	 	 	 
	 	 	 
	 	 	 
	 

- 17 -EX-10.4

 

Exhibit 10.4

AMENDED AND RESTATED PLEDGE AGREEMENT

     THIS AMENDED AND RESTATED PLEDGE AGREEMENT, dated as of April 26, 2006 (together with all
amendments, if any, from time to time hereto, this “Agreement”), among each of the parties
named as a Pledgor on the signature pages hereto (each individually, a “Pledgor” and
collectively, the “Pledgors”) and BANK OF AMERICA, N.A., a national banking association, in
its capacity as collateral and administrative agent (together with its successors in such capacity,
the “Agent”) for the Secured Parties (as defined in the Loan Agreement (defined below)).

WITNESSETH:

     WHEREAS, pursuant to that certain Credit Agreement dated as of May 16, 2002 by and among
Coltec Industries Inc, a Pennsylvania corporation (“Coltec”), Coltec Industrial Products
LLC, a Delaware limited liability company (“CIP”), Garlock Sealing Technologies LLC, a
Delaware limited liability company (“Garlock Sealing”), GGB LLC (formerly Garlock Bearings
LLC), a Delaware limited liability company (“GGB LLC”), HTCI, Inc. (formerly Haber Tool
Company, Inc.) a Michigan corporation (“HTCI”), Corrosion Control Corporation, a Colorado
corporation (“CCC”), and Stemco LP, a Texas limited partnership (“Stemco LP (TX)”;
Coltec, CIP, Garlock Sealing, GGB LLC, HTCI, CCC and Stemco LP (TX) each individually referred to
herein as an “Original Borrower” and collectively as “Original Borrowers”), the
Agent, and the various financial institutions party thereto from time to time (the “Original
Lenders”) (including all annexes, exhibits and schedules thereto, as at any time amended,
restated, modified, or supplemented prior to the date hereof, including by means of any joinder
agreements, the “Original Loan Agreement”), the Original Lenders agreed to make loans to,
and issue letters of credit on behalf of, Original Borrowers;

     WHEREAS, in connection with the Original Loan Agreement, (i) EnPro Industries, Inc., a North
Carolina corporation (“Parent”), executed and delivered that certain Parent Guarantee dated
as of May 31, 2002 in favor of the Agent and the Original Lenders (as at any time amended,
restated, modified, or supplemented prior to the date hereof, the “Original Parent
Guarantee”), pursuant to which Parent unconditionally guaranteed to the Agent and the Original
Lenders the payment and performance of all of the “Guaranteed Obligations” (as defined therein);
(ii) QFM Sales and Services, Inc., a Delaware corporation (“QFM”), Coltec International
Services Co, a Delaware corporation (“Coltec International”), Garrison Litigation
Management Group, Ltd., a Delaware corporation (“Garrison”), GGB, Inc. (formerly Glacier
Garlock Bearings Inc.), a Delaware corporation (“GGB Inc.”), Garlock International Inc, a
Delaware corporation (“Garlock International”), Stemco Delaware LP, a Delaware limited
partnership (successor to Stemco LLC, a Delaware limited liability company) (“Stemco LP
(DE)”), Garlock Overseas Corporation, a Delaware corporation (“Garlock Overseas”),
Stemco Holdings, Inc., a Delaware corporation (“Stemco Holdings”), and Stemco Holdings
Delaware, Inc., a Delaware corporation (“Stemco Holdings Delaware”; QFM, Coltec
International, Garrison, GGB Inc., Garlock International, Stemco LP (DE), Garlock Overseas, Stemco
Holdings and Stemco Holdings Delaware each individually referred to herein as a “Subsidiary
Guarantor” and collectively as “Subsidiary Guarantors”) executed and delivered that
certain Subsidiary Guarantee dated as of May 31, 2002 in favor of the Agent and the Original
Lenders (as at any time amended, restated, modified, or supplemented prior to the date hereof,
including by means of any joinder agreements, the “Original Subsidiary Guarantee”),
pursuant to which the Subsidiary Guarantors jointly and severally unconditionally guaranteed to the
Agent and the Original Lenders the payment and performance of all of the “Guaranteed Obligations”
(as defined therein); and (iii) Original Borrowers, Parent, and the Subsidiary Guarantors executed

 

 

and delivered that certain Security Agreement dated as of May 16, 2002 in favor of the Agent
for the benefit of itself and the Original Lenders (as at any time amended, restated, modified, or
supplemented prior to the date hereof, including by means of any joinder agreements, the
“Original Security Agreement”), pursuant to which Original Borrowers, Parent and the
Subsidiary Guarantors granted to the Agent for the benefit of itself and the Original Lenders a
security interest in all of the collateral described therein as security for all of the
“Obligations” (as defined therein);

     WHEREAS, in order to induce the Agent and the Original Lenders to enter into the Original Loan
Agreement and the other Loan Documents (as defined therein), and to induce the Original Lenders to
make loans and issue letters of credit as provided for in the Original Loan Agreement, Parent,
Coltec, GGB Inc., Garlock Sealing, Garlock International, Garlock Overseas, Stemco Holdings and
Stemco Holdings Delaware (each an “Original Pledgor” and collectively, the “Original
Pledgors”) entered into a Pledge Agreement dated as of May 31, 2002 in favor of the Agent
(including all annexes, exhibits and schedules thereto, as from time to time amended, restated,
supplemented or otherwise modified prior to the date hereof, the “Original Pledge
Agreement”), and pursuant thereto agreed to pledge to the Agent for the benefit of itself and
the Original Lenders all of the Pledged Collateral (as defined in the Original Pledge Agreement) in
order to secure the Secured Obligations (as defined in the Original Pledge Agreement);

     WHEREAS, Coltec, CIP, Garlock Sealing, GGB LLC, CCC and Stemco LP (TX) (each individually
referred to herein as a “Borrower” and collectively as “Borrowers”), Parent and
Subsidiary Guarantors, the Agent and the various financial institutions party thereto from time to
time (the “Lenders”) have entered into that certain Amended and Restated Loan and Security
Agreement dated as of even date herewith (as at any time amended, restated, modified or
supplemented, the “Loan Agreement”), which Loan Agreement amends and restates both the
Original Loan Agreement and the Original Security Agreement;

     WHEREAS, in connection with the Loan Agreement, (i) Parent has executed and delivered that
certain Amended and Restated Parent Guarantee dated as of the date hereof in favor of the Agent and
the Lenders (as at any time amended, restated, modified, or supplemented prior to the date hereof,
the “Parent Guarantee”), which amends and restates the Original Parent Guarantee; and (ii)
Subsidiary Guarantors have executed and delivered that certain Amended and Restated Subsidiary
Guarantee dated as of the date hereof in favor of the Agent and the Lenders (as at any time
amended, restated, modified, or supplemented prior to the date hereof, including by means of any
joinder agreements, the “Subsidiary Guarantee”), which amends and restates the Original
Subsidiary Guarantee;

     WHEREAS, it is a condition to the Agent’s and the Lenders’ willingness to make loans and other
financial accommodations to or for the benefit of the Borrowers under the Loan Agreement that
Original Pledgors agree to amend and restate the Original Pledge Agreement in its entirety as
hereinafter set forth and that the other Pledgors enter into this Agreement on the terms set forth
herein; and

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

     WHEREAS, in consideration for, among other things, the execution and delivery of the Loan
Agreement by the Agent and the Lenders, and to secure the full and prompt payment and

2

 

performance of all of the Obligations (as defined in the Loan Agreement), the parties hereto agree
that the Original Pledge Agreement is hereby amended and restated in its entirety by this
Agreement, and each Pledgor agrees to pledge and grant a first priority security interest to the
Agent, for the benefit of the Secured Parties (as defined in the Loan Agreement), in and to the
Pledged Collateral described herein, and to ratify, renew and continue the prior pledge and grant
of a security interest in and to such Pledged Collateral, in order to ensure and secure the prompt
payment and performance of the Secured Obligations (as defined herein) all on the terms set forth
herein.

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

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

     “Bankruptcy Code” means Title 11, United States Code, as amended from
time to time, and any successor statute thereto.

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

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

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

     “Pledged Entity” means either a Domestic Pledged Entity or a Foreign
Pledged Entity.

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

     “Pledged Shares” means those Equity Interests listed on Part A of
Schedule I hereto.

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

     “Termination Date” means the date on which the Borrowers’ Obligations
and the Secured Obligations (in each case other than Contingent Obligations that
survive termination of the Loan Documents) are paid and performed in full and the
Lenders’ Commitments are terminated.

     2. Pledge. Each Pledgor hereby pledges to the Agent, and grants to the Agent, for the
benefit of the Secured Parties, a first priority security interest in all of the following

3

 

(collectively, the “Pledged Collateral”):

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

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

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

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

In addition to the foregoing, each Original Pledgor hereby ratifies, reaffirms, renews and
continues its prior pledge and grant of a security interest in favor of Agent, for the benefit of
the Secured Parties, in all of the Pledged Collateral described in the Original Pledge Agreement.

Notwithstanding anything set forth in this Section 2 to the contrary, if one or more Pledgors
individually or collectively own more than 65% of the Equity Interests issued by a Foreign Pledged
Entity, only an amount of Equity Interests held by such Pledgor(s) equal to 65% of the Equity
Interests issued by such Foreign Pledged Entity shall constitute Pledged Collateral.

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

       4. Delivery of Pledged Collateral. All certificates and all promissory notes and
instruments evidencing the Pledged Collateral shall be delivered to and held by or on behalf of the
Agent, pursuant hereto, for the benefit of the Secured Parties; provided, that,
those certificates, promissory notes and instruments evidencing the Pledged Collateral marked with
an “*” on Part A and Part B of Schedule I hereto may be delivered by Pledgors to Agent
within 30 days after the date hereof. All Pledged Shares evidenced by certificates shall be
accompanied by duly executed instruments of transfer or assignment in blank, all in form and
substance satisfactory to the Agent and all promissory notes or other instruments evidencing the
Pledged Indebtedness shall be endorsed by each applicable Pledgor.

4

 

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

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

     (b) All of the Pledged Shares representing shares of capital stock or other Equity
Interests have been duly authorized, validly issued and, if shares issued by a corporation,
are fully paid and non-assessable, and the Pledged Indebtedness has been duly authorized,
authenticated or issued and delivered by, and is the legal, valid and binding obligation of,
the Pledged Entities, except as enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors’ rights generally, by
general equitable principles or by principles of good faith and fair dealing, and no Pledged
Entity is in default thereunder except for defaults which individually or in the aggregate
would not reasonably be expected to have a Material Adverse Effect;

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

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

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

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

     (g) The pledge, assignment and delivery of the Pledged Collateral pursuant to

5

 

this Agreement will create a valid first priority lien on and a first priority perfected
security interest in favor of the Agent, for the benefit of the Secured Parties, in the
Pledged Collateral and the proceeds thereof, securing the payment of the Secured Obligations,
subject to no other Lien (except as permitted under the Loan Agreement); provided,
that, Pledgors make no representation or warranty herein regarding the perfection of
the Agent’s security interest in the Pledged Collateral under foreign law;

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

     (i) Except as disclosed on Part A of Schedule I, the Pledged Shares constitute
one hundred percent (100%) of the issued and outstanding shares of capital stock or other
Equity Interests, as applicable, of each Domestic Pledged Entity, and sixty-five percent
(65%) of the issued and outstanding shares of capital stock or other Equity Interests, as
applicable, of each Foreign Pledged Entity;

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

     (k) Except as disclosed on Part A of Schedule 1, none of the Pledged Collateral
is held or maintained in the form of a securities entitlement or credited to any securities
account, and none of the Pledged Collateral constituting (i) general or limited partnership
interests in a Domestic Pledged Entity that is a limited partnership or (ii) membership
interests in a Domestic Pledged Entity that is a limited liability company, is, nor has the
applicable Domestic Pledged Entity elected to designate any of the Pledged Collateral as, a
“security” under (and as defined in) Article 8 of the UCC, and none of the Pledged Collateral
constituting (i) general or limited partnership interests in a Domestic Pledged Entity that
is a limited partnership or (ii) membership interests in a Domestic Pledged Entity that is a
limited liability company, is evidenced by a certificate or other writing.

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

       6. Covenants. Each Pledgor covenants and agrees that until the Termination Date:

     (a) No Pledgor will sell, assign, transfer, pledge, or otherwise encumber any of its
rights in or to the Pledged Collateral, or any unpaid dividends, interest, or other
distributions or payments with respect to the Pledged Collateral or grant a Lien in the
Pledged Collateral, unless otherwise permitted by the Loan Agreement or consented to by the
Required Lenders;

     (b) Each Pledgor will, at its expense, promptly execute, acknowledge and deliver all
such instruments and take all such actions as the Agent from time to time may reasonably
request in order to ensure to the Agent the benefits of the Liens in and to the Pledged
Collateral intended to be created by this Agreement, including the filing of any necessary
Uniform

6

 

Commercial Code financing statements, which may be filed by the Agent with or (to the
extent permitted by law) without the signature of any Pledgor, and will cooperate with the
Agent, at each Pledgor’s expense, in obtaining all necessary approvals and making all
necessary filings under federal, state, local or foreign law in connection with such Liens
or any sale or transfer of the Pledged Collateral;

     (c) Each Pledgor has, and will take all commercially reasonable actions to defend, the
title to the Pledged Collateral and the Liens of the Agent in the Pledged Collateral against
the claim of any Person and will maintain and preserve such Liens;

     (d) Each Pledgor will, upon obtaining ownership of any Equity Interests, promissory
notes or instruments of a Pledged Entity otherwise required to be pledged to the Agent
pursuant to any of the Loan Documents, which Equity Interests, notes or instruments are not
already Pledged Collateral, promptly (and in any event within ten (10) Business Days after
obtaining ownership) deliver to the Agent an amendment to this Agreement, duly executed by
such Pledgor, in substantially the form of Schedule II hereto (a “Pledge
Amendment”) in respect of any such additional Equity Interests, notes or instruments
pursuant to which such Pledgor shall pledge to the Agent all of such additional Equity
Interests, notes or instruments. Each Pledgor hereby authorizes the Agent to attach each
Pledge Amendment to this Agreement and agrees that all Pledged Indebtedness listed on any
Pledge Amendment delivered to the Agent shall for all purposes hereunder be considered
Pledged Collateral; and

     (e) No Pledgor shall (i) cause or permit any of the Pledged Collateral to be held or
maintained in the form of a security entitlement or credited to any securities account, (ii)
designate, or cause any Pledged Entity whose Equity Interests constitute part of the Pledged
Collateral to designate, any of the Pledged Collateral constituting (A) general or limited
partnership interests in a limited partnership or limited liability partnership or (B)
membership interests in a limited liability company as a “security” under Article 8 of the
UCC, or (iii) evidence, or permit any Pledged Entity that is a limited partnership or limited
liability company whose Equity Interests constitute part of the Pledged Collateral to
evidence, any of the Pledged Collateral with any certificates, instruments or other writings
(other than any such Equity Interests that constitute part of the Pledged Collateral that as
of the date hereof are evidenced by a certificate, instrument or other writing).

     (f) To the extent that any portion of the Pledged Collateral may now or hereafter
consist of uncertificated securities within the meaning of Article 8 of the UCC, each Pledgor
irrevocably authorizes and instructs each Pledged Entity whose Equity Interests constitute a
part of the Pledged Collateral to comply with any instruction received by such Pledged Entity
from Agent with respect to such Pledged Collateral without any other or further instructions
from or consent of any Pledgor, and each Pledgor agrees that each such Pledged Entity shall
be fully protected in so complying; provided, however, that Agent agrees that
it will not issue or deliver any such instructions except upon the occurrence and during the
continuance of an Event of Default.

     (g) Within thirty (30) days after the request therefor by Agent, each Pledgor shall
cause each of the Foreign Pledged Entities whose Equity Interests constitute a part of the
Pledged Collateral of such Pledgor to sign an Acknowledgment and Consent by Issuers of
Pledged Shares in substantially similar form to that attached to this Agreement and otherwise
in form and substance satisfactory to Agent.

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

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     (a) Each Pledgor shall have the right, from time to time, to vote and give consents
with respect to the Pledged Collateral, or any part thereof for all purposes not
inconsistent with the provisions of this Agreement, the Loan Agreement or any Loan
Documents; provided, however that no vote shall be cast, and no consent shall be
given or action taken, which would have the effect of impairing the position or interest of
the Agent in respect of the Pledged Collateral (unless and to the extent permitted by the
Loan Agreement or any other Loan Document or consented to by the Required Lenders) or which
would authorize, effect or consent to any of the following (unless and to the extent
permitted by the Loan Agreement or any other Loan Document or consented to by the Required
Lenders):

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

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

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

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

       (v) the alteration of the voting rights with respect to the capital stock, or
other Equity Interests, as applicable, of a Pledged Entity; and

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

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

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     8. Defaults and Remedies.

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

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

     (c) If, at any time when the Agent shall determine to exercise its right to sell the
whole or any part of the Pledged Collateral hereunder, such Pledged Collateral or the part
thereof to be sold shall not, for any reason whatsoever, be effectively registered under
the Securities Act of 1933, as amended (or any similar statute then in effect) (the
“Act”), the Agent may, in its discretion (subject only to applicable requirements
of law), sell such Pledged Collateral or part thereof by private sale in such manner and
under such circumstances as the Agent may deem necessary or advisable, but subject to the
other requirements of this Section 8, and shall not be required to effect such
registration or to cause the same to be

9

 

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

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

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

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

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

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

     (e) Each Pledgor agrees to the maximum extent permitted by applicable law that,
following the occurrence and during the continuance of an Event of Default, it will not at
any time plead, claim or take the benefit of any appraisal, valuation, stay,

10

 

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

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

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

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

     11. Termination. Upon the occurrence of the Termination Date, the Agent shall deliver
to each Pledgor the Pledged Collateral pledged by such Pledgor at the time subject to this
Agreement and all instruments of assignment executed in connection therewith, free and clear of
the Liens hereof and, except as otherwise provided herein, all of such Pledgor’s obligations
hereunder shall at such time terminate.

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

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

       (b) any change in the time, manner or place of payment of, or in any other term of, all
or any part of the Secured Obligations, or any other amendment or waiver of or any

11

 

consent to any departure from the Loan Agreement, any other Loan Documents or any other
agreement or instrument governing or evidencing any Secured Obligations;

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

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

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

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

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

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

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

     15. Miscellaneous.

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

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

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

     (d) THIS AGREEMENT SHALL BE BINDING UPON EACH PLEDGOR AND ITS SUCCESSORS AND ASSIGNS
(INCLUDING A DEBTOR-IN-POSSESSION ON BEHALF OF SUCH PLEDGOR), AND SHALL INURE TO THE BENEFIT
OF, AND BE ENFORCEABLE BY, THE AGENT AND ITS SUCCESSORS AND ASSIGNS, AND SHALL BE GOVERNED
BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NORTH CAROLINA
APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE (BUT WITHOUT REGARD TO CONFLICT OF
LAW PRINCIPLES), BUT GIVING EFFECT TO FEDERAL LAW RELATING TO NATIONAL BANKS, AND NONE OF THE
TERMS OR PROVISIONS OF THIS AGREEMENT MAY BE WAIVED, ALTERED, MODIFIED OR AMENDED EXCEPT IN
WRITING DULY SIGNED FOR AND ON BEHALF OF THE AGENT AND THE APPLICABLE PLEDGOR.

     (e) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN ANY
UNITED STATES FEDERAL COURT SITTING IN OR WITH DIRECT OR INDIRECT JURISDICTION OVER THE
WESTERN DISTRICT OF NORTH CAROLINA OR IN ANY NORTH CAROLINA STATE COURT SITTING IN
MECKLENBURG COUNTY, NORTH CAROLINA, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF
THE PLEDGORS AND THE AGENT CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE
NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE PLEDGORS AND THE AGENT IRREVOCABLY
WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS
OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY
ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT. NOTWITHSTANDING THE
FOREGOING: (1) THE AGENT SHALL HAVE THE RIGHT TO BRING ANY ACTION OR PROCEEDING AGAINST ANY
PLEDGOR OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION THE AGENT DEEMS NECESSARY OR
APPROPRIATE IN ORDER TO REALIZE ON THE COLLATERAL OR OTHER SECURITY FOR THE OBLIGATIONS, AND
(2) EACH OF THE PARTIES HERETO ACKNOWLEDGES THAT ANY APPEALS FROM THE COURTS DESCRIBED IN THE
IMMEDIATELY PRECEDING SENTENCE MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE THOSE
JURISDICTIONS.

     (f) EACH PLEDGOR HEREBY WAIVES PERSONAL SERVICE OF ANY

13

 

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

       (g) EACH PLEDGOR AND THE AGENT IRREVOCABLY WAIVES THEIR RESPECTIVE RIGHTS TO A TRIAL BY
JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS
AGREEMENT, THE OTHER LOAN DOCUMENTS, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, IN
ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST
ANY OTHER PARTY OR ANY AGENT-RELATED PERSON, PARTICIPANT OR ASSIGNEE, WHETHER WITH RESPECT
TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. EACH PLEDGOR AND THE AGENT AGREES THAT ANY
SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT
LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY
JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER
PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF
THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER
SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS.

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

     17. Notices. Except as otherwise provided herein, whenever it is provided herein that
any notice, demand, request, consent, approval, declaration or other communication shall or may be
given to or served upon any of the parties by any other party, or whenever any of the parties
desires to give or serve upon any other a communication with respect to this Agreement, each such
notice, demand, request, consent, approval, declaration or other communication shall be in writing
and shall be given in accordance with Section 15.9 of the Loan Agreement.

     18. Section Titles. The Section titles contained in this Agreement are and shall be
without substantive meaning or content of any kind whatsoever and are not a part of the agreement
between the parties hereto.

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

     20. Benefit of the Agent. All security interests granted or contemplated hereby shall
be for the benefit of the Agent, for the benefit of the Secured Parties, and all proceeds or
payments

14

 

realized from the Pledged Collateral in accordance herewith shall be applied to the Secured
Obligations.

     21. Amendment and Restatement.

          (a) This Agreement amends and restates the Original Pledge Agreement. All rights, benefits,
indebtedness, interests, liabilities and obligations of the parties to the Original Pledge
Agreement and the agreements, documents and instruments executed and delivered in connection with
the Original Pledge Agreement (collectively, the “Original Pledge Documents”) are hereby
renewed, amended, restated and superseded in their entirety according to the terms and provisions
set forth in this Agreement and the other Loan Documents. This Agreement does not constitute, nor
shall it result in, a waiver of, or release, discharge or forgiveness of, any amount payable
pursuant to the Original Pledge Documents or any indebtedness, liabilities or obligations of any
Pledgor thereunder, all of which are renewed and continued and are hereafter payable and to be
performed in accordance with this Agreement and the other Loan Documents. Neither this Agreement
nor any of the other Loan Documents extinguishes the indebtedness or liabilities outstanding in
connection with the Original Pledge Documents, nor do they constitute a novation with respect
thereto.

          (b) All security interests, pledges, assignments, and other Liens previously granted by each
Pledgor pursuant to the Original Pledge Documents are hereby renewed and continued, and all such
security interests, pledges, assignments and other Liens shall remain in full force and effect as
security for the Secured Obligations.

[Signature Pages Follows]

15

 

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

	 	 	 	 	 
	 	PLEDGORS: 

ENPRO INDUSTRIES, INC.

 	 
	 	By:  	/s/      Robert D. Rehley
 	 
	 	 	Name:  	Robert D. Rehley 	 
	 	 	Title: 
Vice President and Treasurer 

	 
	 	Address for Notices:

5605 Carnegie Blvd.

Charlotte, North Carolina 28209-4674

Fax: 704-423-7587

 	 
	 	 	 
	 	 	 
	 	 	 
	 
	 	COLTEC INDUSTRIES INC

 	 
	 	By:  	/s/      Robert D. Rehley
 	 
	 	 	Name:  	Robert D. Rehley 	 
	 	 	Title: 
Treasurer 

	 
	 	Address for Notices:

5605 Carnegie Blvd.

Charlotte, North Carolina 28209-4674

Fax: 704-423-7259

 	 
	 	 	 
	 	 	 
	 	 	 
	 
	 	GARLOCK INTERNATIONAL INC.

 	 
	 	By:  	/s/  John R. Mayo
 	 
	 	 	Name:  	John R. Mayo 	 
	 	 	Title: 
Vice President and Secretary 

	 
	 	Address for Notices:

c/o Coltec Industries Inc

5605 Carnegie Blvd.

Charlotte, North Carolina 28209-4674

Fax: 704-423-7059

 	 
	 	 	 
	 	 	 
	 	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	GARLOCK OVERSEAS CORPORATION

 	 
	 	By:  	/s/  John R. Mayo
 	 
	 	 	Name:  	John R. Mayo 	 
	 	 	Title: 
Vice President and Secretary 

	 
	 	Address for Notices:

c/o Coltec Industries Inc

5605 Carnegie Blvd.

Charlotte, North Carolina 28209-4674

Fax: 704-423-7059

 	 
	 	 	 
	 	 	 
	 	 	 
	 
	 	GGB, INC.

 	 
	 	By:  	/s/       Robert D. Rehley
 	 
	 	 	Name:  	Robert D. Rehley 	 
	 	 	Title: 
Treasurer 

	 
	 	Address for Notices:

700 Mid Atlantic Pkwy

Thorofare, New Jersey 08086

Fax: 704-423-7059

 	 
	 	 	 
	 	 	 
	 	 	 
	 
	 	GARLOCK SEALING TECHNOLOGIES LLC

 	 
	 	By:  	/s/  John R. Mayo
 	 
	 	 	Name:  	John R. Mayo 	 
	 	 	Title:  
Vice President and Secretary 

	 
	 	Address for Notices:

1666 Division Street

Palmyra, New York 14522

Fax: 704-423-7587

 	 
	 	 	 
	 	 	 
	 	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	COLTEC INTERNATIONAL SERVICES CO.

 	 
	 	By:  	/s/       Robert D. Rehley
 	 
	 	 	Name:  	Robert D. Rehley 	 
	 	 	Title: 
Treasurer 

	 
	 	Address for Notices:

c/o Coltec Industries Inc

5605 Carnegie Blvd.

Charlotte, North Carolina 28209-4674

Fax: 704-423-7059

 	 
	 	 	 
	 	 	 
	 	 	 
	 
	 	STEMCO HOLDINGS, INC.

 	 
	 	By:  	/s/  Robert P. McKinney
 	 
	 	 	Name:  	Robert P. McKinney 	 
	 	 	Title: 
Vice President 

	 
	 	Address for Notices:

c/o Coltec Industries Inc

5605 Carnegie Blvd.

Charlotte, North Carolina 28209-4674

Fax: 704-423-7059

 	 
	 	 	 
	 	 	 
	 	 	 
	 
	 	STEMCO HOLDINGS DELAWARE, INC.

 	 
	 	By:  	/s/  Nathaniel E. Standing
 	 
	 	 	Name:  	Nathaniel E. Standing 	 
	 	 	Title: 
Vice President and Treasurer 

	 
	 	Address for Notices:

c/o Coltec Industries Inc

5605 Carnegie Blvd.

Charlotte, North Carolina 28209-4674

Fax: 704-423-7059

 	 
	 	 	 
	 	 	 
	 	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	GARRISON LITIGATION MANAGEMENT GROUP, LTD.

 	 
	 	By:  	/s/  Paul L. Grant
 	 
	 	 	Name:  	Paul L. Grant 	 
	 	 	  Title:  	President 	 
	 
	 	Address for Notices:

5605 Carnegie Blvd.

Charlotte, North Carolina 28209-4674

Fax: 704-423-7587

 	 
	 	 	 
	 	 	 
	 	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	AGENT:

BANK OF AMERICA, N.A., as Agent

 	 
	 	By:  	/s/  Andrew Doherty
 	 
	 	 	Name: Andrew Doherty 	 
	 	 	Title:   Senior Vice President 		 
	 
	 	Address for Notices:

300 Galleria Parkway, Suite 800

Atlanta, Georgia 30339

Fax: (770) 857-2947

Attention: Loan Administration

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