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Exhibit 4.10    
    

         REGISTRATION RIGHTS AGREEMENT  

Dated as of May 15, 2003 

by
and among 

PRIMEDIA Inc.  

The Guarantors listed herein 

and 

J.P. Morgan Securities Inc.  

 Banc of America Securities LLC  

 Citigroup Global Markets Inc.  

        This Registration Rights Agreement (this "Agreement") is made and entered into as of May 15, 2003, by and
between PRIMEDIA Inc., a Delaware corporation (the "Company"), each of the Guarantors (as
defined in the Purchase Agreement referred to below) and J.P. Morgan Securities Inc., Banc of America Securities LLC and Citigroup Global Markets Inc., on their own behalf and as
representatives of the other Initial Purchasers (as defined in the Purchase Agreement referred to below) (collectively, the "Initial Purchasers") who
have agreed to purchase $300,000,000 principal amount of the Company's 8.0% Senior Notes due 2013 (the "Series A Notes") pursuant to the Purchase
Agreement (as defined below). 

        This
Agreement is made pursuant to the Purchase Agreement, dated May 8, 2003 (the "Purchase Agreement"), by and between the Company
and the Initial Purchasers. In order to induce the Initial Purchasers to purchase the Series A Notes, the Company has agreed to provide the registration rights set forth in this Agreement. The
execution and delivery of this Agreement is a condition to the obligations of the Initial Purchasers set forth in Section 4 of the Purchase Agreement. 

        The
parties hereby agree as follows: 

SECTION 1.   DEFINITIONS.  

        As used in this Agreement, the following capitalized terms shall have the following meanings: 

        Act:    The Securities Act of 1933, as amended. 

        Additional Interest:    As defined in Section 5 hereof. 

        Advice:    As defined in Section 6(b) hereof. 

        Affiliate:    As defined in Rule 144 of the Act. 

        Broker-Dealer:    Any broker or dealer registered under the Exchange Act. 

        Business Day:    Each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in The
Borough of Manhattan, The City of New York, New York are authorized or obligated by law or executive order to close. 

        Closing Date:    The date on which the Series A Notes are first sold by the Initial Purchasers pursuant to the Offer. 

        Commission:    The Securities and Exchange Commission. 

        Consummate:    A Registered Exchange Offer shall be deemed "Consummated" for purposes of this Agreement upon the occurrence of
(i) the filing and effectiveness under the Act of a Registration Statement relating to the Series B Notes to be issued in the Registered Exchange Offer, (ii) the maintenance of
such Registration Statement continuously effective for a period of not less than the minimum period required under applicable federal and state securities laws (provided that in no event shall such
Registered Exchange Offer remain open and the Registration Statement relating thereto remain continuously effective, in each case, for less than 20 Business Days) and (iii) the delivery by the
Company to the registrar under the Indenture of Series B Notes in the same aggregate principal amount of Series A Notes that were tendered by Holders thereof pursuant to the Registered
Exchange Offer. 

        Consummation Deadline:    As defined in Section 3(b) hereof. 

        Effectiveness Deadline:    As defined in Section 3(a) hereof with respect to an Exchange Offer Registration Statement and
as defined in Section 4(a) hereof with respect to a Shelf Registration Statement. 

        Exchange Act:    The Securities Exchange Act of 1934, as amended. 

 

        Exchange Offer Consummation Date:    The date on which the Registered Exchange Offer is Consummated. 

        Exchange Offer Effective Date:    The date on which the Registration Statement relating to the Registered Exchange Offer becomes
effective. 

        Exchange Offer Registration Statement:    A registration statement of the Company on an appropriate form under the Act with
respect to the Series B Notes and the Registered Exchange Offer. 

        Filing Deadline:    As defined in Section 3(a) hereof with respect to an Exchange Offer Registration Statement and as
defined in Section 4(a) hereof with respect to a Shelf Registration Statement. 

        Holder:    As defined in Section 2(b) hereof. 

        Indemnified Party:    As defined in Section 8 hereof. 

        Indenture:    The Indenture between the Company and the Trustee pursuant to which the Senior Notes have been or are to be
issued. 

        Interest Payment Date:    As defined in the Indenture. 

        NASD:    National Association of Securities Dealers, Inc. 

        Offer:    The transactions in which the Initial Purchasers propose to sell the Series A Notes to certain "qualified
institutional buyers" (as such term is defined in Rule 144A under the Act) and in "off shore transactions" (as such term is defined in Regulation S under the Act) pursuant to the
Offering Memorandum. 

        Offering Memorandum:    The offering memorandum, dated May 8, 2003 and all amendments and supplements thereto, relating
to the Senior Notes. 

        Payment Date:    Each Interest Payment Date. 

        Person:    An individual, partnership, joint venture, corporation, trust, estate or unincorporated organization, or a government
or agency or political subdivision thereof. 

        Prospectus:    The prospectus included in a Registration Statement, as amended or supplemented by any prospectus supplement and
by all other amendments thereto, including post-effective amendments, and all material, if any, incorporated by reference into such Prospectus. 

        Record Holder:    With respect to any Interest Payment Date, each person who is a Holder of Senior Notes on the record date for
such Interest Payment Date. 

        Registration Default:    As defined in Section 5 hereof. 

        Registered Exchange Offer:    The registration by the Company under the Act of the Series B Notes pursuant to a
Registration Statement pursuant to which the Company offers to each Holder of outstanding Transfer Restricted Securities the opportunity to exchange any outstanding Transfer Restricted Securities held
by such Holder for Series B Notes, in a principal amount equal to the aggregate principal amount of the Transfer Restricted Securities tendered in such exchange offer by such Holder. 

        Registration Statement:    Any registration statement of the Company relating to (a) an offering of Series B Notes
pursuant to a Registered Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to a Shelf Registration Statement, which is filed pursuant to the
provisions of this Agreement, in each case including the Prospectus included therein, all amendments 

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and
supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 

        Senior Notes:    The Series A Notes and the Series B Notes. 

        Series A Notes:    As defined in the caption hereof. 

        Series B Notes:    The Company's 8% Senior Notes due 2013 to be issued pursuant to the Indenture in the Registered
Exchange Offer. 

        Shelf Registration Statement:    As defined in Section 4 hereof. 

        TIA:    The Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa-77bbbb) as in effect on the date of the
Indenture. 

        Transfer Restricted Securities:    Each Senior Note, until the earliest to occur of (a) the date on which such Senior
Note is exchanged in the Registered Exchange Offer and entitled to be resold to the public by the Holder thereof (other than a Broker-Dealer), (b) the date on which such Senior Note has been
disposed of in accordance with a Shelf Registration Statement, (c) the date on which such Senior Note is distributed to the public pursuant to Rule 144 under the Act, or (d) the
date on which such Note is disposed of by a Broker-Dealer pursuant to the "Plan of Distribution" contemplated by the Exchange Offer Registration Statement (including the delivery of the Prospectus
contained therein). 

        Trustee:    The trustee under the Indenture. 

        Underwriter(s):    The underwriter(s) participating in any Underwritten Offering referred to in
Section 6(c)(x) and party to the underwriting agreement referred to in such section. 

        Underwritten Registration or Underwritten Offering:    A registration in which securities of the Company are sold to an
Underwriter for reoffering to the public. 

SECTION 2.   SECURITIES SUBJECT TO THIS AGREEMENT  

        (a)    Transfer Restricted Securities.    The securities entitled to the benefits of this Agreement are the Transfer
Restricted Securities. 

        (b)    Holders of Transfer Restricted Securities.    A Person is deemed to be a holder of Transfer Restricted
Securities (each, a "Holder") whenever such Person is the registered or beneficial owner of Transfer Restricted Securities. 

SECTION 3.   REGISTERED EXCHANGE OFFER  

        (a)   Unless
the Registered Exchange Offer shall not be permitted by applicable law or applicable interpretation of the staff of the Commission, the Company shall
(i) cause the Exchange Offer Registration Statement to be filed with the Commission on or prior to 365 days after the Closing Date (such 365th day being the
"Filing Deadline"), (ii) use its reasonable best efforts to cause such Exchange Offer Registration Statement to become effective at the earliest
possible time, but in no event later than 365 days after the Closing Date (such day being the "Effectiveness Deadline"), (iii) in
connection with the foregoing, (A) file all pre-effective amendments to such Exchange Offer Registration Statement as may be necessary in order to cause it to become effective,
(B) file, if applicable, a post-effective amendment to such Exchange Offer Registration Statement pursuant to Rule 430A under the Act and (C) cause all necessary
filings, if any, in connection with the registration and qualification of the Series B Notes to be made under the Blue Sky laws of such jurisdictions as are necessary to permit Consummation of
the Registered Exchange Offer, and (iv) upon the effectiveness of such Exchange Offer Registration Statement, commence and Consummate the Registered Exchange Offer. 

3

 

The
Registered Exchange Offer shall be on the appropriate form permitting (i) registration of the Series B Notes to be offered in exchange for the Series A Notes that are Transfer
Restricted Securities and (ii) resales of Series B Notes by Broker-Dealers that tendered Series A Notes into the Registered Exchange Offer that such Broker-Dealer acquired for its
own account as a result of market making activities or other trading activities (other than Series A Notes acquired directly from the Company or any of its Affiliates) as contemplated by
Section 3(c) below. 

        (b)   The
Company shall use its reasonable best efforts to cause the Exchange Offer Registration Statement to be effective continuously, and shall keep the Registered Exchange
Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to Consummate the Registered Exchange Offer; provided,
however, that in no event shall such period be less than 20 Business Days. The Company shall cause the Exchange Offer to comply with all applicable federal and state securities
laws. No securities other than the Series B Notes shall be included in the Exchange Offer Registration Statement. The Company shall use its reasonable best efforts to cause the Registered
Exchange Offer to be Consummated on the earliest practicable date after the Exchange Offer Registration Statement has become effective, but in no event later than 365 days after the Closing
Date (such day being the "Consummation Deadline"). 

        (c)   The
Company shall include a "Plan of Distribution" section in the Prospectus contained in the Exchange Offer Registration Statement and indicate therein that any
Broker-Dealer who holds Transfer Restricted Securities that were acquired for the account of such Broker-Dealer as a result of market-making activities or other trading activities (other than
Series A Notes acquired directly from the Company or any Affiliate of the Company), may exchange such Transfer Restricted Securities pursuant to the Registered Exchange Offer. Such "Plan of
Distribution" section shall also contain all other information with respect to such sales by such Broker-Dealers that the Commission may require in order to permit such sales pursuant thereto, but
such "Plan of Distribution" shall not name any such Broker-Dealer or disclose the amount of Transfer Restricted Securities held by any such Broker-Dealer, except to the extent required by the
Commission as a result of a change in policy, rules or regulations after the date of this Agreement. 

        Because
such Broker-Dealer may be deemed to be an "underwriter" within the meaning of the Act and must, therefore, deliver a prospectus meeting the requirements of the Act in connection
with its initial sale of any Series B Notes received by such Broker-Dealer in the Registered Exchange Offer, the Company shall permit the use of the Prospectus contained in the Exchange Offer
Registration Statement by such Broker-Dealer to satisfy such prospectus delivery requirement. To the extent necessary to ensure that the prospectus contained in the Exchange Offer Registration
Statement is available for sales of Series B Notes by Broker-Dealers, the Company agrees to use its reasonable best efforts to keep the Exchange Offer Registration Statement continuously
effective, supplemented, amended and current as required by and subject to the provisions of Section 6(a) and (c) hereof and in conformity with the requirements of this Agreement, the
Act and the policies, rules and regulations of the Commission as announced from time to time, for a period the shorter of (a) 180 days from the Consummation of the Registered Exchange
Offer and (b) such shorter period as will terminate when all Transfer Restricted Securities covered by such Registration Statement have been sold pursuant thereto;  provided, however, that, during such period, the company may suspend the effectiveness of the Exchange
Offer Registration Statement for an aggregate period of not more than 15 consecutive days if there is a possible acquisition or business combination or other transaction, business development or event
involving the Company that may require disclosure in the Exchange Offer Registration Statement and the Company determines in the exercise of its reasonable judgment that such disclosure is not in the
best interests of the Company and its stockholders or obtaining any financial statements relating to an acquisition or business combination required to be included in the Exchange Offer Registration
Statement would be impracticable. In such a case, the Company shall promptly notify any such Broker-Dealers of the suspension of the Exchange Offer Registration Statement's effectiveness,  provided that

4

 

such
notice shall not require the Company to disclose the possible acquisition or business combination or other transaction, business development or event if the Company determines in good faith that
such acquisition or business combination or other transaction, business development or event should remain confidential. Upon the abandonment, consummation or termination of the possible acquisition
or business combination or other transaction, business development or event or the availability of the required financial statements with respect to a possible acquisition or business combination, the
suspension of the use of the Exchange Offer Registration Statement pursuant to this clause (c) shall cease and the Company shall promptly comply with Section 6(c)(ii) hereof and
notify such Broker-Dealers that the use of the Prospectus contained in the Exchange Offer Registration Statement, as amended or supplemented, as applicable, may resume. The Company shall provide
sufficient copies of the latest version of such Prospectus to such Broker-Dealers, promptly upon request, and in no event later than one day after such request, at any time during such period. 

SECTION 4.   SHELF REGISTRATION  

        (a)    Shelf Registration.    If (i) the Registered Exchange Offer is not permitted by applicable law or
applicable interpretation of the staff of the Commission or (ii) if any Holder of Transfer Restricted Securities shall notify the Company within 20 Business Days following the Consummation
Deadline that (A) such Holder was prohibited by law or Commission policy from participating in the Registered Exchange Offer or (B) such Holder may not resell the Series B Notes
acquired by it in the Registered Exchange Offer to the public without delivering a prospectus and the Prospectus contained in the Exchange Offer Registration Statement is not available for such
resales by such Holder or (C) such Holder is a Broker-Dealer and holds Series A Notes acquired directly from the Company or any of its Affiliates, then the Company shall: 

        (x)   cause
to be filed, on or prior to 30 days after the earlier of (i) the date on which the Company determines that the Exchange Offer Registration Statement
cannot be filed as a result of clause (a)(i) above and (ii) the date on which the Company receives the notice specified in clause (a)(ii) above, (such earlier date,
the "Filing Deadline"), but in no event earlier than 365 days after the Closing Date, a shelf registration statement pursuant to Rule 415
under the Act (which may be an amendment to the Exchange Offer Registration Statement (the "Shelf Registration Statement")), relating to all Transfer
Restricted Securities, and 

        (y)   shall
use its reasonable best efforts to cause such Shelf Registration Statement to become effective on or prior to 75 days after the Filing Deadline for the
Shelf Registration Statement (such 75th day the "Effectiveness Deadline"). 

        To
the extent necessary to ensure that the Shelf Registration Statement is available for sales of Transfer Restricted Securities by the Holders thereof entitled to the benefit of this
Section 4(a), the Company shall use its reasonable best efforts to keep any Shelf Registration Statement required by this Section 4(a) continuously effective, supplemented, amended and
current as required by and subject to the provisions of Sections 6(b) and (c) hereof and in conformity with the requirements of this Agreement, the Act and the policies, rules and regulations
of the Commission as announced from time to time, for a period of two years (as extended pursuant to Section 6(c)(i)) following the Closing Date, or such shorter period as will terminate when
all Transfer Restricted Securities covered by such Shelf Registration Statement have been sold pursuant thereto; provided,  however, that the Company shall
in no event be obligated to keep such Shelf Registration Statement effective for a period of more than 180 days
from the date the Shelf Registration Statement is declared effective by the Commission if the Shelf Registration Statement is required to be filed solely to permit resales by a Broker-Dealer that
holds Series A Notes acquired directly from the Company or one or more of its affiliates or such shorter period that will terminate when all such Series A Notes cease to be Transfer
Restricted Securities; provided further that, during any consecutive 365-day period, the Company may suspend the effectiveness of the Shelf
Registration Statement for an aggregate period of not more than 60 

5

 

consecutive
days if there is a possible acquisition or business combination or other transaction, business development or event involving the Company that may require disclosure in the Shelf
Registration Statement and the Company determines in the exercise of its reasonable judgment that such disclosure is not in the best interests of the Company and its stockholders or obtaining any
financial statements relating to an acquisition or business combination required to be included in the Shelf Registration Statement would be impracticable. In such a case, the Company shall promptly
notify the Holders of the suspension of the Shelf Registration Statement's effectiveness, provided that such notice shall not require the Company to
disclose the possible acquisition or business combination or other transaction, business development or event if the Company determines in good faith that such acquisition or business combination or
other transaction, business development or event should remain confidential. Upon the abandonment, consummation or termination of the possible acquisition or business combination or other transaction,
business development or event or the availability of the required financial statements with respect to a possible acquisition or business combination, the suspension of the use of the Shelf
Registration Statement shall cease and the Company shall promptly comply with Section 6(c)(ii) hereof and notify the Holders that disposition of Transfer Restricted Securities may
resume. 

        (b)    Provision by Holders of Certain Information in Connection with the Shelf Registration Statement.    No Holder
of Transfer Restricted Securities may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder furnishes to the
Company in writing, within 20 days after receipt of a request therefor, the information specified in Item 507 or 508 of Regulation S-K, as applicable, of the Act for use in
connection with the Shelf Registration Statement or Prospectus or preliminary Prospectus included therein. No Holder of Transfer Restricted Securities shall be entitled to Additional Interest pursuant
to Section 5 hereof unless and until such Holder shall have provided all such information. Each selling Holder agrees to promptly furnish additional information required to be disclosed in
order to make the information previously furnished to the Company by such Holder not materially misleading. 

SECTION 5.   ADDITIONAL INTEREST  

        If
(i) any Registration Statement required by this Agreement is not filed with the Commission on or prior to the applicable Filing Deadline, (ii) any such Registration
Statement has not been declared effective by the Commission on or prior to the applicable Effectiveness Deadline, (iii) the Registered Exchange Offer has not been Consummated on or prior to the
Consummation Deadline or (iv) any Registration Statement required by this Agreement is filed and declared effective but shall thereafter cease to be effective or fail to be usable for its
intended purpose without being succeeded within 2 Business Days by a post-effective amendment to such Registration Statement that cures such failure and that is itself declared effective
within 2 Business Days of filing such post-effective amendment to such Registration Statement (each such event referred to in clauses (i) through (iv), a
"Registration Default"), then the Company hereby agrees to pay to each Holder of Transfer Restricted Securities affected thereby additional interest
(the "Additional Interest"). Additional Interest shall accrue, with respect to the first 90-day period (or portion thereof) immediately
following the occurrence of the first Registration Default, at a rate of 0.25% per annum of the aggregate principal amount of the Transfer Restricted Notes on the date of such Registration Default,
payable in cash semiannually in arrears on each Interest Payment Date, commencing on the date of such Registration Default. The rate of the Additional Interest shall increase by an additional 0.25%
per annum at the beginning of each subsequent 90-day period (or portion thereof) until all Registration Defaults have been cured, up to a maximum rate of Additional Interest for all
Registration Defaults of 1.00% per annum. Notwithstanding anything to the contrary set forth herein, (1) upon filing of the Exchange Offer Registration Statement (and/or, if applicable, the
Shelf Registration Statement), in the case of (i) above, (2) upon the effectiveness of the Exchange Offer Registration Statement (and/or, if applicable, the Shelf Registration
Statement), in the case of (ii) above, (3) upon Consummation of the 

6

 

Registered
Exchange Offer, in the case of (iii) above, or (4) upon the filing of a post-effective amendment to the Registration Statement or an additional Registration
Statement that causes the Exchange Offer Registration Statement (and/or, if applicable, the Shelf Registration Statement) to again be declared effective or made usable in the case of
(iv) above, the Additional Interest payable with respect to the Transfer Restricted Securities as a result of such clause (i), (ii), (iii) or (iv), as applicable, shall cease. 

        All
accrued Additional Interest shall be paid to the Holders entitled thereto, in the manner provided for the payment of interest in the Indenture, on each Interest Payment Date, as more
fully set forth in the Indenture and the Notes. Notwithstanding the fact that any securities for which Additional Interest is due cease to be Transfer Restricted Securities, all obligations of the
Company to pay Additional Interest with respect to securities shall survive until such time as such obligations with respect to such securities shall have been satisfied in full. 

SECTION 6.   REGISTRATION PROCEDURES  

        (a)    Exchange Offer Registration Statement.    In connection with the Registered Exchange Offer, the Company shall
(x) comply with all applicable provisions of Section 6(c) below, (y) use its reasonable best efforts to effect such exchange and to permit the resale of Series B Notes by
Broker-Dealers that tendered in the Registered Exchange Offer Series A Notes that such Broker-Dealer acquired for its own account as a result of its market making activities or other trading
activities (other than Series A Notes acquired directly from the Company or any of its Affiliates) being sold in accordance with the intended method or methods of distribution thereof, and
(z) comply with all of the following provisions: 

	(i)
	As
a condition to its participation in the Registered Exchange Offer, each Holder of Transfer Restricted Securities (including, without limitation, any Holder who is a
Broker-Dealer) shall furnish, upon the request of the Company, prior to the Consummation of the Registered Exchange Offer, a written representation to the Company (which may be contained in the letter
of transmittal contemplated by the Exchange Offer Registration Statement) to the effect that (A) it is not an Affiliate of the Company, (B) it is not engaged in, and does not intend to
engage in, and has no arrangement or understanding with any person to participate in, a distribution of the Series B Notes to be issued in the Registered Exchange Offer and (C) it is
acquiring the Series B Notes in its ordinary course of business. As a condition to its participation in the Registered Exchange Offer each Holder using the Registered Exchange Offer to
participate in a distribution of the Series B Notes shall acknowledge and agree that, if the resales are of Series B Notes obtained by such Holder in exchange for Series A Notes
acquired directly from the Company or an Affiliate thereof, it (1) could not, under Commission policy as in effect on the date of this Agreement, rely on the position of the Commission
enunciated in Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital Holdings
Corporation (available May 13, 1988), as interpreted in the Commission's letter to Shearman & Sterling dated
July 2, 1993, and similar no-action letters and (2) must comply with the registration and prospectus delivery requirements of the Act in connection with a secondary resale
transaction and that such a secondary resale transaction must be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as
applicable, of Regulation S-K.

	(ii)
	Prior
to effectiveness of the Exchange Offer Registration Statement, if the Commission so requests, the Company shall provide a supplemental letter to the Commission
(A) stating that the Company is registering the Registered Exchange Offer in reliance on the position of the Commission enunciated in Exxon Capital Holdings
Corporation (available May 13, 1988), Morgan Stanley and Co., Inc. (available June 5, 1991) as interpreted
in the Commission's letter to Shearman & Sterling dated July 2, 1993 and (B) including a representation that the 

7

 

Company
has not entered into any arrangement or understanding with any Person to distribute the Series B Notes to be received in the Registered Exchange Offer and that, to the best of the
Company's information and belief, each Holder participating in the Registered Exchange Offer is acquiring the Series B Notes in its ordinary course of business and has no arrangement or
understanding with any Person to participate in the distribution of the Series B Notes received in the Registered Exchange Offer. 

        (b)    Shelf Registration Statement.    In connection with the Shelf Registration Statement, the Company shall comply
with all applicable provisions of Section 6(c) below and use its reasonable best efforts to effect such registration to permit the sale of the Transfer Restricted Securities being sold in
accordance with the intended method or methods of distribution thereof (as indicated in the information furnished to the Company pursuant to Section 4(b) hereof), and pursuant thereto the
Company will prepare and file with the Commission a Registration Statement relating to the registration on any appropriate form under the Act, which form shall be available for the sale of the
Transfer Restricted Securities in accordance with the intended method or methods of distribution thereof within the time periods and otherwise in accordance with the provisions hereof. 

        (c)    General Provisions.    In connection with any Registration Statement and any related Prospectus required by
this Agreement, the Company shall: 

	(i)
	use
its reasonable best efforts to keep such Registration Statement continuously effective and provide all requisite financial statements for the period specified in
Section 3 or 4 of this Agreement, as applicable. Upon the occurrence of any event that would cause any such Registration Statement or the Prospectus contained therein (A) to contain an
untrue statement of material fact or omit to state any material fact necessary to make the statements therein not misleading or (B) not to be effective and usable for resale of Transfer
Restricted Securities during the period required by this Agreement, the Company shall file promptly an appropriate amendment to such Registration Statement curing such defect, and, if Commission
review is required, use its reasonable best efforts to cause such amendment to be declared effective as soon as practicable.

	(ii)
	prepare
and file with the Commission such amendments and post-effective amendments to the applicable Registration Statement as may be necessary to keep such
Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as the case may be; cause the Prospectus to be supplemented by any required Prospectus supplement,
and as so supplemented to be filed pursuant to Rule 424 under the Act, and to comply fully with Rules 424, 430A and 462, as applicable, under the Act in a timely manner; and comply with
the provisions of the Act with respect to the disposition of all securities covered by such Registration Statement during the applicable period in accordance with the intended method or methods of
distribution by the sellers thereof set forth in such Registration Statement or supplement to the Prospectus;

	(iii)
	advise
each Holder promptly and, if requested by such Holder, confirm such advice in writing, (A) when the Prospectus or any prospectus supplement or
post-effective amendment has been filed, and, with respect to any applicable Registration Statement or any post-effective amendment thereto, when the same has become effective,
(B) of any request by the Commission for amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of
the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement under the Act or of the suspension by any state securities commission of the qualification
of the Transfer Restricted Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, (D) of the existence of any fact or the
happening of any event that makes any statement of a material fact made in the Registration 

8

 

Statement,
the Prospectus, any amendment or supplement thereto or any document incorporated by reference therein untrue, or that requires the making of any additions to or changes in the Registration
Statement in order to make the statements therein not misleading, or that requires the making of any additions to or changes in the Prospectus in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading. If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, or any state
securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Transfer Restricted Securities under state securities or
Blue Sky laws, the Company shall use its reasonable best efforts to obtain the withdrawal or lifting of such order at the earliest possible time; 

	(iv)
	subject
to Section 6(c)(i), if any fact or event contemplated by Section 6(c)(iii)(D) above shall exist or have occurred, prepare a supplement or
post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter
delivered to the purchasers of Transfer Restricted Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading;

	(v)
	promptly
prior to the filing of any document that is to be incorporated by reference into the Shelf Registration Statement or the Prospectus (after initial filing of the
Shelf Registration Statement), provide copies of such document to the selling Holders and to the managing Underwriter(s), if any, and make the Company's representative(s) available for discussion of
such document;

	(vi)
	make
available, at reasonable times and upon reasonable notice, for inspection by each Holder and any attorney or accountant retained by such Holders, all financial and
other records, pertinent corporate documents of the Company and cause the Company's officers, directors and employees to supply all information reasonably requested by any such Holder, attorney or
accountant in connection with such Registration Statement or any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness;  provided, however, that such persons
shall first agree in writing with the Company that any information that is reasonably and in good faith designated
by the Company in writing as confidential at the time of delivery of such information. shall be kept confidential by such Persons, unless (i) disclosure of such information is required by court
or administrative order or is necessary to respond to inquiries of regulatory authorities, (ii) disclosure of such information is required by law (including any disclosure requirements pursuant
to federal securities laws in connection with the filing of such Registration Statement or the use of any Prospectus), (iii) such information becomes generally available to the public other
than as a result of a disclosure or failure to safeguard such information by such person or (iv) such information becomes available to such person from a source other than the Company and its
subsidiaries and such source is not known, after due inquiry, by the relevant Holder to be bound by a confidentiality agreement; provided further, that
the foregoing investigation shall be coordinated on behalf of the Holders by one representative designated by and on behalf of such Holders and any such confidential information shall be available
from such representative to such Holders so long as any Holder agrees to be bound by such confidentiality agreement;

	(vii)
	if
requested by any Holders in connection with such exchange or sale, promptly include in any Registration Statement or Prospectus, pursuant to a supplement or
post-effective amendment if necessary, such information as such Holders may reasonably request to have included therein, including, without limitation, information relating to the "Plan of
Distribution" of the Transfer Restricted Securities; and make all required filings of such Prospectus supplement or 

9

 

post-effective
amendment as soon as practicable after the Company is notified of the matters to be included in such Prospectus supplement or post-effective amendment; 

	(viii)
	furnish
to each Holder in connection with such exchange or sale, without charge, at least one copy of the Registration Statement, as first filed with the Commission,
and of each amendment thereto, including all documents incorporated by reference therein and all exhibits (including exhibits incorporated therein by reference);

	(ix)
	deliver
to each Holder without charge, as many copies of the Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Persons
reasonably may request; the Company hereby consents to the use (in accordance with law) of the Prospectus and any amendment or supplement thereto by each selling Holder in connection with the offering
and the sale of the Transfer Restricted Securities covered by the Prospectus or any amendment or supplement thereto;

	(x)
	in
the case of a Shelf Registration Statement requested by an Initial Purchaser, enter into such agreements (including underwriting agreements) and make such
representations and warranties and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the Transfer Restricted Securities pursuant to the Shelf
Registration Statement contemplated by this Agreement as may be reasonably requested by the Holders of a majority in aggregate principal amount of Transfer Restricted Securities (excluding Transfer
Restricted Securities held by the Company or its Affiliates) in connection with any sale or resale pursuant to any applicable Registration Statement. In such connection, the Company shall: 

        (A)  upon
request of any selling Holder, furnish (or in the case of paragraphs (2) and (3), use its reasonable best efforts to cause to be furnished) to such selling
Holder, the effectiveness of the Shelf Registration Statement, as the case may be: 

        (1)   a
certificate, dated such date, signed on behalf of the Company by (x) the President, the Vice Chairman or any Vice President and (y) a principal financial
or accounting officer of the Company, confirming, as of the date thereof, the matters set forth in Section 4(c) of the Purchase Agreement and such other similar matters as such Holders may
reasonably request; 

        (2)   an
opinion, dated the date of effectiveness of the Shelf Registration Statement, of counsel for the Company covering matters customarily covered in opinions requested in
similar sales of securities or underwritten offerings. 

        (3)   a
customary comfort letter, dated the date of effectiveness of the Shelf Registration Statement, from the Company's independent accountants, in the customary form and
covering matters of the type customarily covered in comfort letters to underwriters in connection with similar underwritten offerings; and 

        (B)  deliver
such other documents and certificates as may be reasonably requested by the selling Holders to evidence compliance with the matters covered in clause (A)
above and with any customary conditions contained in the any agreement entered into by the Company pursuant to this clause (x); provided,  however,
that, in the event of any underwritten offering pursuant to this clause (x), the selling Holders shall be responsible for all
underwriting commissions and discounts in connection therewith; and provided further that, notwithstanding the foregoing, in no event shall any Holder
be entitled to participate in an underwritten offering pursuant to this clause (x), unless Holders of Senior Notes the principal amount of which equals or exceeds $50 million shall first
notify the Company of their intent to retain an underwriter for such purpose. 

10

 

	(xi)
	prior
to any public offering of Transfer Restricted Securities, cooperate with the selling Holders and their counsel in connection with the registration and
qualification of the Transfer Restricted Securities under the securities or Blue Sky laws of such jurisdictions as the selling Holders may request and do any and all other acts or things necessary or
advisable to enable the disposition in such jurisdictions of the Transfer Restricted Securities covered by the applicable Registration Statement; provided,
however, that the Company shall not be required to register or qualify as a foreign corporation where it is not now so qualified or to take any action that would subject it to
the service of process in suits or to taxation, other than as to matters and transactions relating to the Registration Statement, in any jurisdiction where it is not now so subject;

	(xii)
	in
connection with any sale of Transfer Restricted Securities that will result in such securities no longer being Transfer Restricted Securities, cooperate with the
Holders to facilitate the timely preparation and delivery of certificates representing Transfer Restricted Securities to be sold and not bearing any restrictive legends; and to register such Transfer
Restricted Securities in such denominations and such names as the selling Holders may request at least two (2) Business Days prior to such sale of Transfer Restricted Securities;

	(xiii)
	use
its reasonable best efforts to cause the disposition of the Transfer Restricted Securities covered by the Registration Statement to be registered with or approved
by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof to consummate the disposition of such Transfer Restricted Securities, subject to the
proviso contained in clause (xi) above;

	(xiv)
	provide
a CUSIP number for all Transfer Restricted Securities not later than the effective date of a Registration Statement covering such Transfer Restricted
Securities and provide the Trustee under the Indenture with printed certificates for the Transfer Restricted Securities which are in a form eligible for deposit with the Depository Trust Company;

	(xv)
	otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the Commission, and make generally available to its security holders
with regard to any applicable Registration, Statement, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 (which need not be audited) covering a
twelve-month period beginning after the effective date of the Registration Statement (as such term is defined in paragraph (c) of Rule 158 under the Act); and

	(xvi)
	cause
the Indenture to be qualified under the TIA not later than the effective date of the first Registration Statement required by this Agreement and, in connection
therewith, cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be required for such Indenture to be so qualified in accordance with the terms of the TIA; and
execute and use its reasonable best efforts to cause the Trustee to execute, all documents that may be required to effect such changes and all other forms and documents required to be filed with the
Commission to enable such Indenture to be so qualified in a timely manner. 

        (d)    Restrictions on Holders.    Each Holder agrees by acquisition of a Transfer Restricted Security that, upon
receipt of the notice referred to in Section 6(c)(iii)(C) or any notice from the Company of the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof (in each case,
a "Suspension Notice"), such Holder will forthwith discontinue disposition of Transfer Restricted Securities pursuant to the applicable Registration
Statement until (i) such Holder has received copies of the supplemented or amended Prospectus contemplated by Section 6(c)(iv) hereof, or (ii) such Holder is advised in
writing by the Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus (in each
case, the "Recommencement Date"). Each Holder receiving a Suspension Notice hereby agrees that it will either (i) destroy any Prospectuses, other
than permanent file copies, then in 

11

 

such
Holder's possession which have been replaced by the Company with more recently dated Prospectuses or (ii) deliver to the Company (at the Company's expense) all copies, other than permanent
file copies, then in such Holder's possession of the Prospectus covering such Transfer Restricted Securities that was current at the time of receipt of the Suspension Notice. The time period regarding
the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by a number of days equal to the number of days in the period from and
including the date of delivery of the Suspension Notice to the date of delivery of the Recommencement Date. 

SECTION 7.   REGISTRATION EXPENSES  

        (a)   All
expenses incident to the Company's performance of or compliance with this Agreement will be borne by the Company, regardless of whether a Registration Statement
becomes effective, including without limitation all: (i) registration and filing fees and expenses (including filings made with the NASD (including, if applicable, the fees and expenses of any
"qualified independent underwriter" and its counsel, as may be required by the rules and regulations of the NASD)); (ii) fees and expenses of compliance with federal securities and state Blue
Sky or securities laws; (iii) expenses of printing (including printing certificates for the Senior Notes and Prospectuses), messenger and delivery services and telephone; (iv) reasonable
fees and disbursements of counsel for the Company and the Holders of the Transfer Restricted Securities; (v) all application and filing fees in connection with listing the Senior Notes on a
national securities exchange or automated quotation system pursuant to the requirements hereof, and (vi) reasonable fees and disbursements of independent certified public accountants of the
Company (including the expenses of any special audit and "cold comfort" letters required by or incident to such performance). 

        The
Company will, in any event, bear its internal expenses (including, without limitation, all salaries and expense of its officers and employees performing legal or accounting duties),
the expenses of any annual audit, rating agency fees and the fees and expenses of any Person, including special experts, retained by the Company. 

        (b)   In
connection with the Shelf Registration Statement, the Company will reimburse the Holders of Transfer Restricted Securities being tendered or registered for the
reasonable fees and disbursements of Cravath, Swaine & Moore LLP, as counsel to such Holders. Notwithstanding the provisions of this Section 7, each Holder shall pay all registration
expenses to the extent required by applicable law. 

SECTION 8.   INDEMNIFICATION  

        (a)   Each
of the Company and the Guarantors jointly and severally agrees to indemnify and hold harmless each Holder of Transfer Restricted Securities covered by any
Registration Statement, the directors, officers, employees and agents of such Holder and each person, if any, who controls such Holder within the meaning of either the Act or the Exchange Act, or is
under common control with or is controlled by such Holder, from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal or other expenses reasonably
incurred by such Holder or such director, officer, employee or agent of such Holder or any such controlling person or person who is under common control with, or is controlled by such Holder, in
connection with defending or investigating any such action or claim) caused by any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (as may be
amended or supplemented), or caused by any omission or alleged omission to state therein a material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading, except (i) insofar as such losses, claims, damages or liabilities are caused by any such untrue statement or omission or alleged untrue statement or omission based
upon information relating to any Holder of Transfer Restricted Securities furnished to the Company in writing by such Holder expressly for use therein and (ii) that with respect to any untrue
statement or omission of a material fact made in the 

12

 

preliminary
prospectus contained in any Registration Statement, the indemnity agreement contained in this Section 8 (a) shall not inure to the benefit of any Holder of Transfer
Restricted Securities (or any director, officer, or agent of such Holder or any person controlling, under common control with, or controlled by such Holder) from whom the person asserting any such
loss, claim, damage or liability purchased the Transfer Restricted Securities concerned in any initial resale of the Transfer Restricted Securities by such Holder (or any director, officer, or agent
of such Holder or any person controlling, under common control with, or controlled by such Holder), to the extent that any such loss, claim, damage or liability of such Holder (or such director,
officer, employee, agent or controlling or controlled person) occurs under the circumstance where it shall have been determined by a court of competent jurisdiction by final and nonappealable judgment
that (A) the untrue statement or omission of a material fact contained in the preliminary prospectus was corrected in the final prospectus contained in the effective Registration Statement,
(B) the Company had previously furnished copies of the final prospectus to the Holders and (C) such loss, claim, damage or liability results from the fact that there was not sent or
given to such person a copy of the final prospectus at or prior to the written confirmation of the sale of such Transfer Restricted Securities to such person. 

        (b)   Each
Holder of Transfer Restricted Securities agrees, severally and not jointly, to indemnify and hold harmless each of the Company and the Guarantors, its directors,
its officers, its employees, its agents and each person, if any, who controls the Company within the meaning of either the Act or the Exchange Act to the same extent as the foregoing indemnity from
the Company and the Guarantors to such Holder, but only with reference to information relating to such Holder furnished to the Company in writing by such Holder expressly for use in the applicable
Registration Statement or any amendments or supplements thereto. 

        (c)   If
any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any person in respect of
which indemnification may be sought pursuant to either paragraph (a) or (b) above, such person (the "Indemnified Party") shall promptly notify the Person against whom such
indemnification may be sought (the "Indemnifying Party") in writing; provided that the failure to notify the Indemnifying Party shall not relieve it
from any liability that it may have under this Section 8 except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure;
and provided, further, that the failure to notify the Indemnifying Party shall not relieve it from any liability that it may have to an Indemnified Party otherwise than under this Section 8. If
any such proceeding shall be brought or asserted against an Indemnified Party and it shall have notified the Indemnifying Party thereof, the Indemnifying Party shall retain counsel reasonably
satisfactory to the Indemnified Party to represent the Indemnified Party and any others entitled to indemnification pursuant to this Section 8 that the Indemnifying Party may designate in such
proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel,
but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the
contrary; (ii) the Indemnifying Party has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Party; (iii) the Indemnified Party shall have
reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Party; or (iv) the named parties in any such
proceeding (including any impleaded parties) include both the Indemnifying Party and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual
or potential differing interests between them. It is understood and agreed that the Indemnifying Party shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be
liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are
incurred. Any such separate firm (x) for any Initial Purchaser, its affiliates, directors and officers and any control persons of such Initial Purchaser shall be designated in writing by J.P.
Morgan Securities Inc., (y) for any Holder, its 

13

 

affiliates,
directors and officers and any control Persons of such Holder shall be designated in writing by a majority in interest of Holders and (z) in all other cases shall be designated in
writing by the Company. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final
judgment for the plaintiff, the Indemnifying Party agrees to indemnify each Indemnified Party from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the
foregoing sentence, if at any time an Indemnified Party shall have requested that an Indemnifying Party reimburse the Indemnified Party for fees and expenses of counsel as contemplated by this
paragraph, the Indemnifying Party shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after
receipt by the Indemnifying Party of such request and (ii) the Indemnifying Party shall not have reimbursed the Indemnified Party in accordance with such request prior to the date of such
settlement. No Indemnifying Party shall, without the written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party
is or could have been a party and indemnification could have been sought hereunder by such Indemnified Party, unless such settlement (A) includes an unconditional release of such Indemnified
Party, in form and substance reasonably satisfactory to such Indemnified Party, from all liability on claims that are the subject matter of such proceeding and (B) does not include any
statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Party. 

        (d)   To
the extent the indemnification provided for in paragraph (a) or (b) of this Section 8 is unavailable to an Indemnified Party or insufficient in
respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Party under such paragraph, in lieu of indemnifying such Indemnified Party thereunder, shall
contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative
benefits received by the Company and the Guarantors, on the one hand, and the Holders of Transfer Restricted Securities on the other hand, from the offering of the Securities or (ii) if the
allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above
but also the relative fault of the Company and the Guarantors, on the one hand, and of the Holders of Transfer Restricted Securities, on the other hand, in connection with the statements or omissions
that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative fault of the Company and the Guarantors, on the one hand, and the
Holders of Transfer Restricted Securities on the other hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission
or alleged omission to state a material fact relates to information supplied by the Company or by the Holders of Transfer Restricted Securities and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission. 

        (e)   The
Company, the Guarantors and the Holders of Transfer Restricted Securities agree that it would not be just or equitable if contribution pursuant to this
Section 8 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations
referred to in paragraph (d) above. The amount paid or payable by an Indemnified Party as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall
be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such
action or claim. Notwithstanding the provisions of this Section 8, no Holder of Transfer Restricted Securities shall be required to contribute any amount in excess of the amount by which the
total price at which the Securities resold by it in the initial placement of such Securities were offered to investors exceeds the amount of any damages that such Holder has otherwise been required to
pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall
be entitled to contribution 

14

 

from
any person who was not guilty of such fraudulent misrepresentation. The obligations of the Holders of Transfer Restricted Securities to contribute pursuant to this Section 8 shall be
several in proportion to their respective amounts of Transfer Restricted Securities sold or exchanged hereunder. The remedies provided for in this Section 8 are not exclusive and shall not
limit any rights or remedies which may otherwise be available to any Indemnified Party at law or in equity. 

        (f)    The
indemnity and contribution provisions contained in this Section 8 and the representations and warranties of the Company and the Guarantors contained in this
Agreement shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Holder of Transfer
Restricted Securities or any person controlling any Holder of Transfer Restricted Securities or by or on behalf of the Company, its officers, directors, employees or agents or any person controlling
the Company and (iii) acceptance of and payment for any of the Senior Notes. The remedies provided for in this Section 8 are not exclusive and shall not limit any rights or remedies that
may otherwise be available to any Indemnified Party at law or equity. 

SECTION 9.   RULE 144A  

        The
Company hereby agrees with each Holder, for so long as any of the Senior Notes remain outstanding and during any period in which the Company is not subject to Section 13 or
15(d) of the Exchange Act, to make available to any Initial Purchaser or beneficial owner of such Transfer Restricted Securities in connection with any sale thereof and any prospective purchaser of
such Transfer Restricted Securities from such Initial Purchaser or beneficial owner, the information required by Rule 144A(d)(4) under the Act. 

SECTION 10.   PARTICIPATION IN UNDERWRITTEN REGISTRATIONS  

        No
Holder may participate in any Underwritten Registration hereunder unless such Holder (a) agrees to sell such Holder's Transfer Restricted Securities on the basis provided in
any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes the related underwriting agreement and all questionnaires,
powers of attorney, indemnities, and other documents required under the terms of such underwriting arrangements. 

SECTION 11.   SELECTION OF UNDERWRITERS  

        Subject
to Section 6(b)(xii) hereof, the Holders of Transfer Restricted Securities covered by the Shelf Registration Statement who desire to do so may sell such Transfer
Restricted Securities in an Underwritten Offering. The Underwriter(s) that will administer said offerings will be selected by the Holders of a majority of the outstanding aggregate principal amount,
of the Transfer Restricted Securities included in such Underwritten Offering. 

SECTION 12.   MISCELLANEOUS  

        (a)    Remedies.    The Additional Interest contemplated hereby shall be the exclusive remedy available to Holders of
Transfer Restricted Securities for any failure by the Company to comply with the registration requirements of this Agreement. 

        (b)    No Inconsistent Agreements.    The Company will not on or after the date of this Agreement enter into any
agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the
Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Company's securities under any agreements of the Company in effect on the date
hereof. 

15

 

        (c)    Amendments and Waivers.    The provisions of this Agreement may not be amended, modified or supplemented, and
waivers or consents to or departures from the provisions hereof may not be given unless the Company has obtained the written consent of Holders of a majority of the outstanding aggregate principal
amount of Senior Notes that are Transfer Restricted Securities (excluding Transfer Restricted Securities held by the Company or its Affiliates). 

        (d)    Notices.    All notices and other communications provided for or permitted hereunder shall be made in writing
by hand-delivery, first-class mail (registered or certified, return receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery: 

	(i)
	if
to a Holder, at the address set forth on the records of the registrar under the Indenture, for the Senior Notes, with a copy to the transfer agent or the registrar;
and

	(ii)
	if
to the Company, to PRIMEDIA Inc., 745 Fifth Avenue, New York, New York, 10151, Attention: Beverly Chell, with a copy to Simpson Thacher & Bartlett at
425 Lexington Avenue, New York, New York, 10017, Attention: Gary I. Horowitz. 

        All
such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail,
postage prepaid, if mailed; when receipt acknowledged, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 

        (e)    Successors and Assigns.    This Agreement shall inure to the benefit of and be binding upon the successors and
assigns of each of the parties, including without limitation and without the need for an express assignment hereof, subsequent Holders of Transfer Restricted Securities;  provided, that this Agreement
shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such
successor or assign acquired Transfer Restricted Securities from such Holder. 

        (f)    Counterparts.    This Agreement may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

        (g)    Headings.    The headings in this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof. 

        (h)    GOVERNING LAW.    THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK. 

        (i)    Severability.    In the event that any one or more of the provisions contained herein, or the application
thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained
herein shall not be affected or impaired thereby. 

        (j)    Entire Agreement.    This Agreement together with the other Operative Documents (as defined in the Purchase
Agreement) is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect
of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights
granted by the Company with respect to the Transfer Restricted Securities. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 

16

 

        IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

	 	 	 	PRIMEDIA INC.
	

 	

 	
 	

By:	

/s/  CHRISTOPHER A. FRASER      
 Name: Christopher A. Fraser

Title: SVP-Law
	

 	

 	
 	

EACH OF THE GUARANTORS LISTED ON SCHEDULE I HERETO
	

 	

 	
 	

By:	

/s/  CHRISTOPHER A. FRASER      
 Name: Christopher A. Fraser

Title: SVP-Law
	J.P. MORGAN SECURITIES INC.	 	 	 
	

By:	

	
 	

 	

 
	 	Name: Katherine L. Flynn

Title: Vice President

	 	 	 

        For
itself and on behalf of the other several Initial Purchasers listed on Schedule I to the Purchase Agreement. 

17

 

        IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 

	 	 	 	PRIMEDIA INC.
	

 	

 	
 	

By:	

	 	 	 	 	Name: Christopher A. Fraser

Title: SVP-Law
	

 	

 	
 	

EACH OF THE GUARANTORS LISTED ON SCHEDULE I HERETO
	

 	

 	
 	

By:	

 Name: Christopher A. Fraser

Title: SVP-Law:
	

J.P. MORGAN SECURITIES INC.	
 	

 	

 
	

By:	

/s/  KATHERINE L. FLYNN      
 Name: Katherine L. Flynn

Title: Vice President	
 	

 	

 

        For
itself and on behalf of the other several Initial Purchasers listed on Schedule I to the Purchase Agreement. 

18

 
 
 

SCHEDULE I    
    

	Name of Guarantor
 
	 	State of Organization

	AgriClick LLC	 	DE
	Canoe & Kayak, Inc.	 	DE
	Channel One Communications Corporation	 	DE
	Cover Concepts Marketing Services LLC	 	DE
	CSK Publishing Company Incorporated	 	DE
	Films for the Humanities & Sciences, Inc.	 	DE
	Haas Publishing Companies, Inc.	 	DE
	Hacienda Productions, Inc.	 	DE
	HPC Brazil, Inc.	 	DE
	IntelliChoice, Inc.	 	CA
	Kagan Media Appraisals, Inc.	 	CA
	Kagan Seminars, Inc.	 	CA
	Kagan World Media, Inc.	 	DE
	McMullen Argus Publishing, Inc.	 	CA
	Media Central IP Corp.	 	DE
	Motor Trend Auto Shows Inc.	 	DE
	Paul Kagan Associates, Inc.	 	DE
	PRIMEDIA Business Magazines & Media Inc.	 	DE
	PRIMEDIA Companies Inc.	 	DE
	PRIMEDIA Enthusiast Publications, Inc.	 	PA
	PRIMEDIA Finance Shared Services, Inc.	 	DE
	PRIMEDIA Holdings III Inc.	 	DE
	PRIMEDIA Information Inc.	 	DE
	PRIMEDIA Leisure Group Inc.	 	DE
	PRIMEDIA Magazines Inc.	 	DE
	PRIMEDIA Magazine Finance Inc.	 	DE
	PRIMEDIA Special Interest Publications Inc.	 	DE
	PRIMEDIA Specialty Group Inc.	 	DE
	PRIMEDIA Workplace Learning LLC	 	DE
	PRIMEDIA Workplace Learning LP	 	DE
	Simba Information, Inc.	 	CT
	The Virtual Flyshop, Inc.	 	CO

19

QuickLinks

Exhibit 4.10

SCHEDULE IQuickLinks
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Exhibit 10.2    
    

 
 

PLEDGE AGREEMENT    
    

        PLEDGE AGREEMENT, dated as of June 20, 2001 (the "Agreement"), made by PRIMEDIA INC., a Delaware corporation (the "Pledgor"), in favor of THE CHASE
MANHATTAN BANK, as Collateral Agent (the "Pledgee") for the benefit of the Secured Creditors (as hereinafter defined). Except as otherwise defined herein, terms used herein and defined in the Credit
Agreement shall be used herein as therein defined. 

 
 

W I T N E S S E T H :    
    

        WHEREAS, the Pledgor, various financial institutions from time to time party thereto (the "Banks"), Bank of America, N.A., as Syndication Agent, The Bank of New
York and The Bank of Nova Scotia, as Co-Documentation Agents, and The Chase Manhattan Bank, as Administrative Agent (the "Administrative Agent", and together with the Banks, the "Bank Creditors"),
have entered into a Credit Agreement, dated as of June 20, 2001 (as amended, modified, supplemented, restated or refinanced from time to time, the "Credit Agreement"), providing for the making
of Loans and the issuance of, and participation in, Letters of Credit as contemplated therein; 

        WHEREAS,
the Pledgor desires to incur Loans and have Letters of Credit issued for its account pursuant to the Credit Agreement; 

        WHEREAS,
the Pledgor is party to, and may from time to time after the date hereof become party to, one or more Interest Rate Protection Agreements with one or more Banks or any affiliate
thereof (each such Bank or affiliate, even if the respective Bank subsequently ceases to be a Bank under the Credit Agreement for any reason, together with such Bank's or affiliate's successors and
assigns, collectively, the "Interest Rate Protection Creditors"); 

        WHEREAS,
the Pledgor has entered into various debt documents listed on Annex D hereto (collectively, the "Existing Senior Debt Documents") providing for the issuance or incurrence by the
Pledgor of certain senior notes and other senior debt (collectively, the "Existing Senior Debt") (the holders from time to time of the Existing Senior Debt being hereinafter called the "Existing
Senior Debt Holders", and the Existing Senior Debt Holders together with each trustee, if any, of the Existing Senior Debt being hereinafter called the "Existing Senior Debt Creditors"); 

        WHEREAS,
the Pledgor may from time to time incur additional senior Indebtedness which, on the terms and subject to the conditions set forth herein, shall be secured hereby; 

        WHEREAS,
it is a condition precedent to the making of Loans to the Pledgor and the incurrence or maintenance of Letters of Credit for the account of the Pledgor under the Credit
Agreement, and to the issuance of the Existing Senior Debt pursuant to the Existing Senior Debt Documents, that the Pledgor shall have executed and delivered to the Pledgee this Agreement; 

        WHEREAS,
the Pledgor desires to execute this Agreement to satisfy the conditions described in the preceding paragraph; 

        NOW,
THEREFORE, in consideration of the benefits accruing to the Pledgor, the receipt and sufficiency of which are hereby acknowledged, the Pledgor hereby makes the following
representations and warranties to the Pledgee and hereby covenants and agrees with the Pledgee as follows: 

        1.    SECURITY FOR OBLIGATIONS.    This Agreement is made by the Pledgor for the benefit of the Secured Creditors to
secure: 

        (i)    the
full and prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of (x) the principal of and interest on the Notes issued by, and the
Loans made to, the Pledgor under the Credit Agreement and all reimbursement obligations and Unpaid Drawings with respect to the Letters of Credit issued for the account of the Pledgor under the Credit
Agreement and (y) all other obligations and indebtedness (including, 

 

without
limitation, indemnities, Fees and interest thereon) of the Pledgor, now existing or hereafter incurred under, arising out of or in connection with the Credit Agreement and the other Credit
Documents and the due performance of and compliance with the terms of the Credit Documents by the Pledgor (all such principal, interest, obligations, and liabilities under this clause (i), except to
the extent consisting of obligations under or with respect to Interest Rate Protection Agreements, being herein collectively called the "Credit Agreement Obligations"); 

        (ii)   the
full and prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of all obligations and liabilities owing by the Pledgor under any
Interest Rate Protection Agreement or with respect thereto, whether such Interest Rate Protection Agreement is now in existence or hereafter arising, and the due performance and compliance by the
Pledgor with all of the terms, conditions and agreements contained therein (all such obligations and liabilities under this clause (ii) being herein collectively called the "Interest Rate
Protection Obligations"); 

        (iii)  the
full and prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of all obligations and liabilities owing to the Existing Senior
Debt Creditors pursuant to the Existing Senior Debt or the Existing Senior Debt Documents and the due performance and compliance with the terms thereof (all such obligations and liabilities being
herein collectively called the "Existing Senior Debt Obligations"); 

        (iv)  the
full and prompt payment when due of all obligations designated by the Pledgor to be secured hereby, but only to the extent (A) that such obligations (x) are by
their terms not expressly subordinated to any obligations (as hereinafter defined) then outstanding, and (y) are, at the time of the incurrence or issuance thereof, permitted to be incurred or issued,
and are expressly permitted to be secured hereunder, pursuant to the Credit Agreement and (B) the Pledgor shall have delivered to the Pledgee at the time of the incurrence or issuance thereof a
certificate signed by a senior officer of the Pledgor certifying that such obligations constitute Additional Senior Debt (as hereinafter defined) entitled to the benefits of this Agreement and that
the conditions set forth in clause (A) above have been satisfied, such certificate to constitute conclusive evidence, binding for all purposes, that such obligations are secured as provided in
this Section 1(iv) (any such obligations satisfying the foregoing criteria, "Additional Senior Debt", and each holder of any such Additional Senior Debt being hereinafter called an "Additional
Senior Debt Creditor", with the Additional Senior Debt Creditors, the Bank Creditors, the Interest Rate Protection Creditors and the Existing Senior Debt Creditors being called the "Secured
Creditors") and the due performance and compliance with the terms of any agreement or instrument governing any such Additional Senior Debt (any such agreement or instrument, an "Additional Senior Debt
Agreement") (all such obligations and liabilities being herein referred to as the "Additional Senior Debt Obligations"); 

        (v)   any
and all sums reasonably advanced by the Pledgee in order to preserve the Collateral (as hereinafter defined) or preserve its security interest in the Collateral (as
hereinafter defined); and 

        (vi)  in
the event of any proceeding for the collection or enforcement of any indebtedness, obligations, or liabilities referred to in clauses (i), (ii), (iii),
(iv) and (v) above, after an Event of Default (such term, as used in this Agreement, shall mean any Event of Default under, and as defined in, the Credit Agreement, or any event of
default (after any applicable grace period) under any Existing Senior Debt Document or Additional Senior Debt Agreement or any payment default by the Pledgor under any Interest Rate Protection
Agreement and shall in any event include, without limitation, any payment default (after the expiration of any 

2

 

applicable
grace period) on any of the Obligations (as hereinafter defined) shall have occurred and be continuing, the reasonable expenses of retaking, holding, preparing for sale or lease, selling or
otherwise disposing or realizing on the Collateral, or of any exercise by the Pledgee of its rights hereunder, together with reasonable attorneys' fees and court costs; 

all
such obligations, liabilities, sums and expenses set forth in clauses (i) through (vi) of this Section 1 being herein collectively called the "Obligations". 

        2.    DEFINITION OF STOCK, NOTES, SECURITIES, ETC.    As used herein, the term "Stock" shall mean all of the issued
and outstanding shares of stock at any time owned by the Pledgor of PRIMEDIA Companies Inc. ("Intermediate HoldCo"). The Pledgor represents and warrants that on the date hereof (a) each
Subsidiary (including, without limitation, each Excluded Foreign Restricted Subsidiary) of the Pledgor, and the direct ownership thereof, is listed on Annex A hereto; (b) all of the capital stock of
all the Subsidiaries of the Pledgor (other than Intermediate HoldCo and as otherwise set forth on Annex A hereto) is directly or indirectly wholly owned by Intermediate HoldCo; (c) the Stock
held by the Pledgor consists of the number and type of shares of the stock of Intermediate HoldCo as described in Annex B hereto; (d) the Pledgor is the holder of record and sole beneficial
owner of such Stock; (e) such Stock constitutes that percentage of the issued and outstanding capital stock of Intermediate HoldCo as is set forth in Annex B hereto; (f) on the date
hereof, the Pledgor owns no other Stock. 

        3.    PLEDGE OF SECURITIES, ETC.    

        3.1.    PLEDGE.    To secure the Obligations and for the purposes set forth in Section 1, the Pledgor hereby
(i) grants to the Pledgee a security interest in all of the Collateral (as hereinafter defined) owned by the Pledgor; (ii) pledges and deposits as security with the Pledgee the Stock
owned by such Pledgor on the date hereof, and delivers to the Pledgee certificates or instruments therefor accompanied by undated stock powers duly executed in blank by the Pledgor, or such other
instruments of transfer as are acceptable to the Pledgee; and (iii) assigns, transfers, hypothecates, mortgages, charges and sets over to the Pledgee all of the Pledgor's right, title and
interest in and to such Stock (and in and to all certificates or instruments evidencing such Stock), to be held by the Pledgee, upon the terms and conditions set forth in this Agreement. 

        3.2.    SUBSEQUENTLY ACQUIRED SECURITIES.    If the Pledgor shall acquire (by purchase, stock dividend or otherwise)
any additional Stock at any time or from time to time after the date hereof, the Pledgor shall forthwith pledge and deposit such Stock (or certificates or instruments representing such Stock) as
security with the Pledgee and deliver to the Pledgee certificates therefor or instruments thereof accompanied by undated stock powers duly executed in blank or such other instruments of transfer as
are acceptable to the Pledgee, and will promptly thereafter deliver to the Pledgee a certificate executed by any of the Chairman of the Board, the Chief Financial Officer, the President, a Vice
Chairman, the Vice President-Finance or the Treasurer of the Pledgor describing such Stock and certifying that the same have been duly pledged with the Pledgee hereunder. 

        3.3.    UNCERTIFICATED SECURITIES.    Notwithstanding anything to the contrary contained in Sections 3.1 and 3.2, if
any Stock (whether or not now owned or hereafter acquired) is an uncertificated security, the Pledgor shall promptly notify the Pledgee thereof, and shall promptly take all actions required to perfect
the security interest of the Pledgee under applicable law including, in any event, under Sections 8-106 and 8-301 of the New York Uniform Commercial Code (the "UCC"), if applicable. The Pledgor
further agrees to take such actions as the Pledgee deems necessary or desirable to effect the foregoing and to permit the Pledgee to exercise any of its rights and remedies hereunder, and agrees to
provide an opinion of counsel reasonably satisfactory to the Pledgee with respect to any such pledge of uncertificated securities promptly upon request of the Pledgee. 

3

 

        3.4.    DEFINITION OF PLEDGED STOCK AND COLLATERAL.    All Stock at any time pledged or required to be pledged
hereunder is hereinafter called the "Pledged Stock" which together with all proceeds thereof, including any securities and moneys received and at the time held by the Pledgee hereunder, is hereinafter
called the "Collateral". 

        4.    APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC.    The Pledgee shall have the right to appoint one or more
subagents for the purpose of retaining physical possession of the Pledged Stock, which may be held (in the discretion of the Pledgee) in the name of the Pledgor, endorsed or assigned in blank or in
favor of the Pledgee or any nominee or nominees of the Pledgee or a sub-agent appointed by the Pledgee. 

        5.    VOTING, ETC., WHILE NO EVENT OF DEFAULT.    Unless and until a Noticed Event of Default (as hereinafter defined)
shall have occurred and be continuing, the Pledgor shall be entitled to vote any and all Pledged Stock and to give consents, waivers or ratifications in respect thereof; PROVIDED that no vote shall be
cast or any consent, waiver or ratification given or any action taken which would violate or be inconsistent with any of the terms of this Agreement, any other Credit Document, any Interest Rate
Protection Agreement, any Existing Senior Debt Document or any Additional Senior Debt Agreement (collectively, the "Secured Debt Agreements"), or which would have the effect of impairing the position
or interests of the Pledgee or any Secured Creditor. All such rights of the Pledgor to vote and to give consents, waivers and ratifications shall cease in case a Noticed Event of
Default shall occur and be continuing, and Section 7 hereof shall become applicable. A "Noticed Event of Default" shall mean (A) at all times prior to the date on which the Credit
Agreement and all Letters of Credit have been terminated and there remain outstanding no Credit Agreement Obligations (such date the "Credit Agreement Termination Date"), (i) an Event of
Default in respect of the Pledgor under Section 9.05 of the Credit Agreement and (ii) any other Event of Default under the Credit Agreement in respect of which the Administrative Agent
has given the Pledgor written notice that such Event of Default constitutes a Noticed Event of Default and (B) at all times after the Credit Agreement Termination Date (i) the
commencement of any bankruptcy, insolvency or similar proceeding with respect to the Pledgor and (ii) (x) in the event any obligations other than Public Obligations (as defined below) are then
outstanding, any other Event of Default under the documentation governing any such obligations in respect of which any Secured Creditor holding such Obligations (or, in the event an agent or other
representative of the holders of such Obligations shall have been appointed, such representative) has given the Pledgor written notice that such Event of Default constitutes a Noticed Event of Default
or (y) in the event that the only Obligations then outstanding are Existing Senior Debt Obligations or any Additional Senior Debt Obligations with respect to other securities registered under the
Securities Act of 1933, as amended (such obligations, "Public Obligations"), any Event of Default under any Existing Senior Debt Documents or under the documentation governing such other Public
Obligations in respect of which the Existing Senior Debt trustee or the representative appointed in connection with such Public Obligations, as the case may be, has given the Pledgor written notice
that such a Noticed Event of Default constitutes an Event of Default. 

        6.    DIVIDENDS AND OTHER DISTRIBUTIONS.    Unless a Noticed Event of Default shall have occurred and be continuing,
all cash dividends payable in respect of the Pledged Stock shall be paid to the Pledgor; PROVIDED that all cash dividends payable in respect of the Pledged Stock which are determined by the Pledgee to
represent in whole or in part an extraordinary, liquidating or other distribution in return of capital shall be paid, to the extent so determined to represent an extraordinary, liquidating or other
distribution in return of capital, to the Pledgee and retained by it as part of the Collateral (unless such cash dividends are applied to the repayment of the obligations on the basis set forth in
Section 9, applied in accordance with Section 4.02 of the Credit Agreement or permitted to be retained by the Pledgor pursuant to the terms of the Credit 

4

 

Agreement).
The Pledgee shall also be entitled to receive directly, and to retain as part of the Collateral: 

        (a)   all
other or additional stock or other securities or property (other than cash) paid or distributed by way of dividend or otherwise in respect of the Pledged Stock; 

        (b)   all
other or additional stock or other securities or property (including cash, unless such cash dividends are applied to the repayment of the obligations on the basis
set forth in Section 9, applied in accordance with Section 4.02 of the Credit Agreement or permitted to be retained by the Pledgor pursuant to the terms of the Credit Agreement paid or
distributed in respect of the Pledged Stock by way of stock-split, spin-off, split-up, reclassification, combination of shares or similar rearrangement; and 

        (c)   all
other or additional stock or other securities or property (including cash, unless such cash dividends are applied to the repayment of the obligations on the basis
set forth in Section 9, applied in accordance with Section 4.02 of the Credit Agreement or permitted to be retained by the Pledgor pursuant to the terms of the Credit Agreement which may
be paid in respect of the Collateral by reason of any consolidation, merger, exchange of stock, conveyance of assets, liquidation or similar corporate reorganization; 

        7.    REMEDIES IN CASE OF EVENT OF DEFAULT.    In case a Noticed Event of Default shall have occurred and be
continuing, the Pledgee shall be entitled to exercise all of the rights, powers and remedies (whether vested in it by this Agreement or by any other Secured Debt Agreement or by law) for the
protection and enforcement of its rights in respect of the Collateral, and the Pledgee shall be entitled, without limitation, to exercise the following rights, which the Pledgor hereby agrees to be
commercially reasonable: 

        (a)   to
receive all amounts payable in respect of the Collateral payable to the Pledgor under Section 6; 

        (b)   to
transfer all or any part of the Pledged Stock into the Pledgee's name or the name of its nominee or nominees; 

        (c)   to
vote all or any part of the Pledged Stock (whether or not transferred into the name of the Pledgee) and give all consents, waivers and ratifications in respect of the
Collateral and otherwise act with respect thereto as though it were the outright owner thereof (the Pledgor hereby irrevocably constituting and appointing the Pledgee the proxy and attorney-in-fact of
the Pledgor, with full power of substitution to do so); and 

        (d)   at
any time or from time to time to sell, assign and deliver, or grant options to purchase, all or any part of the Collateral, or any interest therein, at any public or
private sale, without demand of performance, advertisement or notice of intention to sell or of the time or place of sale or adjournment thereof or to redeem or otherwise (all of which are hereby
waived by the Pledgor), for cash, on credit or for other property, for immediate or future delivery without any assumption of credit risk, and for such price or prices and on such terms as the Pledgee
in its absolute discretion may determine; PROVIDED that at least 10 days' notice of the time and place of any such sale shall be given to the Pledgor. The Pledgor hereby waives and releases to the
fullest extent permitted by law any right or equity of redemption with respect to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling the Collateral and any
other security for the Obligations or otherwise. At any such sale, unless prohibited by applicable law, the Pledgee on behalf of the Secured Creditors may bid for and purchase all or any part of the
Collateral so sold free from any such right or equity of redemption. Neither the Pledgee nor any Secured Creditor shall be liable for failure to collect or realize upon any or all of the Collateral or
for any delay in so 

5

 

doing
nor shall any of them be under any obligation to take any action whatsoever with regard thereto. 

        8.    REMEDIES, ETC., CUMULATIVE.    Each right, power and remedy of the Pledgee provided for in this Agreement or any
other Secured Debt Agreement or now or hereafter existing at law or in equity or by statute shall be cumulative and concurrent and shall be in addition to every other such right, power or remedy. The
exercise or beginning of the exercise by the Pledgee or any Secured Creditor of any one or more of the rights, powers or remedies provided for in this Agreement or any other Secured Debt Agreement or
now or hereafter existing at law or in equity or by statute or otherwise shall not preclude the simultaneous or later exercise by the Pledgee or any Secured Creditor of all such other rights, powers
or remedies, and no failure or delay on the part of the Pledgee or any Secured Creditor to exercise any such right, power or remedy shall operate as a waiver thereof. 

        9.    APPLICATION OF PROCEEDS.    (a) All moneys collected by the Pledgee upon any sale or other disposition of
the Collateral pursuant to the terms of this Agreement, together with all other moneys received by the Pledgee hereunder, shall be applied as follows: 

        (i)    first,
to the payment of all Obligations owing to the Pledgee of the type described in clauses (v) and (vi) of Section 1 of this Agreement; 

        (ii)   second,
to the extent moneys remain after the application pursuant to the preceding clause (i), an amount equal to the outstanding obligations shall be paid to the
Secured Creditors as provided in Section 9(c) with each Secured Creditor receiving an amount equal to its outstanding obligations or, if the moneys are insufficient to pay in full all such
Obligations, its Pro Rata Share (as hereinafter defined) of the amount remaining to be distributed; and 

        (iii)  third,
to the extent moneys remain after the application pursuant to the preceding clauses (i) and (ii) and following the termination of this Agreement
pursuant to Section 18(c) hereof, to the Pledgor or to whomever may be lawfully entitled to receive such surplus. 

        (b)   For
purposes of this Agreement (x) "Pro Rata Share" shall mean, when calculating a Secured Creditor's portion of any distribution or amount, the amount (expressed as a
percentage) equal to a fraction the numerator of which is the amount of such Secured Creditor's Obligations and the denominator of which is the then outstanding amount of all Obligations. 

        (c)   All
payments required to be made hereunder shall be made (i) if to the Bank Creditors, to the Administrative Agent under the Credit Agreement for the account of
the Bank Creditors, (ii) if to the Interest Rate Protection Creditors, to the representative for the Interest Rate Protection Creditors or, in the absence of such a representative, directly to
the Interest Rate Protection Creditors, (iii) if to the Existing Senior Debt Creditors, to the respective Existing Senior Debt trustee for the account of the Existing Senior Debt Creditors or
in the absence of such a trustee, directly to the Existing Senior Debt Creditors and (iv) if to the Additional Senior Debt Creditors, to the representative for such Additional Senior Debt
Creditors or, in the absence of such a representative, directly to the Additional Senior Debt Creditors. 

        (d)   For
purposes of applying payments received in accordance with this Section 9, the Pledgee shall be entitled to rely upon (i) the Administrative Agent under
the Credit Agreement in respect of Credit Agreement Obligations, (ii) the representative for the Interest Rate Protection Creditors or, in the absence of such a representative, upon the
Interest Rate Protection Creditors, in respect of Interest Rate Protection Obligations, (iii) the respective Existing Senior Debt trustee in respect of the Existing Senior Debt Obligations, or
in the absence of such a trustee, upon the Existing Senior Debt Creditors, in respect of the Existing Senior Debt Obligations, and (iv) any 

6

 

representative
for the Additional Senior Debt Creditors or, in the absence of such a representative, upon the Additional Senior Debt Creditors, in respect of Additional Senior Debt Obligations; in
each case for a determination (which the Administrative Agent, each Bank Creditor, the representative for any Interest Rate Protection Creditor (if there is such a representative), each Interest Rate
Protection Creditor, the respective Existing Senior Debt trustee (if there is such a trustee), each Existing Senior Debt Creditor, the representative for any Additional Senior Debt Creditor (if there
is such a representative) and each Additional Senior Debt Creditor agree (or shall agree) to provide upon request of the Pledgee) as to the outstanding obligations owed to the Bank Creditors, the
Interest Rate Protection Creditors, the Existing Senior Debt Creditors or the Additional Senior Debt Creditors, as the case may be. Unless it has actual knowledge (including by way of written notice
from a Secured Creditor) to the contrary, the Administrative Agent under the Credit Agreement, the respective Existing Senior Debt trustee (if any) under the Existing Senior Debt Documents and the
representative (if any) for any Additional Senior Debt Creditors in furnishing information pursuant to the preceding sentence, and the Pledgee in acting hereunder, shall be entitled to assume that (x)
no Credit Agreement Obligations, Existing Senior Debt Obligations or Additional Senior Debt Obligations, as the case may be, other than principal, interest and regularly accruing fees are owing to any
Bank Creditor, Existing Senior Debt Creditor or Additional Senior Debt Creditor and (y) no Interest Rate Protection Agreement, or Interest Rate Protection Obligations in respect thereof, are in
existence. 

        (e)   It
is understood and agreed that the Pledgor shall remain liable to the extent of any deficiency between the amount of the proceeds of the Collateral hereunder and the
aggregate amount of the sums referred to in clauses (i) and (ii) of Section 9(a). 

        10.    PURCHASERS OF COLLATERAL.    Upon any sale of the Collateral by the Pledgee hereunder (whether by virtue of the
power of sale herein granted, pursuant to judicial process or otherwise), the receipt of the Pledgee or the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of
the Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Pledgee or such officer or be answerable in
any way for the misapplication or nonapplication thereof. 

        11.    INDEMNITY.    The Pledgor agrees (a) to indemnify and hold harmless the Pledgee from and against any and
all claims, demands, losses, judgments and liabilities (including liabilities for penalties) of whatsoever kind or nature, and (b) to reimburse the Pledgee for all reasonable costs and
expenses, including reasonable attorneys' fees, growing out of or resulting from this Agreement or the exercise by the Pledgee of any right or remedy granted to it hereunder or under any other Secured
Debt Agreement except, with respect to clauses (a) and (b) above, for those arising from the Pledgee's gross
negligence or willful misconduct. In no event shall the Pledgee be liable, in the absence of gross negligence or willful misconduct on its part, for any matter or thing in connection with this
Agreement other than to account for moneys actually received by it in accordance with the terms hereof. If and to the extent that the obligations of the Pledgor under this Section 11 are
unenforceable for any reason, the Pledgor hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under applicable law. 

        12.    FURTHER ASSURANCES.    (a) The Pledgor agrees that it will join with the Pledgee in executing and, at
the Pledgor's own expense, file and refile under the UCC such financing statements, continuation statements and other documents in such offices as the Pledgee may deem necessary or appropriate and
wherever required or permitted by law in order to perfect and preserve the Pledgee's security interest in the Collateral and hereby authorizes the Pledgee to file financing statements and amendments
thereto relative to all or any part of the Collateral without the signature of the Pledgor where permitted by law, and agrees to do such further acts and things 

7

 

and
to execute and deliver to the Pledgee such additional conveyances, assignments, agreements and instruments as the Pledgee may reasonably require or deem advisable to carry into effect the purposes
of this Agreement or to further assure and confirm unto the Pledgee its rights, powers and remedies hereunder. 

        (b)   The
chief executive office of the Pledgor is located at the address set forth on Annex C hereto. The Pledgor shall not move its chief executive office unless
(i) it shall have given to the Pledgee not less than 30 days' prior written notice of its intention so to do, clearly describing such new location and providing such other information in
connection therewith as the Pledgee may reasonably request and (ii) with respect to such new location, it shall have taken all action, reasonably satisfactory to the Pledgee, to maintain the
security interest of the Pledgee in the Collateral intended to be granted hereby at all times fully perfected and in full force and effect. 

        (c)   As
of the date hereof, the Pledgor does not have or operate in any jurisdiction under any name except its legal name. The Pledgor shall not change its legal name or
assume or operate in any jurisdiction under any trade, fictitious or other name unless (i) it shall have given to the Pledgee not less than 30 days' prior written notice of its intention so to
do, clearly describing such new name and the jurisdictions in which such new name shall be used and providing such other information in connection therewith as the Pledgee may reasonably request and
(ii) with respect to such new name, it shall have taken all action, reasonably satisfactory to the Pledgee, to maintain the security interest of the Pledgee in the Collateral intended to be
granted hereby at all times fully perfected and in full force and effect. 

        13.    THE PLEDGEE AS AGENT.    The Pledgee will hold in accordance with this Agreement all items of the Collateral at
any time received under this Agreement. It is expressly understood and agreed that the obligations of the Pledgee as holder of the Collateral and interests therein and with respect to the disposition
thereof, and otherwise under this Agreement, are only those expressly set forth in this
Agreement. The Pledgee shall act hereunder on the terms and conditions set forth herein and in ANNEX E hereto. 

        14.    TRANSFER BY PLEDGOR.    Except for sales of Collateral permitted (i) prior to the date all Credit
Agreement Obligations have been paid in full and all commitments under the Credit Agreement terminated, pursuant to the Credit Agreement, and (ii) thereafter, pursuant to the other Secured Debt
Agreements, the Pledgor will not sell or otherwise dispose of, grant any option with respect to, or mortgage, pledge or otherwise encumber any of the Collateral or any interest therein (except in
accordance with the terms of this Agreement). 

        15.    REPRESENTATIONS, WARRANTIES AND COVENANTS OF PLEDGOR.    The Pledgor represents, warrants and covenants that
(a) it is the legal, record and beneficial owner of, and has good and marketable title to, all Stock pledged by it hereunder, subject to no pledge, lien, mortgage, hypothecation, security
interest, charge, option or other encumbrance whatsoever, except the liens and security interests created by this Agreement and except liens permitted pursuant to subsections (a) and
(b) of Section 8.03 of the Credit Agreement; (b) it has full power, authority and legal right to pledge all the Stock pledged by it pursuant to this Agreement; (c) this
Agreement has been duly authorized, executed and delivered by the Pledgor and constitutes a legal, valid and binding obligation of the Pledgor enforceable in accordance with its terms, except to the
extent that the enforceability hereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws generally affecting creditors' rights and by equitable principles
(regardless of whether enforcement is sought in equity or at law); (d) no consent of any other party (including, without limitation, any stockholder or creditor of the Pledgor or any of its
Subsidiaries) and no consent, license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority is required to
be obtained by the Pledgor in connection with the execution, delivery or performance of this 

8

 

Agreement,
except those which have been obtained or made or as may be required by laws affecting the offering and sale of securities generally in connection with the exercise by the Pledgee of its
remedies hereunder; (e) the execution, delivery and performance of this Agreement does not violate any provision of any applicable law or regulation or of any order, judgment, writ, award or
decree of any court, arbitrator or governmental authority, domestic or foreign, or of the certificate of incorporation or by-laws of the Pledgor or of any securities issued by the Pledgor or any of
its Subsidiaries or of any mortgage, indenture, lease, deed of trust, loan agreement, credit agreement or other material agreement, instrument or undertaking to which the Pledgor or any of its
Subsidiaries is a party or which purports to be binding upon the Pledgor or any of its subsidiaries or upon any of their respective assets and will not result in the creation or imposition of any lien
or encumbrance on any of the assets of the Pledgor or any of its Subsidiaries except as contemplated by this Agreement; (f) all the shares of Stock have been duly and validly issued, are fully
paid and nonassessable; and (g) the pledge and assignment of the Stock pursuant to this Agreement, together with the delivery of the Stock pursuant to this Agreement and any relevant filings or
recordings (which delivery, filings and recordings have been made or obtained), creates a valid and perfected first security interest in such Stock and the proceeds thereof, subject to no prior lien
or encumbrance or to any agreement purporting to grant to any third party a lien or encumbrance on the property or assets of the Pledgor which would include the Stock. The Pledgor covenants and agrees
that it will defend the Pledgee's right, title and security interest in and to the Stock and the proceeds thereof against the claims and demands of all persons whomsoever; and the Pledgor covenants
and agrees that it will have like title to and right to pledge any other property at any time hereafter pledged to the Pledgee as Collateral hereunder and will likewise defend the right thereto and
security interest therein of the Pledgee and the Secured Creditors. 

        16.    PLEDGOR'S OBLIGATIONS ABSOLUTE, ETC.    The obligations of the Pledgor under this Agreement shall be absolute
and unconditional and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence
whatsoever, including, without limitation: (a) any renewal, extension, amendment or modification of or addition or supplement to or deletion from any Secured Debt Agreement or any other
instrument or agreement referred to therein, or any assignment or transfer of any thereof; (b) any waiver, consent, extension, indulgence or other action or inaction under or in respect of any
such agreement or instrument or this Agreement; (c) any furnishing of any additional
security to the Pledgee or its assignee or any acceptance thereof or any release of any security by the Pledgee or its assignee; (d) any limitation on any party's liability or obligations under
any such instrument or agreement or any invalidity or unenforceability, in whole or in part, of any such instrument or agreement or any term thereof; or (e) any bankruptcy, insolvency,
reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to the Pledgor or any Subsidiary of the Pledgor, or any action taken with respect to this Agreement
by any trustee or receiver, or by any court, in any such proceeding, whether or not such Pledgor shall have notice or knowledge of any of the foregoing. 

        17.    REGISTRATION, ETC.    (a) If a Noticed Event of Default shall have occurred and be continuing and the
Pledgor shall have received from the Pledgee a written request or requests that the Pledgor cause any registration, qualification or compliance under any Federal or state securities law or laws to be
effected with respect to all or any part of the Pledged Stock, the Pledgor as soon as practicable and at its expense will use its best efforts to cause such registration to be effected (and be kept
effective) and will use its best efforts to cause such qualification and compliance to be effected (and be kept effective) as may be so requested and as would permit or facilitate the sale and
distribution of such Pledged Stock, including, without limitation, registration under the Securities Act of 1933 as then in effect (or any similar statute then in effect), appropriate qualifications
under applicable blue sky or other state securities laws and appropriate compliance with any other government requirements; PROVIDED that the Pledgee shall furnish 

9

 

to
the Pledgor such information regarding the Pledgee as the Pledgor may request in writing and as shall be required in connection with any such registration, qualification or compliance. The Pledgor
will cause the Pledgee to be kept reasonably advised in writing as to the progress of each such registration, qualification or compliance and as to the completion thereof, will furnish to the Pledgee
such number of prospectuses, offering circulars or other documents incident thereto as the Pledgee from time to time may reasonably request, and will indemnify the Pledgee and all others participating
in the distribution of the Pledged Stock against all claims, losses, damages and liabilities caused by any untrue statement (or alleged untrue statement) of a material fact contained therein (or in
any related registration statement, notification or the like) or by any omission (or alleged omission) to state therein (or in any related registration statement, notification or the like) a material
fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same may have been caused by an untrue statement or omission based upon information
furnished in writing to the Pledgor by the Pledgee expressly for use therein. 

        (b)   If
at any time when the Pledgee shall determine to exercise its right to sell all or any part of the Pledged Stock pursuant to Section 7, such Pledged Stock or
the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under the Securities Act of 1933, as then in effect, the Pledgee may, in its sole and absolute discretion,
sell such Pledged Stock or part thereof by private sale in such manner and under such circumstances as the Pledgee may deem necessary or advisable in order that such sale may legally be effected
without such registration; PROVIDED that at least 10 days' notice of the time and place of any such sale shall be given to the Pledgor. Without limiting the generality of the foregoing, in any such
event the Pledgee, in its sole and absolute discretion (i) may proceed to make such private sale notwithstanding that a registration statement for the purpose of registering such Pledged Stock
or part thereof shall have been filed under such Securities Act, (ii) may approach and negotiate with a single possible purchaser to effect such sale, and (iii) may restrict such
sale to a purchaser who will represent and agree that such purchaser is purchasing for its own account, for investment, and not with a view to the distribution or sale of such Pledged Stock or part
thereof. In the event of any such sale, the Pledgee shall incur no responsibility or liability for selling all or any part of the Pledged Stock at a price which the Pledgee, in its sole and absolute
discretion, may in good faith deem reasonable under the circumstances, notwithstanding the possibility that a substantially higher price might be realized if the sale were deferred until after
registration as aforesaid. 

        18.    TERMINATION, RELEASE.    (a) It is expressly acknowledged and agreed that the Collateral may be sold by
the Pledgor from time to time (x) until the Credit Agreement Termination Date, to the extent permitted by the Credit Agreement, and (y) thereafter, to the extent permitted by the other Secured Debt
Agreements. Upon any sale of the type described in the immediately preceding sentence, the Pledgee shall, at the request and expense of the Pledgor, release the Collateral being sold and execute and
deliver to the Pledgor a proper instrument or instruments acknowledging the release of such Collateral from this Agreement, and will duly assign, transfer and deliver to the Pledgor (without recourse
and without any representation or warranty) the Collateral being sold as described above. 

        (b)   The
Pledgee shall, at the request and expense of the Pledgor, release (without recourse and without any representation or warranty) any or all of the Collateral and
deliver an appropriate instrument acknowledging such release, PROVIDED that such release has been approved in writing by the Required Secured Creditors (as defined in Section 4 of ANNEX E
hereto). 

        (c)   After
the Termination Date (as hereinafter defined), this Agreement shall terminate (PROVIDED that all indemnities set forth herein including, without limitation, in
Section 11 hereof shall survive any such termination) and the Pledgee, at the request and expense of the Pledgor, will execute and deliver to the Pledgor a proper instrument or instruments
acknowledging 

10

 

the
satisfaction and termination of this Agreement as provided above, and will duly assign, transfer and deliver to the Pledgor (without recourse and without any representation or warranty) such of
the Collateral as may be in the possession of the Pledgee and as has not theretofore been sold or otherwise applied or released pursuant to this Agreement, together with any moneys at the time held by
the Pledgee hereunder. As used in this Agreement, "Termination Date" shall mean either (x) the date upon which the Total Commitment and all Interest Rate Protection Agreements are terminated, when no
Letter of Credit is outstanding and when all Obligations (other than the Existing Senior Debt Obligations and the Additional Senior Debt Obligations) have been paid in full or (y) to the extent
written notice from the Pledgor of such extension shall have been delivered to the Pledgee prior to the date described in clause (x) above, such later date as may be specified in such written notice;
PROVIDED that in no event shall the Termination Date occur pursuant to this clause (y) prior to the date when all obligations of the type described in clauses (v) and (vi) of
Section 1 of this Agreement shall have been paid in full. 

        (d)   At
any time that the Pledgor desires that Collateral be released as provided in the foregoing Section 18(a), (b) or (c), it shall deliver to the Pledgee a
certificate signed by its chief financial officer
stating that the release of the respective Collateral is permitted pursuant to Section 18 (a), (b) or (c). The Pledgee shall have no liability whatsoever to any Secured Creditor as the
result of any release of Collateral by it as permitted by this Section 18. 

        19.    NOTICES, ETC.    All notices and other communications hereunder shall be in writing and shall be delivered or
mailed by first class mail, postage prepaid, addressed: 

        (a)   if
to the Pledgor, at: 

745
Fifth Avenue

New York, NY 10151

Attention: Beverly Chell, Esq.

Telephone: (212) 745-0101

Telecopier: (212) 745-0199 

        (b)   if
to the Pledgee, at: 

The
Chase Manhattan Bank

270 Park Avenue

New York, New York 10017

Attention:

Telephone: (212)

Telecopier: (212) 

        (c)   if
to any Bank (other than the Pledgee), at such address as such Bank shall have specified in the Credit Agreement; 

        (d)   if
to any Interest Rate Protection Creditor, at such address as such Interest Rate Protection Creditor shall have specified in writing to the Pledgor and the Pledgee; 

        (e)   if
to any Existing Senior Debt Creditor, at such address as such Existing Senior Debt Creditor shall have specified in a writing to the Pledgor and the Pledgee or to the
respective Existing Senior Debt trustee, if any; and 

        (f)    if
to any Additional Senior Debt Creditor or any representative of any Additional Senior Debt Creditors, at such address as such Additional Senior Debt Creditor or
representative shall have specified in writing to the Pledgor and the Pledgee or to the respective representative; 

11

 

or
at such other address as shall have been furnished in writing by any Person described above to the party required to give notice hereunder. 

        20.    WAIVER; AMENDMENT.    None of the terms and conditions of this Agreement may be changed, waived, modified or
varied in any manner whatsoever unless in writing duly signed by the Pledgor and the Pledgee with the written consent of the Required Secured Creditors (as hereinafter defined in Section 4 of
ANNEX E attached hereto); PROVIDED that no such change, waiver, modification or variance shall be made to Section 9 hereof or this Section 20 without the consent of each Secured Creditor
adversely affected thereby; and PROVIDED FURTHER that any change, waiver, modification or variance affecting the rights and benefits of a single class of Secured Creditors (and not all Secured
Creditors in a like or similar manner) shall require the written consent of the Requisite Creditors of such Class. For the purpose of this Agreement, the term "Class" shall mean each class of Secured
creditors, I.E., whether (i) the Bank Creditors as holders of the Credit Agreement Obligations, (ii) the Interest Protection Creditors as holders of the Interest Rate Protection
obligations, (iii) the Existing Senior Debt Creditors as holders of any series of the Existing Senior Debt obligations and (iv) the respective Additional Senior Debt Creditors as holders
of any series of the Additional Senior Debt obligations. For the purpose of this Agreement, the term "Requisite Creditors" of any Class shall mean each of (i) with respect to the Credit
Agreement obligations, the Required Banks, (ii) with respect to the Interest Rate Protection Obligations, the holders of at least a majority of all obligations outstanding from time to time
under the Interest Rate Protection Agreements, (iii) with respect to the Existing Senior Debt Obligations, the holders of at least a majority of the aggregate outstanding principal amount of
Existing Senior Debt Obligations of such series and (iv) with respect to any series of Additional Senior Debt Obligations, the holders of at least a majority of the aggregate outstanding
principal amount of Additional Senior Debt Obligations of such series. 

        21.    MISCELLANEOUS.    This Agreement shall be binding upon the successors and assigns of each Pledgor and shall
inure to the benefit of and be enforceable by the Pledgee and its successors and assigns. THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW
YORK. The headings in this Agreement are for purposes of reference only and shall not limit or define the meaning hereof. This Agreement may be executed in any number of counterparts, each of which
shall be an original, but all of which shall constitute one instrument. In the event that any provision of this Agreement shall prove to be invalid or unenforceable, such provision shall be deemed to
be severable from the other provisions of this Agreement which shall remain binding on all parties hereto. 

        22.    SECURED CREDITOR ACKNOWLEDGMENT.    By accepting the benefits of this Agreement, each Secured Creditor
acknowledges and agrees that the rights and obligations of the Pledgee shall be as set forth in this Agreement and in ANNEX E hereto. 

*
* * * * 

12

 

        IN
WITNESS WHEREOF, the Pledgor and the Pledgee have caused this Agreement to be executed by their duly elected officers duly authorized as of the date first above written. 

	 	 	PRIMEDIA INC., as Pledgor
	

 	
 	

By	
 	

    
 Title:
	

 	
 	

THE CHASE MANHATTAN BANK, as Pledgee
	

 	
 	

By	
 	

    
 Title:

13

 
 
 

THE PLEDGEE    
    

        1.    APPOINTMENT.    The Secured Creditors (all capitalized terms used herein and not otherwise defined shall have
the respective meanings provided in the Pledge Agreement to which this ANNEX E is attached (the "Pledge Agreement")), by their acceptance of the benefits of the Pledge Agreement, hereby irrevocably
designate The Chase Manhattan Bank, as Pledgee, to act as specified herein and in the Pledge Agreement. Each Secured Creditor hereby irrevocably authorizes the Pledgee to take such action on its
behalf under the provisions of the Pledge Agreement and any other instruments and agreements referred to herein or therein and to exercise such powers and to perform such duties hereunder and
thereunder as are specifically delegated to or required of the Pledgee by the terms hereof and thereof and such other powers as are reasonably incidental thereto. The Pledgee may perform any of its
duties hereunder by or through its agents or employees. 

        2.    NATURE OF DUTIES.    The Pledgee shall have no duties or responsibilities except those expressly set forth in
the Pledge Agreement. Neither the Pledgee nor any of its officers, directors, employees or agents shall be liable for any action taken or omitted by it as such under the Pledge Agreement or hereunder
or in connection herewith or therewith, unless caused by its or their gross negligence or willful misconduct. The duties of the Pledgee shall be mechanical and administrative in nature; the Pledgee
shall not have by reason of the Pledge Agreement or any other Secured Debt Agreement a fiduciary relationship in respect of any Secured Creditor; and nothing in the Pledge Agreement, expressed or
implied, is intended to or shall be so construed as to impose upon the Pledgee any obligations in respect of the Pledge Agreement except as expressly set forth herein. 

        3.    LACK OF RELIANCE ON THE PLEDGEE.    Independently and without reliance upon the Pledgee, each Secured Creditor,
to the extent it deems appropriate, has made and shall continue to make (i) its own independent investigation of the financial condition and affairs of the Pledgor and its Subsidiaries in
connection with the making and the continuance of the Obligations and the taking or not taking of any action in connection therewith, and (ii) its own appraisal of the creditworthiness of the
Pledgor and its subsidiaries, and the Pledgee shall have no duty or responsibility, either initially or on a continuing basis, to provide any Secured Creditor with any credit or other information with
respect thereto, whether coming into its possession before the extension of any Obligations or at any time or times thereafter. The Pledgee shall not be responsible to any Secured Creditor for any
recitals, statements, information, representations or warranties herein or in any document, certificate or other writing delivered in connection herewith or for the execution, effectiveness,
genuineness, validity, enforceability, perfection (except as set forth above in Section 2 of this ANNEX E), collectibility, priority or sufficiency of the Pledge Agreement or the financial
condition of the Pledgor or any Subsidiary of the Pledgor or be required to make any inquiry concerning either the performance or observance of any of the terms,
provisions or conditions of the Pledge Agreement, or the financial condition of the Pledgor or any Subsidiary of the Pledgor, or the existence or possible existence of any default or Event of Default
under any Secured Debt Agreement. 

        4.    CERTAIN RIGHTS OF THE PLEDGEE.    No Secured Creditor shall have the right to cause the Pledgee to take any
action with respect to the Collateral, with only the Required Secured Creditors (as hereinafter defined) having the right to direct the Pledgee to take any such action. If the Pledgee shall request
instructions from the Required Secured Creditors with respect to any act or action (including failure to act) in connection with the Pledge Agreement, the Pledgee shall be entitled to refrain from
such act or taking such action unless and until it shall have received instructions from the Required Secured Creditors, and to the extent requested, appropriate indemnification in respect of actions
to be taken; and the Pledgee shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Secured Creditor shall have any right of action whatsoever against
the Pledgee as a result of the Pledgee acting or refraining from acting (x) hereunder in accordance with the instructions of the Required Secured Creditors or (y) under any other Secured Debt
Agreement as provided for therein. As used herein, the term "Required Secured Creditors" shall mean (i) prior to 

14

 

the
Credit Agreement Termination Date, the Required Banks (or all the Banks if required by Section 12.12 of the Credit Agreement), and (ii) thereafter, (x) to the extent that any Obligations
(other than Public Obligations) shall remain outstanding, the holders of at least a majority of the aggregate principal amount of such Obligations and (y) to the extent that only Public Obligations
remain outstanding, the holders of at least a majority of the aggregate principal amount of such Public Obligations. 

        5.    RELIANCE.    The Pledgee shall be entitled to rely, and shall be fully protected in relying, upon any note,
writing, resolution, notice, statement, certificate, telex, teletype or facsimile message, cablegram, radiogram, order or other document or telephone message signed, sent or made by the proper Person
or entity, and, with respect to all legal matters pertaining to the Pledge Agreement and its duties thereunder, upon advice of counsel selected by it. 

        6.    INDEMNIFICATION.    To the extent the Pledgee is not reimbursed and indemnified by the Pledgor and/or its
Subsidiaries, the Secured Creditors will reimburse and indemnify the Pledgee, in proportion to their respective principal amounts of Obligations, for and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against the Pledgee in
performing its duties hereunder or under the Pledge Agreement, or in any way relating to or arising out of the Pledge Agreement except for those resulting solely from the Pledgee's own gross
negligence or willful misconduct. 

        7.    THE PLEDGEE IN ITS INDIVIDUAL CAPACITY.    With respect to its obligations as a lender under the Credit
Agreement and any other credit facilities to which the Pledgee is a party, and to act as agent under one or more of such credit facilities, the Pledgee shall have the rights and powers specified
therein and herein for a "Bank", or the "Administrative Agent", and may exercise the same rights and powers as though it were not performing the duties specified herein; and the terms "Banks", or any
similar terms shall, unless the context clearly otherwise indicates, include the Pledgee in its individual capacity. The Pledgee may accept deposits from, lend money to, and generally engage in any
kind of banking, trust or other business with the Pledgor or any affiliate or Subsidiary of the Pledgor as if it were not performing the duties specified herein, and may accept fees and other
consideration from the Pledgor for services in connection with the Credit Agreement, the other Secured Debt Agreements and otherwise without having to account for the same to the Secured Creditors. 

        8.    RESIGNATION BY THE PLEDGEE.    (a) The Pledgee may resign from the performance of all its functions and
duties under the Pledge Agreement at any time by giving 20 Business Days' prior written notice (as provided in the Pledge Agreement) to the Pledgor and the Secured Creditors. Such resignation shall
take effect upon the appointment of a successor Pledgee pursuant to clauses (b) and (c) below. 

        (b)   Upon
any such notice of resignation, the Required Secured Creditors shall appoint a successor Pledgee hereunder who shall be a commercial bank organized under the laws
of the United States of America or any State thereof and having combined capital and surplus of at least $500,000,000. 

        (c)   If
a successor Pledgee shall not have been so appointed within said 20 Business Day period, the Pledgor shall then appoint a successor Pledgee who shall serve as Pledgee
hereunder or thereunder until such time, if any, as the Required Secured Creditors appoint a successor Pledgee as provided above. 

15

 
EXECUTION
COPY 

 
 

SUBSIDIARY GUARANTY    
    

        GUARANTY, dated as of June 20, 2001, made by the undersigned (each a "Guarantor" and together with any other entity that becomes a party hereto pursuant to
Section 26 hereof, the "Guarantors"). Except as otherwise defined herein, terms used herein and defined in the Credit Agreement (as hereinafter defined) shall be used herein as therein defined. 

 
 

W I T N E S S E T H :    
    

        WHEREAS, PRIMEDIA Inc. (the "Borrower"), various financial institutions (the "Banks"), Bank of America, N.A., as Syndication Agent, The Bank of New York and The
Bank of Nova Scotia, as Co-Documentation Agents, and The Chase Manhattan Bank, as Administrative Agent (the "Administrative Agent"), have entered into a Credit Agreement, dated as of June 20,
2001 (as amended, modified or supplemented from time to time, the "Credit Agreement"), providing for the making of Loans and the issuance of, and participation in, Letters of Credit as contemplated
therein (the Banks, the Letter of Credit Issuer, the Syndication Agent, the Co-Documentation Agents and the Administrative Agent herein called the "Bank Creditors"); 

        WHEREAS,
on the date hereof the Borrower is a party to certain Interest Rate Protection Agreements with one or more Banks and/or an affiliate of one or more Banks and in the future the
Borrower may enter into one or more additional Interest Rate Protection Agreements with one or more Banks and/or an affiliate of one or more Banks (any such Bank or affiliate of a Bank party to any
such Interest Rate Protection Agreement (even if the respective Bank subsequently ceases to be a Bank under the Credit Agreement for any reason) and their subsequent assigns, if any, herein called an
"Interest Rate Protection Creditor", and all Interest Rate Protection Creditors, together with the Bank Creditors, collectively herein called the "Creditors"); 

        WHEREAS,
the Borrower owns, directly or indirectly, 100% of the capital stock of each Guarantor; 

        WHEREAS,
it is a condition precedent to the occurrence of the Initial Borrowing Date under the Credit Agreement and to the making of Loans and the issuance of, and participation in,
Letters of Credit under the Credit Agreement that each Guarantor shall have executed and delivered this Guaranty; and 

        WHEREAS,
each Guarantor will obtain benefits from the occurrence of the Initial Borrowing Date and the incurrence of Loans by the Borrower and the issuance of Letters of Credit for the
account of the Borrower under the Credit Agreement and, accordingly, desires to execute this Guaranty in order to satisfy the conditions described in the preceding paragraph and to induce the Banks to
make Loans to the Borrower and the Letter of Credit Issuer to issue Letters of Credit for the account of the Borrower; 

        NOW,
THEREFORE, in consideration of the foregoing and other benefits accruing to each Guarantor, the receipt and sufficiency of which are hereby acknowledged, each Guarantor hereby makes
the following representations and warranties to the Creditors and hereby covenants and agrees with each Creditor as follows: 

        1.     Each
Guarantor, jointly and severally, irrevocably and unconditionally, guarantees (i) to the Bank Creditors the full and prompt payment when due (whether at the
stated maturity, by acceleration or otherwise) of (x) the principal of and interest on the Loans made to (and to the extent issued, the Notes issued by) the Borrower under the Credit Agreement, and
all reimbursement obligations and Unpaid Drawings with respect to the Letters of Credit issued under the Credit Agreement and (y) all other obligations (including obligations which, but for the 

16

 

automatic
stay under Section 362(a) of the Bankruptcy Code, would become due) and liabilities owing by the Borrower to the Bank Creditors under the Credit Agreement (including, without
limitation, indemnities, Fees and interest thereon) now existing or hereafter incurred under, arising out of or in connection with the Credit Agreement or any other Credit Document and the due
performance and compliance with the terms of the Credit Documents by the Borrower (all such principal, interest, liabilities and obligations being herein collectively called the "Credit Agreement
Obligations") and (ii) to each Interest Rate Protection Creditor the full and prompt payment when due (whether at the stated maturity, by acceleration or otherwise) of all obligations
(including obligations which, but for the automatic stay under Section 362(a) of the Bankruptcy Code, would become due) and liabilities owing by the Borrower under any Interest Rate
Protection Agreements, whether now in existence or hereafter arising, and the due performance and compliance by the Borrower with all terms, conditions and agreements contained therein (all such
obligations and liabilities being herein collectively called the "Interest Rate Protection Obligations", and together with the Credit Agreement Obligations, collectively, the "Guaranteed
Obligations"). Each Guarantor understands, agrees and confirms that the Creditors may enforce this Guaranty up to the full amount of the Guaranteed Obligations against each Guarantor without
proceeding against any other Guarantor or the Borrower, against any security for the Guaranteed Obligations, or under any other guaranty covering all or a portion of the Guaranteed Obligations. All
payments by each Guarantor under this Guaranty shall be made on the same basis as payments by the Borrower under Sections 4.03 and 4.04 of the Credit Agreement. 

        2.     Additionally,
each Guarantor, jointly and severally, unconditionally and irrevocably, guarantees the payment of any and all Guaranteed Obligations of the Borrower to the
Creditors whether or not due or payable by the Borrower upon the occurrence in respect of the Borrower of any of the events specified in Section 9.05 of the Credit Agreement, and
unconditionally and irrevocably, jointly and severally, promises to pay such Guaranteed Obligations to the Creditors, or order, on demand, in lawful money of the United States. 

        3.     The
liability of each Guarantor hereunder is exclusive and independent of any security for or other guaranty of the indebtedness of the Borrower whether executed by such
Guarantor, any other Guarantor, any other guarantor or by any other party, and the liability of each Guarantor hereunder shall not be affected or impaired by (a) any direction as to application
of payment by the Borrower or by any other party, (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the indebtedness of the
Borrower, (c) any payment on or in reduction of any such other guaranty or undertaking, (d) any dissolution, termination or increase, decrease or change in personnel by the Borrower or
(e) any payment made to any Creditor on the indebtedness which any Creditor repays the Borrower pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other
debtor relief proceeding, and each Guarantor waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding. 

        4.     The
obligations of each Guarantor hereunder are independent of the obligations of any other Guarantor, any other guarantor or the Borrower, and a separate action or
actions may be brought and prosecuted against each Guarantor whether or not action is brought against any other Guarantor, any other guarantor or the Borrower and whether or not any other Guarantor,
any other guarantor or the Borrower be joined in any such action or actions. Each Guarantor waives, to the fullest extent permitted by law, the benefit of any statute of limitations affecting its
liability hereunder or the enforcement thereof. Any payment by the Borrower or other circumstance which operates to toll any statute of limitations as to the Borrower shall operate to toll the statute
of limitations as to each Guarantor. 

        5.     Each
Guarantor hereby waives notice of acceptance of this Guaranty and notice of any liability to which it may apply, and waives promptness, diligence, presentment,
demand of payment, 

17

 

protest,
notice of dishonor or nonpayment of any such liabilities, suit or taking of other action by the Administrative Agent or any other Creditor against, and any other notice to, any party liable
thereon (including such Guarantor or any other guarantor). 

        6.     Any
Creditor may at any time and from time to time without the consent of, or notice to, any Guarantor, without incurring responsibility to such Guarantor, without
impairing or releasing the obligations of such Guarantor hereunder, upon or without any terms or conditions and in whole or in part: 

        (a)   change
the manner, place or terms of payment of, and/or change or extend the time of payment of, renew or alter, any of the Guaranteed Obligations, any security
therefor, or any liability incurred directly or indirectly in respect thereof, and the guaranty herein made shall apply to the Guaranteed Obligations as so changed, extended, renewed or altered; 

        (b)   sell,
exchange, release, surrender, realize upon or otherwise deal with in any manner and in any order any property by whomsoever at any time pledged or mortgaged to
secure, or howsoever securing, the Guaranteed Obligations or any liabilities (including any of those hereunder) incurred directly or indirectly in respect thereof or hereof, and/or any offset
thereagainst; 

        (c)   exercise
or refrain from exercising any rights against the Borrower or others or otherwise act or refrain from acting; 

        (d)   settle
or compromise any of the Guaranteed Obligations, any security therefor or any liability (including any of those hereunder) incurred directly or indirectly in
respect thereof or hereof, and may subordinate the payment of all or any part thereof to the payment of any liability (whether due or not) of the Borrower to creditors of the Borrower; 

        (e)   apply
any sums by whomsoever paid or howsoever realized to any liability or liabilities of the Borrower to the Creditors regardless of what liabilities of such Borrower
remain unpaid; 

        (f)    consent
to or waive any breach of, or any act, omission or default under, any of the Interest Rate Protection Agreements, the Credit Documents or any of the instruments
or agreements referred to therein, or otherwise amend, modify or supplement any of the Interest Rate Protection Agreements, the Credit Documents or any of such other instruments or agreements; and/or 

        (g)   act
or fail to act in any manner referred to in this Guaranty which may deprive such Guarantor of its right to subrogation against the Borrower to recover full indemnity
for any payments made pursuant to this Guaranty. 

        7.     No
invalidity, irregularity or unenforceability of all or any part of the Guaranteed Obligations or of any security therefor shall affect, impair or be a defense to this
Guaranty, and this Guaranty shall be primary, absolute and unconditional notwithstanding the occurrence of any event or the existence of any other circumstances which might constitute a legal or
equitable discharge of a surety or guarantor except payment in full of the Guaranteed Obligations. 

        8.     This
Guaranty is a continuing one and all liabilities to which it applies or may apply under the terms hereof shall be conclusively presumed to have been created in
reliance hereon. No failure or delay on the part of any Creditor in exercising any right, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of
any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein expressly specified are
cumulative and not exclusive of any rights or remedies which any Creditor would otherwise have. No notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other further
notice or 

18

 

demand
in similar or other circumstances or constitute a waiver of the rights of any Creditor to any other or further action in any circumstances without notice or demand. It is not necessary for any
Creditor to inquire into the capacity or powers of the Borrower or any of its Subsidiaries or the officers, directors, partners or agents acting or purporting to act on their behalf, and any
indebtedness made or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder. 

        9.     Any
indebtedness of the Borrower now or hereafter held by any Guarantor is hereby subordinated to the indebtedness of the Borrower to the Creditors; and such indebtedness
of the Borrower to any Guarantor, if the Administrative Agent, after an Event of Default has occurred, so requests, shall be collected, enforced and received by such Guarantor as trustee for the
Creditors and be paid over to the Creditors on account of the indebtedness of the Borrower to the Creditors, but without affecting or impairing in any manner the liability of such Guarantor under the
other provisions of this Guaranty. Prior to the transfer by any Guarantor of any note or negotiable instrument evidencing any indebtedness of the Borrower to such Guarantor, such Guarantor shall mark
such note or negotiable instrument with a legend that the same is subject to this subordination. Without limiting the generality of the foregoing, each Guarantor hereby agrees with the Creditors that
it will not exercise any right of subrogation which it may at any time otherwise have as a result of this Guaranty (whether contractual, under Section 509 of the Bankruptcy Code or otherwise)
until the Total Commitment has terminated, all Guaranteed Obligations have been irrevocably paid in full in cash and all Letters of Credit have terminated. 

        10.   (a) Each
Guarantor waives any right (except as shall be required by applicable statute and cannot be waived) to require the Creditors to (A) proceed against the
Borrower, any other Guarantor, any other guarantor or any other party, (B) proceed against or exhaust any security held from the Borrower, any other Guarantor, any other guarantor or any other
party or (C) pursue any other remedy in the Creditors' power whatsoever. Each Guarantor waives any defense based on or arising out of any defense of the Borrower, any other Guarantor, any other
guarantor or any other party other than payment in full of the Guaranteed Obligations, including without limitation any defense based on or arising out of the disability of the Borrower, any other
Guarantor, any other guarantor or any other party, or the unenforceability of the Guaranteed Obligations or any part thereof from any cause, or the cessation from any cause of the liability of the
Borrower other than payment in full of the Guaranteed Obligations. The Creditors may, at their election, foreclose on any security held by the Administrative Agent or the other Creditors by one or
more judicial or nonjudicial sales, whether or not every aspect of any such sale is commercially reasonable (to the extent such sale is permitted by applicable law), or exercise any other right or
remedy the Creditors may have against the Borrower or any other party, or any security, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the
Guaranteed Obligations have been paid in full. Each Guarantor waives any defense arising out of any such election by the Creditors, even though such election operates to impair or extinguish any right
of reimbursement or subrogation or other right or remedy of such Guarantor against the Borrower or any other party or any security. 

        (b)   Each
Guarantor waives all presentments, demands for performance, protests and notices, including without limitation notices of nonperformance, notices of protest,
notices of dishonor, notices of acceptance of this Guaranty, and notices of the existence, creation or incurring of new or additional indebtedness. Each Guarantor assumes all responsibility for being
and keeping itself informed of the Borrower's financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and
extent of the risks which such Guarantor assumes and incurs hereunder, and agrees that the Creditors shall have no duty to advise any Guarantor of information known to them regarding such
circumstances or risks. 

19

 

        11.   The
Creditors agree that this Guaranty may be enforced only by the action of the Administrative Agent acting upon the instructions of the Required Banks and that no
Creditor shall have any right individually to seek to enforce or to enforce this Guaranty, it being understood and agreed that such rights and remedies may be exercised by the Administrative Agent for
the benefit of the Creditors upon the terms of this Guaranty. The Creditors further agree that this Guaranty may not be enforced against any director, officer, employee or stockholder of any
Guarantor. 

        12.   In
order to induce the Banks to make Loans and the Letter of Credit Issuer to issue Letters of Credit pursuant to the Credit Agreement, and in order to induce the
Interest Rate Protection Creditors to execute, deliver and perform the Interest Rate Protection Agreements, each Guarantor represents, warrants and covenants that: 

        (a)   Such
Guarantor and each of its Restricted Subsidiaries (i) is a duly organized and validly existing corporation, partnership or limited liability company, as the
case may be, under the laws of the jurisdiction of its incorporation and has the corporate power and authority to own its property and assets and to transact the business in which it is engaged and
presently proposes to engage (ii) is in good standing under the laws of the jurisdiction of its organization and (iii) is duly qualified and is authorized to do business and is in good
standing in all jurisdictions where it is required to be so qualified, except, in the case of clauses (ii) and (iii) above, for such failures to be in good standing and failures to be so
qualified which, in the aggregate, would not have a material adverse effect on the condition (financial or otherwise), operations, assets, liabilities or prospects of the Borrower and its Restricted
Subsidiaries taken as a whole. 

        (b)   Such
Guarantor has the corporate, partnership or limited liability company, as the case may be, power and authority to execute, deliver and carry out the terms and
provisions of this Guaranty and has taken all necessary corporate action to authorize the execution, delivery and performance by it of this Guaranty. Such Guarantor has duly executed and delivered
this Guaranty, and this Guaranty constitutes the legal, valid and binding obligation of such Guarantor enforceable in accordance with its terms, except to the extent that the enforceability hereof may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws generally affecting creditors' rights and by equitable principles (regardless of whether enforcement is
sought in equity or at law). 

        (c)   Neither
the execution, delivery or performance by such Guarantor of this Guaranty, nor compliance by it with the terms and provisions hereof, (i) will contravene
in any material respect any applicable provision of any law, statute, rule or regulation or any order, writ, injunction or decree of any court or governmental instrumentality, (ii) will
conflict or be inconsistent with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the
obligation to create or impose) any Lien upon any of the property or assets of such Guarantor or any of its Subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, credit
agreement, loan agreement or other material agreement or instrument to which such Guarantor or any of its Subsidiaries is a party or by which it or any of its property or assets is bound or to which
it may be subject or (iii) will violate any provision of the Certificate of Incorporation or By-Laws or equivalent organizational document of such Guarantor or any of its Subsidiaries. 

        (d)   No
order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by, any governmental or public body or
authority, or any subdivision thereof, is required to authorize, or is required in connection with, (i) the 

20

 

execution,
delivery and performance of this Guaranty, or (ii) the legality, validity, binding effect or enforceability of this Guaranty, except those which have been obtained or made. 

        13.   Each
Guarantor covenants and agrees that on and after the date hereof and until the termination of the Total Commitment and all Interest Rate Protection Agreements and
when no Letter of Credit or Note remains outstanding and all Guaranteed Obligations have been paid in full, such Guarantor shall take, or will refrain from taking, as the case may be, all actions that
are necessary to be taken or not taken so that no violation of any provision, covenant or agreement contained in Section 7 or 8 of the Credit Agreement, and so that no Event of Default, is
caused by the actions of such Guarantor or any of its Subsidiaries. 

        14.   The
Guarantors hereby jointly and severally agree to pay all reasonable out-of-pocket costs and expenses (x) of each Creditor in connection with the enforcement of this
Guaranty and, after an Event of Default shall have occurred and be continuing, the protection of such Creditor's rights hereunder and (y) of the Administrative Agent in connection with any amendment,
waiver or consent relating hereto (including, without limitation, the reasonable fees and disbursements of counsel (including in-house counsel) employed by any of the Creditors or by the
Administrative Agent, as the case may be). 

        15.   This
Guaranty shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of the Creditors and their successors and assigns. 

        16.   Neither
this Guaranty nor any provision hereof may be changed, waived, discharged or terminated except with the written consent of the Required Banks (or to the extent
required by Section 12.12 of the Credit Agreement, with the written consent of each Bank) and each Guarantor affected thereby (it being understood that the addition or release of any Guarantor
hereunder shall not constitute a change, waiver, discharge or termination affecting any Guarantor other than the Guarantor so added or released). 

        17.   Each
Guarantor acknowledges that an executed (or conformed) copy of each of the Credit Documents has been made available to its principal executive officers and such
officers are familiar with the contents thereof. 

        18.   In
addition to any rights now or hereafter granted under applicable law (including, without limitation, Section 151 of the New York Debtor and Creditor Law) and
not by way of limitation of any such rights, upon the occurrence and during the continuance of an Event of Default (such term to mean and include any "Event of Default" as defined in the Credit
Agreement or any payment default under any Interest Rate Protection Agreement continuing after any applicable grace period), each Creditor is hereby authorized at any time or from time to time,
without notice to any Guarantor or to any other Person, any such notice being expressly waived, to set off and to appropriate and apply any and all deposits (general or special) and any other
indebtedness at any time held or owing by such Creditor to or for the credit or the account such Guarantor, against and on account of the obligations and liabilities of such Guarantor to such Creditor
under this Guaranty, irrespective of whether or not such Creditor shall have made any demand hereunder and although said obligations, liabilities, deposits or claims, or any of them, shall be
contingent or unmatured. 

        19.   All
notices, requests, demands or other communications pursuant hereto shall be deemed to have been duly given or made when delivered to the Person to which such notice,
request, demand or other communication is required or permitted to be given or made under this Guaranty, addressed to such party at (i) in the case of any Bank Creditor, as provided in the
Credit Agreement, (ii) in the case of any Guarantor, at its address set forth opposite its signature below and (iii) in the case of any Interest Rate Protection Creditor, at such address as
such 

21

 

Interest
Rate Protection Creditor shall have specified in writing to the Guarantors; or in any case at such other address as any of the Persons listed above may hereafter notify the others in writing. 

        20.   If
a claim is ever made upon any Creditor for repayment or recovery of any amount or amounts received in payment or on account of any of the Guaranteed Obligations and
any of the aforesaid payees repays all or part of said amount by reason of (a) any judgment, decree or order of any court or administrative body having jurisdiction over such payee or any of
its property or (b) any settlement or compromise of any such claim effected by such payee with any such claimant (including the Borrower), then and in such event each Guarantor agrees that any
such judgment, decree, order, settlement or compromise shall be binding upon such Guarantor, notwithstanding any revocation hereof or of any other instrument evidencing any liability of the Borrower,
and such Guarantor shall be and remain liable to the aforesaid payees hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by any
such payee. 

        21.   THIS
GUARANTY AND THE RIGHTS AND OBLIGATIONS OF THE CREDITORS AND OF THE UNDERSIGNED HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE
OF NEW YORK. Any legal action or proceeding with respect to this Guaranty or any other Credit Document may be brought in the courts of the State of New York or of the United States of America for the
Southern District of New York, and, by execution and delivery of this Guaranty, each Guarantor hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction
of the aforesaid courts and hereby irrevocably waives any right it may have to object to the laying of venue of any such action or proceeding in the aforesaid courts and hereby further irrevocably
waives and agrees not to plead or claim that any such action or proceeding has been brought in an inconvenient forum. Each Guarantor
irrevocably consents to the service of process in any such action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to each Guarantor at its address set
forth opposite its signature below; such service to become effective 30 days after such mailing. Each Guarantor hereby irrevocably waives and agrees not to plead or claim in any action or proceeding
commenced hereunder or under any other Credit Document that service of process was in any way invalid or ineffective. Nothing herein shall affect the right of any of the Creditors to serve process in
any other manner permitted by law or to commence legal proceedings or otherwise proceed against any Guarantor in any other jurisdiction. 

        22.   In
the event that (x) all of the capital stock of one or more Guarantors is sold or otherwise disposed of or liquidated in compliance with the requirements of
Section 8.02 of the Credit Agreement (or such sale or other disposition has been approved in writing by the Required Banks (or all Banks if required by Section 12.12 of the Credit
Agreement)) and the proceeds of such sale, disposition or liquidation are applied in accordance with the provisions of the Credit Agreement, to the extent applicable, or (y) the Borrower designates
any Guarantor which is a Partially-Owned Restricted Subsidiary as an Excluded Domestic Restricted Subsidiary by making a Non-Guarantor Designation with respect to such Guarantor in accordance with the
terms of the Credit Agreement, such Guarantor shall be released from this Guaranty and this Guaranty shall, as to each such Guarantor or Guarantors, terminate, and have no further force or effect (it
being understood and agreed that the sale of any Person that owns, directly or indirectly, the capital stock of any Guarantor shall be deemed to be a sale of such Guarantor for the purposes of this
Section 22). 

        23.   This
Guaranty may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which when so executed and delivered
shall be an original, but all of which shall together constitute one and the same instrument. A set of 

22

 

counterparts
executed by all the parties hereto shall be lodged with the Guarantors and the Administrative Agent. 

        24.   EACH
GUARANTOR HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS GUARANTY, THE OTHER
CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

        25.   All
payments made by any Guarantor hereunder will be made without setoff, counterclaim or other defense. 

        26.   At
each time that (x) each Restricted Subsidiary of the Borrower is formed or acquired after the Initial Borrowing Date except, with respect to any newly formed or
acquired Partially-Owned Restricted Subsidiary, to the extent the Borrower shall have made a Non-Guarantor Designation as to such
Partially-Owned Restricted Subsidiary or (y) any Excluded Domestic Restricted Subsidiary is designated by the Borrower as a Subsidiary Guarantor, in each case, in accordance with the terms of the
Credit Agreement, it shall (unless otherwise agreed in writing by the Required Banks, or to the extent required by Section 12.12 of the Credit Agreement, by all of the Banks) upon execution of
a counterpart of this Guaranty or of a Subsidiary Assumption Agreement become a Guarantor for all purposes of this Guaranty. 

*
* * 

23

 

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

	ADDRESS FOR EACH GUARANTOR	 	Adams/Intertec International, Inc.
	 	 	Adams/Laux Company, Inc.
	745 Fifth Avenue	 	Bacon's Information, Inc.
	New York, New York 10151	 	Canoe & Kayak, Inc.
	Attention: Beverly C. Chell, Esq.	 	Channel One Communications Corp.
	Telephone No.: (212) 745-0101	 	Climbing, Inc.
	Telecopier No.: (212) 745-0199	 	CSK Publishing Company Incorporated
	 	 	ENO Productions, Inc.

Films for the Humanities & Sciences, Inc.

Game & Fish Publications, Inc.

Haas Publishing Companies, Inc., in its

    individual capacity and in its

    capacities as General Partner of

    PRIMEDIA Workplace Learning LP and

    Managing Member of Cover Concepts

    Marketing Services,

    LLC

Hacienda Productions, Inc.

HPC Brazil, Inc.

Intertec Publishing Corporation

Kitplanes Acquisition Company

Paul Kagan Associates, Inc.

PRIMEDIA Companies Inc.

PRIMEDIA Enterprises, Inc.

PRIMEDIA Finance Shared Services Inc.

PRIMEDIA Holdings III Inc.

PRIMEDIA Inc., solely in its capacity as

    Managing Member of Media Central LLC

PRIMEDIA Information Inc.

PRIMEDIA Magazines Inc.

PRIMEDIA Magazine Finance Inc.

PRIMEDIA Special Interest Publications Inc.

Bowhunter Magazine, Inc.

PRIMEDIA Enthusiast Publications, Inc.

Communication Concepts, Inc.

Cowles History Group, Inc.

Symbol of Excellence Publishers, Inc.

The Virtual Flyshop, Inc.

GO LO Entertainment, Inc.

Horse & Rider, Inc.

IntelliChoice, Inc.

Kagan Media Appraisals, Inc.

Kagan Seminars, Inc.

Kagan World Media, Inc.

Low Rider Publishing Group, Inc.

McMullen Argus Publishing, Inc.

Miramar Communications Inc.

Simba Information, Inc.
	 	 	 	 	 

24

 

	

 	
 	

By:	
 	

    

	 	 	Name:	 	Beverly C. Chell
	 	 	Title:	 	Vice Chairman, General Counsel and Secretary

	

Accepted and Agreed to:	
 	

 
	

The Chase Manhattan Bank,

    as Administrative Agent	
 	

 
	

By	
 	

    
 Title:	
 	

 

25

 
EXECUTION
COPY 

 
 

CONTRIBUTION AGREEMENT    
    

        CONTRIBUTION AGREEMENT, dated as of June 20, 2001, among each of the Subsidiary Guarantors (as defined in the Credit Agreement referred to below) of
PRIMEDIA Inc. (the "Borrower") listed on the signature pages hereto (each a "Guarantor" and together with any other entity that becomes a party hereto pursuant to Section 11 hereof, the
"Guarantors"). As used herein, the term "Contributor" shall mean each of the Guarantors required to make any payment to any other Guarantor pursuant to Section 1 of this Contribution Agreement.
Except as otherwise defined herein, capitalized terms used herein and not otherwise defined shall have the meaning assigned to those terms in the Credit Agreement (as hereinafter defined). 

 
 

W I T N E S S E T H :    
    

        WHEREAS, the Borrower, various lending institutions from time to time party thereto (the "Banks"), Bank of America, N.A., as Syndication Agent, The Bank of New
York and The Bank of Nova Scotia, as Co-Documentation Agents, and The Chase Manhattan Bank, as Administrative Agent, have entered into a Credit Agreement, dated as of June 20, 2001 (as amended,
modified or supplemented from time to time, the "Credit Agreement"), providing for the making of Loans and the issuance of, and participation in, Letter of Credit as contemplated therein; 

        WHEREAS,
it is a condition precedent to the making of Loans and the issuance of, and participation in, Letter of Credit under the Credit Agreement that each Guarantor shall executed and
delivered this Contribution Agreement; 

        WHEREAS,
each Guarantor will obtain benefits from the occurrence of the Initial Borrowing Date and the incurrence of Loans by the Borrower and the issuance of Letter of Credit for the
account of the Borrower under the Credit Agreement and, accordingly, each Guarantor has executed and delivered the Subsidiary Guaranty in order to satisfy the condition precedent described in the
preceding paragraph and to induce the Banks to make Loans to the Borrower and the Letter of Credit Issuer to issue Letters of Credit for the account of the Borrower; 

        WHEREAS,
pursuant to the Subsidiary Guaranty, each of the Guarantors has agreed unconditionally and irrevocably, and jointly and severally, to guaranty as primary obligor and not merely
as surety the Guaranteed Obligations (as defined in the Subsidiary Guaranty); and 

        WHEREAS,
the Guarantors wish to enter into this Contribution Agreement to effect an equitable sharing of the Guaranteed Obligations; 

        NOW
THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as
follows: 

        1.    CONTRIBUTION.    At any time a payment in respect of the Guaranteed Obligations is made under the Subsidiary
Guaranty, the right of contribution, if any, of each Guarantor against each Contributor shall be determined as provided in the immediately following sentence, with the right of contribution of each
Guarantor to be revised and restated as of each date on which a payment (a "Relevant Payment") is made on the Guaranteed Obligations under the Subsidiary Guaranty. At any time that a Relevant Payment
is made by a Guarantor that results in the aggregate payments made by such Guarantor in respect of the Guaranteed Obligations to and including the date of the Relevant Payment exceeding such
Guarantor's Contribution Percentage (as hereinafter defined) of the aggregate payments made by all Guarantors in respect of the Guaranteed Obligations to and including the date of the Relevant Payment
(such excess, the "Aggregate Excess Amount"), each such Guarantor shall have a right of contribution against each Contributor who has made payments in respect of the Guaranteed Obligations to and
including the 

26

 

date
of the Relevant Payment in an aggregate amount less than such Contributor's Contribution Percentage of the aggregate payments made to and including the date of the Relevant Payment by all
Guarantors in respect of the Guaranteed Obligations (the aggregate amount of such deficit, the "Aggregate Deficit Amount") in an amount equal to (x) a fraction the numerator of which is the Aggregate
Excess Amount of such Guarantor and the denominator of which is the Aggregate Excess Amount of all Guarantors multiplied by (y) the Aggregate Deficit Amount of such Contributor. A Guarantor's right of
contribution, if any, pursuant to the preceding sentences shall arise at the time of each computation, subject to adjustment to the time of any subsequent computation; PROVIDED, that no Guarantor may
take any action to enforce such right until the Guaranteed Obligations have been paid in full and the Total Revolving Loan Commitment has been terminated, it being expressly recognized and agreed by
all parties hereto that any Guarantor's right of contribution arising pursuant to this Contribution Agreement against any Contributor shall be expressly junior and subordinate to such Contributor's
obligations and liabilities in respect of the Guaranteed Obligations and any other obligations owing under the Subsidiary Guaranty. As used in this Agreement, (i) each Contributor's
"Contribution Percentage" shall mean the percentage obtained by dividing (x) the Adjusted Net Worth of such Contributor by (y) the aggregate Adjusted Net Worth of all Guarantors; (ii) the
"Adjusted Net Worth" of each Guarantor shall mean the greater of (x) the Net Worth of such Guarantor or (y) zero; and (iii) the "Net Worth" of each Guarantor shall mean the amount by which the
fair salable value of such Guarantor's assets on the Initial Borrowing Date exceeds its existing debts and other liabilities (including contingent liabilities, but without giving effect to
(1) any Guaranteed Obligations arising under the Subsidiary Guaranty, (2) any obligations arising under Article 10 of the respective indentures governing the terms of the Senior
Notes and (3) any obligations of such Guarantor in respect of the Borrower's other Indebtedness for borrowed money), in each case after giving effect to the transactions occurring on the
Initial Borrowing Date. 

        2.    NO OTHER CONTRIBUTION OR SUBROGATION RIGHTS.    All parties hereto recognize and agree that, except for any
right of contribution arising pursuant to Section 1, each Guarantor who makes any payment in respect of the Guaranteed Obligations shall have no right of contribution or subrogation against any
other Guarantor in respect of such payment, any such right of contribution or subrogation arising under law or otherwise being expressly waived by all Guarantors. 

        3.    CONTRIBUTION RIGHT AS AN ASSET.    Each of the Guarantors recognizes and acknowledges that the rights to
contribution arising hereunder shall constitute an asset in favor of the party entitled to such contribution. In this connection, each Guarantor has the right to waive its contribution right against
any other Guarantor to the extent that after giving effect to such waiver such Guarantor would remain solvent, in the determination of the Required Banks. 

        4.    AMENDMENT OR WAIVER.    Any provision of this Contribution Agreement may be amended or waived if, but only if,
such amendment or waiver is in writing and is signed by the parties hereto and consented to by the Required Banks. 

        5.    BENEFIT OF AGREEMENT.    The provisions of this Contribution Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns. To the extent any such successor shall be a successor to all or part of the assets of a Guarantor, such successor shall also
constitute a Guarantor, with a Contribution Percentage equal to the Contribution Percentage of the predecessor corporation or as otherwise consented to by the Required Banks. 

        6.    PRESERVATION OF RIGHTS.    This Contribution Agreement shall not limit any right which any Guarantor may have
against any other Person which is not a party hereto. 

27

 

        7.    TERMINATION.    This Contribution Agreement, as it may be amended, supplemented or otherwise modified from time
to time, shall remain in effect and shall not be terminated as to any Guaranteed Obligation until such Guaranteed Obligation has been discharged or otherwise satisfied in accordance with the laws of
the State of New York. 

        8.    GOVERNING LAW.    THIS CONTRIBUTION AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS
OF THE STATE OF NEW YORK. 

        9.    COUNTERPARTS.    This Contribution Agreement may be signed in any number of counterparts, each of which shall be
an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

        10.    EFFECTIVENESS.    This Contribution Agreement shall become effective upon execution hereof by each such party
and delivery of executed counterparts hereof by them to the Administrative Agent. 

        11.    ADDITIONAL GUARANTORS.    At each time that (x) each Restricted Subsidiary of the Borrower is formed or
acquired after the Initial Borrowing Date except, with respect to any newly formed or acquired Partially-Owned Restricted Subsidiary, to the extent the Borrower shall have made a Non-Guarantor
Designation as to such Partially-Owned Restricted Subsidiary or (y) any Excluded Domestic Restricted Subsidiary is designated by the Borrower as a Subsidiary Guarantor, in each case, in accordance
with the terms of the Credit Agreement, it shall upon execution of a counterpart hereof or of a Subsidiary Assumption Agreement become a Guarantor for all purposes of this Contribution Agreement. 

*
* * 

28

 

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

	 	 	Adams/Intertec International, Inc.

Adams/Laux Company, Inc.

Bacon's Information, Inc.

Canoe & Kayak, Inc.

Channel One Communications Corp.

Climbing, Inc.

CSK Publishing Company Incorporated

ENO Productions, Inc.

Films for the Humanities & Sciences, Inc.

Game & Fish Publications, Inc.

Haas Publishing Companies, Inc., in

    its individual capacity and in its

    capacities as General Partner of

    PRIMEDIA Workplace Learning LP and

    Managing Member of Cover Concepts

    Marketing Services,

    LLC

Hacienda Productions, Inc.

HPC Brazil, Inc.

Intertec Publishing Corporation

Kitplanes Acquisition Company

Paul Kagan Associates, Inc.

PRIMEDIA Companies Inc.

PRIMEDIA Enterprises, Inc.

PRIMEDIA Finance Shared Services Inc.

PRIMEDIA Holdings III Inc.

PRIMEDIA Inc., solely in its capacity

    as Managing Member of Media Central

    LLC

PRIMEDIA Information Inc.

PRIMEDIA Magazines Inc.

PRIMEDIA Magazine Finance Inc.

PRIMEDIA Special Interest Publications Inc.

Bowhunter Magazine, Inc.

PRIMEDIA Enthusiast Publications, Inc.

Communication Concepts, Inc.

Cowles History Group, Inc.

Symbol of Excellence Publishers, Inc.

The Virtual Flyshop, Inc.

GO LO Entertainment, Inc.

Horse & Rider, Inc.

IntelliChoice, Inc.

Kagan Media Appraisals, Inc.

Kagan Seminars, Inc.

Kagan World Media, Inc.

Low Rider Publishing Group, Inc.

McMullen Argus Publishing, Inc.

Miramar Communications Inc.

Simba Information, Inc.
	 	 	 	 	 

29

 

	

 	
 	

By:	
 	

    

	 	 	Name:	 	Beverly C. Chell
	 	 	Title:	 	Vice Chairman, General Counsel and Secretary

30

QuickLinks

Exhibit 10.2

PLEDGE AGREEMENT

W I T N E S S E T H

THE PLEDGEE

SUBSIDIARY GUARANTY

W I T N E S S E T H

CONTRIBUTION AGREEMENT

W I T N E S S E T H

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