Document:

Exhibit 10.2

 

EXECUTION COPY

 

GUARANTEE

 

GUARANTEE dated as of November 22, 2005,
made among ACCELLENT ACQUISITION CORP., a Delaware corporation (“Holdings”)
and each of the subsidiaries of the Borrower (as defined below) listed on Annex
A hereto (each such subsidiary individually, a “Subsidiary Guarantor”
and, collectively, the “Subsidiary Guarantors”; the Subsidiary
Guarantors and Holdings are referred to collectively as the “Guarantors”)
and JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the “Administrative
Agent”) for the lenders (the “Lenders”) from time to time parties to
the CREDIT AGREEMENT dated as of the date hereof, among ACCELLENT MERGER SUB
INC., a Maryland corporation (“Merger Sub”), a wholly owned subsidiary
of Holdings, which shall merge (the “Merger”) with and into ACCELLENT
INC., a Delaware corporation (“Target” and immediately upon the
consummation of the Merger with Target as the surviving entity and its
assumption of the obligations of Merger Sub by operation of law, the “Borrower”),
Holdings, the Borrower, the Lenders, J.P. MORGAN
SECURITIES INC., as joint lead arranger and joint bookrunner (in such
capacities, the “Joint Lead Arranger” and “Joint Bookrunner”), CREDIT SUISSE, as
joint lead arranger and joint bookrunner and syndication agent (in such
capacities, the “Joint Lead Arranger” and “Joint Bookrunner” and “Syndication
Agent”), the Administrative Agent and LEHMAN COMMERCIAL PAPER INC. as
documentation agent (in such capacity, the “Documentation Agent”).

 

W I  T  N  E
S  S  E  T  H:

 

WHEREAS, (a) pursuant
to the Credit Agreement, the Lenders have severally agreed to make Loans to the
Borrower and the Letter of Credit Issuers have agreed to issue Letters of
Credit for the account of the Borrower (collectively, the “Extensions of
Credit”) upon the terms and subject to the conditions set forth therein and
(b) one or more Lenders or affiliates of Lenders may from time to time
enter into Hedge Agreements with the Borrower;

 

WHEREAS, each
Subsidiary Guarantor is a Domestic Subsidiary of the Borrower;

 

WHEREAS, the
proceeds of the Extensions of Credit will be used in part to enable the Borrower
to make valuable transfers to the Subsidiary Guarantors in connection with the
operation of their respective businesses;

 

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

 

WHEREAS, it is
a condition precedent to the obligation of the Lenders and the Letter of Credit
Issuers to make their respective Extensions of Credit to the Borrower under the

 

 

Credit
Agreement that the Guarantors shall have executed and delivered this Guarantee
to the Administrative Agent for the benefit of the Secured Parties;

 

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

 

1.                                       Defined
Terms.

 

(a)                                  Unless
otherwise defined herein, terms defined in the Credit Agreement and used herein
shall have the meanings given to them in the Credit Agreement.

 

(b)                                 As
used herein, the term “Obligations” means the collective reference to (i) the
due and punctual payment of (x) the principal of and premium, if any, and
interest at the applicable rate provided in the Credit Agreement (including
interest accruing during the pendency of any bankruptcy, insolvency, receivership
or other similar proceeding, regardless of whether allowed or allowable in such
proceeding) on the Loans, when and as due, whether at maturity, by acceleration,
upon one or more dates set for prepayment or otherwise, (y) each payment
required to be made by the Borrower under the Credit Agreement in respect of
any Letter of Credit, when and as due, including payments in respect of
reimbursement of disbursements, interest thereon and obligations to provide
cash collateral, and (z) all other monetary obligations, including fees,
costs, expenses and indemnities, whether primary, secondary, direct, contingent,
fixed or otherwise (including monetary obligations incurred during the pendency
of any bankruptcy, insolvency, receivership or other similar proceeding,
regardless of whether allowed or allowable in such proceeding), of the Borrower
or any other Credit Party to any of the Secured Parties under the Credit
Agreement and the other Credit Documents, (ii) the due and punctual
performance of all covenants, agreements, obligations and liabilities of the Borrower
under or pursuant to the Credit Agreement and the other Credit Documents, (iii) the
due and punctual payment and performance of all the covenants, agreements,
obligations and liabilities of each other Credit Party under or pursuant to
this Guarantee or the other Credit Documents, (iv) the due and punctual
payment and performance of all obligations of each Credit Party under each
Hedge Agreement that (x) is in effect on the Closing Date with a counterparty
that is a Lender or an affiliate of a Lender as of the Closing Date or
(y) is entered into after the Closing Date with any counterparty that is a
Lender or an affiliate of a Lender at the time such Hedge Agreement is entered
into and (v) the due and punctual payment and performance of all
obligations in respect of overdrafts and related liabilities owed to the
Administrative Agent or its affiliates arising from or in connection with
treasury, depositary or cash management services or in connection with any
automated clearinghouse transfer of funds.

 

(c)                                  As
used herein, the term “Secured Parties” means (i) the Lenders, (ii) the
Letter of Credit Issuers, (iii) the Swingline Lender, (iv) the
Administrative Agent, (v) the Syndication Agent, (vi) the Documentation
Agent, (vii) each counterparty to a Hedge Agreement the obligations under
which constitute Obligations, (viii) the beneficiaries of each

 

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indemnification obligation undertaken by any
Credit Party under any Credit Document and (ix) any successors, indorsees,
transferees and assigns of each of the foregoing.

 

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

 

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

 

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

 

2.                                       Guarantee.

 

(a)                                  Subject
to the provisions of Section 2(b), each of the Guarantors hereby, jointly
and severally, unconditionally and irrevocably, guarantees, as primary obligor
and not merely as surety, to the Administrative Agent, for the benefit of the
Secured Parties, the prompt and complete payment and performance when due
(whether at the stated maturity, by acceleration or otherwise) of the
Obligations.

 

(b)                                 Anything
herein or in any other Credit Document to the contrary notwithstanding, the
maximum liability of each Guarantor hereunder and under the other Credit Documents
shall in no event exceed the amount that can be guaranteed by such Guarantor
under applicable laws relating to the insolvency of debtors.

 

(c)                                  Each
Guarantor further agrees to pay any and all expenses (including all reasonable fees
and disbursements of counsel) that may be paid or incurred by the
Administrative Agent or any other Secured Party in enforcing, or obtaining
advice of counsel in respect of, any rights with respect to, or collecting, any
or all of the Obligations and/or enforcing any rights with respect to, or collecting
against, such Guarantor under this Guarantee.

 

(d)                                 Each
Guarantor agrees that the Obligations may at any time and from time to time
exceed the amount of the liability of such Guarantor hereunder without impairing
this Guarantee or affecting the rights and remedies of the Administrative Agent
or any other Secured Party hereunder.

 

(e)                                  No
payment or payments made by the Borrower, any of the Guarantors, any other guarantor
or any other Person or received or collected by the Administrative Agent or any
other Secured Party from the Borrower, any of the Guarantors, any other guarantor
or any other Person by virtue of any action or proceeding or any set-off or
appropriation or application at any time or from time to time in reduction of
or in payment of the Obligations shall be deemed to modify, reduce, release or
otherwise affect the liability of any Guarantor hereunder, which shall,
notwithstanding any such payment or payments other than payments made by such
Guarantor in

 

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respect of the Obligations or payments
received or collected from such Guarantor in respect of the Obligations, remain
liable for the Obligations up to the maximum liability of such Guarantor hereunder
until the Obligations under the Credit Documents are paid in full, the
Commitments are terminated and no Letters of Credit shall be outstanding.

 

(f)                                    Each
Guarantor agrees that whenever, at any time, or from time to time, it shall
make any payment to the Administrative Agent or any other Secured Party on account
of its liability hereunder, it will notify the Administrative Agent in writing
that such payment is made under this Guarantee for such purpose.

 

3.                                       Right
of Contribution.  Each Guarantor
hereby agrees that to the extent that a Guarantor shall have paid more than its
proportionate share of any payment made hereunder, such Guarantor shall be
entitled to seek and receive contribution from and against any other Guarantor
hereunder who has not paid its proportionate share of such payment.  Each Guarantor’s right of contribution shall
be subject to the terms and conditions of Section 5 hereof.  The provisions of this Section 3 shall
in no respect limit the obligations and liabilities of any Guarantor to the
Administrative Agent and the other Secured Parties, and each Guarantor shall
remain liable to the Administrative Agent and the other Secured Parties for the
full amount guaranteed by such Guarantor hereunder.

 

4.                                       Right
of Set-off.  In addition to any
rights and remedies of the Secured Parties provided by law, each Guarantor
hereby irrevocably authorizes each Secured Party at any time and from time to time
following the occurrence and during the continuance of an Event of Default
without notice to such Guarantor or any other Guarantor, any such notice being
expressly waived by each Guarantor, upon any amount becoming due and payable by
such Guarantor hereunder (whether at stated maturity, by acceleration or
otherwise) to set-off and appropriate and apply against such amount any and all
deposits (general or special, time or demand, provisional or final), in any
currency, and any other credits, indebtedness or claims, in any currency, in
each case whether direct or indirect, absolute or contingent, matured or
unmatured, at any time held or owing by such Secured Party to or for the credit
or the account of such Guarantor.  Each
Secured Party shall notify such Guarantor promptly of any such set-off and the
appropriation and application made by such Secured Party, provided that
the failure to give such notice shall not affect the validity of such set-off
and application.

 

5.                                       No
Subrogation.  Notwithstanding any
payment or payments made by any of the Guarantors hereunder or any set-off or
appropriation and application of funds of any of the Guarantors by the
Administrative Agent or any other Secured Party, no Guarantor shall be entitled
to be subrogated to any of the rights of the Administrative Agent or any other
Secured Party against the Borrower or any other Guarantor or any collateral
security or guarantee or right of offset held by the Administrative Agent or
any other Secured Party for the payment of the Obligations, nor shall any
Guarantor seek or be entitled to seek any contribution or reimbursement from
the Borrower or any other Guarantor in respect of payments made by such
Guarantor hereunder, until all amounts owing to the Administrative Agent and
the other Secured Parties by the Credit Parties on account of the Obligations
under the Credit Documents are paid in full, the Commitments are terminated and
no Letters of Credit shall be outstanding. 
If any amount shall be paid to any Guarantor on account of such
subrogation rights at any time when all the Obligations shall not have been
paid in full, such amount shall be held by such Guarantor in

 

4

 

trust for the Administrative Agent and the
other Secured Parties, segregated from other funds of such Guarantor, and
shall, forthwith upon receipt by such Guarantor, be turned over to the Administrative
Agent in the exact form received by such Guarantor (duly indorsed by such
Guarantor to the Administrative Agent, if required), to be applied against the
Obligations, whether due or to become due, in such order as the Administrative
Agent may determine.

 

6.                                       Amendments,
etc. with Respect to the Obligations; Waiver of Rights.  Each Guarantor shall remain obligated
hereunder notwithstanding that, without any reservation of rights against any
Guarantor and without notice to or further assent by any Guarantor, (a) any
demand for payment of any of the Obligations made by the Administrative Agent
or any other Secured Party may be rescinded by such party and any of the
Obligations continued, (b) the Obligations, or the liability of any other
party upon or for any part thereof, or any collateral security or guarantee
therefor or right of offset with respect thereto, may, from time to time, in
whole or in part, be renewed, extended, amended, modified, accelerated,
compromised, waived, surrendered or released by the Administrative Agent or any
other Secured Party, (c) the Credit Agreement, the other Credit Documents,
the Letters of Credit and any other documents executed and delivered in
connection therewith and the Hedge Agreements and any other documents executed
and delivered in connection therewith and any documents entered into with the
Administrative Agent or any of its affiliates in connection with treasury,
depositary or cash management services or in connection with any automated
clearinghouse transfer of funds may be amended, modified, supplemented or
terminated, in whole or in part, as the Administrative Agent (or the Required
Lenders, as the case may be, or, in the case of any Hedge Agreement or
documents entered into with the Administrative Agent or any of its affiliates
in connection with treasury, depositary or cash management services or in
connection with any automated clearinghouse transfer of funds, the party
thereto) may deem advisable from time to time, and (d) any collateral security,
guarantee or right of offset at any time held by the Administrative Agent or
any other Secured Party for the payment of the Obligations may be sold,
exchanged, waived, surrendered or released. 
Neither the Administrative Agent nor any other Secured Party shall have
any obligation to protect, secure, perfect or insure any Lien at any time held
by it as security for the Obligations or for this Guarantee or any property
subject thereto.  When making any demand
hereunder against any Guarantor, the Administrative Agent or any other Secured
Party may, but shall be under no obligation to, make a similar demand on the Borrower
or any Guarantor or guarantor, and any failure by the Administrative Agent or
any other Secured Party to make any such demand or to collect any payments from
the Borrower or any Guarantor or guarantor or any release of the Borrower or
any Guarantor or guarantor shall not relieve any Guarantor in respect of which
a demand or collection is not made or any Guarantor not so released of its
several obligations or liabilities hereunder, and shall not impair or affect
the rights and remedies, express or implied, or as a matter of law, of the
Administrative Agent or any other Secured Party against any Guarantor.  For the purposes hereof, “demand” shall
include the commencement and continuance of any legal proceedings.

 

7.                                       Guarantee
Absolute and Unconditional.  Each
Guarantor waives any and all notice of the creation, contraction, incurrence,
renewal, extension, amendment, waiver or accrual of any of the Obligations, and
notice of or proof of reliance by the Administrative Agent or any other Secured
Party upon this Guarantee or acceptance of this Guarantee, the Obligations or
any of them, shall conclusively be deemed to have been created, contracted or
incurred, or

 

5

 

renewed, extended, amended, waived or
accrued, in reliance upon this Guarantee; and all dealings between the Borrower
and any of the Guarantors, on the one hand, and the Administrative Agent and
the other Secured Parties, on the other hand, likewise shall be conclusively
presumed to have been had or consummated in reliance upon this Guarantee.  Each Guarantor waives diligence, presentment,
protest, demand for payment and notice of default or nonpayment to or upon the Borrower
or any of the Guarantors with respect to the Obligations.  Each Guarantor understands and agrees that this
Guarantee shall be construed as a continuing, absolute and unconditional
guarantee of payment without regard to (a) the validity, regularity or
enforceability of the Credit Agreement, any other Credit Document, any Letter
of Credit or any Hedge Agreement, any of the Obligations or any other
collateral security therefor or guarantee or right of offset with respect
thereto at any time or from time to time held by the Administrative Agent or
any other Secured Party, (b) any defense, set-off or counterclaim (other
than a defense of payment or performance) that may at any time be available to
or be asserted by the Borrower against the Administrative Agent or any other
Secured Party or (c) any other circumstance whatsoever (with or without
notice to or knowledge of the Borrower or such Guarantor) that constitutes, or
might be construed to constitute, an equitable or legal discharge of the Borrower
for the Obligations, or of such Guarantor under this Guarantee, in bankruptcy
or in any other instance.  When pursuing
its rights and remedies hereunder against any Guarantor, the Administrative
Agent and any other Secured Party may, but shall be under no obligation to,
pursue such rights and remedies as it may have against the Borrower or any
other Person or against any collateral security or guarantee for the
Obligations or any right of offset with respect thereto, and any failure by the
Administrative Agent or any other Secured Party to pursue such other rights or
remedies or to collect any payments from the Borrower or any such other Person
or to realize upon any such collateral security or guarantee or to exercise any
such right of offset, or any release of the Borrower or any such other Person
or any such collateral security, guarantee or right of offset, shall not
relieve such Guarantor of any liability hereunder, and shall not impair or
affect the rights and remedies, whether express, implied or available as a
matter of law, of the Administrative Agent and the other Secured Parties
against such Guarantor.  This Guarantee
shall remain in full force and effect and be binding in accordance with and to
the extent of its terms upon each Guarantor and the successors and assigns
thereof, and shall inure to the benefit of the Administrative Agent and the
other Secured Parties, and their respective successors, indorsees, transferees
and assigns, until all the Obligations under the Credit Documents shall have
been satisfied by payment in full, the Commitments shall be terminated and no
Letters of Credit shall be outstanding (other than any Letters of Credit that
shall have been cash collateralized or otherwise provided for in a manner
satisfactory to the Letter of Credit Issuer in respect thereof), notwithstanding
that from time to time during the term of the Credit Agreement and any Hedge
Agreement the Credit Parties may be free from any Obligations.  A Guarantor shall automatically be released
from its obligations hereunder and the Guarantee of such Guarantor shall be
automatically released upon the consummation of any transaction permitted by
the Credit Agreement as a result of which such Guarantor ceases to be a
Domestic Subsidiary of the Borrower.  In
connection with any such release, the Administrative Agent shall execute and
deliver to any Guarantor, at such Guarantor’s expense, all documents that such
Guarantor shall reasonably request to evidence such termination or
release.  Any execution and delivery of
documents pursuant to the preceding sentence of this Section 7 shall be
without recourse to or warranty by the Administrative Agent.

 

6

 

8.                                       Reinstatement.  This Guarantee shall continue to be
effective, or be reinstated, as the case may be, if at any time payment, or any
part thereof, of any of the Obligations is rescinded or must otherwise be
restored or returned by the Administrative Agent or any other Secured Party
upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of
the Borrower or any Guarantor, or upon or as a result of the appointment of a
receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower
or any Guarantor or any substantial part of its property, or otherwise, all as
though such payments had not been made.

 

9.                                       Payments.  Each Guarantor hereby guarantees that
payments hereunder will be paid to the Administrative Agent without set-off or
counterclaim in Dollars at the Administrative Agent’s Office.

 

10.                                 Representations
and Warranties; Covenants.

 

(a)                                  Each
Guarantor hereby represents and warrants that the representations and
warranties set forth in Section 8 of the Credit Agreement as they relate
to such Guarantor or in the other Credit Documents to which such Guarantor is a
party, each of which is hereby incorporated herein by reference, are true and
correct, and the Administrative Agent and each other Secured Party shall be
entitled to rely on each of them as if they were fully set forth herein.

 

(b)                                 Each
Guarantor hereby covenants and agrees with the Administrative Agent and each
other Secured Party that, from and after the date of this Guarantee until the
Obligations under the Credit Documents are paid in full, the Commitments are
terminated and no Letter of Credit remains outstanding, such Guarantor shall
take, or shall refrain from taking, as the case may be, all actions that are
necessary to be taken or not taken so that no violation of any provision,
covenant or agreement contained in Section 9 or 10 of the Credit
Agreement, and so that no Default or Event of Default, is caused by any act or
failure to act of such Guarantor or any of its Subsidiaries.

 

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

 

12.                                 Notices.  All notices, requests and demands pursuant
hereto shall be made in accordance with Section 13.2 of the Credit
Agreement.  All communications and
notices hereunder to each Guarantor shall be given to it in care of the
Borrower at the Borrower’s address set forth in Section 13.2 of the Credit
Agreement.

 

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

 

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

 

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

 

16.                                 Amendments
in Writing; No Waiver; Cumulative Remedies.

 

(a)                                  None
of the terms or provisions of this Guarantee may be waived, amended, supplemented
or otherwise modified except by a written instrument executed by the affected
Guarantor(s) and the Administrative Agent in accordance with Section 13.1
of the Credit Agreement.

 

(b)                                 Neither
the Administrative Agent nor any other Secured Party shall by any act (except
by a written instrument pursuant to Section 16(a) hereof), delay,
indulgence, omission or otherwise be deemed to have waived any right or remedy
hereunder or to have acquiesced in any Default or Event of Default or in any
breach of any of the terms and conditions hereof.  No failure to exercise, nor any delay in exercising,
on the part of the Administrative Agent or any other Secured Party, any right,
power or privilege hereunder shall operate as a waiver thereof.  No single or partial exercise of any right,
power or privilege hereunder shall preclude any other or further exercise
thereof or the exercise of any other right, power or privilege.  A waiver by the Administrative Agent or any
other Secured Party of any right or remedy hereunder on any one occasion shall
not be construed as a bar to any right or remedy that the Administrative Agent
or any Secured Party would otherwise have on any future occasion.

 

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

 

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

 

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

 

19.                                 Additional
Guarantors.  Each Subsidiary of the
Borrower that is required to become a party to this Guarantee pursuant to Section 9.11
of the Credit Agreement shall become a Guarantor, with the same force and
effect as if originally named as a Guarantor herein, for all purposes of this
Guarantee upon execution and delivery by such Subsidiary of a Supplement in the
form of Annex B hereto.  The execution
and delivery of any instrument adding an additional Guarantor as a party to
this Guarantee shall not require the consent of any other Guarantor
hereunder.  The rights and obligations of
each Guarantor hereunder shall remain in full force and effect notwithstanding
the addition of any new Guarantor as a party to this Guarantee.

 

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

 

21.                                 Submission
to Jurisdiction; Waivers.  Each
Guarantor hereby irrevocably and unconditionally:

 

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

 

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

 

(c)                                  agrees
that service of process in any such action or proceeding may be effected by
mailing a copy thereof by registered or certified mail (or any substantially
similar form of mail), postage prepaid, to such Guarantor at its address
referred to in Section 12 or at such other address of which the
Administrative Agent shall have been notified pursuant thereto;

 

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

 

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(e)                                  waives,
to the maximum extent not prohibited by law, any right it may have to claim or
recover in any legal action or proceeding referred to in this Section 21
any special, exemplary, punitive or consequential damages.

 

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

 

10

 

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

 

	
   

  	
  ACCELLENT
  ACQUISITION CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James C.
  Momtazee

  
	
   

  	
   

  	
  Name: James
  C. Momtazee

  
	
   

  	
   

  	
  Title:
  Treasurer and Assistant Secretary

  

 

 

	
  SIGNATURE PAGE TO THE
  GUARANTEE DATED AS OF

  NOVEMBER 22, 2005, AMONG ACCELLENT ACQUISITION CORP.,

  EACH OF THE SUBSIDIARIES OF ACCELLENT INC. LISTED ON

  ANNEX A HERETO, AND JPMORGAN CHASE BANK, N.A., AS

  ADMINISTRATIVE AGENT FOR THE LENDERS FROM TIME TO

  TIME PARTIES TO THE CREDIT AGREEMENT REFERRED TO

  THEREIN.

  
	
   

  
	
   

  	
  SUBSIDIARY
  GUARANTORS:

   

  ACCELLENT
  CORP.

  AMERICAN TECHNICAL MOLDING, INC.

  BRIMFIELD ACQUISITION CORP.

  BRIMFIELD PRECISION, LLC

  CE HUNTSVILLE HOLDINGS CORP.

  CYCAM, INC.

  ELX, INC.

  G&D, INC. d/b/a STAR GUIDE CORPORATION

  HAYDEN PRECISION INDUSTRIES, LLC

  KELCO ACQUISITION LLC

  MACHINING TECHNOLOGY GROUP, LLC

  MEDSOURCE TECHNOLOGIES, INC.

  MEDSOURCE TECHNOLOGIES, LLC

  MEDSOURCE TECHNOLOGIES, NEWTON INC.

  MEDSOURCE TECHNOLOGIES PITTSBURGH, INC.

  MEDSOURCE TRENTON, INC.

  MICRO-GUIDE, INC.

  NATIONAL WIRE & STAMPING, INC.

  NOBLE-MET, LTD.

  PORTLYN, LLC

  SPECTRUM MANUFACTURING, INC.

  TENAX, LLC

  TEXCEL, INC.

  THERMAT ACQUISITION CORP.

  UTI CORPORATION

  UTI HOLDING COMPANY

  VENUSA, LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stewart A. Fisher

  	
   

  
	
   

  	
   

  	
  Name: Stewart A. Fisher

  
	
   

  	
   

  	
  Title: Chief Financial Officer, Vice President,

  Treasurer and Secretary

  

 

 

	
  SIGNATURE PAGE TO THE
  GUARANTEE DATED AS OF

  NOVEMBER 22, 2005, AMONG ACCELLENT ACQUISITION CORP.,

  EACH OF THE SUBSIDIARIES OF ACCELLENT INC. LISTED ON

  ANNEX A HERETO, AND JPMORGAN CHASE BANK, N.A., AS

  ADMINISTRATIVE AGENT FOR THE LENDERS FROM TIME TO

  TIME PARTIES TO THE CREDIT AGREEMENT REFERRED TO

  THEREIN.

  
	
   

  
	
   

  	
  JPMORGAN CHASE BANK, N.A.,

  
	
   

  	
  as Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bruce Borden

  	
   

  
	
   

  	
   

  	
  Name: Bruce
  Borden

  
	
   

  	
   

  	
  Title: Vice
  President

  

 

 

ANNEX A TO

THE GUARANTEE

 

SUBSIDIARY GUARANTORS

 

	
  Accellent
  Corp.

  
	
  American
  Technical Molding, Inc.

  
	
  Brimfield
  Acquisition Corp.

  
	
  Brimfield
  Precision, LLC

  
	
  CE
  Huntsville Holdings Corp.

  
	
  Cycam, Inc.

  
	
  ELX, Inc.

  
	
  G&D, Inc.
  d/b/a Star Guide Corporation

  
	
  Hayden
  Precision Industries, LLC

  
	
  Kelco
  Acquisition LLC

  
	
  Machining
  Technology Group, LLC

  
	
  MedSource Technologies, Inc.

  
	
  MedSource Technologies, LLC

  
	
  MedSource
  Technologies, Newton Inc.

  
	
  MedSource
  Technologies Pittsburgh, Inc.

  
	
  MedSource Trenton, Inc.

  
	
  Micro-Guide, Inc.

  
	
  National
  Wire & Stamping, Inc.

  
	
  Noble-Met,
  Ltd.

  
	
  Portlyn,
  LLC

  
	
  Spectrum
  Manufacturing, Inc.

  
	
  Tenax, LLC

  
	
  Texcel, Inc.

  
	
  Thermat
  Acquisition Corp.

  
	
  UTI
  Corporation

  
	
  UTI
  Holding Company

  
	
  Venusa,
  Ltd.

  

 

 

ANNEX B TO

THE GUARANTEE

 

SUPPLEMENT NO. [  ] dated as of
[            ], 200[ 
] to the GUARANTEE dated as of November 22, 2005, among ACCELLENT
ACQUISITION CORP., a Delaware corporation (“Holdings”) and each of the
subsidiaries of the Borrower listed on Annex A to the Guarantee (each such subsidiary
individually, a “Subsidiary Guarantor” and, collectively, the “Subsidiary
Guarantors”; the Subsidiary Guarantors and Holdings are referred to collectively
as the “Guarantors”) and JPMORGAN CHASE BANK, N.A., as administrative
agent (in such capacity, the “Administrative Agent”) for the lenders (the
“Lenders”) from time to time parties to the Credit Agreement referred to
below.

 

A.                                   Reference
is made to the CREDIT AGREEMENT dated as of November 22, 2005, among ACCELLENT
MERGER SUB INC., a Maryland corporation (“Merger Sub”), a wholly owned
subsidiary of Holdings which shall merge (the “Merger”) with and into
ACCELLENT INC., a Maryland corporation (“Target” and immediately upon
consummation of the Merger with Target as the surviving entity and its assumption
of the obligations of Merger Sub by operation of law, the “Borrower”), Holdings,
the Borrower, certain subsidiaries of the Borrower (each a “Subsidiary”
and, collectively, the “Subsidiaries”), the lending institutions from
time to time parties thereto (each a “Lender” and, collectively, the “Lenders”),
J.P. MORGAN
SECURITIES INC., as joint lead arranger and joint bookrunner (in such
capacities, the “Joint Lead Arranger” and “Joint Bookrunner”), CREDIT SUISSE, as
joint lead arranger and joint bookrunner and syndication agent (in such
capacities, the “Joint Lead Arranger” and “Joint Bookrunner” and “Syndication
Agent”), JPMORGAN
CHASE BANK, N.A., as administrative agent (in such capacity, the “Administrative
Agent”) and LEHMAN COMMERCIAL PAPER INC. as documentation agent (in such
capacity “Documentation Agent”).

 

B.                                     Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned
to such terms in the Guarantee.

 

C.                                     The
Guarantors have entered into the Guarantee in order to induce the
Administrative Agent, the Syndication Agent, the Documentation Agent and the
Lenders and the Letter of Credit Issuers to enter into the Credit Agreement and
to induce the Lenders and the Letter of Credit Issuers to make their respective
Extensions of Credit to the Borrower under the Credit Agreement and to induce
one or more Lenders or affiliates of Lenders to enter into Hedge Agreements
with the Borrower.  Section 9.11 of
the Credit Agreement and Section 19 of the Guarantee provide that
additional Subsidiaries may become Guarantors under the Guarantee by execution
and delivery of an instrument in the form of this Supplement.  Each undersigned Subsidiary (each a “New
Guarantor”) is executing this Supplement in accordance with the requirements
of the Credit Agreement to become a Guarantor under the Guarantee in order to
induce the Lenders and the Letter of Credit Issuers to make additional
Extensions of Credit and as consideration for Extensions of Credit previously
made.

 

 

Accordingly,
the Administrative Agent and each New Guarantor agrees as follows:

 

SECTION 1.  In accordance with Section 19 of the
Guarantee, each New Guarantor by its signature below becomes a Guarantor under
the Guarantee with the same force and effect as if originally named therein as
a Guarantor and each New Guarantor hereby (a) agrees to all the terms and
provisions of the Guarantee applicable to it as a Guarantor thereunder and (b) represents
and warrants that the representations and warranties made by it as a Guarantor
thereunder are true and correct on and as of the date hereof. Each reference to
a Guarantor in the Guarantee shall be deemed to include each New
Guarantor.  The Guarantee is hereby
incorporated herein by reference.

 

SECTION 2.  Each New Guarantor represents and warrants to
the Administrative Agent and the other Secured Parties that this Supplement has
been duly authorized, executed and delivered by it and constitutes its legal,
valid and binding obligation, enforceable against it in accordance with its
terms.

 

SECTION 3.  This Supplement may be executed by one or
more of the parties to this Supplement on any number of separate counterparts
(including by facsimile or other electronic transmission), and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.  A set of the copies of this
Supplement signed by all the parties shall be lodged with the Borrower and the
Administrative Agent.  This Supplement
shall become effective as to each New Guarantor when the Administrative Agent
shall have received counterparts of this Supplement that, when taken together,
bear the signatures of such New Guarantor and the Administrative Agent.

 

SECTION 4.  Except as expressly supplemented hereby, the
Guarantee shall remain in full force and effect.

 

SECTION 5.  THIS SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

SECTION 6.  Any provision of this Supplement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof and in the Guarantee, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.  The parties hereto shall endeavor in
good-faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions the economic effect of which comes as close as
possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION 7.  All notices, requests and demands pursuant
hereto shall be made in accordance with Section 13.2 of the Credit
Agreement.  All communications and
notices hereunder to each New Guarantor shall be given to it in care of the
Borrower at the Borrower’s address set forth in Section 13.2 of the Credit
Agreement.

 

2

 

SECTION 8.  Each New Guarantor agrees to reimburse the
Administrative Agent for its out-of-pocket expenses in connection with this
Supplement, including the fees, disbursements and other charges of counsel for
the Administrative Agent.

 

3

 

IN WITNESS
WHEREOF, each New Guarantor and the Administrative Agent have duly executed
this Supplement to the Guarantee as of the day and year first above written.

 

	
   

  	
  [NAME OF NEW
  GUARANTOR]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JPMORGAN
  CHASE BANK, N.A.,

  
	
   

  	
  as
  Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:Exhibit 10.3

 

EXECUTION COPY

 

PLEDGE
AGREEMENT

 

PLEDGE AGREEMENT dated as of November 22,
2005, made among ACCELLENT MERGER SUB INC., a Maryland corporation (“Merger
Sub”), a wholly owned subsidiary of ACCELLENT ACQUISITION CORP., a Delaware
corporation (“Holdings”) which shall merge (the “Merger”) with
and into ACCELLENT INC., a Maryland corporation (“Target” and
immediately upon consummation of the Merger with Target as the surviving entity
and its assumption of the obligations of Merger Sub by operation of law, the “Borrower”),
Holdings, the Borrower, each of the subsidiaries of the Borrower listed on Schedule 1
hereto (each such subsidiary individually, a “Subsidiary Pledgor” and,
collectively, the “Subsidiary Pledgors”; the Subsidiary Pledgors,
Borrower and Holdings are referred to collectively as the “Pledgors”)
and JPMORGAN CHASE BANK, N.A. as administrative agent (in such capacity, the “Administrative
Agent”) for the lenders (the “Lenders”) from time to time parties to
the CREDIT AGREEMENT dated as of the date hereof, among the Borrower, Merger
Sub, Holdings, the Subsidiary Pledgors, the Lenders, J.P. MORGAN
SECURITIES INC., as joint lead arranger and joint bookrunner (in such
capacities, the “Joint Lead Arranger” and “Joint Bookrunner”), CREDIT SUISSE, as
joint lead arranger and joint bookrunner and syndication agent (in such
capacities, the “Joint Lead Arranger” and “Joint Bookrunner” and “Syndication
Agent”), the Administrative Agent and LEHMAN COMMERCIAL PAPER INC., as
documentation agent (in such capacity, “Documentation Agent”).

 

W
I  T  N  E  S  S  E  T  H :

 

WHEREAS, (a) pursuant to the Credit
Agreement, the Lenders have severally agreed to make Loans to the Borrower and
the Letter of Credit Issuers have agreed to issue Letters of Credit for the
account of the Borrower (collectively, the “Extensions of Credit”) upon
the terms and subject to the conditions set forth therein and (b) one or
more Lenders or affiliates of Lenders may from time to time enter into Hedge
Agreements with the Borrower;

 

WHEREAS, pursuant to the Guarantee (the “Guarantee”)
dated as of the date hereof, Holdings and each Subsidiary Pledgor has
unconditionally and irrevocably guaranteed, as primary obligor and not merely
as surety, to the Administrative Agent, for the benefit of the Secured Parties
the prompt and complete payment and performance when due (whether at the stated
maturity, by acceleration or otherwise) of the Obligations (as defined below);

 

WHEREAS, each Subsidiary Pledgor is a
Domestic Subsidiary of the Borrower;

 

WHEREAS, the proceeds of the Extensions of
Credit will be used in part to enable the Borrower to make valuable transfers
to the Subsidiary Pledgors in connection with the operation of their respective
businesses;

 

 

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

 

WHEREAS, it is a condition precedent to the
obligation of the Lenders and the Letter of Credit Issuers to make their
respective Extensions of Credit to the Borrower under the Credit Agreement that
the Borrower, Holdings and the Subsidiary Pledgors shall have executed and
delivered this Pledge Agreement to the Administrative Agent for the benefit of
the Secured Parties; and

 

WHEREAS, (a) Holdings is the legal and beneficial
owner of all the issued and outstanding shares of capital stock of the
Borrower, (b) the Borrower and the Subsidiary Pledgors are the legal and
beneficial owners of the Equity Interests described under Schedule 2
hereto and issued by the entities named therein (the pledged Equity Interests
described under (a) and (b) are, together with any Equity Interests
obtained in the future of the issuer of such Pledged Shares (the “After-acquired
Shares”), referred to collectively herein as the “Pledged Shares”)
and (c) each of the Pledgors is the legal and beneficial owner of the
Indebtedness (together with any other Indebtedness owed to each of the Pledgors
hereafter and required to be pledged hereunder pursuant to Section 6(b) hereof,
the “Pledged Debt”) described under Schedule 2 hereto;

 

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

 

1.                                       Defined Terms.  (a)  Unless otherwise defined herein,
terms defined in the Credit Agreement and used herein shall have the meanings
given to them in the Credit Agreement and all terms defined in the Uniform
Commercial Code from time to time in effect in the State of New York (the “NY
UCC”) and not defined herein shall have the meanings specified therein; the
term “instrument” shall have the meaning specified in Article 9 of the NY
UCC.

 

(b)                                 As used herein, the
term “Equity Interests” means shares of capital stock, partnership interests,
membership interests in a limited liability company, beneficial interests in a
trust or other equity ownership interests in a Person of whatever nature, and
any warrants, options or other rights entitling the holder thereof to purchase
or acquire any of the foregoing.

 

(c)                                  As used herein, the
term “Obligations” means the collective reference to (i) the due
and punctual payment of (x) the principal of and premium, if any, and interest
at the applicable rate provided in the Credit Agreement (including interest
accruing during the pendency of any bankruptcy, insolvency, receivership or
other similar proceeding, regardless of whether allowed or allowable in such
proceeding) on the Loans, when and as due, whether at maturity, by
acceleration, upon one or more dates set for prepayment or otherwise, (y) each
payment required to be made by the Borrower under the Credit Agreement in
respect of any Letter of Credit, when and as due, including payments in respect
of reimbursement of disbursements, interest thereon and obligations to provide
cash collateral, and (z) all other monetary obligations,

 

2

 

including fees, costs, expenses and indemnities, whether primary,
secondary, direct, contingent, fixed or otherwise (including monetary
obligations incurred during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or allowable
in such proceeding), of the Borrower or any other Credit Party to any of the
Secured Parties under the Credit Agreement and the other Credit Documents, (ii) the
due and punctual performance of all covenants, agreements, obligations and
liabilities of the Borrower under or pursuant to the Credit Agreement and the
other Credit Documents, (iii) the due and punctual payment and performance
of all the covenants, agreements, obligations and liabilities of each other
Credit Party under or pursuant to this Pledge Agreement or the other Credit
Documents, (iv) the due and punctual payment and performance of all
obligations of each Credit Party under each Hedge Agreement that (x) is in
effect on the Closing Date with a counterparty that is a Lender or an affiliate
of a Lender as of the Closing Date or (y) is entered into after the Closing
Date with any counterparty that is a Lender or an affiliate of a Lender at the
time such Hedge Agreement is entered into and (v) the due and punctual
payment and performance of all obligations in respect of overdrafts and related
liabilities owed to the Administrative Agent or its affiliates arising from or
in connection with treasury, depositary or cash management services or in
connection with any automated clearinghouse transfer of funds.

 

(d)                                 As used herein, the
term “Secured Parties” means (i) the Lenders, (ii) the Letter
of Credit Issuer, (iii) the Swingline Lender, (iv) the Administrative
Agent, (v) the Syndication Agent, (vi) the Documentation Agent, (vii) each
counterparty to a Hedge Agreement the obligations under which constitute
Obligations, (viii) the beneficiaries of each indemnification obligation
undertaken by any Credit Party under any Credit Document and (ix) any
successors, indorsees, transferees and assigns of each of the foregoing.

 

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

 

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

 

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

 

2.                                       Grant of
Security.  Each Pledgor hereby
transfers, assigns and pledges to the Administrative Agent for the benefit of
the Secured Parties, and hereby grants to the Administrative Agent for the
benefit of the Secured Parties, a security interest (“Security Interest”)
in all of such Pledgor’s right, title and interest in the following, whether
now owned or existing or hereafter acquired or existing (collectively, the “Collateral”):

 

(a)                                  the
Pledged Shares held by such Pledgor and the certificates representing such
Pledged Shares and any interest of such Pledgor in the entries on the books of
the issuer of the Pledged Shares or any financial intermediary pertaining to
the Pledged Shares

 

3

 

and all
dividends, cash, warrants, rights, instruments and other property or proceeds
from time to time received, receivable or otherwise distributed in respect of
or in exchange for any or all of the Pledged Shares, provided that the
Pledged Shares under this Pledge Agreement shall not include more than 65
percent of the issued and outstanding Equity Interests in any Foreign
Subsidiary;

 

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

 

(c)                                  to
the extent not covered by clauses (a) and (b) above, respectively,
all proceeds of any or all of the foregoing Collateral.  For purposes of this Pledge Agreement, the
term “proceeds” includes whatever is receivable or received when Collateral or
proceeds are sold, exchanged, collected or otherwise disposed of, whether such
disposition is voluntary or involuntary, and includes proceeds of any indemnity
or guarantee payable to any Pledgor or the Administrative Agent from time to
time with respect to any of the Collateral.

 

Notwithstanding the foregoing, “Collateral”
shall not include any Equity Interests of any Person that is not a Subsidiary
except to the extent the grant by a Pledgor of a Security Interest therein
pursuant to this Pledge Agreement (i) is not prohibited by customary
provisions in such contracts, agreements or instruments governing such Equity
Interests or (ii) is permitted with consent if all necessary consents to
such grant of a Security Interest therein have been obtained from the other
parties thereto (other than to the extent that any such prohibition would be
rendered ineffective pursuant to Sections 9-408 of the Uniform Commercial Code
(or any successor provision or provisions) of any relevant jurisdiction or any
other applicable law) (it being understood that the foregoing shall not be deemed
to obligate such Pledgor to obtain such consents).

 

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

 

4.                                       Delivery of
the Collateral.  All certificates or instruments, if any,
representing or evidencing the Collateral shall be promptly delivered to and
held by or on behalf of the Administrative Agent pursuant hereto and shall be
in suitable form for transfer by delivery, or shall be accompanied by duly
executed instruments of transfer or assignment in blank, all in form and
substance reasonably satisfactory to the Administrative Agent.  The Administrative Agent shall have the
right, at any time after the occurrence and during the continuance of an Event
of Default and without notice to any Pledgor, to transfer to or to register in
the name of the Administrative Agent or any of its nominees any or all of the
Pledged Shares.  Each delivery of
Collateral (including any After-acquired Shares) shall be accompanied by a schedule describing
the securities theretofore and then being pledged hereunder, which shall be
attached hereto as Schedule 2 and made a part hereof, provided that the
failure to attach any such schedule hereto

 

4

 

shall not affect the validity of such pledge of such securities.  Each schedule so delivered shall supersede
any prior schedules so delivered.

 

5.                                       Representations
and Warranties.  Each Pledgor
represents and warrants as follows:

 

(a)                                  Schedule 2
hereto (i) correctly represents as of the date hereof (A) the issuer,
the certificate number, the Pledgor and the record and beneficial owner, the
number and class and the percentage of the issued and outstanding Equity
Interests of such class of all Pledged Shares and (B) the issuer, the
initial principal amount, the Pledgor and holder, date of and maturity date of
all Pledged Debt and (ii) together with the comparable schedule to
each supplement hereto, includes all Equity Interests, debt securities and
promissory notes required to be pledged hereunder.  Except as set forth on Schedule 2, the
Pledged Shares represent all (or 65 percent in the case of pledges of Foreign
Subsidiaries) of the issued and outstanding Equity Interests of each class of
Equity Interests in the issuer on the date hereof.

 

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

 

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

 

(d)                                 The
execution and delivery by such Pledgor of this Pledge Agreement and the pledge
of the Collateral pledged by such Pledgor hereunder pursuant hereto create a
valid and perfected first-priority security interest in the Collateral,
securing the payment of the Obligations, in favor of the Administrative Agent
for the benefit of the Secured Parties.

 

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

 

6.                                       Certification
of Limited Liability Company, Limited Partnership Interests and Pledged Debt.  (a)  Except as provided for in Schedule 5.15
to the Credit Agreement, the Equity Interests in any Domestic Subsidiary that
is organized as a limited liability company or limited partnership and pledged
hereunder shall be represented by a certificate and in the organizational
documents of such Domestic Subsidiary, the applicable Pledgor shall cause the
issuer of such interests to elect to treat such interests as a “security”
within the meaning of Article 8 of the Uniform Commercial Code of its
jurisdiction of organization or formation, as applicable, by including in its
organizational documents language substantially similar to the following and,
accordingly, such interests shall be governed by Article 8 of the Uniform
Commercial Code:

 

5

 

“The Partnership/Company hereby irrevocably
elects that all membership interests in the Partnership/Company shall be
securities governed by Article 8 of the Uniform Commercial Code of
[jurisdiction of organization or formation, as applicable].  Each certificate evidencing
partnership/membership interests in the Partnership/Company shall bear the
following legend:  “This certificate
evidences an interest in [name of Partnership/LLC] and shall be a security for
purposes of Article 8 of the Uniform Commercial Code.”  No change to this provision shall be
effective until all outstanding certificates have been surrendered for cancellation
and any new certificates thereafter issued shall not bear the foregoing legend.”

 

(b)                                 Each Pledgor will
cause any Indebtedness for borrowed money in an aggregate principal amount
exceeding $5,000,000 owed to such Pledgor and required to be pledged hereunder
pursuant to Section 9.12 of the Credit Agreement to be evidenced by a duly
executed promissory note that is pledged and delivered to the Administrative
Agent pursuant to the terms hereof.

 

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

 

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

 

(i)                                     Each Pledgor shall
be entitled to exercise any and all voting and other consensual rights
pertaining to the Collateral or any part thereof for any purpose not prohibited
by the terms of this Pledge Agreement or the other Credit Documents.

 

(ii)                                  The Administrative Agent
shall execute and deliver (or cause to be executed and delivered) to each
Pledgor all such proxies and other instruments as such Pledgor may reasonably
request for the purpose of enabling such Pledgor to exercise the voting and
other rights that it is entitled to exercise pursuant to paragraph (i) above.

 

(b)                                 Subject to paragraph (c) below,
each Pledgor shall be entitled to receive and retain and use, free and clear of
the Lien of this Pledge Agreement, any and all dividends, distributions,
principal and interest made or paid in respect of the Collateral to the extent
permitted by the Credit Agreement; provided, however, that any
and all noncash dividends, interest, principal or other distributions that
would constitute Pledged Shares or Pledged Debt, whether resulting from a
subdivision, combination or reclassification of the outstanding Equity
Interests of the issuer of any Pledged Shares or received in exchange for
Pledged Shares or Pledged Debt or any part thereof, or in redemption thereof,
or as a result of any merger, consolidation, acquisition or other exchange of
assets to which such issuer may be a party or otherwise, shall be, and

 

6

 

shall be forthwith delivered to the Administrative Agent to hold as,
Collateral and shall, if received by such Pledgor, be received in trust for the
benefit of the Administrative Agent, be segregated from the other property or
funds of such Pledgor and be forthwith delivered to the Administrative Agent as
Collateral in the same form as so received (with any necessary indorsement).

 

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

 

(i)                                     all rights of such
Pledgor to exercise or refrain from exercising the voting and other consensual
rights that it would otherwise be entitled to exercise pursuant to Section 8(a)(i) shall
cease, and all such rights shall thereupon become vested in the Administrative
Agent, which shall thereupon have the sole right to exercise or refrain from
exercising such voting and other consensual rights during the continuance of
such Event of Default, provided that, unless otherwise directed by the
Required Lenders, the Administrative Agent shall have the right from time to
time following the occurrence and during the continuance of an Event of Default
to permit the Pledgors to exercise such rights. 
After all Events of Default have been cured or waived and the Borrower
has delivered to the Administrative Agent a certificate to that effect, each
Pledgor will have the right to exercise the voting and consensual rights that
such Pledgor would otherwise be entitled to exercise pursuant to the terms of Section 8(a)(i) (and
the obligations of the Administrative Agent under Section 8(a)(ii) shall
be reinstated);

 

(ii)                                  all rights of such
Pledgor to receive the dividends, distributions and principal and interest
payments that such Pledgor would otherwise be authorized to receive and retain
pursuant to Section 8(b) shall cease, and all such rights shall
thereupon become vested in the Administrative Agent, which shall thereupon have
the sole right to receive and hold as Collateral such dividends, distributions
and principal and interest payments during the continuance of such Event of
Default.  After all Events of Default
have been cured or waived and the Borrower has delivered to the Administrative
Agent a certificate to that effect, the Administrative Agent shall repay to each
Pledgor (without interest) all dividends, distributions and principal and
interest payments that such Pledgor would otherwise be permitted to receive,
retain and use pursuant to the terms of Section 8(b);

 

(iii)                               all dividends,
distributions and principal and interest payments that are received by such
Pledgor contrary to the provisions of Section 8(b) shall be received
in trust for the benefit of the Administrative Agent, shall be segregated from
other property or funds of such Pledgor and shall forthwith be delivered to the
Administrative Agent as Collateral in the same form as so received (with any
necessary indorsements); and

 

(iv)                              in order to permit the
Administrative Agent to receive all dividends, distributions and principal and
interest payments to which it may be entitled under Section 8(b) above,
to exercise the voting and other consensual rights that it may be entitled to
exercise pursuant to Section 8(c)(i) above, and to receive all
dividends, distributions and principal and interest payments that it may be
entitled to under Sections 8(c)(ii) and (c)(iii) above, such
Pledgor shall, if necessary, upon written notice from the Administrative Agent,
from time to time execute and deliver to the Administrative Agent, appropriate

 

7

 

proxies, dividend payment orders and other
instruments as the Administrative Agent may reasonably request.

 

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

 

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

 

(b)                                 pledge
and, if applicable, cause each Domestic Subsidiary to pledge, to the
Administrative Agent for the benefit of the Secured Parties, immediately upon
acquisition thereof, all the capital stock and all evidence of Indebtedness
held or received by such Pledgor or Domestic Subsidiary required to be pledged
hereunder pursuant to Section 9.12 of the Credit Agreement, in each case
pursuant to a supplement to this Pledge Agreement substantially in the form of
Annex A hereto (it being understood that the execution and delivery of such a
supplement shall not require the consent of any Pledgor hereunder and that the
rights and obligations of each Pledgor hereunder shall remain in full force and
effect notwithstanding the addition of any new Subsidiary Pledgor as a party to
this Pledge Agreement); and

 

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

 

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

 

11.                                 The Administrative
Agent’s Duties.  The powers conferred
on the Administrative Agent hereunder are solely to protect its interest in the
Collateral and shall not impose any duty upon it to exercise any such
powers.  Except for the safe custody of
any Collateral in its possession and the accounting for moneys actually
received by it hereunder, the Administrative Agent shall have no duty as to any
Collateral, as to ascertaining or taking action with respect to calls,
conversions, exchanges, maturities, tenders or other matters relative to any
Pledged Shares, whether or not the Administrative Agent or any other Secured
Party has or is deemed to have knowledge of such matters, or as to the taking
of any necessary steps to preserve rights against

 

8

 

any parties or any other rights pertaining to any Collateral.  The Administrative Agent shall be deemed to
have exercised reasonable care in the custody and preservation of any
Collateral in its possession if such Collateral is accorded treatment
substantially equal to that which the Administrative Agent accords its own
property.

 

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

 

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

 

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

 

9

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

10

 

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

 

14.                                 Continuing Security
Interest; Assignments Under the Credit Agreement; Release.  (a)  This Pledge Agreement shall remain
in full force and effect and be binding in accordance with and to the extent of
its terms upon each Pledgor and the successors and assigns thereof, and shall
inure to the benefit of the Administrative Agent and the other Secured Parties
and their respective successors, indorsees, transferees and assigns until all
the Obligations under the Credit Documents shall have been satisfied by payment
in full, the Commitments shall be terminated and no Letters of Credit shall be
outstanding (other than any Letters of Credit that shall have been cash
collateralized or otherwise provided for in a manner satisfactory to the Letter
of Credit Issuer in respect thereof), notwithstanding that from time to time
during the term of the Credit Agreement and any Hedge Agreement the Credit
Parties may be free from any Obligations.

 

(b)                                 A Subsidiary Pledgor
shall automatically be released from its obligations hereunder and the Pledge
of such Subsidiary Pledgor shall be automatically released upon the
consummation of any transaction permitted by the Credit Agreement as a result
of which such Subsidiary Pledgor ceases to be a Domestic Subsidiary of the
Borrower.

 

(c)                                  Upon any sale or
other transfer by any Pledgor of any Collateral that is permitted under the
Credit Agreement, or upon the effectiveness of any written consent to the
release of the security interest granted hereby in any Collateral pursuant to Section 13.1
of the Credit Agreement, the obligations of such Pledgor with respect to such
Collateral shall be automatically

 

11

 

released and such Collateral sold free and clear of the Lien and
Security Interests created hereby.

 

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

 

15.                                 Reinstatement.  This Pledge Agreement shall continue to be
effective, or be reinstated, as the case may be, if at any time payment, or any
part thereof, of any of the Obligations is rescinded or must otherwise be
restored or returned by the Administrative Agent or any other Secured Party
upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of
any Pledgor, or upon or as a result of the appointment of a receiver,
intervenor or conservator of, or trustee or similar officer for, the Borrower
or any other Pledgor or any substantial part of its property, or otherwise, all
as though such payments had not been made.

 

16.                                 Notices.  All notices, requests and demands pursuant
hereto shall be made in accordance with Section 13.2 of the Credit Agreement.  All communications and notices hereunder to
any Subsidiary Pledgor shall be given to it in care of the Borrower at the
Borrower’s address set forth in Section 13.2 of the Credit Agreement.

 

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

 

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

 

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

 

20.                                 Amendments in
Writing; No Waiver; Cumulative Remedies. 
(a)  None of the terms or provisions of this Pledge Agreement may
be waived, amended, supplemented or otherwise modified except by a written
instrument executed by the affected Pledgor and the Administrative Agent in
accordance with Section 13.1 of the Credit Agreement.

 

12

 

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

 

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

 

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

 

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

 

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

 

24.                                 Submission to
Jurisdiction; Waivers.  Each of the
Pledgors hereby irrevocably and unconditionally:

 

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

 

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

 

(c)                                  agrees
that service of process in any such action or proceeding may be effected by
mailing a copy thereof by registered or certified mail (or any substantially
similar

 

13

 

form of mail),
postage prepaid, to such Pledgor at its address referred to in Section 16
or at such other address of which the Administrative Agent shall have been
notified pursuant thereto;

 

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

 

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

 

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

 

14

 

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

 

	
   

  	
  ACCELLENT
  MERGER SUB INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  James C. Momtazee

  	
   

  
	
   

  	
   

  	
  Name:

  	
  James
  C. Momtazee

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President, Treasurer and

  
	
   

  	
   

  	
  Assistant
  Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ACCELLENT
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Stewart A. Fisher

  	
   

  
	
   

  	
   

  	
  Name:
  Stewart A. Fisher

  
	
   

  	
   

  	
  Title:
  Chief Financial Officer, Executive Vice

  President, Treasurer and Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ACCELLENT
  ACQUISITION CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  James C. Momtazee

  	
   

  
	
   

  	
   

  	
  Name:

  	
  James
  C. Momtazee

  
	
   

  	
   

  	
  Title:

  	
  Treasurer
  and Assistant Secretary

  
					

 

 

SIGNATURE PAGE
TO THE PLEDGE AGREEMENT DATED AS OF NOVEMBER 22, 2005, AMONG MERGER SUB, ACCELLENT
INC. (THE “BORROWER”), ACCELLENT ACQUISITION CORP., EACH OF THE
SUBSIDIARIES OF THE BORROWER LISTED ON SCHEDULE 1 HERETO, AND JPMORGAN
CHASE BANK, N.A., AS ADMINISTRATIVE AGENT FOR THE LENDERS FROM TIME TO TIME
PARTIES TO THE CREDIT AGREEMENT REFERRED TO THEREIN.

 

	
   

  	
  ACCELLENT
  CORP.

  
	
   

  	
  AMERICAN
  TECHNICAL MOLDING, INC.

  
	
   

  	
  BRIMFIELD
  ACQUISITION CORP.

  
	
   

  	
  BRIMFIELD
  PRECISION, LLC

  
	
   

  	
  CE
  HUNTSVILLE HOLDINGS CORP.

  
	
   

  	
  CYCAM, INC.

  
	
   

  	
  ELX, INC.

  
	
   

  	
  G&D,
  INC. d/b/a STAR GUIDE CORPORATION

  
	
   

  	
  HAYDEN
  PRECISION INDUSTRIES, LLC

  
	
   

  	
  KELCO
  ACQUISITION LLC

  
	
   

  	
  MACHINING
  TECHNOLOGY GROUP, LLC

  
	
   

  	
  MEDSOURCE
  TECHNOLOGIES, INC.

  
	
   

  	
  MEDSOURCE
  TECHNOLOGIES, LLC

  
	
   

  	
  MEDSOURCE
  TECHNOLOGIES, NEWTON INC.

  
	
   

  	
  MEDSOURCE
  TECHNOLOGIES PITTSBURGH, INC.

  
	
   

  	
  MEDSOURCE
  TRENTON, INC.

  
	
   

  	
  MICRO-GUIDE,
  INC.

  
	
   

  	
  NATIONAL
  WIRE & STAMPING, INC.

  
	
   

  	
  NOBLE-MET,
  LTD.

  
	
   

  	
  PORTLYN, LLC

  
	
   

  	
  SPECTRUM
  MANUFACTURING, INC.

  
	
   

  	
  TENAX, LLC

  
	
   

  	
  TEXCEL, INC.

  
	
   

  	
  THERMAT
  ACQUISITION CORP.

  
	
   

  	
  UTI
  CORPORATION

  
	
   

  	
  UTI HOLDING
  COMPANY

  
	
   

  	
  VENUSA, LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stewart A. Fisher

  	
   

  
	
   

  	
   

  	
  Name: Stewart A. Fisher

  
	
   

  	
   

  	
  Title: Chief Financial
  Officer, Vice President,

  Treasurer and Secretary

  

 

 

	
   

  	
  SIGNATURE
  PAGE TO THE PLEDGE AGREEMENT

  DATED AS OF NOVEMBER 22, 2005, AMONG

  MERGER SUB, ACCELLENT INC. (THE

  “BORROWER”), ACCELLENT ACQUISITION

  CORP., EACH OF THE SUBSIDIARIES OF THE

  BORROWER LISTED ON SCHEDULE 1 HERETO,

  AND JPMORGAN CHASE BANK, N.A., AS

  ADMINISTRATIVE AGENT FOR THE LENDERS

  FROM TIME TO TIME PARTIES TO THE CREDIT

  AGREEMENT REFERRED TO THEREIN.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK, N.A.,

  as Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bruce Borden

  	
   

  
	
   

  	
   

  	
  Name:  Bruce Borden

  
	
   

  	
   

  	
  Title:  Vice President

  

 

 

SCHEDULE 1

TO THE PLEDGE AGREEMENT

 

SUBSIDIARY PLEDGORS

 

 

SCHEDULE 2

TO THE PLEDGE AGREEMENT

 

Pledged Shares

 

	
  Pledgor

  	
   

  	
  Issuer

  	
   

  	
  Class of Stock

  	
   

  	
  Stock

  Certificate No(s)

  	
   

  	
  Number of Shares

  	
   

  	
  Percentage of

  Issued and

  Outstanding

  Shares

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Pledged Debt

 

	
  Pledgor

  	
   

  	
  Issuer

  	
   

  	
  Initial Principal Amount

  	
   

  	
  Date of Note

  	
   

  	
  Maturity Date

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

ANNEX A

TO THE PLEDGE AGREEMENT

 

SUPPLEMENT NO. [    ]
dated as of
[            ],
200_ to the PLEDGE AGREEMENT dated as of November 22, 2005, made among
ACCELLENT MERGER SUB INC., a Maryland corporation (“Merger Sub”), a
wholly owned subsidiary of ACCELLENT ACQUISITION CORP., a Delaware corporation
(“Holdings”) which shall merge (the “Merger”) with and into
ACCELLENT INC., a Maryland corporation (“Target” and immediately upon
consummation of the Merger with Target as the surviving entity and its assumption
of the obligations of Merger Sub by operation of law, the “Borrower”),
Holdings, the Borrower, each of the subsidiaries of the Borrower listed on Schedule 1
to the Pledge Agreement (each such subsidiary individually, a “Subsidiary
Pledgor” and, collectively, the “Subsidiary Pledgors”; Merger Sub,
the Borrower, Subsidiary Pledgors and Holdings are referred to collectively as
the “Pledgors”), and JPMORGAN CHASE BANK, N.A., as administrative agent
(in such capacity, the “Administrative Agent”) for the lenders (the “Lenders”)
from time to time parties to the Credit Agreement referred to below.

 

A.                                   Reference is made to
(a) the Credit Agreement (the “Credit Agreement”) dated as of November 22,
2005, made among Merger, Sub, the Borrower, Holdings, certain subsidiaries of
the Borrower (each a “Subsidiary” and, collectively,  the “Subsidiaries”), the lending
institutions from time to time parties thereto (each a “Lender” and,
collectively, the “Lenders”), J.P. MORGAN SECURITIES INC., as joint lead
arranger and joint bookrunner (in such capacities, the “Joint Lead Arranger”
and “Joint Bookrunner”), CREDIT SUISSE, as joint lead arranger and
joint bookrunner and syndication agent (in such capacities, the “Joint Lead
Arranger” and “Joint Bookrunner” and “Syndication Agent”), JPMORGAN CHASE
BANK, N.A., as administrative agent (in such capacity, the “Administrative
Agent”) and LEHMAN COMMERCIAL PAPER INC., as documentation agent (in such capacity
“Documentation Agent”), and (b) the Guarantee dated as of November 22,
2005 (as amended, supplemented or otherwise modified from time to time, the “Guarantee”),
among Holdings, the Subsidiary Guarantors party thereto and the Administrative
Agent.

 

B                                        Capitalized
terms used herein and not otherwise defined herein shall have the meanings
assigned to such terms in the Pledge Agreement.

 

C.                                     The Pledgors have
entered into the Pledge Agreement in order to induce Administrative Agent, the
Syndication Agent, the Documentation Agent, the Lenders and the Letter of
Credit Issuers to enter into the Credit Agreement and to induce the Lenders and
the Letter of Credit Issuers to make their respective Extensions of Credit to
the Borrower under the Credit Agreement and to induce one or more Lenders or
affiliates of Lenders to enter into Hedge Agreements with the Borrower.

 

D.                                    The undersigned Domestic
Subsidiaries (each a “Additional Pledgor”) are (a) the legal and
beneficial owners of the Equity Interests described under Schedule 1
hereto and

 

 

issued by the entities named therein (such
pledged Equity Interests, together with any Equity Interests obtained in the
future of the issuer of such Pledged Shares (the “After-acquired Additional
Pledged Shares”), referred to collectively herein as the “Additional
Pledged Shares”) and (b) the legal and beneficial owners of the
Indebtedness (the “Additional Pledged Debt”) described under Schedule 1
hereto.

 

E.                                      Section 9.12
of the Credit Agreement and Section 9(b) of the Pledge Agreement
provide that additional Subsidiaries may become Subsidiary Pledgors under the
Pledge Agreement by execution and delivery of an instrument in the form of this
Supplement.  Each undersigned Additional
Pledgor is executing this Supplement in accordance with the requirements of Section 9(b) of
the Pledge Agreement to pledge to the Administrative Agent for the benefit of
the Secured Parties the Additional Pledged Shares and the Additional Pledged
Debt and to become a Subsidiary Pledgor under the Pledge Agreement in order to
induce the Lenders and the Letter of Credit Issuers to make additional
Extensions of Credit and as consideration for Extensions of Credit previously
made.

 

Accordingly, the Administrative Agent and
each undersigned Additional Pledgor agree as follows:

 

SECTION 1.  In accordance with Section 9(b) of
the Pledge Agreement, each Additional Pledgor by its signature hereby
transfers, assigns and pledges to the Administrative Agent for the benefit of
the Secured Parties, and hereby grants to the Administrative Agent for the
benefit of the Secured Parties, a security interest in all of such Additional
Pledgor’s right, title and interest in the following, whether now owned or
existing or hereafter acquired or existing (collectively, the “Additional
Collateral”):

 

(a)                                  the Additional
Pledged Shares held by such Additional Pledgor and the certificates
representing such Additional Pledged Shares and any interest of such Additional
Pledgor in the entries on the books of the issuer of the Additional Pledged
Shares or any financial intermediary pertaining to the Additional Pledged
Shares and all dividends, cash, warrants, rights, instruments and other
property or proceeds from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of the Additional
Pledged Shares, provided that the Additional Pledged Shares under this
Supplement shall not include more than 65 percent of the issued and
outstanding Equity Interests in any Foreign Subsidiary;

 

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

 

(c)                                  to the extent not
covered by clauses (a) and (b) above, respectively, all proceeds of
any or all of the foregoing Additional Collateral.  For purposes of this Supplement, the term “proceeds”
includes whatever is receivable or received when Additional Collateral or
proceeds are sold, exchanged, collected or otherwise disposed of, whether such
disposition is voluntary or involuntary, and includes proceeds of any indemnity

 

2

 

or guarantee payable to any
Additional Pledgor or the Administrative Agent from time to time with respect
to any of the Additional Collateral.

 

Notwithstanding the foregoing, “Additional Collateral”
shall not include any Equity Interests of any Person that is not a Subsidiary
except to the extent the grant by an Additional Pledgor of a Security Interest
therein pursuant to this Supplement to the Pledge Agreement (i) is not
prohibited by customary provisions in such contracts, agreements or instruments
governing such Equity Interests or (ii) is permitted with consent if all
necessary consents to such grant of a Security Interest therein have been
obtained from the other parties thereto (other than to the extent that any such
prohibition would be rendered ineffective pursuant to Sections 9-408 of the
Uniform Commercial Code (or any successor provision or provisions) of any
relevant jurisdiction or any other applicable law) (it being understood that
the foregoing shall not be deemed to obligate such Additional Pledgor to obtain
such consents).

 

For purposes of the Pledge Agreement,
(x) the Collateral shall be deemed to include the Additional Collateral
and (y) the After-acquired Pledged Shares shall be deemed to include the After-acquired
Additional Pledged Shares.

 

SECTION 2.  Each Additional Pledgor by its signature
below becomes a Pledgor under the Pledge Agreement with the same force and
effect as if originally named therein as a Pledgor and each Additional Pledgor
hereby agrees to all the terms and provisions of the Pledge Agreement
applicable to it as a Pledgor thereunder. 
Each reference to a “Subsidiary Pledgor” or a “Pledgor” in the Pledge
Agreement shall be deemed to include each Additional Pledgor.  The Pledge Agreement is hereby incorporated
herein by reference.

 

SECTION 3.  Each Additional Pledgor represents and
warrants as follows:

 

(a)                                  Schedule 1
hereto (i) correctly represents as of the date hereof (A) the issuer,
the certificate number, the Pledgor and record and beneficial owner, the number
and class and the percentage of the issued and outstanding Equity Interests of
such class of all Additional Pledged Shares and (B) the issuer, the
initial principal amount, the Pledgor and holder, date of and maturity date of
all Additional Pledged Debt and (ii) together with Schedule 2 to the
Pledge Agreement, the comparable schedules to each other Supplement to the
Pledge Agreement, includes all Equity Interests, debt securities and promissory
notes required to be pledged hereunder. 
Except as set forth on Schedule 1, the Pledged Shares represent all
(or 65 percent in the case of pledges of Foreign Subsidiaries) of the issued
and outstanding Equity Interests of each class of Equity Interests of the
issuer on the date hereof.

 

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

 

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

 

3

 

(d)                                 The execution and
delivery by such Additional Pledgor of this Supplement and the pledge of the
Additional Collateral pledged by such Additional Pledgor hereunder pursuant
hereto create a valid and perfected first-priority security interest in the
Additional Collateral, securing the payment of the Obligations, in favor of the
Administrative Agent for the benefit of the Secured Parties.

 

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

 

SECTION 4.  This Supplement may be executed by one or
more of the parties to this Supplement on any number of separate counterparts
(including by facsimile or other electronic transmission), and all of said
counterparts taken together shall be deemed to constitute one and the same
instrument.  A set of the copies of this
Supplement signed by all the parties shall be lodged with the Administrative
Agent and the Borrower.  This Supplement
shall become effective as to each Additional Pledgor when the Administrative
Agent shall have received counterparts of this Supplement that, when taken
together, bear the signatures of such Additional Pledgor and the Administrative
Agent.

 

SECTION 5.  Except as expressly supplemented hereby, the
Pledge Agreement shall remain in full force and effect.

 

SECTION 6.  THIS SUPPLEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 7.  Any provision of this Supplement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof and in the Pledge Agreement, and
any such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.  The parties hereto shall endeavor in
good-faith negotiations to replace the invalid, illegal or unenforceable provisions
with valid provisions the economic effect of which comes as close as possible to
that of the invalid, illegal or unenforceable provisions.

 

SECTION 8.  All notices, requests and demands pursuant
hereto shall be made in accordance with Section 16 of the Pledge
Agreement.  All communications and
notices hereunder to each Additional Pledgor shall be given to it in care of
the Borrower at the Borrower’s address set forth in Section 13.2 of the
Credit Agreement.

 

SECTION 9.  Each Additional Pledgor agrees to reimburse
the Administrative Agent for its reasonable out-of-pocket expenses in connection
with this Supplement, including the reasonable fees, other charges and
disbursements of counsel for the Administrative Agent.

 

4

 

IN WITNESS WHEREOF, each Additional Pledgor
and the Administrative Agent have duly executed this Supplement to the Pledge
Agreement as of the day and year first above written.

 

	
   

  	
  [NAME OF
  ADDITIONAL PLEDGOR]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  JPMORGAN
  CHASE BANK, N.A.,

  
	
   

  	
  as
  Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
					

 

 

SCHEDULE 1

TO SUPPLEMENT NO. [   ]

TO THE PLEDGE AGREEMENT

 

Pledged Shares

 

	
  Pledgor

  	
   

  	
  Issuer

  	
   

  	
  Class of Stock

  	
   

  	
  Stock

  Certificate No(s)

  	
   

  	
  Number of Shares

  	
   

  	
  Percentage of

  Issued and

  Outstanding

  Shares

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Pledged Debt

 

	
  Pledgor

  	
   

  	
  Issuer

  	
   

  	
  Initial Principal Amount

  	
   

  	
  Date of Note

  	
   

  	
  Maturity Date

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