Document:

EXECUTION COPY
  

Exhibit 10.4

FIFTH AMENDMENT TO CREDIT AGREEMENT

This FIFTH AMENDMENT TO
CREDIT AGREEMENT (this “Amendment”),
is dated as of June 23, 2006, among Merisant Company, a Delaware
corporation (the “Borrower”), Merisant
Worldwide, Inc., a Delaware corporation, formerly known as Tabletop
Holdings, Inc. (“Holdings”),
the Subsidiary Guarantors named on the signature pages hereto, each of the
Lenders listed on the signature page hereto and Credit Suisse, Cayman
Islands Branch (formerly Credit Suisse First Boston), as agent for the Lenders
and Issuers (in such capacity, the “Administrative Agent”).

RECITALS

A.            The Borrower, Holdings, the Lenders, the Issuers, the
Administrative Agent, Credit Suisse, Cayman Islands Branch (formerly Credit
Suisse First Boston), as sole arranger and book manager, Wachovia Bank,
National Association, as syndication agent, and JPMorgan Chase Bank, National
Association (successor by merger to Bank One, NA) and Fortis Capital Corp., as
co-documentation agents are parties to that certain Credit Agreement, dated as
of July 11, 2003, as amended by that certain First Amendment dated as of July 2,
2004, that certain Second Amendment dated as of October 20, 2004, that
certain Third Amendment dated as of March 11, 2005 and that certain
Limited Waiver and Fourth Amendment dated as of March 29, 2006 (as amended
hereby and as further amended or otherwise modified, the “Credit
Agreement”).

B.            In connection with Borrower’s incurrence of Second Lien
Indebtedness as herein defined, Borrower, Holdings, the Lenders parties hereto
and the Administrative Agent desire to make certain amendments to the Credit
Agreement and grant and obtain certain consents as herein set forth, subject to
the terms and conditions set forth herein.

NOW, THEREFORE, in
consideration of the premises and the respective representations, warranties,
covenants and agreements set forth in this Amendment, and intending to be
legally bound, the parties hereto agree as follows:

ARTICLE 1

DEFINITIONS

All
capitalized terms not defined herein shall have the meanings ascribed to such
terms in the Credit Agreement, as amended by this Amendment. The principles of
interpretation set forth in Section 1.4  of the Credit
Agreement shall apply to the provisions of this Amendment. Each reference to “hereof”,
“hereunder”, “herein” and “hereby” and each other similar reference contained
in the Credit Agreement, each reference to “this Agreement”, “the Credit
Agreement” and each other similar reference contained in the Credit Agreement,
and other Loan Documents and shall on and after the Amendment Effective Date
refer to the Credit Agreement as amended by this Amendment. This Amendment
constitutes a “Loan Document” as
defined in the Credit Agreement.

ARTICLE 2

AMENDMENTS
TO CREDIT AGREEMENT

2.1.         Amendments to Definitions. Section 1.1 of the Credit Agreement
is hereby amended by adding certain definitions, and by revising certain
definitions, in each case as set forth on Schedule 2.1
hereto.

2.2.         Other Amendments. The Credit Agreement is hereby amended by amending certain Sections and
by adding certain provisions, in each case as set forth on Schedule 2.2 attached hereto.

 

ARTICLE
3

INTERCREDITOR AGREEMENT

3.1.         Intercreditor Agreement. (a)  Each of the
undersigned Lenders hereby (1) consents to the terms of the Intercreditor
Agreement, a copy of which is attached hereto, and agrees to be bound thereby, (2) authorizes
and directs the Administrative Agent to enter into the Intercreditor Agreement
on its behalf, and (3) authorizes the Administrative Agent to take all
actions and execute all documents required or deemed advisable by the
Administrative Agent in accordance with the terms of the Intercreditor
Agreement. Each of the undersigned Lenders confirms the obligations of the
Lenders pursuant to Section 8.5 of the Credit
Agreement to indemnify the Administrative Agent from and against each Lender’s aggregate Pro Rata Portion of any and
all liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses and disbursements (including reasonable fees and
disbursements of legal counsel) of any kind or nature whatsoever which may be
imposed on, incurred by, or asserted against, the Administrative Agent or any
of its Affiliates, directors, officers, employees, agents and advisors in any
way relating to or arising out of the Administrative Agent’s actions pursuant
to this Section 3.1.

(b)      The terms of the Intercreditor Agreement shall be binding on
all Lenders, their successors and assigns.

ARTICLE 4

EFFECTIVENESS

4.1.         Effectiveness. This Amendment
shall become effective as of the first date (the “Amendment Effective Date”) on
which each of the following conditions is satisfied:

(a)           there shall have been delivered to
the Administrative Agent (i) counterparts of this Amendment executed by
the requisite number of Lenders pursuant to Section 9.1 of the Credit Agreement, the Borrower,
Holdings and the Subsidiary Guarantors named on the signature pages hereof,
and (ii) counterparts of the Intercreditor Agreement, executed by the
Second Lien Agent therein named and acknowledged by the Borrower, Holdings and
the Subsidiary Guarantors;

(b)           the Administrative Agent shall have
received all fees and accrued and unpaid costs and expenses (including
reasonable legal fees and expenses) required to be paid on or prior to the
Amendment Effective Date pursuant to the Credit Agreement or this Amendment;

(c)           contemporaneously with the
effectiveness of this Amendment, the closing and funding of term loans in the
principal amount of $85,000,000 under the Second Lien Credit Agreement shall
occur and the portion of the Net Cash Proceeds of such loans required to prepay
the Obligations in accordance with Section 2.9(a)(4) shall
have been applied in accordance with Section 2.9(c) of
the Credit Agreement;

(d)           the Administrative Agent shall have
received a certificate of a Responsible Officer, dated as of the Amendment
Effective Date, (i) certifying that the Second Lien Credit Agreement and
the Second Lien Collateral Documents have been executed and delivered by the
parties thereto in the form delivered to the Administrative Agent, and such
agreements satisfy the requirements of Section 6.20(a) of
the Credit Agreement as amended hereby, and (ii) demonstrating that after
giving effect to the application of the Net Cash Proceeds of the loans under
the Second Lien Credit Agreement, the One-Time Consolidated First Lien Leverage
Ratio is less than or equal to 3.0x;

(e)           The Borrower shall have delivered a
copy of the opinion delivered pursuant to Section 3.1(a)(v)(A) of the Second Lien Credit
Agreement, which opinion shall either be addressed to the First

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Lien Agent and the First
Lien Lenders (and their permitted successors and assigns) or accompanied by a
reliance letter executed by the law firm rendering such opinion and addressed
to the First Lien Agent and the First Lien Lenders, permitting them (and their
permitted successors and assigns) to rely on such opinion to the same extent as
if it were addressed to them; and

(f)            Such other certificates, documents,
agreements and information respecting any Loan Party as the Requisite Lenders
may require.

ARTICLE 5

REPRESENTATIONS
AND WARRANTIES

To
induce the Lenders and the Administrative Agent to enter into this Amendment,
the Borrower and Holdings, jointly and severally, represent and warrant to the
Administrative Agent, each Issuer and each Lender as set forth in Schedule 5.1 attached hereto. The representations and
warranties in Schedule 5.1 shall survive the execution and delivery of
this Amendment and the Amendment Effective Date.

ARTICLE 6

MISCELLANEOUS

6.1.         No Other Amendments; Reservation of
Rights; No Waiver; Ratification and Confirmation. Other than as otherwise expressly provided
herein, this Amendment shall not be deemed to operate as an amendment or waiver
of, or to prejudice, any right, power, privilege or remedy of any Secured Party
under the Credit Agreement or any other Loan Document, nor shall the entering
into of this Amendment preclude any Secured Party from refusing to enter into
any further amendments with respect to the Credit Agreement or any other Loan
Document. This Amendment shall not constitute a waiver of compliance (i) with
any covenant or other provision in the Credit Agreement or any other Loan
Document or (ii) of the occurrence or continuance of any present or future
Default or Event of Default. Except as expressly set forth in this Amendment,
the terms, provisions and conditions of the Credit Agreement and the other Loan
Documents are hereby ratified and confirmed and shall remain unchanged and in
full force and effect without interruption or impairment of any kind.

6.2.         Governing Law. This Amendment will be governed by and
construed in accordance with the laws of the State of New York.

6.3.         Headings; Schedules; Counterparts;
Severability. The
article and section headings contained in this Amendment are inserted for
convenience only and will not affect in any way the meaning or interpretation
of this Amendment. All Schedules attached hereto are incorporate herein as if
fully set forth herein. This Amendment may be executed in two or more
counterparts, each of which will be deemed an original but all of which
together will constitute one and the same instrument. This Amendment may be
delivered by exchange of copies of the signature page by facsimile
transmission or other electronic transmission. The provisions of this Amendment
will be deemed severable and the invalidity or unenforceability of any
provision will not affect the validity or enforceability of the other
provisions hereof; provided  that if any provision of this
Amendment, as applied to any party or to any circumstance, is judicially
determined not to be enforceable in accordance with its terms, the parties
agree that the court judicially making such determination may modify the
provision in a manner consistent with its objectives such that it is
enforceable, and/or to delete specific words or phrases, and in its modified
form, such provision will then be enforceable and will be enforced.

6.4.         Costs; Expenses. Regardless of
whether the transactions contemplated by this Amendment are consummated, the Borrower and Holdings, jointly and
severally, agree to pay to the Administrative Agent on demand all
out-of-pocket costs and expenses of the Administrative Agent

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incurred
in connection with the preparation, execution and delivery of this Amendment,
including the fees and expenses of legal counsel to the Administrative Agent.

6.5.         Assignment; Binding Effect. No party may assign either this Amendment or
any of its rights, interests or obligations hereunder except in the manner
specified for an assignment in respect of the Credit Agreement in Section 9.2 of the Credit Agreement. All of the terms,
agreements, covenants, representations, warranties and conditions of this
Amendment are binding upon, and inure to the benefit of and are enforceable by,
the parties and their respective successors and permitted assigns.

6.6.         Waiver of Claims. Each of the Borrower and Holdings
acknowledges and agrees that, as of the date hereof: (a) none of the
Borrower, Holdings, or, to the knowledge of the Borrower, any of their
Subsidiaries or Affiliates has any claim or cause of action against any of the
Lenders or the Administrative Agent, the Arranger, the Syndication Agent or the
Co-Documentation Agents (collectively, the “Agents”), or any of
their directors, officers, employees, attorneys or agents; (b) none of the
Borrower, Holdings or, to the knowledge of the Borrower, any of their
Subsidiaries or Affiliates has offset rights, counterclaims or defenses of any
kind against any of their obligations, indebtedness or liabilities to any of
the Lenders or the Agents; and (c) each of the Lenders and the Agents has
heretofore properly performed and satisfied in a timely manner all of its
obligations to the Borrower, Holdings and, to the knowledge of the Borrower,
each of their Subsidiaries and Affiliates. The Lenders and the Agents wish (and
the Borrower and Holdings agree) to eliminate any possibility that any past
conditions, acts, omissions, events, circumstances or matters would impair or
otherwise adversely affect any of the rights, interests, contracts, collateral
security or remedies of the Lenders or the Agents. Therefore, each of the
Borrower and Holdings on its own behalf and on behalf of each of its respective
successors and assigns, hereby waives, releases and discharges the Lenders and
the Agents and all of their directors, officers, employees, attorneys and
agents, from any and all claims, demands, actions or causes of action existing
as of the date of this Amendment and arising out of or in any way relating to
the Loan Documents and any documents, instruments, agreements (including this
Amendment), dealings or other matters connected with the Loan Documents,
including, without limitation, all known and unknown matters, claims, transactions
or things occurring on or prior to the date of this Amendment related to the
Loan Documents. The waivers, releases, and discharges in this paragraph shall
be effective regardless of any other event that may occur or not occur prior to
or on the date hereof.

6.7.         Affirmation. Each of the Borrower, Holdings, and each of the
undersigned Subsidiary Guarantors ratifies and confirms that (i) each
Collateral Document, Guaranty and other Loan Document previously executed by it
continues in full force and effect and is not released, diminished, impaired,
reduced, or otherwise adversely affected, and continues in full force in
effect, and all of the obligations of Borrower, Holdings, and the Subsidiary
Guarantors thereunder are hereby ratified and confirmed, (ii) each
Collateral Document previously executed by it continues to secure the full
payment and performance of the Obligations, and (iii) all Liens granted,
conveyed, or assigned to Administrative Agent thereunder remain in full force
and effect and are not released or reduced and continue to secure full payment
and performance of the Obligations. Each of the undersigned Subsidiary
Guarantors consents to the terms of this Amendment, and without limiting the
generality of the foregoing, specifically consents to and agrees to be bound by
new Section 5.14
of the Credit Agreement.

6.8.         No Prior Notice of Prepayment Required,
etc. On the Amendment
Effective Date the Borrower will make mandatory and optional prepayments of
Loans. With respect to such optional prepayments, the Lenders agree that the
following requirements set forth in Section 2.8  of the Credit
Agreement shall not apply:  requirement
for advance notice of optional prepayments, and requirement that prepayments be
in integral multiples of $1,000,000 or €1,000,000

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6.9.         Entire Agreement. The Credit Agreement as amended by this
Amendment, together with the Exhibits and Schedules thereto that are delivered
pursuant thereto, constitutes the entire agreement and understanding of the
parties in respect of the subject matter of the Credit Agreement as amended by
this Amendment and supersedes all prior understandings, agreements or
representations by or among the parties, written or oral, to the extent they
relate in any way to the subject matter of the Credit Agreement as amended by
this Amendment.

[SIGNATURE PAGE
FOLLOWS]

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IN WITNESS WHEREOF, the parties
have executed this Amendment, or caused this Amendment to be executed by their
authorized representatives, as of the date stated in the introductory paragraph
of this Amendment.

	
  

  	
   

  	
   

  	
   

  	
  BORROWER AND HOLDINGS:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  MERISANT COMPANY

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  MERISANT WORLDWIDE, INC.,

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  f/k/a Tabletop Holdings, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Anthony J. Nocchiero

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
  Anthony J. Nocchiero

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
  Chief Financial Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SUBSIDIARY GUARANTORS:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  MERISANT FOREIGN HOLDINGS I, INC.

  	
   

  	
  MERISANT US, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Jonathan W. Cole 

  	
   

  	
  By:

  	
   

  	
  /s/ Jonathan W. Cole 

  	
   

  
	
  Name:

  	
   

  	
  Jonathan W. Cole

  	
   

  	
  Name:

  	
   

  	
  Jonathan W. Cole

  	
   

  
	
  Title:

  	
   

  	
  General Counsel

  	
   

  	
  Title:

  	
   

  	
  General Counsel

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  WHOLE EARTH SWEETENER COMPANY LLC

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Jonathan W. Cole

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  Jonathan W. Cole

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
  General Counsel

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 Signature Page to
 Fifth Amendment to Credit Agreement
 

 

 

	
  

  	
   

  	
  CREDIT SUISSE,

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Cayman Islands Branch,

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  as Administrative Agent

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Megan Kane

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Megan Kane

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Director

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Didier Siffer

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Didier Siffer

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Director

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 Signature Page to
 Fifth Amendment to Credit Agreement
 

 

 

	
  

  	
   

  	
  BEAR STEARNS INVESTMENT PRODUCTS INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Jonathan Weiss

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Jonathan Weiss

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Authorized Signatory

  

 

 Signature Page to
 Fifth Amendment to Credit Agreement
 

 

 

	
  

  	
   

  	
  BLT I LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Robert Healey

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Robert Healey

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Director

  

 Signature Page to
 Fifth Amendment to Credit Agreement
 

 

 

	
  

  	
   

  	
  COPERNICUS EURO CDO-I B.V.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Appu Mundassery

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Appu Mundasesery

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Director

  

 Signature Page to
 Fifth Amendment to Credit Agreement
 

 

 

	
  

  	
   

  	
  COPERNICUS EUO CDO-II B.V.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Appu Mundassery

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Appu Mundassery

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Director

  

 Signature Page to
 Fifth Amendment to Credit Agreement
 

 

 

	
  

  	
   

  	
  CREDIT SUISSE, CAYMAN ISLANDS BRANCH

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Barry Zamore

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Barry Zamore

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Managing Director

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Robert Healey

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Robert Healey

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Director

  

 Signature Page to
 Fifth Amendment to Credit Agreement
 

 

 

	
  

  	
   

  	
  CREDIT SUISSE LOAN FUNDING LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Barry Zamore

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Barry Zamore

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Managing Director

  

 Signature Page to
 Fifth Amendment to Credit Agreement
 

 

 

	
  

  	
   

  	
  ELF FUNDING TRUST I

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Highland Capital Management, L.P., As Collateral
  Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Strand Advisors, Inc., Its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Chad Schramek

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Chad Schramek

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Assistant Treasurer

  

 Signature Page to
 Fifth Amendment to Credit Agreement
 

 

 

	
  

  	
   

  	
  EMERALD ORCHARD

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Wendy Cheung

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Wendy Cheung

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Authorized Signatory

  

 

 Signature Page to
 Fifth Amendment to Credit Agreement

 

	
  

  	
   

  	
  FIRST TRUST/HIGHLAND CAPITAL FLOATING RATE INCOME
  FUND

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Mark Okada

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Mark Okada

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Executive Vice President

  

 Signature Page to
 Fifth Amendment to Credit Agreement
  
 

 

 

	
  

  	
   

  	
  FIRST TRUST/HIGHLAND CAPITAL FLOATING RATE INCOME
  FUND II

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Mark Okada

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Mark Okada

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Executive Vice President

  

 Signature Page to
 Fifth Amendment to Credit Agreement
  
 

 

 

	
  

  	
   

  	
  FREESTYLE SPECIAL OPPORTUNITIES MASTER FUND,
  LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Adrian Mackay

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Adrian Mackay

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Managing Member of Freestyle Fund Services Company
  LLC, Investment Manager

  

 Signature Page to
 Fifth Amendment to Credit Agreement
  
 

 

 

	
  

  	
   

  	
  GLEANEAGLES CLO, LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Highland Capital Management, L.P., As Collateral Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Strand Advisors, Inc., Its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Chad Schramek

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Chad Schramek

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Assistant Treasurer

  

 Signature Page to
 Fifth Amendment to Credit Agreement
  
 

 

 

	
  

  	
   

  	
  GRAND CENTRAL ASSET TRUST, HLD SERIES

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Beata Konopko

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Beata Konopko

  
	
   

  	
   

  	
  Title:

  	
   

  	
  As attorney in fact

  

 Signature Page to
 Fifth Amendment to Credit Agreement
  
 

 

 

	
  

  	
   

  	
  HIGHLAND CREDIT OPS CDO LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Jose Muyorga

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Jose Muyorga

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Officer

  

 Signature Page to
 Fifth Amendment to Credit Agreement
  
 

 

 

	
  

  	
   

  	
  HIGHLAND FLOATING RATE ADVANTAGE FUND

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Mark Okada

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Mark Okada

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Executive Vice President

  

 Signature Page to
 Fifth Amendment to Credit Agreement
  
 

 

 

	
  

  	
   

  	
  HIGHLAND FLOATING RATE LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Mark Okada

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Mark Okada

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Executive Vice President

  

 Signature Page to
 Fifth Amendment to Credit Agreement
  
 

 

 

	
  

  	
   

  	
  HIGHLAND LOAN FUNDING V LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Highland Capital Management, L.P., As Collateral Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Strand Advisors, Inc., Its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Chad Schramek

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Chad Schramek

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Assistant Treasurer

  

 Signature Page to
 Fifth Amendment to Credit Agreement
  
 

 

 

	
  

  	
   

  	
  JASPER CLO LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Highland Capital Management, L.P., As Collateral Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Strand Advisors, Inc., Its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Chad Schramek

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Chad Schramek

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Assistant Treasurer

  

 

 Signature Page to
 Fifth Amendment to Credit Agreement
  

 

	
  

  	
   

  	
  LANDMARK I CDO LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Aladdin Capital Management, LLC, As Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Thomas E. Bancroft

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Thomas E. Bancroft

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Authorized Signatory

  

 Signature Page to
 Fifth Amendment to Credit Agreement
 

 

 

	
  

  	
   

  	
  LANDMARK II CDO LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Aladdin Capital Management, LLC, As Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Thomas E. Bancroft

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Thomas E. Bancroft

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Authorized Signatory

  

 Signature Page to
 Fifth Amendment to Credit Agreement
 

 

 

	
  

  	
   

  	
  LANDMARK III CDO LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Aladdin Capital Management, LLC, As Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Thomas E. Bancroft

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Thomas E. Bancroft

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Authorized Signatory

  

 Signature Page to
 Fifth Amendment to Credit Agreement
 

 

 

	
  

  	
   

  	
  LANDMARK V CDO LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Aladdin Capital Management, LLC, As Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Thomas E. Bancroft

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Thomas E. Bancroft

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Authorized Signatory

  

 Signature Page to
 Fifth Amendment to Credit Agreement
 

 

 

	
  

  	
   

  	
  LIBERTY CLO, LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Highland Capital Management, L.P., As
  Collateral Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Strand Advisors, Inc., Its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Chad Schramek

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Chad Schramek

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Assistant Treasurer

  

 Signature Page to
 Fifth Amendment to Credit Agreement
 

 

 

	
  

  	
   

  	
  LIBERTY MUTUAL INSURANCE COMPANY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Highland Capital Management, L.P., As
  Collateral Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Strand Advisors, Inc., Its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Chad Schramek

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Chad Schramek

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Assistant Treasurer

  

 Signature Page to
 Fifth Amendment to Credit Agreement
 

 

 

	
  

  	
   

  	
  LOAN FUNDING IV LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Highland Capital Management, L.P., As
  Collateral Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Strand Advisors, Inc., Its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Chad Schramek

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Chad Schramek

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Assistant Treasurer

  

 Signature Page to
 Fifth Amendment to Credit Agreement
 

 

 

	
  

  	
   

  	
  LOAN FUNDING VII LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Highland Capital Management, L.P., As
  Collateral Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Strand Advisors, Inc., Its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Chad Schramek

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Chad Schramek

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Assistant Treasurer

  

 Signature Page to
 Fifth Amendment to Credit Agreement
 

 

 

	
  

  	
   

  	
  LOAN STAR STATE TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Highland Capital Management, L.P., As Collateral Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Strand Advisors, Inc., Its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Chad Schramek

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Chad Schramek

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Assistant Treasurer

  

 Signature Page to
 Fifth Amendment to Credit Agreement
 

 

 

	
  

  	
   

  	
  OLIGRA 43

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Wendy Cheung

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Wendy Cheung

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Authorized Signatory

  

 Signature Page to
 Fifth Amendment to Credit Agreement
 

 

 

	
  

  	
   

  	
  PIONEER FLOATING RATE TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Mark Okada

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Mark Okada

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Executive Vice President

  

 Signature Page to
 Fifth Amendment to Credit Agreement
 

 

 

	
  

  	
   

  	
  RESTORATION FUNDING CLO, LTD

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Highland Capital Management, L.P., As
  Collateral Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Strand Advisors, Inc., Its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Chad Schramek

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Chad Schramek

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Assistant Treasurer

  

 Signature Page to
 Fifth Amendment to Credit Agreement
 

 

 

	
  

  	
   

  	
  SOUTHFORK CLO, LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Highland Capital Management, L.P., As
  Collateral Manager

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  Strand Advisors, Inc., Its General Partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Chad Schramek

  
	
   

  	
   

  	
  Name:

  	
   

  	
  Chad Schramek

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Assistant Treasurer

  

 

 Signature Page to
 Fifth Amendment to Credit Agreement

 

Schedule 2.1

Amendments to Definitions

and Addition of New Definitions

1.             Amendments
to Definitions. The
definitions set forth below are amended as set forth below:

The definition of “Consolidated EBITDA” is amended by adding the following
after the words “any cash expenses incurred in connection with” now appearing
in clause (j) thereof;  “(i) the negotiation, execution and
closing of the Second Lien Credit Agreement, and any waiver of a “Default” or “Event of Default”
(as each of such terms are defined in the Second Lien Credit Agreement), and
any amendment to such Second Lien Credit Agreement, including the fees and
expenses of any attorneys and financial advisers retained by the Administrative
Agent (as defined in the Second Lien Credit Agreement) pursuant thereto, and
(ii)”

The definition of “Continuing
Directors” is amended by
adding the following after the phrase “66 2/3%” appearing therein:  “(exclusive of the effect of any ownership by
the Permitted Noteholder Investors)”.

The definition of “Disposition” is amended by adding the following after the
words “collection of any accounts” now appearing in clause
(i) thereof:  “but
excluding the granting in the ordinary course of business of nonexclusive
licenses of Intellectual Property of the Borrower and its Subsidiaries in
respect of which neither the Borrower nor any Subsidiary is to receive any
monetary consideration”.

The definition of “Equity Issuance” is amended by deleting clause
(iv) thereof in its entirety and replacing “; or” at the
end of clause (iii) thereof
with a period.

The definition of “Holdings Permitted Preferred Stock” is amended in its
entirety to read as follows (with the new language underlined and the deleted
language shown as stricken):

“Holdings
Permitted Preferred Stock” means any privately issued
preferred Capital Stock issued by Holdings in a transaction not
resulting in an Event of Default, is not-redeemable prior to the date six
months after the Tranche B Term Loan Maturity Date and which, (a) (i) a
Default or Event of Default is not continuing after giving effect to the
issuance of such Capital Stock, and (ii) is not Disqualified Capital
Stock, or (b) does not otherwise confer upon the holders of such
preferred Capital Stock any rights or impose obligations on Holdings,
that, taken as a whole, would be materially adverse to the interests of
Holdings or the Lenders as determined by the Administrative Agent in the
exercise of its reasonable discretion.

The definition of “Holdings Permitted PIK Notes” is deleted in its entirety.

The definition of “Loan Documents” is amended by adding the following after the
words “Collateral Documents”:  “, the Intercreditor Agreement”.

The definition of “Net Cash Proceeds” is amended as follows:  in clause (a)(i), the parenthetical is
revised to read “(other than any Lien pursuant to a Security Document or a
Junior Lien Document)”.

 

The definition of “Net Cash Proceeds” is further amended as follows:  in clause (b), the parenthetical that reads “(or,
solely for purposes of Section 6.6(vii), any issuance of Holdings
Permitted PIK Notes or Holdings Permitted Preferred Stock)” is deleted.

The definition of “Obligations” is amended in its entirety to read as follows:

“Obligations” means
the Loans, the Letter of Credit Obligations and all other amounts, obligations,
covenants and duties owing by the Borrower to the Administrative Agent, any
Lender, any Issuer, any Affiliate of any of them or any Indemnitee, of every
type and description (whether by reason of an extension of credit, opening or
amendment of a letter of credit or payment of any draft drawn thereunder, loan,
guaranty, indemnification, foreign exchange or currency swap transaction,
interest rate hedging transaction or otherwise), present or future, arising
under this Agreement or any other Loan Document, whether direct or indirect
(including those acquired by assignment), absolute or contingent, due or to
become due, now existing or hereafter arising and however acquired and whether
or not evidenced by any note, guaranty or other instrument or for the payment
of money, and includes all letter of credit and other fees, interest, charges,
expenses, fees, attorneys’ fees and disbursements, and all other sums
chargeable to the Borrower under this Agreement or any other Loan Document, and
including interest and fees accruing after the maturity of the Loans and
Reimbursement Obligations and interest and fees accruing after the filing of
any petition or assignment in bankruptcy, or the commencement of any
insolvency, reorganization, plan of arrangement or like proceeding, relating to
the Borrower or an Affiliate of the Borrower, whether or not a claim for
post-filing or post-petition interest and fees is allowed in such
proceeding,  and all obligations of the
Borrower to provide cash collateral for Letter of Credit Obligations.

The definition of “Permitted Junior Lien Indebtedness” (and Schedule 6.2(xiv)
which is referenced therein) are each deleted in their entirety.

The definition of “Senior Subordinated Initial Notes” is amended in its
entirety to read as follows (with the new language underlined and the deleted
language shown as stricken):

“Senior Subordinated Initial
Notes” means the 91⁄2% senior subordinated notes in
an aggregate principal amount not to exceedof $225,000,000 issued
on the Closing DateJuly 11, 2003 by Borrower and guaranteed
by the Guarantors under the Senior Subordinated Notes Indenture.

The definition of “Senior Subordinated Notes” is amended in its entirety to
read as follows (with the new language underlined and the deleted language shown
as stricken):  “Senior Subordinated Notes”
means the Senior Subordinated Initial Notes.

The definition of “Senior Subordinated Notes Indenture” is amended in its
entirety to read as follows (with the new language underlined and the deleted
language shown as stricken):  “Senior
Subordinated Notes Indenture” means the Indenture, dated as of the Closing
Date  July 11, 2003 among Holdings, the Borrower, certain
subsidiaries of the Borrower, and Wells Fargo Bank Minnesota, National
Association, as Trustee.

The definition of “Wholly Owned Subsidiary” is amended by striking the phrase “directly
or through other Wholly Owned Subsidiaries” now occurring in each of clause (i) and (ii)(A)

 

thereof, and substituting
the following therefor:  “directly or
indirectly through other Wholly Owned Subsidiaries”.

2.             Addition of New Definitions. The
definitions set forth below are hereby added to the Credit Agreement in the
proper alphabetical sequence.

“Bankruptcy
Code” means Title 11
of the United States Code entitled “Bankruptcy”, as now and hereafter in
effect, or any successor statute.

“Disqualified
Capital Stock” means, with respect to
any Person, any Capital Stock which
by its terms (or by the terms of any security into which it is convertible or
for which it is exchangeable at the option of the holder) or upon the happening
of any event:  (a) matures or is
mandatorily redeemable (other than redeemable only for Capital Stock of such
Person which is not itself Disqualified Capital Stock) pursuant to a sinking
fund obligation or otherwise; (b) is convertible or exchangeable at the
option of the holder for Indebtedness or Disqualified Capital Stock; or (c) is
mandatorily redeemable or must be purchased upon the occurrence of certain
events or otherwise, in whole or in part, in each case on or prior to the date
that is 272 days after the latest of the Scheduled Termination Date, the
Tranche A (Euro) Term Loan Maturity Date and the Tranche B Term Loan Maturity
Date; provided, however, that any Capital Stock that would not
constitute Disqualified Capital Stock but for provisions thereof giving holders
thereof the right to require such Person to purchase or redeem such Capital
Stock upon the occurrence of an “asset sale” or “change in control” occurring
prior to the date which is seventeen (17) months after the latest of the
Scheduled Termination Date, the Tranche A (Euro) Term Loan Maturity Date and
the Tranche B Term Loan Maturity Date shall not constitute Disqualified Capital
Stock if (i) such “asset sale” or “change of control” provisions
applicable to such Capital Stock are not more favorable to the holders of such
Capital Stock than the terms applicable to the Loan Documents and described
under Sections 6.4, 6.5 and 7.1(k) and (l), and (ii) any such
requirement only becomes operative after compliance with such terms applicable
to the Loan Documents, including the issuance of any Indebtedness thereunder.

“Intercreditor
Agreement” means that certain Intercreditor Agreement dated as of June 23,
2006 by and between the Administrative Agent as First Lien Agent (as therein
defined) and the Second Lien Agent therein named, and acknowledged by the
Borrower, Holdings and the Subsidiary Guarantors.

“Junior Lien
Documents” means the Second Lien Credit Documents and all documents,
agreements and instruments governing, evidencing or securing the Permitted
Additional Secured Indebtedness, if any.

“Junior Lien
Indebtedness” means the Second Lien Indebtedness and any Permitted
Additional Secured Indebtedness.

“Merisant
Netherlands” means Merisant Netherlands, B.V.

“Permitted
Additional Secured Indebtedness” means non-amortizing Indebtedness
issued solely by Holdings or the Borrower that (a) does not provide on its
terms for any scheduled repayment, mandatory redemption or sinking fund
obligation prior to at least six months after the latest of the Scheduled
Termination Date, the Tranche A (Euro) Term Loan Maturity Date and the Tranche
B Term Loan Maturity Date, (b) is in an

 

original aggregate principal
amount not to exceed $75,000,000, (c) bears interest payable only in-kind
until at least six-months after the latest of the Scheduled Termination Date,
the Tranche A (Euro) Term Loan Maturity Date and the Tranche B Term Loan
Maturity Date, (d)(i)(A) the provisions (including the covenants (other
than the lien covenant), events of default, subsidiary guarantees and other
terms (other than interest rate and redemption premiums)), are less restrictive
of Holdings, the Borrower and their Subsidiaries than those in the Loan
Documents (or if more restrictive, the Loan Documents shall be amended to the
extent necessary to make such provisions less restrictive) and (B) such
provisions and the lien covenant are on market terms for similar Indebtedness
of similar issuers at the time of issuance or (ii) is evidenced and
secured by documents that are satisfactory to the Requisite Lenders (including
without limiting the generality of the foregoing that the terms and provisions
thereof and the lien covenant do not otherwise confer upon the holders of such
Indebtedness (or the trustee or other representative on their behalf) any
rights or impose obligations on Holdings or the Borrower or their respective
Subsidiaries, that would be materially adverse to the interests of Holdings,
the Borrower, their respective Subsidiaries or the Lenders), (e) is
secured by Liens only on the Collateral, which Liens shall rank junior in
priority to the Liens on the Collateral created under the Second Lien Credit
Documents and the Collateral Documents, (f) shall be subject to an
intercreditor agreement reasonably acceptable to the Requisite Lenders and the
required percentage of lenders (as required by the Second Lien Credit
Agreement), (g) no Subsidiary is an obligor (i) that is not a
Subsidiary Guarantor, or (ii) that directly owns the Capital Stock of any
Excluded Foreign Subsidiary, (h) is issued by Holdings or the Borrower, as
the case may be, in exchange for, or in respect of the refinancing, refunding,
repayment, satisfaction or defeasance of the Senior Subordinated Discount Notes
or Senior Subordinated Notes (including any accrued interest, premium or fee
payable in connection with such exchange, refinancing, refunding, repayment,
satisfaction or defeasance), (i) immediately after giving effect to such
issuance of Indebtedness, Holdings, the Borrower and its Subsidiaries shall be
in compliance with the covenants contained in Section 6.1 as of the last
day of the most recently completed Fiscal Quarter, giving pro forma effect to
such issuance as if such issuance had occurred as of such last day of the most
recently completed Fiscal Quarter, (j) does not provide for or result in
any cash fees or other cash consideration being paid in connection with the
issuance thereof (i) to any holder of the Senior Subordinated Notes or the
Senior Subordinated Discount Notes or any such holder’s Affiliates, investment
advisors, or managers, except for any customary consent solicitation fees paid
on a pro rata basis to the holders thereof who consent to any required
amendment, modification or supplement of the Senior Subordinated Notes
Indenture or the Senior Subordinated Discount Notes Indenture, as applicable
entered into in connection therewith and which amendment, modification or
supplement is otherwise permitted under the terms of this Agreement, or (ii) to
any holder of such Indebtedness being issued, or any such holder’s Affiliates,
investment advisors, or managers, other than, in each case, customary
underwriting or advisory fees paid to any such Person solely in its capacity as
underwriter, financial advisor or arranger for such Indebtedness being issued,
and (k) no Default or Event of Default is continuing after giving effect
to the transactions contemplated by such issuance of Indebtedness.

“Permitted Noteholder Investors” means, for only
as long as the Permitted Investors continue to own and control of record and
beneficially, directly or indirectly, an amount of outstanding common stock of
Holdings equal to at least 51% of the outstanding common stock of Holdings, the
collective reference to the beneficial owners of the Senior Subordinated Notes
and the beneficial owners of the Senior Subordinated Discount Notes

 

who become the “beneficial
owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the
Exchange Act), of the outstanding common stock of Holdings in exchange for such
Senior Subordinated Notes or Senior Subordinated Discount Notes, and their
respective transferees and assigns.

“Permitted
PIK Notes” means non-amortizing payment-in-kind notes issued solely
by Holdings or the Borrower (and as to which no Subsidiary of the Borrower has
any obligation) that (a) does not provide on its terms for any scheduled
repayment, mandatory redemption or sinking fund obligation prior to at least
six months after the latest of the Scheduled Termination Date, the Tranche A
(Euro) Term Loan Maturity Date and the Tranche B Term Loan Maturity Date, (b) bear
interest payable only in-kind until at least six-months after the latest of the
Scheduled Termination Date, the Tranche A (Euro) Term Loan Maturity Date and the
Tranche B Term Loan Maturity Date, (c)(i)(A) the provisions (including the
covenants, events of default, subsidiary guarantees and other terms (other than
interest rate and redemption premiums)), are less restrictive of Holdings, the
Borrower and their Subsidiaries than those in the Loan Documents (or if more
restrictive, the Loan Documents shall be amended to the extent necessary to
make such provisions less restrictive) and (B) such provisions are on
market terms for similar Indebtedness of similar issuers at the time of
issuance or (ii) is evidenced by documents that are satisfactory to the
Requisite Lenders (including without limiting the generality of the foregoing
that the terms and provisions thereof do not otherwise confer upon the holders
of such Indebtedness (or the trustee or other representative on their behalf)
any rights or impose obligations on Holdings or the Borrower or their
respective Subsidiaries, that, taken as a whole, would be materially adverse to
the interests of Holdings, the Borrower, their respective Subsidiaries or the
Lenders), (d) no Subsidiary is an obligor, (e) is issued by Holdings
or the Borrower, as the case may be, solely in exchange for, or in respect of
the refinancing, refunding, repayment, satisfaction or defeasance of the Senior
Subordinated Discount Notes or Senior Subordinated Notes (including any accrued
interest, premium or fee payable in connection with such exchange, refinancing,
refunding, repayment, satisfaction or defeasance), (f) immediately after
giving effect to such issuance of Indebtedness, Holdings, the Borrower and its
Subsidiaries shall be in compliance with the covenants contained in Section 6.1
as of the last day of the most recently completed Fiscal Quarter, giving pro
forma effect to such issuance as if such issuance had occurred as of such last
day of the most recently completed Fiscal Quarter, (g) does not provide
for or result in any cash fees or other cash consideration being paid in
connection with the issuance thereof (i) to any holder of the Senior
Subordinated Notes or the Senior Subordinated Discount Notes, or any such
holder’s Affiliates, investment advisors, or managers, except for any customary
consent solicitation fees paid on a pro rata basis to the holders thereof who
consent to any required amendment, modification or supplement of the Senior
Subordinated Notes Indenture or the Senior Subordinated Discount Notes
Indenture, as applicable entered into in connection therewith and which
amendment, modification or supplement is otherwise permitted under the terms of
this Agreement, or (ii) to any holder of such Indebtedness being issued,
or any such holder’s Affiliates, investment advisors, or managers, other than,
in each case, customary underwriting or advisory fees paid to any such Person
solely in its capacity as underwriter, financial advisor or arranger for such
Indebtedness being issued, and (h) no Default or Event of Default is
continuing after giving effect to the transactions contemplated by such
issuance of Indebtedness.

“Second Lien
Credit Agreement” means the Credit Agreement dated as of June 23,
2006 among the Borrower, Holdings, the Second Lien Agent, the other agents
therein named

 

and the lenders thereunder,
as the same may be amended, restated, supplemented, refinanced or otherwise
modified from time to time to the extent permitted by the terms of the
Intercreditor Agreement.

“Second Lien
Credit Documents” means the Second Lien Credit Agreement, the other
Loan Documents as defined in the Second Lien Credit Agreement, and each of the
other agreements, documents and instruments delivered at any time in connection
with the foregoing, as the same may be amended, restated, supplemented,
refinanced or otherwise modified from time to time to the extent permitted by
the terms of the Intercreditor Agreement.

“Second Lien
Indebtedness” shall mean the term loans in the aggregate principal
amount of $85,000,000 and all other “Obligations” as defined in, and which
arise under the Second Lien Credit Agreement, provided  that no
Subsidiary may be an obligor with respect to such Indebtedness if such
Subsidiary is not a Subsidiary Guarantor hereunder.

“Security
Document” means a Collateral Document.

“Senior Subordinated Discount Notes”
means the 121⁄4% senior subordinated discount notes due 2014 in an aggregate
principal amount at maturity of $136,040,000 issued
on November 12, 2003 by Holdings.

“Senior
Subordinated Discount Notes Indenture” means the Indenture, dated as
of November 12, 2003, among Holdings, the Borrower, certain subsidiaries
of the Borrower, and Wells Fargo Bank Minnesota, National Association, as
Trustee, pursuant to which the Senior Subordinated Discount Notes were issued.

 

Schedule 2.2

Other Amendments to Credit Agreement

Amendments to Article II (The Facilities)

1.             Amendments to Section 2.8
(Optional Prepayments). Section 2.8(c) of
the Credit Agreement is hereby amended by adding the word “voluntary” after the
phrase “no right to”.

Amendments to Article IV (Representations and Warranties)

1.             Amendment to Section 4.5 (No Legal Bar). Section 4.5 of the Credit
Agreement is amended to add “and the Second Lien Credit Documents” after the
phrase “created by the Collateral Documents” appearing in the first sentence
thereof.

2.             Amendment to Section 4.15 (Ownership of Borrower; Subsidiaries).
Section 4.15 of the Credit
Agreement is amended in its entirety to read as follows:

“Section 4.15
Ownership of Borrower; Subsidiaries

(a)           Holdings has no direct Subsidiary other than the Borrower.
The authorized capital stock of the Borrower consists of 100 shares of common
stock, $0.01 par value per share, of which 100 shares are issued and
outstanding. All of the outstanding capital stock of the Borrower has been
validly issued, is fully paid and non-assessable and is owned beneficially and
of record by Holdings, free and clear of all Liens other than the Liens in
favor of the Secured Parties (as defined in the Second Lien Credit Agreement)
created by the Second Lien Credit Documents and the Liens in favor of the
Secured Parties created by the Security Agreement. There are no agreements or
understandings to which the Borrower is a party with respect to the voting,
sale or transfer of any shares of Capital Stock of the Borrower or any
agreement restricting the transfer or hypothecation of any such shares.

(b)           Except as disclosed to the Administrative Agent by the
Borrower in writing from time to time after the Closing Date, (i) Schedule
4.15 sets forth the name and jurisdiction of incorporation of each Subsidiary
of the Borrower and, as to each such Subsidiary, the number of shares of each
class of Capital Stock authorized (if applicable), the number outstanding and
the number and percentage of each class of Capital Stock owned by any Loan
Party or any Subsidiary thereof and (ii) there are no outstanding
subscriptions, options, warrants, calls, rights or other agreements or
commitments (other than stock options granted to employees or directors and directors’
qualifying shares) of any nature relating to any Capital Stock of the Borrower
or any Subsidiary of the Borrower, except as created by the Loan Documents and
the Second Lien Credit Documents. All of the outstanding Capital Stock of each
Subsidiary of the Borrower has been validly issued, is fully paid and
non-assessable and is owned by the Borrower or a Subsidiary of the Borrower,
free and clear of all Liens other than the Liens in favor of the Secured
Parties (as defined in the Second Lien Credit Agreement) created by the Second
Lien Credit Documents and the Liens in favor of the Secured Parties created
pursuant to the Security Agreement. Neither the Borrower nor any Subsidiary of
the Borrower is a party to, or has knowledge of, any material agreement
materially restricting the transfer or hypothecation of any Stock of any such
Subsidiary, other than the Loan Documents and the Second Lien Credit Documents.
Neither Holdings, the Borrower nor any of its Subsidiaries owns or holds,
directly or indirectly, any Stock of any Person other than

 

such Subsidiaries and
Investments permitted by Section 6.8.
Each Subsidiary of the Borrower is a Wholly Owned Subsidiary.”

3.             Amendments to Section 4.24 (Senior
Subordinated Debt Documents). Sections 4.24 (d) and
(e) of the Credit Agreement are
each hereby amended by adding “and the Senior Subordinated Discount Notes
Indenture” after the phrase “Senior Subordinated Notes Indenture.”

Amendments
to Article V (Affirmative Covenants)

1.             Amendment to Section 5.1.
Sections 5.1(a) and 5.1(b) of
the Credit Agreement are each hereby amended by adding the phrase “or the
Senior Subordinated Discount Notes Indenture” in the first parenthetical after
the phrase “Senior Subordinated Notes Indenture.”

2.             Amendment to Section 5.2.
(a) Section 5.2(e) of
the Credit Agreement is hereby amended by revising the phrase “Senior
Subordinated Notes” to read “Junior Lien Indebtedness, Senior Subordinated
Notes, or Senior Subordinated Discount Notes”; (b) Section 5.2(l) is
hereby amended by (i) revising the phrase “Holdings Permitted PIK Notes”
to read “Permitted PIK Notes or Permitted Additional Secured Indebtedness”, and
(ii) inserting the phrase “(other than such engagement letters,
underwriting agreements and fee agreements with the arrangers, administrative
agents, collateral agents or trustees thereof that typically would be, and are,
subject to customary confidentiality restrictions preventing disclosure to the
Administrative Agent and the Lenders)” immediately prior to the semi-colon at
the end thereof.

3.             Amendment to Section 5.7
(Notices). Section 5.7  of the Credit Agreement is hereby amended by (a) adding
the phrase “or the Senior Subordinated Discount Notes Indenture or any Junior
Lien Document” to the end of clause (vi) thereof,
and (b) deleting the period at the end of subsection
(vii) and replacing it with “; and” and adding the
following new subsections (viii) to
the end: “(viii) A copy of each
notice required to be given, and any other material notice given to holders of
Second Lien Indebtedness, to holders of Permitted Additional Secured
Indebtedness, to holders of Senior Subordinated Notes, or to holders of Senior
Subordinated Discount Notes”.

4.             Amendment to Section 5.10(d)(i).
Section 5.10(d)(i) of
the Credit Agreement is hereby amended to replace the words “Capital Stock” the
second time it appears with the words “Voting Stock”.

5.             Amendment to Section 5.13
(Corporate Restructuring). Section 5.13
of the Credit Agreement is hereby amended to add the word “Revolving” prior to
the word “Note” in clause (iii) thereof.

6.             Add New Section 5.14
(Affirmative Covenants in Second Lien Credit Documents). Article V
of the Credit Agreement is hereby amended by adding the following new Section 5.14:

“Section 5.14. Affirmative Covenants in Second Lien Credit
Documents. Each of the Borrower and Holdings agrees to comply with
the covenants set forth in Article V of the Second Lien Credit Agreement
to the same extent as if each such covenant (and any capitalized or otherwise
defined terms appearing therein) were set forth in Article V of this
Agreement.”

7.             Add New Section 5.15
(Further Assurances). Article V of the Credit Agreement is
hereby amended by adding the following new Section 5.15:

“Section 5.15. Further Assurances. Promptly upon request
by the Administrative Agent, (a) correct any material defect or error that
may be discovered in any Loan Document or

 2
 

 

in the execution,
acknowledgment, filing or recordation thereof, and (b) do, execute,
acknowledge, deliver, record, re-record, file, and re-file, any and all such
further acts, certificates, assurances and other instruments as the
Administrative Agent may reasonably require from time to time in order to (i) carry
out more effectively the purposes of the Loan Documents, (ii) to the
fullest extent permitted by applicable law, subject any Loan Party’s or any of
its Subsidiaries’ properties, assets, rights or interests to the Liens now or
hereafter intended to be covered by any of the Collateral Documents, (iii) perfect
and maintain the validity, effectiveness and priority of any of the Collateral
Documents and any of the Liens intended to be created thereunder and (iv) assure,
grant, preserve, protect and confirm unto the Secured Parties the rights
granted or now or hereafter intended to be granted to the Secured Parties under
any Loan Document or under any other instrument executed in connection with any
Loan Document to which any Loan Party or any of its Subsidiaries is or is to be
a party, and cause each of its Subsidiaries to do so.”

Amendments
to Article VI (Negative Covenants)

1.             Amendments to Section 6.2
(Permitted Indebtedness).

(a)      Section 6.2 is hereby amended by
revising the first parenthetical in clause (iv) to
read as follows:  “(other than Hedging
Contracts, the Senior Subordinated Notes and the Senior Subordinated Discount
Notes)”.

(b)      Section 6.2
is hereby further amended by amending each of  clause (v) and
clause (xiii) by
adding the following parenthetical after the word “Indebtedness”: (other than
Indebtedness of (x) any
Subsidiary of Holdings that directly owns Capital Stock  in an Excluded Foreign Subsidiary, and (y) Merisant
Spain, S.L.)”, and by adding the following proviso at the end of
clause (xiii): “provided, further,
that, in no event shall the aggregate amount of all such Indebtedness of
Merisant Netherlands pursuant to this clause
(xiii) exceed $2,000,000 outstanding at any time;”

(c)      Section 6.2
is hereby further
amended by amending clause (ix) by
adding the following after the word “Subsidiaries”:  (other than (x) any Subsidiary that directly owns Capital
Stock  in an Excluded Foreign Subsidiary,
and (y) Merisant Spain, S.L.)”.

(d)      Section 6.2
is hereby further amended by amending clause
(xii) in its entirety to read as follows:  “(xii) Indebtedness of Holdings consisting of
Senior Subordinated Discount Notes issued by Holdings pursuant to the Senior
Subordinated Discount Notes Indenture;”

(e)      Section 6.2(xiv)
is hereby amended, in its entirety,  to
read as follows:  “(xiv) Second Lien
Indebtedness and any refinancing thereof that is permitted by the Intercreditor
Agreement;”

(f)       Section 6.2(xv)
 is hereby amended, in its entirety,  to read as follows:

“(xv)  Guarantee Obligations (I) by any Loan
Party (other than any Subsidiary that directly owns Capital Stock  in an Excluded Foreign Subsidiary) of any
Indebtedness of any Loan Party incurred pursuant to Section 6.2(ix) or
Section 6.2(xvii), or (II) by any Loan Party of Indebtedness
of the Borrower incurred pursuant to Section 6.2(xiv);”

(g)      Section 6.2
is hereby further amended by adding the following clauses:

“(xvi)      Permitted PIK Notes; and

(xvii)       Permitted Additional Secured
Indebtedness.”

 3
 

 

2.             Amendment to Section 6.3
(Permitted Liens).

(a)      Section 6.3(xiii)
of the Credit Agreement is hereby amended in its entirety to read as follows:

“(xiii)     
Liens securing Second Lien Indebtedness, provided  that (A) all
property encumbered by such Liens shall also be encumbered by Liens securing
the Obligations, and the Liens on such property that secure the Obligations
shall be perfected at least to the same extent as the Liens on such property
securing Second Lien Indebtedness; and (B) such Liens shall be subordinate
to the Liens securing the Obligations pursuant to the Intercreditor Agreement;”

(b)      Section 6.3
of the Credit Agreement is hereby further amended by adding the following
clause:

“(xv)     Liens securing Indebtedness of the Borrower or any of its
Subsidiaries incurred pursuant to Section 6.2(xvii).”

3.             Amendment to Section 6.4
(Fundamental Changes).

(a)      Section 6.4(c) of
the Credit Agreement is hereby amended by adding the following clause after the
phrase “except for changes and amendments” and before the phrase “which do not
materially affect”:

“(i)          to
authorize issuance of Holdings Permitted Preferred Stock or (ii)”

(b)      Section 6.4(c) of
the Credit Agreement is further amended by revising clause (vi) therein to read as follows:  “(vi) [Intentionally Omitted].”

4.             Amendment to Section 6.6
(Restricted Payments).

(a)      Section 6.6
of the Credit Agreement is hereby amended by amending clause (b)(y) thereof in its entirety as follows:

“(y) any refinancing of Indebtedness expressly
permitted by Section 6.2, and”

(b)      Section 6.6(ii) of
the Credit Agreement is further amended to delete the phrase “may pay dividends
to Holdings to permit Holdings to accrue” and to substitute the following
therefor:  “and Holdings may accrue”.

(c)      Clause (v) of
Section 6.6
of the Credit Agreement is hereby amended in its entirety to read as follows:

“(v)         Holdings, the Borrower or any Subsidiary thereof may make
Restricted Payments of Indebtedness (other than any Second Lien Indebtedness)
in any Fiscal Year in an aggregate amount not to exceed the lesser of (A) 50%
of Excess Cash Flow for the preceding Fiscal Year and (B) $10,000,000;”

(d)      The last appearing clause (vii) of
Section 6.6
of the Credit Agreement is amended in its entirety to read as follows:

 4
 

 

“(vii)       Holdings or the
Borrower may, and may make such Restricted Payments necessary to (A) exchange
for or (B) refinance, refund, repay, satisfy or defease with the Net Cash
Proceeds of, an Equity Issuance of its Capital Stock (other than Disqualified
Capital Stock), the Senior Subordinated Notes or Senior Subordinated Discount
Notes in an amount not to exceed the amount of Net Cash Proceeds of such Equity
Issuance not otherwise required to prepay the Obligations pursuant to Section 2.9, provided  that any such
Capital Stock not consisting of common stock shall be Holdings Permitted
Preferred Stock;

(viii)        Holdings or the
Borrower may, and may make such Restricted Payments necessary to (A) issue
Permitted PIK Notes in exchange for Senior Subordinated Notes or Senior
Subordinated Discount Notes or (B) refinance, refund, repay, satisfy or
defease Senior Subordinated Notes or Senior Subordinated Discount Notes with the
Net Cash Proceeds from the incurrence of Permitted PIK Notes; and

(ix)           the Borrower may,
and may make such Restricted Payments necessary to (A) issue or incur
Permitted Additional Secured Indebtedness in exchange for Senior Subordinated
Notes or Senior Subordinated Discount Notes or (B) refinance, refund,
repay, satisfy or defease Senior Subordinated Notes or Senior Subordinated
Discount Notes with the Net Cash Proceeds from the incurrence of Permitted
Additional Secured Indebtedness.”

(e)      The proviso at the end of Section 6.6 of the Credit Agreement is amended to
delete the phrase “clause
(ii), (v), (vi) or (vii)” and to
substitute the following therefor:  “clause (ii),(v), (vi), (vii), (viii) or (ix)”.

5.             Amendment to Section 6.8
(Investments). Section 6.8
of the Credit Agreement is hereby amended by deleting the period at the end of clause (xiv) and inserting “; and”
in lieu thereof and adding the following clause (xv):

“(xv)       Investments to the extent permitted by Section 6.6
(vii), (viii) and (ix) by Holdings or the Borrower in the Senior
Subordinated Notes or Senior Subordinated Discount Notes in which such Senior
Subordinated Notes or Senior Subordinated Discount Notes, respectively, are
simultaneously cancelled with, and in the amount of, such Investment.”

6.             Amendment to Sections 6.13
(Negative Pledge clauses) and 6.14 (clauses Restricting Subsidiary
Distributions).

Section 6.13(a) and Section 6.14(i) of the
Credit Agreement are each amended by adding the phrase “, the Second Lien
Credit Documents and the other Junior Lien Documents (provided, however, that
any such restriction or limitation in any such other Junior Lien Document is
not more onerous or restrictive than those contained in the Second Lien Credit
Documents)” at the end thereof.

7.             Amendment to Section 6.15
(Lines of Business). Section 6.15  is hereby amended by changing the title to: “Lines of Business; Activities of Subsidiaries Owning Capital Stock of
Excluded Foreign Subsidiaries and Activities of Merisant Spain, S.L. and
Merisant Netherlands.”, and by adding the following new sentences to
the end of Section 6.15:

“Neither Merisant Foreign Holdings I, Inc. (nor
any other Subsidiary of Holdings that directly owns Stock of an Excluded
Foreign Subsidiary), shall, and Holdings and Borrower will not permit any such
Subsidiary to, (1) engage in any business or operations, other than the
ownership of shares of Capital Stock of Merisant Spain, S.L., Merisant
Netherlands, SwissCo 2, and Merisant Puerto Rico, Inc. and

 5
 

 

qualifying
shares of any other Excluded Foreign Subsidiaries, (2) own, lease, manage
or otherwise operate any properties or assets other than incidental to such
ownership, or (3) incur, assume or suffer to exist any Indebtedness or
other liabilities or financial obligations, except (x) nonconsensual
obligations imposed by operation of law, (y) pursuant to the Loan
Documents to which it is a party and (z)  other Indebtedness permitted to
be incurred by  it under Section 6.2.

Merisant Spain, S.L. will not, and Holdings and
Borrower will not permit Merisant Spain, S.L. to, (1) engage in any
business or operations other than those incidental to its ownership of the
Capital Stock of the Merisant Netherlands, (2) own, lease, manage or
otherwise operate any properties or assets other than incidental to such
ownership, or (3) incur, assume or suffer to exist any Indebtedness or
other liabilities or financial obligations, except (x) nonconsensual
obligations imposed by operation of law, and (y)  other Indebtedness
permitted to be incurred by it under Section 6.2.

8.             Amendment to  Section 6.17 (Modification of
Subordinated Agreements).

(a)      Section 6.17
of the Credit Agreement is hereby amended by adding “(i)” at the beginning of
such Section, and by adding the words “or the Senior Subordinated Discount
Notes (or the Senior Subordinated Discount Notes Indenture or any other
agreement in connection therewith) or any documents or agreements governing
Permitted Additional Secured Indebtedness or Permitted PIK Notes” after the
words “in connection therewith)”.

(b)      Section 6.17
of the Credit Agreement is hereby further amended by adding clause (ii) that reads
as follows:

“(ii)         The Borrower shall not designate, or
permit the designation of, any Indebtedness (other than under the Loan
Documents, the Second Lien Credit Documents or the Permitted Additional Secured
Indebtedness or any permitted refinancing, refunding, renewal, or extension
thereof) as “Designated Senior Indebtedness” for the purpose of the definition
of the same or the subordination provisions contained in the Senior
Subordinated Note Indenture, the Senior Subordinated Discount Note Indenture or
any permitted refinancing or successive refinancing of either without the
consent of the Administrative Agent.”

9.             Add New Sections to Article VI:  Section 6.20 (Junior
Lien Indebtedness and Intercreditor Agreement), Section 6.21
(Second Lien Credit
Documents), and Section 6.22 (Limitation on Layering). New Sections 6.20, 6.21 and
6.22 are hereby added  to the Credit Agreement, as follows:

“Section 6.20. Junior Lien Indebtedness; Intercreditor Agreement.

(a)           Second Lien Credit Documents. Subject to the terms of the Intercreditor
Agreement, each of the Borrower and Holdings agree, on behalf of itself and on
behalf of each of the other Loan Parties, that neither the Second Lien Credit
Agreement nor any other Second Lien Credit Document will (i) provide for
loans in an aggregate principal amount greater than $85,000,000 or the
then-existing principal amount as permitted by the Intercreditor Agreement, (ii) contravene
the provisions of the Intercreditor Agreement, (iii) provide for
covenants, representations and warranties, events of default, rights or
remedies which are in the aggregate on terms less favorable to the Lenders, or (iv) provide
for collateral securing Indebtedness thereunder which is more extensive than
the Collateral, or provide for guaranties from Subsidiaries or other Persons
that are not required to deliver Guaranties under this Agreement,

 6
 

 

unless in each case such collateral or guaranty is
also provided to the Administrative Agent for the benefit of the Lenders.

(b)           Junior
Lien Documents:  Rights in Respect of
Collateral. Each of the Borrower and Holdings agree, on behalf
of itself and on behalf of each of the other Loan Parties, that (i) in the
event that Borrower, Holdings or any other Loan Party enters into or is a party
to any agreement relating to Collateral that gives holders of Junior Lien
Indebtedness (or any agent acting on their behalf) any rights, benefits or
interests that are not given to the Administrative Agent acting for the benefit
of the Lenders, then the Borrower, Holdings or such other Loan Party, as
applicable, shall notify the Administrative Agent thereof and shall enter into
such additional agreements as may be requested by the Administrative Agent in
order to give to the Administrative Agent rights, benefits and interests that
are not less than those given to the holders of Junior Lien Indebtedness (or
any agent acting on their behalf), and (ii) in the event that any of the
Junior Lien Documents give to holders of Junior Lien Indebtedness (or any agent
acting on their behalf) any rights, benefits or interests relating to
Collateral that the Administrative Agent does not have pursuant to the
Collateral Documents, then the applicable Collateral Documents shall be
automatically amended so as to give to the Administrative Agent such rights,
and the Administrative Agent shall have such rights to the same extent as such
holders of Junior Lien Indebtedness (or agent acting on their behalf).

(c)           Amendments to Junior Lien
Documents. The Borrower and Holdings will not, and will not permit
any of their respective Subsidiaries to, (i) enter into any amendment to
any Junior Lien Document or enter into any new Junior Lien Document other than
in accordance with the Intercreditor Agreement (or the applicable intercreditor
agreement relating to any Permitted Additional Secured Indebtedness, as
applicable). The Borrower shall provide a copy of any such amendment or new
Junior Lien Document substantially concurrently with the closing thereof. Without
limiting the foregoing, Borrower and Holdings agree that all documents
executed as a post-closing condition under the Second Lien Credit Agreement,
including the documents pertaining to Liens on Capital Stock of Merisant Spain,
S.L., shall be substantially similar to the counterpart documents executed in
connection with the Credit Agreement and the Loan Documents (except for the
addition of customary language indicating a second-lien or junior lien) or
otherwise reasonably satisfactory to the Administrative Agent.

(d)           Intercreditor Agreement. Each of the
Borrower and Holdings, on behalf of itself and on behalf of each its
Subsidiaries, (i) consents to the terms of the Intercreditor Agreement and
the intercreditor arrangements provided for therein and agrees that its
obligations under the Loan Documents will in no way be diminished or otherwise
affected by such provisions or arrangements, and (ii) agrees that it will
not, and will not permit any of its Subsidiaries to, take any action that would
be inconsistent with or result in contravention of the Intercreditor Agreement.

Section 6.21.
Negative Covenants in Second Lien Credit Documents. Each of the
Borrower and Holdings shall comply with all of the covenants set forth in Article VI
of the Second Lien Credit Agreement to the same extent as if each such covenant
(and any capitalized or otherwise defined terms appearing therein) were set
forth in Article VI of this Agreement.

Section 6.22
Limitation on Layering, Etc. The Borrower and Holdings
will not, and will not permit any of their respective Subsidiaries to, directly
or indirectly, incur or permit any Subsidiary to incur any Indebtedness that is
or purports to be by its terms (or by the terms of any agreement governing such
Indebtedness) contractually subordinated or junior in right of payment to any
Indebtedness of the Borrower or any Guarantor unless such Indebtedness is contractually

 7
 

 

subordinated and/or junior in right
of payment to the Loans and the other obligations under the Loan Documents, or
such Guarantor’s Guaranty (as applicable) thereof, at least to the same extent
as contractually sub­ordinated or junior in right of payment to such other
Indebtedness.”

Amendments to Article VII (Events of Default)

1.             Amendment to Section 7.1(i) (Collateral). Section 7.1(i) of
the Credit Agreement is amended to read in its entirety as follows:

“(i)          any of the Collateral Documents shall
cease, for any reason, to be in full force and effect, or any Loan Party, any
Affiliate of any Loan Party, any other party thereto or any holders of Junior
Lien Indebtedness (or any agent for such holders) shall so assert or shall
contest the validity, perfection or priority of any Lien in any Collateral
purported to be covered thereby, or any Lien created by any of the Collateral
Documents shall cease to be enforceable and of the same effect and priority
purported to be created thereby, or any holders of Junior Lien Indebtedness (or
any agent for such holders) fail to comply with the terms of the Intercreditor
Agreement (with respect to the Second Lien Indebtedness) and the applicable
intercreditor agreement relating to any Permitted Additional Secured
Indebtedness, in any material respect; or”

2.             Section 7.1(k) of
the Credit Agreement is hereby amended in its entirety to read as follows (with
the new language underlined):

(k)           either (A) so long as the LLC exists, (x) the
Sponsor shall cease to have the power to vote or direct the appointment of a
majority of the board of managers or other governing body of the LLC
(determined on a fully diluted basis), (y) the LLC shall cease to have the
power to vote or direct the voting of securities having a majority of the of
the ordinary voting power for the election of directors of Holdings (determined
on a fully diluted basis), or (z) the LLC shall cease to own and control,
of record and beneficially at least 66-2/3% (exclusive of the effect
of any ownership by the Permitted Noteholder Investors) of each class of
outstanding Capital Stock of Holdings free and clear of all Liens (except Liens
created by the Security Agreement) or (B) in any case where the LLC no
longer exists, the Permitted Investors shall cease to have the power to vote or
direct the voting of securities having a majority of the ordinary voting power
for the election of directors of Holdings (determined on a fully diluted
basis); or

3.             Section 7.1(l) of
the Credit Agreement is hereby amended in its entirety to read as follows (with
the new language underlined):

(l)            (i) the Permitted Investors shall cease to own of
record and beneficially, directly or indirectly, an amount of common stock of
Holdings equal to at least 66-2/3% (exclusive of the effect of any
ownership by the Permitted Noteholder Investors) of the amount of common stock
of Holdings owned, directly or indirectly, by the Permitted Investors as of the
Formation Date; (ii) any “person” or “group” (as such terms are used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934,
as amended (the “Exchange
Act”)), excluding the LLC, Permitted Noteholder
Investors and Permitted Investors, shall become, or obtain rights (whether
by means or warrants, options or otherwise) to become, the “beneficial owner”
(as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange
Act), directly or indirectly, of more than 33-1/3% of the outstanding
common stock of Holdings; (iii) the board of directors of Holdings shall
cease to consist of a majority of Continuing Directors; (iv) Holdings
shall cease to own and control, of record and beneficially, directly, 100% of
each class of outstanding Capital Stock of the Borrower free and clear of all
Liens (except Liens created by the Security Agreement); or (v) any “Change
of Control” as defined in the Senior Subordinated Notes Indenture or Senior
Subordinated

 8
 

 

Discount Notes Indenture, so
long as such applicable indenture shall be in full force and effect, shall have
occurred or exist; or

4.             Section 7.1(m) of
the Credit Agreement is hereby amended in its entirety to read as follows (with
the new language underlined and the deleted language shown as stricken):

(m)          Holdings shall (i) conduct, transact or otherwise
engage in, or commit to conduct, transact or otherwise engage in, any business
or operations other than those incidental to its ownership of the Capital Stock
of the Borrower, (ii) incur, create, assume or suffer to exist any
Indebtedness or other liabilities or financial obligations, except (x) nonconsensual
obligations imposed by operation of law, (y) pursuant to the Loan
Documents to which it is a party and (z) obligations with respect to
its Capital Stock or Holdings Permitted PIK Notes issued pursuant to Section 6.2(xii)other
Indebtedness expressly permitted to be incurred by Holdings under Section 6.2,
or (iii) own, lease, manage or otherwise operate any properties or assets
(including cash (other than cash received in connection with dividends made by
the Borrower in accordance with Section 6.6 pending application in the
manner contemplated by said Section) and cash equivalents) other than the
ownership of shares of Stock of the Borrower, or

5.             Add new Section 7.1(o) (Second Lien Credit Agreement
Cross-Default). Section 7.1(o) 
of the Credit Agreement is further amended by adding a new subsection (o) as
set forth below (and  existing subsection
(n) is amended by deleting the period at the end and replacing it with “or”):

“(o)         An Event of Default as defined in the Second Lien Credit
Agreement shall occur; or any default or event of default shall occur under any
other Junior Lien Document.”

Other Amendments to the Credit Agreement

1.             Amendment to  Section 9.12
(Submission to Jurisdiction). Section 9.12(a) of
the Credit Agreement is amended by adding the words “sitting in New York County”
after the words “non-exclusive general jurisdiction of the courts of the State
of the New York”.

New Section 9.20 added to the Credit Agreement (Relating to
Intercreditor Agreement)

1.    Section 9.20 of the Credit
Agreement is redesignated as Section 9.21,
and a new Section 9.20 is hereby
added to the Credit Agreement as follows:

“Section 9.20. Intercreditor
Agreement. (a)  The Lenders (1) consent to the terms of
the Intercreditor Agreement, and agree to be bound thereby, (2) authorize
and direct the Administrative Agent to enter into the Intercreditor Agreement
on its behalf, and (3) authorize the Administrative Agent to take all
actions and executed all documents required or deemed advisable by the
Administrative Agent in accordance with the terms of the Intercreditor
Agreement.

(b)           The terms of the Intercreditor
Agreement shall be binding on all Lenders, their successors and assigns.”

Amendment to Exhibits

1.    Exhibit A to the Credit
Agreement (Form of Assignment and Acceptance) is amended to add the
following language as new Paragraph 9 thereof:

 9
 

 

9.             “The Assignee shall have the rights
and obligations under the Intercreditor Agreement of a First Lien Claimholder
(as defined in the Intercreditor Agreement) and accepts and is bound by the
terms of the Intercreditor Agreement.”

 

 10

 

Schedule 5.1

Representations and Warranties

a)             The representations and warranties
of each of the Borrower and Holdings in Article IV of the Credit Agreement and in clauses (b) through
(e) of this Schedule 5.1 are on the date
of execution and delivery of this Amendment, and will be on the Amendment
Effective Date, true, correct and complete in all material respects with the
same effect as though made on and as of such respective date (or, to the extent
such representations and warranties expressly relate to an earlier date, on and
as of such earlier date).

b)            Each of the Borrower and Holdings is
in compliance in all material respects with all the terms and provisions set
forth in the Credit Agreement and in each other Loan Document on its part to be
observed or performed; and no Default or Event of Default has occurred and is
continuing.

c)             The execution, delivery and
performance by the Borrower, Holdings and each Subsidiary Guarantor of this
Amendment:  (i) are within such
Person’s  corporate or limited liability
company powers; (ii) have been duly authorized by all necessary corporate
or other entity action, including the consent of the holders of its equity
interests where required; (iii) do not and will not (A) contravene
the certificate of incorporation or formation, as applicable or by-laws or
limited liability company agreement of such Person, (B) violate any other
applicable Requirement of Law applicable to such Person, (C) conflict with
or result in the breach of, or constitute a default under, or result in or
permit the termination or acceleration of, any Contractual Obligation of such
Person, or (D) result in the creation or imposition of any Lien upon any
of the property of such Person pursuant to any Requirement of Law or any such
Contractual Obligation other than those Liens permitted by the Loan Documents;
and (iv) do not and will not require the consent of, authorization by,
approval of, notice to, or filing or registration with, any Governmental
Authority or any other Person, other than those which prior to the Amendment
Effective Date will have been obtained or made and, to the extent requested by
Administrative Agent, copies of which prior to the Amendment Effective Date
will have been delivered to the Administrative Agent, and each of which on the
Amendment Effective Date will be in full force and effect.

d)            No investigation, litigation or
proceeding exists or, to the best knowledge of Holdings or the Borrower, is
threatened, of the type described in Section 4.6 of the Credit Agreement or that seeks to
affect any transaction contemplated by this Amendment or permitted herein.

e)             This Amendment has been duly
executed and delivered by the Borrower, Holdings and each Subsidiary Guarantor.
Each of this Amendment and the Credit Agreement constitutes the legal, valid
and binding obligation of the Borrower, Holdings, and each Subsidiary
Guarantor, enforceable against such Person in accordance with its terms, except
as may be limited by bankruptcy, insolvency, reorganization, moratorium or
other similar laws relating to or limiting creditors’ rights generally or by
equitable principles relating to enforceability.Exhibit 10.5

AMENDED AND RESTATED

SECURITY AGREEMENT

 

Dated as of June 23, 2006

 

among

 

MERISANT
COMPANY,

as Borrower,

 

and Each Other Grantor

 

From Time to Time Party Hereto

and

 

CREDIT SUISSE, CAYMAN ISLANDS
BRANCH,

as Administrative Agent

 

 

TABLE OF CONTENTS

	
  ARTICLE I. DEFINED TERMS

  	
   

  	
  2

  
	
  Section 1.1

  	
   

  	
  Definitions

  	
   

  	
  2

  
	
  Section 1.2

  	
   

  	
  Certain Other Terms

  	
   

  	
  6

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II GRANT OF SECURITY INTEREST

  	
   

  	
  7

  
	
  Section 2.1

  	
   

  	
  Collateral

  	
   

  	
  7

  
	
  Section 2.2

  	
   

  	
  Grant of Security Interest in Collateral

  	
   

  	
  8

  
	
  Section 2.3

  	
   

  	
  Cash Collateral Accounts

  	
   

  	
  8

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III REPRESENTATIONS AND WARRANTIES

  	
   

  	
  8

  
	
  Section 3.1

  	
   

  	
  Title; No Other Liens

  	
   

  	
  8

  
	
  Section 3.2

  	
   

  	
  Perfection and Priority

  	
   

  	
  9

  
	
  Section 3.3

  	
   

  	
  State of Incorporation; Chief Executive Office

  	
   

  	
  9

  
	
  Section 3.4

  	
   

  	
  Inventory and Equipment

  	
   

  	
  9

  
	
  Section 3.5

  	
   

  	
  Pledged Collateral

  	
   

  	
  9

  
	
  Section 3.6

  	
   

  	
  Accounts

  	
   

  	
  10

  
	
  Section 3.7

  	
   

  	
  Intellectual Property

  	
   

  	
  10

  
	
  Section 3.8

  	
   

  	
  Deposit Accounts; Securities Accounts; Commodity Accounts;
  Commercial Tort Claims  

  	
   

  	
  11

  
	
  Section 3.9

  	
   

  	
  Letter-of-Credit Rights

  	
   

  	
  12

  
	
  Section 3.10

  	
   

  	
  Vehicles

  	
   

  	
  12

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV COVENANTS

  	
   

  	
  12

  
	
  Section 4.1

  	
   

  	
  Generally

  	
   

  	
  12

  
	
  Section 4.2

  	
   

  	
  Maintenance of Perfected Security Interest; Further
  Documentation

  	
   

  	
  12

  
	
  Section 4.3

  	
   

  	
  Changes in Locations, Name, etc.

  	
   

  	
  13

  
	
  Section 4.4

  	
   

  	
  Pledged Collateral

  	
   

  	
  13

  
	
  Section 4.5

  	
   

  	
  Control Accounts; Eligible Deposit Accounts

  	
   

  	
  15

  
	
  Section 4.6

  	
   

  	
  Accounts

  	
   

  	
  15

  
	
  Section 4.7

  	
   

  	
  Delivery of Instruments and Chattel Paper

  	
   

  	
  16

  
	
  Section 4.8

  	
   

  	
  Intellectual Property

  	
   

  	
  16

  
	
  Section 4.9

  	
   

  	
  Vehicles

  	
   

  	
  18

  
	
  Section 4.10

  	
   

  	
  Payment of Obligations

  	
   

  	
  18

  
	
  Section 4.11

  	
   

  	
  Commercial Tort Claims

  	
   

  	
  18

  
	
  Section 4.12

  	
   

  	
  Letter of Credit Rights

  	
   

  	
  18

  
	
  Section 4.13

  	
   

  	
  Limitations on Dispositions of Collateral

  	
   

  	
  19

  
	
  Section 4.14

  	
   

  	
  Acknowledgment and Consent

  	
   

  	
  19

  
	
  Section 4.15

  	
   

  	
  Additional Covenants

  	
   

  	
  19

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V REMEDIAL PROVISIONS

  	
   

  	
  19

  
	
  Section 5.1

  	
   

  	
  Code and Other Remedies

  	
   

  	
  19

  
	
  Section 5.2

  	
   

  	
  Accounts and Payments in Respect of General
  Intangibles

  	
   

  	
  20

  
	
  Section 5.3

  	
   

  	
  Pledged Collateral

  	
   

  	
  21

  
	
  Section 5.4

  	
   

  	
  Proceeds to be Turned Over to Administrative Agent

  	
   

  	
  22

  

 

 i
 

 

 

	
  Section 5.5

  	
   

  	
  Registration Rights

  	
   

  	
  22

  
	
  Section 5.6

  	
   

  	
  Deficiency

  	
   

  	
  23

  
	
  Section 5.7

  	
   

  	
  Grant of Intellectual Property License

  	
   

  	
  23

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI THE ADMINISTRATIVE AGENT

  	
   

  	
  24

  
	
  Section 6.1

  	
   

  	
  Administrative Agent’s Appointment as
  Attorney-in-Fact

  	
   

  	
  24

  
	
  Section 6.2

  	
   

  	
  Duty of Administrative Agent

  	
   

  	
  25

  
	
  Section 6.3

  	
   

  	
  Authority to File Financing Statements

  	
   

  	
  26

  
	
  Section 6.4

  	
   

  	
  Authority of Administrative Agent

  	
   

  	
  26

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII MISCELLANEOUS

  	
   

  	
  26

  
	
  Section 7.1

  	
   

  	
  Amendments in Writing

  	
   

  	
  26

  
	
  Section 7.2

  	
   

  	
  Notices

  	
   

  	
  26

  
	
  Section 7.3

  	
   

  	
  No Waiver by Course of Conduct; Cumulative Remedies

  	
   

  	
  26

  
	
  Section 7.4

  	
   

  	
  Successors and Assigns

  	
   

  	
  27

  
	
  Section 7.5

  	
   

  	
  Counterparts

  	
   

  	
  27

  
	
  Section 7.6

  	
   

  	
  Severability

  	
   

  	
  27

  
	
  Section 7.7

  	
   

  	
  Section Headings

  	
   

  	
  27

  
	
  Section 7.8

  	
   

  	
  Entire Agreement

  	
   

  	
  27

  
	
  Section 7.9

  	
   

  	
  Governing Law

  	
   

  	
  27

  
	
  Section 7.10

  	
   

  	
  Additional Grantors

  	
   

  	
  27

  
	
  Section 7.11

  	
   

  	
  Release of Collateral

  	
   

  	
  28

  
	
  Section 7.12

  	
   

  	
  Reinstatement

  	
   

  	
  28

  
	
  Section 7.13

  	
   

  	
  Amended and Restated Security Agreement

  	
   

  	
  28

  
	
  Section 7.14

  	
   

  	
  Enforcement of Liens on Collateral Located in Spain

  	
   

  	
  29

  

 

 ii

AMENDED AND RESTATED SECURITY AGREEMENT

AMENDED AND RESTATED SECURITY AGREEMENT (this “Agreement”), dated as of June 23, 2006, by MERISANT
COMPANY, a Delaware corporation (the “Borrower”) and
each of the other entities listed on the signature pages hereof or which
becomes a party hereto pursuant to Section 7.10 (each a “Grantor” and, collectively, the “Grantors”),
in favor of CREDIT SUISSE, CAYMAN ISLANDS BRANCH (“Secured
Party”), as agent for the Secured Parties (as defined in the Credit
Agreement referred to below) (in such capacity, the “Administrative
Agent”).

W I T N E S S E T H:

WHEREAS, the Borrower, Administrative Agent, and
certain lenders entered into that certain Credit Agreement dated as of July 11,
2003 (the “Original Credit Agreement”), as amended
by that certain First Amendment dated as of July 2, 2004, that certain
Second Amendment dated as of October 20, 2004, that certain Third
Amendment dated as of March 11, 2005, and that certain Limited Waiver and
Fourth Amendment dated as of March 29, 2006 (as so amended, the “Existing  Credit Agreement”);

WHEREAS, in connection with the Original Credit
Agreement, certain of the Grantors and Secured Party have entered into that
certain Security Agreement dated as of July 11, 2003 (the “Existing Security Agreement”);

WHEREAS, the Borrower, Administrative Agent, and
certain lenders have entered into that certain Fifth Amendment to Credit
Agreement dated of even date herewith (the “Fifth Amendment”;
the Existing Credit Agreement as amended by the Fifth Amendment, and as the
same may be further amended, restated, or otherwise modified from time to time,
the “Credit Agreement”);

WHEREAS, in connection with the Fifth Amendment,
Grantors and Secured Party have agreed to amend, restate, renew, carry forward
and supplement the Existing Security Agreement, as set forth herein; and

WHEREAS, it is a condition precedent to the obligation
of the Lenders and the Issuers to make their respective extensions of credit to
the Borrower under the Credit Agreement that the Grantors shall have executed
and delivered this Agreement to the Administrative Agent;

NOW, THEREFORE, in consideration of the premises and
to induce the Lenders, the Issuers and the Administrative Agent to enter into
the Credit Agreement and to induce the Lenders and the Issuers to make their
respective extensions of credit to the Borrower thereunder, each Grantor hereby
agrees with the Administrative Agent as follows:

 1
 

 

ARTICLE
I.

DEFINED TERMS

Section
1.1   Definitions.

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

(b)    Terms used
herein that are defined in the UCC have the meanings given to them in the UCC, including
the following terms (which are capitalized herein):

“Account Debtor”

“Accounts”

“Chattel Paper”

“Commercial Tort Claim”

“Commodity Account”

“Commodity Intermediary”

“Control”

“Deposit Account”

“Documents”

“Entitlement Holder”

“Entitlement Order”

“Equipment”

“Financial Asset”

“Fixtures”

“General Intangibles”

“Goods”

“Instruments”

“Inventory”

“Investment Property”

“Letter-of-Credit Rights”

“Payment Intangible”

“Proceeds”

“Promissory Note”

“Security”

“Securities Account”

“Securities Intermediary”

“Security Entitlement”

“Supporting Obligation”

(c)            The
following terms shall have the following meanings:

“AdditionalCommercial
Tort Claim” has the
meaning specified in Section 4.11.

“Additional Pledged
Collateral” means all shares of, limited and/or general partnership
interests in, and limited liability company interests in, and all securities
convertible into, and warrants, options and other rights to purchase or
otherwise acquire, stock of, either (i) any Person that, after the date of
this Agreement, as a result of any occurrence, becomes a direct Subsidiary of
any Grantor or (ii) any issuer of Pledged Stock, any Partnership or any
LLC that are acquired

 2
 

by any Grantor after the date hereof; all certificates
or other instruments representing any of the foregoing; all Security
Entitlements of any Grantor in respect of any of the foregoing; all additional
indebtedness from time to time owed to any Grantor by any obligor on the
Pledged Notes and the instruments evidencing such indebtedness; and all
interest, cash, instruments and other property or Proceeds from time to time
received, receivable or otherwise distributed in respect of or in exchange for
any of the foregoing. Additional Pledged Collateral may be General Intangibles
or Investment Property.

“Agreement”
means this Security Agreement.

“Cash Collateral Account”
means any Deposit Account or Securities Account established by the
Administrative Agent as provided in Section 2.3
in which cash and Cash Equivalents may from time to time be on deposit or held
therein as provided in Section 5.2
or Section 5.4 or the
Credit Agreement.

“Collateral” has
the meaning specified in Section 2.1.

“Commodity Account Control
Agreement” means a control agreement reasonably satisfactory to the
Administrative Agent executed by the relevant Grantor and the Administrative
Agent and acknowledged and agreed to by the relevant Commodity Intermediary.

“Control Account”
means a Securities Account or Commodity Account subject to an effective
Securities Account Control Agreement maintained by any Grantor with an Eligible
Securities Intermediary, and includes all Financial Assets held therein and all
certificates and instruments, if any, representing or evidencing the Financial
Assets contained therein or a Commodity Account subject to an effective
Commodity Account Control Agreement.

“Copyrights”
means (a) all copyrights arising under the laws of the United States, any
other country or any political subdivision thereof, whether registered or
unregistered and whether published or unpublished, all registrations and
recordings thereof, and all applications in connection therewith, including all
registrations, recordings and applications in the United States Copyright
Office or in any foreign counterparts thereof and (b) the right to obtain
all renewals thereof.

“Copyright Licenses”
means any written agreement naming any Grantor as licensor or licensee granting
any right under any Copyright, including the grant of rights to copy, publicly
perform, create derivative works, manufacture, distribute, exploit and sell
materials derived from any Copyright.

“Deposit Account Bank”
means a financial institution selected or approved by the Administrative Agent
and with respect to which a Grantor has delivered to the Administrative Agent
an executed Deposit Account Control Agreement.

“Deposit Account Control
Agreement” means a letter agreement, substantially in the form of Annex
1 (with such changes as may be agreed to by the Administrative Agent),
executed by the Grantor and the Administrative Agent and acknowledged and
agreed to by the relevant Deposit Account Bank.

“Eligible Deposit Account”
means a Deposit Account maintained by any Grantor with a Deposit Account Bank
which Deposit Account is the subject of an effective Deposit Account

 3
 

Control Agreement, and includes all monies on deposit
therein and all certificates and instruments, if any, representing or
evidencing such Deposit Account.

“Eligible Securities
Intermediary” means a Securities Intermediary or Commodity
Intermediary selected or approved by the Administrative Agent and with respect
to which a Grantor has delivered to the Administrative Agent an executed
Securities Account Control Agreement.

“Intellectual Property”
means, collectively, all rights, priorities and privileges of any Grantor relating
to intellectual property, whether arising under United States, multinational or
foreign laws or otherwise, including Copyrights, Copyright Licenses, Patents,
Patent Licenses, Trademarks, Trademark Licenses and trade secrets, and all
rights to sue at law or in equity for any infringement or other impairment
thereof, including the right to receive all proceeds and damages therefrom.

“LLC” means each
limited liability company in which a Grantor has an interest, including those
set forth on Schedule 2.

“LLC Agreement”
means each operating agreement with respect to an LLC, as each agreement has
heretofore been and may hereafter be amended, restated, supplemented or
otherwise modified from time to time.

“Material Intellectual
Property” means Intellectual Property owned by, licensed to or
otherwise used by a Grantor which is material to its business.

“Merisant Spain”
means Merisant Spain S.L., a private company with limited liability
incorporated under the laws of Spain.

“Partnership”
means each partnership in which a Grantor has an interest, including those set
forth on Schedule 2.

“Partnership Agreement”
means each partnership agreement governing a Partnership, as each such
agreement has heretofore been and may hereafter be amended, restated,
supplemented or otherwise modified.

“Patents” means (a) all
letters patent of the United States, any other country or any political
subdivision thereof and all reissues and extensions thereof, (b) all provisional and
non-provisional applications
for letters patent of the United States or any other country and all divisions,
continuations and continuations-in-part thereof, and (c) all rights to
obtain any reissues or extensions of the foregoing.

“Patent License”
means all agreements, whether written or oral, providing for the grant by or to
any Grantor of any right to manufacture, use, import, sell or offer for sale
any invention covered in whole or in part by a Patent.

“Pledged Collateral”
means, collectively, the Pledged Notes, the Pledged Equity Collateral, all
certificates or other instruments representing or evidencing any of the
foregoing, and all Security Entitlements of any Grantor in respect of any of
the foregoing, whether or not characterized as General Intangibles or
Investment Property.

 4
 

“Pledged Equity Collateral”
means, collectively, the Pledged Stock, the Pledged Partnership Interests, the
Pledged LLC Interests, any other Investment Property of any Grantor, all
certificates or other instruments representing any of the foregoing and all
Security Entitlements of any Grantor in respect of any of the foregoing.

“Pledged LLC Interests”
means all of any Grantor’s right, title and interest as a member of any LLC and
all of such Grantor’s right, title and interest in, to and under any LLC
Agreement to which it is a party, including those set forth on Schedule 2.

“Pledged Notes”
means all right, title and interest of any Grantor, in the Instruments or
Promissory Notes evidencing all Indebtedness owed to such Grantor, and all
other Indebtedness described on Schedule 2, issued by the obligors named
therein.

“Pledged Partnership
Interests” shall mean all right, title and interest of any Grantor
in any Partnership and all right, title and interest of any Grantor in, to and
under any Partnership Agreements to which it is a party, including those set
forth on Schedule 2.

“Pledged Stock”
means the shares of Stock owned by each Grantor, including all shares of Stock
listed on Schedule 2; provided, however, that the only Voting Stock of an Excluded Foreign
Subsidiary that shall be deemed to be pledged shall be Voting Stock possessing
up to but not exceeding 65% of the voting power of all classes of Stock of such
Excluded Foreign Subsidiary entitled to vote.

“Related Contract”
means each security agreement, lease and other contract securing or otherwise
relating to any Account.

“Secured Obligations”
means, (a) in the case of the Borrower, the Obligations, and, (b) in
the case of any other Loan Party, the obligations of such Loan Party and each
other Loan Party under the Guaranty and the other Loan Documents to which it is
a party.

“Securities Account
Control Agreement” means a letter
agreement, substantially in the form of Annex 2 (with such changes as
may be agreed to by the Administrative Agent), executed by the relevant Grantor
and the Administrative Agent and acknowledged and agreed to by the relevant
Eligible Securities Intermediary.

“Securities Act”
means the Securities Act of 1933, as amended.

“Trademarks”
means (a) all trademarks, trade names, corporate names, company names,
business names, fictitious business names, trade styles, service marks, logos
and other indicators of the source of goods and services, and all goodwill
associated therewith, now existing or hereafter adopted or acquired, all
registrations and recordings thereof, and all applications in connection
therewith, whether in the United States Patent and Trademark Office or in any
similar office or agency of the United States, any State thereof or any other
country or any political subdivision thereof, or otherwise, and all common-law
rights related thereto, and (b) the right to obtain all renewals thereof.

“Trademark License”
means any agreement, whether written or oral, providing for the grant by or to
any Grantor of any right to use any Trademark.

“Trigger Date”
has the meaning specified in Section 4.5.

 5
 

“UCC” means the
Uniform Commercial Code as from time to time in effect in the State of New
York; provided, however, that in the event that, by reason of mandatory
provisions of law, any or all of the attachment, perfection or priority of the
Administrative Agent’s and the Secured Parties’ security interest in any
Collateral is governed by the Uniform Commercial Code as in effect in a
jurisdiction other than the State of New York, the term “UCC’ shall mean the
Uniform Commercial Code as in effect in such other jurisdiction for purposes of
the provisions hereof relating to such attachment, perfection or priority and
for purposes of definitions related to such provisions; provided, further, that
if the UCC is amended after the date hereof, such amendment will not be given
effect for the purposes of this Agreement if and to the extent the result of
such amendment would be to limit or eliminate any item of Collateral.

“Vehicles” means
all vehicles covered by a certificate of title law of any state.

Section
1.2   Certain Other Terms.

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

(b)    The words “herein,”
“hereof,” “hereto” and “hereunder” and similar words refer to this Agreement as
a whole and not to any particular Article, Section, subsection or clause in
this Agreement.

(c)    References
herein to an Annex, Schedule, Article, Section, subsection or clause refer to
the appropriate Annex or Schedule to, or Article, Section, subsection or clause
in this Agreement.

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

(e)    Where the
context requires, provisions relating to the Collateral or any part thereof,
when used in relation to a Grantor, shall refer to such Grantor’s Collateral or
the relevant part thereof.

(f)     Any
reference in this Agreement to a Loan Document shall include all appendices,
exhibits and schedules thereto, and, unless specifically stated otherwise all
amendments, restatements, supplements or other modifications thereto, and as
the same may be in effect at any and all times such reference becomes
operative.

(g)    The term “including”
means “including without limitation” except when used in the computation of
time periods.

(h)    The term “or”
has, except where otherwise indicated, the inclusive meaning represented by the
phrase “and/or”.

(i)     The terms
“Lender,” “Issuer,” “Administrative Agent” and “Secured Party” include their
respective successors.

(j)     References
in this Agreement to any statute shall be to such statute as amended or
modified and in effect from time to time.

 6
 

ARTICLE II

GRANT OF SECURITY INTEREST

Section
2.1   Collateral.   For the purposes of this
Agreement, all of the following property now owned or at any time hereafter
acquired by a Grantor or in which a Grantor now has or at any time in the
future may acquire any right, title or interests is collectively referred to as
the “Collateral”:

(a)    all
Accounts;

(b)    all
Inventory;

(c)    all
Equipment;

(d)    all Goods,
including, without limitation, Inventory, Equipment and Fixtures;

(e)    all
General Intangibles, including all Payment Intangibles;

(f)     all
Investment Property, including all Control Accounts, Securities Accounts and
Commodities Accounts;

(g)    all
Documents, Instruments, Chattel Paper and Letter-of-Credit Rights;

(h)    all cash
and Deposit Accounts (including any Eligible Deposit Accounts);

(i)     all
Intellectual Property;

(j)     all Cash
Collateral Accounts;

(k)    all
Pledged Collateral;

(l)     all
Vehicles;

(m)   all
Supporting Obligations;

(n)    all
Commercial Tort Claims, including those listed on Schedule 8;

(o)    all books
and records pertaining to the Collateral described in this Section 2.1;

(p)    all other
personal property of such Grantor whether tangible or intangible wherever
located;

(q)    all
property of any Grantor held by the Administrative Agent or any other Secured
Party, including all property of every description, in the possession or
custody of or in transit to Administrative Agent or such Secured Party for any
purpose, including safekeeping, collection or pledge, for the account of such
Grantor, or as to which such Grantor may have any right or power; and

(r)     tothe
extent not otherwise included, all Proceeds and products of each of the
foregoing and all accessions to, substitutions and replacements for, and rents,
profits and 

 7
 

products of, each of the foregoing, any and all
proceeds of any insurance, indemnity, warranty or guaranty payable to the
Grantor from time to time with respect to any of the foregoing.

Section 2.2   Grant of Security Interest in
Collateral. Each Grantor, as collateral security for the full, prompt
and complete payment and performance when due (whether at stated maturity, by
acceleration or otherwise) of the Secured Obligations of such Grantor, hereby
collaterally assigns, mortgages, pledges and hypothecates to the Administrative
Agent for the benefit of the Secured Parties, and grants to the Administrative
Agent for the benefit of the Secured Parties a lien on and security interest
in, all of its right, title and interest in, to and under the Collateral of
such Grantor.

Section 2.3   Cash Collateral Accounts. The
Administrative Agent may from time to time establish one or more other Deposit
Accounts and one or more Securities Accounts with such depositaries and
Securities Intermediaries as it in its sole discretion shall determine for
purposes of Sections 2.4(b), 2.9(f) or 7.3 of the Credit Agreement or
otherwise. Each such account shall be in the name of the Administrative Agent
(but may also have words referring to the Borrower and the account’s purpose). The
Grantors agree that each such account shall be under the sole dominion and
control of the Administrative Agent and subject to a control agreement
substantially in the form of Annex 1 (for Deposit Accounts) and Annex
2 (for Securities Accounts). The Administrative Agent shall be the
Entitlement Holder with respect to each such Securities Account and the only
Person authorized to give Entitlement Orders with respect thereto. Without
limiting the foregoing, funds on deposit in any Cash Collateral Account may be
invested in Cash Equivalents at the direction of the Administrative Agent and,
except during the continuance of an Event of Default, the Administrative Agent
agrees with the Grantor to issue Entitlement Orders for such investments in
Cash Equivalents as requested by the Borrower; provided, however, that the
Administrative Agent shall not have any responsibility for, or bear any risk of
loss of, any such investment or income thereon. Neither the Borrower nor any
other Loan Party or Person claiming on behalf of or through the Borrower or any
other Loan Party shall have any right to demand payment of any of the funds
held in any Cash Collateral Account at any time an Event of Default shall have
occurred and be continuing. The Administrative Agent shall apply all funds on
deposit in a Cash Collateral Account as provided in the Credit Agreement and,
except during the continuance of an Event of Default, agrees to cause any funds
remaining on deposit therein after all Obligations then due and payable have
been satisfied (other than any funds deposited in accordance with clause (x)(B)(ii) or
clause (y)(B)(ii) of Section 2.4(b) or Section 2.9(f) of
the Credit Agreement) at the written direction of the Borrower.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

To induce the Lenders,
the Issuers and the Administrative Agent to enter into the Credit Agreement,
each Grantor hereby represents and warrants to the Administrative Agent, the
Lenders, the Issuers and the other Secured Parties that:

Section
3.1   Title; No Other Liens.   Except for the
Lien granted to the Administrative Agent pursuant to this Agreement and the
other Liens permitted to exist on the Collateral (other than the Pledged Stock
or the Pledged Notes) under Section 6.3 of the Credit Agreement, such
Grantor is the record and beneficial owner of the Collateral pledged by it
hereunder, free and clear of any and all Liens.  For the avoidance of doubt, it is understood
and agreed that such 

 8
 

Grantor may, as part of its business, grant licenses
to third parties to use Intellectual Property owned or developed by such
Grantor. For purposes of this Agreement and the other Loan Documents, such
licensing activity shall not constitute a “Lien” on such Intellectual Property.

Section
3.2   Perfection and Priority.   Upon
completion of the filings and other actions specified on Schedule 3
hereto, which, in the case of all filings and other documents referred to on
such Schedule (other than such documents that are also referred to on Schedule
4 hereto), have been delivered to the Administrative Agent in completed
and, where required, duly executed form, the security interest granted pursuant
to this Agreement constitutes a valid and continuing perfected security
interest in favor of the Administrative Agent on behalf of the Secured Parties
in the Collateral. Such security interest is prior to all other Liens on the
Collateral except (other than with respect to the Pledged Stock or the Pledged
Notes) for Liens which have priority over the Administrative Agent’s Lien as
permitted under Section 6.3 of the Credit Agreement.

Section 3.3   State
of Incorporation; Chief Executive Office.

(a)    Except as
set forth on Schedule 1, within the five-year period preceding the
Closing Date such Grantor has not had, or operated in any jurisdiction under,
any trade name, fictitious name or other name other than its legal name.

(b)    On the
Closing Date such Grantor’s legal name, jurisdiction of organization,
organizational identification number, if any, and the location of such Grantor’s
chief executive office or sole place of business are specified on Schedule 1.

Section
3.4   Inventory and Equipment.   On the
Closing Date, such Grantor’s Inventory and Equipment (other than mobile goods
and Inventory or Equipment in transit) are kept at the locations listed on Schedule
5.

Section 3.5   Pledged
Collateral.

(a)    The
Pledged Stock, Pledged Partnership Interests and Pledged LLC Interests pledged
hereunder by such Grantor and listed on Schedule 2 constitute that
percentage of the issued and outstanding equity of all classes of each issuer
thereof as set forth on Schedule 2.

(b)    All of the
Pledged Stock, Pledged Partnership Interests and Pledged LLC Interests held by
such Grantor as of the Closing Date are listed on Schedule 2 and
have been duly and validly issued and are fully paid and nonassessable.

(c)    The
Pledged Notes pledged hereunder by such Grantor, being all of the Pledged Notes
held by such Grantor are listed on Schedule 2.

(d)    (i) Each
of the Pledged Notes, as to which the Borrower or any Subsidiary is an obligor,
constitutes the legal, valid and binding obligation of the obligor with respect
thereto, enforceable in accordance with its terms, subject to the effects of
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other similar laws relating to or affecting creditors’ rights generally, and
general equitable principles (whether considered in a proceeding in equity or
at law); and (ii) to the best knowledge of any Grantor that is a holder
thereof, each other Pledged Note constitutes the legal, valid and binding
obligation of the obligor with respect thereto, enforceable in accordance with
its terms, subject to the effects of bankruptcy, 

 9
 

insolvency, fraudulent conveyance, reorganization,
moratorium and other similar laws relating to or affecting creditors’ rights
generally, and general equitable principles (whether considered in a proceeding
in equity or at law).

(e)    All
Pledged Collateral and, if applicable, any Additional Pledged Collateral,
consisting of certificated securities or Instruments (other than as specified
in Section 4.7) has been delivered to the Administrative Agent in
accordance with Section 4.4(a).

(f)     All
Pledged Collateral held by a Securities Intermediary in a Securities Account is
(or, at all times after the Trigger Date specified in Section 4.5,
will be) in a Control Account.

(g)    Other than
the Pledged Partnership Interests and the Pledged LLC Interests that constitute
General Intangibles, there is no Pledged Collateral other than that represented
by certificated securities or Instruments in the possession of the
Administrative Agent or that consisting of Financial Assets that are (or, at
all times after the Trigger Date specified in Section 4.5, will be)
held in a Control Account. Each Pledged Partnership Interest and Pledged LLC
Interest is not traded on securities exchanges or in securities markets and is
not “investment company securities” (as defined in section 8-103(b) of
the UCC). The LLC Agreements or Partnership Agreements, as applicable, pledged
hereunder do not provide and shall not be amended to provide, certificates
representing such LLC or Partnership interests, as applicable, and does not
otherwise provide and shall not be amended otherwise to provide that such
interests are securities governed by the UCC.

(h)    No Person
other than the Administrative Agent has Control over any Investment Property of
such Grantor.

(i)     Each LLC
Agreement governing any Pledged LLC Interest and each Partnership Agreement
governing any Pledged Partnership Interest provides that, upon the occurrence
and during the continuance of an Event of Default, the Administrative Agent
shall be entitled to exercise all of the rights of the Grantor granting the
security interest therein, and that a transferee or assignee of a membership
interest or partnership interest, as the case may be, of such LLC or Partnership,
as the case may be, shall become a member or partner, as the case may be, of
such LLC or Partnership, as the case may be, entitled to participate in the
management thereof and, upon the transfer of the entire interest of such
Grantor, such Grantor ceases to be a member or partner, as the case may be.

(j)     The
shares of Pledged Stock pledged by such Grantor hereunder constitute all the
issued and outstanding shares of all classes of the Capital Stock of each
Subsidiary of Holdings or the Borrower owned by such Grantor or, solely in the
case of any Voting Stock of any Excluded Foreign Subsidiary, at least 65% of
the Voting Stock of such Excluded Foreign Subsidiary.

Section
3.6   Accounts.   No amount payable to such Grantor under or in
connection with any Account is evidenced by any Instrument or Chattel Paper
which has not been delivered to the Administrative Agent, properly endorsed for
transfer, to the extent delivery is required by Section 4.4.

Section 3.7   Intellectual
Property.

 10
 

(a)    Schedule
6 is a complete and accurate list of all Material Intellectual Property of
such Grantor on the date hereof, separately identifying that which is owned by
such Grantor and that which is licensed to such Grantor. The Material
Intellectual Property set forth on Schedule 6 for such Grantor
constitutes all of the intellectual property rights necessary for such Grantor
to conduct its business as it is currently conducted and contemplated to be
conducted.

(b)    Other than
Liens created pursuant to the Second Lien Credit Documents, such Grantor is the
sole and exclusive owner of the entire right and interest in and to all
Intellectual Property on Schedule 6 that is owned by such Grantor.

(c)    On the
date hereof, all Material Intellectual Property owned by such Grantor is valid,
subsisting, unexpired and enforceable, has not been adjudged invalid and has
not been abandoned, opposed or cancelled or otherwise challenged, in whole or
in part. The conduct of the business of such Grantor does not infringe the
intellectual property rights of any other Person, no claim has been asserted or
is currently pending or alleging such infringement and, to the knowledge of
such Grantor, there is no basis for such a claim.

(d)    Except as
set forth in Schedule 6, on the Closing Date, none of the Material
Intellectual Property owned by such Grantor is the subject of any licensing or
franchise agreement pursuant to which such Grantor is the licensor or
franchisor.

(e)    No
holding, decision or judgment has been rendered by any Governmental Authority
that would limit, cancel or question the validity or enforceability of, or such
Grantor’s rights in, any Material Intellectual Property.

(f)     No action
or proceeding seeking to limit, cancel or question the validity or
enforceability of any Material Intellectual Property owned by such Grantor or
such Grantor’s ownership interest therein is on the date hereof pending or, to
the knowledge of such Grantor, threatened and, to such Grantor’s knowledge,
there is no basis for such an action or proceeding. There are no claims,
judgments or settlements to be paid by such Grantor relating to the Material
Intellectual Property nor any injunctions issued limiting or barring use of any
Material Intellectual Property.

(g)    No action
or proceeding seeking to limit, cancel or question the validity of any
intellectual property rights of any other Person or such Person’s ownership
interest therein is on the date hereof pending or threatened by such Grantor
and, to the best of such Grantor’s knowledge, there is no basis for such an
action or proceeding. No claim has been asserted or is currently pending by
such Grantor alleging the conduct of any other Person is infringing the
Intellectual Property of such Grantor and, to the knowledge of such Grantor, no
basis exists for such a claim.

Section
3.8   Deposit Accounts; Securities Accounts; Commodity Accounts; Commercial
Tort Claims.   The only Deposit Accounts,
Securities Accounts or Commodity Accounts maintained by any Grantor on the
Closing Date are those listed on Schedule 7, which sets forth such information
separately for each Grantor. On the Closing Date, no Grantor holds any
Commercial Tort Claims having a value individually or in the aggregate in
excess of $5,000,000 except as specified on Schedule 8.

 11
 

Section
3.9   Letter-of-Credit
Rights.   Such Grantor is not a beneficiary or assignee under
any letter of credit other than the letters of credit described on Schedule
9. Each letter of credit listed on Schedule 9 constitutes a
Supporting Obligation for another item of the Collateral.

Section
3.10   Vehicles.   All Vehicles owned by such
Grantor are listed on Schedule 10.

ARTICLE IV

COVENANTS

As long as any of the Obligations (other than
indemnity or reimbursement obligations not then payable) or the Commitments
remain outstanding, unless the Requisite Lenders otherwise consent in writing,
each Grantor agrees with the Administrative Agent that:

Section
4.1   Generally.   Such Grantor shall (a) except
for the security interest created by this Agreement, not create or suffer to
exist any Lien upon or with respect to any of the Collateral, except Liens
permitted under Section 6.3 of the Credit Agreement; (b) not use or
permit any Collateral to be used unlawfully or in violation of any provision of
this Agreement, any other Loan Document, any Second Lien Credit Document, any
Requirement of Law, any Contractual Obligation, any Related Document or any
policy of insurance covering the Collateral; (c) not sell, transfer or
assign (by operation of law or otherwise) any Collateral except as permitted
under the Credit Agreement; (d) except for the Loan Documents and the
Second Lien Credit Documents, not enter into any agreement or undertaking
restricting the right or ability of such Grantor or the Administrative Agent to
sell, assign or transfer any of the Collateral except as permitted under the
Credit Agreement; and (e) promptly notify the Administrative Agent of its
entry into any agreement or assumption of undertaking that restricts the
ability to sell, assign or transfer any of the Collateral, other than such
agreements or assumptions of undertaking entered into in the ordinary course of
business and consistent with past practices.

Section 4.2   Maintenance
of Perfected Security Interest; Further Documentation.

(a)    Such
Grantor will maintain the security interest created by this Agreement as a
perfected security interest having at least the priority described in Section 3.2
and shall defend such security interest against the claims and demands of all
Persons (other than Persons holding Liens expressly permitted by Section 6.3
of the Credit Agreement).

(b)    Such
Grantor will furnish to the Administrative Agent from time to time statements
and schedules further identifying and describing the Collateral and such other
reports in connection with the Collateral as the Administrative Agent may
reasonably request, all in reasonable detail.

At any time and from time to time, upon the written
request of the Administrative Agent, and at the sole expense of such Grantor,
such Grantor will promptly and duly execute and deliver, and have recorded,
such further instruments and documents and take such further action as the
Administrative Agent may reasonably request for the purpose of obtaining or
preserving the full benefits of this Agreement and of the rights and powers
herein granted, including the filing of any financing or continuation statement
under the UCC (or other similar laws) in effect in any jurisdiction with
respect to the security interest created hereby and the execution and delivery
of Securities Account Control Agreements and Deposit Account Control Agreements
or otherwise

 12
 

taking any actions necessary to enable the
Administrative Agent to obtain Control with respect to any Collateral.

Section 4.3   Changes
in Locations, Name, etc.

(a)    Except
upon 15 days’ prior written notice to the Administrative Agent and delivery to
the Administrative Agent of (i) all additional executed financing
statements and other documents reasonably requested by the Administrative Agent
to maintain the validity, perfection and priority of the security interests
provided for herein and (ii) if applicable, a written supplement to Schedule
5 showing any additional location (or change in location) at which
Inventory or Equipment shall be kept, such Grantor will not:

(i)     permit
any of the Inventory or Equipment having a Fair Market Value of more than
$5,000,000 to be kept at a location other than those listed on Schedule 5;

(ii)    change
its jurisdiction of incorporation or the location of its chief executive office
or sole place of business from that referred to in Section 3.3; or

(iii)   change
its name, identity or corporate structure to such an extent that any financing
statement filed in connection with this Agreement would become misleading.

(b)    Such
Grantor will keep and maintain at its own cost and expense satisfactory and
complete records of the Collateral, including a record of all payments received
and all credits granted with respect to the Collateral and all other dealings with
the Collateral. If requested by the Administrative Agent at any time after the
occurrence and during the continuance of an Event of Default, the security
interest of the Administrative Agent shall be noted on the certificate of title
of each Vehicle.

Section 4.4   Pledged
Collateral.

(a)    Such
Grantor will (i) deliver to the Administrative Agent, all certificates or
Instruments representing or evidencing any Pledged Collateral (including
Additional Pledged Collateral), whether now existing or hereafter acquired, in suitable
form for transfer by delivery or, as applicable, accompanied by such Grantor’s
endorsement, where necessary, or duly executed instruments of transfer or
assignment in blank, all in form and substance satisfactory to the
Administrative Agent, together, in respect of any Additional Pledged
Collateral, with a Pledge Amendment, duly executed by the Grantor, in
substantially the form of Annex 3 (a “Pledge
Amendment”) or such other documentation acceptable to the
Administrative Agent, and (ii) from and after the Trigger Date, maintain
all other Pledged Collateral constituting Investment Property in a Control
Account. Such Grantor authorizes the Administrative Agent to attach each Pledge
Amendment to this Agreement. The Administrative Agent shall have the right, at
any time in its discretion and without notice to the Grantor, to transfer to or
to register in its name or in the name of its nominees any or all of the
Pledged Collateral. The Administrative Agent shall have the right at any time
after the occurrence and during the continuance of an Event of Default to
exchange any certificate or instrument representing or evidencing any Pledged
Collateral for certificates or instruments of smaller or larger denominations.

(b)    Except as
provided in Article V,
such Grantor shall be entitled to receive all cash dividends paid in respect of
the Pledged Equity Collateral (other than liquidating or distributing
dividends). Any other sums paid upon or in respect of any Pledged Collateral,
including any 

 13
 

sums paid upon the liquidation or dissolution of any
issuer of any of the Pledged Collateral, any distribution of capital made on or
in respect of any of the Pledged Equity Collateral or any property distributed
upon or with respect to any of the Pledged Equity Collateral pursuant to the
recapitalization or reclassification of the capital of any issuer of Pledged
Collateral or pursuant to the reorganization thereof shall, unless otherwise
subject to a perfected security interest in favor of the Administrative Agent,
be delivered to the Administrative Agent to be held by it hereunder as
additional collateral security for the Secured Obligations. If any sum of money
or property so paid or distributed in respect of any of the Pledged Collateral
shall be received by such Grantor, such Grantor shall, until such money or
property is paid or delivered to the Administrative Agent, hold such money or
property in trust for the Administrative Agent, segregated from other funds of
such Grantor, as additional security for the Secured Obligations.

(c)    Except as
provided in Article V,
such Grantor will be entitled to exercise all voting, consent, corporate
partnership or limited liability company rights with respect to the Pledged
Equity Collateral. Notwithstanding the foregoing, such Grantor shall not,
without the prior written consent of the Administrative Agent, (a) cast
any vote, give any consent, exercise any right or take any other action which
would impair the Collateral or which would be inconsistent with or result in
any violation of any provision of the Credit Agreement, this Agreement, any
other Loan Document or any Contractual Obligation or (b)  (i) enable
or permit any issuer of Pledged Equity Collateral to issue any stock or other
equity securities of any nature or to issue any other securities convertible
into or granting the right to purchase or exchange for any stock or other
equity securities of any nature of any issuer of Pledged Equity Collateral, (ii) sell,
assign, transfer, exchange or otherwise dispose of, or grant any option with
respect to the Pledged Equity Collateral or the Proceeds therefrom (except
pursuant to a transaction expressly permitted by the Credit Agreement), (iii) create,
incur or permit to exist any Lien or option in favor of, or any claim of any
Person with respect to, any Pledged Equity Collateral or Proceeds thereof, or
any interest therein, except for the security interest created by this
Agreement, or the Second Lien Credit Documents, or (iv) enter into any
agreement or undertaking restricting the right or ability of the Administrative
Agent or (except for the Second Lien Credit Documents, the Senior Subordinated
Notes Indenture and the Senior Subordinated Discount Notes Indenture) such
Grantor to sell, assign or transfer any of the Pledged Equity Collateral or the
Proceeds thereof.

(d)    Such
Grantor shall not grant to any Person other than the Administrative Agent and
the Second Lien Agent pursuant to the Second Lien Credit Documents, and shall
not permit any Person other than the Administrative Agent to have, Control over
any Deposit Account or Investment Property, except to the extent permitted
under Section 6.3(xii) of the Credit Agreement.

(e)    In the
case of each Grantor which is an issuer of Pledged Collateral, such Grantor
agrees to be bound by the terms of this Agreement relating to the Pledged
Collateral issued by it and will comply with such terms insofar as such terms
are applicable to it. In the case of each Grantor which is a partner in a
Partnership, such Grantor hereby consents to the extent required by the
applicable Partnership Agreement to the pledge by each other Grantor, pursuant
to the terms hereof, of the Pledged Partnership Interests in such Partnership
and to the transfer of such Pledged Partnership Interests to the Administrative
Agent or its nominee and to the substitution of the Administrative Agent or its
nominee as a substituted partner in such Partnership with all the rights,
powers and duties of a general partner or a limited partner, as the case may
be. In the case of each Grantor which is a member of an LLC, such Grantor
hereby consents to the extent

 14
 

required by the applicable LLC Agreement to the pledge
by each other Grantor, pursuant to the terms hereof, of the Pledged LLC
Interests in such LLC and to the transfer of such Pledged LLC Interests to the
Administrative Agent or its nominee and to the substitution of the
Administrative Agent or its nominee as a substituted member of the LLC with all
the rights, powers and duties of a member of the LLC in question.

(f)     Such Grantor
will not agree to any amendment of an LLC Agreement, Partnership Agreement,
by-laws or similar agreement, that in any way adversely affects the perfection
of the security interest of the Administrative Agent in the Pledged Equity
Collateral pledged by such Grantor hereunder, including any amendment electing
to treat the membership interest or partnership interest of such Grantor as a
security under Section 8-103 of the UCC.

Section 4.5   Control
Accounts; Eligible Deposit Accounts.   At all
times after the date (the “Trigger Date”)
that is the earlier of (i) the date 10 Business Days after the written
request of the Administrative Agent, or (ii) if on the date of such
request an Event of Default has occurred and is continuing, the date of such
request:

(a)    Such
Grantor will (i) deposit in an Eligible Deposit Account all cash and all
Proceeds received by such Grantor, (ii) not establish or maintain any
Securities Account or Commodity Account that is not a Control Account and (iii) not
establish or maintain any account with any financial or other institution other
than a Deposit Account Bank, a Lender or an Affiliate of a Lender; provided,
however, that any Grantor may maintain payroll, withholding tax and other
fiduciary accounts.

(b)    Such
Grantor shall instruct each Account Debtor or other Person obligated to make a
payment to such Grantor to make payment, or to continue to make payment, as the
case may be, to an Eligible Deposit Account and will deposit in an Eligible
Deposit Account all Proceeds received by such Grantor from any other Person
immediately upon receipt.

(c)    In the
event (i) such Grantor or any Eligible Securities Intermediary, Commodity
Intermediary or Deposit Account Bank shall, after the date hereof, terminate an
agreement with respect to the maintenance of a Control Account or an Eligible
Deposit Account for any reason, (ii) the Administrative Agent shall demand
such termination as a result of the failure of an Eligible Securities
Intermediary, Commodity Intermediary or Deposit Account Bank to comply with the
terms of the applicable Deposit Account Control Agreement, Securities Account
Control Agreement or Commodity Account Control Agreement, or (iii) the
Administrative Agent determines in its sole discretion that the financial
condition of an Eligible Securities Intermediary, Commodity Intermediary or
Deposit Account Bank, as the case may be, has materially deteriorated, such
Grantor agrees to notify all of its obligors that were making payments to such
terminated Control Account or Eligible Deposit Account, as the case may be, to
make all future payments to another Control Account or Eligible Deposit
Account, as the case may be.

Section 4.6   Accounts.

(a)    Such
Grantor will not, other than in the ordinary course of business consistent with
its past practice, (i) grant any extension of the time of payment of any
Account, (ii) compromise or settle any Account for less than the full
amount thereof, (iii) release, wholly or partially, any Person liable for
the payment of any Account, (iv) allow any credit or discount on

 15
 

any Account, or (v) amend, supplement or modify
any Account in any manner that could adversely affect the value thereof.

(b)    The Administrative
Agent shall have the right to make test verifications of the Accounts in any
manner and through any medium that it reasonably considers advisable, and such
Grantor shall furnish all such assistance and information as the Administrative
Agent may reasonably require in connection therewith. At any time and from time
to time, upon the Administrative Agent’s request and at the expense of the
relevant Grantor, such Grantor shall cause independent public accountants or
others satisfactory to the Administrative Agent to furnish to the
Administrative Agent reports showing reconciliations, aging and test
verifications of, and trial balances for, the Accounts; provided, however, that
unless an Event of Default shall be continuing, the Administrative Agent shall
request no more than four such reports during any calendar year.

(c)    Such
Grantor will deliver to the Administrative Agent a copy of each material
demand, notice or document received by it that questions or calls into the
doubt the validity or enforceability of more than 5% of the aggregate amount of
the then outstanding Receivables.

Section
4.7   Delivery of Instruments and Chattel Paper.   If
any amount payable under or in connection with any of the Collateral owned by
such Grantor shall be or become evidenced by an Instrument or Chattel Paper
(other than any Instrument or Chattel Paper which, together with any other
Instruments or Chattel Paper excluded pursuant to this clause, has an aggregate
principal amount not in excess of $100,000), such Grantor shall promptly
deliver such Instrument or Chattel Paper to the Administrative Agent, duly
indorsed in a manner satisfactory to the Administrative Agent, or, if consented
to by the Administrative Agent, shall mark all such Instruments and Chattel
Paper with the following legend: “This writing and the obligations evidenced or
secured hereby are subject to the security interest of Credit Suisse, as
Administrative Agent”.

Section 4.8   Intellectual
Property.

(a)  Such Grantor (either itself or through
licensees) will (i) continue to use each Trademark that is Material
Intellectual Property in order to maintain such Trademark in full force and
effect with respect to each class of goods for which such Trademark is
currently used, free from any claim of abandonment for non-use, (ii) maintain
the quality of products and services offered under such Trademark as of the
date hereof, (iii) use such Trademark with the appropriate notice of
registration and all other notices and legends required by applicable
Requirements of Law, (iv) not adopt or use any mark which is confusingly
similar or a colorable imitation of such Trademark unless the Administrative
Agent shall obtain a perfected security interest in such mark pursuant to this
Agreement and (v) not (and not permit any licensee or sublicensee thereof
to) do any act or knowingly omit to do any act whereby such Trademark may
become invalidated or impaired in any way or destroy or otherwise tarnish the
goodwill associated with any Trademark.

(b)    Such
Grantor (either itself or through licensees) will not do any act, or omit to do
any act, whereby any Patent which is Material Intellectual Property may become
forfeited, abandoned or dedicated to the public.

 16

 

(c)           Such
Grantor (either itself or through licensees) (i) will not (and will not
permit any licensee or sublicensee thereof to) do any act or omit to do any act
whereby any portion of the Copyrights which is Material Intellectual Property
may become invalidated or otherwise impaired and (ii) will not (either
itself or through licensees) do any act or omit to do any act whereby any
portion of the Copyrights that are Material Intellectual Property may fall into
the public domain.

(d)           Such
Grantor (either itself or through licensees) will not do any act, or omit to do
any act, whereby any trade secret which is Material Intellectual Property may
become publicly available or otherwise unprotectable.

(e)           Such
Grantor (either itself or through licensees) will not do any act that knowingly
infringes the intellectual property rights of any other Person.

(f)            Such
Grantor will notify the Administrative Agent immediately if it knows, or has
reason to know, that any application or registration relating to any Material
Intellectual Property may become forfeited, abandoned or dedicated to the
public, or of any adverse determination or development (including the
institution of, or any such determination or development in, any proceeding in
the United States Patent and Trademark Office, the United States Copyright
Office or any court or tribunal in any country) regarding such Grantor’s
ownership of, right to use, interest in, or the validity of, any Material
Intellectual Property or such Grantor’s right to register the same or to own
and maintain the same.

(g)           Whenever
such Grantor, either by itself or through any agent, licensee or designee,
shall file an application for the registration of any Intellectual Property
with the United States Patent and Trademark Office, the United States Copyright
Office or any similar office or agency within or outside the United States,
such Grantor shall report such filing to the Administrative Agent within five
Business Days after the last day of the fiscal quarter in which such filing
occurs. Upon request of the Administrative Agent, such Grantor shall execute
and deliver, and have recorded, any and all agreements, instruments, documents,
and papers as the Administrative Agent may request to evidence the
Administrative Agent’s security interest in any Copyright, Patent or Trademark
and the goodwill and general intangibles of such Grantor relating thereto or
represented thereby.

(h)           Such
Grantor will take all reasonable actions necessary or requested by the
Administrative Agent, including in any proceeding before the United States
Patent and Trademark Office, the United States Copyright Office or any similar
office or agency within or outside the United States, to maintain and pursue
each application (and to obtain the relevant registration) and to maintain each
registration of any Copyright, Trademark or Patent that is Material
Intellectual Property, including filing of applications for renewal, affidavits
of use, affidavits of incontestability and opposition and interference and
cancellation proceedings.

                (i)            In the event that any Material
Intellectual Property is infringed upon or misappropriated or diluted by a
third party, such Grantor shall notify the Administrative Agent promptly after
such Grantor learns thereof. Such Grantor shall take appropriate action in
response to such infringement, misappropriation or dilution, as determined in
the exercise of reasonable business judgment, including promptly bringing suit
for infringement, misappropriation or dilution and to recover any and all damages
for such infringement,

 17
 

 

misappropriation or dilution, and shall take such
other actions may be appropriate in its reasonable judgment under the
circumstances to protect such Material Intellectual Property.

(j)            Unless
otherwise agreed to by the Administrative Agent, such Grantor will execute and
deliver to the Administrative Agent for filing in (i) the United States
Copyright Office a short-form copyright security agreement substantially in the
form attached hereto as Annex 5, (ii) the United States Patent and
Trademark Office a short-form patent security agreement substantially in the
form attached hereto as Annex 6 and (iii) the United States Patent
and Trademark Office a short-form trademark security agreement substantially in
the form attached hereto as Annex 7 (in each case with such changes as
may be agreed to by the Administrative Agent).

                Section 4.9 Vehicles. Upon
the request of the Administrative Agent, within 30 days after the date of such
request and, with respect to any Vehicles acquired by such Grantor subsequent
to the date of any such request, within 30 days after the date of acquisition
thereof, such Grantor shall file all applications for certificates of
title/ownership indicating the Administrative Agent’s security interest in the
Vehicle covered by such certificate, and any other necessary documentation, in
each office in each jurisdiction which the Administrative Agent shall
reasonably deem advisable to perfect its security interests in the Vehicles. Such
security interest shall be prior to all other Liens on such Vehicles except for
Liens permitted by the Credit Agreement which have priority over the
Administrative Agent’s Lien by operation of law.

                Section 4.10 Payment of
Obligations. Such Grantor will pay and discharge or
otherwise satisfy at or before maturity or before they become delinquent, as
the case may be, all lawful governmental claims, taxes, assessments, charges
and levies, imposed upon the Collateral or in respect of income and profits
therefrom, as well as all claims of any kind (including claims for labor,
materials and supplies) against or with respect to the Collateral, except where
contested in good faith, by proper proceedings and adequate reserves therefor
have been established on the books of such Grantor in conformity with GAAP and
except to the extent the failure to do so would not, in the aggregate, be
reasonably expected to have a Material Adverse Effect.

                Section 4.11 Commercial Tort Claims. If such Grantor shall at any time hold or
acquire a Commercial Tort Claim other than or in addition to those set forth on
Schedule 8 relating to any of the Collateral and having a value
individually or in the aggregate in excess of $5,000,000 (each such Commercial
Tort Claim, an “Additional Commercial Tort Claim”),
such Grantor shall promptly notify the Administrative Agent in a writing
authenticated by such Grantor of the brief details of such Additional
Commercial Tort Claim. Such Grantor shall grant to the Administrative Agent in
such writing a security interest in such Additional Commercial Tort Claim and
in the Proceeds thereof, all in accordance with and subject to the terms of
this Agreement and such writing shall be in form and substance reasonably
satisfactory to the Administrative Agent. Each Grantor hereby agrees to execute
and deliver any additional documents or instruments, including any financing
statements or amendments to any then existing financing statements, that the
Administrative Agent reasonably deems necessary to create, perfect and protect
the Administrative Agent’s Lien on and security interest in such Additional
Commercial Tort Claim.

                Section 4.12 Letter of
Credit Rights. If any Grantor is at any time a
beneficiary of a letter of credit that has a face amount individually or in the
aggregate in excess of $250,000 now or hereafter issued in favor of such
Grantor, such Grantor shall promptly notify the 

 18
 

 

Administrative Agent in a writing authenticated by
such Grantor. Such Grantor shall, pursuant to an agreement in form and
substance reasonably satisfactory to the Administrative Agent, either (i) arrange
for the issuer and any confirmer of such letter of credit to consent to an
assignment to the Administrative Agent of the proceeds of any drawing under the
letter of credit or (ii) arrange for the Administrative Agent to become
the transferee beneficiary of the letter of credit, with the Administrative
Agent agreeing, in each case, that the proceeds of any drawing under the letter
of credit are to be paid to the applicable Grantor unless an Event of Default
has occurred or is continuing.

Section 4.13 Limitations
on Dispositions of Collateral.
Such Grantor shall not sell, transfer, lease or otherwise dispose of the
Collateral, or attempt, offer or contract to do so except as expressly
permitted pursuant to the Credit Agreement and the Intercreditor Agreement.

Section 4.14 Acknowledgment
and Consent. Within twenty (20) days of the date of this Agreement,
or such longer period of time as may be agreed by the Administrative Agent, but
in any event no later than the date that a comparable document has been
delivered pursuant to the Second Lien Credit Documents, such Grantors shall
cause Merisant Spain to execute and deliver an acknowledgement and consent
substantially in the form of Annex 8 attached hereto (with such changes as may
be agreed to by the Administrative Agent).

Section 4.15 Additional Covenants.  Such
Grantor shall deliver to Administrative Agent each of the items on Schedule 4
hereto within the time period set forth on such Schedule.

ARTICLE V

REMEDIAL PROVISIONS

                Section 5.1 Code and Other Remedies.
Upon the occurrence and during the continuance of an Event of Default, the
Administrative Agent may exercise, in addition to all other rights and remedies
granted to it in this Agreement and in any other instrument or agreement
securing, evidencing or relating to the Secured Obligations, all rights and
remedies of a secured party under the UCC or any other applicable law. Without
limiting the generality of the foregoing, the Administrative Agent, without
demand of performance or other demand, presentment, protest, advertisement or
notice of any kind (except any notice required by law referred to below) to or
upon any Grantor or any other Person (all and each of which demands, defenses,
advertisements and notices are hereby waived), may in such circumstances
forthwith collect, receive, appropriate and realize upon the Collateral, or any
part thereof, and/or may forthwith sell, lease, assign, give option or options
to purchase, or otherwise dispose of and deliver the Collateral or any part
thereof (or contract to do any of the foregoing), in one or more parcels at
public or private sale or sales, at any exchange, broker’s board or office of
the Administrative Agent or any Lender or elsewhere upon such terms and
conditions as it may deem advisable and at such prices as it may deem best, for
cash or on credit or for future delivery without assumption of any credit risk.
The Administrative Agent shall have the right upon any such public sale or
sales, and, to the extent permitted by law, upon any such private sale or
sales, to purchase the whole or any part of the Collateral so sold, free of any
right or equity of redemption in any Grantor, which right or equity is hereby
waived and released. Each Grantor further agrees, at the Administrative Agent’s
request, to assemble the Collateral and make it available to the Administrative
Agent at places which the Administrative Agent shall reasonably select, whether
at such Grantor’s premises or elsewhere. The Administrative Agent shall apply
the net proceeds of any action taken by it pursuant to this Section 5.1, after deducting
all 

 19
 

 

reasonable costs and
expenses of every kind incurred in connection therewith or incidental to the
care or safekeeping of any of the Collateral or in any way relating to the
Collateral or the rights of the Administrative Agent and any other Secured
Party hereunder, including reasonable attorneys’ fees and disbursements, to the
payment in whole or in part of the Secured Obligations, in such order as the
Credit Agreement shall prescribe, and only after such application and after the
payment by the Administrative Agent of any other amount required by any
provision of law, including Section 9-610 of the UCC, need the
Administrative Agent account for the surplus, if any, to any Grantor. To the
extent permitted by applicable law, each Grantor waives all claims, damages and
demands it may acquire against the Administrative Agent or any other Secured
Party arising out of the exercise by them of any rights hereunder. If any
notice of a proposed sale or other disposition of Collateral shall be required
by law, each Grantor hereby acknowledges and agrees that such notice shall be
deemed reasonable and proper if given at least 10 days before such sale or
other disposition.

                Section 5.2 Accounts and
Payments in Respect of General Intangibles.

(a)           If
required by the Administrative Agent at any time upon the occurrence and during
the continuance of an Event of Default, any payments of Accounts or payments in
respect of General Intangibles, when collected by any Grantor, shall be
forthwith (and, in any event, within two Business Days) deposited by such
Grantor in the exact form received, duly indorsed by such Grantor to the
Administrative Agent if required, in a Cash Collateral Account maintained under
the sole dominion and control of the Administrative Agent, subject to
withdrawal by the Administrative Agent as provided in Section 5.4.
Until so turned over, such payments shall be held by such Grantor in trust for
the Administrative Agent, segregated from other funds of such Grantor. Each
such deposit of Proceeds of Accounts and payments in respect of General
Intangibles shall be accompanied by a report identifying in reasonable detail
the nature and source of the payments included in the deposit.

(b)           At
the Administrative Agent’s request, upon the occurrence and during the
continuance of an Event of Default, each Grantor shall deliver to the
Administrative Agent all original and other documents evidencing, and relating
to, the agreements and transactions which gave rise to the Accounts or payments
in respect of General Intangibles, including all original orders, invoices and
shipping receipts.

(c)           The
Administrative Agent may, without notice, at any time upon the occurrence and
during the continuance of an Event of Default, limit or terminate the authority
of a Grantor to collect its Accounts or amounts due under General Intangibles
or any thereof.

(d)           The
Administrative Agent in its own name or in the name of others may at any time
upon the occurrence and during the continuance of an Event of Default
communicate with Account Debtors to verify with them to the Administrative
Agent’s satisfaction the existence, amount and terms of any Accounts or amounts
due under any General Intangibles.

(e)           Upon
the request of the Administrative Agent at any time upon the occurrence and
during the continuance of an Event of Default, each Grantor shall notify
Account Debtors that the Accounts or payments in respect of General Intangibles
have been collaterally assigned to the Administrative Agent and that payments
in respect thereof shall be made directly to the Administrative Agent. In
addition, the Administrative Agent may at any time upon the 

 20
 

 

occurrence and during the continuance of an Event of Default
so enforce such Grantor’s rights against Account Debtors and obligors of
General Intangibles.

(f)            Anything
herein to the contrary notwithstanding, each Grantor shall remain liable under
each of the Accounts and payments in respect of General Intangibles to observe
and perform all the conditions and obligations to be observed and performed by
it thereunder, all in accordance with the terms of any agreement giving rise
thereto. Neither the Administrative Agent nor any other Secured Party shall
have any obligation or liability under any agreement giving rise to an Account
or a payment in respect of a General Intangible by reason of or arising out of
this Agreement or the receipt by Administrative Agent nor any other Secured
Party of any payment relating thereto, nor shall Administrative Agent nor any
other Secured Party be obligated in any manner to perform any of the
obligations of any Grantor under or pursuant to any agreement giving rise to an
Account or a payment in respect of a General Intangible, to make any payment,
to make any inquiry as to the nature or the sufficiency of any payment received
by it or as to the sufficiency of any performance by any party thereunder, to
present or file any claim, to take any action to enforce any performance or to collect
the payment of any amounts which may have been assigned to it or to which it
may be entitled at any time or times.

                Section 5.3 Pledged Collateral.

(a)           Upon
the occurrence and during the continuance of an Event of Default, upon notice
by the Administrative Agent to the relevant Grantor or Grantors, (i) the
Administrative Agent shall have the right to receive any and all cash
dividends, payments or other Proceeds paid in respect of the Pledged Collateral
and make application thereof to the Obligations in the order set forth in the
Credit Agreement, and (ii) the Administrative Agent or its nominee may
exercise (A) all voting, consent, corporate, partnership or limited
liability company and other rights pertaining to the Pledged Collateral at any
meeting of shareholders, partners or members, as the case may be, of the
relevant issuer or issuers of Pledged Collateral or otherwise and (B) any
and all rights of conversion, exchange and subscription and any other rights,
privileges or options pertaining to the Pledged Collateral as if it were the
absolute owner thereof (including the right to exchange at its discretion any
and all of the Pledged Collateral upon the merger, consolidation,
reorganization, recapitalization or other fundamental change in the corporate
structure of any issuer of Pledged Securities, the right to deposit and deliver
any and all of the Pledged Collateral with any committee, depositary, transfer
agent, registrar or other designated agency upon such terms and conditions as
the Administrative Agent may determine), all without liability except to
account for property actually received by it; provided, however, that the
Administrative Agent shall have no duty to any Grantor to exercise any such
right, privilege or option and shall not be responsible for any failure to do
so or delay in so doing.

(b)           In
order to permit the Administrative Agent to exercise the voting and other
consensual rights which it may be entitled to exercise pursuant hereto and to
receive all dividends and other distributions which it may be entitled to
receive hereunder, (i) each Grantor shall promptly execute and deliver (or
cause to be executed and delivered) to the Administrative Agent all such
proxies, dividend payment orders and other instruments as the Administrative
Agent may from time to time reasonably request and (ii) without limiting
the effect of clause (i) above, such Grantor hereby grants to the
Administrative Agent an irrevocable proxy to vote all or any part of the
Pledged Collateral and to exercise all other rights, powers, privileges and
remedies to which a holder of the Pledged Collateral would be entitled
(including giving or withholding written consents of shareholders, partners or
members, as the case may be, calling 

 21
 

 

special meetings of shareholders, partners or members,
as the case may be, and voting at such meetings), which proxy shall be
effective, automatically and without the necessity of any action (including any
transfer of any Pledged Collateral on the record books of the issuer thereof)
by any other person (including the issuer of such Pledged Collateral or any
officer or agent thereof) upon the occurrence and during the continuance of an
Event of Default and which proxy shall only terminate upon the payment in full
of the Secured Obligations.

(c)           Each
Grantor hereby expressly authorizes and instructs each issuer of any Pledged
Collateral pledged hereunder by such Grantor to (i) comply with any
instruction received by it from the Administrative Agent in writing that (A) states
that an Event of Default has occurred and is continuing and (B) is
otherwise in accordance with the terms of this Agreement, without any other or
further instructions from such Grantor, and each Grantor agrees that such
issuer shall be fully protected in so complying and (ii) unless otherwise
expressly permitted hereby, pay any dividends or other payments with respect to
the Pledged Collateral directly to the Administrative Agent for deposit in a
Cash Collateral Account or, with the consent of the Administrative Agent, an Eligible
Deposit Account.

                Section 5.4 Proceeds to be
Turned Over to Administrative Agent. All Proceeds
received by the Administrative Agent hereunder shall be held by the
Administrative Agent in a Cash Collateral Account maintained under its sole
dominion and control. All Proceeds while held by the Administrative Agent in a
Cash Collateral Account (or by such Grantor in trust for the Administrative
Agent) shall continue to be held as collateral security for the Secured
Obligations and shall not constitute payment thereof until applied as provided
in the Credit Agreement.

                Section 5.5 Registration
Rights.

(a)           If
the Administrative Agent shall determine to exercise its right to sell any or
all of the Pledged Equity Collateral pursuant to Section 5.1,
and if in the opinion of the Administrative Agent it is necessary or advisable
to have the Pledged Equity Collateral, or any portion thereof to be registered
under the provisions of the Securities Act, the relevant Grantor will cause the
issuer thereof to (i) execute and deliver, and cause the directors and
officers of such issuer to execute and deliver, all such instruments and
documents, and do or cause to be done all such other acts as may be, in the
opinion of the Administrative Agent, necessary or advisable to register the
Pledged Equity Collateral, or that portion thereof to be sold, under the
provisions of the Securities Act, (ii) use its best efforts to cause the
registration statement relating thereto to become effective and to remain
effective for a period of one year from the date of the first public offering
of the Pledged Equity Collateral, or that portion thereof to be sold and (iii) make
all amendments thereto and/or to the related prospectus which, in the opinion
of the Administrative Agent, are necessary or advisable, all in conformity with
the requirements of the Securities Act and the rules and regulations of
the Securities and Exchange Commission applicable thereto. Each Grantor agrees
to cause such issuer to comply with the provisions of the securities or “Blue
Sky” laws or other comparable law of any jurisdiction which the Administrative
Agent shall designate and to make available to its security holders, as soon as
practicable, an earnings statement (which need not be audited) which will
satisfy the provisions of Section 11(a) of the Securities Act.

(b)           Each
Grantor recognizes that the Administrative Agent may be unable to effect a
public sale of any or all the Pledged Equity Collateral by reason of certain
prohibitions contained 

 22
 

 

in the Securities Act and applicable state securities
laws or otherwise or may determine that a public sale is impracticable or not
commercially reasonable and, accordingly, may resort to one or more private
sales thereof to a restricted group of purchasers which will be obliged to
agree, among other things, to acquire such securities for their own account for
investment and not with a view to the distribution or resale thereof. Each
Grantor acknowledges and agrees that any such private sale may result in prices
and other terms less favorable than if such sale were a public sale and,
notwithstanding such circumstances, agrees that any such private sale shall be
deemed to have been made in a commercially reasonable manner. The
Administrative Agent shall be under no obligation to delay a sale of any of the
Pledged Equity Collateral for the period of time necessary to permit the issuer
thereof to register such securities for public sale under the Securities Act,
or under applicable state securities laws, even if such issuer would agree to
do so.

(c)           Each
Grantor agrees to use its best efforts to do or cause to be done all such other
acts as may be necessary to make such sale or sales of all or any portion of
the Pledged Collateral pursuant to this Section 5.5 valid and
binding and in compliance with any and all other applicable Requirements of
Law. Each Grantor further agrees that a breach of any of the covenants
contained in this Section 5.5 will cause irreparable injury to the
Administrative Agent and other Secured Parties, that the Administrative Agent
and the other Secured Parties have no adequate remedy at law in respect of such
breach and, as a consequence, that each and every covenant contained in this Section 5.5
shall be specifically enforceable against such Grantor, and such Grantor hereby
waives and agrees not to assert any defenses against an action for specific
performance of such covenants except for a defense that no Event of Default has
occurred under the Credit Agreement.

                Section 5.6 Deficiency.
Each Grantor shall remain liable for any deficiency if the proceeds of any sale
or other disposition of the Collateral are insufficient to pay its Secured
Obligations and the fees and disbursements of any attorneys employed by the
Administrative Agent or any other Secured Party to collect such deficiency.

                Section 5.7 Grant of
Intellectual Property License. If an Event of Default
shall occur and be continuing, and for so long as such Event of Default is
continuing, each Grantor hereby grants to Administrative Agent an irrevocable,
non-exclusive, fully paid-up, worldwide license or (for third party rights)
sublicense, to use, license or sublicense any of the Intellectual Property now
or hereafter owned, licensed in (to the fullest extent permitted by such
license), held for use or acquired by such Grantor (and subject to the
applicable terms and conditions governing such Grantor’s rights in and to such
Intellectual Property at the time of the Event of Default), for the purpose of
enabling the Administrative Agent to exercise rights and remedies under Article V
hereof at such time as it shall be lawfully entitled to exercise such rights
and remedies, and for no other purpose; subject to (i) the maintenance of
quality control standards with respect to all goods and services sold under any
licensed Trademarks substantially consistent with those in effect immediately
prior to the Event of Default in order to maintain the validity and
enforceability of such Trademarks and (ii) exclusive licenses granted by
such Grantor prior to the Event of Default to the extent such licenses conflict
at the time of the Event of Default with the granting of other licenses in and
to the same Intellectual Property. Such license or sublicense to the
Administrative Agent shall include access to all media in which any of the
applicable Intellectual Property may be recorded, processed or stored and all
computer programs related thereto.

 23
 

 

ARTICLE VI

THE ADMINISTRATIVE AGENT

                Section 6.1 Administrative Agent’s Appointment
as Attorney-in-Fact.

(a)           Each
Grantor hereby irrevocably constitutes and appoints the Administrative Agent
and any officer or agent thereof, with full power of substitution, as its true
and lawful attorney-in-fact with full irrevocable power and authority in the
place and stead of such Grantor and in the name of such Grantor or in its own
name, for the purpose of carrying out the terms of this Agreement, to take any
and all appropriate action and to execute any and all documents and instruments
which may be necessary or desirable to accomplish the purposes of this
Agreement, and, without limiting the generality of the foregoing, each Grantor
hereby gives the Administrative Agent the power and right, on behalf of such
Grantor, without notice to or assent by such Grantor, to do any or all of the following:

(i)            in the name of such Grantor or its
own name, or otherwise, take possession of and indorse and collect any checks,
drafts, notes, acceptances or other instruments for the payment of moneys due
under any Account or General Intangible or with respect to any other Collateral
and file any claim or take any other action or proceeding in any court of law
or equity or otherwise deemed appropriate by the Administrative Agent for the
purpose of collecting any and all such moneys due under any Account or General
Intangible or with respect to any other Collateral whenever payable;

(ii)           in the case of any Intellectual
Property, execute and deliver, and have recorded, any and all agreements,
instruments, documents and papers as the Administrative Agent may request to
evidence the Administrative Agent’s security interest in such Intellectual
Property and the goodwill and General Intangibles of such Grantor relating
thereto or represented thereby;

(iii)          pay or discharge taxes and Liens
levied or placed on or threatened against the Collateral, effect any repairs or
pay or discharge any insurance called for by the terms of this Agreement
(including all or any part of the premiums therefor and the costs thereof);

(iv)          execute, in connection with any sale
provided for in Section 5.1 or Section 5.5,
any endorsements, assignments or other instruments of conveyance or transfer
with respect to the Collateral; and

(v)           (A) direct any party liable for
any payment under any of the Collateral to make payment of any and all moneys
due or to become due thereunder directly to the Administrative Agent or as the
Administrative Agent shall direct; (B) ask or demand for, collect, and
receive payment of and receipt for, any and all moneys, claims and other
amounts due or to become due at any time in respect of or arising out of any
Collateral; (C) sign and indorse any invoices, freight or express bills,
bills of lading, storage or warehouse receipts, drafts against debtors,
assignments, verifications, notices and other documents in connection with any
of the Collateral; (D) commence and prosecute any suits, actions or
proceedings at law or in equity in any court of competent jurisdiction to
collect the Collateral or any portion thereof and to enforce any other right in
respect of 

 24
 

 

any Collateral;
(E) defend any suit, action or proceeding brought against such Grantor
with respect to any Collateral; (F) settle, compromise or adjust any such
suit, action or proceeding and, in connection therewith, give such discharges
or releases as the Administrative Agent may deem appropriate; (G) assign
any Copyright, Patent or Trademark (along with the goodwill of the business to
which any such Trademark pertains), throughout the world for such term or
terms, on such conditions, and in such manner, as the Administrative Agent
shall in its sole discretion determine, including without limitation the
execution and filing of any documents necessary to effectuate and/or record
such assignment; and (H) generally, sell, transfer, pledge and make any
agreement with respect to or otherwise deal with any of the Collateral as fully
and completely as though the Administrative Agent were the absolute owner
thereof for all purposes, and do, at the Administrative Agent’s option and such
Grantor’s expense, at any time, or from time to time, all acts and things which
the Administrative Agent deems necessary or advisable to protect, preserve or
realize upon the Collateral and the Administrative Agent’s and the other
Secured Parties’ security interests therein and to effect the intent of this
Agreement, all as fully and effectively as such Grantor might do.

Anything in this Section 6.1(a) to the
contrary notwithstanding, the Administrative Agent agrees that it will not
exercise any rights under the power of attorney provided for in this Section 6.1(a) unless an
Event of Default shall be continuing.

(b)           If
any Grantor fails to perform or comply with any of its agreements contained
herein, the Administrative Agent, at its option, but without any obligation so
to do, upon the occurrence and during the continuance of an Event of Default
may perform or comply, or otherwise cause performance or compliance, with such
agreement and shall notify such Grantor of any such performance or compliance.

(c)           The
expenses of the Administrative Agent incurred in connection with actions
undertaken as provided in this Section 6.1, together with interest
thereon at a rate per annum equal to the rate per annum at which interest would
then be payable on past due Revolving Loans that are Base Rate Loans under the
Credit Agreement, from the date of payment by the Administrative Agent to the
date reimbursed by the relevant Grantor, shall be payable by such Grantor to
the Administrative Agent on demand.

(d)           Each
Grantor hereby ratifies all that said attorneys shall lawfully do or cause to
be done by virtue hereof. All powers, authorizations and agencies contained in
this Agreement are coupled with an interest and are irrevocable until this
Agreement is terminated and the security interests created hereby are released.

                Section 6.2 Duty of
Administrative Agent. The Administrative Agent’s sole
duty with respect to the custody, safekeeping and physical preservation of the
Collateral in its possession shall be to deal with it in the same manner as the
Administrative Agent deals with similar property for its own account. Neither
the Administrative Agent, any other Secured Party nor any of their respective
officers, directors, employees or agents shall be liable for failure to demand,
collect or realize upon any of the Collateral or for any delay in doing so or
shall be under any obligation to sell or otherwise dispose of any Collateral
upon the request of any Grantor or any other Person or to take any other action
whatsoever with regard to the Collateral or any part thereof. The powers
conferred on the Administrative Agent hereunder are solely to protect the
Administrative Agent’s interest in the Collateral and shall not impose any duty
upon 

 25
 

 

the Administrative Agent or any other Secured Party to
exercise any such powers. The Administrative Agent and the other Secured
Parties shall be accountable only for amounts that they actually receive as a
result of the exercise of such powers, and neither they nor any of 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.

                Section 6.3 Authority to
File Financing Statements. Each Grantor authorizes the
Administrative Agent or its representatives to file or record financing
statements (including continuation statements in respect thereof and any
financing statement containing a description of the Collateral granted
hereunder as “all assets” or “all personal property”) in each case whether now
owed or hereafter acquired and other filing or recording documents or
instruments with respect to the Collateral without the signature of such
Grantor in such form and in such offices as the Administrative Agent reasonably
determines appropriate to perfect the security interests of the Administrative
Agent under this Agreement. A photographic or other reproduction of this
Agreement shall be sufficient as a financing statement or other filing or
recording document or instrument for filing or recording in any jurisdiction.

                Section 6.4 Authority of
Administrative Agent. Each Grantor acknowledges that
the rights and responsibilities of the Administrative Agent under this
Agreement with respect to any action taken by the Administrative Agent or the
exercise or non-exercise by the Administrative Agent of any option, voting
right, request, judgment or other right or remedy provided for herein or
resulting or arising out of this Agreement shall, as between the Administrative
Agent and the other Secured Parties, be governed by the Credit Agreement and by
such other agreements with respect thereto as may exist from time to time among
them, but, as between the Administrative Agent and the Grantors, the
Administrative Agent shall be conclusively presumed to be acting as agent for
the Administrative Agent and the other Secured Parties with full and valid
authority so to act or refrain from acting, and no Grantor shall be under any
obligation, or entitlement, to make any inquiry respecting such authority.

ARTICLE VII

MISCELLANEOUS

                Section 7.1 Amendments in Writing.
Other than in connection with the execution and delivery of a Joinder Agreement
substantially in the form of Annex 4 (with such changes as may be agreed
to by the Administrative Agent) relating to the addition of Grantors, none of
the terms or provisions of this Agreement may be waived, amended, supplemented
or otherwise modified except in accordance with Section 9.1 of the Credit
Agreement.

                Section 7.2 Notices.
All notices, requests and demands to or upon the Administrative Agent or any
Grantor hereunder shall be effected in the manner provided for in Section 9.8
of the Credit Agreement; provided, however, that any such notice, request or
demand to or upon any Grantor other than the Borrower shall be addressed to
such Grantor care in care of the Borrower at the Borrower’s notice address set
forth in such Section 9.8.

                Section 7.3 No Waiver by
Course of Conduct; Cumulative Remedies. Neither the
Administrative Agent nor any other Secured Party shall by any act (except by a written
instrument pursuant to Section 7.1),
delay, indulgence, omission or otherwise be deemed to have waived any right or
remedy hereunder or to have acquiesced in any Default or Event of Default. No
failure to exercise, nor any delay in exercising, on the part of the
Administrative Agent or 

 26
 

 

any other Secured Party, any right, power or privilege
hereunder shall operate as a waiver thereof. No single or partial exercise of
any right, power or privilege hereunder shall preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. A
waiver by the Administrative Agent or any other Secured Party of any right or
remedy hereunder on any one occasion shall not be construed as a bar to any
right or remedy which the Administrative Agent or such other Secured Party
would otherwise have on any future occasion. The rights and remedies herein
provided are cumulative, may be exercised singly or concurrently and are not
exclusive of any other rights or remedies provided by law.

                Section 7.4 Successors and
Assigns. This Agreement shall be binding upon the
successors and assigns of each Grantor and shall inure to the benefit of the
Administrative Agent and each other Secured Party and their successors and
assigns; provided, however, that no Grantor may assign, transfer or delegate
any of its rights or obligations under this Agreement without the prior written
consent of the Administrative Agent.

                Section 7.5 Counterparts.
This Agreement may be executed by one or more of the parties to this Agreement
on any number of separate counterparts (including by telecopy), and all of said
counterparts taken together shall be deemed to constitute one and the same
agreement. Signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages are
attached to the same document. Delivery of an executed signature page of
this Agreement by facsimile transmission shall be as effective as delivery of a
manually executed counterpart hereof.

                Section 7.6 Severability.
Any provision of this Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other
jurisdiction.

                Section 7.7 Section Headings.
The Article and Section titles contained in this Agreement are and
shall be without substantive meaning or content of any kind whatsoever and are
not part of the agreement of the parties hereto.

                Section 7.8 Entire
Agreement. This Agreement together with the other Loan
Documents represents the entire agreement of the parties and supersedes all
prior agreements and understandings relating to the subject matter hereof.

                Section 7.9 Governing Law.
This agreement and the rights and obligations of the parties hereto, including
the interpretation, construction, validity and enforceability hereof, shall be
governed by, and construed and interpreted in accordance with, the law of the
state of New York.

                Section 7.10 Additional
Grantors. If, pursuant to Section 5.10(c) of
the Credit Agreement, Holdings or the Borrower shall be required to cause any
Subsidiary of Holdings or the Borrower that is not a Grantor to become a
Grantor hereunder, such Subsidiary shall execute and deliver to the
Administrative Agent a Joinder Agreement substantially in the form of Annex
4 (with such changes as may be agreed to by the Administrative Agent) and
shall thereafter for all purposes be a party hereto and have the same rights,
benefits and obligations as a Grantor party hereto on the Closing Date.

 27
 

 

                Section
7.11 Release of Collateral.

(a)           At
the time provided in Section 8.7(b)(i) of the Credit Agreement, the
Collateral shall be released from the Lien created hereby and this Agreement
and all obligations (other than those expressly stated to survive such
termination) of the Administrative Agent and each Grantor hereunder shall
terminate, all without delivery of any instrument or performance of any act by
any party, and all rights to the Collateral shall revert to the applicable
Grantor. At the request and sole expense of any Grantor following any such
termination, the Administrative Agent shall promptly deliver to such Grantor
any Collateral of such Grantor held by the Administrative Agent hereunder and
execute and deliver to such Grantor such documents as such Grantor shall
reasonably request to evidence such termination.

(b)           If
any of the Collateral shall be sold or disposed of by any Grantor in a
transaction permitted by the Credit Agreement or if any Collateral is otherwise
permitted to be released pursuant to Section 8.7(b) of the
Credit Agreement, the Collateral so sold or disposed of shall be released from
the Lien created hereby to the extent provided in Section 8.7(b)(ii) or
(iii) of the Credit Agreement and, in connection therewith, the
Administrative Agent, at the request and sole expense of the Borrower, shall
promptly execute and deliver to the Borrower all releases or other documents
reasonably necessary or desirable for the release of the Lien created hereby on
such Collateral. At the request and sole expense of the Borrower, a Grantor shall
be released from its obligations hereunder in the event that all the capital
stock of such Grantor shall be so sold or disposed to a Person other than an
Included Subsidiary in a transaction permitted by Article VI of the Credit
Agreement; provided, however, that the Borrower shall have delivered to the
Administrative Agent, at least five Business Days prior to the date of the
proposed release, a written request for release identifying the relevant
Grantor and the terms of the sale or other disposition in reasonable detail,
including the price thereof and any expenses in connection therewith, together
with a certification by a Responsible Officer of the Borrower stating that such
transaction is in compliance with the Credit Agreement and the other Loan
Documents.

Section
7.12 Reinstatement.(a)         
Each Grantor further agrees that, if any payment made by any Loan Party
or other Person and applied to the Obligations is at any time annulled,
avoided, set aside, rescinded, invalidated, declared to be fraudulent or
preferential or otherwise required to be refunded or repaid, or the proceeds of
Collateral are required to be returned by any Secured Party to such Loan Party,
its estate, trustee, receiver or any other party, including any Grantor, under
any bankruptcy law, state or federal law, common law or equitable cause, then,
to the extent of such payment or repayment, any Lien or other Collateral
securing such liability shall be and remain in full force and effect, as fully
as if such payment had never been made or, if prior thereto the Lien granted
hereby or other Collateral securing such liability hereunder shall have been
released or terminated by virtue of such cancellation or surrender), such Lien
or other Collateral shall be reinstated in full force and effect, and such
prior cancellation or surrender shall not diminish, release, discharge, impair
or otherwise affect any Lien or other Collateral securing the obligations of
any Grantor in respect of the amount of such payment.

Section
7.13 Amended and Restated Security Agreement.(a)      This
Agreement amends and restates the Existing Security Agreement, and to the
extent that the “Collateral”
described in the Existing Security Agreement constitutes Collateral under this
Security Agreement, all Liens and security interests in, and the pledges and
assignments of, the Collateral granted by the Existing Security Agreement
(collectively, the “Existing Liens”) are hereby ratified, confirmed, renewed,
extended, rearranged and carried forward by the Grantors as security for the
Secured 

 28
 

 

Obligations, with the same priority and effect. The
liens and security interests in, and the pledges and assignments of, the
Collateral granted by this Agreement are not in novation of the Existing Liens.

Section
7.14 Enforcement
of Liens on Collateral Located in Spain.(a)      Without limiting the
generality of Section 7.13, with respect to the Existing Liens
granted (the “Spanish Collateral Pledge”) by
Merisant Foreign Holdings I, Inc. (“MFH”) in the
participations in Merisant Spain listed on Schedule 2 (the “Participations”) under the Existing Security Agreement, it
is agreed by the Grantors and the Administrative Agent that in addition to all
other rights and remedies granted to the Administrative Agent in this
Agreement, the Administrative Agent may enforce its Lien on the Participations
via notarial foreclosure in Spain. Further, the Grantors agree, and MFH shall
instruct Merisant Spain, that none of the Grantors or Merisant Spain shall
object to the Administrative Agent enforcing its Lien on the Participations via
notarial foreclosure in Spain. The Grantors and the Administrative Agent
acknowledge and agree that that certain Notarial Deed of Pledge granted before
the Notary of Madrid, Mr. Segismundo Alvarez Royo-Villanova on July 23,
2004, under number 3.142 of his records remains in full force and effect.
Pursuant to Section 8.7 of the Credit Agreement, each Lender has
authorized the Administrative Agent to act on its behalf with respect to, among
other things, executing and delivering each Collateral Document; acting as
collateral agent for the Lenders, the Issuers and the other Secured Parties for
purposes of the perfection of all security interests and Liens created by such
agreements; managing, supervising and otherwise dealing with the Collateral;
and taking such action as is necessary or desirable to maintain the perfection
and priority of the security interests and Liens created or purported to be
created by the Collateral Documents. In the event the Administrative Agent
enforces its Lien on the Participations via notarial foreclosure in Spain, the
Administrative Agent may, but need not, present this Agreement to a notary or
other public official to the extent necessary to enforce the Lien on the
Participations.

 29

 

IN WITNESS WHEREOF, each
of the undersigned has caused this Amended and Restated Security Agreement to
be duly executed and delivered as of the date first above written.

MERISANT COMPANY

MERISANT WORLDWIDE, INC.

MERISANT FOREIGN HOLDINGS I, INC.

MERISANT US, INC.

WHOLE EARTH SWEETENER COMPANY LLC

By:      /s/
Anthony J. Nocchiero                                                       
            Name:     Anthony J. Nocchiero                                             
            Title:       CFO of each of 
                            the foregoing
Grantors

ACCEPTED AND AGREED:

CREDIT
SUISSE, Cayman Islands Branch,

as Administrative Agent

By:/s/
Megan Kane                                                             

     Name: Megan Kane

     Title:  
Director

By:/s/ Didier
Siffer                                                               

     Name: Didier Siffer

     Title:  
Director

Signature Page to

Amended and Restated Security Agreement

 

Schedule 1 to

Amended and Restated Security Agreement

Grantor Information

 1
 

 

Schedule 2 to

Amended and Restated Security Agreement

Pledged Collateral

 2
 

 

Schedule 3 to

Amended and Restated Security Agreement

UCC and Copyright Office
Filings

 3
 

 

Schedule 4 To

Amended and Restated Security Agreement

Additional Covenants

1)              Such Grantor shall
deliver to the Administrative Agent by September 8, 2006 (or such later
time as the Administrative Agent may permit), a stock certificate representing
the Pledged Stock of Merisant (Thailand) Ltd.

2)              Such Grantor shall
either:

a)              by September 8,
2006 (or such later time as the Administrative Agent may permit), file a
certificate of dissolution or analogous document for the dissolution of
Merisant Puerto Rico, Inc., in accordance with the laws of Puerto Rico in
the appropriate government office therein and shall effectuate a dissolution of
Merisant Puerto Rico, Inc., which dissolution shall occur as soon as
practicable thereafter in accordance with the laws and applicable orders of Puerto
Rico; or

b)             by
September 8, 2006, or within 90 days after the book value of Merisant
Puerto Rico, Inc. is not de minimus (or
such later time as the Administrative Agent may permit), deliver to the
Administrative Agent a stock certificate representing the Pledged Stock of
Merisant Puerto Rico, Inc.; provided, however, that such
delivery shall not be required if the book value of Merisant Puerto Rico, Inc.
is de minimus.

 4
 

 

Schedule 5 to

Amended and Restated
Security Agreement

Inventory and Equipment

 5
 

 

Schedule 6 to

Amended and Restated
Security Agreement

Material Intellectual
Property

 6
 

 

Schedule 7 to

Amended and Restated
Security Agreement

Deposit, Accounts and
Securities Accounts

 7
 

 

Schedule 8 to

Amended and Restated
Security Agreement

Commercial Tort Claims

 8
 

 

Schedule 9 to

Amended and Restated
Security Agreement

Letters of Credit

 9
 

 

Schedule 10 to

Amended and Restated
Security Agreement

Vehicles

 10

 

Annex 1 to

Amended and Restated
Security Agreement

[Date]

[Deposit Account Bank]

[Address]

Ladies and Gentlemen:

Reference is made to account no. [___________]
maintained with you (the “Bank”) by
[_____________] (the “Company”) into which funds are deposited from time to
time (the “Account”). The Company has entered into a Credit Agreement, dated as
of July 11, 2003 (as the same may be amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among the
Merisant Company, Merisant Worldwide, Inc., the Lenders and Issuers party
thereto, Credit Suisse, Cayman Islands Branch, as administrative agent for the
Lenders and Issuers (in such capacity the “Administrative Agent”),
and as sole arranger and book manager, and the other agents party thereto.

Pursuant to the Credit Agreement and related
documents, the Company has granted to the Administrative Agent, for the benefit
of the Secured Parties, as defined in the Credit Agreement, a security interest
in certain property of the Company, including, among other things, accounts,
inventory, equipment, instruments, general intangibles and all proceeds thereof
(the “Collateral”). Payments with respect to
the Collateral are or hereafter may be made to the Account.

The Company hereby transfers to the Administrative
Agent exclusive control of the Account and all funds and other property on
deposit therein. By your execution of this letter agreement, you (i) agree
that you will comply with instructions originated by the Administrative Agent
directing disposition of the funds and other property on deposit in the Account
without further consent of the Company and (ii) acknowledge that the
Administrative Agent now has exclusive control of the Account, that all funds
in the Account shall be transferred to the Administrative Agent as provided
herein, that the Account is being maintained by you for the benefit of the
Administrative Agent and that all amounts and other property therein are held
by you as custodian for the Administrative Agent.

Except as provided in paragraphs (d) below,
the Account shall not be subject to deduction, set-off, banker’s lien,
counterclaim, defense, recoupment or any other right in favor of any person or
entity other than the Administrative Agent. By your execution of this letter
agreement you also acknowledge that, as of the date hereof, you have received
no notice of any other pledge or assignment of the Account and have not
executed any agreements with third parties concerning the disposition of funds
in the Account. You agree with the Administrative Agent as follows:

 1
 

 

(a)           Notwithstanding
anything to the contrary or any other agreement relating to the Account, the
Account is and will be maintained for the benefit of the Administrative Agent,
will be entitled “_______________ [name of Company] Account” and will be
subject to written instructions only from an authorized officer of the
Administrative Agent.

(b)           Prior
to the delivery to you of a written notice from the Administrative Agent in the
form of Exhibit A hereto (a “Blockage Notice”),
you are authorized to transfer to the Company, in same day funds, on each
Business Day, the entire balance in the Account to the following account:

ABA Number:                                                                                   

_________________________________________________

_________________________________________________

_________________________________________________

_________________________________________________

Account Name:                                                                                
                                                                  Concentration
Account

Account Number:                                                                            

Reference:                                                                                         

Attn:                                                                                                   

or to such other
account as the Company may from time to time designate in writing.

(c)           From
and after the delivery to you of a Blockage Notice, you will transfer (by wire
transfer or other method of transfer mutually acceptable to you and the
Administrative Agent) to the Agent, in same day funds, on each Business Day,
the entire balance in the Account to the following account (the “Administrative Agent Concentration Account”):

ABA Number:                                                                                   

_________________________________________________

_________________________________________________

_________________________________________________

_________________________________________________

Account Name:                                                                                
                                                                  Concentration
Account

Account Number:                                                                            

Reference:                                                                                         

Attn:                                                                                                   

or to such other
account as the Administrative Agent may from time to time designate in writing.

(d)           All
customary service charges and fees with respect to the Account shall be debited
to the Account. In the event insufficient funds remain in the Account to cover
such customary service charges and fees, the Company shall pay and indemnify
you for the amounts of such customary service charges and fees.

 2
 

 

This letter agreement shall be binding upon and shall
inure to the benefit of you, the Company, the Administrative Agent, the Secured
Parties referred to in the Credit Agreement and the respective successors,
transferees and assigns of any of the foregoing. This letter agreement may not
be modified except upon the mutual consent of the Administrative Agent, the
Company and you. You may terminate the letter agreement only upon 30 days’
prior written notice to the Company and the Administrative Agent. The
Administrative Agent may terminate this letter agreement upon 10 days’ prior
written notice to you and the Company. Upon such termination you shall close
the Account and transfer all funds in the Account to the Administrative Agent
Concentration Account or as otherwise directed by the Administrative Agent.
After any such termination, you shall nonetheless remain obligated promptly to
transfer to the Administrative Agent Concentration Account or as the Administrative
Agent may otherwise direct all funds and other property received in respect of
the Account.

This letter agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which when
taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to this letter agreement by
telecopier shall be effective as delivery of a manually executed counterpart of
this letter agreement.

This letter agreement supersedes all prior agreements,
oral or written, with respect to the subject matter hereof and may not be
amended, modified or supplemented except by a writing signed by the Administrative
Agent, the Company and you.

This letter agreement shall be governed by, and
construed in accordance with, the law of the state of New York.

Upon acceptance of this letter agreement it will be
the valid and binding obligation of the Company, the Administrative Agent, and
you, in accordance with its terms.

Very truly yours,

[                                                               ].

By:                                                                                          
                Name:
                Title:

 3
 

 

CREDIT
SUISSE, CAYMAN ISLANDS BRANCH,

as Administrative Agent

By:                                                                                          
                Name:
                Title:

By:                                                                                          
                Name:
                Title:

Acknowledged and agreed to as of

the date first above written:

[                                                                               ]

By:                                                                          
                Name:
                Title:

 4
 

 

EXHIBIT A

to

Deposit Account Control Agreement

Administrative Agent Blockage Notice

[Deposit Account Bank]

[Address]

Re:          Account
No. _____________________ (the “Account”)

Ladies and Gentlemen:

Reference is made to the Account and that certain
Deposit Account Control Agreement dated __________ ____ among you, Credit
Suisse, Cayman Islands Branch, as Administrative Agent (the “Administrative Agent”), and [_________________________] (the
“Deposit Account Control Agreement”).
Capitalized terms used herein shall have the meanings given to them in the
Deposit Account Control Agreement.

The Administrative Agent hereby notifies you that,
from and after the date of this notice, you are hereby directed to transfer (by
wire transfer or other method of transfer mutually acceptable to you and the
Administrative Agent) to the Agent, in same day funds, on each Business Day,
the entire balance in the Account to the Administrative Agent Concentration
Account specified in paragraph (c) of the Deposit Account Control
Agreement or to such other account as the Administrative Agent may from time to
time designate in writing.

                                                    Very truly yours,

CREDIT SUISSE, CAYMAN ISLANDS BRANCH,

as Administrative Agent

By:                                                                                                          
                Name:
                Title:

By:                                                                                          
                Name:
                Title:

 5

 

Annex 2 to

Amended and Restated Security
Agreement

[Name and Address of
Eligible Securities Intermediary]

[Date]

Ladies and Gentlemen:

The undersigned ____________________ (the “Pledgor”) together with certain of its affiliates are party
to an Amended and Restated Security Agreement dated June __, 2006 in favor
of Credit Suisse, Cayman Island Branch, as agent for the Secured Parties
referred to therein (the “Pledgee” and
such agreement, as it may be amended, restated, or otherwise modified from time
to time, the “Amended and Restated Security Agreement”)
pursuant to which a security interest is granted by the Pledgor in all present
and future Assets (hereinafter defined) in Account No. _______ of the
Pledgor (the “Pledge”).

In connection therewith, the Pledgor hereby instructs
you (the “Eligible Securities Intermediary”) to:

1.                                       maintain
the Account, as “________________ __________ Control Account”;

2.                                       hold
in the Account the assets, including all financial assets, securities, security
entitlements and all other property and rights now or hereafter received in
such Account (collectively the “Assets”),
including without limitation those assets listed in Exhibit A attached
hereto and made a part hereof;

3.                                       provide
to the Pledgee, with a duplicate copy to the Pledgor, a monthly statement of
Assets and a confirmation statement of each transaction effected in the Account
after such transaction is effected; and

4.                                       honor
only the instructions or entitlement orders in regard to or in connection with
the Account given by an Authorized Officer of the Pledgee, except that until
such time as the Pledgee gives a written notice to the Eligible Securities
Intermediary that the Pledgor’s rights under this sentence have been terminated
(on which notice the Eligible Securities Intermediary may rely exclusively),
the Pledgor acting through an Authorized Officer may (a) exercise any
voting rights that it may have with respect to any of the Assets, (b) give
instructions to enter into purchase or sale transactions in the Account and (c) withdraw
and receive for its own use all regularly scheduled interest and dividends paid
with respect to the Assets and all cash proceeds of any sale of Assets (“Permitted Withdrawals”); provided, however, that unless the
Pledgee has consented to the specific transaction, the Pledgor shall not
instruct the Eligible Securities Intermediary to deliver and, except as may be
required by law or by court order, the Eligible Securities Intermediary shall
not deliver, cash and/or securities, or proceeds from the sale of, or
distributions on, such securities out of the Account to the Pledgor or to any
other person or entity other than Permitted Withdrawals.

 1
 

 

By its signature below, the Eligible Securities
Intermediary agrees to comply with the entitlement orders and instructions of
an Authorized Officer of the Pledgee (including without limitation any
instructions with respect to sales, trades, transfers and withdrawals of cash
or other of the Assets) without the consent of the Pledgor or any other person
(it being understood and agreed by the Pledgor that the Eligible Securities
Intermediary shall have no duty or obligation whatsoever of any kind or
character to have knowledge of the terms of the Amended and Restated Security
Agreement or to determine whether or not an event of default exists
thereunder). The Pledgor hereby agrees to indemnify and hold harmless the
Eligible Securities Intermediary, its affiliates, officers and employees from
and against any and all claims, causes of action, liabilities, lawsuits, demands
and/or damages, including any and all court costs and reasonable attorney’s
fees, that may result by reason of the Eligible Securities Intermediary
complying with such instructions of the Pledgee. In the event that the Eligible
Securities Intermediary is sued or becomes involved in litigation as a result
of complying with the above stated written instructions, the Pledgor and the
Pledgee agree that the Eligible Securities Intermediary shall be entitled to
charge all costs and fees it incurs in connection with such litigation to the
Assets in the Account and withdraw such sums as the costs and charges accrue.

The Authorized Officer of the Pledgee who shall give
oral instructions hereunder shall confirm the same in writing to the Eligible
Securities Intermediary within five days after such oral instructions are
given.

For the purpose of this Agreement, the term “Authorized
Officer of Pledgor” shall refer in the singular to ____________________ or
____________________ (each of whom is, on the date hereof, an officer or
director of the Pledgor) and “Authorized Officer of Pledgee” shall refer in the
singular to any Person who is a vice president or managing director of the
Pledgee. In the event that the Pledgor shall find it advisable to designate a
replacement of any of its Authorized Officers, written notice of any such
replacement shall be given to the Eligible Securities Intermediary and the
Pledgee.

Except with respect to the obligations and duties as
set forth herein, this Agreement shall not impose or create any obligations or
duties upon the Eligible Securities Intermediary greater than or in addition to
the customary and usual obligations and duties of the Eligible Securities
Intermediary to the Pledgor.

As long as the Assets are pledged to the Pledgee: (i) the
Eligible Securities Intermediary will not invade the Assets to cover margin
debits or calls in any other accounts of the Pledgor and (ii) the Eligible
Securities Intermediary agrees that, except for liens resulting from customary
commissions, fees, or charges based upon transactions in the Account, it
subordinates in favor of the Pledgee any security interest, lien or right of
setoff the Eligible Securities Intermediary may have. The Eligible Securities
Intermediary acknowledges that it has not received notice of any other security
interest in the Account or the Assets. In the event any such notice is
received, the Eligible Securities Intermediary will promptly notify the
Pledgee. The Pledgor herein represents that the Assets are free and clear of any
lien or encumbrances and agrees that, with the exception of the security
interest granted to the Pledgee, no lien or encumbrance will be placed by it on
the Assets without the express written consent of both the Pledgee and the
Eligible Securities Intermediary.

 2
 

 

This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns and
it and the rights and obligations of the parties hereto shall be governed by,
and construed and interpreted in accordance with, and the law of the Eligible
Securities Intermediary’s jurisdiction for the purposes of Section 8-110
of the UCC shall be, the law of the State of New York.

The Eligible Securities Intermediary will treat all
property at any time held by the Eligible Securities Intermediary in the
Account as financial assets within the meaning of the Uniform Commercial Code.
The Eligible Securities Intermediary acknowledges that this Agreement
constitutes written notification to the Eligible Securities Intermediary,
pursuant to the Uniform Commercial Code and any applicable federal regulations
for the Federal Reserve Book Entry System, of the Pledgee’s security interest
in the Assets. The Pledgor, Pledgee and Eligible Securities Intermediary are
entering into this Agreement to provide for the Pledgee’s control of the Assets
and to confirm the first and exclusive priority of the Pledgee’s security
interest in the Assets. The Eligible Securities Intermediary agrees to promptly
make and thereafter maintain all necessary entries or notations in its books
and records to reflect the Pledgee’s security interest in the Assets.

If any term or provision of this Agreement is
determined to be invalid or unenforceable, the remainder of this Agreement
shall be construed in all respects as if the invalid or unenforceable term or
provision were omitted. This Agreement may not be altered or amended in any
manner without the express written consent of the Pledgor, the Pledgee and the
Eligible Securities Intermediary. This Agreement may be executed in any number
of counterparts, all of which shall constitute one original agreement.

This Agreement may be terminated by the Eligible
Securities Intermediary upon 30 day’s prior written notice to the Pledgor and
the Pledgee. Upon expiration of such 30-day period, the Eligible
Securities Intermediary shall be under no further obligation except to hold the
Assets in accordance with the terms of this Agreement, pending receipt of
written instructions from the Pledgor and the Pledgee, jointly, regarding the
further disposition of the pledged Assets.

The Pledgor acknowledges that this Agreement
supplements any existing agreements of the Pledgor with the Eligible Securities
Intermediary and, except as expressly provided herein, is in no way intended to
abridge any rights that the Eligible Securities Intermediary might otherwise
have.

 3
 

 

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

[PLEDGOR]

By:                                                                                          
                Name:
                Title:

CREDIT SUISSE, CAYMAN
ISLANDS BRANCH,

as Administrative Agent

By:                                                                                          
                Name:
                Title:

By:                                                                                          
                Name:
                Title:

ACCEPTED AND AGREED:

[Eligible Financial Intermediary]

By:                                                                          
                Name:
                Title:

 4
 

 

EXHIBIT A

Pledged Collateral Account Number: ____________________

ASSETS

 5

 

 

Annex 3 to

Amended and Restated Security
Agreement

PLEDGE AMENDMENT

This PLEDGE AMENDMENT, dated as of      ________ __, ____, is delivered pursuant
to Section 4.4(e) of
the Amended and Restated Security Agreement dated June [__], 2006 by
Merisant Company (the “Borrower”),
[Merisant Worldwide, Inc.,] the [undersigned Grantor and the other
]Subsidiaries of the Borrower from time to time party thereto as Grantors in
favor of Credit Suisse, Cayman Islands Branch, as agent for the Secured Parties
referred to therein (as it may be amended, restated, or otherwise modified from
time to time, the “Amended and Restated
Security Agreement”) and the undersigned hereby agrees that this
Pledge Amendment may be attached to the Amended and Restated Security Agreement
and that the Pledged Collateral listed on this Pledge Amendment shall be and
become part of the Collateral referred to in the Amended and Restated Security
Agreement and shall secure all Secured Obligations of the undersigned.
Capitalized terms used herein but not defined herein are used herein with the
meaning given them in the Amended and Restated Security Agreement.

[GRANTOR]

By:                                                                                          
                Name:
                Title:

	
  Issuer       

  	
   

  	
  Class                         

  	
   

  	
  Certificate Nos.

  	
   

  	
  Par Value                  

  	
   

  	
  Number of

  Shares, Units or Interests

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Issuer      

  	
   

  	
  Description of

  Debt

  	
   

  	
  Certificate Nos.

  	
   

  	
  Final Maturity

  	
   

  	
  Principal

  Amount 

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 1
 

 

 

ACKNOWLEDGED AND AGREED

as of the date of this Pledge Amendment first above written.

CREDIT SUISSE, CAYMAN ISLANDS BRANCH,

as Administrative Agent

By:                                                                                          
                Name:
                Title:

By:                                                                                          
                Name:
                Title:

 

 2

 

 

Annex 4 to

Amended and Restated Security Agreement

JOINDER AGREEMENT

This JOINDER AGREEMENT, dated as of      ________ __, ____,is delivered pursuant to
Section 7.10 of the Amended and Restated Security Agreement dated
as of June [__], 2006 by Merisant Company (the “Borrower”),
Merisant Worldwide, Inc., and the Subsidiaries of the Borrower listed on
the signature pages thereof in favor of Credit Suisse, Cayman Islands
Branch, as agent for the Secured Parties referred to therein (as it may be
amended, restated, or otherwise modified from time to time, the “Amended and Restated Security Agreement”). Capitalized terms
used herein but not defined herein are used with the meanings given them in the
Amended and Restated Security Agreement.

By executing and delivering this Joinder Agreement,
the undersigned, as provided in Section 7.10 of the Amended and
Restated Security Agreement, hereby becomes a party to the Amended and Restated
Security Agreement as a Grantor thereunder with the same force and effect as if
originally named as a Grantor therein and, without limiting the generality of
the foregoing, hereby grants to the Administrative Agent, as collateral
security for the full, prompt and complete payment and performance when due
(whether at stated maturity, by acceleration or otherwise) of the Secured
Obligations of the undersigned, hereby collaterally assigns, conveys,
mortgages, pledges, hypothecates and transfers to the Administrative Agent and
grants to the Administrative Agent a Lien on and security interest in, all of
its right, title and interest in, to and under the Collateral and expressly
assumes all obligations and liabilities of a Grantor thereunder.

The information set forth in Annex 1-A is hereby
added to the information set forth in Schedules 1 through 5 to the Amended and
Restated Security Agreement.

The undersigned hereby represents and warrants that
each of the representations and warranties contained in Article III of the Amended and
Restated Security Agreement applicable to it is true and correct on and as the
date hereof as if made on and as of such date.

[SIGNATURE PAGE
FOLLOWS]

 1
 

 

IN WITNESS WHEREOF, the undersigned has caused this
Joinder Agreement to be duly executed and delivered as of the date first above
written.

[GRANTOR]

By:                                                                                          
                Name:
                Title:

ACKNOWLEDGED AND AGREED

as of the date of this Pledge Amendment first above written.

CREDIT SUISSE, CAYMAN ISLANDS BRANCH,

as Administrative Agent

By:                                                                                          
                Name:
                Title:

By:                                                                                          
                Name:
                Title:

 2
 

 

 

Annex 1-A to

Joinder Agreement

Supplemental
Information

 

 3

 

 

Annex 5 to

Amended and Restated Security Agreement

COPYRIGHT SECURITY AGREEMENT

COPYRIGHT SECURITY
AGREEMENT, dated as of    ________ __,
____, by Merisant Company (the “Borrower”) and
each of the other entities listed on the signature pages hereof [or which
becomes a party hereto pursuant to Section 7.10 of the Amended
and Restated Security Agreement referred to below] (each a “Grantor” and, collectively, the “Grantors”),
in favor of Credit Suisse, Cayman Islands Branch (“CS”),
as agent for the Secured Parties (as defined in the Credit Agreement referred
to below) (in such capacity, the “Administrative Agent”).

W I T N E S S E T H:

WHEREAS, pursuant to the
Credit Agreement, dated as of July 11, 2003 (as the same may be amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among the Borrower, Merisant Worldwide, Inc.,
the Lenders and Issuers party thereto CS, as administrative agent for the
Lenders and Issuers, and sole arranger and book runner, and the other agents party
thereto, the Lenders and the Issuers have severally agreed to make extensions
of credit to the Borrower upon the terms and subject to the conditions set
forth therein; and

WHEREAS, the Grantors other
than the Borrower are party to the Guaranty pursuant to which they have
guaranteed the Obligations; and

WHEREAS, all the Grantors
are party to an Amended and Restated Security Agreement of even date herewith
in favor of the Administrative Agent (as it may be amended, restated, or
otherwise modified from time to time, the “Amended and Restated
Security Agreement”) pursuant to which the Grantors are required to
execute and deliver this Copyright Security Agreement;

NOW, THEREFORE, in
consideration of the premises and to induce the Lenders, the Issuers and the Administrative
Agent to enter into the Credit Agreement and to induce the Lenders and the
Issuers to make their respective extensions of credit to the Borrower
thereunder, each Grantor hereby agrees with the Administrative Agent as
follows:

Section 1               Defined Terms. Unless
otherwise defined herein, terms defined in the Credit Agreement or in the
Amended and Restated Security Agreement and used herein have the meaning given
to them in the Credit Agreement or the Amended and Restated Security Agreement.

Section 2               Grant of
Security Interest in Copyright Collateral. Each Grantor, as
collateral security for the full, prompt and complete payment and performance
when due (whether at stated maturity, by acceleration or otherwise) of the
Secured Obligations of such Grantor, hereby collaterally assigns, conveys,
mortgages, pledges, hypothecates and transfers to the Administrative Agent for
the benefit of the Secured Parties, and grants to the Administrative 

 1
 

 

 

Agent for the benefit of the Secured Parties a lien on
and security interest in, all of its right, title and interest in, to and under
the following Collateral of such Grantor (the “Copyright
Collateral”):

(a)  all of its Copyrights and
Copyright Licenses to which it is a party, including those referred to on
Schedule I hereto (as such Schedule may be amended from time to time by the
addition of Copyrights and Copyright Licenses, subsequently created or
acquired, by execution of a supplement in substantially the same form of Exhibit A
attached hereto);      

(b)  all renewals of the
foregoing; and

(c)  all Proceeds of the
foregoing, including any claim by Grantor against third parties for past,
present, future infringement of any Copyright or Copyright licensed under any
Copyright License.

Section 3               Amended and Restated Security
Agreement. The security interest granted pursuant to this
Copyright Security Agreement is granted in conjunction with the security
interest granted to Administrative Agent pursuant to the Amended and Restated
Security Agreement and each Grantor hereby acknowledges and affirms that the
rights and remedies of Administrative Agent with respect to the security
interest in the Copyright Collateral made and granted hereby are more fully set
forth in the Amended and Restated Security Agreement, the terms and provisions
of which are incorporated by reference herein as if fully set forth herein.

IN WITNESS WHEREOF, each
Grantor has caused this Copyright Security Agreement to be executed and
delivered by its duly authorized offer as of the date first set forth above.

Very truly yours,

[GRANTORS]

By:
__________________________
                Name:
                Title:

Accepted and Agreed:

CREDIT SUISSE, CAYMAN ISLANDS BRANCH,

as Administrative Agent

By:                                                                                          
                Name:
                Title:

By:                                                                                          
                Name:

 2
 

 

                Title:

 3
 

 

 

ACKNOWLEDGEMENT OF GRANTOR

STATE
OF                                                            )

                       )               ss.

COUNTY
OF                                                         )

On this day of
___________________, ____ before me personally appeared
_______________________,proved to me on the basis of satisfactory evidence to
be the person who executed the foregoing instrument on behalf of
______________, who being by me duly sworn did depose and say that he is an
authorized officer of said corporation, that the said instrument was signed on
behalf of said corporation as authorized by its Board of Directors and that he
acknowledged said instrument to be the free act and deed of said corporation.

_____________________________________

Notary Public

 4
 

 

 

Schedule I

to

Copyright Security Agreement

Copyright Registrations

A.            REGISTERED COPYRIGHTS

                       Copyright Reg. No. Date

B.            COPYRIGHT APPLICATIONS

C.            COPYRIGHT LICENSES

Name
of Agreement, Parties, Date of Agreement

 

 5

 

 

Annex 6 to

Amended and Restated Security Agreement

PATENT SECURITY AGREEMENT

PATENT SECURITY AGREEMENT, dated as of ________ __,
____ by Merisant Company (the “Borrower”) and
each of the other entities listed on the signature pages hereof [or which
becomes a party hereto pursuant to Section 7.10 of the Amended and Restated Security
Agreement referred to below] (each a “Grantor” and,
collectively, the “Grantors”), in
favor of Credit Suisse, Cayman Islands Branch (“CS”),
as agent for the Secured Parties (as defined in the Credit Agreement referred
to below) (in such capacity, the “Administrative Agent”).

W I T N E S S E T H:

WHEREAS, pursuant to the Credit Agreement, dated as of
July 11, 2003 (as the same may be amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”)
among the Borrower, Merisant Worldwide, Inc., the Lenders and Issuers
party thereto CS, as administrative agent for the Lenders and Issuers, and sole
arranger and book runner, and the other agents party thereto, the Lenders and
the Issuers have severally agreed to make extensions of credit to the Borrower
upon the terms and subject to the conditions set forth therein; and

WHEREAS, the Grantors other than the Borrower are
party to the Guaranty pursuant to which they have guaranteed the Obligations;
and

WHEREAS, all the Grantors are party to an Amended and
Restated Security Agreement of even date herewith in favor of the
Administrative Agent (as it may be amended, restated, or otherwise modified
from time to time, the “Amended and Restated
Security Agreement”) pursuant to which the Grantors are required to
execute and deliver this Patent Security Agreement;

NOW, THEREFORE, in consideration of the premises and
to induce the Lenders, the Issuers and the Administrative Agent to enter into
the Credit Agreement and to induce the Lenders and the Issuers to make their
respective extensions of credit to the Borrower thereunder, each Grantor hereby
agrees with the Administrative Agent as follows:

Section 1               Defined
Terms. Unless otherwise defined herein, terms defined in the
Credit Agreement or in the Amended and Restated Security Agreement and used
herein have the meaning given to them in the Credit Agreement or the Amended
and Restated Security Agreement.

Section 2               Grant
of Security Interest in Patent Collateral. Each Grantor, as
collateral security for the full, prompt and complete payment and performance
when due (whether at stated maturity, by acceleration or otherwise) of the
Secured Obligations of such Grantor, hereby collaterally assigns, conveys,
mortgages, pledges, hypothecates and transfers to the Administrative Agent for
the benefit of the Secured Parties, and grants to the Administrative 

 1
 

 

 

Agent for the benefit of the Secured Parties a lien on
and security interest in, all of its right, title and interest in, to and under
the following Collateral of such Grantor (the “Patent
Collateral”):

(b)           all
of its Patents and Patent Licenses to which it is a party, including those
referred to on Schedule I hereto (as such Schedule may be amended from time to
time by the addition of Patents and Patent Licenses, subsequently created or
acquired, by execution of a supplement in substantially the same form of Exhibit A
attached hereto);

       (b)           all
reissues, continuations or extensions of the foregoing; and  

       (c)           all
Proceeds of the foregoing, including any claim by Grantor against third parties
for past, present or future infringement of any Patent or any Patent licensed
under any Patent License.

Section 3               Amended
and Restated Security Agreement. The security interest
granted pursuant to this Patent Security Agreement is granted in conjunction
with the security interest granted to Administrative Agent pursuant to the
Amended and Restated Security Agreement and each Grantor hereby acknowledges
and affirms that the rights and remedies of Administrative Agent with respect
to the security interest in the Patent Collateral made and granted hereby are
more fully set forth in the Amended and Restated Security Agreement, the terms
and provisions of which are incorporated by reference herein as if fully set
forth herein.

IN WITNESS WHEREOF, each Grantor has caused this
Patent Security Agreement to be executed and delivered by its duly authorized
offer as of the date first set forth above.

Very truly yours,

[GRANTORS]

By:
__________________________
                Name:
                Title:

Accepted and Agreed:

CREDIT SUISSE, CAYMAN ISLANDS BRANCH,

as Administrative Agent

By:                                                                                          
                Name:
                Title:

By:                                                                                          
                Name:
                Title:

 2
 

 

 3
 

 

 

ACKNOWLEDGEMENT OF GRANTOR

STATE OF                                                            )

                       )               ss.

COUNTY OF                                                         )

On this day of ___________________, ____ before me
personally appeared _______________________,proved to me on the basis of
satisfactory evidence to be the person who executed the foregoing instrument on
behalf of ______________, who being by me duly sworn did depose and say that he
is an authorized officer of said corporation, that the said instrument was
signed on behalf of said corporation as authorized by its Board of Directors
and that he acknowledged said instrument to be the free act and deed of said
corporation.

________________________________

Notary Public

 4
 

 

 

Schedule I

to

Patent Security Agreement

Patent Registrations

A.            REGISTERED
PATENTS

                       Patent Reg. No. Date

B.            PATENT
APPLICATIONS

C.            PATENT
LICENSES

Name of Agreement,
Parties, Date of Agreement

 

 5

 

 

Annex 7 to

Amended and Restated Security Agreement

TRADEMARK SECURITY AGREEMENT

TRADEMARK SECURITY AGREEMENT, dated as of ________ __,
____ by Merisant Company (the “Borrower”) and
each of the other entities listed on the signature pages hereof or which becomes
a party hereto pursuant to Section 7.10
of the Amended and Restated Security Agreement referred to below (each a “Grantor” and, collectively, the “Grantors”),
in favor of Credit Suisse, Cayman Islands Branch (“CS”),
as agent for the Secured Parties (as defined in the Credit Agreement referred
to below) (in such capacity, the “Administrative Agent”).

W I T N E S S E T H:

WHEREAS, pursuant to the Credit Agreement, dated as of        July 11, 2003 (as the same may be
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among the Borrower, Merisant Worldwide, Inc.,
the Lenders and Issuers party thereto CS, as administrative agent for the
Lenders and Issuers, and sole arranger and book runner, and the other agents
party thereto, the Lenders and the Issuers have severally agreed to make
extensions of credit to the Borrower upon the terms and subject to the
conditions set forth therein; and

WHEREAS, the Grantors other than the Borrower are
party to the Guaranty pursuant to which they have guaranteed the Obligations;
and

WHEREAS, all the Grantors are party to an Amended and
Restated Security Agreement of even date herewith in favor of the
Administrative Agent (as it may be amended, restated, or otherwise modified
from time to time, the “Amended and Restated
Security Agreement”) pursuant to which the Grantors are required to
execute and deliver this Trademark Security Agreement;

NOW, THEREFORE, in consideration of the premises and
to induce the Lenders, the Issuers and the Administrative Agent to enter into
the Credit Agreement and to induce the Lenders and the Issuers to make their
respective extensions of credit to the Borrower thereunder, each Grantor hereby
agrees with the Administrative Agent as follows:

Section 1               Defined
Terms. Unless otherwise defined herein, terms defined in the
Credit Agreement or in the Amended and Restated Security Agreement and used
herein have the meaning given to them in the Credit Agreement or the Amended
and Restated Security Agreement.

Section 2               Grant
of Security Interest in Trademark Collateral. Each Grantor,
as collateral security for the full, prompt and complete payment and
performance when due (whether at stated maturity, by acceleration or otherwise)
of the Secured Obligations of such Grantor, hereby collaterally assigns,
conveys, mortgages, pledges, hypothecates and transfers to the Administrative
Agent for the benefit of the Secured Parties, and grants to the Administrative
Agent for the benefit of the Secured Parties a lien on and security interest
in, all of its right, title 

 1
 

 

 

and interest in, to and under the following Collateral
of such Grantor (the “Trademark Collateral”):

(a)           all of its
Trademarks and Trademark Licenses to which it is a party, including those
referred to on Schedule I hereto (as such Schedule may be amended from time to
time by the addition of Trademarks and Trademark Licenses, subsequently created
or acquired, by execution of a supplement in substantially the same form of Exhibit A
attached hereto);

(b)           all renewals of the
foregoing;

(c)           all goodwill of the
business connected with the use of, and symbolized by, each Trademark and each
Trademark License; and

(d)           all Proceeds of the
foregoing, including any claim by Grantor against third parties for past,
present, future (i) infringement or dilution of any Trademark or Trademark
licensed under any Trademark License or (ii) injury to the goodwill
associated with any Trademark or any Trademark licensed under any Trademark
License.

Section 3               Amended
and Restated Security Agreement. The security interest
granted pursuant to this Trademark Security Agreement is granted in conjunction
with the security interest granted to Administrative Agent pursuant to the
Amended and Restated Security Agreement and each Grantor hereby acknowledges
and affirms that the rights and remedies of Administrative Agent with respect
to the security interest in the Trademark Collateral made and granted hereby
are more fully set forth in the Amended and Restated Security Agreement, the
terms and provisions of which are incorporated by reference herein as if fully
set forth herein.

IN WITNESS WHEREOF, each Grantor has caused this
Trademark Security Agreement to be executed and delivered by its duly
authorized offer as of the date first set forth above.

Very truly yours,

[GRANTORS]

By:
__________________________
                Name:
                Title:

 2
 

 

 

Accepted
and Agreed:

CREDIT
SUISSE, CAYMAN ISLANDS BRANCH,

as Administrative Agent

By:                                                                                          
                Name:
                Title:

By:                                                                                          
                Name:
                Title:

 

ACKNOWLEDGEMENT OF GRANTOR

 

STATE OF                                                            )

                       )               ss.

COUNTY OF                                                         )

On this day of ___________________, ____ before me
personally appeared _______________________,proved to me on the basis of
satisfactory evidence to be the person who executed the foregoing instrument on
behalf of ______________, who being by me duly sworn did depose and say that he
is an authorized officer of said corporation, that the said instrument was
signed on behalf of said corporation as authorized by its Board of Directors
and that he acknowledged said instrument to be the free act and deed of said
corporation.

__________________________________

Notary Public

 3
 

 

 

Schedule I

to

Trademark Security Agreement

Trademark Registrations

A.            REGISTERED
TRADEMARKS

MarkReg. No. Date

B.            TRADEMARK
APPLICATIONS

C.            TRADEMARK
LICENSES

Name of Agreement,
Parties, Date of Agreement

 

 4

 

 

Annex 8 to

Amended and Restated Security Agreement

ACKNOWLEDGMENT AND
CONSENT

Reference is made to that certain Amended and Restated
Security Agreement (as it may be amended, restated, or otherwise modified from
time to time, the “Amended and Restated Security
Agreement”), dated June [__], 2006, made by the Grantors party
thereto for the benefit of Credit Suisse, Cayman Islands Branch, as
Administrative Agent. Capitalized terms used herein but not defined herein have
the meanings given them in the Amended and Restated Security Agreement.

The undersigned hereby acknowledges receipt of a copy
of the Amended and Restated Security Agreement and agrees for the benefit of
the Administrative Agent and the Lenders as follows:

1.   The
undersigned will be bound by the terms of the Amended and Restated Security
Agreement and will comply with such terms insofar as such terms are applicable
to the undersigned.

2.   The
undersigned will notify the Administrative Agent promptly in writing of the
occurrence of any of the events described in Section 4.4 of the Amended
and Restated Security Agreement and will comply promptly with any requirements
thereof.

3.   The terms of
Sections 5.3(c) and 5.5 of the Amended and Restated Security Agreement
shall apply to the undersigned, mutatis mutandis,
with respect to all actions that may be required pursuant to Section 5.3(c) or
5.5 of the Amended and Restated Security Agreement.

MERISANT SPAIN
S.L.

By:                                                   
                                                                                Name:
                                                                                Title:

 Address for Notices:
                                                                       10 South Riverside Plaza, Suite 850
                                                                       Chicago, IL 60606
                                                                       Fax: (312) 840-5440

 

 1

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