Credit Agreement



 EXECUTION COPY 
  

  
 Published CUSIP Number:                          
  
 $50,000,000 
  
 CREDIT AGREEMENT 
  
 Dated as of November 3, 2004 
  
 among 
  
 REWARDS NETWORK INC., 
 as Borrower, 
  
 BANK OF AMERICA, N.A., 
 as Administrative Agent 
  
 and 
  
 L/C Issuer, 
  
 and 
  
 The Other Lenders Party Hereto

  

  









  
 TABLE OF CONTENTS

  

					
	Section

	  	 	  	Page


	ARTICLE I.
DEFINITIONS AND ACCOUNTING TERMS
			
	1.01	  	Defined Terms	  	1
			
	1.02	  	Other Interpretive Provisions	  	23
			
	1.03	  	Accounting Terms	  	23
			
	1.04	  	Rounding	  	24
			
	1.05	  	Times of Day	  	24
			
	1.06	  	Letter of Credit Amounts	  	24
	
	ARTICLE II.
THE COMMITMENTS AND CREDIT EXTENSIONS
			
	2.01	  	Loans	  	24
			
	2.02	  	Borrowings, Conversions and Continuations of Loans	  	24
			
	2.03	  	Letters of Credit	  	26
			
	2.04	  	Prepayments	  	34
			
	2.05	  	Termination or Reduction of Commitments	  	34
			
	2.06	  	Repayment of Loans	  	35
			
	2.07	  	Interest	  	35
			
	2.08	  	Fees	  	35
			
	2.09	  	Computation of Interest and Fees	  	36
			
	2.10	  	Evidence of Debt	  	36
			
	2.11	  	Payments Generally; Agent’s Clawback	  	37
			
	2.12	  	Sharing of Payments	  	38
	
	ARTICLE III.
TAXES, YIELD PROTECTION AND ILLEGALITY
			
	3.01	  	Taxes	  	39
			
	3.02	  	Illegality	  	41
			
	3.03	  	Inability to Determine Rates	  	41
			
	3.04	  	Increased Costs	  	42
			
	3.05	  	Compensation for Losses	  	43
			
	3.06	  	Mitigation Obligations; Replacement of Lenders	  	44
			
	3.07	  	Survival	  	44

  

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	ARTICLE IV.
CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
			
	4.01	  	Conditions of Initial Credit Extension	  	44
			
	4.02	  	Conditions to all Credit Extensions	  	46
	
	ARTICLE V.
REPRESENTATIONS AND WARRANTIES
			
	5.01	  	Existence, Qualification and Power; Compliance with Laws	  	46
			
	5.02	  	Authorization; No Contravention	  	46
			
	5.03	  	Governmental Authorization; Other Consents	  	47
			
	5.04	  	Binding Effect	  	47
			
	5.05	  	Financial Statements; No Material Adverse Effect	  	47
			
	5.06	  	Litigation	  	48
			
	5.07	  	No Default	  	48
			
	5.08	  	Ownership of Property; Liens	  	48
			
	5.09	  	Insurance	  	48
			
	5.10	  	Taxes	  	48
			
	5.11	  	ERISA Compliance	  	48
			
	5.12	  	Subsidiaries	  	49
			
	5.13	  	Margin Regulations; Investment Company Act; Public Utility Holding Company Act	  	49
			
	5.14	  	Disclosure	  	50
			
	5.15	  	Compliance with Laws	  	50
			
	5.16	  	Intellectual Property; Licenses, Etc	  	50
			
	5.17	  	Material Agreements	  	50
	
	ARTICLE VI.
AFFIRMATIVE COVENANTS
			
	6.01	  	Financial Statements	  	51
			
	6.02	  	Certificates; Other Information	  	51
			
	6.03	  	Notices	  	52
			
	6.04	  	Payment of Obligations	  	53
			
	6.05	  	Preservation of Existence, Etc	  	53
			
	6.06	  	Maintenance of Properties	  	53
			
	6.07	  	Maintenance of Insurance	  	53
			
	6.08	  	Compliance with Laws	  	53

  

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	6.09	  	Books and Records	  	54
			
	6.10	  	Inspection Rights	  	54
			
	6.11	  	Use of Proceeds	  	54
			
	6.12	  	Financial Covenants	  	54
			
	6.13	  	Additional Guarantors	  	55
			
	6.14	  	RTR Funding	  	55
	
	ARTICLE VII.
NEGATIVE COVENANTS
			
	7.01	  	Liens	  	55
			
	7.02	  	Investments	  	57
			
	7.03	  	Indebtedness	  	58
			
	7.04	  	Fundamental Changes	  	58
			
	7.05	  	Dispositions	  	59
			
	7.06	  	Restricted Payments	  	59
			
	7.07	  	Change in Nature of Business	  	60
			
	7.08	  	Transactions with Affiliates	  	60
			
	7.09	  	Burdensome Agreements	  	60
			
	7.10	  	Acquisitions	  	61
			
	7.11	  	Use of Proceeds	  	61
			
	7.12	  	Payment of Subordinated Indebtedness	  	61
			
	7.13	  	Modifications to Subordinated Note Documents	  	62
	
	ARTICLE VIII.
EVENTS OF DEFAULT AND REMEDIES
			
	8.01	  	Events of Default	  	62
			
	8.02	  	Remedies Upon Event of Default	  	64
			
	8.03	  	Application of Funds	  	65
	
	ARTICLE IX.
ADMINISTRATIVE AGENT
			
	9.01	  	Appointment and Authorization of Administrative Agent	  	66
			
	9.02	  	Rights as a Lender	  	66
			
	9.03	  	Exculpatory Provisions	  	66
			
	9.04	  	Reliance by Administrative Agent	  	67
			
	9.05	  	Delegation of Duties	  	67

  

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	9.06	  	Resignation of Agent	  	67
			
	9.07	  	Non-Reliance on Agent and Other Lenders	  	68
			
	9.08	  	No Other Duties, Etc	  	68
			
	9.09	  	Administrative Agent May File Proofs of Claim	  	69
			
	9.10	  	Guaranty Matters	  	69
	
	ARTICLE X.
MISCELLANEOUS
			
	10.01	  	Amendments, Etc	  	69
			
	10.02	  	Notices; Effectiveness; Electronic Communications	  	71
			
	10.03	  	No Waiver; Cumulative Remedies	  	72
			
	10.04	  	Expenses; Indemnity; Damage Waiver	  	72
			
	10.05	  	Payments Set Aside	  	74
			
	10.06	  	Successors and Assigns	  	74
			
	10.07	  	Treatment of Certain Information; Confidentiality	  	77
			
	10.08	  	Right of Setoff	  	77
			
	10.09	  	Interest Rate Limitation	  	78
			
	10.10	  	Replacement of Lenders	  	78
			
	10.11	  	Counterparts; Integration; Effectiveness	  	79
			
	10.12	  	Survival of Representations and Warranties	  	79
			
	10.13	  	Severability	  	79
			
	10.14	  	Governing Law; Jurisdiction; Etc	  	79
			
	10.15	  	Waiver of Right to Trial by Jury	  	80
			
	10.16	  	USA PATRIOT Act Notice	  	81
			
	10.17	  	Time of the Essence	  	81
			
	10.18	  	Designation as Senior Debt	  	81

  

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 SCHEDULES 
  

			
	2.01	  	Commitments and Applicable Percentages
	5.06	  	Litigation
	5.12	  	Subsidiaries and Other Equity Investments
	7.01	  	Existing Liens
	7.03	  	Existing Indebtedness
	10.02	  	Administrative Agent’s Office, Certain Addresses for Notices

  
 EXHIBITS 
  

			
	Form of	  	 
	A	  	Loan Notice
	B	  	Note
	C	  	Compliance Certificate
	D	  	Assignment and Assumption
	E	  	Guaranty

  

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 CREDIT AGREEMENT

  
 CREDIT AGREEMENT (this
“Agreement”) is entered into as of November 3, 2004, among REWARDS NETWORK INC., a Delaware corporation (“Borrower”), each lender from time to time party hereto (collectively, the “Lenders”
and individually, a “Lender”), and BANK OF AMERICA, N.A., as Administrative Agent and L/C Issuer. 
  
 Borrower has requested that the Lenders provide a revolving credit facility, with a letter of credit subfacility, and the Lenders are willing to do so on
the terms and conditions set forth herein. In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows: 
  
 ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS 
  

1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 
  
 “Account” means any right to payment of a monetary
obligation owing to Borrower or any Subsidiary, whether constituting an “account”, “chattel paper”, “instruments”, “investment property” or a “general intangible” (each terms in quotations having the
definition ascribed to such term in Section 9-102 of the Uniform Commercial Code as in effect in the State of Illinois from time to time). 
  
 “Account Debtor” means any Person obligated on any Account. 
  
 “Accounts Payable” means all trade accounts payable of Borrower and its Subsidiaries on a consolidated
basis (other than Accounts Payable – Rights to Receive). 
  
 “Accounts Payable – Rights to Receive” means all amounts owing by Borrower and its Subsidiaries on such date to Restaurants in connection with the acquisition of Rights to Receive (which are listed on the balance sheet
of Borrower as “Accounts Payable – Rights to Receive”). 
  
 “Acquisition” means any transaction or series of related transactions for the purpose of or resulting, directly or indirectly, in (a) the acquisition by Borrower or a Subsidiary of all or
substantially all of the assets of a Person, or of any business or division of a Person, or (b) the acquisition by Borrower or a Subsidiary of in excess of 50% of the Equity Interests of any Person (other than a Person already a Subsidiary), or
otherwise causing any Person to become a Subsidiary. 
  
 “Administrative Agent” or “Agent” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent. 
  
 “Administrative Agent’s Office” means Agent’s
address and, as appropriate, account as set forth on Schedule 10.02, or such other address or account as Agent may from time to time notify Borrower and Lenders. 
  

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 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied
by Agent. 
  
 “Affiliate” means, with respect to
any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
  
 “Agent Fee Letter” has the meaning specified in Section 2.08(a). 
  
 “Aggregate Commitments” means the Commitments of all
Lenders. 
  
 “Agreement” means this Credit
Agreement. 
  
 “Applicable Percentage” means with
respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Commitments represented by such Lender’s Commitment at such time. If the commitment of each Lender to make Loans and the obligation of
the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02 or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined based on the Applicable Percentage of
such Lender most recently in effect, giving effect to any subsequent assignments. The initial Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to
which such Lender becomes a party hereto, as applicable. 
  
 “Applicable Rate” means, from time to time, the following percentages per annum, based upon the Leverage Ratio as set forth in the most recent Compliance Certificate received by Agent pursuant to Section
6.02(b): 
  
 Applicable Rate 
  

							
	 Pricing
 Level

	  	 Leverage Ratio

	  	 Applicable Rate for
 Eurodollar Rate Loans
 and Letter of Credit Fee

	  	 Commitment
 Fee


	 1
	  	< 1.50 to 1.00	  	1.25%	  	0.25%
	 2
	  	 3 1.50 to 1.00
but
 < 2.00 to 1.00
	  	1.50%	  	0.30%
	 3
	  	 3 2.00 to 1.00
but
 < 2.50 to 1.00
	  	1.75%	  	0.40%
	 4
	  	3 2.50 to 1.00	  	2.00%	  	0.50%

  
 Any increase or decrease in the
Applicable Rate resulting from a change in the Leverage Ratio shall become effective as of the 5th Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(b); provided, however,
that if a Compliance Certificate is not delivered when due in accordance with such Section, then Pricing Level 4 shall apply commencing on the 5th Business Day following the date such Compliance Certificate was 

  

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required to have been delivered (giving effect to any applicable grace periods) until the 5th Business Day following delivery of the overdue Compliance Certificate (at which time the Applicable Rate calculated therein shall take effect). The Applicable
Rate in effect from the Closing Date through the date that a Compliance Certificate with respect to the fiscal quarter ending September 30, 2004 is delivered or required to be delivered pursuant to Section 6.02(b) shall be determined based
upon Pricing Level 2. 
  
 “Assignment and
Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 10.06(b)), and accepted by Agent, in substantially the form of
Exhibit D or any other form approved by Agent. 
  
 “Attributable Indebtedness” means, on any date, (a) in respect of any capital lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance
with GAAP, and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if
such lease were accounted for as a capital lease. 
  
 “Audited 2003 Financial Statements” means the audited consolidated balance sheet of Borrower and its Subsidiaries for the fiscal year ended December 31, 2003, and the related consolidated statements of income or operations,
shareholders’ equity and cash flows for such fiscal year of Borrower and its Subsidiaries, including the notes thereto. 
  
 “Availability Period” means the period from and including the Closing Date to the earliest of (a) the Maturity Date, (b) the date of
termination of the Aggregate Commitments pursuant to Section 2.05, and (c) the date of termination of the commitment of each Lender to make Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to Section
8.02. 
  
 “Bank of America” means Bank of
America, N.A. and its successors. 
  
 “Base Rate”
means for any day a fluctuating rate per annum equal to the higher of (a) the Federal Funds Rate plus 1/2 of 1% and (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime
rate”. The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing
some loans, which may be priced at, above, or below such announced rate. Any change in such rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change. 
  
 “Base Rate Loan” means a Loan that bears interest based on
the Base Rate. 
  
 “Borrower” has the meaning
specified in the introductory paragraph hereto. 
  
 “Borrowing” means a borrowing consisting of simultaneous Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period, made by each of the Lenders pursuant to Section 2.01.

  

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 “Business Day” means any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any such day on which dealings in Dollar
deposits are conducted by and between banks in the London interbank eurodollar market. 
  
 “Cash Collateralize” has the meaning specified in Section 2.03(g). 
  
 “Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any
law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or directive
(whether or not having the force of law) by any Governmental Authority. 
  
 “Change of Control” means, with respect to Borrower, an event or series of events by which: 
  
 (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of
1934) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person
or group has the right to acquire (such right, an “option right”), whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of 40% or more of the equity securities of Borrower
entitled to vote for members of the board of directors or equivalent governing body of Borrower on a fully-diluted basis (and taking into account all such securities that such person or group has the right to acquire pursuant to any option right);

  
 (b) during any period of 12 consecutive
months, a majority of the members of the board of directors or other equivalent governing body of Borrower cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii)
whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent
governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at
least a majority of that board or equivalent governing body (excluding, in the case of both clause (ii) and clause (iii), any individual whose initial nomination for, or assumption of office as, a member of that board or equivalent
governing body occurs as a result of an actual or threatened solicitation of proxies or consents for the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more directors by or on
behalf of the board of directors); or 
  
 (c) any
“person” or “group” (as such terms are defined in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934) otherwise shall have acquired, whether by ownership of voting securities, contract or otherwise, or shall have
entered into any written agreement (excluding letters of intent and similar agreements which provide primarily for exclusivity of negotiation) that, upon consummation thereof, will result in its or their acquisition of (x) the 

  

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power to exercise, directly or indirectly, a controlling influence over the management or policies of such Person, or (y) control over the equity securities
of such Person entitled to vote for members of the board of directors or equivalent governing body of such Person on a fully-diluted basis (and taking into account all such securities that such individual(s) or entity(s) or group has the right to
acquire pursuant to any option right) representing 40% or more of the combined voting power of such securities. 
  
 “Closing Date” means the first date all the conditions precedent in Section 4.01 are satisfied or waived in accordance with
Section 10.01. 
  
 “Code” means the
Internal Revenue Code of 1986. 
  
 “Commitment” means, as to each Lender, its obligation to make Loans to Borrower pursuant to Section 2.01 and to purchase participations in L/C Obligations, in an aggregate principal amount at any one time outstanding
not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in
accordance with this Agreement. 
  
 “Compliance Certificate” means a certificate substantially in the form of Exhibit C. 
  
 “Consolidated EBITDA” means, for any period, for Borrower and its Subsidiaries on a consolidated basis, the sum of net income,
less income or plus loss from, in either case, discontinued operations and extraordinary items, plus income taxes, plus interest expense, plus depreciation, depletion, and amortization and, in the case of any
permitted Acquisition, calculated on a pro forma basis reasonably acceptable to Agent. 
  
 “Consolidated Funded Indebtedness” means, as of any date of determination, for Borrower and its Subsidiaries on a consolidated basis, without duplication, the sum of (a) the outstanding principal
amount of all obligations, whether current or long-term, for borrowed money (including Obligations hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments, (b) all purchase money
Indebtedness, (c) all direct obligations arising under letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments, (d) all obligations in respect of the deferred purchase
price of property or services (other than (x) trade accounts payable in the ordinary course of business and (y) contingent obligations, including earn-outs or similar contingent purchase price adjustments), (e) Attributable Indebtedness in respect
of capital leases and Synthetic Lease Obligations, (f) without duplication, all Guarantees with respect to outstanding Indebtedness of the types specified in clauses (a) through (e) above of Persons other than Borrower or any
Subsidiary, and (g) all Indebtedness of the types referred to in clauses (a) through (f) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which Borrower
or a Subsidiary is a general partner or joint venturer, unless such Indebtedness is expressly made non-recourse to Borrower or such Subsidiary. 
  
 “Consolidated Net Indebtedness” means, as of any date of determination, for Borrower and its Subsidiaries on a consolidated basis, the
sum of (a) Consolidated Funded Indebtedness 

  

 5 








 
less (without duplication) (b) an amount, if positive, equal to (i) the sum of (A) all cash and cash equivalents of Borrower and its Domestic
Subsidiaries as of such date plus (B) the value of all marketable securities of Borrower and its Domestic Subsidiaries as of such date less (ii) $10,000,000. 
  
 “Contract” means, with respect to a Restaurant, an agreement governing the purchase of Meals and Credits
under the Registered Card Program between Borrower or any Subsidiary and such Restaurant and any agreement with any other Person guaranteeing such agreement. 
  
 “Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or
other undertaking to which such Person is a party or by which it or any of its property is bound (other than such Person’s Organization Documents). 
  
 “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 
  
 “Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

  
 “Credits” means any Meal credits under the
Registered Card Program purchased by Borrower or any Subsidiary pursuant to a Contract with a Restaurant. 
  
 “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment
for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors
generally. 
  
 “Default” means any event or
condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. 
  
 “Defaulted Right to Receive” means a Right to Receive: (a) as to which no Credits have been used within the immediately preceding 52
weeks; provided that if a Right to Receive relates to an initial advance made to a Start-up Restaurant, such Right to Receive shall not be characterized as a “Defaulted Right to Receive” prior to the fourteenth week of such
Restaurant’s operations; (b) as to which an Event of Bankruptcy has occurred and is continuing with respect to the Restaurant which is the obligor with respect thereto; and (c) which has been identified by Borrower, any of its Subsidiaries or
Agent as uncollectible or has been, or should be, in the reasonable judgment of Agent written off as uncollectible. 
  
 “Default Rate” means (a) when used with respect to Obligations other than L/C Fees an interest rate equal to (i) the Base Rate
plus (ii) 2% per annum; provided, however, that with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan
plus 2% per annum, and (b) when used with respect to L/C Fees, a rate equal to the Applicable Rate plus 2% per annum. 
  

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 “Defaulting Lender” means any Lender that (a) has failed to fund any portion of the
Loans, participations in L/C Obligations required to be funded by it hereunder within one Business Day of the date required to be funded by it hereunder, (b) has otherwise failed to pay over to Agent or any other Lender any other amount required to
be paid by it hereunder within two Business Days of the date when due, unless the subject of a good faith dispute, or (c) has been deemed insolvent or become the subject of a bankruptcy or insolvency proceeding. 
  
 “De Minimis Acquisition” means any Acquisition having a
purchase price not in excess of $2,000,000; provided that the aggregate purchase price for all such Acquisitions shall not exceed $8,000,000 during the term of this Agreement. 
  
 “Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition
(including any sale and leaseback transaction) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

  
 “Dollar” and “$” mean lawful
money of the United States. 
  
 “Domestic
Subsidiary” means a Subsidiary of Borrower that is organized under the laws of the United States or any political subdivision thereof. 
  
 “Eligible Account” means, at any time, each Account (other than a Right to Receive) that is owed to Borrower or a Subsidiary, other than
any Account: 
  
 (a) (i) as to which the payment
thereof is more than 60 days past due as determined by the due date stated on the invoice therefor (or if such Account is not paid by reference to any invoice in the ordinary course of business but instead by reference to the terms of the agreements
creating such Account, such Account has not remained unpaid beyond 60 days after the due date therefor), (ii) as to which an Event of Bankruptcy has occurred and is continuing with respect to the Account Debtor which is the obligor with respect
thereto; or (iii) which has been identified by Borrower, any of its Subsidiaries or Agent as uncollectible or has been, or should be, in the reasonable judgment of Agent written off as uncollectible; 
  
 (b) that arises under a written Contractual Obligation other
than one that, together with such Account related thereto, is in full force and effect and constitutes the legal, valid and binding obligation of the related Account Debtor, enforceable against such Account Debtor in accordance with its terms,
except as may be limited by (i) bankruptcy, insolvency, reorganization, moratorium or similar Laws relating to or affecting creditors’ rights generally and (ii) general principles of equity, including, without limitation, concepts of
materiality, reasonableness, good faith and fair dealing and the possible unavailability of specific performance, regardless of whether considered in a proceeding at equity or at law; 
  
 (c) that, together with the Contractual Obligation related thereto, contravenes in any material
respect any Laws applicable thereto (including, without limitation, Laws relating to truth in lending, fair credit billing, fair credit reporting, equal credit 

  

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opportunity, fair debt collection practices and privacy) and with respect to which any part of the Contract related thereto is in violation of any such Law
in any material respect, in any such case, as determined by a final and nonappealable judgment by a court of competent jurisdiction; 
  
 (d) that was not generated in the ordinary course of business of Borrower or a Subsidiary; 
  
 (e) that is subject to any Lien or, in the reasonable
judgment of Agent, has been compromised, adjusted or modified (including by the extension of time for payment or the granting of any discounts, allowances or credits) or is subject to reduction by virtue of rights of counterclaim, recoupment or set
off; provided, however, that any Account that has been compromised, adjusted or modified or is otherwise subject to reduction only in part shall remain an Eligible Account to the extent not so compromised, adjusted, modified or subject
to reduction; 
  
 (f) that is owing by an Account
Debtor that is obligated to Borrower and its Subsidiaries respecting Accounts the aggregate unpaid balance of which exceeds two percent (2%) of the aggregate unpaid balance of all Accounts owing to Borrower and its Subsidiaries at such time by all
Account Debtors, provided that this exclusion shall only apply to the extent of such excess; or 
  
 (g) that is owing by an Account Debtor that (i) is an Affiliate of Borrower or any of its Subsidiaries, (ii) is not located in the United
States or a U.S. territory or in Canada, (iii) is a Governmental Authority, or (iv) is subject of any proceedings under any Debtor Relief Law. 
  
 “Eligible Assignee” means (a) a Lender; (b) an Affiliate of a Lender; or (c) any other Person (other than a natural person) approved by
(i) Agent and the L/C Issuer, and (ii) unless an Event of Default has occurred and is continuing, Borrower (each such approval not to be unreasonably withheld or delayed); provided that, notwithstanding the foregoing, “Eligible
Assignee” shall not include Borrower or any of Borrower’s Affiliates or Subsidiaries.  
  
 “Eligible Restaurant” means each Restaurant that satisfies the following eligibility criteria: 
  
 (a) the Restaurant is not an Affiliate of Borrower or any of
its Subsidiaries; 
  
 (b) the Restaurant is
located in the United States or a U.S. territory or in Canada; 
  
 (c) the Restaurant is not a Governmental Authority; 
  
 (d) the Restaurant is not the subject of any proceedings under any Debtor Relief Law; and 
  

 8 








 (e) the Restaurant has had activity/usage in the prior 52 weeks, provided that
such limitation shall not apply to a Start-up Restaurant prior to the 91st day of such Start-up Restaurant’s operations. 
  
 “Eligible Rights to Receive” means all Rights to Receive that are owing by an Eligible Restaurant, other than any Right to Receive:

  
 (a) that is a Defaulted Right to Receive;

  
 (b) that arises under a Contract other than
one that, together with such Right to Receive related thereto, is in full force and effect and constitutes the legal, valid and binding obligation of the related Restaurant, enforceable against such Restaurant in accordance with its terms, except as
may be limited by (i) bankruptcy, insolvency, reorganization, moratorium or similar Laws relating to or affecting creditors’ rights generally and (ii) general principles of equity, including, without limitation, concepts of materiality,
reasonableness, good faith and fair dealing and the possible unavailability of specific performance, regardless of whether considered in a proceeding at equity or at law; 
  
 (c) that, together with the Contract related thereto, contravenes in any material respect any Laws
applicable thereto (including, without limitation, Laws relating to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy) and with respect to which any part of the
Contract related thereto is in violation of any such Law in any material respect, in any such case, as determined by a final and nonappealable judgment by a court of competent jurisdiction; 
  
 (d) that was not generated in the ordinary course of
business of Borrower or a Subsidiary; 
  
 (e)
that is subject to any Lien or, in the reasonable judgment of Agent, has been compromised, adjusted or modified (including by the extension of time for payment or the granting of any discounts, allowances or credits) or is subject to reduction by
virtue of rights of counterclaim, recoupment or set off; provided, however, that any Right to Receive that has been compromised, adjusted or modified or is otherwise subject to reduction only in part shall remain an Eligible Right to
Receive to the extent not so compromised, adjusted, modified or subject to reduction; 
  
 (f) that is owing by a Start-up Restaurant other than a Start-up Restaurant the majority owner of which is affiliated with at least one
other Eligible Restaurant participating in the Registered Card Program; 
  
 (g) that is owing by a Restaurant that is obligated to Borrower and its Subsidiaries respecting Rights to Receive the aggregate unpaid balance of which exceeds two percent (2%) of the aggregate unpaid balance of all
Rights to Receive owing to 

  

 9 








 
Borrower and its Subsidiaries at such time by all Restaurants, provided that this exclusion shall only apply to the extent of such excess; or

  
 (h) that is owing by a Start-up Restaurant to
the extent that the unpaid balance of all Rights to Receive owing by Start-up Restaurants exceeds five percent (5%) of the aggregate unpaid balance of all Rights to Receive owing to Borrower and its Subsidiaries at such time by all Restaurants,
provided that this exclusion shall only apply to the extent of such excess. 
  
 “Environmental Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises,
licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and
discharges to waste or public systems. 
  
 “Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of Borrower, any other Loan Party or any of their respective Subsidiaries
directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d)
the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
  
 “Equity Interests” means, with respect to any Person, all of
the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit
interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person
of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options,
rights or other interests are outstanding on any date of determination. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974. 
  
 “ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of
the Code for purposes of provisions relating to Section 412 of the Code). 
  
 “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a withdrawal by Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year
in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by Borrower or any ERISA


  

 10 








 
Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the
treatment of a Plan amendment as a termination under Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under Section
4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer Plan; or (f) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under
Section 4007 of ERISA, upon Borrower or any ERISA Affiliate. 
  
 “Eurodollar Base Rate” has the meaning specified in the definition of Eurodollar Rate. 
  
 “Eurodollar Rate” means, for any Interest Period with respect to a Eurodollar Rate Loan, a rate per annum determined by Agent pursuant to
the following formula: 
  

							
	 Eurodollar Rate
	  	=	  	Eurodollar Base Rate	  	 
	 	  	 	  	 1.00 – Eurodollar Reserve Percentage
	  	 

  
 Where, 
  
 “Eurodollar Base Rate” means, for such
Interest Period (rounded upwards, as necessary, to the nearest 1/100 of 1%) the rate per annum equal to the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters (or other commercially available source
providing quotations of BBA LIBOR as designated by Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such
Interest Period) with a term equivalent to such Interest Period. If such rate is not available at such time for any reason, then the “Eurodollar Base Rate” for such Interest Period shall be the rate per annum determined by Agent to
be the rate at which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Eurodollar Rate Loan being made, continued or converted by Bank of America and with a term equivalent
to such Interest Period would be offered by Bank of America’s London Branch to major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two Business Days prior to the commencement of such
Interest Period. 
  
 “Eurodollar Reserve
Percentage” means, for any day during any Interest Period, the reserve percentage (expressed as a decimal, carried out to five decimal places) in effect on such day, whether or not applicable to any Lender, under regulations issued from
time to time by the FRB for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as “Eurocurrency
liabilities”). The Eurodollar Rate for each outstanding Eurodollar Rate Loan shall be adjusted automatically as of the effective date of any change in the Eurodollar Reserve Percentage. 
  
 “Eurodollar Rate Loan” means a Loan that bears interest at a
rate based on the Eurodollar Rate. 
  

 11 








 “Event of Bankruptcy” means, with respect to any Person, (a) that such Person (i) shall
generally not pay its debts as such debts become due or (ii) shall admit in writing its inability to pay its debts generally or (iii) shall make a general assignment for the benefit of creditors; (b) any proceeding shall be instituted by or against
such Person seeking to adjudicate it as bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or
reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or any substantial part of its property and, in the case of a proceeding instituted by a
party other than such Person, such proceeding shall continue undismissed, unstayed and in effect for a period of 60 consecutive days or (c) if such Person is a corporation or other legal entity, such Person or any Subsidiary shall take any corporate
or other entity-level action to authorize any of the actions set forth in the preceding clauses (a) or (b). 
  
 “Event of Default” has the meaning specified in Section 8.01. 
  
 “Excluded Taxes” means, with respect to Agent, any Lender, the L/C Issuer or any other recipient of any
payment to be made by or on account of any obligation of Borrower hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or
any political subdivision thereof) under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable Lending Office is located, (b) any branch profits taxes imposed
by the United States or any similar tax imposed by any other jurisdiction in which Borrower is located and (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by Borrower under Section 10.10), any withholding tax
that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party hereto (or designates a new lending office) or is attributable to such Foreign Lender’s failure or inability (other than as a result of a
Change in Law) to comply with Section 3.01(e), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from
Borrower with respect to such withholding tax pursuant to Section 3.01(a). 
  
 “Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by
Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate
on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate
(rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by Agent. 
  
 “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which Borrower is resident for
tax purposes. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 
  

 12 








 “Foreign Subsidiary” means a Subsidiary of Borrower that is not a Domestic Subsidiary.

  
 “FRB” means the Board of Governors of the
Federal Reserve System of the United States. 
  
 “GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and
statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in the United States, that are applicable to the circumstances as of the date
of determination, consistently applied. 
  
 “Governmental
Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 
  
 “Guarantee” means, as to any Person, (a) any obligation,
contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or
indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or
services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial
statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the
obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any
Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of
any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 
  
 “Guarantors” means, collectively or individually as the context may indicate, each of the Domestic
Subsidiaries of Borrower at the Closing Date (other than RTR Funding) and each other Domestic Subsidiary of Borrower who becomes a party to the Guaranty by the execution and delivery of a Guaranty Joinder Agreement. 
  

 13 








 “Guaranty” means the Guaranty made by the Guarantors in favor of Agent for the benefit
of the Lenders, substantially in the form of Exhibit E, as supplemented from time to time by the execution and delivery of Guaranty Joinder Agreements pursuant to Section 6.13 or otherwise. 
  
 “Guaranty Joinder Agreement” means each Guaranty Joinder
Agreement, substantially in the form thereof attached to the Guaranty, executed and delivered by a Domestic Subsidiary to Agent for the benefit of the Lenders pursuant to Section 6.13 or otherwise. 
  
 “Hazardous Materials” means all explosive or radioactive
substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and
all other substances or wastes of any nature, in each case regulated pursuant to any Environmental Law. 
  
 “Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not included as
indebtedness or liabilities in accordance with GAAP: 
  
 (a) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments; 
  
 (b) all direct or contingent obligations of such Person arising under letters of credit (including standby
and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; 
  
 (c) net obligations of such Person under any Swap Contract; 
  
 (d) all obligations of such Person to pay the deferred purchase price of property or services (other than
(x) Accounts Payable - Rights to Receive in the ordinary course of business, (y) Accounts Payable in the ordinary course of business that are not past due for more than 60 days after the date on which such Account Payable was created and (z)
contingent obligations, including earn-outs or similar contingent purchase price adjustments); 
  
 (e) indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including
indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; 
  
 (f) capital leases and Synthetic Lease Obligations; 
  
 (g) all obligations of such Person to purchase, redeem,
retire, defease or otherwise make any payment in respect of any Equity Interest in such Person or any other Person, whether mandatory or by virtue of the happening of a particular event or series of events, on or prior to the date that is 91 days
after the Maturity Date, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and 
  
 (h) all Guarantees of such Person in respect of any of the
foregoing. 
  

 14 








 For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership
or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The amount
of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any capital lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of
Attributable Indebtedness in respect thereof as of such date. 
  
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 
  
 “Indemnitees” has the meaning specified in Section 10.04(b). 
  
 “Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable to such
Loan and the Maturity Date; provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be
Interest Payment Dates; and (b) as to any Base Rate Loan, the last Business Day of each March, June, September and December and the Maturity Date. 
  
 “Interest Period” means, as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is disbursed or
converted to or continued as a Eurodollar Rate Loan and ending on the date one, two, three or six months (or, if available to all Lenders, nine or 12 months) thereafter, as selected by Borrower in its Loan Notice; provided that: 

 
 (i) any Interest Period that would otherwise end on a day
that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 
  
 (ii) any Interest Period that begins on the last Business
Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and

  
 (iii) no Interest Period shall extend beyond
the Maturity Date. 
  
 “Investment” means, as to
any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of capital stock or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee
or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the
investor Guarantees Indebtedness of such other Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all of the assets of another Person that constitute a business unit. For
purposes of compliance with Section 7.02, the amount of any Investment shall be the 

  

 15 








 
amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment. 
  
 “IRS” means the United States Internal Revenue Service.

  
 “ISP” means, with respect to any Letter of
Credit, the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance). 
  
 “Issuer Documents” means with respect to any Letter of
Credit, the L/C Application, and any other document, agreement and instrument entered into by the L/C Issuer and Borrower (or any Subsidiary) or in favor of the L/C Issuer and relating to any such Letter of Credit. 
  
 “Laws” means, collectively, all international, foreign,
Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged
with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or
not having the force of law. 
  
 “L/C Advance”
means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Percentage. 
  
 “L/C Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in
use by the L/C Issuer. 
  
 “L/C Borrowing” means
an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Borrowing. 
  
 “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the
increase of the amount thereof. 
  
 “L/C Expiration
Date” means the day that is seven days prior to the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day). 
  
 “L/C Fee” has the meaning specified in Section 2.03(i). 
  
 “L/C Issuer” means Bank of America in its capacity as issuer
of Letters of Credit hereunder, or any successor issuer of Letters of Credit hereunder. 
  
 “L/C Obligations” means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all outstanding Unreimbursed
Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. For all purposes of this
Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be 

  

 16 








 
deemed to be “outstanding” in the amount so remaining available to be drawn (but, subject to applicable provisions relating to Cash
Collateralization of Letters of Credit, no violation of this Agreement shall be attributable solely to such extended period of available drawing). 
  
 “L/C Sublimit” means an amount equal to $5,000,000. The L/C Sublimit is part of, and not in addition to, the Aggregate Commitments.
 
  
 “Lender” has the meaning specified in
the introductory paragraph hereto. 
  
 “Lending
Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify Borrower and Agent.

  
 “Letter of Credit” means any standby letter
of credit issued hereunder. 
  
 “Leverage Ratio”
means, as of any date of determination, for Borrower and its Subsidiaries on a consolidated basis, the ratio of (a) Consolidated Net Indebtedness as of such date to (b) Consolidated EBITDA for the most recently ended period of four fiscal quarters.

  
 “Lien” means any mortgage, pledge,
hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever
(including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing).

  
 “Loan” has the meaning specified in
Section 2.01. 
  
 “Loan Documents” means
this Agreement, each Note, each Issuer Document, the Agent Fee Letter and the Guaranty. 
  
 “Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in
writing, shall be substantially in the form of Exhibit A. 
  
 “Loan Parties” means, collectively, Borrower and each Guarantor. 
  
 “Loan Party Net Income” means, for any period of measurement thereof, the net income, calculated in accordance with GAAP, of Borrower and the Guarantors on a consolidated basis for such period, and,
in the case of any permitted Acquisition, calculated on a pro forma basis reasonably acceptable to Agent. 
  
 “Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business, properties
or condition (financial or otherwise) of Borrower and its Subsidiaries taken as a whole; (b) a material impairment of the ability of any Loan Party to perform its obligations under any Loan Document to which it is a party; or (c) a material adverse
effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party. 
  

 17 








 “Material Agreement” means, as of any date of determination thereof, any Contractual
Obligation of Borrower or any Subsidiary which individually produced 20% or more of the gross revenues of Borrower and its Subsidiaries for the fiscal quarter of Borrower most recently ended and for which financial statements have been delivered
hereunder or are publicly available. 
  
 “Maturity
Date” means July 13, 2008. 
  
 “Maximum Available
Amount” means, as of any date of measurement thereof, the Aggregate Commitments in effect on such date or, if Senior Debt exceeds $20,000,000 on such date, the lesser of (a) the Aggregate Commitments in effect on such date and (b) an
amount equal to the following measured as of the last day of the most recently ended fiscal quarter of Borrower: (i) the sum of (x) 50% of Net Eligible Rights to Receive and (y) 80% of Eligible Accounts less (ii) Accounts Payable. 

 
 “Meals” means food and beverages. 
  
 “Member Agreements” means all of the agreements executed by
Members in connection with the Registered Card Program in which Members either register or use their credit card accounts with a Restaurant and receive rebates and/or other benefits in connection with the food and beverages purchased by such Members
at Restaurants. 
  
 “Members” means Persons who
are parties to the Member Agreements. 
  
 “Multiemployer
Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been
obligated to make contributions. 
  
 “Net Eligible Rights
to Receive” means, as of any date of measurement thereof, all Eligible Rights to Receive on such date less all Accounts Payable – Rights to Receive. 
  
 “Net Worth” means, as of any date of measurement thereof for Borrower and its Subsidiaries on a
consolidated basis, the value of total assets (including leaseholds and leasehold improvements and reserves against assets but excluding monies due from Affiliates, officers, directors, employees, shareholders, members or managers) less Total
Liabilities. 
  
 “Note” means a promissory note
made by Borrower in favor of a Lender evidencing Loans made by such Lender, substantially in the form of Exhibit B. 
  
 “Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan
Document or otherwise with respect to any Loan or Letter of Credit or any Related Credit Arrangement, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter
arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of
whether such interest and fees are allowed claims in such proceeding. 
  

 18 








 “Organization Documents” means, (a) with respect to any corporation, the certificate or
articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and
operating agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization and any agreement, instrument, filing or
notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation or
organization of such entity. 
  
 “Other Taxes”
means all present or future stamp, intangible or documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or
enforcement of, or otherwise with respect to, this Agreement or any other Loan Document. 
  
 “Outstanding Amount” means (a) with respect to Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Loans
occurring on such date; and (b) with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of
the L/C Obligations as of such date, including as a result of any reimbursements by Borrower of Unreimbursed Amounts. 
  
 “Participant” has the meaning specified in Section 10.06(d). 
  
 “PBGC” means the Pension Benefit Guaranty Corporation. 
  
 “Pension Plan” means any “employee pension benefit
plan” (as such term is defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by Borrower or any ERISA Affiliate or to which Borrower or any ERISA Affiliate
contributes or has an obligation to contribute, or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five plan years. 
  
 “Person” means any natural person, corporation, limited
liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
  
 “Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of ERISA) other than a Multiemployer Plan
that is established by Borrower or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any ERISA Affiliate. 
  
 “Register” has the meaning specified in Section 10.06(c). 
  
 “Registered Card Program” mean a program operated by Borrower or any of its Subsidiaries pursuant to which
Members receive rebates and/or other benefits in connection with food and beverage purchases at Restaurants, hotels or other merchants by registering or using their credit card accounts in accordance with terms of the Member Agreements. 

 

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 “Related Credit Arrangement” means, collectively, any Related Swap Contracts and any
Related Treasury Management Arrangements. 
  
 “Related
Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 
  
 “Related Swap Contracts” means all Swap Contracts which are
entered into or maintained with the Lender or an Affiliate of the Lender. 
  
 “Related Treasury Management Arrangement” means all arrangements for the delivery of treasury management services to or for the benefit of any Loan Party which are entered into or maintained with the
Lender or an Affiliate of the Lender. 
  
 “Reportable
Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived. 
  
 “Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Loans, a Loan Notice, and (b) with
respect to an L/C Credit Extension, a L/C Application. 
  
 “Required Lenders” means, as of any date of determination, (a) if there are two or fewer Lenders, all of the Lenders, (b) if there are more than two Lenders but fewer than five Lenders, Lenders having more than 66  2/3% of the Aggregate Commitments or, if the commitment of each Lender to make Loans and the obligation of the L/C
Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, Lenders holding in the aggregate more than 66  2/3% of the Total Outstandings (with the aggregate amount of each Lender’s risk participation and funded participation in L/C Obligations being deemed “held” by such Lender for purposes of
this definition), and (c) if there are five or more Lenders, Lenders having more than 50% of the Aggregate Commitments or, if the commitment of each Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been
terminated pursuant to Section 8.02, Lenders holding in the aggregate more than 50% of the Total Outstandings (with the aggregate amount of each Lender’s risk participation and funded participation in L/C Obligations being deemed
“held” by such Lender for purposes of this definition); provided that, the Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a
determination of Required Lenders. 
  
 “Responsible Officer” means the chief executive officer, president, chief financial officer, vice president-finance, treasurer or assistant treasurer of a Loan Party. Any document delivered hereunder that is signed by a
Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have
acted on behalf of such Loan Party. 
  
 “Restaurant” means, with respect to any Contract, the Person or Persons obligated to provide Credits or make payments with respect to such Contract, including any guarantor thereof. 
  

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 “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any capital stock or other Equity Interest of Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the
purchase, redemption, retirement, acquisition, cancellation or termination of any such capital stock or other Equity Interest or on account of any return of capital to Borrower’s stockholders, partners or members (or the equivalent Person
thereof). 
  
 “Rights to Receive” means all
outstanding rights to receive and indebtedness owing to Borrower or any Subsidiary by a Restaurant under a Contract, whether constituting an account, chattel paper, instruments, investment property or general intangible, including, without
limitation, all (a) rights to receive Meals or Credits in respect thereof under the Registered Card Program purchased by Borrower or any Subsidiary thereof from any Restaurant pursuant to any Contract, (b) rights of Borrower or any Subsidiary to, in
and under any Contract with a Restaurant, and (c) rights of Borrower or any Subsidiary, whether now existing or hereafter arising, to recover payments from a Restaurant’s account in connection with the purchase of Meals by any Member at such
Restaurant. 
  
 “RTR Funding” means RTR Funding
LLC, a Delaware limited liability company. 
  
 “Senior
Debt” means Indebtedness of Borrower and its Subsidiaries other than the Subordinated Notes and other Subordinated Liabilities. 
  
 “Start-up Restaurant” means any newly opened Restaurant that has operated for less than six months. 
  
 “Subordinated Liabilities” means the obligations with
respect to the Subordinated Notes and any other liabilities subordinated to the Obligations in a manner reasonably acceptable to Agent in its sole discretion. 
  

“Subordinated Note Documents” means the Subordinated Notes, the Subordinated Note Indenture and all other instruments and agreements
executed or delivered by any Loan Party to or in favor of any of the holders of the Subordinated Notes or the trustee under the Subordinated Note Indenture. 
  
 “Subordinated Note Indenture” means that certain Indenture dated as of October 15, 2003, as amended and restated as of February 4, 2004,
between Borrower and LaSalle Bank National Association, as Trustee. 
  
 “Subordinated Notes” means the 3.25% convertible subordinated debentures of Borrower due 2023 in the original maximum principal amount of $70,000,000 issued pursuant to the Subordinated Note Indenture. 
  
 “Subsidiary” of a Person means a corporation, partnership,
joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or
interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or 

  

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indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to
“Subsidiaries” shall refer to a Subsidiary or Subsidiaries of Borrower; provided that, “Subsidiary” shall not include 47K Corp., a New Jersey corporation for purposes of this Agreement and the other Loan Documents.

  
 “Swap Contract” means (a) any and all rate
swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or
forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap
transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to
any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives
Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or
liabilities under any Master Agreement. 
  
 “Swap
Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap
Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such
Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include a Lender or any Affiliate of a Lender). 
  
 “Synthetic Lease Obligation” means the monetary obligation
of a Person under a so-called synthetic, tax retention or similar off-balance sheet lease (but excluding any obligations under a true operating lease of any such Person). 
  
 “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
  
 “Threshold Amount” means $2,500,000.  
  
 “Total Liabilities” means the sum of current liabilities plus long term liabilities. 
  
 “Total Outstandings” means the aggregate Outstanding Amount
of all Loans and all L/C Obligations. 
  
 “Type”
means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan. 
  

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 “Unfunded Pension Liability” means the excess of a Pension Plan’s benefit
liabilities under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding the Pension Plan pursuant to Section 412 of the Code for the applicable plan
year. 
  
 “United States” and
“U.S.” mean the United States of America. 
  
 “Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i). 
  
 1.02 Other Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such
other Loan Document: 
  
 (a) The definitions of terms herein shall
apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word
“shall”. Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Loan Document, Subordinated Note Document or Organization Document) shall be construed
as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan
Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “herein,” “hereof” and “hereunder” and words of similar
import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing
or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
  
 (b) In the computation of periods of time from a specified date to a later
specified date, the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding”; and the word “through” means
“to and including”. 
  
 (c) Section headings
herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document. 
  
 1.03 Accounting Terms. (a) Generally. All accounting terms not specifically or completely defined herein shall
be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in


  

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effect from time to time, applied in a manner consistent with that used in preparing the Audited 2003 Financial Statements, except as otherwise
specifically prescribed herein. 
  
 (b) Changes in GAAP. If
at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either Borrower or the Required Lenders shall so request, Agent, Lenders and Borrower shall negotiate in good faith
to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be
computed in accordance with GAAP prior to such change therein and (ii) Borrower shall provide to Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a
reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. 
  
 1.04 Rounding. Any financial ratios required to be maintained by Borrower pursuant to this Agreement shall be calculated by dividing the
appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest
number). 
  
 1.05 Times of Day. Unless otherwise specified,
all references herein to times of day shall be references to Central time (daylight or standard, as applicable). 
  
 1.06 Letter of Credit Amounts. Unless otherwise specified herein the amount of a Letter of Credit at any time shall be deemed to be the stated
amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases
in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such
time. 
  
 ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS 
  
 2.01 Loans. Subject to the terms and conditions set forth herein, each
Lender severally agrees to make loans (each such loan, a “Loan”) to Borrower from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of such
Lender’s Commitment; provided, however, that after giving effect to any Borrowing, (a) the Total Outstandings shall not exceed the Maximum Available Amount, and (b) the aggregate Outstanding Amount of the Loans of any Lender,
plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations shall not exceed such Lender’s Commitment. Within the limits of each Lender’s Commitment, and subject to the other terms and conditions
hereof, Borrower may borrow under this Section 2.01, prepay under Section 2.04, and reborrow under this Section 2.01. Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 
  
 2.02 Borrowings, Conversions and Continuations of Loans. (a) Each
Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurodollar Rate 

  

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Loans shall be made upon Borrower’s irrevocable notice to Agent, which may be given by telephone. Each such notice must be received by Agent not later
than 10:00 a.m. (i) three Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date of any
Borrowing of Base Rate Loans in duration as provided in the definition of “Interest Period”, whereupon Agent shall give prompt notice to Lenders of such request and determine whether the requested Interest Period is acceptable to all of
them; provided, however, that if Borrower wishes to request Eurodollar Rate Loans having an Interest Period other than one, two, three or six months in duration as provided in the definition of “Interest Period”, the
applicable notice must be received by Agent not later than 10:00 a.m., four Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base
Rate Loans, whereupon not later than 10:00 a.m., three Business Days before the requested date of any such Borrowing of, conversion to or continuation of Eurodollar Rate Loans (the “Eurodollar Cut-Off Time”), Agent shall notify
Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented to by all Lenders. Each telephonic notice by Borrower pursuant to this Section 2.02(a) must be confirmed promptly by delivery to Agent
of a written Loan Notice, appropriately completed and signed by a Responsible Officer of Borrower. Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of $2,000,000 or a whole multiple of $500,000
in excess thereof. Except as provided in Sections 2.03(c), each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each Loan Notice (whether telephonic
or written) shall specify (i) whether Borrower is requesting a Borrowing, a conversion of Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case
may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of Loans to be borrowed or to which existing Loans are to be converted, and (v) if applicable, the duration of the
Interest Period with respect thereto. If Borrower delivers a Loan Notice for a new Borrowing but fails to specify a Type of Loan, then the applicable Loans shall be made as Eurodollar Rate Loans having an Interest Period of one month if such Loan
Notice was submitted prior to the Eurodollar Cut-Off Time, and otherwise as Base Rate Loans. If Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Loan Notice, but fails to specify an Interest
Period, it will be deemed to have specified an Interest Period of one month. In addition to the foregoing, at any time that a Eurodollar Rate Loan is outstanding, if Borrower fails either to (x) deliver a Loan Notice requesting a conversion or
continuation of such Eurodollar Rate Loan or (y) notify Agent of Borrower’s intent to prepay such Eurodollar Rate Loan in accordance with Section 2.04, in either case prior to 10:00 a.m. on that date that is three Business Days prior to
the expiration of the then-current Interest Period for such Eurodollar Rate Loan, Borrower will be deemed to have submitted a Loan Notice requesting that such Loan be continued as a Eurodollar Rate Loan having an Interest Period of one month.

  
 (b) Following receipt (or deemed receipt) of a Loan Notice,
Agent shall promptly notify each Lender of the amount of its Applicable Percentage of the applicable Loans. In the case of a Borrowing, each Lender shall make the amount of its Loan available to Agent in immediately available funds at Administrative
Agent’s Office not later than 12:00 noon on the Business Day specified in the applicable Loan Notice. Upon satisfaction of the applicable 

  

 25 








 
conditions set forth in this Section and in Section 4.02 (and, if such Borrowing is the initial Credit Extension, Section 4.01), Agent shall
make all funds so received available to Borrower in like funds as received by Agent either by (i) crediting the account of Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in
accordance with instructions provided to (and reasonably acceptable to) Agent by Borrower; provided, however, that if, on the date the Loan Notice with respect to such Borrowing is given by Borrower, there are L/C Borrowings
outstanding, then the proceeds of such Borrowing first, shall be applied, to the payment in full of any such L/C Borrowings, and second, shall be made available to Borrower as provided above. 
  
 (c) Except as otherwise provided herein, a Eurodollar Rate Loan may be
continued or converted only on the last day of an Interest Period for such Eurodollar Rate Loan. During the existence of a Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of the Required
Lenders, and the Required Lenders may demand that any or all of the then outstanding Eurodollar Rate Loans be converted immediately to Base Rate Loans and Borrower agrees to pay all amounts due under Section 3.05 in accordance with the terms
thereof due to any such conversion. 
  
 (d) Agent shall promptly
notify Borrower and Lenders of the interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. 
  
 (e) After giving effect to all Borrowings, all conversions of Loans from one Type to the other, and all continuations of Loans as the same Type, there
shall not be more than five Interest Periods in effect with respect to Loans. 
  
 2.03 Letters of Credit. 
  
 (a) The Letter of Credit Commitment. 
  
 (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the agreements of the other Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period
from the Closing Date until the L/C Expiration Date, to issue Letters of Credit for the account of Borrower, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings
under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of Borrower and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to
any Letter of Credit, (x) the Total Outstandings shall not exceed the Maximum Available Amount, (y) the aggregate Outstanding Amount of the Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of all
L/C Obligations shall not exceed such Lender’s Commitment, or (z) the Outstanding Amount of the L/C Obligations shall not exceed the L/C Sublimit. Each request by Borrower for the issuance or amendment of a Letter of Credit shall be deemed to
be a representation by Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, Borrower’s
ability to obtain Letters of Credit shall be fully revolving, and accordingly Borrower may, during the foregoing period, obtain 

  

 26 








 
Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. 
  
 (ii) The L/C Issuer shall not issue any Letter of Credit if:

  
 (A) subject to Section 2.03(b)(iv),
the expiry date of such requested Letter of Credit would occur more than twelve months after the date of issuance or last extension, unless the Required Lenders have approved such expiry date; or 
  
 (B) the expiry date of such requested Letter of Credit would
occur after the L/C Expiration Date, unless all the Lenders have approved such expiry date. 
  
 (iii) The L/C Issuer shall be under no obligation to issue any Letter of Credit if: 
  
 (A) any order, judgment or decree of any Governmental
Authority or arbitrator shall by its terms purport to enjoin or restrain the L/C Issuer from issuing such Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or not having the force of law) from any
Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the L/C Issuer with
respect to such Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed loss, cost or
expense which was not applicable on the Closing Date and which the L/C Issuer in good faith deems material to it; 
  
 (B) the issuance of such Letter of Credit would violate one or more policies of the L/C Issuer; 
  
 (C) except as otherwise agreed by Agent and the L/C Issuer,
such Letter of Credit is in an initial stated amount less than $100,000; 
  
 (D) such Letter of Credit is to be denominated in a currency other than Dollars; 
  
 (E) a default of any Lender’s obligations to fund under Section 2.03(c) exists or any Lender is at such time a Defaulting
Lender hereunder, unless the L/C Issuer has entered into satisfactory arrangements with Borrower or such Lender to eliminate the L/C Issuer’s risk with respect to such Lender; or 
  
 (F) unless specifically provided for in this Agreement, such Letter of Credit contains any provisions for
automatic reinstatement of the stated amount after any drawing thereunder. 
  
 (iv) The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be permitted at such time to issue such Letter of Credit in its amended form under the terms hereof. 
  

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 (v) The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A) the
L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. 

 
 (vi) The L/C Issuer shall act on behalf of the Lenders
with respect to any Letters of Credit issued by it and the documents associated therewith, and the L/C Issuer shall have all of the benefits and immunities (A) provided to Agent in Article IX with respect to any acts taken or omissions
suffered by the L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” or “Agent” as
used in Article IX included the L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to the L/C Issuer. 
  
 (b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit. 

 
 (i) Each Letter of Credit shall be issued or amended, as
the case may be, upon the request of Borrower delivered to the L/C Issuer (with a copy to Agent) in the form of a L/C Application, appropriately completed and signed by a Responsible Officer of Borrower. Such L/C Application must be received by the
L/C Issuer and Agent not later than 10:00 a.m. at least two Business Days (or such later date and time as Agent and the L/C Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment,
as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such L/C Application shall specify in form and detail satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which
shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any
certificate to be presented by such beneficiary in case of any drawing thereunder; and (G) such other matters as the L/C Issuer may require. In the case of a request for an amendment of any outstanding Letter of Credit, such L/C Application shall
specify in form and detail satisfactory to the L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the
L/C Issuer may require. Additionally, Borrower shall furnish to the L/C Issuer and Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or
Agent may require. 
  
 (ii) Promptly after
receipt of any L/C Application at the address set forth in Section 10.02 for receiving L/C Applications and related correspondence, the L/C Issuer will confirm with Agent (by telephone or in writing) that Agent has received a copy of such L/C
Application from Borrower and, if not, the L/C Issuer will provide Agent with a copy thereof. Unless the L/C Issuer has received written notice from any Lender, Agent or any Loan Party, at least one Business Day prior to the requested date of
issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions in Article IV shall not then be satisfied, then, subject to the terms and conditions hereof, the 

  

 28 








 
L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of Borrower or enter into the applicable amendment, as the case may be, in
each case in accordance with the L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from
the L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Lender’s Applicable Percentage times the amount of such Letter of Credit. 
  
 (iii) Promptly after its delivery of any Letter of Credit or
any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to Borrower and Agent a true and complete copy of such Letter of Credit or amendment. 
  
 (iv) If Borrower so requests in any applicable L/C
Application, the L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such
Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not
later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, Borrower shall not be required to make a
specific request to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to permit the extension of such Letter of Credit
at any time to an expiry date not later than the L/C Expiration Date; provided, however, that the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it would not be permitted, or would have no
obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.03(a) or otherwise), or (B) it has received
notice (which may be by telephone or in writing) on or before the day that is five Business Days before the Non-Extension Notice Date (1) from Agent that the Required Lenders have elected not to permit such extension or (2) from Agent, any Lender or
Borrower that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, and in each such case directing the L/C Issuer not to permit such extension. 
  
 (c) Drawings and Reimbursements; Funding of Participations. 
  
 (i) Upon receipt from the beneficiary of any Letter of
Credit of any notice of a drawing under such Letter of Credit, the L/C Issuer shall notify Borrower and Agent thereof. Not later than 11:00 a.m. on the date of any payment by the L/C Issuer under a Letter of Credit (each such date, an “Honor
Date”), if Borrower shall have received notice of the applicable drawing prior to 10:00 a.m. on the Honor Date (or, if such notice is received later than 10:00 a.m. on the Honor Date, then not later than 11:00 a.m. on (x) the Business Day
that Borrower receives such notice, if such notice is received prior to 10:00 a.m., or (y) the Business Day immediately following the day that Borrower receives such notice, if such notice is received after 10:00 a.m.), Borrower shall 

  

 29 








 
reimburse the L/C Issuer through Agent in an amount equal to the amount of such drawing. If Borrower fails to so reimburse the L/C Issuer by such time, Agent
shall promptly notify each Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Lender’s Applicable Percentage thereof. In such event, Borrower shall be deemed to
have requested a Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans,
but subject to the amount of the unutilized portion of the Aggregate Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice). Any notice given by the L/C Issuer or Agent pursuant to this Section
2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 
  
 (ii) Each Lender shall upon any notice pursuant to
Section 2.03(c)(i) make funds available to Agent for the account of the L/C Issuer at the Administrative Agent’s Office in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later than 12:00 noon on the Business
Day specified in such notice by Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each Lender that so makes funds available shall be deemed to have made a Base Rate Loan to Borrower in such amount and Borrower’s
obligation to repay the Unreimbursed Amount shall be deemed discharged and replaced to the extent of such deemed Base Rate Loan. Agent shall remit the funds so received to the L/C Issuer. 
  
 (iii) With respect to any Unreimbursed Amount that is not
fully refinanced by a Borrowing of Base Rate Loans because the conditions set forth in Section 4.02 cannot be satisfied or for any other reason, Borrower shall be deemed to have incurred from the L/C Issuer an L/C Borrowing in the amount of
the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Lender’s payment to Agent for the account of the
L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this
Section 2.03. 
  
 (iv) Until each Lender
funds its Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse the L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage of such amount shall be solely for the
account of the L/C Issuer. 
  
 (v) Each
Lender’s obligation to make Loans or L/C Advances to reimburse the L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any
circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the L/C Issuer, Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or
(C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, 

  

 30 








 
however, that each Lender’s obligation to make Loans pursuant to this Section 2.03(c) is subject to the conditions set forth in Section
4.02 (other than delivery by Borrower of a Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of Borrower to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer under any
Letter of Credit, together with interest as provided herein. 
  
 (vi) If any Lender fails to make available to Agent for the account of the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time
specified in Section 2.03(c)(ii), the L/C Issuer shall be entitled to recover from such Lender (acting through Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which
such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any
administrative, processing or similar fees customarily charged by the LC/ Issuer in connection with the foregoing. A certificate of the L/C Issuer submitted to any Lender (through Agent) with respect to any amounts owing under this clause (vi) shall
be conclusive absent manifest error. 
  
 (d) Repayment of
Participations. 
  
 (i) At any time after the
L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if Agent receives for the account of the L/C Issuer any
payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from Borrower or otherwise, including proceeds of Cash Collateral applied thereto by Agent), Agent will distribute within a reasonable time to such Lender
its Applicable Percentage thereof (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s L/C Advance was outstanding) in the same funds as those received by Agent. 
  
 (ii) If any payment received by Agent for the account of the
L/C Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 10.05 (including pursuant to any settlement entered into by the L/C Issuer in its discretion), each Lender shall
pay to Agent for the account of the L/C Issuer its Applicable Percentage thereof on demand of Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the Federal
Funds Rate from time to time in effect. The obligations of Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement. 
  
 (e) Obligations Absolute. The obligation of Borrower to reimburse the L/C Issuer for each drawing under each Letter
of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following: 
  
 (i) any lack of validity or enforceability of such Letter of
Credit, this Agreement, or any other Loan Document; 
  

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 (ii) the existence of any claim, counterclaim, setoff, defense or other right that
Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other Person, whether in
connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 
  
 (iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be
forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such
Letter of Credit; 
  
 (iv) any payment by the L/C
Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting to be
a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection
with any proceeding under any Debtor Relief Law; or 
  
 (v) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, Borrower or any Subsidiary.

  
 Borrower shall promptly examine a copy of each Letter of
Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with Borrower’s instructions or other irregularity, Borrower will immediately notify the L/C Issuer. Borrower shall be conclusively deemed
to have waived any such claim against the L/C Issuer and its correspondents unless such notice is given as aforesaid. 
  
 (f) Role of L/C Issuer. Each Lender and Borrower agree that, in paying any drawing under a Letter of Credit, the L/C Issuer shall not have any
responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person
executing or delivering any such document. None of the L/C Issuer, Agent, any of their respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in
connection herewith at the request or with the approval of Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity
or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit;
provided, however, that this assumption is not intended to, and shall not, preclude Borrower’s pursuing such rights 

  

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and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the L/C Issuer, Agent, any of their respective
Related Parties nor any correspondent, participant or assignee of the L/C Issuer, shall be liable or responsible for any of the matters described in clauses (i) through (v) of Section 2.03(e); provided, however,
that anything in such clauses to the contrary notwithstanding, Borrower may have a claim against the L/C Issuer, and the L/C Issuer may be liable to Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or
exemplary, damages suffered by Borrower which Borrower proves were caused by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the
beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuer may accept documents that appear on their face to be in
order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting
to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. 
  
 (g) Cash Collateral. Upon the request of Agent, (i) if the L/C Issuer has honored any full or partial drawing request
under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or (ii) if, as of the L/C Expiration Date, any L/C Obligation for any reason remains outstanding, Borrower shall, in each case, immediately Cash Collateralize the then
Outstanding Amount of all L/C Obligations. Sections 2.04 and 8.02(c) set forth certain additional requirements to deliver Cash Collateral hereunder. For purposes hereof, “Cash Collateralize” means to pledge and deposit
with or deliver to Agent, for the benefit of the L/C Issuer and the Lenders, as collateral for the L/C Obligations, cash or deposit account balances or other collateral acceptable to Agent and the L/C Issuer pursuant to documentation in form and
substance satisfactory to Agent and the L/C Issuer (which documents are hereby consented to by Lenders). Derivatives of such term have corresponding meanings. Borrower hereby grants to Agent, for the benefit of the L/C Issuer and Lenders, a security
interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing. Cash collateral shall be maintained in blocked, non-interest bearing deposit accounts at Bank of America. 
  
 (h) Applicability of ISP. Unless otherwise expressly agreed by the L/C
Issuer and Borrower when a Letter of Credit is issued, the rules of the ISP shall apply thereto. 
  
 (i) L/C Fees. Borrower shall pay to Agent for the account of each Lender in accordance with its Applicable Percentage a L/C fee (the “L/C
Fee”) for each Letter of Credit equal to the Applicable Rate times the daily amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the
amount of such Letter of Credit shall be determined in accordance with Section 1.06. L/C Fees shall be (i) computed on a quarterly basis in arrears and (ii) due and payable on the last Business Day of each March, June, September and December,
commencing with the first such date to occur after the issuance of such Letter of Credit, on the L/C Expiration Date and thereafter on demand. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn
under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request
of the 

  

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Required Lenders, while any Event of Default exists, all L/C Fees shall accrue at the Default Rate. 
  
 (j) Fronting Fee and Documentary and Processing Charges Payable to L/C
Issuer. Borrower shall pay directly to the L/C Issuer for its own account a fronting fee with respect to each Letter of Credit in the amount of 0.125% times the daily amount available to be drawn under such Letter of Credit. Such fronting
fee shall be payable on a quarterly basis in arrears and due on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the L/C Expiration Date
and thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. In addition, Borrower shall pay
directly to the L/C Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the L/C Issuer relating to letters of credit as from time to time in effect. Such
individual customary fees and standard costs and charges are due and payable on demand and are nonrefundable. 
  
 (k) Conflict with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer Documents, the terms hereof
shall control. 
  
 2.04 Prepayments. (a) Borrower
may, upon notice to Agent, at any time or from time to time voluntarily prepay Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by Agent not later than 10:00 a.m. (A) three Business Days
prior to any date of prepayment of Eurodollar Rate Loans and (B) on the date of prepayment of Base Rate Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $2,000,000 or a whole multiple of $500,000 in excess
thereof; and (iii) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall
specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid. Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If
such notice is given by Borrower, Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Eurodollar Rate Loan shall be accompanied by all
accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Each such prepayment shall be applied to the Loans of Lenders in accordance with their respective Applicable Percentages.

  
 (b) If for any reason the Total Outstandings at any time
exceed the Maximum Available Amount, Borrower shall immediately prepay Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided, however, that Borrower shall not be required to Cash
Collateralize the L/C Obligations pursuant to this Section 2.04(b) unless after the prepayment in full of the Loans the Total Outstandings exceed the Maximum Available Amount. 
  
 2.05 Termination or Reduction of Commitments. Borrower may, upon notice to Agent, terminate the Aggregate
Commitments, or from time to time permanently reduce the Aggregate Commitments; provided that (a) any such notice shall be received by Agent not later 

  

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than 10:00 a.m. five Business Days prior to the date of termination or reduction, (b) any such partial reduction shall be in an aggregate amount of
$5,000,000 or any whole multiple of $1,000,000 in excess thereof, (c) Borrower shall not terminate or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed
the Maximum Available Amount, and (d) if, after giving effect to any reduction of the Aggregate Commitments, the L/C Sublimit exceeds the Maximum Available Amount, such L/C Sublimit shall be automatically reduced by the amount of such excess. Agent
will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Commitments. Any reduction of the Aggregate Commitments shall be applied to the Commitment of each Lender according to its Applicable Percentage. All
fees accrued until the effective date of any termination of the Aggregate Commitments shall be paid on the effective date of such termination. 
  
 2.06 Repayment of Loans. Borrower shall repay to Lenders on the Maturity Date the aggregate principal amount of Loans outstanding on such
date. 
  
 2.07 Interest. (a) Subject to the
provisions of subsection (b) below, (i) each Eurodollar Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus
the Applicable Rate; and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate. 
  
 (b) (i) Upon the request of the Required Lenders, while any Event of Default
exists, Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 
  
 (ii) Accrued and unpaid interest on past due amounts
(including interest on past due interest) shall be due and payable upon demand. 
  
 (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in
accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law. 
  
 2.08 Fees. In addition to certain fees described in subsections (i) and (j) of Section 2.03: 
  
 (a) Agent’s Fees. Borrower shall pay to Agent for Agent’s
own account, fees in the amounts and at the times specified in the letter agreement, dated July 16, 2004 (the “Agent Fee Letter”), between Borrower and Agent. Such fees shall be fully earned when paid and shall be nonrefundable for
any reason whatsoever. 
  
 (b) Lenders’ Upfront Fee.
On the Closing Date, Borrower shall pay to Agent, for the account of each Lender, an upfront fee as has been separately agreed upon in writing in the amounts so specified. Such upfront fees are for the credit facilities committed by Lenders
under 

  

 35 








 
this Agreement and are fully earned on the date paid. The upfront fee paid to each Lender is solely for its own account and is nonrefundable for any reason
whatsoever. 
  
 (c) Commitment Fee. Borrower shall
pay to Agent for the account of each Lender in accordance with its Applicable Percentage a commitment fee equal to the Applicable Rate times the actual daily amount by which the Aggregate Commitments exceed the sum of (i) the Outstanding
Amount of Loans and (ii) the Outstanding Amount of L/C Obligations. The commitment fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions in Article IV is not met
(provided that, such commitment fee shall not accrue for any Lender during any times that such Lender is a Defaulting Lender), and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and
December, commencing with the first such date to occur after the Closing Date, and on the Maturity Date. The commitment fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual
daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. 
  
 2.09 Computation of Interest and Fees. All computations of interest for Base Rate Loans when the Base Rate is
determined by Bank of America’s “prime rate” shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day
year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a
Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.11(a), bear interest for one day. Each
determination by Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 
  
 2.10 Evidence of Debt. (a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by
such Lender and by Agent in the ordinary course of business. The accounts or records maintained by Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by Lenders to Borrower and the interest
and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of Borrower hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between
the accounts and records maintained by any Lender and the accounts and records of Agent in respect of such matters, the accounts and records of Agent shall control in the absence of manifest error. Upon the request of any Lender made through Agent,
Borrower shall execute and deliver to such Lender (through Agent) a Note, which shall evidence such Lender’s Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if
applicable), amount and maturity of its Loans and payments with respect thereto. 
  
 (b) In addition to the accounts and records referred to in subsection (a), each Lender and Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such
Lender of participations in Letters of Credit. In the event of any conflict between the accounts and records maintained by Agent and the accounts and records of 

  

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any Lender in respect of such matters, the accounts and records of Agent shall control in the absence of manifest error. 
  
 2.11 Payments Generally; Agent’s Clawback. 
  
 (a) (i) General. All payments to be made by Borrower shall be made
without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by Borrower hereunder shall be made to Agent, for the account of the respective Lenders to which such
payment is owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not later than 11:00 a.m. on the date specified herein. Agent will promptly distribute to each Lender its Applicable Percentage (or other
applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by Agent after 11:00 a.m. shall be deemed received on the next succeeding Business Day and
any applicable interest or fee shall continue to accrue. If any payment to be made by Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected
in computing interest or fees, as the case may be. 
  
 (ii) Borrower hereby authorizes Agent, if and to the extent any payment of principal, interest or fees under this Agreement or any Note is not made when due, to deduct any such amount from any or all of the accounts of Borrower maintained
at Agent. Agent agrees to provide written notice to Borrower of any automatic deduction made pursuant to this Section 2.11(a)(ii) showing in reasonable detail the amounts of such deduction. Lenders agree to reimburse Borrower based on their
Applicable Percentage for any amounts deducted from such accounts in excess of amount due hereunder and under any other Loan Documents. 
  
 (b) (i) Funding by Lenders; Presumption by Agent. Unless Agent shall have received notice from a Lender prior to the proposed date of any Borrowing
that such Lender will not make available to Agent such Lender’s share of such Borrowing, Agent may assume that such Lender has made such share available on such date in accordance with Section 2.02 and may, in reliance upon such
assumption, make available to Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to Agent, then the applicable Lender and Borrower severally agree to pay to Agent
forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to Borrower to but excluding the date of payment to Agent, at (A) in the case
of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged
by Agent in connection with the foregoing and (B) in the case of a payment to be made by Borrower, the interest rate applicable to Base Rate Loans. If Borrower and such Lender shall pay such interest to Agent for the same or an overlapping period,
Agent shall promptly remit to Borrower the amount of such interest paid by Borrower for such period. If such Lender pays its share of the applicable Borrowing to Agent, then the amount so paid shall constitute such Lender’s Loan 

  

 37 








 
included in such Borrowing. Any payment by Borrower shall be without prejudice to any claim Borrower may have against a Lender that shall have failed to make
such payment to Agent. 
  
 (ii) Payments by
Borrower; Presumptions by Agent. Unless Agent shall have received notice from Borrower prior to the date on which any payment is due to Agent for the account of the Lenders or the L/C Issuer hereunder that Borrower will not make such payment,
Agent may assume that Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to Lenders or the L/C Issuer, as the case may be, the amount due. In such event, if Borrower has not in
fact made such payment, then each of Lenders or the L/C Issuer, as the case may be, severally agrees to repay to Agent forthwith on demand the amount so distributed to such Lender or the L/C Issuer, in immediately available funds with interest
thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to Agent, at the greater of the Federal Funds Rate and a rate determined by Agent in accordance with banking industry rules on
interbank compensation. A notice of Agent to any Lender or Borrower with respect to any amount owing under this subsection (b) shall be conclusive, absent manifest error. 
  
 (c) Failure to Satisfy Conditions Precedent. If any Lender makes available to Agent funds for any Loan to be made by
such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to Borrower by Agent because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied or
waived in accordance with the terms hereof, Agent shall return such funds (in like funds as received from such Lender) to such Lender, without interest. 
  
 (d) Obligations of Lenders Several. The obligations of Lenders hereunder to make Loans, to fund participations in Letters of Credit and to make
payments under Section 10.04(c) are several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any payment under Section 10.04(c) on any date required hereunder shall not relieve any
other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan, purchase its participation or to make its payment under Section 10.04(c).

  
 (e) Funding Source. Nothing herein shall be deemed to
obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 
  
 2.12 Sharing of Payments. If any Lender shall, by exercising
any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Loans made by it, or the participations in L/C Obligations held by it resulting in such Lender’s receiving payment of a
proportion of the aggregate amount of such Loans or participations and accrued interest thereon greater than its pro rata share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify Agent of
such fact, and (b) purchase (for cash at face value) participations in the Loans and subparticipations in L/C Obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such 

  

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payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and
other amounts owing them, provided that: 
  
 (i) if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the
extent of such recovery, without interest; and 
  
 (ii) the provisions of this Section shall not be construed to apply to (x) any payment made by Borrower pursuant to and in accordance with the express terms of this Agreement or (y) any payment obtained by a Lender as consideration for the
assignment of or sale of a participation in any of its Loans or subparticipations in L/C Obligations to any assignee or participant, other than to Borrower or any Subsidiary thereof (as to which the provisions of this Section shall apply).

  
 Each Loan Party consents to the foregoing and agrees, to the extent it may
effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim with respect to such participation as fully as if such
Lender were a direct creditor of such Loan Party in the amount of such participation, but subject to Section 10.08. 
  
 ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY 
  
 3.01 Taxes. 
  
 (a) Payments Free of Taxes. Any and all payments by Borrower to or on account of any obligation of Borrower hereunder or under any other Loan
Document shall be made free and clear of and without reduction or withholding for any Indemnified Taxes or Other Taxes, provided that if Borrower shall be required by any applicable law to deduct any Indemnified Taxes (including any Other Taxes)
from such payments, then, (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section), Agent, Lender or L/C Issuer, as the case may
be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) Borrower shall make such deductions, and (iii) Borrower shall timely pay the full amount deducted to the relevant Governmental Authority in
accordance with applicable law. 
  
 (b) Payment of Other Taxes
by Borrower. Without limiting the provisions of subsection (a) above, Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 
  
 (c) Indemnification by Borrower. Borrower shall indemnify Agent, each
Lender and the L/C Issuer, within 10 days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section)
paid by Agent, such Lender or the L/C Issuer, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally 

  

 39 








 
imposed or asserted by the relevant Governmental Authority. In order to receive reimbursement under this Section 3.01, a certificate as to the amount
of such payment or liability shall be delivered to Borrower by a Lender or the L/C Issuer (with a copy to Agent), or by Agent on its own behalf or on behalf of a Lender or the L/C Issuer, which certificate shall be conclusive absent manifest error.
Notwithstanding the foregoing, Borrower shall not be required to make any payments or reimburse Agent, any Lender or the L/C Issuer under this Section 3.01 with respect to any Taxes, Other Taxes or other amounts imposed on or paid by Agent,
such Lender or the L/C Issuer more than 180 days before the date of which a request for payment or reimbursement is delivered to Borrower. 
  
 (d) Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes or Other Taxes by Borrower to a Governmental Authority,
Borrower shall deliver to Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to
Agent. 
  
 (e) Status of Lenders. Any Foreign Lender that
is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which Borrower is resident for tax purposes, or any treaty to which such jurisdiction is a party, with respect to payments hereunder or under any
other Loan Document shall deliver to Borrower (with a copy to Agent), at the time or times prescribed by applicable law or reasonably requested by Borrower or Agent, such properly completed and executed documentation prescribed by applicable law as
will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if requested by Borrower or Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by
Borrower or Agent as will enable Borrower or Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Without limiting the generality of the foregoing, any Foreign Lender shall deliver to
Borrower and Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of Borrower or Agent,
but only if such Foreign Lender is legally entitled to do so), whichever of the following is applicable: 
  
 (i) duly completed copies of IRS Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United States of
America is a party, 
  
 (ii) duly completed
copies of IRS Form W-8ECI, 
  
 (iii) in the case
of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (x) a certificate to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of
the Code, (B) a “10 percent shareholder” of Borrower within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) duly completed copies of
Internal Revenue Service Form W-8BEN, or 
  

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 (iv) any other form prescribed by applicable law as a basis for claiming exemption from
or a reduction in United States Federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable law to permit Borrower to determine the withholding or deduction required to be made.

  
 (f) Treatment of Certain Refunds. If Agent, any Lender
or the L/C Issuer determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by Borrower or with respect to which Borrower has paid additional amounts pursuant to this Section,
it shall pay to Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by Borrower under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all
out-of-pocket expenses of Agent, such Lender or the L/C Issuer, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that Borrower, upon the
request of Agent, such Lender or the L/C Issuer, agrees to repay the amount paid over to Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to Agent, such Lender or the L/C Issuer in the event
Agent, such Lender or the L/C Issuer is required to repay such refund to such Governmental Authority. This subsection shall not be construed to require Agent, any Lender or the L/C Issuer to make available its tax returns (or any other information
relating to its taxes that it deems confidential) to Borrower or any other Person. 
  
 3.02 Illegality. If any Lender determines that any Change in Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office
to make, maintain or fund Eurodollar Rate Loans, or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take
deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to Borrower through Agent, any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans
shall be suspended until such Lender notifies Agent and Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, Borrower shall, upon demand from such Lender (with a copy to Agent), prepay or,
if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if
such Lender may not lawfully continue to maintain such Eurodollar Rate Loans. Upon any such prepayment or conversion, Borrower shall also pay accrued interest on the amount so prepaid or converted and all amounts due under Section 3.05 in
accordance with the terms thereof due to such prepayment or conversion. 
  
 3.03 Inability to Determine Rates. If Agent determines in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof that (a) Dollar deposits are not being offered to banks in the London
interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan, (b) adequate and reasonable means do not exist for determining the Eurodollar Base Rate for any requested Interest Period with respect to a
proposed Eurodollar Rate Loan, or (c) the Eurodollar Base Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, Agent will
promptly so notify 

  

 41 








 
Borrower and each Lender. Thereafter, the obligation of Lenders to make, convert or continue Eurodollar Rate Loans shall be suspended until Agent (upon the
instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans or, failing that, will be deemed to have
converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein. 
  
 3.04 Increased Costs. 
  
 (a) Increased Costs Generally. If any Change in Law shall: 
  
 (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or
similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the Eurodollar Rate) or the L/C Issuer; 
  
 (ii) subject any Lender or the L/C Issuer to any tax of any
kind whatsoever with respect to this Agreement, any Letter of Credit, any participation in a Letter of Credit or any Eurodollar Loan made by it, or change the basis of taxation of payments to such Lender or the L/C Issuer in respect thereof (except
for Indemnified Taxes or Other Taxes covered by Section 3.01 and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender or the L/C Issuer); or 
  
 (iii) impose on any Lender or the L/C Issuer or the London interbank market any other condition, cost or
expense affecting this Agreement or Eurodollar Loans made by such Lender or any Letter of Credit or participation therein; 
  
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make
any such Loan), or to increase the cost to such Lender or the L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount
of any sum received or receivable by such Lender or the L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or the L/C Issuer, Borrower will pay to such Lender or the L/C Issuer, as the case
may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered in accordance with Section 3.04(c) below. 
  
 (b) Capital Requirements. If any Lender or the L/C Issuer determines
that any Change in Law affecting such Lender or the L/C Issuer or any Lending Office of such Lender or such Lender’s or the L/C Issuer’s holding company, if any, regarding capital requirements has or would have the effect of reducing the
rate of return on such Lender’s or the L/C Issuer’s capital or on the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by,
or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the L/C Issuer, to a level below that which such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding company could have
achieved but for such Change in Law (taking into consideration such 

  

 42 








 
Lender’s or the L/C Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s holding company with respect to capital
adequacy), then from time to time Borrower will pay to such Lender or the L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer or such Lender’s or the L/C Issuer’s holding
company for any such reduction suffered. 
  
 (c) Certificates
for Reimbursement. Any Lender or the L/C Issuer requesting compensation under this Section 3.04 shall deliver a certificate to Borrower (with copy to Agent) setting forth in reasonable detail the amount or amounts necessary to compensate
such Lender or the L/C Issuer or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section, which certificate shall be conclusive absent manifest error. Borrower shall pay such Lender or the L/C Issuer, as the
case may be, the amount shown as due on any such certificate within ten days after receipt thereof. 
  
 (d) Delay in Requests. Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to the foregoing provisions of
this Section shall not constitute a waiver of such Lender’s or the L/C Issuer’s right to demand such compensation, provided that Borrower shall not be required to compensate a Lender or the L/C Issuer pursuant to the foregoing
provisions of this Section for any increased costs incurred or reductions suffered more than 180 days prior to the date that such Lender or the L/C Issuer, as the case may be, notifies Borrower of the Change in Law giving rise to such increased
costs or reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to
above shall be extended to include the period of retroactive effect thereof). 
  
 3.05 Compensation for Losses. Upon demand of any Lender (with a copy to Agent) from time to time, Borrower shall promptly (and in no event later than 10 days after such written demand) compensate such
Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of: 
  
 (a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the Interest Period
for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); or 
  
 (b) any failure by Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than
a Base Rate Loan on the date or in the amount notified by Borrower; 
  
 including
any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained but excluding any loss of anticipated profits. Borrower
shall also pay any customary administrative fees charged by such Lender in connection with the foregoing. For purposes of calculating amounts payable by Borrower to Lenders under this Section 3.05, each Lender shall be deemed to have funded
each Eurodollar Rate Loan made by it at the Eurodollar Base Rate used in determining the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and for a comparable
period, whether or not such Eurodollar Rate Loan was in fact so funded. Borrower 

  

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shall not be required to compensate a Lender pursuant to this Section 3.05 for any amounts incurred or arising hereunder more than 180 days prior to
the date that such Lender delivers the written demand therefor, which written demand shall set forth in reasonable detail the calculation upon which such Lender determined such amount and shall be conclusive absent manifest error. 
  
 3.06 Mitigation Obligations; Replacement of Lenders.

  
 (a) Designation of a Different Lending Office. If any
Lender requests compensation under Section 3.04, or Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any Lender gives a notice
pursuant to Section 3.02, then such Lender shall use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches
or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice
pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. Borrower hereby agrees to pay all reasonable costs
and expenses incurred by any Lender in connection with any such designation or assignment. 
  
 (b) Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of
any Lender pursuant to Section 3.01, or if any Lender gives notice pursuant to Section 3.02 in connection with an occurrence or state of affairs not shared by all Lenders, Borrower may replace any such Lender in accordance with
Section 10.10. 
  
 3.07 Survival. All of
Borrower’s obligations under this Article III shall survive termination of the Aggregate Commitments and repayment of all other Obligations hereunder. 
  
 ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 
  
 4.01 Conditions of Initial Credit Extension. The obligation of the L/C Issuer and each Lender to make its
initial Credit Extension hereunder is subject to satisfaction of the following conditions precedent: 
  
 (a) Agent’s receipt of the following, each of which shall be originals or telecopies (followed promptly by originals) unless otherwise specified,
each properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to
Agent and each of the Lenders: 
  
 (i) executed
counterparts of this Agreement and the Guaranty, sufficient in number for distribution to Agent, each Lender and Borrower; 
  
 (ii) a Note executed by Borrower in favor of each Lender requesting a Note; 
  

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 (iii) such certificates of resolutions or other action and incumbency certificates of
Responsible Officers of each Loan Party as Agent may require evidencing the identity, authority and capacity of each Responsible Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan
Documents to which such Loan Party is a party; 
  
 (iv) such documents and certifications as Agent may reasonably require to evidence that each Loan Party is duly organized or formed, and that each Loan Party is validly existing, in good standing and qualified to engage in business in its
respective jurisdiction of organization or formation; 
  
 (v) a favorable opinion of counsel to the Loan Parties acceptable to Agent addressed to Agent and each Lender, as to the matters set forth concerning the Loan Parties and the Loan Documents in form and substance satisfactory to Agent;

  
 (vi) a certificate of a Responsible Officer
of each Loan Party either (A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by such Loan Party and the validity against such Loan Party of the Loan Documents to which it
is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required; 
  
 (vii) a certificate signed by a Responsible Officer of Borrower certifying that the conditions specified in
Sections 4.02(a) and (b) have been satisfied; 
  
 (viii) a duly completed Compliance Certificate as of the last day of the fiscal quarter of Borrower most recently ended prior to the Closing Date, signed by a Responsible Officer of Borrower; and 
  
 (ix) such other assurances, certificates, documents,
consents or opinions as Agent, the L/C Issuer or the Required Lenders reasonably may require with reasonable advance notice. 
  
 (b) Any fees required to be paid on or before the Closing Date shall have been paid. 
  
 (c) Unless waived by Agent, Borrower shall have paid all fees, charges and disbursements of counsel to Agent, plus such
additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall
not thereafter preclude a final settling of accounts between Borrower and Agent), in either case, to the extent invoiced prior to the Closing Date. 
  
 Without limiting the generality of the provisions of Section 9.04, for purposes of determining compliance with the conditions specified in this
Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or
satisfactory to a Lender unless Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 
  

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 4.02 Conditions to all Credit Extensions. The obligation of each Lender to honor any
Request for Credit Extension is subject to the following conditions precedent (other than clauses (a) and (b) below in the case of any Request for Credit Extension pertaining solely to a conversion or continuation of Loans):

  
 (a) The representations and warranties of Borrower and each
other Loan Party contained in Article V or any other Loan Document shall be true and correct on and as of the date of such Credit Extension, except to the extent that such representations and warranties specifically refer to an earlier date,
in which case they shall be true and correct as of such earlier date, and except that for purposes of this Section 4.02, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be
deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01. 
  
 (b) No Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof. 
  
 (c) Agent and, if applicable, the L/C Issuer shall have received a Request
for Credit Extension in accordance with the requirements hereof, along with any other items required under Section 2.03 in connection with a Letter of Credit, if applicable. 
  
 Each Request for Credit Extension submitted by Borrower (other than a Request for Credit Extension pertaining solely to a
conversion or continuation of Loans) shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension.

  
 ARTICLE V. REPRESENTATIONS AND WARRANTIES 
  
 Borrower represents and warrants to Agent and the Lenders that: 

 
 5.01 Existence, Qualification and Power; Compliance with
Laws. Each Loan Party and each Subsidiary thereof (a) is duly organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority and all
requisite governmental licenses, authorizations, consents and approvals to own its assets and carry on its business, (c) is duly qualified and is licensed and in good standing under the Laws of each jurisdiction where its ownership, lease or
operation of properties or the conduct of its business requires such qualification or license, and (d) is in compliance with all Laws; except in each case referred to in clause (b), (c) or (d), to the extent that failure to do
so could not reasonably be expected to have a Material Adverse Effect. 
  
 5.02 Authorization; No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is party, have been duly authorized by all necessary corporate or other organizational
action, and do not and will not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under
(i) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to
which such Person or its 

  

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property is subject, except in the case of both clauses (b)(i) and (b)(ii) as could not reasonably be expected to have a Material Adverse
Affect; or (c) violate any Law except as could not reasonably be expected to have a Material Adverse Effect. Each Loan Party and each Subsidiary thereof is in compliance with all Contractual Obligations referred to in clause (b)(i), except to
the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect. 
  
 5.03 Governmental Authorization; Other Consents. No approval, consent, exemption, authorization, governmental license or other action by, or
notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document
except those that either (a) have been obtained and are in full force and effect, or (b) are not required to be obtained or made prior to the date this representation or warranty is made. 
  
 5.04 Binding Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will
have been, duly executed and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable
against each Loan Party that is party thereto in accordance with its terms except as may be limited by any applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors’ rights generally
which may be in effect and to general principles of equity (regardless of whether considered in proceedings in equity or at law). 
  
 5.05 Financial Statements; No Material Adverse Effect. (a) The Audited 2003 Financial Statements (i) were prepared in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial condition of Borrower and its consolidated Subsidiaries as of the date thereof and their results of operations
for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show or disclose, as appropriate in accordance with GAAP, all material
indebtedness and other liabilities, direct or contingent, of Borrower and its consolidated Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness. 
  
 (b) The unaudited consolidated balance sheet of Borrower and its Subsidiaries
dated June 30, 2004, and the related consolidated statements of income or operations and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby,
except as otherwise expressly noted therein, and (ii) fairly present the financial condition of Borrower and its consolidated Subsidiaries as of the date thereof and their results of operations for the period covered thereby, subject, in the case of
clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments. 
  
 (c) Since the date of the Audited 2003 Financial Statements, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse
Effect. 
  

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 5.06 Litigation. There are no actions, suits, proceedings, claims or disputes pending or,
to the knowledge of Borrower after due and diligent investigation, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against Borrower or any of its Subsidiaries or against any of their
properties or revenues that (a) purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby, or (b) except as specifically disclosed in Schedule 5.06, either individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect. 
  
 5.07 No Default. Neither Borrower nor any Subsidiary is in default under or with respect to any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document. 
  
 5.08 Ownership of Property; Liens. Each of Borrower and each Subsidiary has good record and marketable title
in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. The property of Borrower and its Subsidiaries is subject to no Liens, other than Liens permitted by Section 7.01. 
  
 5.09 Insurance. The properties of Borrower and its Subsidiaries are insured with financially sound and reputable insurance companies not
Affiliates of Borrower, in such amounts (after giving effect to any self-insurance compatible with the following standards), with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and
owning similar properties in localities where Borrower or the applicable Subsidiary operates. 
  
 5.10 Taxes. Borrower and its Subsidiaries have filed all Federal, state and other material tax returns and reports required to be filed, and have paid all Federal, state and other material taxes,
assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except those (a) which are being contested in good faith by appropriate proceedings diligently conducted
and for which adequate reserves have been provided in accordance with GAAP (or, to the extent necessary or appropriate in connection with any Foreign Subsidiary, generally accepted accounting principles as in effect from time to time in such Foreign
Subsidiary’s jurisdiction of organization) or (b) for which the failure so to file or pay could not reasonably be expected to have a Material Adverse Effect. There is no proposed tax assessment against Borrower or any Subsidiary that would, if
made, have a Material Adverse Effect. 
  
 5.11 ERISA
Compliance. (a) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other Federal or state Laws. Each Plan that is intended to qualify under Section 401(a) of the Code has received a
favorable determination letter from the IRS or an application for such a letter is currently being processed by the IRS with respect thereto and, to the best knowledge of Borrower, nothing has occurred which would prevent, or cause the loss of, such
qualification. Borrower and each ERISA Affiliate have made all required contributions to each Plan subject to Section 412 of the Code, except for a failure to 

  

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contribute that would not result in a Lien in excess of the Threshold Amount under Section 412(n) of the Code. No application for a funding waiver or an
extension of any amortization period pursuant to Section 412 of the Code has been made with respect to any Plan. 
  
 (b) There are no pending or, to the best knowledge of Borrower, threatened claims, actions or lawsuits, or action by any Governmental Authority, with
respect to any Plan that could reasonably be expected to have a Material Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be
expected to result in a Material Adverse Effect. 
  
 (c) (i) No
ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension Plan has any Unfunded Pension Liability; (iii) neither Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of ERISA
with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (iv) neither Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which,
with the giving of notice under Section 4219 of ERISA, would result in such liability) under Sections 4201 or 4243 of ERISA with respect to a Multiemployer Plan; and (v) neither Borrower nor any ERISA Affiliate has engaged in a transaction that
could be subject to Sections 4069 or 4212(c) of ERISA, except for an event described in clauses (i) through (v) which individually or in the aggregate with all such events does not incur liability to Borrower and/or any ERISA Affiliate
in excess of the Threshold Amount. 
  
 5.12
Subsidiaries. As of the Closing Date, Borrower has no Subsidiaries other than those specifically disclosed in Part (a) of Schedule 5.12, and all of the outstanding Equity Interests in such Subsidiaries have been validly issued, are
fully paid and nonassessable and are owned by a Loan Party in the amounts specified on Part (a) of Schedule 5.12 free and clear of all Liens (other than Liens permitted by Section 7.01 that are not created, incurred, assumed or
suffered to exist in connection with any Indebtedness). Borrower has no equity investments in any other corporation or entity other than those specifically disclosed in Part (b) of Schedule 5.12 or acquired after the Closing Date in
compliance with the terms of this Agreement. All of the outstanding Equity Interests in Borrower have been validly issued and are fully paid and nonassessable. 
  

5.13 Margin Regulations; Investment Company Act; Public Utility Holding Company Act. (a) Borrower is not engaged and will not engage,
principally or as one of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. 

 
 (b) Neither Borrower nor any Subsidiary (i) is a “holding
company”, or a “subsidiary company” of a “holding company”, or an “affiliate” of a “holding company” or of a “subsidiary company” of a “holding company”, within the meaning of the
Public Utility Holding Company Act of 1935, or (ii) is or is required to be registered as an “investment company” under the Investment Company Act of 1940. 
  

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 5.14 Disclosure. No report, financial statement, certificate or other written information
furnished by or on behalf of any Loan Party to Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case, as modified or
supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
provided that, with respect to projected financial information, Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time of preparation. 
  
 5.15 Compliance with Laws. Each of Borrower and each Subsidiary
is in compliance in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such requirement of Law (including all
Environmental Laws) or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be
expected to have a Material Adverse Effect. 
  
 5.16
Intellectual Property; Licenses, Etc. Except as could not reasonably be expected to have a Material Adverse Effect, Borrower and its Subsidiaries own, or possess the right to use, all of the trademarks, service marks, trade names,
copyrights, patents, patent rights, franchises, licenses and other intellectual property rights that are reasonably necessary for the operation of their respective businesses, without conflict with the rights of any other Person. To the best
knowledge of Borrower, no slogan or other advertising device, product, process, method, substance, part or other material now employed, or now contemplated to be employed, by Borrower or any Subsidiary materially infringes upon any rights held by
any other Person. No claim or litigation regarding any of the foregoing is pending or, to the best knowledge of Borrower, threatened, which, either individually or in the aggregate, could reasonably be expected to have a Material Adverse
Effect. 
  
 5.17 Material Agreements. Neither
Borrower nor any Subsidiary is a party to any Material Agreement as of the Closing Date. Each Material Agreement is in full force and effect and is enforceable by Borrower in accordance with its terms. To the knowledge of Borrower, no party to any
Material Agreement is in breach of or has failed to perform or is in default under, or has given or received any notice of any proposed or threatened termination of, any Material Agreement.  
  

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 ARTICLE VI. AFFIRMATIVE COVENANTS 
  
 So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or
unsatisfied (other than contingent indemnity obligations), or any Letter of Credit shall remain outstanding, Borrower shall, and shall (except in the case of the covenants set forth in Sections 6.01, 6.02, 6.03 and 6.12)
cause each Subsidiary to: 
  
 6.01 Financial
Statements. Deliver to Agent a sufficient number of copies for delivery by Agent to each Lender (except in the case of electronic deliveries complying with Section 10.02(b)), in form and detail reasonably satisfactory to Agent and the
Required Lenders: 
  
 (a) as soon as available, but in any event
within 90 days after the end of each fiscal year of Borrower, a consolidated balance sheet of Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, 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, to be audited and accompanied by a report and opinion of an
independent certified public accountant of nationally recognized standing reasonably acceptable to the Required Lenders, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to
any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit; 
  
 (b) as soon as available, but in any event within 45 days after the end of each of the first three fiscal quarters of each fiscal year of Borrower, a
consolidated balance sheet of Borrower and its Subsidiaries as at the end of such fiscal quarter, and the related consolidated statements of income or operations and cash flows for such fiscal quarter and for the portion of 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, certified by a
Responsible Officer of Borrower as fairly presenting the financial condition, results of operations, shareholders’ equity and cash flows of Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments
and the absence of footnotes; and 
  
 (c) as soon as
available, but in any event by the end of each fiscal year of Borrower, an annual budget for the next succeeding fiscal year of Borrower to include a consolidated balance sheet of Borrower and its Subsidiaries for the next succeeding fiscal year of
Borrower, and the related consolidated statements of income or operations and cash flows, all in reasonable detail, certified by a Responsible Officer of Borrower. 
  
 6.02 Certificates; Other Information. Deliver to Agent a sufficient number of copies for delivery by Agent to
each Lender (except in the case of electronic deliveries complying with Section 10.02(b)), in form and detail reasonably satisfactory to Agent and the Required Lenders: 
  
 (a) concurrently with the delivery of the financial statements referred to in Section 6.01(a), a certificate of its
independent certified public accountants certifying such financial statements and stating that in making the examination necessary therefor no knowledge was obtained of any Default or, if any such Default shall exist, stating the nature and status
of such event; 
  
 (b) concurrently with the delivery of the
financial statements referred to in Sections 6.01(a) and (b), a duly completed Compliance Certificate signed by a Responsible Officer of Borrower, which Compliance Certificate shall include, in form satisfactory to Agent, a calculation
of the Maximum Available Amount as of the last day of the fiscal quarter or year for which such financial statements are being delivered; 
  

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 (c) promptly after any request by Agent or any Lender, copies of any detailed audit reports, management
letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of Borrower by independent accountants in connection with the accounts or books of Borrower or any Subsidiary, or any audit of any of
them; 
  
 (d) promptly after the same are available, copies of
each annual report, proxy or financial statement or other report or communication sent to the stockholders of Borrower, and copies of all annual, regular, periodic and special reports and registration statements which Borrower may file or be
required to file with the Securities and Exchange Commission under Section 13 or 15(d) of the Securities Exchange Act of 1934, and not otherwise required to be delivered to Agent pursuant hereto; 
  
 (e) promptly after distribution thereof to the relevant Persons, copies of
each notice or communication sent to holders, purchasers or creditors (or any agent or trustee of any of the foregoing) with respect to the Subordinated Notes or any other Indebtedness with an outstanding principal amount in excess of $2,500,000, in
each case solely to the extent such notice or communication addresses any of (i) a default or incipient default thereunder, (ii) a waiver or amendment with respect thereto, or (iii) a prepayment of any amounts thereunder; 
  
 (f) promptly, and in any event within five Business Days after receipt
thereof by any Loan Party or any Subsidiary thereof, copies of each notice or other correspondence received from the Securities and Exchange Commission (or comparable agency in any applicable non-U.S. jurisdiction) concerning any investigation or
possible investigation or other inquiry by such agency regarding financial or other operational results of any Loan Party or any Subsidiary thereof; and 
  
 (g) promptly following a request therefor, such additional information regarding the business, financial or corporate affairs of Borrower or any
Subsidiary, or compliance with the terms of the Loan Documents, as Agent may from time to time reasonably request. 
  
 6.03 Notices. Promptly upon any Responsible Officer of Borrower obtaining knowledge thereof, notify Agent and each Lender: 
  
 (a) of the occurrence of any Default; 
  
 (b) of any matter that has resulted or could reasonably be expected to result
in a Material Adverse Effect, including any such matter resulting from (i) breach or non-performance of, or any default under, a Contractual Obligation of Borrower or any Subsidiary; (ii) any dispute, litigation, investigation, proceeding or
suspension between Borrower or any Subsidiary and any Governmental Authority; or (iii) the commencement of, or any material development in, any litigation or proceeding affecting Borrower or any Subsidiary, including pursuant to any applicable
Environmental Laws; 
  
 (c) of the occurrence of any ERISA Event;

  
 (d) of any material change in accounting policies or financial
reporting practices by Borrower or any Subsidiary; or 
  

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 (e) the occurrence of any actual or asserted breach or non-performance of, or any actual or asserted
default under, or any proposed or threatened termination of, any Material Agreement. 
  
 Each notice pursuant to this Section shall be accompanied by a statement of a Responsible Officer of Borrower setting forth details of the occurrence referred to therein, including the provision of any Loan Document breached in connection
with any Default, and stating what action Borrower has taken and proposes to take with respect thereto. 
  
 6.04 Payment of Obligations. Pay and discharge as the same shall become due and payable, all its material obligations and liabilities,
including (a) all material tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves
in accordance with GAAP (or, to the extent necessary or appropriate in connection with any Foreign Subsidiary, generally accepted accounting principles as in effect from time to time in such Foreign Subsidiary’s jurisdiction of organization)
are being maintained by Borrower or such Subsidiary; (b) all lawful and material claims which, if unpaid, would by law become a Lien upon its property; and (c) all material Indebtedness, as and when due and payable, but subject to any subordination
provisions contained in any instrument or agreement evidencing such Indebtedness. 
  
 6.05 Preservation of Existence, Etc. (a) Preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization except in a
transaction permitted by Section 7.04 or 7.05; (b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that
failure to do so could not reasonably be expected to have a Material Adverse Effect; and (c) preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected to
have a Material Adverse Effect. 
  
 6.06 Maintenance of
Properties. (a) Maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted; and (b) make all necessary repairs
thereto and renewals and replacements thereof except where the failure to do so could not reasonably be expected to have a Material Adverse Effect. 
  
 6.07 Maintenance of Insurance. Maintain with financially sound and reputable insurance companies not Affiliates of Borrower insurance with
respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts (after giving effect to any self-insurance compatible with
the following standards) as are customarily carried under similar circumstances by such other Persons. 
  
 6.08 Compliance with Laws. Comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) 

  

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the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 
  
 6.09 Books and Records. (a) Maintain proper books of record and
account, in which full, true and correct entries in conformity with GAAP consistently applied (or, to the extent necessary or appropriate in connection with any Foreign Subsidiary, generally accepted accounting principles as in effect from time to
time in such Foreign Subsidiary’s jurisdiction of organization) shall be made of all financial transactions and matters involving the assets and business of Borrower or such Subsidiary, as the case may be; and (b) maintain such books of record
and account in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over Borrower or such Subsidiary, as the case may be. 
  
 6.10 Inspection Rights. Permit representatives and independent contractors of Agent and each Lender to visit
and inspect any of its properties, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom (it being understood that abstracts from the minutes of Board of Directors meetings may be made, but full
copies of such minutes may not be made unless Borrower otherwise consents), and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, all at the expense of Agent or such Lender and at such
reasonable times during normal business hours, not more frequently than twice per year for Agent and all Lenders combined, upon reasonable advance notice to Borrower; provided, however, that when an Event of Default exists Agent or any
Lender (or any of their respective representatives or independent contractors) may do any of the foregoing at the expense of Borrower at any time during normal business hours and with reasonable (or, in the case of Agent, with or without) advance
notice. 
  
 6.11 Use of Proceeds. Use the proceeds
of the Credit Extensions for general corporate purposes (including permitted Acquisitions) not in contravention of any Law or of any Loan Document. 
  
 6.12 Financial Covenants. 
  
 (a) Profitability. Maintain positive Loan Party Net Income for each quarterly accounting period, calculated as of the last day of each fiscal
quarter of Borrower. 
  
 (b) Leverage Ratio. Maintain the
Leverage Ratio as of the last day of each fiscal quarter of Borrower not exceeding the ratios specified below during the periods specified below: 
  

			
	 Period

	  	Ratios


	 December 31, 2004 through June 30, 2006
	  	3.00 to 1.00
	 September 30, 2006 and thereafter
	  	2.75 to 1.00

  
 This ratio will be calculated as of
the end of each reporting period for which this Agreement requires Borrower to deliver financial statements. 
  

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 (c) Net Worth. Maintain on a consolidated basis Net Worth, calculated as of the last day of each
fiscal quarter of Borrower, equal to at least the sum of the following: 
  
 (i) $71,893,850; plus 
  
 (ii) the sum of 50% of net income after income taxes (without subtracting losses) earned in each quarterly accounting period commencing with the fiscal quarter of Borrower ending on September 30, 2004; plus 
  
 (iii) the sum of 100% of net proceeds from any equity
securities issued by Borrower after the Closing Date; plus 
  
 (iv) any increase in Borrower’s and its Subsidiaries’ consolidated stockholders’ equity resulting from the conversion of debt securities to equity securities after the date of this Agreement.

  
 6.13 Additional Guarantors. Notify Agent
at the time that any Person becomes a Domestic Subsidiary, and promptly thereafter (and in any event within 30 days or such longer period as may be agreed to by Agent in its discretion), cause such Person to (a) become a Guarantor by executing and
delivering to Agent a Guaranty Joinder Agreement or such other document as Agent shall deem appropriate for such purpose, and (b) deliver to Agent documents of the types referred to in clauses (iii) and (iv) of Section 4.01(a)
and favorable opinions of counsel to such Person (which shall cover, among other things, the legality, validity, binding effect and enforceability of the documentation referred to in clause (a)), all in form, content and scope reasonably
satisfactory to Agent. 
  
 6.14 RTR Funding.
On or before June 15, 2005, or such longer period as may be agreed by Agent in its discretion, cause RTR Funding to either (a) dissolve or (b) become a Guarantor by executing and delivering to Agent a Guaranty Joinder Agreement or such other
document as Agent shall deem appropriate for such purpose and deliver to Agent documents of the types referred to in clauses (iii) and (iv) of Section 4.01(a) and favorable opinions of counsel to RTR Funding (which shall cover,
among other things, the legality, validity, binding effect and enforceability of the Guaranty Joinder Agreement or such other document as Agent shall deem appropriate for such purpose), all in form, content and scope reasonably satisfactory to
Agent. 
  
 ARTICLE VII. NEGATIVE COVENANTS 
  
 So long as any Lender shall have any Commitment hereunder, any Loan or other
Obligation hereunder shall remain unpaid or unsatisfied (other than contingent indemnity obligations), or any Letter of Credit shall remain outstanding, Borrower shall not, nor shall it permit any Subsidiary to, directly or indirectly: 

 
 7.01 Liens. Create, incur, assume or suffer to exist any
Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than the following: 
  
 (a) Liens pursuant to any Loan Document; 
  

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 (b) Liens existing on the date hereof and listed on Schedule 7.01 and any renewals, refinancings
or extensions thereof, provided that (i) the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased, (iii) the direct or any contingent obligor with respect thereto is not changed, and (iv) any
renewal, refinancing or extension of the obligations secured or benefited thereby is permitted by Section 7.03; 
  
 (c) Liens for taxes not yet due or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with
respect thereto are maintained on the books of the applicable Person in accordance with GAAP (or, to the extent necessary or appropriate in connection with any Foreign Subsidiary, generally accepted accounting principles as in effect from time to
time in such Foreign Subsidiary’s jurisdiction of organization); 
  
 (d) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business which are not overdue for a period of more than 30 days or which are being
contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person; 
  
 (e) pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment
insurance and other social security legislation, other than any Lien imposed by ERISA in excess of the Threshold Amount; 
  
 (f) deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety bonds (other than
bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business; 
  
 (g) easements, rights-of-way, restrictions and other similar encumbrances affecting real property arising in the ordinary course of business, and which do
not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person; 
  
 (h) Liens securing judgments for the payment of money not constituting an Event of Default under Section 8.01(h) or
securing appeal or other surety bonds related to such judgments; 
  
 (i) Liens securing Indebtedness permitted under Section 7.03(c); provided that (i) such Liens do not at any time encumber any property other than the property financed by such Indebtedness and (ii) the Indebtedness secured
thereby does not exceed the cost of the property being acquired on the date of acquisition; 
  
 (j) bankers’ liens and rights of setoff arising by operation of law and contractual rights of setoff; 
  
 (k) any Lien existing on any property or assets prior to the acquisition thereof by Borrower or any Subsidiary or existing on any property or assets of
any Person that becomes a Subsidiary or is merged or consolidated with Borrower or any Subsidiary after the date hereof 

  

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prior to the time such Person becomes a Subsidiary or is so merged or consolidated; provided that (i) such acquisition, merger, consolidation or
becoming a Subsidiary is a transaction permitted by this Agreement, (ii) such Lien is not created in contemplation of or in connection with such acquisition, merger or consolidation or such Person becoming a Subsidiary, as the case may be, (iii)
such Lien shall not apply to any other property or assets of Borrower or any Subsidiary and (iv) such Lien shall secure only those obligations which it secures on the date of such acquisition, merger or consolidation or the date such Person becomes
a Subsidiary, as the case may be, and renewals, refinancings and extensions thereof that do not increase the outstanding principal amount thereof; 
  
 (l) Liens consisting of the interest or title of a lessor, lessee, licensor or licensee under a lease or license otherwise permitted by this Agreement;
and 
  
 (m) Liens securing Indebtedness permitted under Section
7.03(e). 
  
 7.02 Investments. Make any
Investments, except: 
  
 (a) Investments held by Borrower or such
Subsidiary in the form of cash, cash equivalents or short-term marketable debt securities; 
  
 (b) advances to officers, directors and employees of Borrower and Subsidiaries in an aggregate amount not to exceed $1,000,000 at any time outstanding, for travel, entertainment, relocation and analogous ordinary
business purposes; 
  
 (c) Investments of Borrower in any
wholly-owned Subsidiary (other than RTR Funding unless and until RTR Funding becomes a party to the Guaranty) and Investments of any wholly-owned Subsidiary in Borrower or in another wholly-owned Subsidiary (other than RTR Funding unless and until
RTR Funding becomes a party to the Guaranty); provided, however, that notwithstanding the foregoing, Borrower’s or any wholly-owned Subsidiary’s direct or indirect Investment in RTR Funding may be increased as a result of
transfers, in one or a series of transactions, of Equity Interests in RTR Funding from the holders thereof as of the Closing Date to Borrower or any of its wholly-owned Subsidiaries; 
  
 (d) Investments incurred in order to consummate Acquisitions not otherwise prohibited herein; 
  
 (e) Investments consisting of extensions of credit in the nature of Accounts
arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or
limit loss; 
  
 (f) Guarantees permitted by Section 7.03;

  
 (g) Investments existing on the Closing Date and identified on
Schedule 5.12 hereto; and 
  
 (h) additional Investments in
an aggregate amount not to exceed $5,000,000. 
  

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 7.03 Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except:

  
 (a) Indebtedness under the Loan Documents; 
  
 (b) Indebtedness existing on the date hereof and described in Schedule
7.03 (including the Subordinated Notes) and renewals, refinancings or extensions thereof that do not increase the maximum aggregate principal amount thereof and, in the case of the Subordinated Notes, that do not modify the other terms
(including subordination provisions) thereof in a manner that would not be permitted by Section 7.13; 
  
 (c) other Indebtedness in an aggregate amount outstanding not to exceed $10,000,000 at any one time; 
  
 (d) Guarantees of Borrower or any Subsidiary in respect of Indebtedness of
Borrower or any Subsidiary otherwise permitted hereunder; and 
  
 (e) Indebtedness owing (i) by a Loan Party to another Loan Party, (ii) by a wholly-owned Subsidiary that is not a Guarantor to another wholly-owned Subsidiary that is not a Guarantor, or (iii) by a Subsidiary that is not a Loan Party to any
Loan Party. 
  
 7.04 Fundamental Changes. Merge,
dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person,
except, so long as no Default exists or would result therefrom: 
  
 (a) any Subsidiary (other than RTR Funding unless and until RTR Funding becomes a party to the Guaranty) may merge with (i) Borrower, provided that Borrower shall be the continuing or surviving Person, or (ii) any one or more other
Subsidiaries, provided that when any wholly-owned Subsidiary is merging with another Subsidiary, the wholly-owned Subsidiary shall be the continuing or surviving Person, and, provided, further, that if a Guarantor is merging
with another Subsidiary, the Guarantor shall be the surviving Person; 
  
 (b) any Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to Borrower or to another Subsidiary (other than RTR Funding unless and until RTR Funding becomes a party to the Guaranty);
provided that if the transferor in such a transaction is a wholly-owned Subsidiary, then the transferee must either be Borrower or a wholly-owned Subsidiary and, provided, further, that if the transferor of such assets is a
Guarantor, the transferee must either be Borrower or a Guarantor; 
  
 (c) any merger necessary to consummate an Acquisition permitted by Section 7.10; 
  
 (d) any Subsidiary may be dissolved or liquidated so long as prior to the consummation thereof such Subsidiary has substantially no assets or operations
or all or substantially all of its assets and operations have been Disposed of in a transaction permitted by Section 7.04 or Section 7.05; and 
  
 (e) RTR Funding may be dissolved or liquidated to the extent required to comply with Section 6.14. 
  

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 7.05 Dispositions. Make any Disposition or enter into any agreement to make any
Disposition, except: 
  
 (a) Dispositions of obsolete or worn out
property, whether now owned or hereafter acquired, in the ordinary course of business; 
  
 (b) Dispositions of inventory in the ordinary course of business; 
  
 (c) Dispositions of equipment or real property to the extent that (i) such property is exchanged for credit against the purchase price of similar
replacement property or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price of such replacement property; 
  
 (d) Dispositions of property by any Subsidiary to Borrower or to a wholly-owned Subsidiary (other than RTR Funding unless and until RTR Funding becomes a
party to the Guaranty) or by Borrower to any wholly-owned Subsidiary (other than RTR Funding unless and until RTR Funding becomes a party to the Guaranty); 
  
 (e) additional Dispositions of assets having a book value not exceeding $1,000,000 in the aggregate in any fiscal year; and 
  
 (f) Dispositions permitted by Section 7.04; 
  
 provided, however, that any Disposition pursuant to clauses (b) and
(c) shall be for fair market value. 
  
 7.06
Restricted Payments. Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that: 
  
 (a) each Subsidiary may make Restricted Payments, whether directly or indirectly, to Borrower and so long as no Default
shall have occurred and be continuing, or would result therefrom, each Subsidiary may make Restricted Payments to Guarantors and any other Person that owns an Equity Interest in such Subsidiary, ratably according to their respective holdings of the
type of Equity Interest in respect of which such Restricted Payment is being made; 
  
 (b) Borrower and each Subsidiary may declare and make dividend payments or other distributions payable solely in the common stock or other common Equity Interests of such Person; 
  
 (c) Borrower and each Subsidiary may purchase, redeem or otherwise acquire
Equity Interests issued by it with the proceeds received from the substantially concurrent issue of new shares of its common stock or other common Equity Interests; 
  
 (d) so long as no Default shall have occurred and be continuing, or would result therefrom, Borrower and its Subsidiaries
may make Restricted Payments as required by and in accordance with stock option plans or other benefit plans for management or employees of Borrower and its Subsidiaries; and 
  

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 (e) so long as no Default shall have occurred and be continuing, or would result therefrom, Borrower may
declare or pay cash dividends to its stockholders and purchase, redeem or otherwise acquire for cash Equity Interests issued by it or make cash payments in accordance with the terms of the Senior Indenture in lieu of issuing shares of its common
stock in connection with any event thereunder which triggers a conversion of the Subordinated Notes into common stock of Borrower, in each case, provided that (i) both immediately before and immediately after such payment, purchase,
redemption or acquisition, the Maximum Available Amount exceeds the Total Outstandings by at least $20,000,000, and (ii) upon giving pro forma effect to such action as of the date thereof and as of the last day of the most recently ended fiscal
quarter, no Default would have occurred as a result thereof. 
  
 7.07 Change in Nature of Business. 
  
 (a) Engage
in any material line of business substantially different from those lines of business conducted by Borrower and its Subsidiaries on the date hereof or any business substantially related or incidental thereto or logical extensions thereof.

  
 (b) In the case of RTR Funding, engage in any material
business activity other than owning the assets owned by it on the Closing Date, or own any significant asset other than such Investments, or have any material liabilities other than its liabilities as of the Closing Date, in each case unless and
until RTR Funding becomes a party to the Guaranty. 
  
 7.08
Transactions with Affiliates. Enter into any transaction of any kind with any Affiliate of Borrower, whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to Borrower or such
Subsidiary as would be obtainable by Borrower or such Subsidiary at the time in a comparable arm’s length transaction with a Person other than an Affiliate, provided that the foregoing restriction shall not apply to transactions (i)
between or among Borrower and any Guarantor, (ii) between or among Guarantors, or (iii) between or among Subsidiaries that are not Guarantors (other than any such transaction involving RTR Funding); provided, further, that compensation
for financial advisory or other services that is paid to Affiliates approved as fair and reasonable compensation pursuant to a good faith determination by the Board of Directors or, if necessary, the corporate governance or audit committee of
Borrower, shall be seemed to be comparable to that obtainable in a comparable arm’s length transaction. 
  
 7.09 Burdensome Agreements. Enter into any Contractual Obligation (other than this Agreement or any other Loan Document) or Organization
Document (other than the Organization Documents as in effect on the Closing Date of RTR Funding, Rewards Network Canada LP, an Ontario limited partnership, or Rewards Network Canada GP Corp., an unlimited liability company existing under the laws of
Nova Scotia) that (a) limits the ability (i) of any Subsidiary to make Restricted Payments to Borrower or any Guarantor or to otherwise transfer property to Borrower or any Guarantor, (ii) of any Subsidiary to Guarantee the Indebtedness of Borrower,
(iii) of Borrower or any Subsidiary to create, incur, assume or suffer to exist Liens on property of such Person; provided, however, that this clause (iii) (v) shall not apply to restrictions and conditions imposed by law, (w)
shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary permitted hereunder pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is 

  

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to be sold, (x) shall not apply to customary provisions in leases, license agreements and other contracts restricting the assignment thereof, (y) shall not
apply to limitations or restrictions imposed on a Subsidiary that is a joint venture in the related joint venture agreement or any other Organization Document thereof, and (z) shall not prohibit any negative pledge incurred or provided in favor of
any holder of secured Indebtedness permitted under Section 7.03(b) or (c) solely to the extent any such negative pledge relates to the property financed by or the subject of such Indebtedness; or (b) requires the grant of a Lien to
secure an obligation of such Person if a Lien is granted to secure another obligation of such Person. 
  
 7.10 Acquisitions. Enter into any agreement, contract, binding commitment or other arrangement providing for any Acquisition, or take
any action to solicit the tender of securities or proxies in respect thereof in order to effect any Acquisition, unless (a) such Acquisition is a De Minimis Acquisition and no Default or Event of Default shall exist either immediately prior to or
immediately after giving effect to such De Minimis Acquisition, or (b) each of the following conditions has been satisfied with respect to such Acquisition: (i) such Acquisition is undertaken in accordance with all applicable Laws, (ii) the prior,
effective written consent or approval to such Acquisition of the board of directors or equivalent governing body of the acquiree is obtained, (iii) no Default or Event of Default shall exist either immediately prior to or immediately after giving
effect to such Acquisition, and Borrower shall have furnished to Agent (A) pro forma historical financial statements as of the end of the most recently completed fiscal year of Borrower and most recent interim fiscal quarter, if applicable, giving
effect to such Acquisition, and (B) a Compliance Certificate prepared on a historical pro forma basis as of the date of the Audited 2003 Financial Statements or, if later, as of the most recent date for which financial statements have been furnished
pursuant to Section 6.01(a) or (b), giving effect to such Acquisition, which Compliance Certificate shall demonstrate that no Default or Event of Default would exist immediately after giving effect thereto, (iv) after giving effect to
such Acquisition, Borrower and its Subsidiaries remain in compliance with Section 7.07, (v) after giving effect to such Acquisition, the Maximum Available Amount exceeds the Total Outstandings by at least $20,000,000, and (vi) after giving
effect to any such Acquisition consummated as a merger with Borrower or a Guarantor, Borrower or such Guarantor shall be the continuing or surviving Person. 
  
 7.11 Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or
ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose.

  
 7.12 Payment of Subordinated Indebtedness. Make,
directly or indirectly, any payment or other distribution (whether in cash, securities or other property) of or in respect of, or otherwise satisfy, any Subordinated Liability, including on account of any purchase, redemption, retirement,
acquisition, cancellation or termination thereof, except (a) to the extent (i) required by and in accordance with the terms of the Subordinated Note Indenture and the Subordinated Notes and (ii) Borrower is allowed to make payments in the form of
junior securities pursuant to Section 5.8 of the Subordinated Note Indenture, and (b) so long as no Default exists or will exist immediately thereafter, (x) regularly scheduled payments of interest in respect of any other Subordinated Liability and
(y) redemptions of up to $10,000,000 in aggregate principal amount 

  

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of Subordinated Notes; provided, in the case of this clause (y), that (i) both immediately before and immediately after such redemption, the Maximum
Available Amount exceeds the Total Outstandings by at least $20,000,000, and (ii) upon giving pro forma effect to such action as of the last day of the most recently ended fiscal quarter, no Default would have occurred as a result thereof.

  
 7.13 Modifications to Subordinated Note
Documents. Amend, modify or change in any manner any of the terms or provisions of any Subordinated Note Document or any other instrument or agreement evidencing or relating to any Subordinated Liability so that the terms and conditions thereof
are less favorable to Agent and the Lenders than the terms of the relevant Subordinated Note Document or other instrument or agreement evidencing or relating to any Subordinated Liability as of the Closing Date. 
  
 ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES 
  
 8.01 Events of Default. Any of the following shall constitute
an Event of Default: 
  
 (a) Non-Payment. Borrower or any
other Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan or any L/C Obligation, or (ii) within three Business Days after the same becomes due, any interest on any Loan or on any L/C Obligation, or
any fee due hereunder, or (iii) within five Business Days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or 
  
 (b) Specific Covenants. Borrower fails to perform or observe any term, covenant or agreement contained in any of Section 6.01, 6.02,
6.03, 6.05(a), 6.10, 6.11, 6.12, 6.13 or 6.14 or Article VII; or 
  
 (c) Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in subsection (a) or
(b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days after notice thereof has been given to Borrower by Agent at the request of any Lender; or 
  
 (d) Representations and Warranties. Any representation, warranty,
certification or statement of fact made or deemed made by or on behalf of Borrower or any other Loan Party herein or in any other Loan Document shall be incorrect or misleading when made or deemed made; or 
  
 (e) Cross-Default. (i)(A) Borrower or any Subsidiary fails to make any
payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of (1) the Subordinated Notes or (2) any other Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under
Swap Contracts) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (B)
Borrower or any Subsidiary fails to observe or perform any other agreement or condition relating to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs,
the effect of which default or other event is to cause, or to permit the holder or holders of such 

  

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Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or
beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem
such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap
Contract) resulting from (A) any event of default under such Swap Contract as to which Borrower or any Subsidiary is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to
which Borrower or any Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by Borrower or such Subsidiary as a result thereof is greater than the Threshold Amount; or 
  
 (f) Insolvency Proceedings, Etc. Any Loan Party or any of its
Subsidiaries institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian,
conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or
consent of such Person and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the
consent of such Person and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding; or 
  
 (g) Inability to Pay Debts; Attachment. (i) Borrower or any Subsidiary becomes unable or admits in writing its inability or fails generally to pay
its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within 30
days after its issue or levy; or 
  
 (h) Judgments. There
is entered against Borrower or any Subsidiary (i) a final judgment or order for the payment of money in an aggregate amount exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer does
not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are
commenced by any creditor upon such judgment or order, or (B) there is a period of 30 consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect or the judgment has not been
paid; or 
  
 (i) ERISA. (i) An ERISA Event occurs with
respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability of Borrower under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the
Threshold Amount; (ii) the aggregate amount of Unfunded Pension Liability among all Pension Plans at any time exceeds the Threshold Amount; or (iii) Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace
period, any installment payment with respect to its withdrawal liability under Section 4201 

  

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of ERISA under a Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or 
  
 (j) Invalidity of Loan Documents. Any Loan Document or any provision
thereof, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or any Loan Party contests in
any manner the validity or enforceability of any Loan Document or any provision thereof; or any Loan Party denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any Loan
Document or any provision thereof; or 
  
 (k) Change of
Control. There occurs any Change of Control; or 
  
 (l)
Material Agreements. (i) Any Material Agreement is terminated or expires unless a replacement for such Material Agreement in form and substance reasonably satisfactory to Agent is entered into within 60 days of such termination or expiration;
(ii) there occurs a default by any Person in the performance or observance of any material term of any Material Agreement which is not cured within the applicable cure period; or (iii) any provision of any Material Agreement is amended in any manner
that adversely affects any material right of Borrower thereunder, as determined in the good faith judgment of Agent; or 
  
 (m) Subordination Agreements. The subordination provisions of any Subordinated Liability, at any time after the incurrence of such Subordinated
Liability, cease to be in full force and effect; or Borrower, any Subsidiary or Affiliate of Borrower or any holder of any Subordinated Liability contests in any manner the validity or enforceability of such subordination provisions; or any holder
of any Subordinated Liability or Loan Party breaches any such subordination provision. 
  
 8.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, Agent shall, at the request of, or may, with the consent of, the Required Lenders, take any or all of the following
actions: 
  
 (a) declare the commitment of each Lender to make
Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated; 
  
 (b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable
hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by Borrower; 
  
 (c) require that Borrower Cash Collateralize the L/C Obligations (in an
amount equal to the then Outstanding Amount thereof); and 
  
 (d)
exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents; 
  

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 provided, however, that upon the occurrence of an actual or deemed entry of an order for relief with
respect to Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all
outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case
without further act of Agent or any Lender. 
  
 8.03
Application of Funds. After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized
as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations shall be applied by Agent in the following order: 
  
 First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees,
charges and disbursements of counsel to Agent and amounts payable under Article III) payable to Agent in its capacity as such; 
  
 Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and
interest and other amounts expressly described in clauses Third, Fourth and Fifth below) payable to Lenders, Affiliates of a Lender and the L/C Issuer (including fees, charges and disbursements of counsel to the respective
Lenders, Affiliates of a Lender and the L/C Issuer and amounts payable under Article III), ratably among them in proportion to the amounts described in this clause Second payable to them; 
  
 Third, to payment of that portion of the Obligations
constituting accrued and unpaid interest on the Loans, L/C Borrowings and other Obligations, ratably among Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Third payable to them; 
  
 Fourth, to payment of that portion of the Obligations
constituting unpaid principal of the Loans and L/C Borrowings or constituting Swap Termination Values owing to any Lender or any Affiliate of any Lender under Related Swap Contracts that have been terminated and as to which Agent shall have received
notice of such termination and the Swap Termination Value thereof from the applicable Lender or Affiliate of a Lender, ratably among Lenders, any such Affiliates and the L/C Issuer in proportion to the respective amounts described in this clause
Fourth held by them; 
  
 Fifth, to
Agent for the account of the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit; and 
  
 Last, the balance, if any, after all of the Obligations have been indefeasibly paid in full, to
Borrower or as otherwise required by Law. 
  
 Subject to
Section 2.03(c), amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings under such Letters of Credit as they occur; provided,
however, that if Borrower is required to 

  

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Cash Collateralize the L/C Obligations following an Event of Default, such amount (to the extent not already applied as provided herein, and not otherwise
required to be maintained as Cash Collateral pursuant to the terms of this Agreement in the absence of such Event of Default) shall be returned to Borrower after such Event of Default has been cured or waived so long as no other Default then exists.
If any amount remains on deposit as Cash Collateral after all then existing Events of Default have been cured or waived or all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other
Obligations, if any, in the order set forth above. 
  
 ARTICLE IX.
ADMINISTRATIVE AGENT 
  
 9.01 Appointment and
Authorization of Administrative Agent. Each of the Lenders and the L/C issuer hereby irrevocably appoints Bank of America to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes Agent to take
such actions on its behalf and to exercise such powers as are delegated to Agent by the terms hereof and thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit
of Agent, the Lenders and the L/C Issuer, and neither Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. 
  
 9.02 Rights as a Lender. The Person serving as Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the
Person serving as Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business
with Borrower or any Subsidiary or other Affiliate thereof as if such Person were not Agent hereunder and without any duty to account therefor to Lenders. 
  
 9.03 Exculpatory Provisions. Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan
Documents. Without limiting the generality of the foregoing, Agent: 
  
 (a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; 
  
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly
contemplated hereby or by the other Loan Documents that Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan
Documents), provided that Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose Agent to liability or that is contrary to any Loan Document or applicable Law; and 
  
 (c) shall not, except as expressly set forth herein and in the other Loan
Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information 

  

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relating to Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as Agent or any of its Affiliates in any capacity.

  
 (d) Agent shall not be liable for any action taken or not
taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as Agent shall believe in good faith shall be necessary, under the circumstances as provided in
Sections 8.02 and 10.01) or (ii) in the absence of its own gross negligence or willful misconduct. Agent shall be deemed not to have knowledge of any Default unless and until written notice describing such Default is given to Agent by
Borrower, a Lender or the L/C Issuer. Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the
contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or
therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set forth in
Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to Agent. 
  
 9.04 Reliance by Administrative Agent. Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice,
request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise
authenticated by the proper Person. Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance
with any condition hereunder to the making of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, Agent may presume that such condition is satisfactory to such Lender
or the L/C Issuer unless Agent shall have received notice to the contrary from such Lender or the L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. Agent may consult with legal counsel (who may be counsel for
Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
  
 9.05 Delegation of Duties. Agent may perform any and all of its
duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub agents appointed by Agent. Agent and any such sub agent may perform any and all of its duties and exercise its rights and powers
by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub agent and to the Related Parties of Agent and any such sub agent, and shall apply to their respective activities in connection
with the syndication of the credit facilities provided for herein as well as activities as Agent. 
  
 9.06 Resignation of Agent. Agent may at any time give notice of its resignation to Lenders, the L/C Issuer and Borrower. Upon receipt of any
such notice of resignation, the Required Lenders shall have the right, in consultation with Borrower, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with 

  

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an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30
days after the retiring Agent gives notice of its resignation, then the retiring Agent may on behalf of Lenders and the L/C Issuer, appoint a successor Agent meeting the qualifications set forth above; provided that if Agent shall notify
Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Agent shall be discharged from its duties and obligations
hereunder and under the other Loan Documents (except that in the case of any collateral security held by Agent on behalf of the Lenders or the L/C Issuer under any of the Loan Documents, the retiring Agent shall continue to hold such collateral
security until such time as a successor Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through Agent shall instead be made by or to each Lender and the L/C Issuer directly, until such time
as the Required Lenders appoint a successor Agent as provided for above in this Section. Upon the acceptance of a successor’s appointment as Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers,
privileges and duties of the retiring (or retired) Agent, and the retiring Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this
Section). The fees payable by Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between Borrower and such successor. After the retiring Agent’s resignation hereunder and under the other
Loan Documents, the provisions of this Article and Section 10.04 shall continue in effect for the benefit of such retiring Agent, its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by
any of them while the retiring Administrative Agent was acting as Administrative Agent. 
  
 Any resignation by Bank of America as Agent pursuant to this Section shall also constitute its resignation as L/C Issuer. Upon the acceptance of a successor’s appointment as Agent hereunder, (a) such successor
shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer, (b) the retiring L/C Issuer shall be discharged from all of their respective duties and obligations hereunder or under the other
Loan Documents, and (c) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangement reasonably satisfactory to the retiring L/C Issuer
to effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit. 
  
 9.07 Non-Reliance on Agent and Other Lenders. Each Lender and the L/C Issuer acknowledges that it has, independently and without reliance
upon Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and the L/C Issuer also
acknowledges that it will, independently and without reliance upon Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own
decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 
  
 9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, no Lender holding a title listed
on the cover page hereof shall have any powers, duties or 

  

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responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as Agent, a Lender or the L/C Issuer
hereunder. 
  
 9.09 Administrative Agent May File Proofs
of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, Agent (irrespective of whether the
principal of any Loan or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether Agent shall have made any demand on Borrower) shall be entitled and empowered, by intervention in
such proceeding or otherwise 
  
 (a) to file and prove a claim for
the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the
claims of Lenders, the L/C Issuer and Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of Lenders, the L/C Issuer and Agent and their respective agents and counsel and all other amounts due Lenders,
the L/C Issuer and Agent under Sections 2.03(i) and (j), 2.08 and 10.04) allowed in such judicial proceeding; and 
  
 (b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 
  
 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such payments to Agent and, in the event that Agent shall consent to the making of such payments directly to Lenders and the L/C Issuer, to pay
to Agent any amount due for the reasonable compensation, expenses, disbursements and advances of Agent and its agents and counsel, and any other amounts due Agent under Sections 2.09 and 10.04. Nothing contained herein shall be deemed
to authorize Agent to authorize or consent to or accept or adopt on behalf of any Lender or the L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize Agent
to vote in respect of the claim of any Lender in any such proceeding. 
  
 9.10 Guaranty Matters. Each Lender and the L/C Issuer hereby irrevocably authorizes Agent, at its option and in its discretion, to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a
Subsidiary as a result of a transaction permitted hereunder. Upon request by Agent at any time, each Lender and the L/C Issuer will confirm in writing Agent’s authority to release any Guarantor from its obligations under the Guaranty pursuant
to this Section 9.10. 
  
 ARTICLE X. MISCELLANEOUS 
  
 10.01 Amendments, Etc. No amendment or waiver of any provision
of this Agreement or any other Loan Document, and no consent to any departure by Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders and Borrower or the applicable Loan Party, as the case
may be, and acknowledged by Agent, and 

  

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each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however,
that no such amendment, waiver or consent shall: 
  
 (a) waive any
condition set forth in Section 4.01(a) without the written consent of each Lender; provided, however, in the sole discretion of Agent, only a waiver by Agent shall be required with respect to immaterial matters or items
specified in Section 4.01(a)(iii) or (iv) with respect to which Borrower has given assurances satisfactory to Agent that such items shall be delivered promptly following the Closing Date; 
  
 (b) extend or increase the Commitment of any Lender (or reinstate any
Commitment terminated pursuant to Section 8.02) without the written consent of such Lender; 
  
 (c) postpone any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal, interest, fees or
other amounts due to Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly affected thereby; 
  

(d) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iii) of the second
proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan Document, without the written consent of each Lender directly affected thereby; provided, however, that only the consent of the
Required Lenders shall be necessary (i) to amend the definition of “Default Rate” or to waive any obligation of Borrower to pay interest or L/C Fees at the Default Rate or (ii) to amend any financial covenant hereunder (or any defined term
used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or L/C Borrowing or to reduce any fee payable hereunder; 
  

(e) change Section 2.12 or Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby without the
written consent of each Lender; 
  
 (f) change any provision of
this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any
consent hereunder, without the written consent of each Lender; or 
  
 (g) release any Guarantor from the Guaranty except in accordance with the terms of any Loan Document (or any transaction approved by the Required Lenders) without the written consent of each Lender; 
  
 and, provided, further, that (i) no amendment, waiver or consent shall, unless
in writing and signed by the L/C Issuer in addition to the Lenders required above, affect the rights or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no
amendment, waiver or consent shall, unless in writing and signed by Agent in addition to the Lenders required above, affect the rights or duties of Agent under this Agreement or any other Loan Document; and (iii) the Agent Fee Letter may be amended,
or rights or privileges thereunder waived, in a writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder, except that the 

  

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Commitment of such Lender may not be increased or extended without the consent of such Lender. 
  
 10.02 Notices; Effectiveness; Electronic Communications. 
  
 (a) Notices Generally. Except in the case of notices and other
communications expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

  
 (i) if to Borrower, Agent or the L/C Issuer,
to the address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 10.02; and 
  
 (ii) if to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in its
Administrative Questionnaire. 
  
 Notices sent by hand or overnight courier
service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient,
shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices delivered through electronic communications to the extent provided in subsection (b) below shall be effective as provided in
such subsection (b). 
  
 (b) Electronic
Communications. Notices and other communications to Lenders and the L/C Issuer hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by Agent,
provided that the foregoing shall not apply to notices to any Lender or the L/C Issuer pursuant to Article II if such Lender or the L/C Issuer, as applicable has notified Agent that it is incapable of receiving notices under such
Article by electronic communication. Agent or Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such
procedures may be limited to particular notices or communications. Unless Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from
the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business
hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be
deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.

  

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 (c) Change of Address, Etc. Each of Borrower, Agent and the L/C Issuer may change its address,
telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, telecopier or telephone number for notices and other communications hereunder by notice to
Borrower, Agent and the L/C Issuer. 
  
 (d) Reliance by Agent,
L/C Issuer and Lenders. Agent, the L/C Issuer and Lenders shall be entitled to rely and act upon any notices (including telephonic Loan Notices) purportedly given by or on behalf of Borrower even if (i) such notices were not made in a manner
specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. Borrower shall indemnify Agent, the L/C
Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of Borrower. All telephonic notices to and other
telephonic communications with Agent may be recorded by Agent, and each of the parties hereto hereby consents to such recording. 
  
 10.03 No Waiver; Cumulative Remedies. No failure by any Lender, the L/C Issuer or Agent to exercise, and no delay by any such Person in
exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
  
 10.04 Expenses; Indemnity; Damage Waiver. 
  
 (a) Costs and Expenses. Borrower shall pay (i) all reasonable
out-of-pocket expenses incurred by Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for Agent), in connection with the syndication of the credit facilities provided for herein, the preparation,
negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall
be consummated), (ii) all reasonable out-of-pocket expenses incurred by the L/C Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses
incurred by Agent, any Lender or the L/C Issuer (including the fees, charges and disbursements of any counsel for Agent, any Lender or the L/C Issuer), in connection with the enforcement or protection of its rights (A) in connection with this
Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or
negotiations in respect of such Loans or Letters of Credit. 
  
 (b) Indemnification by Borrower. Borrower shall indemnify Agent (and any sub-agent thereof), each Lender and the L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an
“Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the 

  

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fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by
Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the
parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any
refusal by the L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or
release of Hazardous Materials on or from any property owned or operated by Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim,
litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by Borrower or any other Loan Party, and regardless of whether any Indemnitee is a
party thereto, in all cases, whether or not caused by or arising, in whole or in part, out of the comparative, contributory or sole negligence of the Indemnitee; provided that such indemnity shall not, as to any Indemnitee, be available to
the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such
Indemnitee or (y) result from a claim brought by Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if Borrower or such Loan Party has
obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. 
  
 (c) Reimbursement by Lenders. To the extent that Borrower for any reason fails to indefeasibly pay any amount required under subsection (a)
or (b) of this Section to be paid by it to Agent (or any sub-agent thereof), the L/C Issuer or any Related Party of any of the foregoing, each Lender severally agrees to pay to Agent (or any such sub-agent), the L/C Issuer or such Related
Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or
indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against Agent (or any such sub-agent) or the L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing
acting for Agent (or any such sub-agent) or L/C Issuer in connection with such capacity. The obligations of the Lenders under this subsection (c) are subject to the provisions of Section 2.11(d). 
  
 (d) Waiver of Consequential Damages, Etc. To the fullest extent
permitted by applicable law, Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out
of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof.
No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through 

  

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telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions
contemplated hereby or thereby. 
  
 (e) Payments. All
amounts due under this Section shall be payable not later than ten Business Days after demand therefor. 
  
 (f) Survival. The agreements in this Section shall survive the resignation of Agent and the L/C Issuer, the replacement of any Lender, the
termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations. 
  
 10.05 Payments Set Aside. To the extent that any payment by or on behalf of Borrower is made to Agent, the L/C Issuer or any Lender, or
Agent, the L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant
to any settlement entered into by Agent, the L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of
such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender, the L/C Issuer
severally agrees to pay to Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal
to the Federal Funds Rate from time to time in effect. The obligations of the Lenders and the L/C Issuer under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.

  
 10.06 Successors and Assigns. 
  
 (a) Successors and Assigns Generally. The provisions of this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that neither Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or
obligations hereunder without the prior written consent of Agent, the L/C Issuer and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the
provisions of subsection (b) of this Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions
of subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of Agent, the L/C
Issuer and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
  
 (b) Assignments by Lenders. Any Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations
under this Agreement (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b), 

  

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participations in L/C Obligations) at the time owing to it); provided that (i) except in the case of an assignment of the entire remaining amount of
the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender or an Affiliate of a Lender, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding
thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment
is delivered to Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of Agent and, so long as no Event of Default has occurred and is continuing,
Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); (ii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this
Agreement with respect to the Loans or the Commitment assigned; (iii) any assignment of a Commitment must be approved by Agent and the L/C Issuer unless the Person that is the proposed assignee is itself a Lender (whether or not the proposed
assignee would otherwise qualify as an Eligible Assignee); and (iv) the parties to each assignment shall execute and deliver to Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 and the Eligible Assignee,
if it shall not be a Lender, shall deliver to Agent an Administrative Questionnaire. Subject to acceptance and recording thereof by Agent pursuant to subsection (c) of this Section, from and after the effective date specified in each
Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the
assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05 and 10.04 with respect to facts and
circumstances occurring prior to the effective date of such assignment. Upon request, Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection (d) of this Section. 
  
 (c) Register. Agent, acting solely for this purpose as an agent of
Borrower, shall maintain at Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of
the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and Borrower, Agent and the Lenders may treat each Person whose
name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by each of Borrower and the L/C Issuer, at
any reasonable time and from time to time upon reasonable prior notice. In addition, at any time that a request for a consent for a material or substantive change to the Loan Documents is pending, any Lender wishing to consult with other Lenders in
connection therewith may request and receive from Agent a copy of the Register. 
  

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 (d) Participations. Any Lender may at any time, without the consent of, or notice to, Borrower or
Agent, sell participations to any Person (other than a natural person or Borrower or any of Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations
under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations) owing to it); provided that (i) such Lender’s obligations under this Agreement shall
remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) Borrower, Agent, the L/C Issuer and the Lenders shall continue to deal solely and directly with such
Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, waiver or other modification described in the first proviso to Section 10.01 that affects such Participant. Subject to subsection (e) of this Section, Borrower agrees that each Participant shall be entitled to the benefits
of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of this Section. To the extent permitted by law, each Participant also shall
be entitled to the benefits of Section 10.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.12 as though it were a Lender. 
  
 (e) Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment under
Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with Borrower’s prior
written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless Borrower is notified o f the participation sold to such Participant and such Participant agrees,
for the benefit of Borrower, to comply with Section 3.01(e) as though it were a Lender. 
  
 (f) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Note, if any) to secure obligations of such
Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee
for such Lender as a party hereto. 
  
 (g) Electronic Execution
of Assignments. The words “execution”, “signed”, “signature”, and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form,
each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the
Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
  
 (h) Resignation as L/C Issuer. Notwithstanding anything to the
contrary contained herein, if at any time Bank of America assigns all of its Commitment and Loans pursuant to 

  

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subsection (b) above, Bank of America may, upon 30 days’ notice to Borrower and the Lenders, resign as L/C Issuer. In the event of any such
resignation as L/C Issuer, Borrower shall be entitled to appoint from among Lenders a successor L/C Issuer hereunder; provided, however, that no failure by Borrower to appoint any such successor shall affect the resignation of Bank of
America as L/C Issuer, as the case may be. If Bank of America resigns as L/C Issuer, it shall retain all the rights and obligations of the L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its
resignation as L/C Issuer and all L/C Obligations with respect thereto through the expiry date or dates thereof (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to
Section 2.03(c)). 
  
 10.07 Treatment of Certain
Information; Confidentiality. Each of Agent, Lenders and the L/C Issuer agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its
Affiliates’ respective partners, directors, officers, employees, agents, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and
instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority, purporting to have jurisdiction over it (including any self-regulatory authority, such as the National Association of Insurance
Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document
or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any
assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to
Borrower and its obligations, (g) with the consent of Borrower or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to Agent, any Lender, the L/C Issuer or
any of their respective Affiliates on a nonconfidential basis from a source other than Borrower. For purposes of this Section, “Information” means all information received from Borrower or any Subsidiary relating to Borrower or any
Subsidiary or any of their respective businesses, other than any such information that is available to Agent, any Lender or the L/C Issuer on a nonconfidential basis prior to disclosure by Borrower or any Subsidiary, provided that, in the
case of information received from Borrower or any Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in
this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

  
 10.08 Right of Setoff. If an Event of Default
shall have occurred and be continuing, each Lender, the L/C Issuer and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all
deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, the L/C Issuer or any such Affiliate to or for the credit or
the account of Borrower 

  

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or any other Loan Party against any and all of the obligations of Borrower or such Loan Party now or hereafter existing under this Agreement or any other
Loan Document to such Lender or the L/C Issuer or any such Affiliate, irrespective of whether or not such Lender or the L/C Issuer shall have made any demand under this Agreement or any other Loan Document and although such obligations of Borrower
or such Loan Party may be contingent or unmatured or are owed to a branch or office of such Lender or the L/C Issuer different from the branch or office holding such deposit or obligated on such indebtedness. The rights of each Lender, the L/C
Issuer and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender, the L/C Issuer or their respective Affiliates may have. Each Lender and the L/C Issuer agrees
to notify Borrower and Agent promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application. 
  
 10.09 Interest Rate Limitation. Notwithstanding anything to the
contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If Agent or any
Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to Borrower. In determining whether the interest
contracted for, charged, or received by Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest,
(b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 
  
 10.10 Replacement of Lenders. If any Lender requests
compensation under Section 3.04, if Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, if any Lender gives a notice pursuant to
Section 3.02 in connection with an occurrence or state of affairs not shared by all Lenders, if any Lender is a Defaulting Lender, or if any Lender declines to approve a requested amendment, waiver or consent that has received the approval of
the Required Lenders but also requires the approval of such Lender, then Borrower may, at its sole expense and effort, upon notice to such Lender and Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject
to the restrictions contained in, and consents required by, Section 10.06), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may
be another Lender, if a Lender accepts such assignment), provided that: 
  
 (a) Borrower shall have paid to Agent the assignment fee specified in Section 10.06(b); 
  
 (b) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and L/C Advances, accrued interest thereon,
accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or Borrower
(in the case of all other amounts); 
  

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 (c) in the case of any such assignment resulting from a claim for compensation under Section 3.04
or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; and 
  
 (d) such assignment does not conflict with applicable Laws. 
  
 A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such
Lender or otherwise, the circumstances entitling Borrower to require such assignment and delegation cease to apply. 
  
 10.11 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents constitute the entire contract among the parties relating to the subject
matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed
by Agent and when Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be
effective as delivery of a manually executed counterpart of this Agreement. 
  
 10.12 Survival of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection
herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by Agent and each Lender, regardless of any investigation made by Agent or any Lender or on their
behalf and notwithstanding that Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain
unpaid or unsatisfied or any Letter of Credit shall remain outstanding. 
  
 10.13 Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement
and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes
as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 10.14 Governing Law; Jurisdiction; Etc. 
  
 (a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE INTERNAL LAWS, INCLUDING 735 ILCS SECTION 105/5-1 ET SEQ., BUT OTHERWISE WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS, OF THE STATE OF ILLINOIS. 
  

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 (b) SUBMISSION TO JURISDICTION. BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY
SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF ILLINOIS SITTING IN COOK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE NORTHERN DISTRICT OF ILLINOIS, AND ANY APPELLATE COURT FROM ANY
THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN
RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH ILLINOIS STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH
ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT AGENT, ANY LENDER
OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
  
 (c) WAIVER OF VENUE. BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY
AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT
IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING
IN ANY SUCH COURT. 
  
 (d) SERVICE OF PROCESS. EACH PARTY
HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

  
 10.15 Waiver of Right to Trial by Jury. EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS 

  

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REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
  
 10.16 USA PATRIOT Act Notice. Each Lender that is subject to
the Act (as hereinafter defined) and Agent (for itself and not on behalf of any Lender) hereby notifies Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Act”), it is required to obtain, verify and record information that identifies Borrower, which information includes the name and address of Borrower and other information that will allow such Lender or Agent, as applicable, to
identify Borrower in accordance with the Act. 
  
 10.17
Time of the Essence. Time is of the essence of the Loan Documents. 
  
 10.18 Designation as Senior Debt. All Obligations shall be “Designated Senior Indebtedness” for purposes of and as defined in the Subordinated Note Indenture. 
  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the
date first above written. 
  

			
	REWARDS NETWORK INC.,
	 as Borrower

		
	By:	 	/s/    KENNETH R. POSNER        
	 Name:
	 	Kenneth R. Posner
	 Title:
	 	 Senior Vice President, Finance and
 Administration, and Chief Financial Officer

	
	BANK OF AMERICA, N.A.,
	 as Administrative Agent

		
	By:	 	/s/    DAVID A. JOHANSON        
	 Name:
	 	David A. Johanson
	 Title:
	 	Vice President
	
	BANK OF AMERICA, N.A.,
	 as a Lender and L/C Issuer

		
	By:	 	/s/    CHRIS D. BUCKNER        
	 Name:
	 	Chris D. Buckner
	 Title:
	 	Senior Vice President
	
	LASALLE BANK NATIONAL ASSOCIATION,
	 as a Lender

		
	By:	 	/s/    MICHAEL PERRY        
	 Name:
	 	Michael Perry
	 Title:
	 	Vice President


  

 Form of Guaranty