Document:

EXECUTION COPY
	 

	 
		ATLANTIC EXPRESS TRANSPORTATION
		CORP.
	 

	 
		$185,000,000 Senior Secured Floating Rate
		Notes due 2012
	 

	 
		REGISTRATION RIGHTS AGREEMENT
	 

	 
		May 15, 2007
	 

	 
		Jefferies & Company, Inc.
	 

	 
		520 Madison Avenue
	 

	 
		New York, New York 10022
	 

	 
		Ladies and Gentlemen:
	 

	 
		Atlantic Express Transportation Corp., a New
		York corporation (the “Company”)
		is issuing and selling to Jefferies & Company, Inc. (the
		“Initial Purchaser”), upon the terms set forth in the Purchase
		Agreement dated May 1, 2007, by and among the Company, the Initial Purchaser
		and the subsidiary guarantors named therein (the “Purchase Agreement”), $185,000,000 aggregate principal amount of
		senior secured floating rate notes due 2012 of the Company (the
		“Notes”). As an inducement to the Initial Purchaser to
		enter into the Purchase Agreement, the Company and the subsidiary guarantors
		listed in the signature pages hereto agree with the Initial Purchaser, for the
		benefit of the Holders (as defined below) of the Notes (including, without
		limitation, the Initial Purchaser), as follows:
	 

	 
		1. Definitions
	 

	 
		Capitalized terms that are used herein
		without definition and are defined in the Purchase Agreement shall have the
		respective meanings ascribed to them in the Purchase Agreement. As used in this
		Agreement, the following terms shall have the following meanings:
	 

	 
		Additional Interest: See Section
		4(a).
	 

	 
		Advice: See Section
		6(w).
	 

	 
		Agreement: This Registration Rights Agreement, dated as of the
		Closing Date, between the Company and the Initial Purchaser.
	 

	 
		Applicable Period: See Section
		2(e).
	 

	 
		Business Day: A day that is not a Saturday, a Sunday or a day on
		which banking institutions in the City of New York are authorized or required
		by law or executive order to be closed.
	 

	 
		Closing Date: May 15, 2007.
	 

	 
		Company: See the introductory paragraph to this
		Agreement.
	 

	 
		Day: Unless otherwise expressly provided, a calendar
		day.
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		Effectiveness Date: The
		210th day after the
		Issue Date, or if the Effectiveness Date is not a Business Day, the next
		succeeding Business Day; provided that if
		delivery of the Shelf Notice pursuant to Section 2(j) herein occurs after the
		60th day following the Closing Date, the applicable Effectiveness
		Date for the Initial Shelf Registration shall be the 90th day
		following the applicable Filing Date for the Initial Shelf Registration.

	 

	 
		Effectiveness Period: See Section
		3(a).
	 

	 
		Event Date: See Section
		4(b).
	 

	 
		Exchange Act: The Securities Exchange Act of 1934, as amended, and
		the rules and regulations of the SEC promulgated thereunder.
	 

	 
		Exchange Notes: The $185,000,000 aggregate principal amount of senior
		secured floating rate notes of the Company due 2012, identical in all material
		respects to Notes, including the guarantees endorsed thereon, except for
		references to series and restrictive legends.
	 

	 
		Exchange Offer: See Section
		2(a).
	 

	 
		Exchange Registration
		Statement: See Section 2(a).
	 

	 
		Filing Date: The
		90th day after the
		Issue Date, or if such Filing Date is not a Business Day, the next succeeding
		Business Day; provided that if a delivery of the Shelf Notice pursuant to
		Section 2(j) herein occurs after the 60th day following
		the Closing Date, the applicable Filing Date for the Initial Shelf Registration
		shall be the 30th day following the date of delivery of such Shelf
		Notice.
	 

	 
		Holder: Any registered holder of Registrable Notes.
	 

	 
		Indemnified Party: See Section
		8(c).
	 

	 
		Indemnifying Party: See Section
		8(c).
	 

	 
		Indenture: The Indenture, dated as of the Closing Date, among the
		Company, the Subsidiary Guarantors and
		The Bank of New York, as trustee and
		collateral agent, pursuant to which the Notes are being issued, as amended or
		supplemented from time to time in accordance with the terms hereof.
	 

	 
		Initial Purchaser: See the introductory paragraph to this
		Agreement.
	 

	 
		Initial Shelf
		Registration: See Section
		3(a).
	 

	 
		Inspectors: See Section
		6(o).
	 

	 
		Issue Date: May 15, 2007.
	 

	 
		Lien: Shall have the
		meaning set forth in the Indenture.
	 

	 
		Losses: See Section
		8(a).
	 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
	 

	 

	 
		NASD: National Association of Securities Dealers,
		Inc.
	 

	 
		Notes: See the introductory paragraph to this
		Agreement.
	 

	 
		Participating
		Broker-Dealer: See Section 2(e).
	 

	 
		Person: An individual, trustee, corporation, partnership,
		limited liability company, joint stock company, trust, unincorporated
		association, union, business association, firm, government or agency or
		political subdivision thereof, or other legal entity.
	 

	 
		Private Exchange: See Section
		2(f).
	 

	 
		Private Exchange Notes: See Section
		2(f).
	 

	 
		Prospectus: The prospectus included in any Registration Statement
		(including, without limitation, a prospectus that discloses information
		previously omitted from a prospectus filed as part of an effective registration
		statement in reliance upon Rule 430A promulgated under the Securities Act), as
		amended or supplemented by any prospectus supplement, with respect to the terms
		of the offering of any portion of the Registrable Notes covered by such
		Registration Statement, and all other amendments and supplements to the
		Prospectus, including post-effective amendments, and all material incorporated
		by reference or deemed to be incorporated by reference in such
		Prospectus.
	 

	 
		Purchase Agreement: See the introductory paragraph to this
		Agreement.
	 

	 
		Records: See Section
		6(o).
	 

	 
		Registrable Notes: (i) Notes, (ii) Private Exchange Notes and (iii)
		Exchange Notes received in the Exchange Offer, in each case, that may not be
		sold without restriction under federal or state securities laws.
	 

	 
		Registration Statement: Any registration statement of the Company and the
		Subsidiary Guarantors filed with the SEC under the Securities Act (including,
		but not limited to, the Exchange Registration Statement, the Shelf Registration
		and any subsequent Shelf Registration) that covers any of the Registrable Notes
		pursuant to the provisions of this Agreement, including the Prospectus,
		amendments and supplements to such registration statement, including
		post-effective amendments, all exhibits and all material incorporated by
		reference or deemed to be incorporated by reference in such registration
		statement.
	 

	 
		Rule 144: Rule 144 promulgated under the Securities Act, as such
		Rule may be amended from time to time, or any similar rule (other than Rule
		144A) or regulation hereafter adopted by the SEC providing for offers and sales
		of securities made in compliance therewith resulting in offers and sales by
		subsequent holders that are not affiliates of an issuer or such securities
		being free of the registration and prospectus delivery requirements of the
		Securities Act.
	 

	 
		Rule 144A: Rule 144A promulgated under the Securities Act, as
		such Rule may be amended from time to time, or any similar rule (other than
		Rule 144) or regulation hereafter adopted by the SEC.
	 

	 
		 
	 

	 
		 
	 

	 
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		Rule 415: Rule 415 promulgated under the Securities Act, as such
		Rule may be amended from time to time, or any similar rule or regulation
		hereafter adopted by the SEC.
	 

	 
		Rule 430A: Rule 430A promulgated under the Securities Act, as
		such Rule may be amended from time to time, or any similar rule or regulation
		hereafter adopted by the SEC.
	 

	 
		SEC: The Securities and Exchange Commission.
	 

	 
		Securities: The Notes, the Exchange Notes and the Private Exchange
		Notes. 
	 

	 
		Securities Act: The Securities Act of 1933, as amended, and the rules
		and regulations of the SEC promulgated thereunder.
	 

	 
		Security Documents: Shall have the meaning set forth in the
		Indenture.
	 

	 
		Shelf Notice: See Section
		2(j).
	 

	 
		Shelf Registration: See Section
		3(b).
	 

	 
		Subsequent Shelf
		Registration: See Section
		3(b).
	 

	 
		Subsidiary Guarantor: Each subsidiary of the Company that guarantees the
		obligations of the Company under the Notes and Indenture.
	 

	 
		TIA: The Trust Indenture Act of 1939, as amended.
	 

	 
		Trustee: The trustee under the Indenture and, if existent, the
		trustee under any indenture governing the Exchange Notes and Private Exchange
		Notes (if any).
	 

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

	 
		2. Exchange Offer
	 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  Unless the Exchange Offer would not
				  be permitted by applicable laws or a policy of the SEC, the Company shall (and
				  shall cause each Subsidiary Guarantor to) (i) prepare and file with the SEC
				  promptly after the date hereof, but in no event later than the Filing Date, a
				  registration statement (the “Exchange Registration Statement”) on an appropriate form under the Securities Act
				  with respect to an offer (the “Exchange Offer”) to the Holders of Notes to issue and deliver to
				  such Holders, in exchange for the Notes, a like principal amount of Exchange
				  Notes, (ii) use commercially reasonable efforts to cause the Exchange
				  Registration Statement to become effective as promptly as practicable after the
				  filing thereof, but in no event later than the Effectiveness Date, (iii) use
				  commercially reasonable efforts to keep the Exchange Registration Statement
				  effective until the consummation of the Exchange Offer in accordance with its
				  terms, and (iv) commence the Exchange Offer and use commercially reasonable
				  efforts to issue on or prior to 30 Business Days after the date on which the
				  Exchange Registration
				

			 

 

	 
		 
	 

	 
		 
	 

	 
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		Statement is declared effective, Exchange
		Notes in exchange for all Notes tendered prior thereto in the Exchange Offer.
		The Exchange Offer shall not be subject to any conditions, other than that the
		Exchange Offer does not violate applicable law or any applicable interpretation
		of the staff of the SEC.
	 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  The Exchange Notes shall be issued
				  under, and entitled to the benefits of, (i) the Indenture or a trust
				  indenture that is identical to the Indenture (other than such changes as are
				  necessary to comply with any requirements of the SEC to effect or maintain the
				  qualifications thereof under the TIA) and (ii) the Security Documents.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (c)
				

			 	
				
				  Interest on the Exchange Notes and
				  Private Exchange Notes will accrue (A) from the later of (i) the last interest
				  payment due date on which interest was paid on the Notes surrendered in
				  exchange therefore or (ii) if the Note is surrendered for exchange on a date in
				  a period which includes the record date for an interest payment date to occur
				  on or after the date of such exchange and as to which interest will be paid,
				  the date of such interest payment date; or (B) if no interest has been paid on
				  the Notes, from the date of original issue of the Notes. Each Exchange Note and
				  Private Exchange Note shall bear interest at the rate set forth thereon;
				  provided, that interest with respect to the period prior to the
				  issuance thereof shall accrue at the rate borne by the Notes from time to time
				  during such period.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (d)
				

			 	
				
				  The Company may require each Holder
				  as a condition to participation in the Exchange Offer to represent (i) that any
				  Exchange Notes received by it will be acquired in the ordinary course of its
				  business, (ii) that at the time of the commencement of the Exchange Offer such
				  Holder has not entered into any arrangement or understanding with any Person to
				  participate in the distribution (within the meaning of the Securities Act) of
				  the Exchange Notes in violation of the provisions of the Securities Act, (iii)
				  that either such Holder is not an “affiliate” of the Company within
				  the meaning of Rule 405 of the Securities Act, or if such Holder is an
				  “affiliate,” it will comply with the registration and prospectus
				  delivery requirements of the Securities Act to the extent applicable to it,
				  (iv) if such Holder is not a broker-dealer, that it is not engaged in, and does
				  not intend to engage in, the distribution of the Notes and (v) if such Holder
				  is a Participating Broker-Dealer, that it will deliver a Prospectus in
				  connection with any resale of the Exchange Notes.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (e)
				

			 	
				
				  The Company shall (and shall cause
				  each Subsidiary Guarantor to) include within the Prospectus contained in the
				  Exchange Registration Statement a section entitled “Plan of
				  Distribution” reasonably acceptable to the Initial Purchaser which shall
				  contain a summary statement of the positions taken or policies made by the
				  staff of the SEC with respect to the potential “underwriter” status
				  of any broker-dealer that is the beneficial owner (as defined in Rule 13d-3
				  under the Exchange Act) of Exchange Notes received by such broker-dealer in the
				  Exchange Offer for its own account in exchange for Notes that were acquired by
				  it as a result of market-making or other trading activity (a
				  “Participating Broker-
				

			 

 

	 
		 
	 

	 
		 
	 

	 
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		Dealer”), whether such positions or policies have been
		publicly disseminated by the staff of the SEC or such positions or policies, in
		the judgment of the Initial Purchaser, represent the prevailing views of the
		staff of the SEC. Such “Plan of Distribution” section shall also
		allow, to the extent permitted by applicable policies and regulations of the
		SEC, the use of the Prospectus by all Persons subject to the prospectus
		delivery requirements of the Securities Act, including, to the extent so
		permitted, all Participating Broker-Dealers, and include a statement describing
		the manner in which Participating Broker-Dealers may resell the Exchange Notes.
		The Company shall use commercially reasonable efforts to keep the Exchange
		Registration Statement effective and to amend and supplement the Prospectus
		contained therein, in order to permit such Prospectus to be lawfully delivered
		by all Persons subject to the prospectus delivery requirements of the
		Securities Act for such period of time as such Persons must comply with such
		requirements in order to resell the Exchange Notes (the “Applicable Period”).
	 

	 
			
				
				   
				

			 	
				
				  (f)
				

			 	
				
				  If, upon consummation of the
				  Exchange Offer, the Initial Purchaser holds any Notes acquired by it and having
				  the status of an unsold allotment in the initial distribution, the Company
				  (upon the written request from the Initial Purchaser) shall, simultaneously
				  with the delivery of the Exchange Notes in the Exchange Offer, issue and
				  deliver to the Initial Purchaser, in exchange (the “Private Exchange”) for the Notes, as the case may be, held by the
				  Initial Purchaser, a like principal amount of senior secured floating rate
				  notes that are identical to the Exchange Notes except for the existence of
				  restrictions on transfer thereof under the Securities Act and securities laws
				  of the several states of the United States (such notes being referred to as the
				  “Private Exchange
				  Notes”) (and which are issued
				  pursuant to the same indenture as the Exchange Notes). The Private Exchange
				  Notes shall bear the same CUSIP number as the Exchange Notes.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (g)
				

			 	
				
				  In connection with the Exchange
				  Offer, the Company shall use commercially reasonably efforts to (and shall use
				  commercially reasonable efforts to cause each Subsidiary Guarantor to):
				

			 

 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  mail to each Holder a copy of the
				  Prospectus forming part of the Exchange Registration Statement, together with
				  an appropriate letter of transmittal that is an exhibit to the Exchange
				  Registration Statement, and any related documents;
				

			 

 

	 
			
				
				   
				

			 	
				
				  (ii)
				

			 	
				
				  keep the Exchange Offer open for not
				  less than 30 days after the date notice thereof is mailed to the Holders (or
				  longer if required by applicable law)
				

			 

 

	 
			
				
				   
				

			 	
				
				  (iii)
				

			 	
				
				  utilize the services of a depository
				  for the Exchange Offer with an address in the Borough of Manhattan, the City of
				  New York, which may be the Trustee or an affiliate thereof;
				

			 

 

	 
		 
	 

	 
		 
	 

	 
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				  (iv)
				

			 	
				
				  permit Holders to withdraw tendered
				  Registrable Notes at any time prior to the close of business, New York time, on
				  the last Business Day on which the Exchange Offer shall remain open; and

				

			 

 

	 
			
				
				   
				

			 	
				
				  (v)
				

			 	
				
				  otherwise comply in all material
				  respects with all applicable laws.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (h)
				

			 	
				
				  As soon as practicable after the
				  close of the Exchange Offer or the Private Exchange, as the case may be, the
				  Company shall (and shall cause each Subsidiary Guarantor to):
				

			 

 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  accept for exchange all Registrable
				  Notes validly tendered pursuant to the Exchange Offer or the Private Exchange,
				  as the case may be, and not validly withdrawn;
				

			 

 

	 
			
				
				   
				

			 	
				
				  (ii)
				

			 	
				
				  deliver to the Trustee for
				  cancellation all Registrable Notes so accepted for exchange; and
				

			 

 

	 
			
				
				   
				

			 	
				
				  (iii)
				

			 	
				
				  cause the Trustee to authenticate
				  and deliver promptly to each Holder tendering such Registrable Notes, Exchange
				  Notes or Private Exchange Notes, as the case may be, equal in principal amount
				  to the Notes of such Holder so accepted for exchange.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  The Exchange Notes and the Private
				  Exchange Notes may be issued under (i) the Indenture or (ii) an indenture
				  identical to the Indenture (other than such changes as are necessary to comply
				  with any requirements of the SEC to effect or maintain the qualification
				  thereof under the TIA), which in either event will provide that the Exchange
				  Notes will not be subject to the transfer restrictions set forth in the
				  Indenture, that the Private Exchange Notes will be subject to the transfer
				  restrictions set forth in the Indenture, and that the Exchange Notes, the
				  Private Exchange Notes and the Notes, if any, will be deemed one class of
				  security (subject to the provisions of the Indenture) and entitled to
				  participate in all the security granted by the Company pursuant to the Security
				  Documents and in any Subsidiary Guarantee (as such terms are defined in the
				  Indenture) on an equal and ratable basis.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (j)
				

			 	
				
				  If: (i) prior to the consummation of
				  the Exchange Offer, the Holders of a majority in aggregate principal amount of
				  Registrable Notes determines in its or their reasonable judgment that the
				  Ex­change Notes would not, upon receipt, be tradeable by the Holders
				  thereof without restriction under the Securities Act and the Exchange Act and
				  without material restrictions under applicable Blue Sky or state securities
				  laws; (ii) because of any change in law or applicable interpretations of the
				  staff of the SEC, the Company is not permitted to effect the Exchange Offer
				  (after the Company and the Subsidiary Guarantors have complied with the
				  procedures set forth herein); (iii) subsequent to the consummation of the
				  Private Exchange, any Holder of Private Exchange Notes so requests; (iv) the
				  Exchange Offer is not consummated within 30 Business Days from the date the
				  Exchange Registration Statement was declared effective; or (v) in the case of
				  (A)
				

			 

 

	 
		 
	 

	 
		 
	 

	 
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		any Holder not permitted to participate in
		the Exchange Offer, (B) any Holder participating in the Exchange Offer that
		receives Exchange Notes that may not be sold without restriction under state
		and federal securities laws (other than due solely to the status of such Holder
		as an affiliate of the Company within the meaning of the Securities Act) or (C)
		any broker-dealer that holds Notes acquired directly from the Company or any of
		its affiliates and, in each such case contemplated by this clause (v), such
		Holder notifies the Company within six months of consummation of the Exchange
		Offer, then the Company shall promptly (and in any event within five Business
		Days) deliver to the Holders (or in the case of an occurrence of any event
		described in clause (v) of this Section
		2(j), to any such Holder) and the
		Trustee notice thereof (the “Shelf
		Notice”) and shall as promptly as
		possible thereafter (but in no event later than the applicable Filing Date)
		file an Initial Shelf Registration pursuant to Section 3.
		
	 

	 
		3.
		Shelf Registration

	 

	 
		If a Shelf Notice is delivered pursuant to
		Section 2(j), then this Section 3 shall
		apply to all Registrable Notes. Otherwise, upon consummation of the Exchange
		Offer in accordance with Section
		2, the provisions of Section 3 shall
		apply solely with respect to (i) Notes held by any Holder thereof not permitted
		to participate in the Exchange Offer, (ii) Notes held by any broker-dealer that
		acquired such Notes directly from the Company or any of its affiliates and
		(iii) Exchange Notes that are not freely tradeable as contemplated by
		Section 2(j)(v) hereof, provided in each case that the relevant Holder
		has duly notified the Company within six months of the consummation of the
		Exchange Offer as required by Section
		2(j)(v).
	 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  Initial Shelf
				  Registration. The Company shall (and
				  shall cause each Subsidiary Guarantor to), as promptly as practicable, file
				  with the SEC a Registration Statement for an offering to be made on a
				  continuous basis pursuant to Rule 415 covering all of the Registrable Notes
				  (the “Initial Shelf
				  Registration”). If the Company
				  (and any Subsidiary Guarantor) has not yet filed an Exchange Registration
				  Statement, the Company shall (and shall cause each Subsidiary Guarantor to)
				  file with the SEC the Initial Shelf Registration on or prior to the Filing Date
				  and shall use commercially reasonable efforts to cause such Initial Shelf
				  Registration to be declared effective under the Securities Act on or prior to
				  the Effectiveness Date. Otherwise, the Company shall (and shall cause each
				  Subsidiary Guarantor to) use commercially reasonable efforts to file with the
				  SEC the Initial Shelf Registration within 30 days of the delivery of the Shelf
				  Notice and shall use commercially reasonable efforts to cause such Shelf
				  Registration to be declared effective under the Securities Act as promptly as
				  practicable thereafter (but in no event more than 90 days after delivery of the
				  Shelf Notice). The Initial Shelf Registration shall be on Form S-1 or another
				  appropriate form permitting registration of such Registrable Notes for resale
				  by Holders in the manner or manners reasonably designated by them (including,
				  without limitation, one or more underwritten offerings). The Company and
				  Subsidiary Guarantors shall not permit any securities other than the
				  Registrable Notes to be included in any Shelf Registration. The Company shall
				  (and shall cause each Subsidiary Guarantor to) use reasonable best efforts to
				  keep the Initial Shelf Registration
				

			 

 

	 
		 
	 

	 
		 
	 

	 
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		continuously effective under the Securities
		Act until the date which is 24 months from the Closing Date (subject to
		extension pursuant to the last paragraph of Section 6(w)
		(the “Effectiveness
		Period”), or such shorter period
		ending when (i) all Registrable Notes covered by the Initial Shelf Registration
		have been sold in the manner set forth and as contemplated in the Initial Shelf
		Registration (ii) a Subsequent Shelf Registration covering all of the
		Registrable Notes covered by and not sold under the Initial Shelf Registration
		or an earlier Subsequent Shelf Registration has been declared effective under
		the Securities Act or (iii) there cease to be any outstanding Registrable
		Notes.
	 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  Subsequent Shelf
				  Registrations. If the Initial Shelf
				  Registration or any Subsequent Shelf Registration (as defined below) ceases to
				  be effective for any reason at any time during the Effectiveness Period (other
				  than because of the sale of all of the securities registered thereunder or
				  because the Securities registered thereunder cease to be outstanding), the
				  Company shall (and shall cause each Subsidiary Guarantor to) use its reasonable
				  best efforts to obtain the prompt withdrawal of any order suspending the
				  effectiveness thereof, and in any event shall within 30 days of such cessation
				  of effectiveness amend such Shelf Registration in a manner to obtain the
				  withdrawal of the order suspending the effectiveness thereof, or file (and
				  cause each Subsidiary Guarantor to file) an additional “shelf”
				  Registration Statement pursuant to Rule 415 covering all of the Registrable
				  Notes (a “Subsequent Shelf
				  Registration”). If a Subsequent
				  Shelf Registration is filed, the Company shall (and shall cause each Subsidiary
				  Guarantor to) use commercially reasonable efforts to cause the Subsequent Shelf
				  Registration to be declared effective as soon as practicable after such filing
				  and to keep such Subsequent Shelf Registration continuously effective for a
				  period equal to the number of days in the Effectiveness Period less the
				  aggregate number of days during which the Initial Shelf Registration or any
				  Subsequent Shelf Registration was previously continuously effective. As used
				  herein the term “Shelf
				  Registration” means the Initial
				  Shelf Registration and any Subsequent Shelf Registrations.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (c)
				

			 	
				
				  Supplements and
				  Amendments. The Company shall promptly
				  supplement and amend any Shelf Registration if required by the rules,
				  regulations or instructions applicable to the registration form used for such
				  Shelf Registration, if required by the Securities Act, or if reasonably
				  requested in writing by the Holders of a majority in aggregate principal amount
				  of the Registrable Notes covered by such Shelf Registration or by any
				  underwriter of such Registrable Notes.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (d)
				

			 	
				
				  Provision of Information.
				   No Holder of Registrable Notes shall
				  be entitled to include any of its Registrable Notes in any Shelf Registration
				  pursuant to this Agreement unless such Holder furnishes to the Company and the
				  Trustee in writing, within 20 days after receipt of a written request therefor,
				  such information as the Company and the Trustee after conferring with counsel
				  with regard to information relating to Holders that would be required by the
				  SEC to be included in such Shelf Registration or Prospectus included therein,
				  may reasonably request for inclusion in any Shelf Registration or Prospectus
				  included
				

			 

 

	 
		 
	 

	 
		 
	 

	 
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		therein, and no such Holder shall be
		entitled to Additional Interest pursuant to Section 4 hereof
		unless and until such Holder shall have provided such information. 
	 

	 
		4. Additional Interest
	 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  The Company and each Subsidiary
				  Guarantor acknowledges and agrees that the Holders of Registrable Notes will
				  suffer damages if the Company or any Subsidiary Guarantor fails to fulfill its
				  material obligations under Section
				  2 or Section 3 hereof
				  and that it would not be feasible to ascertain the extent of such damages with
				  precision. Accordingly, the Company and the Subsidiary Guarantors agree to pay
				  additional cash interest on the Notes (“Additional Interest”) under the circumstances and to the extent set
				  forth below (each of which shall be given independent effect):
				

			 

 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  if (A) neither the Exchange
				  Registration Statement nor the Initial Shelf Registration has been filed on or
				  prior to the applicable Filing Date or (B) notwithstanding that the Company and
				  the Subsidiary Guarantors have consummated or will consummate an Exchange
				  Offer, the Company and the Subsidiary Guarantors are required to file a
				  Subsequent Shelf Registration and such Subsequent Shelf Registration is not
				  filed on or prior to the date required by this Agreement, then Additional
				  Interest shall accrue on the Notes over and above any stated interest at a rate
				  of 0.25% per annum of the principal amount of such Notes for the first 90 days
				  immediately following the applicable Filing Date or such other filing date, as
				  the case may be, such Additional Interest rate increasing by an additional
				  0.25% per annum at the beginning of each subsequent 90-day period;
				

			 

 

	 
			
				
				   
				

			 	
				
				  (ii)
				

			 	
				
				  if (A) neither the Exchange
				  Registration Statement nor the Initial Shelf Registration is declared effective
				  by the SEC on or prior to the applicable Effectiveness Date or (B)
				  notwithstanding that the Company and the Subsidiary Guarantors have consummated
				  or will consummate an Exchange Offer, the Company and the Subsidiary Guarantors
				  are required to file a Subsequent Shelf Registration and such Subsequent Shelf
				  Registration is not declared effective by the Commission on or prior to the
				  90th day following the date such Subsequent Shelf Registration was
				  filed, then, Additional Interest shall accrue on the Notes over and above any
				  stated interest at a rate of 0.25% per annum of the principal amount of such
				  Notes for the first 90 days immediately following the applicable Effectiveness
				  Date or such 90th day, as the case may be, such Additional Interest rate
				  increasing by an additional 0.25% per annum at the beginning of each subsequent
				  90-day period;
				

			 

 

	 
			
				
				   
				

			 	
				
				  (iii)
				

			 	
				
				  if (A) the Company (and any
				  Subsidiary Guarantor) has not exchanged Exchange Notes for all Notes validly
				  tendered in accordance with the terms of the Exchange Offer on or prior to the
				  30 Business Days after the
				

			 

 

	 
		 
	 

	 
		 
	 

	 
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		applicable Effectiveness Date, (B) the
		Exchange Registration Statement ceases to be effective at any time prior to the
		time that the Exchange Offer is consummated, (C) if applicable, a Shelf
		Registration has been declared effective and such Shelf Registration ceases to
		be effective at any time prior to the second anniversary of its effective date
		(other than such time as all Notes have been disposed of thereunder), or (D)
		pending the announcement of a material corporate transaction, the Company
		issues a written notice pursuant to Section 6(e)(v)
		or (vi) that a Shelf Registration Statement or Exchange
		Registration Statement is unusable and the aggregate number of days in any
		365-day period for which all such notices issued or required to be issued, have
		been, or were required to be, in effect exceeds 120 days in the aggregate or 30
		days consecutively, in the case of a Shelf Registration statement, or 15 days
		in the aggregate in the case of an Exchange Registration Statement, then
		Additional Interest shall accrue on the Notes, over and above any stated
		interest, at a rate of 0.25% per annum of the principal amount of such Notes
		commencing on (w) the 30th Business Day after the Effectiveness Date, in the
		case of clause (A)
		above, or (x) the date the Exchange Registration Statement ceases to be
		effective without being declared effective again within 30 days, in the case of
		clause (B) above, or (y) the day such Shelf Registration ceases to
		be effective in the case of clause
		(C) above, or (z) the day the Exchange
		Registration Statement or Shelf Registration ceases to be usable in case of
		clause (D) above, such Additional Interest rate increasing by an
		additional 0.25% per annum at the beginning of each such subsequent 90-day
		period;
	 

	 
		 provided, however, that the maximum Additional Interest rate on the Notes
		may not exceed at any one time in the aggregate 1.00% per annum; and
		provided further, however, that
		(1) upon the filing of the Exchange Registration Statement, Initial Shelf
		Registration or Subsequent Shelf Registration (in the case of clause (i)
		above), (2) upon the effectiveness of the Exchange Registration Statement,
		Initial Shelf Registration or Subsequent Shelf Registration (in the case of
		clause (ii) above), or (3) upon the exchange of Exchange Notes for
		all Notes tendered (in the case of clause (iii)(A)
		above), or upon the effectiveness of the Exchange Registration Statement that
		had ceased to remain effective (in the case of clause (iii)(B)
		above), or upon the effectiveness of a Shelf Registration which had ceased to
		remain effective (in the case of clause
		(iii)(C) above), Additional Interest on
		the Notes as a result of such clause (or the relevant subclause thereof) or
		upon the effectiveness of such Registration Statement or Exchange Registration
		Statement (in the case of clause
		(iii)(D) above), as the case may be,
		shall cease to accrue.
	 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  The Company shall notify the Trustee
				  within 3 Business Days after each and every date on which an event occurs in
				  respect of which Additional Interest is required to be paid (an
				  “Event Date”). Any accrued amounts of Additional Interest due
				  pursuant to clause
				  (a)(i), (a)(ii) or
				  (a)(iii) of this Section
				  4 will be payable in cash, on each
				  Interest Payment Date (as defined in the Notes) and in the manner provided in
				  the Indenture. The amount of Additional Interest will be determined by
				  multiplying the applicable Additional Interest rate by the principal
				

			 

 

	 
		 
	 

	 
		 
	 

	 
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		amount of the Notes, multiplied by a
		fraction, the numerator of which is the number of days such Additional Interest
		rate was applicable during such period (determined on the basis of a 360-day
		year comprised of twelve 30-day months and, in the case of a partial month, the
		actual number of days elapsed), and the denominator of which is 360.
	 

	 
		5. Hold-Back Agreements
	 

	 
		The Company agrees that it will not effect
		any public or private sale or distribution (including a sale pursuant to
		Regulation D under the Securities Act) of any securities of the same class as
		to those covered by a Registration Statement filed pursuant to Section 2 or
		3 hereof (other than Additional Notes (as defined in the
		Indenture) issued under the Indenture), or any securities convertible into or
		exchangeable or exercisable for such securities, during the 10 days prior to,
		and during the 90-day period beginning on, the effective date of any
		Registration Statement filed pursuant to Sections 2 and
		3 hereof unless the Holders of a majority in the
		aggregate principal amount of the Registrable Notes included or to be included
		in such Registration Statement consent or, if there is one, if the managing
		underwriter thereof so requests in writing.
	 

	 
		6.
		Registration
		Procedures
	 

	 
		In connection with the filing of any
		Registration Statement pursuant to Sections 2
		or 3 hereof, the Company shall (and shall cause each
		Subsidiary Guarantor to) effect such registrations to permit the sale of such
		securities covered thereby in accordance with the intended method or methods of
		disposition thereof, and pursuant thereto and in connection with any
		Registration Statement filed by the Company hereunder, the Company shall (and
		shall cause each Subsidiary Guarantor to):
	 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  Prepare and file with the SEC as
				  soon as practicable after the date hereof but in any event on or prior to the
				  Filing Date, the Exchange Registration Statement or if the Exchange
				  Registration Statement is not filed because of the circumstances contemplated
				  by Section 2(j), a Shelf Registration as prescribed by Section 3, and
				  use commercially reasonable efforts to cause each such Registration Statement
				  to become effective and remain effective as provided herein; provided that,
				  if (1) a Shelf Registration is filed pursuant to Section 3 or (2)
				  a Prospectus contained in an Exchange Registration Statement filed pursuant to
				  Section 2 is required to be delivered under the Securities Act by
				  any Participating Broker-Dealer who seeks to sell Exchange Notes during the
				  Applicable Period relating thereto, before filing any Registration Statement or
				  Prospectus or any amendments or supplements thereto the Company shall (and
				  shall cause each Subsidiary Guarantor to), if requested, furnish to and afford
				  the Holders of the Registrable Notes to be registered pursuant to such Shelf
				  Registration Statement, each Participating Broker-Dealer, the managing
				  underwriters, if any, and each of their respective counsel, a reasonable
				  opportunity to review copies of all such documents (including copies of any
				  documents to be incorporated by reference therein and all exhibits thereto)
				  proposed to be filed (in each case at least 3 Business Days prior to such
				  filing). The Company and each Subsidiary Guarantor shall not file any
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		12
	 

	 
		 
	 

	 
	 

	 

	 
		such Registration Statement or Prospectus,
		or any amendments or supplements thereto in respect of which the Holders must
		provide information for the inclusion therein, without the Holders being
		afforded an opportunity to review such documentation if the holders of a
		majority in aggregate principal amount of the Registrable Notes covered by such
		Registration Statement, or any such Participating Broker-Dealer, as the case
		may be, the managing underwriters, if any, or any of their respective counsel
		shall reasonably object in writing on a timely basis. A Holder shall be deemed
		to have reasonably objected to such filing if such Registration Statement,
		amendment, Prospectus or supplement, as applicable, as proposed to be filed,
		contains an untrue statement of a material fact or omits to state any material
		fact necessary to make the statements therein not misleading or fails to comply
		with the applicable requirements of the Securities Act.
	 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  Provide an indenture trustee for the
				  Registrable Notes, the Exchange Notes or the Private Exchange Notes, as the
				  case may be, and cause the Indenture (or other indenture relating to the
				  Registrable Notes) to be qualified under the TIA not later than the effective
				  date of the first Registration Statement; and in connection therewith, to
				  effect such changes to such indenture as may be required for such indenture to
				  be so qualified in accordance with the terms of the TIA; and execute, and use
				  commercially reasonable efforts to cause such trustee to execute, all documents
				  as may be required to effect such changes, and all other forms and documents
				  required to be filed with the SEC to enable such indenture to be so qualified
				  in a timely manner.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (c)
				

			 	
				
				  Prepare and file with the SEC any
				  amendments to each Shelf Registration or Exchange Registration Statement, as
				  the case may be, as may be necessary to keep such Registration Statement
				  continuously effective for the Effectiveness Period or the Applicable Period,
				  as the case may be; cause the related Prospectus to be supplemented by any
				  Prospectus supplement required by applicable law, and as so supplemented to be
				  filed pursuant to Rule 424 (or any similar provisions then in force)
				  promulgated under the Securities Act; and comply with the provisions of the
				  Securities Act and the Exchange Act applicable to them with respect to the
				  disposition of all securities covered by such Registration Statement as so
				  amended or in such Prospectus as so supplemented and with respect to the
				  subsequent resale of any securities being sold by a Participating Broker-Dealer
				  covered by any such Prospectus. The Company and each Subsidiary Guarantor shall
				  not, during the Applicable Period, voluntarily take any action that would
				  result in selling Holders of the Registrable Notes covered by a Registration
				  Statement or Participating Broker-Dealers seeking to sell Exchange Notes not
				  being able to sell such Registrable Notes or such Exchange Notes during that
				  period, unless such action is required by applicable law, rule or regulation or
				  permitted by this Agreement.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (d)
				

			 	
				
				  Furnish to such selling Holders and
				  Participating Broker-Dealers who so request in writing (i) upon the
				  Company’s receipt, a copy of the order of the SEC declaring such
				  Registration Statement and any post effective amendment thereto
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		13
	 

	 
		 
	 

	 
	 

	 

	 
		effective, (ii) such reasonable number of
		copies of such Registration Statement and of each amendment and supplement
		thereto (in each case including any documents incorporated therein by reference
		and all exhibits), (iii) such reasonable number of copies of the Prospectus
		included in such Registration Statement (including each preliminary Prospectus)
		and each amendment and supplement thereto, and such reasonable number of copies
		of the final Prospectus as filed by the Company and each Subsidiary Guarantor
		pursuant to Rule 424(b) under the Securities Act, in conformity with the
		requirements of the Securities Act and each amendment and supplement thereto,
		and (iv) such other documents (including any amendments required to be filed
		pursuant to clause (c) of this Section), as any such Person may reasonably
		request in writing. The Company and the Subsidiary Guarantors hereby consent to
		the use of the Prospectus by each of the selling Holders of Registrable Notes
		or each such Participating Broker-Dealer, as the case may be, and the
		underwriters or agents, if any, and dealers, if any, in connection with the
		offering and sale of the Registrable Notes covered by, or the sale by
		Participating Broker-Dealers of the Exchange Notes pursuant to, such Prospectus
		and any amendment or supplement thereto.
	 

	 
			
				
				   
				

			 	
				
				  (e)
				

			 	
				
				  If (1) a Shelf Registration is filed
				  pursuant to Section 3, or (2) a Prospectus contained in an Exchange
				  Registration Statement filed pursuant to Section 2 is
				  required to be delivered under the Securities Act by any Participating
				  Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period
				  relating thereto, the Company shall notify in writing the selling Holders of
				  Registrable Notes, or each such Participating Broker-Dealer, as the case may
				  be, the managing underwriters, if any, and each of their respective counsel
				  promptly (but in any event within 2 Business Days) (i) when a Prospectus or any
				  Prospectus supplement or post-effective amendment has been filed, and, with
				  respect to a Registration Statement or any post-effective amendment, when the
				  same has become effective (including in such notice a written statement that
				  any Holder may, upon request, obtain, without charge, one conformed copy of
				  such Registration Statement or post-effective amendment including financial
				  statements and schedules, documents incorporated or deemed to be incorporated
				  by reference and exhibits), (ii) of the issuance by the SEC of any stop order
				  suspending the effectiveness of a Registration Statement or of any order
				  preventing or suspending the use of any Prospectus or the initiation of any
				  proceedings for that purpose, (iii) if at any time when a Prospectus is
				  required by the Securities Act to be delivered in connection with sales of the
				  Registrable Notes the representations and warranties of the Company and any
				  Subsidiary Guarantor contained in any agreement (including any underwriting
				  agreement) contemplated by Section
				  6(n) hereof cease to be true and
				  correct, (iv) of the receipt by the Company or any Subsidiary Guarantor of any
				  notification with respect to the suspension of the qualification or exemption
				  from qualification of a Registration Statement or any of the Registrable Notes
				  or the Exchange Notes to be sold by any Participating Broker-Dealer for offer
				  or sale in any jurisdiction, or the initiation or threatening of any proceeding
				  for such purpose, (v) of the happening of any event, the existence of any
				  condition of any information becoming known that makes any statement made in
				  such Registration Statement
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		14
	 

	 
		 
	 

	 
	 

	 

	 
		or related Prospectus or any document
		incorporated or deemed to be incorporated therein by reference untrue in any
		material respect or that requires the making of any changes in, or amendments
		or supplements to, such Registration Statement, Prospectus or documents so
		that, in the case of the Registration Statement and the Prospectus, it will not
		contain any untrue statement of a material fact or omit to state any material
		fact required to be stated therein or necessary to make the statements therein,
		in light of the circumstances under which they were made, not misleading, (vi)
		of any reasonable determination by the Company or any Subsidiary Guarantor that
		a post-effective amendment to a Registration Statement would be appropriate and
		(vii) of any request by the SEC for amendments to the Registration Statement or
		supplements to the Prospectus or for additional information relating
		thereto.
	 

	 
			
				
				   
				

			 	
				
				  (f)
				

			 	
				
				  Use commercially reasonable efforts
				  to prevent the issuance of any order suspending the effectiveness of a
				  Registration Statement or of any order preventing or suspending the use of a
				  Prospectus or suspending the qualification (or exemption from qualification) of
				  any of the Registrable Notes or the Exchange Notes to be sold by any
				  Participating Broker-Dealer, for sale in any jurisdiction, and, if any such
				  order is issued, to use commercially reasonable efforts to obtain the
				  withdrawal of any such order at the earliest possible date.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (g)
				

			 	
				
				  If (A) a Shelf Registration is filed
				  pursuant to Section 3, (B) a Prospectus contained in an Exchange Registration
				  Statement filed pursuant to Section
				  2 is required to be delivered under the
				  Securities Act by any Participating Broker-Dealer who seeks to sell Exchange
				  Notes during the Applicable Period or (C) reasonably requested in writing by
				  the managing underwriters, if any, or the Holders of a majority in aggregate
				  principal amount of the Registrable Notes being sold in connection with an
				  underwritten offering, (i) promptly incorporate in a Prospectus supplement or
				  post-effective amendment such information or revisions to information therein
				  relating to such underwriters or selling Holders as the managing underwriters,
				  if any, or such Holders or any of their respective counsel reasonably request
				  in writing to be included or made therein and (ii) make all required filings of
				  such Prospectus supplement or such post-effective amendment as soon as
				  practicable after the Company has received notification of the matters to be
				  incorporated in such Prospectus supplements or post-effective amendment.

				

			 

 

	 
			
				
				   
				

			 	
				
				  (h)
				

			 	
				
				  Prior to any public offering of
				  Registrable Notes or any delivery of a Prospectus contained in the Exchange
				  Registration Statement by any Participating Broker-Dealer who seeks to sell
				  Exchange Notes during the Applicable Period, use commercially reasonable
				  efforts to register or qualify, and to cooperate with the selling Holders of
				  Registrable Notes or each such Participating Broker-Dealer, as the case may be,
				  the underwriters, if any, and their respective counsel in connection with the
				  registration or qualification (or exemption from such registration or
				  qualification) of such Registrable Notes or Exchange Notes, as the case may be,
				  for offer and sale under the securities or Blue Sky laws of such jurisdictions
				  within the United States as any selling Holder, Participating Broker-
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		15
	 

	 
		 
	 

	 
	 

	 

	 
		Dealer or any managing underwriter or
		underwriters, if any, reasonably request in writing; provided that
		where Exchange Notes held by Participating Broker-Dealers or Registrable Notes
		are offered other than through an underwritten offering, the Company and each
		Subsidiary Guarantor agree to cause its counsel to perform Blue Sky
		investigations and file any registrations and qualifications required to be
		filed pursuant to this Section
		6(h), keep each such registration or
		qualification (or exemption therefrom) effective during the period such
		Registration Statement is required to be kept effective and do any and all
		other acts or things reasonably necessary or advisable to enable the
		disposition in such jurisdictions of the Exchange Notes held by Participating
		Broker-Dealers or the Registrable Notes covered by the applicable Registration
		Statement; provided that neither the Company nor any Subsidiary Guarantor
		shall be required to (A) qualify generally to do business in any jurisdiction
		where it is not then so qualified, (B) take any action that would subject it to
		general service of process in any such jurisdiction where it is not then so
		subject or (C) subject itself to taxation in any such jurisdiction where it is
		not then so subject.
	 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  If (A) a Shelf Registration is filed
				  pursuant to Section 3 or (B) a Prospectus contained in an Exchange
				  Registration Statement filed pursuant to Section 2 is
				  requested to be delivered under the Securities Act by any Participating
				  Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period,
				  cooperate with the selling Holders of Registrable Notes and the managing
				  underwriter or underwriters, if any, to facilitate the timely preparation and
				  delivery of certificates representing Registrable Notes to be sold, which
				  certificates shall not bear any restrictive legends and shall be in a form
				  eligible for deposit with The Depository Trust Company, and enable such
				  Registrable Notes to be in such denominations as permitted by the Indenture and
				  registered in such names as the managing underwriter or underwriters, if any,
				  or Holders may reasonably request. 
				

			 

 

	 
			
				
				   
				

			 	
				
				  (j)
				

			 	
				
				  Use commercially reasonable efforts
				  to cause the Registrable Notes covered by any Registration Statement to be
				  registered with or approved by such governmental agencies or authorities as may
				  be necessary to enable the seller or sellers thereof or the underwriter, if
				  any, to consummate the disposition of such Registrable Notes, except as may be
				  required solely as a consequence of the nature of such selling Holder’s
				  business, in which case the Company shall (and shall cause each Subsidiary
				  Guarantor to) cooperate in all reasonable respects with the filing of such
				  Registration Statement and the granting of such approvals; provided that
				  neither the Company nor any existing Subsidiary Guarantor shall be required to
				  (A) qualify generally to do business in any jurisdiction where it is not
				  then so qualified, (B) take any action that would subject it to general
				  service of process in any jurisdiction where it is not then so subject or
				  (C) subject itself to taxation in any such jurisdiction where it is not
				  then so subject.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (k)
				

			 	
				
				  If (1) a Shelf Registration is filed
				  pursuant to Section 3, or (2) a Prospectus contained in an Exchange
				  Registration Statement filed pursuant to Section 2 is required to be delivered
				  under the Securities Act by any Participating Broker-Dealer who seeks to sell
				  Exchange Notes during the Applicable Period, upon the
				

			 

 

	 
		 
	 

	 
		 
	 

	 
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		occurrence of any event contemplated by
		paragraph 6(e)(v) or 6(e)(vi) hereof,
		as promptly as practicable, prepare and file with the SEC, at the expense of
		the Company and the Subsidiary Guarantors , a supplement or post-effective
		amendment to the Registration Statement or a supplement to the related
		Prospectus or any document incorporated or deemed to be incorporated therein by
		reference, or file any other required document so that, as thereafter delivered
		to the purchasers of the Registrable Notes being sold thereunder or to the
		purchasers of the Exchange Notes to whom such Prospectus will be delivered by a
		Participating Broker-Dealer, such Prospectus will not contain an untrue
		statement of a material fact or omit to state a material fact required to be
		stated therein or necessary to make the statements therein, in light of the
		circumstances under which they were made, not misleading, and, if SEC review is
		required, use commercially reasonable efforts to cause such post-effective
		amendment to be declared effective as soon as possible. 
	 

	 
			
				
				   
				

			 	
				
				  (l)
				

			 	
				
				  Use its best efforts to cause the
				  Registrable Notes covered by a Registration Statement, to the extent not
				  already rated, to be rated with such appropriate rating agencies, if so
				  requested in writing by the Holders of a majority in aggregate principal amount
				  of the Registrable Notes covered by such Registration Statement or the managing
				  underwriter or underwriters, if any.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (m)
				

			 	
				
				  Prior to the initial issuance of the
				  Exchange Notes, (i) provide the Trustee with one or more certificates for the
				  Registrable Notes in a form eligible for deposit with The Depository Trust
				  Company and (ii) provide a CUSIP number for the Senior Secured Floating Rate
				  Exchange Notes.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (n)
				

			 	
				
				  If a Shelf Registration is filed
				  pursuant to Section 3, enter into such agreements (including an underwriting
				  agreement in form, scope and substance as is customary in underwritten
				  offerings of debt securities similar to the Notes, as may be appropriate in the
				  circumstances) and take all such other actions in connection therewith
				  (including those reasonably requested in writing by the managing underwriters,
				  if any, or the Holders of a majority in aggregate principal amount of the
				  Registrable Notes being sold) in order to expedite or facilitate the
				  registration or the disposition of such Registrable Notes, and in such
				  connection, whether or not an underwriting agreement is entered into and
				  whether or not the registration is an Underwritten Registration, (i) make such
				  representations and warranties to the Holders and the underwriters, if any,
				  with respect to the business of the Company and its subsidiaries as then
				  conducted, and the Registration Statement, Prospectus and documents, if any,
				  incorporated or deemed to be incorporated by reference therein, in each case,
				  in form, substance and scope as are customarily made by issuers to underwriters
				  in underwritten offerings of debt securities similar to the Notes, as may be
				  appropriate in the circumstances, and confirm the same if and when reasonably
				  required; (ii) obtain an opinion of counsel to the Company and the Subsidiary
				  Guarantors and updates thereof (which counsel and opinions (in form, scope and
				  substance) shall be reasonably satisfactory to the managing underwriters, if
				  any, to counsel, if any, and to the Holders of a majority in aggregate
				  principal amount of the Registrable Notes being sold), addressed to
				

			 

 

	 
		 
	 

	 
		 
	 

	 
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		each selling Holder and each of the
		underwriters, if any, covering the matters customarily covered in opinions of
		counsel to the Company and the Subsidiary Guarantors requested in underwritten
		offerings of debt securities similar to the Notes, as may be appropriate in the
		circumstances; (iii) obtain “cold comfort” letters and updates
		thereof (which letters and updates (in form, scope and substance) shall be
		reasonably satisfactory to the managing underwriters, if any) from the
		independent certified public accountants of the Company and the Subsidiary
		Guarantors (and, if necessary, any other independent certified public
		accountants of any subsidiary of the Company or of any business acquired by the
		Company for which financial statements and financial data are, or are required
		to be, included in the Registration Statement), addressed to each of the
		underwriters, if any, such letters to be in customary form and covering matters
		of the type customarily covered in “cold comfort” letters in
		connection with underwritten offerings of debt securities similar to the Notes,
		as may be appropriate in the circumstances, and such other matters as
		reasonably requested in writing by the underwriters; and (iv) deliver such
		documents and certificates as may be reasonably requested in writing by the
		Holders of a majority in aggregate principal amount of the Registrable Notes
		being sold and the managing underwriters, if any, to evidence the continued
		validity of the representations and warranties of the Company and its
		subsidiaries made pursuant to clause (i) above and to evidence compliance with
		any conditions contained in the underwriting agreement or other similar
		agreement entered into by the Company or any Subsidiary Guarantor.
	 

	 
			
				
				   
				

			 	
				
				  (o)
				

			 	
				
				  If (1) a Shelf Registration is filed
				  pursuant to Section 3, or (2) a Prospectus contained in an Exchange
				  Registration Statement filed pursuant to Section 2 is
				  required to be delivered under the Securities Act by any Participating
				  Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period,
				  make available for inspection by any selling Holder of such Registrable Notes
				  being sold, or each such Participating Broker-Dealer, as the case may be, any
				  underwriter participating in any such disposition of Registrable Notes, if any,
				  and any attorney, accountant or other agent retained by any such selling Holder
				  or each such Participating Broker-Dealer, as the case may be, or underwriter
				  (collectively, the “Inspectors”), at the offices where normally kept, during
				  reasonable business hours, all financial and other records and pertinent
				  corporate documents of the Company and its subsidiaries (collectively, the
				  “Records”) as shall be reasonably necessary to enable them
				  to exercise any applicable due diligence responsibilities, and cause the
				  officers, directors and employees of the Company and its subsidiaries to supply
				  all information reasonably requested in writing by any such Inspector in
				  connection with such Registration Statement; provided that the foregoing
				  inspection and information gathering on behalf of the Holders shall be
				  coordinated by one counsel designated by and on behalf of the Holders pursuant
				  to Section 4(c) hereto. Each Inspector shall agree in writing that it
				  will keep the Records confidential and not disclose any of the Records unless
				  (i) the disclosure of such Records is necessary to avoid or correct a
				  misstatement or omission in such Registration Statement, (ii) the release of
				  such Records is ordered pursuant to a subpoena or other order from a court of
				  competent
				

			 

 

	 
		 
	 

	 
		 
	 

	 
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		jurisdiction, (iii) the information in such
		Records is public or has been made generally available to the public other than
		as a result of a disclosure or failure to safeguard by such Inspector or (iv)
		disclosure of such information is, in the reasonable written opinion of counsel
		for any Inspector, necessary or advisable in connection with any action, claim,
		suit or proceeding, directly or indirectly, involving or potentially involving
		such Inspector and arising out of, based upon, related to, or involving this
		Agreement, or any transaction contemplated hereby or arising hereunder. Each
		selling Holder of such Registrable Notes and each such Participating
		Broker-Dealer will be required to agree that information obtained by it as a
		result of such inspections shall be deemed confidential and shall not be used
		by it as the basis for any market transactions in the securities of the Company
		unless and until such is made generally available to the public. Each
		Inspector, each selling Holder of such Registrable Notes and each such
		Participating Broker-Dealer will be required to further agree that it will,
		upon learning that disclosure of such Records is sought in a court of competent
		jurisdiction, give notice to the Company and, to the extent practicable, use
		its best efforts to allow the Company, at its expense, to undertake appropriate
		action to prevent disclosure of the Records deemed confidential at its
		expense.
	 

	 
			
				
				   
				

			 	
				
				  (p)
				

			 	
				
				  Use commercially reasonable efforts
				  to comply with all applicable rules and regulations of the SEC and make
				  generally available to the security holders of the Company with regard to any
				  applicable Registration Statement earning statements satisfying the provisions
				  of section 11(a) of the Securities Act and Rule 158 thereunder (or any similar
				  rule promulgated under the Securities Act) no later than 45 days after the end
				  of any 12-month period (or 90 days after the end of any 12-month period if such
				  period is a fiscal year) (i) commencing at the end of any fiscal quarter in
				  which Registrable Notes are sold to underwriters in a firm commitment or best
				  efforts underwritten offering and (ii) if not sold to underwriters in such an
				  offering, commencing on the first day of the first fiscal quarter of the
				  Company after the effective date of a Registration Statement, which statements
				  shall cover said 12-month periods. 
				

			 

 

	 
			
				
				   
				

			 	
				
				  (q)
				

			 	
				
				  Upon consummation of an Exchange
				  Offer or Private Exchange, obtain an opinion of counsel to the Company and the
				  Subsidiary Guarantors (in form, scope and substance reasonably satisfactory to
				  the Initial Purchaser), addressed to the Trustee for the benefit of all Holders
				  participating in the Exchange Offer or Private Exchange, as the case may be, in
				  customary form and substance to the effect that, among other things, (i) the
				  Company and the Subsidiary Guarantors have duly authorized, executed and
				  delivered the Exchange Notes or the Private Exchange Notes, as the case may be,
				  and the Indenture and (ii) the Exchange Notes or the Private Exchange Notes, as
				  the case may be, and the Indenture constitute legal, valid and binding
				  obligations of the Company and the Subsidiary Guarantors, enforceable against
				  the Company and the Subsidiary Guarantors in accordance with their respective
				  terms, except as such enforcement may be subject to customary United States and
				  foreign exceptions.
				

			 

 

	 
		 
	 

	 
		 
	 

	 
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				  (r)
				

			 	
				
				  If the Exchange Offer or a Private
				  Exchange is to be consummated, upon delivery of the Registrable Notes by the
				  Holders to the Company and the Subsidiary Guarantors (or to such other Person
				  as directed by the Company and the Subsidiary Guarantors) in exchange for the
				  Exchange Notes or the Private Exchange Notes, as the case may be, the Company
				  and the Subsidiary Guarantors shall mark, or caused to be marked, on such
				  Registrable Notes that the Exchange Notes or the Private Exchange Notes, as the
				  case may be, are being issued as substitute evidence of the indebtedness
				  originally evidenced by the Registrable Notes; provided that in
				  no event shall such Registrable Notes be marked as paid or otherwise
				  satisfied.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (s)
				

			 	
				
				  Cooperate with each seller of
				  Registrable Notes covered by any Registration Statement and each underwriter,
				  if any, participating in the disposition of such Registrable Notes and their
				  respective counsel in connection with any filings required to be made with the
				  NASD.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (t)
				

			 	
				
				  Use commercially reasonable efforts
				  to cause all Securities covered by a Registration Statement to be listed on
				  each securities exchange, if any, on which similar debt securities issued by
				  the Company are then listed.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (u)
				

			 	
				
				  Use commercially reasonable efforts
				  to take all other steps reasonably necessary to effect the registration of the
				  Registrable Notes covered by a Registration Statement contemplated
				  hereby.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (v)
				

			 	
				
				  The Company may require each seller
				  of Registrable Notes or Participating Broker-Dealer as to which any
				  registration is being effected to furnish to the Company such information
				  regarding such seller or Participating Broker-Dealer and the distribution of
				  such Registrable Notes as the Company may, from time to time, reasonably
				  request in writing. The Company may exclude from such registration the
				  Registrable Notes of any seller who fails to furnish such information within a
				  reasonable time (which time in no event shall exceed 45 days, subject to
				  Section 3(d)) hereof) after receiving such request. Each seller of
				  Registrable Notes or Participating Broker-Dealer as to which any registration
				  is being effected agrees to furnish promptly to the Company all information
				  required to be disclosed in order to make the information previously furnished
				  by such seller not materially misleading.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (w)
				

			 	
				
				  Each Holder of Registrable Notes and
				  each Participating Broker-Dealer agrees by acquisition of such Registrable
				  Notes or Exchange Notes to be sold by such Participating Broker-Dealer, as the
				  case may be, that, upon receipt of any notice from the Company of the happening
				  of any event of the kind described in Section 6(e)(ii), 6(e)(iv),
				  6(e)(v), or 6(e)(vi), such
				  Holder will forthwith discontinue disposition of such Registrable Notes covered
				  by a Registration Statement and such Participating Broker-Dealer will forthwith
				  discontinue disposition of such Exchange Notes pursuant to any Prospectus and,
				  in each case, forthwith discontinue dissemination of such Prospectus until such
				  Holder’s or Participating Broker-Dealer’s receipt of the copies of
				  the supplemented or amended Prospectus
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		20
	 

	 
		 
	 

	 
	 

	 

	 
		contemplated by Section 6(k), or
		until it is advised in writing (the “Advice”) by
		the Company and the Subsidiary Guarantors that the use of the applicable
		Prospectus may be resumed, and has received copies of any amendments or
		supplements thereto and, if so directed by the Company and the Subsidiary
		Guarantors, such Holder or Participating Broker-Dealer, as the case may be,
		will deliver to the Company all copies, other than permanent file copies, then
		in such Holder’s or Participating Broker-Dealer’s possession, of the
		Prospectus covering such Registrable Notes current at the time of the receipt
		of such notice. In the event the Company and the Subsidiary Guarantors shall
		give any such notice, the Applicable Period shall be extended by the number of
		days during such periods from and including the date of the giving of such
		notice to and including the date when each Participating Broker-Dealer shall
		have received (x) the copies of the supplemented or amended Prospectus
		contemplated by Section
		6(k) or (y) the
		Advice.
	 

	 
		7. Registration Expenses
	 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  All fees and expenses incident to
				  the performance of or compliance with this Agreement by the Company and the
				  Subsidiary Guarantors shall be borne by the Company and the Subsidiary
				  Guarantors, whether or not the Exchange Offer or a Shelf Registration is filed
				  or becomes effective, including, without limitation, (i) all registration and
				  filing fees, including, without limitation, (A) fees with respect to filings
				  required to be made with the NASD in connection with any underwritten offering
				  and (B) fees and expenses of compliance with state securities or Blue Sky laws
				  as provided in Section
				  6(h) hereof (including, without
				  limitation, reasonable fees and disbursements of counsel in connection with
				  Blue Sky qualifications of the Registrable Notes or Exchange Notes and
				  determination of the eligibility of the Registrable Notes or Exchange Notes for
				  investment under the laws of such jurisdictions (x) where the Holders are
				  located, in the case of the Exchange Notes, or (y) as provided in
				  Section 6(h), in the case of Registrable Notes or Exchange Notes to
				  be sold by a Participating Broker-Dealer during the Applicable Period)), (ii)
				  printing expenses, including, without limitation, expenses of printing
				  Prospectuses if the printing of Prospectuses is requested by the managing
				  underwriter or underwriters, if any, or by the Holders of a majority in
				  aggregate principal amount of the Registrable Notes included in any
				  Registration Statement or by any Participating Broker-Dealer during the
				  Applicable Period, as the case may be, (iii) messenger, telephone and delivery
				  expenses incurred in connection with the performance of their obligations
				  hereunder, (iv) fees and disbursements of counsel for the Company, the
				  Subsidiary Guarantors and, subject to Section 7(b),
				  the Holders, (v) fees and disbursements of all independent certified public
				  accountants referred to in Section
				  6 (including, without limitation, the
				  expenses of any special audit and “cold comfort” letters required by
				  or incident to such performance), (vi) rating agency fees and the fees and
				  expenses incurred in connection with the listing of the Securities to be
				  registered on any securities exchange, (vii) Securities Act liability
				  insurance, if the Company and the Subsidiary Guarantors desire such insurance,
				  (viii) fees and expenses of all other Persons retained by the Company and the
				  Subsidiary Guarantors, (ix) fees
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		21
	 

	 
		 
	 

	 
	 

	 

	 
		and expenses of any “qualified
		independent underwriter” or other independent appraiser participating in
		an offering pursuant to Section 3 of Schedule E to the By-laws of the NASD, but
		only where the need for such a “qualified independent underwriter”
		arises due to a relationship with the Company and the Subsidiary Guarantors,
		(x) internal expenses of the Company and the Subsidiary Guarantors (including,
		without limitation, all salaries and expenses of officers and employees of the
		Company or the Subsidiary Guarantors performing legal or accounting duties),
		(xi) the expense of any annual audit, (xii) the fees and expenses of the
		Trustee and the Exchange Agent and (xiii) the expenses relating to printing,
		word processing and distributing all Registration Statements, underwriting
		agreements, securities sales agreements, indentures and any other documents
		necessary in order to comply with this Agreement.
	 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  The Company and the Subsidiary
				  Guarantors shall reimburse the Holders for the reasonable fees and
				  disbursements of not more than one counsel chosen by the Holders of a majority
				  in aggregate principal amount of the Registrable Notes to be included in any
				  Registration Statement. The Company and the Subsidiary Guarantors shall pay all
				  documentary, stamp, transfer or other transactional taxes attributable to the
				  issuance or delivery of the Exchange Notes or Private Exchange Notes in
				  exchange for the Notes; provided that
				  the Company shall not be required to pay taxes payable in respect of any
				  transfer involved in the issuance or delivery of any Exchange Note or Private
				  Exchange Note in a name other than that of the Holder of the Note in respect of
				  which such Exchange Note or Private Exchange Note is being issued. The Company
				  and the Subsidiary Guarantors shall reimburse the Holders for fees and expenses
				  (including reasonable fees and expenses of counsel to the Holders) relating to
				  any enforcement of any rights of the Holders under this Agreement.
				

			 

 

	 
		8. Indemnification
	 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  Indemnification by the Company
				  and the Subsidiary Guarantors. The
				  Company and the Subsidiary Guarantors jointly and severally agree to indemnify
				  and hold harmless each Holder of Registrable Notes, Exchange Notes or Private
				  Exchange Notes and each Participating Broker-Dealer selling Exchange Notes
				  during the Applicable Period, each Person, if any, who controls each such
				  Holder (within the meaning of Section 15 of the Securities Act or Section 20(a)
				  of the Exchange Act) and the officers, directors and partners of each such
				  Holder, Participating Broker-Dealer and controlling person, to the fullest
				  extent lawful, from and against any and all losses, claims, damages,
				  liabilities, costs (including, without limitation, reasonable costs of
				  preparation and reasonable attorneys’ fees as provided in this
				  Section 8) and expenses (including, without limitation,
				  reasonable costs and expenses incurred in connection with investigating,
				  preparing, pursuing or defending against any of the foregoing) (collectively,
				  “Losses”), as incurred, directly or indirectly caused by,
				  related to, based upon, arising out of or in connection with any untrue or
				  alleged untrue statement of a material fact contained in any Registration
				  Statement, Prospectus or form of prospectus, or in any amendment or supplement
				  thereto, or in any preliminary prospectus, or any
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		22
	 

	 
		 
	 

	 
	 

	 

	 
		omission or alleged omission to state
		therein a material fact required to be stated therein or necessary to make the
		statements therein, in light of the circumstances under which they were made,
		not misleading, except insofar as such Losses resulted primarily from
		information relating to such Holder or Participating Broker-Dealer and
		furnished in writing to the Company and the Subsidiary Guarantors (or reviewed
		and approved in writing) by such Holder or Participating Broker-Dealer or their
		counsel expressly for use therein; provided,
		however, that the Company and the Subsidiary Guarantors will
		not be liable to any Indemnified Party (as defined below) under this
		Section 8 to the extent Losses were solely caused by an untrue
		statement or omission or alleged untrue statement or omission that was
		contained or made in any preliminary prospectus and corrected in the Prospectus
		or any amendment or supplement thereto if (i) the Prospectus does not contain
		any other untrue statement or omission or alleged untrue statement or omission
		of a material fact that was the subject matter of the related proceeding, (ii)
		any such Losses resulted from an action, claim or suit by any Person who
		purchased Registrable Notes or Exchange Notes which are the subject thereof
		from such Indemnified Party and (iii) it is established in the related
		proceeding that such Indemnified Party failed to deliver or provide a copy of
		the Prospectus (as amended or supplemented) to such Person with or prior to the
		confirmation of the sale of such Registrable Notes or Exchange Notes sold to
		such Person if required by applicable law, unless such failure to deliver or
		provide a copy of the Prospectus (as amended or supplemented) was a result of
		noncompliance by the Company with Section 6 of
		this Agreement. The Company and the Subsidiary Guarantors also agree to
		indemnify underwriters, selling brokers, dealer managers and similar securities
		industry professionals participating in the distribution, their officers,
		directors, agents and employees and each Person who controls such Persons
		(within the meaning of Section 5 of the Securities Act or Section 20(a) of the
		Exchange Act) to the same extent as provided above with respect to the
		indemnification of the Holders or the Participating Broker-Dealer.
	 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  Indemnification by
				  Holder. In connection with any
				  Registration Statement, Prospectus or form of prospectus, any amendment or
				  supplement thereto, or any preliminary prospectus in which a Holder is
				  participating, such Holder shall furnish to the Company and the Subsidiary
				  Guarantors in writing such information as the Company and the Subsidiary
				  Guarantors reasonably request for use in connection with any Registration
				  Statement, Prospectus or form of prospectus, any amendment or supplement
				  thereto, or any preliminary prospectus and shall indemnify and hold harmless
				  the Company, the Subsidiary Guarantors, their respective directors and each
				  Person, if any, who controls the Company and the Subsidiary Guarantors (within
				  the meaning of Section 15 of the Securities Act and Section 20(a) of the
				  Exchange Act), and the directors, officers and partners of such controlling
				  persons, to the fullest extent lawful, from and against all Losses arising out
				  of or based upon any untrue or alleged untrue statement of a material fact
				  contained in any Registration Statement, Prospectus or form of prospectus or in
				  any amendment or supplement thereto or in any preliminary prospectus, or any
				  omission or alleged omission to state therein a material fact required to be
				  stated
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		23
	 

	 
		 
	 

	 
	 

	 

	 
		therein or necessary to make the statements
		therein, in the light of the circumstances under which they were made, not
		misleading to the extent, but only to the extent, that such losses are finally
		judicially determined by a court of competent jurisdiction in a final,
		unappealable order to have resulted primarily from an untrue statement or
		alleged untrue statement of a material fact or omission or alleged omission of
		a material fact contained in or omitted from any information so furnished in
		writing by such Holder to the Company and the Subsidiary Guarantors expressly
		for use therein. Notwithstanding the foregoing, in no event shall the liability
		of any selling Holder be greater in amount than such Holder’s Maximum
		Contribution Amount (as defined below).
	 

	 
			
				
				   
				

			 	
				
				  (c)
				

			 	
				
				  Conduct of Indemnification
				  Proceedings. If any proceeding shall be
				  brought or asserted against any Person entitled to indemnity hereunder (an
				  “Indemnified Party”), such Indemnified Party shall promptly notify
				  the party or parties from which such indemnity is sought (the
				  “Indemnifying Party” or “Indemnifying Parties”,
				  as applicable) in writing; provided, that
				  the failure to so notify the Indemnifying Parties shall not relieve the
				  Indemnifying Parties from any obligation or liability except to the extent (but
				  only to the extent) that it shall be finally determined by a court of competent
				  jurisdiction (which determination is not subject to appeal) that the
				  Indemnifying Parties have been prejudiced materially by such failure.
				

			 

 

	 
		The Indemnifying Party shall have the right,
		exercisable by giving written notice to an Indemnified Party, within 20
		Business Days after receipt of written notice from such Indemnified Party of
		such proceeding, to assume, at its expense, the defense of any such proceeding,
		provided, that an Indemnified Party shall have the right to
		employ separate counsel in any such proceeding and to participate in the
		defense thereof, but the fees and expenses of such counsel shall be at the
		expense of such Indemnified Party or parties unless: (1) the Indemnifying Party
		has agreed to pay such fees and expenses; or (2) the Indemnifying Party shall
		have failed promptly to assume the defense of such proceeding or shall have
		failed to employ counsel reasonably satisfactory to such Indemnified Party; or
		(3) the named parties to any such proceeding (including any impleaded parties)
		include both such Indemnified Party and the Indemnifying Party or any of its
		affiliates or controlling persons, and such Indemnified Party shall have been
		advised by counsel that there may be one or more defenses available to such
		Indemnified Party that are in addition to, or in conflict with, those defenses
		available to the Indemnifying Party or such affiliate or controlling person (in
		which case, if such Indemnified Party notifies the Indemnifying Parties in
		writing that it elects to employ separate counsel at the expense of the
		Indemnifying Parties, the Indemnifying Parties shall not have the right to
		assume the defense and the reasonable fees and expenses of such counsel shall
		be at the expense of the Indemnifying Party; it being understood, however,
		that, the Indemnifying Party shall not, in connection with any one such
		proceeding or separate but substantially similar or related proceedings in the
		same jurisdiction, arising out of the same general allegations or
		circumstances, be liable for the fees and expenses of more than one separate
		firm of attorneys (together with appropriate local counsel) at any time for
		such Indemnified Party).
	 

	 
		No Indemnifying Party shall be liable under
		this Section 8 for any settlement of any such proceeding effected
		without its written consent, which shall not be unreasonably withheld, but
		if
	 

	 
		 
	 

	 
		 
	 

	 
		24
	 

	 
		 
	 

	 
	 

	 

	 
		settled with its written consent, or if
		there be a final judgment for the plaintiff in any such proceeding, each
		Indemnifying Party jointly and severally agrees, subject to the exceptions and
		limitations set forth above, to indemnify and hold harmless each Indemnified
		Party from and against any and all Losses by reason of such settlement or
		judgment. The Indemnifying Party shall not consent to the entry of any judgment
		or enter into any settlement that does not include as an unconditional term
		thereof the giving by the claimant or plaintiff to each Indemnified Party of a
		release, in form and substance reasonably satisfactory to the Indemnified
		Party, from all liability in respect of such proceeding for which such
		Indemnified Party would be entitled to indemnification hereunder (whether or
		not any Indemnified Party is a party thereto).
	 

	 
			
				
				   
				

			 	
				
				  (d)
				

			 	
				
				  Contribution. If the indemnification provided for in this
				  Section 8 is unavailable to an Indemnified Party or is
				  insufficient to hold such Indemnified Party harmless for any Losses in respect
				  of which this Section 8 would otherwise apply by its terms (other than by
				  reason of exceptions provided in this Section 8), then
				  each applicable Indemnifying Party, in lieu of indemnifying such Indemnified
				  Party, shall have a joint and several obligation to contribute to the amount
				  paid or payable by such Indemnified Party as a result of such Losses, in such
				  proportion as is appropriate to reflect the relative fault of the Indemnifying
				  Party, on the one hand, and such Indemnified Party, on the other hand, in
				  connection with the actions, statements or omissions that resulted in such
				  Losses as well as any other relevant equitable considerations. The relative
				  fault of such Indemnifying Party, on the one hand, and Indemnified Party, on
				  the other hand, shall be determined by reference to, among other things,
				  whether any untrue or alleged untrue statement of a material fact or omission
				  or alleged omission to state a material fact relates to information supplied by
				  such Indemnifying Party or Indemnified Party, and the parties’ relative
				  intent, knowledge, access to information and opportunity to correct or prevent
				  any such statement or omission. The amount paid or payable by an Indemnified
				  Party as a result of any Losses shall be deemed to include any legal or other
				  fees or expenses incurred by such party in connection with any proceeding, to
				  the extent such party would have been indemnified for such fees or expenses if
				  the indemnification provided for in Section 8(a) or
				  8(b) was available to such party.
				

			 

 

	 
		The parties hereto agree that it would not
		be just and equitable if contribution pursuant to this Section 8(d)
		were determined by pro rata allocation or by other method of allocation that
		does not take account of the equitable considerations referred to in the
		immediately preceding paragraph. Notwithstanding the provisions of this
		Section 8(d), a selling Holder shall not be required to contribute,
		in the aggregate, any amount in excess of such Holder’s Maximum
		Contribution Amount. A selling Holder’s “Maximum Contribution Amount” shall equal the excess of (i) the aggregate
		proceeds received by such Holder pursuant to the sale of such Registrable Notes
		or Exchange Notes over (ii) the aggregate amount of damages that such Holder
		has otherwise been required to pay by reason of such untrue or alleged untrue
		statement or omission or alleged omission. No person guilty of fraudulent
		misrepresentation (within the meaning of Section 11(f) of the Securities Act)
		shall be entitled to contribution from any Person who was not guilty of such
		fraudulent misrepresentation. The Holders’ obligations to contribute
		pursuant to this Section
		8(d) are several in proportion to the
		respective principal amount of the Registrable Securities held by each Holder
		hereunder and not joint. The Company’s and
	 

	 
		 
	 

	 
		 
	 

	 
		25
	 

	 
		 
	 

	 
	 

	 

	 
		Subsidiary Guarantors’ obligations to
		contribute pursuant to this Section
		8(d) are joint and several.
	 

	 
		The indemnity and contribution agreements
		contained in this Section 8 are in addition to any liability that the
		Indemnifying Parties may have to the Indemnified Parties.
	 

	 
		9. Rules 144 and 144A
	 

	 
		The Company covenants that it shall (a) file
		the reports required to be filed by it (if so required) under the Securities
		Act and the Exchange Act in a timely manner and, if at any time the Company is
		not required to file such reports, it will, upon the written request of any
		Holder of Registrable Notes, make publicly available other information
		necessary to permit sales pursuant to Rule 144 and 144A and (b) take such
		further action as any Holder may reasonably request in writing, all to the
		extent required from time to time to enable such Holder to sell Registrable
		Notes without registration under the Securities Act pursuant to the exemptions
		provided by Rule 144 and Rule 144A. Upon the request of any Holder, the Company
		shall deliver to such Holder a written statement as to whether it has complied
		with such information and requirements.
	 

	 
		10.
		Underwritten Registrations of
		Registrable Notes
	 

	 
		If any of the Registrable Notes covered by
		any Shelf Registration is to be sold in an underwritten offering, the
		investment banker or investment bankers and manager or managers that will
		manage the offering will be selected by the Holders of a majority in aggregate
		principal amount of such Registrable Notes included in such offering;
		provided, however, that
		such investment banker or investment bankers and manager or managers must be
		reasonably acceptable to the Company.
	 

	 
		No Holder of Registrable Notes may
		participate in any underwritten registration hereunder unless such Holder (a)
		agrees to sell such Holder’s Registrable Notes on the basis provided in
		any underwriting arrangements approved by the Persons entitled hereunder to
		approve such arrangements and (b) completes and executes all questionnaires,
		powers of attorney, indemnities, underwriting agreements and other documents
		required under the terms of such underwriting arrangements.
	 

	 
		11.
		Miscellaneous
	 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  Remedies. In the event of a breach by either the Company or any
				  of the Subsidiary Guarantors of any of their respective obligations under this
				  Agreement, each Holder, in addition to being entitled to exercise all rights
				  provided herein, in the Indenture or, in the case of the Initial Purchaser, in
				  the Purchase Agreement, or granted by law, including recovery of damages, will
				  be entitled to specific perfor­mance of its rights under this Agreement.
				  The Company and the Subsidiary Guarantors agree that monetary damages would not
				  be adequate compensation for any loss incurred by reason of a breach by either
				  the Company or any of the Subsidiary Guarantors of any of the provisions of
				  this Agreement and hereby further agree that, in the event of any action for
				  specific performance in respect of such breach, the Company shall (and shall
				  cause each
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		26
	 

	 
		 
	 

	 
	 

	 

	 
		Subsidiary Guarantor to) waive the defense
		that a remedy at law would be adequate.
	 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  No Inconsistent
				  Agreements. The Company and each of the
				  Subsidiary Guarantors have not entered, as of the date hereof, and the Company
				  and each of the Subsidiary Guarantors shall not enter, after the date of this
				  Agreement, into any agreement with respect to any of its securities that is
				  inconsistent with the rights granted to the Holders of Securities in this
				  Agreement or otherwise conflicts with the provisions hereof. The Company and
				  each of the Subsidiary Guarantors have not entered and will not enter into any
				  agreement with respect to any of its securities that will grant to any Person
				  piggy-back rights with respect to a Registration Statement.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (c)
				

			 	
				
				  Adjustments Affecting Registrable
				  Notes. The Company shall not, directly
				  or indirectly, take any action with respect to the Registrable Notes as a class
				  that would adversely affect the ability of the Holders to include such
				  Registrable Notes in a registration undertaken pursuant to this
				  Agreement.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (d)
				

			 	
				
				  Amendments and
				  Waivers. The provisions of this
				  Agreement may not be amended, modified or supplemented, and waivers or consents
				  to departures from the provisions hereof may not be given, otherwise than with
				  the prior written consent of the Holders of not less than a majority in
				  aggregate principal amount of the then outstanding Registrable Notes in
				  circumstances that would adversely affect any Holders of Registrable Notes;
				  provided, however, that
				  Section 8 and this Section
				  11(d) may not be amended, modified or
				  supplemented without the prior written consent of each Holder. Notwithstanding
				  the foregoing, a waiver or consent to depart from the provisions hereof with
				  respect to a matter that relates exclusively to the rights of Holders of
				  Registrable Notes whose securities are being tendered pursuant to the Exchange
				  Offer or sold pursuant to a Notes Registration Statement and that does not
				  directly or indirectly affect, impair, limit or compromise the rights of other
				  Holders of Registrable Notes may be given by Holders of at least a majority in
				  aggregate principal amount of the Registrable Notes being tendered or being
				  sold by such Holders pursuant to such Notes Registration Statement.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (e)
				

			 	
				
				  Notices. All notices and other communications provided for or
				  permitted hereunder shall be made in writing by hand delivery, registered
				  first-class mail, next-day air courier or telecopier:
				

			 

 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  if to a Holder of Securities or to
				  any Participating Broker-Dealer, at the most current address of such Holder or
				  Participating Broker-Dealer, as the case may be, set forth on the records of
				  the registrar of the Notes, with a copy in like manner to the Initial Purchaser
				  as follows:
				

			 

 

	 
		Jefferies & Company, Inc.
	 

	 
		520 Madison Avenue
	 

	 
		New York, New York 10022
	 

	 
		 
	 

	 
		 
	 

	 
		27
	 

	 
		 
	 

	 
	 

	 

	 
		Attention: Josh Targoff, Esq.
	 

	 
			
				
				   
				

			 	
				
				  (ii)
				

			 	
				
				  if to the Initial Purchaser, at the
				  address specified in Section
				  11(e)(1);
				

			 

 

	 
			
				
				   
				

			 	
				
				  (iii)
				

			 	
				
				  if to the Company or any Subsidiary
				  Guarantor, as follows:
				

			 

 

	 
		Atlantic Express Transportation Corp.

	 

	 
		7 North Street
	 

	 
		Staten Island, New York 10451
	 

	 
		Attention: Chief Executive Officer
	 

	 
		with a copy to:
	 

	 
		Latham & Watkins LLP
	 

	 
		885 Third Avenue
	 

	 
		Suite 1000
	 

	 
		New York, New York 10022
	 

	 
		Attention: Robert A. Zuccaro, Esq.
	 

	 
		All such notices and communications shall be
		deemed to have been duly given: when delivered by hand, if personally
		delivered; five business days after being deposited in the United States mail,
		postage prepaid, if mailed, one business day after being deposited in the
		United States mail, postage prepaid, if mailed; one business day after being
		timely delivered to a next-day air courier guaranteeing overnight delivery; and
		when receipt is acknowledged by the addressee, if telecopied.
	 

	 
		Copies of all such notices, demands or other
		communications shall be concurrently delivered by the Person giving the same to
		the Trustee under the Indenture at the address specified in such
		Indenture.
	 

	 
			
				
				   
				

			 	
				
				  (f)
				

			 	
				
				  Successors and
				  Assigns. This Agreement shall inure to
				  the benefit of and be binding upon the successors and assigns of each of the
				  parties hereto, including, without limitation and without the need for an
				  express assignment, subsequent Holders of Securities.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (g)
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  (h)
				

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

			 

 

	 
			
				
				   
				

			 	
				
				  (i)
				

			 	
				
				  Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
				  ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES
				  OF CONFLICT OF LAW. THE COMPANY HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION
				  OF ANY NEW YORK STATE COURT SITTING IN THE
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		28
	 

	 
		 
	 

	 
	 

	 

	 
		BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK
		OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW
		YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
		THIS AGREEMENT, AND IRREVOCABLY ACCEPTS FOR ITS AND IN RESPECT OF ITS PROPERTY,
		GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS. THE
		COMPANY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO
		UNDER APPLICABLE LAW, TRIAL BY JURY AND ANY OBJECTION THAT IT MAY NOW OR
		HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING
		BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR
		PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.
		THE COMPANY IRREVOCABLY CONSENTS, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO
		SO UNDER APPLICABLE LAW, TO THE SERVICE OF PROCESS OF ANY OF THE AFOREMENTIONED
		COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY
		REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO THE COMPANY AT ITS SAID
		ADDRESS, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. NOTHING
		HEREIN SHALL AFFECT THE RIGHT OF ANY HOLDER TO SERVE PROCESS IN ANY OTHER
		MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED
		AGAINST THE COMPANY IN ANY OTHER JURISDICTION.
	 

	 
			
				
				   
				

			 	
				
				  (j)
				

			 	
				
				  Severability. If any term, provision, covenant or restriction of
				  this Agreement is held by a court of competent jurisdiction to be invalid,
				  illegal, void or unenforceable, the remainder of the terms, provisions,
				  covenants and restrictions set forth herein shall remain in full force and
				  effect and shall in no way be affected, impaired or invalidated, and the
				  parties hereto shall use reasonably best efforts to find and employ an
				  alternative means to achieve the same or substantially the same result as that
				  contemplated by such term, provision, covenant or restriction. It is hereby
				  stipulated and declared to be the intention of the parties that they would have
				  executed the remaining terms, provisions, covenants and restrictions without
				  including any of such that may be hereafter declared invalid, illegal, void or
				  unenforceable.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (k)
				

			 	
				
				  Securities Held by the Company or
				  Its Affiliates. Whenever the consent or
				  approval of Holders of a specified percentage of Securities is required
				  hereunder, Securities held by the Company or its affiliates (as such term is
				  defined in Rule 405 under the Securities Act) shall not be counted in
				  determining whether such consent or approval was given by the Holders of such
				  required percentage.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (l)
				

			 	
				
				  Third Party
				  Beneficiaries. Holders and
				  Participating Broker-Dealers are intended third party beneficiaries of this
				  Agreement and this Agreement may be enforced by such Persons.
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		29
	 

	 
		 
	 

	 
	 

	 

	 	
			 
				 
			 

		  	
			 
				(m)
			 

		  	
			 
				Entire Agreement. This Agreement, together with the Purchase Agreement,
				the Indenture and the Security Documents, is intended by the parties as a final
				and exclusive statement of the agreement and understanding of the parties
				hereto in respect of the subject matter contained herein and therein and any
				and all prior oral or written agreements, representations, or warranties,
				contracts, understanding, correspondence, conversations and memoranda between
				the Initial Purchaser on the one hand and the Company and the Subsidiary
				Guarantors on the other, or between or among any agents, representatives,
				parents, subsidiaries, affiliates, predecessors in interest or successors in
				interest with respect to the subject matter hereof and thereof are merged
				herein and replaced hereby.
			 

		  

	 
		 
	 

	 
		 
	 

	 
		30
	 

	 
		 
	 

	 
	 

	 

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

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ATLANTIC EXPRESS TRANSPORTATION
				  CORP.
				

			 
	 	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By:
				

			 	
				
				  /s/ Domenic Gatto
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  S-1
				

			 	
				
				  Registration Rights
				  Agreement
				

				
				   
				

			 

 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  Each of the following entities, as
				  Subsidiary Guarantors:
				

			 
	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  180 JAMAICA CORP.
				

			 
	
				
				   
				

			 	
				
				  AMBOY BUS CO., INC.
				

			 
	
				
				   
				

			 	
				
				  ATLANTIC ESCORTS INC.
				

			 
	
				
				   
				

			 	
				
				  ATLANTIC EXPRESS COACHWAYS,
				  INC.
				

			 
	
				
				   
				

			 	
				
				  ATLANTIC EXPRESS NEW ENGLAND,
				  INC.
				

			 
	
				
				   
				

			 	
				
				  ATLANTIC EXPRESS OF CALIFORNIA,
				  INC.
				

			 
	
				
				   
				

			 	
				
				  ATLANTIC EXPRESS OF ILLINOIS,
				  INC.
				

			 
	
				
				   
				

			 	
				
				  ATLANTIC EXPRESS OF L.A. INC.

				

			 
	
				
				   
				

			 	
				
				  ATLANTIC EXPRESS OF MISSOURI
				  INC.
				

			 
	
				
				   
				

			 	
				
				  ATLANTIC EXPRESS OF NEW JERSEY,
				  INC.
				

			 
	
				
				   
				

			 	
				
				  ATLANTIC EXPRESS OF PENNSYLVANIA,
				  INC.
				

			 
	
				
				   
				

			 	
				
				  ATLANTIC PARATRANS OF NYC,
				  INC.
				

			 
	
				
				   
				

			 	
				
				  ATLANTIC PARATRANS, INC.
				

			 
	
				
				   
				

			 	
				
				  ATLANTIC QUEENS BUS CORP.
				

			 
	
				
				   
				

			 	
				
				  ATLANTIC TRANSIT, CORP.
				

			 
	
				
				   
				

			 	
				
				  ATLANTIC-HUDSON, INC.
				

			 
	
				
				   
				

			 	
				
				  BLOCK 7932, INC.
				

			 
	
				
				   
				

			 	
				
				  BROOKFIELD TRANSIT INC.
				

			 
	
				
				   
				

			 	
				
				  COURTESY BUS CO., INC.
				

			 
	
				
				   
				

			 	
				
				  FIORE BUS SERVICE, INC.
				

			 
	
				
				   
				

			 	
				
				  GROOM TRANSPORTATION, INC.
				

			 
	
				
				   
				

			 	
				
				  G.V.D. LEASING CO., INC.
				

			 
	
				
				   
				

			 	
				
				  JAMES MCCARTY LIMO SERVICE,
				  INC.
				

			 
	
				
				   
				

			 	
				
				  JERSEY BUSINESS LAND CO.,
				  INC.
				

			 
	
				
				   
				

			 	
				
				  K. CORR, INC.
				

			 
	
				
				   
				

			 	
				
				  MERIT TRANSPORTATION CORP.
				

			 
	
				
				   
				

			 	
				
				  METRO AFFILIATES, INC.
				

			 
	
				
				   
				

			 	
				
				  METROPOLITAN ESCORT SERVICE,
				  INC.
				

			 
	
				
				   
				

			 	
				
				  MIDWAY LEASING INC.
				

			 
	
				
				   
				

			 	
				
				  R. FIORE BUS SERVICE, INC.
				

			 
	
				
				   
				

			 	
				
				  RAYBERN BUS SERVICE, INC.
				

			 
	
				
				   
				

			 	
				
				  RAYBERN CAPITAL CORP.
				

			 
	
				
				   
				

			 	
				
				  RAYBERN EQUITY CORP.
				

			 
	
				
				   
				

			 	
				
				  ROBERT L. MCCARTHY & SON,
				  INC.
				

			 
	
				
				   
				

			 	
				
				  STATEN ISLAND BUS, INC.
				

			 
	
				
				   
				

			 	
				
				  TEMPORARY TRANSIT SERVICE,
				  INC.
				

			 
	
				
				   
				

			 	
				
				  ATLANTIC EXPRESS OF UPSTATE NEW
				  YORK, INC.
				

			 
	
				
				   
				

			 	
				
				  TRANSCOMM, INC.
				

			 
	
				
				   
				

			 	
				
				  WINSALE, INC.
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	 
	
				
				

			 	
				
				   
				

			 	
				
				  By:
				

			 	
				
				  /s/ Domenic Gatto
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 

 

	 
		 
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  S-2
				

			 	
				
				  Registration Rights
				  Agreement
				

			 

 

	 
		 
	 

	 
	 

	 

	 
		ACCEPTED AND AGREED TO:
	 

	 
		JEFFERIES & COMPANY, INC.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  By:
				

			 	
				
				  /s/ Leo Chang
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				  Name:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Title:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  S-3
				

			 	
				
				  Registration Rights
				  AgreementEXECUTION
	 

	 
		SECURITY AGREEMENT
	 

	 
		This SECURITY AGREEMENT, dated as of May 15,
		2007 (as amended, supplemented, amended and restated or otherwise modified from
		time to time, this “Agreement”), is made by ATLANTIC EXPRESS TRANSPORTATION
		CORP., a New York corporation (the “Issuer”),
		and each Subsidiary (such capitalized term and other terms used in this
		Agreement to have the meanings set forth in Section 1) of
		the Issuer from time to time party to this Security Agreement (the
		“Subsidiary
		Guarantors” and, together with the
		Issuer, the “Debtors”),
		in favor of THE BANK OF NEW YORK, a New York banking corporation, in its
		capacity as collateral agent (together with any successor(s) thereto in such
		capacity, the “Collateral
		Agent”) for the benefit of the
		Trustee and the Noteholders (the Collateral Agent, the Trustee and the
		Noteholders are hereinafter referred to as the “Secured Parties”).
	 

	 
		W I T N E S S E T H

	 

	 
		WHEREAS, the Issuer and the Subsidiary
		Guarantors have entered into an Indenture, dated as of the date hereof (as
		amended, supplemented, amended and restated or otherwise modified from time to
		time, the “Indenture”)
		with The Bank of New York, a New York banking corporation, as Trustee (in such
		capacity, the “Trustee”),
		pursuant to which the Issuer is issuing, as of the date hereof, Senior Secured
		Floating Rate Notes due 2012 in the original aggregate principal amount of
		$185,000,000 (collectively with any exchange notes issued in exchange thereof
		as contemplated by the Registration of Rights Agreement, dated as of May 15,
		2007, among the Issuer, the Subsidiary Guarantors parties thereto and the
		Initial Purchasers (as defined therein) and any additional notes issued from
		time to time under such Indenture, the “Notes”) and
		the Subsidiary Guarantors are guaranteeing the obligations of the Issuer under
		the Indenture, the Notes, the Security Documents and the Intercreditor
		Agreement; 
	 

	 
		WHEREAS, pursuant to the Indenture, each
		Debtor is required to execute and deliver this Agreement;
	 

	 
		WHEREAS, each Debtor (other than the Issuer)
		is a Subsidiary of the Issuer, and each Debtor will derive substantial direct
		and indirect benefit from the proceeds of the issuance of the Notes;
	 

	 
		WHEREAS, the Debtors will enter into a Third
		Amended and Restated Credit Agreement, dated as of the date hereof (as amended,
		supplemented, amended and restated or otherwise modified from time to time, the
		“Loan Agreement”), with the Revolving Loan Lenders and the
		Revolving Loan Agent, pursuant to which the Debtors will incur Indebtedness,
		which Indebtedness will be secured by certain of the Collateral;
	 

	 
		WHEREAS, in connection with the incurrence
		of such Indebtedness, the Revolving Loan Agent and the Collateral Agent will
		enter into an Intercreditor Agreement, dated the date hereof (as amended,
		supplemented, amended and restated or otherwise modified from time to time, the
		“Intercreditor
		Agreement”); and
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		WHEREAS, pursuant to the terms of the
		Indenture and subject to the terms of the Intercreditor Agreement, if any, the
		Collateral Agent has agreed to accept the pledge and assignment and the grant
		of a security interest under this Agreement as security for the Noteholder
		Debt.
	 

	 
		NOW, THEREFORE, in consideration of the
		mutual conditions and agreements set forth herein and for other good and
		valuable consideration, the receipt and sufficiency of which are hereby
		acknowledged, and in order to induce the Trustee to enter into the Indenture
		and to induce potential purchasers to purchase the Notes, each Debtor agrees
		with the Collateral Agent for the benefit of the Secured Parties as
		follows:
	 

	 
			
				
				  SECTION 1. DEFINITIONS
				

			 

 

	 
		Unless otherwise defined herein, terms used
		in this Agreement, including its preamble and recitals, have the meanings
		provided in the Intercreditor Agreement or, if not defined in the Intercreditor
		Agreement as in effect on the date hereof, then the Indenture. 
	 

	 
		1.1 “Accounts”
		shall mean all present and future rights of any Debtor to payment of a monetary
		obligation, whether or not earned by performance, which is not evidenced by
		chattel paper or an instrument, (a) for property that has been or is to be
		sold, leased, licensed, assigned, or otherwise disposed of, (b) for
		services rendered or to be rendered, (c) for a secondary obligation
		incurred or to be incurred, or (d) arising out of the use of a credit or
		charge card or information contained on or for use with the card. 
	 

	 
		1.2 “Agreement”
		is defined in the preamble.

	 

	 
		1.3 “Collateral”
		is defined in Section 2.1.
	 

	 
		1.4 “Collateral Access Agreement” shall mean a Collateral Access Agreement in form
		and substance satisfactory to the Collateral Agent, as amended, supplemented,
		amended and restated or otherwise modified from time to time.
	 

	 
		1.5 “Collateral Agent” is defined in the preamble.

	 

	 
		1.6 “Debtors” is
		defined in the preamble.
	 

	 
		1.7 “Deposit Account Control Agreement” shall mean a Deposit Account Control Agreement in
		form and substance satisfactory to the Collateral Agent, as amended,
		supplemented, amended and restated or otherwise modified from time to
		time.
	 

	 
		1.8 “Discharge of Noteholder Debt” shall mean (a) (i) the defeasance of the
		Notes in accordance with Article Eight of the Indenture or (ii) payment in
		full in cash of the principal of and interest and premium, if any, on all
		Noteholder Debt and (b) the payment in full in cash of any other
		Noteholder Debt that is due and payable or otherwise accrued and owing at or
		prior to the time of determination.
	 

	 
		1.9 “Equipment”
		shall mean all of any Debtor’s now owned and hereafter acquired equipment,
		wherever located, including machinery, data processing and computer equipment
		and 
	 

	 
		 
	 

	 
		 
	 

	 
		-2-
	 

	 
		 
	 

	 
	 

	 

	 
		 computer hardware and software, whether
		owned or licensed, and including embedded software, vehicles, tools, furniture,
		fixtures, all attachments, accessions and property now or hereafter affixed
		thereto or used in connection therewith, and substitutions and replacements
		thereof, wherever located.
	 

	 
		1.10 “Event of Default” is defined in Section 6.1.
	 

	 
		1.11 “Excluded Assets” has the meaning set forth in the
		Indenture.
	 

	 
		1.12 “Indenture”
		is defined in the first
		recital.
	 

	 
		1.13 “Information Certificate” shall mean the Information Certificate of any
		Debtor constituting Exhibit
		A hereto containing material
		information with respect to such Debtor, its business and assets provided by or
		on behalf of such Debtor to the Collateral Agent in connection with the
		preparation of this Agreement and the other Noteholder Agreements and the
		financing arrangements provided for herein.
	 

	 
		1.14 “Intellectual Property” shall mean any Debtor’s now owned and
		hereafter arising or acquired: patents, patent rights,
		patent applications, copyrights, works which are the subject matter of
		copyrights, copyright registrations, trademarks, trade names, trade styles,
		trademark and service mark applications, and licenses and rights to use any of
		the foregoing; all extensions, renewals, reissues, divisions, continuations,
		and continuations-in-part of any of the foregoing; all rights to sue for past,
		present and future infringement of any of the foregoing; inventions, trade
		secrets, formulae, processes, compounds, drawings, designs, blueprints,
		surveys, reports, manuals, and operating standards; goodwill (including any
		goodwill associated with any trademark or the license of any trademark);
		customer and other lists in whatever form maintained; and trade secret rights,
		copyright rights, rights in works of authorship, domain names and domain name
		registrations; software and contract rights relating to software, in whatever
		form created or maintained.
	 

	 
		1.15 “Intercreditor Agreement” is defined in the fifth recital.
	 

	 
		1.16 “Inventory”
		shall mean all of any Debtor’s now owned and hereafter existing or
		acquired goods, wherever located, which (a) are leased by any Debtor as lessor;
		(b) are held by any Debtor for sale or lease or to be furnished under a
		contract of service; (c) are furnished by any Debtor under a contract of
		service; or (d) consist of raw materials, work in process, finished goods or
		materials used or consumed in its business.
	 

	 
		1.17 “Investment Property Control Agreement” shall mean an Investment Property Control
		Agreement in form and substance satisfactory to the Collateral Agent, as
		amended, supplemented, amended and restated or otherwise modified from time to
		time.
	 

	 
		1.18 “Issuer” is defined in the
		preamble.
	 

	 
		1.19 “Loan Agreement” is defined in the fourth recital.
	 

	 
		 
	 

	 
		 
	 

	 
		-3-
	 

	 
		 
	 

	 
	 

	 

	 
		1.20 “Motor Vehicles” shall mean all motor vehicles, tractors, trailers
		and other like property, whether or not title thereto is governed by a
		certificate of title or ownership, other than motor vehicles that are Excluded
		Assets described in clause (4) of the definition thereof.
	 

	 
		1.21 “Noteholder Agreements” shall mean, collectively, the Indenture, this
		Agreement, the Notes and all guarantees, security agreements and other
		agreements, documents and instruments now or at any time hereafter executed
		and/or delivered by the Issuer, any Debtor or any other Obligor in connection
		with the Indenture, as the same now exist or may hereafter be amended,
		modified, supplemented, extended, renewed, restated, refinanced, replaced or
		restructured.
	 

	 
		1.22 “Noteholder Debt” shall mean any and all obligations, liabilities
		and indebtedness of every kind, nature and description owing by Debtors or any
		other Obligor to the Noteholders, the Trustee and the Collateral Agent under
		the Noteholder Agreements, including, principal, interest, charges, fees,
		premiums, indemnities and expenses, however evidenced, whether as principal,
		surety, endorser, a Debtor or otherwise, whether arising under this Agreement
		or otherwise, whether now existing or hereafter arising (including the payment
		of interest which would accrue and become due but for the commencement of such
		case, whether or not a claim for such amounts is allowed or allowable in whole
		or in part in such case), whether direct or indirect, absolute or contingent,
		joint or several, due or not due, primary or secondary, liquidated or
		unliquidated, secured or unsecured, and whether arising directly or howsoever
		acquired by the Noteholders.
	 

	 
		1.23 “Noteholder” shall
		mean the Person in whose name a Note is registered on the registrar’s
		books; sometimes being referred to herein collectively as
		“Noteholders”.
	 

	 
		1.24 “Notes” is defined in
		the first recital.
	 

	 
		1.25 “Obligors” shall mean,
		individually and collectively, any person liable on or in respect of the
		Noteholder Debt, and its successors and assigns, including, without limitation,
		a receiver, trustee or debtor-in-possession on behalf of such person or on
		behalf of any such successor or assign.
	 

	 
		1.26 “Perfection Agent” shall mean (i)(x) during the effectiveness
		of the Intercreditor Agreement and prior to the payment in full of the
		Revolving Loan Priority Amount, (y) solely with respect to the Revolving
		Loan Collateral (other than the Noteholder Collateral), the Revolving Loan
		Agent (including, with respect to any such Revolving Loan Collateral delivered
		to or held by the Perfection Agent hereunder, in its capacity as bailee for the
		Secured Parties under the Intercreditor Agreement) and (ii) otherwise, the
		Collateral Agent; provided that if
		at any time the Revolving Loan Agent fails, following a written request from
		the Collateral Agent or any Obligor, to take any action permitted to be taken
		by it as Perfection Agent, then the Collateral Agent has the power to be the
		Perfection Agent.
	 

	 
		1.27 “Real Property” shall mean all now owned and hereafter acquired
		real property of a Debtor, including leasehold interests, together with all
		buildings, structures, and other improvements located thereon and all licenses,
		easements and appurtenances relating thereto, wherever located.
	 

	 
		 
	 

	 
		 
	 

	 
		-4-
	 

	 
		 
	 

	 
	 

	 

	 
		1.28 “Receivables” shall mean all of the following now owned or
		hereafter arising or acquired property of a Debtor: (a) all Accounts; (b) all
		interest, fees, late charges, penalties, collection fees and other amounts due
		or to become due or otherwise payable in connection with any Account; (c) all
		payment intangibles of any Debtor and other contract rights, chattel paper,
		instruments, notes, and other forms of obligations owing to any Debtor, whether
		from the sale and lease of goods or other property, licensing of any property
		(including Intellectual Property or other general intangibles), rendition of
		services or from loans or advances by any Debtor or to or for the benefit of
		any third person (including loans or advances to any affiliates or subsidiaries
		of any Debtor) or otherwise associated with any Accounts, Inventory or general
		intangibles of any Debtor (including, without limitation, choses in action,
		causes of action, tax refunds, tax refund claims, any funds which may become
		payable to any Debtor in connection with the termination of any employee
		benefit plan and any other amounts payable to any Debtor from any employee
		benefit plan, rights and claims against carriers and shippers, rights to
		indemnification, business interruption insurance and proceeds thereof, casualty
		or any similar types of insurance and any proceeds thereof and proceeds of
		insurance covering the lives of employees on which any Debtor is a
		beneficiary).
	 

	 
		1.29 “Records”
		shall mean all of any Debtor’s present and future books of account of
		every kind or nature, purchase and sale agreements, invoices, ledger cards,
		bills of lading and other shipping evidence, statements, correspondence,
		memoranda, credit files and other data relating to the Collateral or any
		account debtor, together with the tapes, disks, diskettes and other data and
		software storage media and devices, file cabinets or containers in or on which
		the foregoing are stored (including any rights of any Debtor with respect to
		the foregoing maintained with or by any other person).
	 

	 
		1.30 “Revolving Loan Agent” shall mean, at any time, the Person serving at
		such time as the “Administrative Agent” under the Loan Agreement or
		any other representative of the lenders then most recently designated by a
		majority of the lenders under the Loan Agreement in a written notice delivered
		to the Collateral Agent and the Trustee. 
	 

	 
		1.31 “Secured
		Parties” is defined in the
		preamble.
	 

	 
		1.32 “Subsidiary
		Guarantors” is defined in the
		preamble.
	 

	 
		1.33 “Trustee” is defined
		in the first recital.
	 

	 
		1.34 “UCC” shall
		means the Uniform Commercial Code as in effect from time to time in the State
		of New York; provided that if, with respect to any financing statement or by
		reason of any provisions of law, the perfection or the effect of perfection or
		non-perfection of the security interests granted to the Collateral Agent
		pursuant to the applicable Noteholder Agreement is governed by the Uniform
		Commercial Code as in effect in a jurisdiction of the United States other than
		New York, UCC means the Uniform Commercial Code as in effect from time to time
		in such other jurisdiction for purposes of the provisions of each Noteholder
		Agreement and any financing statement relating to such perfection or effect of
		perfection or non-perfection.
	 

	 
		 
	 

	 
		 
	 

	 
		-5-
	 

	 
		 
	 

	 
	 

	 

	 	
			 
				SECTION 2. GRANT OF SECURITY INTEREST
			 

		  

	 
		2.1 Grant of Security Interest. To secure payment and performance of all Noteholder
		Debt, each Debtor hereby grants to Collateral Agent on behalf of the Secured
		Parties a continuing security interest in and, a lien upon, and hereby assigns
		to Collateral Agent on behalf of the Secured Parties as security, all personal
		and real property and fixtures and interests in property and fixtures of such
		Debtor (other than Excluded Assets), whether now owned or hereafter acquired or
		existing, and wherever located (together with all other collateral security for
		the Noteholder Debt at any time granted to or held or acquired by Collateral
		Agent on behalf of the Secured Parties, collectively, the “Collateral”), including:
	 

	 
		(a) all Accounts;
	 

	 
		(b) all general intangibles, including,
		without limitation, all Intellectual Property;
	 

	 
		(c) all goods, including, without
		limitation, Inventory and Equipment;
	 

	 
		(d) all Motor Vehicles;
	 

	 
		(e) all Real Property and fixtures;
	 

	 
		(f) all chattel paper (including all
		tangible and electronic chattel paper);
	 

	 
		(g) all instruments (including all
		promissory notes);
	 

	 
		(h) all documents;
	 

	 
		(i) all deposit accounts;
	 

	 
		(j) all letters of credit, banker’s
		acceptances and similar instruments and including all letter-of-credit
		rights;
	 

	 
		(k) all supporting obligations and all
		present and future liens, security interests, rights, remedies, title and
		interest in, to and in respect of Receivables and other Collateral, including
		(i) rights and remedies under or relating to insurance policies, guaranties,
		contracts of suretyship, letter-of-credit rights, letters of credit and credit
		and other insurance related to the Collateral, (ii) rights of stoppage in
		transit, replevin, repossession, reclamation and other rights and remedies of
		an unpaid vendor, lienor or secured party, (iii) goods described in invoices,
		documents, contracts or instruments with respect to, or otherwise representing
		or evidencing, Receivables or other Collateral, including returned, repossessed
		and reclaimed goods, and (iv) deposits by and property of account debtors or
		other persons securing the obligations of account debtors;
	 

	 
		(l) all (i) investment property (including
		securities, whether certificated or uncertificated, securities accounts,
		security entitlements, commodity contracts or commodity accounts) and (ii)
		monies, credit balances, deposits and other property of each Debtor now or
		hereafter held or received by or in transit to Perfection Agent or its
		affiliates or at any other 
	 

	 
		 
	 

	 
		 
	 

	 
		-6-
	 

	 
		 
	 

	 
	 

	 

	 
		depository or other institution from or for
		the account of each Debtor, whether for safekeeping, pledge, custody,
		transmission, collection or otherwise;
	 

	 
		(m) all commercial tort claims, including,
		without limitation, those identified in any Information Certificate;
	 

	 
		(n) to the extent not otherwise described
		above, all Receivables;
	 

	 
		(o) all Records; and
	 

	 
		(p) all products and proceeds of the
		foregoing, in any form, including insurance proceeds and all claims against
		third parties for loss or damage to or destruction of or other involuntary
		conversion of any kind or nature of any or all of the other Collateral.
	 

	 
		Notwithstanding anything in this
		Section 2.1 to the contrary, in no event shall the security
		interest granted under this Section
		2.1 attach to any Excluded Asset for so
		long as such asset remains an Excluded Asset.
	 

	 
		2.2 Perfection of Security Interests.
	 

	 
		(a) Each Debtor irrevocably and
		unconditionally authorizes Collateral Agent (or its agent) to file at any time
		and from time to time such financing statements with respect to the Collateral
		naming Collateral Agent or its designee as the secured party and such Debtor as
		debtor, as Collateral Agent may require, and including any other information
		with respect to such Debtor or otherwise required by part 5 of Article 9 of the
		Uniform Commercial Code of such jurisdiction as Collateral Agent may determine,
		together with any amendment and continuations with respect thereto, which
		authorization shall apply to all financing statements filed on, prior to or
		after the date hereof. Each Debtor hereby ratifies and approves all financing
		statements naming Collateral Agent or its designee as secured party and such
		Debtor as debtor with respect to the Collateral (and any amendments with
		respect to such financing statements) filed by or on behalf of Collateral Agent
		prior to the date hereof and ratifies and confirms the authorization of
		Collateral Agent to file such financing statements (and amendments, if any).
		Each Debtor hereby authorizes Collateral Agent to adopt on behalf of such
		Debtor any symbol required for authenticating any electronic filing. In the
		event that the description of the collateral in any financing statement naming
		Collateral Agent or its designee as the secured party and any Debtor as debtor
		includes assets and properties of such Debtor (including by describing the
		“collateral” covered thereby as constituting “all assets”
		of such Debtor or words of similar effect) that do not at any time constitute
		Collateral, whether hereunder, under any of the other Noteholder Agreements or
		otherwise, the filing of such financing statement shall nonetheless be deemed
		authorized by such Debtor solely to the extent of the Collateral included in
		such description and it shall not render the financing statement ineffective as
		to any of the Collateral or otherwise affect the financing statement as it
		applies to any of the Collateral. Except in accordance with the Indenture and
		the Security Documents, in no event shall any Debtor at any time file, or
		permit or cause to be filed, any correction statement or termination statement
		with respect to any financing statement (or amendment or continuation with
		respect thereto) naming Collateral Agent or its designee as secured party and
		such Debtor as debtor.
	 

	 
		 
	 

	 
		 
	 

	 
		-7-
	 

	 
		 
	 

	 
	 

	 

	 
		(b) No Debtor has any chattel paper (whether
		tangible or electronic) or instruments as of the date hereof, except as set
		forth in the Information Certificate or as constitutes an Excluded Asset. In
		the event that any Debtor shall be entitled to or shall receive any chattel
		paper or instrument which does not constitute an Excluded Asset after the date
		hereof, such Debtor shall promptly notify Collateral Agent thereof in writing.
		Promptly upon the receipt of such chattel paper or instrument (and so long as
		such chattel paper or instrument is not an Excluded Asset) by or on behalf of
		any Debtor (including by any agent or representative), such Debtor shall
		deliver, or cause to be delivered to Perfection Agent, all such tangible
		chattel paper and instruments, accompanied by such instruments of transfer or
		assignment duly executed in blank as Perfection Agent may from time to time
		specify. At Perfection Agent’s option, Debtor shall, or Perfection Agent
		may at any time on behalf of Debtor, cause the original of any such instrument
		or chattel paper to be conspicuously marked in a form and manner acceptable to
		Perfection Agent. 
	 

	 
		(c) In the event that any Debtor shall at
		any time hold or acquire an interest in any electronic chattel paper or any
		“transferable record” (as such term is defined in Section 201 of the
		Federal Electronic Signatures in Global and National Commerce Act or in Section
		16 of the Uniform Electronic Transactions Act as in effect in any relevant
		jurisdiction) which does not constitute an Excluded Asset, such Debtor shall
		promptly notify Collateral Agent thereof in writing. Promptly upon receipt
		thereof, Debtor shall take, or cause to be taken, such necessary actions to
		give Perfection Agent control of such electronic chattel paper (so long as such
		electronic chattel paper is not an Excluded Asset) under Section 9-105 of the
		UCC and control of such transferable record under Section 201 of the Federal
		Electronic Signatures in Global and National Commerce Act or, as the case may
		be, Section 16 of the Uniform Electronic Transactions Act, as in effect in such
		jurisdiction.
	 

	 
		(d) No Debtor has any deposit accounts as of
		the date hereof, except as set forth in the Information Certificate. Promptly
		after the Issue Date (and in any event within 45 days after the date hereof)
		each Debtor shall deliver fully executed Deposit Account Control Agreements for
		all deposit accounts that constitute Collateral, together with opinions of
		counsel in form and substance reasonably satisfactory to the Collateral Agent.
		No Debtor shall, directly or indirectly, after the date hereof open, establish
		or maintain any deposit account which does not constitute an Excluded Asset
		unless each of the following conditions is satisfied: (i) Collateral Agent
		shall have received not less than five (5) Business Days’ prior written
		notice of the intention of such Debtor to open or establish such account which
		notice shall specify in reasonable detail and specificity reasonably acceptable
		to Collateral Agent the name of the account, the owner of the account, the name
		and address of the bank at which such account is to be opened or established,
		the individual at such bank with whom such Debtor is dealing and the purpose of
		the account, (ii) the bank where such account is opened or maintained
		shall be reasonably acceptable to Perfection Agent, and (iii) Debtor shall
		promptly deliver to Collateral Agent a Deposit Account Control Agreement with
		respect to such deposit account duly authorized, executed and delivered by such
		Debtor and the bank at which such deposit account is opened and
		maintained.
	 

	 
		(e) No Debtor holds, directly or indirectly,
		beneficially or as record owner or both, any investment property, as of the
		date hereof, or has any investment account, securities
	 

	 
		 
	 

	 
		 
	 

	 
		-8-
	 

	 
		 
	 

	 
	 

	 

	 
		account, commodity account or other similar
		account with any bank or other financial institution or other securities
		intermediary or commodity intermediary as of the date hereof, in each case
		except as set forth in the Information Certificate.
	 

	 
		(i) In the event that any Debtor shall be
		entitled to or shall at any time after the date hereof hold or acquire any
		certificated securities (other than certificated securities that are Excluded
		Assets), such Debtor shall promptly endorse, assign and deliver the same to
		Perfection Agent, accompanied by such instruments of transfer or assignment
		duly executed in blank as Perfection Agent may from time to time specify. If
		any securities (other than certificated securities that are Excluded Assets),
		now or hereafter acquired by any Debtor are uncertificated and are issued to
		such Debtor or its nominee directly by the issuer thereof, such Debtor shall
		immediately notify Collateral Agent thereof and shall promptly cause the issuer
		to agree to comply with instructions from Perfection Agent as to such
		securities, without further consent of Debtor or such nominee.
	 

	 
		(ii) Promptly after the Issue Date (and in
		any event within 45 days after the date hereof) each Debtor shall deliver fully
		executed Deposit Account Control Agreements for all investment accounts,
		securities accounts, commodity accounts or similar accounts that constitute
		Collateral, together with opinions of counsel in form and substance reasonably
		satisfactory to the Collateral Agent. No Debtor shall, directly or indirectly,
		after the date hereof open, establish or maintain any investment account,
		securities account, commodity account or any other similar account (other than
		a deposit account or an investment account, securities account, commodity
		account or similar account which is an Excluded Asset) with any securities
		intermediary or commodity intermediary unless each of the following conditions
		is satisfied: (A) Collateral Agent shall have received not less than five
		(5) Business Days’ prior written notice of the intention of such Debtor to
		open or establish such account which notice shall specify in reasonable detail
		and specificity reasonably acceptable to Collateral Agent the name of the
		account, the owner of the account, the name and address of the securities
		intermediary or commodity intermediary at which such account is to be opened or
		established, the individual at such intermediary with whom such Debtor is
		dealing and the purpose of the account, (B) the securities intermediary or
		commodity intermediary (as the case may be) where such account is opened or
		maintained shall be reasonably acceptable to Perfection Agent, and (C) on
		or before the opening of such investment account, securities account or other
		similar account with a securities intermediary or commodity intermediary, such
		Debtor shall execute and deliver, and cause to be executed and delivered to
		Collateral Agent, an Investment Property Control Agreement with respect thereto
		duly authorized, executed and delivered by such Debtor and such securities
		intermediary or commodity intermediary.
	 

	 
		(f) No Debtor is the beneficiary or
		otherwise entitled to any right to payment under any letter of credit,
		banker’s acceptance or similar instrument as of the date hereof, except as
		set forth in the Information Certificate. In the event that any Debtor shall be
		entitled to or shall receive any right to payment under any letter of credit,
		banker’s acceptance or any similar instrument which does not constitute an
		Excluded Asset, whether as beneficiary thereof or 
	 

	 
		 
	 

	 
		 
	 

	 
		-9-
	 

	 
		 
	 

	 
	 

	 

	 
		otherwise after the date hereof, such Debtor
		shall promptly use reasonable efforts to notify Collateral Agent thereof in
		writing. Such Debtor shall promptly deliver, or cause to be delivered to
		Perfection Agent, with respect to any such letter of credit, banker’s
		acceptance or similar instrument (unless any such instrument is an Excluded
		Asset), the written agreement of the issuer and any other nominated person
		obligated to make any payment in respect thereof (including any confirming or
		negotiating bank), in form and substance reasonably satisfactory to Perfection
		Agent, consenting to the assignment of the proceeds of the letter of credit to
		Perfection Agent by such Debtor and agreeing to make all payments thereon
		directly to Perfection Agent or as Perfection Agent may otherwise
		direct.
	 

	 
		(g) No Debtor has any commercial tort claims
		as of the date hereof, except as set forth in the Information Certificate. In
		the event that any Debtor shall at any time after the date hereof have any
		commercial tort claims, such Debtor shall promptly notify Collateral Agent
		thereof in writing, which notice shall (i) set forth in reasonable detail
		the basis for and nature of such commercial tort claim and (ii) include
		the express grant by such Debtor to Collateral Agent of a security interest in
		such commercial tort claim (and the proceeds thereof). In the event that such
		notice does not include such grant of a security interest, the sending thereof
		by such Debtor to Collateral Agent shall be deemed to constitute such grant to
		Collateral Agent. Upon the sending of such notice, any commercial tort claim
		described therein shall constitute part of the Collateral and shall be deemed
		included therein. Without limiting the authorization of Collateral Agent
		provided in Section 2.2(a) hereof or otherwise arising by the execution by each
		Debtor of this Agreement or any of the other Noteholder Agreements, Collateral
		Agent is hereby irrevocably authorized from time to time and at any time to
		file such financing statements naming Collateral Agent or its designee as
		secured party and the applicable Debtor as debtor, or any amendments to any
		financing statements, covering any such commercial tort claim as Collateral. In
		addition, such Debtor shall promptly upon Collateral Agent’s request,
		execute and deliver, or cause to be executed and delivered, to Collateral Agent
		such other agreements, documents and instruments as Collateral Agent may
		require in connection with such commercial tort claim.
	 

	 
		(h) No Debtor has any goods, documents of
		title or other Collateral which do not constitute Excluded Assets in the
		custody, control or possession of a third party as of the date hereof, except
		(i) as set forth in the Information Certificate, (ii) for any Collateral in the
		possession or under the control of the Perfection Agent or the Collateral Agent
		and (iii) except for goods located in the United States in transit to a
		location of such Debtor permitted herein in the ordinary course of business of
		such Debtor in the possession of the carrier transporting such goods. In the
		event that any goods, documents of title or other Collateral are at any time
		after the date hereof in the custody, control or possession of any other person
		not referred to in the Information Certificate or such carriers, such Debtor
		shall promptly notify Collateral Agent thereof in writing. Promptly upon
		Perfection Agent’s request, such Debtor shall exercise commercially
		reasonable efforts to deliver to Perfection Agent a Collateral Access Agreement
		duly authorized, executed and delivered by such person and such Debtor.
	 

	 
		(i) Each Debtor shall take all other actions
		reasonably requested by Collateral Agent from time to time to cause the
		attachment, perfection and, subject to Permitted Prior Liens, first priority
		of, and the ability of Collateral Agent to enforce, the security interest of
		
	 

	 
		 
	 

	 
		 
	 

	 
		-10-
	 

	 
		 
	 

	 
	 

	 

	 
		Collateral Agent in any and all of the
		Collateral, including, without limitation, (i) executing, delivering and,
		where appropriate, filing financing statements and amendments relating thereto
		under the UCC or other applicable law, to the extent, if any, that such
		Debtor’s signature thereon is required therefor, (ii) causing
		Collateral Agent’s name to be noted as secured party on any certificate of
		title for a titled good if such notation is a condition to attachment,
		perfection or priority of, or ability of Collateral Agent to enforce, the
		security interest of Collateral Agent in such Collateral, (iii) complying
		with any provision of any statute, regulation or treaty of the United States as
		to any Collateral if compliance with such provision is a condition to
		attachment, perfection or priority of, or ability of Collateral Agent to
		enforce, the security interest of Collateral Agent in such Collateral,
		(iv) obtaining the consents and approvals of any governmental authority or
		third party, including, without limitation, any consent of any licensor, lessor
		or other person obligated on Collateral, and (v) taking all actions
		required by any earlier versions of the UCC or by other law, as applicable in
		any relevant jurisdiction.
	 

	 
		2.3 Debtors Remains Liable. Anything herein to the contrary notwithstanding

	 

	 
		(a) each Debtor will remain liable under the
		contracts and agreements included in the Collateral to the extent set forth
		therein, to the same extent as if this Agreement had not been executed;
	 

	 
		(b) the exercise by the Collateral Agent of
		any of its rights hereunder will not release any Debtor from any of its duties
		or obligations under any such contracts or agreements included in the
		Collateral; and
	 

	 
		(c) no Secured Party will have any
		obligation or liability under any contracts or agreements included in the
		Collateral by reason of this Agreement, nor will any Secured Party be obligated
		to perform any of the obligations or duties of any Debtor thereunder or to take
		any action to collect or enforce any claim for payment assigned
		hereunder.
	 

	 
		2.4 Postponement of Subrogation, etc. Each Debtor hereby agrees that it will not exercise
		any rights against any other Debtor which it may acquire by reason of any
		payment made hereunder, whether by way of subrogation, reimbursement or
		otherwise, until the Discharge of Noteholder Debt. Any amount paid to any
		Debtor on account of any payment made hereunder prior to the Discharge of
		Noteholder Debt shall be held in trust for the benefit of the Perfection Agent
		and shall immediately be paid to the Perfection Agent applied in accordance
		with the terms of the Intercreditor Agreement; provided,
		however, that if such Debtor has made payment to the Collateral
		Agent of all or any part of the Noteholder Debt and the Discharge of Noteholder
		Debt has occurred, then at such Debtor’s request, the Collateral Agent
		will, at the expense of such Debtor, execute and deliver to such Debtor
		appropriate documents (without recourse and without representation or warranty)
		necessary to evidence the transfer by subrogation to such Debtor of an interest
		in such Noteholder Debt resulting from such payment. In furtherance of the
		foregoing, at all times prior to the Discharge of Noteholder Debt, each Debtor
		shall refrain from taking any action or commencing any proceeding against the
		Issuer or any other Debtors (or its successors or assigns, whether in
		connection with a bankruptcy proceeding or otherwise) to recover any amounts in
		respect of payments made under this Agreement to any Secured Party.
	 

	 
		 
	 

	 
		 
	 

	 
		-11-
	 

	 
		 
	 

	 
	 

	 

	 	
			 
				SECTION 3. COLLATERAL COVENANTS
			 

		  

	 
		3.1 Accounts Covenants. Collateral
		Agent shall have the right at any time or times, in Collateral Agent’s
		name or in the name of a nominee of Collateral Agent, to verify the validity,
		amount or any other matter relating to any Account or other Collateral, by
		mail, telephone, facsimile transmission or otherwise; provided when no
		Event of Default has occurred and is continuing, Collateral Agent shall give
		the Issuer at least one Business Day’s telephonic notice of any such
		verification.
	 

	 
		3.2 Inventory Covenants. With respect to the Inventory (other than Inventory
		that is an Excluded Asset): (a) each Debtor shall at all times maintain
		inventory records reasonably satisfactory to Collateral Agent, keeping correct
		and accurate records itemizing and describing the kind, type, quality and
		quantity of such Inventory, such Debtor’s cost therefor and daily
		withdrawals therefrom and additions thereto; (b) each Debtor shall conduct
		a physical count of such Inventory at any time or times as Collateral Agent may
		reasonably request (but not more than once per year) on or after an Event of
		Default, and promptly following such physical inventory shall supply Collateral
		Agent with a report in the form and with such specificity as may be reasonably
		satisfactory to Collateral Agent concerning such physical count; (c) no
		Debtor shall remove any such Inventory from the locations set forth or
		permitted herein, without the prior written consent of Perfection Agent, except
		for sales and movement or transport of such Inventory in the ordinary course of
		such Debtor’s business and except to move such Inventory directly from one
		location set forth or permitted herein to another such location; (d) each
		Debtor shall produce, use, store and maintain such Inventory, with all
		reasonable care and caution and in accordance with applicable standards of any
		insurance and in conformity with applicable laws (including the requirements of
		the Federal Fair Labor Standards Act of 1938, as amended and all rules,
		regulations and orders related thereto); (e) each Debtor assumes all
		responsibility and liability arising from or relating to the production, use,
		sale or other disposition of such Inventory; (f) no Debtor shall sell such
		Inventory to any customer on approval, or any other basis which entitles the
		customer to return or may obligate such Debtor to repurchase such
		Inventory(other than in the ordinary course of business consistent with past
		practices); (g) each Debtor shall keep such Inventory in good and
		marketable condition; and (h) no Debtor shall, without prior written
		notice to Collateral Agent, acquire or accept any such Inventory on consignment
		or approval (other than in the ordinary course of business consistent with past
		practices).
	 

	 
		3.3 Motor Vehicles, Equipment and Real Property
		Covenants. With respect to Motor
		Vehicles, the Equipment and Real Property: (a) within 15 days after the
		end of each calendar quarter, the Issuer shall deliver to the Collateral Agent
		a list of all Motor Vehicles which constitute Collateral, which such list shall
		be in form and substance satisfactory to the Collateral Agent; (b) upon
		Collateral Agent’s reasonable request (but not more than once per year) or
		at any time or times on or after an Event of Default, each Debtor shall, at its
		expense, deliver or cause to be delivered to Collateral Agent written
		appraisals as to Motor Vehicles, Equipment and/or Real Property in form, scope
		and methodology reasonably acceptable to Collateral Agent and by an appraiser
		acceptable to Collateral Agent, addressed to Collateral Agent and upon which
		Collateral Agent is expressly permitted to rely; (c) each Debtor shall
		keep Motor Vehicles and Equipment in good order, repair, running and marketable
		condition (ordinary wear and tear 
	 

	 
		 
	 

	 
		 
	 

	 
		-12-
	 

	 
		 
	 

	 
	 

	 

	 
		excepted); (d) each Debtor shall use
		Motor Vehicles, Equipment and Real Property with all reasonable care and
		caution and in accordance with applicable standards of any insurance and in
		conformity with all applicable laws; (e) Motor Vehicles and Equipment are
		and shall be used in each Debtor’s business and not for personal, family,
		household or farming use; (f) no Debtor shall remove any Motor Vehicles or
		Equipment from the locations set forth or permitted herein, except to the
		extent necessary to have any Motor Vehicles or Equipment repaired or maintained
		in the ordinary course of the business of such Debtor or to move Motor Vehicles
		or Equipment directly from one location set forth or permitted herein to
		another such location and except for the movement of Motor Vehicles used by or
		for the benefit of such Debtor in the ordinary course of business; (g) the
		Equipment is now and shall remain personal property and such Debtor shall not
		permit any of the Equipment to be or become a part of or affixed to real
		property except to the extent that upon such event the Collateral Agent has a
		perfected security interest in such fixture; and (h) as between the
		Collateral Agent and such Debtor, the Debtor assumes all responsibility and
		liability arising from the use of Motor Vehicles, Equipment and Real
		Property.
	 

	 
		3.4 Motor Vehicles.
	 

	 
		(a) Each Debtor shall promptly after such
		certificates of title or ownership become available, and thereafter from time
		to time deliver to the Agent originals of the certificates of title or
		ownership for the Motor Vehicles constituting Collateral (other than such Motor
		Vehicles which are Inventory) owned by it with the Collateral Agent listed as
		lienholder and take such other action as the Collateral Agent shall deem
		appropriate to perfect the security interest created hereunder in all such
		Motor Vehicles.
	 

	 
		(b) Without limiting the generality of the
		foregoing clause (a),
		as soon as is reasonably practicable exercising commercially reasonable efforts
		following the Issue Date (taking into account the inherent delays in the
		process of perfecting such security interest and the need to receive title
		certificates back from the various states where they were previously sent), for
		any Motor Vehicle now owned by any Debtor and promptly after the acquisition of
		any Motor Vehicle by any Debtor, the Issuer and each such Debtor shall cause
		the recordation or notation of the Collateral Agent’s security interest on
		the certificates of title or ownership in respect of each such Motor Vehicle
		and thereafter, as promptly as is reasonably practicable, deliver satisfactory
		evidence thereof to the Collateral Agent.
	 

	 
		(c) Without limiting Section 3.5, each Debtor hereby appoints the Collateral Agent as
		its attorney-in-fact, effective the date hereof and terminating upon the
		termination of this Agreement, for the purpose of (i) executing on behalf
		of such Debtor title or ownership applications for filing with appropriate
		state agencies to enable Motor Vehicles constituting Collateral now owned or
		hereafter acquired by such Debtor to be retitled and the Collateral Agent
		listed as lienholder thereon, (ii) filing such applications with such
		state agencies and (iii) executing such other documents and instruments on
		behalf of, and taking such other action in the name of, such Debtor as the
		Collateral Agent may deem necessary or advisable to accomplish the purposes
		hereof (including, without limitation, the purpose of creating in favor of the
		Collateral Agent a first priority perfected lien on the Motor Vehicles
		constituting Collateral and exercising the rights and remedies of the
		Collateral Agent under Section 6.2). This appointment as attorney-in-fact is irrevocable
		and coupled with an interest. The Collateral Agent 
	 

	 
		 
	 

	 
		 
	 

	 
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		shall notify the applicable Debtor of any
		exercise by the Collateral Agent of such power of attorney.
	 

	 
		3.5 Power of Attorney. Each Debtor hereby irrevocably designates and appoints
		Collateral Agent (and all persons designated by Collateral Agent) as such
		Debtor’s true and lawful attorney-in-fact, and authorizes Collateral
		Agent, in Debtor’s or Collateral Agent’s name, to: (a) at any time an
		Event of Default exists or has occurred and is continuing (i) demand
		payment on Receivables or other Collateral, (ii) enforce payment of
		Receivables by legal proceedings or otherwise, (iii) exercise all of such
		Debtor’s rights and remedies to collect any Receivable or other
		Collateral, (iv) sell or assign any Receivable upon such terms, for such
		amount and at such time or times as the Collateral Agent deems advisable,
		(v) settle, adjust, compromise, extend or renew an Account,
		(vi) discharge and release any Receivable, (vii) prepare, file and
		sign such Debtor’s name on any proof of claim in bankruptcy or other
		similar document against an account debtor or other obligor in respect of any
		Receivables or other Collateral, (viii) notify the post office authorities
		to change the address for delivery of remittances from account debtors or other
		obligors in respect of Receivables or other proceeds of Collateral to an
		address designated by Collateral Agent, and open and dispose of all mail
		addressed to such Debtor and handle and store all mail relating to the
		Collateral; (ix) at any time to take control in any manner of any item of
		payment in respect of Receivables or constituting Collateral or otherwise
		received in or for deposit in any deposit accounts maintained by such Debtor or
		otherwise received by Collateral Agent, (x) have access to any lockbox or
		postal box into which remittances from account debtors or other obligors in
		respect of Receivables or other proceeds of Collateral are sent or received,
		(xi) endorse such Debtor’s name upon any items of payment in respect
		of Receivables or constituting Collateral or otherwise received by Collateral
		Agent and deposit the same in Collateral Agent’s account for application
		to the Noteholder Debt, (xii) endorse such Debtor’s name upon any
		chattel paper, document, instrument, invoice, or similar document or agreement
		relating to any Receivable or any goods pertaining thereto or any other
		Collateral, including any warehouse or other receipts, or bills of lading and
		other negotiable or non-negotiable documents, and (xiii) sign such
		Debtor’s name on any verification of Receivables and notices thereof to
		account debtors or any secondary obligors or other obligors in respect thereof
		and (b) do all acts and things which are necessary, in Collateral
		Agent’s determination, to fulfill such Debtor’s obligations under
		this Agreement and the other Noteholder Agreements. Each Debtor hereby releases
		Collateral Agent and its officers, employees and designees from any liabilities
		arising from any act or acts under this power of attorney and in furtherance
		thereof, whether of omission or commission, except as a result of Collateral
		Agent’s own gross negligence or wilful misconduct as determined pursuant
		to a final non-appealable order of a court of competent jurisdiction.
	 

	 
		3.6 Right to Cure.
		Collateral Agent may, but is not required to, at any time an Event of Default
		exists or has occurred and is continuing (a) upon notice to any Debtor,
		cure any material default by such Debtor under any material agreement with a
		third party that materially affects the Collateral, its value or the ability of
		Collateral Agent to collect, sell or otherwise dispose of the Collateral or the
		rights and remedies of Collateral Agent therein or the ability of such Debtor
		to perform its obligations hereunder or under the other Noteholder Agreements,
		(b) pay or bond on appeal any judgment entered against any Debtor,
		(c) discharge taxes, liens, security interests or other encumbrances at
		any time levied on or existing with respect to the 
	 

	 
		 
	 

	 
		 
	 

	 
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		Collateral and (d) pay any amount, incur any
		expense or perform any act which, in Collateral Agent’s judgment, is
		necessary or appropriate to preserve, protect, insure or maintain the
		Collateral and the rights of Collateral Agent with respect thereto. Collateral
		Agent may add any amounts so expended to the Noteholder Debt and charge the
		applicable Debtor’s account therefor, such amounts to be repayable by such
		Debtor on demand. Collateral Agent shall be under no obligation to effect such
		cure, payment or bonding and shall not, by doing so, be deemed to have assumed
		any obligation or liability of any Debtor. Any payment made or other action
		taken by Collateral Agent under this Section shall be without prejudice to any
		right to assert an Event of Default hereunder and to proceed
		accordingly.
	 

	 
		3.7 Access to Premises. From time to time as requested by Collateral Agent, at
		the cost and expense of the Debtors, (a) Collateral Agent or its designee
		shall have complete access to all of each Debtor’s premises during normal
		business hours and after reasonable advance notice to such Debtor, or at any
		time and without notice to such Debtor if an Event of Default exists or has
		occurred and is continuing, for the purposes of inspecting, verifying and
		auditing the Collateral and all of such Debtor’s books and records,
		including the Records, (b) each Debtor shall promptly furnish to
		Collateral Agent such copies of such books and records or extracts therefrom as
		Collateral Agent may request, and (c) use during normal business hours such of
		each Debtor’s personnel, equipment, supplies and premises as may be
		reasonably necessary for the foregoing and if an Event of Default exists or has
		occurred and is continuing for the collection of Accounts and realization of
		other Collateral.
	 

	 	
			 
				SECTION 4. REPRESENTATIONS AND WARRANTIES
			 

		  

	 
		Each Debtor hereby represents and warrants
		to Secured Parties the following (which shall survive the execution and
		delivery of this Agreement):
	 

	 
		4.1 Existence; Power and Authority. Such Debtor is a corporation or other entity duly
		organized and in good standing under the laws of its state of incorporation or
		formation, as the case may be, and is duly qualified as a foreign corporation
		and in good standing in all states or other jurisdictions where the nature and
		extent of the business transacted by it or the ownership of assets makes such
		qualification necessary, except for those jurisdictions in which the failure to
		so qualify would not have a material adverse effect on such Debtor’s
		financial condition, results of operation or business or the rights of
		Collateral Agent in or to any of the Collateral. The execution, delivery and
		performance of this Agreement, the other Noteholder Agreements and the
		transactions contemplated hereunder and thereunder (a) are all within such
		Debtor’s corporate or other powers, (b) have been duly authorized, (c) are
		not in contravention of law or the terms of such Debtor’s certificate of
		incorporation or formation, as the case may be, by-laws, or other
		organizational documentation, or any indenture, agreement or undertaking to
		which Debtor is a party or by which such Debtor or its property are bound and
		(d) will not result in the creation or imposition of, or require or give rise
		to any obligation to grant, any lien, security interest, charge or other
		encumbrance upon any property of such Debtor. This Agreement and the other
		Noteholder Agreements constitute legal, valid and binding obligations of such
		Debtor enforceable in accordance with their respective terms.
	 

	 
		 
	 

	 
		 
	 

	 
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		4.2 Name; State of Organization; Chief Executive Office;
		Collateral Locations.
	 

	 
		(a) The exact legal name of such Debtor is
		as set forth on the signature page of this Agreement (or supplement hereto) and
		in the Information Certificate. Such Debtor has not, during the past five
		years, been known by or used any other corporate or fictitious name or been a
		party to any merger or consolidation, or acquired all or substantially all of
		the assets of any Person, or acquired any of its property or assets out of the
		ordinary course of business, except as set forth in the Information
		Certificate.
	 

	 
		(b) Such Debtor is an organization of the
		type and organized in the jurisdiction set forth in the Information
		Certificate. The Information Certificate accurately sets forth the
		organizational identification number of such Debtor or accurately states that
		such Debtor has none and accurately sets forth the federal employer
		identification number of such Debtor.
	 

	 
		(c) The chief executive office and mailing
		address of such Debtor and such Debtor’s Records concerning Accounts are
		located only at the address identified as such in the Information Certificate
		and its only other places of business and the only other locations of
		Collateral, if any, are the addresses set forth in the Information Certificate,
		subject to the right of such Debtor to establish new locations in accordance
		with Section 5.2 below. The Information Certificate correctly identifies
		any of such locations which are not owned by such Debtor and sets forth the
		owners and/or operators thereof.
	 

	 
		4.3 Priority of Liens; Title to Properties. Subject to Section 4.4, the
		security interests and liens granted to Collateral Agent under this Agreement
		and the other Noteholder Agreements constitute valid and perfected first
		priority liens and security interests in and upon the Collateral subject only
		to Permitted Prior Liens except as otherwise permitted by the Indenture. Such
		Debtor has good and marketable fee simple title to or valid leasehold interests
		in all of its Real Property and good, valid and merchantable title to all of
		its other properties and assets subject to no liens, mortgages, pledges,
		security interests, encumbrances or charges of any kind, other than Permitted
		Liens and except as otherwise permitted by the Indenture.
	 

	 
		4.4 Priority of Liens on Motor Vehicles, Deposit Accounts
		and Investment Property. Upon each
		Debtor satisfying or causing to be satisfied any and all requirements of
		Section 3.4(b), the security interests and liens granted to the
		Collateral Agent in the Motor Vehicles under this Agreement and the other
		Noteholder Agreements will constitute valid and perfected first priority liens
		and security interests in and upon such Motor Vehicles. Upon each Debtor
		satisfying or causing to be satisfied any and all requirements of Sections
		2.2(d) and 2.2(e)(ii), the security interests and liens granted to the
		Collateral Agent in the deposit accounts and the investment property that
		constitute Collateral under this Agreement and the other Noteholder Agreements
		will constitute valid and perfected first priority liens and security interests
		in and upon such deposit accounts and investment property, subject only to
		Permitted Prior Liens except as otherwise permitted by the Indenture.
	 

	 
		4.5 Survival
		of Warranties; Cumulative. All
		representations and warranties contained in this Agreement or any of the other
		Noteholder Agreements shall survive the execution and delivery of this
		Agreement. The representations and warranties set forth herein shall be 

	 

	 
		 
	 

	 
		 
	 

	 
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		cumulative and in addition to any other
		representations or warranties which such Debtor shall now or hereafter give, or
		cause to be given, to Secured Parties.
	 

	 
		4.6 Information
		Certificate. Such Debtor has delivered
		to the Collateral Agent a Information Certificate, fully and accurately
		completed in all material respects and executed by an authorized officer of
		such Debtor.
	 

	 
		4.7 Best Interests.
		It is in the best interests of such Debtor (other than the Issuer) to execute
		this Agreement inasmuch as such Debtor will, as a result of being a Subsidiary
		of the Issuer, derive substantial direct and indirect benefits from the
		issuance of Notes by the Issuer, and each Debtor agrees that the Secured
		Parties are relying on this representation in agreeing to purchase the
		Notes.
	 

	 
			
				
				  SECTION 5. AFFIRMATIVE AND NEGATIVE COVENANTS
				

			 

 

	 
		5.1 New Collateral Locations. A Debtor may only open any new location within the
		continental United States provided Debtor (i) gives Collateral Agent thirty
		(15) days prior written notice of the intended opening of any such new location
		and (ii) executes and delivers, or causes to be executed and delivered, to
		Collateral Agent such agreements, documents, and instruments as Collateral
		Agent may deem necessary or desirable to protect its interests in the
		Collateral at such location; provided that no
		lien need be granted in real property other than as owned in fee by the
		applicable Debtor if required under Section 4.22 of the Indenture.
	 

	 
		5.2 Costs and Expenses. Each Debtor shall pay to Collateral Agent within ten
		Business Days following demand with reasonable substantiation therefore all
		costs, expenses, filing fees and taxes paid or payable in connection with the
		preparation, negotiation, execution, delivery, recording, administration,
		collection, liquidation, enforcement and defense of the Noteholder Debt,
		Collateral Agent’s rights in the Collateral, this Agreement, the other
		Noteholder Agreements and all other documents related hereto or thereto,
		including any amendments, supplements or consents which may hereafter be
		contemplated (whether or not executed) or entered into in respect hereof and
		thereof, including: (a) all costs and expenses of filing or recording
		(including UCC financing statement filing taxes and fees, documentary taxes,
		intangibles taxes and mortgage recording taxes and fees, if applicable); (b)
		reasonable insurance premiums, appraisal fees and search fees; (c) reasonable
		costs and expenses of preserving and protecting the Collateral; (d) reasonable
		costs and expenses paid or incurred in connection with obtaining payment of the
		Noteholder Debt, enforcing the security interests and liens of Collateral
		Agent, selling or otherwise realizing upon the Collateral, and otherwise
		enforcing the provisions of this Agreement and the other Noteholder Agreements
		or defending any claims made or threatened against Collateral Agent arising out
		of the transactions contemplated hereby and thereby (including preparations for
		and consultations concerning any such matters); and (e) reasonable fees and
		disbursements of counsel to Collateral Agent in connection with any of the
		foregoing.
	 

	 
		5.3 Further Assurances. At the request of Collateral Agent at any time and
		from time to time, each Debtor shall, at its expense, at any time or times duly
		execute and deliver, or cause to be duly executed and delivered, such further
		agreements, documents and instruments, and do or cause to be done such further
		acts as may be necessary or proper to evidence, perfect, 
	 

	 
		 
	 

	 
		 
	 

	 
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		maintain and enforce the security interests
		and the priority thereof in the Collateral and to otherwise effectuate the
		provisions or purposes of this Agreement or any of the other Noteholder
		Agreements.
	 

	 	
			 
				SECTION 6. EVENTS OF DEFAULT AND REMEDIES
			 

		  

	 
		6.1 Events of Default. The occurrence or existence of any Event of Default
		under the Indenture is referred to herein individually as an “Event of
		Default”, and collectively as “Events of Default”.
	 

	 
		6.2 Remedies.
	 

	 
		(a) Subject to the Intercreditor Agreement,
		at any time an Event of Default exists or has occurred and is continuing,
		Collateral Agent shall have all rights and remedies provided in this Agreement,
		the other Noteholder Agreements, the UCC and other applicable law, all of which
		rights and remedies may be exercised without notice to or consent by any Debtor
		or any other Obligor, except as such notice or consent is expressly provided
		for hereunder or required by applicable law. All rights, remedies and powers
		granted to Collateral Agent hereunder, under any of the other Noteholder
		Agreements, the UCC or other applicable law, are cumulative, not exclusive and
		enforceable, in Collateral Agent’s discretion, alternatively,
		successively, or concurrently on any one or more occasions, and shall include,
		without limitation, the right to apply to a court of equity for an injunction
		to restrain a breach or threatened breach by any Debtor of this Agreement or
		any of the other Noteholder Agreements. Collateral Agent may, at any time or
		times, proceed directly against any Debtor or any other Obligor to collect the
		Noteholder Debt without prior recourse to any Obligor or any of the
		Collateral.
	 

	 
		(b) Subject to the Intercreditor Agreement,
		without limiting the foregoing, at any time an Event of Default exists or has
		occurred and is continuing, Collateral Agent may, in its discretion and,
		without limitation, (i) with or without judicial process or the aid or
		assistance of others, enter upon any premises on or in which any of the
		Collateral may be located and take possession of the Collateral or complete
		processing, manufacturing and repair of all or any portion of the Collateral,
		(ii) require any such Debtor, at such Debtor’s expense, to assemble
		and make available to Collateral Agent any part or all of the Collateral at any
		place and time designated by Collateral Agent, (iii) collect, foreclose,
		receive, appropriate, setoff and realize upon any and all Collateral,
		(iv) remove any or all of the Collateral from any premises on or in which
		the same may be located for the purpose of effecting the sale, foreclosure or
		other disposition thereof or for any other purpose, and/or (v) sell,
		lease, transfer, assign, deliver or otherwise dispose of any and all Collateral
		(including entering into contracts with respect thereto, public or private
		sales at any exchange, broker’s board, at any office of Collateral Agent
		or elsewhere) at such prices or terms as Collateral Agent may deem reasonable,
		for cash, upon credit or for future delivery, with the Collateral Agent having
		the right to purchase the whole or any part of the Collateral at any such
		public sale, all of the foregoing being free from any right or equity of
		redemption of any Debtor, which right or equity of redemption is hereby
		expressly waived and released by each Debtor. If any of the Collateral is sold
		or leased by Collateral Agent upon credit terms or for future delivery, the
		Noteholder Debt shall not be reduced as a result thereof until payment therefor
		is finally collected by Collateral Agent. If notice of 
	 

	 
		 
	 

	 
		 
	 

	 
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		disposition of Collateral is required by
		law, ten (10) days prior notice by Collateral Agent to a Debtor designating the
		time and place of any public sale or the time after which any private sale or
		other intended disposition of Collateral is to be made, shall be deemed to be
		reasonable notice thereof and each Debtor waives any other notice. In the event
		Collateral Agent institutes an action to recover any Collateral or seeks
		recovery of any Collateral by way of prejudgment remedy, each Debtor waives the
		posting of any bond which might otherwise be required.
	 

	 
		(c) To the extent that applicable law
		imposes duties on Collateral Agent to exercise remedies in a commercially
		reasonable manner (which duties cannot be waived under such law), each Debtor
		acknowledges and agrees that it is not commercially unreasonable for Collateral
		Agent (i) to fail to incur expenses reasonably deemed significant by Collateral
		Agent to prepare Collateral for disposition or otherwise to complete raw
		material or work in process into finished goods or other finished products for
		disposition, (ii) to fail to obtain third party consents for access to
		Collateral to be disposed of, or to obtain or, if not required by other law, to
		fail to obtain consents of any governmental authority or other third party for
		the collection or disposition of Collateral to be collected or disposed of,
		(iii) to fail to exercise collection remedies against account debtors,
		secondary obligors or other persons obligated on Collateral or to remove liens
		or encumbrances on or any adverse claims against Collateral, (iv) to exercise
		collection remedies against account debtors and other persons obligated on
		Collateral directly or through the use of collection agencies and other
		collection specialists, (v) to advertise dispositions of Collateral through
		publications or media of general circulation, whether or not the Collateral is
		of a specialized nature, (vi) to contact other persons, whether or not in the
		same business as any Debtor for expressions of interest in acquiring all or any
		portion of the Collateral, (vii) to hire one or more professional auctioneers
		to assist in the disposition of Collateral, whether or not the collateral is of
		a specialized nature, (viii) to dispose of Collateral by utilizing Internet
		sites that provide for the auction of assets of the types included in the
		Collateral or that have the reasonable capability of doing so, or that match
		buyers and sellers of assets, (ix) to dispose of assets in wholesale rather
		than retail markets, (x) to disclaim disposition warranties, (xi) to purchase
		insurance or credit enhancements to insure Collateral Agent against risks of
		loss, collection or disposition of Collateral or to provide to Collateral Agent
		a guaranteed return from the collection or disposition of Collateral, or (xii)
		to the extent deemed appropriate by Collateral Agent, to obtain the services of
		other brokers, investment bankers, consultants and other professionals to
		assist Collateral Agent in the collection or disposition of any of the
		Collateral. Each Debtor acknowledges that the purpose of this Section is to
		provide non-exhaustive indications of what actions or omissions by Collateral
		Agent would not be commercially unreasonable in Collateral Agent’s
		exercise of remedies against the Collateral and that other actions or omissions
		by Collateral Agent shall not be deemed commercially unreasonable solely on
		account of not being indicated in this Section. Without limitation of the
		foregoing, nothing contained in this Section shall be construed to grant any
		rights to any Debtor or to impose any duties on Collateral Agent that would not
		have been granted or imposed by this Agreement or by applicable law in the
		absence of this Section.
	 

	 
		(d) Subject to the terms of the
		Intercreditor Agreement, for the purpose of enabling Collateral Agent to
		exercise the rights and remedies hereunder, each Debtor hereby grants to
		Collateral Agent, to the extent assignable, an irrevocable, non-exclusive
		license (exercisable without payment of royalty or other compensation to such
		Debtor) to use, assign, 
	 

	 
		 
	 

	 
		 
	 

	 
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		license or sublicense any of the trademarks,
		service-marks, trade names, business names, trade styles, designs, logos and
		other source of business identifiers and other Intellectual Property and
		general intangibles now owned or hereafter acquired by such Debtor, wherever
		the same may be located, including in such license reasonable access to all
		media in which any of the licensed items may be recorded or stored and to all
		computer programs used for the compilation or printout thereof.
	 

	 
		(e) Subject to the terms of the
		Intercreditor Agreement, Collateral Agent may apply the cash proceeds of
		Collateral actually received by Collateral Agent from any sale, lease,
		foreclosure or other disposition of the Collateral to payment of the Noteholder
		Debt, in whole or in part and in such order as Collateral Agent may elect,
		whether or not then due. Each Debtor shall remain liable to Collateral Agent
		for the payment of any deficiency with interest at the highest rate provided
		for in the Indenture and all costs and expenses of collection or enforcement,
		including attorneys’ fees and legal expenses.
	 

	 	
			 
				SECTION 7. COLLATERAL AGENT
			 

		  

	 
		7.1 Collateral Agent Has No Duty. The powers conferred on the Collateral Agent hereunder
		are solely to protect its interest (on behalf of the Secured Parties) in the
		Collateral and shall not impose any duty on it to exercise any such powers.
		
	 

	 
		7.2 Reasonable Care.
		The Collateral Agent is required to exercise reasonable care in the custody and
		preservation of any of the Collateral in its possession; provided,
		however, that the Collateral Agent shall be deemed to have
		exercised reasonable care in the custody and preservation of any of the
		Collateral if it takes such action for that purpose as any Grantor reasonably
		requests in writing at times other than upon the occurrence and during the
		continuance of any Event of Default, but failure of the Collateral Agent to
		comply with any such request at any time shall not in itself be deemed a
		failure to exercise reasonable care.
	 

	 
		7.3 Other Provisions Relating to the Collateral
		Agent. 
	 

	 
		(a) The Collateral Agent has been appointed
		to act as such pursuant to the Indenture and the other Noteholder Agreements,
		with such powers, rights and obligations as are expressly delegated to the
		Collateral Agent by the terms of this Security Agreement, the Indenture and the
		other Noteholder Agreements. The Collateral Agent may, from time to time,
		appoint another financial institution to act as Collateral Agent so long as
		such institution meets the requirements of Section 7.3(d). The Collateral Agent, acting in its capacity as such,
		shall have only such duties with respect to the Collateral as are set forth
		herein. If the Trustee is serving as Collateral Agent hereunder, the provisions
		of Article Seven of the Indenture applicable to the Trustee shall also apply to
		the Collateral Agent hereunder.
	 

	 
		(b) Except during the continuance of an
		Event of Default, the Collateral Agent need perform only those duties that are
		specifically set forth in this Agreement and no others, and no implied
		covenants or obligations will be read into this Agreement against the
		Collateral Agent. In case an Event of Default has occurred and is continuing,
		the Collateral Agent shall exercise those rights and powers vested in it by
		this Agreement, and use the same degree of care 
	 

	 
		 
	 

	 
		 
	 

	 
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		and skill in their exercise, as a prudent
		man would exercise or use under the circumstances in the conduct of his own
		affairs.
	 

	 
		(c) As to any matters not expressly provided
		for by this Agreement, the Noteholder Agreements or the Intercreditor
		Agreement, the Collateral Agent shall not be required to take any action or
		exercise any discretion, but shall be required to act or to refrain from acting
		upon the instructions of the Trustee (representing the Noteholders) and shall
		in all such cases be fully protected in acting, or in refraining from acting,
		in accordance with such instructions of the Trustee (representing the
		Noteholders), and any action taken or failure to act pursuant thereto shall be
		binding on all of the Noteholders. The Collateral Agent may rely on the written
		certification of the Trustee with respect to any such vote. Notwithstanding any
		other provisions herein, the Collateral Agent shall not be required 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 at
		the request of the Noteholders unless the Debtors or the Noteholders have
		provided to the Collateral Agent security or indemnity, which the Collateral
		Agent, in its reasonable discretion, deems sufficient against any and all
		liability or expense which may be incurred by it by reason of taking or
		continuing to take such action.
	 

	 
		(d) Subject to the appointment and
		acceptance of a successor Collateral Agent in accordance with the Indenture,
		the Collateral Agent may resign at any time by giving not less than thirty (30)
		days’ notice thereof to each Trustee and the Issuer. Upon the acceptance
		of any appointment as Collateral Agent hereunder by a successor Collateral
		Agent, (i) such successor Collateral Agent shall thereupon succeed to and
		become vested with all the rights, powers, privileges and duties of the
		retiring Collateral Agent, and the retiring Collateral Agent shall be
		discharged from its duties and obligations hereunder, and (ii) the
		retiring Collateral Agent shall promptly transfer all Collateral within its
		possession or control to the possession or control of the successor Collateral
		Agent and shall execute and deliver such notices, instructions and assignments
		as may be necessary or desirable to transfer the rights of the Collateral Agent
		in respect of the Collateral to the successor Collateral Agent. After any
		retiring Collateral Agent’s resignation or replacement hereunder as
		Collateral Agent, the provisions of this Section and Section 6.2
		shall continue in effect for its benefit in respect of any actions taken or
		omitted to be taken by it while it was acting as Collateral Agent. If the
		Trustee (or any one of them) shall be acting at any time as the Collateral
		Agent, then it will be deemed to have resigned as Collateral Agent upon its
		replacement as Trustee pursuant to the applicable Noteholder Agreement. Upon
		any such resignation or removal, the former Collateral Agent shall take all
		steps necessary to assign the Collateral to the successor Collateral
		Agent.
	 

	 	
			 
				SECTION 8. JURY TRIAL WAIVER; OTHER WAIVERS AND CONSENTS; GOVERNING
				LAW
			 

		  

	 
		8.1 Governing Law; Choice of Forum; Service of Process; Jury
		Trial Waiver.
	 

	 
		(a) (i) THIS AGREEMENT SHALL BE GOVERNED BY
		AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED
		TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO
		PRINCIPLES OF CONFLICT OF LAWS. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO
		THE JURISDICTION OF THE COURTS OF 
	 

	 
		 
	 

	 
		 
	 

	 
		-21-
	 

	 
		 
	 

	 
	 

	 

	 
		THE STATE OF NEW YORK IN ANY ACTION OR
		PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. (ii) Each of the
		parties hereto hereby irrevocably consents to the non-exclusive jurisdiction of
		the Supreme Court of New York, New York County and the United States District
		Court of New York, New York County and waives trial by jury in any action or
		proceeding with respect to this Indenture. 
	 

	 
		(b) Each Debtor hereby waives personal
		service of any and all process upon it and consents that all such service of
		process may be made by certified mail (return receipt requested) directed to
		its address set forth on the signature pages hereof and service so made shall
		be deemed to be completed five (5) days after the same shall have been so
		deposited in the U.S. mails, or, at Collateral Agent’s option, by service
		upon any Debtor in any other manner provided under the rules of any such
		courts. Within thirty (30) days after such service, such Debtor shall appear in
		answer to such process, failing which such Debtor shall be deemed in default
		and judgment may be entered by Collateral Agent against such Debtor for the
		amount of the claim and other relief requested.
	 

	 
		(c) EACH DEBTOR HEREBY WAIVES ANY RIGHT TO
		TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (1) ARISING UNDER
		THIS AGREEMENT OR ANY OF THE OTHER NOTEHOLDER AGREEMENTS OR (2) IN ANY WAY
		CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF SUCH DEBTOR AND
		COLLATERAL AGENT IN RESPECT OF THIS AGREEMENT OR ANY OF THE OTHER NOTEHOLDER
		AGREEMENTS OR THE TRANSACTIONS RELATED HERETO OR THERETO IN EACH CASE WHETHER
		NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR
		OTHERWISE. EACH DEBTOR HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND,
		ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND
		THAT EACH DEBTOR OR COLLATERAL AGENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY
		OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF SUCH
		DEBTOR AND COLLATERAL AGENT TO THE WAIVER OF THEIR RIGHT TO TRIAL BY
		JURY.
	 

	 
		(d) Collateral Agent shall not have any
		liability to any Debtor (whether in tort, contract, equity or otherwise) for
		losses suffered by any Debtor in connection with, arising out of, or in any way
		related to the transactions or relationships contemplated by this Agreement, or
		any act, omission or event occurring in connection herewith, unless it is
		determined by a final and non-appealable judgment or court order binding on
		Collateral Agent that the losses were the result of acts or omissions
		constituting gross negligence or willful misconduct. In any such litigation,
		Collateral Agent shall be entitled to the benefit of the rebuttable presumption
		that it acted in good faith and with the exercise of ordinary care in the
		performance by it of the terms of this Agreement and the other Noteholder
		Agreements.
	 

	 
		8.2 Waiver of Notices. Debtor hereby expressly waives demand, presentment,
		protest and notice of protest and notice of dishonor with respect to any and
		all instruments and commercial paper, included in or evidencing any of the
		Noteholder Debt or the Collateral, and any and all other demands and notices of
		any kind or nature whatsoever with respect to the Noteholder Debt, the
		Collateral and this Agreement, except such as are expressly provided for
		herein. No notice to or demand on any Debtor which Collateral Agent may elect
		to give shall 
	 

	 
		 
	 

	 
		 
	 

	 
		-22-
	 

	 
		 
	 

	 
	 

	 

	 
		entitle any Debtor to any other or further
		notice or demand in the same, similar or other circumstances.
	 

	 
		8.3 Amendments and Waivers. Neither this Agreement nor any provision hereof shall
		be amended, modified, waived or discharged orally or by course of conduct, but
		only by a written agreement signed by an authorized officer of Collateral
		Agent, and as to amendments, as also signed by an authorized officer of each
		Debtor. Collateral Agent shall not, by any act, delay, omission or otherwise be
		deemed to have expressly or impliedly waived any of its rights, powers and/or
		remedies unless such waiver shall be in writing and signed by an authorized
		officer of Collateral Agent. Any such waiver shall be enforceable only to the
		extent specifically set forth therein. A waiver by Collateral Agent of any
		right, power and/or remedy on any one occasion shall not be construed as a bar
		to or waiver of any such right, power and/or remedy which Collateral Agent
		would otherwise have on any future occasion, whether similar in kind or
		otherwise.
	 

	 
		8.4 Waiver of Counterclaims. Each Debtor waives all rights to interpose any claims,
		deductions, setoffs or counterclaims of any nature (other then compulsory
		counterclaims) in any action or proceeding with respect to this Agreement, the
		Noteholder Debt, the Collateral or any matter arising therefrom or relating
		hereto or thereto.
	 

	 	
			 
				SECTION 9. MISCELLANEOUS
			 

		  

	 
		9.1 Interpretative Provisions.
	 

	 
		(a) All terms used herein which are defined
		in Article 1 or Article 9 of the UCC shall have the meanings given therein
		unless otherwise defined in this Agreement.
	 

	 
		(b) All references to the plural herein
		shall also mean the singular and to the singular shall also mean the plural
		unless the context otherwise requires.
	 

	 
		(c) All references to a Debtor and
		Collateral Agent pursuant to the definitions set forth in the recitals hereto,
		or to any other person herein, shall include their respective successors and
		assigns.
	 

	 
		(d) The words “hereof”,
		“herein”, “hereunder”, “this Agreement” and words
		of similar import when used in this Agreement shall refer to this Agreement as
		a whole and not any particular provision of this Agreement and as this
		Agreement now exists or may hereafter be amended, modified, supplemented,
		extended, renewed, restated or replaced.
	 

	 
		(e) The word “including” when used
		in this Agreement shall mean “including, without limitation”.
	 

	 
		(f) All references to the term “good
		faith” used herein when applicable to Collateral Agent shall mean,
		notwithstanding anything to the contrary contained herein or in the UCC,
		honesty in fact in the conduct or transaction concerned. Debtors shall have the
		burden of proving any lack of good faith on the part of Collateral Agent
		alleged by any Debtor at any time.
	 

	 
		 
	 

	 
		 
	 

	 
		-23-
	 

	 
		 
	 

	 
	 

	 

	 
		(g) An Event of Default shall exist or
		continue or be continuing until such Event of Default is waived in accordance
		with Section 8.3 or is cured in a manner satisfactory to such Collateral
		Agent, if such Event of Default is capable of being cured as determined by
		Collateral Agent.
	 

	 
		(h) In the computation of periods of time
		from a specified date to a later specified date, the word “from”
		means “from and including”, the words “to” and
		“until” each mean “to but excluding” and the word
		“through” means “to and including”.
	 

	 
		(i) Unless otherwise expressly provided
		herein, (i) references herein to any agreement, document or instrument shall be
		deemed to include all subsequent amendments, modifications, supplements,
		extensions, renewals, restatements or replacements with respect thereto, but
		only to the extent the same are not prohibited by the terms hereof or of any
		other Financing Agreement, and (ii) references to any statute or regulation are
		to be construed as including all statutory and regulatory provisions
		consolidating, amending, replacing, recodifying, supplementing or interpreting
		the statute or regulation.
	 

	 
		(j) The captions and headings of this
		Agreement are for convenience of reference only and shall not affect the
		interpretation of this Agreement.
	 

	 
		(k) This Agreement and the other Noteholder
		Agreements are the result of negotiations among and have been reviewed by
		counsel to Collateral Agent and the other parties, and are the products of all
		parties. Accordingly, this Agreement and the other Noteholder Agreements shall
		not be construed against Collateral Agent merely because of Collateral
		Agent’s involvement in their preparation.
	 

	 
		9.2 Notices. All
		notices, requests and demands hereunder shall be given in accordance with
		Section 11.02 of the Indenture.
	 

	 
		9.3 Partial Invalidity. If any provision of this Agreement is held to be
		invalid or unenforceable, such invalidity or unenforceability shall not
		invalidate this Agreement as a whole, but this Agreement shall be construed as
		though it did not contain the particular provision held to be invalid or
		unenforceable and the rights and obligations of the parties shall be construed
		and enforced only to such extent as shall be permitted by applicable
		law.
	 

	 
		9.4 Successors. This
		Agreement, the other Noteholder Agreements and any other document referred to
		herein or therein shall be binding upon each Debtor and its successors and
		assigns and inure to the benefit of and be enforceable by Collateral Agent and
		its successors and assigns, except that no Debtor may assign its rights under
		this Agreement, the other Noteholder Agreements and any other document referred
		to herein or therein without the prior written consent of Collateral Agent
		unless otherwise permitted in accordance with or required under Article Five or
		Section 10.04 of the Indenture.
	 

	 
		9.5 Entire Agreement. Subject to Section 9.6, this Agreement, the other Noteholder Agreements, the
		Intercreditor Agreement, any supplements hereto or thereto, and any instruments
		or documents delivered or to be delivered in connection herewith or therewith
		represents the entire agreement and understanding concerning the subject matter
		hereof and
	 

	 
		 
	 

	 
		 
	 

	 
		-24-
	 

	 
		 
	 

	 
	 

	 

	 
		thereof between the parties hereto, and
		supersede all other prior agreements, understandings, negotiations and
		discussions, representations, warranties, commitments, proposals, offers and
		contracts concerning the subject matter hereof, whether oral or written. In the
		event of any inconsistency between the terms of this Agreement and any schedule
		or exhibit hereto, the terms of this Agreement shall govern.
	 

	 
		9.6 RELATIONSHIP WITH INTERCREDITOR
		AGREEMENT. NOTWITHSTANDING ANYTHING
		HEREIN TO THE CONTRARY, THE ENFORCEMENT OF THE LIEN AND SECURITY INTEREST
		GRANTED TO THE COLLATERAL AGENT PURSUANT TO THIS AGREEMENT AND THE EXERCISE OF
		ANY RIGHT OR REMEDY BY THE COLLATERAL AGENT 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 SECURITY AGREEMENT, THE TERMS
		OF THE INTERCREDITOR AGREEMENT SHALL GOVERN; PROVIDED THAT
		NOTHING IN THE INTERCREDITOR AGREEMENT SHALL AFFECT THE ATTACHMENT OF OR,
		SUBJECT TO THE PRIORITIES ESTABLISHED IN THE INTERCREDITOR AGREEMENT,
		PERFECTION OF THE LIEN AND SECURITY INTEREST GRANTED TO THE COLLATERAL AGENT
		PURSUANT TO THIS AGREEMENT.
	 

	 
		9.7 Release of Liens. The security interests granted hereunder in any
		Collateral shall automatically be released in the manner, at the times and to
		the extent specified in the Intercreditor Agreement, if any, and as may be
		permitted by the Indenture and any other Noteholder Agreement. Upon any such
		release or termination, the Collateral Agent will, at the Debtors’ sole
		expense, deliver to the applicable Debtor, without any representations,
		warranties or recourse of any kind whatsoever, all Collateral held by the
		Collateral Agent hereunder in which the security interest granted hereunder is
		released or terminated, and execute and deliver to the applicable Debtor such
		documents as such Debtor shall reasonably request to evidence such release or
		termination.
	 

	 
		9.8 Additional Debtors. Upon the execution and delivery by any other Person of
		a supplement in the form of Annex I hereto, such Person shall become a
		“Debtor” hereunder with the same force and effect as if it were
		originally a party to this Agreement and named as a “Debtor”
		hereunder. The execution and delivery of such supplement shall not require the
		consent of any other Debtor hereto, and the rights and obligations of each
		Debtor hereunder shall remain in full force and effect notwithstanding the
		addition of any new Debtor as a party to this Agreement.
	 

	 
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		BLANK]
	 

	 
		 
	 

	 
		 
	 

	 
		-25-
	 

	 
		 
	 

	 
	 

	 

	 
		IN WITNESS WHEREOF, each party hereto has
		caused these presents to be duly executed as of the day and year first above
		written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  ATLANTIC EXPRESS TRANSPORTATION
				  CORP.
				

			 
	 	 	 
	
				
				

			 	
				
				  
 By:
				

			 	
				
				  /s/ Domenic Gatto
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		S-1
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  Each of the following entities, as
				  Subsidiary Guarantors:
 
 180 JAMAICA
				  CORP.
 
 AMBOY BUS CO.,
				  INC.
 ATLANTIC ESCORTS INC.

				  ATLANTIC EXPRESS COACHWAYS, INC.

				  ATLANTIC EXPRESS NEW ENGLAND, INC.

				  ATLANTIC EXPRESS OF CALIFORNIA, INC.

				  ATLANTIC EXPRESS OF ILLINOIS, INC.

				  ATLANTIC EXPRESS OF L.A. INC.

				  ATLANTIC EXPRESS OF MISSOURI INC.

				  ATLANTIC EXPRESS OF NEW JERSEY, INC.

				  ATLANTIC EXPRESS OF PENNSYLVANIA, INC.

				  ATLANTIC PARATRANS OF NYC, INC.

				  ATLANTIC PARATRANS, INC.

				  ATLANTIC QUEENS BUS CORP.

				  ATLANTIC TRANSIT, CORP.

				  ATLANTIC-HUDSON, INC.

				  BLOCK 7932, INC.

				  BROOKFIELD TRANSIT INC.

				  COURTESY BUS CO., INC.

				  FIORE BUS SERVICE, INC.

				  GROOM TRANSPORTATION, INC.

				  G.V.D. LEASING CO., INC.

				  JAMES MCCARTY LIMO SERVICE, INC.

				  JERSEY BUSINESS LAND CO., INC.

				  K. CORR, INC.

				  MERIT TRANSPORTATION CORP.

				  METRO AFFILIATES, INC.

				  METROPOLITAN ESCORT SERVICE, INC.

				  MIDWAY LEASING INC.

				  R. FIORE BUS SERVICE, INC.

				  RAYBERN BUS SERVICE, INC.

				  RAYBERN CAPITAL CORP.

				  RAYBERN EQUITY CORP.

				  ROBERT L. MCCARTHY & SON, INC.

				  STATEN ISLAND BUS, INC.

				  TEMPORARY TRANSIT SERVICE, INC.

				  ATLANTIC EXPRESS OF UPSTATE NEW YORK,
				  INC.
 TRANSCOMM, INC.

				  WINSALE, INC.
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				  By: 
				

			 	
				
				  /s/ Domenic Gatto
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		S-2
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  THE BANK OF NEW YORK, as Collateral
				  Agent
				

			 
	 	 	 	 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By:  
				

			 	
				
				  /s/ Julie Salovitch-Miller
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:

				  Title:
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		S-3
	 

	 
		 
	 

	 
	 

	 

	 
		Exhibit A
	 

	 
		Form of Information
		Certificate
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		ANNEX I
	 

	 
		to Security Agreement
	 

	 
		 
	 

	 
		THIS SUPPLEMENT, dated as of __________ __,
		___ (this “Supplement”), is to the Security Agreement, dated as of May
		15, 2007 (as amended, supplemented, amended and restated or otherwise modified
		from time to time, the “Security
		Agreement”), among the Debtors
		(such capitalized term, and other terms used in this Supplement, to have the
		meanings set forth or incorporated by reference in Article I of the Security
		Agreement) from time to time party thereto, in favor of The Bank of New York, a
		New York banking company, in its capacity as the Collateral Agent.
	 

	 
		W I T N E S S E T H:
	 

	 
		WHEREAS, the Atlantic Express Transportation
		Corp. has entered into an Indenture, dated as of May 15, 2007 (as amended,
		supplemented, amended and restated or otherwise modified from time to time, the
		“Indenture”) with The Bank of New York, a New York banking
		company (in such capacity, the “Trustee”),
		pursuant to which it issued Senior Secured Floating Rate Notes due 2012 in the
		original aggregate principal amount of $185,000,000 (collectively with any
		exchange notes issued in exchange thereof as contemplated by the Registration
		of Rights Agreement, dated as of May 15, 2007, among the Issuer, the Subsidiary
		Guarantors parties thereto and the Initial Purchasers (as defined therein) and
		any additional notes issued from time to time under such Indenture, the
		“Notes”);
	 

	 
		WHEREAS, pursuant to Section 4.14 of the
		Indenture and Section 9.8 of the Security Agreement, the undersigned is
		becoming a Debtor under the Security Agreement; 
	 

	 
		NOW, THEREFORE, for good and valuable
		consideration, the receipt and sufficiency of which are hereby acknowledged,
		the undersigned agrees, for the benefit of the Secured Parties, as
		follows.
	 

	 
		SECTION 1. Party to Security Agreement, etc. By its signature below the undersigned hereby agrees
		to become a Debtor under the Security Agreement and hereby assumes the
		obligations of a Debtor thereunder, with the same force and effect as if it
		were an original signatory thereto. To secure payment and performance of all
		Noteholder Debt, the undersigned Debtor hereby grants to Collateral Agent on
		behalf of the Secured Parties a continuing security interest in, a lien upon,
		and a right of set off against, and hereby assigns to Collateral Agent on
		behalf of the Secured Parties as security, all Collateral of the undersigned
		Debtor, whether now owned or hereafter acquired or existing, and wherever
		located. The undersigned Debtor hereby (a) agrees to be bound by and
		comply with all of the terms and provisions of the Security Agreement
		applicable to it as a Debtor and (b) represents and warrants that the
		representations and warranties made by it as a Debtor thereunder are true and
		correct as of the date hereof, unless stated to relate solely to an earlier
		date, in which case, such representations and warranties shall be true and
		correct in all material respects as of such earlier date. In furtherance of the
		foregoing, each reference to a “Debtor” in the Security Agreement
		shall be deemed to include the undersigned Debtor. Attached to this Supplement
		as Attachment I is an Information Certificate, fully and accurately completed
		by an authorized officer of the undersigned Debtor.
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		SECTION 2. Full Force of Security Agreement. Except as expressly supplemented hereby, the Security
		Agreement shall remain in full force and effect in accordance with its
		terms.
	 

	 
		SECTION 3. Governing Law, Entire Agreement, etc. THIS SUPPLEMENT SHALL BE DEEMED TO BE A CONTRACT MADE
		UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING FOR
		SUCH PURPOSE SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF
		THE STATE OF NEW YORK). THIS SUPPLEMENT AND THE OTHER NOTEHOLDER AGREEMENTS
		CONSTITUTE THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO
		THE SUBJECT MATTER HEREOF AND THEREOF AND SUPERSEDE ANY PRIOR AGREEMENTS,
		WRITTEN OR ORAL, WITH RESPECT THERETO.
	 

	 
		SECTION 4. Counterparts.
		This Supplement may be executed by the parties hereto in several counterparts,
		each of which shall be deemed to be an original and all of which shall
		constitute together but one and the same agreement. Delivery of an executed
		counterpart of a signature page to this Security Agreement by facsimile shall
		be effective as delivery of a manually executed counterpart of this Security
		Agreement.
	 

	 
		* * * * *
	 

	 
		IN WITNESS WHEREOF, the undersigned Debtor
		has caused this Supplement to be duly executed and delivered by its authorized
		Officer as of the date first above written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  [ADDITIONAL DEBTOR]
				

			 
	 	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 

 

	 
		 
	 

	 
		 
	 

	 
			
				
				  ACCEPTED BY:
 

				  THE BANK OF NEW YORK,

				     as Collateral Agent
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  By:
				

			 	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				  Name:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		-2-
	 

	 
		 
	 

	 
	 

	 

	 
		Attachment I
	 

	 
		Information Certificate
	 

	 
		[see Exhibit A to Security Agreement
	 

	 
		for the form Information Certificate]

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