Document:

ex4-4.htm

     

    EXHIBIT
4.4

     

    EXECUTION
COPY

     

    
       

        
          

        

      

    

     

     

    COLLATERAL TRUST AGREEMENT

     

    dated as of September 30,
2009

     

     

     

    among

     

     

     

    ACCO BRANDS
CORPORATION,

    as
Issuer

     

    the Guarantors from time to time party
hereto,

     

    U.S. BANK NATIONAL
ASSOCIATION,

    as Trustee under the Indenture,

     

    the other
Secured Debt

    Representatives
from time to time party hereto

     

    and

     

    U.S. BANK NATIONAL
ASSOCIATION,

    as Collateral Trustee

     

     

     

      
        

      

    

    
       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

    

     

    TABLE OF
CONTENTS

     

    Page

     

    
      
        	
                ARTICLE
      1.           DEFINITIONS;
      PRINCIPLES OF CONSTRUCTION

              	
                1

              
	
                SECTION 1.1    Defined
      Terms

              	
                1

              
	
                SECTION 1.2    Rules of
      Interpretation

              	
                22

              
	 
      	 
      
	
                ARTICLE
      2.           THE
      TRUST ESTATES

              	
                23

              
	
                SECTION 2.1    Declaration of
      Senior Trust

              	
                23

              
	
                SECTION 2.2    Declaration of
      Subordinated Trust

              	
                24

              
	
                SECTION 2.3    Priority of
      Liens

              	
                25

              
	
                SECTION 2.4    Restrictions on
      Enforcement of Subordinated
    Liens

              	
                25

              
	
                SECTION 2.5    Waiver of Right
      of Marshalling

              	
                28

              
	
                SECTION 2.6    Discretion in
      Enforcement of Priority Liens

              	
                28

              
	
                SECTION 2.7    Discretion in
      Enforcement of Priority Lien
      Obligations

              	
                29

              
	
                SECTION 2.8    Insolvency or
      Liquidation Proceedings

              	
                30

              
	
                SECTION 2.9    Collateral
      Shared Equally and Ratably within
      Class

              	
                31

              
	 
      	 
      
	
                ARTICLE
      3.           OBLIGATIONS
      AND POWERS OF COLLATERAL TRUSTEE

              	
                31

              
	
                SECTION 3.1    Undertaking of
      the Collateral Trustee

              	
                31

              
	
                SECTION 3.2    Release or
      Subordination of Liens

              	
                32

              
	
                SECTION 3.3    Enforcement of
      Liens

              	
                33

              
	
                SECTION 3.4    Application of
      Proceeds

              	
                33

              
	
                SECTION 3.5    Powers of the
      Collateral Trustee

              	
                35

              
	
                SECTION 3.6    Documents and
      Communications

              	
                35

              
	
                SECTION 3.7    For Sole and
      Exclusive Benefit of Holders of Secured Debt
      Obligations

              	
                35

              
	
                SECTION 3.8    Additional
      Secured Debt

              	
                36

              
	 
      	 
      
	
                ARTICLE
      4.           OBLIGATIONS
      ENFORCEABLE BY THE COMPANY AND THE  OTHER
    GUARANTORS

              	
                37

              
	
                SECTION 4.1    Release of
      Liens on Collateral

              	
                37

              
	
                SECTION 4.2    Delivery of
      Copies to Secured Debt
      Representatives

              	
                39

              
	
                SECTION 4.3    Collateral
      Trustee not Required to Serve, File, Register or
      Record

              	
                39

              
	
                SECTION 4.4    Release of
      Liens in Respect of Notes

              	
                39

              
	 
      	 
      
	
                ARTICLE
      5.           IMMUNITIES
      OF THE COLLATERAL TRUSTEE

              	
                40

              
	
                SECTION 5.1    No Implied
      Duty

              	
                40

              
	
                SECTION 5.2    Appointment of
      Agents and Advisors

              	
                40

              
	
                SECTION 5.3    Other
      Agreements

              	
                40

              
	
                SECTION 5.4    Solicitation of
      Instructions

              	
                40

              
	
                SECTION 5.5    Limitation of
      Liability

              	
                41

              
	
                SECTION 5.6    Documents in
      Satisfactory Form

              	
                41

              
	
                SECTION 5.7    Entitled to
      Rely

              	
                41

              
	
                SECTION 5.8    Secured Debt
      Default

              	
                41

              
	
                SECTION 5.9    Actions by
      Collateral Trustee

              	
                41

              
	
                SECTION 5.10    Security or
      Indemnity in Favor of the Collateral
      Trustee

              	
                42

              
	
                SECTION 5.11    Rights of the
      Collateral Trustee

              	
                42

              

      

    

     

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

     

    
      
        	
                SECTION 5.12      
      Limitations on Duty of Collateral Trustee in Respect of
      Collateral

              	
                42

              
	
                SECTION 5.13    Assumption of
      Rights, Not Assumption of
    Duties

              	
                43

              
	
                SECTION
      5.14       No Liability for Clean Up of
      Hazardous Materials

              	
                43

              
	 
      	
                 
      

              
	
                ARTICLE
      6.           RESIGNATION
      AND REMOVAL OF THE COLLATERAL TRUSTEE

              	
                43

              
	
                SECTION 6.1    Resignation or
      Removal of Collateral Trustee

              	
                43

              
	
                SECTION 6.2    Appointment of
      Successor Collateral Trustee

              	
                44

              
	
                SECTION 6.3    Succession

              	
                44

              
	
                SECTION 6.4    Merger,
      Conversion or Consolidation of Collateral
      Trustee

              	
                44

              
	 
      	
                 
      

              
	
                ARTICLE
      7.           MISCELLANEOUS
      PROVISIONS

              	
                45

              
	
                SECTION 7.1    Amendment

              	
                45

              
	
                SECTION 7.2    Voting

              	
                47

              
	
                SECTION 7.3    Further
      Assurances; Insurance

              	
                47

              
	
                SECTION 7.4    Perfection of
      Subordinated Trust Estate

              	
                49

              
	
                SECTION 7.5    Successors and
      Assigns; Third Party
    Beneficiaries

              	
                49

              
	
                SECTION 7.6    Delay and
      Waiver

              	
                50

              
	
                SECTION 7.7    Notices

              	
                50

              
	
                SECTION 7.8    Notice
      Following Discharge of Priority Lien
      Obligations

              	
                51

              
	
                SECTION 7.9    Entire
      Agreement

              	
                51

              
	
                SECTION 7.10     Compensation;
      Expenses

              	
                51

              
	
                SECTION 7.11    
      Indemnity

              	
                52

              
	
                SECTION 7.12    
      Severability

              	
                53

              
	
                SECTION 7.13    
      Headings

              	
                53

              
	
                SECTION 7.14     Obligations
      Secured

              	
                53

              
	
                SECTION 7.15     Governing
      Law

              	
                53

              
	
                SECTION 7.16     Consent to
      Jurisdiction

              	
                53

              
	
                SECTION 7.17     Waiver of Jury
      Trial

              	
                54

              
	
                SECTION 7.18    
      Counterparts

              	
                54

              
	
                SECTION 7.19    
      Effectiveness

              	
                54

              
	
                SECTION 7.20     Additional
      Guarantors

              	
                54

              
	
                SECTION 7.21     Continuing
      Nature of this Agreement

              	
                55

              
	
                SECTION 7.22     
      Insolvency

              	
                55

              
	
                SECTION 7.23   Rights and Immunities
      of Secured Debt
Representatives

              	
                55

              
	
                SECTION 7.24   Intercreditor
      Agreement

              	
                55

              

      

    

     

    
      	
              EXHIBIT
      A

            	
              –

            	
              Additional
      Secured Debt Designation

            

    

    
      	
              EXHIBIT
      B

            	
              –

            	
              Form
      of Collateral Trust Joinder—Additional Secured
  Debt

            

    

    
      
        	
                EXHIBIT
      C

              	
                –

              	
                Form
      of Collateral Trust Joinder—Additional Guarantors

              
	EXHIBIT
      D	–	
                Form
      of Intercreditor Agreement

              

      

    

    
      
      

    

     

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

     

    
      This Collateral Trust Agreement (this “Agreement”) is dated
as of September 30, 2009, and is by and among ACCO Brands Corporation, a
Delaware corporation (the “Issuer”), the
Guarantors from time to
time party hereto, U.S. Bank National Association, as trustee (in such capacity and together with
its successors in such capacity, the “Trustee”), the other
Secured Debt Representatives from time to time party hereto, and U.S. Bank
National Association, as Collateral Trustee (in such capacity and together with
its successors in such capacity, the “Collateral
Trustee”).

       

      RECITALS

       

      The Issuer intends to issue 10.625% Senior Secured Notes due
2015 (together with any additional notes issued under the Indenture (as defined
below), the “Notes”) in an
aggregate principal amount of $460,000,000 pursuant to an Indenture dated as of the date hereof
(as amended, supplemented, amended and restated or otherwise modified and in
effect from time to time, the “Indenture”) among
the Issuer, the
Guarantors party thereto from time to time and the
Trustee.

       

      The Issuer and the Guarantors intend to secure the Obligations under
the Notes, the
Guarantees of the Notes and the Indenture and any future Priority Lien Debt, with Liens on all current and future
Collateral to the extent
that such Liens have
been provided for in the
applicable Security Documents.

       

      This Agreement sets forth the terms on which each
Secured Party has
appointed the Collateral
Trustee to act as the collateral trustee for the current and future holders of
the Secured Debt
Obligations to receive, hold, maintain, administer and distribute the
Collateral at any time
delivered to the Collateral Trustee or the subject of the Security
Documents, and to enforce the Security Documents and all
interests, rights,
powers and remedies of the Collateral Trustee with respect thereto or thereunder
and the proceeds thereof.

       

      Capitalized
terms used in this Agreement have the meanings assigned to them above or in
Article 1 below.

       

      AGREEMENT

       

      In consideration of the premises and
the mutual agreements herein set forth, the receipt and sufficiency of which are
hereby acknowledged, the parties to this Agreement hereby agree as
follows:

       

      ARTICLE 1.  DEFINITIONS; PRINCIPLES OF
CONSTRUCTION

       

      SECTION
1.1 Defined
Terms.  The following terms will have the following
meanings:

       

      “ABL
Collateral” means all
of the Issuer’s and the Guarantors’ now owned or hereafter acquired right, title
and interest in:

       

      (a)           Accounts
and “payment intangibles,” including tax refunds but excluding “payment
intangibles” that constitute identifiable proceeds of Notes
Collateral;

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (b)           “inventory”
and all Indebtedness owed to the Issuer or any of its Subsidiaries that arises
from cash advances to enable the obligor thereof to acquire
“inventory”;

       

      (c)           “deposit
accounts,” “commodity accounts,” “securities accounts” and all lock-boxes at any
“bank,” including all “money,” “certificated securities,” “uncertificated
securities,” “securities entitlements” and “investment property” or other assets
credited thereto or deposited therein (including all cash, Cash Equivalents,
marketable securities and other funds held in or on deposit in any such deposit
account, commodity account or securities account, but excluding all equity
interests owned by the Issuer or the Guarantors); “instruments,” including
intercompany notes (subject to the proviso in clause (e) below); “chattel
paper”; and all cash and cash equivalents, including cash and cash equivalents
securing letters of credit or other ABL Debt Obligations;

       

      (d)           “general
intangibles,” “chattel paper” or “instruments” pertaining to the other items of
property included within clauses (a), (b), (c), (e), (f) and (g) of this
definition;

       

      (e)           all
indebtedness of the Issuer and each Subsidiary of the Issuer that is owing to
the Issuer or any Guarantor; provided
that ABL Collateral shall not include intercompany indebtedness from Foreign
Subsidiaries owed to the Issuer or any Guarantor up to an aggregate amount of
$30.0 million;

       

      (f)           books
and “records,” “documents” and related “letters of credit” and “commercial tort
claims” or other claims and causes of action, in each case, to the extent
related primarily to any of the foregoing; and

       

      (g)           all
substitutions, replacements, accessions, products, “supporting obligations” and
“proceeds” (including, without limitation, insurance proceeds, licenses,
royalties, income, payments, claims, damages and proceeds of suit) of all or any
of the foregoing;

       

      except to
the extent that any item of property included in clauses (a) through (g)
constitutes an Excluded Asset; provided,
that in no case shall any item in clauses (a) through (g) include any
identifiable cash proceeds in respect of Notes Collateral or any Net Proceeds
from a Sale of Notes Collateral to the extent that such item includes
identifiable cash proceeds in respect of Notes Collateral or any Net Proceeds
from a Sale of Notes Collateral that have been (or should have been) deposited
in the Collateral Proceeds Account in accordance with the terms of the Indenture
until such time as such Net Proceeds are released therefrom in accordance with
the terms of the Indenture.

       

      “ABL
Collateral Agent” means
Deutsche Bank AG New York Branch, as administrative agent under the ABL Credit
Facility (and together with its successors in such capacity), together with any
other agent, collateral agent, collateral trustee or other representative of
lenders or holders of ABL Debt Obligations that becomes party to the
Intercreditor Agreement upon the refinancing or replacement of the ABL Credit
Facility, or any successor representative acting in such
capacity.

       

      “ABL
Credit Facility” means that
certain Syndicated Facility Agreement – ABL Revolving Facility, dated as of
September
30, 2009, by and among the Issuer and the Restricted Subsidiaries party
thereto, as borrowers, Deutsche Bank AG New York Branch, as

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      administrative agent, and the other agents and lenders
named therein, and any related notes Guarantees, collateral documents,
instruments and agreements executed in connection therewith, and in each case as
amended, modified, renewed, refunded, replaced, restated, restructured,
increased, supplemented or refinanced in whole or in part from time to time,
regardless of whether such amendment, modification, renewal, refunding,
replacement, restatement, restructuring, increase, supplement or refinancing is
with the same financial institutions (whether as agents or lenders) or
otherwise, in accordance with the terms of the Intercreditor
Agreement.

       

      “ABL
Debt”
means

       

      (1)           Indebtedness
outstanding under the ABL Credit Facility on the date of the Indenture or
incurred from time to time after the date of the Indenture under the ABL Credit
Facility; and

       

      (2)           additional
Indebtedness (including letters of credit and reimbursement obligations with
respect thereto) of the Issuer or any Restricted Subsidiary secured by senior
Liens on ABL Collateral and junior Liens on Notes Collateral (or, with respect
to Foreign Subsidiaries, secured by Liens on assets of such Foreign Subsidiaries
that would constitute ABL Collateral if owned by the Issuer or any Guarantor);
provided, in
the case of any additional Indebtedness referred to in this clause (2),
that:

       

      (a)           on
or before the date on which such additional Indebtedness is incurred by the
Issuer or such Restricted Subsidiary, as applicable, such additional
Indebtedness is designated by the Issuer, in an Officers’ Certificate delivered
to the Collateral Trustee, as “ABL Debt” for purposes of the Secured Debt
Documents; provided
that such Indebtedness may not be designated as both ABL Debt and Priority Lien
Debt, or designated as both ABL Debt and Subordinated Lien Debt;
and

       

      (b)           the
collateral agent or other representative with respect to such Indebtedness, the
ABL Collateral Agent, the Collateral Trustee, the Issuer and each applicable
Guarantor have duly executed and delivered the Intercreditor Agreement (or a
joinder to the Intercreditor Agreement or a new intercreditor agreement
substantially similar to the Intercreditor Agreement, as in effect on the date
of the Indenture, and in a form reasonably acceptable to each of the parties
thereto).

       

      Notwithstanding
the foregoing, if the aggregate principal amount of Indebtedness (excluding
Indebtedness representing Hedging Obligations and Indebtedness in respect of
cash management services and treasury management services) constituting
principal outstanding under the ABL Credit Facility and the other ABL Debt
Documents (as of the date of incurrence of any such Indebtedness and after
giving pro
forma effect to the application of the net proceeds therefrom and with
letters of credit or bankers’ acceptances issued under the ABL Credit Facility
and the other ABL Debt Documents being deemed to have a principal amount equal
to the face amount thereof) exceeds the ABL Lien Cap, then only that portion of
such Indebtedness and such aggregate face amount of letters of credit and
bankers’ acceptances equal to the ABL Lien Cap shall be included in ABL Debt and
interest, fees, expenses and indemnification obligations with 

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      respect
to such Indebtedness and letters of credit and bankers’ acceptances shall only
constitute ABL Debt Obligations to the extent related to Indebtedness and the
face amounts of letters of credit and bankers’ acceptances included in ABL
Debt.

       

      “ABL
Debt Documents” means the
ABL Credit Facility, any additional credit agreement, indenture or other
agreement pursuant to which any ABL Debt Obligations are incurred and the
security or other loan documents, notes, Guarantees, instruments and agreements
related thereto (other than any such documents that do not secure ABL Debt
Obligations) in
accordance with the terms of the Intercreditor
Agreement.

       

      “ABL
Debt Obligations” means ABL
Debt and all other Obligations in connection with the ABL Credit Facility,
including:

       

      (1)           additional
Obligations of the Issuer or any Restricted Subsidiary relating to any cash
management services or treasury management services provided to the Issuer or
any Restricted Subsidiary by any agent or lender or Affiliate thereof even if
the respective lender subsequently ceases to be a lender under the ABL Credit
Facility (together with successors and assigns); and

       

      (2)           Hedging
Obligations of the Issuer or any Restricted Subsidiary relating to hedging
agreements with any agent or lender or Affiliate thereof even if the respective
lender subsequently ceases to be a lender under the ABL Credit Facility
(together with successors and assigns).

       

      “ABL
Lien Cap” means, as
of any date of determination, the sum of (1) $225.0 million and (2) to the
extent the ABL Credit Facility outstanding on the Issue Date is amended,
modified, renewed, refunded, replaced, restated, restructured or refinanced
after the Issue Date, the fees and transaction costs in connection
therewith.

       

      “Accounts” means,
without duplication, (i) an “account,” (ii) any and all supporting obligations
in respect thereof and (iii) any right to payment of a monetary obligation,
whether or not earned by performance, (a) for property that has been or is to be
sold, leased, licensed, assigned, or otherwise disposed of, or (b) for services
rendered or to be rendered.

       

      “Act
of Required Debtholders” means, as
to any matter at any time:

       

      (1)           prior
to the Discharge of
Priority Lien Obligations, a direction in writing delivered to the Collateral Trustee by or with the
written consent of the holders of at least 50.1% of the sum
of:

       

      (a)           the
aggregate outstanding principal amount of Priority Lien Debt (including outstanding letters of
credit whether or not then drawn); and

       

      (b)           other
than in connection with the exercise of remedies, the aggregate unfunded
commitments to extend credit which, when funded, would constitute Priority Lien Debt;
and

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      (2)           at
any time after the Discharge of Priority Lien Obligations, a direction in
writing delivered to the Collateral Trustee by or with the written consent of the
holders
of Subordinated Lien Debt representing the Required Subordinated Lien
Debtholders.

       

      For purposes of this
definition, (a) Secured Debt registered in the name of, or
beneficially owned by,
the Issuer or any Affiliate of the Issuer will be deemed not to be outstanding and (b) votes will be determined in accordance with
Section 7.2.

       

      “Additional
Interest” has the
meaning set forth in the Indenture.

       

      “Additional
Secured Debt” has the
meaning set forth in Section 3.8(b).

       

      “Additional
Secured Debt Designation” means a
notice in substantially the form of Exhibit
A.

       

      “Affiliate”
of any specified Person means (1) any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
such specified Person or (2) any executive officer or director of such specified
Person.  For purposes of this definition, “control,”
as used with respect to any Person, shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of the management or
policies of such Person, whether through the ownership of voting securities, by
agreement or otherwise.  For purposes of this definition, the terms
“controlling,”
“controlled
by” and “under
common control with” shall have correlative meanings.

       

      “Agreement” has the
meaning set forth in the preamble.

       

      “Asset
Sale” has the
meaning set forth in the Indenture.

       

      “Bankruptcy
Code” means
Title 11 of the United States Code.

       

      “Business
Day” means any
day other than a Saturday, a Sunday or a day on which banking institutions in
the City of New York or at a place of payment are authorized by law, regulation
or executive order to remain closed.

       

      “Capital
Lease Obligation” means, at
the time any determination thereof is to be made, the amount of the liability in
respect of a capital lease that would at such time be required to be capitalized
and reflected as a liability on a balance sheet (excluding the footnotes
thereto) in accordance with GAAP.

       

      “Capital
Stock”
means:

       

      (1)           in
the case of a corporation, corporate stock;

       

      (2)           in
the case of an association or business entity, any and all shares, interests,
participations, rights or other equivalents (however designated) of corporate
stock;

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      (3)           in
the case of a partnership or limited liability company, partnership or
membership interests (whether general or limited); and

       

      (4)           any
other interest or participation that confers on a Person the right to receive a share of
the profits and losses of, or distributions of assets of, the issuing
Person.

       

      “Cash
Equivalents”
means:

       

      (1)           U.S. Dollars, pounds sterling, euros
or, in the case of any Foreign Subsidiary that is a Restricted Subsidiary, such
local currencies held by it from time in the ordinary course of
business;

       

      (2)           securities
issued or directly and fully guaranteed or insured by the United States
government or any agency or instrumentality thereof in each case with maturities
not exceeding two years from the date of acquisition;

       

      (3)           certificates
of deposit, time deposits, money market deposits, demand deposits and eurodollar
time deposits with maturities of one year or less from the date of acquisition,
bankers’ acceptances, in each case with maturities not exceeding one year from
the date of acquisition and overnight bank deposits, in each case with any
commercial bank having capital and surplus in excess of $500.0 million and whose
long-term debt is rated at least “A” or the equivalent thereof by Moody’s or
S&P;

       

      (4)           repurchase
obligations for underlying securities of the types described in clauses (2) and
(3) above entered into with any financial institution meeting the qualifications
specified in clause (3) above;

       

      (5)           commercial
paper issued by a corporation (other than an Affiliate of the Issuer) rated at
least “A-1” or the equivalent thereof by Moody’s or S&P and in each case
maturing within one year after the date of acquisition;

       

      (6)           investment
funds investing at least 95% of their assets in securities of the types
described in clauses (1) through (5) above;

       

      (7)           readily
marketable direct obligations issued by any state of the United States of
America or any political subdivision thereof having one of the two highest
rating categories obtainable from either Moody’s or S&P, in each case with
maturities not exceeding two years from the date of acquisition;

       

      (8)           Indebtedness
issued by Persons with a rating of “A” or higher from S&P or “A-2” or higher
from Moody’s, in each case with maturities not exceeding two years from the date
of acquisition; and

       

      (9)           in
the case of any Foreign Subsidiary:

       

      (a)           direct
obligations of the sovereign nation, or any agency thereof, in which such
Foreign Subsidiary is organized and is conducting business or 

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      obligations
fully and unconditionally guaranteed by such sovereign nation, or any agency
thereof;

       

      (b)           investments
of the type and maturity described in clauses (1) through (8) above of foreign
obligors, which investments or obligors, or the direct or indirect parents of
such obligors, have ratings described in such clauses or equivalent ratings from
comparable foreign rating agencies; or

       

      (c)           investments
of the type and maturity described in clauses (1) through (8) above of foreign
obligors, or the direct or indirect parents of such obligors, which investments
or obligors, or the direct or indirect parents of such obligors, are not rated
as provided in such clauses or in clause (b) above but which are, in the
reasonable judgment of the Issuer, comparable in investment quality to such
investments and obligors, or the direct or indirect parent of such obligors.

       

      “Change
of Control” has the
meaning set forth in the Indenture.

       

      “Class” means
(a) in the case of
Subordinated Lien Debt,
every Series of
Subordinated Lien Debt, taken together, and (b) in the case of Priority Lien Debt, every Series of Priority Lien Debt, taken
together.

       

      “Collateral” means
the Notes Collateral and the ABL Collateral.

       

      “Collateral
Proceeds Account” means one
or more deposit accounts or securities accounts established or maintained by the
Collateral Trustee, its agent or the Issuer (if subject to a control agreement
in favor of the Collateral Trustee) for the sole purpose of holding the Net
Proceeds from a Sale of Notes Collateral or other disposition of any Notes
Collateral that are required to be held in trust in such account or accounts
pursuant to the terms of the Indenture as in effect on the date hereof (or as
modified from time to time) or pursuant to the terms of any other Priority Lien
Document that contains comparable provisions.

       

      “Collateral
Trust Joinder” means (a)
with respect to the
provisions of this Agreement relating to any Additional Secured Debt, an
agreement substantially in the form of Exhibit
B and (b) with respect to the provisions of this Agreement relating to
the addition of additional Guarantors, an agreement substantially in the form of
Exhibit C.

       

      “Collateral
Trustee” has the
meaning set forth in the preamble.

       

      “Contingent
Obligations” means with
respect to any Person, any obligation of such Person guaranteeing any leases,
dividends or other obligations that do not constitute Indebtedness (“primary
obligations”) of any other Person (the “primary obligor”) in any manner, whether
directly or indirectly, including, without limitation, any obligation of such
Person, whether or not contingent:

       

      (1)           to
purchase any such primary obligation or any property constituting direct or
indirect security therefor,

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      (2)           to
advance or supply funds:

       

      (a)           for
the purchase or payment of any such primary obligation; or

       

      (b)           to
maintain working capital or equity capital of the primary obligor or otherwise
to maintain the net worth or solvency of the primary obligor; or

       

      (3)           to
purchase property, securities or services primarily for the purpose of assuring
the owner of any such primary obligation of the ability of the primary obligor
to make payment of such primary obligation against loss in respect
thereof.

       

      “Covenant
Defeasance” has the
meaning set forth in the Indenture.

       

      “Credit
Facility”
means one or more debt facilities (including, without limitation, the ABL
Credit Facility), commercial paper facilities, note purchase agreements or
indentures, in each case with banks, other lenders or trustees, providing for
revolving credit loans, term loans, receivables financing (including through the
sale of receivables to such lenders or to special purpose entities formed to
borrow from such lenders against such receivables), letters of credit, notes or
other borrowings, in each case, as amended, restated, modified, renewed,
refunded, restated, restructured, increased, supplemented, replaced or
refinanced in whole or in part from time to time.

       

      “Discharge
of ABL Debt Obligations” means the
occurrence of all of the following:

       

      (1)           termination
or expiration of all commitments to extend credit that would constitute ABL
Debt;

       

      (2)           payment
in full in cash of the principal of, and interest, fees and premium, if any, on
all ABL Debt (other than any undrawn letters of credit), other than from the
proceeds of an incurrence of ABL Debt;

       

      (3)           (i)
cash collateralization (at the percentage of the aggregate undrawn amount
required for release of liens under the terms of the applicable ABL Debt
Document) or other discharge satisfactory to the issuing lender thereof of all
outstanding letters of credit constituting ABL Debt Obligations and (ii) the
termination or expiration of all commitments to issue letters of credit that
would constitute ABL Debt Obligations; and

       

      (4)           payment
in full in cash of all other ABL Debt Obligations that are outstanding and
unpaid at the time the ABL Debt is paid in full in cash (other than any
obligations for taxes, costs, indemnifications, reimbursements, damages and
other liabilities in respect of which no claim or demand for payment has been
made at such time).

       

      “Discharge
of Priority Lien Obligations” means the
occurrence of all of the following:

       

      (1)           termination
or expiration of all commitments to extend credit that would constitute
Priority Lien
Debt;

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      (2)           payment
in full in cash of the principal of, and interest and premium, if any, and
Additional Interest, if any, on, all Priority Lien Debt (other than any undrawn
letters of credit), other than from the proceeds of an incurrence of Priority
Lien Debt;

       

      (3)           discharge
or cash collateralization (at the lower of (A) 105% of the aggregate undrawn amount and
(B) the percentage of
the aggregate undrawn amount required for release of liens under the terms of the applicable
Priority
Lien Document) of all outstanding letters of credit constituting Priority Lien Debt;
and

       

      (4)           payment
in full in cash of all other Priority Lien Obligations that are outstanding and
unpaid at the time the Priority Lien Debt is paid in full in cash (other than
any obligations for taxes, costs, indemnifications, reimbursements, damages and
other liabilities in respect of which no claim or demand for payment has been
made at such time).

       

      “Discharge
of Senior Obligations” means the
Discharge of ABL Debt Obligations and the Discharge of Priority Lien
Obligations.

       

      “Disqualified
Stock”
means, with respect to any Person, any Capital Stock of such Person which, by
its terms (or by the terms of any security into which it is convertible or for
which it is redeemable or exchangeable), or upon the happening of any event: (1)
matures or is mandatorily redeemable, pursuant to a sinking fund obligation or
otherwise, (2) is convertible or exchangeable for Indebtedness or Disqualified
Stock of such Person, or (3) is redeemable at the option of the holder thereof,
in whole or in part, in each case prior to 91 days after the maturity date of
the Notes; provided,
however,
that only the portion of Capital Stock which so matures or is mandatorily
redeemable, is so convertible or exchangeable or is so redeemable at the option
of the holder thereof prior to such date shall be deemed to be Disqualified
Stock; provided
further, however,
that if such Capital Stock is issued to any employee or to any plan for the
benefit of employees of the Issuer or its Subsidiaries or by any such plan to
such employees, such Capital Stock shall not constitute Disqualified Stock
solely because it may be required to be repurchased by the Issuer in order to
satisfy applicable statutory or regulatory obligations or as a result of such
employee’s termination, death or disability; provided
further, that any class of Capital Stock of such Person that by its terms
authorizes such Person to satisfy its obligations thereunder by delivery of
Capital Stock that is not Disqualified Stock shall not be deemed to be
Disqualified Stock.  Notwithstanding the preceding sentence, any
Capital Stock that would constitute Disqualified Stock solely because the
holders thereof have the right to require the issuer to repurchase such Capital
Stock upon the occurrence of a Change of Control or an Asset Sale will not
constitute Disqualified Stock if the terms of such Capital Stock provide that
the issuer may not repurchase or redeem any such Capital Stock pursuant to such
provisions unless such repurchase or redemption complies with all outstanding
Secured Debt Documents.

       

      “Domestic Subsidiary” means
any Restricted Subsidiary of the Issuer other than a Restricted Subsidiary that
is (1) a “controlled foreign corporation” under Section 957 of the Internal
Revenue Code or (2) a Subsidiary of any such controlled foreign
corporation.

       

      “EBITDA” has the
meaning set forth in the Indenture.

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      “Equally
and Ratably” means, in
reference to sharing of Liens or proceeds thereof as between holders of
Secured Debt Obligations
within the same Class,
that such Liens or
proceeds:

       

      (1)           will be allocated and distributed
first to the Secured Debt Representative for each outstanding
Series of Priority Lien
Debt or Subordinated Lien Debt within that Class, for the account of the holders of such
Series of Priority Lien
Debt or Subordinated Lien Debt, ratably in proportion to the principal of, and
interest and premium (if any) and Additional Interest (if any) and reimbursement
obligations (contingent or otherwise) with respect to letters of credit, if any,
outstanding (whether or not drawings have been made on such letters of credit)
on, each outstanding Series of Priority Lien Debt or Subordinated Lien Debt
within that Class when
the allocation or distribution is made; and

       

      (2)           thereafter, will be allocated and
distributed (if any remain after payment in full of all of the principal of, and
interest and premium (if any) and reimbursement obligations (contingent or
otherwise) with respect to letters of credit, if any, outstanding (whether or
not drawings have been made on such letters of credit) on all outstanding
Secured Debt Obligations
within that Class) to
the Secured Debt Representative for each outstanding
Series of Priority Lien
Debt or Subordinated Lien Debt within that Class, for the account of the holders of any remaining
Secured Debt Obligations
within that Class,
ratably in proportion to the aggregate unpaid amount of such remaining
Secured Debt Obligations
within that Class due
and demanded (with written notice to the applicable Secured Debt Representative and the
Collateral Trustee)
prior to the date such distribution is made.

       

      “Equity
Interests” means
Capital Stock and all warrants, options or other rights to acquire Capital Stock
(but excluding any debt security that is convertible into, or exchangeable for,
Capital Stock).

       

      “Exchange
Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations of
the SEC promulgated thereunder.

       

      “Excluded
Assets” means each
of the following:

       

      (1)           all
interests in real property other than (i) fee interests if the greater of the
cost or the book value of such fee interest is more than $2,000,000 and (ii)
leasehold interests in real property contemplated to be used by the Issuer or
the applicable Guarantor for any material manufacturing operations, in each
case, as designated as such by the Issuer or the applicable Guarantor to the
Collateral Trustee in writing (except in cases where the Issuer or the
applicable Guarantor has been unable to obtain the consent of the landlord of
such leased property to the granting of a Lien on such leasehold interests after
using commercially reasonable efforts to do so);

       

      (2)           any
property or asset to the extent that the grant of a Lien under the Security
Documents in such property or asset is prohibited by applicable law or requires
any consent of any governmental authority not obtained pursuant to applicable
law; provided
that such property or asset will be an Excluded Asset only to the extent and for
so long as the consequences specified above will result and will cease to be an
Excluded 

       

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      Asset and
will become subject to the Lien granted under the Security Documents,
immediately and automatically, at such time as such consequences will no longer
result;

       

      (3)           any
lease, license, contract, property right or agreement to which the Issuer or any
Guarantor is a party or any of its rights or interests thereunder only to the
extent and only for so long as the grant of a Lien under the Security Documents
will constitute or result in a breach, termination or default under or requires
any consent not obtained under any such lease, license, contract, agreement or
property right (other than to the extent that any such term would be rendered
ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any
successor provision or provisions) of any relevant jurisdiction or any other
applicable law (including the Bankruptcy Code) or principles of equity); provided
that such lease, license, contract, property right or agreement will be an
Excluded Asset only to the extent and for so long as the consequences specified
above will result and will cease to be an Excluded Asset and will become subject
to the Lien granted under the Security Documents, immediately and automatically,
at such time as such consequences will no longer result;

       

      (4)           Equity
Interests in ACCO Brands Receivables Funding LLC, so long as such entity is a
Receivables Subsidiary;

       

      (5)           Equity
Interests or other securities of any Subsidiary of the Issuer (other than ACCO
Brands Europe Holding LP) to the extent the pledge of such Equity Interests or
other securities would require the Issuer to file separate financial statements
with the SEC with respect to such Subsidiary pursuant to Rule 3-16 of Regulation
S-X under the Securities Act, as in effect from time to time; provided
that in the event that Rule 3-16 of Regulation S-X under the Securities Act is
amended, modified or interpreted by the SEC to permit (or is replaced with
another rule or regulation, or any other law, rule or regulation is adopted,
which would permit) all of such Subsidiary’s Equity Interests or other
securities to be pledged to secure the Priority Lien Obligations without the
filing with the SEC of separate financial statements of such Subsidiary, then
all of the Equity Interests and other securities of such Subsidiary shall
automatically be deemed to be part of the Notes Collateral (and the Security
Documents shall be amended to reflect such inclusion in the Notes
Collateral);

       

      (6)           any
amount of Voting Equity Interests of any Foreign Subsidiary exceeding, and only
to the extent that such Voting Equity Interests exceed, 65% of the total Equity
Interests of such Foreign Subsidiary held by the Issuer or any Guarantor;
and

       

      (7)           the
Equity Interests of any Foreign Subsidiary other than (A) ACCO Mexicana S.A. de
C.V., ACCO Brands Canada Inc. and ACCO Brands Europe Holding LP; and (B) any
Foreign Subsidiary directly owned by the Issuer or any Guarantor if the product
of that Foreign Subsidiary’s EBITDA for the preceding fiscal year times 7.0
exceeds $42.5 million, such determination to be made annually at the conclusion
of the audit of the Issuer’s annual financial statements, in each case subject
to clauses (5) and (6) above.

       

      “Excluded
Subsidiary”
means:

       

       

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

       

      (1)           ACCO
Brands Receivables Funding LLC; and

       

      (2)           any
Foreign Subsidiary.

       

      “Fair
Market Value” means,
with respect to any asset or property, the price which could be negotiated in an
arm’s-length, free market transaction, for cash, between a willing seller and a
willing and able buyer, neither of whom is under undue pressure or compulsion to
complete the transaction.

       

      “Foreign
Subsidiary”
means any Restricted Subsidiary of the Issuer other than a Domestic
Subsidiary.

       

      “GAAP” means
generally accepted accounting principles in the United States as set forth in
the opinions and pronouncements of the Accounting Principles Board of the
American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as have been approved by a significant segment
of the accounting profession, which are in effect on the Issue
Date.  For the purposes of the Indenture and the other Priority Lien
Documents, the term “consolidated” with respect to any Person shall mean such
Person consolidated with its Restricted Subsidiaries, and shall not include any
Unrestricted Subsidiary, but the interest of such Person in an Unrestricted
Subsidiary will be accounted for as an Investment.

       

      “Guarantee”
means, as to any Person, a guarantee other than by endorsement of
negotiable instruments for collection in the ordinary course of business, direct
or indirect, in any manner including, without limitation, by way of a pledge of
assets or through letters of credit or reimbursement agreements in respect
thereof, of all or any part of any Indebtedness of another Person.

       

      “Guarantors” means (1)
each direct or indirect Domestic Subsidiary of the Issuer on the date of the
Indenture (other than any Excluded Subsidiary); (2) any other Restricted
Subsidiary of the Issuer that executes a Note Guarantee from time to time in
accordance with the provisions of the Indenture and a Collateral Trust Joinder;
and (3) their respective successors and assigns until released from their
obligations under their Note Guarantees and the Indenture in accordance with the
terms of the Indenture.

       

      “Hedging
Obligations” means, with
respect to any Person, the obligations of such Person
under:

       

      (1)           currency
exchange, interest rate or commodity swap agreements, currency exchange,
interest rate or commodity cap agreements, and currency exchange, interest rate
or commodity collar agreements; and

       

      (2)           other
agreements or arrangements designed to protect such Person against fluctuations
in currency exchange rates, interest rates and/or commodity prices.

       

      “Indebtedness” means, with
respect to any specified Person, without duplication:

       

       

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

       

      (1)           any
indebtedness of such Person, without duplication, whether or not contingent, (a)
in respect of borrowed money, (b) evidenced by bonds, notes, debentures or
similar instruments or letters of credit (or, without duplication, reimbursement
agreements in respect thereof), excluding letters of credit securing obligations
other than obligations described in subclauses (a), (b), (e) and (f) of this
clause (1) and entered into in the ordinary course of business of such Person,
to the extent such letters of credit are not drawn upon, or, if drawn upon, to
the extent such drawing is reimbursed no later than the fifth (5th) Business Day
following receipt by such Person of a demand for reimbursement, (c) in respect
of bankers’ acceptances, (d) representing the deferred balance and unpaid
purchase price of any property, except any such balance that constitutes an
accrued expense or trade payable or similar obligation to a trade creditor and
excluding any such balance or unpaid purchase price to the extent that it is
either required to be or at the option of such Person may be satisfied solely
through the issuance of Equity Interests of the Issuer that are not Disqualified
Stock, (e) in respect of Capital Lease Obligations, or (f) representing any
Hedging Obligations, other than Hedging Obligations that are incurred in the
normal course of business and not for speculative purposes, and that do not
increase the Indebtedness of the obligor outstanding at any time other than as a
result of fluctuations in interest rates, commodity prices or foreign currency
exchange rates or by reason of fees, indemnities and compensation payable
thereunder, if and to the extent that any of the foregoing indebtedness (other
than letters of credit and Hedging Obligations) would appear as a liability on a
balance sheet (excluding the footnotes thereto) of such Person prepared in
accordance with GAAP;

       

      (2)           to
the extent not otherwise included, any obligation of such Person to be liable
for, or to pay, as obligor, guarantor or otherwise, on the Indebtedness of
another Person (other than by endorsement of negotiable instruments for
collection in the ordinary course of business);

       

      (3)           to
the extent not otherwise included, Indebtedness of another Person secured by a
Lien on any asset owned by such Person (whether not such Indebtedness is assumed
by such Person); provided,
however,
that the amount of such Indebtedness will be the lesser of: (a) the Fair Market
Value of such asset at such date of determination, and (b) the amount of such
Indebtedness of such other Person; and

       

      (8)           to
the extent not otherwise included, with respect to the Issuer and its Restricted
Subsidiaries, the amount then outstanding (i.e., advanced, and received by, and
available for use by, the Issuer or any of its Restricted Subsidiaries) under
any Receivables Financing (as set forth in the books and records of the Issuer
or any Restricted Subsidiary and confirmed by the agent, trustee or other
representative of the institution or group providing such Receivables
Financing);

       

      provided,
however,
that notwithstanding the foregoing, Indebtedness shall be deemed not to include
(1) Contingent Obligations incurred in the ordinary course of business and not
in respect of borrowed money or (2) Obligations under or in respect of Qualified
Receivables Financing.

       

      “Indemnified
Liabilities” means any
and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, taxes, expenses or disbursements of any kind or nature

       

       

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

       

      whatsoever with respect to the execution, delivery,
performance, administration or enforcement of this Agreement or any of the other Security Documents,
including any of the foregoing relating to the use of proceeds of any
Secured Debt or the
violation of, noncompliance with or liability under, any law applicable to
or enforceable
against the Issuer, any Guarantor or any of their Subsidiaries or any of the Collateral and all reasonable costs
and expenses (including reasonable fees and expenses of legal counsel selected
by the Indemnitee)
incurred by any Indemnitee in connection with any claim, action,
investigation or proceeding in any respect relating to any of the foregoing,
whether or not suit is brought.

       

      “Indemnitee” has the
meaning set forth in Section 7.11(a).

       

      “Indenture” has the
meaning set forth in the recitals.

       

      “Insolvency
or Liquidation Proceeding”
means:

       

      (1)           any
case commenced by or against the Issuer or any Guarantor under the Bankruptcy Code, or any
similar federal or state law for the relief of debtors, any other proceeding for
the reorganization, recapitalization or adjustment or marshalling of the assets
or liabilities of the Issuer or any Guarantor, any receivership or assignment
for the benefit of creditors relating to the Issuer or any Guarantor or any
similar case or proceeding relative to the Issuer or any Guarantor or its
creditors, as such, in each case whether or not
voluntary;

       

      (2)           any
liquidation, dissolution, marshalling of assets or liabilities or other winding
up of or relating to the Issuer or any Guarantor, in each case whether or not
voluntary and whether or not involving bankruptcy or insolvency, unless
otherwise permitted by the Indenture and the Security
Documents;

       

      (3)           any
proceeding seeking the appointment of a trustee, receiver, liquidator, custodian
or other insolvency official with respect to the Issuer or any Guarantor or any
of their assets;

       

      (4)           any
other proceeding of any type or nature in which substantially all claims of
creditors of the Issuer or any Guarantor are determined and any payment or
distribution is or may be made on account of such claims;
or

       

      (5)           any
analogous procedure or step in any jurisdiction.

       

      “Intercreditor
Agreement” means an intercreditor agreement entered into by and among the
Collateral Trustee, the ABL Collateral Agent, the Issuer and the Guarantors, in
substantially the form attached as Exhibit D, as amended, supplemented,
restated, modified, renewed or replaced (whether upon or after termination or
otherwise), in whole or in part from time to time, or any other successor
agreement and whether among the same or any other
parties.

       

      “Investment” has the
meaning set forth in the Indenture.

       

      “Issue
Date” has the
meaning set forth in the Indenture.

       

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      “Issuer” has the
meaning set forth in the preamble.

       

      “Legal
Defeasance” has the
meaning set forth in the Indenture.

       

      “Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge,
security interest or encumbrance of any kind in respect of such asset, whether
or not filed, recorded or otherwise perfected under applicable law (including
any conditional sale or other title retention agreement, any lease in the nature
thereof, any option or other agreement to sell or give a security interest in
and any filing of or agreement to give any financing statement under the UCC (or
equivalent statutes) of any jurisdiction); provided
that in no event shall an operating lease be deemed to constitute a Lien.

       

      “Lien
Sharing and Priority Confirmation” means:

       

      (1)           as
to any Series of Priority Lien Debt, the written agreement of the holders of
such Series of Priority Lien Debt, as set forth in the indenture, credit
agreement or other agreement governing such Series of Priority Lien Debt, for
the enforceable benefit of all holders of Secured Debt and each existing and
future Secured Debt Representative:

       

      (a)           that
all Priority Lien Obligations will be and are secured Equally and Ratably by all
Priority Liens at any time granted by the Issuer or any Guarantor to secure any
Obligations in respect of such Series of Priority Lien Debt, whether or not upon
property otherwise constituting Collateral, and that all such Priority Liens
will be enforceable by the Collateral Trustee for the benefit of all holders of
Priority Lien Obligations Equally and Ratably;

       

      (b)           that
the holders of Obligations in respect of such Series of Priority Lien Debt are
bound by the provisions of this Agreement, including the provisions relating to
the ranking of Priority Liens and the order of application of proceeds from
enforcement of Priority Liens; and

       

      (c)           consenting
to the terms of this Agreement and the Intercreditor Agreement and the
Collateral Trustee’s performance of, and directing the Collateral Trustee to
perform, its obligations under this Agreement, the Intercreditor Agreement and
the other Security Documents;

       

      (2)           as
to any Series of ABL Debt, the written agreement of the holders of such Series
of ABL Debt, as set forth in the credit agreement, indenture or other agreement
governing such Series of ABL Debt, for the enforceable benefit of all holders of
Secured Debt and each Secured Debt Representative, that the holders of
Obligations in respect of such Series of ABL Debt are bound by the provisions of
the Intercreditor Agreement (or a joinder to the Intercreditor Agreement or a
new intercreditor agreement substantially similar to the Intercreditor
Agreement, as in effect on the date of the Indenture, and in a form reasonably
acceptable to each of the parties thereto); and

       

      (3)           as
to any Series of Subordinated Lien Debt, the written agreement of the holders of
such Series of Subordinated Lien Debt, as set forth in the indenture, credit
agreement or other 

       

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      agreement
governing such Series of Subordinated Lien Debt, for the enforceable benefit of
all holders of Secured Debt and each existing and future Secured Debt
Representative:

       

      (a)           that
all Subordinated Lien Obligations will be and are secured Equally and Ratably by
all Subordinated Liens at any time granted by the Issuer or any Guarantor to
secure any Obligations in respect of such Series of Subordinated Lien Debt,
whether or not upon property otherwise constituting Collateral, and that all
such Subordinated Liens will be enforceable by the Collateral Trustee for the
benefit of all holders of Subordinated Lien Obligations Equally and
Ratably;

       

      (b)           that
the holders of Obligations in respect of such Series of Subordinated Lien Debt
are bound by the provisions of this Agreement and the Intercreditor Agreement,
including the provisions relating to the ranking of Subordinated Liens and the
order of application of proceeds from the enforcement of Subordinated Liens;
and

       

      (c)           consenting
to the terms of this Agreement and the Intercreditor Agreement and the
Collateral Trustee’s performance of, and directing the Collateral Trustee to
perform, its obligations under this Agreement, the Intercreditor Agreement and
the other Security Documents.

       

      “Moody’s” means
Moody’s Investors
Service, Inc. or any successor to the rating agency business
thereof.

       

      “Net
Proceeds” has the
meaning set forth in the Indenture.

       

      “Notes” has the
meaning set forth in the recitals.

       

      “Note
Guarantee” means a
Guarantee of the Notes pursuant to the Indenture.

       

      “Notes
Collateral” means all
of the tangible and intangible properties and assets at any time owned or
acquired by the Issuer or any Guarantor, except: (1) Excluded Assets; and (2)
ABL Collateral.

       

      “Obligations”
means any principal, interest, penalties, fees, expenses,
indemnifications, reimbursements, damages and other liabilities (including all
interest accruing after the commencement of any Insolvency or Liquidation
Proceeding, even if such interest is not enforceable, allowable or allowed as a
claim in such proceeding) under the documentation governing any
Indebtedness.

       

      “Officer” means, with
respect to any Person, the Chairman of the Board, the Chief Executive Officer,
the President, the Chief Operating Officer, the Chief Financial Officer, the
Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Senior
Vice President, any Vice President or any Assistant Vice President of such
Person.

       

      “Officers’
Certificate” means a
certificate with respect to compliance with a condition or covenant
provided for in this
Agreement, signed on
behalf of the Issuer by at least two Officers of the Issuer, one of whom must be
the principal executive officer, the principal financial officer, the treasurer
or the principal accounting officer of the Issuer,
including:

       

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      (a)           a
statement that the Person making such certificate has read such covenant or
condition;

       

      (b)           a
brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate are
based;

       

      (c)           a
statement that, in the opinion of such Person, he or she has made such examination or
investigation as is necessary to enable him or her to express an informed
opinion as to whether or not such covenant or condition has been satisfied;
and

       

      (d)           a
statement as to whether or not, in the opinion of such Person, such condition or covenant has
been satisfied.

       

      “Permitted
Liens”
has the meaning set forth in the Indenture.

       

      “Permitted
Prior Liens” has the
meaning set forth in the Indenture.

       

      “Person” means any
individual, corporation, partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, limited liability company,
government or any agency or political subdivision thereof or any other
entity.

       

      “Pledge
Agreement” means the
Pledge Agreement, dated as of September 30, 2009, among the Issuer, the
Guarantors and the Collateral Trustee, as amended, supplemented, restated,
renewed, refunded, replaced, restructured, repaid, refinanced or otherwise
modified from time to time.

       

      “Priority
Lien”
means a Lien
granted by a Security Document to the Collateral Trustee, at any time, upon any property of
the Issuer or any
Guarantor to secure
Priority Lien
Obligations.

       

      “Priority
Lien Cap” means, as
of any date of determination, $495,000,000.

       

      “Priority
Lien Debt”
means:

       

      (1)           the
Notes initially issued by the Issuer under the Indenture;
and

       

      (2)           additional notes issued under any
indenture or other Indebtedness (including letters of credit and reimbursement
obligations with respect thereto) of the Issuer that is secured Equally and
Ratably with the Notes by a Priority Lien that was permitted to be incurred and
so secured under each applicable Secured Debt Document; provided, in
the case of any additional notes or other Indebtedness referred to in
this clause (2),
that:

       

      (a)           on
or before the date on which such additional notes were issued or Indebtedness is incurred by
the Issuer, such additional notes or other Indebtedness, as applicable,
is designated by the Issuer, in an Additional Secured Debt Designation executed
and delivered in accordance with Section 3.8(b), as 

       

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

      “Priority Lien Debt” for the purposes of the
Secured Debt Documents; provided
that no Series of
Secured Debt may be designated as both Subordinated Lien Debt and Priority Lien Debt and no Series of
Secured Debt may be designated as both ABL Debt and Priority Lien
Debt;

       

      (b)           the
Priority Lien Representative for such Indebtedness executes and delivers a Collateral Trust
Joinder in accordance with Section 3.8(a);

       

      (c)           such
additional notes or such Indebtedness is governed by an indenture or a credit
agreement, as applicable, or other agreement that includes a Lien Sharing and
Priority Confirmation; and

       

      (d)           all
other requirements set forth in Section 3.8 hereof have been satisfied (and the
satisfaction of such requirements will be conclusively established if the Issuer
delivers to the Collateral Trustee an Officers’ Certificate stating that such
requirements and other provisions have been satisfied and that such notes or
such Indebtedness is “Priority Lien Debt”).

       

      Notwithstanding
the foregoing, if the aggregate principal amount of Indebtedness constituting
principal outstanding under the Priority Lien Documents (as of the date of
incurrence of any such Indebtedness and after giving pro forma
effect to the application of the net proceeds therefrom) exceeds the Priority
Lien Cap, then only that portion of such Indebtedness equal to the Priority Lien
Cap shall be included in Priority Lien Debt and interest, fees, expenses and
indemnification obligations with respect to such Indebtedness shall only
constitute Priority Lien Obligations to the extent related to Indebtedness
included in the Priority Lien Debt.

       

      “Priority
Lien Documents” means the
Indenture and any additional indenture, Credit Facility or other agreement
pursuant to which any Priority Lien Debt is incurred and the Security
Documents related thereto (other than any Security Documents that do not secure Priority Lien
Obligations).

       

      “Priority
Lien Obligations”
means Priority
Lien Debt and all other Obligations in respect thereof.

       

      “Priority
Lien Representative”
means:

       

      (a)           the
Collateral Trustee, in the case of the Notes; or

       

      (b)           in
the case of any other Series of Priority Lien Debt, the trustee, agent or
representative of the holders of such Series of Priority Lien Debt who maintains the transfer
register for such Series
of Priority Lien Debt and is appointed as a representative of such Series of
Priority Lien Debt (for purposes related to the administration of the
Security Documents) pursuant to the indenture, credit agreement or other
agreement governing such Series of Priority Lien Debt, and who has executed a
Collateral Trust
Joinder.

       

      “Qualified
Receivables Financing” has the
meaning set forth in the Indenture.

       

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

      “Receivables
Financing” has the
meaning set forth in the Indenture.

       

      “Receivables
Subsidiary” has the
meaning set forth in the Indenture.

       

      “Required
Priority Lien Debtholders” means, at
any time, the holders of a majority in aggregate principal amount of all
Priority Lien Debt then outstanding, calculated in accordance with the
provisions of Section 7.2.  For purposes of this definition, Priority
Lien Debt registered in the name of, or beneficially owned by, the Issuer, any
Guarantor or any Affiliate of the Issuer or any Guarantor will be deemed not to
be outstanding.

       

      “Required
Subordinated Lien Debtholders” means, at
any time, the holders of a majority in aggregate principal amount of all
Subordinated Lien Debt
then outstanding, calculated in accordance with the provisions of Section
7.2.  For
purposes of this definition, Subordinated Lien Debt registered in the name of, or
beneficially owned by, the Issuer, any Guarantor or any Affiliate of the Issuer
or any Guarantor will be deemed not to be outstanding.

       

      “Restricted
Subsidiary” means, with
respect to any Person, any Subsidiary of such Person other than an Unrestricted
Subsidiary of such Person.  Unless otherwise indicated herein, all
references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the
Issuer.

       

      “S&P” means
Standard & Poor’s Ratings Group or any successor to the rating agency
business thereof.

       

      “Sale
of Notes Collateral” means any
Asset Sale involving a sale, lease, conveyance or other disposition of Notes
Collateral.

       

      “SEC” means the
United States Securities and Exchange Commission.

       

      “Secured
Debt”
means Priority
Lien Debt and Subordinated Lien Debt.

       

      “Secured
Debt Default” means any
event or condition which, under the terms of any credit agreement, indenture or other agreement governing
any Series of Secured
Debt causes, or permits holders of Secured Debt outstanding thereunder (with or without the
giving of notice or lapse of time, or both, and whether or not notice has been
given or time has lapsed) to cause, the Secured Debt outstanding thereunder to become
immediately due and payable.

       

      “Secured
Debt Documents” means the
Priority Lien Documents and the Subordinated Lien Documents.

       

      “Secured
Debt Obligations” means
the Priority Lien Obligations and the
Subordinated Lien Obligations.

       

      “Secured
Debt Representative” means each
Priority Lien
Representative and each Subordinated Lien
Representative.

       

      “Secured
Parties” means the
holders of Secured Debt Obligations and the Secured Debt Representatives.

       

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

      “Security
Agreement” means the
Security Agreement, dated as of September 30, 2009, among the Issuer, the
Guarantors and the Collateral Trustee, as amended, supplemented, restated,
renewed, refunded, replaced, restructured, repaid, refinanced or otherwise
modified from time to time.

       

      “Security
Documents” means this
Agreement, the
Intercreditor Agreement, each Lien Sharing and Priority Confirmation, each
Collateral Trust
Joinder, the Security Agreement, the Pledge Agreement and all security
agreements, pledge agreements, collateral assignments, collateral agency
agreements, debentures, control agreements, mortgages, deeds of trust or other
grants or transfers for security executed and delivered by the Issuer or any Guarantor creating (or purporting to
create) a Lien upon
Collateral in favor of
the Collateral Trustee,
for the benefit of the Secured Parties, in each case, as amended, modified,
renewed, restated or replaced, in whole or in part, from time to time, in
accordance with its terms and Section 7.1.

       

      “Senior
Trust” has the meaning set forth in Section 2.1.

       

      “Senior
Trust Estate” has the
meaning set forth in Section 2.1.

       

      “Series
of ABL Debt” means,
severally, the ABL Credit Facility and any Credit Facility and other
Indebtedness that constitutes ABL Debt Obligations.

       

      “Series
of Priority Lien Debt” means,
severally, the Notes and any additional notes, any Credit Facility (other than
the ABL Credit Facility) and other Indebtedness that constitutes Priority Lien
Debt.

       

      “Series
of Secured Debt” means each
Series of Subordinated
Lien Debt and each Series of Senior Debt.

       

      “Series
of Senior Debt” means each
Series of ABL Debt and each Series of Priority Lien
Debt.

       

      “Series
of Subordinated Lien Debt” means,
severally, each issue or series of Subordinated Lien Debt for which a single transfer
register is maintained.

       

      “Subordinated
Lien”
means a Lien
granted by a Security Document to the Collateral Trustee, at any time, upon any Collateral of
the Issuer or any
Guarantor to secure
Subordinated Lien
Obligations.

       

      “Subordinated
Lien Debt” means
any Indebtedness
(including letters of credit and reimbursement obligations with respect thereto)
of the Issuer or any Guarantor that is secured on a subordinated basis to the Priority Lien Debt by a Subordinated Lien that was permitted
to be incurred and so secured under each applicable Secured Debt Document; provided
that:

       

      (1)           on
or before the date on which such Indebtedness is incurred by the Issuer or such
Guarantor, such Indebtedness is designated by the Issuer in an
Additional Secured Debt Designation executed and delivered in accordance with
Section 3.8(b) as “Subordinated Lien Debt” for the purposes of the
Secured Debt 

       

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

       

      Documents; provided
that no Series of
Secured Debt may be designated as both Subordinated Lien Debt and Priority Lien Debt;

       

      (2)           the
Subordinated Lien Representative for such Indebtedness executes and delivers a Collateral Trust
Joinder in accordance with Section 3.8(a);

       

      (3)           such
Indebtedness is governed by an indenture, credit agreement or other agreement
that includes a Lien Sharing and Priority Confirmation; and

       

      (4)           all
other requirements set forth in Section 3.8 have been complied with (and the
satisfaction of such requirements will be conclusively established if the Issuer
delivers to the Collateral Trustee an Officers’ Certificate stating that such
requirements and other provisions have been satisfied and that such Indebtedness
is “Subordinated Lien Debt”).

       

      “Subordinated
Lien Documents” means,
collectively, any indenture, credit agreement or other agreement governing each
Series of Subordinated
Lien Debt and the Security Documents related thereto (other than any
Security Documents that
do not secure Subordinated Lien Obligations).

       

      “Subordinated
Lien Obligations” means
Subordinated Lien Debt and all other Obligations in respect
thereof.

       

      “Subordinated
Lien Representative”
means, in the
case of any future Series of Subordinated Lien Debt, the trustee, agent or
representative of the holders of such Series of Subordinated Lien Debt who maintains the
transfer register for such Series of Subordinated Lien Debt and (A) is appointed as
a Subordinated Lien Representative (for purposes related
to the administration of the Security Documents) pursuant to the
indenture, credit
agreement or other agreement governing such Series of Subordinated Lien Debt, together with its
successors in such capacity, and (B) has become a party to this Agreement by
executing a Collateral
Trust Joinder.

       

      “Subordinated
Trust” has the
meaning set forth in Section 2.2.

       

      “Subordinated
Trust Estate” has the
meaning set forth in Section 2.2.

       

      “Subsidiary” means, with
respect to any specified Person:

       

      (1)           any
corporation, association or other business entity of which more than 50% of the
total voting power of shares of Capital Stock entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or
trustees thereof is at the time owned or controlled, directly or indirectly, by
such Person or one or more of the other subsidiaries of that Person (or a
combination thereof); and

       

      (2)           any
partnership (a) the sole general partner or the managing general partner of
which is such Person or a subsidiary of such Person or (b) the only general
partners of which are such Person or one or more subsidiaries of such Person (or
any combination thereof).

       

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

       

      “Trustee” has the
meaning set forth in the recitals.

       

      “Trust
Estates” has the
meaning set forth in Section 2.2.

       

      “UCC” means the
Uniform Commercial Code
as in effect from time to time in any applicable
jurisdiction.

       

      “Unrestricted
Subsidiary” has the
meaning set forth in the Indenture.

       

      “Voting
Equity Interests” means, for
any Person as of any date, the Equity Interests of such Person that is at the
time entitled to vote in the election of the board of directors of such
Person.

       

      SECTION
1.2 Rules
of
Interpretation.

       

          
(a) All terms used in this Agreement that are defined
in Article 1, 8 or 9, as the case may be, of the UCC and
not otherwise defined herein have the meanings assigned to them in Article 1, 8
or 9, as the case may be, of the UCC.

       

      (b) Unless otherwise indicated, any reference to any agreement or
instrument will be deemed to include a reference to that
agreement or instrument as assigned, amended, supplemented, amended and
restated, or otherwise modified and in effect from time to time or replaced in
accordance with the terms of this Agreement.

       

      (c) The use in this Agreement or any of the other
Security Documents of the word “include” or
“including,” when following any general statement, term or matter, will not be construed to limit such statement, term or matter to the
specific items or matters set forth immediately following such word or to
similar items or matters, whether or not nonlimiting language (such as “without limitation” or “but not limited to” or
words of similar import) is used with reference thereto, but will be deemed to refer to all other items or matters that fall
within the broadest possible scope of such general statement, term or
matter.  The word “will” shall be construed to have
the same meaning and effect as the word “shall.”

       

      (d) References to “Sections,” “clauses,” “recitals” and the “preamble”
will be to Sections, clauses, recitals and the preamble,
respectively, of this Agreement unless otherwise specifically
provided.  References to “Articles” will be to Articles of this Agreement unless
otherwise specifically provided.  References to
“Exhibits” will be to Exhibits to this Agreement unless otherwise
specifically provided.

       

      (e) Notwithstanding anything to the contrary in this Agreement, any
references contained herein to any section, clause, paragraph, definition or
other provision of the Indenture (including any definition contained therein)
shall be deemed to be a reference to such section, clause, paragraph, definition
or other provision as in effect on the date of this Agreement; provided,
that any reference to any such section, clause, paragraph or other provision
shall refer to such section, clause, paragraph or other provision of the
Indenture (including any definition contained therein) as amended or modified
from time to time if such amendment or modification has been (1) made in
accordance with the Indenture and (2) approved by an Act of the Required
Debtholders in a writing delivered to the applicable Secured Debt Representative

       

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

       

      and the
Collateral Trustee.  Notwithstanding the foregoing, whenever any term
used in this Agreement is defined or otherwise incorporated by reference to the
Indenture, such reference shall be deemed to have the same effect as if such
definition or term had been set forth herein in full and such term shall
continue to have the meaning established pursuant to the Indenture
notwithstanding the termination or expiration of the Indenture or redemption of
all Obligations evidenced thereby.

       

      (f) This Agreement and the other Security
Documents will be construed without regard to the identity of
the party who drafted it and as though the parties participated equally in
drafting it.  Consequently, each of the parties acknowledges and
agrees that any rule of construction that a document is to be construed against
the drafting party will not be applicable either to this
Agreement or the other Security Documents.

       

      (g) In the
event of any conflict between any terms and provisions set forth in this
Agreement and those set forth in any other Security Document (other than the
Intercreditor Agreement), the terms and provisions of this Agreement shall
supersede and control the terms and provisions of such other Security Document
(other than the Intercreditor Agreement).  In the event of any
conflict between any terms and provisions set forth in this Agreement and those
set forth in the Intercreditor Agreement, the terms and provisions of the
Intercreditor Agreement shall supersede and control the terms and provisions of
this Agreement.

       

      ARTICLE 2.  THE TRUST ESTATES

       

      SECTION
2.1 Declaration of Senior
Trust.

       

      To secure the payment of the Priority Lien Obligations and in consideration of the
mutual agreements set forth in this Agreement, the Issuer and each
Guarantor hereby grants to the Collateral Trustee, and the Collateral Trustee hereby accepts and agrees to hold, in trust under
this Agreement for the benefit of all
current and future holders of Priority
Lien Obligations, all of the Issuer’s or
such Guarantor’s right, title and interest in, to and under all Collateral granted to the Collateral Trustee under any Security Document for the benefit of the holders of
Priority Lien Obligations, together with
all of the Collateral Trustee’s right,
title and interest in, to and under the Security Documents, and all
interests, rights, powers and remedies
of the Collateral Trustee thereunder or
in respect thereof and all cash and non-cash proceeds thereof (collectively, the
“Senior Trust
Estate”).

       

      The Collateral
Trustee and its successors and assigns under this Agreement will
hold the Senior Trust Estate in trust
for the benefit solely and exclusively of all current and future holders of
Priority Lien Obligations as security
for the payment of all current and future Priority Lien Obligations (the “Senior
Trust”).

       

      Notwithstanding the foregoing, if at any
time:

       

      (1)           all
Liens securing the Priority Lien Obligations have been released as
provided in Section 4.1;

       

      (2)           the
Collateral Trustee holds no other
property in trust as part of the Senior
Trust Estate;

       

       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

       

      (3)           no
monetary obligation (other than indemnification and other contingent obligations
not then due and payable and letters of credit that have been cash
collateralized as provided in clause (3)
of the definition of “Discharge of Priority Lien
Obligations”) is outstanding and payable under this Agreement to the Collateral Trustee or any of its co-trustees or agents (whether in an
individual or representative capacity); and

       

      (4)           the
Issuer delivers to the Collateral
Trustee an Officers’ Certificate stating that all Priority Liens of the Collateral
Trustee have been released in compliance with all applicable provisions of the
Priority
Lien Documents and that the Issuer and the Guarantors are not required by any Priority Lien Document to grant any Priority Lien upon any property,

       

      then the Senior Trust arising hereunder will terminate, except that all provisions set forth
in Sections 7.10 and 7.11 that are
enforceable by the Collateral Trustee or
any of its co-trustees or agents (whether in an individual or representative
capacity) will remain enforceable in
accordance with their terms.

       

      The parties further declare and covenant that the
Senior Trust Estate will be held and distributed by the Collateral Trustee subject to the further agreements
herein.

       

      SECTION
2.2 Declaration of Subordinated
Trust.  To secure the payment of the Subordinated Lien Obligations and in consideration of
the premises and the mutual agreements
set forth herein, the Issuer and each of the Guarantors hereby grants to the
Collateral Trustee, and the
Collateral Trustee hereby accepts and
agrees to hold, in trust under this Agreement for the benefit of all current and future holders of
Subordinated Lien Obligations, all of
the Issuer’s or such Guarantor’s right,
title and interest in, to and under all Collateral granted to the Collateral Trustee under any Security Document for the benefit of the holders of Subordinated Lien Obligations, together with all of
the Collateral Trustee’s right, title
and interest in, to and under the Security Documents, and all interests, rights, powers and remedies of the
Collateral Trustee thereunder or in
respect thereof and all cash and non-cash proceeds thereof (collectively, the
“Subordinated
Trust Estate”
and, together with the Senior Trust
Estate, the “Trust
Estates”).

       

      The Collateral
Trustee and its successors and assigns under this Agreement will
hold the Subordinated Trust Estate in
trust for the benefit solely and exclusively of all current and future holders
of Subordinated Lien Obligations as
security for the payment of all current and future Subordinated Lien Obligations (the “Subordinated
Trust”).

       

      Notwithstanding the foregoing, if at any
time:

       

      (1)           all
Liens securing the Subordinated Lien Obligations have been released as
provided in Section 4.1;

       

      (2)           the
Collateral Trustee holds no other
property in trust as part of the Subordinated Trust Estate;

       

      (3)           no
monetary obligation (other than indemnification and other contingent obligations
not then due and payable and letters of credit that have been cash

       

       

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

       

      collateralized in the same manner as provided in clause (3) of the definition of “Discharge of Priority Lien
Obligations”) is outstanding and payable under this Agreement to the Collateral Trustee or any of its co-trustees or agents (whether in an
individual or representative capacity); and

       

      (4)           the Issuer delivers to the Collateral Trustee an Officers’ Certificate stating that all
Subordinated Liens of the Collateral Trustee have been released in compliance
with all applicable provisions of the Subordinated Lien Documents and that
the Issuer and the Guarantors are not
required by any Subordinated Lien
Document to grant any Subordinated Lien
upon any property,

       

      then the Subordinated Trust arising hereunder
will terminate, except that all
provisions set forth in Sections 7.10 and 7.11 that are enforceable by the Collateral Trustee or any of its co-trustees or agents
(whether in an individual or representative capacity) will remain enforceable in accordance with their
terms.

       

      The parties further declare and covenant that the
Subordinated Trust Estate will be held and distributed by the Collateral Trustee subject to the further agreements
herein.

       

      SECTION
2.3 Priority
of Liens.  Notwithstanding (1)
anything else contained herein or in any other Security Document; (2) the time of incurrence of any
Series of Priority Lien Debt; (3) the order or method of attachment or
perfection of any Liens securing any Series of Priority Lien Debt; (4) the time
or order of filing or recording of financing statements or other documents filed
or recorded to perfect any Priority Lien upon any Priority Lien Collateral; (5)
the time of taking possession or control over any Priority Lien Collateral; (6)
that any Priority Lien may not have been perfected or may be or have become
subordinated, by equitable subordination or otherwise, to any other Lien; or (7)
the rules for determining priority under any law governing relative priorities
of Liens, it is the intent of the parties that:

       

      (a)           this
Agreement and the other Security Documents create two separate
and distinct Trust Estates and
Liens: the Senior Trust Estate and the Priority Lien securing the payment and performance of the
Priority Lien Obligations and the
Subordinated Trust Estate and
the Subordinated Lien securing the
payment and performance of the Subordinated Lien Obligations; and

       

      (b)           the
Liens securing the Subordinated Lien Obligations are subject and
subordinate to the Liens securing the
Priority Lien
Obligations.

       

      SECTION
2.4 Restrictions on Enforcement
of Subordinated
Liens.

       

      (a) Until the Discharge of Senior Obligations, the
holders of the Notes and the holders of other future Priority
Lien Obligations will have, subject to the provision of
reasonable security, pre-funding or indemnity satisfactory to the Collateral
Trustee by such holders of the Notes against any costs, loss, liability or
expense, and subject also to the Intercreditor Agreement and the exceptions set
forth below in clauses (1) through (4), and subject to the rights of the
holders of Permitted Prior Liens, the exclusive right to authorize and direct
the Collateral Trustee with respect to the
Collateral (including, without limitation, the exclusive
right to authorize or direct the Collateral Trustee to
enforce, collect or realize on any Collateral or exercise any
other 

       

       

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

       

      right or
remedy with respect to the Collateral) and the
provisions of the Security Documents relating thereto, and no Subordinated Lien Representative or holder of
Subordinated Lien Obligations may authorize or direct the
Collateral Trustee with respect to such
matters.  Notwithstanding the foregoing, the holders of Subordinated Lien Obligations may, subject to the rights
of the holders of other Permitted Prior Liens and subject to
the limitations set forth in the Intercreditor Agreement, direct the Collateral Trustee with respect to
Collateral:

       

      (1) without any condition or restriction whatsoever, at any time after
the Discharge of Senior Obligations;

       

      (2) as necessary to redeem any Collateral in a
creditor’s redemption permitted by law or to deliver any notice or demand
necessary to enforce (subject to the prior Discharge of
Senior Obligations) any right to claim, take or receive proceeds of Collateral remaining after the Discharge of
Senior Obligations in the event of foreclosure or other enforcement of any
Permitted Prior Lien;

       

      (3) as necessary to perfect or establish the priority (subject to the priority of the security interests and Liens securing Priority
Lien Obligations, Liens securing ABL Debt Obligations and Permitted Prior Liens)
of the Subordinated Liens upon any Collateral; provided that, unless
otherwise agreed to by the Collateral Trustee or as directed by an Act of
Required Debtholders in accordance with the Intercreditor Agreement and the
other Security Documents, the holders of Subordinated Lien Obligations may not
require the Collateral Trustee to take any action to perfect any Subordinated
Liens on any Collateral through possession or control;
or

       

      (4) as necessary to create, prove, preserve or protect (but not enforce)
the Subordinated Liens upon any Collateral.

       

      (b) Subject to the Intercreditor Agreement, both before and during an
Insolvency or Liquidation Proceeding, until the Discharge of
Senior Obligations, none of the holders of Subordinated Lien Obligations, the
Collateral Trustee (unless acting pursuant to an Act of
Required Debtholders) or any Subordinated Lien Representative
will be permitted to:

       

      (1) request judicial relief, in an Insolvency or
Liquidation Proceeding or in any other court, that would hinder, delay, limit or
prohibit the lawful exercise or enforcement of any right or remedy otherwise
available to the holders of Priority Lien Obligations in
respect of the Priority Liens, or to the holders of ABL Debt
Obligations in respect of their Liens securing ABL Debt Obligations or that
would limit, invalidate, avoid or set aside any Priority Lien
or Lien securing ABL Debt Obligations or subordinate the Priority Liens or Liens securing ABL Debt Obligations to the Subordinated Liens or grant the Subordinated
Liens equal ranking to the Priority Liens or Liens securing
ABL Debt Obligations;

       

      (2) oppose or otherwise contest any motion for relief from the automatic
stay or from any injunction against foreclosure or enforcement of Priority Liens or Liens securing ABL Debt Obligations made by any
holder of Priority Lien Obligations, any Priority Lien Representative, any holder of ABL Debt
Obligations or the 

       

       

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

       

      ABL
Collateral Agent or other representative with respect to any ABL Debt
Obligations in any Insolvency or Liquidation
Proceeding;

       

      (3) oppose or otherwise contest any lawful exercise by any holder of
Priority Lien Obligations, any holder of ABL Debt
Obligations, any Priority Lien Representative
or the ABL Collateral Agent or other representative with respect to any ABL Debt
Obligations of the right to credit bid Priority Lien Debt or
ABL Debt at any sale of Collateral in foreclosure of Priority
Liens or Liens securing ABL Debt Obligations;

       

      (4) oppose or otherwise contest any other request for judicial relief
made in any court by any holder of Priority Lien Obligations,
any holder of ABL Debt Obligations, any Priority Lien Representative or the ABL Collateral Agent or other
representative with respect to any ABL Debt Obligations or any Lien securing ABL
Debt Obligations relating to the lawful enforcement of any Priority Lien; or

       

      (5) challenge the validity, enforceability, perfection or priority of
the Priority Liens or Liens securing ABL Debt
Obligations.

       

      Notwithstanding the foregoing, and subject to the
terms of the Intercreditor Agreement, both before and during an Insolvency or Liquidation Proceeding, the holders of
Subordinated Lien Obligations or
Subordinated Lien
Representatives may take any actions and exercise any and all rights that would
be available to a holder of unsecured claims, including, without limitation, the commencement of an
Insolvency or Liquidation Proceeding
against the Issuer or any Guarantor in
accordance with applicable law; provided, that no holder of
Subordinated Lien Obligations or
Subordinated Lien Representative will be permitted to take any action prohibited
by the Intercreditor Agreement or any of the actions prohibited by clauses
(1) through (5) of this Section 2.4(b) or
oppose or contest any order that it has agreed not to oppose or contest under
Section 2.8.

      

      (c) At any time prior to the Discharge of Senior
Obligations and after the (1) commencement of any Insolvency
or Liquidation Proceeding in respect of the Issuer or any
Guarantor, or (2) the Collateral Trustee and each Subordinated Lien Representative have received written notice from
any Priority Lien Representative (or the ABL
Collateral Agent or other representative with respect to any ABL Debt
Obligations) that (A) any Series of Senior
Debt has become due and payable in full (whether at maturity, upon acceleration
or otherwise) or (B) (i) the holders of Priority Liens
securing one or more Series of Priority Lien Debt have become
entitled under any Priority Lien Document to and desire to
enforce any or all of the Priority Liens by reason of a
default under such Priority Lien Documents or
(ii) the holders of Liens securing one or more Series of ABL Debt have become
entitled under any ABL Debt Document to and desire to enforce any or all of the
Liens securing ABL Debt Obligations by reason of a default under such ABL Debt
Documents, no payment of money (or the equivalent of money)
shall be made from the proceeds of Collateral by the Issuer
or any Guarantor to the Collateral Trustee (other than
distributions to the Collateral Trustee for the benefit of the holders of
Priority Lien Obligations or ABL Debt Obligations), any Subordinated Lien
Representative or any holder of Subordinated Lien
Obligations (including, without limitation, payments and
prepayments made for application to Subordinated Lien
Obligations). 

       

       

      
        
          
          

        

        
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      (d) All proceeds of Notes Collateral received by
the Collateral Trustee, any Subordinated
Lien Representative or any holder of Subordinated Lien
Obligations in violation of Section 2.4(c) shall be held by
such Person for the account of (1) prior to the Discharge of
Priority Lien Obligations, the holders of Priority Liens and
remitted to any Priority Lien Representative
upon demand by such Priority Lien
Representative, and (2) after the Discharge of  the Priority Lien
Obligations, the ABL Collateral Agent or other representative with respect to
any ABL Debt Obligations and remitted to the ABL Collateral Agent or such other
representative upon demand.

       

      (e) All
proceeds of ABL Collateral received by the Collateral Trustee, any Subordinated
Lien Representative or any holder of Subordinated Lien Obligations in violation
of Section 2.3(d) will be held by such Person for the account of (1) prior to
the Discharge of ABL Debt Obligations, the ABL Collateral Agent or such other
representative with respect to any ABL Debt Obligations and remitted to the ABL
Collateral Agent or other representative upon demand, and (2) thereafter, the
holders of Priority Liens and remitted to any Priority Lien Representative upon
demand by such Priority Lien Representative.

       

      The Subordinated Liens
will remain attached to and, subject to
Section 2.3, enforceable against all proceeds so held or
remitted.  All proceeds of Collateral received by the Collateral Trustee, any Subordinated Lien
Representative or any holder of Subordinated Lien Obligations not in violation
of Section 2.4(c) will be received by such Person free from the Priority Liens, Liens securing ABL Debt Obligations
and all other Liens except
Subordinated Liens and Permitted Prior
Liens, subject to the terms of the Intercreditor
Agreement.

       

      SECTION
2.5 Waiver of
Right of Marshalling.

       

      (a) Prior to the Discharge of Senior Obligations,
the holders of Subordinated Lien Obligations, each Subordinated Lien Representative and the Collateral Trustee may not assert or enforce any right of
marshalling accorded to a junior lienholder, as against the holders of Priority Lien Obligations, the Priority Lien Representatives (in their capacity as priority
lienholders), the holders of ABL Debt Obligations or the ABL Collateral Agent or
other representative with respect to any ABL Debt Obligations (in their capacity
as priority lienholders) with respect to Collateral.

       

      (b) Following the Discharge of Senior Obligations, the holders of
Subordinated Lien Obligations and any Subordinated Lien Representative may
assert their right under the UCC or otherwise to any proceeds remaining
following a sale or other disposition of Collateral by, or on behalf of, the
holders of Priority Lien Obligations and ABL Debt
Obligations.

       

      SECTION
2.6 Discretion in Enforcement of
Priority Liens.

       

      (a) Subject to the terms of the Intercreditor Agreement, in exercising
rights and remedies with respect to the Collateral, the
Priority Lien Representatives (at the direction of an Act of
Required Debtholders, with respect to the Collateral Trustee, if required or
requested pursuant to Section 5.4) may enforce (or refrain from enforcing)
or instruct the Collateral Trustee to enforce the provisions of the Priority Lien Documents and
exercise (or refrain from 

       

       

      
        
          
          

        

        
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      exercising) or instruct the Collateral Trustee to exercise remedies
thereunder or any such rights and remedies, all in such order and in such manner
as they may determine in the exercise of their sole and exclusive discretion,
including:

       

      (1) the exercise or forbearance from exercise of all rights and
remedies in respect of the Collateral and/or the Priority Lien Obligations;

       

      (2) the enforcement or forbearance from enforcement of any Priority Lien in respect of the Collateral;

       

      (3) the exercise or forbearance from exercise of rights and powers of a
holder of shares of stock included in the Senior Trust
Estate to the
extent provided in the Security Documents;

       

      (4) the acceptance of the Collateral in full or
partial satisfaction of the Priority Lien Obligations;
and

       

      (5) the exercise or forbearance from exercise of all rights and
remedies of a secured lender under the UCC or any similar
law of any applicable jurisdiction or in equity.

       

      SECTION
2.7 Discretion in Enforcement of
Priority Lien
Obligations.  Subject to the terms
of the Intercreditor Agreement, but without in any way limiting the generality
of Section 2.6, the holders of
Priority Lien Obligations, the
Priority Lien
Representatives (at the direction of an Act of Required Debtholders, with
respect to the Collateral Trustee, if required or requested pursuant to Section
5.4) may, at any time and from time to time, without the consent of or notice to
holders of Subordinated Lien
Obligations or the Subordinated Lien Representatives, without incurring responsibility to
holders of Subordinated Lien
Obligations and the Subordinated Lien Representatives and without impairing or releasing the
subordination provided in this
Agreement or the obligations hereunder
of holders of Subordinated Lien
Obligations and the Subordinated Lien Representatives, do any one or more of the
following:

       

      (1) change the manner, place or terms of payment or extend the time of
payment of, or renew or alter, the Priority Lien
Obligations, or otherwise amend or supplement in any manner the Priority Lien Obligations, or any instrument evidencing the Priority Lien Obligations or any agreement under which the Priority Lien Obligations are outstanding;

       

      (2) release any Person or entity liable in any
manner for the collection of the Priority Lien
Obligations;

       

      (3) release the Priority Lien on any Collateral; and

       

      (4) exercise or refrain from exercising any rights against any
Guarantor.

       

       

      
        
          
          

        

        
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      SECTION
2.8 Insolvency or Liquidation
Proceedings.

       

      (a) If in any Insolvency or Liquidation Proceeding
and prior to the Discharge of Senior Obligations, the
holders of Priority Lien Obligations or the holders of ABL
Debt Obligations by an Act of Required
Debtholders consent to any order:

       

      (1) for use of cash collateral;

       

      (2) approving a debtor-in-possession financing secured by a Lien that is (A) if prior to the Discharge of Priority Lien
Obligations, senior to or on a parity with all Priority Liens upon any property
of the estate in such Insolvency or Liquidation Proceeding, and (B) if prior to
the Discharge of ABL Debt Obligations, senior to or on a parity with all Liens
securing ABL Debt Obligations upon any property of the estate in such Insolvency or Liquidation Proceeding;

       

      (3) granting any relief on account of Priority Lien
Obligations or ABL Debt Obligations as adequate protection (or its equivalent)
for the benefit of the holders of Priority Lien Obligations
or ABL Debt Obligations in the Collateral;
or

       

      (4) relating to a sale of assets of the Issuer or
any Guarantor that provides, to the extent the Collateral sold is to be free and
clear of Liens, that all Priority Liens,
Liens securing ABL Debt Obligations and Subordinated Liens
will attach to the proceeds of the
sale;

       

      then, the holders of Subordinated Lien Obligations and the Subordinated Lien Representatives, in their capacity
as holders or representatives of secured claims, will not oppose or otherwise contest the entry of
such order, so long as none of the holders of Priority Lien Obligations, any Priority Lien Representative, the holders of
ABL Debt Obligations or the ABL Collateral Agent or other representative with
respect to any ABL Debt Obligations in any respect opposes or otherwise contests
any request made by the holders of
Subordinated Lien Obligations or a Subordinated Lien Representative for the grant to
the Collateral Trustee, for the benefit
of the holders of Subordinated Lien
Obligations and the Subordinated Lien Representatives, of a junior Lien upon any property on which a Lien is (or is to be) granted under such order to
secure the Priority Lien Obligations or
ABL Debt Obligations, co-extensive in all respects with, but subordinated (as
set forth in Section 2.3) to, such
Lien and all Priority Liens and Liens securing ABL Debt
Obligations on such property.

       

      Notwithstanding the foregoing and subject to the
terms of the Intercreditor Agreement, both before and during an Insolvency or Liquidation Proceeding, the holders of
Subordinated Lien Obligations and the
Subordinated Lien
Representatives may take any actions and exercise any and all rights that would
be available to a holder of unsecured claims, including, without limitation, the commencement of Insolvency or Liquidation Proceedings against the
Issuer or any Guarantor in accordance with applicable law; provided, that, no holder of
Subordinated Lien Obligations or Subordinated Lien Representative will be
permitted to take any action prohibited by the Intercreditor Agreement or any of
the actions prohibited under Section 2.4(b) or oppose or contest any order that it has agreed not to oppose
or contest under Section 2.8(a)(1) through (4).

       

       

      
        
          
          

        

        
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      (b) The holders of Subordinated Lien Obligations or
any Subordinated Lien Representative will not file or prosecute in any Insolvency or
Liquidation Proceeding any motion for adequate protection (or any comparable
request for relief) based upon their interest in the Collateral under the Subordinated Liens, except
that, subject to the provisions of the Intercreditor
Agreement:

       

      (1) they may freely seek and obtain relief: (A)
granting a junior Lien co-extensive in all respects with, but subordinated (as
set forth in Section 2.3) to, all Liens
granted in such Insolvency or Liquidation Proceeding to, or
for the benefit of, the holders of Priority Lien Obligations
or the holders of ABL Debt Obligations; or (B) in connection with the
confirmation of any plan of reorganization or similar dispositive restructuring
plan; and

       

      (2) they may freely seek and obtain any relief upon a motion for
adequate protection (or any comparable relief), without any condition or
restriction whatsoever, at any time after the Discharge of
Senior Obligations.

       

      SECTION
2.9 Collateral Shared Equally
and Ratably within Class.  The parties to this Agreement agree that the payment and satisfaction of all of the
Secured Debt Obligations within each
Class will be secured Equally and
Ratably by the Liens established in
favor of the Collateral Trustee for the
benefit of the Secured Parties
belonging to such Class.  It
is understood and agreed that nothing in this Section 2.9 is intended to alter the priorities among
Secured Parties belonging to different
Classes as provided in Section 2.3.

       

      ARTICLE 3.  OBLIGATIONS AND
POWERS OF COLLATERAL
TRUSTEE

       

      SECTION
3.1 Undertaking of the
Collateral
Trustee.

       

      (a) Subject to, and in accordance with, this Agreement, including without limitation Section 5.3, the Collateral Trustee will, as collateral trustee,
for the benefit solely and exclusively of the current and future Secured Parties:

       

      (1) accept, enter into, hold, maintain, administer and, where directed
following a Secured Debt Default, enforce all Security Documents, including all Collateral subject thereto, and all Liens
created thereunder, perform its obligations under the Security Documents and protect, exercise and
enforce the interests, rights, powers and remedies granted
or available to it under, pursuant to or in connection with the Security
Documents;

       

      (2) take all lawful and commercially reasonable actions permitted under
the Security Documents that
it may deem necessary to protect or preserve its interest in the Collateral subject thereto and such interests,
rights, powers and remedies;

       

      (3) deliver and receive notices pursuant to the Security Documents;

       

      (4) sell, assign, collect, assemble, foreclose on, institute legal
proceedings with respect to, or otherwise exercise or enforce the rights and
remedies of a secured party (including a mortgagee, trust deed beneficiary and
insurance beneficiary or 

       

       

      
        
          
          

        

        
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      loss
payee) with respect to the Collateral under the Security Documents and its other
interests, rights, powers and
remedies;

       

      (5) remit as provided in Section 3.4 all cash proceeds received by the Collateral Trustee from the collection, foreclosure or enforcement
of its interest in the Collateral under the Security Documents or any of its
other interests, rights, powers or
remedies;

       

      (6) execute and deliver amendments to the Security Documents as from time to time authorized
pursuant to Section 7.1 accompanied by an Officers’ Certificate to the effect that the amendment was
permitted under Section 7.1; and

       

      (7) release any Lien granted to it by any Security Document upon any Collateral if and as
required by Section 4.1.

       

      (b) Each party to this Agreement acknowledges and
consents to the undertaking of the Collateral Trustee set forth in Section 3.1(a) and agrees to each of the other provisions of this Agreement applicable to the Collateral
Trustee.

       

      (c) Notwithstanding anything to the contrary contained in this Agreement, the Collateral Trustee will not commence any exercise of remedies or any foreclosure
actions or otherwise take any action or proceeding against any of the Collateral (other than actions as necessary to prove, protect or
preserve the Liens securing the Secured Debt Obligations)
unless and until it shall have been directed by written notice of an Act of Required Debtholders and then only in
accordance with the provisions of this Agreement.

       

      (d) Notwithstanding
anything to the contrary contained in this Agreement: (1) neither the Issuer nor
any of its Affiliates may act as Collateral Trustee; and (2) no Secured Debt
Representative may serve as Collateral Trustee, provided that the Trustee may
serve as the Collateral Trustee if the Notes are the only Priority Lien
Obligations or Subordinated Lien Obligations outstanding (other than Hedging
Obligations).

       

      SECTION
3.2 Release or Subordination of
Liens.  The Collateral Trustee
will not release or subordinate any
Lien of the Collateral Trustee or consent to the release or
subordination of any Lien of the
Collateral Trustee,
except:

       

      (a) as directed by an Act of
Required Debtholders accompanied by an Officers’ Certificate to the effect that the release or
subordination was permitted by each applicable Secured Debt Document;

       

      (b) as required by Article 4;

       

      (c) as ordered pursuant to applicable law under a final and
nonappealable order or judgment of a court of competent
jurisdiction;

       

      (d) for the subordination of the Subordinated Trust
Estate and the Subordinated Liens to the Senior Trust Estate and the Priority Liens;
or

       

       

      
        
          
          

        

        
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      (e) for the
subordination of the Liens on the ABL Collateral securing the Secured Debt
Obligations to the Liens on the ABL Collateral securing the ABL Debt Obligations
to the extent required by the Intercreditor Agreement.

       

      SECTION
3.3 Enforcement of Liens.  If the Collateral
Trustee at any time receives written notice stating that any event has occurred
that constitutes a default under any Secured Debt Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its
Liens thereunder, the Collateral Trustee will promptly deliver written notice thereof to each Secured Debt Representative.
Thereafter, the Collateral Trustee may
await direction by an Act of Required Debtholders and will act, or decline to act, as directed by an Act of Required Debtholders, in the
exercise and enforcement of the Collateral Trustee’s interests,
rights, powers and remedies in respect of the Collateral or under the Security Documents or applicable law and, following
the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise
of remedies as directed by an Act of Required Debtholders, subject to the limitations set forth in the
Intercreditor Agreement with respect to the rights of the Collateral Trustee in
the ABL Collateral.  Unless it has been directed to the contrary by an
Act of Required
Debtholders, the Collateral Trustee in
any event may (but will not be
obligated to) take or refrain from taking such action with respect to any
default under any Secured Debt Document as it may deem advisable and in the best
interest of the holders of Secured Debt Obligations, subject in all cases to the
limitations in the Intercreditor Agreement.

       

      SECTION
3.4 Application of
Proceeds.

       

      (a) If any Collateral is sold or otherwise realized upon by the Collateral Trustee in connection with any foreclosure, collection
or other enforcement of Priority Liens granted to the Collateral Trustee in the
Security Documents, the proceeds received by the Collateral Trustee from such foreclosure, collection
or other enforcement will be distributed by the Collateral Trustee, subject to
the provisions in the Intercreditor Agreement, in the following order of
application:

       

      FIRST, to the payment of all amounts payable under
this Agreement on account of the
Collateral Trustee’s fees and any
reasonable legal fees, costs and expenses or other liabilities of any kind
incurred by the Collateral Trustee or any co-trustee or agent of the
Collateral Trustee in connection with
any Security
Document;

       

      SECOND, to the repayment of
Indebtedness and other obligations, other than Secured Debt, secured by a
Permitted Prior Lien on the Collateral sold or realized upon to the extent that
such other Indebtedness or obligation is to be discharged in connection with
such sale or other realization;

       

      THIRD, to the respective Priority Lien Representatives for application to the payment of all
outstanding Notes and other Priority
Lien Debt and any other Priority Lien
Obligations that are then due and payable in such order as may be provided in the Priority Lien Documents in an amount
sufficient to pay in full in cash all outstanding Notes and other Priority Lien Debt and all other
Priority Lien Obligations that are then
due and payable (including all interest accrued thereon after the commencement
of any Insolvency or Liquidation
Proceeding at the rate, including any applicable post-default

       

       

      
        
          
          

        

        
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      rate, specified in the Priority Lien Documents, even if such interest is not
enforceable, allowable or allowed as a claim in such proceeding, and including
the discharge or cash collateralization (at the lower of (1) 105% of the aggregate undrawn amount and
(2) the percentage of the aggregate
undrawn amount required for release of Liens under the terms of the
applicable Priority
Lien Documents) of all outstanding letters of credit constituting Priority Lien Debt);

       

      FOURTH,
to the ABL Collateral Agent or other representative with respect to any ABL Debt
Obligations for application to the payment of all outstanding ABL Debt
Obligations that are then due and payable in an amount sufficient to pay in full
in cash all outstanding ABL Debt and all other ABL Debt Obligations that are
then due and payable (including all interest accrued thereon after the
commencement of any Insolvency or Liquidation Proceeding at the rate, including
any applicable post-default rate, specified in the ABL Debt Documents, even if
such interest is not enforceable, allowable or allowed as a claim in such
proceeding, and including the discharge or cash collateralization (at the
percentage of the aggregate undrawn amount required for release of Liens under
the terms of the applicable ABL Debt Documents) of all outstanding letters of
credit constituting ABL Debt);

       

      FIFTH, to the respective Subordinated
Lien Representatives for application to the payment of all outstanding
Subordinated Lien Debt and any other
Subordinated Lien Obligations that are
then due and payable in such order as may be provided in the Subordinated Lien Documents in an amount sufficient
to pay in full in cash all outstanding Subordinated Lien Debt and all other Subordinated Lien Obligations that are then due and payable (including
all interest accrued thereon after the commencement of any Insolvency or
Liquidation Proceeding at the rate, including any applicable post-default rate,
specified in the Subordinated Lien Documents, even if such interest is
not enforceable, allowable or allowed as a claim in such proceeding, and
including the discharge or cash collateralization (at the lower of (1) 105% of the aggregate undrawn amount and
(2) the percentage of the aggregate
undrawn amount required for release of Liens under the terms of the
applicable Subordinated
Lien Documents) of all outstanding letters of credit, if any, constituting
Subordinated Lien Debt);
and

       

      SIXTH, any surplus remaining after the payment in full in cash of the
amounts described in the preceding five clauses will be paid to the Issuer or
the applicable Guarantor, as the case may be, or its successors or assigns, or
as a court of competent jurisdiction may direct.

       

      (b) If any Subordinated Lien Representative or any holder of a
Subordinated Lien Obligation collects or receives any
proceeds with respect to Subordinated Lien Obligations of such foreclosure,
collection or other enforcement that should have been applied to the payment of
the Priority Lien Obligations or ABL Debt Obligations in
accordance with Section 3.4(a) above, whether after the
commencement of an Insolvency or Liquidation Proceeding or
otherwise, such Subordinated Lien
Representative or such holder of a Subordinated Lien
Obligation, as the case may be, will forthwith deliver the
same to the Collateral Trustee, for the account of the
holders of the Priority Lien Obligations, the ABL Collateral
Agent or other representative with respect to any ABL Debt Obligations for the
account of the holders of ABL 

       

       

      
        
          
          

        

        
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      Debt
Obligations or other Obligations secured by a Permitted Prior Lien, to be applied in accordance with Section
3.4(a).  Until so delivered, such proceeds will be held by that Subordinated Lien Representative or that holder of a Subordinated Lien Obligation, as the case may be, for the benefit
of the holders of the Priority Lien Obligations, the ABL
Collateral Agent or other representative with respect to any ABL Debt
Obligations for the account of the holders of ABL Debt Obligations and other
Obligations secured by a Permitted Prior
Lien.  This Section 3.4(b) will not apply to payments received by any
holder of Subordinated Lien Obligations if such payments are not proceeds of
realization upon Collateral.

       

      (c) This Section 3.4 is intended for the benefit
of, and will be enforceable by, each current and future
holder of Secured Debt Obligations, each current and future Secured Debt Representative and the Collateral Trustee as holder of Priority Liens
and Subordinated Liens, and each current and future ABL
Collateral Agent or other representative in connection with any ABL Debt
Obligations, in each case, as a third party beneficiary.  The Secured Debt Representative of each future Series of Secured Debt will be required to deliver a Collateral Trust Joinder including a Lien
Sharing and Priority Confirmation as provided in Section 3.8 at the time of
incurrence of such Series of Secured
Debt.

       

      (d) In connection with the application of proceeds pursuant to Section
3.4(a), except as otherwise directed by an Act of Required
Debtholders, the Collateral Trustee may sell any non-cash
proceeds for cash prior to the application of the proceeds
thereof.

       

      SECTION
3.5 Powers of
the Collateral
Trustee.

       

      (a) The Collateral Trustee is irrevocably
authorized and empowered to enter into and perform its obligations and protect,
perfect, exercise and enforce its interest, rights, powers
and remedies under the Security Documents and applicable law and in equity and to act as
set forth in this Article 3 or as requested in any
lawful directions given to it from time to time in respect of any matter by an
Act of Required
Debtholders.

       

      (b) No Secured Debt Representative or holder of
Secured Debt Obligations will have any
liability whatsoever for any act or omission of the Collateral Trustee.

       

      SECTION
3.6 Documents
and Communications.  The Collateral Trustee
will permit each Secured Debt Representative and each holder of Secured Debt Obligations upon reasonable
written notice from time to time to inspect and copy, at the cost and expense of
the party requesting such copies, any and all Security Documents and other
documents, notices, certificates, instructions or communications received by the
Collateral Trustee in its capacity as
such.

       

      SECTION
3.7 For Sole
and Exclusive Benefit of Holders of Secured Debt
Obligations.  The Collateral Trustee
will accept, hold, administer and
enforce all Liens on the Collateral at
any time transferred or delivered to it and all other interests, rights, powers and remedies at any time
granted to or enforceable by the Collateral Trustee and all other property of the Trust Estates solely and exclusively for the benefit
of the current and future holders of current and future Secured Debt
Obligations, and will distribute all
proceeds received by it in 

       

       

      
        
          
          

        

        
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      realization thereon or from enforcement thereof solely and exclusively
pursuant to the provisions of Section 3.4.

       

      SECTION
3.8 Additional
Secured
Debt.

       

      (a) The Collateral Trustee will, as trustee hereunder, perform its undertakings set forth in
Section 3.1(a) with respect to each holder of Secured Debt Obligations of a Series of Secured
Debt that is issued or incurred after the date hereof
that:

       

      (1) holds Secured Debt Obligations that are
identified as Subordinated Lien Debt or Priority Lien Debt in accordance with the procedures set forth in
Section 3.8(b); and

       

      (2) signs, through its designated Secured Debt Representative identified pursuant to
Section 3.8(b), a Collateral Trust
Joinder and delivers the same to the Collateral Trustee and each other Secured
Debt Representative at the time of incurrence of such Series of Secured
Debt.

       

      (b) Subject to the terms of Section 2.10 of the Intercreditor Agreement, the Issuer will be
permitted to designate as an additional holder of Secured
Debt Obligations hereunder each Person who is, or who
becomes, the registered holder of Subordinated Lien Debt or
the registered holder of Priority Lien Debt incurred by the Issuer or any Guarantor after the date of this
Agreement in accordance with the terms of all applicable
Secured Debt Documents and ABL Debt Documents.  The Issuer may only effect such designation by
delivering to the Collateral Trustee an Additional
Secured Debt Designation stating that:

       

      (1) the Issuer or such Guarantor intends to incur
additional Secured Debt (“Additional
Secured Debt”)
which will either be (i) Priority Lien Debt permitted by each applicable Secured Document to be secured by a Priority Lien Equally and Ratably with all
previously existing and future Priority Lien Debt or (ii) Subordinated Lien Debt permitted by each
applicable Secured Document to be secured
with a Subordinated Lien Equally
and Ratably with all previously existing and future Subordinated Lien Debt;

       

      (2) specifying
the name and address of the Secured Debt
Representative for such series of Additional Secured Debt
for purposes of Section 7.7;

       

      (3) the Issuer and each Guarantor has duly authorized,
executed (if applicable) and recorded (or caused to be recorded), or agreed to
record (or agreed to cause to be recorded), in each appropriate governmental
office all relevant filings and recordations deemed necessary by the Issuer or
the Guarantors and the holder of such Additional Secured Debt, or its Secured
Debt Representative, to ensure that the Additional Secured
Debt is secured by the Collateral in accordance with the
Security Documents; and

       

      (4) the Issuer has caused a copy of the Additional Secured Debt
Designation to be delivered to each then existing Secured Debt
Representative.

       

       

      
        
          
          

        

        
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      Although the Issuer shall be required to deliver a
copy of each Additional Secured Debt Designation and each Collateral Trust
Joinder to each then existing Secured Debt Representative, the failure to so
deliver a copy of the Additional Secured Debt Designation and/or Collateral
Trust Joinder to any then existing Secured Debt Representative shall not affect
the status of such debt as Additional Secured Debt if the other requirements of
this Section 3.8 are complied with.  Each of the Collateral Trustee
and the other then existing Secured Debt Representatives shall have the right to
request that the Issuer provide a copy of any legal opinion of counsel (which
may be provided by internal counsel to the Issuer) provided to the holders of
Additional Secured Debt or their Secured Debt Representatives as to the
Additional Secured Debt being secured by a valid and perfected security
interest; provided,
however, that such
legal opinion or opinions need not address any collateral of a type or located
in a jurisdiction not previously covered by any legal opinion delivered by or on
behalf of the Issuer.  Notwithstanding the foregoing, nothing in this
Agreement will be construed to allow the Issuer or any Guarantor to incur additional Indebtedness unless otherwise permitted by the terms
of all applicable Secured Debt Documents and ABL Debt
Documents.

       

      The
Security Documents creating or evidencing the Priority Lien Collateral and the
Subordinated Lien Collateral and Guarantees for the Priority Lien Obligations
and the Subordinated Lien Obligations shall be in all material respects the same
forms of documents other than with respect to the first lien, second lien or
third lien nature of the Obligations thereunder.

       

      ARTICLE 4.  OBLIGATIONS
ENFORCEABLE BY THE COMPANY AND THE
OTHER GUARANTORS

       

      SECTION
4.1 Release
of Liens on Collateral.

       

      (a) The Collateral Trustee’s Liens on the Collateral will be released:

       

      (1) in whole, upon (A) payment in full and
discharge of all outstanding Secured Debt and all other
Secured Debt Obligations that are outstanding, due and
payable at the time all of the Secured Debt is paid in full
and discharged and (B) termination or expiration of all
commitments to extend credit under all Secured Debt Documents and the cancellation or termination or cash
collateralization (at the lower of (1) 105% of the aggregate
undrawn amount and (2) the percentage of the aggregate
undrawn amount required for release of Liens under the terms of the applicable Secured Debt Documents) of all outstanding letters of credit issued
pursuant to any Secured Debt
Documents;

       

      (2) as to any Collateral that is sold, transferred
or otherwise disposed of by the Issuer or any Guarantor (including indirectly, by way of a sale or other
disposition of Capital Stock of a Guarantor) to a Person
that is not (either before or after such sale, transfer or disposition) the
Issuer or a Restricted Subsidiary of the Issuer in a
transaction or other circumstance that is not prohibited by either Section 4.06
of the Indenture or by the terms of any applicable Secured Debt Documents, at the time of
such sale, transfer or other disposition or to the extent of the interest sold,
transferred or otherwise disposed of; provided,
that the Collateral Trustee’s Liens upon
the Collateral will not be released if
the sale or disposition is subject to Section 5.01 of the Indenture;

       

       

      
        
          
          

        

        
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      (3) upon completion of any Repurchase Offer (as defined in the
Indenture) conducted in compliance with Section 3.09 of the Indenture to the
extent any Net Proceeds constituted Excess Proceeds (as defined in the
Indenture) with respect to such Repurchase Offer and remain unexpended following
the consummation of such Repurchase Offer;

       

      (4) as to
less than all or substantially all of the Collateral, if consent
to the release of all Priority Liens (or, at any time after
the Discharge of Priority Lien Obligations, consent to the release of all
Subordinated Liens) on such Collateral has been given by an
Act of Required
Debtholders;

       

      (5) as to all or substantially all of the Collateral, if (A) consent to the release
of that Collateral has been given by the requisite
percentage or number of holders of each Series of Secured
Debt at the time outstanding as provided for in the
applicable Secured Debt Documents, and (B) the Issuer has delivered an Officers’ Certificate to the Collateral Trustee certifying that all such necessary consents have
been obtained, or

       

      (6) if and to
the extent required by Section 2.05(a) of the Intercreditor
Agreement;

       

      and, in each such case, upon request of the Issuer,
the Collateral Trustee will execute (with such acknowledgements and/or
notarizations as are required) and deliver evidence of such release to the
Issuer; provided, however, to the extent the
Issuer requests the Collateral Trustee to deliver evidence of the release of
Collateral in accordance with this Section 4.1(a), the Issuer will deliver to
the Collateral Trustee an Officers’ Certificate to the effect that such release
of Collateral pursuant to this Section 4.1(a) did not violate the terms of any
applicable Secured Debt Document or the ABL Debt
Documents.  Notwithstanding the foregoing, subject to the
Intercreditor Agreement, all Liens will remain attached to and enforceable
against all proceeds of any sale or disposition.

       

      (b) The Collateral Trustee agrees for the benefit of
the Issuer and the Guarantors that if the Collateral Trustee at any time receives:

       

      (1) an Officers’
Certificate stating that (A) the signing officers have read
Article 4 of this Agreement and understand the
provisions and the definitions relating hereto, (B) such
officers have made such examination or investigation as is necessary to enable
such Persons to express an informed opinion as to whether or not the conditions
precedent in this Agreement and all other Secured Debt Documents and the ABL Debt Documents,
if any, relating to the release of such Collateral have been
complied with and (C) to the best knowledge of such
officers, such conditions precedent, if any, have been complied with;
and

       

      (2) the proposed instrument or instruments releasing such Lien as to such property in recordable form, if
applicable;

       

      then the Collateral Trustee will promptly execute (with such acknowledgements and/or notarizations
as are required) and deliver such release to the Issuer or applicable Guarantor on or before the later of
(x) the date specified in such request
for such release and (y) the fifth
Business 

       

       

      
        
          
          

        

        
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      Day after the date of receipt of the items required by this
Section 4.1(b) by the Collateral Trustee.

       

      (c) The Collateral Trustee hereby agrees
that:

       

      (1) in the case of any release pursuant to clause (2) of Section 4.1(a), if the terms of any
such sale, transfer or other disposition require the payment of the purchase
price to be contemporaneous with the delivery of the applicable release, then,
at the written request of and at the expense of the Issuer
or applicable Guarantor, the Collateral Trustee will either (A) be present at and deliver the release at the
closing of such transaction or (B) deliver the release under
customary escrow arrangements that permit such contemporaneous payment and
delivery of the release; and

       

      (2) at any time when a Secured Debt Default under a
Series of Secured Debt that constitutes Subordinated Lien Debt has occurred and is continuing, within one
Business Day of the receipt by it of any Act of Required Debtholders pursuant to
Section 4.1(a)(4), the Collateral
Trustee will deliver a copy of such Act
of Required Debtholders to each Secured Debt
Representative.

       

      (d) Each Secured Debt
Representative hereby agrees that within one
Business Day of the receipt by it of any notice from the
Collateral Trustee pursuant to Section 4.1(c)(2), such Secured Debt
Representative will deliver a copy of such notice to each
registered holder of the Series of Priority Lien Debt or
Series of Subordinated Lien Debt for which it acts as Secured Debt
Representative.

       

      SECTION
4.2 Delivery
of Copies to Secured Debt
Representatives.  The Issuer will deliver to each Secured Debt Representative a copy of each
Officers’ Certificate delivered to the Collateral Trustee pursuant to Section 4.1(b), together with copies of all documents
delivered to the Collateral Trustee
with such Officers’
Certificate.

       

      SECTION
4.3 Collateral Trustee
not Required to
Serve, File, Register or Record.  The Collateral Trustee
is not required to serve, file, register or record any instrument releasing or
subordinating its Liens on any
Collateral; provided, however, that if the Issuer or any Guarantor shall make a written demand for a
termination statement under Section 9-513(c) of the UCC, the Collateral Trustee shall comply with the written request of the Issuer or such Guarantor to comply with the
requirements of such UCC provision;
provided, further, that the
Collateral Trustee must have received
from the Secured Debt
Representatives a written confirmation that the requirements of Section 9-513(c)
of the UCC have been satisfied.  The Collateral Trustee shall
conclusively rely on a certificate from the Secured Debt Representative as to
such satisfaction.

       

      SECTION
4.4 Release of Liens in Respect
of Notes.  The
Collateral Trustee’s Lien will no longer secure the Notes outstanding under the
Indenture or any other Obligations under the Indenture, and the right of the
holders of the Notes and such Obligations to the benefits and proceeds of the
Collateral Trustee’s Lien on the Collateral will terminate and be
discharged:

       

       

      
        
          
          

        

        
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      (1)           upon
satisfaction and discharge of the Indenture as set forth under Article 10 of the
Indenture;

       

       

      (2)           upon
a Legal Defeasance or Covenant Defeasance of the Notes as set forth under
Article 8 of the Indenture;

       

       

      (3)           upon
payment in full and discharge of all Notes outstanding under the Indenture and
all Obligations that are outstanding, due and payable under the Indenture at the
time the Notes are paid in full and discharged;

       

       

      (4)           in
whole or in part, with the consent of the holders of the requisite percentage of
Notes in accordance with Article 9 of the Indenture; or

       

       

      (5)           if
and to the extent required by Section 2.05(a) of the Intercreditor
Agreement.

       

      ARTICLE 5.  IMMUNITIES OF THE
COLLATERAL
TRUSTEE

       

      SECTION
5.1 No
Implied Duty.  The Collateral Trustee
will not have any duties,
responsibilities or obligations other than those expressly assumed by it in this
Agreement and the other Security Documents to which it is a
party.  The Collateral
Trustee will not be required to take
any action that is contrary to applicable law or any provision of this
Agreement or the other Security Documents to which it is a
party.

       

      SECTION
5.2 Appointment of Agents and
Advisors.  The Collateral Trustee
may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents, attorneys, accountants,
appraisers or other experts or advisors selected by it in good faith as it may
reasonably require and will not be
responsible for any misconduct or negligence on the part of any of
them.

       

      SECTION
5.3 Other
Agreements.  The Collateral Trustee
has accepted and is bound by the Security Documents executed by the
Collateral Trustee as of the date
of this Agreement and, as directed by
an Act of Required
Debtholders, the Collateral
Trustee shall execute additional Security Documents delivered to it after the date of
this Agreement; provided, however, that such
additional Security
Documents do not adversely affect the rights, privileges, benefits and
immunities of the Collateral
Trustee.  The Collateral Trustee
will not otherwise be bound by, or be
held obligated by, the provisions of any credit agreement, indenture or other agreement governing Secured Debt (other than this Agreement and the other Security Documents to which it is a
party).

       

      SECTION
5.4 Solicitation of
Instructions.

       

      (a) The Collateral Trustee may at any time solicit
written confirmatory instructions, in the form of an Act of Required Debtholders, an Officers’ Certificate or an order

       

       

      
        
          
          

        

        
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      of a
court of competent jurisdiction, as to any action that it may be requested or
required to take, or that it may propose to take, in the performance of any of
its obligations under this Agreement or the other Security Documents.

       

      (b) No written direction given to the Collateral
Trustee by an Act of Required Debtholders
that in the reasonable judgment of the Collateral Trustee
imposes, purports to impose or might reasonably be expected to impose upon the
Collateral Trustee any obligation or liability not set forth
in or arising under this Agreement and the other Security Documents will be
binding upon the Collateral Trustee unless the Collateral Trustee elects, at its sole option, to accept such
direction.

       

      SECTION
5.5 Limitation of
Liability.  The Collateral Trustee
will not be responsible or liable for
any action taken or omitted to be taken by it hereunder or under any other
Security Document,
except for its own gross negligence or willful misconduct as determined by a
court of competent jurisdiction.

       

      SECTION
5.6 Documents
in Satisfactory Form.  The Collateral Trustee
will be entitled to require that all
agreements, certificates, opinions, instruments and other documents at any time
submitted to it, including those expressly provided for in this Agreement,
be delivered to it in a form and with substantive provisions reasonably
satisfactory to it.

       

      SECTION
5.7 Entitled
to Rely.  The Collateral Trustee
may seek and rely upon, and shall be fully protected in relying upon, any
judicial order or judgment, upon any advice, opinion or statement of legal
counsel, independent consultants and other experts selected by it in good faith
and upon any certification, instruction, notice or other writing delivered to it by the Issuer or any Guarantor in
compliance with the provisions of this Agreement or delivered to it by any Secured Debt Representative as to the holders of Secured Debt Obligations for whom it acts,
without being required to determine the authenticity thereof or the correctness
of any fact stated therein or the propriety or validity of service
thereof.  The Collateral
Trustee may act in reliance upon any instrument comporting with the provisions
of this Agreement or any signature
reasonably believed by it to be genuine and may assume that any Person purporting to give notice or receipt or advice
or make any statement or execute any document in connection with the provisions
hereof or the other Security Documents has been duly authorized to do so. To the extent an
Officers’ Certificate or opinion of counsel is required or permitted
under this Agreement to be delivered to
the Collateral Trustee in respect of
any matter, the Collateral Trustee may
rely conclusively on an Officers’ Certificate or opinion of counsel as to
such matter and such Officers’ Certificate or opinion of counsel shall be full warranty and
protection to the Collateral Trustee
for any action taken, suffered or omitted by it under the provisions of this
Agreement and the other Security
Documents.

       

      SECTION
5.8 Secured Debt
Default.  The Collateral Trustee
will not be required to inquire as to
the occurrence or absence of any Secured Debt Default and will
not be affected by or required to act upon any notice or knowledge as to the
occurrence of any Secured Debt Default
unless and until it is directed by an Act of Required Debtholders.

       

      SECTION
5.9 Actions
by Collateral
Trustee.  As to any matter not expressly provided for by this Agreement
or the other Security
Documents, the Collateral Trustee
will act 

       

       

      
        
          
          

        

        
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      or refrain from acting as directed by an Act of Required Debtholders and will be fully protected if it does so, and any action
taken, suffered or omitted pursuant hereto or thereto shall be binding on the
holders of Secured Debt
Obligations.

       

      SECTION
5.10 Security
or Indemnity in Favor of the Collateral
Trustee.  The Collateral Trustee
will not be required to take any action
at the direction of any holders of Secured Debt Obligations, to advance or
expend any funds or otherwise incur any financial liability in the performance
of its duties or the exercise of its powers or rights hereunder unless it has
been provided with pre-funding,
security or indemnity reasonably satisfactory to it against any and all cost,
loss, liability or expense which may be incurred by it by reason of taking or
continuing to take such action.

       

      SECTION
5.11 Rights of
the Collateral
Trustee.  In the event there is any bona fide, good faith
disagreement between the other parties to this Agreement or any of the other Security Documents resulting in adverse claims being
made in connection with Collateral held
by the Collateral Trustee and the terms
of this Agreement or any of the other
Security Documents do
not unambiguously mandate the action the Collateral Trustee is to take or not to take in connection therewith
under the circumstances then existing, or the Collateral Trustee is in doubt as to what action it is required to take
or not to take hereunder or under the other Security Documents, it will be entitled to refrain from taking any action
(and will incur no liability for doing
so) until directed otherwise (subject to Section 5.10) in writing by a request
signed jointly by the parties hereto entitled to give such direction or by order
of a court of competent jurisdiction.

       

      SECTION
5.12 Limitations on Duty of
Collateral Trustee
in Respect of
Collateral.

       

      (a) Beyond the exercise of reasonable care in the custody of Collateral in its possession, the Collateral
Trustee will have no duty as to any Collateral in its possession or control or in
the possession or control of any agent or bailee or any
income thereon or as to preservation of rights against prior parties or any
other rights pertaining thereto and the Collateral Trustee
will not be responsible for filing any financing or
continuation statements or recording any documents or instruments in any public
office at any time or times or otherwise perfecting or maintaining the
perfection of any Liens on the Collateral.  The Collateral Trustee
will be deemed to have exercised reasonable care in the
custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which
it accords its own property, and the Collateral Trustee
will not be liable or responsible for any loss or diminution
in the value of any of the Collateral by reason of the act
or omission of any carrier, forwarding agency or other agent or bailee selected
by the Collateral Trustee in good
faith.

       

      (b) The Collateral Trustee will
not be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or
enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of
any action or omission to act on its part hereunder, except to the extent such
action or omission constitutes gross negligence or willful misconduct on the
part of the Collateral Trustee, for the validity or
sufficiency of the Collateral or any agreement or assignment
contained therein, for the validity of the title of the Issuer or any Guarantor
to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or
Liens upon the Collateral or

       

       

      
        
          
          

        

        
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      otherwise
as to the maintenance of the Collateral.  The Collateral Trustee hereby disclaims any representation or warranty
to the current and future holders of the Secured Debt
Obligations concerning the perfection of the Liens granted
hereunder or in the value of any of the Collateral.

       

      SECTION
5.13 Assumption of Rights, Not
Assumption of Duties.  Notwithstanding
anything to the contrary contained herein:

       

      (1) each of the parties thereto will remain liable
under each of the Security
Documents (other than this Agreement) to the extent set
forth therein to perform all of their respective duties and obligations
thereunder to the same extent as if this Agreement had not
been executed;

       

      (2) the exercise by the Collateral Trustee of any
of its rights, remedies or powers hereunder will not release
such parties from any of their respective duties or obligations under the other
Security Documents;
and

       

      (3) the Collateral Trustee will
not be obligated to perform any of the obligations or duties of any of the
parties thereunder other than the Collateral
Trustee.

       

      SECTION
5.14 No
Liability for Clean Up of Hazardous Materials.  In the event that the Collateral Trustee is required to acquire title to an asset for any
reason, or take any managerial action of any kind in regard thereto, in order to
carry out any fiduciary or trust obligation for the benefit of another, which in
the Collateral Trustee’s sole
discretion may cause the Collateral
Trustee to be considered an “owner or
operator” under any environmental laws or otherwise cause the Collateral Trustee to incur, or be exposed to, any
environmental liability or any liability under any other federal, state or local
law, the Collateral Trustee reserves
the right, instead of taking such action, either to resign as Collateral Trustee or to arrange for the transfer of
the title or control of the asset to a
court appointed receiver.  The Collateral Trustee will not be
liable to any Person for any
environmental liability or any environmental claims or contribution actions
under any federal, state or local law, rule or regulation by reason of the
Collateral Trustee’s actions and
conduct as authorized, empowered and directed hereunder or relating to any kind
of discharge or release or threatened discharge or release of any hazardous
materials into the environment.

       

      ARTICLE 6.  RESIGNATION AND
REMOVAL OF THE COLLATERAL
TRUSTEE

       

      SECTION
6.1 Resignation or Removal of
Collateral
Trustee.  Subject to the appointment of a successor Collateral Trustee as provided in Section 6.2 and the acceptance of such appointment by the
successor Collateral
Trustee:

       

      (a) the Collateral Trustee may resign at any time
by giving not less than 30 days’ notice of resignation to each Secured Debt Representative and the Issuer, provided that such notice
period may be waived by each Secured Debt Representative and the Issuer;
and

       

      (b) the Collateral Trustee may be removed at any
time, with or without cause, by an Act of
Required Debtholders.

       

       

      
        
          
          

        

        
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      SECTION
6.2 Appointment of Successor
Collateral
Trustee.  Upon any such resignation or removal, a successor Collateral Trustee may be appointed by an
Act of Required
Debtholders.  If no successor Collateral Trustee has been so appointed and accepted such appointment
within 30 days after the predecessor Collateral Trustee gave notice of resignation or was removed, the
retiring Collateral Trustee may (at the
expense of the Issuer), at its option, appoint a successor Collateral Trustee, or petition a court of competent
jurisdiction for appointment of a successor Collateral Trustee, which must be a bank or trust
company:

       

      (1) authorized to exercise corporate trust
powers;

       

      (2) having a combined capital and surplus of at least
$100,000,000;

       

      (3) maintaining an office in New York, New York; and

       

      (4) that is not (a) the Issuer or any of its Affiliates or (b) any
Secured Debt Representative (other than the Trustee serving in the role of the
Collateral Trustee to the extent the Notes are the only Priority Lien
Obligations or Subordinated Lien Obligations outstanding (other than Hedging
Obligations)).

       

      The Collateral Trustee will fulfill
its obligations hereunder until a successor Collateral Trustee meeting the requirements of this
Section 6.2 has accepted its
appointment as Collateral Trustee and
the provisions of Section 6.3 have been
satisfied.

       

      SECTION
6.3 Succession.  When the Person so
appointed as successor Collateral
Trustee accepts such appointment:

       

      (1) such Person will succeed to
and become vested with all the rights, powers, privileges and duties of the
predecessor Collateral Trustee, and the predecessor Collateral Trustee will be discharged from its
duties and obligations hereunder; and

       

      (2) the predecessor Collateral Trustee will (at the expense of the Issuer) promptly transfer all Liens and collateral security and other property of the Trust Estates within its possession or control
to the possession or control of the successor Collateral Trustee and will execute instruments
and assignments as may be necessary or reasonably requested by the successor
Collateral Trustee to transfer to the successor Collateral Trustee all Liens, interests, rights, powers and remedies of the predecessor Collateral Trustee in respect of the Security Documents or the Trust
Estates.

       

      Thereafter the predecessor Collateral Trustee will remain entitled to enforce the immunities granted to it in
Article 5 and the provisions of
Sections 7.10 and
7.11.

       

      SECTION
6.4 Merger,
Conversion or Consolidation of Collateral
Trustee.  Any Person into which
the Collateral Trustee may be merged or
converted or with which it may be consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Collateral
Trustee shall be a party, or any Person
succeeding to the business of the Collateral Trustee shall be the successor of the Collateral Trustee pursuant to Section 6.3, provided that (i) without
the execution or filing of any paper with any party hereto or any further act on
the part of any of the parties hereto, except where an instrument of transfer or
assignment is required 

       

       

      
        
          
          

        

        
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      by law to effect such succession, anything herein to the contrary
notwithstanding, such Person satisfies the
eligibility requirements specified in clauses (1) through
(4) of Section 6.2 and (ii)
prior to any such merger, conversion or consolidation, the Collateral Trustee shall have notified the Issuer,
each Priority Lien Representative and
each Subordinated Lien Representative thereof in
writing.

       

      ARTICLE 7.  MISCELLANEOUS
PROVISIONS

       

      SECTION
7.1 Amendment.

       

      (a) No amendment or supplement to the provisions of
this Agreement or any other Security Document will be effective without the approval of the Collateral Trustee acting as directed by an Act of Required Debtholders, except that any amendment or
supplement that has the effect solely of (i) adding or maintaining Collateral, securing additional Secured Debt
that was otherwise permitted by the terms of the Secured Debt Documents to be secured by the Collateral or preserving, perfecting or establishing the priority of the Liens thereon or the rights of the Collateral Trustee therein, (ii) curing any
ambiguity, defect or inconsistency; (iii) providing for the assumption of the
Issuer’s or any Guarantor’s Obligations under any Security Document in the case
of a merger or consolidation or sale of all or substantially all of the assets
of the Issuer or such Guarantor, as applicable; or (v) making any change that
would provide any additional rights or benefits to the Secured Parties or the
Collateral Trustee or that does not adversely affect the legal rights under the
Indenture or any other Secured Debt Document of any Secured Party or the
Collateral Trustee, will, in each case, become effective when executed and delivered by the Issuer and any applicable Guarantor party
thereto and the Collateral Trustee;

       

      (b) No amendment or supplement to the provisions of this Agreement or
any other Security Document that:

       

      (1) reduces,
impairs or adversely affects the right of any holder of Secured
Debt Obligations:

       

      (A) to vote its outstanding Secured Debt as to any
matter described as subject to an Act of
Required Debtholders or direction by the Required Priority Lien
Debtholders,

       

      (B) to share in the order of application described in Section 3.4
in the proceeds of enforcement of or realization on any Collateral that has not been released in accordance with the
provisions described in Section 4.1,
or

       

      (C) to require that Liens securing Secured Debt Obligations be released only as set forth in the
provisions described in Section 4.1,
or

       

      (2) amends
the provisions of this clause (b) or the definition of
“Act of
Required Debtholders,” “Required Priority Lien
Debtholders” or “Required Subordinated Lien
Debtholders,”

       

      will become effective without the
consent of the requisite percentage or number of holders of each Series of Secured Debt so affected under the
applicable Secured Debt
Documents; and

    

     

     

    
      
        
        

      

      
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    (c) No amendment or supplement to the provisions of this Agreement or
any other Security Document that imposes any obligation upon the Collateral Trustee or any Secured Debt Representative or adversely affects the rights of the
Collateral Trustee or any Secured Debt Representative in its individual capacity as such
will become effective without the consent of the Collateral Trustee or such Secured Debt Representative, as applicable.

     

    (d) Any
amendment or supplement to the provisions of this Agreement or any other
Security Document that releases Collateral will be effective only if consent to
such release is granted in accordance with the applicable Secured Debt Document
(for the avoidance of doubt, including the Intercreditor Agreement) for each
Series of Secured Debt that is required to consent to the release of the
Collateral Trustee’s liens on such Collateral in Section 4.1.  Any
amendment or supplement that results in the Collateral Trustee’s Liens upon the
Collateral no longer securing the Notes and all related Note Obligations under
the Indenture may only be effected in accordance with Section
4.4.

     

    (e) Notwithstanding anything to the contrary in Sections 7.1(a) and 7.1(d) but subject to Sections 7.1(b) and 7.1(c):

     

    (1) any Security Document that
secures Subordinated Lien Obligations (but not Priority Lien Obligations) may be amended or supplemented with the
approval of the Collateral Trustee acting as directed in writing by the Required Subordinated Lien Debtholders, unless such amendment or
supplement would not be permitted under the terms of this Agreement or the other Priority
Lien Documents;

     

    (2) any amendment or waiver of, or any consent under, any provision of
this Agreement or any other Security Document that secures Priority Lien
Obligations will apply automatically to any comparable
provision of any comparable Subordinated
Lien Document without the consent of or notice to any holder of Subordinated Lien Obligations and without any action by the
Issuer or any Guarantor or any holder of Notes or other
Priority Lien Obligations or other Subordinated Lien
Obligations; and

     

    (3) the
Issuer may direct the Collateral Trustee to amend, supplement or otherwise
modify the Intercreditor Agreement in accordance with the amendment provisions
of the Intercreditor Agreement; provided that the changes
made by such amendment, supplement or other modification, taken together with
all other changes (whenever and however made) from the form of the Intercreditor
Agreement attached as Exhibit D, are not
materially adverse to any holder of Secured Debt
Obligations.

     

    (f) The Collateral Trustee will
not enter into any amendment or supplement unless it has received an Officers’ Certificate to the effect
that such amendment or supplement will not result in a
breach of any provision or covenant contained in any of the Secured Debt Documents or the ABL
Debt Documents.  Prior to executing any amendment or supplement
pursuant to this Section 7.1, the Collateral Trustee will be entitled to receive
an opinion of counsel of the Issuer (which may be provided
by internal counsel to the Issuer) to the effect that the execution of such
document is authorized or permitted hereunder, and with respect to amendments
adding Collateral, an opinion of counsel of the Issuer addressing customary 

     

     

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

     

    perfection,
and if such additional Collateral consists of equity interests
of any Person, priority matters with respect to such
additional Collateral (subject to customary qualifications
and assumptions).

     

    (g) The holders of Subordinated
Lien Obligations and the Subordinated Lien
Representatives agree that each Security Document that secures Subordinated
Lien Obligations (but not also securing Priority Lien
Obligations) will include language substantially to the
effect of the following:

     

    “Notwithstanding anything herein to
the contrary, the lien and security interest granted to the Collateral Trustee pursuant to this Agreement and the exercise of any right or remedy by
such Collateral Trustee hereunder are
subject to the provisions of the Collateral Trust Agreement, dated as of September 30, 2009, among ACCO
Brands Corporation, as Issuer, the Guarantors from time to time party thereto,
U.S. Bank National Association, as Trustee under the Indenture (as
defined therein) and U.S. Bank National Association, as Collateral Trustee (as amended, supplemented, amended
and restated or otherwise modified and in effect from time to time, the
“Collateral Trust
Agreement”).  In the event of any conflict between the terms of
the Collateral Trust Agreement and this
Agreement, the terms of the
Collateral Trust Agreement
will govern.”

     

    ; provided, however, that if the
jurisdiction in which any such Subordinated Lien Document will
be filed prohibits the inclusion of the language above or would prevent a
document containing such language from being recorded, the Subordinated Lien Representatives and
the Priority Lien
Representatives agree, prior to such Subordinated Lien Document being entered into, to
negotiate in good faith replacement language stating that the lien and security
interest granted under such Subordinated Lien Document is subject to the provisions of this
Agreement.

    

    SECTION
7.2 Voting.  In connection with any matter under this Agreement requiring a vote of holders of
Secured Debt, each Series of Secured Debt will cast its votes in accordance with the
Secured
Debt Documents governing such Series of
Secured Debt.  The amount of Secured Debt to be voted by a Series of Secured Debt will
equal (1) the aggregate principal
amount of Secured Debt held by such
Series of Secured Debt (including
outstanding letters of credit whether or not then available or drawn), plus (2) other than in connection with an exercise of
remedies under any applicable Secured Debt Documents, the aggregate unfunded
commitments to extend credit which, when funded, would constitute Indebtedness of such Series of Secured Debt.  Following and in accordance with the
outcome of the applicable vote under its Secured Debt Documents, the
Secured Debt Representative of each
applicable Series of Secured Debt
will vote the total amount of Secured
Debt under that Series of Secured Debt as a block in respect of any vote under
this Agreement.  If any
Series of Secured Debt consists of Hedging Obligations, those Hedging
Obligations will vote on matters concerning such Series of Secured Debt in
accordance with the applicable Secured Debt Documents.

     

    SECTION
7.3 Further
Assurances; Insurance.

     

    (a) The Issuer and each of the Guarantors will do or cause to be done all acts and things that may
be required, or that the Collateral Trustee from time to
time may reasonably request, to assure and confirm that the Collateral Trustee holds, for the benefit of the holders of

     

     

    
      
        
        

      

      
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    Secured
Debt Obligations, duly created and enforceable and perfected Liens upon the Collateral, (including any
property or assets that are acquired or otherwise become Collateral after the date hereof), in each case as contemplated by,
and with the Lien priority required under, the Secured Debt
Documents.

     

    (b) Upon the reasonable request of the Collateral
Trustee or any Secured Debt Representative
at any time and from time to time, the Issuer and each of
the Guarantors will promptly execute, acknowledge and
deliver such security documents, instruments, certificates, notices and other
documents, and take such other actions as may be reasonably required, or that
the Collateral Trustee may reasonably request, to create,
perfect, protect, assure or enforce the Liens and benefits
intended to be conferred, in each case as contemplated by the Secured Debt Documents for the
benefit of holders of Secured Debt Obligations.

     

    (c) The Issuer and the Guarantors
will:

     

    (1) keep their properties adequately insured at all times by
financially sound and reputable insurers;

     

    (2) maintain such other insurance, to such extent and against such
risks (and with such deductibles, retentions and exclusions), including fire and
other risks insured against by extended coverage, as is customary with companies
in the same or similar businesses operating in the same or similar locations,
including public liability insurance against claims for personal injury or death
or property damage occurring upon, in, about or in connection with the use of
any properties owned, occupied or controlled by them;

     

    (3) maintain such other insurance as may be required by law;
and

     

    (4) maintain such other insurance as may be required by
the Security
Documents.

     

    (d) Upon the request of the Collateral Trustee, the
Issuer and the Guarantors will furnish to the Collateral Trustee full
information as to their property and liability insurance
carriers.

     

    (e) All insurance policies required by Section 7.3(c) (except for the insurance described in 7.3(c)(3)) above
will:

     

    (1) provide that, with respect to third party liability insurance, the
holders of Secured Debt Obligations, as a class, shall be named as additional
insureds;

     

    (2) name the Collateral Trustee as a loss payee
as its interests may appear and additional
insured;

     

    (3) provide that (x) no cancellation or
termination of such insurance and (y) no reduction in
the limits of liability of such insurance or other material change shall be
effective until 30 days after written notice is given by the insurers to the
Collateral Trustee of such cancellation, termination,
reduction or change;

     

     

    
      
        
        

      

      
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    (4) waive all claims for insurance premiums or commissions or
additional premiums or assessments against the Secured
Parties; and

     

    (5) waive any right of the insurers to setoff or counterclaim or to
make any other deductions, whether by way of attachment or otherwise, as against
the Secured Parties.

     

    (f)           Upon
the request of the Collateral Trustee,
the Issuer and the Guarantors will permit the Collateral Trustee or any of its agents or
representatives, at reasonable times and intervals upon reasonable prior notice
during regular business hours, to visit their offices and sites and inspect any
of the Collateral and to discuss
matters relating to the Collateral with
their respective officers.  The Issuer and the Guarantors shall, at any reasonable time and from time to time
upon reasonable prior notice during regular business hours, permit the
Collateral Trustee or any of its agents
or representatives to examine and make copies of and abstracts from the records
and books of account of the Issuer and
the Guarantors and their respective
Subsidiaries, all at the Issuer’s expense.

     

    SECTION
7.4 Perfection of Subordinated Trust
Estate.

     

    Solely
for purposes of perfecting the Liens of the Collateral Trustee in its capacity
as agent of the holders of Subordinated Lien Obligations and the Subordinated
Lien Representatives in any portion of the Subordinated Trust Estate in the
possession or control of the Collateral Trustee (or its agents or bailees) as
part of the Senior Trust Estate including, without limitation, any instruments,
goods, negotiable documents, tangible chattel paper, electronic chattel paper,
certificated securities, money, deposit accounts and securities accounts, the
Collateral Trustee, the holders of Priority Lien Obligations and the Priority
Lien Representatives hereby acknowledge that the Collateral Trustee also holds
such property as agent for the benefit of the Collateral Trustee for the benefit
of the holders of Subordinated Lien Obligations and the Subordinated Lien
Representatives.

     

    SECTION
7.5 Successors and Assigns;
Third Party Beneficiaries.

     

    (a) Except as provided in Section 5.2, the Collateral Trustee may not, in its
capacity as such, delegate any of its duties or assign any of its rights
hereunder, and any attempted delegation or assignment of any such duties or
rights will be null and void.  All obligations of
the Collateral Trustee hereunder will
inure to the sole and exclusive benefit of, and be enforceable by, each Secured Debt Representative and ABL Collateral
Agent and each current and future holder of Secured Debt Obligations and ABL
Debt Obligations, each of whom will be entitled to enforce
this Agreement as a third-party beneficiary hereof, and all
of their respective successors and assigns.

     

    (b) Neither the Issuer nor any Guarantor may
delegate any of its duties or assign any of its rights hereunder, and any
attempted delegation or assignment of any such duties or rights will be null and void.  All obligations of the
Issuer and the Guarantors hereunder will
inure to the sole and exclusive benefit of, and be enforceable by, the Collateral Trustee, each Secured Debt
Representative and each current and future holder of Secured Debt Obligations,

     

     

    
      
        
        

      

      
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    each of
whom will be entitled to enforce this Agreement as a third-party beneficiary hereof, and all of their
respective successors and assigns.

     

    SECTION
7.6 Delay and
Waiver.  No failure to exercise, no course of dealing with respect
to the exercise of, and no delay in exercising, any right, power or remedy
arising under this Agreement or any of the
other Security
Documents will impair any such right,
power or remedy or operate as a waiver thereof.  No single or partial
exercise of any such right, power or remedy will preclude any other or future exercise thereof or the exercise of
any other right, power or remedy.  The remedies herein are cumulative
and are not exclusive of any remedies provided by law.

     

    SECTION
7.7 Notices.  Any communications, including notices and instructions,
between the parties hereto or notices provided herein to be given may be given to the following
addresses:

     

    
      
        	
                            If to
      the Collateral Trustee:

              	
                U.S.
      Bank National Association

              
	 
      	
                209
      South LaSalle Street, Suite 300

              
	 
      	
                Chicago,
      Illinois  60604

              
	 
      	
                Telephone:  (312)
      325-8907

              
	 
      	
                Fax:  (312)
      325-8974

              
	 
      	
                Attention:  Corporate
      Trust Services

              
	 
      	 
      
	
                            If to
      the Issuer or any Guarantor:

              	
                ACCO
      Brands Corporation

              
	 
      	
                300
      Tower Parkway

              
	 
      	
                Lincolnshire,
      Illinois  60069

              
	 
      	
                Telephone:  (847)
      541-9500

              
	 
      	
                Fax:  (847)
      484-4144

              
	 
      	
                Attention:  General
      Counsel

              
	 
      	 
      
	
                            If to
      the Trustee:

              	
                U.S.
      Bank National Association

              
	 
      	
                209
      South LaSalle Street, Suite 300

              
	 
      	
                Chicago,
      Illinois  60604

              
	 
      	
                Telephone:  (312)
      325-8907

              
	 
      	
                Fax:  (312)
      325-8974

              
	 
      	
                Attention:  Corporate
      Trust Services

              

      

and if to any other Secured Debt Representative, to such address as it may specify by
written notice to the parties named above.

     

    All notices and communications will be faxed to the relevant fax number set forth
above or mailed by first class mail, certified or registered, return receipt
requested, or by overnight air courier guaranteeing next day delivery, to the
relevant address set forth above or, as to holders of Secured Debt, all notices
and communications will be sent in the manner specified in the Secured Debt
Documents applicable to such holder.  Failure to mail a notice or
communication to a 

     

     

    
      
        
        

      

      
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    holder of Secured Debt or any
defect in it will not affect its
sufficiency with respect to other holders of Secured Debt.

     

    If a notice or communication is mailed in the manner
provided above within the time
prescribed, it is duly given, whether or not the addressee receives
it.

     

    SECTION
7.8 Notice
Following Discharge of Priority Lien Obligations.  Promptly following the Discharge of Priority Lien Obligations with respect to one or more
Series of Priority Lien Debt, each
Priority Lien Representative with
respect to each applicable Series of
Priority Lien Debt that is so discharged will provide written notice of such discharge to the Collateral Trustee and to each other Secured Debt
Representative.

     

    SECTION
7.9 Entire
Agreement.  This Agreement states
the complete agreement of the parties relating to the undertaking of the
Collateral Trustee set forth herein and
supersedes all oral negotiations and prior writings in respect of such
undertaking.

     

    SECTION
7.10 Compensation;
Expenses.  The Issuer and the Guarantors jointly
and severally agree to pay, promptly upon demand:

     

    (1)           such
compensation to the Collateral Trustee
and its agents as the Issuer and the
Collateral Trustee may agree in writing
from time to time;

     

    (2)           all
reasonable costs and expenses incurred by the Collateral Trustee and its agents
in the preparation, execution, delivery, filing, recordation, administration or
enforcement of this Agreement or any
other Security Document
or any consent, amendment, waiver or other modification relating hereto or
thereto;

     

    (3)           all
reasonable fees, expenses and disbursements of legal counsel and any auditors,
accountants, consultants or appraisers or other professional advisors and agents
engaged by the Collateral Trustee
incurred in connection with the negotiation, preparation, closing,
administration, performance or enforcement of this Agreement and the other Security Documents or any consent, amendment, waiver
or other modification relating hereto or thereto and any other document or
matter requested by the Issuer or any Guarantor;

     

    (4)           all
reasonable costs and expenses incurred by the Collateral Trustee and its agents
in creating, perfecting, preserving, releasing or enforcing the Collateral Trustee’s Liens on the Collateral,
including filing and recording fees, expenses and taxes, stamp or documentary
taxes, and search fees;

     

    (5)           all
other reasonable costs and expenses incurred by the Collateral Trustee and its agents in connection with
the negotiation, preparation and execution of the Security Documents and any consents,
amendments, waivers or other modifications 

     

     

    
      
        
        

      

      
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    thereto and the transactions contemplated thereby or the exercise of
rights or performance of obligations by the Collateral Trustee thereunder; and

     

    (6)           after
the occurrence of any Secured Debt
Default, all reasonable costs and expenses incurred by the Collateral Trustee, its agents and any Secured Debt Representative in
connection with the preservation, collection, foreclosure or enforcement of the
Collateral subject to the Security Documents or
any interest, right, power or remedy of the Collateral Trustee or in connection with the collection or enforcement
of any of the Secured Debt Obligations
or the proof, protection, administration or resolution of any claim based upon
the Secured Debt Obligations in any
Insolvency or Liquidation Proceeding,
including all reasonable fees and disbursements of attorneys, accountants,
auditors, consultants, appraisers and other professionals engaged by the
Collateral Trustee, its agents or the
Secured Debt
Representatives.

     

    The agreements in this Section 7.10 will
survive repayment of all other Secured
Debt Obligations and the removal or resignation of the Collateral Trustee.

     

    SECTION
7.11 Indemnity.

     

    (a) The Issuer and the Guarantors jointly and
severally agree to defend, indemnify, pay and hold harmless the Collateral Trustee and its Affiliates and each
and all of the directors, officers, partners, trustees, employees, attorneys and
agents, and (in each case) their respective heirs, representatives, successors
and assigns (each of the foregoing, an “Indemnitee”) from and against any and
all Indemnified Liabilities; provided, no Indemnitee will be entitled to indemnification
hereunder with respect to any Indemnified Liability to the
extent such Indemnified Liability is found to have resulted
from the gross negligence or willful misconduct of such Indemnitee.

     

    (b) All amounts due under this Section 7.11
will be payable upon demand.

     

    (c) To the extent that the undertakings to defend, indemnify, pay and
hold harmless set forth in Section 7.11(a) may be
unenforceable in whole or in part because they violate any law or public policy,
the Issuer and each of the Guarantors
will contribute the maximum portion that it is permitted to pay and satisfy
under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by Indemnitees
or any of them.

     

    (d) Neither the Issuer nor any Guarantor will
assert any claim against any Indemnitee, on any theory of
liability, for any lost profits or special, indirect or consequential damages or
(to the fullest extent a claim for punitive damages may lawfully be waived) any
punitive damages arising out of, in connection with, or as a result of, this
Agreement or any other Secured Debt Document or any agreement or instrument or transaction
contemplated hereby or relating in any respect to any Indemnified Liability, and the Issuer and each of the Guarantors
hereby forever waives, releases and agrees not to sue upon any claim for any
such lost profits or special, indirect, consequential or (to the fullest extent
lawful) punitive damages, whether or not accrued and whether or not known or
suspected to exist in its favor.

     

     

    
      
        
        

      

      
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    (e) The agreements in this Section 7.11 will survive repayment of all other Secured
Debt Obligations and the removal or resignation of the Collateral Trustee.

     

    SECTION
7.12 Severability.  If any provision of this Agreement is invalid, illegal or unenforceable in any respect or in any
jurisdiction, the validity, legality and enforceability of such provision in all
other respects and of all remaining provisions, and of such provision in all
other jurisdictions, will not in any
way be affected or impaired thereby.

     

    SECTION
7.13 Headings.  Section headings herein have been inserted for convenience
of reference only, are not to be considered a part of this Agreement and will in no way modify or restrict any of the terms or provisions
hereof.

     

    SECTION
7.14 Obligations Secured.  All obligations of the Issuer and the Guarantors set forth
in or arising under this Agreement
will be Secured Debt Obligations and are secured by all
Liens granted by the Security
Documents.

     

    SECTION
7.15 Governing
Law.  THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW
YORK, WITHOUT REGARD TO ANY CONFLICTS OF LAWS PRINCIPLES THAT WOULD REQUIRE OR
PERMIT THE LAWS OF ANY OTHER JURISDICTION TO APPLY.

     

    SECTION
7.16 Consent
to Jurisdiction.  All judicial proceedings brought against any party hereto
arising out of or relating to this Agreement or any of the other Security Documents may be brought in any state or
federal court of competent jurisdiction in the State, County and City of New York.  By executing
and delivering this Agreement, the
Issuer and each Guarantor, for itself and in connection with its properties,
irrevocably:

     

    (1)           accepts
generally and unconditionally the nonexclusive jurisdiction and venue of such
courts;

     

    (2)           waives
any defense of forum non conveniens;

     

    (3)           agrees
that service of all process in any such proceeding in any such court may be made
by registered or certified mail, return receipt requested, to such party at its
address provided in accordance with
Section 7.7;

     

    (4)           agrees
that service as provided in
clause (3) above is sufficient to
confer personal jurisdiction over such party in any such proceeding in any such
court and otherwise constitutes effective and binding service in every respect;
and

     

     

    
      
        
        

      

      
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    (5)           agrees
that each party hereto retains the right to serve process in any other manner
permitted by law or to bring proceedings against any party in the courts of any
other jurisdiction.

     

    SECTION
7.17 Waiver of
Jury Trial.  Each party to this Agreement waives its rights to a jury trial of any claim or cause of
action based upon or arising under this Agreement or any of the other Security Documents or any dealings between them
relating to the subject matter of this Agreement or the intents and purposes of the other Security Documents.  The
scope of this waiver is intended to be all-encompassing of any and all disputes
that may be filed in any court and that relate to the subject matter of this
Agreement and the other Security Documents, including
contract claims, tort claims, breach of duty claims and all other common law and
statutory claims.  Each party to this Agreement acknowledges that this waiver is a material inducement to
enter into a business relationship, that each party hereto has already relied on
this waiver in entering into this Agreement, and that each party hereto will continue to rely on this waiver in its related future
dealings.  Each party hereto further warrants and represents that it
has reviewed this waiver with its legal counsel and that it knowingly and
voluntarily waives its jury trial rights following consultation with legal
counsel.  This waiver is irrevocable, meaning that it may not be
modified either orally or in writing (other than by a mutual written waiver
specifically referring to this Section 7.17 and executed by each of the parties hereto), and this waiver
will apply to any subsequent
amendments, renewals, supplements or modifications of or to this Agreement or any of the other Security Documents or to any other
documents or agreements relating thereto.  In the event of litigation,
this Agreement may be filed as a
written consent to a trial by the court.

     

    SECTION
7.18 Counterparts.  This Agreement may be executed in any number of
counterparts (including by facsimile or electronic transmission), each of which
when so executed and delivered will be
deemed an original, but all such counterparts together will constitute but one and the same
instrument.

     

    SECTION
7.19 Effectiveness.  This
Agreement will become effective upon the execution of a counterpart hereof by
each of the parties hereto on the date hereof and receipt by each party of
written notification of such execution and written or telephonic authorization
of delivery thereof.

     

    SECTION
7.20 Additional
Guarantors.  The Issuer will cause each Subsidiary that becomes a Guarantor
or is required by any Secured Debt
Document to become a party to this Agreement to become a party to this Agreement, for all purposes of this Agreement, by causing such Subsidiary to execute and deliver to the
Collateral Trustee a Collateral Trust
Joinder, whereupon such Subsidiary will
be bound by the terms hereof to the same extent as if it had executed and
delivered this Agreement as
of the date hereof.  The
Issuer shall promptly provide each Secured Debt Representative with a copy of each
Collateral Trust Joinder executed and
delivered pursuant to this Section 7.20; provided, however, that the failure to
so deliver a copy of the Collateral Trust Joinder to any then existing Secured
Debt Representative shall not affect the inclusion of such Person as a Guarantor
if the other requirements of this Section 7.20 are complied
with.

     

     

    
      
        
        

      

      
        54

        
          

        

      

      
        
        

      

    

     

    SECTION
7.21 Continuing Nature of this
Agreement.  This Agreement,
including the subordination provisions hereof, will be reinstated if at any time any payment or distribution in respect
of any of the Priority Lien Obligations
is rescinded or must otherwise be returned in an Insolvency or Liquidation Proceeding or otherwise by
any holder of Priority Lien Obligations
or Priority Lien
Representative or any representative of any such party (whether by demand,
settlement, litigation or otherwise).  In the event that all or any
part of a payment or distribution made with respect to the Priority Lien Obligations is recovered from any
holder of Priority Lien Obligations or
any Priority Lien
Representative in an Insolvency or
Liquidation Proceeding or otherwise, such payment or distribution received by
any holder of Subordinated Lien
Obligations or Subordinated Lien Representative with respect to the Subordinated Lien Obligations from the proceeds of
any Collateral at any time after the
date of the payment or distribution that is so recovered, whether pursuant to a
right of subrogation or otherwise, that Subordinated Lien Representative or that
holder of a Subordinated Lien Obligation, as the case may be, will forthwith
deliver the same to the Collateral Trustee, for the account of the holders of
the Priority Lien Obligations and other Obligations secured by a Permitted Prior
Lien, to be applied in accordance with Section 3.4.  Until so
delivered, such proceeds will be held by that Subordinated Lien Representative
or that holder of a Subordinated Lien Obligation, as the case may be, for the
benefit of the holders of the Priority Lien Obligations and other Obligations
secured by a Permitted Prior Lien.

     

    SECTION
7.22 Insolvency.  This Agreement
will be applicable both before and
after the commencement of any Insolvency or Liquidation Proceeding by or against the Issuer or any
Guarantor.  The relative rights, as provided for in this Agreement,
will continue after the commencement of
any such Insolvency or Liquidation
Proceeding on the same basis as prior to the date of the commencement of any
such case, as provided in this
Agreement.

     

    SECTION
7.23 Rights
and Immunities of Secured Debt
Representatives.  The Secured Debt
Representatives will be entitled to all of the rights, protections, immunities
and indemnities set forth in the Indenture and any future Secured Debt Representative will be entitled to all of the rights, protections,
immunities and indemnities set forth in the credit agreement, indenture or other agreement governing the applicable
Secured Debt with respect to which such
Person is acting or will act as representative, in each case as if specifically
set forth herein.  In no event will any Secured Debt Representative be liable for any act or omission on the
part of the Issuer or any Guarantor or
the Collateral Trustee
hereunder.

     

    SECTION
7.24 Intercreditor
Agreement.  Notwithstanding
anything herein to the contrary, the liens and security interests granted to the
Collateral Trustee pursuant to this Agreement in any Collateral and the exercise
of any right or remedy by the Collateral Trustee with respect to any Collateral
hereunder are subject to the provisions of the Intercreditor
Agreement.  In the event of any conflict between the terms of the
Intercreditor Agreement and this Agreement, the terms of the Intercreditor
Agreement shall govern and control.

     

    

     

    [Remainder
of this Page Intentionally Left Blank]

     

    
      
        
        

      

      
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    IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed by their
respective officers or representatives as of the day and year first above
written.

     

    
      
        
          
             

            
              
                
                  
                    	 	
                            ACCO BRANDS CORPORATION

                             

                          	 
	 	 	 	 
	
                             

                          	
                            By:
      

                          	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven
      Rubin	 
	 	 	Title:  Senior Vice
      President,
      Secretary and
      General Counsel	 
	 	 	 	 

                  

                   

                   

                  
                    
                      	 	
                              ACCO BRANDS USA LLC

                               

                            	 
	 	 	 	 
	
                               

                            	
                              By:
      

                            	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven
      Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                    

                  

                

                
                   

                  
                    
                      
                        	 	
                                DAY-TIMERS INC.

                                 

                              	 
	 	 	 	 
	
                                 

                              	
                                By:
      

                              	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                      

                    

                  

                

                 

                
                  
                    
                      	 	
                              GENERAL BINDING CORPORATION

                               

                            	 
	 	 	 	 
	
                               

                            	
                              By:
      

                            	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                    

                  

                

                
                   

                  
                    
                      	 	
                              ACCO INTERNATIONAL HOLDINGS, INC.

                               

                            	 
	 	 	 	 
	
                               

                            	
                              By:
      

                            	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                    

                  

                

                
                   

                   

                  
                    
                      
                      

                    

                    
                      [SIGNATURE
PAGE TO COLLATERAL TRUST AGREEMENT]

                      
                        

                      

                    

                    
                      
                      

                    

                  

                   

                  
                    
                      	 	
                              GBC INTERNATIONAL, INC.

                               

                            	 
	 	 	 	 
	
                               

                            	
                              By:

                            	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                    

                  

                

                 

                
                  
                    
                      	 	
                              ACCO BRANDS INTERNATIONAL, INC.

                               

                            	 
	 	 	 	 
	
                               

                            	
                              By:
      

                            	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                    

                  

                  
                     

                    
                      
                        	 	
                                ACCO EUROPE FINANCE HOLDINGS, LLC

                                 

                              	 
	 	 	 	 
	
                                 

                              	
                                By:
      

                              	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                      

                    

                  

                  
                    
                      
                        
                           

                          
                            
                              	 	
                                      ACCO EUROPE INTERNATIONAL HOLDINGS, LLC

                                       

                                    	 
	 	 	 	 
	
                                       

                                    	
                                      By:
      

                                    	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                            

                          

                        

                      

                    

                    
                       

                      
                        
                          
                            
                              	 	
                                      BOONE INTERNATIONAL, INC.

                                       

                                    	 
	 	 	 	 
	
                                       

                                    	
                                      By:
      

                                    	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                            

                          

                        

                         

                         

                      

                    

                  

                

                
                  
                    
                      
                        
                        

                      

                      
                        [SIGNATURE
PAGE TO COLLATERAL TRUST AGREEMENT]

                        
                          

                        

                      

                      
                        
                        

                      

                    

                    
                       

                      
                        
                          
                            
                              	 	
                                      POLYBLEND CORPORATION

                                       

                                    	 
	 	 	 	 
	
                                       

                                    	
                                      By:
      

                                    	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven
      Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                            

                             

                          

                        

                      

                      
                        
                          
                            
                              	 	
                                      SWINGLINE, INC.

                                    	 
	 	 	 	 
	
                                       

                                    	
                                      By:
      

                                    	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

                            

                          

                        

                      

                      
                         

                        
                          
                          

                        

                      

                    

                    
                      
                        
                        

                      

                      
                        [SIGNATURE PAGE TO
COLLATERAL TRUST AGREEMENT]

                        
                          

                        

                      

                      
                        
                        

                      

                    

                  

                

              

            

          

        

         

        
          
             

            
              
                
                  
                    	 	
                            U.S. BANK NATIONAL ASSOCIATION, as Trustee under the
    Indenture

                          	 
	 	 	 	 
	
                             

                          	
                            By:
      

                          	/s/Diane
      Swanson 	 
	 	 	Name: 
      Diane
      Swanson	 
	 	 	Title:  Vice
      President	 
	 	 	 	 

                  

                

              

            

            
               

              
                
                  
                    
                      
                        
                          	 	
                                  
                                    U.S. BANK NATIONAL ASSOCIATION, as Collateral Trustee

                                  

                                	 
	 	 	 	 
	
                                   

                                	
                                  By:
      

                                	/s/Diane
      Swanson 	 
	 	 	Name: 
      Diane Swanson	 
	 	 	Title:  Vice
      President	 
	 	 	 	 

                        

                      

                    

                  

                  
                     

                    
                      
                      

                    

                  

                

                
                  
                    
                    

                  

                  
                    [SIGNATURE PAGE TO
COLLATERAL TRUST AGREEMENT]

                    
                      

                    

                  

                  
                    
                    

                  

                

              

            

          

        

      

    

     

    EXHIBIT A

    to
Collateral Trust Agreement

     

    FORM
OF

    ADDITIONAL
SECURED DEBT DESIGNATION

     

    Reference is made to the Collateral
Trust Agreement dated as of September 30, 2009 (as amended, supplemented,
amended and restated or otherwise modified and in effect from time to time, the
“Collateral
Trust Agreement”) among ACCO Brands Corporation, a Delaware corporation
(the “Issuer”),
the Guarantors from time to time party thereto, U.S. Bank National Association,
as Trustee under the Indenture (as defined therein), the other Secured Debt
Representatives from time to time party thereto and U.S. Bank National
Association, as Collateral Trustee.  Capitalized terms used but not
otherwise defined herein shall have the meaning set forth in the Collateral
Trust Agreement.  This Additional Secured Debt Designation is being
executed and delivered in order to designate additional secured debt as either
Priority Lien Debt or Subordinated Lien Debt entitled to the benefit of the
Collateral Trust Agreement.

     

    The
undersigned, the duly appointed [specify title] of the Issuer hereby
certifies that:

     

    (A) [insert name of the Issuer or
Guarantor] intends to incur additional
Secured Debt (“Additional
Secured Debt”)
which will be [select appropriate
alternative]
[Priority Lien Debt
permitted by each applicable Secured Debt Document to be secured by a Priority
Lien Equally and Ratably with all previously existing and future Priority Lien
Debt] or [Subordinated Lien Debt
permitted by each applicable Secured Debt Document to be secured with a
Subordinated Lien Equally and Ratably with all previously existing and future
Subordinated Lien Debt];

     

    (B) the name
and address of the Secured Debt Representative for the Additional Secured Debt
for purposes of Section 7.7 of the Collateral Trust Agreement
is:

     

                _____________________________

     

                _____________________________

     

                Telephone:  ___________________

     

                Fax:           _______________________

     

                Attention:  ____________________

     

    (C) The
Issuer has caused a copy of this Additional Secured Debt Designation to be
delivered to each existing Secured Debt Representative.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the Issuer has caused this Additional Secured Debt Designation
to be duly executed by the undersigned officer as of ___________________,
20____.

     

    
      
        
          
             

            
              	 	
                      ACCO BRANDS CORPORATION

                       

                    	 
	 	 	 	 
	
                       

                    	
                      By
      

                    	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

            

             

            
               

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

            

          

        

      

    

     

    ACKNOWLEDGEMENT
OF RECEIPT

     

    

     

    The
undersigned, the duly appointed Collateral Trustee under the Collateral Trust
Agreement, hereby acknowledges receipt of an executed copy of this Additional
Secured Debt Designation.

     

    
      
         

        
          
            
              
                
                  
                    	 	
                            
                              U.S. BANK NATIONAL ASSOCIATION, as Collateral Trustee

                            

                          	 
	 	 	 	 
	
                             

                          	
                            By
      

                          	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

                  

                

              

            

            
               

              
                
                

              

            

          

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

      

       

    

    EXHIBIT
B

    to
Collateral Trust Agreement

     

     

    FORM
OF

    COLLATERAL
TRUST JOINDER – ADDITIONAL DEBT

     

    Reference
is made to the Collateral Trust Agreement dated as of September 30, 2009 (as
amended, supplemented, amended and restated or otherwise modified and in effect
from time to time, the “Collateral Trust
Agreement”) among ACCO Brands Corporation, a Delaware corporation (the
“Issuer”),
the Guarantors from time to time party thereto, U.S. Bank National Association,
as Trustee under the Indenture (as defined therein), the other Secured Debt
Representatives from time to time party thereto and U.S. Bank National
Association, as Collateral Trustee.  Capitalized terms used but not
otherwise defined herein shall have the meaning set forth in the Collateral
Trust Agreement.  This Collateral Trust Joinder is being executed and
delivered pursuant to Section 3.8 of the Collateral Trust Agreement as a
condition precedent to the debt for which the undersigned is acting as agent
being entitled to the benefits of being Additional Secured Debt under the
Collateral Trust Agreement.

     

    1. Joinder.  The
undersigned, _____________________, a
_______________, (the “New
Representative”) as [trustee, administrative
agent] under that
certain [describe applicable indenture,
credit agreement or other document governing the Additional Secured
Debt] hereby
agrees to become party as [a Subordinated Lien Representative] [a Priority Lien Representative] under the Collateral Trust Agreement for all purposes thereof
on the terms set forth therein, and to be bound by the terms of the Collateral Trust Agreement as fully as if the
undersigned had executed and delivered the Collateral Trust Agreement as of the date
thereof.

     

    2. Lien Sharing and Priority
Confirmation.

    

    [Option A: to be used if Additional
Debt is Priority Lien Debt]  The undersigned
New Representative, on behalf of itself and each holder of Obligations in
respect of the Series of Priority Lien Debt for which the undersigned is acting
as Priority Lien Representative hereby agrees, for the enforceable benefit of
all holders of Secured Debt, each existing and future Subordinated Lien
Representative, each other existing and future Priority Lien Representative and
as a condition to being treated as Secured Debt under the Collateral Trust
Agreement:

    

    (a)           that
all Priority Lien Obligations will be and are secured Equally and Ratably by all
Priority Liens at any time granted by the Issuer or any Guarantor to secure any
Obligations in respect of such Series of Priority Lien Debt, whether or not upon
property otherwise constituting Collateral, and that all such Priority Liens
will be enforceable by the Collateral Trustee for the benefit of all holders of
Priority Lien Obligations Equally and Ratably;

     

    (b)           that
the New Representative and each holder of Obligations in respect of the Series
of Priority Lien Debt for which the undersigned is acting as Priority Lien
Representative are bound by the provisions of the Collateral Trust 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Agreement,
including the provisions relating to the ranking of Priority Liens and the order
of application of proceeds from the enforcement of Priority Liens;
and

     

    (c)           to
the terms of the Collateral Trust Agreement and the Intercreditor Agreement and
the Collateral Trustee’s performance of, and directing the Collateral Trustee to
perform, its obligations under the Collateral Trust Agreement and the
Intercreditor Agreement.  [or]

     

    [Option B: to be used if Additional
Debt is Subordinated Lien Debt] The undersigned New
Representative, on behalf of itself and each holder of Obligations in respect of
the Series of Subordinated Lien Debt for which the undersigned is acting as
Subordinated Lien Representative hereby agrees, for the enforceable benefit of
all holders of Secured Debt, each existing and future Priority Lien
Representative, each other existing and future Subordinated Lien Representative
and as a condition to being treated as Secured Debt under the Collateral Trust
Agreement:

     

    (a)           that
all Subordinated Lien Obligations will be and are secured Equally and Ratably by
all Subordinated Liens at any time granted by the Issuer or any Guarantor to
secure any Obligations in respect of such Series of Subordinated Lien Debt,
whether or not upon property otherwise constituting Collateral, and that all
such Subordinated Liens will be enforceable by the Collateral Trustee for the
benefit of all holders of Subordinated Lien Obligations Equally and
Ratably;

     

     

    (b)           that
the New Representative and each holder of Obligations in respect of the Series
of Subordinated Lien Debt for which the undersigned is acting as Subordinated
Lien Representative are bound by the provisions of the Collateral Trust
Agreement, including the provisions relating to the ranking of Subordinated
Liens and the order of application of proceeds from the enforcement of
Subordinated Liens; and

     

     

    (c)           to
the terms of the Collateral Trust Agreement and the Intercreditor Agreement and
the Collateral Trustee’s performance of, and directing the Collateral Trustee to
perform, its obligations under the Collateral Trust Agreement and the
Intercreditor Agreement.

     

     

    3.  Governing Law and
Miscellaneous Provisions.  The provisions of Article 7 of
the Collateral Trust Agreement will apply
with like effect to this Collateral
Trust Joinder.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN WITNESS WHEREOF, the parties hereto have caused
this Collateral Trust Joinder to be executed by their respective officers or
representatives as of ___________________, 20____.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    
       

      
        
          
            	 	
                    [INSERT
      NAME OF NEW REPRESENTATIVE]

                     

                  	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 

          

        

      

       

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    The
Collateral Trustee hereby acknowledges receipt of this Collateral Trust Joinder
and agrees to act as Collateral Trustee for the New Representative and the
holders of the Obligations represented thereby:

     

    
      
        
           

          
            
              
                
                  
                    
                      	 	
                              
                                U.S. BANK NATIONAL
      ASSOCIATION, as Collateral Trustee

                              

                            	 
	 	 	 	 
	
                               

                            	
                              By
      

                            	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

                    

                  

                

              

              
                 

                
                  
                  

                

              

            

            
              
                
                

              

              
                
                

                
                  

                

              

              
                
                

              

            

          

        

         

      

    

    EXHIBIT
C

    to
Collateral Trust Agreement

     

     

    FORM
OF

    COLLATERAL
TRUST JOINDER – ADDITIONAL GUARANTOR

     

    Reference
is made to the Collateral Trust Agreement dated as of September 30, 2009 (as
amended, supplemented, amended and restated or otherwise modified and in effect
from time to time, the “Collateral Trust
Agreement”) among ACCO Brands Corporation, a Delaware corporation (the
“Issuer”),
the Guarantors from time to time party thereto, U.S. Bank National Association,
as Trustee under the Indenture (as defined therein), the other Secured Debt
Representatives from time to time party thereto and U.S. Bank National
Association, as Collateral Trustee.  Capitalized terms used but not
otherwise defined herein shall have the meaning set forth in the Collateral
Trust Agreement.  This Collateral Trust Joinder is being executed and
delivered pursuant to Section 7.20 of the Collateral Trust
Agreement.

     

    1.  Joinder.  The
undersigned, _____________________, a _______________, hereby agrees to become
party as a Guarantor under the Collateral Trust Agreement for all purposes
thereof on the terms set forth therein, and to be bound by the terms of the
Collateral Trust Agreement as fully as if the undersigned had executed and
delivered the Collateral Trust Agreement as of the date thereof.

     

    2.  Governing Law and
Miscellaneous Provisions.  The provisions of Article 7 of
the Collateral Trust Agreement will apply with like effect to this Collateral
Trust Joinder.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Collateral Trust Joinder to
be executed by their respective officers or representatives as of
___________________, 20____.

     

     

    
      
        
          
            	 	[_________________________________________]	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	 	 
	 	 	Name:	 
	 	 	Title: 	 
	 	 	 	 
	 	 	 	 

          

        

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      
        The
Collateral Trustee hereby acknowledges receipt of this Collateral Trust Joinder
and agrees to act as Collateral Trustee with respect to the Collateral pledged
by the new Guarantor:

      

      
        
          
             

            
              
                
                  
                    
                      
                        	 	
                                
                                  U.S. BANK NATIONAL
      ASSOCIATION, as Collateral Trustee

                                

                              	 
	 	 	 	 
	
                                 

                              	
                                By
      

                              	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

                      

                    

                  

                

                
                   

                  
                    
                    

                  

                

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

              

            

          

           

        

      

    

    EXHIBIT
D

    to
Collateral Trust Agreement

    
 

     

    FORM
OF INTERCREDITOR AGREEMENTex4-5.htm

    EXHIBIT
4.5

     

    EXECUTION
VERSION

    
       

      
        

      

    

     

     

     

     

     

     

     

     

     

     

    PLEDGE
AGREEMENT

     

     

    among

     

     

    ACCO
BRANDS CORPORATION,

     

     

    CERTAIN
OTHER SUBSIDIARIES OF ACCO BRANDS CORPORATION

    FROM TIME
TO TIME PARTY HERETO

     

     

    and

     

     

    U.S. BANK
NATIONAL ASSOCIATION,

    as
COLLATERAL TRUSTEE

     

     

    ________________________________

     

    Dated as
of September 30, 2009

    ________________________________

     

    
      
        
           

           

        

         

      

      
         

        
          

        

      

      
         

      

    

    PLEDGE
AGREEMENT

     

    PLEDGE
AGREEMENT (as amended, modified, restated and/or supplemented from time to time,
this “Agreement”),
dated as of September 30, 2009, among each of the undersigned pledgors (each, a
“Pledgor”
and, together with any other entity that becomes a pledgor hereunder pursuant to
Section 30 hereof, the “Pledgors”)
and U.S. Bank National Association, as collateral trustee (together with any
successor collateral trustee, the “Collateral
Trustee” or the “Pledgee”),
for the benefit of the Secured Parties.  Except as otherwise defined
herein, all capitalized terms used herein and defined in the Collateral Trust
Agreement (as defined below) shall be used herein as therein
defined.

     

    W
I T N E S S E T H :

     

    WHEREAS,
ACCO Brands Corporation (the “Issuer”),
the other Pledgors and U.S. Bank National Association, as trustee (together with
any successor trustee, the “Indenture
Trustee”), have entered into an Indenture, dated as of September 30, 2009
(as amended, modified, restated and/or supplemented from time to time, the
“Indenture”),
relating to the Issuer’s 10.625% Senior Secured Notes due 2015 (the “Senior
Secured Notes”);

     

    WHEREAS,
the Issuer, the other Pledgors, the Trustee, the other representatives and
agents from time to time party thereto and the Collateral Trustee have entered
into a Collateral Trust Agreement, dated as of September 30, 2009 (as amended,
modified, restated and/or supplemented from time to time, the “Collateral
Trust Agreement”);

     

    WHEREAS,
pursuant to the Indenture, each Guarantor party thereto has guaranteed to the
Secured Parties the payment when due of all Secured Debt
Obligations;

     

    WHEREAS,
it is a condition precedent to the issuance of any Senior Secured Notes and any
other Series of Priority Lien Debt pursuant to the Priority Lien Documents that
each Pledgor shall have secured its obligations under the Indenture and the
other Secured Debt Documents as set forth herein and executed and delivered to
the Pledgee this Agreement; and

     

    WHEREAS,
each Pledgor will obtain benefits from the issuance of Senior Secured Notes and
the other transactions contemplated by the Priority Lien Documents and,
accordingly, desires to execute this Agreement in order to satisfy the condition
described in the preceding paragraph;

     

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

     

    1. SECURITY
FOR OBLIGATIONS.  This
Agreement is made by each Pledgor for the benefit of the Secured Parties to
secure the Secured Debt Obligations.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        Page
2 

      

    

     

    2. DEFINITIONS.  (a)  Reference
to singular terms shall include the plural and vice versa.

     

    (b) The
following capitalized terms used herein shall have the definitions specified
below:

     

    “Additional
Pledgor” shall have the meaning set forth in Section 30
hereof.

     

    “Adverse
Claim” shall have the meaning given such term in Section 8-102(a)(1) of
the UCC.

     

    “Agreement”
shall have the meaning set forth in the first paragraph hereof.

     

    “Certificated
Security” shall have the meaning given such term in Section 8-102(a)(4)
of the UCC.

     

    “Clearing
Corporation” shall have the meaning given such term in Section
8-102(a)(5) of the UCC.

     

    “Collateral”
shall have the meaning set forth in Section 3.1 hereof.

     

    “Collateral
Accounts” shall mean any and all accounts established and maintained by
the Pledgee in the name of any Pledgor to which Collateral may be credited,
including the accounts listed on Schedule 1 hereto.

     

    “Collateral
Trust Agreement” shall have the meaning set forth in the recitals
hereto.

     

    “Collateral
Trustee” shall have the meaning set forth in the first paragraph
hereof.

     

    “Domestic
Corporation” shall have the meaning set forth in the definition of
“Stock.”

     

    “Event
of Default” shall mean any Event of Default under, and as defined in, the
Indenture and any other Secured Debt Documents and shall in any event include,
without limitation, any payment default on any of the Secured Debt Obligations
after the expiration of any applicable grace period.

     

    “Excluded
Foreign Entity” shall mean any Foreign Subsidiary of a Pledgor other than
(A) ACCO Mexicana S.A. de C.V., ACCO Brands Canada Inc. and ACCO Brands Europe
Holding LP and (B) any Foreign Subsidiary owned by a Pledgor whose Consolidated
EBITDA for the immediately preceding fiscal year multiplied by 7.0 is greater
than $42,500,000.

     

    “Exempted
Foreign Entity” shall mean (A) any Foreign Corporation and any limited
company organized under the laws of a jurisdiction other than the United States
or any State or Territory thereof that, in any such case, is a controlled
foreign corporation for purposes of Section 957 of the Code and (B) any foreign
partnership which is owned directly by a Pledgor whose pledge of Equity
Interests would result in an indirect pledge of Equity Interests of a

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        Page
3

      

    

     

    controlled
foreign corporation for purposes of Section 956 of the Code; provided
that the Pledgor provides documentation and support of such conclusion in form
and substance adequate to the Pledgee, as directed by the Secured Parties,
supporting such determination.

     

    “Financial
Asset” shall have the meaning given such term in Section 8-102(a)(9) of
the UCC.

     

    “Foreign
Corporation” shall have the meaning set forth in the definition of
“Stock”.

     

    “Indemnitees”
shall have the meaning set forth in Section 11 hereof.

     

    “Indenture”
shall have the meaning set forth in the recitals hereto.

     

    “Indenture
Trustee” shall have the meaning set forth in the recitals
hereto.

     

    “Instrument”
shall have the meaning given such term in Section 9-102(a)(47) of the
UCC.

     

    “Investment
Property” shall have the meaning given such term in Section 9-102(a)(49)
of the UCC.

     

    “Issuer”
shall have the meaning set forth in the recitals hereto.

     

    “Limited
Liability Company Assets” shall mean all assets, whether tangible or
intangible and whether real, personal or mixed (including, without limitation,
all limited liability company capital and interest in other limited liability
companies), at any time owned by any Pledgor or represented by any Limited
Liability Company Interest.

     

    “Limited
Liability Company Interests” shall mean the entire limited liability
company membership interest at any time owned by any Pledgor in any limited
liability company.

     

    “Location”
of any Pledgor has the meaning given such term in Section 9-307 of the
UCC.

     

    “Non-Voting
Equity Interests” shall mean all Equity Interests of any Person which are
not Voting Equity Interests.

     

    “Notes”
shall mean (x) all intercompany notes at any time issued to each Pledgor and (y)
all other promissory notes from time to time issued to, or held by, each
Pledgor.

     

    “Partnership
Assets” shall mean all assets, whether tangible or intangible and whether
real, personal or mixed (including, without limitation, all partnership capital
and interest in other partnerships), at any time owned by any Pledgor or
represented by any Partnership Interest.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        Page
4

      

    

     

    “Partnership
Interest” shall mean the entire general partnership interest or limited
partnership interest at any time owned by any Pledgor in any general partnership
or limited partnership.

     

    “Perfection
Certificate” shall mean the Perfection Certificate, dated as of September
30, 2009 (and as amended, modified, restated and/or supplemented from time to
time, including by the execution and delivery of a Perfection Certificate
Supplement), by and among the Issuer and the other Pledgors.

     

    “Perfection
Certificate Supplement” shall mean a supplement to the Perfection
Certificate in form and substance reasonably acceptable to the Collateral
Trustee.

     

    “Pledged
Notes” shall mean all Notes at any time pledged or required to be pledged
hereunder.

     

    “Pledgee”
shall have the meaning set forth in the first paragraph hereof.

     

    “Pledgor”
shall have the meaning set forth in the first paragraph hereof.

     

    “Proceeds”
shall have the meaning given such term in Section 9-102(a)(64) of the
UCC.

     

    “Registered
Organization” shall have the meaning given such term in Section
9-102(a)(70) of the UCC.

     

    “Securities
Act” shall mean the Securities Act of 1933, as amended, as in effect from
time to time.

     

    “Securities
Intermediary” shall have the meaning given such term in Section
8-102(a)(14) of the UCC.

     

    “Security”
and “Securities”
shall have the meaning given such term in Section 8-102(a)(15) of the UCC and
shall in any event also include all Stock.

     

    “Security
Entitlement” shall have the meaning given such term in Section
8-102(a)(17) of the UCC.

     

    “Senior
Secured Notes” shall have the meaning set forth in the recitals
hereto.

     

    “Specified
Default” shall have the meaning set forth in Section 5
hereof.

     

    “Stock”
shall mean (x) with respect to corporations incorporated under the laws of the
United States or any State or territory thereof or the District of Columbia
(each, a “Domestic
Corporation”), all of the issued and outstanding shares of capital stock
of any Domestic Corporation at any time owned by any Pledgor and (y) with
respect to corporations not Domestic Corporations (each, a “Foreign
Corporation”), all of the issued and outstanding shares of capital stock
of any Foreign Corporation at any time owned by any Pledgor.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    “Transmitting
Utility” has the meaning given such term in Section 9-102(a)(80) of the
UCC.

     

    “UCC”
shall mean the Uniform Commercial Code as in effect in the State of
New York from time to time; provided
that all references herein to specific Sections or subsections of the UCC are
references to such Sections or subsections, as the case may be, of the Uniform
Commercial Code as in effect in the State of New York on the date
hereof.

     

    “Uncertificated
Security” shall have the meaning given such term in Section 8-102(a)(18)
of the UCC.

     

    “Voting
Equity Interests” of any Person shall mean all classes of Equity
Interests of such Person entitled to vote.

     

    3. PLEDGE OF
SECURITIES, ETC.

     

    3.1 Pledge.  (a)
To secure the Secured Debt Obligations now or hereafter owed or to be performed
by the Pledgors, each Pledgor does hereby grant, pledge and assign to the
Pledgee for the benefit of the Secured Parties, and does hereby create a
continuing security interest (subject to those Liens permitted to exist with
respect to the Collateral pursuant to the terms of all Secured Debt Documents
then in effect) in favor of the Pledgee for the benefit of the Secured Parties
in, all of its right, title and interest in and to the following, whether now
existing or hereafter from time to time acquired (collectively, the “Collateral”):

     

    (i) each of
the Collateral Accounts, including any and all assets of whatever type or kind
deposited by such Pledgor in any such Collateral Account, whether now owned or
hereafter acquired, existing or arising, including, without limitation, all
Financial Assets, Investment Property, monies, checks, drafts, Instruments,
Securities or interests therein of any type or nature deposited or required by
the Indenture or any other Secured Debt Document to be deposited in such
Collateral Account, and all investments and all certificates and other
Instruments (including depository receipts, if any) from time to time
representing or evidencing the same, and all dividends, interest, distributions,
cash and other property from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of the
foregoing;

     

    (ii) all
Securities owned or held by such Pledgor from time to time and all options and
warrants owned by such Pledgor from time to time to purchase
Securities;

     

    (iii) all Notes
owned or held by such Pledgor from time to time;

     

    (iv) all
Limited Liability Company Interests owned by such Pledgor from time to time and
all of its right, title and interest in each limited liability company to which
each such Limited Liability Company Interest relates, whether now existing or
hereafter acquired, including, without limitation, to the fullest extent
permitted under the terms and provisions of the documents and agreements
governing such Limited Liability Company Interests and applicable
law:

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    (A) all its
capital therein and its interest in all profits, income, surpluses, losses,
Limited Liability Company Assets and other distributions to which such Pledgor
shall at any time be entitled in respect of such Limited Liability Company
Interests;

     

    (B) all other
payments due or to become due to such Pledgor in respect of Limited Liability
Company Interests, whether under any limited liability company agreement or
otherwise, whether as contractual obligations, damages, insurance proceeds or
otherwise;

     

    (C) all of
its claims, rights, powers, privileges, authority, options, security interests,
liens and remedies, if any, under any limited liability company agreement or
operating agreement, or at law or otherwise in respect of such Limited Liability
Company Interests;

     

    (D) all
present and future claims, if any, of such Pledgor against any such limited
liability company for monies loaned or advanced, for services rendered or
otherwise;

     

    (E) all of
such Pledgor’s rights under any limited liability company agreement or operating
agreement or at law to exercise and enforce every right, power, remedy,
authority, option and privilege of such Pledgor relating to such Limited
Liability Company Interests, including any power to terminate, cancel or modify
any such limited liability company agreement or operating agreement, to execute
any instruments and to take any and all other action on behalf of and in the
name of any of such Pledgor in respect of such Limited Liability Company
Interests and any such limited liability company, to make determinations, to
exercise any election (including, but not limited to, election of remedies) or
option or to give or receive any notice, consent, amendment, waiver or approval,
together with full power and authority to demand, receive, enforce, collect or
receipt for any of the foregoing or for any Limited Liability Company Asset, to
enforce or execute any checks, or other instruments or orders, to file any
claims and to take any action in connection with any of the foregoing;
and

     

    (F) all other
property hereafter delivered in substitution for or in addition to any of the
foregoing, all certificates and instruments representing or evidencing such
other property and all cash, securities, interest, dividends, rights and other
property at any time and from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all
thereof;

     

    (v) all
Partnership Interests owned by such Pledgor from time to time and all of its
right, title and interest in each partnership to which each such Partnership
Interest relates, whether now existing or hereafter acquired, including, without
limitation, to the fullest extent permitted under the terms and provisions of
the documents and agreements governing such Partnership Interests and applicable
law:

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    (A) all its
capital therein and its interest in all profits, income, surpluses, losses,
Partnership Assets and other distributions to which such Pledgor shall at any
time be entitled in respect of such Partnership Interests;

     

    (B) all other
payments due or to become due to such Pledgor in respect of Partnership
Interests, whether under any partnership agreement or otherwise, whether as
contractual obligations, damages, insurance proceeds or
otherwise;

     

    (C) all of
its claims, rights, powers, privileges, authority, options, security interests,
liens and remedies, if any, under any partnership agreement or operating
agreement, or at law or otherwise in respect of such Partnership
Interests;

     

    (D) all
present and future claims, if any, of such Pledgor against any such partnership
for monies loaned or advanced, for services rendered or
otherwise;

     

    (E) all of
such Pledgor’s rights under any partnership agreement or operating agreement or
at law to exercise and enforce every right, power, remedy, authority, option and
privilege of such Pledgor relating to such Partnership Interests, including any
power to terminate, cancel or modify any partnership agreement or operating
agreement, to execute any instruments and to take any and all other action on
behalf of and in the name of such Pledgor in respect of such Partnership
Interests and any such partnership, to make determinations, to exercise any
election (including, but not limited to, election of remedies) or option or to
give or receive any notice, consent, amendment, waiver or approval, together
with full power and authority to demand, receive, enforce, collect or receipt
for any of the foregoing or for any Partnership Asset, to enforce or execute any
checks, or other instruments or orders, to file any claims and to take any
action in connection with any of the foregoing; and

     

    (F) all other
property hereafter delivered in substitution for or in addition to any of the
foregoing, all certificates and instruments representing or evidencing such
other property and all cash, securities, interest, dividends, rights and other
property at any time and from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all
thereof;

     

    (vi) all
Financial Assets and Investment Property owned by such Pledgor from time to
time;

     

    (vii) all
Security Entitlements owned by such Pledgor from time to time in any and all of
the foregoing; and

     

    (viii) all
Proceeds of any and all of the foregoing;

     

    provided
that, notwithstanding anything to the contrary in this Agreement, (w) no Pledgor
shall be required at any time to pledge hereunder Equity Interests of any
Excluded Foreign Entity, (x) no Pledgor shall be required at any time to pledge
hereunder more than 65% of the total

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    combined
voting power of all classes of Voting Equity Interests of any Exempted Foreign
Entity and (y) each Pledgor shall be required to pledge hereunder 100% of the
Non-Voting Equity Interests of each Exempted Foreign Entity at any time and from
time to time acquired by such Pledgor, which Non-Voting Equity Interests shall
not be subject to the limitations described in preceding clause
(x).

     

    (b)           Notwithstanding
anything to the contrary contained in this Section 3.1 or elsewhere in this
Agreement, each Pledgor and the Pledgee (on behalf of the Secured Parties)
acknowledges and agrees that:

     

    (i)           the
security interest granted pursuant to this Agreement (including pursuant to this
Section 3.1) to the Pledgee for the benefit of the Secured Parties is subject to
the Lien priorities set forth in the Intercreditor Agreement, including, without
limitation, Section 2.01 thereof; and

     

    (ii)           the
security interests of the ABL Collateral Agent on behalf of the holders of ABL
Debt Obligations in the Collateral constitute security interests separate and
apart (and of a different class and claim) from the security interests of the
Pledgee on behalf of the Secured Parties in the Collateral.

     

    3.2 Procedures.  (a)  To
the extent that any Pledgor at any time or from time to time owns, acquires or
obtains any right, title or interest in any Collateral, such Collateral shall
automatically (and without the taking of any action by such Pledgor) be pledged
pursuant to Section 3.1 of this Agreement and, in addition thereto, such Pledgor
shall (to the extent provided below) take the following actions as set forth
below (as promptly as practicable and, in any event, within 10 days after it
obtains such Collateral, or with respect to clause (v) below, within the later
of 60 days after it obtains such Collateral or 60 days after the Issue Date (or
such later date as determined by the Pledgee at the direction of the Secured
Parties)) for the benefit of the Pledgee and the other Secured
Parties:

     

    (i) with
respect to a Certificated Security (other than a Certificated Security credited
on the books of a Clearing Corporation or Securities Intermediary), such Pledgor
shall physically deliver such Certificated Security to the Pledgee, endorsed to
the Pledgee or endorsed in blank (unless the ABL Collateral Agent is granted a
prior security interest in such certificates and instruments and the same are
required to be delivered (and are delivered) to the ABL Collateral Agent for the
benefit of the holders of ABL Debt Obligations pursuant to the Intercreditor
Agreement);

     

    (ii) with
respect to an Uncertificated Security (other than an Uncertificated Security
credited on the books of a Clearing Corporation or Securities Intermediary),
such Pledgor shall cause the issuer of such Uncertificated Security to duly
authorize, execute, and deliver to the Pledgee, an agreement for the benefit of
the Pledgee and the other Secured Parties substantially in the form of Annex A
hereto (appropriately completed to the satisfaction of the Pledgee (or as
directed by the Secured Parties) and with such modifications, if any, as shall
be satisfactory to the Pledgee) pursuant to which such issuer agrees to comply
with any and all instructions originated by the Pledgee without further consent
by the registered owner and not to comply with instructions

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    regarding
such Uncertificated Security (and any Stock, Partnership Interests and Limited
Liability Company Interests issued by such issuer) originated by any other
Person other than a court of competent jurisdiction (unless the ABL Collateral
Agent is granted a prior security interest in such Uncertificated Security and a
substantially similar agreement is required to be executed and delivered (and is
executed and delivered) to the ABL Collateral Agent for the benefit of the
holders of ABL Debt Obligations pursuant to the Intercreditor
Agreement);

     

    (iii) with
respect to a Certificated Security, Uncertificated Security, Partnership
Interest or Limited Liability Company Interest credited on the books of a
Clearing Corporation or Securities Intermediary (including a Federal Reserve
Bank, Participants Trust Company or The Depository Trust Company), such Pledgor
shall promptly notify the Pledgee thereof and shall promptly take (x) all
actions required (i) to comply with the applicable rules of such Clearing
Corporation or Securities Intermediary and (ii) to perfect the security interest
of the Pledgee under applicable law (including, in any event, under Sections
9-314(a), (b) and (c), 9-106 and 8-106(d) of the UCC) and (y) such other actions
as the Pledgee deems necessary or desirable to effect the
foregoing;

     

    (iv) with
respect to a Partnership Interest or a Limited Liability Company Interest (other
than a Partnership Interest or Limited Liability Company Interest credited on
the books of a Clearing Corporation or Securities Intermediary), (1) if such
Partnership Interest or Limited Liability Company Interest is represented by a
certificate and is a Security for purposes of the UCC, the procedure set forth
in Section 3.2(a)(i) hereof, and (2) if such Partnership Interest or Limited
Liability Company Interest is not represented by a certificate but is a Security
for purposes of the UCC, the procedure set forth in Section 3.2(a)(ii)
hereof;

     

    (v) with
respect to the Equity Interests of any Exempted Foreign Entity that is not an
Excluded Foreign Entity, evidence (including opinions of counsel reasonably
satisfactory to the Collateral Trustee (as directed by the Secured Parties) that
the Pledgee has an enforceable security interest in the Equity Interests of such
Exempted Foreign Entity under the laws of the jurisdiction of formation of such
Exempted Foreign Entity, including any required local law pledge agreement,
registrations, stock certificates and stock powers, together with any officer’s
certificates reasonably requested by the Pledgee (in the case of stock
certificates and stock powers, unless the ABL Collateral Agent is granted a
prior security interest in the Equity Interests of such Exempted Foreign Entity
and such stock certificates and stock powers are required to be delivered (and
are delivered) to the ABL Collateral Agent for the benefit of the holders of ABL
Debt Obligations pursuant to the Intercreditor Agreement);

     

    (vi) with
respect to any Note with an original principal amount in excess of $2,000,000,
physical delivery of such Note to the Pledgee, endorsed in blank, or, at the
request of the Pledgee, endorsed to the Pledgee (unless the ABL Collateral Agent
is granted a prior security interest in such Note and the same are required to
be delivered (and is delivered) to the ABL Collateral Agent for the benefit of
the holders of ABL Debt Obligations pursuant to the Intercreditor Agreement);
provided
that any such Notes owned by any Pledgor on the Issue Date shall be delivered to
the Pledgee (or the ABL

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    Collateral
Agent, if applicable) within seven days of the Issue Date (or such later date as
determined by the ABL Collateral Agent in its sole discretion); and

     

    (vii) subject
to the Intercreditor Agreement, except to the extent otherwise permitted to be
retained by such Pledgor or applied by such Pledgor pursuant to the terms of the
Secured Debt Documents, with respect to cash proceeds from any of the Collateral
described in Section 3.1 hereof, (i) establishment by the Pledgee of a cash
account in the name of such Pledgor over which the Pledgee shall have “control”
within the meaning of the UCC and at any time any Default or Event of Default is
in existence no withdrawals or transfers may be made therefrom by any Person
except with the prior written consent of the Pledgee and (ii) deposit of
such cash in such cash account.

     

    (b) In
addition to the actions required to be taken pursuant to Section 3.2(a) hereof,
each Pledgor shall take the following additional actions with respect to the
Collateral:

     

    (i) with
respect to all Collateral of such Pledgor whereby or with respect to which the
Pledgee may obtain “control” thereof within the meaning of Section 8-106 of the
UCC (or under any provision of the UCC as same may be amended or supplemented
from time to time, or under the laws of any relevant State other than the State
of New York), such Pledgor shall take all actions as may be requested from
time to time by the Pledgee so that “control” of such Collateral is obtained and
at all times held by the Pledgee (unless the ABL Collateral Agent is granted a
prior security interest in such Collateral and the same is required to be
subject to the “control” (within the meaning of Section 8-106 of the UCC (or
under any provision of the UCC as same may be amended or supplemented from time
to time, or under the laws of any relevant State other than the State of New
York)) of the ABL Collateral Agent pursuant to the Intercreditor Agreement);
and

     

    (ii) each
Pledgor shall from time to time cause appropriate financing statements (on
appropriate forms) under the Uniform Commercial Code as in effect in the various
relevant States, covering all Collateral hereunder (with the form of such
financing statements to be satisfactory to the Pledgee), to be filed in the
relevant filing offices so that at all times the Pledgee’s security interest in
all Investment Property and other Collateral which can be perfected by the
filing of such financing statements (in each case to the maximum extent
perfection by filing may be obtained under the laws of the relevant States,
including, without limitation, Section 9-312(a) of the UCC) is so
perfected.

     

    3.3 Subsequently
Acquired Collateral.  If
any Pledgor shall acquire (by purchase, stock dividend, distribution or
otherwise) any additional Collateral at any time or from time to time after the
date hereof, (i) such Collateral shall automatically (and without any further
action being required to be taken) be subject to the pledge and security
interests created pursuant to Section 3.1 hereof and, furthermore, such Pledgor
will thereafter take (or cause to be taken) all action (as promptly as
practicable and, in any event, within 10 days after it obtains such Collateral)
with respect to such Collateral in accordance with the procedures set forth in
Section 3.2 hereof (provided,
however,
that such Pledgor shall have 60 days after it obtains any Equity Interests of
any Exempted Foreign Entity that is not an Excluded Foreign Entity (or such
later date as determined by the Pledgee at the direction of the Secured Parties)
to take the actions set

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    forth in
Section 3.2(a)(v)), and will promptly thereafter deliver to the Pledgee (i) a
certificate executed by an authorized officer of such Pledgor describing such
Collateral and certifying that the same has been duly pledged in favor of the
Pledgee (for the benefit of the Secured Parties) hereunder and (ii) a Perfection
Certificate Supplement as necessary to cause the Perfection Certificate to be
complete and accurate at such time.  Without limiting the foregoing,
each Pledgor shall be required to pledge hereunder the Equity Interests of any
Exempted Foreign Entity at any time and from time to time after the date hereof
acquired by such Pledgor, provided
that, notwithstanding anything to the contrary in this Agreement, (w) no Pledgor
shall be required at any time to pledge hereunder Equity Interests of any
Excluded Foreign Entity, (x) no Pledgor shall be required at any time to pledge
hereunder more than 65% of the total combined voting power of all classes of
Voting Equity Interests of any Exempted Foreign Entity and (y) each Pledgor
shall be required to pledge hereunder 100% of the Non-Voting Equity Interests of
each Exempted Foreign Entity at any time and from time to time acquired by such
Pledgor, which Non-Voting Equity Interests shall not be subject to the
limitations described in preceding clause (x).

     

    3.4 Transfer
Taxes.  Each
pledge of Collateral under Section 3.1 or Section 3.3 hereof shall be
accompanied by any transfer tax stamps required in connection with the pledge of
such Collateral.

     

    3.5 Certain
Representations and Warranties Regarding the
Collateral.  Each
Pledgor represents and warrants that on the date hereof: (i) each Subsidiary of
such Pledgor, and the direct ownership thereof, is listed in paragraph 10 of the
Perfection Certificate; (ii) the Stock (and any warrants or options to
purchase Stock) held by such Pledgor consists of the number and type of shares
of the stock (or warrants or options to purchase any stock) of the corporations
as described in paragraph 11 of the Perfection Certificate; (iii) such Stock
referenced in clause (ii) of this paragraph constitutes that percentage of the
issued and outstanding capital stock of the issuing corporation as is set forth
in paragraph 11 of the Perfection Certificate; (iv) the Notes held by such
Pledgor consist of the promissory notes described in paragraph 12 of the
Perfection Certificate where such Pledgor is listed as the lender; (v) the
Limited Liability Company Interests held by such Pledgor consist of the number
and type of interests of the Persons described in paragraph 11 of the Perfection
Certificate; (vi) each such Limited Liability Company Interest referenced in
clause (v) of this paragraph constitutes that percentage of the issued and
outstanding equity interest of the issuing Person as set forth in paragraph 11
of the Perfection Certificate; (vii) the Partnership Interests held by such
Pledgor consist of the number and type of interests of the Persons described in
paragraph 11 of the Perfection Certificate; (viii) each such Partnership
Interest referenced in clause (viii) of this paragraph constitutes that
percentage or portion of the entire partnership interest of the Partnership as
set forth in paragraph 11 of the Perfection Certificate; (ix) the Pledgor has
complied with the respective procedure set forth in Section 3.2(a) hereof with
respect to each item of Collateral described in paragraphs 11 and 12 of the
Perfection Certificate; and (x) on the date hereof, such Pledgor owns no other
Securities, Stock, Notes, Limited Liability Company Interests or Partnership
Interests.

     

    3.6 Limited
Liability Company Interests and Partnership Interests.  None
of the Limited Liability Company Interests nor the Partnership Interests are or
represent interests in issuers that: (a) are registered as investment companies
or (b) are dealt in or traded on securities exchanges or
markets.  Except as set forth on Schedule 16 to the Perfection
Certificate, all of the

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    Limited
Liability Company Interests and Partnership Interests are or represent interests
in issuers that have opted to be treated as securities under the Uniform
Commercial Code of any jurisdiction.  Each Pledgor hereby covenants
and agrees that, without the prior written consent of the Pledgee, it shall not
vote to enable or take any other action to cause any issuer of any Partnership
Interests or Limited Liability Company Interests which are not Securities (for
purposes of the Uniform Commercial Code of any jurisdiction) on the date hereof
to elect or otherwise take any action to cause such Partnership Interests or
Limited Liability Company Interests to be treated as Securities for purposes of
the Uniform Commercial Code of any jurisdiction; provided,
however,
that notwithstanding the foregoing, if any issuer of any Partnership Interests
or Limited Liability Company Interests takes any such action in violation of the
foregoing in this Section 3.6, such Pledgor shall promptly notify the Pledgee in
writing of any such election or action and, in such event, shall take all steps
necessary or advisable to establish the Pledgee’s “control” (within the meaning
of Section 8-106 of the UCC) thereof (unless the ABL Collateral Agent is granted
a prior security interest in such Partnership Interests or Limited Liability
Company Interests and the same is required to be subject to the “control”
(within the meaning of Section 8-106 of the UCC) of the ABL Collateral Agent
pursuant to the Intercreditor Agreement).

     

    4. APPOINTMENT
OF SUB-AGENTS; ENDORSEMENTS, ETC.  The
Pledgee shall have the right to appoint one or more sub-agents for the purpose
of retaining physical possession of the Collateral, which may be held (in the
discretion of the Pledgee) in the name of the relevant 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 OR SPECIFIED DEFAULT.  Unless
and until there shall have occurred and be continuing an Event of Default under
the Indenture or any other Secured Debt Document or a Default under Section
6.01(a) or 6.01(h) of the Indenture (each such Default, a “Specified
Default”) and the Pledgee has notified the Issuer of its exercise of
rights under this Section 5, each Pledgor shall be entitled to exercise any and
all voting and other consensual rights pertaining to the Collateral owned by it,
and to give consents, waivers or ratifications in respect thereof; provided
that, in each case, no vote shall be cast or any consent, waiver or ratification
given or any action taken or omitted to be taken which would violate, result in
a breach of any covenant contained in, or be inconsistent with any of the terms
of any Secured Debt Document, or which could reasonably be expected to have the
effect of impairing the value of the Collateral or any part thereof or the
position or interests of the Pledgee or any other Secured Party in the
Collateral, unless expressly permitted by the terms of the Secured Debt
Documents.  All such rights of each Pledgor to vote and to give
consents, waivers and ratifications shall cease in case an Event of Default has
occurred and is continuing, and Section 7 hereof shall become
applicable.

     

    6. DIVIDENDS
AND OTHER DISTRIBUTIONS.  Unless
and until there shall have occurred and be continuing an Event of Default, all
ordinary cash dividends, cash distributions and other cash amounts payable in
respect of the Collateral by the issuer in the normal course of business of the
issuer and consistent with past practice of the issuer shall be paid to the
respective Pledgor.  Subject to the Intercreditor Agreement, the
Pledgee shall be entitled to receive directly, and to retain as part of the
Collateral:

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    (i) all other
or additional stock, notes, certificates, limited liability company interests,
partnership interests, instruments or other securities or property (including,
but not limited to, cash dividends and other cash distributions other than as
set forth above) paid or distributed by way of dividend or otherwise in respect
of the Collateral;

     

    (ii) all other
or additional stock, notes, certificates, limited liability company interests,
partnership interests, instruments or other securities or property (including,
but not limited to, cash) paid or distributed in respect of the Collateral by
way of stock-split, spin-off, split-up, reclassification, combination of shares
or similar rearrangement; and

     

    (iii) all other
or additional stock, notes, certificates, limited liability company interests,
partnership interests, instruments or other securities or property (including,
but not limited to, cash (although such cash may be paid directly to the
respective Pledgor so long as no Event of Default then exists)) 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 or
other reorganization.

     

    Nothing
contained in this Section 6 shall limit or restrict in any way the Pledgee’s
right to receive the proceeds of the Collateral in any form in accordance with
Section 3 of this Agreement.  All dividends, distributions or other
payments which are received by any Pledgor contrary to the provisions of this
Section 6 or Section 7 hereof shall be received in trust for the benefit of the
Pledgee, shall be segregated from other property or funds of such Pledgor and,
subject to the Intercreditor Agreement, shall be forthwith paid over to the
Pledgee as Collateral in the same form as so received (with any necessary
endorsement).

     

    7. REMEDIES
IN CASE OF AN EVENT OF DEFAULT OR A SPECIFIED DEFAULT. (a) If
there shall have occurred and be continuing an Event of Default, then and in
every such case, subject to the Intercreditor Agreement, the Pledgee shall be
entitled to exercise all of the rights, powers and remedies (whether vested in
it by this Agreement, any other Secured Debt Document or by law) for the
protection and enforcement of its rights in respect of the Collateral, and the
Pledgee shall be entitled to exercise, as directed by the Secured Parties if
applicable, all the rights and remedies of a secured party under the Uniform
Commercial Code as in effect in any relevant jurisdiction and also shall be
entitled, without limitation, to exercise the following rights, which each
Pledgor hereby agrees to be commercially reasonable:

     

    (i) to
receive all amounts payable in respect of the Collateral otherwise payable under
Section 6 hereof to the respective Pledgor;

     

    (ii) to
transfer all or any part of the Collateral into the Pledgee’s name or the name
of its nominee or nominees;

     

    (iii) to
accelerate any Pledged Note which may be accelerated in accordance with its
terms, and take any other lawful action to collect upon any Pledged Note
(including, without limitation, to make any demand for payment
thereon);

     

    (iv) unless
and until the Pledgee has notified the Issuer of its exercise of rights under
this Section 7, to vote (and exercise all rights and powers in respect of
voting) all

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    or any
part of the Collateral (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 (each Pledgor hereby irrevocably constituting and appointing the Pledgee
the proxy and attorney-in-fact of such Pledgor, with full power of substitution
to do so);

     

    (v) at any
time and 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 purchase or dispose (all of which are hereby waived by
each 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
at least 10 days’ written notice of the time and place of any such sale shall be
given to the respective Pledgor.  The Pledgee shall not be obligated
to make any such sale of Collateral regardless of whether any such notice of
sale has theretofore been given.  Each 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 or the Secured Debt Obligations or otherwise.  At any such
sale, unless prohibited by applicable law, the Pledgee on behalf of the Secured
Parties 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 other Secured Party shall be liable for failure to collect or realize upon
any or all of the Collateral or for any delay in so doing nor shall any of them
be under any obligation to take any action whatsoever with regard thereto;
and

     

    (vi) to set
off any and all Collateral against any and all Secured Debt Obligations, and to
withdraw any and all cash or other Collateral from any and all Collateral
Accounts and to apply such cash and other Collateral to the payment of any and
all Secured Debt Obligations.

     

    (b)           If
there shall have occurred and be continuing a Specified Default, then and in
every such case, unless and until the Pledgee has notified the Issuer of its
exercise of rights under this Section 7, the Pledgee, on behalf of the Secured
Parties, shall be entitled to vote (and exercise all rights and powers in
respect of voting) all or any part of the Collateral (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 (each Pledgor hereby irrevocably constituting
and appointing the Pledgee the proxy and attorney-in-fact of such Pledgor, with
full power of substitution to do so).

     

    8. REMEDIES,
CUMULATIVE, ETC.  Each
and every right, power and remedy of the Pledgee provided for in this Agreement
or in any other Secured Debt Document, 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 other Secured Party of any one or more of the
rights, powers or remedies provided for in this Agreement or any other Secured
Debt Document or now or hereafter existing

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    at law or
in equity or by statute or otherwise shall not preclude the
simultaneous or later exercise by the Pledgee or any other Secured Party of all
such other rights, powers or remedies, and no failure or delay on the part of
the Pledgee or any other Secured Party to exercise any such right, power or
remedy shall operate as a waiver thereof.  No notice to or demand on
any Pledgor in any case shall entitle it to any other or further notice or
demand in similar or other circumstances or constitute a waiver of any of the
rights of the Pledgee or any other Secured Party to any other or further action
in any circumstances without notice or demand.  The Secured Parties
agree that this Agreement may be enforced only by the action of the Pledgee, in
each case, acting in a manner consistent with the Collateral Trust Agreement,
and that no other Secured Party shall have any right individually to seek to
enforce or to enforce this Agreement or to realize upon the security to be
granted hereby, it being understood and agreed that such rights and remedies may
be exercised by the Pledgee for the benefit of the Secured Parties upon the
terms of this Agreement, the Intercreditor Agreement, the Collateral Trust
Agreement and the other Security Documents.

     

    9. APPLICATION
OF PROCEEDS.  (a)  Subject
to the Intercreditor Agreement, all monies collected by the Pledgee upon any
sale or other disposition of the Collateral pursuant to the terms of this
Agreement, together with all other monies received by the Pledgee hereunder,
shall be applied in the manner provided in Section 4.06 of the
Indenture.

     

    (b) It is
understood and agreed that each Pledgor shall remain jointly and severally
liable with respect to its Secured Debt Obligations to the extent of any
deficiency between the amount of the proceeds of the Collateral pledged by it
hereunder and the aggregate amount of such Secured Debt
Obligations.

     

    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 such 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.  Each
Pledgor jointly and severally agrees (i) to indemnify, reimburse and hold
harmless the Pledgee and each other Secured Party and their respective
successors, assigns, employees, agents and affiliates (individually an “Indemnitee”,
and collectively, the “Indemnitees”)
from and against any and all obligations, damages, injuries, penalties, claims,
demands, losses, judgments and liabilities (including, without limitation,
liabilities for penalties) of whatsoever kind or nature, and (ii) to reimburse
each Indemnitee for all reasonable out-of-pocket costs, expenses and
disbursements, including reasonable attorneys’ fees and expenses, in each case
arising out of or resulting from this Agreement or the exercise by any
Indemnitee of any right or remedy granted to it hereunder or under any other
Secured Debt Document (but excluding any obligations, damages, injuries,
penalties, claims, demands, losses, judgments and liabilities (including,
without limitation, liabilities for penalties) or expenses of whatsoever kind or
nature to the extent incurred or arising by reason of gross negligence or
willful misconduct of such Indemnitee (as determined by a court of competent
jurisdiction in a final and non-appealable decision)).  In no event
shall the Pledgee hereunder be liable, in the

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    absence
of gross negligence or willful misconduct on its part (as determined by a court
of competent jurisdiction in a final and non-appealable decision), for any
matter or thing in connection with this Agreement other than to account for
monies or other property actually received by it in accordance with the terms
hereof.  If and to the extent that the obligations of any Pledgor
under this Section 11 are unenforceable for any reason, such Pledgor hereby
agrees to make the maximum contribution to the payment and satisfaction of such
obligations which is permissible under applicable law.  The indemnity
obligations of each Pledgor contained in this Section 11 shall continue in full
force and effect notwithstanding the full repayment of all the Senior Secured
Notes issued under the Indenture and the payment of all other Secured Debt
Obligations and notwithstanding the discharge thereof.

     

    12. PLEDGEE
NOT A PARTNER OR LIMITED LIABILITY COMPANY MEMBER.  (a)  Nothing
herein shall be construed to make the Pledgee or any other Secured Party liable
as a member of any limited liability company or as a partner of any partnership
and neither the Pledgee nor any other Secured Party by virtue of this Agreement
or otherwise (except as referred to in the following sentence) shall have any of
the duties, obligations or liabilities of a member of any limited liability
company or as a partner in any partnership.  The parties hereto
expressly agree that, unless the Pledgee shall become the absolute owner of
Collateral consisting of a Limited Liability Company Interest or a Partnership
Interest pursuant hereto, this Agreement shall not be construed as creating a
partnership or joint venture among the Pledgee, any other Secured Party, any
Pledgor and/or any other Person.

     

    (b) Except as
provided in the last sentence of paragraph (a) of this Section 12, the Pledgee,
by accepting this Agreement, did not intend to become a member of any limited
liability company or a partner of any partnership or otherwise be deemed to be a
co-venturer with respect to any Pledgor, any limited liability company,
partnership and/or any other Person either before or after an Event of Default
shall have occurred.  The Pledgee shall have only those powers set
forth herein and the Secured Parties shall assume none of the duties,
obligations or liabilities of a member of any limited liability company or as a
partner of any partnership or any Pledgor except as provided in the last
sentence of paragraph (a) of this Section 12.

     

    (c) The
Pledgee and the other Secured Parties shall not be obligated to perform or
discharge any obligation of any Pledgor as a result of the pledge hereby
effected.

     

    (d) The
acceptance by the Pledgee of this Agreement, with all the rights, powers,
privileges and authority so created, shall not at any time or in any event
obligate the Pledgee or any other Secured Party to appear in or defend any
action or proceeding relating to the Collateral to which it is not a party, or
to take any action hereunder or thereunder, or to expend any money or incur any
expenses or perform or discharge any obligation, duty or liability under the
Collateral.

     

    13. FURTHER
ASSURANCES; POWER-OF-ATTORNEY.  (a)  Each
Pledgor agrees that it will join with the Pledgee in executing and, at such
Pledgor’s own expense, file and refile under the UCC or other applicable law
such financing statements, continuation statements and other documents, in form
reasonably acceptable to the Pledgee, in such offices as the Pledgee (acting on
its own or otherwise in a manner consistent with the Collateral Trust Agreement)
may reasonably deem necessary or appropriate and wherever required or
permitted

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    by law in
order to perfect and preserve the Pledgee’s security interest in the Collateral
hereunder and hereby authorizes the Pledgee to file financing statements and
amendments thereto relative to all or any part of the Collateral (including,
without limitation, financing statements which list the Collateral specifically
and/or “all assets” or words of similar meaning as collateral) without the
signature of such Pledgor where permitted by law, and agrees to do such further
acts and things 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 or thereunder.

     

    (b) Each
Pledgor hereby constitutes and appoints the Pledgee and any officer or agent
thereof (such appointment being coupled with an interest) its true and lawful
attorney-in-fact, irrevocably, with full authority in the place and stead of
such Pledgor and in the name of such Pledgor or otherwise, in the Pledgee’s
discretion, in each case subject to the Intercreditor
Agreement:

     

    (i) upon the
occurrence and during the continuance of any Event of Default, to ask for,
collect, sue for, recover, act, require, demand, receive, compound and give
acquittance for any and all monies and claims for monies due or to become due to
such Pledgor under or arising out of the Collateral;

     

    (ii) upon the
occurrence and during the continuance of any Event of Default, to receive,
endorse and collect any checks, drafts or other instruments or orders, documents
and chattel paper in connection with clause (i) above;

     

    (iii) upon the
occurrence and during the continuance of any Event of Default, to (A) file any
claims or take any action or institute any proceedings which the Pledgee, or the
Pledgee as directed by the Secured Parties, may deem to be necessary or
advisable for the collection of any of the Collateral or otherwise to protect
the interests of the Secured Parties with respect to any of the Collateral and
(B) defend any suit, action or proceeding brought against such Pledgor with
respect to any Collateral and settle, compromise or adjust any such suit, action
or proceeding and, in connection therewith, give such discharges or releases as
the Pledgee may deem appropriate;

     

    (iv) upon the
occurrence and during the continuance of any Event of Default, to direct any
party liable for any payment under any Collateral to make payment of any moneys
due or to become due thereunder directly to the Pledgee or as the Pledgee may
direct;

     

    (v) upon the
occurrence and during the continuance of any Event of Default, to execute, in
connection with and sale provided for in Section 7, any endorsement, assignment
or other instrument of conveyance or transfer with respect to the
Collateral;

     

    (vi) to
prepare and file any UCC financing statements relating to the Collateral against
such Pledgor (a copy of which shall be delivered to such
Pledgor);

     

    (vii) to pay or
discharge taxes and Liens (other than Permitted Liens) levied or placed on or
threatened against the Collateral, the legality or validity thereof and
the

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    amounts
necessary to discharge the same to be determined by the Pledgee as directed by
the Secured Parties; and

     

    (viii) upon the
occurrence and during the continuance of any Event of Default, generally to
sell, transfer, pledge, make any agreement with respect to or otherwise deal
with any of the Collateral as fully and completely as though the Pledgee were
the absolute owner thereof for all purposes, and to do, at the Pledgee’s option
and such Pledgor’s expense, at any time and from time to time, all acts and
things that the Pledgee, or the Pledgee as directed by the Secured Parties,
deems reasonably necessary to protect, preserve or realize upon the Collateral
and the Pledgee’s security interest therein in order to effect the intent of
this Agreement, all as fully and effectively as such Pledgor might
do.

     

    Each
Pledgor hereby ratifies all that said attorneys shall lawfully do or cause to be
done by virtue hereof.

     

    14. THE
PLEDGEE AS COLLATERAL TRUSTEE.  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, acknowledged and agreed by each Secured Party that by accepting the
benefits of this Agreement each such Secured Party acknowledges and agrees 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, in the Collateral Trust
Agreement and in Articles Seven and Eleven of the Indenture.  The
Pledgee shall act hereunder on the terms and conditions set forth herein, in the
Collateral Trust Agreement and in Articles Seven and Eleven of the
Indenture.

     

    15. TRANSFER
BY THE PLEDGORS.  Except
as permitted under the Indenture and the other Secured Debt Documents, no
Pledgor will 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.

     

    16. REPRESENTATIONS,
WARRANTIES AND COVENANTS OF THE PLEDGORS.  (a)  Each
Pledgor represents, warrants and covenants as to itself and each of its
Subsidiaries that:

     

    (i) it is the
legal, beneficial and record owner of, and has good and marketable title to, all
of its Collateral consisting of one or more Securities, Partnership Interests
and Limited Liability Company Interests and that it has sufficient interest in
all of its Collateral in which a security interest is purported to be created
hereunder for such security interest to attach (subject, in each case, to no
pledge, lien, mortgage, hypothecation, security interest, charge, option,
Adverse Claim or other encumbrance whatsoever, except the liens and security
interests created by this Agreement or permitted under the Secured Debt
Documents);

     

    (ii) it has
full power, authority and legal right to pledge all the Collateral pledged by it
pursuant to this Agreement;

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    (iii) except to
the extent already obtained or made, no consent of any other party (including,
without limitation, any stockholder, partner, member or creditor of such 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 such
Pledgor in connection with (a) the execution, delivery or performance of this
Agreement by such Pledgor, (b) the validity or enforceability of this Agreement
against such Pledgor, (c) the perfection or enforceability of the Pledgee’s
security interest in such Pledgor’s Collateral or (d) except for compliance with
or as may be required by applicable securities laws, the exercise by the Pledgee
of any of its rights or remedies provided herein;

     

    (iv) all of
such Pledgor’s Collateral (consisting of Securities, Limited Liability Company
Interests and Partnership Interests) has been duly and validly issued, is fully
paid and non-assessable and is subject to no options to purchase or similar
rights;

     

    (v) each of
such Pledgor’s Pledged Notes constitutes, or when executed by the obligor
thereof will constitute, the legal, valid and binding obligation of such
obligor, enforceable in accordance with its terms, except to the extent that the
enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws affecting creditors’ rights
generally and by general equitable principles (regardless of whether enforcement
is sought in equity or at law);

     

    (vi) the
pledge, collateral assignment and delivery to the Pledgee (or to the ABL
Collateral Agent if it is granted a prior security interest in such Note and the
same is delivered to the ABL Collateral Agent for the benefit of the holders of
ABL Debt Obligations pursuant to the Intercreditor Agreement) of such Pledgor’s
Collateral consisting of Certificated Securities and Pledged Notes pursuant to
this Agreement creates a valid and perfected security interest in such
Certificated Securities and Pledged Notes, and the proceeds thereof, and such
security interest is, in the case of the Notes Collateral, first priority, and
in the case of the ABL Collateral, second priority, 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 such Pledgor which would include the
Certificated Securities or the Pledged Notes (other than the Liens and security
interests permitted under the Secured Debt Documents then in effect) and the
Pledgee is entitled to all the rights, priorities and benefits afforded by the
UCC or other relevant law as enacted in any relevant jurisdiction to perfect
security interests in respect of such Collateral;

     

    (vii) “control”
(as defined in Section 8-106 of the UCC) has been obtained by the Pledgee over
all of such Pledgor’s Collateral consisting of Securities (including, without
limitation, Notes which are Securities) with respect to which such “control” may
be obtained pursuant to Section 8-106 of the UCC, except to the extent that the
obligation of the applicable Pledgor to provide the Pledgee with “control” of
such Collateral has not yet arisen under this Agreement; provided
that in the case of the Pledgee obtaining “control” over Collateral consisting
of a Security Entitlement, such Pledgor shall have taken all steps in its
control so that the Pledgee obtains “control” over such Security Entitlement
(unless the ABL Collateral Agent is granted a prior security interest in such
Collateral and the same is required to be subject to the “control” (within the
meaning of

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    Section
8-106 of the UCC) of the ABL Collateral Agent pursuant to the Intercreditor
Agreement);

     

    (viii) all
filings, registrations, recordings and other actions necessary or appropriate to
create, preserve and perfect the security interest granted by such Pledgor to
the Pledgee hereby in respect of the Collateral have been accomplished and the
security interest granted to the Pledgee pursuant to this Agreement in and to
the Collateral creates a valid and, together with all such filings,
registrations, recordings and other actions, a perfected security interest
therein and such security interest is, in the case of the Notes Collateral,
first priority, and in the case of the ABL Collateral, second priority, prior to
the rights of all other Persons therein and subject to no other Liens (other
than Permitted Liens) and is entitled to all the rights, priorities and benefits
afforded by the Uniform Commercial Code or other relevant law as enacted in any
relevant jurisdiction to perfected security interests, in each case to the
extent that the Collateral consists of the type of property in which a security
interest may be perfected by possession or control (within the meaning of the
UCC) or by filing a financing statement under the Uniform Commercial Code as
enacted in any relevant jurisdiction; and

     

    (ix) none of
the Collateral has been issued or transferred in violation of the securities
registration, securities disclosure or similar laws of any jurisdiction to which
such issuance or transfer may be subject.

     

    (b) Each
Pledgor covenants and agrees that it will defend the Pledgee’s right, title and
security interest in and to such Pledgor’s Collateral and the proceeds thereof
against the claims and demands of all persons whomsoever; and each 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 by such Pledgor as
Collateral hereunder and will likewise defend the right thereto and security
interest therein of the Pledgee and the other Secured
Parties.

     

    (c) Each
Pledgor covenants and agrees that it will take no action which would violate any
of the terms of any Secured Debt Document.

     

    17. LEGAL
NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION AND/OR A
TRANSMITTING UTILITY); JURISDICTION OF ORGANIZATION; LOCATION; ORGANIZATIONAL
IDENTIFICATION NUMBERS; FEDERAL EMPLOYER IDENTIFICATION NUMBERS; CHANGES
THERETO; ETC.  The
exact legal name of each Pledgor, the type of organization of such Pledgor,
whether or not such Pledgor is a Registered Organization, the jurisdiction of
organization of such Pledgor, such Pledgor’s Location, the organizational
identification number (if any) of each Pledgor, the Federal Employer
Identification Number (if any) and whether or not such Pledgor is a Transmitting
Utility, is listed on paragraph 2 of the Perfection Certificate for such
Pledgor.  No Pledgor shall change its legal name, its type of
organization, its status as a Registered Organization (in the case of a
Registered Organization), its status as a Transmitting Utility or as a Person
which is not a Transmitting Utility, as the case may be, its jurisdiction of
organization, its Location, its organizational identification number (if any),
or its Federal Employer Identification Number (if any) from that listed on
paragraph 2 of the Perfection Certificate, except that any such changes shall be
permitted (so long as not in violation of the applicable requirements of the
Secured Debt

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    Documents
and so long as same do not involve (x) a Registered Organization ceasing to
constitute same or (y) any Pledgor changing its jurisdiction of organization or
Location from the United States or a State thereof to a jurisdiction of
organization or Location, as the case may be, outside the United States or a
State thereof) if (i) it shall have given to the Pledgee not less than 15 days’
prior written notice of each change to the information listed on paragraph 2 of
the Perfection Certificate (as adjusted for any subsequent changes thereto
previously made in accordance with this sentence), and (ii) in connection with
the respective such change or changes, it shall have taken all action reasonably
requested by the Pledgee (or as directed by the Secured Parties) to maintain the
security interests of the Pledgee in the Collateral intended to be granted
hereby at all times fully perfected and in full force and effect.  In
addition, to the extent that any Pledgor does not have an organizational
identification number on the date hereof and later obtains one, such Pledgor
shall promptly thereafter deliver a notification of the Pledgee of such
organizational identification number and shall take all actions reasonably
satisfactory to the Pledgee to the extent necessary to maintain the security
interest of the Pledgee in the Collateral intended to be granted hereby fully
perfected and in full force and effect.

     

    18. PLEDGORS’
OBLIGATIONS ABSOLUTE, ETC.  The
obligations of each 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 (other than termination of this
Agreement pursuant to Section 20 hereof), including, without
limitation:

     

    (i) any
renewal, extension, amendment or modification of, or addition or supplement to
or deletion from any Secured Debt Document (other than this Agreement in
accordance with its terms), or any other instrument or agreement referred to
therein, or any assignment or transfer of any thereof;

     

    (ii) any
waiver, consent, extension, indulgence or other action or inaction under or in
respect of any such agreement or instrument including, without limitation, this
Agreement (other than a waiver, consent or extension with respect to this
Agreement in accordance with its terms);

     

    (iii)  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 as directed
by the Secured Parties) or its assignee;

     

    (iv) 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

     

    (v) any
bankruptcy, insolvency, reorganization, composition, adjustment, dissolution,
liquidation or other like proceeding relating to any Pledgor or any Subsidiary
of any 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.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
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    19. SALE OF
COLLATERAL WITHOUT REGISTRATION.  (a)  If
an Event of Default shall have occurred and be continuing and any Pledgor shall
have received from the Pledgee a written request or requests that such 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
Collateral consisting of Securities, Limited Liability Company Interests or
Partnership Interests, such 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 Collateral
consisting of Securities, Limited Liability Company Interests or Partnership
Interests, including, without limitation, registration under the Securities Act,
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 governmental requirements; provided,
that the Pledgee shall furnish to such Pledgor such information regarding the
Pledgee as such Pledgor may request in writing and as shall be required in
connection with any such registration, qualification or
compliance.  Each 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 and other documents incident thereto
as the Pledgee from time to time may reasonably request, and will indemnify, to
the extent permitted by law, the Pledgee and all other Secured Parties
participating in the distribution of such Collateral consisting of Securities,
Limited Liability Company Interests or Partnership Interests 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 such Pledgor by the Pledgee or such other
Secured Party 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 Collateral consisting of  Securities, Limited Liability
Company Interests or Partnership Interests pursuant to Section 7 hereof, and
such Collateral or the part thereof to be sold shall not, for any reason
whatsoever, be effectively registered under the Securities Act, as then in
effect, the Pledgee may, as directed by the Secured Parties if applicable, sell
such Collateral or part thereof by private sale in such manner and under such
circumstances as the Pledgee, as directed by the Secured Parties if applicable,
may deem necessary or advisable in order that such sale may legally be effected
without such registration.  Without limiting the generality of the
foregoing, in any such event the Pledgee, as directed by the Secured Parties if
applicable, (i) may proceed to make such private sale notwithstanding that a
registration statement for the purpose of registering such Collateral 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 Collateral 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 Collateral at a price which the
Pledgee, as directed by the Secured Parties if applicable, may in good faith
deem

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        Page
23

      

    

     

    reasonable
under the circumstances, notwithstanding the possibility that a substantially
higher price might be realized if the sale were deferred until the registration
as aforesaid.

     

    20. TERMINATION;
RELEASE.  (a)  Upon
the occurrence of the Discharge of Priority Lien Obligations and the discharge
of all other Secured Debt Obligations, 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 such Pledgor, will (without recourse and without any
representation or warranty) execute and deliver to such Pledgor a proper
instrument or instruments (including UCC termination statements) acknowledging
the satisfaction and termination of this Agreement (including, without
limitation, UCC termination statements and instruments of satisfaction,
discharge and/or reconveyance), and will duly release from the security interest
created hereby and assign, transfer and deliver to such 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 or any of its sub-agents hereunder and,
with respect to any Collateral consisting of an Uncertificated Security, a
Partnership Interest or a Limited Liability Company Interest (other than an
Uncertificated Security, Partnership Interest or Limited Liability Company
Interest credited on the books of a Clearing Corporation or Securities
Intermediary), a termination of the agreement relating thereto executed and
delivered by the issuer of such Uncertificated Security pursuant to Section
3.2(a)(ii) or by the respective partnership or limited liability company
pursuant to Section 3.2(a)(iv)(2).

     

    (b) In the
event that the Collateral Trustee’s Liens on any portion of the Collateral have
been released pursuant to Section 4.1(a) of the Collateral Trust Agreement, the
Pledgee, at the request and expense of such Pledgor, will duly release from the
security interest created hereby (and will execute and deliver such
documentation, including termination or partial release statements and the like
in connection therewith) and assign, transfer and deliver to such Pledgor
(without recourse and without any representation or warranty) such of the
Collateral as is then being (or has been) so sold or released and as may be in
the possession of the Pledgee (or, in the case of Collateral held by any
sub-agent designated pursuant to Section 4 hereto, such sub-agent) and has not
theretofore been released pursuant to this Agreement.

     

    (c) At any
time that any Pledgor desires that Collateral be released as provided in the
foregoing Section 20(a) or (b), it shall deliver to the Pledgee (and the
relevant sub-agent, if any, designated pursuant to Section 4 hereof) a
certificate signed by an authorized officer of such Pledgor stating that the
release of the respective Collateral is permitted pursuant to Section 20(a) or
(b) hereof.  If reasonably requested by the Pledgee (although the
Pledgee shall have no obligation to make any such request), the relevant Pledgor
shall furnish appropriate legal opinions (from counsel, reasonably acceptable to
the Pledgee) to the effect set forth in the immediately preceding
sentence.

     

    (d) The
Pledgee shall have no liability whatsoever to any other Secured Party as the
result of any release of Collateral by it in accordance with (or which the
Pledgee in good faith believes to be in accordance with) this Section
20.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        Page
24

      

    

     

    21. NOTICES,
ETC.  Except
as otherwise specified herein, all notices, requests, demands or other
communications to or upon the respective parties hereto shall be made in
accordance with Section 7.7 of the Collateral Trust
Agreement.

     

    22. WAIVER;
AMENDMENT.  Subject
to Section 2.11 of the Intercreditor Agreement, none of the terms and conditions
of this Agreement may be changed, waived, modified or varied in any manner
whatsoever except in accordance with the requirements specified in Section 7.1
of the Collateral Trust Agreement.  No failure on the part of the
Pledgee or any other Secured Party to exercise, and no delay in exercising any
right hereunder, shall operate as a waiver thereof; nor shall any single or
partial exercise of any such right preclude any other or further exercise
thereof or the exercise of any other right.

     

    23. SUCCESSORS AND ASSIGNS.  This
Agreement shall create a continuing security interest in the Collateral and
shall (i) remain in full force and effect, subject to release and/or termination
as set forth in Section 20, (ii) be binding upon each Pledgor, its successors
and assigns; provided,
however,
that no Pledgor shall assign any of its rights or obligations hereunder, and
(iii) inure, together with the rights and remedies of the Pledgee hereunder, to
the benefit of the Pledgee, the other Secured Parties and their respective
successors, transferees and assigns.  All agreements, statements,
representations and warranties made by each Pledgor herein or in any certificate
or other instrument delivered by such Pledgor or on its behalf under this
Agreement shall be considered to have been relied upon by the Secured Parties
and shall survive the execution and delivery of this Agreement and the other
Secured Debt Documents regardless of any investigation made by the Secured
Parties or on their behalf.

     

    24. HEADINGS DESCRIPTIVE.  The
headings of the several Sections of this Agreement are inserted for convenience
only and shall not in any way affect the meaning or construction of any
provision of this Agreement.

     

    25. GOVERNING
LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL. 
(a)  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REGARD TO ANY CONFLICTS OF LAWS PRINCIPLES WHICH
WOULD HAVE THE EFFECT OF APPLYING THE LAWS OF ANY OTHER
JURISDICTION.

     

    (b) All
judicial proceedings brought against any party hereto arising out of or relating
to this Agreement or any of the other Security Documents may be brought in any
state or federal court of competent jurisdiction in the State, County and City
of New York.  By executing and delivering this Agreement, each
Pledgor, for itself and in connection with its properties,
irrevocably:

     

    (A) accepts
generally and unconditionally the nonexclusive jurisdiction and venue of such
courts;

     

    (B) waives
any defense of forum non conveniens;

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        Page
25

      

    

     

    (C) agrees
that service of all process in any such proceeding in any such court may be made
by registered or certified mail, return receipt requested, to such party at its
address provided in accordance with Section 7.7 of the Collateral Trust
Agreement;

     

    (D) agrees
that service as provided in clause (C) above is sufficient to confer personal
jurisdiction over such party in any such proceeding in any such court and
otherwise constitutes effective and binding service in every respect;
and

     

    (E) agrees
that each party hereto retains the right to serve process in any other manner
permitted by law or to bring proceedings against any party in the courts of any
other jurisdiction.

     

    (c) Each
party to this Agreement waives its rights to a jury trial of any claim or cause
of action based upon or arising under this Agreement or any of the other
Security Documents or any dealings between them relating to the subject matter
of this Agreement or the intents and purposes of the other Security
Documents.  The scope of this waiver is intended to be
all-encompassing of any and all disputes that may be filed in any court and that
relate to the subject matter of this Agreement and the other Security Documents,
including contract claims, tort claims, breach of duty claims and all other
common law and statutory claims.  Each party to this Agreement
acknowledges that this waiver is a material inducement to enter into a business
relationship, that each party hereto has already relied on this waiver in
entering into this Agreement, and that each party hereto will continue to rely
on this waiver in its related future dealings.  Each party hereto
further warrants and represents that it has reviewed this waiver with its legal
counsel and that it knowingly and voluntarily waives its jury trial rights
following consultation with legal counsel.  This waiver is
irrevocable, meaning that it may not be modified either orally or in writing
(other than by a mutual written waiver specifically referring to this Section 25
and executed by each of the parties hereto), and this waiver will apply to any
subsequent amendments, renewals, supplements or modifications of or to this
Agreement or any of the other Security Documents or to any other documents or
agreements relating thereto.  In the event of litigation, this
Agreement may be filed as a written consent to a trial by the
court.

     

    26. PLEDGOR’S
DUTIES.  It
is expressly agreed, anything herein contained to the contrary notwithstanding,
that each Pledgor shall remain liable to perform all of the obligations, if any,
assumed by it with respect to the Collateral and the Pledgee shall not have any
obligations or liabilities with respect to any Collateral by reason of or
arising out of this Agreement, except for the safekeeping of Collateral actually
in Pledgor’s possession, nor shall the Pledgee be required or obligated in any
manner to perform or fulfill any of the obligations of any Pledgor under or with
respect to any Collateral.

     

    27. COUNTERPARTS.  This
Agreement 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 counterparts executed by all the
parties hereto shall be lodged with the Issuer and the Pledgee. Delivery of an
executed counterpart of a signature page to this Agreement, or of any amendment
or waiver of any provision of this Agreement or of any
joinder

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        Page
26

      

    

     

    agreement,
by telecopier or in “pdf” or similar format by electronic mail, shall be
effective as delivery of an original executed counterpart thereof..

     

    28. SEVERABILITY.  Any
provision of this Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

     

    29. RECOURSE.  This
Agreement is made with full recourse to each Pledgor and pursuant to and upon
all the representations, warranties, covenants and agreements on the part of
such Pledgor contained herein and in the other Secured Debt Documents and
otherwise in writing in connection herewith or therewith.

     

    30. ADDITIONAL
PLEDGORS.  It
is understood and agreed that any Person that desires to become an Pledgor
hereunder, or is required to execute a counterpart of this Agreement after the
date hereof pursuant to the requirements of the Indenture or any other Secured
Debt Document, shall become a Pledgor hereunder by (x) executing a counterpart
hereof and delivering same to the Pledgee or by executing a joinder agreement
and delivering same to the Pledgee, in each case as may be requested by (and in
form and substance satisfactory to) the Pledgee, (y) delivering a Perfection
Certificate Supplement with respect to such additional Pledgor on such date and
(z) taking all actions as specified in this Agreement as would have been taken
by such Pledgor had it been an original party to this Agreement, in each case
with all documents required above to be delivered to the Pledgee and with all
documents and actions required above to be taken to the reasonable satisfaction
of the Pledgee (or as directed by the Secured Parties).  Upon the
execution and delivery, or authentication, by any Person of a counterpart hereof
or a joinder agreement, such Person shall be referred to as an “Additional
Pledgor” and shall be and become a Pledgor hereunder, and each reference
in this Agreement and the other Secured Debt Documents to “Pledgor ” shall also
mean and be a reference to such Additional Pledgor, and each reference in this
Agreement and the other Secured Debt Documents to “Collateral”
shall also mean and be a reference to the Collateral of such Additional
Pledgor.

     

    31. LIMITED
OBLIGATIONS.  It
is the desire and intent of each Pledgor and the Secured Parties that this
Agreement shall be enforced against each Pledgor to the fullest extent
permissible under the laws applied in each jurisdiction in which enforcement is
sought.  Notwithstanding anything to the contrary contained herein, in
furtherance of the foregoing, it is noted that the obligations of each Pledgor
constituting a Guarantor have been limited as provided in each Guarantee to
which such Pledgor is a party.

     

    32. RELEASE OF PLEDGORS.  If
at any time all of the Equity Interests of any Pledgor owned by the Issuer or
any of its Subsidiaries are sold (to a Person other than the Issuer or a
Restricted Subsidiary of the Issuer either before or after such sale) in a
transaction that is not prohibited by either Section 4.06 of the Indenture or by
the terms of any applicable Secured Debt Document then in effect, then, such
Pledgor shall be released as a Pledgor pursuant to this Agreement without any
further action hereunder (it being understood that the sale of all of the Equity
Interests in any Person that owns, directly or indirectly, all of the Equity
Interests in any Pledgor shall be deemed to be a sale of all of the Equity
Interests in such Pledgor for purposes of

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        Page
27

      

    

     

    this
Section), and the Pledgee is authorized and directed to execute and deliver, at
the request and expense of such Pledgor, such instruments of release as are
reasonably satisfactory to the Pledgee, or as directed by the Secured
Parties.  At any time that the Issuer desires that a Pledgor be
released from this Agreement as provided in this Section 32, the Issuer shall
deliver to the Pledgee a certificate signed by a principal executive officer of
the Borrower stating that the release of such Pledgor is permitted pursuant to
this Section 32.  If requested by Pledgee (although the Pledgee shall
have no obligation to make any such request), the Borrower shall furnish legal
opinions (from counsel acceptable to the Pledgee) to the effect set forth in the
immediately preceding sentence.  The Pledgee shall have no liability
whatsoever to any other Secured Party as a result of the release of any Pledgor
by it in accordance with, or which it believes in good faith to be in accordance
with, this Section 32.

     

    33. INTERCREDITOR
AGREEMENT.  Notwithstanding
anything herein to the contrary, the liens and security interests granted to the
Pledgee pursuant to this Agreement in any Collateral and the exercise of any
right or remedy by the Pledgee with respect to any Collateral hereunder are
subject to the provisions of the Intercreditor Agreement, dated as of September
30, 2009 (as amended, restated, supplemented or otherwise modified from time to
time, the “Intercreditor
Agreement”), among the Issuer, the other Pledgors from time to time party
thereto, the ABL Collateral Agent and the Collateral Trustee, and certain other
Persons party or that may become party thereto from time to time.  In
the event of any conflict between the terms of the Intercreditor Agreement and
this Agreement, the terms of the Intercreditor Agreement shall govern and
control.

     

     

     

     

    *
* * *

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, each 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.

     

    
      	 	
              ACCO
      BRANDS CORPORATION

            	 
	 	 	 	 
	
               

            	
              By:
      

            	/s/Steven
      Rubin 	 
	 	 	Name:  Steven
      Rubin	 
	 	 	Title:  Senior Vice
      President,
      Secretary and
      General Counsel	 
	 	 	 	 

       

      
         

        
          
            	 	
                    ACCO BRANDS
      USA LLC

                  	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/Steven
      Rubin 	 
	 	 	Name:  Steven
      Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

          

        

         

        
           

          
            
              	 	
                      DAY-TIMERS
      INC.

                    	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	/s/Steven
      Rubin 	 
	 	 	Name:  Steven
      Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

            

          

           

        

      

      
         

        
          
            	 	
                    GENERAL
      BINDING CORPORATION

                  	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/Steven
      Rubin 	 
	 	 	Name:  Steven
      Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

          

        

         

        
           

          
            
              	 	
                      ACCO
      INTERNATIONAL HOLDINGS, INC.

                    	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	/s/Steven
      Rubin 	 
	 	 	Name:  Steven
      Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

            

          

           

        

      

    

     

    
      
        
          [SIGNATURE
PAGE TO NOTE PLEDGE AGREEMENT]

        

         

      

      
         

        
          

        

      

      
         

        
           

        

      

    

     

    
      	 	
              GBC INTERNATIONAL,
      INC.

               

            	 
	 	 	 	 
	
               

            	
              By:
      

            	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

      
         

        
          
            	 	
                    ACCO BRANDS
      INTERNATIONAL, INC.

                     

                  	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

          

           

          
            
              	 	
                      ACCO EUROPE FINANCE
      HOLDINGS, LLC

                       

                    	 
	 	 	 	 
	
                       

                    	
                      By:
      

                    	/s/Steven
      Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

            

             

            
              
                	 	
                        ACCO
      EUROPE INTERNATIONAL HOLDINGS
      LLC

                         

                      	 
	 	 	 	 
	
                         

                      	
                        By:
      

                      	/s/Steven Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

              

            

             

            
              
                	 	
                        BOONE
      INTERNATIONAL, INC.

                      	 
	 	 	 	 
	
                         

                      	
                        By:
      

                      	/s/Steven Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

              

            

          

        

      

      
         

         

        
          
            
              [SIGNATURE
PAGE TO NOTE PLEDGE AGREEMENT]

            

          

          
            
            

            
              

            

          

          
             

          

        

         

         

        
           

          
            
              
                	 	
                        POLYBLEND
      CORPORATION

                         

                      	 
	 	 	 	 
	
                         

                      	
                        By:
      

                      	/s/Steven Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

              

            

          

           

        

        
          
            	 	
                    SWINGLINE,
      INC.

                     

                  	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/Steven Rubin 	 
	 	 	Name: 
      Steven Rubin	 
	 	 	Title:  Vice President and
      Secretary	 
	 	 	 	 

          

        

      

       

       

      
        
          
          

        

        
          
            [SIGNATURE
PAGE TO NOTE PLEDGE AGREEMENT]

          

          
            

          

        

        
           

        

      

       

      
        
          
            
              
                
                  
                    
                       

                      
                        
                        

                      

                    

                     

                    
                      
                        
                          
                            
                              	
                                      Accepted
      and Agreed to:

                                       

                                      U.S. BANK NATIONAL
      ASSOCIATION,

                                          
      as Collateral Trustee and Pledgee

                                    	 
	 	 	 	 
	
                                       

                                    	
                                      By:
      

                                    	/s/Diane
      Swanson 	 
	 	Name: 	Diane
    Swanson 	 
	 	Title: 	Vice
      President 	 
	 	 	 	 

                            

                          

                        

                      

                    

                    
                      

                        
                          
                            
                              
                                [SIGNATURE
PAGE TO NOTE PLEDGE AGREEMENT]

                              

                            

                             

                          

                          
                             

                            
                              

                            

                          

                          
                             

                            
                              ANNEX
A

                              to

                              PLEDGE
AGREEMENT 

                               

                            

                          

                        

                    

                  

                

              

            

          

        

      

    

     

     

     

    Form
of Agreement Regarding Uncertificated Securities

     

    AGREEMENT
(as amended, modified, restated and/or supplemented from time to time, this
“Agreement”),
dated as of [_______ __, 20__], among the undersigned pledgor (the “Pledgor”),
U.S. Bank National Association, not in its individual capacity but solely as
Collateral Trustee (the “Pledgee”),
and [__________], as the issuer of the Uncertificated Securities (as defined
below) (the “Issuer”).

     

     

    W
I T N E S S E T H :

     

    WHEREAS,
the Pledgor, certain of its affiliates and the Pledgee have entered into a
Pledge Agreement, dated as of September 30, 2009 (as amended, modified, restated
and/or supplemented from time to time, the “Pledge
Agreement”; capitalized terms used herein but not otherwise defined
herein shall have the meaning set forth in the Pledge Agreement), under which,
among other things, in order to secure the payment of the Secured Debt
Obligations (as defined in the Pledge Agreement), the Pledgor has or will pledge
to the Pledgee for the benefit of the Secured Parties (as defined in the Pledge
Agreement), and grant a security interest in favor of the Pledgee for the
benefit of the Secured Parties in, all of the right, title and interest of the
Pledgor in and to any and all “uncertificated securities” (as defined in Section
8-102(a)(18) of the Uniform Commercial Code, as adopted in the State of New
York) from time to time issued by the Issuer, whether now existing or hereafter
from time to time acquired by the Pledgor (the “Uncertificated
Securities”); and

     

    WHEREAS,
the Pledgor desires the Issuer to enter into this Agreement in order to perfect
the security interest of the Pledgee under the Pledge Agreement in the
Uncertificated Securities, to vest in the Pledgee control of the Uncertificated
Securities and to provide for the rights of the parties under this
Agreement;

     

    NOW
THEREFORE, in consideration of the premises and the mutual promises and
agreements contained herein, and for other valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby
agree as follows:

     

    1.  During
the term of the Pledge Agreement and subject to the terms of the Intercreditor
Agreement, the Pledgor hereby irrevocably authorizes and directs the Issuer, and
the Issuer hereby agrees, to comply with any and all instructions and orders
originated by the Pledgee (and its successors and assigns) regarding any and all
of the Uncertificated Securities without the further consent by the registered
owner (including the Pledgor), and, following its receipt of a notice from the
Pledgee stating that the Pledgee is exercising exclusive control of the
Uncertificated Securities, not to comply with any instructions or orders
regarding any or all of the Uncertificated Securities originated by any person
or entity other than the Pledgee (and its successors and assigns) or a court of
competent jurisdiction.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
          ANNEX
A

          Page
2

        

      

    

     

    2.  The
Issuer hereby certifies that (i) no notice of any security interest, lien or
other encumbrance or claim affecting the Uncertificated Securities (other than
the security interest of the Pledgee) has been received by it, and (ii) the
security interest of the Pledgee in the Uncertificated Securities has been
registered in the books and records of the Issuer.

     

    3.  The
Issuer hereby represents and warrants that (i) the pledge by the Pledgor of, and
the granting by the Pledgor of a security interest in, the Uncertificated
Securities to the Pledgee, for the benefit of the Secured Parties, does not
violate the charter, by-laws, partnership agreement, membership agreement or any
other agreement governing the Issuer or the Uncertificated Securities, and (ii)
the Uncertificated Securities consisting of capital stock of a corporation are
fully paid and nonassessable.

     

    4.  All
notices, statements of accounts, reports, prospectuses, financial statements and
other communications to be sent to the Pledgor by the Issuer in respect of the
Issuer will also be sent to the Pledgee at the Collateral Trustee’s address
specified in Section 7.7 of the Collateral Trust Agreement.

     

    5.  Following
its receipt of a notice from the Pledgee stating that the Pledgee is exercising
exclusive control of the Uncertificated Securities and until the Pledgee shall
have delivered written notice to the Issuer that all of the Secured Debt
Obligations have been paid in full and this Agreement is terminated, the Issuer
will send any and all redemptions, distributions, interest or other payments in
respect of the Uncertificated Securities from the Issuer for the account of the
Pledgee only by wire transfers to such account as the Pledgee shall
instruct.

     

    6.  Except
as expressly provided otherwise in Sections 4 and 5, all notices, instructions,
orders and communications hereunder shall be made in accordance with Section 7.7
of the Collateral Trust Agreement and, with respect to the Issuer, at its
address indicated on the signature page hereto.

     

    7.  This
Agreement shall be binding upon the successors and assigns of the Pledgor and
the Issuer and shall inure to the benefit of and be enforceable by the Pledgee
and its successors and assigns.  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.  None of the terms and
conditions of this Agreement may be changed, waived, modified or varied in any
manner whatsoever except in writing signed by the Pledgee, the Issuer and the
Pledgor.

     

    8.  This
Agreement shall be governed by and construed in accordance with the laws of the
State of New York, without regard to its principles of conflict of
laws.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
          ANNEX A

          Page 3

        

      

    

     

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

     

    
      
        
          
            
              	 	
                      [______________________________]

                    	 
	 	 	
                      as
      Pledgor

                       

                    	 

            

          

        

      

       

      
        
          
            
              
                
                  
                    
                      	
                               

                            	
                              By:
      

                            	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

                    

                  

                

              

            

          

        

      

    

     

    
      	 	
              [______________________________]

            	 
	 	 	
              as the
      Issuer

               

            	 

       

      
        
          
            
              
                
                  
                    
                      
                        	
                                 

                              	
                                By:
      

                              	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	
                                 

                                Notice address for Issuer: 

                              	 

                      

                    

                  

                

              

            

          

        

      

    

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

        
          ANNEX
A

          Page
4 

        

      

    

     

    
      
        	 	
                U.S. BANK NATIONAL ASSOCIATION, 

                 
      not in its individual capacity but solely
      as

                    Collateral Trustee and
    Pledgee

              	 

      

       

      
        
          
            
              
                
                  
                    
                      	
                               

                            	
                              By:
      

                            	 	 
	 	 	Name: 	 
	 	 	Title: 	 
	 	 	 	 

                    

                     

                  

                

              

            

          

        

      

    

    

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      Table
of Contents

       

      
        
          
            
               

              
                
                  
                    
                      
                        
                          
                            
                              
                                	 
      	
                                        Page

                                         

                                      
	
                                        1.           SECURITY
      FOR OBLIGATIONS

                                      	
                                        1

                                      
	 
      	 
      
	
                                        2.           DEFINITIONS

                                      	
                                        2

                                      
	 
      	 
      
	
                                        3.           PLEDGE
      OF SECURITIES, ETC.

                                      	
                                        5

                                      
	 
      	 
      
	
                                        3.1
      Pledge

                                      	
                                        5

                                      
	 
      	 
      
	
                                        3.2
      Procedures

                                      	
                                        8

                                      
	 
      	 
      
	
                                        3.3
      Subsequently Acquired Collateral

                                      	
                                        10

                                      
	 
      	 
      
	
                                        3.4
      Transfer Taxes

                                      	
                                        11

                                      
	 
      	 
      
	
                                        3.5
      Certain Representations and Warranties Regarding the
      Collateral

                                      	
                                        11

                                      
	 
      	 
      
	
                                        3.6
      Limited Liability Company Interests and Partnership
      Interests

                                      	
                                        11

                                      
	 
      	 
      
	
                                        4.           APPOINTMENT
      OF SUB-AGENTS; ENDORSEMENTS, ETC.

                                      	
                                        12

                                      
	 
      	 
      
	
                                        5.    VOTING,
      ETC., WHILE NO EVENT OF DEFAULT OR SPECIFIED DEFAULT

                                      	
                                        12

                                      
	 
      	 
      
	
                                        6.           DIVIDENDS
      AND OTHER DISTRIBUTIONS

                                      	
                                        12

                                      
	 
      	 
      
	
                                        7.    REMEDIES
      IN CASE OF AN EVENT OF DEFAULT OR A SPECIFIED DEFAULT

                                      	
                                        13

                                      
	 
      	 
      
	
                                        8.           REMEDIES,
      CUMULATIVE, ETC.

                                      	
                                        14

                                      
	 
      	 
      
	
                                        9.           APPLICATION
      OF PROCEEDS

                                      	
                                        15

                                      
	 
      	 
      
	
                                        10.           PURCHASERS
      OF COLLATERAL

                                      	
                                        15

                                      
	 
      	 
      
	
                                        11.           INDEMNITY

                                      	
                                        15

                                      
	 
      	 
      
	
                                        12.    PLEDGEE
      NOT A PARTNER OR LIMITED LIABILITY COMPANY MEMBER

                                      	
                                        16

                                      
	 
      	 
      
	
                                        13.           FURTHER
      ASSURANCES; POWER-OF-ATTORNEY

                                      	
                                        16

                                      
	 
      	 
      
	
                                        14.           THE
      PLEDGEE AS COLLATERAL TRUSTEE

                                      	
                                        18

                                      
	 
      	 
      
	
                                        15.           TRANSFER
      BY THE PLEDGORS

                                      	
                                        18

                                      
	 
      	 
      
	
                                        16.    REPRESENTATIONS,
      WARRANTIES AND COVENANTS OF THE PLEDGORS

                                      	
                                        18

                                      
	 
      	 
      
	
                                        17.    LEGAL
      NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION AND/OR
      A  

                                                    
       TRANSMITTING UTILITY); JURISDICTION OF ORGANIZATION; LOCATION;
      ORGANIZATIONAL

                                                     
      IDENTIFICATION NUMBERS; FEDERAL EMPLOYER IDENTIFICATION NUMBERS; CHANGES
      THERETO; ETC.

                                      	
                                         

                                         

                                        20

                                      

                              

                            

                          

                        

                      

                    

                  

                

              

            

            

               

              
                
                  
                     

                  

                  
                    i 

                    
                      

                    

                  

                  
                     

                  

                

              

               

              Table
of Contents

              (continued)

               

              
                
                  
                    	 
      	
                            Page

                             

                          
	
                            18.           PLEDGORS’
      OBLIGATIONS ABSOLUTE, ETC.

                          	
                            21

                          
	 
      	 
      
	
                            19.           SALE
      OF COLLATERAL WITHOUT REGISTRATION

                          	
                            22

                          
	 
      	 
      
	
                            20.           TERMINATION;
      RELEASE

                          	
                            23

                          
	 
      	 
      
	
                            21.           NOTICES,
      ETC

                          	
                            24

                          
	 
      	 
      
	
                            22.           WAIVER;
      AMENDMENT

                          	
                            24

                          
	 
      	 
      
	
                            23.           SUCCESSORS
      AND ASSIGNS

                          	
                            24

                          
	 
      	 
      
	
                            24.           HEADINGS
      DESCRIPTIVE

                          	
                            24

                          
	 
      	 
      
	
                            25.    GOVERNING LAW;
      SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL

                          	
                            24

                          
	 
      	 
      
	
                            26.           PLEDGOR’S
      DUTIES

                          	
                            25

                          
	 
      	 
      
	
                            27.           COUNTERPARTS

                          	
                            25

                          
	 
      	 
      
	
                            28.           SEVERABILITY

                          	
                            26

                          
	 
      	 
      
	
                            29.           RECOURSE

                          	
                            26

                          
	 
      	 
      
	
                            30.           ADDITIONAL
      PLEDGORS

                          	
                            26

                          
	 
      	 
      
	
                            31.           LIMITED
      OBLIGATIONS

                          	
                            26

                          
	 
      	 
      
	
                            32.           RELEASE
      OF PLEDGORS

                          	
                            26

                          
	 
      	 
      
	
                            33.           INTERCREDITOR
      AGREEMENT

                          	
                            27

                          
	 
      	 
      
	
                            SCHEDULE
      1

                          	
                            COLLATERAL
      ACCOUNTS

                          	 
      
	 
      	 
      
	
                            ANNEX
      A -

                          	
                            FORM
      OF AGREEMENT REGARDING UNCERTIFICATED SECURITIES

                          	 
      

                  

                

              

            

             

            
               

               

              
                
                  ii

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