EXHIBIT 10.3

EXECUTION VERSION
AMENDMENT NO. 2, dated as of February 27, 2015 (this “Amendment”), to the Credit
Agreement, dated as of March 14, 2013, as amended by the Amendment Agreement,
dated as of February 5, 2014 (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among ASHLAND INC., a Kentucky
corporation (the “Borrower”), THE BANK OF NOVA SCOTIA, as administrative agent
(the “Administrative Agent”), each Lender from time to time party thereto and
the other agents and arrangers party thereto. Capitalized terms used herein and
not otherwise defined herein shall have the meanings ascribed to them in the
Credit Agreement.

WHEREAS, Section 10.01 of the Credit Agreement provides that the Credit
Agreement and any other Loan Documents may be amended or waived to effect
certain changes thereto with the written consent of the Required Lenders and the
acknowledgment of the Administrative Agent;

WHEREAS, the Borrower desires to amend and waive, and the Borrower has requested
that the Required Lenders and the Administrative Agent agree to amend and waive,
the Credit Agreement on the terms set forth herein;

WHEREAS, the Lenders signatory hereto, constituting the Required Lenders, and
the Administrative Agent are willing to agree to the amendments and waivers of
the Credit Agreement described herein subject to the terms and conditions
contained herein;

NOW, THEREFORE, in consideration of the premises contained herein and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound hereby, agree as
follows:

Section 1.    Amendments. Subject to the satisfaction of the conditions set
forth in Section 2 hereof, upon the Effective Date (as defined below), the
Required Lenders consent to the following amendments to the Credit Agreement and
to a waiver of any Default or Event of Default under the Credit Agreement from
the Closing Date to the Effective Date arising solely out of failure to deliver
consolidating financial statements of the Borrower and its Subsidiaries or
inaccuracy of representations and warranties regarding consolidating financial
statements of the Borrower and its Subsidiaries (or, in each case, any failure
to give notice thereof):

(a)Section 5.05(b) of the Credit Agreement is hereby amended by (i) deleting the
reference to “unaudited consolidated and consolidating balance sheets of the
Borrower” in the first line of such Section, and replacing it with “unaudited
consolidated balance sheet of the Borrower”, and (ii) deleting the reference to
“and consolidating” in the second line of such Section.

(b)Section 6.01 is hereby amended by (i) deleting the references to “and
consolidating” in each instance in clauses (a) and (b) of such Section, (ii)
deleting the phrase “, and such consolidating statements to be certified by the
chief executive officer, chief financial officer, treasurer or controller of the
Borrower to the effect that such statements are fairly stated in all material
respects when considered in relation to the consolidated financial statements of
the Borrower and its Subsidiaries” in clause (a) of such Section, and (iii)
deleting the phrase “and such consolidating statements to be certified by the
chief executive officer, chief financial officer, treasurer or controller of the
Borrower to the effect that such statements are fairly stated in all material
respects when considered

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in relation to the consolidated financial statements of the Borrower and its
Subsidiaries” in clause (b) of such Section.

(c)Section 6.02 is hereby amended by deleting the first sentence of the
paragraph that appears immediately following clause (i) of such Section, and
replacing it with the following:

“Documents required to be delivered pursuant to Section 6.01(a) or (b) or
Section 6.02(d) (to the extent any such documents are included in materials
otherwise filed with the SEC) may be delivered electronically and, if so
delivered, shall be deemed to have been delivered on the date (i) on which the
Borrower posts such documents, or provides a link thereto on the Borrower’s
website on the Internet at the website address, http://www.ashland.com/, or (ii)
on which such documents are posted on the Borrower’s behalf on an Internet or
intranet website, if any, to which each Lender and the Administrative Agent have
access (whether a commercial, third-party website or whether sponsored by the
Administrative Agent); provided that the Borrower shall deliver paper copies of
such documents to the Administrative Agent or any Lender that makes a written
request to the Borrower to deliver such paper copies until a written request to
cease delivering paper copies is given by the Administrative Agent or such
Lender.”

(d)The Compliance Certificate (Exhibit C to the Credit Agreement) is hereby
amended in its entirety and replaced with the form attached hereto as Annex A
(for the avoidance of doubt, all of the other Exhibits to the Credit Agreement
shall be in the same form as those delivered on the Closing Date).

(e)Solely with respect to the delivery of a Compliance Certificate pursuant to
Section 6.02(b) in connection with the delivery of financial statements for the
fiscal quarter ended December 31, 2014, the time period for such delivery of
such Compliance Certificate is extended to not later than 30 Business Days after
the delivery of such financial statements, and the Required Lenders waive any
Default arising out of any failure to deliver such Compliance Certificate for
such fiscal quarter prior to such date.

Section 2.    Conditions to Effectiveness. This Amendment shall become effective
as of the first date (the “Effective Date”) on which the following conditions
have been satisfied:

(a)the Administrative Agent (or its counsel) shall have received from the
Required Lenders and the Borrower either (i) a counterpart of this Amendment
signed on behalf of such Person or (ii) written evidence satisfactory to the
Administrative Agent (which may include facsimile or .pdf transmission of a
signed signature page of this Amendment) that such Person has signed a
counterpart of this Amendment;

(b)the Administrative Agent shall have received a certificate of a Responsible
Officer of the Borrower certifying that, immediately after giving effect to this
Amendment, (i) no Default or Event of Default shall have occurred and be
continuing and (ii) the representations and warranties in Section 3 of this
Amendment are true and correct in all material respects on and as of the date
hereof; and

(c)the Borrower shall have paid to the Administrative Agent all reasonable and
invoiced out-of-pocket costs and expenses of the Administrative Agent
(including, without limitation, the fees, charges and disbursements of Cahill
Gordon & Reindel LLP, counsel for the Administrative

-2-

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Agent) incurred in connection with this Amendment.

Section 3.    Representations and Warranties. In order to induce the Lenders
party hereto to enter into this Amendment, the Borrower hereby represents and
warrants to the Administrative Agent and each Lender as follows:

(a)This Amendment has been duly authorized, executed and delivered by the
Borrower and constitutes the legal, valid and binding obligations of the
Borrower enforceable against the Borrower in accordance with its terms, subject
to applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of
equity, regardless of whether considered in a proceeding in equity or at law;

(b)On and as of the date hereof (immediately after giving effect to this
Amendment), each of the representations and warranties made by the Borrower
contained in Article V of the Credit Agreement and each other Loan Document are
true and correct in all material respects (except that any representation and
warranty that is qualified as to “materiality” or “Material Adverse Effect”
shall be true and correct in all respects) on and as of the date hereof, except
to the extent that such representations and warranties specifically refer to an
earlier date, in which case they shall be true and correct in all material
respects (except that any representation and warranty that is qualified as to
“materiality” or “Material Adverse Effect” shall be true and correct in all
respects) as of such earlier date, and except that for purposes of this clause
(b), the representations and warranties contained in Sections 5.05(a) and (b) of
the Credit Agreement shall be deemed to refer to the most recent statements
furnished pursuant to Sections 6.01(a) and (b) of the Credit Agreement,
respectively; and

(c)Immediately after giving effect to this Amendment, no Default or Event of
Default has occurred and is continuing.

Section 4.    Counterparts. This Amendment may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each
of which when so executed and delivered shall be deemed to be an original, but
all of which when taken together shall constitute a single instrument. Delivery
of an executed counterpart of a signature page of this Amendment by facsimile or
other electronic transmission shall be effective as delivery of a manually
executed counterpart hereof.

Section 5.    Loan Document. This Amendment shall constitute a Loan Document for
all purposes under the Credit Agreement.

Section 6.    Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED
AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

Section 7.    Headings. The headings of this Amendment are for purposes of
reference only and shall not limit or otherwise affect the meaning hereof.

Section 8.    Effect of Amendment. Except as expressly set forth herein, this
Amendment (i) shall not by implication or otherwise limit, impair, constitute a
waiver of or otherwise affect the rights and remedies of the Lenders, the
Administrative Agent or the L/C Issuers, in each case under the Credit Agreement
or any other Loan Document, and (ii) shall not alter, modify, amend or in any
way affect any of the terms, conditions, obligations, covenants or agreements
contained in the Credit Agreement or any other provision of either such
agreement or any other Loan Document. Each and every term, condition,

-3-

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obligation, covenant and agreement contained in the Credit Agreement or any
other Loan Document (for avoidance of doubt, in each case, as altered, modified
or amended as expressly set forth herein) is hereby ratified and reaffirmed in
all respects and shall continue in full force and effect.

[SIGNATURE PAGES FOLLOW]

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

 
ASHLAND, INC., as Borrower
 
 
 
 
 
 
 
By:
/s/ Eric N. Boni
 
Name:
Eric N. Boni
 
Title:
Vice President and Treasurer

[Amendment No. 2 Signature Page]

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THE BANK OF NOVA SCOTIA, as
 
Administrative Agent, Swing Line Lender
 
and L/C Issuer
 
 
 
 
 
 
 
By:
/s/ Clement Yu
 
Name:
Clement Yu
 
Title:
Associate Director
 
 
 
 
By:
/s/ Syed Ali
 
Name:
Syed Ali
 
Title:
Analyst

[Amendment No. 2 Signature Page]

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Citibank, N.A.,
 
as a Lender
 
 
 
 
 
 
 
By:
/s/ David Jaffe
 
Name:
David Jaffe
 
Title:
Vice President
 
 
 
For any institution requiring
 
 
a second signatory:
 
 
 
By:
 
 
Name:
 
 
Title:
 

[Amendment No. 2 Signature Page]

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THE BANK OF NOVA SCOTIA,
 
as a Lender
 
 
 
 
 
 
 
By:
/s/ Michael Grad
 
Name:
Michael Grad
 
Title:
Director

[Amendment No. 2 Signature Page]

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BANK OF AMERICA, N.A.,
 
as a Lender
 
 
 
 
 
 
 
By:
/s/ Christopher DiBiase
 
Name:
Christopher DiBiase
 
Title:
Director

[Amendment No. 2 Signature Page]

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Deutsche Bank Trust Company Americas,
 
as a Lender
 
 
 
 
 
 
 
By:
/s/ Marcus M. Tarkington
 
Name:
Marcus M. Tarkington
 
Title:
Director
 
 
 
For any institution requiring
 
 
a second signatory:
 
 
 
By:
/s/ Michael Winters
 
Name:
Michael Winters
 
Title:
Vice President

[Amendment No. 2 Signature Page]

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PNC BANK, NATIONAL ASSOCIATION,
 
as a Lender
 
 
 
 
 
 
 
By:
/s/ Jeffrey P. Fisher
 
Name:
Jeffrey P. Fisher
 
Title:
Vice President
 
 
 
For any institution requiring
 
 
a second signatory:
 
 
 
By:
 
 
Name:
 
 
Title:
 

[Amendment No. 2 Signature Page]

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THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
 
as a Lender
 
 
 
 
 
 
 
By:
/s/ Mark Campbell
 
Name:
Mark Campbell
 
Title:
Authorized Signatory

[Amendment No. 2 Signature Page]

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Compass Bank,
 
as a Lender
 
 
 
 
 
 
 
By:
/s/ Michael Dixon
 
Name:
Michael Dixon
 
Title:
Senior Vice President

[Amendment No. 2 Signature Page]

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CRÉDIT AGRICOLE CORPORATE
 
AND INVESTMENT BANK,
 
as a Lender
 
 
 
 
 
 
 
By:
/s/ Blake Wright
 
Name:
Blake Wright
 
Title:
Managing Director
 
 
 
 
By:
/s/ James Austin
 
Name:
James Austin
 
Title:
Vice President

[Amendment No. 2 Signature Page]

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Fifth Third Bank,
 
as a Lender
 
 
 
 
 
 
 
By:
/s/ Megan S. Szewc
 
Name:
Megan S. Szewc
 
Title:
Vice President
 
 
 
For any institution requiring
 
 
a second signatory:
 
 
 
By:
 
 
Name:
 
 
Title:
 

[Amendment No. 2 Signature Page]

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HSBC Bank USA, N.A., as a Lender
 
 
 
 
 
 
 
By:
/s/ Joseph D. Donovan
 
Name:
Joseph D. Donovan
 
Title:
Vice President

[Amendment No. 2 Signature Page]

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JPMORGAN CHASE BANK, N.A.
 
as a Lender
 
 
 
 
 
 
 
By:
/s/ Olivier Lopez
 
Name:
Olivier Lopez
 
Title:
Vice President

[Amendment No. 2 Signature Page]

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Mizuho Bank, Ltd., as a Lender
 
 
 
 
 
 
 
By:
/s/ Donna DeMagistris
 
Name:
Donna DeMagistris
 
Title:
Authorized Signatory
 
 
 

[Amendment No. 2 Signature Page]

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Royal Bank of Scotland, plc
 
as a Lender
 
 
 
 
 
 
 
By:
/s/ Tracy Rahn
 
Name:
Tracy Rahn
 
Title:
Director

[Amendment No. 2 Signature Page]

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Sumitomo Mitsui Banking Corporation,
 
as a Lender
 
 
 
 
 
 
 
By:
/s/ Shuji Yabe
 
Name:
Shuji Yabe
 
Title:
Managing Director

[Amendment No. 2 Signature Page]

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SunTrust Bank, as a Lender
 
 
 
 
 
 
 
By:
/s/ Henry J. Spark
 
Name:
Henry J. Spark
 
Title:
Vice President

[Amendment No. 2 Signature Page]

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U.S. BANK, NATIONAL ASSOCIATION
 
as a Lender
 
 
 
 
 
 
 
By:
/s/ Steven Dixon
 
Name:
Steven Dixon
 
Title:
Vice President
 
 
 
For any institution requiring
 
 
a second signatory:
 
 
 
By:
 
 
Name:
 
 
Title:
 

[Amendment No. 2 Signature Page]

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WELLS FARGO BANK, NATIONAL
 
ASSOCIATION
 
as a Lender
 
 
 
 
 
 
 
By:
/s/ Andrew Payne
 
Name:
Andrew Payne
 
Title:
Director
 
 
 
For any institution requiring
 
 
a second signatory:
 
 
 
By:
 
 
Name:
 
 
Title:
 

[Amendment No. 2 Signature Page]

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THE BANK OF NEW YORK MELLON,
 
as a Lender
 
 
 
 
 
 
 
By:
/s/ William M. Feathers
 
Name:
William M. Feathers
 
Title:
Vice President
 
 
 
For any institution requiring
 
 
a second signatory:
 
 
 
By:
 
 
Name:
 
 
Title:
 

[Amendment No. 2 Signature Page]

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Bayerische Landesbank, New York Branch,
 
as a Lender
 
 
 
 
 
 
 
By:
/s/ Elke Videgain
 
Name:
Elke Videgain
 
Title:
Vice President
 
 
 
For any institution requiring
 
 
a second signatory:
 
 
 
By:
/s/ Matthew DeCarlo
 
Name:
Matthew DeCarlo
 
Title:
Senior Director

[Amendment No. 2 Signature Page]

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GOLDMAN SACHS BANK USA,
 
as a Lender
 
 
 
 
 
 
 
By:
/s/ Jamie Minieri
 
Name:
Jamie Minieri
 
Title:
Authorized Signatory
 
 
 
For any institution requiring
 
 
a second signatory:
 
 
 
By:
 
 
Name:
 
 
Title:
 

[Amendment No. 2 Signature Page]

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ING Bank N.V., Dublin Branch,
 
as a Lender
 
 
 
 
 
 
 
By:
/s/ Pádraig Matthews
 
Name:
Pádraig Matthews
 
Title:
Vice President
 
 
 
 
By:
/s/ Sean Hassett
 
Name:
Sean Hassett
 
Title:
Director

[Amendment No. 2 Signature Page]

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THE NORTHERN TRUST COMPANY,
 
as a Lender
 
 
 
 
 
 
 
By:
/s/ John Dilegge
 
Name:
John Dilegge
 
Title:
Vice President

[Amendment No. 2 Signature Page]

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TD BANK, N.A., as a Lender
 
 
 
 
 
 
 
By:
/s/ Michele Dragonetti
 
Name:
Michele Dragonetti
 
Title:
Senior Vice President

[Amendment No. 2 Signature Page]

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Annex A

FORM OF COMPLIANCE CERTIFICATE

[See Attached].

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FORM OF COMPLIANCE CERTIFICATE

Financial Statement Date:     ,

To:    The Bank of Nova Scotia, as Administrative Agent

Ladies and Gentlemen:

Reference is made to that certain Credit Agreement, dated as of March 14, 2013,
as amended by the Amendment Agreement, dated as of February 5, 2014, and as
further amended by Amendment No. 2, dated February 27, 2015 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to
time, the “Agreement”; the terms defined therein being used herein as therein
defined), among Ashland Inc., a Kentucky corporation (the “Borrower”), the
Lenders from time to time party thereto, The Bank of Nova Scotia, as
Administrative Agent, Swing Line Lender and an L/C Issuer, Citibank, N.A., as
Syndication Agent, and Bank of America, N.A., Deutsche Bank Securities Inc. and
PNC Bank, National Association, as Co-Documentation Agents.
The undersigned Responsible Officer1 hereby certifies as of the date hereof that
he/she is the of the Borrower and that, as such, he/she is authorized to execute
and deliver this Compliance Certificate to the Administrative Agent on the
behalf of the Borrower, and that:

[Use following paragraph 1 for fiscal year-end financial statements]

1. The Borrower has delivered as required by Section 6.01(a) of the Agreement
for the fiscal year of the Borrower ended as of the above date, together with
the report and opinion of an independent certified public accountant required by
such section, the consolidated balance sheet of the Borrower and its
Subsidiaries, and the related consolidated statements of income or operations,
changes in shareholders’ equity, and cash flows for such fiscal year, setting
forth in each case in comparative form the figures for the previous fiscal year,
all in reasonable detail and prepared in accordance with GAAP.

[Use following paragraph 1 for fiscal quarter-end financial statements]

1.The Borrower has delivered as required by Section 6.01(b) of the Agreement for
the fiscal quarter of the Borrower ended as of the above date the consolidated
balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal
quarter, and the related consolidated statements of income or operations,
changes in shareholders’ equity, and cash flows for such fiscal quarter and for
the portion of the Borrower’s fiscal year then ended, setting forth in each case
in comparative form the figures for the corresponding fiscal quarter of the
previous fiscal year and the corresponding portion of the previous fiscal year,
all in reasonable detail. Such consolidated statements fairly present the
financial condition, results of operations, shareholders’ equity and cash flows
of the Borrower and its Subsidiaries in accordance with GAAP, subject only to
normal year-end audit adjustments and the absence of footnotes.

2.The undersigned has reviewed and is familiar with the terms of the Agreement
and has made, or has caused to be made under his/her supervision, a detailed
review of the transactions and condition (financial or otherwise) of the
Borrower during the accounting period covered by such financial statements.

                                                             
1
This certificate should be from the chief executive officer, chief financial
officer, treasurer or controller of the Borrower.

A - 1
Form of Compliance Certificate

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3.A review of the activities of the Borrower during such fiscal period has been
made under the supervision of the undersigned with a view to determining whether
during such fiscal period the Borrower performed and observed all its
Obligations under the Loan Documents, and

[select one:]

[to the knowledge of the undersigned, during such fiscal period the Borrower
performed and observed each covenant and condition of the Loan Documents
applicable to it, and no Default has occurred and is continuing.]

--or--

[to the knowledge of the undersigned, the following covenants or conditions have
not been performed or observed and the following is a list of each such Default
and its nature and status:]

4.The representations and warranties of the Borrower contained in Article V of
the Agreement and all representations and warranties of the Borrower that are
contained in any document furnished at any time under or in connection with the
Loan Documents, are true and correct in all material respects (except that any
representation and warranty that is qualified as to “materiality” or “Material
Adverse Effect” are true and correct in all respects) on and as of the date
hereof, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they are true and correct
in all material respects (or true and correct in all respects, as the case may
be) as of such earlier date, and except that for purposes of this Compliance
Certificate, the representations and warranties contained in subsections (a) and
(b) of Section 5.05 of the Agreement shall be deemed to refer to the most recent
statements furnished pursuant to clauses (a) and (b), respectively, of Section
6.01 of the Agreement, including the statements in connection with which this
Compliance Certificate is delivered.

5.The financial covenant analyses and other information set forth on Schedule 1,
Schedule 2 and Schedule 3 attached hereto are true and accurate on and as of the
date of this Compliance Certificate.

[Remainder of page intentionally left blank].

A - 2
Form of Compliance Certificate

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IN WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as
of     ,     .

 
ASHLAND, INC.
 
 
 
 
 
 
 
By:
 
 
Name:
 
 
Title:
 

A - 3
Form of Compliance Certificate

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For the Quarter/Year ended , .

(“Statement Date”)

SCHEDULE 1
to the Compliance Certificate
($ in 000’s)

I.
Section 7.11(a) - Consolidated Leverage Ratio.

A.
Consolidated Indebtedness at the Statement Date2:
 
 
 
 
 
1.
the outstanding principal amount of all obligations (as calculated under GAAP),
whether current or long-term, for borrowed money (including Obligations in
respect of the Loans under the Agreement), reimbursement obligations for amounts
drawn under letters of credit and all obligations evidenced by bonds,
debentures, notes, loan agreements or other similar instruments:
$
 
 
 
 
 
2.
all purchase money Indebtedness:
$
 
 
 
 
 
3.
all direct (but, for the avoidance of doubt, not contingent) obligations arising
under bankers’ acceptances and bank guaranties:

$
 
 
 
 
 
4.
all obligations in respect of the deferred purchase price of property or
services (other than (i) trade accounts payable in the ordinary course of
business, (ii) any earn-out or similar obligation that is a contingent
obligation or that is not reasonably determinable as of the applicable date of
determination and (iii) any earn-out or similar obligation that is not a
contingent obligation and that is reasonably determinable as of the applicable
date of determination to the extent that (A) such Person is indemnified for the
payment thereof by a solvent Person reasonably acceptable to the Administrative
Agent or (B) amounts to be applied to the payment therefor are in escrow):

$
 
 
 
 

                                                             

2
Consolidated Indebtedness shall (i) be calculated on a Pro Forma Basis unless
otherwise specified, (ii) not include Defeased Debt and (iii) include all
outstandings of the Borrower and its Subsidiaries under any Permitted
Receivables Facility (but excluding the intercompany obligations owed by a
Special Purpose Finance Subsidiary to the Borrower or any other Subsidiary in
connection therewith). The principal amount outstanding at any time of any
Indebtedness issued with original issue discount shall be the principal amount
of such Indebtedness less the remaining unamortized portion of the original
issue discount of such Indebtedness at such time as determined in conformity
with GAAP, but such Indebtedness shall be deemed incurred only as of the date of
original issuance thereof.

A - 4
Form of Compliance Certificate

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5.
all attributable Indebtedness:
$
 
 
 
 
 
 
6.
without duplication, all Guarantees with respect to outstanding Indebtedness of
the types specified in Lines I.A.1 through I.A.5 above of Persons other than the
Borrower or any Subsidiary:

$
 
 
 
 
 
 
7.
all Indebtedness of the types referred to in Lines I.A.1 through I.A.6 above of
any partnership or joint venture (other than a joint venture that is itself a
corporation, limited liability company or other entity the obligations of which
are not, by operation of law, the joint or several obligations of the holders of
its Equity Interests) in which the Borrower or a Subsidiary is a general partner
or joint venturer, unless such Indebtedness is expressly made non-recourse to
the Borrower or such Subsidiary:

$
 
 
 
 
 
 
8.
Consolidated Indebtedness at the Statement Date (Lines I.A.1 + I.A.2 + I.A.3 +
I.A.4 + I.A.5 + I.A.6 + I.A.7):

$
 
 
 
 
 
B.
Consolidated EBITDA for the Measurement Period ending on the Statement Date
("Subject Period")3:
 
 
 
 
 
 
 
1.
Consolidated Net Income for the Subject Period:
 
 
 
 
 
 
 
 
a.
the net income (loss) of the Borrower and its Subsidiaries on a consolidated
basis:

$
 
 
 
 
 
 
 
b.
extraordinary gains (extraordinary losses) for such Subject Period:

$
 
 
 
 
 
 
 
c.
the net income of any Subsidiary during such Subject Period to the extent that
the declaration or payment of dividends or similar distributions by such
Subsidiary of such income is not permitted by operation of the terms of its
Organization Documents or any agreement, instrument or Law applicable to such
Subsidiary (unless such restrictions on dividends or similar distributions have
been legally and effectively waived), other than to the extent of the Borrower’s
equity in any net loss of any such Subsidiary:

$
 
 
 
 
 

                                                             

3    Consolidated EBITDA shall be calculated on a Pro Forma Basis unless
otherwise specified.

A - 5
Form of Compliance Certificate

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d.
any income (loss) for such Subject Period of any Person if such Person is not a
Subsidiary:

$
 
 
 
 
 
 
 
e.
the Borrower’s equity in the net income of any such Person referred to in Line
I.B.1.d for such Subject Period up to the aggregate amount of cash actually
distributed by such Person during such Subject Period to the Borrower or a
Subsidiary as a dividend or other distribution (and in the case of a dividend or
other distribution to a Subsidiary, such Subsidiary is not precluded from
further distributing such amount to the Borrower as described in Line I.B.1.c):

$
 
 
 
 
 
 
 
f.
any gain (loss) realized as a result of the cumulative effect of a change in
accounting principles:

$
 
 
 
 
 
 
 
g.
any gain (loss) attributable to any foreign currency hedging arrangements or
currency fluctuations:

$
 
 
 
 
 
 
 
h.
extinguishment charges relating to the early extinguishment of Indebtedness and
obligations under Swap Contracts and extinguishment charges relating to upfront
fees and original issue discount on Indebtedness:

$
 
 
 
 
 
 
 
i.
any pension or other post-retirement gain (expense) for such Subject Period:

$
 
 
 
 
 
 
 
j.
the amount of any cash payments made during such Subject Period relating to
pension and other post-retirement costs:

$
 
 
 
 
 
 
 
k.
tax impact of lines I.B.1.b through I.B.1.j

$
 
 
 
 
 
 
 
l.
Consolidated Net Income for the Subject Period Lines I.B.1.a - I.B.1.b - I.B.1.c
- I.B.1.d + I.B.1.e - I.B.1.f - I.B.1.g + I.B.1.h - I.B.1.i - I.B.1.j + I.B.1.k:

$
 
 
 
 
 
 
To the extent not included in Consolidated Net Income for the Subject Period:
 
 
 
 
 
 
 
2.
proceeds of business interruption insurance received during the Subject Period:

$
 
 
 
 
 
 
To the extent deducted in calculating Consolidated Net Income for the Subject
Period, but without duplication and in each case for the Subject Period:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

A - 6
Form of Compliance Certificate

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3.
Consolidated Interest Charges:
$
 
 
 
 
 
 
4.
the provision for Federal, state, local and foreign income taxes payable:
$
 
 
 
 
 
 
5.
depreciation and amortization expense:
$
 
 
 
 
 
 
6.
asset impairment charges:

$
 
 
 
 
 
 
7.
expenses reimbursed by third parties (including through insurance and indemnity
payments):

$
 
 
 
 
 
 
8.
fees and expenses incurred in connection with the Transactions, any Permitted
Receivables Facility, any proposed or actual issuance of any Indebtedness or
Equity Interests (including upfront fees and original issue discount), or any
proposed or actual acquisitions, investments, asset sales or divestitures
permitted under the Agreement, in each case that are expensed:

$
 
 
 
 
 
 
9.
non-cash restructuring and integration charges and cash restructuring and
integration charges4:

$
 
 
 
 
 
 
10.
non-cash stock expense and non-cash equity compensation expense:
$
 
 
 
 
 
 
11.
other expenses or losses, including purchase accounting entries such as the
inventory adjustment to fair value, reducing such Consolidated Net Income which
do not represent a cash item in such period or any future period:

$
 
 
 
 
 
 
12.
expenses or losses in respect of discontinued operations of Borrower or any of
its Subsidiaries:

$
 
 
 
 
 
 
13.
any unrealized losses attributable to the application of “mark to market”
accounting in respect of Swap Contracts:

$
 
 
 
 
 
 
14.
with respect to any Disposition for which pro forma effect is required to be
given pursuant to the definition of Pro Forma Basis, any loss thereon:
$
 
 
 
 
 

                                                             

4    In the case of cash restructuring and integration charges, not to exceed
$100,000,000 in any twelve-month period.

A - 7
Form of Compliance Certificate

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To the extent included in calculating Consolidated Net Income for the Subject
Period, but without duplication and in each case for the Subject Period:
 
 
 
 
 
 
 
15.
Federal, state, local and foreign income tax credits:
$
 
 
 
 
 
 
16.
all non-cash gains or other items increasing Consolidated Net Income:
$
 
 
 
 
 
 
17.
gains in respect of discontinued operations of the Borrower or any of its
Subsidiaries:
 
 
 
 
 
 
 
18.
any unrealized gains for such period attributable to the application of “mark to
market” accounting in respect of Swap Contracts:
$
 
 
 
 
 
 
19.
 
with respect to any Disposition for which pro forma effect is required to be
given pursuant to the definition of Pro Forma Basis, any gain thereon:
$
 
 
 
 
 
 
20.
 
Consolidated EBITDA for the Subject Period (Lines I.B.1.l + I.B.2 + I.B.3 +
I.B.4 + I.B.5 + I.B.6 + I.B.7 + I.B.8 + I.B.9 + I.B.10 + I.B.11 + I.B.12 +
I.B.13 + I.B.14 - I.B.15 - I.B.16 - I.B.17 - I.B.18 - I.B.19):
$

C.
Consolidated Leverage Ratio as of the Statement Date:
 
 
 
 
 
 
 
1.
Consolidated Indebtedness at the Statement Date (Line I.A.8):
$
 
 
 
 
 
 
2.
the amount of the Borrower’s and its Subsidiaries’ unrestricted cash and Cash
Equivalents as of such date that are or would be included on a balance sheet of
the Borrower and its Subsidiaries:
$
 
 
 
 
 
 
3.
Consolidated EBITDA for the Subject Period (Line I.B.20):
$
 
 
 
 
 
 
4.
Consolidated Leverage Ratio as of the Statement Date ((Line I.C.1 - I.C.2) ÷
Line I.C.3):
        :1.00
 
 
 
 
 
Maximum Permitted Consolidated Leverage Ratio:
3.25:1.00

II.
Section 7.11(b) - Consolidated Interest Coverage Ratio.

A - 8
Form of Compliance Certificate

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A.
Consolidated EBITDA for the Subject Period (Line I.B.20):
$
 
 
 
 
 
B.
Consolidated Interest Charges for the Subject Period, without duplication:
 
 
 
 
 
 
 
1.
all interest, premium payments, debt discount, fees, charges and related
expenses in connection with borrowed money (including capitalized interest) or
in connection with the deferred purchase price of assets, in each case to the
extent treated as interest in accordance with GAAP:
$
 
 
 
 
 
 
2.
cash payments made in respect of obligations referred to in Line II.B.6 below:
$
 
 
 
 
 
 
3.
the portion of rent expense under Capitalized Leases that is treated as interest
in accordance with GAAP, in each case, of or by the Borrower and its
Subsidiaries on a consolidated basis for such Subject Period:
$
 
 
 
 
 
 
4.
all interest, premium payments, debt discount, fees, charges and related
expenses in connection with the Permitted Receivables Facility:
$
 
 
 
 
 
 
To the extent included in such consolidated interest expense for such Subject
Period, without duplication:
 
 
 
 
 
 
 
5.
extinguishment charges relating to the early extinguishment of Indebtedness or
obligations under Swap Contracts:
$
 
 
 
 
 
 
6.
noncash amounts attributable to the amortization of debt discounts or accrued
interest payable in kind:
$
 
 
 
 
 

A - 9
Form of Compliance Certificate

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7.
Noncash amounts attributable to amortization or write-off of capitalized
interest or other financing costs paid in a previous period:
$
 
 
 
 
 
 
8.
interest income treated as such in accordance with GAAP:
$
 
 
 
 
 
 
9.
fees and expenses, original issue discount and upfront fees, in each case of or
by the Borrower and its Subsidiaries on a consolidated basis for such Subject
Period:
$
 
 
 
 
 
 
10.
Consolidated Interest Charges for the Subject Period, the excess, without
duplication of (Lines II.B.1 + II.B.2 + II.B.3 + II.B.4) - (Lines II.B.5 +
II.B.6 + II.B.7 + II.B.8 + II.B.9):
$
 
 
 
 
 
C.
Consolidated Interest Coverage Ratio at the Statement Date (Line II.A) ÷ Line
II.B.10):
        :1.00
 
 
 
 
 
 
Minimum Consolidated Interest Coverage Ratio Required:
3.00:1.00

A - 10
Form of Compliance Certificate

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For the Quarter/Year ended     
(“Statement Date”)
SCHEDULE 2
to the Compliance Certificate
($ in 000’s)

Consolidated EBITDA
(in accordance with the definition of Consolidated EBITDA as set forth in the
Agreement)

 
Quarter Ended
Quarter Ended
Quarter Ended
Quarter Ended
Twelve Months Ended
the net income (loss) of the Borrower and its Subsidiaries on a consolidated
basis

 
 
 
 
 
- extraordinary gains (extraordinary losses) for such Subject Period
 
 
 
 
 
 - the net income of any Subsidiary during such Subject Period to the extent
that the declaration or payment of dividends or similar distributions by such
Subsidiary of such income is not permitted by operation of the terms of its
Organization Documents or any agreement, instrument or Law applicable to such
Subsidiary (unless such restrictions on dividends or similar distributions have
been) legally and effectively waived), other than to the extent of the
Borrower’s equity in any net loss of any such Subsidiary
 
 
 
 
 

A - 11
Form of Compliance Certificate

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Quarter Ended
Quarter Ended
Quarter Ended
Quarter Ended
Twelve Months Ended
 - any income (loss) for such Subject Period of any Person if such Person is not
a Subsidiary
 
 
 
 
 
 + the Borrower’s equity in the net income of any Person referred to in the
immediately preceding row for such Subject Period up to the aggregate amount of
cash actually distributed by such Person during such Subject Period to the
Borrower or a Subsidiary as a dividend or other distribution (and in the case of
a dividend or other distribution to a Subsidiary, such Subsidiary is not
precluded from further distributing such amount to the Borrower as described in
the third row of this Schedule 2)
 
 
 
 
 
- any gain (loss) realized as a result of the cumulative effect of a change in
accounting principles

 
 
 
 
 

A - 12
Form of Compliance Certificate

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Quarter Ended
Quarter Ended
Quarter Ended
Quarter Ended
Twelve Months Ended
 - any gain (loss) attributable to any foreign currency hedging arrangements or
currency fluctuations
 
 
 
 
 
 + extinguishment charges relating to the early extinguishment of Indebtedness
and obligations under Swap Contracts and extinguishment charges relating to
upfront fees and original issue discount on Indebtedness
 
 
 
 
 
 - any pension or other post-retirement gain (expense) for such Subject Period
 
 
 
 
 
 - the amount of any cash payments made during such Subject Period relating to
pension and other post-retirement costs
 
 
 
 
 
 + tax impact of adjustments to net income
 
 
 
 
 
 = Consolidated Net Income
 
 
 
 
 

A - 13
Form of Compliance Certificate

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Quarter Ended
Quarter Ended
Quarter Ended
Quarter Ended
Twelve Months Ended
+ proceeds of business interruption insurance, to the extent not included in
Consolidated Net Income

 
 
 
 
 
+ Consolidated Interest Charges

 
 
 
 
 
+ provision for Federal, state, local and foreign income taxes payable

 
 
 
 
 
+ depreciation expense

 
 
 
 
 
+ amortization expense

 
 
 
 
 
+ asset impairment charges

 
 
 
 
 
 + expenses reimbursed by third parties (including through insurance and
indemnity payments)
 
 
 
 
 

A - 14
Form of Compliance Certificate

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Quarter Ended
Quarter Ended
Quarter Ended
Quarter Ended
Twelve Months Ended
+ fees and expenses incurred in connection with the Transactions, any Permitted
Receivables Facility, any proposed or actual issuance of any Indebtedness or
Equity Interests (including upfront fees and original issue discount), or any
proposed or actual acquisitions, investments, asset sales or divestitures
permitted hereunder, in each case that are expensed

 
 
 
 
 
+ non-cash restructuring and integration charges and cash restructuring and
integration charges5

 
 
 
 
 
+ non-cash stock expense and non-cash equity compensation expense

 
 
 
 
 
+ other expenses or losses, including purchase accounting entries such as
inventory adjustment to fair value, reducing such Consolidated Net Income which
do not represent a cash item

 
 
 
 
 

                                                             

5
In the case of cash restructuring and integration charges, not to exceed
$100,000,000 in any twelve-month period.

A - 15
Form of Compliance Certificate

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Quarter Ended
Quarter Ended
Quarter Ended
Quarter Ended
Twelve Months Ended
+ expenses or losses in respect of discontinued operations of the Borrower or
any of its Subsidiaries

 
 
 
 
 
+ any unrealized losses attributable to the application of “mark to market”
accounting in respect of Swap Contracts

 
 
 
 
 
+ with respect to any Disposition for which pro forma effect is required to be
given pursuant to the definition of Pro Forma Basis, any loss thereon

 
 
 
 
 
- Federal, state, local and foreign income tax credits

 
 
 
 
 
- all non-cash gains or other items increasing Consolidated Net Income

 
 
 
 
 
- gains in respect of discontinued operations of the Borrower or any of its
Subsidiaries

 
 
 
 
 

A - 16
Form of Compliance Certificate

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- any unrealized gains for such period attributable to the application of “mark
to market” accounting in respect of Swap Contracts

 
 
 
 
 
- with respect to any Disposition for which pro forma effect is required to be
given pursuant to the definition of Pro Forma Basis, any gain thereon

 
 
 
 
 
= Consolidated EBITDA

 
 
 
 
 

A - 17
Form of Compliance Certificate

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For the Quarter/Year ended , .

(“Statement Date”)

SCHEDULE 3
to the Compliance Certificate
($ in 000’s)

I.    Sections 7.03(k) and/or 7.06(g) - Available Amount.
A.
50% of the Consolidated Net Income for all fiscal quarters of the Borrower for
which Consolidated Net Income is positive and that have ended on or after
September 30, 2011 and prior to such date for which financial statements shall
have been delivered to the Administrative Agent pursuant to Section 6.01(a) or
6.01(b) of the Agreement (treated as one continuous accounting period):

$
 
 
 
 
B.
100% of the Consolidated Net Income for all fiscal quarters of the Borrower for
which Consolidated Net Income is negative and that have ended on or after
September 30, 2011 and prior to such date for which financial statements shall
have been delivered to the Administrative Agent pursuant to Section 6.01(a) or
6.01(b) of the Agreement (treated as one continuous accounting period):

$
 
 
 
 
C.
the net cash proceeds from the issuance of common stock of the Borrower after
August 23, 2011, other than any such issuance to a Subsidiary, to an employee
stock ownership plan or to a trust established by the Borrower or any of its
Subsidiaries for the benefit of their employees:

$
 
 
 
 
D.
without duplication, the sum of the portion of the Available Amount previously
utilized pursuant to Section 7.03(k) and/or 7.06(g) of the Agreement:

$
 
 
 
 
E.
without duplication, the sum of the portion of the Available Amount (as defined
in the Existing Credit Agreement) previously utilized pursuant to Section
7.03(k), 7.06(g) and/or 7.14(e) of the Existing Credit Agreement:

$
 
 
 
 
F.
Available Amount at the Statement Date Lines I.A - I.B + Line I.C - Line I.D -
Line I.E:

$

A - 18
Form of Compliance Certificate