Document:

EX-10.7

Exhibit 10.7

TERM LOAN PLEDGE AGREEMENT

     TERM LOAN PLEDGE AGREEMENT (this “Agreement”) dated as of May 22, 2008 between McJunkin Red
Man Holding Corporation, a Delaware corporation (the “Pledgor” or “Borrower”), and
Lehman Commercial Paper Inc., as Collateral Agent (in such capacity, the “Collateral
Agent”) under the Credit Agreement (as defined below) for the benefit of the Secured Parties
(as defined below).

W I T N E S S E T H:

     WHEREAS, the Borrower is party to the Term Loan Credit Agreement dated as of May 22, 2008 (as
the same may be amended, restated, supplemented or otherwise modified, refinanced or replaced from
time to time, the “Credit Agreement”) among the Borrower, the lending institutions from
time to time party thereto (the “Lenders”), Lehman Commercial Paper Inc., as Administrative
Agent and as Collateral Agent, pursuant to which (1) the Lenders have severally agreed to make
Loans to the Borrower upon the terms and subject to the conditions set forth therein, and (2) one
or more Lenders or affiliates of Lenders may from time to time enter into Hedge Agreements with the
Borrower (the items in clauses (1) and (2) collectively, the “Extensions of Credit”);

     WHEREAS, the proceeds of the Extensions of Credit will be used to enable the Borrower to fund
a dividend to the Investors;

     WHEREAS, Pledgor acknowledges that it will derive substantial direct and indirect benefit from
the making of the Extensions of Credit;

     WHEREAS, it is a condition precedent to the obligation of the Lenders to make their respective
Extensions of Credit to the Borrower under the Credit Agreement that the Borrower shall have
executed and delivered this Agreement to the Collateral Agent for the ratable benefit of the
Secured Parties;

     WHEREAS, (a) Pledgor is the legal and beneficial owner of the Equity Interests (as defined
below) described in Schedule 1 hereto and issued by the entities named therein (such Equity
Interests hereunder, the “Pledged Shares”), and (b) Pledgor is the legal and beneficial
owner of the Indebtedness (the “Pledged Debt”) described in Schedule 1 hereto and issued by
the entities named therein.

     NOW, THEREFORE, in consideration of the premises and to induce the Administrative Agent, the
Collateral Agent, the Syndication Agent, and the Lenders to enter into the Credit Agreement and to
induce the Lenders to make their respective Extensions of Credit to the Borrower under the Credit
Agreement and to induce one or more Lenders or affiliates of Lenders to enter into Hedge Agreements
with the Borrower, the Pledgor hereby agrees with the Collateral Agent, for the benefit of the
Secured Parties, as follows:

 

 

     SECTION 1. Defined Terms.

     (a) Unless otherwise defined herein, all capitalized terms used herein (including the preamble
and recitals hereto) and not otherwise defined herein shall have the meanings given to them in the
Credit Agreement or, if not defined therein, in the UCC.

     (b) The following terms shall have the following meanings:

     “Agreement” shall have the meaning assigned to such term in the preamble hereto.

     “Borrower” shall have the meaning assigned to such term in the preamble hereto.

     “Collateral” shall have the meaning provided in Section 2 hereof.

     “Collateral Agent” shall have the meaning assigned to such term in the preamble
hereto.

     “Credit Agreement” shall have the meaning assigned to such term in the recitals
hereto.

     “Equity Interests” shall mean, collectively, Stock and Stock Equivalents.

     “Extensions of Credit” shall have the meaning assigned to such term in the recitals
hereto.

     “Lender Counterparty” means each Lender or any Affiliate of a Lender that is a
counterparty to a Hedge Agreement (including any Person that ceases to be a Lender (or any
Affiliate thereof) (a) on the date such Lender becomes a party to the Credit Agreement or (b) as of
the date such Hedge Agreement was entered into.

     “Lenders” shall have the meaning assigned to such term in the recitals hereto.

     “Obligations” shall mean the collective reference to (i) the due and punctual payment
of (x) the principal of and premium, if any, and interest at the applicable rate provided in the
Credit Agreement (including interest at the contract rate applicable upon default accrued or
accruing after the commencement of any proceeding, under the Bankruptcy Code or any applicable
provision of comparable state or foreign law, whether or not such interest is an allowed claim in
such proceeding) on the Loans, when and as due, whether at maturity, by acceleration, upon one or
more dates set for prepayment or otherwise, (y) each payment required to be made by Borrower under
the Credit Agreement, when and as due, including payments in respect of reimbursement of
disbursements, interest thereon and obligations to provide cash collateral, and (z) all other
monetary obligations, including fees, costs, payments for early termination of Hedge Agreements,
expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise
(including monetary obligations incurred during the pendency of any proceeding under the Bankruptcy
Code or any applicable provision of comparable state or foreign law, whether or not such interest
is an allowed claim in such proceeding), of Borrower to any of the Secured Parties under the Credit
Agreement and any other Credit Documents, (ii) the due and punctual performance of all covenants,
agreements, obligations and liabilities of the Borrower under or
pursuant to the Credit Agreement and the other Credit Documents and (iii) the due and punctual
payment and performance of all obligations of the Borrowr under each Hedge Agreement that

 

 

(x) is in
effect on the Closing Date with a counterparty that is a Lender or an affiliate of a Lender as of
the Closing Date or (y) is entered into after the Closing Date with any counterparty that is a
Lender or an affiliate of a Lender at the time such Hedge Agreement is entered into.

     “Pledged Debt” shall have the meaning assigned to such term in the recitals hereto.

     “Pledged Shares” shall have the meaning assigned to such term in the recitals hereto.

     “Pledgor” shall have the meaning assigned to such term in the preamble hereto.

     “Proceeds” shall mean: (i) all “proceeds” as defined in Article 9 of the UCC and (ii)
whatever is receivable or received when Collateral or proceeds are sold, exchanged, collected or
otherwise disposed of, whether such disposition is voluntary or involuntary, including proceeds of
any indemnity or guarantee payable to Pledgor or the Collateral Agent from time to time with
respect to any of the Collateral.

     “Secured Parties” shall mean, collectively, (i) the Lenders, (ii) the Administrative
Agent, (iii) the Collateral Agent, (iv) the Syndication Agent, (v) each Lender Counterparty party
to a Hedge Agreement the obligations under which constitute Obligations, (vi) the beneficiaries of
each indemnification obligation undertaken by the Borrower under the Credit Documents and (vii) any
successors, indorsees, transferees and assigns of each of the foregoing.

     “UCC” shall mean the Uniform Commercial Code as from time to time in effect in the
State of New York; provided, however, that, in the event that, by reason of mandatory provisions of
law, any of the attachment, perfection or priority of the Collateral Agent’s and the Secured
Parties’ security interest in any Collateral is governed by the Uniform Commercial Code as in
effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform
Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof
relating to such attachment, perfection or priority and for purposes of definitions related to such
provisions.

     (c) References to “Lenders” in this Agreement shall be deemed to include affiliates of Lenders
that may from time to time enter into Hedge Agreements with the Borrower.

     (d) The words “hereof,” “herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement, and Section references are to Sections of this Agreement unless otherwise specified.
The words “include,” “includes” and “including” shall be deemed to be followed by the phrase
“without limitation.”

     (e) The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms.

     SECTION 2. Grant of Security. Pledgor hereby transfers, assigns and pledges to the Collateral Agent, for the ratable benefit
of the Secured Parties, and grants to the Collateral Agent, for the benefit of the Secured Parties,
a security interest in and continuing lien on all of Pledgor’s right, title and interest in, to and
under the following, whether now owned or existing or at any time hereafter acquired or existing or
arising (collectively, the “Collateral”):

 

 

     (a) the Pledged Shares held by Pledgor and the certificates representing such Pledged Shares
and any interest of Pledgor in the entries on the books or records of the issuer of such Pledged
Shares or on the books or records of any financial intermediary pertaining to such Pledged Shares
and all dividends, cash, warrants, rights, instruments and other property or proceeds from time to
time received, receivable or otherwise distributed in respect of or in exchange for any or all of
the Pledged Shares;

     (b) the Pledged Debt and the instruments evidencing the Pledged Debt owed to Pledgor, and all
interest, cash, instruments and other property or proceeds from time to time received, receivable
or otherwise distributed in respect of or in exchange for any or all of such Pledged Debt; and

     (c) to the extent not covered by clauses (a) and (b) above, respectively, all Proceeds of any
or all of the foregoing Collateral.

     SECTION 3. Security for Obligations This Agreement secures the payment of all the
Obligations. Without limiting the generality of the foregoing, this Agreement secures the payment
of all amounts that constitute part of the Obligations and would be owed to the Collateral Agent or
the Secured Parties under the Credit Documents but for the fact that they are unenforceable or not
allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving
Pledgor.

     SECTION 4. Delivery of the Collateral All original stock certificates or instruments,
if any, representing or evidencing the Collateral shall be promptly delivered to and held by or on
behalf of the Collateral Agent pursuant hereto and shall be in suitable form for transfer by
delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank,
all in form and substance reasonably satisfactory to the Collateral Agent. The Collateral Agent
shall have the right, at any time after the occurrence and during the continuance of an Event of
Default and with notice to the relevant Pledgor, to transfer to or to register in the name of the
Collateral Agent or any of its nominees any or all of the Pledged Shares. Each delivery of
Collateral shall be accompanied by a schedule describing the securities theretofore and then being
pledged hereunder, which shall be attached hereto as part of Schedule 1 and made a part hereof;
provided that the failure to deliver or attach any such schedule hereto shall not affect
the validity of such pledge of such securities; provided, further, that the failure
by the Collateral Agent to attach any schedule so delivered shall not constitute a Default or Event
of Default hereunder or under any other Credit Document . Each schedule so delivered shall
supersede any prior schedules so delivered.

     SECTION 5. Representations and Warranties. Pledgor represents and warrants to the Collateral Agent and each other Secured Party as
follows:

     (a) Schedule 1 hereto (i) correctly represents as of the Closing Date (A) the issuer, the
certificate number, the Pledgor and the record and beneficial owner, the number and class and the
percentage of the issued and outstanding Equity Interests of such class of all Pledged Shares and
(B) the issuer, the initial principal amount, the Pledgor and holder, date of issuance and maturity
date of all Pledged Debt, and (ii) together with the comparable schedule to each supplement hereto,
accurately and completely describes all Equity Interests, debt securities and

 

 

promissory notes
required to be pledged hereunder. Except as set forth on Schedule 1, the Pledged Shares represent
all (or 65% in the case of pledges of Foreign Subsidiaries) of the issued and outstanding Equity
Interests of each class of Equity Interests in the issuer on the Closing Date.

     (b) Pledgor is the legal and beneficial owner of the Collateral pledged or assigned by Pledgor
hereunder, free and clear of any Lien, except for the Lien created by this Agreement.

     (c) As of the Closing Date, the Pledged Shares pledged by Pledgor hereunder have been duly
authorized and validly issued and, in the case of Pledged Shares issued by a corporation, are fully
paid and non-assessable.

     (d) As of the Closing Date, all of the Pledged Debt, to the knowledge of Pledgor only with
respect to Pledged Debt owed by an issuer, has been duly authorized, authenticated or issued, and
delivered, and is the legal, valid and binding obligation of the issuers thereof and is not in
default.

     (e) The execution and delivery by Pledgor of this Agreement and the pledge of the Collateral
pledged by Pledgor hereunder pursuant hereto create a legal, valid and enforceable security
interest in such Collateral and, upon the earlier of (i) delivery of such Collateral to the
Collateral Agent in the State of New York or (ii) the filing of all UCC financing statements naming
Pledgor as “debtor” and the Collateral Agent as “secured party” and describing the Collateral in
the filing offices set forth opposite Pledgor’s name on Schedule 5(e) hereto, shall constitute a
fully perfected Lien on and first priority security interest in the Collateral, securing the
payment of the Obligations, in favor of the Collateral Agent for the benefit of the Secured
Parties, except as enforceability thereof may be limited by bankruptcy, insolvency or other similar
laws affecting creditors’ rights generally and subject to general principles of equity.

     (f) Pledgor has full power, authority and legal right to pledge all the Collateral pledged by
Pledgor pursuant to this Agreement, and this Agreement constitutes a legal, valid and binding
obligation of Pledgor, enforceable in accordance with its terms, except as enforceability thereof
may be limited by bankruptcy, insolvency or other similar laws affecting creditors’ rights
generally and subject to general principles of equity.

     SECTION 6. Certification of Limited Liability Company and Limited Partnership
Interests. The Equity Interests in any Person that is organized as a limited liability company
or limited partnership and pledged hereunder shall be represented by a certificate and in the
organizational documents of such Person, the Pledgor shall cause the issuer of such interests
to elect to treat such interests as a “security” within the meaning of Article 8 of the UCC of its
jurisdiction of organization or formation, as applicable, by including in its organizational
documents language substantially similar to the following and, accordingly, such interests shall be
governed by Article 8 of the UCC:

“The Partnership/Company hereby irrevocably elects that all membership interests in the
Partnership/Company shall be securities governed by Article 8 of the Uniform Commercial Code of
[jurisdiction of organization or formation, as applicable]. Each certificate evidencing
partnership/membership interests in the Partnership/Company shall bear the following legend:

 

 

“This
certificate evidences an interest in [name of Partnership/LLC] and shall be a security for purposes
of Article 8 of the Uniform Commercial Code.” No change to this provision shall be effective until
all outstanding certificates have been surrendered for cancellation and any new certificates
thereafter issued shall not bear the foregoing legend.”

     SECTION 7. Further Assurances. Pledgor agrees that at any time and from time to time,
at the expense of Pledgor, it will promptly execute or otherwise authorize the filing of any and
all further documents, financing statements, agreements and instruments, and take all such further
actions (including the filing and recording of financing statements, fixture filings, mortgages,
deeds of trust and other documents), which may be required under any applicable law, or which the
Collateral Agent or the Administrative Agent may reasonably request, in order (x) to perfect and
protect any pledge, assignment or security interest granted or purported to be granted hereby
(including the priority thereof) or (y) to enable the Collateral Agent to exercise and enforce its
rights and remedies hereunder with respect to any Collateral.

     SECTION 8. Voting Rights; Dividends and Distributions; Etc. (a) So long as no Event
of Default shall have occurred and be continuing:

	 	(i)	 	Pledgor shall be entitled to exercise any and all voting and
other consensual rights pertaining to the Collateral or any part thereof for
any purpose not prohibited by the terms of this Agreement or the other Credit
Documents.
	 
	 	(ii)	 	The Collateral Agent shall execute and deliver (or cause to be
executed and delivered) to Pledgor all such proxies and other instruments as
Pledgor may reasonably request for the purpose of enabling Pledgor to exercise
the voting and other rights that it is entitled to exercise pursuant to
paragraph (i) above.

     (b) Subject to paragraph (c) below, Pledgor shall be entitled to receive and retain and use,
free and clear of the Lien created by this Agreement, any and all dividends, distributions,
principal and interest made or paid in respect of the Collateral to the extent permitted by the
Credit Agreement, as applicable; provided, however, that any and all noncash
dividends, interest, principal or other distributions that would constitute Pledged Shares or
Pledged Debt, whether resulting from a subdivision, combination or reclassification of the
outstanding Equity Interests
of the issuer of any Pledged Shares or received in exchange for Pledged Shares or Pledged Debt
or any part thereof, or in redemption thereof, or as a result of any merger, consolidation,
acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be,
and shall be forthwith delivered to the Collateral Agent to hold as, Collateral and shall, if
received by Pledgor, be received in trust for the benefit of the Collateral Agent, be segregated
from the other property or funds of Pledgor and be forthwith delivered to the Collateral Agent as
Collateral in the same form as so received (with any necessary indorsement).

     (c) Upon written notice to a Pledgor by the Collateral Agent following the occurrence and
during the continuance of an Event of Default,

 

 

	 	(i)	 	all rights of Pledgor to exercise or refrain from exercising
the voting and other consensual rights that it would otherwise be entitled to
exercise pursuant to Section 8(a)(i) shall cease, and all such rights shall
thereupon become vested in the Collateral Agent, which shall thereupon have the
sole right to exercise or refrain from exercising such voting and other
consensual rights during the continuance of such Event of Default,
provided that, unless otherwise directed by the Required Lenders, the
Collateral Agent shall have the right from time to time following the
occurrence and during the continuance of an Event of Default to permit the
Pledgor to exercise such rights. When no Events of Default are continuing and
the Borrower has delivered to the Collateral Agent a certificate to that
effect, or after all Events of Default have been cured or waived pursuant to
Section 12 or Section 14.1 of the Credit Agreement, as applicable, Pledgor
shall have the right to exercise the voting and consensual rights that Pledgor
would otherwise be entitled to exercise pursuant to the terms of Section
8(a)(i) (and the obligations of the Collateral Agent under Section 8(a)(ii)
shall be reinstated);
	 
	 	(ii)	 	all rights of Pledgor to receive the dividends, distributions
and principal and interest payments that Pledgor would otherwise be authorized
to receive and retain pursuant to Section 8(b) shall cease, and all such rights
shall thereupon become vested in the Collateral Agent, which shall thereupon
have the sole right to receive and hold as Collateral such dividends,
distributions and principal and interest payments during the continuance of
such Event of Default. When no Events of Default are continuing and the
Borrower has delivered to the Collateral Agent a certificate to that effect, or
after all Events of Default have been cured or waived pursuant to Section 12 or
Section 14.1 of the Credit Agreement, as applicable, the Collateral Agent shall
repay to Pledgor (without interest) all dividends, distributions and principal
and interest payments that Pledgor would otherwise be permitted to receive,
retain and use pursuant to the terms of Section 8(b);
	 
	 	(iii)	 	all dividends, distributions and principal and interest
payments that are received by Pledgor contrary to the provisions of Section
8(b) shall be received in trust for the benefit of the Collateral Agent, shall
be segregated
from other property or funds of Pledgor and shall forthwith be delivered to
the Collateral Agent as Collateral in the same form as so received (with any
necessary indorsements); and
	 
	 	(iv)	 	in order to permit the Collateral Agent to receive all
dividends, distributions and principal and interest payments to which it may be
entitled under Section 8(b) above, to exercise the voting and other consensual
rights that it may be entitled to exercise pursuant to Section 8(c)(i) above,
and to receive all dividends, distributions and principal and interest payments
that it may be entitled to under Sections 8(c)(ii) and (c)(iii) above, Pledgor
shall from time to time execute and deliver to the 

 

 

	 	 	 	Collateral Agent appropriate
proxies, dividend payment orders and other instruments as the Collateral Agent
may reasonably request in writing.

     SECTION 9. Transfers and Other Liens; Additional Collateral; Etc. Pledgor shall:

     (a) not (i) except as permitted by the Credit Agreement sell or otherwise dispose of, or grant
any option or warrant with respect to, any of the Collateral or (ii) create or suffer to exist any
consensual Lien upon or with respect to any of the Collateral, except for the Lien created by this
Agreement, provided that in the event Pledgor sells or otherwise disposes of assets as
permitted by the Credit Agreement, and such assets are or include any of the Collateral, the
Collateral Agent shall release such Collateral to Pledgor free and clear of the Lien created by
this Agreement concurrently with the consummation of such sale; and

     (b) defend its and the Collateral Agent’s title or interest in and to all the Collateral (and
in the Proceeds thereof) against any and all Liens (other than the Lien created by this Agreement),
however arising, and any and all Persons whomsoever.

     SECTION 10. Collateral Agent Appointed Attorney-in-Fact. Pledgor hereby appoints,
which appointment is irrevocable and coupled with an interest, the Collateral Agent as Pledgor’s
attorney-in-fact, with full authority in the place and stead of Pledgor and in the name of Pledgor
or otherwise, to take any action and to execute any instrument, in each case after the occurrence
and during the continuance of an Event of Default, that the Collateral Agent may deem reasonably
necessary or advisable to accomplish the purposes of this Agreement, including to receive, indorse
and collect all instruments made payable to Pledgor representing any dividend, distribution or
principal or interest payment in respect of the Collateral or any part thereof and to give full
discharge for the same.

     SECTION 11. The Collateral Agent’s Duties. The powers conferred on the Collateral
Agent hereunder are solely to protect its interest and the interests of the Secured Parties in the
Collateral and shall not impose any duty upon the Collateral Agent or any other Secured Party to
exercise any such powers. Except for the safe custody of any Collateral in its possession and the
accounting for moneys actually received by it hereunder, the Collateral Agent shall have no duty as
to any Collateral, as to ascertaining or
taking action with respect to calls, conversions, exchanges, maturities, tenders or other
matters relative to any Pledged Shares, whether or not the Collateral Agent or any other Secured
Party has or is deemed to have knowledge of such matters, or as to the taking of any necessary
steps to preserve rights against any parties or any other rights pertaining to any Collateral. The
Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation
of any Collateral in its possession if such Collateral is accorded treatment substantially equal to
that which the Collateral Agent accords its own property.

     SECTION 12. Remedies. If any Event of Default shall have occurred and be continuing:

     (a) The Collateral Agent may exercise in respect of the Collateral, in addition to other
rights and remedies provided for herein or otherwise available to it, all the rights and remedies
of a secured party upon default under the UCC (whether or not the UCC applies to the affected
Collateral) or other applicable law or in equity and also may, with notice to the relevant Grantor,

 

 

sell the Collateral or any part thereof in one or more parcels at public or private sale, at any
exchange broker’s board or at any of the Collateral Agent’s offices or elsewhere, for cash, on
credit or for future delivery, at such price or prices and upon such other terms as are
commercially reasonable irrespective of the impact of any such sales on the market price of the
Collateral. The Collateral Agent shall be authorized at any such sale (if it deems it advisable to
do so) to restrict the prospective bidders or purchasers of Collateral to Persons who will
represent and agree that they are purchasing the Collateral for their own account for investment
and not with a view to the distribution or sale thereof, and, upon consummation of any such sale,
the Collateral Agent shall have the right to assign, transfer and deliver to the purchaser or
purchasers thereof the Collateral so sold. Each purchaser at any such sale shall hold the property
sold absolutely free from any claim or right on the part of Pledgor, and Pledgor hereby waives (to
the extent permitted by law) all rights of redemption, stay and/or appraisal that it now has or may
at any time in the future have under any rule of law or statute now existing or hereafter enacted.
The Collateral Agent or any other Secured Party shall have the right upon any such public sale and,
to the extent permitted by law, upon any such private sale, to purchase all or any part of the
Collateral so sold, and the Collateral Agent or such other Secured Party may pay the purchase price
by crediting the amount thereof against the Obligations. Pledgor agrees that, to the extent notice
of sale shall be required by law, at least ten days’ notice to Pledgor of the time and place of any
public sale or the time after which any private sale is to be made shall constitute reasonable
notification. The Collateral Agent shall not be obligated to make any sale of Collateral
regardless of notice of sale having been given. The Collateral Agent may adjourn any public or
private sale from time to time by announcement at the time and place fixed therefor, and such sale
may, without further notice, be made at the time and place to which it was so adjourned. To the
extent permitted by law, Pledgor hereby waives any claim against the Collateral Agent arising by
reason of the fact that the price at which any Collateral may have been sold at such a private sale
was less than the price that might have been obtained at a public sale, even if the Collateral
Agent accepts the first offer received and does not offer such Collateral to more than one offeree.

     (b) The Collateral Agent shall apply the proceeds of any collection or sale of the Collateral
at any time after receipt as follows:

	 	(i)	 	first, to the payment of all reasonable and documented costs
and expenses incurred by the Collateral Agent in connection with such
collection or sale or otherwise in connection with this Agreement, the other
Credit Documents or any of the Obligations, including all court costs and the
reasonable fees and expenses of its agents and legal counsel, the repayment of
all advances made by the Collateral Agent hereunder or under any other Credit
Document on behalf of Pledgor and any other reasonable and documented costs or
expenses incurred in connection with the exercise of any right or remedy
hereunder or under any other Credit Document;
	 
	 	(ii)	 	second, to the Secured Parties, an amount equal to all
Obligations owing to them on the date of any such distribution, and, if such
moneys shall be insufficient to pay such amounts in full, then ratably (without
priority of

 

 

any one
over any other) to such Secured Parties in proportion to the unpaid
amounts thereof; and

	 	(iii)	 	third, any surplus then remaining shall be paid to the Pledgor
or its successors or assigns or to whomsoever may be lawfully entitled to
receive the same or as a court of competent jurisdiction may direct.

     (c) Upon any sale of the Collateral by the Collateral Agent (including pursuant to a power of
sale granted by statute or under a judicial proceeding), the receipt of the Collateral Agent or of
the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the
Collateral so sold and such purchaser or purchasers shall not be obligated to see to the
application of any part of the purchase money paid over to the Collateral Agent or such officer or
be answerable in any way for the misapplication thereof.

     (d) The Collateral Agent may exercise any and all rights and remedies of Pledgor in respect of
the Collateral.

     (e) All payments received by Pledgor in respect of the Collateral after the occurrence and
during the continuance of an Event of Default shall be received in trust for the benefit of the
Collateral Agent, shall be segregated from other property or funds of Pledgor and shall be
forthwith delivered to the Collateral Agent as Collateral in the same form as so received (with any
necessary indorsement).

     SECTION 13. Amendments, etc. with Respect to the Obligations; Waiver of Rights.
Pledgor shall remain obligated hereunder notwithstanding that, without any reservation of rights
against Pledgor and without notice to or further assent by Pledgor, (a) any demand for payment of
any of the Obligations made by the Collateral Agent or any other Secured Party may be rescinded by
such party and any of the Obligations continued, (b) the Obligations, or the liability of any other
party upon or for any part thereof, or any collateral security or guarantee therefor or right of
offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended,
amended, modified, accelerated, compromised, waived, surrendered or released by the Collateral
Agent or any other Secured Party, (c) the Credit Agreement, the other
Credit Documents and any other documents executed and delivered in connection therewith and
the Hedge Agreements and any other documents executed and delivered in connection therewith and any
documents entered into with the applicable Administrative Agent or the Collateral Agent or any of
its respective affiliates in connection with treasury, depositary or cash management services or in
connection with any automated clearinghouse transfer of funds may be amended, modified,
supplemented or terminated, in whole or in part, as the applicable Administrative Agent (or the
Required Lenders, as the case may be, or, in the case of any Hedge Agreement or documents entered
into with the applicable Collateral Agent or any of its respective affiliates in connection with
treasury, depositary or cash management services or in connection with any automated clearinghouse
transfer of funds, the party thereto) may deem advisable from time to time, and (d) any collateral
security, guarantee or right of offset at any time held by the Collateral Agent or any other
Secured Party for the payment of the Obligations may be sold, exchanged, waived, surrendered or
released. Neither the Collateral Agent nor any other Secured Party shall have any obligation to
protect, secure, perfect or insure any Lien at any time held by it as security for the Obligations
or for this Agreement or any property subject thereto. When

 

 

making any demand hereunder against
Pledgor, the Collateral Agent or any other Secured Party may, but shall be under no obligation to,
make a similar demand any other person, and any failure by the Collateral Agent or any other
Secured Party to make any such demand or to collect any payments from any other person or any
release of any other person shall not relieve Pledgor in respect of which a demand or collection is
not made or Pledgor not so released of its several obligations or liabilities hereunder, and shall
not impair or affect the rights and remedies, express or implied, or as a matter of law, of the
Collateral Agent or any other Secured Party against Pledgor. For the purposes hereof “demand”
shall include the commencement and continuance of any legal proceedings.

     SECTION 14. Continuing Security Interest; Assignments Under the Credit Agreement;
Release. (a) This Agreement shall remain in full force and effect and be binding in
accordance with and to the extent of its terms upon Pledgor and the successors and assigns thereof,
and shall inure to the benefit of the Collateral Agent and the other Secured Parties and their
respective successors, indorsees, transferees and assigns until all the Obligations (other than any
contingent indemnity obligations not then due) under the Credit Documents shall have been satisfied
by payment in full, and the Commitments shall be terminated, notwithstanding that from time to time
during the term of the Credit Agreement and any Hedge Agreement the Borrower may be free from any
obligations.

     (b) [Intentionally Omitted.]

     (c) Upon any sale or other transfer by Pledgor of any Collateral that is permitted under the
Credit Agreement or upon the effectiveness of any written consent to the release of the security
interest granted hereby in any Collateral pursuant to Section 14.1 of the Credit Agreement, the
obligations of Pledgor with respect to such Collateral shall be automatically released and such
Collateral sold free and clear of the Lien and security interests created hereby.

     (d) In connection with any termination or release pursuant to the foregoing paragraph (a) or
(c), the Collateral Agent shall execute and deliver to Pledgor or authorize the filing of, at
Pledgor’s expense, all documents that Pledgor shall reasonably request to evidence such
termination or release. Any execution and delivery of documents pursuant to this Section 14 shall
be without recourse to or warranty by the Collateral Agent.

     SECTION 15. Reinstatement. Pledgor further agrees that, if any payment made by
Borrower or other Person and applied to the Obligations is at any time annulled, avoided, set
aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to
be refunded or repaid, or the proceeds of Collateral are required to be returned by any Secured
Party to the Borrower, its estate, trustee, receiver or any other party, including Pledgor, under
any bankruptcy law, state, federal or foreign law, common law or equitable cause, then, to the
extent of such payment or repayment, any Lien or other Collateral securing such liability shall be
and remain in full force and effect, as fully as if such payment had never been made or, if prior
thereto the Lien granted hereby or other Collateral securing such liability hereunder shall have
been released or terminated by virtue of such cancellation or surrender), such Lien or other
Collateral shall be reinstated in full force and effect, and such prior cancellation or surrender
shall not diminish, release, discharge, impair or otherwise affect any Lien or other Collateral
securing the obligations of Pledgor in respect of the amount of such payment.

 

 

     SECTION 16. Notices. All notices, requests and demands pursuant hereto shall be made
in accordance with Section 14.2 of the Credit Agreement. All communications and notices hereunder
to Pledgor shall be given to it in care of the Borrower at the Borrower’s address set forth in
Section 14.2 of the Credit Agreement.

     SECTION 17. Counterparts. This Agreement may be executed by one or more of the
parties to this Agreement on any number of separate counterparts (including by facsimile or other
electronic transmission), and all of said counterparts taken together shall be deemed to constitute
one and the same instrument. A set of the copies of this Agreement signed by all the parties shall
be lodged with the Collateral Agent and the Borrower.

     SECTION 18. Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. The parties hereto shall endeavor in
good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to that of the invalid, illegal
or unenforceable provisions.

     SECTION 19. Integration. This Agreement together with the other Credit Documents represents the agreement of the
Pledgor with respect to the subject matter hereof and there are no promises, undertakings,
representations or warranties by the Collateral Agent or any other Secured Party relative to the
subject matter hereof not expressly set forth or referred to herein or in the other Credit
Documents.

     SECTION 20. Amendments in Writing; No Waiver; Cumulative Remedies. (a) None of the
terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified
except by a written instrument executed by the affected Pledgor and the Collateral Agent in
accordance with Section 14.1 of the Credit Agreement.

     (b) Neither the Collateral Agent nor any other Secured Party shall by any act (except by a
written instrument pursuant to Section 20(a) hereof), delay, indulgence, omission or otherwise be
deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event
of Default or in any breach of any of the terms and conditions hereof. No failure to exercise, nor
any delay in exercising, on the part of the Collateral Agent or any other Secured Party, any right,
power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of
any right, power or privilege hereunder shall preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. A waiver by the Collateral Agent or any other
Secured Party of any right or remedy hereunder on any one occasion shall not be construed as a bar
to any right or remedy that the Collateral Agent or such other Secured Party would otherwise have
on any future occasion.

     (c) The rights, remedies, powers and privileges herein provided are cumulative, may be
exercised singly or concurrently and are not exclusive of any other rights or remedies provided
by law.

 

 

     SECTION 21. Section Headings. The Section headings used in this Agreement are for
convenience of reference only and are not to affect the construction hereof or be taken into
consideration in the interpretation hereof.

     SECTION 22. Successors and Assigns. This Agreement shall be binding upon the
successors and assigns of Pledgor and shall inure to the benefit of the Collateral Agent and the
other Secured Parties and their respective successors and assigns, except that no Pledgor may
assign, transfer or delegate any of its rights or obligations under this Agreement without the
prior written consent of the Collateral Agent.

     SECTION 23. WAIVER OF JURY TRIAL. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY
WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, ANY OTHER CREDIT
DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

     SECTION 24. Submission to Jurisdiction; Waivers. Each party hereto irrevocably and
unconditionally:

     (a) submits for itself and its property in any legal action or proceeding relating to this
Agreement and the other Credit Documents to which it is a party, or for recognition and enforcement
of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the
State of New York, the courts of the United States of America for the Southern District of New York
and appellate courts from any thereof;

     (b) consents that any such action or proceeding may be brought in such courts and waives any
objection that it may now or hereafter have to the venue of any such action or proceeding in any
such court or that such action or proceeding was brought in an inconvenient court and agrees not to
plead or claim the same;

     (c) agrees that service of process in any such action or proceeding may be effected by mailing
a copy thereof by registered or certified mail (or any substantially similar form of mail), postage
prepaid, to such Person at its address referred to in Section 16 or at such other address of which
the Collateral Agent shall have been notified pursuant thereto;

     (d) agrees that nothing herein shall affect the right of any other party hereto (or any
Secured Party) to effect service of process in any other manner permitted by law or shall limit the
right of any party hereto (or any Secured Party) to sue in any other jurisdiction; and

     (e) waives, to the maximum extent not prohibited by law, any right it may have to claim or
recover in any legal action or proceeding referred to in this Section 24 any special, exemplary,
punitive or consequential damages.

     SECTION 25. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK.

     SECTION 26. [Intentionally Omitted]

 

 

     IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be duly executed and
delivered by its duly authorized officer as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	MCJUNKIN RED MAN HOLDING CORPORATION, 
as
Pledgor
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ CRAIG KETCHUM	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Craig Ketchum	 	 
	 

	 	 	 	Title: Chief Executive Officer and
President	 	 
	 
	 	 	 	 	 	 
	 	 	Lehman Commercial Paper Inc., as Collateral
Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ LAURIE PERPER	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Laurie Perper	 	 
	 

	 	 	 	Title: Managing Director	 	 

MCJUNKIN
RED MAN HOLDING CORPORATION

Pledge AgreementEX-10.8

Exhibit 10.8

TERM LOAN SECURITY AGREEMENT

          THIS TERM LOAN SECURITY AGREEMENT dated as of May 22, 2008 between McJunkin Red Man Holding
Corporation, a Delaware corporation (the “Grantor” or “Borrower”)and Lehman
Commercial Paper Inc., as Collateral Agent (in such capacity, the “Collateral Agent”) under
the Credit Agreement (as defined below) for the benefit of the Secured Parties (as defined below).

W I T N E S S E T H:

          WHEREAS, the Borrower is party to the Term Loan Credit Agreement, dated as of May 22, 2008 (as
the same may be amended, restated, supplemented or otherwise modified, refinanced or replaced from
time to time, the “Credit Agreement”), among the Borrower, the lending institutions from
time to time party thereto (the “Lenders”), Lehman Commercial Paper Inc., as Administrative
Agent and as Collateral Agent, pursuant to which (1) the Lenders have severally agreed to make
Loans to the Borrower upon the terms and subject to the conditions set forth therein, and (2) one
or more Lenders or affiliates of Lenders may from time to time enter into Hedge Agreements with the
Borrower (the items in clauses (1) and (2) collectively, the “Extensions of Credit”);

          WHEREAS, the proceeds of the Extensions of Credit will be used to enable the Borrower to fund
a dividend to the Investors;

          WHEREAS, the Grantor acknowledges that it will derive substantial direct and indirect benefit
from the making of the Extensions of Credit; and

          WHEREAS, it is a condition precedent to the obligation of the Lenders to make their respective
Extensions of Credit to the Borrower under the Credit Agreement that the Grantor shall have
executed and delivered this Agreement to the Collateral Agent for the ratable benefit of the
Secured Parties;

          NOW, THEREFORE, in consideration of the premises and to induce the Administrative Agent, the
Collateral Agent, the Syndication Agent, and the Lenders to enter into the Credit Agreement and to
induce the Lenders to make their respective Extensions of Credit to the Borrower under the Credit
Agreement and to induce one or more Lenders or affiliates of Lenders to enter into Hedge Agreements
with the Borrower, the Grantor hereby agrees with the Collateral Agent for the benefit of the
Secured Parties, as follows:

          1. Defined Terms.

          (a) Unless otherwise defined herein, all capitalized terms used herein (including the preamble
and recitals hereto) and not otherwise defined herein shall have the meanings given to them in the
Credit Agreement or, if not defined therein, in the UCC.

 

 

          (b) The following terms shall have the following meanings:

          “Agreement” shall have the meaning assigned to such term in the preamble hereto.

          “Borrower” shall have the meaning assigned to such term in the preamble hereto.

          “Collateral” shall have the meaning provided in Section 2 hereof.

          “Collateral Agent” shall have the meaning assigned to such term in the preamble
hereto.

          “Collateral Account” shall mean any collateral account established by the Collateral
Agent as provided in Section 5.1 or Section 5.3.

          “Collateral Agent” shall have the meaning provided in the preamble hereto.

          “Control” shall mean (i) in the case of each Deposit Account, “control,” as such term
is defined in Section 9-104 of the UCC, and (ii) in the case of any Security Entitlement,
“control,” as such term is defined in Section 8-106 of the UCC.

          “Control Agreements” shall mean, collectively, Deposit Account Control Agreements and
the Securities Account Control Agreements.

          “Copyright License” shall mean any written agreement, now or hereafter in effect,
naming the Grantor as licensor or licensee, granting any right to any third party under any
copyright now or hereafter owned by the Grantor (including all Copyrights) or that the Grantor
otherwise has the right to license, or granting any right to the Grantor under any copyright now or
hereafter owned by any third party, and all rights of the Grantor under any such agreement,
including those listed on Schedule I (as such schedule may be amended or supplemented from time to
time).

          “copyrights” shall mean, with respect to any Person, all of the following now owned or
hereafter acquired by such Person: (i) all copyright rights in any work subject to the copyright
laws of the United States, any other country or any group of countries, whether as author,
assignee, transferee or otherwise, and (ii) all registrations and applications for registration of
any such copyright in the United States or any other country, including registrations, recordings,
supplemental registrations and pending applications for registration in the United States Copyright
Office.

          “Copyrights” shall mean all copyrights now owned or hereafter acquired by the Grantor,
including those listed on Schedule II (as such schedule may be amended or supplemented from time to
time).

 

 

          “Credit Agreement” shall have the meaning assigned to such term in the recitals
hereto.

          “Deposit Account Control Agreement” shall mean an agreement that is reasonably
satisfactory to the Collateral Agent establishing Control in favor of the Collateral Agent with
respect to any Deposit Account.

          “Deposit Accounts” shall mean, collectively, with respect to each Pledgor, (i) all
“deposit accounts” as such term is defined in Article 9 of the UCC and in any event shall include
all accounts and sub-accounts relating to any of the foregoing accounts and (ii) all cash, funds,
checks, notes and instruments from time to time on deposit in any of the accounts or sub-accounts
described in clause (i) of this definition.

          “Equipment” shall mean all “equipment,” as such term is defined in Article 9 of the
UCC, now or hereafter owned by the Grantor or to which the Grantor has rights and, in any event,
shall include all machinery, equipment, computers, furnishings, appliances, fixtures, tools and
vehicles (in each case, regardless of whether characterized as equipment under the UCC) now or
hereafter owned by the Grantor or to which the Grantor has rights and any and all Proceeds,
accessions, additions, substitutions and replacements of any of the foregoing, wherever located,
together with all attachments, components, parts, equipment and accessories installed thereon or
affixed thereto; but excluding equipment to the extent it is subject to a Lien permitted by the
Credit Agreement and the terms of the Indebtedness securing such Lien prohibit assignment of, or
granting of a security interest in, the Grantor’s rights and interests therein (other than to the
extent that any such prohibition would be rendered ineffective pursuant to Sections 9-406, 9-407,
9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction
or any other applicable law), provided, that immediately upon the repayment of all
Indebtedness secured by such Lien, the Grantor shall be deemed to have granted a Security Interest
in all the rights and interests with respect to such equipment.

          “Extensions of Credit” shall have the meaning assigned to such term in the recitals
hereto.

          “General Intangibles” shall mean all “general intangibles” as such term is defined in
Article 9 of the UCC, including “payment intangibles” also as such term is defined in Article 9 of
the UCC, and, in any event, including with respect to the Grantor, all contracts, agreements,
instruments and indentures in any form, and portions thereof, to which the Grantor is a party or
under which the Grantor has any right, title or interest or to which the Grantor or any property of
the Grantor is subject, as the same may from time to time be amended, supplemented or otherwise
modified, including (a) all rights of the Grantor to receive moneys due and to become due to it
thereunder or in connection therewith, (b) all rights of the Grantor to receive proceeds of any
insurance, indemnity, warranty or guarantee with respect thereto, (c) all claims of the Grantor for
damages arising out of any breach of or default thereunder and (d) all rights of the Grantor to
terminate, amend, supplement, modify or exercise rights or options thereunder, to

 

 

perform thereunder and to compel performance and otherwise exercise all remedies thereunder,
in each case to the extent the grant by the Grantor of a Security Interest pursuant to this
Agreement in its right, title and interest in any such contract, agreement, instrument or indenture
(i) is not prohibited by such contract, agreement, instrument or indenture without the consent of
any other party thereto, (ii) would not give any other party to any such contract, agreement,
instrument or indenture the right to terminate its obligations thereunder or (iii) is permitted
with consent if all necessary consents to such grant of a Security Interest have been obtained from
the other parties thereto (other than to the extent that any such prohibition referred to in
clauses (i), (ii) and (iii) would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408
or 9-409 of the Uniform Commercial Code (or any successor provision or provisions) of any relevant
jurisdiction or any other applicable law) (it being understood that the foregoing shall not be
deemed to obligate the Grantor to obtain such consents), provided that the foregoing
limitation shall not affect, limit, restrict or impair the grant by the Grantor of a Security
Interest pursuant to this Agreement in any Account or any money or other amounts due or to become
due under any such contract, agreement, instrument or indenture.

          “Grantor” shall have the meaning assigned to such term in the recitals hereto.

          “Intellectual Property” shall mean all of the following now owned or hereafter
acquired by the Grantor: rights, priorities and privileges relating to intellectual property,
whether arising under United States, multinational or foreign laws, including the Trade
Secrets, the Copyrights, the Patents, the Trademarks and the Licenses and all rights to sue at law
or in equity for any infringement or other impairment thereof, including the right to receive all
proceeds and damages therefrom, in each case to the extent the grant by the Grantor of a Security
Interest pursuant to this Agreement in any such rights, priorities and privileges relating to
intellectual property (i) is not prohibited by any contract, agreement or other instrument
governing such rights, priorities and privileges without the consent of any other party thereto,
(ii) would not give any other party to any such contract, agreement or other instrument the right
to terminate its obligations thereunder or (iii) is permitted with consent if all necessary
consents to such grant of a Security Interest have been obtained from the relevant parties (other
than to the extent that any such prohibition referred to in clauses (i), (ii) and (iii) would be
rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor
provision or provisions) of any relevant jurisdiction or any other applicable law) (it being
understood that the foregoing shall not be deemed to obligate the Grantor to obtain such consents).

          “Investment Property” shall mean all Securities (whether certificated or
uncertificated), Security Entitlements, Securities Accounts, Commodity Contracts and Commodity
Accounts of the Grantor (other than as pledged pursuant to the Pledge Agreements), whether now or
hereafter acquired by the Grantor, in each case to the extent the grant by a Grantor of a Security
Interest therein pursuant to this Agreement in its right, title and interest in any such Investment
Property (i) is not prohibited by any

 

 

contract, agreement, instrument or indenture governing such Investment Property without the
consent of any other party thereto, (ii) would not give any other party to any such contract,
agreement, instrument or indenture the right to terminate its obligations thereunder or (iii) is
permitted with consent if all necessary consents to such grant of a Security Interest have been
obtained from the other parties thereto (other than to the extent that any such prohibition
referred to in clauses (i), (ii) and (iii) would be rendered ineffective pursuant to Sections
9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant
jurisdiction or any other applicable law) (it being understood that the foregoing shall not be
deemed to obligate the Grantor to obtain such consents).

          “Lender Counterparty” means each Lender or any Affiliate of a Lender that is a
counterparty to a Hedge Agreement (including any Person that ceases to be a Lender (or any
Affiliate thereof) (a) on the date such Lender becomes a party to the Credit Agreement or (b) as of
the date such Hedge Agreement was entered into.

          “License” shall mean any Patent License, Trademark License, Copyright License or other
license or sublicense to which the Grantor is a party.

          “Obligations” shall mean the collective reference to (i) the due and punctual payment
of (x) the principal of and premium, if any, and interest at the applicable rate provided in the
Credit Agreement (including interest at the contract rate applicable upon default accrued or
accruing after the commencement of any proceeding, under the Bankruptcy Code or any applicable
provision of comparable state or foreign law, whether or not such interest is an allowed claim in
such proceeding) on the Loans, when and as due, whether at maturity, by acceleration, upon one or
more dates set for prepayment or otherwise, (y) each payment required to be made by Borrower under
the Credit Agreement, when and as due, including payments in respect of reimbursement of
disbursements, interest thereon and obligations to provide cash collateral, and (z) all other
monetary obligations, including fees, costs, payments for early termination of Hedge Agreements,
expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise
(including monetary obligations incurred during the pendency of any proceeding under the Bankruptcy
Code or any applicable provision of comparable state or foreign law, whether or not such interest
is an allowed claim in such proceeding), of Borrower to any of the Secured Parties under the Credit
Agreement and any other Credit Documents, (ii) the due and punctual performance of all covenants,
agreements, obligations and liabilities of the Borrower under or pursuant to the Credit Agreement
and the other Credit Documents, and (iv) the due and punctual payment and performance of all
obligations of the Borrower under each Hedge Agreement that (x) is in effect on the Closing Date
with a counterparty that is a Lender or an affiliate of a Lender as of the Closing Date or (y) is
entered into after the Closing Date with any counterparty that is a Lender or an affiliate of a
Lender at the time such Hedge Agreement is entered into.

          “Patent License” shall mean any written agreement, now or hereafter in effect, naming
the Grantor as licensor or licensee, granting to any third party any right to

 

 

make, use or sell any invention on which a patent, now or hereafter owned by the Grantor
(including all Patents) or that the Grantor otherwise has the right to license, is in existence, or
granting to the Grantor any right to make, use or sell any invention on which a patent, now or
hereafter owned by any third party, is in existence, and all rights of the Grantor under any such
agreement, including those listed on Schedule III (as such schedule may be amended or supplemented
from time to time).

          “patents” shall mean, with respect to any Person, all of the following now owned or
hereafter acquired by such Person: (a) all letters patent of the United States or the equivalent
thereof in any other country or group of countries, all registrations and recordings thereof, and
all applications for letters patent of the United States or the equivalent thereof in any other
country, including registrations, recordings and pending applications in the United States Patent
and Trademark Office or any similar offices in any other country, and (b) all reissues,
continuations, divisions, continuations-in-part, renewals, reexaminations or extensions thereof,
all rights corresponding thereto throughout the world and all inventions and improvements disclosed
or claimed therein, including the right to make, use and/or sell the inventions disclosed or
claimed therein.

          “Patents” shall mean all patents now owned or hereafter acquired by the Grantor,
including those listed on Schedule IV (as such schedule may be amended or supplemented from time to
time).

          “Proceeds” shall mean all “proceeds” as such term is defined in Article 9 of the UCC
and, in any event, shall include with respect to the Grantor, any consideration received from the
sale, exchange, license, lease or other disposition of any asset or property that constitutes
Collateral, any value received as a consequence of the possession of any Collateral and any payment
received from any insurer or other person or entity as a result of the destruction, loss, theft,
damage or other involuntary conversion of whatever nature of any asset or property that constitutes
Collateral, and shall include (a) all cash and negotiable instruments received by or held on behalf
of the Collateral Agent, (b) any claim of the Grantor against any third party for (and the right to
sue and recover for and the rights to damages or profits due or accrued arising out of or in
connection with) (i) past, present or future infringement of any Patent now or hereafter owned by
the Grantor, or licensed under a Patent License, (ii) past, present or future infringement or
dilution of any Trademark now or hereafter owned by the Grantor or licensed under a Trademark
License or injury to the goodwill associated with or symbolized by any Trademark now or hereafter
owned by the Grantor, (iii) past, present or future breach of any License and (iv) past, present or
future infringement of any Copyright now or hereafter owned by the Grantor or licensed under a
Copyright License and (c) any and all other amounts from time to time paid or payable under or in
connection with any of the Collateral.

          “Secured Parties” shall mean, collectively, (i) the Lenders, (ii) the Administrative
Agent, (iii) the Collateral Agent, (iv) the Syndication Agent, (v) each Lender Counterparty party
to a Hedge Agreement the obligations under which constitute

 

 

Obligations, (vi) the beneficiaries of each indemnification obligation undertaken by the
Borrower under the Credit Agreement or any document executed pursuant thereto and (vii) any
successors, indorsees, transferees and assigns of each of the foregoing.

          “Securities Account Control Agreement” shall mean an agreement that is reasonably
satisfactory to the Collateral Agent establishing Control in favor of the Collateral Agent with
respect to any Securities Account.

          “Security Interest” shall have the meaning provided in Section 2 hereof.

          “Trade Secrets” shall mean all information used or useful arising from the business
including all goodwill, trade secrets, trade secret rights, know-how, customer lists, processes of
production, ideas, confidential business information, techniques, processes, formulas and all other
proprietary information.

          “Trademark License” shall mean any written agreement, now or hereafter in effect,
naming the Grantor as licensor or licensee, granting to any third party any right to use any
trademark now or hereafter owned by the Grantor (including any Trademark) or that the Grantor
otherwise has the right to license, or granting to the Grantor any right to use any trademark now
or hereafter owned by any third party, and all rights of the Grantor under any such agreement,
including those listed on Schedule V (as such schedule may be amended or supplemented from time to
time).

          “trademarks” shall mean, with respect to any Person, all of the following now owned or
hereafter acquired by such Person: (i) all trademarks, service marks, trade names, corporate
names, company names, business names, fictitious business names, Internet domain names, trade
styles, trade dress, logos, other source or business identifiers, designs and general intangibles
of like nature, now existing or hereafter adopted or acquired, all registrations and recordings
thereof (if any), and all registration and recording applications filed in connection therewith,
including registrations and registration applications in the United States Patent and Trademark
Office or any similar offices in any State of the United States or any other country or any
political subdivision thereof, and all extensions or renewals thereof, (ii) all goodwill associated
therewith or symbolized thereby and (iii) all other assets, rights and interests that uniquely
reflect or embody such goodwill.

          “Trademarks” shall mean all trademarks now owned or hereafter acquired by the Grantor,
including those listed on Schedule VI (as such schedule may be amended or supplemented from time to
time); provided that any “intent to use” Trademark applications for which a “Statement of
Use” or “Amendment to Allege Use” has not been filed (but only until such statement is filed) are
excluded from this definition.

          “UCC” shall mean the Uniform Commercial Code as from time to time in effect in the
State of New York; provided, however, that, in the event that, by reason of mandatory
provisions of law, any of the attachment, perfection or priority of the

 

 

Collateral Agent’s and the Secured Parties’ Security Interest in any Collateral is governed by
the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the
term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction
for purposes of the provisions hereof relating to such attachment, perfection or priority and for
purposes of definitions related to such provisions.

          (c) The words “hereof”, “herein”, “hereto” and “hereunder” and words of similar import when
used in this Agreement shall refer to this Agreement as a whole and not to any particular provision
of this Agreement, and Section, subsection, clause and Schedule references are to this Security
Agreement unless otherwise specified. The words “include,” “includes” and “including” shall be
deemed to be followed by the phrase “without limitation.”

          (d) The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms.

          (e) Where the context requires, terms relating to the Collateral or any part thereof, when
used in relation to a Grantor, shall refer to the Grantor’s Collateral or the relevant part
thereof.

          (f) References to “Lenders” in this Agreement shall be deemed to include Affiliates of any
Lender that may from time to time enter into Hedge Agreements with the Borrower.

          2. Grant of Security Interest.

          (a) The Grantor hereby bargains, sells, conveys, assigns, sets over, mortgages, pledges,
hypothecates and transfers to the Collateral Agent, for the ratable benefit of the Secured Parties,
and grants to the Collateral Agent, for the ratable benefit of the Secured Parties a lien on and
continuing security interest in (the “Security Interest”), all of its right, title and
interest in, to and under all of the following property now owned or at any time hereafter acquired
by the Grantor or in which the Grantor now has or at any time in the future may acquire any right,
title or interest (collectively, the “Collateral”), as collateral security for the prompt
and complete payment and performance when due (whether at the stated maturity, by acceleration or
otherwise) of the Obligations:

     (i) all Accounts;

     (ii) all Chattel Paper;

     (iii) all Commercial Tort Claims, if any;

     (iv) all Documents;

     (v) all Equipment;

 

 

     (vi) all General Intangibles;

     (vii) all Instruments;

     (viii) all Intellectual Property;

     (ix) all Inventory;

     (x) all Investment Property;

     (xi) all Letters of Credit and Letter-of-Credit Rights;

     (xii) all Money;

     (xiii) all Supporting Obligations;

     (xiv) all Collateral Accounts;

     (xv) all books and records pertaining to the Collateral; and

     (xvi) to the extent not otherwise included, all Proceeds and products of any and all
of the foregoing.

          (b) The Grantor hereby irrevocably authorizes the Collateral Agent and its Affiliates, counsel
and other representatives, at any time and from time to time, to file or record financing
statements, amendments to financing statements and, with notice to the Borrower, other filing or
recording documents or instruments with respect to the Collateral in such form and in such offices
as the Collateral Agent reasonably determines appropriate to perfect the Security Interests of the
Collateral Agent under this Agreement, and such financing statements and amendments may describe
the Collateral covered thereby as “all assets” or “all personal property” or words of similar
effect, whether now owned or hereafter acquired. The Grantor hereby also authorizes the Collateral
Agent and its Affiliates, counsel and other representatives, at any time and from time to time, to
file continuation statements with respect to previously filed financing statements. A photographic
or other reproduction of this Agreement shall be sufficient as a financing statement or other
filing or recording document or instrument for filing or recording in any jurisdiction to the
Collateral Agent.

          The Grantor hereby agrees to provide to the Collateral Agent, promptly upon request, any
information reasonably necessary to effectuate the filings or recordings authorized by this Section
2(b).

          The Collateral Agent is further authorized to file with the United States Patent and Trademark
Office or United States Copyright Office (or any successor office or any similar office in any
other country) such documents as may be necessary or advisable for the purpose of perfecting,
confirming, continuing, enforcing or protecting the Security Interests granted by the Grantor
hereunder, without the signature of the

 

 

Grantor, and naming the Grantor or the Grantors as debtors and the Collateral Agent, as the
case may be, as secured party.

          This Agreement secures the payment of all the Obligations. Without limiting the generality of
the foregoing, this Agreement secures the payment of all amounts that constitute part of the
Obligations and would be owed to the Collateral Agent or the Secured Parties under the Credit
Documents but for the fact that they are unenforceable or not allowable due to the existence of a
bankruptcy, reorganization or similar proceeding involving the Grantor.

          The Security Interests are granted as security only and shall not subject the Collateral Agent
or any other Secured Party to, or in any way alter or modify, any obligation or liability of the
Grantor with respect to or arising out of the Collateral.

          3. Representations and Warranties.

          The Grantor hereby represents and warrants to the Collateral Agent and each other Secured
Party that:

          3.1 Title; No Other Liens. Except for (a) the Security Interest granted to the
Collateral Agent for the ratable benefit of the Secured Parties pursuant to this Agreement, (b) the
Liens permitted by the Credit Agreement and (c) any Liens securing Indebtedness which is no longer
outstanding or any Liens with respect to commitments to lend which have been terminated, the
Grantor owns each item of the Collateral free and clear of any and all Liens or claims of others.
No security agreement, financing statement or other public notice with respect to all or any part
of the Collateral that evidences a Lien securing any material Indebtedness is on file or of record
in any public office, except such as (i) have been filed in favor of the Collateral Agent for the
ratable benefit of the Secured Parties pursuant to this Agreement or (ii) are permitted by the
Credit Agreement.

          3.2 Perfected First Priority Liens. (a) This Agreement is effective to create in
favor of the Collateral Agent, for its benefit and for the benefit of the Secured Parties, legal,
valid and enforceable Security Interests in the Collateral, subject to the effects of bankruptcy,
insolvency or similar laws affecting creditors’ rights generally and general equitable principles.

          (b) Subject to the limitations set forth in clause (c) of this Section 3.2, the Security
Interests granted pursuant to this Agreement (i) will constitute valid and perfected Security
Interests in the Collateral (as to which perfection may be obtained by the filings or other actions
described in clause (A), (B), or (C) of this paragraph in favor of the Collateral Agent, for the
ratable benefit of the Secured Parties, as collateral security for the Obligations, upon (A) the
filing of all financing statements, in each case, naming the Grantor as “debtor” and the Collateral
Agent as “secured party” and describing the Collateral in the filing offices specified in Schedule
3.2(b), (B) delivery to Collateral Agent (or its bailee) of all Instruments, Chattel Paper,
Certificated Securities

 

 

and Negotiable Documents, in each case, properly endorsed for transfer or in blank, and (C)
completion of the filing and recording of fully executed agreements in the form hereof (or a
supplement hereto) and containing a description of all Collateral constituting Patents and
Trademarks in the United States Patent and Trademark Office (or any successor office) within the
three month period (commencing as of the date hereof) or, with respect to all Collateral
constituting Patents and registered Trademarks acquired after the date hereof, within three months
thereafter, and all Collateral constituting registered Copyrights in the United States Copyright
Office (or a successor office) within the one month period (commencing as of the date hereof) or,
with respect to all Collateral constituting Copyrights acquired after the date hereof, within one
month thereafter pursuant to 35 USC § 261, and 15 USC § 1060, or 17 USC § 205 and the regulations
thereunder, and otherwise as may be required pursuant to the laws of any other necessary
jurisdiction to the extent that a security interest may be perfected by such filings and
recordings, and (ii) are prior to all other Liens on the Collateral other than Liens permitted
pursuant to Section 10.2 of the Credit Agreement.

          (c) Notwithstanding anything to the contrary herein, no Grantor shall be required to perfect
the Security Interests granted by this Agreement (including Security Interests in cash, cash
accounts and Investment Property) by any means other than (i) filings pursuant to the UCC of the
relevant state(s), (ii) filings approved by United States government offices with respect to
Intellectual Property or (iii) delivery to the Collateral Agent (or its bailee) to be held in its
possession of all Collateral consisting of Instruments, Certificated Securities or Negotiable
Documents.

          (d) It is understood and agreed that the Security Interests in cash and Investment Property
created hereunder shall not prevent the Grantors from using such assets in the ordinary course of
their respective businesses, subject to the provisions of the Control Agreements with respect to
such cash and Investment Property.

          4. Covenants.

          The Grantor hereby covenants and agrees with the Collateral Agent and the Secured Parties
that, from and after the date of this Agreement until the Obligations under the Credit Documents
are paid in full and the Commitments are terminated:

          4.1 Maintenance of Perfected Security Interest; Further Documentation. (a) The
Grantor shall maintain the Security Interest created by this Agreement as a perfected Security
Interest having at least the priority described in Section 3.1 and shall defend such Security
Interest against the claims and demands of all Persons whomsoever, in each case subject to Section
3.2(c).

          (b) The Grantor will furnish to the Collateral Agent and the Lenders from time to time
statements and schedules further identifying and describing the assets and property of the Grantor
and such other reports in connection therewith as the Collateral Agent may reasonably request.

 

 

          (c) Subject to clause (d) below and Section 3.2(c), the Grantor agrees that at any time and
from time to time, at the expense of the Grantor, it will execute any and all further documents,
financing statements, agreements and instruments, and take all such further actions (including the
filing and recording of financing statements and other documents, including all applicable
documents required under Section 3.2(b)(C)), which may be required under any applicable law, or
which the Collateral Agent or the Required Lenders may reasonably request, in order (i) to grant,
preserve, protect and perfect the validity and priority of the Security Interests created or
intended to be created hereby or (ii) to enable the Collateral Agent to exercise and enforce its
rights and remedies hereunder with respect to any Collateral, including the filing of any financing
or continuation statements under the UCC in effect in any jurisdiction with respect to the Security
Interests created hereby and all applicable documents required under Section 3.2(b)(C), all at the
expense of the Grantor.

          (d) Notwithstanding anything in this Section 4.1 to the contrary, with respect to any assets
acquired by the Grantor after the date hereof that are required by the Credit Agreement to be
subject to the Lien created hereby, the relevant Grantor after the acquisition thereof shall
promptly take all actions required by the Credit Agreement or this Section 4.1.

             4.2 Changes in Locations, Name, etc. The Grantor will furnish to the Collateral
Agent prompt written notice of any change (i) in its legal name, (ii) in its jurisdiction of
organization or location for purposes of the UCC, (iii) in its identity or type of organization
or corporate structure or (iv) in its Federal Taxpayer Identification Number or organizational
identification number. The Grantor agrees promptly to provide the Collateral Agent with
certified organizational documents reflecting any of the changes described in the first sentence
of this paragraph. The Grantor also agrees promptly to notify the Collateral Agent if any
material portion of the Collateral is damaged or destroyed.

             4.3 Notices. The Grantor will advise the Collateral Agent and the Lenders promptly,
in reasonable detail, of any Lien of which it has knowledge (other than the Security Interests
created hereby or Liens permitted under the Credit Agreement) on any of the Collateral which
would adversely affect, in any material respect, the ability of the Collateral Agent to exercise
any of its remedies hereunder.

          5. Remedial Provisions.

             5.1 Certain Matters Relating to Accounts. (a) At any time after the occurrence and
during the continuance of an Event of Default and after giving reasonable notice to the Borrower
and any other relevant Grantor, the Administrative Agent shall have the right, but not the
obligation, to instruct the Collateral Agent to (and upon such instruction, the Collateral Agent
shall) make test verifications of the Accounts in any manner and through any medium that such
Agent reasonably considers advisable, and the Grantor shall furnish all such assistance and
information as such Agent may require in connection with such test verifications. Such Agent
shall have

 

 

the absolute right to share any information it gains from such inspection or verification
with any Secured Party.

          (b) The Collateral Agent hereby authorizes the Grantor to collect the Grantor’s Accounts and
the Collateral Agent may curtail or terminate said authority at any time after the occurrence and
during the continuance of an Event of Default. If required in writing by the Collateral Agent at
any time after the occurrence and during the continuance of an Event of Default, any payments of
Accounts, when collected by the Grantor, (i) shall be forthwith (and, in any event, within two
Business Days) deposited by the Grantor in the exact form received, duly endorsed by the Grantor to
the Collateral Agent if required, in a Collateral Account maintained under the sole dominion and
control of and on terms and conditions reasonably satisfactory to the Collateral Agent, subject to
withdrawal by the Collateral Agent for the account of the Secured Parties only as provided in
Section 5.5, and (ii) until so turned over, shall be held by the Grantor in trust for the
Collateral Agent and the Secured Parties, segregated from other funds of the Grantor. Each such
deposit of Proceeds of Accounts shall be accompanied by a report identifying in reasonable detail
the nature and source of the payments included in the deposit.

          (c) At the Collateral Agent’s request at any time after the occurrence and during the
continuance of an Event of Default, the Grantor shall deliver to the Collateral Agent all original
and other documents evidencing, and relating to, the agreements and transactions which gave rise to
the Accounts, including all original orders, invoices and shipping receipts.

          (d) Upon the occurrence and during the continuance of an Event of Default, a Grantor shall not
grant any extension of the time of payment of any of the Accounts, compromise, compound or settle
the same for less than the full amount thereof, release, wholly or partly, any person liable for
the payment thereof, or allow any credit or discount whatsoever thereon if the Collateral Agent
shall have instructed the Grantors not to grant or make any such extension, credit, discount,
compromise or settlement under any circumstances during the continuance of such Event of Default.

          (e) At the direction of the Collateral Agent, upon the occurrence and during the continuance
of an Event of Default, the Grantor shall grant to the Collateral Agent to the extent assignable,
an irrevocable, non-exclusive, fully paid-up, royalty-free, worldwide license to use, assign,
license or sublicense any of the Intellectual Property now owned or hereafter acquired by the
Grantor. Such license shall include access to all media in which any of the licensed items may be
recorded or stored and to all computer programs used for the compilation or printout thereof.

             5.2 Communications with Borrower; Grantors Remain Liable. (a) The Collateral Agent
in its own name or in the name of others may at any time after the occurrence and during the
continuance of an Event of Default, after giving reasonable notice to the relevant Grantor of its
intent to do so, communicate with obligors under the Accounts to verify with them to the
Collateral Agent’s satisfaction the existence,

 

 

amount and terms of any Accounts. The Collateral Agent shall have the absolute right to
share any information it gains from such inspection or verification with any Secured Party.

          (b) Upon the written request of the Collateral Agent at any time after the occurrence and
during the continuance of an Event of Default, the Grantor shall notify obligors on the Accounts
that the Accounts have been assigned to the Collateral Agent for the ratable benefit of the Secured
Parties and that payments in respect thereof shall be made directly to the Collateral Agent.

          (c) Anything herein to the contrary notwithstanding, the Grantor shall remain liable under
each of the Accounts to observe and perform all the conditions and obligations to be observed and
performed by it thereunder, all in accordance with the terms of any agreement giving rise thereto.
Neither the Collateral Agent nor any Secured Party shall have any obligation or liability under any
Account (or any agreement giving rise thereto) by reason of or arising out of this Agreement or the
receipt by the Collateral Agent or any Secured Party of any payment relating thereto, nor shall the
Collateral Agent or any Secured Party be obligated in any manner to perform any of the obligations
of the Grantor under or pursuant to any Account (or any agreement giving rise thereto), to make any
payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or
as to the sufficiency of any performance by any party thereunder, to present or file any claim, to
take any action to enforce any performance or to collect the payment of any amounts which may have
been assigned to it or to which it may be entitled at any time or times.

          5.3 Proceeds to be Turned Over To Collateral Agent. In addition to the rights of
the Collateral Agent and the Secured Parties specified in Section 5.1 with respect to payments of
Accounts, if an Event of Default shall occur and be continuing and the Collateral Agent so
requires by notice in writing to the relevant Grantor (it being understood that the exercise of
remedies by the Secured Parties in connection with an Event of Default under Section 11.5 of the
Credit Agreement shall be deemed to constitute a request by the Collateral Agent for the purposes
of this sentence and in such circumstances, no such written notice shall be required), all
Proceeds received by the Grantor consisting of cash, checks and other near-cash items shall be
held by the Grantor in trust for the Collateral Agent and the Secured Parties, segregated from
other funds of the Grantor, and shall, forthwith upon receipt by the Grantor, be turned over to
the Collateral Agent in the exact form received by the Grantor (duly endorsed by the Grantor to
the Collateral Agent, if required). All Proceeds received by the Collateral Agent hereunder
shall be held by the Collateral Agent in a Collateral Account maintained under its dominion and
control and on terms and conditions reasonably satisfactory to the Collateral Agent. All
Proceeds while held by the Collateral Agent in a Collateral Account (or by the Grantor in trust
for the Collateral Agent and the Secured Parties) shall continue to be held as collateral
security for all the Obligations and shall not constitute payment thereof until applied as
provided in Section 5.4.

 

 

          5.4 Application of Proceeds. The Collateral Agent shall apply the proceeds of any
collection or sale of the Collateral as well as any Collateral consisting of cash, at any time
after receipt as follows:

          (a) first, to the payment of all reasonable and documented costs and expenses incurred by the
Collateral Agent in connection with such collection or sale or otherwise in connection with this
Agreement, the other Credit Documents or any of the Obligations, including all court costs and the
reasonable fees and expenses of its agents and legal counsel, the repayment of all advances made by
the Collateral Agent hereunder or under any other Credit Document on behalf of the Grantor and any
other reasonable and documented costs or expenses incurred in connection with the exercise of any
right or remedy hereunder or under any other Credit Document;

          (b) second, to the Secured Parties, an amount equal to all Obligations owing to them on the
date of any distribution, and, if such moneys shall be insufficient to pay such amounts in full,
then ratably (without priority of any one over any other) to such Secured Parties in proportion to
the unpaid amounts thereof; and

          (c) third, any surplus then remaining shall be paid to the Grantors or their successors or
assigns or to whomsoever may be lawfully entitled to receive the same or as a court of competent
jurisdiction may direct.

                    Upon any sale of the Collateral by the Collateral Agent (including pursuant to a power of sale
granted by statute or under a judicial proceeding), the receipt of the Collateral Agent or of the
officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the
Collateral so sold and such purchaser or purchasers shall not be obligated to see to the
application of any part of the purchase money paid over to the Collateral Agent or such officer or
be answerable in any way for the misapplication thereof.

          5.5 Code and Other Remedies. If an Event of Default shall occur and be continuing,
the Collateral Agent may exercise in respect of the Collateral, in addition to all other rights
and remedies provided for herein or otherwise available to it, all the rights and remedies of a
secured party upon default under the UCC or any other applicable law and also may with notice to
the relevant Grantor, sell the Collateral or any part thereof in one or more parcels at public or
private sale or sales, at any exchange, broker’s board or office of the Collateral Agent or any
Lender or elsewhere for cash or on credit or for future delivery at such price or prices and upon
such other terms as are commercially reasonable irrespective of the impact of any such sales on
the market price of the Collateral. The Collateral Agent shall be authorized at any such sale
(if it deems it advisable to do so) to restrict the prospective bidders or purchasers of
Collateral to Persons who will represent and agree that they are purchasing the Collateral for
their own account for investment and not with a view to the distribution or sale thereof, and,
upon consummation of any such sale, the Collateral Agent shall have the right to assign, transfer
and deliver to the purchaser or purchasers thereof the Collateral so sold. Each purchaser at any
such sale shall hold the property sold

 

 

absolutely free from any claim or right on the part of the Grantor, and the Grantor hereby
waives (to the extent permitted by law) all rights of redemption, stay and/or appraisal that it
now has or may at any time in the future have under any rule of law or statute now existing or
hereafter enacted. The Collateral Agent and any Secured Party shall have the right upon any such
public sale, and, to the extent permitted by law, upon any such private sale, to purchase the
whole or any part of the Collateral so sold, and the Collateral Agent or such Secured Party may,
subject to (x) the satisfaction in full in cash of all payments due pursuant to Section 5.4(a)
hereof and (y) the satisfaction of the Obligations in accordance with the priorities set forth in
Section 5.4 hereof, pay the purchase price by crediting the amount thereof against the
Obligations. The Grantor agrees that, to the extent notice of sale shall be required by law, at
least ten days’ notice to the Grantor of the time and place of any public sale or the time after
which any private sale is to be made shall constitute reasonable notification. The Collateral
Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having
been given. The Collateral Agent may adjourn any public or private sale from time to time by
announcement at the time and place fixed therefor, and such sale may, without further notice, be
made at the time and place to which it was so adjourned. To the extent permitted by law, the
Grantor hereby waives any claim against the Collateral Agent arising by reason of the fact that
the price at which any Collateral may have been sold at such a private sale was less than the
price that might have been obtained at a public sale, even if the Collateral Agent accepts the
first offer received and does not offer such Collateral to more than one offeree. The Grantor
further agrees, at the Collateral Agent’s request, to assemble the Collateral and make it
available to the Collateral Agent, at places which the Collateral Agent shall reasonably select,
whether at the Grantor’s premises or elsewhere. The Collateral Agent shall apply the net
proceeds of any action taken by it pursuant to this Section 5.5 in accordance with the provisions
of Section 5.4.

          5.6 Deficiency. The Grantor shall remain liable for any deficiency if the proceeds
of any sale or other disposition of the Collateral are insufficient to pay its Obligations and
the fees and disbursements of any attorneys employed by the Collateral Agent or any Secured Party
to collect such deficiency.

          5.7 Amendments, etc. with Respect to the Obligations; Waiver of Rights. The Grantor
shall remain obligated hereunder notwithstanding that, without any reservation of rights against
the Grantor and without notice to or further assent by the Grantor, (a) any demand for payment of
any of the Obligations made by the Collateral Agent or any other Secured Party may be rescinded
by such party and any of the Obligations continued, (b) the Obligations, or the liability of any
other party upon or for any part thereof, or any collateral security or guarantee therefor or
right of offset with respect thereto, may, from time to time, in whole or in part, be renewed,
extended, amended, modified, accelerated, compromised, waived, surrendered or released by the
Collateral Agent or any other Secured Party, (c) the Credit Agreement, the other Credit Documents
and any other documents executed and delivered in connection therewith and the Hedge Agreements
and any other documents executed and delivered in

 

 

connection therewith and any documents entered into with the applicable Administrative Agent
or the Collateral Agent or any of its respective affiliates in connection with treasury,
depositary or cash management services or in connection with any automated clearinghouse transfer
of funds may be amended, modified, supplemented or terminated, in whole or in part, as the
applicable Administrative Agent (or the Required Lenders, as the case may be, or, in the case of
any Hedge Agreement or documents entered into with the applicable Administrative Agent or any of
its respective affiliates in connection with treasury, depositary or cash management services or
in connection with any automated clearinghouse transfer of funds, the party thereto) may deem
advisable from time to time, and (d) any collateral security, guarantee or right of offset at any
time held by the Collateral Agent or any other Secured Party for the payment of the Obligations
may be sold, exchanged, waived, surrendered or released. Neither the Collateral Agent nor any
other Secured Party shall have any obligation to protect, secure, perfect or insure any Lien at
any time held by it as security for the Obligations or for this Agreement or any property subject
thereto. When making any demand hereunder against the Grantor, the Collateral Agent or any other
Secured Party may, but shall be under no obligation to, make a similar demand on any other
person, and any failure by the Collateral Agent or any other Secured Party to make any such
demand or to collect any payments from any other person or any release of any other person shall
not relieve the Grantor in respect of which a demand or collection is not made or the Grantor not
so released of its several obligations or liabilities hereunder, and shall not impair or affect
the rights and remedies, express or implied, or as a matter of law, of the Collateral Agent or
any other Secured Party against the Grantor. For the purposes hereof “demand” shall include the
commencement and continuance of any legal proceedings.

               5.8 [Intentionally Omitted.]

          6. The Collateral Agent.

               6.1 Collateral Agent’s Appointment as Attorneys-in-Fact, etc. (a) The Grantor
hereby appoints, which appointment is irrevocable and coupled with an interest, effective upon
and during the occurrence of an Event of Default, the Collateral Agent and any officer or agent
thereof, with full power of substitution, as its true and lawful attorney-in-fact with full
irrevocable power and authority in the place and stead of the Grantor and in the name of the
Grantor or otherwise, for the purpose of carrying out the terms of this Agreement, to take any
and all appropriate action and to execute any and all documents and instruments which may be
necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the
generality of the foregoing, the Grantor hereby gives the Collateral Agent the power and right,
on behalf of the Grantor, either in the Collateral Agent’s name or in the name of the Grantor or
otherwise, without assent by the Grantor, to do any or all of the following, in each case after
and during the occurrence of an Event of Default and after written notice by the Collateral Agent
of its intent to do so:

 

 

     (i) take possession of and endorse and collect any checks, drafts, notes, acceptances
or other instruments for the payment of moneys due under any Account or with respect to any
other Collateral and file any claim or take any other action or proceeding in any court of
law or equity or otherwise deemed appropriate by the Collateral Agent for the purpose of
collecting any and all such moneys due under any Account or with respect to any other
Collateral whenever payable;

     (ii) in the case of any Intellectual Property, execute and deliver, and have recorded,
any and all agreements, instruments, documents and papers as the Collateral Agent may
request to evidence the Collateral Agent’s and the Secured Parties’ Security Interest in
such Intellectual Property and the goodwill and general intangibles of the Grantor relating
thereto or represented thereby;

     (iii) pay or discharge taxes and Liens levied or placed on or threatened against the
Collateral;

     (iv) execute, in connection with any sale provided for in Section 5.5, any
endorsements, assignments or other instruments of conveyance or transfer with respect to
the Collateral;

     (v) obtain and adjust insurance required to be maintained by the Grantor or paid to
the Collateral Agent pursuant to Section 9.3 of the Credit Agreement;

     (vi) direct any party liable for any payment under any of the Collateral to make
payment of any and all moneys due or to become due thereunder directly to the Collateral
Agent or as the Collateral Agent shall direct;

     (vii) ask or demand for, collect and receive payment of and receipt for, any and all
moneys, claims and other amounts due or to become due at any time in respect of or arising
out of any Collateral;

     (viii) sign and endorse any invoices, freight or express bills, bills of lading,
storage or warehouse receipts, drafts against debtors, assignments, verifications, notices
and other documents in connection with any of the Collateral;

     (ix) commence and prosecute any suits, actions or proceedings at law or in equity in
any court of competent jurisdiction to collect the Collateral or any portion thereof and to
enforce any other right in respect of any Collateral;

     (x) defend any suit, action or proceeding brought against the Grantor with respect to
any Collateral (with the Grantor’s consent (not to be unreasonably withheld or delayed) to
the extent such action or its resolution could materially

 

 

affect the Grantor or any of its affiliates in any manner other than with respect to
its continuing rights in such Collateral);

     (xi) settle, compromise or adjust any such suit, action or proceeding and, in
connection therewith, give such discharges or releases as the Collateral Agent may deem
appropriate (with the Grantor’s consent (not to be unreasonably withheld or delayed) to the
extent such action or its resolution could materially affect the Grantor or any of its
affiliates in any manner other than with respect to its continuing rights in such
Collateral);

     (xii) assign any Copyright, Patent or Trademark (along with the goodwill of the
business to which any such Copyright, Patent or Trademark pertains), throughout the world
for such term or terms, on such conditions, and in such manner, as the Collateral Agent
shall in its sole discretion determine; and

     (xiii) generally, sell, transfer, pledge and make any agreement with respect to or
otherwise deal with any of the Collateral as fully and completely as though the Collateral
Agent were the absolute owner thereof for all purposes, and do, at the Collateral Agent’s
option and the Grantor’s expense, at any time, or from time to time, all acts and things
that the Collateral Agent deems necessary to protect, preserve or realize upon the
Collateral and the Collateral Agent’s and the Secured Parties’ Security Interests therein
and to effect the intent of this Agreement, all as fully and effectively as the Grantor
might do.

          Anything in this Section 6.1(a) to the contrary notwithstanding, the Collateral Agent agrees
that it will not exercise any rights under the power of attorney provided for in this Section
6.1(a) unless an Event of Default shall have occurred and be continuing.

          (b) If the Grantor fails to perform or comply with any of its agreements contained herein, the
Collateral Agent, at its option, but without any obligation so to do, may perform or comply, or
otherwise cause performance or compliance, with such agreement.

          (c) The expenses of the Collateral Agent incurred in connection with actions undertaken as
provided in this Section 6.1, together with interest thereon at a rate per annum equal to the
highest rate per annum at which interest would then be payable on any category of past due ABR
Loans under the Credit Agreement, from the date of payment by the Collateral Agent to the date
reimbursed by the relevant Grantor, shall be payable by the Grantor to the Collateral Agent on
demand.

          (d) The Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done
by virtue hereof. All powers, authorizations and agencies contained in this Agreement are coupled
with an interest and are irrevocable until this Agreement is terminated and the Security Interests
created hereby are released.

 

 

          6.2 Duty of Collateral Agent. The Collateral Agent’s sole duty with respect to the
custody, safekeeping and physical preservation of the Collateral in its possession, under Section
9-207 of the UCC or otherwise, shall be to deal with it in the same manner as the Collateral
Agent deals with similar property for its own account. The Collateral Agent shall be deemed to
have exercised reasonable care in the custody and preservation of any Collateral in its
possession if such Collateral is accorded treatment substantially equal to that which the
Collateral Agent accords its own property. Neither the Collateral Agent, any Secured Party nor
any of their respective officers, directors, employees or agents shall be liable for failure to
demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be
under any obligation to sell or otherwise dispose of any Collateral upon the request of the
Grantor or any other Person or to take any other action whatsoever with regard to the Collateral
or any part thereof. The powers conferred on the Collateral Agent and the Secured Parties
hereunder are solely to protect the Collateral Agent’s and the Secured Parties’ interests in the
Collateral and shall not impose any duty upon the Collateral Agent or any Secured Party to
exercise any such powers. The Collateral Agent and the Secured Parties shall be accountable only
for amounts that they actually receive as a result of the exercise of such powers, and neither
they nor any of their officers, directors, employees or agents shall be responsible to the
Grantor for any act or failure to act hereunder, except for their own gross negligence or willful
misconduct.

          6.3 Authority of Collateral Agent. The Grantor acknowledges that the rights and
responsibilities of the Collateral Agent under this Agreement with respect to any action taken by
the Collateral Agent or the exercise or non-exercise by the Collateral Agent of any option,
voting right, request, judgment or other right or remedy provided for herein or resulting or
arising out of this Agreement shall, as between the Collateral Agent and the Secured Parties, be
governed by the Credit Agreement, and by such other agreements with respect thereto as may exist
from time to time among them, but, as between the Collateral Agent and the Grantors, the
Collateral Agent shall be conclusively presumed to be acting as agent for the applicable Secured
Parties with full and valid authority so to act or refrain from acting, and no Grantor shall be
under any obligation, or entitlement, to make any inquiry respecting such authority.

          6.4 Security Interest Absolute. All rights of the Collateral Agent hereunder, the
Security Interest, and all obligations of the Grantors hereunder shall be absolute and
unconditional.

          6.5 Continuing Security Interest; Assignments Under the Credit Agreement; Release.
(a) This Agreement shall remain in full force and effect and be binding in accordance with and to
the extent of its terms upon the Grantor and the successors and assigns thereof and shall inure
to the benefit of the Collateral Agent and the other Secured Parties and their respective
successors, indorsees, transferees and assigns until all Obligations under the Credit Documents
(other than any contingent indemnity obligations not then due) and the obligations of the Grantor
under this Agreement shall have been satisfied by payment in full, the Commitments shall be
terminated and no Letters of Credit shall be outstanding, notwithstanding that from time

 

 

     to time during the term of the Credit Agreement and any Hedge Agreement the Borrower may be
free from any Obligations.

          (b) The Grantor shall automatically be released from its obligations hereunder and the
Security Interest in the Collateral of the Grantor shall be automatically released upon the
consummation of any transaction permitted under the Credit Agreement.

          (c) Upon any sale or other transfer by the Grantor of any Collateral that is permitted under
the Credit Agreement or upon the effectiveness of any written consent to the release of the
Security Interest granted hereby in any Collateral pursuant to Section 14.1 of the Credit
Agreement, the Security Interest in such Collateral shall be automatically released and such
Collateral sold free and clear of the Lien and Security Interests created hereby.

          (d) In connection with any termination or release pursuant to paragraph (a), (b) or (c), the
Collateral Agent shall execute and deliver to the Grantor, at the Grantor’s expense, all documents
that the Grantor shall reasonably request to evidence such termination or release. Any execution
and delivery of documents pursuant to this Section 6.5 shall be without recourse to or warranty by
the Collateral Agent.

     6.6 Reinstatement. The Grantor further agrees that, if any payment made by the
Borrower or other Person and applied to the Obligations is at any time annulled, avoided, set
aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to
be refunded or repaid, or the proceeds of Collateral are required to be returned by any Secured
Party to the Borrower, its estate, trustee, receiver or any other party, including the Grantor,
under any bankruptcy law, state or federal law, common law or equitable cause, then, to the
extent of such payment or repayment, any Lien or other Collateral securing such liability shall
be and remain in full force and effect, as fully as if such payment had never been made or, if
prior thereto the Lien granted hereby or other Collateral securing such liability hereunder shall
have been released or terminated by virtue of such cancellation or surrender), such Lien or other
Collateral shall be reinstated in full force and effect, and such prior cancellation or surrender
shall not diminish, release, discharge, impair or otherwise affect any Lien or other Collateral
securing the obligations of the Grantor in respect of the amount of such payment.

          7. Collateral Agent As Agent.

          (a) Lehman Commercial Paper Inc. has been appointed to act as the Collateral Agent under the
Credit Agreement, by the Lenders under the Credit Agreement and, by their acceptance of the
benefits hereof, the other Secured Parties. The Collateral Agent shall be obligated, and shall
have the right hereunder, to make demands, to give notices, to exercise or refrain from exercising
any rights, and to take or refrain from taking any action (including the release or substitution of
Collateral), solely in accordance with this Agreement and the Credit Agreement, provided
that the Collateral

 

 

Agent shall exercise, or refrain from exercising, any remedies provided for in Section 5 in
accordance with the instructions of Required Lenders. In furtherance of the foregoing provisions
of this Section 7(a), each Secured Party, by its acceptance of the benefits hereof, agrees that it
shall have no right individually to realize upon any of the Collateral hereunder, it being
understood and agreed by such Secured Party that all rights and remedies hereunder may be exercised
solely by the Collateral Agent for the ratable benefit of the applicable Lenders and Secured
Parties in accordance with the terms of this Section 7(a).

          (b) The Collateral Agent shall at all times be the same Person that is the Collateral Agent
under the Credit Agreement. Written notice of resignation by the Collateral Agent pursuant to
Section 13.9 of the Credit Agreement shall also constitute notice of resignation as Collateral
Agent under this Agreement; removal of the Collateral Agent shall also constitute removal under
this Agreement; and appointment of a Collateral Agent pursuant to Section 13.9 of the Credit
Agreement shall also constitute appointment of a successor Collateral Agent under this Agreement.
Upon the acceptance of any appointment as Collateral Agent under Section 13.9 of the Credit
Agreement by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed
to and become vested with all the rights, powers, privileges and duties of the retiring or removed
Collateral Agent under this Agreement, and the retiring or removed Collateral Agent under this
Agreement shall promptly (i) transfer to such successor Collateral Agent all sums, securities and
other items of Collateral held hereunder, together with all records and other documents necessary
or appropriate in connection with the performance of the duties of the successor Collateral Agent
under this Agreement, and (ii) execute and deliver to such successor Collateral Agent or otherwise
authorize the filing of such amendments to financing statements and take such other actions, as may
be necessary or appropriate in connection with the assignment to such successor Collateral Agent of
the Security Interests created hereunder, whereupon such retiring or removed Collateral Agent shall
be discharged from its duties and obligations under this Agreement. After any retiring or removed
Collateral Agent’s resignation or removal hereunder as Collateral Agent, the provisions of this
Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it under
this Agreement while it was Collateral Agent hereunder.

          (c) The Collateral Agent shall not be deemed to have any duty whatsoever with respect to any
Secured Party that is a counterparty to a Hedge Agreement the obligations under which constitute
Obligations, unless it shall have received written notice in form and substance satisfactory to the
Collateral Agent from a Grantor or any such Secured Party as to the existence and terms of the
applicable Hedge Agreement.

          8. Miscellaneous.

          8.1 Amendments in Writing. None of the terms or provisions of this Agreement may be
waived, amended, supplemented or otherwise modified except by a

 

 

written instrument executed by the affected Grantor and the Collateral Agent in accordance
with Section 14.1 of the Credit Agreement.

          8.2 Notices. All notices, requests and demands pursuant hereto shall be made in
accordance with Section 14.2 of the Credit Agreement. All communications and notices hereunder
to Grantor shall be given to it in care of the Borrower at the Borrower’s address set forth in
Section 14.2 of the Credit Agreement.

          8.3 No Waiver by Course of Conduct; Cumulative Remedies. Neither the Collateral
Agent nor any Secured Party shall by any act (except by a written instrument pursuant to Section
8.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy
hereunder or to have acquiesced in any Default or Event of Default or in any breach of any of the
terms and conditions hereof. No failure to exercise, nor any delay in exercising, on the part of
the Collateral Agent or any other Secured Party, any right, power or privilege hereunder shall
operate as a waiver thereof. No single or partial exercise of any right, power or privilege
hereunder shall preclude any other or further exercise thereof or the exercise of any other
right, power or privilege. A waiver by the Collateral Agent or any other Secured Party of any
right or remedy hereunder on any one occasion shall not be construed as a bar to any right or
remedy that the Collateral Agent or such other Secured Party would otherwise have on any future
occasion. The rights, remedies, powers and privileges herein provided are cumulative, may be
exercised singly or concurrently and are not exclusive of any other rights or remedies provided
by law.

          8.4 Enforcement Expenses; Indemnification. (a) The Grantor agrees to pay any and
all expenses (including all reasonable fees and disbursements of counsel) that may be paid or
incurred by any Secured Party in enforcing, or obtaining advice of counsel in respect of, any
rights with respect to, or collecting, any or all of the Obligations and/or enforcing any rights
with respect to, or collecting against, the Grantor under this Agreement.

          (b) The Grantor agrees to pay, and to save the Collateral Agent and the Secured Parties
harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any
and all stamp, excise, sales or other taxes which may be payable or determined to be payable with
respect to any of the Collateral or in connection with any of the transactions contemplated by this
Agreement.

          (c) The Grantor agrees to pay, and to save the Collateral Agent and the Secured Parties
harmless from, any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to
the execution, delivery, enforcement, performance and administration of this Agreement to the
extent a Borrower would be required to do so pursuant to Section 12.5 of the Credit Agreement.

 

 

          (d) The agreements in this Section 8.4 shall survive repayment of the Obligations and all
other amounts payable under the Credit Agreement and the other Credit Documents.

          8.5 Successors and Assigns. The provisions of this Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and assigns
permitted hereby, except that no Grantor may assign, transfer or delegate any of its rights or
obligations under this Agreement without the prior written consent of the Collateral Agent except
pursuant to a transaction permitted by the Credit Agreement.

          8.6 Counterparts. This Agreement may be executed by one or more of the parties to
this Agreement on any number of separate counterparts (including by facsimile or other electronic
transmission), and all of said counterparts taken together shall be deemed to constitute one and
the same instrument. A set of the copies of this Agreement signed by all the parties shall be
lodged with the Collateral Agent and the Borrower.

          8.7 Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and
any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. The parties hereto shall endeavor in
good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to that of the invalid,
illegal or unenforceable provisions.

          8.8 Section Headings. The Section headings used in this Agreement are for
convenience of reference only and are not to affect the construction hereof or be taken into
consideration in the interpretation hereof.

          8.9 Integration. This Agreement together with the other Credit Documents represents
the agreement of each of the Grantors with respect to the subject matter hereof and there are no
promises, undertakings, representations or warranties by the Collateral Agent or any other
Secured Party relative to the subject matter hereof not expressly set forth or referred to herein
or in the other Credit Documents.

          8.10 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK.

          8.11 Submission To Jurisdiction Waivers. Each party hereto hereby irrevocably and
unconditionally:

 

 

          (a) submits for itself and its property in any legal action or proceeding relating to
this Agreement and the other Credit Documents to which it is a party, or for recognition
and enforcement of any judgment in respect thereof, to the non-exclusive general
jurisdiction of the courts of the State of New York, the courts of the United States of
America for the Southern District of New York, and appellate courts from any thereof;

          (b) consents that any such action or proceeding may be brought in such courts and
waives any objection that it may now or hereafter have to the venue of any such action or
proceeding in any such court or that such action or proceeding was brought in an
inconvenient court and agrees not to plead or claim the same;

          (c) agrees that service of process in any such action or proceeding may be effected by
mailing a copy thereof by registered or certified mail (or any substantially similar form
of mail), postage prepaid, to such Person at its address referred to in Section 8.2 or at
such other address of which such Person shall have been notified pursuant thereto;

          (d) agrees that nothing herein shall affect the right of any other party hereto (or
any Secured Party) to effect service of process in any other manner permitted by law or
shall limit the right of any party hereto (or any Secured Party) to sue in any other
jurisdiction; and

          (e) waives, to the maximum extent not prohibited by law, any right it may have to
claim or recover in any legal action or proceeding referred to in this Section 8.11 any
special, exemplary, punitive or consequential damages.

          8.12 Acknowledgments. Each party hereto hereby acknowledges that:

          (a) it has been advised by counsel in the negotiation, execution and delivery of this
Agreement and the other Credit Documents to which it is a party;

          (b) neither the Collateral Agent nor any other Secured Party has any fiduciary
relationship with or duty to the Grantor arising out of or in connection with this
Agreement or any of the other Credit Documents, and the relationship between the Grantors,
on the one hand, and the Collateral Agent and the other Secured Parties, on the other hand,
in connection herewith or therewith is solely that of debtor and creditor; and

          (c) no joint venture is created hereby or by the other Credit Documents or otherwise
exists by virtue of the transactions contemplated hereby among the Lenders and any other
Secured Party or among the Grantors and the Lenders and any other Secured Party.

          8.13 [Intentionally Omitted].

 

 

          8.14 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, ANY OTHER
CREDIT DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

          9. [Intentionally Omitted.]

[Signature Pages Follow]

 

 

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

	 	 	 	 	 
	 	MCJUNKIN RED MAN HOLDING
CORPORATION, 
as Grantor

 
	 	By:  	/s/
CRAIG KETCHUM	 
	 	 	Name:  	Craig Ketchum	 
	 	 	Title:  	Chief Executive Officer and President	 
	 

	 	 	 	 	 
	 	Lehman Commercial Paper Inc., as

Collateral Agent

 	 
	 	By:  	/s/
LAURIE PERPER	 
	 	 	Name:  	Laurie Perper	 
	 	 	Title:  	Managing Director	 
	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MCJUNKIN RED
MAN HOLDING CORPORATION
Security Agreement

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