Document:

exv10w4

 

EXHIBIT 10.4

 

INTELLECTUAL PROPERTY SECURITY AGREEMENT

dated as of

October 24, 2006

among

WEST CORPORATION,

THE OTHER GRANTORS IDENTIFIED HEREIN

and

LEHMAN COMMERCIAL PAPER INC.,

as Administrative Agent

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I
	 	 	 	 
	 
	 	 	 	 
	Definitions
	 	 	 	 
	 
	 	 	 	 
	SECTION 1.01. Credit Agreement
	 	 	1	 
	SECTION 1.02. Other Defined Terms
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II
	 	 	 	 
	 
	 	 	 	 
	Security Interests
	 	 	 	 
	 
	 	 	 	 
	SECTION 2.01. Security Interest
	 	 	4	 
	SECTION 2.02. Representations And Warranties
	 	 	5	 
	SECTION 2.03. Covenants
	 	 	7	 
	SECTION 2.04. As To Intellectual Property Collateral
	 	 	9	 
	 
	 	 	 	 
	ARTICLE III
	 	 	 	 
	 
	 	 	 	 
	Remedies
	 	 	 	 
	 
	 	 	 	 
	SECTION 3.01. Remedies Upon Default
	 	 	10	 
	SECTION 3.02. Application Of Proceeds
	 	 	12	 
	SECTION 3.03. Grant Of License To Use Intellectual Property
	 	 	12	 
	 
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	 
	 	 	 	 
	Indemnity, Subrogation and Subordination
	 	 	 	 
	 
	 	 	 	 
	SECTION 4.01. Indemnity
	 	 	12	 
	SECTION 4.02. Contribution And Subrogation
	 	 	13	 
	SECTION 4.03. Subordination
	 	 	13	 
	 
	 	 	 	 
	ARTICLE V
	 	 	 	 
	 
	 	 	 	 
	Miscellaneous
	 	 	 	 
	 
	 	 	 	 
	SECTION 5.01. Notices
	 	 	13	 
	SECTION 5.02. Waivers; Amendment
	 	 	13	 
	SECTION 5.03. Administrative Agent’s Fees And Expenses; Indemnification
	 	 	14	 
	SECTION 5.04. Successors And Assigns
	 	 	15	 
	SECTION 5.05. Survival Of Agreement
	 	 	15	 

 

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page	 
	SECTION 5.06. Counterparts; Effectiveness; Several Agreement
	 	 	15	 
	SECTION 5.07. Severability
	 	 	16	 
	SECTION 5.08. Right Of Set-Off
	 	 	16	 
	SECTION 5.09. Governing Law; Jurisdiction; Consent To Service Of Process
	 	 	16	 
	SECTION 5.10. Waiver Of Jury Trial
	 	 	17	 
	SECTION 5.11. Headings
	 	 	17	 
	SECTION 5.12. Security Interest Absolute
	 	 	17	 
	SECTION 5.13. Termination Or Release
	 	 	17	 
	SECTION 5.14. Additional Grantors
	 	 	18	 
	SECTION 5.15. General Authority Of The Administrative Agent
	 	 	19	 
	SECTION 5.16. Administrative Agent Appointed Attorney-In-Fact
	 	 	19	 

 

 

	 	 	 
	Schedules
	 	 
	 
	 	 
	Schedule I
	 	Subsidiary Parties
	Schedule II
	 	Intellectual Property
	 
	 	 
	Exhibits
	 	 
	 
	 	 
	Exhibit I
	 	Form of Supplement
	Exhibit II
	 	Form of Short Form Intellectual Property Agreement

 

 

     INTELLECTUAL PROPERTY SECURITY AGREEMENT dated as of October 24, 2006, among WEST CORPORATION
(the “Borrower”), the other Grantors identified herein and LEHMAN COMMERCIAL PAPER INC., as
Administrative Agent for the Secured Parties (as defined below) (in such capacity, the
“Administrative Agent”).

     Reference is made to the Credit Agreement dated as of October 24, 2006 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower,
each Lender from time to time party thereto, Lehman Commercial Paper Inc., as Administrative Agent
and Swing Line Lender, Deutsche Bank Securities Inc. and Bank of America, N.A., as Syndication
Agents, and Wachovia Bank, National Association and General Electric Capital Corporation, as
Co-Documentation Agents. The Lenders have agreed to extend credit to the Borrower subject to the
terms and conditions set forth in the Credit Agreement. The obligations of the Lenders to extend
such credit are conditioned upon, among other things, the execution and delivery of this Agreement.
The Subsidiary Parties are affiliates of the Borrower, will derive substantial benefits from the
extension of credit to the Borrower pursuant to the Credit Agreement and are willing to execute and
deliver this Agreement in order to induce the Lenders to extend such credit. Accordingly, the
parties hereto agree as follows:

ARTICLE I

Definitions

     SECTION 1.01. Credit Agreement. (a) Capitalized terms used in this Agreement and not
otherwise defined herein have the meanings specified in the Credit Agreement. All terms defined in
the New York UCC (as defined herein) and not defined in this Agreement have the meanings specified
therein; the term “instrument” shall have the meaning specified in Article 9 of the New York UCC.

     (b) The rules of construction specified in Article I of the Credit Agreement also apply to
this Agreement.

     SECTION 1.02. Other Defined Terms. As used in this Agreement, the following terms have the
meanings specified below:

     “Agreement” means this Intellectual Property Security Agreement.

     “Claiming Party” has the meaning assigned to such term in Section 4.02.

     “Collateral” has the meaning assigned to such term in Section 2.01.

     “Contributing Party” has the meaning assigned to such term in Section 4.02.

 

 

     “Copyright License” means any written agreement, now or hereafter in effect, granting any
right to any third party under any Copyright now or hereafter owned by any Grantor or that such
Grantor otherwise has the right to license, or granting any right to any Grantor under any
Copyright now or hereafter owned by any third party, and all rights of such Grantor under any such
agreement.

     “Copyrights” means all of the following now owned or hereafter acquired by any Grantor: (a)
all copyright rights in any work subject to the copyright laws of the United States or any other
country, whether as author, assignee, transferee or otherwise, and (b) all registrations and
applications for registration of any such copyright in the United States or any other country,
including registrations, recordings and pending applications for registration in the United States
Copyright Office, including those registrations listed on Schedule II.

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

     “Grantor” means each of the Parent, if any, the Borrower and each Subsidiary Party.

     “Intellectual Property” means all United States or foreign intellectual and similar property
of every kind and nature now owned or hereafter acquired by any Grantor, including, without
limitation, inventions, designs, Patents, Copyrights, Licenses, Trademarks, trade secrets,
confidential or proprietary and technical and business information, know-how or other similar data
or information, software and databases and all embodiments or fixations thereof and related
documentation, registrations and franchises, and all additions, improvements and accessions to, and
books and records describing or used in connection with, any of the foregoing and all rights to sue
at law or in equity for any infringement or other violation thereof, including the right to receive
all proceeds and damages therefrom.

     “Intellectual Property Collateral” means Collateral consisting of Intellectual Property.

     “Intellectual Property Security Agreement Supplement” means an instrument in the form of
Exhibit I hereto.

     “License” means any Patent License, Trademark License, Copyright License or other license or
sublicense agreement with regard to Intellectual Property to which any Grantor is a party,
including those listed on Schedule II.

     “New York UCC” means the Uniform Commercial Code as from time to time in effect in the State
of New York.

     “Patent License” means any written agreement, now or hereafter in effect, granting to any
third party any right to make, use or sell any invention on which a

2

 

patent, now or hereafter owned by any Grantor or that any Grantor otherwise has the right to
license, is in existence, or granting to any Grantor any right to make, use or sell any invention
on which a patent, now or hereafter owned by any third party, is in existence, and all rights of
any Grantor under any such agreement.

     “Patents” means all of the following now owned or hereafter acquired by any Grantor: (a) all
letters patent of the United States or the equivalent thereof in any other country, all
registrations and recordings thereof, and all applications for letters patent of the United States
or the equivalent thereof in any other country, including registrations, recordings and pending
applications in the United States Patent and Trademark Office, including those registrations and
applications listed on Schedule II, and (b) all reissues, continuations, divisions,
continuations-in-part, renewals or extensions thereof, and the inventions disclosed or claimed
therein, including the right to make, use and/or sell the inventions disclosed or claimed therein.

     “Proceeds” has the meaning specified in Section 9-102 of the New York UCC.

     “Secured Parties” means, collectively, the Administrative Agent, the Lenders, the Hedge Banks,
the Supplemental Administrative Agent and each co-agent or sub-agent appointed by the
Administrative Agent from time to time pursuant to Section 9.01(c) of the Credit Agreement.

     “Security Interest” has the meaning assigned to such term in Section 2.01(a).

     “Subsidiary Parties” means (a) the Restricted Subsidiaries identified on Schedule I and (b)
each other Restricted Subsidiary that becomes a party to this Agreement as a Subsidiary Party after
the Closing Date.

     “Trademark License” means any written agreement, now or hereafter in effect, granting to any
third party any right to use any Trademark now or hereafter owned by any Grantor or that any
Grantor otherwise has the right to license, or granting to any Grantor any right to use any
Trademark now or hereafter owned by any third party, and all rights of any Grantor under any such
agreement.

     “Trademarks” means all of the following: (a) all trademarks, service marks, trade names,
corporate names, company names, and other source or business identifiers, trade dress, logos,
designs and general intangibles of like nature, now existing or hereafter adopted or acquired, all
registrations and recordings thereof, and all registration and recording applications filed in
connection therewith, including registrations and registration applications in the United States
Patent and Trademark Office, including those registrations and applications listed on Schedule II,
(b) all extensions and renewals thereof and (c) all goodwill of the business associated therewith
or symbolized thereby.

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ARTICLE II

Security Interests

     SECTION 2.01. Security Interest. (a) As security for the payment or performance, as the case
may be, in full of the Obligations, including the Senior Guarantees, each Grantor hereby pledges to
the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, and
hereby grants to the Administrative Agent, its successors and assigns, for the benefit of the
Secured Parties, a security interest (the “Security Interest”) in, all right, title or interest in
or to any and all of the following assets and properties now owned or at any time hereafter
acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire
any right, title or interest (collectively, the “Collateral”):

     (i) all Copyrights;

     (ii) all Patents;

     (iii) all Trademarks;

     (iv) all Licenses;

     (v) all other Intellectual Property; and

     (vi) all Proceeds and products of any and all of the foregoing and all collateral
security and guarantees given by any Person with respect to any of the foregoing;

provided that notwithstanding anything to the contrary in this Agreement, this Agreement shall not
constitute a grant of a security interest in any Intellectual Property of a Grantor arising under
or evidenced by any contract, lease, instrument, license or other document if (but only to the
extent that) the grant of a security interest therein would (x) constitute a violation of a valid
and enforceable restriction in respect of such Intellectual Property in favor of a third party or
under any law, regulation, permit, order or decree of any Governmental Authority, unless and until
all required consents shall have been obtained (for the avoidance of doubt, the restrictions
described herein are not negative pledges or similar undertakings in favor of a lender or other
financial counterparty) or (y) expressly give any other party in respect of any such contract,
lease, instrument, license or other document, the right to terminate its obligations thereunder,
provided, however, that the limitation set forth in this proviso above shall not affect, limit,
restrict or impair the grant by a Grantor of a security interest pursuant to this Agreement in any
such Collateral to the extent that an otherwise applicable prohibition or restriction on such grant
is rendered ineffective by any applicable law, including the UCC.

     Notwithstanding any provision of this Agreement to the contrary, the Security Interest shall
not include any application for a Trademark that would be deemed

4

 

invalidated, canceled or abandoned due to the grant and/or enforcement of such Security Interest,
including, without limitation, all United States Trademark applications that are based on an
intent-to-use, unless and until such time that the grant and/or enforcement of the Security
Interest will not affect the status or validity of such Trademark

     (b) Each Grantor hereby irrevocably authorizes the Administrative Agent for the benefit of the
Secured Parties at any time and from time to time to file in any relevant jurisdiction any initial
financing statements with respect to the Collateral or any part thereof and amendments thereto that
contain the information required by Article 9 of the Uniform Commercial Code or the analogous
legislation of each applicable jurisdiction for the filing of any financing statement or amendment,
including whether such Grantor is an organization, the type of organization and any organizational
identification number issued to such Grantor. Each Grantor agrees to provide such information to
the Administrative Agent promptly upon request.

     The Administrative Agent is further authorized to file with the United States Patent and
Trademark Office or United States Copyright Office (or any successor office) a short form
intellectual property agreement in the form attached hereto as Exhibit II and such other documents
as may be necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing
or protecting the Security Interest granted by each Grantor, and naming any Grantor or the Grantors
as debtors and the Administrative Agent as secured party. Upon reasonable request, each Grantor
agrees to promptly execute and deliver or otherwise authenticate such documents.

     (c) The Security Interest is granted as security only and shall not subject the Administrative
Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of
any Grantor with respect to or arising out of the Collateral.

     SECTION 2.02. Representations and Warranties. Each Grantor jointly and severally represents
and warrants, as to itself and the other Grantors, to the Administrative Agent and the Secured
Parties that:

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

     (b) The Perfection Certificate has been duly prepared, completed and executed and the
information set forth therein is correct and complete in all material respects (except the
information therein with respect to the exact legal name of each Grantor shall be correct and
complete in all respects) as of the Closing Date. The Uniform Commercial Code financing statements
(including fixture filings, as applicable) or other appropriate filings, recordings or
registrations prepared by the Administrative Agent based upon the information provided to the
Administrative Agent in the Perfection

5

 

Certificate for filing in each governmental, municipal or other office specified in Schedule 2
to the Perfection Certificate (or specified by notice from the Borrower to the Administrative Agent
after the Closing Date in the case of filings, recordings or registrations required by Section 6.11
of the Credit Agreement), are all the filings, recordings and registrations (other than filings
required to be made in the United States Patent and Trademark Office and the United States
Copyright Office in order to perfect the Security Interest in Collateral consisting of United
States Patents, Trademarks and Copyrights) that are necessary to establish a legal, valid and
perfected security interest in favor of the Administrative Agent (for the benefit of the Secured
Parties) in respect of all Collateral in which the Security Interest may be perfected by filing,
recording or registration in the United States (or any political subdivision thereof) and its
territories and possessions, and no further or subsequent filing, refiling, recording, rerecording,
registration or reregistration is necessary in any such jurisdiction, except as provided under
applicable law with respect to the filing of continuation statements. Each Grantor represents and
warrants that fully executed agreements in the form hereof and containing descriptions of all
Collateral consisting of Intellectual Property with respect to United States issued Patents (and
Patents for which United States applications are pending), United States registered Trademarks (and
Trademarks for which United States registration applications are pending) and United States
registered Copyrights have been delivered to the Administrative Agent for recording by the United
States Patent and Trademark Office and the United States Copyright Office pursuant to 35 U.S.C. §
261, 15 U.S.C. § 1060 or 17 U.S.C. § 205 and the regulations thereunder, as applicable, to protect
the validity of and to establish a legal, valid and perfected security interest in favor of the
Administrative Agent (for the benefit of the Secured Parties) in respect of all Collateral
consisting of registrations or applications for registration of Patents and Trademarks, and
registrations for Copyrights, to the extent to which a security interest may be perfected by
filing, recording or registration of such interest in the United States, and, to the Grantors’
knowledge, no further or subsequent filing, refiling, recording, rerecording, registration or
reregistration is necessary (other than (a) such filings or other actions as are required under the
Uniform Commercial Code and (b) such actions as are necessary to perfect the Security Interest with
respect to any Collateral consisting of registrations or applications for registration of Patents
and Trademarks, and registrations for Copyrights, acquired or developed after the date hereof).

     (c) The Security Interest constitutes (i) a legal and valid security interest in all the
Collateral securing the payment and performance of the Obligations, including the Guarantees, (ii)
subject to the filings described in Section 2.02(b), a perfected security interest in all
Collateral to the extent to which a security interest may be perfected by filing, recording or
registering a financing statement or analogous document in the United States pursuant to the
Uniform Commercial Code and (iii) a security interest that shall be perfected in all Patents,
Trademarks and Copyrights to the extent to which a security interest may be perfected upon the
receipt and recording of this Agreement with the United States Patent and Trademark Office and the
United States Copyright Office, as applicable, within the three-month period (commencing as of the
date hereof) pursuant to 35 U.S.C. § 261 or 15 U.S.C. § 1060 or the one month period (commencing as
of the date

6

 

hereof) pursuant to 17 U.S.C. § 205. The Security Interest is and shall be prior to any other
Lien on any of the Collateral, other than (i) any nonconsensual Lien that is expressly permitted
pursuant to Section 7.01 of the Credit Agreement and has priority as a matter of law and (ii) Liens
expressly permitted pursuant to Section 7.01 of the Credit Agreement.

     (d) The Collateral is owned by the Grantors free and clear of any Lien, except for Liens
expressly permitted pursuant to Section 7.01 of the Credit Agreement. None of the Grantors has
filed or consented to the filing of (i) any financing statement or analogous document under the
Uniform Commercial Code or any other applicable laws covering any Collateral, (ii) any assignment
in which any Grantor assigns any Collateral or any security agreement or similar instrument
covering any Collateral with the United States Patent and Trademark Office or the United States
Copyright Office or (iii) any assignment in which any Grantor assigns any Collateral or any
security agreement or similar instrument covering any Collateral with any foreign governmental,
municipal or other office, which financing statement or analogous document, assignment, security
agreement or similar instrument is still in effect, except, in each case, for Liens expressly
permitted pursuant to Section 7.01 of the Credit Agreement.

     SECTION 2.03. Covenants. (a) The Borrower agrees to notify the Administrative Agent in
writing promptly, but in any event within 10 days, after any change (i) in the legal name of any
Grantor, (ii) in the identity or type of organization or corporate structure of any Grantor, or
(iii) in the jurisdiction of organization of any Grantor.

     (b) Each Grantor shall, at its own expense, take any and all commercially reasonable actions
necessary to defend title to material Collateral against all Persons and to defend the Security
Interest of the Administrative Agent in such material Collateral and the priority thereof against
any Lien not expressly permitted pursuant to Section 7.01 of the Credit Agreement; provided that
nothing in this Agreement shall prevent any Grantor from disposing of or discontinuing the
operation or maintenance of any of its assets or properties if such disposal or discontinuance is
(x) determined by such Grantor to be desirable in the conduct of its business and not materially
adverse to the Lenders and (y) permitted by the Credit Agreement.

     (c) Each year, at the time of delivery of annual financial statements with respect to the
preceding fiscal year pursuant to Section 6.01 of the Credit Agreement, the Borrower shall deliver
to the Administrative Agent a certificate executed by the chief financial officer and the chief
legal officer of the Borrower setting forth the information required pursuant to Schedules 1(a),
1(c), 1(e), 1(f) and 2(b) of the Perfection Certificate or confirming that there has been no change
in such information since the date of such certificate or the date of the most recent certificate
delivered pursuant to this Section 2.03(c).

     (d) Each Grantor agrees, on its own behalf and on behalf of each other Grantor, at its own
expense, to execute, acknowledge, deliver and cause to be duly filed

7

 

all such further instruments and documents and take all such actions as the Administrative
Agent may from time to time reasonably request to better assure, preserve, protect and perfect the
Security Interest and the rights and remedies created hereby, including the payment of any fees and
taxes required in connection with the execution and delivery of this Agreement, the granting of the
Security Interest and the filing of any financing statements or other documents in connection
herewith or therewith; provided, however that the delivery or recordation of recordable security
documents in non-U.S. jurisdictions is not required. If any amount payable under or in connection
with any of the Collateral that is in excess of $2,000,000 shall be or become evidenced by any
promissory note or other instrument, such note or instrument shall be promptly pledged and
delivered to the Administrative Agent, for the benefit of the Secured Parties, duly endorsed in a
manner reasonably satisfactory to the Administrative Agent.

     Without limiting the generality of the foregoing, each Grantor hereby authorizes the
Administrative Agent, with prompt notice thereof to the Grantors, to supplement this Agreement by
supplementing Schedule II or adding additional schedules hereto to specifically identify any asset
or item that may constitute registered Copyrights, Patents or Trademarks; provided that any Grantor
shall have the right, exercisable within 10 days after it has been notified by the Administrative
Agent of the specific identification of such Collateral, to advise the Administrative Agent in
writing of any inaccuracy of the representations and warranties made by such Grantor hereunder with
respect to such Collateral. Each Grantor agrees that it will use its commercially reasonable
efforts to take such action as shall be necessary in order that all representations and warranties
hereunder shall be true and correct in all material respects with respect to such Collateral within
30 days after the date it has been notified by the Administrative Agent of the specific
identification of such Collateral.

     (e) At its option, the Administrative Agent may discharge past due taxes, assessments,
charges, fees, Liens, security interests or other encumbrances at any time levied or placed on the
Collateral and not permitted pursuant to Section 7.01 of the Credit Agreement, and may pay for the
maintenance and preservation of the Collateral to the extent any Grantor fails to do so as required
by the Credit Agreement or this Agreement within a reasonable period of time after the
Administrative Agent has requested that it do so, and each Grantor jointly and severally agrees to
reimburse the Administrative Agent within 10 days after demand for any payment made or any
reasonable expense incurred by the Administrative Agent pursuant to the foregoing authorization.
Nothing in this paragraph shall be interpreted as excusing any Grantor from the performance of, or
imposing any obligation on the Administrative Agent or any Secured Party to cure or perform, any
covenants or other promises of any Grantor with respect to taxes, assessments, charges, fees,
Liens, security interests or other encumbrances and maintenance as set forth herein or in the other
Loan Documents.

     (f) Each Grantor (rather than the Administrative Agent or any Secured Party) shall remain
liable (as between itself and any relevant counterparty) to observe and perform all the conditions
and obligations to be observed and performed by it under each

8

 

contract, agreement or instrument relating to the Collateral, all in accordance with the terms
and conditions thereof, and each Grantor jointly and severally agrees to indemnify and hold
harmless the Administrative Agent and the Secured Parties from and against any and all liability
for such performance.

     SECTION 2.04. As to Intellectual Property Collateral. (a) Except to the extent failure to
act could not reasonably be expected to have a Material Adverse Effect, with respect to
registration or pending application of each item of its Intellectual Property Collateral for which
such Grantor has standing to do so, each Grantor agrees to take, at its expense, all commercially
reasonable steps, including, without limitation, in the U.S. Patent and Trademark Office, the U.S.
Copyright Office and any other governmental authority located in the United States, to (i) maintain
the validity and enforceability of any registered Intellectual Property Collateral (or applications
therefor) necessary for the conduct of its business and maintain such Intellectual Property
Collateral in full force and effect and (ii) pursue the registration and maintenance of each
material Patent, Trademark, or Copyright registration or application, now or hereafter included in
such Intellectual Property Collateral of such Grantor that is necessary for the conduct of such
Grantor’s business, including, without limitation, the payment of required fees and taxes, the
filing of responses to office actions issued by the U.S. Patent and Trademark Office, the U.S.
Copyright Office or other governmental authorities, the filing of applications for renewal or
extension, the filing of affidavits under Sections 8 and 15 or the U.S. Trademark Act, the filing
of divisional, continuation, continuation-in-part, reissue and renewal applications or extensions,
the payment of maintenance fees and the participation in interference, reexamination, opposition,
cancellation, infringement and misappropriation proceedings.

     (b) Except as could not reasonably be expected to have a Material Adverse Effect, no Grantor
shall do or permit any act or knowingly omit to do any act whereby any of its material Intellectual
Property Collateral that is necessary for the conduct of its business is reasonably likely to
lapse, be terminated, or become invalid or unenforceable or placed in the public domain (or in case
of a trade secret, lose its competitive value); provided that nothing in this Agreement shall
prevent any Grantor from disposing of or discontinuing the operation or maintenance of any of its
assets or properties if such disposal or discontinuance is (x) determined by such Grantor to be
desirable in the conduct of its business and not materially adverse to the Lenders and (y)
permitted by the Credit Agreement.

     (c) Each Grantor agrees that, should it obtain an ownership or other interest in any
Intellectual Property Collateral after the Closing Date (“After-Acquired Intellectual Property”),
(i) the provisions of this Agreement shall automatically apply thereto and (ii) any such
After-Acquired Intellectual Property and, in the case of Trademarks, the goodwill symbolized
thereby, shall automatically become part of the Intellectual Property Collateral subject to the
terms and conditions of this Agreement with respect thereto.

9

 

     (d) Once every fiscal quarter of the Borrower, with respect to issued or registered Patents
(or published applications therefor), registered Trademarks (or applications therefor), and
registered Copyrights, in each case to the extent such Patents, Trademarks and Copyrights are
registered in the United States, each Grantor shall sign and deliver to the Administrative Agent an
appropriate Intellectual Property Security Agreement with respect to all applicable Intellectual
Property owned by it as of the last day of such period, to the extent that such Intellectual
Property is not covered by any previous Intellectual Property Security Agreement so signed and
delivered by it. In each case, it will promptly cooperate as reasonably necessary to enable the
Administrative Agent to make any necessary or reasonably desirable recordations with the U.S.
Copyright Office or the U.S. Patent and Trademark Office, as appropriate.

     (e) Nothing in this Agreement prevents any Grantor from discontinuing the use or maintenance
of any or its Intellectual Property Collateral to the extent permitted by the Credit Agreement if
such Grantor determines in its reasonable business judgment that such discontinuance is desirable
in the conduct of its business.

ARTICLE III

Remedies

     SECTION 3.01. Remedies Upon Default. Upon the occurrence and during the continuance of an
Event of Default, each Grantor agrees to deliver each item of Collateral to the Administrative
Agent on demand, and it is agreed that the Administrative Agent shall have the right, at the same
or different times, with respect to any Collateral consisting of Intellectual Property, on demand,
to cause the Security Interest to become an assignment, transfer and conveyance of any of or all
such Collateral by the applicable Grantors to the Administrative Agent, or to license or
sublicense, whether general, special or otherwise, and whether on an exclusive or nonexclusive
basis, any such Collateral throughout the world on such terms and conditions and in such manner as
the Administrative Agent shall determine (other than in violation of any then-existing licensing
arrangements to the extent that waivers cannot be obtained), and, generally, to exercise any and
all rights afforded to a secured party with respect to the Obligations under the Uniform Commercial
Code or other applicable law. Without limiting the generality of the foregoing, each Grantor
agrees that the Administrative Agent shall have the right, subject to the mandatory requirements of
applicable law and the notice requirements described below, to sell or otherwise dispose of all or
any part of the Collateral securing the Obligations at a public or private sale, for cash, upon
credit or for future delivery as the Administrative Agent shall deem appropriate. Each such
purchaser at any sale of Collateral shall hold the property sold absolutely, free from any claim or
right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by law)
all rights of redemption, stay and appraisal which such Grantor now has or may at any time in the
future have under any rule of law or statute now existing or hereafter enacted. Notwithstanding
the foregoing, unless and until a “Statement of Use” or an “Amendment to Allege Use” has been filed
and accepted in the United States Patent and Trademark Office, it is agreed that the Administrative

10

 

Agent’s right to assign, transfer or convey any Trademark Collateral for which an application
is pending under Section 1(b) of the Lanham Act, 15 U.S.C. § 1051(b), or any of its successors or
counterparts, shall only be exercised if any such assignment, transfer or conveyance occurs in
connection with the transfer of the business (or the portion of the business) to which such
Trademark Collateral pertains and is made to the successor of that business.

     The Administrative Agent shall give the applicable Grantors 10 days’ written notice (which
each Grantor agrees is reasonable notice within the meaning of Section 9-611 of the New York UCC or
its equivalent in other jurisdictions) of the Administrative Agent’s intention to make any sale of
Collateral. Such notice, in the case of a public sale, shall state the time and place for such
sale. Any such public sale shall be held at such time or times within ordinary business hours and
at such place or places as the Administrative Agent may fix and state in the notice (if any) of
such sale. At any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot
as an entirety or in separate parcels, as the Administrative Agent may (in its sole and absolute
discretion) determine. The Administrative Agent shall not be obligated to make any sale of any
Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such
Collateral shall have been given. The Administrative Agent may, without notice or publication,
adjourn any public or private sale or cause the same to be adjourned from time to time by
announcement at the time and place fixed for sale, and such sale may, without further notice, be
made at the time and place to which the same was so adjourned. In case any sale of all or any part
of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained
by the Administrative Agent until the sale price is paid by the purchaser or purchasers thereof,
but the Administrative Agent shall not incur any liability in case any such purchaser or purchasers
shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such
Collateral may be sold again upon like notice. At any public (or, to the extent permitted by law,
private) sale made pursuant to this Agreement, any Secured Party may bid for or purchase, free (to
the extent permitted by law) from any right of redemption, stay, valuation or appraisal on the part
of any Grantor (all said rights being also hereby waived and released to the extent permitted by
law), the Collateral or any part thereof offered for sale and may make payment on account thereof
by using any claim then due and payable to such Secured Party from any Grantor as a credit against
the purchase price, and such Secured Party may, upon compliance with the terms of sale, hold,
retain and dispose of such property without further accountability to any Grantor therefor. For
purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall be
treated as a sale thereof; the Administrative Agent shall be free to carry out such sale pursuant
to such agreement and no Grantor shall be entitled to the return of the Collateral or any portion
thereof subject thereto, notwithstanding the fact that after the Administrative Agent shall have
entered into such an agreement all Events of Default shall have been remedied and the Obligations
paid in full. As an alternative to exercising the power of sale herein conferred upon it, the
Administrative Agent may proceed by a suit or suits at law or in equity to foreclose this Agreement
and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or
courts having competent jurisdiction or

11

 

pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions
of this Section 3.01 shall be deemed to conform to the commercially reasonable standards as
provided in Section 9-610(b) of the New York UCC or its equivalent in other jurisdictions.

     SECTION 3.02. Application of Proceeds. The Administrative Agent shall apply the proceeds of
any collection or sale of Collateral, including any Collateral consisting of cash in accordance
with Section 8.04 of the Credit Agreement.

     The Administrative Agent shall have absolute discretion as to the time of application of any
such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of 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.

     SECTION 3.03. Grant of License to Use Intellectual Property. In addition to the
Administrative Agent’s rights in Section 3.01 hereof, for the purpose of enabling the
Administrative Agent to exercise rights and remedies under this Agreement at such time as the
Administrative Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor
shall, upon request by the Administrative Agent at any time after and during the continuance of an
Event of Default, grant to the Administrative Agent a nonexclusive license to the extent that
granting such license is permitted by applicable law and under the terms of each License, to use,
license or sublicense any of the Collateral consisting of Intellectual Property now owned, used or
hereafter acquired or used by such Grantor, and wherever the same may be located, and including in
such license reasonable access to all media in which any of the licensed items may be recorded or
stored and to all computer software and programs used for the compilation or printout thereof. The
use of such license by the Administrative Agent may be exercised, at the option of the
Administrative Agent, during the continuation of an Event of Default; provided that any license,
sublicense or other transaction entered into by the Administrative Agent in accordance herewith
shall be binding upon the Grantors notwithstanding any subsequent cure of an Event of Default.

ARTICLE IV

Indemnity, Subrogation and Subordination

     SECTION 4.01. Indemnity. In addition to all rights of indemnity and subrogation as the
Grantors may have under applicable law (but subject to Section 4.03), the Borrower agrees that in
the event any assets of any Grantor (other than the Borrower) shall be sold pursuant to this
Agreement or any other Collateral Document to satisfy in whole or in part an obligation owed to any
Secured Party, the Borrower shall indemnify

12

 

such Grantor in an amount equal to the greater of the book value or the fair market value of
the assets so sold.

     SECTION 4.02. Contribution and Subrogation. Each Subsidiary Party (a “Contributing Party”)
agrees (subject to Section 4.03) that, in the event assets of any other Subsidiary Party shall be
sold pursuant to any Collateral Document to satisfy any Obligation owed to any Secured Party and
such other Subsidiary Party (the “Claiming Party”) shall not have been fully indemnified by the
Borrower as provided in Section 4.01, the Contributing Party shall indemnify the Claiming Party in
an amount equal to the greater of the book value or the fair market value of such assets, in each
case multiplied by a fraction of which the numerator shall be the net worth of the Contributing
Party on the date hereof and the denominator shall be the aggregate net worth of all the Grantors
on the date hereof (or, in the case of any Grantor becoming a party hereto pursuant to Section
5.14, the date of the Intellectual Property Security Agreement Supplement executed and delivered by
such Grantor). Any Contributing Party making any payment to a Claiming Party pursuant to this
Section 4.02 shall be subrogated to the rights of such Claiming Party to the extent of such
payment.

     SECTION 4.03. Subordination. (a) Notwithstanding any provision of this Agreement to the
contrary, all rights of the Grantors under Sections 4.01 and 4.02 and all other rights of
indemnity, contribution or subrogation under applicable law or otherwise shall be fully
subordinated to the indefeasible payment in full in cash of the Obligations. No failure on the
part of the Borrower or any Grantor to make the payments required by Sections 4.01 and 4.02 (or
any other payments required under applicable law or otherwise) shall in any respect limit the
obligations and liabilities of any Grantor with respect to its obligations hereunder, and each
Grantor shall remain liable for the full amount of the obligations of such Grantor hereunder.

     (b) Each Grantor hereby agrees that upon the occurrence and during the continuance of an Event
of Default and after notice from the Administrative Agent (which notice states that it is delivered
pursuant to this Section 4.03(b)), all Indebtedness owed by it to any Subsidiary that is not a Loan
Party shall be fully subordinated to the indefeasible payment in full in cash of the Obligations.

ARTICLE V

Miscellaneous

     SECTION 5.01. Notices. All communications and notices hereunder shall (except as otherwise
expressly permitted herein) be in writing and given as provided in Section 10.02 of the Credit
Agreement. All communications and notices hereunder to any Grantor shall be given to it in care of
the Borrower as provided in Section 10.02 of the Credit Agreement.

     SECTION 5.02. Waivers; Amendment. (a) No failure or delay by the Administrative Agent, any
L/C Issuer or any Lender in exercising any right or power

13

 

hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any
single or partial exercise of any such right or power, or any abandonment or discontinuance of
steps to enforce such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of the Administrative Agent, the L/C
Issuers and the Lenders hereunder and under the other Loan Documents are cumulative and are not
exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of
this Agreement or consent to any departure by any Grantor therefrom shall in any event be effective
unless the same shall be permitted by paragraph (b) of this Section 5.02, and then such waiver or
consent shall be effective only in the specific instance and for the purpose for which given.
Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of
Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative
Agent, any Lender or any L/C Issuer may have had notice or knowledge of such Default at the time.
No notice or demand on any Grantor in any case shall entitle any Grantor to any other or further
notice or demand in similar or other circumstances.

     (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the
Grantor or Grantors with respect to which such waiver, amendment or modification is to apply,
subject to any consent required in accordance with Section 10.01 of the Credit Agreement.

     SECTION 5.03. Administrative Agent’s Fees and Expenses; Indemnification. (a) The parties
hereto agree that the Administrative Agent shall be entitled to reimbursement of its reasonable
out-of-pocket expenses incurred hereunder as provided in Section 10.04 of the Credit Agreement.

     (b) Without limitation of its indemnification obligations under the other Loan Documents, each
Grantor agrees to indemnify and hold harmless the Administrative Agent and the other Indemnitees
(as defined in Section 10.05 of the Credit Agreement) from and against any and all liabilities,
obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs,
expenses and disbursements (including Attorney Costs) of any kind or nature whatsoever which may at
any time be imposed on, incurred by or asserted against any such Indemnitee in any way relating to
or arising out of or in connection with the execution, delivery or performance of this Agreement or
any claim, litigation, investigation or proceeding relating to any of the foregoing agreements or
instruments contemplated hereby, or to the Collateral, whether or not any Indemnitee is a party
thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent
that such liabilities, obligations, losses, damages, penalties, claims, demands, actions,
judgments, suits, costs, expenses or disbursements resulted from the gross negligence, bad faith or
willful misconduct of, or the breach of this Agreement by, such Indemnitee or of any affiliate,
director, officer, employee, counsel, agent or attorney-in-fact of such Indemnitee.

     (c) Any such amounts payable as provided hereunder shall be additional Obligations secured
hereby and by the other Collateral Documents. The provisions of

14

 

this Section 5.03 shall remain operative and in full force and effect regardless of the
termination of this Agreement or any other Loan Document, the consummation of the transactions
contemplated hereby, the repayment of any of the Obligations, the invalidity or unenforceability of
any term or provision of this Agreement or any other Loan Document, or any investigation made by or
on behalf of the Administrative Agent or any other Secured Party. All amounts due under this
Section 5.03 shall be payable within 10 days of written demand therefor.

     SECTION 5.04. Successors and Assigns. Whenever in this Agreement any of the parties hereto is
referred to, such reference shall be deemed to include the permitted successors and assigns of such
party; and all covenants, promises and agreements by or on behalf of any Grantor or the
Administrative Agent that are contained in this Agreement shall bind and inure to the benefit of
their respective successors and assigns.

     SECTION 5.05. Survival of Agreement. All covenants, agreements, representations and
warranties made by the Grantors hereunder and in the other Loan Documents and in the certificates
or other instruments prepared or delivered in connection with or pursuant to this Agreement or any
other Loan Document shall be considered to have been relied upon by the Lenders and shall survive
the execution and delivery of the Loan Documents and the making of any Loans and issuance of any
Letters of Credit, regardless of any investigation made by any Lender or on its behalf and
notwithstanding that the Administrative Agent, any L/C Issuer or any Lender may have had notice or
knowledge of any Default or incorrect representation or warranty at the time any credit is extended
under the Credit Agreement, and shall continue in full force and effect as long as the principal of
or any accrued interest on any Loan or any fee or any other amount payable under any Loan Document
(other than (x) obligations under Secured Hedge Agreements not yet due and payable, (y) Cash
Management Obligations and (z) contingent indemnification obligations) is outstanding and unpaid or
any Letter of Credit is outstanding (unless cash collateral or other credit support satisfactory
to the L/C Issuer thereof in its sole discretion has been provided) and so long as the Commitments
have not expired or terminated.

     SECTION 5.06. Counterparts; Effectiveness; Several Agreement. This Agreement may be executed
in one or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Delivery by telecopier of an executed counterpart of
a signature page to this Agreement shall be effective as delivery of an original executed
counterpart of this Agreement. This Agreement shall become effective as to any Grantor when a
counterpart hereof executed on behalf of such Grantor shall have been delivered to the
Administrative Agent and a counterpart hereof shall have been executed on behalf of the
Administrative Agent, and thereafter shall be binding upon such Grantor and the Administrative
Agent and their respective permitted successors and assigns, and shall inure to the benefit of such
Grantor, the Administrative Agent and the other Secured Parties and their respective successors and
assigns, except that no Grantor shall have the right to assign or transfer its rights or
obligations hereunder or any interest herein or in the Collateral (and any such

15

 

assignment or transfer shall be void) except as expressly contemplated by this Agreement or
the Credit Agreement. This Agreement shall be construed as a separate agreement with respect to
each Grantor and may be amended, modified, supplemented, waived or released with respect to any
Grantor without the approval of any other Grantor and without affecting the obligations of any
other Grantor hereunder.

     SECTION 5.07. Severability. If any provision of this Agreement is held to be illegal, invalid
or unenforceable, the legality, validity and enforceability of the remaining provisions of this
Agreement shall not be affected or impaired thereby. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
The parties 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 5.08. Right of Set-Off. In addition to any rights and remedies of the Lenders
provided by Law, upon the occurrence and during the continuance of any Event of Default, each
Lender and its Affiliates is authorized at any time and from time to time, without prior notice to
any Grantor, any such notice being waived by each Grantor to the fullest extent permitted by
applicable Law, to set off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held by, and other Indebtedness at any time owing by, such Lender
and its Affiliates to or for the credit or the account of the respective Grantor against any and
all obligations owing to such Lender and its Affiliates hereunder, now or hereafter existing,
irrespective of whether or not such Lender or Affiliate shall have made demand under this Agreement
and although such obligations may be contingent or unmatured or denominated in a currency different
from that of the applicable deposit or Indebtedness. Each Lender agrees promptly to notify the
applicable Grantor and the Administrative Agent after any such set off and application made by such
Lender; provided, that the failure to give such notice shall not affect the validity of such setoff
and application. The rights of each Lender under this Section 5.08 are in addition to other rights
and remedies (including other rights of setoff) that such Lender may have.

     SECTION 5.09. GOVERNING LAW. (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

     (b) ANY LEGAL ACTION OR PROCEEDING ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY CONNECTED
WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO
ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR
HEREAFTER ARISING, MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY
OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF
THIS AGREEMENT, EACH GRANTOR CONSENTS, FOR ITSELF

16

 

AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH
GRANTOR IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED
ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY
ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED
THERETO.

     SECTION 5.10. EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY
OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER ANY LOAN DOCUMENT OR IN ANY WAY
CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH
RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW
EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY
HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED
BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL
COUNTERPART OR A COPY OF THIS SECTION 6.10 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE
SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

     SECTION 5.11. Headings. Article and Section headings and the Table of Contents used herein
are for convenience of reference only, are not part of this Agreement and are not to affect the
construction of, or to be taken into consideration in interpreting, this Agreement.

     SECTION 5.12. Security Interest Absolute. All rights of the Administrative Agent hereunder,
the Security Interest, the grant of a security interest in the Pledged Collateral and all
obligations of each Grantor hereunder shall be absolute and unconditional irrespective of (a) any
lack of validity or enforceability of the Credit Agreement, any other Loan Document, any agreement
with respect to any of the Obligations or any other agreement or instrument relating to any of the
foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all
or any of the Obligations, or any other amendment or waiver of or any consent to any departure from
the Credit Agreement, any other Loan Document or any other agreement or instrument, (c) any
exchange, release or non-perfection of any Lien on other collateral, or any release or amendment or
waiver of or consent under or departure from any guarantee, securing or guaranteeing all or any of
the Obligations or (d) any other circumstance that might otherwise constitute a defense available
to, or a discharge of, any Grantor in respect of the Obligations or this Agreement.

     SECTION 5.13. Termination or Release. (a) This Agreement, the Security Interest and all
other security interests granted hereby shall terminate with

17

 

respect to all Secured Obligations when all the outstanding Secured Obligations under the Loan
Documents (other than (x) obligations under Secured Hedge Agreements not yet due and payable, (y)
Cash Management Obligations and (z) contingent indemnification obligations) have been paid in full
and the Lenders have no further commitment to lend under the Credit Agreement, the L/C Obligations
have been reduced to zero (unless cash collateral or other credit support satisfactory to the L/C
Issuer thereof in its sole discretion has been provided) and the L/C Issuers have no further
obligations to issue Letters of Credit under the Credit Agreement.

     (b) A Subsidiary Party shall automatically be released from its obligations hereunder and the
Security Interest in the Collateral of such Subsidiary Party shall be automatically released upon
the consummation of any transaction permitted by the Credit Agreement as a result of which such
Subsidiary Party ceases to be a Subsidiary of the Borrower or becomes an Excluded Subsidiary;
provided that the Required Lenders shall have consented to such transaction (to the extent required
by the Credit Agreement) and the terms of such consent did not provide otherwise.

     (c) Upon any sale or other transfer by any Grantor 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 10.01 of the Credit
Agreement, the security interest in such Collateral shall be automatically released.

     (d) In connection with any termination or release pursuant to paragraph (a), (b) or (c), the
Administrative Agent shall execute and deliver to any Grantor, at such Grantor’s expense, all
documents that such Grantor shall reasonably request to evidence such termination or release and
shall perform such other actions reasonably requested by such Grantor to effect such release,
including delivery of certificates, securities and instruments. Any execution and delivery of
documents pursuant to this Section 5.13 shall be without recourse to or warranty by the
Administrative Agent.

     SECTION 5.14. Additional Grantors. Pursuant to Section 6.11 of the Credit Agreement, Holdings
and certain Restricted Subsidiaries that (i) are not Excluded Subsidiaries and (ii) were not in
existence or not Restricted Subsidiaries on the date of the Credit Agreement are required to enter
in this Agreement as Grantors upon the occurrence of a Holdings Election Event or becoming a
Restricted Subsidiary that is not an Excluded Subsidiary, as applicable. Upon execution and
delivery by the Administrative Agent and Holdings or a Restricted Subsidiary, as applicable, of a
Security Agreement Supplement, Holdings or such Restricted Subsidiary shall become a Grantor
hereunder with the same force and effect as if originally named as a Grantor herein. The execution
and delivery of any such instrument shall not require the consent of any other Grantor hereunder.
The rights and obligations of each Grantor hereunder shall remain in full force and effect
notwithstanding the addition of any new Grantor as a party to this Agreement.

18

 

     SECTION 5.15. General Authority of the Administrative Agent. By acceptance of the benefits of
this Agreement and any other Collateral Documents, each Secured Party (whether or not a signatory
hereto) shall be deemed irrevocably (a) to consent to the appointment of the Administrative Agent
as its agent hereunder and under such other Collateral Documents, (b) to confirm that the
Administrative Agent shall have the authority to act as the exclusive agent of such Secured Party
for the enforcement of any provisions of this Agreement and such other Collateral Documents against
any Grantor, the exercise of remedies hereunder or thereunder and the giving or withholding of any
consent or approval hereunder or thereunder relating to any Collateral or any Grantor’s obligations
with respect thereto, (c) to agree that it shall not take any action to enforce any provisions of
this Agreement or any other Collateral Document against any Grantor, to exercise any remedy
hereunder or thereunder or to give any consents or approvals hereunder or thereunder except as
expressly provided in this Agreement or any other Collateral Document and (d) to agree to be bound
by the terms of this Agreement and any other Collateral Documents.

     SECTION 5.16. Administrative Agent Appointed Attorney-in-Fact. Each Grantor hereby appoints
the Administrative Agent the attorney-in-fact of such Grantor for the purpose of carrying out the
provisions of this Agreement and taking any action and executing any instrument that the
Administrative Agent may deem necessary or advisable to accomplish the purposes hereof at any time
after and during the continuance of an Event of Default, which appointment is irrevocable and
coupled with an interest. Without limiting the generality of the foregoing, the Administrative
Agent shall have the right, upon the occurrence and during the continuance of an Event of Default
and notice by the Administrative Agent to the Borrower of its intent to exercise such rights, with
full power of substitution either in the Administrative Agent’s name or in the name of such Grantor
(a) to receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts,
money orders or other evidences of payment relating to the Collateral or any part thereof; (b) to
demand, collect, receive payment of, give receipt for and give discharges and releases of all or
any of the Collateral; (c) to sign the name of any Grantor on any invoice or bill of lading
relating to any of the Collateral; to send verifications of Accoutns Receivable to any Account
Debtor; (e) to commence and prosecute any and all suits, actions or proceedings at law or in equity
in any court of competent jurisdiction to collect or otherwise realize on all or any of the
Collateral or to enforce any rights in respect of any Collateral; (f) to settle, compromise,
compound, adjust or defend any actions, suits or proceedings relating to all or any of the
Collateral; (g) to notify, or to require any Grantor to notify, Account Debtors to make payment
directly to the Administrative Agent, and (h) to use, sell, assign, transfer, pledge, make any
agreement with respect to or otherwise deal with all or any of the Collateral, and to do all other
acts and things necessary to carry out the purposes of this Agreement, as fully and completely as
though the Administrative Agent were the absolute owner of the Collateral for all purposes;
provided that nothing herein contained shall be construed as requiring or obligating the
Administrative Agent to make any commitment or to make any inquiry as to the nature or sufficiency
of any payment received by the Administrative Agent, or to present or file any claim or notice, or
to take any action with respect to the Collateral or

19

 

any part thereof or the moneys due or to become due in respect thereof or any property covered
thereby. The Administrative Agent and the other Secured Parties shall be accountable only for
amounts actually received as a result of the exercise of the powers granted to them herein, and
neither they nor their officers, directors, employees or agents shall be responsible to any Grantor
for any act or failure to act hereunder, except for their own gross negligence or willful
misconduct or that of any of their Affiliates, directors, officers, employees, counsel, agents or
attorneys-in-fact.

20

 

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

WEST CORPORATION

COSMOSIS CORPORATION

INPULSE RESPONSE GROUP, INC.

INTERCALL, INC.

INTRADO COMMUNICATIONS INC.

INTRADO COMMUNICATIONS OF VIRGINIA INC.

INTRADO INC.

NORTHERN CONTACT, INC.

WEST ASSET MANAGEMENT, INC.

WEST DIRECT, INC.

WEST FACILITIES CORPORATION

WEST INTERACTIVE CORPORATION

WEST INTERNATIONAL CORPORATION

WEST RECEIVABLE SERVICES, INC.

WEST TELEMARKETING CORPORATION II

By: /s/ Paul M. Mendlik                    

Name: Paul M. Mendlik

Title: Chief Financial Officer and Treasurer

ASSET DIRECT MORTGAGE, LLC

BUYDEBTCO, LLC

INTRADO INTERNATIONAL, LLC

STARGATE MANAGEMENT LLC

THE DEBT DEPOT, LLC

WEST ASSET PURCHASING, LLC

WEST TRANSACTION SERVICES II, LLC

WEST TRANSACTION SERVICES, LLC

By: /s/ Paul M. Mendlik                    

Name: Paul M. Mendlik

Title: Manager

ATTENTION FUNDING CORPORATION

By: /s/ Paul M. Mendlik                    

Name: Paul M. Mendlik

Title: Treasurer

 

 

INTERCALL TELECOM VENTURES, LLC

By INTERCALL, INC.

Its sole member

By: /s/ Paul M. Mendlik                    

Name: Paul M. Mendlik

Title: Chief Financial Officer and Treasurer

WEST BUSINESS SERVICES, LP

WEST TELEMARKETING, LP

By WEST TRANSACTION SERVICES, LLC

Their general partner

By: /s/ Paul M. Mendlik                    

Name: Paul M. Mendlik

Title: Manager

 

 

LEHMAN COMMERCIAL PAPER INC.,

as Administrative Agent

By: /s/ Jeff Ogden                    

Name: Jeff Ogden

Title: Managing Directorexv10w5

 

EXHIBIT 10.5

Recording requested by, and

when recorded, mail to:

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York 10153

Attention: Jeffrey D. Lowe, Esq.

DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FINANCING STATEMENT

From

WEST CORPORATION, as Trustor

To

CHICAGO TITLE INSURANCE COMPANY, as Trustee

And

LEHMAN COMMERCIAL PAPER INC., as Beneficiary

 

Dated: October 24, 2006

Premises:

Omaha, Nebraska

Douglas County

 

 

THIS INSTRUMENT IS TO BE INDEXED AS BOTH A DEED OF TRUST AND A FIXTURE
FILING FILED AS A FINANCING STATEMENT dated as of October 24, 2006 (this
“Deed Trust”), by WEST CORPORATION, a Delaware corporation, having an
office at 11808 Miracle Hills Drive, Omaha, Nebraska 68154 (“Trustor”), to
CHICAGO TITLE INSURANCE COMPANY, a Missouri corporation, as trustee
(“Trustee”), whose address is 106 W. 11th Street, Kansas City,
Missouri 64105, for the use and benefit of LEHMAN COMMERCIAL PAPER INC.,
having an office at 745 Seventh Avenue, New York, New York 10019
(“Beneficiary”) as Administrative Agent for the Secured Parties (as such
terms are defined below) .

WITNESSETH THAT:

     Reference is made to (i) the Credit Agreement dated as of October 24, 2006 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among Trustor, as
Borrower (the “Borrower”), Beneficiary, as Administrative Agent (the “Administrative Agent”),
Deutsche Bank Securities Inc. and Bank of America, N.A. as syndication agents, Wachovia Capital
Markets, LLC and General Electric Capital Corporation as Co-Documentation Agents and the several
financial institutions and other entities from time to time parties thereto (collectively, the
"Lenders”), (ii) the Guaranty (as defined in the Credit Agreement),and (iii) the Security
Agreement (as defined in the Credit Agreement). Capitalized terms used but not defined herein have
the meanings given to them in the Credit Agreement.

     In the Credit Agreement, (i) the Lenders have agreed to make term loans (the “Term Loans”) and
revolving credit loans (the “Revolving Loans”) to the Borrower, (ii) the Swingline Lender has
agreed to make swingline loans to the Borrower (the “Swing Line Loans”, together with Term Loans
and Revolving Loans, the “Loans”) and (iii) the L/C Issuers have issued or agreed to issue from
time to time Letters of Credit for the account of the Borrower, in each case pursuant to, upon the
terms, and subject to the conditions specified in, the Credit Agreement. Amounts paid in respect
of Term Loans may not be reborrowed. Subject to the terms of the Credit Agreement, the Borrower
may borrow, prepay and reborrow Revolving Loans. The Credit Agreement provides that the sum of the
principal amount of the Loans and the Letters of Credit from time to time outstanding and secured
hereby shall not exceed $2,350,000,000.00.

     The obligations of the Lenders to make Loans and of the L/C Issuers to issue Letters of Credit
are conditioned upon, among other things, the execution and delivery by the Trustor of this Deed of
Trust in the form hereof to secure the Secured Obligations (as defined in the Security Agreement).

     Pursuant to the requirements of the Credit Agreement, the Trustor is granting this Deed of
Trust to create a lien on and a security interest in the Mortgaged Property (as hereinafter
defined) to secure the performance and payment by the Trustor of the Secured

 

 

Obligations (as defined in the Security Agreement). The Credit Agreement also requires the
granting by other Loan Parties of mortgages, deeds of trust and/or deeds to secure debt (the “Other
Mortgages”) that create liens on and security interests in certain real and personal property other
than the Mortgaged Property to secure the performance of the Secured Obligations (as defined in the
Security Agreement).

Granting Clauses

     NOW, THEREFORE, IN CONSIDERATION OF the foregoing and in order to secure the due and punctual
payment and performance of the Secured Obligations (as defined in the Security Agreement) for the
benefit of the Secured Parties (as defined in the Security Agreement), Trustor hereby grants,
conveys, mortgages, assigns and pledges to the Trustee, in trust with POWER OF SALE, for the use
and benefit of the Beneficiary, its successors and assigns, a mortgage lien on and a security
interest in all of Trustor’s right, title, and interest in and to, all the following described
property (the “Mortgaged Property”) whether now owned or held or hereafter acquired:

     (1) the land more particularly described on Exhibit A hereto (the “Land”), together
with all rights appurtenant thereto, including the easements over certain other adjoining
land granted by any easement agreements, covenant or restrictive agreements and all air
rights, mineral rights, water rights, oil and gas rights and development rights, if any,
relating thereto, and also together with all of the other easements, rights, privileges,
interests, hereditaments and appurtenances thereunto belonging or in any way appertaining
and all of the estate, right, title, interest, claim or demand whatsoever of Trustor
therein and in the streets and ways adjacent thereto, either in law or in equity, in
possession or expectancy, now or hereafter acquired (the “Premises”);

     (2) all buildings, improvements, structures, paving, parking areas, walkways and
landscaping now or hereafter erected or located upon the Land, and all fixtures of every
kind and type affixed to the Premises or attached to or forming part of any structures,
buildings or improvements and replacements thereof now or hereafter erected or located upon
the Land (the “Improvements”);

     (3) subject to the terms of the Security Agreement, all apparatus, movable appliances,
building materials, equipment, fittings, furnishings, furniture, machinery and other
articles of tangible personal property of every kind and nature, and replacements thereof,
now or at any time hereafter placed upon or used in any way in connection with the use,
enjoyment, occupancy or operation of the Improvements or the Premises, including all of
Trustor’s books and records relating thereto and including all pumps, tanks, goods,
machinery, tools, equipment, lifts (including fire sprinklers and alarm systems, fire
prevention or control systems, cleaning rigs, air conditioning, heating, boilers,
refrigerating, electronic monitoring, water, loading, unloading, lighting, power,
sanitation, waste removal, entertainment, communications, computers, recreational, window
or structural, maintenance, truck or car repair and all other equipment of every kind),
restaurant, bar and all other indoor or outdoor furniture (including tables,

3

 

chairs, booths, serving stands, planters, desks, sofas, racks, shelves, lockers and
cabinets), bar equipment, glasses, cutlery, uniforms, linens, memorabilia and other
decorative items, furnishings, appliances, supplies, inventory, rugs, carpets and other
floor coverings, draperies, drapery rods and brackets, awnings, venetian blinds,
partitions, chandeliers and other lighting fixtures, freezers, refrigerators, walk-in
coolers, signs (indoor and outdoor), computer systems, cash registers and inventory control
systems, and all other apparatus, equipment, furniture, furnishings, and articles used in
connection with the use or operation of the Improvements or the Premises, it being
understood that the enumeration of any specific articles of property shall in no way result
in or be held to exclude any items of property not specifically mentioned (the property
referred to in this subparagraph (3), the “Personal Property”);

     (4) subject to the terms of the Security Agreement, all general intangibles owned by
Trustor and relating to design, development, operation, management and use of the Premises
or the Improvements, all certificates of occupancy, zoning variances, building, use or
other permits, approvals, authorizations and consents obtained from and all materials
prepared for filing or filed with any governmental agency in connection with the
development, use, operation or management of the Premises and Improvements, all
construction, service, engineering, consulting, leasing, architectural and other similar
contracts concerning the design, construction, management, operation, occupancy and/or use
of the Premises and Improvements, all architectural drawings, plans, specifications, soil
tests, feasibility studies, appraisals, environmental studies, engineering reports and
similar materials relating to any portion of or all of the Premises and Improvements, and
all payment and performance bonds or warranties or guarantees relating to the Premises or
the Improvements, all to the extent assignable (the “Permits, Plans and Warranties”);

     (5) all now or hereafter existing leases or licenses (under which Trustor is landlord
or licensor) and subleases (under which Trustor is sublandlord), concession, management,
mineral or other agreements of a similar kind that permit the use or occupancy of the
Premises or the Improvements for any purpose in return for any payment, or the extraction
or taking of any gas, oil, water or other minerals from the Premises in return for payment
of any fee, rent or royalty (collectively, “Leases”), and all agreements or contracts for
the sale or other disposition of all or any part of the Premises or the Improvements, now
or hereafter entered into by Trustor, together with all charges, fees, income, issues,
profits, receipts, rents, revenues or royalties payable thereunder (“Rents”);

     (6) except as may be provided to the contrary in the Credit Agreement, all real estate
tax refunds and all proceeds of the conversion, voluntary or involuntary, of any of the
Mortgaged Property into cash or liquidated claims (“Proceeds”), including Proceeds of
insurance maintained by the Trustor and condemnation awards, any awards that may become due
by reason of the taking by eminent domain or any transfer in lieu thereof of the whole or
any part of the Premises or Improvements or any rights appurtenant thereto, and any awards
for

4

 

change of grade of streets, together with any and all moneys now or hereafter on
deposit for the payment of real estate taxes, assessments or common area charges levied
against the Mortgaged Property, unearned premiums on policies of fire and other insurance
maintained by the Trustor covering any interest in the Mortgaged Property or required by
the Credit Agreement; and

     (7) all extensions, improvements, betterments, renewals, substitutes and replacements
of and all additions and appurtenances to, the Land, the Premises, the Improvements, the
Personal Property, the Permits, Plans and Warranties and the Leases, hereinafter acquired
by or released to the Trustor or constructed, assembled or placed by the Trustor on the
Land, the Premises or the Improvements, and all conversions of the security constituted
thereby, immediately upon such acquisition, release, construction, assembling, placement or
conversion, as the case may be, and in each such case, without any further mortgage, deed
of trust, conveyance, assignment or other act by the Trustor, all of which shall become
subject to the lien of this Deed of Trust as fully and completely, and with the same
effect, as though now owned by the Trustor and specifically described herein.

provided that notwithstanding anything to the contrary in this Deed of Trust, this Deed of Trust
shall not constitute a grant of a security interest in any general intangible, investment property
or other such rights of a Trustor arising under any contract, lease, instrument, license or other
document if (but only to the extent that) the grant of a security interest therein would (x)
constitute a violation of a valid and enforceable restriction in respect of such general
intangible, investment property or other such rights in favor of a third party or under any law,
regulation, permit, order or decree of any governmental authority, unless and until all required
consents shall have been obtained (for the avoidance of doubt, the restrictions described herein
are not negative pledges or similar undertakings in favor of a lender or other financial
counterparty) or (y) expressly give any other party in respect of any such contract, lease,
instrument, license or other document, the right to terminate its obligations thereunder, provided
however, that the limitation set forth above shall not affect, limit, restrict or impair the grant
by Trustor of a security interest pursuant to this Deed of Trust in any such Mortgaged Property to
the extent that an otherwise applicable prohibition or restriction on such grant is rendered
ineffective by any applicable law, including the UCC. Trustor shall, if requested to do so by the
Beneficiary, use commercially reasonably efforts to obtain any such required consent that is
reasonably obtainable with respect to Mortgaged Property which the Beneficiary reasonably
determines to be material.

     TO HAVE AND TO HOLD the Mortgaged Property unto the Trustee, as trustee for the Beneficiary,
its successors and assigns, for the ratable benefit of the Secured Parties, forever, subject only
to permitted encumbrances pursuant to Section 7.01 of the Credit Agreement (“Permitted
Encumbrances”) and to satisfaction and release as provided in Section 3.04.

5

 

ARTICLE I

Representations, Warranties and Covenants of Trustor

     Trustor agrees, covenants, represents and/or warrants as follows:

     SECTION 1.01. Title, Mortgage Lien.

          (a) Trustor has good and marketable fee simple title to the Mortgaged Property, subject only
to Permitted Encumbrances.

          (b) This Deed of Trust and the Uniform Commercial Code Financing Statements described in
Section 1.09 of this Deed of Trust, when duly recorded in the public records identified in the
Perfection Certificate (as defined in the Security Agreement), will create a valid, perfected and
enforceable lien upon and security interest in all of the Mortgaged Property to the extent
perfection can be obtained by filing uniform commercial code financing statements.

          (c) Trustor will forever warrant and defend its title to the Mortgaged Property, the rights of
Trustee and Beneficiary therein under this Deed of Trust and the validity and priority of the lien
of this Deed of Trust thereon against the claims of all persons and parties except those having
rights under Permitted Encumbrances to the extent of those rights.

     SECTION 1.02. Credit Agreement. This Deed of Trust is given pursuant to the Credit
Agreement. Trustor expressly covenants and agrees to pay when due, and to timely perform, and to
cause the other Loan Parties to pay when due, and to timely perform, the Secured Obligations in
accordance with the terms of the Loan Documents.

     SECTION 1.03. Maintenance of Mortgaged Property. Trustor will maintain the
Improvements and the Personal Property in the manner required by the Credit Agreement.

     SECTION 1.04. Insurance. If any portion of Improvements constituting part of the
Mortgaged Property is located in an area identified as a special flood hazard area by Federal
Emergency Management Agency or other applicable agency, Trustor will purchase flood insurance in an
amount satisfactory to Beneficiary, but in no event less than the maximum limit of coverage
available under the National Flood Insurance Act of 1968, as amended.

     SECTION 1.05. Casualty Condemnation/Eminent Domain. Trustor shall give Beneficiary
prompt written notice of any material casualty or other material damage to the Mortgaged Property
or any proceeding that Trustor receives notice of for the taking of the Mortgaged Property or any
portion thereof or interest therein under power of eminent domain or by condemnation or any similar
proceeding in accordance with, and to the extent required by the Credit Agreement. Net Cash
Proceeds received by or on behalf of the Trustor in respect of any such casualty, damage or taking
shall be applied in accordance with the Credit Agreement.

6

 

     SECTION 1.06. Assignment of Leases and Rents. i) Trustor hereby irrevocably and
absolutely grants, transfers and assigns all of its right title and interest in all Leases,
together with any and all extensions and renewals thereof for purposes of securing and discharging
the performance by Trustor of the Secured Obligations. Trustor has not assigned or executed any
assignment of, and will not assign or execute any assignment of, any Leases or the Rents payable
thereunder to anyone other than Trustee for the benefit of Beneficiary.

          (a) All Leases entered into by Trustor after the date hereof shall be subordinate to the lien
of this Deed of Trust. Trustor will not enter into, modify or amend any Lease if such Lease, as
entered into, modified or amended, will not be subordinate to the lien of this Deed of Trust.

          (b) Subject to Section 1.07(d), Trustor has assigned and transferred to Trustee all of
Trustor’s right, title and interest in and to the Rents now or hereafter arising from each Lease
heretofore or hereafter made or agreed to by Trustor, it being intended that this assignment
establish, subject to Section 1.07(d), an absolute transfer and assignment of all Rents and all
Leases to Trustee and not merely to grant a security interest therein. Subject to Section 1.07(d),
Trustee or Beneficiary may in Trustor’s name and stead (with or without first taking possession of
any of the Mortgaged Property personally or by receiver as provided herein) operate the Mortgaged
Property and rent, lease or let all or any portion of any of the Mortgaged Property to any party or
parties at such rental and upon such terms as Beneficiary shall, in its sole discretion, determine,
and may collect and have the benefit of all of said Rents arising from or accruing at any time
thereafter or that may thereafter become due under any Lease.

          (c) So long as an Event of Default shall not have occurred and be continuing, Beneficiary will
not exercise any of its rights under Section 1.07(c), and Trustor shall receive and collect the
Rents accruing under any Lease; but after the happening and during the continuance of any Event of
Default, Beneficiary may, at its option, receive and collect all Rents and enter upon the Premises
and Improvements through its officers, agents, employees or attorneys for such purpose and for the
operation and maintenance thereof. Trustor hereby irrevocably authorizes and directs each tenant,
if any, and each successor, if any, to the interest of any tenant under any Lease, respectively, to
rely upon any notice of a claimed Event of Default sent by Beneficiary to any such tenant or any of
such tenant’s successors in interest, and thereafter to pay Rents to Beneficiary without any
obligation or right to inquire as to whether an Event of Default actually exists and even if some
notice to the contrary is received from the Trustor, who shall have no right or claim against any
such tenant or successor in interest for any such Rents so paid to Beneficiary. Each tenant or any
of such tenant’s successors in interest from whom Beneficiary or any officer, agent, attorney or
employee of Beneficiary shall have collected any Rents, shall be authorized to pay Rents to Trustor
only after such tenant or any of their successors in interest shall have received written notice
from Beneficiary that the Event of Default is no longer continuing, unless and until a further
notice of an Event of Default is given by Beneficiary to such tenant or any of its successors in
interest.

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          (d) Neither Trustee nor Beneficiary will become a mortgagee in possession so long as it does
not enter or take actual possession of the Mortgaged Property. In addition, neither Trustee nor
Beneficiary shall be responsible or liable for performing any of the obligations of the landlord
under any Lease, for any waste by any tenant, or others, for any dangerous or defective conditions
of any of the Mortgaged Property, for negligence in the management, upkeep, repair or control of
any of the Mortgaged Property or any other act or omission by any other person.

          (e) Trustor shall furnish to Beneficiary, within 30 days after a request by Beneficiary to do
so, a written statement containing the names of all tenants, subtenants and concessionaires of the
Premises or Improvements, the terms of any Lease, the space occupied and the rentals and/or other
amounts payable thereunder.

     SECTION 1.07. Security Agreement. This Deed of Trust is both a mortgage of real
property and a grant of a security interest in personal property, and shall constitute and serve as
a “Security Agreement” within the meaning of the uniform commercial code as adopted in the state
wherein the Premises are located (“UCC”). Trustor has hereby granted unto Beneficiary a security
interest in and to all the Mortgaged Property described in this Deed of Trust that is not real
property, and simultaneously with the recording of this Deed of Trust, Trustor has filed or will
file UCC financing statements, and will file continuation statements prior to the lapse thereof, at
the appropriate offices in the jurisdiction of formation of the Trustor to perfect the security
interest granted by this Deed of Trust in all the Mortgaged Property that is not real property to
the extent perfection can be obtained by the filing of UCC financing statements. Trustor hereby
appoints Beneficiary as its true and lawful attorney-in-fact and agent, for Trustor and in its
name, place and stead, in any and all capacities, to execute any document and to file the same in
the appropriate offices (to the extent it may lawfully do so), and to perform each and every act
and thing reasonably requisite and necessary to be done to perfect the security interest
contemplated by the preceding sentence. Beneficiary shall have all rights with respect to the part
of the Mortgaged Property that is the subject of a security interest afforded by the UCC in
addition to, but not in limitation of, the other rights afforded Trustee or Beneficiary hereunder
and under the Subsidiary Guaranty.

     SECTION 1.08. Filing and Recording. Trustor will cause this Deed of Trust, the UCC
financing statements referred to in Section 1.09, any other security instrument creating a security
interest in or evidencing the lien hereof upon the Mortgaged Property and each UCC continuation
statement and instrument of further assurance to be filed, registered or recorded and, if
necessary, refiled, rerecorded and reregistered, in such manner and in such places as may be
required by any present or future law in order to publish notice of and fully to perfect the lien
hereof upon, and the security interests of Trustee and Beneficiary in, the Mortgaged Property until
this Deed of Trust is terminated and released in full in accordance with Section 3.04 hereof.
Trustor will pay all filing, registration and recording fees, all Federal, state, county and
municipal recording, documentary or intangible taxes and other taxes, duties, imposts, assessments
and charges, and all reasonable expenses incidental to or arising out of or in connection with the
execution, delivery and recording of this Deed of Trust, UCC continuation statements any deed of
trust supplemental hereto, any security instrument with respect to

8

 

the Personal Property, Permits, Plans and Warranties and Proceeds or any instrument of further
assurance.

     SECTION 1.09. Further Assurances. Upon demand by Beneficiary, Trustor will, at the
cost of Trustor and without expense to Trustee or Beneficiary, do, execute, acknowledge and deliver
all such further acts, deeds, conveyances, mortgages, deeds of trust, assignments, notices of
assignment, transfers and assurances as Trustee or Beneficiary shall from time to time reasonably
require for the better assuring, conveying, assigning, transferring and confirming unto Trustee the
property and rights hereby conveyed or assigned or intended now or hereafter so to be, or which
Trustor may be or may hereafter become bound to convey or assign to Trustee, or for carrying out
the intention or facilitating the performance of the terms of this Deed of Trust, or for filing,
registering or recording this Deed of Trust, and on demand, Trustor will also execute and deliver
and hereby appoints Trustee as its true and lawful attorney-in-fact and agent, for Trustor and in
its name, place and stead, in any and all capacities, to execute and file to the extent it may
lawfully do so, one or more financing statements, chattel mortgages or comparable security
instruments reasonably requested by Trustee or Beneficiary to evidence more effectively the lien
hereof upon the Personal Property and to perform each and every act and thing reasonably requested
to be done to accomplish the same.

     SECTION 1.10. Additions to Mortgaged Property. All right, title and interest of
Trustor in and to all extensions, improvements, betterments, renewals, substitutes and replacements
of, and all additions and appurtenances to, the Mortgaged Property hereafter acquired by or
released to Trustor or constructed, assembled or placed by Trustor upon the Premises or the
Improvements, and all conversions of the security constituted thereby, immediately upon such
acquisition, release, construction, assembling, placement or conversion, as the case may be, and in
each such case without any further mortgage, deed of trust, conveyance, assignment or other act by
Trustor, shall become subject to the lien and security interest of this Deed of Trust as fully and
completely and with the same effect as though now owned by Trustor and specifically described in
the grant of the Mortgaged Property above, but at any and all times Trustor will execute and
deliver to Trustee any and all such further assurances, mortgages, conveyances or assignments
thereof as Trustee or Beneficiary may reasonably require for the purpose of expressly and
specifically subjecting the same to the lien and security interest of this Deed of Trust.

     SECTION 1.11. No Claims Against Trustee, Beneficiary. Nothing contained in this Deed
of Trust shall constitute any consent or request by Trustee or Beneficiary, express or implied, for
the performance of any labor or services or the furnishing of any materials or other property in
respect of the Mortgaged Property or any part thereof, nor as giving Trustor or Beneficiary any
right, power or authority to contract for or permit the performance of any labor or services or the
furnishing of any materials or other property in such fashion as would permit the making of any
claim against Trustee or Beneficiary in respect thereof.

     SECTION 1.12. Fixture Filing.

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          (a) Certain portions of the Mortgaged Property are or will become “fixtures” (as that term is
defined in the UCC) on the Land, and this Deed of Trust, upon being filed for record in the real
estate records of the county wherein such fixtures are situated, shall operate also as a financing
statement filed as a fixture filing in accordance with the applicable provisions of said UCC upon
such portions of the Mortgaged Property that are or become fixtures.

          (b) The real property to which the fixtures relate is described in Exhibit A attached hereto.
The record owner of the real property described in Exhibit A attached hereto is Trustor. The name,
type of organization and jurisdiction of organization of the debtor for purposes of this financing
statement are the name, type of organization and jurisdiction of organization of the Trustor set
forth in the first paragraph of this Deed of Trust, and the name of the secured party for purposes
of this financing statement is the name of the Beneficiary set forth in the first paragraph of this
Deed of Trust. The mailing address of the Trustor/debtor is the address of the Trustor set forth
in the first paragraph of this Deed of Trust. The mailing address of the Beneficiary/secured party
from which information concerning the security interest hereunder may be obtained is the address of
the Beneficiary set forth in the first paragraph of this Deed of Trust. Trustor’s organizational
identification number is 2372664.

ARTICLE II

Defaults and Remedies

     SECTION 2.01. Events of Default. Any Event of Default under the Credit Agreement (as
such term is defined therein) shall constitute an Event of Default under this Deed of Trust.

     SECTION 2.02. Demand for Payment. If an Event of Default shall occur and be
continuing, then, upon written demand of Trustee or Beneficiary, Trustor will pay to Beneficiary
all amounts due hereunder and under the Credit Agreement, the Subsidiary Guaranty and the Security
Agreement and such further amount as shall be sufficient to cover the costs and expenses of
collection, including reasonable attorneys’ fees (to the extent permitted by the laws of the state
in which the Mortgaged Property is located), disbursements and expenses incurred by Trustee or
Beneficiary, and Trustee and Beneficiary shall be entitled and empowered to institute an action or
proceedings at law or in equity for the collection of the sums so due and unpaid, to prosecute any
such action or proceedings to judgment or final decree, to enforce any such judgment or final
decree against Trustor and to collect, in any manner provided by law, all moneys adjudged or
decreed to be payable.

     SECTION 2.03. Rights To Take Possession, Operate and Apply Revenues. If an Event of
Default shall occur and be continuing, Trustor shall, upon demand of Beneficiary, forthwith
surrender to Beneficiary actual possession of the Mortgaged Property and, if and to the extent not
prohibited by applicable law, Beneficiary itself, or by such officers or agents as it may appoint,
may then enter and take possession of all the Mortgaged Property without the appointment of a
receiver or an application therefor,

10

 

exclude Trustor and its agents and employees wholly therefrom, and have access to the books,
papers and accounts of Trustor.

          (a) If Trustor shall for any reason fail to surrender or deliver the Mortgaged Property or any
part thereof after such demand by Beneficiary, Beneficiary may to the extent not prohibited by
applicable law, obtain a judgment or decree conferring upon Beneficiary the right to immediate
possession or requiring Trustor to deliver immediate possession of the Mortgaged Property to
Beneficiary, to the entry of which judgment or decree Trustor hereby specifically consents.
Trustor will pay to Beneficiary, as the case may be, upon demand, all reasonable expenses of
obtaining such judgment or decree, including reasonable compensation to Beneficiary’s attorneys and
agents, to the extent permitted by the laws of the state in which the Mortgaged Property is located
and all such expenses and compensation shall, until paid, be secured by this Deed of Trust.

          (b) Upon every such entry or taking of possession, Beneficiary may, to the extent not
prohibited by applicable law, hold, store, use, operate, manage and control the Mortgaged Property,
conduct the business thereof and, from time to time, (i) make all necessary and proper maintenance,
repairs, renewals, replacements, additions, betterments and improvements thereto and thereon, (ii)
purchase or otherwise acquire additional fixtures, personalty and other property, (iii) insure or
keep the Mortgaged Property insured, (iv) manage and operate the Mortgaged Property and exercise
all the rights and powers of Trustor to the same extent as Trustor could in its own name or
otherwise with respect to the same, or (v) enter into any and all agreements with respect to the
exercise by others of any of the powers herein granted Beneficiary, all as may from time to time be
directed or determined by Beneficiary to be in its best interest and Trustor hereby appoints
Beneficiary as its true and lawful attorney-in-fact and agent, for Trustor and in its name, place
and stead, in any and all capacities, to perform any of the foregoing acts. Beneficiary may
collect and receive all the Rents, issues, profits and revenues from the Mortgaged Property,
including those past due as well as those accruing thereafter, and, after deducting (i) all
expenses of taking, holding, managing and operating the Mortgaged Property (including compensation
for the services of all persons employed for such purposes), (ii) the costs of all such
maintenance, repairs, renewals, replacements, additions, betterments, improvements, purchases and
acquisitions, (iii) the costs of insurance, (iv) such taxes, assessments and other similar charges
as Beneficiary may at its option pay, (v) other proper charges upon the Mortgaged Property or any
part thereof and (vi) the compensation, expenses and disbursements of the attorneys and agents of
Beneficiary Beneficiary, Beneficiary shall apply the remainder of the moneys and proceeds so
received first to the payment of the Beneficiary for the satisfaction of the Secured Obligations,
and second, if there is any surplus, to Trustor, subject to the entitlement of others thereto under
applicable law.

          (c) Whenever, before any sale of the Mortgaged Property under Section 2.06, all Secured
Obligations that are then due shall have been paid and all Events of Default fully cured,
Beneficiary will surrender possession of the Mortgaged Property back to Trustor, its successors or
assigns. The same right of taking possession
 

11

 

shall, however, arise again if any subsequent Event of Default shall occur and be continuing.

     SECTION 2.04. Right To Cure Trustor’s Failure to Perform. Should Trustor fail in the
payment, performance or observance of any term, covenant or condition required by this Deed of
Trust or the Credit Agreement (with respect to the Mortgaged Property), Beneficiary may pay,
perform or observe the same, and all payments made or costs or expenses incurred by Beneficiary in
connection therewith shall be secured hereby and shall be, within 10 days of demand repaid by
Trustor to Beneficiary. Beneficiary shall be the judge using reasonable discretion of the
necessity for any such actions and of the amounts to be paid. Beneficiary is hereby empowered to
enter and to authorize others to enter upon the Premises or the Improvements or any part thereof
for the purpose of performing or observing any such defaulted term, covenant or condition without
having any obligation to so perform or observe and without thereby becoming liable to Trustor, to
any person in possession holding under Trustor or to any other person.

     SECTION 2.05. Right to a Receiver. If an Event of Default shall occur and be
continuing, Beneficiary, upon application to a court of competent jurisdiction, shall be entitled
as a matter of right to the appointment of a receiver to take possession of and to operate the
Mortgaged Property and to collect and apply the Rents. The receiver shall have all of the rights
and powers permitted under the laws of the state wherein the Mortgaged Property is located.
Trustor shall pay to Beneficiary within 10 days of demand, all reasonable expenses, including
receiver’s fees, reasonable attorney’s fees (to the extent permitted by the laws of the state in
which the Mortgaged Property is located) and disbursements, costs and agent’s compensation incurred
pursuant to the provisions of this Section 2.05; and all such expenses shall be secured by this
Deed of Trust and shall be within 10 days of demand, repaid by Trustor to Beneficiary.

     SECTION 2.06 Foreclosure and Sale. (a) Upon the occurrence and during the
continuance of one or more Events of Default, Beneficiary may declare all indebtedness secured
hereby immediately due and payable and, at the option of Beneficiary, this Deed of Trust may be
foreclosed in the manner provided by law for the foreclosure of mortgages on real property or may
be sold in the manner provided in the Nebraska Trust Deeds Act, Neb. Rev. Stat. § 76-1001, et seq.
under the power of sale conferred upon the Trustee hereunder.

     (b) If the Mortgaged Property is sold pursuant to the power of sale conferred upon Trustee
hereunder, Trustee shall cause to be filed of record a written notice of default and election to
sell the Mortgaged Property. After the lapse of such time as then may be required by law following
recordation of such notice of default, and notice of sale having been given as then required by
law, Trustee, without demand on Trustor, shall sell the Mortgaged Property, either as a whole or in
separate parcels, and in such order as it or Beneficiary may determine, at public auction to the
highest bidder. Trustee may postpone the sale of all or any portion of the Mortgaged Property by
public announcement at the time and place of sale, and from time to time thereafter may postpone
the sale by public announcement at the time and place fixed by the preceding

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postponement. Trustee shall deliver to such purchaser its deed conveying any Mortgaged
Property so sold, but without any covenant or warranty, express or implied. The recital in such
deed of any matters of fact or otherwise shall be conclusive proof of the truthfulness thereof.
Any person, including Trustor, Trustee or Beneficiary, may purchase at such sale. Trustee shall
apply the proceeds of the Trustee’s sale, first, to the costs and expenses of exercising the power
of sale and of the sale, including the payment of Trustee’s fees actually incurred, second, to the
payment of any Secured Obligations, third, to the payment of junior trust deeds, mortgages or other
liens, and the balance, if any, to the person or persons legally entitled thereto.

     (c) Trustor agrees, for itself and any and all persons or concerns claiming by, through or
under Trustor, that if one or more of Trustor or any such persons or concerns shall hold possession
of the Mortgaged Property, or any part thereof, subsequent to the Trustee’s or judicial sale
hereunder, it, or the parties so holding possession, shall become, and be considered as, tenants at
will of the purchaser or purchasers at either such sale; and any such tenant failing or refusing to
surrender possession upon demand shall be guilty of forcible detainer and shall be liable to such
purchaser or purchasers for reasonable rental of the Mortgaged Property, and shall be subject to
eviction and removal, forcible or otherwise, with or without process of law, and all damages which
may be sustained by any such tenant as a result thereof are hereby expressly waived.

     SECTION 2.07 Waiver of Appraisement, Valuation, Stay, Extension and Redemption Laws.
Trustor waives, to the extent not prohibited by law, (i) the benefit of all laws now existing or
that hereafter may be enacted (x) providing for any appraisement or valuation of any portion of the
Mortgaged Property and/or (y) in any way extending the time for the enforcement or the collection
of amounts due under any of the Secured Obligations or creating or extending a period of redemption
from any sale made in collecting said debt or any other amounts due Trustee or Beneficiary, (ii)
any right to at any time insist upon, plead, claim or take the benefit or advantage of any law now
or hereafter in force providing for any homestead exemption, stay, statute of limitations,
extension or redemption, or sale of the Mortgaged Property as separate tracts, units or estates or
as a single parcel in the event of foreclosure or notice of deficiency, and (iii) all rights of
redemption, valuation, appraisement, stay of execution, notice of election to mature or declare due
the whole of or each of the Secured Obligations and marshaling in the event of foreclosure of this
Deed of Trust.

     SECTION 2.08 Discontinuance of Proceedings. In case Trustee shall proceed to enforce
any right, power or remedy under this Deed of Trust by power of sale, foreclosure, entry or
otherwise, and such proceedings shall be discontinued or abandoned for any reason, or shall be
determined adversely to Trustee, then and in every such case Trustor and Trustee shall be restored
to their former positions and rights hereunder, and all rights, powers and remedies of Trustee and
Beneficiary shall continue as if no such proceeding had been taken.

     SECTION 2.09 Suits To Protect the Mortgaged Property. Trustee shall have power (a) to
institute and maintain suits and proceedings to prevent any impairment of the Mortgaged Property by
any acts that may be unlawful or in violation of this Deed

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of Trust, (b) to preserve or protect its interest in the Mortgaged Property and in the Rents
arising therefrom and (c) to restrain the enforcement of or compliance with any legislation or
other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if
the enforcement of or compliance with such enactment, rule or order would impair the security or be
prejudicial to the interest of Trustee or Beneficiary hereunder.

     SECTION 2.10 Filing Proofs of Claim. In case of any receivership, insolvency,
bankruptcy, reorganization, arrangement, adjustment, composition or other proceedings affecting
Trustor, Trustee or Beneficiary shall, to the extent permitted by law, be entitled to file such
proofs of claim and other documents as may be necessary or advisable in order to have the claims of
Trustee and Beneficiary allowed in such proceedings for the Secured Obligations secured by this
Deed of Trust at the date of the institution of such proceedings and for any interest accrued, late
charges and additional interest or other amounts due or that may become due and payable hereunder
after such date.

     SECTION 2.11 Possession by Trustee, Beneficiary. Notwithstanding the appointment of
any receiver, liquidator or trustee of Trustor, any of its property or the Mortgaged Property,
Trustee or Beneficiary shall be entitled, to the extent not prohibited by law, to remain in
possession and control of all parts of the Mortgaged Property now or hereafter granted under this
Deed of Trust to Trustee in accordance with the terms hereof and applicable law.

     SECTION 2.12 Waiver. (a) No delay or failure by Trustee or Beneficiary to exercise
any right, power or remedy accruing upon any breach or Event of Default shall exhaust or impair any
such right, power or remedy or be construed to be a waiver of any such breach or Event of Default
or acquiescence therein; and every right, power and remedy given by this Deed of Trust to Trustee
or Beneficiary may be exercised from time to time and as often as may be deemed expedient by
Trustee or Beneficiary, as the case may be. No consent or waiver by Trustee or Beneficiary to or
of any breach or Event of Default by Trustor in the performance of the Secured Obligations shall be
deemed or construed to be a consent or waiver to or of any other breach or Event of Default in the
performance of the same or of any other Secured Obligations by Trustor hereunder. No failure on
the part of Trustee or Beneficiary to complain of any act or failure to act or to declare an Event
of Default, irrespective of how long such failure continues, shall constitute a waiver by Trustee
or Beneficiary of its rights hereunder or impair any rights, powers or remedies consequent on any
future Event of Default by Trustor.

     (b) Even if Trustee or Beneficiary (i) grants some forbearance or an extension of time for
the payment of any sums secured hereby, (ii) takes other or additional security for the payment of
any sums secured hereby, (iii) waives or does not exercise some right granted herein or under the
Loan Documents, (iv) releases a part of the Mortgaged Property from this Deed of Trust, (v) agrees
to change some of the terms, covenants, conditions or agreements of any of the Loan Documents, (vi)
consents to the filing of a map, plat or replat affecting the Premises, (vii) consents to the
granting of an easement or other right affecting the Premises or (viii) makes or consents to an
agreement

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subordinating Trustee’s lien on the Mortgaged Property hereunder; no such act or omission
shall preclude Trustee or Beneficiary from exercising any other right, power or privilege herein
granted or intended to be granted in the event of any breach or Event of Default then made or of
any subsequent default; nor, except as otherwise expressly provided in an instrument executed by
Trustee, shall this Deed of Trust be altered thereby. In the event of the sale or transfer by
operation of law or otherwise of all or part of the Mortgaged Property, Trustee and Beneficiary are
hereby authorized and empowered to deal with any vendee or transferee with reference to the
Mortgaged Property secured hereby, or with reference to any of the terms, covenants, conditions or
agreements hereof, as fully and to the same extent as it might deal with the original parties
hereto and without in any way releasing or discharging any liabilities, obligations or
undertakings.

     SECTION 2.13 Waiver of Trial by Jury. To the fullest extent permitted by applicable
law, Trustor, Trustee and Beneficiary each hereby irrevocably and unconditionally waive trial by
jury in any action, claim, suit or proceeding relating to this Deed of Trust and for any
counterclaim brought therein.

     SECTION 2.14 Remedies Cumulative. No right, power or remedy conferred upon or
reserved to Trustee or Beneficiary by this Deed of Trust is intended to be exclusive of any other
right, power or remedy, and each and every such right, power and remedy shall be cumulative and
concurrent and in addition to any other right, power and remedy given hereunder or now or hereafter
existing at law or in equity or by statute.

ARTICLE III

Miscellaneous

     SECTION 3.01. Partial Invalidity. In the event any one or more of the provisions
contained in this Deed of Trust shall for any reason be held to be invalid, illegal or
unenforceable in any respect, such validity, illegality or unenforceability shall, at the option of
Trustee or Beneficiary, not affect any other provision of this Deed of Trust, and this Deed of
Trust shall be construed as if such invalid, illegal or unenforceable provision had never been
contained herein or therein.

     SECTION 3.02. Notices. All notices and communications hereunder shall be in writing
and given to Trustor in accordance with the terms of the Credit Agreement at the address set forth
on the first page of this Deed of Trust and to the Trustee and Beneficiary as provided in the
Credit Agreement. Each party to this Deed of Trust hereby requests that a copy of any notice of
default and copy of any notice of sale hereunder be mailed to such party at the address set forth
herein at the same time and in the same manner required as if a separate request had been filed by
such party.

     SECTION 3.03. Successors and Assigns. All of the grants, covenants, terms, provisions
and conditions herein shall run with the Premises and the Improvements and shall apply to, bind and
inure to, the benefit of the permitted successors and assigns of Trustor and the successors and
assigns of Trustee.

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     SECTION 3.04. Satisfaction and Cancellation. The conveyance to Trustee of the
Mortgaged Property as security created and consummated by this Deed of Trust shall be null and void
when all the Secured Obligations have been indefeasibly paid in full in accordance with the terms
of the Loan Documents and the Lenders have no further commitment to make Loans under the Credit
Agreement, the L/C Obligations have been reduced to zero and the L/C Issuers have no further
obligations to issue Letters of Credit under the Credit Agreement.

          (a) Upon a sale or financing by Trustor of all or any portion of the Mortgaged Property that
is permitted by the Credit Agreement, the lien of this Deed of Trust shall be automatically
released from the applicable portion of the Mortgaged Property. Trustor shall give the Trustee
reasonable written notice of any sale or financing of the Mortgaged Property prior to the closing
of such sale or financing.

          (b) In connection with any termination or release pursuant to paragraph (a), Beneficiary
shall, upon written request by Trustor or Trustor’s successor in interest or designated
representative or by the holder of a junior deed of trust or junior mortgagee, deliver to such
requesting party within the period specified by the Nebraska Trust Deeds Act, a reconveyance in
recordable form duly executed by Trustee. The Beneficiary shall, upon written request, deliver
this Deed of Trust, all at the expense of the Trustor. Trustee shall execute any documents
reasonably requested by Trustor to accomplish the foregoing or to accomplish any release
contemplated by this Section 3.04 and Trustor will pay all reasonable costs and expenses, including
reasonable attorneys’ fees (to the extent permitted by the laws of the state where the Mortgaged
Property is located), disbursements and other charges, incurred by Trustee and Beneficiary in
connection with the preparation and execution of such documents.

     SECTION 3.05. Definitions. As used in this Deed of Trust, the singular shall include
the plural as the context requires and the following words and phrases shall have the following
meanings: (a) “including” shall mean “including but not limited to”; (b) “provisions” shall mean
“provisions, terms, covenants and/or conditions”; (c) “lien” shall mean “lien, charge, encumbrance,
security interest, mortgage or deed of trust”; (d) “obligation” shall mean “obligation, duty,
covenant and/or condition”; and (e) “any of the Mortgaged Property” shall mean “the Mortgaged
Property or any part thereof or interest therein”. Any act that Trustee or Beneficiary is
permitted to perform hereunder may be performed at any time and from time to time by Trustee or
Beneficiary, or by any person or entity designated by Trustee or Beneficiary. Any act that is
prohibited to Trustor hereunder is also prohibited to all lessees of any of the Mortgaged Property.
Each appointment of Trustee as attorney-in-fact for Trustor under the Deed of Trust is
irrevocable, with power of substitution and coupled with an interest. Subject to the applicable
provisions hereof, each of Trustee and Beneficiary has the right to refuse to grant its consent,
approval or acceptance or to indicate its satisfaction, in its sole discretion, whenever such
consent, approval, acceptance or satisfaction is required hereunder.

     SECTION 3.06. Multisite Real Estate Transaction. Trustor acknowledges that this Deed
of Trust is one of a number of Other Mortgages and Collateral Documents

16

 

that secure the Secured Obligations. Trustor agrees that the lien of this Deed of Trust shall
be absolute and unconditional and shall not in any manner be affected or impaired by any acts or
omissions whatsoever of Trustee or Beneficiary, and without limiting the generality of the
foregoing, the lien hereof shall not be impaired by any acceptance by the Beneficiary of any
security for or guarantees of any of the Secured Obligations hereby secured, or by any failure,
neglect or omission on the part of Trustee or Beneficiary to realize upon or protect any Secured
Obligation or indebtedness hereby secured or any collateral security therefor including the Other
Mortgages and other Collateral Documents. The lien hereof shall not in any manner be impaired or
affected by any release (except as to the property released), sale, pledge, surrender, compromise,
settlement, renewal, extension, indulgence, alteration, changing, modification or disposition of
any of the Secured Obligations secured or of any of the collateral security therefor, including the
Other Mortgages and other Collateral Documents or of any guarantee thereof, and Beneficiary may at
its discretion foreclose, exercise any power of sale, or exercise any other remedy available to it
under any or all of the Other Mortgages and other Collateral Documents without first exercising or
enforcing any of its rights and remedies hereunder. Such exercise of Beneficiary’s rights and
remedies under any or all of the Other Mortgages and other Collateral Documents shall not in any
manner impair the indebtedness hereby secured or the lien of this Deed of Trust and any exercise of
the rights or remedies of Trustee or Beneficiary hereunder shall not impair the lien of any of the
Other Mortgages and other Collateral Documents or any of Beneficiary’s rights and remedies
thereunder. Trustor specifically consents and agrees that Beneficiary may exercise its rights and
remedies hereunder and under the Other Mortgages and other Collateral Documents separately or
concurrently and in any order that it may deem appropriate and waives any rights of subrogation.

     SECTION 3.07. No Oral Modification. This Deed of Trust may not be changed or
terminated orally. Any agreement made by Trustor and Trustee or Beneficiary after the date of this
Deed of Trust relating to this Deed of Trust shall be superior to the rights of the holder of any
intervening or subordinate Deed of Trust, lien or encumbrance.

ARTICLE IV

Particular Provisions

     This Deed of Trust is subject to the following provisions relating to the particular laws of
the state wherein the Premises are located:

     SECTION 4.01. Applicable Law; Certain Particular Provisions. This Deed of Trust shall
be governed by and construed in accordance with the internal law of the state where the Mortgaged
Property is located, except that Trustor expressly acknowledges that by their terms, the Credit
Agreement and other Loan Documents (aside from Other Mortgages to be recorded outside New York)
shall be governed by the internal law of the State of New York, without regard to principles of
conflict of law. Trustor and Trustee agree to submit to jurisdiction and the laying of venue for
any suit on this Deed of Trust in the state where the Mortgaged Property is located. The terms and

17

 

provisions set forth in Appendix A attached hereto are hereby incorporated by reference as
though fully set forth herein. In the event of any conflict between the terms and provisions
contained in the body of this Deed of Trust and the terms and provisions set forth in Appendix A,
the terms and provisions set forth in Appendix A shall govern and control.

     SECTION 4.02. General Authority of the Beneficiary. By acceptance of the benefits of
this Deed of Trust, each Secured Party (whether or not a signatory hereto) shall be deemed
irrevocably (a) to consent to the appointment of the Beneficiary as its agent hereunder, (b) to
confirm that the Beneficiary shall have the authority to act as the exclusive agent of such Secured
Party for the enforcement of any provisions of this Deed of Trust against Trustor, the exercise of
remedies hereunder or thereunder and the giving or withholding of any consent or approval hereunder
or thereunder relating to any Mortgaged Property or Trustor’s obligations with respect thereto, (c)
to agree that it shall not take any action to enforce any provisions of this Deed of Trust against
any Trustor, to exercise any remedy hereunder or thereunder or to give any consents or approvals
hereunder or thereunder except as expressly provided in this Deed of Trust and (d) to agree to be
bound by the terms of this Deed of Trust.

THE REMAINDER OF THE PAGE LEFT INTENTIONALLY BLANK

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     IN WITNESS WHEREOF, this Deed of Trust has been duly executed and delivered to Trustee by
Trustor on the date of the acknowledgment attached hereto.

	 	 	 	 	 
	 

	 	WEST CORPORATION

	 
	 	 	 	 
	 

	 	By:
	 	/s/ Paul M. Mendlik
	 

	 	 	 	 
	 

	 	Name:
	 	Paul M. Mendlik
	 

	 	Title:
	 	Chief Financial Officer and Treasurer

19

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