Document:

Ex-10.21 Security Agreement

 

EXHIBIT 10.21

SECURITY AGREEMENT

     SECURITY AGREEMENT (this “Agreement”) dated as of September 26, 2006 by and between
AMERICAN COLOR GRAPHICS FINANCE, LLC, a Delaware limited liability company, having a place of
business at 100 Winners Circle, Brentwood, Tennessee 37027 (the “Grantor”), and BANK OF
AMERICA, N.A., a national banking association, as collateral agent (in such capacity, the
“Collateral Agent” for the Secured Parties (as defined herein)), in consideration of the
mutual covenants contained herein and benefits to be derived herefrom.

WITNESSETH:

     Reference is made to that certain Credit Agreement dated as of even date herewith (as the same
may be amended, modified, supplemented or restated hereafter, the “Credit Agreement”) by,
among others, (i) the Grantor, as borrower, (ii) the Lenders named therein, and (iii) Bank of
America, N.A., as Administrative Agent and Collateral Agent for the Lenders, and as Swingline
Lender.

     The Lenders have agreed to make Loans to the Borrower pursuant to, and upon the terms and
subject to the conditions specified in, the Credit Agreement and the Contribution Agreement. The
obligation of the Lenders to make Loans is conditioned on, among other things, the execution and
delivery by the Grantor of an agreement in the form hereof to secure the Obligations.

     Accordingly, the Grantor and the Collateral Agent, on behalf of itself and each other Secured
Party (and each of their respective successors and assigns) hereby agree as follows:

ARTICLE 1

Definitions

     1.1 Generally. Unless the context otherwise requires, all capitalized terms used but
not defined herein shall have the meanings set forth in the Credit Agreement, and all references to
the UCC shall mean the Uniform Commercial Code as in effect from time to time in the State of New
York; provided, however, that if a term is defined in Article 9 of the UCC
differently from in another Article thereof, the term shall have the meaning set forth in Article
9, and provided further that if by reason of mandatory provisions of law,
perfection, or the effect of perfection or non-perfection, of the Security Interest in any
Collateral or the availability of any remedy hereunder is governed by the Uniform Commercial Code
as in effect in a jurisdiction other than New York, “UCC” means the Uniform Commercial Code as in
effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection
or effect of perfection or non-perfection or availability of such remedy, as the case may be.

     1.2 Definition of Certain Terms Used Herein. As used herein, the following terms
shall have the following meanings:

     “Accessions” shall have the meaning given that term in the UCC.

 

 

     “Account Debtor” shall have the meaning given that term in the UCC.

     “Blue Sky Laws” shall have the meaning assigned to such term in Section 6.1 of this
Agreement.

     “Cash Collateral Account” shall have the meaning set forth in the Credit Agreement.

     “Chattel Paper” shall have the meaning given that term in the UCC.

     “Collateral” shall mean all of the Grantor’s right, title and interest in and to (a)
all Transferred Receivables and the Related Assets; (b) all cash and cash equivalents, Collections,
Financial Assets, Investment Property, Securities Entitlements and other Instruments or amounts
credited or deposited from time to time in any Lockbox, Concentration Account, the Cash Collateral
Account or the Disbursement Account; (c) all rights under the Contribution Agreement, the Servicing
Agreement, the Control Agreement, the Intercreditor Agreement and other related documents; (d) all
rights under all of the Transferred Receivables and related agreements, including rentals,
termination payments, casualty payments, termination rights, rights to compel performance and
guarantees, in each case, to the extent they relate to the Transferred Receivables; (e) all
insurance proceeds payable to Borrower in respect of the Transferred Receivables and any other
collateral and all proceeds of the voluntary or involuntary disposition of any of the Transferred
Receivables; (f) without limitation of clauses (a), (b), (c), (d) and (e) above, all Accounts,
Chattel Paper, Contracts, Documents, Equipment, Fixtures, Goods, Instruments, Inventory, Letter of
Credit Rights, Investment Property, General Intangibles, Payment Intangibles, Software, Supporting
Obligations, Securities Accounts, Securities Entitlements and Deposit Accounts of Grantor (in each
case, as such items are defined in the UCC); (g) all Commercial Tort Claims of Grantor; and (h) all
income, payments, Accessions to and Proceeds of the foregoing, including interest, rents, profits
and products.

     “Collateral Agent’s Rights and Remedies” shall have the meaning assigned to such term
in Section 8.8.

     “Commercial Tort Claim” shall have the meaning given that term in the UCC.

     “Concentration Account” shall have the meaning set forth in the Credit Agreement.

     “Contracts” shall have the meaning given that term in the UCC.

     “Contribution Agreement” shall have the meaning set forth in the Credit Agreement.

     “Control Agreement” shall have the meaning set forth in the Credit Agreement.

     “Credit Agreement” shall have the meaning assigned to such term in the preliminary
statement of this Agreement.

     “Deposit Account” shall have the meaning given that term in the UCC and shall also
include all demand, time, savings, passbook, or similar accounts maintained with a bank or other
financial institution.

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     “Disbursement Account” shall have the meaning set forth in the Credit Agreement.

     “Documents” shall have the meaning given that term in the UCC.

     “Equipment” shall include, without limitation, “equipment” as defined in the UCC, and
also all furniture, store fixtures, motor vehicles, rolling stock, machinery, office equipment,
plant equipment, tools, dies, molds, and other goods, property, and assets which are used and/or
were purchased for use in the operation or furtherance of the Grantor’s business, and any and all
Accessions or additions thereto, and substitutions therefor.

     “Financial Asset” shall have the meaning given that term in the UCC.

     “Financing Statement” shall have the meaning given that term in the UCC.

     “General Intangibles” shall have the meaning given that term in the UCC, and shall
also include, without limitation, all: Payment Intangibles; rights to payment for credit extended;
deposits; amounts due to the Grantor; credit memoranda in favor of the Grantor; warranty claims;
tax refunds and abatements; insurance refunds and premium rebates; all means and vehicles of
investment or hedging, including, without limitation, options, warrants, and futures contracts;
records; customer lists; telephone numbers; goodwill; causes of action; judgments; payments under
any settlement or other agreement; literary rights; rights to performance; royalties; license
and/or franchise fees; rights of admission; licenses; franchises; license agreements, including all
rights of the Grantor to enforce same; permits, certificates of convenience and necessity, and
similar rights granted by any governmental authority; internet addresses and domain names;
developmental ideas and concepts; proprietary processes; blueprints, drawings, designs, diagrams,
plans, reports, and charts; catalogs; technical data; computer software programs (including the
source and object codes therefor), computer records, computer software, rights of access to
computer record service bureaus, service bureau computer contracts, and computer data; tapes,
disks, semi-conductors chips and printouts; user, technical reference, and other manuals and
materials; patents, patent applications and patents pending; trade secret rights, copyrights,
copyright applications, mask work rights and interests, and derivative works and interests; trade
names, trademarks, trademark applications, service marks, and service mark applications, together
with all goodwill connected with and symbolized by any of the foregoing; all other general
intangible property of the Grantor in the nature of intellectual property; proposals; cost
estimates, and reproductions on paper, or otherwise, of any and all concepts or ideas, and any
matter related to, or connected with, the design, development, manufacture, sale, marketing,
leasing, or use of any or all property produced, sold, or leased, by or credit extended or
services performed, by the Grantor, whether intended for an individual customer or the general
business of the Grantor, or used or useful in connection with research by the Grantor.

     “Indemnitee” shall have the meaning assigned to such term in Section 8.6 of this
Agreement.

     “Instruments” shall have the meaning given that term in the UCC.

     “Intercreditor Agreement” shall have the meaning set forth in the Credit Agreement.

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     “Inventory” shall have the meaning given that term in the UCC, and shall also include,
without limitation, all: (a) Goods which (i) are leased by a Person as lessor, (ii) are held by a
Person for sale or lease or to be furnished under a contract of service, (iii) are furnished by a
Person under a contract of service, or (iv) consist of raw materials, work in process, or materials
used or consumed in a business; (b) Goods of said description in transit; (c) Goods of said
description which are returned, repossessed and rejected; (d) packaging, advertising, and shipping
materials related to any of the foregoing; (e) all names, marks, and General Intangibles affixed or
to be affixed thereto or associated therewith; and (f) Documents which represent any of the
foregoing.

     “Investment Property” shall have the meaning given that term in the UCC.

     “Letter-of-Credit Right” shall have the meaning given that term in the UCC and shall
also mean any right to payment or performance under a letter of credit, whether or not the
beneficiary has demanded or is at the time entitled to demand payment or performance.

     “Lockbox” shall have the meaning set forth in the Credit Agreement.

     “Payment Intangible” shall have the meaning given that term in the UCC, and shall also
refer to any General Intangible under which the Account Debtor’s primary obligation is a monetary
obligation.

     “Proceeds” shall include, without limitation, “Proceeds” as defined in the UCC and
each type of property described in the definition of Collateral.

     “Related Assets” shall have the meaning set forth in the Contribution Agreement.

     “Secured Parties” shall have the meaning set forth in the Credit Agreement.

     “Securities Account” shall have the meaning given that term in the UCC.

     “Securities Entitlement” shall have the meaning given that term in the UCC.

     “Securities Act” shall have the meaning assigned to such term in Section 6.1 of this
Agreement.

     “Security” shall have the meaning given that term in the UCC.

     “Security Interest” shall have the meaning assigned to such term in Section 2.1 this
Agreement.

     “Servicing Agreement” shall have the meaning set forth in the Credit Agreement.

     “Software” shall have the meaning given that term in the UCC.

     “Supporting Obligation” shall have the meaning given that term in the UCC and shall
also refer to a Letter-of-Credit Right or secondary obligation that supports the payment or
performance of an Account, Chattel Paper, a Document, a General Intangible, an Instrument, or
Investment Property.

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     “Transferred Receivables” shall have the meaning set forth in the Contribution
Agreement.

     1.3 Rules of Interpretation. The rules of interpretation specified in Section 1.04 of
the Credit Agreement shall be applicable to this Agreement.

ARTICLE 2

Security Interest

     2.1 Security Interest. As security for the payment or performance, as the case may
be, in full of the Obligations, the Grantor hereby bargains, assigns, mortgages, pledges,
hypothecates and transfers to the Collateral Agent, its successors and assigns, for the benefit of
the Secured Parties, and hereby grants to the Collateral Agent, its successors and assigns, for the
benefit of the Secured Parties, a security interest in, all of the Grantor’s right, title and
interest in, to and under the Collateral (the “Security Interest”). Without limiting the
foregoing, the Grantor hereby designates the Collateral Agent as the Grantor’s true and lawful
attorney, exercisable by the Collateral Agent whether or not an Event of Default exists, with full
power of substitution, at the Collateral Agent’s option, for the purpose of filing one or more
Financing Statements, continuation statements, or to sign other documents for the purpose of
perfecting, confirming, continuing, enforcing or protecting the Security Interest granted by the
Grantor, without the signature of the Grantor (the Grantor hereby appointing the Collateral Agent
as such Person’s attorney to sign such Person’s name to any such instrument or document, whether or
not an Event of Default exists), and naming the Grantor as debtor and the Collateral Agent as
secured party.

     2.2 No Assumption of Liability. The Security Interest is 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.

ARTICLE 3

Representations and Warranties

     The Grantor represents and warrants to the Collateral Agent and the other Secured Parties
that:

     3.1 Title and Authority. The Grantor has good and valid rights in, and title to, the
Collateral with respect to which it has purported to grant a Security Interest hereunder and has
full power and authority to grant to the Collateral Agent the Security Interest in such Collateral
pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms of
this Agreement, without the consent or approval of any other Person other than any consent or
approval which has been obtained.

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     3.2 Validity and Priority of Security Interest. The Security Interest constitutes (a)
a legal and valid security interest in all of the Collateral securing the payment and performance
of the Obligations, and (b) upon the filing of appropriate financing statements or upon the
Collateral Agent obtaining control of the Collateral, a perfected security interest in all of the
Collateral. The Security Interest is and shall be prior to any other Lien on any of the
Collateral, subject only to those Permitted Encumbrances which have priority under Applicable Law.

     3.3 Absence of Other Liens. The Collateral is owned by the Grantor free and clear of
any Lien, except for Liens expressly permitted pursuant to Section 6.02 of the Credit Agreement.
Except as provided in the Loan Documents, the Grantor has not filed or consented to the filing of
(a) any Financing Statement or analogous document under the UCC or any other Applicable Law
covering any Collateral, (b) any assignment in which the Grantor assigns any Collateral or any
security agreement or similar instrument covering any Collateral with the United States Patent and
Trademark Office or the United States Copyright Office or (c) any assignment in which the Grantor
assigns any Collateral or any security agreement or similar instrument covering any Collateral with
any foreign governmental, municipal or other office, which Financing Statement or analogous
document, assignment, security agreement or similar instrument is still in effect, except, in each
case, for Liens expressly permitted pursuant to Section 6.02 of the Credit Agreement.

     3.4 Consignments. The Grantor has no possession of any property on consignment.

ARTICLE 4

Covenants

     4.1 Change of Name; Location of Collateral; Records; Place of Business. The Grantor
agrees promptly to notify the Collateral Agent of (i) any change in its legal name or in any trade
name used to identify it in the conduct of its business or in the ownership of its properties, (ii)
any change in the location of its chief executive office, its principal place of business, any
office in which it maintains books or records relating to Collateral owned by it, or any office or
facility at which Collateral owned by it is located, including the establishment of any such new
office or facility, (iii) any change in its identity or organizational structure, (iv) any change
in its Federal Taxpayer Identification Number or organizational number, if any, assigned to it by
its state of organization, or (v) the acquisition by the Grantor of any property for which
additional filings or recordings are necessary to perfect and maintain the Collateral Agent’s
Security Interest therein. Upon receipt of such notice, Collateral Agent shall promptly make all
filings under the UCC or otherwise that are required in order for the Collateral Agent to continue
at all times following such change to have a valid, legal and perfected first priority security
interest in all of the Collateral, and the Grantor agrees not to effect or permit any change
referred to in the preceding sentence until all such filings have been made by the Collateral
Agent.

     4.2 Protection of Security. The Grantor shall, at its own cost and expense, take any
and all actions reasonably necessary to defend title to the Collateral against all Persons and to
defend the Security Interest of the Collateral Agent in the Collateral and the priority thereof
against any Lien not expressly permitted pursuant to Section 6.02 of the Credit Agreement.

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     4.3 Further Assurances. The Grantor agrees, at its own expense, to execute,
acknowledge, deliver and cause to be duly filed all such further instruments and documents and take
all such actions as the Collateral Agent may from time to time reasonably request to assure,
preserve, protect and perfect the Security Interest and the rights and remedies created hereby,
including the payment of any fees and taxes required in connection with the execution and delivery
of this Agreement, the granting of the Security Interest and the filing of any Financing Statements
or other documents in connection herewith or therewith. If any amount payable under or in
connection with any of the Collateral shall be or become evidenced by any promissory note or other
instrument, the Grantor shall notify the Collateral Agent and upon the request of the Collateral
Agent, such note or instrument shall be immediately pledged and delivered to the Collateral Agent,
duly endorsed in a manner satisfactory to the Collateral Agent.

     4.4 Taxes; Encumbrances. At its option, the Collateral Agent may discharge past due
taxes, assessments, charges, fees, Liens, security interests or other encumbrances at any time
levied or placed on the Collateral and not permitted pursuant to Section 6.02 of the Credit
Agreement, and may take any other action which the Collateral Agent may deem necessary or desirable
to repair, maintain or preserve any of the Collateral to the extent the Grantor fails to do so as
required by the Credit Agreement or this Agreement, and the Grantor agrees to reimburse the
Collateral Agent on demand for any payment made or any expense incurred by the Collateral Agent
pursuant to the foregoing authorization; provided that the making of any such payments or
the taking of any such action by the Collateral Agent shall not be deemed to constitute a waiver of
any Default or Event of Default arising from the Grantor’s failure to have made such payments or
taken such action. Nothing in this Section 4.4 shall be interpreted as excusing the Grantor from
the performance of any covenants or other promises of the Grantor with respect to taxes,
assessments, charges, fees, Liens, security interests or other encumbrances and maintenance as set
forth herein or in the other Loan Documents.

     4.5 Assignment of Security Interest.

     (a) If at any time the Grantor shall take a security interest in any property of an Account
Debtor or any other Person to secure payment and performance of an Account, the Grantor shall
promptly assign such security interest to the Collateral Agent. Such assignment need not be filed
of public record unless necessary to continue the perfected status of the security interest against
creditors of, and transferees from, the Account Debtor or other Person granting the security
interest.

     (b) To the extent that the Grantor is a beneficiary under any written letter of credit now or
hereafter issued in favor of the Grantor, the Grantor shall deliver such letter of credit to the
Collateral Agent. The Collateral Agent shall from time to time, at the request and expense of the
Grantor, make such arrangements with the Grantor as are in the Collateral Agent’s reasonable
judgment necessary and appropriate so that the Grantor may make any drawing to which the Grantor is
entitled under such letter of credit, without impairment of the Collateral Agent’s perfected
security interest in the Grantor’s rights to proceeds of such letter of credit or in the actual
proceeds of such drawing. At the Collateral Agent’s request, the Grantor shall, for any letter of
credit, whether or not written, now or hereafter issued in favor of the Grantor as beneficiary,
execute and deliver to the issuer and any confirmer of such letter of credit an assignment of
proceeds form, in favor of the Collateral Agent and satisfactory to the Collateral Agent and such
issuer or (as the case may be) such confirmer, requiring the proceeds of any drawing under such
letter of credit to be paid directly to the Collateral Agent.

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     4.6 Continuing Obligations of the Grantor. The Grantor shall remain liable to observe
and perform all the conditions and obligations to be observed and performed by it under each
contract, agreement or instrument relating to the Collateral, all in accordance with the terms and
conditions thereof, and the Grantor agrees to indemnify and hold harmless the Collateral Agent and
the Secured Parties from and against any and all liability for such performance.

     4.7 Use and Disposition of Collateral. The Grantor shall not make or permit to be
made an assignment, pledge or hypothecation of the Collateral or shall grant any other Lien in
respect of the Collateral or shall grant control (as defined in the UCC) of any Collateral to any
third person, except as expressly permitted by Section 6.02 of the Credit Agreement. Except as
expressly permitted in the Credit Agreement, the Grantor shall not make or permit to be made any
transfer of the Collateral, and the Grantor shall remain at all times in possession of the
Collateral owned by it, except that the Grantor may use and dispose of the Collateral in any lawful
manner not inconsistent with the provisions of this Agreement, the Credit Agreement or any other
Loan Document.

4.8 [Reserved].

     4.9 Commercial Tort Claims. If the Grantor shall at any time acquire a Commercial
Tort Claim, the Grantor shall promptly notify the Collateral Agent in writing of the details
thereof and the Grantor shall take such actions as the Collateral Agent shall reasonably request in
order to grant to the Collateral Agent, for the ratable benefit of the Secured Parties, a perfected
and first priority security interest therein and in the Proceeds thereof.

     4.10 Legend. The Grantor shall legend, in form and manner reasonably satisfactory to
the Collateral Agent, its Accounts and its books, records and documents evidencing or pertaining
thereto with an appropriate reference to the fact that such Accounts have been assigned to the
Collateral Agent for the benefit of the Secured Parties and that the Collateral Agent has a
security interest therein.

ARTICLE 5

Collections

     5.1 Collections. The Grantor shall at all times comply with the Cash Receipts
provisions of Section 2.22 of the Credit Agreement and the Grantor shall cause the Servicer to
comply at all times with the provisions of the Servicing Agreement with respect to the
administration of Collections.

     5.2 Power of Attorney. The Grantor irrevocably makes, constitutes and appoints the
Collateral Agent (and all officers, employees or agents designated by the Collateral Agent) as the
Grantor’s true and lawful agent and attorney-in-fact, and in such capacity the Collateral Agent
shall have the right, with power of substitution for the Grantor and in the Grantor’s name or
otherwise, for the use and benefit of the Collateral Agent and the other Secured Parties, (a) at
any time, whether or not a Default or Event of Default has occurred, to take actions required to be
taken by the Grantor under Section 2.1 of this Agreement, and (b) as permitted under the Credit
Agreement, (i) to take actions required to be taken by the Grantor under Section 5.1 of this

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Agreement, (ii) to receive, endorse, assign and/or deliver any and all notes, acceptances,
checks, drafts, money orders or other evidences of payment relating to the Collateral or any part
thereof; (iii) to demand, collect, receive payment of, give receipt for and give discharges and
releases of all or any of the Collateral; (iv) to sign the name of the Grantor on any invoices,
schedules of Collateral, freight or express receipts, or bills of lading storage receipts,
warehouse receipts or other documents of title relating to any of the Collateral; (v) to sign the
name of the Grantor on any notice to the Grantor’s Account Debtors; (vi) to sign the name of the
Grantor on any proof of claim in bankruptcy against Account Debtors, and on notices of lien, claims
of mechanic’s liens, or assignments or releases of mechanic’s liens securing the Accounts; (vii) to
sign change of address forms to change the address to which the Grantor’s mail is to be sent to
such address as the Collateral Agent shall designate; (viii) to receive and open the Grantor’s
mail, remove any Proceeds of Collateral therefrom and turn over the balance of such mail either to
the Borrower or to any trustee in bankruptcy or receiver of the Grantor, or other legal
representative of the Grantor whom the Collateral Agent determines to be the appropriate person to
whom to so turn over such mail; (ix) to commence and prosecute any and all suits, actions or
proceedings at law or in equity in any court of competent jurisdiction to collect or otherwise
realize on all or any of the Collateral or to enforce any rights in respect of any Collateral; (x)
to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all
or any of the Collateral; (xi) to take all such action as may be necessary to obtain the payment of
any letter of credit and/or banker’s acceptance of which the Grantor is a beneficiary; (xii) to
repair, manufacture, assemble, complete, package, deliver, alter or supply goods, if any, necessary
to fulfill in whole or in part the purchase order of any customer of the Grantor; (xiii) to use,
license or transfer any or all General Intangibles of the Grantor; and (xiv) to use, sell, assign,
transfer, pledge, make any agreement with respect to or otherwise deal with all or any of the
Collateral, and to do all other acts and things necessary to carry out the purposes of this
Agreement, as fully and completely as though the Collateral Agent were the absolute owner of the
Collateral for all purposes; provided, however, that nothing herein contained shall be construed as
requiring or obligating the Collateral Agent or any other Secured Party to make any commitment or
to make any inquiry as to the nature or sufficiency of any payment received by the Collateral Agent
or any other Secured Party, or to present or file any claim or notice. It is understood and agreed
that the appointment of the Collateral Agent as the agent and attorney-in-fact of the Grantor for
the purposes set forth above is coupled with an interest and is irrevocable until such time as the
Obligations have been indefeasibly paid in full in cash and satisfied and the Security Interest has
been terminated in accordance with Section 8.13 hereof.

     5.3 No Obligation to Act. The Collateral Agent shall not be obligated to do any of
the acts or to exercise any of the powers authorized by Section 5.2, but if the Collateral Agent
elects to do any such act or to exercise any of such powers, it shall not be accountable for more
than it actually receives as a result of such exercise of power, and shall not be responsible to
the Grantor for any act or omission to act except for any act or omission to act as to which there
is a final determination made in a judicial proceeding (in which proceeding the Collateral Agent
has had an opportunity to be heard) which determination includes a specific finding that the
subject act or omission to act had constituted gross negligence, willful misconduct or actual bad
faith. The provisions of Section 5.2 shall in no event relieve the Grantor of any of its
obligations hereunder or under any other Loan Document with respect to the Collateral or any part
thereof or impose any obligation on the Collateral Agent or any other Secured Party to proceed in
any particular manner with respect to the Collateral or any part thereof, or in any way limit the
exercise by the Collateral Agent or any other Secured Party of any other or further right which it

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may have on the date of this Agreement or hereafter, whether hereunder, under any other Loan
Document, by law or otherwise.

ARTICLE 6

Remedies

     6.1 Remedies upon Default. Upon the occurrence of an Event of Default, it is agreed
that the Collateral Agent shall have in any jurisdiction in which enforcement hereof is sought, in
addition to all other rights and remedies, the rights and remedies of a secured party under the UCC
or other Applicable Law. Without limiting the foregoing, upon the occurrence of an Event of
Default, the rights and remedies of the Collateral Agent shall include, without limitation, the
right to take any of or all the following actions at the same or different times:

     (a) With respect to any Collateral consisting of Accounts, General Intangibles
(including Payment Intangibles), Letter-of-Credit Rights, Instruments, Chattel Paper,
Documents, and Investment Property, the Collateral Agent may collect the Collateral with or
without the taking of possession of any of the Collateral.

     (b) With respect to any Collateral consisting of Accounts, the Collateral Agent may (i)
demand, collect and receive any amounts relating thereto, as the Collateral Agent may
determine; (ii) commence and prosecute any actions in any court for the purposes of
collecting any such Accounts and enforcing any other rights in respect thereof; (iii)
defend, settle or compromise any action brought and, in connection therewith, give such
discharges or releases as the Collateral Agent may reasonably deem appropriate; (iv) without
limiting the Collateral Agent’s rights set forth in Section 5.2 hereof, receive, open and
dispose of mail addressed to the Grantor and endorse checks, notes, drafts, acceptances,
money orders, bills of lading, warehouse receipts or other instruments or documents
evidencing payment, shipment or storage of the goods giving rise to such Accounts or
securing or relating to such Accounts, on behalf of and in the name of the Grantor; and (v)
sell, assign, transfer, make any agreement in respect of, or otherwise deal with or exercise
rights in respect of, any such Accounts or the goods or services which have given rise
thereto, as fully and completely as though the Collateral Agent were the absolute owner
thereof for all purposes.

     (c) With respect to any Collateral consisting of Investment Property, the Collateral
Agent may (i) exercise all rights of the Grantor with respect thereto, including without
limitation, the right to exercise all voting and corporate rights at any meeting of the
shareholders of the Issuer of any Investment Property and to exercise any and all rights of
conversion, exchange, subscription or any other rights, privileges or options pertaining to
any Investment Property as if the Collateral Agent was the absolute owner thereof, including
the right to exchange, at its discretion, any and all of any Investment Property upon the
merger, consolidation, reorganization, recapitalization or other readjustment of the Issuer
thereof, all without liability except to account for property actually received as provided
in Section 5.3 hereof; (ii) transfer such Collateral at any time to itself, or to its
nominee, and receive the income thereon and hold the same as Collateral hereunder or apply
it to the Obligations; and (iii) demand, sue for, collect or make any compromise or
settlement it deems desirable. The Grantor recognize that (a)

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the Collateral Agent may be unable to effect a public sale of all or a part of the
Investment Property by reason of certain prohibitions contained in the Securities Act of
1933, 15 U.S.C. §77, (as amended and in effect, the “Securities Act”) or the
Securities laws of various states (the “Blue Sky Laws”), but may be compelled to
resort to one or more private sales to a restricted group of purchasers who will be obliged
to agree, among other things, to acquire the Investment Property for their own account, for
investment and not with a view to the distribution or resale thereof, (b) that private sales
so made may be at prices and upon other terms less favorable to the seller than if the
Investment Property were sold at public sales, (c) that neither the Collateral Agent nor any
Secured Party has any obligation to delay sale of any of the Investment Property for the
period of time necessary to permit the Investment Property to be registered for public sale
under the Securities Act or the Blue Sky Laws, and (d) that private sales made under the
foregoing circumstances shall be deemed to have been made in a commercially reasonable
manner.

     (d) [Reserved].

     (e) With or without legal process and with or without prior notice or demand for
performance, the Collateral Agent may enter upon, occupy, and use any premises owned or
occupied by the Grantor, and may exclude the Grantor from such premises or portion thereof
as may have been so entered upon, occupied, or used by the Collateral Agent until this
Agreement has been terminated in accordance with Section 8.13 hereof. The Collateral Agent
shall not be required to remove any of the Collateral from any such premises upon the
Collateral Agent’s taking possession thereof, and may render any Collateral unusable to the
Grantor. In no event shall the Collateral Agent be liable to the Grantor for use or
occupancy by the Collateral Agent of any premises pursuant to this Section 6.1, nor for any
charge (such as wages for the Grantor’s employees and utilities) incurred in connection with
the Collateral Agent’s exercise of the Collateral Agent’s Rights and Remedies (as defined
herein) hereunder.

     (f) The Collateral Agent may require the Grantor to assemble the Collateral and make it
available to the Collateral Agent at the Grantor’s sole risk and expense at a place or
places which are reasonably convenient to both the Collateral Agent and such Grantor.

     (g) The Grantor agrees that the Collateral Agent shall have the right, subject to
Applicable Law, to sell or otherwise dispose of all or any part of the Collateral, at public
or private sale, for cash, upon credit or for future delivery as the Collateral Agent shall
deem appropriate. Each purchaser at any such sale shall hold the property sold absolutely,
free from any claim or right on the part of the Grantor.

     (h) Unless the Collateral is perishable or threatens to decline speedily in value, or
is of a type customarily sold on a recognized market (in which event the Collateral Agent
shall provide the Grantor such notice as may be practicable under the circumstances), the
Collateral Agent shall give the Grantor at least ten (10) days’ prior written notice, by
authenticated record, of the date, time and place of any proposed public sale, and of the
date after which any private sale or other disposition of the Collateral may be made, which
notice shall describe the Collateral that is the subject of the intended sale, state the
method of the intended sale and state that the Grantor is entitled to an

11

 

accounting of the Obligations and state the charge, if any, for such accounting. The
Grantor agrees that such written notice shall satisfy all requirements for notice to the
Grantor which are imposed under the UCC or other Applicable Law with respect to the exercise
of the Collateral Agent’s rights and remedies upon default. The Collateral Agent shall not
be obligated to make any sale or other disposition of any Collateral if it shall determine
not to do so, regardless of the fact that notice of sale or other disposition of such
Collateral shall have been given. The Collateral Agent may, without notice or publication,
adjourn any public or private sale or cause the same to be adjourned from time to time by
announcement at the time and place fixed for sale, and such sale may, without further
notice, be made at the time and place to which the same was so adjourned.

     (i) Any public sale shall be held at such time or times within ordinary business hours
and at such place or places as the Collateral Agent may fix and state in the notice of such
sale. At any sale or other disposition, the Collateral, or portion thereof, to be sold may
be sold in one lot as an entirety or in separate parcels, as the Collateral Agent may (in
its sole and absolute discretion) determine. If any of the Collateral is sold, leased, or
otherwise disposed of by the Collateral Agent on credit, the Obligations shall not be deemed
to have been reduced as a result thereof unless and until payment is finally received
thereon by the Collateral Agent.

     (j) At any public (or, to the extent permitted by Applicable Law, private) sale made
pursuant to this Section 6.1, the Collateral Agent or any other Secured Party may bid for or
purchase, free (to the extent permitted by Applicable Law) from any right of redemption,
stay, valuation or appraisal on the part of the Grantor, the Collateral or any part thereof
offered for sale and may make payment on account thereof by using any claim then due and
payable to the Collateral Agent or such other Secured Party from the Grantor on account of
the Obligations as a credit against the purchase price, and the Collateral Agent or such
other Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of
such property without further accountability to the Grantor therefor.

     (k) For purposes hereof, a written agreement to purchase the Collateral or any portion
thereof shall be treated as a sale thereof. The Collateral Agent shall be free to carry out
such sale pursuant to such agreement and the Grantor shall not be entitled to the return of
the Collateral or any portion thereof subject thereto, notwithstanding the fact that after
the Collateral Agent shall have entered into such an agreement all Events of Default shall
have been remedied and the Obligations paid in full.

     (l) As an alternative to exercising the power of sale herein conferred upon it, the
Collateral Agent may proceed by a suit or suits at law or in equity to foreclose upon the
Collateral and to sell the Collateral or any portion thereof pursuant to a judgment or
decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a
court-appointed receiver.

     (m) To the extent permitted by Applicable Law, the Grantor hereby waives all rights of
redemption, stay, valuation and appraisal which the Grantor now has or may at any time in
the future have under any rule of law or statute now existing or hereafter enacted.

12

 

     6.2 Application of Proceeds. After the occurrence of an Event of Default, the
Collateral Agent shall apply the proceeds of any collection or sale of the Collateral, as well as
any Collateral consisting of cash, or any Collateral granted under any other of the Security
Documents as set forth in Section 2.23(d) of the Credit Agreement. Upon any sale or other
disposition 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 purchase money by the
Collateral Agent or of the officer making the sale or other disposition shall be a sufficient
discharge to the purchaser or purchasers of the Collateral so sold or otherwise disposed of 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.

ARTICLE 7

Perfection of Security Interest

     7.1 Perfection by Filing. This Agreement constitutes an authenticated record, and
the Grantor hereby authorizes the Collateral Agent, pursuant to the provisions of Sections 2.1 and
5.2, to file one or more financing or continuation statements, and amendments thereto, relative to
all or any part of the Collateral, in such filing offices as the Collateral Agent shall deem
appropriate, and the Grantor shall pay the Collateral Agent’s reasonable costs and expenses
incurred in connection therewith. The Grantor hereby further agrees that a carbon, photographic,
or other reproduction of this Agreement shall be sufficient as a Financing Statement and may be
filed as a Financing Statement in any and all jurisdictions.

     7.2 Other Perfection, Etc. The Grantor shall at any time and from time to time take
such steps as the Collateral Agent may reasonably request for the Collateral Agent (a) to obtain an
acknowledgment, in form and substance reasonably satisfactory to the Collateral Agent, of any
bailee having possession of any of the Collateral that the bailee holds such Collateral for the
Collateral Agent, (b) to obtain “control” of any Investment Property, Deposit Accounts,
Letter-of-Credit Rights or electronic Chattel Paper (as such terms are defined in the UCC), with
any agreements establishing control to be in form and substance satisfactory to the Collateral
Agent, and (c) otherwise to insure the continued perfection of the Collateral Agent’s security
interest in any of the Collateral with the priority described in Section 3.2 and of the
preservation of its rights therein.

     7.3 Savings Clause. Nothing contained in this Article VII shall be construed to
narrow the scope of the Collateral Agent’s Security Interest in any of the Collateral or the
perfection or priority thereof or to impair or otherwise limit any of the Collateral Agent’s Rights
and Remedies hereunder except (and then only to the extent) as mandated by the UCC.

13

 

ARTICLE 8

Miscellaneous

     8.1 Notices. All communications and notices hereunder shall (except as otherwise
expressly permitted herein) be in writing and given as provided in Section 9.01 of the Credit
Agreement.

     8.2 Grant of Non-Exclusive License. In addition to (and not in limitation of) the
Security Interest granted by the Grantor in Section 2.1 hereof, upon the occurrence of an Event of
Default, the Grantor hereby grants to the Collateral Agent a royalty free, non-exclusive,
irrevocable license, to use, apply, and affix any trademark, trade name, logo, or the like in which
the Grantor now or hereafter has rights, such license being with respect to the Collateral Agent’s
exercise of the Collateral Agent’s Rights and Remedies hereunder.

     8.3 Security Interest Absolute. All rights of the Collateral Agent hereunder, the
Security Interest and all obligations of the Grantor hereunder shall be absolute and unconditional
irrespective of (a) any lack of validity or enforceability of the Credit Agreement, any other Loan
Document, any agreement with respect to any of the Obligations or any other agreement or instrument
relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in
any other term of, all or any of the Obligations, or any other amendment or waiver of or any
consent to any departure from the Credit Agreement, any other Loan Document, or any other agreement
or instrument, (c) any exchange, release or non-perfection of any Lien on other collateral, or any
release or amendment or waiver of or consent under or departure from the Guaranty or any other
guarantee, securing or guaranteeing all or any of the Obligations, or (d) any other circumstance
that might otherwise constitute a defense available to, or a discharge of, the Grantor in respect
of the Obligations or this Agreement.

     8.4 Survival of Agreement. All covenants, agreements, representations and warranties
made by the Grantor herein and in any other Loan Document and in the certificates or other
instruments prepared or delivered in connection with or pursuant to this Agreement or any other
Loan Document shall be considered to have been relied upon by the Collateral Agent and the other
Secured Parties and shall survive the execution and delivery of this Agreement and the other Loan
Documents and the making of any Loans, regardless of any investigation made by any such other party
or on its behalf and notwithstanding that the Agents or any Lender may have had notice or knowledge
of any Default or incorrect representation or warranty at the time any credit is extended under the
Loan Agreement, and shall continue in full force and effect as long as the Obligations are
outstanding and unpaid, and as long as the Commitments have not expired or terminated.

     8.5 Binding Effect; Several Agreement; Assignments. Whenever in this Agreement any of
the parties hereto is referred to, such reference shall be deemed to include the successors and
assigns of such party, and all covenants, promises and agreements by or on behalf of the Grantor
that are contained in this Agreement shall bind and inure to the benefit of the Grantor and its
respective successors and assigns. This Agreement shall be binding upon the Grantor and the
Collateral Agent and their respective successors and assigns, and shall inure to the benefit of the
Grantor, the Collateral Agent and the other Secured Parties and their respective successors and
assigns, except that the Grantor shall not have the right to assign or transfer its rights or
obligations hereunder or any interest herein or in the Collateral (and any such attempted

14

 

assignment or transfer shall be void) except as expressly permitted by this Agreement or the
Credit Agreement.

     8.6 Collateral Agent’s Fees and Expenses; Indemnification.

     (a) Without limiting any of its obligations under the Credit Agreement or the other Loan
Documents, the Grantor agrees to pay all reasonable out-of-pocket expenses incurred by the
Collateral Agent, including the reasonable fees, charges and disbursements of any counsel and any
outside consultants for the Collateral Agent, in connection with (i) the administration of this
Agreement, (ii) the custody or preservation of, or the sale of, collection from or other
realization upon any of the Collateral, (iii) the exercise, enforcement or protection of any of the
Collateral Agent’s Rights and Remedies hereunder or (iv) the failure of the Grantor to perform or
observe any of the provisions hereof.

     (b) Without limiting any of its indemnification obligations under the Credit Agreement or the
other Loan Documents, the Grantor shall indemnify each Secured Party and each Related Party of any
Secured Party (each such Person being called an “Indemnitee”) against, and hold each
Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses,
including the reasonable fees, charges and disbursements of any counsel for any Indemnitee,
incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result
of, (i) the execution or delivery or performance of this Agreement or any other Loan Document, the
performance by the Grantor of its obligations under this Agreement or any other Loan Document, or
the consummation of the transactions contemplated by the Loan Documents or any other transactions
contemplated hereby, or (ii) any actual or prospective claim, litigation, investigation or
proceeding relating to any of the foregoing or to the Collateral, whether based on contract, tort
or any other theory and regardless of whether any Indemnitee is a party thereto; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses,
claims, damages, liabilities or related expenses resulted from the gross negligence or willful
misconduct of any Indemnitee or any Affiliate of an Indemnitee (or of any officer, director,
employee, advisor or agent of such Indemnitee or any such Indemnitee’s Affiliates). In connection
with any indemnified claim hereunder, the Indemnitee shall be entitled to select its own counsel
and the Grantor shall promptly pay the reasonable fees and expenses of such counsel.

     (c) Any such amounts payable as provided hereunder shall be additional Obligations secured
hereby and by the other Security Documents. All amounts due under this Section 8.6 shall be
payable promptly after written demand therefor.

     8.7 Governing Law; Jurisdiction; Consent to Service of Process.

     (a) THE VALIDITY OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY PROVIDED TO
THE CONTRARY IN ANOTHER LOAN DOCUMENT IN RESPECT OF SUCH OTHER LOAN DOCUMENT), THE CONSTRUCTION,
INTERPRETATION, AND ENFORCEMENT HEREOF AND THEREOF, AND THE RIGHTS OF THE PARTIES HERETO AND
THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR THERETO
SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF

15

 

THE GENERAL OBLIGATIONS LAW BUT OTHERWISE WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES).

     (b) The Grantor agrees that any suit for the enforcement of this Agreement or any other Loan
Document may be brought in any New York state or federal court sitting in New York County as the
Collateral Agent may elect in its sole discretion and consents to the non-exclusive jurisdiction of
such courts. The Grantor hereby waives any objection which it may now or hereafter have to the
venue of any such suit or any such court or that such suit is brought in an inconvenient forum.
The Grantor agrees that any action commenced by the Grantor asserting any claim or counterclaim
arising under or in connection with this Agreement or any other Loan Document shall be brought
solely in any New York state or federal court sitting in New York County as the Collateral Agent
may elect in its sole discretion and consents to the exclusive jurisdiction of such courts with
respect to any such action.

     (c) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 9.01 of the Credit Agreement. Nothing in this Agreement or any
other Loan Document will affect the right of any party to this Agreement to serve process in any
other manner permitted by law.

     8.8 Waivers; Amendment.

     (a) The rights, remedies, powers, privileges, and discretions of the Collateral Agent
hereunder (herein, the “Collateral Agent’s Rights and Remedies”) shall be cumulative and
not exclusive of any rights or remedies which it would otherwise have. No delay or omission by the
Collateral Agent in exercising or enforcing any of the Collateral Agent’s Rights and Remedies shall
operate as, or constitute, a waiver thereof. No waiver by the Collateral Agent of any Event of
Default or of any Default under any other agreement shall operate as a waiver of any other Event of
Default or other Default hereunder or under any other agreement. No single or partial exercise of
any of the Collateral Agent’s Rights or Remedies, and no express or implied agreement or
transaction of whatever nature entered into between the Collateral Agent and any Person, at any
time, shall preclude the other or further exercise of the Collateral Agent’s Rights and Remedies.
No waiver by the Collateral Agent of any of the Collateral Agent’s Rights and Remedies on any one
occasion shall be deemed a waiver on any subsequent occasion, nor shall it be deemed a continuing
waiver. The Collateral Agent’s Rights and Remedies may be exercised at such time or times and in
such order of preference as the Collateral Agent may determine. The Collateral Agent’s Rights and
Remedies may be exercised without resort or regard to any other source of satisfaction of the
Obligations. No waiver of any provisions of this Agreement or any other Loan Document or consent
to any departure by the Grantor therefrom shall in any event be effective unless the same shall be
permitted by paragraph (b) below, and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given. No notice to or demand on the Grantor in
any case shall entitle the Grantor to any other or further notice or demand in similar or other
circumstances.

     (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to a written agreement entered into between the Collateral Agent and the Grantor subject
to any consent required in accordance with Section 9.02 of the Credit Agreement.

16

 

     8.9 WAIVER OF JURY TRIAL. THE PARTIES HERETO HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO
A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS
OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF
DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH OF THE PARTIES HERETO REPRESENTS
THAT IT HAS REVIEWED THIS WAIVER AND IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS
FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT
MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

     8.10 Severability. Any provision of this Agreement held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such invalidity, illegality or unenforceability without affecting the validity, legality and
enforceability of the remaining provisions hereof; and the invalidity of a particular provision in
a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

     8.11 Counterparts. This Agreement may be executed in counterparts (and by different
parties hereto on different counterparts), each of which shall constitute an original, but all of
which when taken together shall constitute a single contract. Delivery of an executed counterpart
of a signature page of this Agreement by telecopy shall be effective as delivery of a manually
executed counterpart of this Agreement.

     8.12 Headings. Article and Section headings used herein are for convenience of
reference only, are not part of this Agreement and shall not affect the construction of, or be
taken into consideration in interpreting, this Agreement.

     8.13 Termination; Release of Collateral. Except for those provisions which expressly
survive the termination thereof, the Credit Agreement, this Agreement and the Security Interest
granted herein shall terminate when all the Obligations have been paid in full in cash and
performed in full and the Lenders have no further commitment to lend, at which time the Collateral
Agent shall execute or authorize and deliver to the Grantor, at the Grantor’s expense, all UCC
termination statements and similar documents that the Grantor shall reasonably request to evidence
such termination; provided, however, that the Credit Agreement, this Agreement, and the
Security Interest granted herein shall be reinstated if at any time payment, or any part thereof,
of any Obligation is rescinded or must otherwise be restored by any Secured Party upon the
bankruptcy or reorganization of the Grantor, and provided further that the Security
Interest granted herein shall not terminate as to any indemnification obligation of the Grantor
which expressly survives the termination of the Credit Agreement and this Agreement, including,
without limitation, the obligations of the Borrower set forth in Section 9.03 of the Credit
Agreement and the obligations of the Grantor set forth in Section 8.6 of this Agreement. Any
execution and delivery of termination statements or documents pursuant to this Section 8.13 shall
be without recourse to, or warranty by, the Collateral Agent.

[SIGNATURE PAGES FOLLOW]

17

 

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

	 	 	 	 	 
	GRANTOR: 	 AMERICAN COLOR GRAPHICS FINANCE, LLC

 	 
	 	By:  	/s/ Patrick W. Kellick
 	 
	 	 	Name:  	Patrick W. Kellick 	 
	 	 	Title:  	President & Chief Executive Officer 	 
	 
	COLLATERAL AGENT: 	 BANK OF AMERICA, N.A.

 	 
	 	By:  	/s/ Peter Sherman
 	 
	 	 	Name:  	Peter Sherman 	 
	 	 	Title:  	Managing DirectorEx-10.22 September 26, 2006 Servicing Agreement

 

EXHIBIT 10.22

SERVICING AGREEMENT

dated
as of

September 26, 2006

by and among

AMERICAN COLOR GRAPHICS, INC.,

as Servicer

AMERICAN COLOR GRAPHICS FINANCE, LLC,

as Purchaser,

and

BANK OF AMERICA, N.A.,

as Administrative Agent and Collateral Agent

ALL RIGHT, TITLE AND INTEREST OF AMERICAN COLOR GRAPHICS FINANCE, LLC IN AND TO THIS SERVICING
AGREEMENT HAS BEEN ASSIGNED TO BANK OF AMERICA, N.A., AS COLLATERAL AGENT UNDER THE CREDIT
AGREEMENT, DATED AS OF SEPTEMBER 26, 2006, BY AND AMONG AMERICAN COLOR GRAPHICS FINANCE, LLC, AS
BORROWER, BANK OF AMERICA, N.A., AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT, AND THE LENDERS
IDENTIFIED THEREIN.

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	SERVICING AGREEMENT
	 	 	i	 
	 
	 	 	 	 
	ARTICLE I DEFINITIONS
	 	 	2	 
	Section 1.1 Defined Terms
	 	 	2	 
	Section 1.2 Other Terms
	 	 	7	 
	Section 1.3 Computation of Time Periods
	 	 	7	 
	Section 1.4 Interpretation
	 	 	7	 
	 
	 	 	 	 
	ARTICLE II ADMINISTRATION AND SERVICING OF PURCHASED RECEIVABLES
	 	 	8	 
	Section 2.1 Servicer to Act
	 	 	8	 
	Section 2.2 Concentration Account and Servicer Remittances
	 	 	11	 
	Section 2.3 Servicing Compensation
	 	 	12	 
	Section 2.4 No Offset
	 	 	12	 
	Section 2.5 Servicer’s Employees and Fidelity Bond
	 	 	12	 
	Section 2.6 Servicer Not to Resign
	 	 	12	 
	 
	 	 	 	 
	ARTICLE III REPORTS AND OTHER INFORMATION TO BE PROVIDED BY THE SERVICER
	 	 	13	 
	Section 3.1 Servicing Reports; Borrowing Base Certificates
	 	 	13	 
	Section 3.2 Financial Statements
	 	 	14	 
	Section 3.3 Certificates; Other Information
	 	 	15	 
	Section 3.4 Notices and Information
	 	 	16	 
	Section 3.5 Notice to Obligors
	 	 	17	 
	Section 3.6 Access to Certain Information
	 	 	17	 
	 
	 	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES
	 	 	18	 
	Section 4.1 Representations and Warranties of Servicer
	 	 	18	 
	Section 4.2 Representations and Warranties of the Purchaser
	 	 	24	 
	 
	 	 	 	 
	ARTICLE V COVENANTS OF SERVICER
	 	 	26	 
	Section 5.1 Affirmative Covenants of the Servicer
	 	 	26	 
	Section 5.2 Negative Covenants of the Servicer
	 	 	30	 
	Section 5.3 Financial Covenant of Servicer
	 	 	32	 
	 
	 	 	 	 
	ARTICLE VI INDEMNIFICATION
	 	 	32	 
	Section 6.1 Servicer Indemnification
	 	 	32	 
	 
	 	 	 	 
	ARTICLE VII SERVICER DEFAULTS
	 	 	34	 
	Section 7.1 Servicer Defaults
	 	 	34	 
	Section 7.2 Termination of the Servicer
	 	 	36	 
	Section 7.3 Effects of Termination of Servicer
	 	 	37	 
	Section 7.4 Servicer to Cooperate
	 	 	38	 
	Section 7.5 Waiver of Servicer Default
	 	 	38	 
	Section 7.6 Remedies Not Exclusive
	 	 	38	 
	Section 7.7 No Effect on Other Parties
	 	 	38	 

i

 

	 	 	 	 	 
	ARTICLE VIII MISCELLANEOUS PROVISIONS
	 	 	39	 
	Section 8.1 Termination
	 	 	39	 
	Section 8.2 Amendments
	 	 	39	 
	Section 8.3 Notices
	 	 	39	 
	Section 8.4 Limitation of Liability
	 	 	40	 
	Section 8.5 Binding Effect; Benefit of Servicing Agreement
	 	 	40	 
	Section 8.6 Choice of Law and Venue; Jury Trial Waiver
	 	 	40	 
	Section 8.7 Execution in Counterparts; Severability; Integration
	 	 	41	 
	Section 8.8 Waiver of Setoff
	 	 	41	 
	Section 8.9 Headings and Exhibits
	 	 	41	 
	Section 8.10 Assignment
	 	 	42	 
	Section 8.11 Severability of Provisions; No Waiver
	 	 	42	 
	Section 8.12 Confidentiality
	 	 	42	 
	Section 8.13 Non-Petition
	 	 	44	 

ii

 

	 	 	 
	SCHEDULES
	 	 
	 
	 	 
	Schedule 4.1(m)

	 	ERISA Compliance Information
	Schedule 4.1(p)

	 	Intellectual Property Information
	Schedule 4.1(r)

	 	Labor Matters Information
	 
	 	 
	EXHIBITS
	 	 
	 
	 	 
	Exhibit A

	 	Form of Monthly Servicing Report
	Exhibit B

	 	Form of Eligible Obligor Notice

iii

 

     SERVICING AGREEMENT, dated as of September 26, 2006 (the “Servicing Agreement”), by
and among AMERICAN COLOR GRAPHICS, INC., a New York corporation, as the Servicer (in such capacity,
the “Servicer”), AMERICAN COLOR GRAPHICS FINANCE, LLC, a Delaware limited liability
company, as the Purchaser (in such capacity, the “Purchaser”), and BANK OF AMERICA, N.A.,
as the Administrative Agent (in such capacity, the “Administrative Agent”) and the
Collateral Agent (in such capacity, the “Collateral Agent”).

PRELIMINARY STATEMENT

     WHEREAS, ACG, the Purchaser and the Administrative Agent have entered into this Servicing
Agreement to provide for, among other things, the continued servicing of certain Transferred
Receivables acquired from time to time by the Purchaser from ACG pursuant to the Contribution
Agreement.

     WHEREAS, the Purchaser has entered into the Credit Agreement with the Collateral Agent, the
Administrative Agent and the Lenders, and ACG and the Purchaser have entered into the Contribution
Agreement, providing for, among other things, the absolute assignment, from time to time, by ACG to
the Purchaser of all of ACG’s right, title and interest in and to certain Transferred Receivables.

     WHEREAS, under the Security Agreement, the Purchaser has granted a security interest in all of
its right, title and interest (whether now owned or hereafter acquired or arising), in, to and
under such Transferred Receivables to the Collateral Agent as security for, among other things, any
Loans made by the Lenders to the Purchaser under the Credit Agreement.

     WHEREAS, the effectiveness of the Contribution Agreement, the Credit Agreement and the
Security Agreement are conditioned upon, among other things, the Servicer, the Purchaser and the
Administrative Agent entering into this Servicing Agreement to provide for the servicing of the
Transferred Receivables.

     WHEREAS, to further secure the repayment of any Loans made to the Purchaser by the Lenders
under the Credit Agreement, the Purchaser has granted to the Collateral Agent a security interest
in, among other things, the Purchaser’s rights under this Servicing Agreement, and the Servicer
agrees that all covenants and agreements made by the Servicer herein with respect to the
Transferred Receivables shall also be for the benefit and security of the Collateral Agent, the
Administrative Agent and the Lenders.

     WHEREAS, for its services under this Servicing Agreement, the Servicer shall receive the
compensation described herein.

     NOW, THEREFORE, in consideration of the mutual covenants herein contained and benefits to be
derived herefrom, the parties hereto agree as follows:

 

 

ARTICLE I

DEFINITIONS

Section 1.1 Defined Terms.

     Certain capitalized terms used throughout this Servicing Agreement are defined in this
Section 1.1. In addition, capitalized terms used but not defined in this Servicing
Agreement shall have the meanings set forth in the Credit Agreement or the Contribution Agreement,
as the case may be.

     “ACG” means American Color Graphics, Inc., a New York corporation.

     “Administrative Agent” has the meaning set forth in the Preamble hereto.

     “Businesses” means, at any time, a collective reference to the businesses operated by
the Servicer or its Affiliates at such time.

     “Capital Lease” means, as applied to any Person, any lease of any Property (whether
real, personal or mixed) by that Person as lessee which, in accordance with GAAP, is required to be
accounted for as a capital lease on the balance sheet of that Person.

     “Change of Control” means the occurrence of any of the following events: (a) the
sale, lease, transfer or other disposition (other than by way of merger or consolidation), in one
or a series of related transactions, of all or substantially all of the assets of the Servicer and
its Subsidiaries taken as a whole to any “person” or “group” (within the meaning of Sections 13(d)
and 14(d)(2) of the Securities Exchange Act of 1934) other than the Sponsor, (b) Holdings or the
Servicer is liquidated or dissolved or adopts a plan of liquidation or dissolution; (c) Holdings
shall fail to own directly 100% of the outstanding Capital Stock of the Servicer, (d) the Sponsor
shall fail to own beneficially, directly or indirectly, at least 40% of the outstanding Voting
Stock of Holdings, (e) a “person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of
the Securities Exchange Act of 1934) other than the Sponsor shall have acquired beneficial
ownership, directly or indirectly, of, or shall have acquired by contract or otherwise, 30% or more
of the outstanding Voting Stock of Holdings, (f) during any period of 12 consecutive months, a
majority of the members of the board of directors or other equivalent governing body of Holdings
cease to be composed of individuals (i) who were members of that board or equivalent governing body
on the first day of such period, (ii) whose election or nomination to that board or equivalent
governing body was approved by either the Sponsor or individuals referred to in clause (i) above
constituting at the time of such election or nomination at least a majority of that board or
equivalent governing body or (iii) whose election or nomination to that board or other equivalent
governing body was approved by either the Sponsor or individuals referred to in clauses (i) and
(ii) above constituting at the time of such election or nomination at least a majority of that
board or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii),
any individual whose initial nomination for, or assumption of office as, a member of that board or
equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or
consents for the election or removal of one or more directors by any

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person or group other than a solicitation for the election of one or more directors by or on
behalf of the board of directors) or (g) the occurrence of a “Change of Control” under, and as
defined in, the Second Lien Indenture. As used herein, “beneficial ownership” shall have the
meaning provided in Rule 13d-3 of the SEC under the Securities Exchange Act of 1934.

     “Collateral Agent” has the meaning set forth in the Preamble hereto.

     “Consolidated EBITDA” means, for any period, for ACG on a consolidated basis, an
amount equal to Consolidated Net Income plus, without duplication (a) the following to the
extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Charges,
(ii) the provision for current and deferred federal, state, local and foreign income taxes payable
by ACG, (iii) depreciation and amortization expense, (iv) restructuring charges, severance expenses
and other non-recurring expenses of ACG which do not represent a cash item in such period and (v)
non-cash losses or other non-cash charges from (A) Dispositions of or write-downs of fixed assets
and equipment and (B) impairment of goodwill minus (b) the following to the extent included
in calculating such Consolidated Net Income: (i) current and deferred federal, state, local and
foreign income tax credits and (ii) all non-cash items increasing Consolidated Net Income
minus (c) restructuring charges, severance expenses and other non-recurring expenses of ACG
paid during such period for restructuring initiatives adopted after May 5, 2005, which represent a
cash item in such current period (whether or not such charges and expenses were accrued during such
period).

     “Consolidated Interest Charges” means for any period for ACG on a consolidated basis,
the sum of all interest, premium payments, amortization or write-off of deferred financing costs,
debt discount, fees, charges and related expenses of ACG in connection with borrowed money
(including capitalized interest, the interest component under Capital Leases and the implied
interest component of Synthetic Lease Obligations) or in connection with the deferred purchase
price of assets, in each case to the extent treated as interest in accordance with GAAP.

     “Consolidated Net Income” means, for any period, for ACG on a consolidated basis, net
income (excluding extraordinary items), as determined in accordance with GAAP.

     “Contribution Agreement” means that certain Contribution and Sale Agreement, dated as
of September 26, 2006, by and between American Color Graphics Finance, LLC, as purchaser, and ACG,
as seller.

     “Credit Agreement” means that certain Credit Agreement, dated as of September 26,
2006, by and among American Color Graphics Finance, LLC, as borrower, the lenders identified
therein and Bank of America, N.A., as administrative agent and collateral agent.

     “Disposition” or “dispose” means any disposition (including pursuant to a Sale
and Leaseback Transaction) of any or all of the Property (including, without limitation, the
Capital Stock of a Subsidiary) of ACG or any of its consolidated Subsidiaries, whether by sale,
lease, licensing, transfer or otherwise; provided, however, that the term
“Disposition” shall be deemed to exclude any Equity Issuance.

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     “Eligible Obligor Notice” has the meaning specified in Section 3.5.

     “Equity Issuance” means any issuance by ACG or any of its consolidated Subsidiaries to
any Person for cash of (a) shares of its Capital Stock, (b) any shares of its Capital Stock
pursuant to the exercise of options or warrants, (c) any shares of its Capital Stock pursuant to
the conversion of any debt securities to equity or the conversion of any class equity securities to
any other class of equity securities or (d) any options or warrants relating to its Capital Stock.
The term “Equity Issuance” shall not be deemed to include any Disposition.

     “Excepted Persons” has the meaning specified in Section 8.12(a).

     “First Lien Leverage Ratio” means, as of the last day of any fiscal quarter of ACG,
the ratio of (a) the sum of the Aggregate Revolving Commitments (as such term is defined in the ACG
Senior Facility) plus the outstanding principal balance of the Term Loan (as such term is
defined in the ACG Senior Facility) as of such date to (b) Consolidated EBITDA for the four fiscal
quarter period ending on such date.

     “FRB” means the Board of Governors of the Federal Reserve System of the United States.

     “Intellectual Property” has the meaning specified in Section 4.1(p).

     “IRS” means the United States Internal Revenue Service.

     “Monthly Reporting Date” shall mean the 20th day of each calendar month.

     “Monthly Servicing Report” means the monthly report required to be delivered in
accordance with Section 3.1(b), in the form attached hereto as Exhibit A.

     “Operating Lease” means, as applied to any Person, any lease (including, without
limitation, leases which may be terminated by the lessee at any time) of any Property (whether
real, personal or mixed) which is not a Capital Lease other than any such lease in which that
Person is the lessor.

     “PBA” means the Pensions Benefit Act of Ontario and all regulations thereunder and any
successor legislation.

     “Pension Plan” means any “employee pension benefit plan” (as such term is defined in
Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and
is sponsored or maintained by the Servicer or any ERISA Affiliate or to which the Servicer or any
ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple
employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time
during the immediately preceding five plan years.

     “Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of
ERISA) established by the Servicer or, with respect to any such plan that is subject to Section 412
of the Code or Title IV of ERISA, any ERISA Affiliate.

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     “Real Properties” means, at any time, a collective reference to each of the facilities
and real Properties owned, leased or operated by the Servicer or any of its Affiliates at such
time.

     “Reporting Date” means each Tuesday of each calendar week commencing in the week after
the first purchase of Transferred Receivables by the Purchaser pursuant to the Contribution
Agreement.

     “Sale and Leaseback Transaction” means any arrangement pursuant to which the Servicer,
directly or indirectly, becomes liable as lessee, guarantor or other surety with respect to any
lease, whether an Operating Lease or a Capital Lease, of any Property (a) which the Servicer has
sold or transferred (or is to sell or transfer) to another Person or (b) which the Servicer intends
to use for substantially the same purpose as any other Property which has been sold or transferred
(or is to be sold or transferred) by the Servicer to another Person in connection with such lease.

     “Servicer” has the meaning set forth in the Preamble hereto.

     “Servicer Default” has the meaning set forth in Section 7.1.

     “Servicer Indemnified Party” has the meaning set forth in Section 6.1(a).

     “Servicer Termination Date” means the date that the Servicer’s (or a successor
Servicer’s) rights and obligations under this Servicing Agreement have been terminated, except as,
and to the extent, otherwise provided under the terms of this Servicing Agreement.

     “Servicer Termination Notice” has the meaning set forth in Section 7.2(a).

     “Servicing Agreement” has the meaning set forth in the Preamble hereto.

     “Servicing Fee” means the monthly fee payable (in arrears) to the Servicer hereunder
on the Payment Date for each month, in an amount equal (each month) to the product of (x) 1.0% per
annum and (y) the average aggregate Transferred Receivable balance outstanding during the prior
month; provided, however, that the Servicing Fee shall not be less than $17,917.00 per month.

     “Servicing Standard” means the standard of care described in Section 2.1(b).

     “Sponsor” means (a) for purposes of clause (d) of the definition of “Change of
Control”, collectively, Metalmark Capital LLC (and its Affiliates that are not portfolio
Investments), The Morgan Stanley Leveraged Equity Fund II, L.P., a Delaware limited partnership,
Morgan Stanley Capital Partners III, L.P., a Delaware limited partnership, Morgan Stanley Capital
Investors, L.P., a Delaware limited partnership, and MSCP III 892 Investors, L.P., a Delaware
limited partnership, and (b) for all other purposes, the Persons identified in the preceding clause
(a) and the other investors, including the officers and directors of the Servicer or Holdings, who
beneficially own voting stock of Holdings on May 5, 2005 or, upon the death of any such

5

 

individual investor, such individual investor’s executors, administrators, testamentary
trustees, heirs, legatees or beneficiaries.

     “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest
rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any and all transactions of any kind, and
the related confirmations, which are subject to the terms and conditions of, or governed by, any
form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master
agreement, together with any related schedules, a “Master Agreement”), including any such
obligations or liabilities under any Master Agreement.

     “Swap Termination Value” means, in respect of any one or more Swap Contracts, after
taking into account the effect of any legally enforceable netting agreement relating to such Swap
Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination value(s), and (b) for any
date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market
value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily
available quotations provided by any recognized dealer in such Swap Contracts (which may include a
Lender or any Affiliate of a Lender).

     “Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a
so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or
possession of Property creating obligations that do not appear on the balance sheet of such Person
but which, upon the insolvency or bankruptcy of such Person, would be characterized as the
indebtedness of such Person (without regard to accounting treatment).

     “Tax Sharing Agreement” means that certain Amended and Restated Tax Allocation
Agreement dated as of August 15, 1995, by and between Holdings and the Servicer.

     “Threshold Amount” means $5,000,000.

     Unfunded Pension Liability” means the excess of a Pension Plan’s benefit liabilities
under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets,
determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section
412 of the Code for the applicable plan year.

     “United States” and “U.S.” mean the United States of America.

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     Section 1.2 Other Terms.

     All accounting terms used but not specifically defined herein shall be construed in accordance
with GAAP. All terms used in Article 9 of the UCC, and used but not specifically defined herein,
are used herein as defined in such Article 9.

     Section 1.3 Computation of Time Periods.

     Unless otherwise stated in this Servicing Agreement, in the computation of a period of time
from a specified date to a later specified date, the word “from” means “from and including” and the
words “to” and “until” each mean “to but excluding.”

     Section 1.4 Interpretation.

     In this Servicing Agreement, unless a contrary intention appears:

     (a) the singular number includes the plural number and vice versa;

     (b) reference to any Person includes such Person’s successors and assigns but, if applicable,
only if such successors and assigns are permitted under the terms of this Servicing Agreement or
under the terms of any of the other Loan Documents;

     (c) reference to any gender includes the other gender;

     (d) the word “or” has the inclusive meaning represented by the phrase “and/or”;

     (e) the words “hereof,” “herein,” “hereby,” and “hereunder,” and any other similar words,
refer to this Servicing Agreement as a whole and not to any particular provision hereof;

     (f) reference to day or days without further qualification means calendar days;

     (g) in the case where the date on which any action required to be taken, document
required to be delivered or payment required to be made is not a Business Day, such
action, delivery or payment need not be made on such date, but may be made on the next
succeeding Business Day;

     (h) reference to any article, section, subsection, clause, exhibit and schedule
references are to this Servicing Agreement

     (i) reference to any agreement (including any Loan Document), document or instrument means
such agreement, document or instrument as amended, supplemented or modified and in effect from time
to time in accordance with the terms thereof and, if applicable, the terms of the other Loan
Documents, and reference to any promissory note includes any promissory note that is an extension
or renewal thereof or a substitute or replacement therefor; and

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     (j) reference to any Applicable Law means such Applicable Law as amended, modified, codified,
replaced or reenacted, in whole or in part, and in effect from time to time, including rules and
regulations promulgated thereunder and reference to any section or other provision of any
Applicable Law means that provision of such Applicable Law from time to time in effect and
constituting the substantive amendment, modification, codification, replacement or reenactment of
such section or other provision.

ARTICLE II

ADMINISTRATION AND SERVICING OF PURCHASED RECEIVABLES

     Section 2.1 Servicer to Act.

     (a) The Administrative Agent and the Purchaser each hereby appoint ACG as the initial Servicer
of the Transferred Receivables, and ACG, in executing this Servicing Agreement, hereby accepts such
appointment on the terms and conditions set forth in this Servicing Agreement. Accordingly, ACG
shall, as an independent contractor on behalf of the Administrative Agent and the Purchaser and for
the benefit of the Administrative Agent, the Purchaser, the Lenders and (with respect to each)
their respective beneficiaries, successors and assigns, (i) manage, service and administer the
Transferred Receivables in accordance with the terms of the related Contract and of this Servicing
Agreement and (ii) be responsible for enforcing the Purchaser’s and the Administrative Agent’s
rights in the Transferred Receivables.

     (b) In performing its duties and obligations pursuant to this Servicing Agreement and
managing, administering, servicing, enforcing and making Collections on the Transferred Receivables
pursuant to this Servicing Agreement, the Servicer shall perform its duties on a fair and equitable
basis, administer the Transferred Receivables on a non-discriminatory basis, exercise that degree
of diligence, prudence, skill and care consistent with industry standards and the customary
practices of other servicers for servicing comparable trade receivables portfolios without
preference to ownership thereof and in any event, in a prudent and commercially reasonable manner
that is consistent with Applicable Law and its Credit Policies (the foregoing, the “Servicing
Standard”). Subject to the provisions of this Section 2.1, the Servicer (at its
expense and consistent with its Credit Policies) shall have full power and authority, acting at its
sole discretion, to do any and all things in connection with the management, servicing,
administration, enforcement, collection and sale or other disposition of Transferred Receivables
that it may deem necessary or desirable.

     (c) Without limiting the generality of the foregoing, the Servicer shall be responsible, among
other duties, to (i) monitor and post all Collections related to the Transferred Receivables, (ii)
respond to inquiries of Obligors, (iii) investigate delinquencies, (iv) account for collections and
furnish weekly, monthly and annual statements to the Purchaser and the Administrative Agent with
respect to the Collections related to the Transferred Receivables, together with any other
information required to be provided to them under the terms of this Servicing Agreement or under
the terms of any of the other Loan Documents, (v) maintain with respect to each Contract, and with
respect to each payment by each Obligor and compliance by each Obligor

8

 

with the provisions of each Contract, complete and accurate records in such manner and to the
same extent as Servicer does with respect to similar contracts held for its own account, (vi) apply
for and maintain (or cause to be applied for and maintained) all licenses, permits, registrations,
authorizations and other governmental items necessary for the Purchaser to acquire, hold and manage
the Transferred Receivables in each jurisdiction where the ownership of its assets or the nature of
its operations would require the Purchaser to maintain such licenses, permits, registrations,
authorizations or governmental items and cause to be paid all fees associated with obtaining and
maintaining such licenses, (vii) cause to be paid all applicable taxes properly due and owing in
connection with the Purchaser’s activities, (viii) negotiate and maintain the insurances required
by this Servicing Agreement, (ix) in connection with its performance of the responsibilities and
obligations, and exercise of rights, under a Contract, minimize any abatement, reduction,
recoupment, setoff, defense or counterclaim by the related Obligor, and (x) maintain the perfected
first priority security interest of the Collateral Agent (for the benefit of the Lenders) in the
Transferred Receivables. To the extent that the Purchaser fails to pay any amounts referred to in
clauses (vi) or (vii) of the preceding sentence, the Servicer shall pay such amount but shall be
entitled to be reimbursed promptly therefore.

     (d) Notwithstanding the foregoing general delegation of servicing responsibility to the
Servicer, the Servicer shall conduct its management, servicing, administration, collection and
enforcement activities with respect to the Transferred Receivables in accordance with the following
more specific guidelines:

     (i) The Servicer, as agent for and on behalf of the Purchaser and the Administrative
Agent (for the benefit of the Lenders), shall (except as otherwise directed by the
Administrative Agent), with respect to any Transferred Receivable that is a Defaulted
Receivable, follow such practices and procedures as are normal and consistent with the
Servicer’s Credit Policies related to its own Receivables that are similar to the
Transferred Receivables, and, in any event, consistent with the Servicing Standard,
including the taking of appropriate actions to enforce the Purchaser’s rights under the
Contribution Agreement. The Servicer shall deposit (or shall cause to be deposited) all
recoveries in respect of any such Defaulted Receivable in the Concentration Account pursuant
to Section 2.2;

     (ii) The Servicer shall take such reasonable and lawful actions as the Administrative
Agent may in good faith request to enforce the Purchaser’s rights under the Transferred
Receivables and, following the occurrence of an Event of Default, shall take such actions as
the Administrative Agent may request to exercise rights for the benefit of the
Administrative Agent. The Servicer may sue to enforce or collect upon Transferred
Receivables as agent for the Purchaser and the Administrative Agent for the benefit of the
Lenders. If the Servicer elects to commence a legal proceeding to enforce a Transferred
Receivable, the act of commencement shall be deemed to be an automatic assignment of the
Transferred Receivable to the Servicer for purposes of collection only. If, however, in any
enforcement suit or legal proceeding it is held that the Servicer may not enforce a
Transferred Receivable on the ground that it is not a real party in interest or a holder
entitled to enforce the Transferred Receivable, then the Purchaser, the Collateral Agent or
the Administrative Agent, as applicable, shall, at the Servicer’s request, take

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such steps as the Servicer deems necessary and instructs it in writing to take to
enforce the Transferred Receivable, including bringing suit in the name of the Purchaser,
the Collateral Agent, the Administrative Agent or the Servicer, as applicable, and the
Purchaser, the Collateral Agent or the Administrative Agent, as applicable, shall be
reimbursed and indemnified by the Servicer for any such action taken;

     (iii) The Servicer shall maintain the Purchaser’s books and records related to the
Transferred Receivables separate and apart from the books and records related to any assets
owned by the Servicer in its individual capacity. The Servicer shall clearly indicate that
the Transferred Receivables are assets of the Purchaser, and the Servicer shall not
commingle the Transferred Receivables with its (or any of its Affiliate’s) assets or files
(except as expressly permitted under the terms of the Intercreditor Agreement); and

     (iv) The Servicer shall make and maintain the effectiveness of all UCC filings and
recordings as may be required pursuant to the terms of the Contribution Agreement and the
Credit Agreement, including, without limitation, filing all “precautionary” UCC financing
statements (to the extent required to be filed pursuant to the terms of the Contribution
Agreement or the Credit Agreement), or assignments thereof, necessary to perfect the
Purchaser’s ownership interest and the Collateral Agent’s security interest in the
Transferred Receivables. The Servicer shall, in accordance with its customary servicing
procedures and at its own expense, be responsible for taking such steps as are necessary to
maintain the perfection and first priority of such security interests. The Collateral Agent
hereby authorizes the Servicer to continue and/or re-perfect or to cause the continuation
and/or reperfection of its security interest on its behalf as the Collateral Agent for the
benefit of the Lenders, as necessary.

     (e) Without the prior written consent of the Administrative Agent and the Required Lenders,
the Servicer shall not be permitted to delegate any of its duties or responsibilities as Servicer
to any Person other than, with respect to certain Defaulted Receivables, to outside collection
agencies or attorneys in accordance with its customary practices. Notwithstanding the foregoing,
the Servicer shall be and remain primarily liable to the Purchaser, the Administrative Agent and
the Lenders for the full and prompt performance of all duties and responsibilities of the Servicer
hereunder and the Administrative Agent and the Lenders shall be entitled to deal exclusively with
the Servicer in matters relating to the discharge by the Servicer of its duties and
responsibilities hereunder.

     (f) In performing its servicing duties hereunder, the Servicer shall engage in reasonable
efforts, consistent with the Servicing Standard, to collect all payments required to be made by the
Obligors under the Contracts and enforce all material rights of the Purchaser in and to Transferred
Receivables. The Servicer shall notify the Purchaser and the Administrative Agent of any claim of
offset by any Obligor as to a Transferred Receivable to the extent that any such claim would have a
material adverse effect on the interest of the Purchaser, the Administrative Agent or the Lenders
or on the Transferred Receivables. The Servicer shall not assign, sell, pledge or exchange or in
any way encumber or otherwise dispose of the Transferred Receivables, except as permitted hereunder
or in any other Loan Documents.

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     (g) The Servicer shall maintain in full force and effect insurance (including worker’s
compensation insurance, liability insurance, employee theft insurance, directors and officers
insurance, property insurance and business interruption insurance) in such amounts, covering such
risks and liabilities and with such deductibles or self-insurance retentions as are in accordance
with normal industry practice. Each of the Administrative Agent and the Purchaser shall be named as
an additional insured (in the case of liability insurance) or loss payee or mortgagee, as the
respective interests of each may appear (in the case of hazard insurance), with respect to any such
insurance providing coverage in respect of any Transferred Receivable, and each provider of any
such insurance shall agree, by endorsement upon the policy or policies issued by it or by
independent instruments furnished to the Administrative Agent, that it will give the Administrative
Agent thirty (30) days prior written notice before any such policy or policies shall lapse, be
canceled or be terminated.

     Section 2.2 Concentration Account and Servicer Remittances.

     (a) From and after the initial Purchase Date, the Borrower shall at all times maintain in
existence the Lockboxes and the Concentration Account, which shall be subject to a Control
Agreement containing control provisions in favor of the Collateral Agent.

     (b) Upon request of the Servicer (and with the prior written consent of the Administrative
Agent, which consent shall not be unreasonably withheld) or upon notice of resignation received
from the Depository Bank and/or the Collateral Agent, the Depository Bank and the Collateral Agent
may be changed, in each case, in accordance with the terms of the Control Agreement and/or the
Intercreditor Agreement, as applicable.

     (c) The Servicer shall promptly instruct all Obligors to send all payments related to the
Transferred Receivables directly to the Depository Bank for deposit into the Concentration Account.

     (d) In accordance with the terms of the Control Agreement, the Depository Bank shall apply all
amounts in the Concentration Account on a daily basis in accordance with Section 2.23 of
the Credit Agreement.

     (e) Within 2 Business Days of receipt, the Servicer shall identify all amounts delivered to a
Lockbox or deposited in the Concentration Account that relate to the Transferred Receivables and
all amounts delivered to a Lockbox or deposited in the Concentration Account that do not relate to
the Transferred Receivable. Upon such identification, the Servicer shall notify the Collateral
Agent, the Purchaser and the Administrative Agent (together with any other parties required to be
notified pursuant to Section 5 of the Intercreditor Agreement) of any amounts, since the previous
such notification, that were delivered to a Lockbox or deposited in the Concentration Account that
did not relate to the Transferred Receivables.

     (f) If, notwithstanding subparagraph (c) above, any Collections relating to the Transferred
Receivables are deposited into an account other than the Concentration Account, the Servicer (or
such Affiliate) shall deposit such amounts into the Concentration Account within

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two (2) Business Days of receipt thereof. If, notwithstanding subparagraph (c) above, any
Collections relating to the Transferred Receivables are remitted directly to the Servicer or any
Affiliate of the Servicer (other than by delivery to the Concentration Account or an account other
than the Concentration Account), the Servicer (or such Affiliate) shall deposit such amounts into
the Concentration Account within three (3) Business Days of receipt thereof.

     (g) The Servicer shall hold in trust for the benefit of the Purchaser and the Collateral Agent
any payment it receives related to the Transferred Receivables pending remittance to the
Concentration Account in accordance with the above provisions.

     Section 2.3 Servicing Compensation.

     As compensation for the performance of its obligations under this Servicing Agreement, the
Servicer shall be entitled to receive the Servicing Fee at the times and in the priority set forth
in Section 2.23 of the Credit Agreement. The Servicing Fee shall be paid monthly,
commencing on the first Payment Date following a Purchase Date in accordance with the terms of
Section 2.23 of the Credit Agreement and terminating on the first to occur of (i) the
termination of the Credit Agreement or (ii) the date that the Servicer is terminated in accordance
with the terms of this Servicing Agreement. The Servicer shall pay all expenses incurred by it in
connection with its servicing activities hereunder, including, without limitation, payment of the
fees and disbursements of its independent accountants and payment of expenses incurred in
connection with distributions and reports to the Administrative Agent and the Lenders and payment
of the fee of the Depository Bank and the Collateral Agent under the Intercreditor Agreement and
shall not be entitled to reimbursement for such expenses.

     Section 2.4 No Offset.

     The obligations of the Servicer under this Servicing Agreement shall not be subject to any
defense, counterclaim or right of offset that the Servicer has or may have against the Purchaser,
the Administrative Agent, any Lender or any other Person, whether in respect of this Servicing
Agreement, any Transferred Receivable or otherwise.

     Section 2.5 Servicer’s Employees and Fidelity Bond.

     The Servicer agrees to indemnify, defend and protect the Administrative Agent, the Collateral
Agent and the Lenders from and against, and assumes all liabilities and obligations relating to,
all costs, expenses, losses, damages, claims or other liabilities arising out of or relating to
theft or embezzlement of any funds, or other employee dishonesty, relating to the Transferred
Receivables by the Servicer’s employees.

     Section 2.6 Servicer Not to Resign.

     (a) The Servicer shall not resign from the duties and obligations hereby imposed on it except
upon a determination by its president or other Person authorized to execute and deliver an
Officer’s Certificate that by reason of change in applicable legal requirements, with which the
Servicer cannot reasonably comply, the continued performance by the Servicer of its duties

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under this Servicing Agreement would cause it to be in violation of such legal requirements,
such determination to be evidenced by an Officer’s Certificate to such effect and accompanied by an
Opinion of Counsel to such effect.

     (b) No such resignation shall become effective until a successor Servicer acceptable to the
Administrative Agent that is experienced in the business of acting as servicer with respect to
financial agreements of the type comprising the Transferred Receivables shall have assumed the
responsibilities and obligations of the Servicer hereunder.

     (c) Except as provided in this Section 2.6 and in Section 7.2, the duties and
obligations of the Servicer under this Servicing Agreement shall continue until this Servicing
Agreement shall have been terminated as provided in Section 8.1, and shall survive the
exercise by the Purchaser, the Collateral Agent, the Administrative Agent or the Lenders of any
right or remedy under this Servicing Agreement, or the enforcement by the Purchaser, the Collateral
Agent, the Administrative Agent or the Lenders of any provision of this Servicing Agreement or any
other Loan Document.

     (d) Nothing contained in this Section 2.6 shall impair or restrict the ability of the
Servicer or any successor Servicer to appoint a subservicer (that is not an Affiliate of the
Purchaser) with the prior written consent of the Administrative Agent; provided,
however, that (i) the Servicer or any successor Servicer making such an appointment shall
remain primarily liable for all of its obligations and duties hereunder and under the other Loan
Documents; and (ii) the terms and provisions of such subservicing arrangements must be terminable
at will by the Servicer or otherwise expire automatically without additional cost and expense if
such the Servicer ceases to be the Servicer hereunder.

ARTICLE III

REPORTS AND OTHER INFORMATION TO BE PROVIDED BY THE SERVICER

     Section 3.1 Monthly Servicing Reports; Borrowing Base Certificates.

     (a) (i) No later than 2:00 p.m. (New York time) (or, if the Purchaser is submitting a
Borrowing Request on such Reporting Date, no later than 1:00 p.m. (New York time)) on each
Reporting Date and (ii) upon the direction by the Purchaser in connection with any Loan under the
Credit Agreement, the Servicer, in conjunction with the Purchaser, shall deliver to the
Administrative Agent a Borrowing Base Certificate.

     (b) No later than 2:00 p.m. (New York time) on each Monthly Reporting Date, the Servicer shall
deliver to the Administrative Agent and the Purchaser a Monthly Servicing Report with respect to
the activity of the Transferred Receivables and any Collections with respect thereto.

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     (c) The Servicer shall also promptly deliver to the Administrative Agent any additional
information regarding the Transferred Receivables, the Collections or the financial condition of
the Purchaser or the Servicer, as the Administrative Agent may request.

     (d) Concurrently with the delivery of any report or certificate referred to in Section
3.1(a) and (b), the Servicer shall also deliver to the Administrative Agent and the
Purchaser an Officer’s Certificate certifying that (i) all information contained in such report or
certificate is true and correct, (ii) all representations and warranties of the Servicer are true
and correct as of the date of the delivery of such Officer’s Certificate, and (iii) no Default,
Servicer Default or Event of Default has occurred or is continuing, or, if any such Default,
Servicer Default or Event of Default shall exist, stating the nature and status of such event.

     Section 3.2 Financial Statements.

     The Servicer shall furnish to the Purchaser, the Agents and each Lender, in form and detail
satisfactory to the Administrative Agent and the Required Lenders:

     (a) as soon as available, but in any event within ninety (90) days after the end of each
fiscal year of Holdings, (i) a consolidated balance sheet of Holdings and its Subsidiaries as at
the end of such fiscal year, and the related consolidated statements of income or operations,
shareholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative
form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance
with GAAP, audited and accompanied by a report and an opinion of independent certified public
accountants of recognized national standing, which report and opinion shall be prepared in
accordance with generally accepted auditing standards and applicable Securities Laws and shall not
be subject to any “going concern” or like qualification or exception or contain any qualification
arising out of the scope of the audit or contain explanatory language that questions the ability of
Holdings and its Subsidiaries to continue as a going concern and (ii) a consolidating income
statement of Holdings and its Subsidiaries as at the end of such fiscal year, setting forth in
comparative form the figures for the previous fiscal year, all in reasonable detail and certified
by the chief executive officer or the chief financial officer of ACG as fairly presenting the
financial condition of Holdings and its Subsidiaries in accordance with GAAP;

     (b) as soon as available, but in any event within forty-five (45) days after the end of each
fiscal quarter of each fiscal year of Holdings, a consolidated and consolidating balance sheet of
Holdings and its Subsidiaries as at the end of such fiscal quarter, and the related consolidated
and consolidating statements of income or operations and a consolidated statement of cash flows for
such fiscal quarter and for the portion of the fiscal year of Holdings and its Subsidiaries then
ended, setting forth in each case in comparative form the figures for the corresponding fiscal
quarter of the previous fiscal year and the corresponding portion of the previous fiscal year
(other than balance sheet information), all in reasonable detail, such statements to be certified
by the chief executive officer or the chief financial officer of ACG as fairly presenting the
financial condition, results of operations and cash flows of Holdings and its Subsidiaries in
accordance with GAAP, subject only to normal year-end audit adjustments and the absence of
footnotes and such consolidating statements to be certified by the chief executive officer or the
chief financial officer of ACG to the effect that such statements are fairly stated in

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all material respects when considered in relation to the consolidated financial statements of
Holdings and its Subsidiaries;

     (c) as soon as available, but in any event within thirty (30) days after the end of each
calendar month (or forty-five (45) days in the case of any month that is also the last month of a
fiscal quarter or fiscal year), a consolidated and consolidating balance sheet of Holdings and its
Subsidiaries as at the end of such fiscal month, and the related consolidated and consolidating
statements of income or operations and a consolidated statement of cash flows for such fiscal month
and for the portion of the fiscal year Holdings and its Subsidiaries then ended, setting forth in
each case in comparative form the figures for the corresponding calendar month of the previous
fiscal year and the corresponding portion of the previous fiscal year (other than balance sheet
information), all in reasonable detail, such statements to be certified by the chief executive
officer or the chief financial officer of ACG as fairly presenting the financial condition, results
of operations and cash flows of Holdings and its Subsidiaries in accordance with GAAP, subject only
to normal year-end audit adjustments and the absence of footnotes and such consolidating statements
to be certified by the chief executive officer or the chief financial officer of ACG to the effect
that such statements are fairly stated in all material respects when considered in relation to the
consolidated financial statements of Holdings and its Subsidiaries;

     (d) concurrently with the delivery of the financial statements referred to in Section
3.2(a), (b) and (c), an Officer’s Certificate signed by the chief executive
officer or chief financial officer of the Servicer certifying that no Default, Servicer Default or
Event of Default has occurred or is continuing, or, if any such Default, Servicer Default or Event
of Default shall exist, stating the nature and status of such event; and

     (e) as soon as available and in no event later than 45 days after the end of the Fiscal Year
of the Servicer, beginning with the fiscal year ending March 31, 2007, an annual budget of the
Servicer containing projected consolidated financial statements and a consolidating income
statement of the Servicer by business segment, in each case for the next fiscal year.

     Any consolidating balance sheet or consolidating statement of income or operations furnished
under this Section 3.2 shall show unconsolidated information for Holdings on the one hand
and ACG and its consolidated subsidiaries on the other hand and need not show separately
consolidating information for ACG and any of its consolidated subsidiaries. Such unconsolidated
financial information for ACG and its consolidated subsidiaries shall also include the information
on Schedule 5.01 to the Credit Agreement.

     Section 3.3 Certificates; Other Information.

     The Servicer shall furnish to the Purchaser, the Agents and each Lender, in form and detail
satisfactory to the Administrative Agent and the Required Lenders:

     (a) concurrently with the delivery of the financial statements referred to in Section
3.2(a), a certificate of its independent certified public accountants stating that in making
the examination necessary therefor no knowledge was obtained of any Servicer Default with

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respect to the financial covenants set forth in Section 5.3 or, if any such Servicer
Default shall exist, stating the nature and status of such event;

     (b) promptly upon receipt by Holdings or any Subsidiary of any detailed written audit report,
written report, “management letter” or other written recommendation submitted by independent
accountants to Holdings or any Subsidiary in connection with any annual or special audit of the
books of such Person, in each case citing a material weakness in internal controls, notice of
receipt thereof, and a copy of each such written report or “management letter” unless (i) ACG has
been informed by such independent accountants that delivery thereof to the Administrative Agent or
the Lenders is not permitted by generally applicable policies of such independent accountants and
(ii) such information is not being delivered to any other lenders or creditors of Holdings or any
Subsidiary;

     (c) promptly, and in any event within five (5) Business Days after receipt thereof by Holdings
or any Subsidiary thereof, copies of each notice or other correspondence received from the SEC (or
comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or other
inquiry by such agency regarding financial or other operational results of Holdings or any
Subsidiary;

     (d) promptly after the same are available, (i) copies of each annual report, proxy or
financial statement or other material report generally sent to the stockholders of Holdings or any
Subsidiary, and copies of all annual, regular, periodic and special reports and registration
statements which Holdings or any Subsidiary may file or be required to file with the SEC under
Section 13 or 15(d) of the Securities Exchange Act of 1934, and (iii) upon the request of the
Administrative Agent, all reports and written information to and from the United States
Environmental Protection Agency, or any state or local agency responsible for environmental
matters, the United States Occupational Safety and Health Administration, or any state or local
agency responsible for health and safety matters, or any successor agencies or authorities
concerning environmental, health or safety matters; and

     (e) promptly, such additional information regarding the business, financial or corporate
affairs of Holdings or the Servicer, or compliance with the terms of the Loan Documents, as the
Administrative Agent (or any Lender through the Administrative Agent) may from time to time
reasonably request.

     Section 3.4 Notices and Information.

     The Servicer shall furnish to the Purchaser and the Administrative Agent (who shall notify the
other Lenders), in form and detail satisfactory to the Administrative Agent, with:

     (a) promptly after notice or knowledge thereof, notice of the occurrence of any Default, Event
of Default or Servicer Default and the nature thereof;

     (b) promptly after notice or knowledge thereof, notice of the occurrence of any matter that
has resulted or would reasonably be expected to result in a Material Adverse Effect, including (i)
breach or non-performance of, or any default under, a Contractual Obligation of the

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Servicer; (ii) any dispute, litigation, investigation, proceeding or suspension between the
Servicer and any Governmental Authority; or (iii) the commencement of, or any material development
in, any material litigation or proceeding affecting the Servicer, including pursuant to any
applicable Environmental Laws;

     (c) promptly after notice or knowledge thereof, notice of the occurrence of any ERISA Event;
and

     (d) promptly after notice or knowledge thereof, notice of any material change in accounting
policies or financial reporting practices by Holdings or the Servicer.

     Each notice pursuant to this Section 3.4(a) through (d) shall be accompanied
by a statement of a Financial Officer of the Servicer setting forth details of the occurrence
referred to therein and stating what action the Servicer has taken and proposes to take with
respect thereto. Each notice pursuant to Section 3.4(a) shall describe with particularity
any and all provisions of this Servicer Agreement or any other Loan Document that have been
breached.

     Section 3.5 Notice to Obligors.

     In the event that an Event of Default or a Servicer Default shall occur, the Servicer shall
provide a notice in the form of Exhibit C hereto (each, an “Eligible Obligor Notice”) to
the related Obligors of the Purchaser’s interest in the Transferred Receivables.

     Section 3.6 Access to Certain Information.

     (a) The Administrative Agent and its duly authorized representatives, attorneys and
accountants shall have access, at any reasonable time during business hours and at reasonable
intervals of time, and upon reasonable prior notice, to any and all documentation regarding the
Transferred Receivables that the Servicer may possess, and the Servicer shall make its officers,
employees and agents available to such parties for purposes of discussing the Transferred
Receivables and the Servicer’s performance of its obligations under and compliance with, the terms
of the Loan Documents, such access being afforded without charge but only upon reasonable request
and during normal business hours so as not to interfere unreasonably with the Servicer’s normal
operations or customer or employee relations, at offices of the Servicer designated by the
Servicer. The Purchaser shall pay for the reasonable out-of-pocket cost and expense (including,
inter alia, travel) of the Administrative Agent in conducting (i) up to four (4) such inspections
per each calendar year, so long as no Default, Event of Default or Servicer Default has occurred
and (ii) all such inspections, if a Default, Event of Default or Servicer Default has occurred.

     (b) At all times during the term hereof, the Servicer shall keep available at its principal
executive office for inspection by the Administrative Agent a list of all of the Transferred
Receivables that have been purchased by the Purchaser under the Contribution Agreement, together
with a reconciliation of such list to that set forth in each of the Borrowing Base Certificates and
Monthly Servicing Reports, indicating the additions and removals (or repayments) of Retransferred
Receivables from the Transferred Receivables.

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     (c) The Servicer shall maintain files, accounts and records as to each Transferred Receivable
serviced by the Servicer that are accurate and sufficiently detailed so as to permit (i) the reader
thereof to know, on a daily basis, the status of such Transferred Receivables, including any
payments, insurance proceeds, residual proceeds and recoveries received or owing with respect
thereto (and the nature of each) and (ii) the reconciliation between payments or other recoveries
on (or with respect to) each Transferred Receivable and the amounts from time to time deposited in
the Concentration Account in respect of such Transferred Receivables.

     (d) The Servicer shall maintain a database so that, from and after each Purchase Date and the
grant of the security interest in the relevant Transferred Receivables to the Collateral Agent, the
Servicer’s accounts and records (including any backup computer archives) that refer to such
Transferred Receivables indicate clearly that such Transferred Receivables were sold to the
Purchaser and pledged to the Collateral Agent for the benefit of the Lenders. Indication of the
Collateral Agent’s interest in such Transferred Receivables shall be deleted from or modified in
such database (or other electronic database being used by a successor Servicer) or elsewhere on the
Servicer’s accounts and records when, and only when, any Transferred Receivables included in such
Transferred Receivables become Retransferred Receivables pursuant to Section 6.2 of the
Contribution Agreement or otherwise released from the Administrative Agent’s Lien on such
Transferred Receivables under the Credit Agreement.

     (e) Nothing in this Section 3.6 shall affect the obligation of the Servicer to observe
any Applicable Law prohibiting disclosure of information regarding any Obligor, and the failure to
provide information otherwise required by this Section 3.6 as a result of such observance
by the Servicer shall not constitute a breach of this Section 3.6 or any similar provision
of any other Loan Document.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

     Section 4.1 Representations and Warranties of Servicer.

     The Servicer makes the following representations and warranties to the Purchaser, the
Collateral Agent and the Administrative Agent as of the Closing Date and as of each Purchase Date,
except as otherwise specified below, which shall survive such date:

     (a) Existence, Qualification and Power; Compliance with Laws. The Servicer (i) is
duly organized and in good standing under the laws of the state of New York, (ii) has all requisite
power and authority and all requisite governmental licenses, authorizations, consents and approvals
to (A) own or lease its assets and carry on its business and (B) execute, deliver and perform its
obligations under the Loan Documents to which it is a party and (iii) is duly qualified and is
licensed and in good standing under the laws of each jurisdiction where its ownership, lease or
operation of properties or the conduct of its business requires such qualification or

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license; except in each case referred to in clause (ii)(A) or (iii), to the extent that
failure to do so would not reasonably be expected to have a Material Adverse Effect.

     (b) Authorization; No Contravention. The execution, delivery and performance by the
Servicer of each Loan Document to which it is party have been duly authorized by all necessary
corporate or other organizational action and do not and shall not (i) contravene the terms of any
of the Servicer’s Organizational Documents; (ii) conflict with or result in any breach or
contravention of, or result in or require the creation of any Lien under, or require any payment to
be made under (A) any Contractual Obligation to which the Servicer is a party or affecting the
Servicer or the Property of the Servicer or any of its Subsidiaries or (B) any order, injunction,
writ or decree of any Governmental Authority or any arbitral award to which the Servicer or its
property is subject; or (iii) violate any Applicable Law (including, without limitation, Regulation
U or Regulation X issued by the FRB). The Servicer and each Subsidiary thereof is in compliance
with all Contractual Obligations referred to in clause (ii)(A), except to the extent that failure
to do so would not reasonably be expected to have a Material Adverse Effect.

     (c) Governmental Authorization; Other Consents. No approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental Authority or any
other Person is necessary or required in connection with the execution, delivery or performance by,
or enforcement against, the Servicer of any Loan Document, except for (i) consents, authorizations,
notices and filings which have already been obtained or made and (ii) filings to perfect the Liens
created by the Loan Documents.

     (d) Binding Effect. Each Loan Document to which the Servicer is a party has been duly
executed and delivered by the Servicer. Each Loan Document to which the Servicer is a party
constitutes a legal, valid and binding obligation of the Servicer, enforceable against the Servicer
in accordance with its terms except as enforceability may be limited by the Bankruptcy Code and by
general equitable principles (whether enforcement is sought by proceedings in equity or at law).

     (e) Financial Statements. All financial statements delivered pursuant to Sections
3.2(a), (b) and (c) have been prepared in accordance with GAAP (except as may
otherwise be permitted under Sections 3.2(a), (b) and (c)) and present
fairly in all material respects (on the basis disclosed in the footnotes, where applicable, to such
financial statements) the consolidated and consolidating statements of financial condition and
income or operations and a consolidated statement of cash flows of Holdings as of such date and for
such periods.

     (f) Litigation. There are no actions, suits, proceedings, claims or disputes pending
or, to the knowledge of the Servicer after due and diligent investigation, threatened or
contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against
the Servicer or against any of its properties or revenues that (a) purport to affect or pertain to
any of the Loan Documents or any of the transactions contemplated thereby or, (b) either
individually or in the aggregate, if determined adversely, would reasonably be expected to have a
Material Adverse Effect.

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     (g) Compliance with Laws. The Servicer is in compliance in all material respects with
the requirements of all Applicable Laws and all orders, writs, injunctions and decrees applicable
to it or to its Properties, except in such instances in which (a) such requirement of Applicable
Law or order, writ, injunction or decree is being contested in good faith by appropriate
proceedings diligently conducted or (b) the failure to comply therewith, either individually or in
the aggregate, would not reasonably be expected to have a Material Adverse Effect.

     (h) No Default. No Servicer Default has occurred and no condition exists which, with
notice or lapse of time, or both, would constitute a Servicer Default.

     (i) Ownership of Property; Liens. The Servicer has good record and marketable title
in fee simple to, or valid leasehold interests in, all real Property necessary or used in the
ordinary conduct of its business, except for such defects in title as would not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect.

     (j) Environmental Compliance. Except in each case where the existence and/or
occurrence of any of the following would not reasonably be expected to have a Material Adverse
Effect:

     (i) Each of the Real Properties and all operations at the Real Properties are in
compliance with all applicable Environmental Laws, and there is no violation of any
Environmental Law with respect to the Real Properties or the Businesses.

     (ii) None of the Real Properties contains, or to the knowledge of the Financial
Officers of the Servicer has previously contained, any Hazardous Materials at, on or under
the Real Properties in amounts or concentrations that constitute or constituted a violation
of, or could give rise to liability under, Environmental Laws.

     (iii) The Servicer has not received any written notice of, or inquiry from any
Governmental Authority regarding, any violation, alleged violation, non-compliance,
liability or potential liability regarding environmental matters or compliance with
Environmental Laws with regard to any of the Real Properties or the Businesses, except for
such notice or inquiry that has been fully and finally adjudicated, withdrawn, settled or
otherwise resolved; nor does any Financial Officer of the Servicer have knowledge or reason
to believe that any such notice shall be received or is being threatened.

     (iv) Hazardous Materials have not been transported or disposed of from the Real
Properties, or generated, treated, stored or disposed of at, on or under any of the Real
Properties or any other location, in each case by or on behalf of the Servicer in violation
of, or in a manner that could give rise to liability under, any applicable Environmental
Law.

     (v) No judicial proceeding or governmental or administrative action is pending or, to
the knowledge of the Financial Officers of the Servicer, threatened, under any Environmental
Law to which the Servicer is or shall be named as a party, nor are

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there any consent decrees or other decrees, consent orders, administrative orders or
other orders, or other administrative or judicial requirements outstanding under any
Environmental Law with respect to the Servicer, the Real Properties or the Businesses.

     (vi) During the Servicer’s period of ownership or lease (with respect to real Property
previously owned or operated by the Servicer) or, to the knowledge of the Financial Officers
of the Servicer, at any time (with respect to real Property currently owned or operated by
the Servicer), there has been no release, or threat of release, of Hazardous Materials at or
from the Real Properties, or arising from or related to the operations (including, without
limitation, disposal) of the Servicer in connection with the Real Properties or otherwise in
connection with the Businesses, in violation of or in amounts or in a manner that could give
rise to liability under Environmental Laws.

     (k) Insurance. All of the tangible Property of the Servicer and its Subsidiaries is
insured with financially sound and reputable insurance companies that are not Affiliates of the
Servicer, in such amounts, with such deductibles and covering such risks as are customarily carried
by companies engaged in similar businesses and owning similar Property in localities where the
Servicer operates.

     (l) Taxes. The Servicer and Holdings have filed all federal income tax returns and
all other material federal, state and other tax returns and reports required to be filed by them,
and have paid all federal income taxes and all other material federal, state and other taxes,
assessments, fees and other governmental charges levied or imposed upon them or their properties,
income or assets otherwise due and payable, except those which are being contested in good faith by
appropriate proceedings diligently conducted and for which adequate reserves have been provided in
accordance with GAAP. There is no proposed tax assessment against the Servicer, Holdings or any
Subsidiary that would, if made, have a Material Adverse Effect. The Servicer is not a party to any
tax sharing agreement other than the Tax Sharing Agreement.

     (m) ERISA Compliance. Except as specifically disclosed in Schedule 4.1(m):

     (i) Each Plan is in compliance in all material respects with the applicable provisions
of ERISA, the Code, the PBA and other Applicable Law. Each Plan which is intended to
qualify under Section 401(a) of the Code has received a favorable determination letter from
the IRS and, to the best knowledge of the Servicer, nothing has occurred which would cause
the loss of such qualification. The Servicer and each ERISA Affiliate have made all
required contributions to any Plan when due, and no application for a funding waiver or an
extension of any amortization period has been made with respect to any Plan.

     (ii) There are no pending or, to the best knowledge of the Servicer, threatened claims,
actions or lawsuits, or action by any Governmental Authority, with respect to any Plan which
has resulted or would reasonably be expected to result in a Material Adverse Effect. There
has been no prohibited transaction or violation of the fiduciary responsibility rules with
respect to any Plan which has resulted or would reasonably be expected to result in a
Material Adverse Effect.

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     (iii) (A) No ERISA Event has occurred or is reasonably expected to occur; (B) the
Unfunded Pension Liability of all Pension Plans does not exceed $40,000,000 in the
aggregate; (C) neither the Servicer nor any ERISA Affiliate has incurred, or reasonably
expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan
(other than premiums due and not delinquent under Section 4007 of ERISA) that would not
reasonably be expected to have a Material Adverse Effect; (D) neither the Servicer nor any
ERISA Affiliate has incurred, or reasonably expects to incur, any material liability (and no
event has occurred which, with the giving of notice under Section 4219 of ERISA, would
result in such liability) under Section 4201 or 4243 of ERISA with respect to a
Multiemployer Plan; (E) neither the Servicer nor any ERISA Affiliate has engaged in a
transaction that could be subject to Section 4069 or 4212(c) of ERISA that would reasonably
be expected to have a Material Adverse Effect; and (F) no Lien has arisen, choate or
inchoate, in respect of the Servicer or any of its Property in connection with any Plan
(save for contribution amounts not yet due).

     (n) Margin Regulations; Investment Company Act.

     (i) The Servicer is not engaged and shall not engage, principally or as one of its
important activities, in the business of purchasing or carrying margin stock (within the
meaning of Regulation U issued by the FRB), or extending credit for the purpose of
purchasing or carrying margin stock.

     (ii) The Servicer (A) is not or is not required to be registered as an “investment
company” under the Investment Company Act of 1940 or (B) is not subject to regulation under
any other Applicable Law which limits its ability to incur Indebtedness.

     (o) Disclosure. The Servicer has disclosed to the Administrative Agent all
agreements, instruments and corporate or other restrictions to which it is subject, and all other
matters known to it, that, individually or in the aggregate, would reasonably be expected to result
in a Material Adverse Effect. No report, financial statement, certificate or other written
information (a) prepared by or at the request of the Servicer or (b) to the Servicer’s knowledge,
otherwise furnished by or on behalf of the Servicer in each case to the Administrative Agent in
connection with the transactions contemplated hereby and the negotiation of this Servicing
Agreement or delivered hereunder or under any other Loan Document pursuant to a provision of any
Loan Document or pursuant to a specific request from the Administrative Agent in accordance with
the Loan Documents (in each case, as modified or supplemented by other information so furnished),
when taken as a whole, contains any misstatement of material fact or omits to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided that (i) with respect to projected financial information, the
Servicer represents only that such information was prepared in good faith based upon assumptions
believed to be reasonable at the time and (ii) with respect to reports, financial statements,
certificates and other information that was not prepared at the request of the Servicer, the
Servicer represents only that they are not aware that such materials contain any material
misstatements of fact or material omissions.

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     (p) Intellectual Property. The Servicer owns, or has the legal right to use, all
material trademarks, service marks, trade names, trade dress, patents, copyrights, technology,
know-how and processes (the “Intellectual Property”) reasonably necessary for it to conduct
its business as currently conducted. Set forth on Schedule 4.1(p) is a list of all
Intellectual Property registered or pending registration with the United States Copyright Office or
the United States Patent and Trademark Office and owned by the Servicer or that the Servicer has
the exclusive right to use. Except as set forth on Schedule 4.1(p), no written claim has
been received by the Servicer and currently is pending by any Person challenging the use of, or the
validity or effectiveness of, the Intellectual Property owned by the Servicer under Applicable Law,
nor does the Servicer know of any such claim, and, to the knowledge of the Responsible Officers of
the Servicer, the use of the Intellectual Property by the Servicer or the granting of a right or a
license in respect of the Intellectual Property from the Servicer does not infringe on the rights
of any Person, except for such claims and infringements that, in the aggregate, would not
reasonably be expected to have a Material Adverse Effect. As of the Closing Date, none of the
Intellectual Property used by the Servicer is subject to any exclusive licensing agreement or
similar arrangement except as forth on Schedule 4.1(p).

     (q) Location of Offices. The principal place of business and chief executive office
of the Servicer and the office where the Servicer keeps all books and records with respect to the
Transferred Receivables are located at the address of Servicer set forth on the signature
page hereof (or at such other locations as to which the notice and other requirements specified
in Section 5.2(g) shall have been satisfied).

     (r) Labor Matters. There are no collective bargaining agreements or Multiemployer
Plans covering the employees of the Servicer as of the Closing Date except as forth on Schedule
4.1(r), and the Servicer has not suffered any strikes, walkouts, work stoppages or other
material labor difficulty within the last five years.

     (s) Existing Standard of Care. Prior to the date hereof, the Servicer has serviced,
and shall continue to service, the Transferred Receivables in a manner consistent with Applicable
Law and the Credit Policies, and in any event in a manner consistent with the Servicing Standard.

     (t) Servicing Fee. The Servicing Fee is sufficient and reasonable to compensate the
Servicer for the anticipated expenses associated with its servicing obligations hereunder.

     (u) Concentration Account. The Servicer has instructed each Obligor with respect to a
Transferred Receivable to remit payment on such Transferred Receivable directly to a Lockbox or the
Concentration Account. The account numbers of the Concentration Account and the post office box
numbers of the Lockboxes, together with the address of the Depository Bank, are at all times
specified in the Control Agreement.

     (v) Perfection of Security Interests. The Servicer, at its expense, has taken and
shall take all action necessary or desirable to establish and maintain, in favor of the Collateral
Agent, a valid and enforceable first priority perfected security interest in the Transferred
Receivables, free and clear of any Lien (other than any Lien created pursuant to the terms of the
Loan Documents),

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including, without limitation, filing UCC financing statements and taking such other action to
perfect, protect or more fully evidence the ownership interest created by the Contribution
Agreement and the lien created by the Security Agreement, as requested from time to time by the
Collateral Agent, or a beneficiary of the Collateral Agent’s security interest.

     (w) Special Purpose Entity. The Purchaser is an entity with assets and liabilities
separate and distinct from those of the Servicer and any other Affiliates of the Servicer, and the
Servicer hereby acknowledges that Administrative Agent and the Lenders under the Credit Agreement
are entering into the transactions contemplated by the Credit Agreement and the other Loan
Documents in reliance upon Purchaser’s identity as a legal entity separate and apart from the
Servicer and from each other Affiliate of the Servicer.

     (x) Nonconsolidation. The Servicer represents and warrants that (i) the annual
consolidated financial statements of Holdings shall contain a note indicating that the Servicer’s
separate assets and liabilities are neither available to pay the debts of the consolidated entity
or any other constituent thereof nor constitute obligations of any other member of the consolidated
entity, it being understood that the foregoing does not apply to liabilities for which joint and
several liability is provided under the Code or ERISA, (ii) except as permitted or required by the
Loan Documents, none of the Servicer or its Affiliates pays any of the Purchaser’s expenses,
guarantees any of the Purchaser’s obligations or advances funds to the Purchaser for payment of
expenses, and (iii) none of the Servicer or its Affiliates acts as an agent of the Purchaser,
except ACG in its capacity as Servicer.

Section 4.2 Representations and Warranties of the Purchaser.

     The Purchaser makes the following representations and warranties to the Servicer, the
Collateral Agent and the Administrative Agent as of the Closing Date and as of each Purchase Date,
except as otherwise specified below, which shall survive such date, that:

     (a) Existence, Qualification and Power; Compliance with Laws. The Purchaser (i) is
duly organized and is validly existing as a limited liability company under the laws of the State
of Delaware, (ii) has all requisite power and authority and all requisite governmental licenses,
authorizations, consents and approvals to (A) own or lease its assets and carry on its business and
(B) execute, deliver and perform its obligations under the Loan Documents to which it is a party
and (iii) is duly qualified and is licensed and in good standing under the laws of each
jurisdiction where its ownership, lease or operation of properties or the conduct of its business
requires such qualification or license.

     (b) Authorization; No Contravention. The execution, delivery and performance by the
Purchaser of each Loan Document to which it is party have been duly authorized by all necessary
limited liability company action and do not and shall not (i) contravene the terms of any of such
Person’s Organizational Documents; (ii) conflict with or result in any breach or contravention of
(A) any Contractual Obligation to which such Person is a party or affecting such Person or the
Property of such Person or any of its Subsidiaries or (B) any order, injunction, writ or decree of
any Governmental Authority or any arbitral award to which such Person or its

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property is subject; or (iii) violate any Applicable Law (including, without limitation,
Regulation U or Regulation X issued by the FRB).

     (c) Governmental Authorization; Other Consents. No approval, consent, exemption,
authorization, or other action by, or notice to, or filing with, any Governmental Authority or any
other Person is necessary or required in connection with the execution, delivery or performance by,
or enforcement against, the Purchaser of any Loan Document, except for (i) consents,
authorizations, notices and filings which have been obtained or made and (ii) filings to perfect
the Liens created by the Loan Documents.

     (d) Binding Effect. Each Loan Document to which the Purchaser is a party has been
duly executed and delivered by the Purchaser. Each Loan Document to which the Purchaser is a party
constitutes a legal, valid and binding obligation of the Purchaser, enforceable against the
Purchaser in accordance with its terms except as enforceability may be limited by the Bankruptcy
Code and by general equitable principles (whether enforcement is sought by proceedings in equity or
at law).

     (e) Litigation. There are no actions, suits, proceedings, claims or disputes pending
or, to the knowledge of the Purchaser after due and diligent investigation, threatened or
contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against
the Purchaser or against any of its properties or revenues that (a) purport to affect or pertain to
any of the Loan Documents or any of the transactions contemplated thereby or, (b) either
individually or in the aggregate, if determined adversely, would reasonably be expected to have a
Material Adverse Effect.

     (f) Investment Company Act. The Purchaser is not required to be registered as an
“investment company” under the Investment Company Act of 1940.

     (g) Compliance with Laws. The Purchaser is in compliance in all material respects
with the requirements of all Applicable Laws and all orders, writs, injunctions and decrees
applicable to it or to its Properties, except in such instances in which (a) such requirement of
Applicable Law or order, writ, injunction or decree is being contested in good faith by appropriate
proceedings diligently conducted or (b) the failure to comply therewith, either individually or in
the aggregate, would not reasonably be expected to have a Material Adverse Effect.

     (h) Solvency. The Purchaser shall not take any actions which would result in the
Purchaser failing to maintain adequate capital for the normal obligations reasonably foreseeable in
a business of its size and character and in light of its contemplated business operations.

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ARTICLE V

COVENANTS OF SERVICER

     Section 5.1 Affirmative Covenants of the Servicer.

     From the date hereof:

     (a) Compliance with Law. The Servicer shall comply in all material respects with all
Applicable Laws, including those applicable to the Receivables.

     (b) Preservation of Company Existence. The Servicer shall preserve and maintain its
corporate existence, rights, franchises and privileges in the jurisdiction of its formation and
qualify and remain qualified in good standing as a foreign corporation in each jurisdiction where
the failure to preserve and maintain such existence, rights, franchises, privileges and
qualification has had, or would reasonably be expected to have, a Material Adverse Effect.

     (c) Obligations and Compliance with Transferred Receivables. The Servicer shall, at
its expense, timely and fully perform and comply with all of the provisions, covenants, promises
and obligations on the part of the Servicer to be fulfilled, performed or complied with under or in
connection with each Transferred Receivable and shall do nothing to impair the rights of the
Purchaser in, to and under such Transferred Receivables.

     (d) Keeping of Records and Books of Account. The Servicer shall maintain and
implement administrative and operating procedures (including, without limitation, an ability to
recreate records evidencing the Transferred Receivables in the event of the destruction of the
originals thereof), and keep and maintain all documents, books, records and other information
reasonably necessary or advisable for the collection of all or any portion of the Transferred
Receivables and the identification of the Transferred Receivables (or any proceeds derived
therefrom). The Servicer shall give the Purchaser and the Administrative Agent notice of any
material change in the administrative and operating procedures referred to in the previous
sentence. The Servicer shall permit the Purchaser or the Administrative Agent, or their respective
agents or representatives, to visit the offices of the Servicer during normal office hours upon
advance notice and to examine and make copies of all documents, books, records and other
information concerning the Transferred Receivables and to discuss any matters related thereto with
any of the officers or employees of the Servicer having knowledge of such matters in accordance
with the provisions of Section 3.6.

     (e) Payment Performance and Discharge of Obligations. The Servicer shall pay, perform
and discharge all of its obligations and liabilities, including, without limitation, all taxes,
assessments and governmental charges upon its income and properties when due the non-payment,
performance or discharge of which would reasonably be expected to have a Material Adverse Effect,
unless and to the extent only that such obligations, liabilities, taxes, assessments and
governmental charges shall be contested in good faith and by appropriate proceedings and that, to
the extent required by GAAP, proper and adequate book reserves relating thereto are established by
the Servicer and then only to the extent that a bond is filed in

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cases where the filing of a bond is necessary to avoid the creation of a Lien against any of
its properties.

     (f) Adverse Claims. The Servicer shall not create, or participate in the creation of,
or permit to exist, any Liens in relation to the Concentration Account, other than as permitted
under the terms of the Intercreditor Agreement.

     (g) Separate Company Existence. From and after the date of execution and delivery of
this Servicing Agreement, the Servicer shall take all reasonable steps, including, without
limitation, all steps that the Administrative Agent may from time to time reasonably request, to
maintain the Purchaser’s identity as a legal entity separate and apart from the Servicer and any
Affiliate of the Servicer, and to make it manifest to third parties that the Purchaser is an entity
with assets and liabilities distinct from those of the Servicer and any Affiliate of the Servicer,
and is not a division of the Servicer or of any Affiliate of the Servicer. Without limiting the
generality of the foregoing and in addition to the other covenants set forth herein, the Servicer
shall take all reasonable steps to ensure that the Purchaser:

     (i) not have any assets other than cash, cash equivalents and the Transferred
Receivables and other incidental assets or property as may be necessary for the operation of
the Purchaser;

     (ii) not have any obligations or indebtedness other than indebtedness under the Credit
Agreement and any obligations incurred in favor of the Lenders under the Credit Agreement or
the other Loan Documents, and not hold out its credit as being available to satisfy the
obligations of any member, Affiliate, or other person;

     (iii) not incur or permit to exist any Liens on any of its assets except under the
Credit Agreement or the other Loan Documents;

     (iv) maintain books and records separate from any other person or entity, except to the
extent that it is required or permitted by law to file or be included in a tax return filed
by another Person, including in a consolidated return or as an entity whose existence is
disregarded for purposes of preparing the Parent’s return;

     (v) maintain its accounts separate from those of any other person or entity;

     (vi) not commingle assets with those of any other entity (except as expressly permitted
under the terms of the Intercreditor Agreement);

     (vii) conduct its own business in its own name;

     (viii) maintain separate financial statements and not permit the Purchaser’s assets,
liabilities or income to be included in the financial statement of any other Person except
to the extent that Holdings or any other parent of Purchaser is required by GAAP to include
them in its respective periodic consolidated financial statements and any related
consolidating financial statements prepared in accordance with GAAP or that the

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Seller includes them in any financial information required to be furnished under
Section 5.01 of the Credit Agreement or Section 7.01 of the ACG Senior Facility, provided,
however, that any annual consolidated financial statements of Holdings shall contain a note
indicating that the Purchaser’s separate assets and liabilities are neither available to pay
the debts of the consolidated entity or any other constituent thereof nor constitute
obligations of any other member of the consolidated entity, it being understood that the
foregoing does not apply to liabilities for which joint and several liability is provided
under the Code or ERISA;

     (ix) pay its own liabilities out of its own funds;

     (x) observe all limited liability company formalities and other formalities required by
the Purchaser’s Organizational Documents;

     (xi) maintain an arm’s-length relationship with its Affiliates;

     (xii) pay the salaries of its own employees, if any, and maintain a sufficient number
of employees in light of its contemplated business operations;

     (xiii) not guarantee or become obligated for the debts of any other entity or hold out
its credit as being available to satisfy the obligations of others;

     (xiv) not acquire obligations or securities of its partners, members, or shareholders;

     (xv) allocate fairly and reasonably any overhead for shared office
space;

     (xvi) use separate stationery, invoices, and checks;

     (xvii) not pledge its assets for the benefit of any other entity or make any loans or
advances to any entity (except as provided in the Credit Agreement or the other Loan
Documents);

     (xviii) hold itself out as a separate entity;

     (xix) correct any known misunderstanding regarding its separate
identity;

     (xx) maintain adequate capital in light of its contemplated business
operations;

     (xxi) not merge into or consolidate with any Person or dissolve, terminate or
liquidate, in whole or in part, transfer or otherwise dispose of all or substantially all of
its assets or change its legal structure, without, in each case, first obtaining the written
consent of the Administrative Agent;

     (xxii) not fail to preserve its existence as an entity duly organized, validly existing
and in good standing under the laws of the jurisdiction of its organization or

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formation, or without the prior written consent of the Administrative Agent, amend,
modify, terminate or fail to comply with the provisions of its certificate of formation or
limited liability company operating agreement, or fail to observe limited liability company
formalities;

     (xxiii) not own any Subsidiary or make any investment in any Person;

     (xxiv) not share any common logo with or hold itself out as or be considered as a
department or division of the Servicer or any of its other Affiliates or any other Person,
except as permitted by clause (iv) of this Section 5.1(g);

     (xxv) not fail at any time to have an Independent Manager (as such term is defined in
the Purchaser’s Organizational Documents); and

     (xxvi) take or refrain from taking, as applicable, any of the actions specified in the
non-consolidation opinion of counsel to the Servicer delivered on the Closing Date, upon
which the conclusions expressed therein are based.

     (h) [Reserved].

     (i) Other Information. The Servicer shall furnish to the Purchaser and the
Administrative Agent promptly, from time to time, such other information, documents, records or
reports related to the Transferred Receivables or the condition or operations, financial or
otherwise, of the Servicer as the Administrative Agent may from time to time reasonably request in
order to protect the interests of the Purchaser, the Administrative Agent or the Lenders under or
as contemplated by this Servicing Agreement or any of the other Loan Documents.

     (j) Defense of Collateral. The Servicer shall defend the Transferred Receivables
against, and shall take such other action as is necessary to remove, any Lien, security interest or
claim on or to the Transferred Receivables (other than any Lien created pursuant to the terms of
the Loan Documents), and the Servicer shall defend the right, title and interest of the Collateral
Agent, for the benefit of the Lenders, in and to any of the Transferred Receivables against the
claims and demands of all Persons whomsoever. The Servicer shall promptly notify the Purchaser and
the Administrative Agent of the existence of any Lien (other than any Lien created pursuant to the
terms of the Loan Documents) on any Transferred Receivables and the Servicer shall defend the
right, title and interest of the Purchaser in, to and under the Transferred Receivables against all
claims of third parties. The Servicer shall do nothing to disturb or impair the enforceability of
the Transferred Receivables or the security interest of the Collateral Agent therein, nor create
any Lien (except for the Lien of the Collateral Agent) upon or with respect to, any Transferred
Receivables, or any proceeds related thereto, or upon or with respect to any account to which any
proceeds of any Transferred Receivables are sent, or assign any right to receive income in respect
thereof.

     (k) Disaster Recovery Plan. The Servicer shall maintain a disaster recovery plan
intended to permit recovery of electronic data maintained by the Servicer in the event of fire,

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flood, or certain other natural or man-made disasters. The Servicer shall review its disaster
recovery plan no less frequently than annually.

     (l) Maintenance of Systems. The Servicer shall maintain (i) a system of accounting
that enables the Servicer to process financial statements in accordance with GAAP, (ii) a database
to store and process data and other records pertaining to the Transferred Receivables, and (iii)
administrative and operating procedures and all documents, books and records and other information
that, in the reasonable determination of the Administrative Agent, are necessary or advisable in
accordance with prudent industry practice and custom of transactions of the type contemplated by
the Loan Documents.

     (m) Further Assurances. The Servicer shall perform such further acts and execute and
deliver, or cause to be executed and delivered, such further amendments, restatements, supplements,
modifications, instruments and documents as may be reasonably requested and necessary to implement
the intent of, and consummate the transactions contemplated by this Servicing Agreement and each of
the other Loan Documents.

     (n) Insurance. The Servicer shall at all times have in effect, maintain and keep in
force for the benefit of the Purchaser, or cause the Purchaser to have in effect, maintain and keep
in force, the insurance required by Section 2.1(g).

     (o) Performance and Compliance with Contracts and Credit Policies. The Servicer
shall, at its expense, timely and fully perform and comply with all material provisions, covenants
and other promises required to be observed by it under the Contracts related to the Transferred
Receivables and timely and fully comply with the Credit Policies in regard to each Transferred
Receivable and the related Contract.

     (p) Independent Accountants. The Servicer shall, at all times, retain independent
nationally recognized certified public accountants and request such accountants to cooperate with,
and be available to, the Collateral Agent and the Administrative Agent or their representatives to
discuss the Servicer’s financial performance, financial condition, operating results, controls, and
such other matters, within the scope of the retention of such accountants, as may be raised by the
Collateral Agent or Administrative Agent.

     (q) Solvency. The Servicer shall not take any actions which would result in the
Servicer failing to maintain adequate capital for the normal obligations reasonably foreseeable in
a business of its size and character and in light of its contemplated business operations.

     Section 5.2 Negative Covenants of the Servicer.

     From the date hereof:

     (a) Transferred Receivables Not to be Evidenced by Instruments. The Servicer shall
take no action to cause any Transferred Receivable that is not, as of the relevant Purchase Date,
as the case may be, evidenced by an Instrument, to be so evidenced except in connection with the
enforcement or collection of such Transferred Receivable.

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     (b) Security Interests. Except as otherwise permitted herein or in any other Loan
Document, the Servicer shall not sell, pledge, assign or transfer to any other Person, or grant,
create, incur, assume or suffer to exist any Lien on any Transferred Receivables, whether now
existing or hereafter transferred hereunder, or any interest therein, and the Servicer shall not
sell, pledge, assign or suffer to exist any Lien on its interest, if any, hereunder.

     (c) Deposits to Concentration Account. Except as otherwise provided in the Loan
Documents, the Servicer shall not deposit or otherwise credit, or cause or permit to be so
deposited or credited, to the Concentration Account cash or cash proceeds other than Collections
received in respect of any Transferred Receivable.

     (d) Change in Payment Instructions to Obligors. The Servicer shall not instruct
Obligors to make payments with respect to the Transferred Receivables to any account other than the
Concentration Account.

     (e) Change in Business. The Servicer shall not engage in any material line of
business substantially different from those lines of business conducted by the Servicer on the date
hereof or any business substantially related or incidental thereto.

     (f) Merger. The Servicer shall not merge, dissolve, liquidate, consolidate with or
into another Person, or dispose of (whether in one transaction or in a series of transactions) all
or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any
Person; provided that, notwithstanding the foregoing provisions of this Section
5.2(f), the Servicer may merge or consolidate with any of its Subsidiaries (other than the
Purchaser) provided that the Servicer shall be the continuing or surviving corporation.

     (g) Change of Name or Location of Records. The Servicer shall not (i) change its
name, change its jurisdiction of formation, move the location of its principal place of business
and chief executive office, and the offices where it keeps records concerning the Transferred
Receivables from the location referred to in Section 4.1(o) or (ii) move the records
concerning the Transferred Receivables from the location thereof, unless the Servicer has given at
least thirty (30) days’ written notice to the Purchaser and the Administrative Agent.

     (h) ERISA Matters. ACG shall not (i) permit to exist any accumulated funding
deficiency, as defined in Section 302(a) of ERISA and Section 412(a) of the Code, or funding
deficiency with respect to any Pension Plan other than a Multiemployer Plan, (ii) fail to make any
material payments to a Multiemployer Plan that ACG or any ERISA Affiliate may be required to make
under the agreement relating to such Multiemployer Plan or any law pertaining thereto, (iii)
terminate any Pension Plan so as to result in any material liability, or (iv) permit to exist any
occurrence of any reportable event described in Title IV of ERISA that would reasonably be expected
to result in a material liability.

     (i) Credit and Collection Policy. The Servicer shall not make any changes to the
Credit Policies in a manner which would reasonably be expected to have a material adverse effect on
the interests of the Purchaser or the Administrative Agent without first obtaining the

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Administrative Agent’s prior written consent to any such proposed change or amendment to the
Credit Policies, which consent shall not be unreasonably withheld or delayed.

     (j) No Bankruptcy Petition. The Servicer covenants and agrees it shall not, prior to
the date that is one year and one day after the payment in full of all amounts owing pursuant to
the Credit Agreement and the other Loan Documents, institute against, or join any other Person in
instituting against, the Purchaser, any bankruptcy, reorganization, receivership, arrangement,
insolvency or liquidation proceedings or other similar proceedings under any applicable bankruptcy,
insolvency or similar law. The provisions of this Section 5.2(j) shall survive the
termination of this Servicing Agreement.

     (k) No Impairment. The Servicer shall not take any action that would impair the
rights of the Purchaser, the Administrative Agent or the Lenders in and to any Transferred
Receivables, which at the time the Servicer reasonably believes would be contrary to the goal of
maximizing the ultimate proceeds derived (or to be derived) from such Transferred Receivables.

Section 5.3 Financial Covenant of Servicer.

     The Servicer shall not permit the First Lien Leverage Ratio as of the last day of any fiscal
quarter of Holdings to be greater than the ratio set forth below opposite such fiscal quarter:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	March 31	 	June 30	 	September 30	 	December 31
	2006
	 	 	N/A	 	 	 	N/A	 	 	 	2.45 to 1.00	 	 	 	2.40 to 1.00	 
	2007
	 	 	2.35 to 1.00	 	 	 	2.25 to 1.00	 	 	 	2.25 to 1.00	 	 	 	2.15 to 1.00	 
	2008
	 	 	2.15 to 1.00	 	 	 	2.10 to 1.00	 	 	 	2.10 to 1.00	 	 	 	2.05 to 1.00	 
	Thereafter
	 	 	2.00 to 1.00	 	 	 	2.00 to 1.00	 	 	 	2.00 to 1.00	 	 	 	2.00 to 1.00	 

ARTICLE VI

INDEMNIFICATION

Section 6.1 Servicer Indemnification.

     (a) Without limiting any other rights which any Servicer Indemnified Party may have under any
Loan Document or Applicable Law, the Servicer, shall save, defend, indemnify and hold harmless (on
an after tax basis) the Purchaser, the Collateral Agent, the Administrative Agent and the Lenders,
and their respective successors, transferees, participants and assigns and their respective
members, officers, directors, employees, representatives and agents (each, a “Servicer
Indemnified Party”), forthwith on demand, from and against any loss, liability, claim,
judgment, tax, cost, expense (including reasonable attorneys’ fees and costs and expenses of
litigation reasonably incurred), damage or injury imposed on, asserted against, awarded against or
suffered or sustained by any Servicer Indemnified Party and arising out of, imposed by reason of,
incurred in connection with or attributable to (i)(x) the failure by the Servicer to perform its
duties as Servicer under this Servicing Agreement, (y) the inaccuracy of any representation or
warranty made by it as Servicer hereunder (including any Officer’s Certificate delivered by the

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Servicer, the Monthly Servicing Report or other information, report or certificate) or (z) a
Servicer Default, (ii) errors or omissions of the Servicer related to its duties as Servicer,
including computational errors made by it in connection with any Monthly Servicing Report, (iii)
its activities as Servicer under or in connection with the Loan Documents or the transactions
contemplated thereby, (iv) the failure to vest and maintain vested in the Administrative Agent, as
against ACG and the Purchaser and their respective creditors, a first priority perfected security
interest in, to and under any and all of the Transferred Receivables, free and clear of any Lien,
(v) except as expressly permitted under the terms of the Loan Documents, the commingling of the
Transferred Receivables (including the income, payments and/or proceeds thereof) at any time with
any other assets of ACG or any other Person, or (vi) the failure to pay or to remit any Tax or
other governmental fee or charge required to be paid or remitted by it as Servicer under any Loan
Document, all interest and penalties thereon or with respect thereto, and all costs and expenses,
including the reasonable fees and expenses of counsel in defending against the same, which relate
to the Transferred Receivables and which have not been timely paid by the Servicer;
provided, however, that the Servicer shall not have any obligation to indemnify a
Servicer Indemnified Party to the extent that acts of fraud, willful misconduct or gross negligence
by such Servicer Indemnified Party caused such loss, liability, claim, judgment, tax, cost,
expense, damage or injury imposed on, asserted against, awarded against or suffered or sustained by
such Servicer Indemnified Party.

     (b) Upon the occurrence of a Servicer Default and delivery of a Servicer Termination Notice,
the outgoing Servicer agrees to pay on demand (or to reimburse the Purchaser for), to the
Collateral Agent, the Administrative Agent and the Lenders, as applicable, any out of pocket costs
and expenses (including reasonable fees and expenses of counsel and expenses of litigation
reasonably incurred) incurred by any such Person in connection with enforcement of termination of
the outgoing Servicer as Servicer and installation of the successor Servicer, provided,
however, that the outgoing Servicer agrees also to pay on demand (or to reimburse the
Administrative Agent and the Lenders for) the reasonable out of pocket costs and expenses
(including reasonable fees and expenses of counsel and expenses of litigation reasonably incurred)
of the Collateral Agent, the Administrative Agent and the Lenders, as applicable, incurred by any
such Person in connection with a foreclosure on the Transferred Receivables caused by or related to
such Servicer Default (it being understood that the cost of foreclosure does not include any costs
of servicing and enforcing the Transferred Receivables after such foreclosure).

     (c) The Purchaser shall have the right to, and at the direction of the Administrative Agent
shall, set-off any indemnification amounts due from the Servicer under this Section 6.1
against amounts owed to the Servicer by the Purchaser. Upon any such set-off, the Purchaser
shall give notice to the Servicer and the Administrative Agent of the amount thereof and the
reasons therefor.

     (d) The provisions of this Section 6.1 shall survive the payment in full of all
amounts due and owing to the Collateral Agent, the Administrative Agent or the Lenders under the
Credit Agreement, the termination of the Credit Agreement and any expiration or termination of this
Servicing Agreement or the appointment of any successor Servicer.

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ARTICLE VII

SERVICER DEFAULTS

     Section 7.1 Servicer Defaults.

     The occurrence of any one or more of the following events shall constitute a “Servicer
Default” unless the particular occurrence of such event is waived as a Servicer Default in
writing by the Administrative Agent; provided, however, that, unless and until any
such waiver is given, a Servicer Default shall be deemed to exist for all purposes under this
Servicing Agreement and the other Loan Documents:

     (a) any failure by the Servicer to deposit (or cause to be deposited) into the Concentration
Account any funds required to be so deposited within the times specified in Section 2.2; or

     (b) any failure by the Servicer to deliver Monthly Servicing Report or a Borrowing Base
Certificate pursuant to Section 3.1 that remains unremedied as of 5:00 p.m. (New York time)
on the first Business Day following the date on which such Monthly Servicing Report or Borrowing
Base Certificate was required to be delivered; or

     (c) any failure by the Servicer to deliver any report, other than Monthly Servicing Report or
Borrowing Base Certificate, required to be delivered to the Administrative Agent that remains
unremedied as of 5:00 p.m. (New York time) on the fifth Business Day following the date on which
such report was required to be delivered; or

     (d) the Servicer fails to perform or observe any other covenant or agreement contained in this
Servicing Agreement or any other Loan Document to which it is a party and such failure continues
for thirty (30) days; or

     (e) any representation, warranty, certification or statement of fact made or deemed made by or
on behalf of the Servicer herein or in any other Loan Document, or in any document or certificate
delivered pursuant hereto or thereto shall be incorrect or misleading in any material respect when
made or deemed made; or

     (f) the Servicer ceases to be engaged in the business of servicing Receivables of a type
comparable to the Transferred Receivables;

     (g) any event of default occurs under the ACG Senior Facility or the Second Lien Indenture; or

     (h) any Refinancing of the ACG Senior Facility (as determined by the Administrative Agent in
its reasonable commercial judgment); or

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     (i) the Servicer or any Affiliate of the Servicer institutes or consents to the institution of
any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or
applies for or consents to the appointment of any receiver, trustee, custodian, conservator,
liquidator, rehabilitator or similar officer for it or for all or any material part of its
property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar
officer is appointed without the application or consent of such Person and the appointment
continues undischarged or unstayed for sixty (60) calendar days; or any proceeding under any Debtor
Relief Law relating to any such Person or to all or any material part of its property is instituted
without the consent of such Person and continues undismissed or unstayed for sixty (60) calendar
days, or an order for relief is entered in any such proceeding; or

     (j) (i) the Servicer becomes unable or admits in writing its inability or fails generally to
pay its debts (exclusive of Intercompany Debt (as such term is defined in the ACG Senior Facility))
as they become due, or (ii) any writ or warrant of attachment or execution or similar process is
issued or levied against all or any material part of the property of any such Person and is not
released, vacated or fully bonded within thirty (30) days after its issue or levy; or

     (k) there is entered against the Servicer (i) any one or more final judgments or orders for
the payment of money in an aggregate amount exceeding the Threshold Amount (to the extent not
covered by independent third-party insurance as to which the insurer does not dispute coverage), or
(ii) any one or more non-monetary final judgments that have, or would reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A)
enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is
a period of ten (10) consecutive days during which a stay of enforcement of such judgment, by
reason of a pending appeal or otherwise, is not in effect; or

     (l) (i) the Servicer (A) fails to perform or observe (beyond the applicable grace period with
respect thereto, if any) any Contractual Obligation if such failure would reasonably be expected to
have a Material Adverse Effect, (B) fails to make any payment when due (whether by scheduled
maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness
or Guarantee (other than Indebtedness hereunder, Intercompany Debt (as such term is defined in the
ACG Senior Facility) and Indebtedness under Swap Contracts) having an aggregate principal amount
(including undrawn committed or available amounts and including amounts owing to all creditors
under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (C)
fails to observe or perform any other agreement or condition relating to any Indebtedness or
Guarantee described in the foregoing clause (B) or contained in any instrument or agreement
evidencing, securing or relating thereto, or any other event occurs, the effect of which default or
other event is to cause, or to permit the holder or holders of such Indebtedness or the beneficiary
or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or
beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to
be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or
otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made,
prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect
thereof to be demanded; or (ii) there occurs under any Swap Contract an “early termination date”
(as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract
as to which the Servicer or any Subsidiary is

35

 

the ”defaulting party” (as defined in such Swap Contract) or (B) any “termination event” (as
so defined) under such Swap Contract as to which the Servicer or any Subsidiary is an “affected
party” (as so defined) and, in either event, the Swap Termination Value owed by the Servicer or
such Subsidiary as a result thereof is greater than the Threshold Amount; or

     (m) a Change of Control occurs; or

     (n) any Loan Document, at any time after its execution and delivery and for any reason other
than as expressly permitted hereunder or satisfaction in full of all the obligations under the
Credit Agreement, ceases to be in full force and effect; or the Servicer contests in any manner the
validity or enforceability of any Loan Document; or the Servicer denies that it has any or further
liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any
Loan Document; or

     (o) (i) an ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has
resulted or could reasonably be expected to result in liability of the Servicer or any Affiliate of
the Servicer under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an
aggregate amount in excess of the Threshold Amount, or (ii) the Servicer or any ERISA Affiliate of
the Servicer fails to pay when due, after the expiration of any applicable grace period, any
installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a
Multiemployer Plan in an aggregate amount in excess of the Threshold Amount.

     Section 7.2 Termination of the Servicer.

     (a) If a Servicer Default shall have occurred and be continuing, the Administrative Agent may,
and shall, upon the written direction of the Lenders, give written notice to the Servicer (a
“Servicer Termination Notice”), the Purchaser and each Lender of the termination of all
(but not less than all) of the rights and obligations of the Servicer under this Servicing
Agreement, and the Administrative Agent shall, as promptly as possible, appoint a successor
Servicer and such successor Servicer shall accept its appointment by a written assumption in a form
acceptable to the Administrative Agent and the Required Lenders.

     (b) Each of the Servicer and any successor Servicer shall take such actions consistent with
this Servicing Agreement as shall be necessary to effect such succession. On the receipt by the
Servicer of such Servicer Termination Notice, all of the rights and obligations of the Servicer
under this Servicing Agreement, including, without limitation, the Servicer’s right hereunder to
receive unaccrued Servicing Fees, shall cease and the same shall pass to and be vested in, and
assumed by, the successor Servicer pursuant to and under this Servicing Agreement. Such successor
Servicer shall be subject to all the responsibilities, duties and liabilities of the Servicer
hereunder. Each of the successor Servicer and the Administrative Agent is hereby authorized and
empowered to execute and deliver, on behalf of the terminated Servicer, as attorney-in-fact or
otherwise, any and all documents and perform any and all other acts or things necessary or
appropriate to effect the purposes of such notice of termination, whether to complete the transfer
and assignment of any Transferred Receivables or such passing, vesting or assumption or to cause
Obligors to remit all future Contract Payments and other amounts due under any Contract

36

 

or in respect of any Transferred Receivable to such account as shall be specified by the
Administrative Agent, acting at the written direction of the Required Lenders.

     (c) Notwithstanding any Servicer Default and delivery of any Servicer Termination Notice, the
existing Servicer shall not be relieved of its responsibilities hereunder, and shall continue to
service the Transferred Receivables and be entitled to payment of Servicing Fees and other
reimbursements, until such time as a successor Servicer has assumed the responsibilities of
Servicer hereunder.

     (d) If the Servicer’s duties, responsibilities and liabilities under this Servicing Agreement
should be terminated pursuant to this Section 7.2, the Servicer shall discharge such duties
and responsibilities during the period from the date it acquires knowledge of such termination
until the effective date thereof with the same degree of diligence and prudence which it is
obligated to exercise under this Servicing Agreement, and shall take no action whatsoever that
might impair or prejudice the rights or financial condition of its successor or the value of any
Serviced Assets.

     (e) Any termination of the Servicer pursuant to this Section 7.2 shall not affect any
claims that the Purchaser, the Administrative Agent, any Lender or any other Person may have
against such terminated Servicer arising prior to the effective date of any such termination.

     (f) Upon receipt of request by the Administrative Agent, the terminated Servicer shall
immediately deliver to the successor Servicer the funds that are, or are required to be, in the
Concentration Account, the files related to the Transferred Receivables and all related Contract
documents held by it hereunder and the terminated Servicer shall account for all funds and shall
execute and deliver such instruments and do such other things as may reasonably be required to more
fully and definitely vest and confirm in the successor Servicer all such rights, powers, duties,
responsibilities, obligations and liabilities of the terminated Servicer.

     Section 7.3 Effects of Termination of Servicer.

     (a) Upon the appointment of the successor Servicer, the predecessor Servicer shall thereafter
hold in trust for the Purchaser (and the Administrative Agent) and shall remit within one (1)
Business Day of identification, any payments or proceeds that it may receive with respect to the
Transferred Receivables to the Administrative Agent for deposit into the Concentration Account
after such date of appointment.

     (b) After Servicer Termination Date, and subject to the terms of this Article VII, the
outgoing Servicer shall have no further rights or authority with respect to the management,
administration, servicing, enforcement, custody or collection of the Transferred Receivables, all
of which rights and authority shall be vested in the successor Servicer. The outgoing Servicer
shall, however, transmit or cause to be transmitted directly to the successor Servicer, promptly on
receipt and in the same form in which received, any amounts held by the outgoing Servicer (properly
endorsed where required for the successor Servicer to collect them) received as payments upon or
otherwise in connection with the Transferred Receivables and shall be subject to the continuing
obligations described herein, subject to set-off against amounts owed by the

37

 

outgoing Servicer hereunder. The outgoing Servicer’s indemnification obligations pursuant to
Section 6.1 shall survive the termination of Servicer but shall not extend to any acts or
omissions of a successor Servicer.

Section 7.4 Servicer to Cooperate.

     The Servicer agrees to cooperate with any successor Servicer, in effecting the termination and
transfer of the responsibilities and rights of the Servicer, as the case may be hereunder, and the
transfer thereof, to the successor Servicer, including, without limitation, the preparation,
execution and delivery of any and all documents and other instruments and the transfer to the
successor Servicer for administration by it of all cash amounts which shall at the time be held by
the Servicer or thereafter received with respect to the Transferred Receivables. The Servicer
hereby agrees to transfer to any successor Servicer copies of its electronic records and all other
records, correspondence and documents relating to the Transferred Receivables in the manner and at
such times as the successor Servicer shall reasonably request and do any and all other acts or
things necessary or appropriate to effect the purposes of termination.

     Section 7.5 Waiver of Servicer Default.

     The written consent of the Administrative Agent (acting at the direction of the Required
Lenders) must be obtained in order to waive any Servicer Default or any or all of its consequences.
Upon any such waiver of a past default, such default shall cease to exist, and any default arising
therefrom shall be deemed to have been remedied for every purpose of this Servicing Agreement. No
such waiver shall extend to any subsequent or other default or impair any right consequent thereon
except to the extent expressly so waived.

     Section 7.6 Remedies Not Exclusive.

     Nothing in the preceding provisions of this Article VII shall be interpreted as limiting or
restricting any rights or remedies which the Administrative Agent, the Lenders or any other Person
would otherwise have at law or in equity on account of the breach or violation of any provision of
this Servicing Agreement by the Servicer, including, without limitation, the right to recover full
and complete damages on account thereof and the right to injunctive relief and specific
performance.

     Section 7.7 No Effect on Other Parties.

     Upon any termination of the rights and powers of Servicer pursuant to this Servicing
Agreement, or upon any appointment of a successor Servicer, all the rights, powers, duties and
obligations of the other parties under this Servicing Agreement, the Credit Agreement, the
Contribution Agreement and the other Loan Documents shall remain unaffected by such termination or
appointment and shall remain in full force and effect thereafter.

38

 

ARTICLE VIII

MISCELLANEOUS PROVISIONS

     Section 8.1 Termination.

     (a) The term of this Servicing Agreement shall be until all obligations under the Loan
Documents have been satisfied in full; provided, however, that any provision that
expressly survives termination of this Servicing Agreement shall be continuing and shall survive
any termination of this Servicing Agreement. The Administrative Agent shall be permitted to
execute and deliver written evidence of the termination of this Servicing Agreement at such time as
the obligations under the Loan Documents have been satisfied in full.

     (b) This Servicing Agreement shall not be automatically terminated as a result of a Event of
Default under the Credit Agreement or any action taken by the Administrative Agent thereafter with
respect thereto.

     Section 8.2 Amendments.

     No amendment or waiver of any provision of this Servicing Agreement shall be effective except
pursuant to an agreement or agreements in writing entered into by the Purchaser, the Servicer and
the Administrative Agent (acting at the direction of the Required Lenders). The Servicer shall
provide not less than ten (10) Business Days’ prior written notice of any proposed amendment to the
Administrative Agent.

     Section 8.3 Notices.

     All notices and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or registered mail or sent by
telecopier as follows, and all notices and other communications expressly permitted hereunder to be
given by telephone shall be made to the applicable telephone number, as follows:

     (i) if to the Administrative Agent or any Lender, to the address, telecopier number,
electronic mail address or telephone number specified for such Person in the Credit
Agreement; and

     (ii) if to the Servicer or the Purchaser, to the address, telecopier number, electronic
mail address or telephone number set forth on the signature pages of this Servicing
Agreement.

     Notices sent by hand or overnight courier service, or mailed by certified or registered mail,
shall be deemed to have been given when received; notices sent by telecopier shall be deemed to
have been given when sent (except that, if not given during normal business hours for the
recipient, shall be deemed to have been given at the opening of business on the next business day
for the recipient).

39

 

     Section 8.4 Limitation of Liability.

     Except with respect to any claim arising out of the willful misconduct or gross negligence of
the Administrative Agent or any Lender or their respective Affiliates, directors, officers,
employees, attorneys or agents, no claim may be made by the Servicer or any other Person against
the Administrative Agent or any Lender or their respective Affiliates, directors, officers,
employees, attorneys or agents for any special, indirect, consequential or punitive damages in
respect of any claim for breach of contract or any other theory of liability arising out of or
related to the transactions contemplated by this Servicing Agreement, or any act, omission or event
occurring in connection therewith; and the Servicer hereby waives, releases and agrees not to sue
upon any claim for any such damages, whether or not known or suspected to exist in its favor.

     Section 8.5 Binding Effect; Benefit of Servicing Agreement.

     All provisions of this Servicing Agreement shall be binding upon and inure to the benefit of
the respective successors and assigns of the parties hereto, and all such provisions shall inure to
the benefit of the Administrative Agent and the Lenders. The Administrative Agent and each Lender
is an express third party beneficiary of this Servicing Agreement and is entitled to enforce the
provisions hereof as if it was a party hereto.

     Section 8.6 Choice of Law and Venue; Jury Trial Waiver.

     (a) THE VALIDITY OF THIS SERVICING AGREEMENT AND THE OTHER LOAN DOCUMENTS (UNLESS EXPRESSLY
PROVIDED TO THE CONTRARY IN ANOTHER LOAN DOCUMENT IN RESPECT OF SUCH OTHER LOAN DOCUMENT), THE
CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF AND THEREOF, AND THE RIGHTS OF THE PARTIES
HERETO AND THERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR THEREUNDER OR RELATED HERETO OR
THERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW BUT
OTHERWISE WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES).

     (b) THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS
SERVICING AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE TRIED AND LITIGATED ONLY IN THE STATE
AND, TO THE EXTENT PERMITTED BY APPLICABLE LAWS, FEDERAL COURTS LOCATED IN NEW YORK COUNTY, STATE
OF NEW YORK, PROVIDED, HOWEVER, THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY
PURCHASED ASSET OR OTHER PROPERTY MAY BE BROUGHT, AT AGENT’S OPTION, IN THE COURTS OF ANY
JURISDICTION WHERE AGENT ELECTS TO BRING SUCH ACTION OR WHERE SUCH PURCHASED ASSET OR OTHER
PROPERTY MAY BE FOUND. THE PARTIES HERETO WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAWS,
ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR
TO OBJECT TO

40

 

VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 8.6.

     (c) THE PARTIES HERETO HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR
CAUSE OF ACTION BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS
CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER
COMMON LAW OR STATUTORY CLAIMS. THE PARTIES HERETO REPRESENT THAT EACH HAS REVIEWED THIS WAIVER
AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS SERVICING AGREEMENT MAY BE FILED AS A WRITTEN
CONSENT TO A TRIAL BY THE COURT.

     Section 8.7 Execution in Counterparts; Severability; Integration.

     This Servicing Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts (including by facsimile), each of which when so executed
shall be deemed to be an original and all of which when taken together shall constitute one and the
same agreement. In case any provision in or obligation under this Servicing Agreement shall be
invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of
the remaining provisions or obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired thereby. This Servicing Agreement and
any agreements or letters (including fee letters) executed in connection herewith contains the
final and complete integration of all prior expressions by the parties hereto with respect to the
subject matter hereof and shall constitute the entire agreement among the parties hereto with
respect to the subject matter hereof, superseding all prior oral or written understandings.

     Section 8.8 Waiver of Setoff.

     (a) The Servicer’s obligations under this Servicing Agreement shall not be affected by any
right of setoff, counterclaim, recoupment, defense or other similar right the Servicer might have
against the Purchaser, the Administrative Agent or the Lenders or any assignee of such Persons, all
of which rights are hereby waived by the Servicer.

     (b) The Purchaser shall have the right to set-off against the Servicer any amounts to which
the Servicer may be entitled and to apply such amounts to any claims the Purchaser may have against
the Servicer from time to time under this Servicing Agreement. Upon any such set-off, the
Purchaser shall give notice of the amount thereof and the reasons therefor to the Servicer.

     Section 8.9 Headings and Exhibits.

     The headings herein are for purposes of references only and shall not otherwise affect the
meaning or interpretation of any provision hereof. The schedules and exhibits attached hereto

41

 

and referred to herein shall constitute a part of this Servicing Agreement and are
incorporated into this Servicing Agreement for all purposes.

     Section 8.10 Assignment.

     (a) Notwithstanding anything to the contrary contained herein, this Servicing Agreement may
not be assigned by the Purchaser or the Servicer except as permitted by this Section 8.10 or by the
Credit Agreement. Simultaneously with the execution and delivery of this Servicing Agreement, the
Purchaser shall collaterally assign all of its right, title and interest herein to the
Administrative Agent under the Credit Agreement, to which assignment the Servicer hereby expressly
consents. Upon such assignment, the Servicer agrees to perform its obligations hereunder for the
benefit of the Administrative Agent and the Lenders under the Credit Agreement, and the
Administrative Agent and the Lenders, in such capacity, shall be third party beneficiaries hereof.
The Administrative Agent and the Lenders, upon such assignment may enforce the provisions of this
Servicing Agreement, exercise the rights of the Purchaser and enforce the obligations of the
Servicer hereunder without joinder of the Purchaser.

     (b) The Servicer hereby grants to the Administrative Agent the power as its attorney-in-fact,
limited to the exercise thereof in the event the Servicer fails to take any action hereunder to
effect the transactions contemplated herein, or an Event of Default or a Servicer Default exists,
to do any and all other acts as may be necessary or appropriate to effect the transactions
contemplated herein. Nothing in this Section 8.10 shall be interpreted, however, to relieve the
Servicer of its responsibilities hereunder, including, without limitation, the obligation to
execute and file (or cause to be filed) any financing statements or other document as shall be
necessary or appropriate to perfect or to preserve and protect the ownership interests created
under the Contribution Agreement or the security interests created under the Security Agreement.

     Section 8.11 Severability of Provisions; No Waiver.

     If one or more of the provisions of this Servicing Agreement shall be for any reason whatever
held invalid, illegal or unenforceable, such provisions shall be deemed severable from the
remaining covenants and provisions of this Servicing Agreement, and shall in no way affect the
validity, legality and enforceability of such remaining provisions, the rights of any parties
hereto, or the rights of the Administrative Agent or any Lender. To the extent permitted by law,
the parties hereto waive any provision of law which renders any provision of this Servicing
Agreement prohibited or unenforceable in any respect. No failure on the part of the Administrative
Agent or any Lender to exercise, and no delay in exercising, any right hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other
or further exercise thereof or the exercise of any other right. The remedies herein provided are
cumulative and not exclusive of any remedies provided by law.

     Section 8.12 Confidentiality.

     (a) The Purchaser and the Servicer shall maintain and shall cause each of its employees and
officers to maintain the confidentiality of this Servicing Agreement and all information with
respect to the Administrative Agent and the Lenders, including all information

42

 

regarding the business of the Purchaser or the Servicer hereto and their respective businesses
obtained by it or them in connection with the structuring, negotiating and execution of the
transactions contemplated herein, except that each such party and its officers and employees may
(i) disclose such information to its external accountants, attorneys, investors, potential
investors and agents of such Persons (“Excepted Persons”); provided,
however, that each Excepted Person shall, as a condition to any such disclosure, agree for
the benefit of the Administrative Agent and the Lenders that such information shall be used solely
in connection with such Excepted Person’s evaluation of, or relationship with, the Purchaser or the
Servicer and its Affiliates, (ii) disclose the existence of this Servicing Agreement, but not the
financial terms thereof, (iii) disclose such information as is required by Applicable Law and (iv)
disclose this Servicing Agreement and such information in any suit, action, proceeding or
investigation (whether in law or in equity or pursuant to arbitration) involving any of the Loan
Documents for the purpose of defending itself, reducing its liability, or protecting or exercising
any of its claims, rights, remedies, or interests under or in connection with any of the Loan
Documents. It is understood that the financial terms that may not be disclosed except in
compliance with this Section 8.12(a) include, without limitation, all fees and other
pricing terms, and all Events of Default, Servicer Defaults and priority of payment provisions.

     (b) Anything herein to the contrary notwithstanding, the Purchaser and the Servicer each
hereby consents to the disclosure of any nonpublic information with respect to it (i) to the
Administrative Agent and the Lenders, by each other, (ii) by the Administrative Agent or the
Lenders, to any rating agency, commercial paper dealer and to any officers, directors, employees,
outside accountants and attorneys of any of the foregoing, provided each such Person is informed of
and agrees to maintain the confidential nature of such information. In addition, the Lenders and
the Administrative Agent may disclose any such nonpublic information as required pursuant to any
law, rule, regulation, direction, request or order of any judicial, administrative or regulatory
authority or proceedings (whether or not having the force or effect of law).

     (c) Notwithstanding anything herein to the contrary, the foregoing shall not be construed to
prohibit (i) disclosure of any and all information that is or becomes publicly known, (ii)
disclosure of any and all information (a) if required to do so by any Applicable Law, (b) to any
government agency or regulatory body having or claiming authority to regulate or oversee any aspect
of the Administrative Agent’s or any Lender’s business or that of any of their Affiliates, or (c)
pursuant to any subpoena, civil investigative demand or similar demand or request of any court,
regulatory authority, arbitrator or arbitration to which the Administrative Agent or any Lender or
an Affiliate or an officer, director, employer or shareholder thereof is a party, provided
that in the case of any request, subpoena or proposed release or disclosure of information
described in the foregoing clauses (a) through (c) the party believing it is obligated to release
or disclose shall, subject to compliance with the applicable law, regulations, subpoena or other
legal process, use commercially reasonable efforts to notify the party that furnished such
information prior to such release or disclosure, or (iii) any other disclosure authorized by the
Purchaser or the Servicer with respect to confidential information relating to the Purchaser or the
Servicer.

43

 

     Section 8.13 Non-Petition.

     During the term of this Servicing Agreement and for one (1) year and one (1) day after payment
in full of any amounts owing to Agents or the Lenders under the Credit Agreement or any of the
other Loan Documents, none of the parties hereto or any Affiliate thereof will institute against or
join any other Person in instituting against the Purchaser any Insolvency Proceeding. This Section
8.13 shall survive any termination of this Servicing Agreement.

44

 

     IN WITNESS WHEREOF, the Purchaser, the Servicer and the Administrative Agent have caused this
Servicing Agreement to be duly executed by their respective duly authorized officers as of the date
and year first written above.

	 	 	 	 	 
	 	AMERICAN COLOR GRAPHIS, INC., as Servicer

 	 
	 	By:  	/s/ Patrick W. Kellick
 	 
	 	Name:  	Patrick W. Kellick 	 
	 	Title:  	 	Senior Vice President / Chief Financial
Officer and Secretary 	 
	 	Address: 100 Winners Circle

           
             Brentwood, Tennessee 37027
  	 
	 	Telephone No.: 615-377-7430
 	 
	 	Fax No.: 615-337-0331
 	 
	 

	 	 	 	 	 
	 	AMERICAN COLOR GRAPHICS FINANCE,
LLC, as the Purchaser

 	 
	 	By:  	/s/ Patrick W. Kellick
 	 
	 	Name:  	Patrick W. Kellick 	 
	 	Title:  	Senior Vice President / Chief Financial
Officer and Secretary 	 
	 	Address: 100 Winners Circle

           
             Brentwood, Tennessee 37027
  	 
	 	Telephone No.: (615) 377-7430
 	 
	 	Fax No.: (615) 337-0331
 	 
	 

[SIGNATURES CONTINUE ON FOLLOWING PAGE]

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.,

as Administrative Agent

 	 
	 	By:  	/s/ Peter Sherman
 	 
	 	 	Name:  	Peter Sherman 	 
	 	 	Title:  	Managing Director 	 
	 
	 	BANK OF AMERICA, N.A.,

as Collateral Agent

 	 
	 	By:  	/s/ Peter Sherman
 	 
	 	 	Name:  	Peter Sherman 	 
	 	 	Title:  	Managing Director

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