Document:

Profit Incentive Plan--Exex. Mgt.

 Exhibit 10.U 
  
 C-COR Incorporated 
 PROFIT INCENTIVE PLAN (PIP) 
 Executive Plan 
 FISCAL YEAR 2006 
  

	1.	Conceptual Basis of the Plan 

  
 The PIP plan is based upon the achievement of specific corporate financial goals as established on an annual basis by the Board of Directors. The plan allows eligible
employees to share in the successes of the company, while balancing the financial needs of the company to re-invest profits in future operations. The main aspects of the plan are: 
  
 1) Maximum payout (including fringes/taxes) for both the Executive and non-Executive PIP will be 25% of cash flow from operations* during
the measurement period. 
  
 2) A PIP payment pool is funded based on 50% of earned
profits above the minimum profit threshold approved by the Board of Directors for FY06. The PIP payment pool is divided into two specific payment types: bonus payments and incentive payments. 
  
 3) A bonus payment pool will be created beginning at achievement of 80% or greater of
corporate financial goals. The corporate goal will be income from operations** as approved by the Board of Directors for FY06. 
  
 4) An incentive payment pool will be created beginning at achievement of 90% or greater of corporate financial goals. The corporate goal will be income from operations**
as approved by the Board of Directors for FY06. If a payment is approved, all eligible employees will receive a targeted incentive payment based upon their identified percentage of base wages. 
  

	2.	Participant Eligibility 

  
 Full-time, active employees and part-time, active employees (working a minimum of 20 hours per week/1040 hours per year) of C-COR, Broadband Management Solutions, LLC,
Stargus, Inc., C-COR Electronics Canada Inc., C-COR Solutions Pvt. Ltd. and individuals within subsidiary groups who are specifically identified as key management/ technical leadership are eligible for this program. 
  
 The following employees are not eligible: 
  

	 	•	 	Employees on Sales/Marketing Commission or Incentive Plans 

  

	 	•	 	Employees who are provided a specifically identified, alternative incentive bonus 

  

	 	•	 	Temporary Agency Employees, Independent Contractors, Co-ops and Interns 

  

	 	•	 	Employees paid on a piece rate basis 

  

	 	•	 	Employees from non-US operations unless specifically identified above as being eligible 

  

	3.	Definition of base wages 

  
 Base wages are defined as the total base wages of an employee at the end of each measurement period, not including any special compensation such as the reimbursement of
moving expenses, one-time bonuses, or the exercise of stock options or wages paid through disability, workers’ compensation or other third-parties. Base wages do not include overtime, however shift differential will be included in the
calculation of base wages when applicable. If an employee does not receive wages from C-COR during the measurement period due to disability, workers’ compensation, FMLA, Military Leave or other circumstances, only wages paid directly by C-COR
will be considered to be included for the purposes of calculating an incentive or bonus payment. 

 New Hires within the Fiscal Year and / or Terminated Employees – 
  
 An employee is eligible for an Incentive payment if they have worked at least one full
fiscal quarter during the measurement period (defined in section 4 below) and are on the payroll at the end of the fiscal measurement period (defined in section 4 below). Employees who are impacted by a reduction-in-force during the measurement
period are eligible for a pro-rated incentive payment, if a payment is ultimately approved at the end of the measurement period by the Compensation Committee/Board of Directors, if they have worked at least one full fiscal quarter during the
measurement period and agree to sign a general release agreement. The formula for calculating an incentive payment takes into account the pro-rationing of the payment amount to reflect the amount of time the individual was actively employed during
the payment period. 
  

	4.	Creation of PIP pool 

  
 The PIP pool for both the Executive and non-Executive PIP is calculated as 50% of the profit achieved above the minimum established threshold. The Board of Directors approves the minimum threshold for profit for FY06
as a part of the financial plan. The PIP pool is broken into two distinct components: Incentive payments and Bonus Payments. The portion of the PIP pool provided to each of these components is dependent upon the percentage of goal achievement as
shown below: 
  

			
	 Total Goal Achievement %

	  	 PIP Payment

	Less than 80% of goal	  	0% PIP pool created
		
	80%-89.9% of goal	  	100% of PIP pool is allocated to Bonus Payments
		
	90-110% of goal	  	 Total PIP pool is allocated as shown below:
 80% of
PIP pool is allocated to Incentive Payments
 20% of PIP pool is allocated to Bonus Payments

		
	110.1% to 120% of goal	  	Additional PIP pool above 110% goal achievement is allocated 100% to Bonus Payments

  
 Incentive Payments 

 
 Timing and Measurement Periods: Achievement of financial metrics versus
established goals will be reviewed on an annual basis at the end of FY06. Following the audit of the financial statements, the Compensation Committee will review any applicable PIP calculations for potential payment. All decisions made by the
Compensation Committee and/or the Board of Directors are final and binding (see Administration section 5 of this document). Any payment approved will be disbursed by management on a discretionary basis to identified employees as soon as practical
following Compensation Committee and/or Board of Directors approval. 
  

			
	Measurement Period:	  	June 25, 2005 to June 30, 2006

 Calculation of Payments: 
  

1) Maximum payout (including fringes/taxes) for both the Executive and non-Executive PIP will be 25% of cash flow from operations* during the measurement period. If
this results in a reduction of the incentive pool, it will be pro-rated over eligible recipients. 
  
 2) Payment calculations will be based on Total Goal Achievement % with associated Incentive payments as defined below: 
  

			
	 Total Goal Achievement %

	  	 PIP Payment

	100% achievement of goal	  	 Incentive pool is distributed based upon targeted % of employee’s base wages earned during measurement period
 32%-75% of base wages dependent upon level of position and pro-rated across eligible salary base.

		
	Less than 90% of goal	  	0% payment
		
	90-99.9% of goal	  	Straight-line calculation of multiplier with minimum of 50% at 90% of goal achievement and pro-rated across eligible salary base.
		
	101% to 110% of goal	  	Straight-line calculation of multiplier with maximum of 150% at 110% of goal achievement and pro-rated across eligible salary base.

  
 Bonus Payments 
  
 Timing and Measurement Periods: Achievement of financial metrics versus established
goals will be reviewed on an annual basis at the end of FY06. Following the audit of the financial statements, the Compensation Committee will review any applicable PIP calculations for potential payment. All decisions made by the Compensation
Committee and/or the Board of Directors are final and binding (see Administration section 5 of this document). Any payment approved will be disbursed by management on a discretionary basis to identified employees as soon as practical following
Compensation Committee and/or Board of Directors approval. 
  

			
	Measurement Period:	  	June 25, 2005 to June 30, 2006

  
 Calculation of Payments:

  
 1) Maximum payout (including fringes/taxes) for both the Executive and
non-Executive PIP will be 25% of cash flow from operations* during the measurement period. Any reduction due to cash flow will reduce the pool available for distribution as bonus payments. 
  
 2) Maximum discretionary bonus payment will be 15% of employee’s base wages in addition
to any applicable Incentive Payment awarded. 

	5.	Administration 

  
 The Compensation Committee of the Board of Directors oversees the Plan. The Compensation Committee and/or its delegate(s) are responsible for administration of the plan. 
  
 Subject to the provisions of the Plan, the Compensation Committee and/or its delegate(s)
shall have the sole authority and discretion: 
  

	 	i)	to construe and interpret the Plan; 

  

	 	ii)	to determine and approve the amount of payments to be made within the Plan guidelines and to refer any exceptions or items requiring further review to the Board of Directors for
approval; 

  

	 	iii)	to determine and approve the status and rights of any participant or beneficiary to payments under the Plan; 

  

	 	iv)	to decide all questions concerning the Plan and to make all other determinations and to take all other steps necessary or advisable for the administration of the Plan.

  
 All decisions made by the Compensation Committee and/or its
delegate(s) or the Board of Directors pursuant to the provisions of the Plan shall be final, conclusive, and binding upon all parties. The Compensation Committee has complete discretion in administering and interpreting the PIP Plan and in granting
or denying any payments described within the plan regardless of the financial calculations presented. 
  

	6.	Right to Withhold Taxes 

  
 The Company shall have the right to withhold such amounts from any payment under this Plan as it determines necessary to fulfill any federal, state, or local wage or
compensation withholding requirements. 
  

	7.	Non-Transferability of Rights 

  
 A participant’s rights and interests under the Plan may not be assigned or transferred in whole or in part either directly or by operation of law or otherwise
(except in an event of the participant’s death), including, but not limited to, by way of execution, levy, garnishment, attachment, pledge, bankruptcy or in any other manner, and no such rights or interests of any participant under the Plan
shall be subject to any obligation or liability of such participant other than any obligations or liabilities owed by the Participant to the Company. 
  

	8.	No Right to Continued Employment 

  
 Neither the Plan, nor any compensation payable under the Plan, shall confer upon any participant any right to continuance of employment by the Company or any affiliate of
the Company nor shall they interfere in any way with the right of the Company or any affiliate of the Company to terminate any participant’s employment at any time. 

	9.	No Claim Against Assets 

  
 Nothing in this Plan shall be construed as giving any participant or his or her legal representative, or designated beneficiary, any claim against any specific assets of
the Company or any affiliate or as imposing any trustee relationship upon the Company or any affiliate in respect of the participant. 
  
 The Company shall not be required to segregate any assets in order to provide for the satisfaction of the obligations hereunder. If and to the extent that the participant
or his or her legal representative or designated beneficiary acquires a right to receive any payment pursuant to this Plan, such right shall be no greater than the right of an unsecured general creditor of the Company or any affiliate. 

 

	10.	Company’s Books and Records Conclusive 

  
 The Company’s books and records, and internal accounting procedures, will be conclusive for all purposes under the Plan. 
  

	11.	Amendment or Termination 

  
 The Company may at any time, terminate or modify or amend the Plan in any respect, at any time prior to payment for the fiscal year. The Compensation Committee may
consider all applicable fiscal conditions at the time of payment in making its final determinations of payment or non-payment of PIP funds. 
  

	12.	No Other Agreements or Understandings 

  
 Except as expressly provided herein, this Plan represents the sole agreement between the Company and participants concerning its subject matter and it supersedes all
prior agreements, arrangements, understandings, warranties, representations, and statements between the parties concerning its subject matter. 
  

	13.	Governing Law 

  
 The Plan and all actions taken pursuant thereto shall be governed by, and construed in accordance with, the laws of the State of Pennsylvania applied without regard to conflict of law principles. 
  

	*	Cash flow from operations will be measured according to GAAP accounting and will exclude one-time income or expenses. Final determination on inclusion or exclusion of items in
determining achievement of the financial goals will be at the sole discretion of the Board of Directors upon presentation of the relevant information by the officers of the Company. 

  

	**	Income from operations will be measured according to GAAP accounting and will exclude non-cash items (specifically, stock option expense and amortization of intangible assets) and
one-time income or expenses. Final determination on inclusion or exclusion of items in determining achievement of the financial goals will be at the sole discretion of the Board of Directors upon presentation of the relevant information by the
officers of the Company.Credit Agreement, dated as of September 1, 2005

 Exhibit 10.1 
  

			
	

	 	

  

 CUSIP Number: 536253AA5 
  
 $125,000,000 
  
 CREDIT AGREEMENT 
  
 among 
  
 LIONBRIDGE TECHNOLOGIES, INC., 
 as the Company and a Borrower, 
  
 LIONBRIDGE TECHNOLOGIES IRELAND, 
 as the Irish Borrower, 
  
 LIONBRIDGE TECHNOLOGIES HOLDINGS B.V., 
 as a Dutch Borrower, 
  
 THE
MATERIAL DOMESTIC SUBSIDIARIES OF THE BORROWER 
 FROM TIME TO TIME PARTIES HERETO, 
 as US Guarantors, 
  
 CERTAIN SUBSIDIARIES OF THE IRISH BORROWER AND THE 
 DUTCH BORROWERS FROM TIME TO TIME PARTY HERETO, 
 as Foreign Guarantors, 
  
 THE LENDERS PARTIES HERETO 
  
 and 
  
 WACHOVIA BANK, NATIONAL
ASSOCIATION, 
 as Administrative Agent 
  
 Dated as of September 1, 2005 
  
 WACHOVIA CAPITAL MARKETS, LLC, 
 as Sole Lead
Arranger and Sole Book Runner 
  

  
 

 

 TABLE OF CONTENTS 
  

					
	 	    	 	  	Page

	 ARTICLE I DEFINITIONS AND OTHER PROVISIONS
	  	1
	 Section 1.1
	    	Defined Terms.	  	1
	 Section 1.2
	    	Other Definitional Provisions.	  	34
	 Section 1.3
	    	Accounting Terms.	  	35
	 Section 1.4
	    	Resolution of Drafting Ambiguities.	  	35
	 Section 1.5
	    	Exchange Rates; Currency Equivalents.	  	35
	 Section 1.6
	    	Redenomination of Certain Foreign Currencies and Computation of Dollar Amounts.	  	36
		
	 ARTICLE II THE LOANS; AMOUNT AND TERMS
	  	36
	 Section 2.1
	    	Revolving Loans.	  	36
	 Section 2.2
	    	Term Loan Facility.	  	39
	 Section 2.3
	    	Letter of Credit Subfacility.	  	41
	 Section 2.4
	    	Swingline Loan Subfacility.	  	45
	 Section 2.5
	    	Incremental Term Facility.	  	47
	 Section 2.6
	    	Fees.	  	48
	 Section 2.7
	    	Commitment Reductions.	  	49
	 Section 2.8
	    	Prepayments.	  	49
	 Section 2.9
	    	Lending Offices.	  	52
	 Section 2.10
	    	Default Rate.	  	52
	 Section 2.11
	    	Conversion Options.	  	52
	 Section 2.12
	    	Computation of Interest and Fees; Usury.	  	53
	 Section 2.13
	    	Pro Rata Treatment and Payments.	  	54
	 Section 2.14
	    	Non-Receipt of Funds by the Administrative Agent.	  	57
	 Section 2.15
	    	Inability to Determine Interest Rate.	  	58
	 Section 2.16
	    	Illegality.	  	58
	 Section 2.17
	    	Requirements of Law.	  	59
	 Section 2.18
	    	Indemnity.	  	61
	 Section 2.19
	    	Taxes.	  	61
	 Section 2.20
	    	Indemnification; Nature of Issuing Lender’s Duties.	  	63
	 Section 2.21
	    	Replacement of Lenders.	  	64
	 Section 2.22
	    	Parallel Debt.	  	65
	 Section 2.23
	    	Obligations of Borrowers.	  	66
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	66
	 Section 3.1
	    	Financial Condition.	  	66
	 Section 3.2
	    	No Change.	  	67
	 Section 3.3
	    	Corporate Existence; Compliance with Law.	  	67
	 Section 3.4
	    	Corporate Power; Authorization; Enforceable Obligations.	  	67
	 Section 3.5
	    	No Legal Bar; No Default.	  	68
	 Section 3.6
	    	No Material Litigation.	  	68
	 Section 3.7
	    	Investment Company Act/Public Utility Holding Company Act.	  	68
	 Section 3.8
	    	Margin Regulations.	  	68

  

 i 

					
	 Section 3.9
	    	ERISA.	  	69
	 Section 3.10
	    	Environmental Matters.	  	69
	 Section 3.11
	    	Purpose of Loans.	  	70
	 Section 3.12
	    	Subsidiaries.	  	70
	 Section 3.13
	    	Ownership.	  	71
	 Section 3.14
	    	Indebtedness.	  	71
	 Section 3.15
	    	Taxes.	  	71
	 Section 3.16
	    	Intellectual Property.	  	71
	 Section 3.17
	    	Solvency.	  	72
	 Section 3.18
	    	Investments.	  	72
	 Section 3.19
	    	Location of Collateral.	  	72
	 Section 3.20
	    	No Burdensome Restrictions.	  	72
	 Section 3.21
	    	Brokers’ Fees.	  	72
	 Section 3.22
	    	Labor Matters.	  	73
	 Section 3.23
	    	Security Documents.	  	73
	 Section 3.24
	    	Accuracy and Completeness of Information.	  	73
	 Section 3.25
	    	Material Contracts.	  	74
	 Section 3.26
	    	Insurance.	  	74
	 Section 3.27
	    	Anti-Terrorism Laws.	  	74
	 Section 3.28
	    	Compliance with OFAC Rules and Regulations.	  	74
	 Section 3.29
	    	Directors; Capitalization.	  	74
	 Section 3.30
	    	Consummation of Acquisition; Representations and Warranties from Other Documents.	  	75
	 Section 3.31
	    	Compliance with FCPA.	  	75
	 Section 3.32
	    	Compliance with Dutch BA.	  	75
		
	 ARTICLE IV CLOSING CONDITIONS
	  	75
	 Section 4.1
	    	Conditions to Closing Date and Initial Revolving Loans and Term Loan.	  	75
	 Section 4.2
	    	Conditions to All Extensions of Credit.	  	81
		
	 ARTICLE V AFFIRMATIVE COVENANTS
	  	82
	 Section 5.1
	    	Financial Statements.	  	82
	 Section 5.2
	    	Certificates; Other Information.	  	83
	 Section 5.3
	    	Payment of Taxes.	  	84
	 Section 5.4
	    	Conduct of Business and Maintenance of Existence.	  	84
	 Section 5.5
	    	Maintenance of Property; Insurance.	  	85
	 Section 5.6
	    	Inspection of Property; Books and Records; Discussions.	  	85
	 Section 5.7
	    	Notices.	  	86
	 Section 5.8
	    	Environmental Laws.	  	87
	 Section 5.9
	    	Financial Covenants.	  	88
	 Section 5.10
	    	Additional Subsidiary Guarantors.	  	89
	 Section 5.11
	    	Compliance with Law.	  	90
	 Section 5.12
	    	Pledged Assets.	  	90
	 Section 5.13
	    	Covenants Regarding Patents, Trademarks and Copyrights.	  	91
	 Section 5.14
	    	Deposit Accounts.	  	92
	 Section 5.15
	    	Dutch Restrictions.	  	92
	 Section 5.16
	    	Post-Closing Covenant.	  	92

  

 ii 

					
		
	 ARTICLE VI NEGATIVE COVENANTS
	  	94
	 Section 6.1
	    	Indebtedness.	  	94
	 Section 6.2
	    	Liens.	  	95
	 Section 6.3
	    	Nature of Business.	  	96
	 Section 6.4
	    	Consolidation, Merger, Sale or Purchase of Assets, etc.	  	96
	 Section 6.5
	    	Advances, Investments and Loans.	  	97
	 Section 6.6
	    	Transactions with Affiliates.	  	98
	 Section 6.7
	    	Ownership of Subsidiaries; Restrictions.	  	98
	 Section 6.8
	    	Corporate Changes; Material Contracts.	  	98
	 Section 6.9
	    	Limitation on Restricted Actions.	  	98
	 Section 6.10
	    	Restricted Payments.	  	99
	 Section 6.11
	    	Amendment of Subordinated Debt.	  	99
	 Section 6.12
	    	Sale Leasebacks.	  	99
	 Section 6.13
	    	No Further Negative Pledges.	  	100
	 Section 6.14
	    	Operating Leases.	  	100
		
	 ARTICLE VII EVENTS OF DEFAULT
	  	100
	 Section 7.1
	    	Events of Default.	  	100
	 Section 7.2
	    	Acceleration; Remedies.	  	103
		
	 ARTICLE VIII THE AGENT
	  	104
	 Section 8.1
	    	Appointment.	  	104
	 Section 8.2
	    	Delegation of Duties.	  	104
	 Section 8.3
	    	Exculpatory Provisions.	  	104
	 Section 8.4
	    	Reliance by Administrative Agent.	  	105
	 Section 8.5
	    	Notice of Default.	  	105
	 Section 8.6
	    	Non-Reliance on Administrative Agent and Other Lenders.	  	106
	 Section 8.7
	    	Indemnification.	  	106
	 Section 8.8
	    	Administrative Agent in Its Individual Capacity.	  	107
	 Section 8.9
	    	Successor Administrative Agent.	  	107
	 Section 8.10
	    	Nature of Duties.	  	107
	 Section 8.11
	    	Releases.	  	108
		
	ARTICLE IX MISCELLANEOUS	  	108
	 Section 9.1
	    	Amendments, Waivers and Release of Collateral.	  	108
	 Section 9.2
	    	Notices.	  	110
	 Section 9.3
	    	No Waiver; Cumulative Remedies.	  	111
	 Section 9.4
	    	Survival of Representations and Warranties.	  	111
	 Section 9.5
	    	Payment of Expenses and Taxes.	  	112
	 Section 9.6
	    	Successors and Assigns; Participations; Purchasing Lenders.	  	112
	 Section 9.7
	    	Adjustments; Set-off.	  	116
	 Section 9.8
	    	Table of Contents and Section Headings.	  	117
	 Section 9.9
	    	Counterparts.	  	118
	 Section 9.10
	    	Effectiveness.	  	118
	 Section 9.11
	    	Severability.	  	118

  

 iii 

					
	 Section 9.12
	    	Integration.	  	118
	 Section 9.13
	    	Governing Law.	  	118
	 Section 9.14
	    	Consent to Jurisdiction and Service of Process.	  	118
	 Section 9.15
	    	Confidentiality.	  	119
	 Section 9.16
	    	Acknowledgments.	  	120
	 Section 9.17
	    	Waivers of Jury Trial; Waiver of Consequential Damages.	  	120
	 Section 9.18
	    	Patriot Act Notice.	  	121
	 Section 9.20
	    	Judgment Currency.	  	121
	 Section 9.21
	    	Professional Market Party Representation.	  	122
	 Section 9.22
	    	Foreign Subsidiary Restructuring.	  	122
		
	 ARTICLE X US GUARANTY
	  	123
	 Section 10.1
	    	The US Guaranty.	  	123
	 Section 10.2
	    	Bankruptcy.	  	123
	 Section 10.3
	    	Nature of Liability.	  	124
	 Section 10.4
	    	Independent Obligation.	  	124
	 Section 10.5
	    	Authorization.	  	124
	 Section 10.6
	    	Reliance.	  	125
	 Section 10.7
	    	Waiver.	  	125
	 Section 10.8
	    	Limitation on Enforcement.	  	126
	 Section 10.9
	    	Confirmation of Payment.	  	126
		
	 ARTICLE XI FOREIGN GUARANTY; JOINT AND SEVERAL LIABILITY OF FOREIGN BORROWERS
	  	127
	 Section 11.1
	    	The Foreign Guaranty.	  	127
	 Section 11.2
	    	Bankruptcy.	  	127
	 Section 11.3
	    	Nature of Liability.	  	127
	 Section 11.4
	    	Independent Obligation.	  	128
	 Section 11.5
	    	Authorization.	  	128
	 Section 11.6
	    	Reliance.	  	128
	 Section 11.7
	    	Waiver.	  	128
	 Section 11.8
	    	Limitation on Enforcement.	  	130
	 Section 11.9
	    	Confirmation of Payment.	  	130
	 Section 11.10
	    	Dutch Limitations.	  	130

  

 iv 

 Schedules 
  

			
	 Schedule 1.1-1
	    	Account Designation Letter
	 Schedule 1.1-2
	    	Permitted Liens
	 Schedule 1.1-3
	    	Consolidated EBITDA
	 Schedule 1.1-4
	    	Existing Letters of Credit
	 Schedule 1.1-5
	    	Corporate Investment Policy
	 Schedule 2.1(b)(i)
	    	Form of Notice of Borrowing
	 Schedule 2.1(e)
	    	Form of Revolving Note
	 Schedule 2.2(d)
	    	Form of Term Note
	 Schedule 2.4(d)
	    	Form of Swingline Note
	 Schedule 2.11
	    	Form of Notice of Conversion/Extension
	 Schedule 3.3
	    	Jurisdictions of Organization/Qualification
	 Schedule 3.12
	    	Subsidiaries
	 Schedule 3.16
	    	Intellectual Property
	 Schedule 3.19(a)
	    	Location of Real Property
	 Schedule 3.19(b)
	    	Location of Collateral
	 Schedule 3.19(c)
	    	Chief Executive Offices/Principal Place of Business
	 Schedule 3.22
	    	Labor Matters
	 Schedule 3.25
	    	Material Contracts
	 Schedule 3.26
	    	Insurance
	 Schedule 3.29
	    	Board of Directors; Capitalization
	 Schedule 4.1(b)
	    	Form of Secretary’s Certificate
	 Schedule 4.1(j)
	    	Form of Solvency Certificate
	 Schedule 4.1(y)
	    	Sources and Uses
	 Schedule 5.10
	    	Form of Joinder Agreement
	 Schedule 6.1(b)
	    	Indebtedness
	 Schedule 9.6(c)
	    	Form of Assignment Agreement

  

 v 

 This CREDIT AGREEMENT, dated as of September 1, 2005, is by and among LIONBRIDGE TECHNOLOGIES,
INC., a Delaware corporation (the “Company”), LIONBRIDGE TECHNOLOGIES IRELAND, a company formed under the laws of Ireland and a Subsidiary of the Company (the “Irish Borrower”), LIONBRIDGE TECHNOLOGIES
HOLDINGS B.V., a company incorporated under the laws of The Netherlands with corporate seat in Amsterdam and a Subsidiary of the Company (“Lionbridge Holdings BV”; together with the Company and the Irish Borrower, the
“Borrowers” and each individually a “Borrower”), those Material Domestic Subsidiaries of the Company identified as “US Guarantors” on the signature pages hereto and such other Material Domestic
Subsidiaries of the Company as may from time to time become a party hereto (each a “US Guarantor” and collectively, the “US Guarantors”), the Subsidiaries of the Irish Borrower and Lionbridge Holdings BV identified
as “Foreign Guarantors” on the signature pages hereto and such other Subsidiaries of the Irish Borrower and the Dutch Borrowers (defined below) as may from time to time become party hereto (together with the Company, the US Guarantors, the
Irish Borrower and the Dutch Borrowers, the “Foreign Guarantors” and each a “Foreign Guarantor”), the several banks and other financial institutions as may from time to time become parties to this Credit
Agreement (the “Lenders” and each a “Lender”), and WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association, as administrative agent for the Lenders hereunder (in such capacity, the
“Administrative Agent”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Borrowers have requested that the Lenders make loans and other financial accommodations to the Borrowers in the amount of
$125,000,000, as more particularly described herein; 
  
 WHEREAS, the Lenders have agreed to make such loans and other financial accommodations to the Borrowers on the terms and conditions contained herein; and 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties hereto hereby
agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS AND OTHER PROVISIONS 
  
 Section 1.1 Defined Terms. 
  
 As used in this Credit Agreement, terms defined in the preamble to this
Credit Agreement have the meanings therein indicated, and the following terms have the following meanings: 
  
 “Accessible Borrowing Availability” shall mean, as of any date of determination, the amount that the Borrowers are able to borrow on such
date under the Revolving Committed Amount without a Default or Event of Default occurring or existing after giving pro forma effect to such borrowing. 

 “Account Designation Letter” shall mean the Notice of Account Designation Letter dated
as of the Closing Date from the Company to the Administrative Agent substantially in the form attached hereto as Schedule 1.1-1. 
  
 “Acquired Company” shall mean the Bowne Global Solutions division of Bowne & Co., Inc. 
  
 “Acquisition” shall mean the acquisition of all of the
capital stock of the Acquired Company by the Company pursuant to the Acquisition Documents. 
  
 “Acquisition Documents” shall mean (a) the Merger Agreement and (b) any other material agreement, document or instrument executed pursuant to the Merger Agreement (including, without limitation, any
employment agreements and any material contracts), together with any schedules and exhibits thereto, in each case as amended, restated, modified or supplemented from time to time. 
  
 “Additional Credit Party” shall mean each Person that becomes a US Guarantor or a Foreign Guarantor by
execution of a Joinder Agreement in accordance with Section 5.10. 
  
 “Additional Term Loan” shall have the meaning set forth in Section 2.5. 
  
 “Administrative Agent” shall have the meaning set forth in the first paragraph of this Credit Agreement and any successors and/or assigns
in such capacity. 
  
 “Administrative Agent’s
Office” shall mean, with respect to any currency, the Administrative Agent’s address and, as appropriate, account as set forth in Section 9.2 with respect to such currency, or such other address or account with respect to such currency
as the Administrative Agent may from time to time notify to the Company and the Lenders. 
  
 “Administrative Details Form” shall mean, with respect to any Lender, a document containing such Lender’s contact information for purposes of notices provided under this Credit Agreement and
account details for purposes of payments made to such Lender under this Credit Agreement. 
  
 “Affected Lender” shall have the meaning set forth in Section 2.16(a). 
  
 “Affiliate” shall mean as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by, or is under
common control with, such Person. For purposes of this definition, a Person shall be deemed to be “controlled by” a Person if such Person possesses, directly or indirectly, power either (a) to vote 10% or more of the securities having
ordinary voting power for the election of directors of such Person or (b) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. 
  

 2 

 “Alternate Base Rate” shall mean, for any day, a rate per annum equal to the greater of
(a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%. For purposes hereof: “Prime Rate” shall mean, at any time, the rate of interest per annum publicly announced
from time to time by Wachovia at its principal office in Charlotte, North Carolina as its prime rate. Each change in the Prime Rate shall be effective as of the opening of business on the day such change in the Prime Rate occurs. The parties hereto
acknowledge that the rate announced publicly by Wachovia as its Prime Rate is an index or base rate and shall not necessarily be its lowest or best rate charged to its customers or other banks; and “Federal Funds Effective Rate”
shall mean, for any day, the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve
Bank of New York, or, if such rate is not so published on the next succeeding Business Day, the average of the quotations for the day of such transactions received by the Administrative Agent from three federal funds brokers of recognized standing
selected by it. If for any reason the Administrative Agent shall have determined (which determination shall be conclusive in the absence of manifest error) that it is unable to ascertain the Federal Funds Effective Rate, including the inability or
failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms above, the Alternate Base Rate shall be determined without regard to clause (b) of the first sentence of this definition until the circumstances giving
rise to such inability no longer exist. Any change in the Alternate Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective on the opening of business on the date of such change. 
  
 “Alternate Base Rate Loans” shall mean Loans that bear
interest at an interest rate based on the Alternate Base Rate. 
  
 “Applicable Percentage” shall mean, for any day, the rate per annum set forth below opposite the applicable level then in effect, it being understood that the Applicable Percentage for (a) Revolving Loans that are LIBOR
Rate Loans shall be the percentage set forth under the column “LIBOR Rate Margin for Revolving Loans and Letter of Credit Fee”, (b) the Letter of Credit Fee shall be the percentage set forth under the column “LIBOR Rate Margin for
Revolving Loans and Letter of Credit Fee”, (c) Revolving Loans that are Alternate Base Rate Loans shall be the percentage set forth under the column “Alternate Base Rate Margin for Revolving Loans”, (d) Term Loans that are LIBOR Rate
Loans shall be the percentage set forth under the column “LIBOR Rate Margin for Term Loans”, (e) Term Loans that are Alternate Base Rate Loans shall be the percentage set forth under the column “Alternate Base Rate Margin for Term
Loans”, and (f) the Commitment Fee shall be the percentage set forth under the column “Commitment Fee”: 
  

																		
	 Level

	  	 Leverage
 Ratio

	  	 LIBOR Rate
 Margin for
 Revolving
 Loans and
 Letter of
 Credit Fee

	 	 	 Alternate
 Base Rate
 Margin for
 Revolving
 Loans

	 	 	 LIBOR Rate
 Margin for
 Term Loans

	 	 	 Alternate
 Base Rate
 Margin for
 Term Loans

	 	 	 Commitment
 Fee

	 
	 I
	  	3 2.75 to 1.0	  	3.50	%	 	2.50	%	 	3.50	%	 	2.50	%	 	0.50	%
	 II
	  	3 2.25 to 1.0 but < 2.75 to 1.0	  	3.25	%	 	2.25	%	 	3.25	%	 	2.25	%	 	0.50	%
	 III
	  	3 1.75 to 1.0 but < 2.25 to 1.0	  	3.00	%	 	2.00	%	 	3.25	%	 	2.25	%	 	0.50	%
	 IV
	  	< 1.75 to 1.0	  	2.75	%	 	1.75	%	 	3.25	%	 	2.25	%	 	0.50	%

  

 3 

 The Applicable Percentage shall, in each case, be determined and adjusted quarterly on the date five (5)
Business Days after the date on which the Administrative Agent has received from the Company the quarterly and annual financial information and the certifications required to be delivered to the Administrative Agent and the Lenders in accordance
with the provisions of Sections 5.1(a), 5.1(b) and 5.2(a) pursuant to which the Company shall notify the Administrative Agent of a change in the applicable pricing level based on the financial information contained therein (each an “Interest
Determination Date”). Subject to the last sentence of this definition, such Applicable Percentage shall be effective from such Interest Determination Date until the next such Interest Determination Date. Notwithstanding the foregoing, (i)
the initial Applicable Percentage for Revolving Loans and Letter of Credit Fees shall be set at Level I until the Interest Determination Date occurring after the delivery of the officer’s compliance certificate pursuant to Section 5.2(a) for
the quarter ended December 31, 2005 and (ii) the initial Applicable Percentage for the Term Loan shall be set at Level I until the Interest Determination Date occurring after the delivery of the officer’s compliance certificate pursuant to
Section 5.2(a) for the quarter ended March 31, 2006. If the Company shall fail to provide the quarterly and annual financial information and certifications in accordance with the provisions of Sections 5.1(a), 5.1(b) and 5.2(a), the Applicable
Percentage shall, on the date five (5) Business Days after the date by which the Company was so required to provide such financial information and certifications to the Administrative Agent and the Lenders, be based on Level I until such time as
such information and certifications are provided, whereupon the Level shall be determined by the then current Leverage Ratio. 
  
 “Applicable Time” shall mean, with respect to any borrowings and payments in Foreign Currencies, the local times in the place of
settlement for such Foreign Currencies as may be determined by the Administrative Agent to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place of payment. 
  
 “Approved Fund” shall mean, with respect to any Lender, any
fund or trust or entity that invests in commercial bank loans in the ordinary course of business and is advised or managed by (a) such Lender, (b) an Affiliate of such Lender, (c) any other Lender or any Affiliate thereof or (d) the same investment
advisor as any Person described in clauses (a) – (c). 
  

 4 

 “Arranger” shall mean Wachovia Capital Markets, LLC, together with its successors and
assigns. 
  
 “Asset Disposition” shall mean the
disposition of any or all of the assets (including, without limitation, any Capital Stock of a Subsidiary or any ownership interest in a joint venture) of any Credit Party or any Subsidiary whether by sale, lease, transfer or otherwise. The term
“Asset Disposition” shall not include (i) the sale, lease or transfer of assets permitted by Sections 6.4(a)(i), (ii), (iv), (v), (vii), (viii), (ix), (x), (xi) and (xii) hereof or (ii) any Equity Issuance. 
  
 “Assignment Agreement” shall mean an Assignment Agreement,
substantially in the form of Schedule 9.6(c). 
  
 “Bankruptcy Code” shall mean the Bankruptcy Code in Title 11 of the United States Code, as amended, modified, succeeded or replaced from time to time. 
  
 “Bankruptcy Event” shall mean the occurrence of an Event of Default under Section 7.1(e). 
  
 “Belgian Property” shall mean the real property owned by
Bowne Global Solutions B.V. BA as of the Closing Date and located in Belgium. 
  
 “Borrower” and “Borrowers” shall have the meaning set forth in the first paragraph of this Credit Agreement. 
  
 “Borrowing Date” shall mean, in respect of any Loan, the date such Loan is made. 
  
 “Business” shall have the meaning set forth in Section
3.10(b). 
  
 “Business Day” shall mean a day
other than a Saturday, Sunday or other day on which commercial banks in Charlotte, North Carolina or New York, New York are authorized or required by law to close; provided, however, that (a) when used in connection with a rate
determination, borrowing or payment in respect of a LIBOR Rate Loan, the term “Business Day” shall also exclude any day on which banks in London, England are not open for dealings in deposits of Dollars or Foreign Currencies, as
applicable, in the London interbank market and (b) when used in connection with a Foreign Currency Loan, the term “Business Day” shall also exclude any day on which banks are not open for foreign exchange dealings between banks in the
exchange of the home country of such Foreign Currency. 
  
 “Canadian Dollar” shall mean Canadian dollars, the lawful currency of Canada. 
  
 “Capital Lease” shall mean any lease of property, real or personal, the obligations with respect to which are required to be capitalized
on a balance sheet of the lessee in accordance with GAAP. 
  

 5 

 “Capital Lease Obligations” shall mean the capitalized lease obligations relating to a
Capital Lease determined in accordance with GAAP. 
  
 “Capital Stock” shall mean (a) in the case of a corporation or company, capital stock or shares, (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of capital stock, (c) in the case of a partnership, partnership interests (whether general or limited), (d) in the case of a limited liability company, membership interests and (e) any other interest or participation
that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 
  
 “CDLE Lien” shall mean any Lien granted by a Credit Party or any of its Subsidiaries prior to the Closing Date to the Colorado Department
of Labor and Employment. 
  
 “Change of Control”
shall mean at any time the occurrence of any of the following events: (a) any “person” or “group” (as such terms are used in Section 13(d) and 14(d) of the Exchange Act), is or becomes the “beneficial owner” (as defined
in Rules 13d-3 and 13d-5 under the Exchange Act, except that a person shall be deemed to have “beneficial ownership” of all securities that such person has the right to acquire, whether such right is exercisable immediately or only after
the passage of time), directly or indirectly, of 40% or more of the then outstanding Voting Stock of the Company; or (b) the replacement of a majority of the Board of Directors of the Company over a two-year period from the directors who constituted
the Board of Directors at the beginning of such period, and such replacements shall not have been approved or nominated by a vote of at least a majority of the Board of Directors of the Company then still in office who either were members of such
Board of Directors at the beginning of such period or whose election as a member of such Board of Directors was previously so approved. 
  
 “Chinese Venture” shall mean an investment with one or more other investors in an information technology services company in China.

  
 “Closing Date” shall mean the date of this
Credit Agreement. 
  
 “Code” shall mean the
Internal Revenue Code of 1986, as amended from time to time. 
  
 “Collateral” shall mean a collective reference to the collateral that is identified in, and at any time will be covered by, the Security Documents, and any other property or assets of a Credit Party, whether tangible or
intangible and whether real or personal, upon which the Administrative Agent has been granted a Lien. 
  
 “Commitment” shall mean the Revolving Commitments, the LOC Commitment, the Swingline Commitments and the Term Loan Commitments,
individually or collectively, as appropriate. 
  
 “Commitment Fee” shall have the meaning set forth in Section 2.6(a). 
  

 6 

 “Commitment Percentage” shall mean the Revolving Commitment Percentage and/or the Term
Loan Commitment Percentage, as appropriate. 
  
 “Commitment Period” shall mean the period from and including the Closing Date to but excluding the Revolving Commitment Termination Date. 
  
 “Commonly Controlled Entity” shall mean an entity, whether or not incorporated, that is under common
control with the Company within the meaning of Section 4001 of ERISA or is part of a group that includes the Company and that is treated as a single employer under Section 414 of the Code. 
  
 “Company” shall have the meaning set forth in the first
paragraph of this Credit Agreement. 
  
 “Consolidated
Capital Expenditures” shall mean, for any period, all capital expenditures of the Company and its Subsidiaries on a consolidated basis for such period, as determined in accordance with GAAP. The term “Consolidated Capital
Expenditures” shall not include capital expenditures in respect of the reinvestment of proceeds derived from Recovery Events received by the Company and its Subsidiaries to the extent that such reinvestment is permitted under the Credit
Documents. 
  
 “Consolidated EBITDA” shall mean,
for any period, the sum of (a) Consolidated Net Income for such period, plus (b) an amount that, in the determination of Consolidated Net Income for such period, has been deducted for (i) interest expense, (ii) total federal, state, local and
foreign income, value added and similar taxes, (iii) non-recurring cash charges approved by the Administrative Agent not to exceed $11,000,000 in the aggregate in 2005 and 2006 and $750,000 in the aggregate for each fiscal year thereafter, (iv)
non-cash charges associated with employee stock and option plans, (v) depreciation and amortization expense for such period, (vi) amortization or write-down of intangibles (including, but not limited to, goodwill), (vii) non-cash foreign exchange
charges, (viii) non-cash purchase accounting adjustments related to the Acquisition and (ix) other non-cash charges in an amount not to exceed $1,000,000 for such period, plus (c) Acquisition cost savings for the fiscal quarter ending
September 30, 2005 in the amount set forth on Schedule 1.1-3 minus (d) any non-cash charge previously added back to Consolidated Net Income in the calculation of Consolidated EBITDA to the extent such non-cash charge becomes a cash
charge, all as determined in accordance with GAAP. Notwithstanding the foregoing, for purposes of calculating Consolidated EBITDA for any fiscal quarter ending prior to the Closing Date, Consolidated EBITDA for such fiscal quarter shall be the
amount set forth on Schedule 1.1-3. 
  
 “Consolidated Interest Expense” shall mean, for any period, all interest expense of the Company and its Subsidiaries (including, without limitation, the interest component under Capital Leases, but excluding intercompany
interest expense), as determined in accordance with GAAP. Notwithstanding the foregoing, for purposes of calculating Consolidated Interest Expense for the four fiscal quarters ending September 30, 2005, December 31, 2005 and March 31, 2006,
Consolidated Interest Expense shall be annualized during such fiscal quarters such that (a) for the calculation of Consolidated Interest Expense as of September 30, 2005, Consolidated 
  

 7 

 Interest Expense for the fiscal quarter then ending will be multiplied by four (4), (b) for the calculation of
Consolidated Interest Expense as of December 31, 2005, Consolidated Interest Expense for the two fiscal quarter period then ending will be multiplied by two (2) and (c) for the calculation of Consolidated Interest Expense as of March 31, 2006,
Consolidated Interest Expense for the three (3) fiscal quarter period then ending will be multiplied by one and one-third (1 1/3). 
  
 “Consolidated Net
Income” shall mean, for any period, net income (excluding extraordinary items, interest income and tax credits, rebates and other benefits) for such period of the Company and its Subsidiaries on a consolidated basis, as determined in
accordance with GAAP. 
  
 “Consolidated Revenues”
shall mean, for any period, revenues for such period of the Company and its Subsidiaries on a consolidated basis, as determined in accordance with GAAP. 
  
 “Consolidated Working Capital” shall mean, as of any date of determination, the excess of (a) current assets (excluding cash and
Corporate Investment Policy Investments) of the Company and its Subsidiaries on a consolidated basis as of such date of determination less (b) current liabilities (excluding the current portion of any long-term Indebtedness) of the Company and its
Subsidiaries on a consolidated basis as of such date of determination, all as determined in accordance with GAAP. 
  
 “Contractual Obligation” shall mean, as to any Person, any provision of any security issued by such Person or of any contract, agreement,
instrument or undertaking to which such Person is a party or by which it or any of its property is bound. 
  
 “Copyright Licenses” shall mean any agreement, written or oral, providing for a grant by or to a Credit Party of any right under any
Copyright, including, without limitation, any thereof referred to in Schedule 3.16, but excluding any license of a Copyright to a Credit Party with respect to a generally available product. 
  
 “Copyrights” shall mean (a) all registered United States
copyrights in all Works, now existing or hereafter created or acquired, all registrations and recordings thereof, and all applications in connection therewith, including, without limitation, registrations, recordings and applications in the United
States Copyright Office and any thereof referred to in Schedule 3.16, and (b) all renewals thereof including, without limitation, any renewals thereof referred to in Schedule 3.16. 
  
 “Corporate Investment Policy Investments” shall mean
Investments made in accordance with the Corporate Investment Policy set forth on Schedule 1.1-5 attached hereto, except for Investments in Persons (other than Governmental Authorities) rated lower than A1 by S&P and P1 by Moody’s.

  
 “Corresponding Debt” shall mean, in relation
to any NL Obligor and at any given time, each amount (whether matured or not) owing by that entity at that time to a Lender, the Administrative Agent or a Hedging Agreement Provider under the Credit Documents and Secured Hedging Agreements (other
than that party’s respective Dutch Parallel Debt). 
  

 8 

 “Credit Agreement” shall mean this Credit Agreement, as amended, modified, restated,
extended, replaced or supplemented from time to time in accordance with its terms. 
  
 “Credit Documents” shall mean this Credit Agreement, each of the Notes, the Dutch Borrower Joinder Agreement, any Joinder Agreement, the Letters of Credit, any Assignment Agreement, the LOC Documents,
the Security Documents and all other agreements, documents, certificates and instruments delivered to the Administrative Agent or any Lender by any Credit Party in connection therewith (other than any agreement, document, certificate or instrument
related to a Hedging Agreement). 
  
 “Credit
Party” shall mean any of the Borrowers, the US Guarantors or the Foreign Guarantors, individually or collectively, as appropriate. 
  
 “Credit Party Obligations” shall mean, without duplication, (a) all of the obligations, indebtedness and liabilities of the Credit
Parties to the Lenders (including the Issuing Lender and the Swingline Lender) and the Administrative Agent, whenever arising, under this Credit Agreement, the Notes or any of the other Credit Documents, including principal, interest, fees,
reimbursements and indemnification obligations and other amounts (including, but not limited to, any interest accruing after the occurrence of a filing of a petition of bankruptcy under the Bankruptcy Code with respect to any Credit Party,
regardless of whether such interest is an allowed claim under the Bankruptcy Code) and (b) all liabilities and obligations, whenever arising, owing from the Credit Parties or any of their Subsidiaries to any Hedging Agreement Provider arising under
any Secured Hedging Agreement. 
  
 “Debt
Issuance” shall mean the issuance of any Indebtedness for borrowed money by any Credit Party or any of its Subsidiaries (excluding, for purposes hereof, any Equity Issuance or any Indebtedness of the Company and its Subsidiaries permitted
to be incurred pursuant to Section 6.1(a)-(i) hereof). 
  
 “Default” shall mean any event that would constitute an Event of Default, whether or not any requirement for the giving of notice or the lapse of time, or both, or any other condition, has been satisfied. 
  
 “Defaulting Lender” shall mean, at any time, any Lender
that, at such time (a) has failed to make a Loan or fund a Participation Interest required pursuant to the terms of this Credit Agreement, (b) has failed to pay to the Administrative Agent or any Lender an amount owed by such Lender pursuant to the
terms of this Credit Agreement, or (c) has been deemed insolvent or has become subject to a bankruptcy or insolvency proceeding or to a receiver, trustee or similar official. 
  
 “Deposit Account Control Agreement” shall mean an agreement among a Credit Party, a depository institution,
and the Administrative Agent, which agreement is in a form acceptable to the Administrative Agent and which provides the Administrative Agent with “control” (as such term is used in Article 9 of the Uniform Commercial Code) over the
deposit accounts described therein, as the same may be amended, restated, supplemented, extended, replaced or otherwise modified from time to time. 
  

 9 

 “Designated Funding Subsidiary” shall have the meaning set forth in Section 2.1(b)(iv).

  
 “Designating Revolving Lender” shall have the
meaning set forth in Section 2.1(b)(iv). 
  
 “Dollar
Amount” shall mean, at any time, (a) with respect to Dollars or an amount denominated in Dollars, such amount and (b) with respect to an amount of any Foreign Currency or an amount denominated in such Foreign Currency, the equivalent amount
thereof in Dollars as determined by the Administrative Agent at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) applicable to such Foreign Currency. 
  
 “Dollars” and “$” shall mean dollars in
lawful currency of the United States of America. 
  
 “Domestic Lending Office” shall mean, initially, the office of each Lender designated as such Lender’s Domestic Lending Office in such Lender’s Administrative Details form; and thereafter, such other office of
such Lender as such Lender may from time to time specify to the Administrative Agent and the Company as the office of such Lender at which Alternate Base Rate Loans of such Lender are to be made. 
  
 “Domestic Subsidiary” shall mean any Subsidiary that is
organized and existing under the laws of the United States or any state or commonwealth thereof or under the laws of the District of Columbia. 
  
 “Dutch BA” shall mean the Dutch 1992 Act on the Supervision of the Credit System (Wet toezicht kredietwezen 1992), as amended from
time to time. 
  
 “Dutch BA Exemption Regulation”
shall mean the Exemption Regulation promulgated from time to time under the Dutch BA (Vrijstellingsregeling Wtk 1992). 
  
 “Dutch Borrower Joinder Agreement” shall mean a joinder agreement executed by Lionbridge Global Solutions BV pursuant to Section 5.16(a),
pursuant to which Lionbridge Global Solutions BV shall become a Dutch Borrower under this Credit Agreement, such joinder agreement to be in form and substance satisfactory to the Administrative Agent. 
  
 “Dutch Borrowers” shall mean Lionbridge Holdings BV and,
upon receipt by the Administrative Agent of an executed copy of the Dutch Borrower Joinder Agreement and the other documentation required by Section 5.16(a), Lionbridge Global Solutions BV. 
  
 “Dutch Guarantor” shall mean Lionbridge Technologies B.V., a
company incorporated under the laws of The Netherlands. 
  
 “Dutch Parallel Debt” shall mean, in relation to any of the NL Obligors, an amount equal to the aggregate of that NL Obligor’s Corresponding Debts at that time. 
  

 10 

 “Dutch Pledge Agreements” shall mean the following agreements, each dated the Closing
Date or one Business Day thereafter and to be executed in favor of the Administrative Agent, as such agreements may be amended, modified, restated or supplemented from time to time: 
  
 (a) the Deed of Pledge of Shares by Lionbridge Global Solutions Companies, Inc. f/k/a BGS Companies, Inc., a
Delaware corporation, pursuant to which Lionbridge Global Solutions Companies, Inc. will pledge 64.98% of the Capital Stock of Lionbridge of Europe B.V. f/k/a Bowne of Europe B.V., a company incorporated under the laws of The Netherlands with
corporate seat in Amsterdam, to secure its Credit Party Obligations; 
  
 (b) the Deed of Pledge of Shares by Lionbridge of Europe B.V., pursuant to which Lionbridge of Europe B.V. will pledge 61% of the Capital Stock of Lionbridge Global Solutions BV to secure the Foreign Credit Party
Obligations; 
  
 (c) the Deed of Pledge of Shares
by Lionbridge of Gibraltar B.V. f/k/a Bowne of Gibraltar B.V., a company incorporated under the laws of The Netherlands with corporate seat in Amsterdam, pursuant to which Lionbridge of Gibraltar B.V. will pledge 39% of the Capital Stock of
Lionbridge Global Solutions BV to secure the Foreign Credit Party Obligations; 
  
 (d) the Deed of Pledge of Shares by the Company, pursuant to which the Company will pledge 64.91% of the Capital Stock of Lionbridge
Holdings BV to secure its Credit Party Obligations; and 
  
 (e) the Deed of Pledge of Shares by Lionbridge Holdings BV, pursuant to which Lionbridge Holdings BV will pledge 100% of the Capital Stock of the Dutch Guarantor to secure its Foreign Credit Party Obligations.

  
 “Dutch Security Agreements” shall mean (a)
the Deed of Pledge of Accounts, Deed of Pledge of Movable Assets, Deed of Pledge of Intercompany Receivables and Deed of Pledge of Receivables, each dated the Closing Date and to be executed in favor of the Administrative Agent by Lionbridge
Holdings BV and the Dutch Guarantor to secure the Foreign Credit Party Obligations, as amended, modified, restated or supplemented from time to time in accordance with its terms and (b) the Deed of Pledge of Accounts, Deed of Pledge of Movable
Assets, Deed of Pledge of Intercompany Receivables and Deed of Pledge of Receivables, each dated the Closing Date or one Business Day thereafter and to be executed in favor of the Administrative Agent by Lionbridge Global Solutions BV to secure its
Foreign Credit Party Obligations, as amended, modified, restated or supplemented from time to time in accordance with its terms. 
  
 “EMU” shall mean Economic and Monetary Union as contemplated in the Treaty on European Union. 
  
 “EMU Legislation” shall mean legislative measures of the
European Council (including without limitation European Council regulations) for the introduction of, changeover to or operation of a single or unified European currency (whether known as the Euro or otherwise), being in part the implementation of
the third stage of EMU. 
  

 11 

 “Environmental Laws” shall mean any and all applicable foreign, Federal, state, local or
municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirement of Law (including common law) regulating, relating to or imposing liability or standards of conduct
concerning protection of human health or the environment, as now or may at any time be in effect during the term of this Credit Agreement. 
  
 “Equity Issuance” shall mean any issuance by any Credit Party or any Subsidiary to any Person that is not a Credit Party of (a) shares of
its Capital Stock, (b) any shares of its Capital Stock pursuant to the exercise of options or warrants, (c) any shares of its Capital Stock pursuant to the conversion of any debt securities to equity to the extent of any cash payment
thereunder or (d) warrants or options that are exercisable for shares of its Capital Stock. The term “Equity Issuance” shall not include (i) any equity issued in connection with any Asset Disposition, (ii) any equity issued in connection
with any Debt Issuance, (iii) any equity issued in connection with any exercise of options or warrants by officers, directors and employees of the Credit Parties and their Subsidiaries under any employee equity subscription agreement, stock option
agreement or similar agreement or plan, (iv) any equity issued to a Credit Party or (v) any equity issued by a Subsidiary to its parent company. 
  
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. 
  
 “Euro” shall mean the single currency of Participating
Member States of the European Union. 
  
 “Euro
Unit” shall mean the currency unit of the Euro. 
  
 “Eurodollar Reserve Percentage” shall mean for any day, (A) for any LIBOR Rate Loan with respect to which the Mandatory Cost Rate does not apply, the maximum rate (expressed as a decimal and rounded upwards, if necessary,
to the next higher 1/100th of 1%) at which any bank subject thereto would be required to maintain reserves under Regulation D of the Board of Governors of the Federal Reserve System (or any successor or similar regulations relating to such reserve
requirements) against Eurocurrency Liabilities (as that term is used in Regulation D), if such liabilities were outstanding and (B) for any LIBOR Rate Loan with respect to which the Mandatory Cost Rate does apply, zero (0). The Eurodollar Reserve
Percentage shall be adjusted automatically on and as of the effective date of any change in the Eurodollar Reserve Percentage. 
  
 “Event of Default” shall mean any of the events specified in Section 7.1; provided, however, that any requirement for the
giving of notice or the lapse of time, or both, or any other condition, has been satisfied. 
  

 12 

 “Excess Cash Flow” shall mean, with respect to any fiscal year period of the Company and
its Subsidiaries on a consolidated basis (commencing with the fiscal year 2006), an amount equal to (a) Consolidated EBITDA for such period minus (b) Consolidated Capital Expenditures made in cash during such period to the extent permitted
hereunder minus (c) Scheduled Funded Debt Payments made in cash during such period to the extent permitted hereunder minus (d) Consolidated Interest Expense made in cash such period to the extent permitted hereunder minus (e)
amounts paid in cash in respect of federal, state, local and foreign income, value added and similar taxes with respect to such period minus (f) increases (or plus decreases) in Consolidated Working Capital for such period from the prior
period minus (g) the purchase price paid in cash during such period with respect to any Permitted Acquisition minus (h) non-recurring cash charges to the extent added back to Consolidated Net Income in the calculation of Consolidated
EBITDA. 
  
 “Exchange Act” shall mean the
Securities Exchange Act of 1934, together with any amendment thereto or replacement thereof and any rules or regulations promulgated thereunder. 
  
 “Excluded Foreign Subsidiary” shall have the meaning set forth in Section 5.10(b). 
  
 “Excluded US Subsidiary” shall have the meaning set forth in
Section 5.10(b). 
  
 “Existing Letters of Credit”
shall mean each of the letters of credit described by date of issuance, amount, beneficiary and the date of expiry on Schedule 1.1-4 hereto. 
  
 “Extension of Credit” shall mean, as to any Lender, the making of a Loan by such Lender or the issuance of, or participation in, a Letter
of Credit by such Lender. 
  
 “Federal Funds Effective
Rate” shall have the meaning set forth in the definition of “Alternate Base Rate”. 
  
 “Fee Letter” shall mean the letter agreement dated June 27, 2005 addressed to the Company from the Administrative Agent and the Arranger,
as amended, modified or otherwise supplemented. 
  
 “Fixed
Charge Coverage Ratio” shall mean, with respect to the Company and its Subsidiaries on a consolidated basis for the four consecutive quarters ending on the last day of any fiscal quarter of the Company, the ratio of (a) Consolidated EBITDA
for the applicable period minus Consolidated Capital Expenditures for the applicable period to (b) the sum of Consolidated Interest Expense paid or payable in cash for such period plus Scheduled Funded Debt Payments for the applicable
period plus amounts paid or payable in cash during such period paid in respect of federal, state, local and foreign income, value added and similar taxes. 
  
 “Flood Hazard Property” shall mean any real property of a Credit Party that is located in an area
designated by the Federal Emergency Management Agency as having special flood or mud slide hazards. 
  
 “Foreign Borrowers” shall mean the Irish Borrower and the Dutch Borrowers. 
  

 13 

 “Foreign Credit Party” shall mean any of the Irish Borrower, the Dutch Borrowers or the
Foreign Guarantors, individually or collectively, as appropriate. 
  
 “Foreign Credit Party Obligations” shall mean the Credit Party Obligations of the Foreign Borrowers and the Foreign Guarantors (other than the Company and the US Guarantors). 
  
 “Foreign Currency” shall mean (a) Euros, (b) Canadian
Dollars, (c) Japanese Yen and (d) Pounds Sterling. 
  
 “Foreign Currency Equivalent” shall mean, with respect to any amount denominated in Dollars, the equivalent amount thereof in the applicable Foreign Currency as determined by the Administrative Agent at such time on the
basis of the Spot Rate (determined in respect of the most recent Revaluation Date) applicable to such Foreign Currency. 
  
 “Foreign Currency Loan” shall mean any Loan denominated in a Foreign Currency. 
  
 “Foreign Guarantor” shall have the meaning set forth in the
first paragraph of this Credit Agreement. 
  
 “Foreign
Guaranty” shall mean the guaranty of the Foreign Guarantors set forth in Article XI. 
  
 “Foreign Holding Company” shall have the meaning set forth in Section 9.22. 
  
 “Foreign Security Documents” shall mean Dutch Pledge Agreements, the Dutch Security Agreements, the Irish Pledge Agreements and the Irish
Security Agreement. 
  
 “Foreign Subsidiary”
shall mean any Subsidiary of a Credit Party that is not a Domestic Subsidiary. 
  
 “Funded Debt” shall mean, with respect to any Person, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures,
notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property purchased by such Person (other than customary reservations or retentions of title under agreements with
suppliers entered into in the ordinary course of business), (d) all obligations (including, without limitation, earnout obligations) of such Person incurred, issued or assumed as the deferred purchase price of property or services purchased by such
Person (other than trade debt incurred in the ordinary course of business and due within six months of the incurrence thereof) that would appear as liabilities on a balance sheet of such Person, (e) the principal portion of all obligations of such
Person under Capital Leases, (f) all obligations of such Person under Hedging Agreements, excluding any portion thereof that would be accounted for as interest expense under GAAP, (g) the maximum amount of all letters of credit issued or
bankers’ acceptances facilities created for the account of such Person and, without duplication, all drafts drawn and unreimbursed thereunder (excluding performance based letters of credit issued to the Borrower’s customers in connection
with certain long-term contracts), (h) all 
  

 14 

 preferred Capital Stock or other equity interests issued by such Person and which by the terms thereof could be (at the
request of the holders thereof or otherwise) subject to mandatory sinking fund payments, redemption or other acceleration prior to the date which is six months after the Maturity Date, (i) the principal balance outstanding under any synthetic lease,
tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product, (j) all Indebtedness of others of the type described in clauses (a) through (i) hereof secured by (or for which the holder of such Indebtedness has
an existing right, contingent or otherwise, to be secured by) any Lien on, or payable out of the proceeds of production from, property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed, (k) all
Guaranty Obligations of such Person with respect to Indebtedness of another Person of the type described in clauses (a) through (i) hereof, and (l) all Indebtedness of the type described in clauses (a) through (i) hereof of any partnership or
unincorporated joint venture in which such Person is a general partner or a joint venturer, except to the extent such Indebtedness is expressly non-recourse to such Person. Funded Debt of any Person shall be determined in accordance with GAAP.

  
 “Funding Indemnity Letter” shall mean a
letter agreement between the Administrative Agent and the Company pursuant to which the Company agrees to indemnify the Lenders in accordance with the terms of Section 2.18 for any funding loss or expense incurred by the Lenders related to the Loans
to be made on the Closing Date. 
  
 “GAAP” shall
mean generally accepted accounting principles in effect in the United States of America applied on a consistent basis (or, when used in relation to a Foreign Subsidiary, generally accepted accounting principles in effect in the country of such
Foreign Subsidiary’s organization applied on a consistent basis, to the extent applicable), subject, however, in the case of determination of compliance with the financial covenants set out in Section 5.9, to the provisions of
Section 1.3. 
  
 “German Property” shall mean the
real property owned by Bowne Global Solutions Deutchland, GmbH, a company formed under the laws of Germany, as of the Closing Date and located in Germany. 
  
 “Government Acts” shall have the meaning set forth in Section 2.20. 
  
 “Governmental Authority” shall mean any nation or government, any state or other political subdivision
thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
  
 “Guaranty Obligations” shall mean, with respect to any Person, without duplication, any obligations of such Person (other than
endorsements in the ordinary course of business of negotiable instruments for deposit or collection) guaranteeing or intended to guarantee any Indebtedness of any other Person in any manner, whether direct or indirect, and including without
limitation any obligation, whether or not contingent, (a) to purchase any such Indebtedness or any property constituting security therefor, (b) to advance or provide funds or other support for the payment or purchase of any such Indebtedness or to
maintain working capital, solvency or other balance sheet condition of such other Person (including without limitation keep well agreements, maintenance agreements, comfort letters or similar agreements or arrangements) for the benefit of any holder
of 
  

 15 

 Indebtedness of such other Person, (c) to lease or purchase Property, securities or services primarily for the purpose of
assuring the holder of such Indebtedness, or (d) to otherwise assure or hold harmless the holder of such Indebtedness against loss in respect thereof. The amount of any Guaranty Obligation hereunder shall (subject to any limitations set forth
therein) be deemed to be an amount equal to the outstanding principal amount (or maximum principal amount, if larger) of the Indebtedness in respect of which such Guaranty Obligation is made. 
  
 “Hedging Agreement Provider” shall mean any Person that
enters into a Secured Hedging Agreement with a Credit Party or any of its Subsidiaries that is permitted by Section 6.1 to the extent such Person is a Lender, an Affiliate of a Lender or any other Person that was a Lender (or an Affiliate of a
Lender) at the time it entered into the Secured Hedging Agreement but has ceased to be a Lender (or whose Affiliate has ceased to be a Lender) under the Credit Agreement. 
  
 “Hedging Agreements” shall mean, with respect to any Person, any agreement entered into to protect such
Person against fluctuations in interest rates, or currency or raw materials values, including, without limitation, any interest rate swap, cap or collar agreement or similar arrangement between such Person and one or more counterparties, any foreign
currency exchange agreement, currency protection agreements, commodity purchase or option agreements or other interest or exchange rate or commodity price hedging agreements. 
  
 “Incremental Term Facility” shall have the meaning set forth in Section 2.5. 
  
 “Indebtedness” shall mean, with respect to any Person,
without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title
retention agreements relating to property purchased by such Person (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of business), (d) all obligations (including, without
limitation, earnout obligations) of such Person incurred, issued or assumed as the deferred purchase price of property or services purchased by such Person (other than trade debt incurred in the ordinary course of business and due within six months
of the incurrence thereof) that would appear as liabilities on a balance sheet of such Person, (e) the principal portion of all obligations of such Person under Capital Leases, (f) all obligations of such Person under Hedging Agreements, excluding
any portion thereof that would be accounted for as interest expense under GAAP, (g) the maximum amount of all letters of credit issued or bankers’ acceptances facilities created for the account of such Person and, without duplication, all
drafts drawn and unreimbursed thereunder (excluding performance based letters of credit issued to the Borrower’s customers in connection with certain long-term contracts), (h) all preferred Capital Stock or other equity interests issued by such
Person and which by the terms thereof could be (at the request of the holders thereof or otherwise) subject to mandatory sinking fund payments, redemption or other acceleration prior to the date which is six months after the Maturity Date, (i) the
principal balance outstanding under any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product, (j) all obligations of such Person under take-or-pay or similar arrangements or under
commodities agreements, (k) all Indebtedness of others of the type described in clauses (a) through (j) hereof secured by (or for which the holder of such Indebtedness has an existing right, contingent or 
  

 16 

 otherwise, to be secured by) any Lien on, or payable out of the proceeds of production from, property owned or acquired
by such Person, whether or not the obligations secured thereby have been assumed, (l) all Guaranty Obligations of such Person with respect to Indebtedness of another Person of the type described in clauses (a) through (j) hereof, and (m) all
Indebtedness of the type described in clauses (a) through (j) hereof of any partnership or unincorporated joint venture in which such Person is a general partner or a joint venturer, except to the extent such Indebtedness is expressly non-recourse
to such Person. Indebtedness of any Person shall be determined in accordance with GAAP. 
  
 “Insolvency” shall mean, with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of such term as used in Section 4245 of ERISA. 
  
 “Insolvent” shall mean being in a condition of Insolvency.

  
 “Intellectual Property” shall mean all
Copyrights, Copyright Licenses, Patents, Patent Licenses, Trademarks and Trademark Licenses. 
  
 “Interest Determination Date” shall have the meaning assigned thereto in the definition of “Applicable Percentage”. 
  
 “Interest Payment Date” shall mean (a) as to any Alternate Base Rate Loan or Swingline Loan, the last
Business Day of each March, June, September and December and on the applicable Maturity Date, (b) as to any LIBOR Rate Loan having an Interest Period of three months or less, the last day of such Interest Period, (c) as to any LIBOR Rate Loan having
an Interest Period longer than three months, each day which is three months after the first day of such Interest Period and the last day of such Interest Period and (d) as to any Loan which is the subject of a mandatory prepayment required pursuant
to Section 2.8(b), the date on which such mandatory prepayment is due. 
  
 “Interest Period” shall mean, with respect to any LIBOR Rate Loan, 
  
 (a) initially, the period commencing on the Borrowing Date or conversion date, as the case may be, with respect to such LIBOR Rate Loan
and ending one, two, three or six months thereafter, subject to availability, as selected by the Company in the Notice of Borrowing or Notice of Conversion given with respect thereto; and 
  
 (b) thereafter, each period commencing on the last day of
the immediately preceding Interest Period applicable to such LIBOR Rate Loan and ending one, two, three or six months thereafter, subject to availability, as selected by the Company by irrevocable notice to the Administrative Agent not less than (x)
with respect to LIBOR Rate Loans denominated in Dollars, three Business Days prior to the last day of the then current Interest Period with respect thereto and (y) with respect to LIBOR Rate Loans denominated in Foreign Currency, four Business Days
prior to the last day of the then current Interest Period with respect thereto; 
  

 17 

 provided that the foregoing provisions are subject to the following: 

 
 (i) if any Interest Period pertaining to a LIBOR Rate
Loan would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which
event such Interest Period shall end on the immediately preceding Business Day; 
  
 (ii) any Interest Period pertaining to a LIBOR Rate Loan 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 relevant calendar month; 
  
 (iii) if the Company shall fail to give notice as provided above, the Company shall be deemed to have
selected (A) in the case of Loans denominated in Dollars, an Alternate Base Rate Loan to replace the affected LIBOR Rate Loan and (B) in the case of Loans denominated in Foreign Currencies, an Interest Period of one month; 
  
 (iv) no Interest Period in respect of any Loan shall extend
beyond the applicable Maturity Date and, further with regard to the Term Loan, no Interest Period shall extend beyond any principal amortization payment date unless the portion of the Term Loan consisting of Alternate Base Rate Loans together with
the portion of the Term Loan consisting of LIBOR Rate Loans with Interest Periods expiring prior to or concurrently with the date such principal amortization payment date is due, is at least equal to the amount of such principal amortization payment
due on such date; and 
  
 (v) no more than eight
(8) LIBOR Rate Loans may be in effect at any time. For purposes hereof, LIBOR Rate Loans with different Interest Periods shall be considered as separate LIBOR Rate Loans, even if they shall begin on the same date, although borrowings, extensions and
conversions may, in accordance with the provisions hereof, be combined at the end of existing Interest Periods to constitute a new LIBOR Rate Loan with a single Interest Period. 
  
 “Investment” shall mean, 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, guaranty 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, or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person
that constitute a business unit. 
  
 “Irish
Borrower” shall have the meaning set forth in the first paragraph of this Credit Agreement. 
  

 18 

 “Irish Pledge Agreements” shall mean: 
  
 (a) the Equitable Charge Over Shares dated as of the Closing
Date executed in favor of the Administrative Agent by Veritest, Inc. in relation to 64.99% of the Capital Stock of Lionbridge Technologies Ireland Limited, as amended, modified, restated or supplemented from time to time; and 
  
 (b) the Equitable Charge Over Shares dated as of the Closing
Date executed in favor of the Administrative Agent by Lionbridge Technologies Holdings B.V. in respect of all of the Capital Stock of the Irish Borrower, as amended, modified, restated or supplemented from time to time. 
  
 “Irish Security Agreement” shall mean the Debenture dated as
of the Closing Date executed in favor of the Administrative Agent by the Irish Borrower to secure the Foreign Credit Party Obligations, as amended, modified, restated or supplemented from time to time. 
  
 “Issuing Lender” shall mean (a) with respect to the Existing
Letters of Credit, JPMorgan Chase Bank, (b) with respect to any Letter of Credit issued after the Closing Date that Wachovia is unable to issue, any Revolving Lender acceptable to the Company and the Administrative Agent that agrees to issue such
Letter of Credit and (c) with respect to any other Letter of Credit, Wachovia or any successor in such capacity. 
  
 “Issuing Lender Fees” shall have the meaning set forth in Section 2.6(c). 
  
 “Japanese Yen” or “JPY” shall mean Japanese yen, the lawful currency of Japan. 

 
 “Joinder Agreement” shall mean (a) with respect to any
new US Guarantor, a Joinder Agreement substantially in the form of Schedule 5.10 and (b) with respect to any new Foreign Guarantor, a joinder agreement in form and substance reasonably acceptable to the Administrative Agent, in each case
executed and delivered by an Additional Credit Party in accordance with the provisions of Section 5.10. 
  
 “Lender” shall have the meaning set forth in the first paragraph of this Credit Agreement and shall include the Issuing Lender and the
Swingline Lender. 
  
 “Lender Commitment Letter”
shall mean, with respect to any Lender, the letter (or other correspondence) to such Lender from the Administrative Agent notifying such Lender of its LOC Commitment, Revolving Commitment Percentage and/or Term Loan Commitment Percentage.

  
 “Letter of Credit” shall mean (a) any letter
of credit issued by the Issuing Lender pursuant to the terms hereof and (b) any Existing Letter of Credit, in each case as such letter of credit may be amended, modified, extended, renewed or replaced from time to time. 
  
 “Letter of Credit Facing Fee” shall have the meaning set
forth in Section 2.6(c). 
  
 “Letter of Credit
Fee” shall have the meaning set forth in Section 2.6(b). 
  

 19 

 “Leverage Ratio” shall mean, with respect to the Company and its Subsidiaries on a
consolidated basis for the four consecutive quarters ending on the last day of any fiscal quarter of the Company, the ratio of (a) Funded Debt of the Company and its Subsidiaries on a consolidated basis on the last day of such period to (b)
Consolidated EBITDA for such four fiscal quarter period. 
  
 “LIBOR” shall mean, for any LIBOR Rate Loan for any Interest Period therefor, either (a) the rate of interest per annum determined by the Administrative Agent (rounded upward to the nearest 1/100 of 1%) appearing on, in the
case of Dollars, the Telerate Page 3750 (or any successor page) and, in the case of a Foreign Currency, the appropriate page of the Telerate screen which displays British Bankers Association Interest Settlement Rates for deposits in such Foreign
Currency (or, in each case, (i) such other page or service as may replace such page on such system or service for the purpose of displaying such rates and (ii) if more than one rate appears on such screen, the arithmetic mean for all such rates
rounded upward to the nearest 1/100 of 1%) as the London interbank offered rate for deposits in the applicable currency at approximately 11:00 A.M. (London time), on the second full Business Day preceding the first day of such Interest Period, and
in an amount approximately equal to the amount of the LIBOR Rate Loan and for a period approximately equal to such Interest Period or (b) if such rate is for any reason not available, the rate per annum equal to the rate at which the Administrative
Agent or its designee is offered deposits in such currency at or about 11:00 A.M. (London time), two Business Days prior to the beginning of such Interest Period in the interbank eurodollar market where the eurodollar and foreign currency and
exchange operations in respect of its LIBOR Rate Loans are then being conducted for settlement in immediately available funds, for delivery on the first day of such Interest Period for the number of days comprised therein, and in an amount
comparable to the amount of the LIBOR Rate Loan to be outstanding during such Interest Period. With respect to any LIBOR Rate Loan denominated in British Pounds Sterling, for any Interest Period, “LIBOR” shall mean the rate equal to the
sum of (A) the rate determined in accordance with the foregoing terms of this definition plus (B) the Mandatory Cost Rate for such Interest Period. 
  
 “LIBOR Lending Office” shall mean, initially, the office(s) of each Lender designated as such Lender’s LIBOR Lending Office in such
Lender’s Administrative Details Form; and thereafter, such other office of such Lender as such Lender may from time to time specify to the Administrative Agent and the Company as the office of such Lender at which the LIBOR Rate Loans of such
Lender are to be made. 
  
 “LIBOR Rate” shall
mean a rate per annum (rounded upwards, if necessary, to the next higher 1/100th of 1%) determined by the Administrative Agent pursuant to the following formula: 
  

					
	LIBOR Rate =	  	 LIBOR

	  	 
	 	  	1.00 - Eurodollar Reserve Percentage    	  	 

  
 “LIBOR Rate
Loan” shall mean Loans the rate of interest applicable to which is based on the LIBOR Rate. 
  

 20 

 “Lien” shall mean any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), charge or other security interest or any or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention
agreement and any Capital Lease having substantially the same economic effect as any of the foregoing). 
  
 “Lionbridge Global Solutions BV” shall mean Lionbridge Global Solutions Holdings (Netherlands) B.V. f/k/a Bowne Global Solutions Holdings
(Netherlands) B.V., a company incorporated under the laws of The Netherlands with corporate seat in Amsterdam. 
  
 “Lionbridge Holdings BV” shall have the meaning set forth in the first paragraph of this Credit Agreement. 
  
 “Loan” shall mean a Revolving Loan, a Swingline Loan and/or
the Term Loan, as appropriate. 
  
 “LOC
Commitment” shall mean the commitment of the Issuing Lender to issue Letters of Credit and, with respect to each Lender, the commitment of such Lender to purchase participation interests in the Letters of Credit up to such Lender’s LOC
Commitment as specified in the Lender Commitment Letter or in the Register, as such amount may be reduced from time to time in accordance with the provisions hereof. 
  
 “LOC Committed Amount” shall have the meaning set forth in Section 2.3(a). 
  
 “LOC Documents” shall mean, with respect to any Letter of
Credit, such Letter of Credit, any amendments thereto, any documents delivered in connection therewith, any application therefor, and any agreements, instruments, guarantees or other documents (whether general in application or applicable only to
such Letter of Credit) governing or providing for (a) the rights and obligations of the parties concerned or (b) any collateral security for such obligations. 
  

“LOC Mandatory Borrowing” shall have the meaning set forth in Section 2.3(e). 
  
 “LOC Obligations” shall mean, at any time, the sum of (a)
the maximum amount which is, or at any time thereafter may become, available to be drawn under Letters of Credit then outstanding, assuming compliance with all requirements for drawings referred to in such Letters of Credit plus (b) the
aggregate amount of all drawings under Letters of Credit honored by the Issuing Lender but not theretofore reimbursed. 
  
 “Mandatory Cost Rate” shall mean, with respect to any Loan or other Credit Party Obligation for any Interest Period, a rate per annum
reflecting the cost to the Lenders of complying with all reserve, special deposit, capital adequacy, solvency, liquidity ratios, fees or other requirements of or imposed by the Bank of England, the Financial Services Authority, the European Central
Bank or any other governmental or regulatory authority for such Interest Period attributable to such Loan or Credit Party Obligation (rounded up if necessary to 4 decimal places) as conclusively determined by the Administrative Agent. 
  

 21 

 “Material Adverse Effect” shall mean a material adverse effect on (a) the business,
operations, property or financial condition of the Company and its Subsidiaries, taken as a whole, (b) the ability of the Company and its Subsidiaries, taken as a whole, to perform their respective obligations, when such obligations are required to
be performed, under this Credit Agreement or any other Credit Document or (c) the validity or enforceability of this Credit Agreement or any of the other Credit Documents or the rights or remedies of the Administrative Agent or the Lenders hereunder
or thereunder. 
  
 “Material Contract” shall mean
any contract, agreement, permit or license, written or oral, of the Company or any of its Subsidiaries as to which the breach, nonperformance, cancellation or failure to renew by any party thereto, individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect. 
  
 “Material Domestic Subsidiary” shall mean, as of any date of determination, any direct or indirect Domestic Subsidiary of the Company (a) that individually generates more than one percent (1%) of Consolidated Revenues for
the period of four consecutive fiscal quarters ending as of the end of the fiscal quarter immediately preceding such date of determination on a pro forma basis or (b) that is required to become a US Guarantor pursuant to the terms of Section 5.10.

  
 “Materials of Environmental Concern” shall
mean any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law, including, without
limitation, asbestos, polychlorinated biphenyls and urea-formaldehyde insulation. 
  
 “Maturity Date” shall mean (a) with respect to the Term Loan, the Term Loan Maturity Date and (b) with respect to the Revolving Loans, the Revolving Commitment Termination Date. 
  
 “Merger Agreement” shall mean that certain Merger Agreement,
dated as of June 27, 2005, by and among the Company, as the purchaser, and the Sellers, as the sellers, as amended or modified prior to the Closing Date. 
  
 “Moody’s” shall mean Moody’s Investors Service, Inc. 
  
 “Mortgage Instrument” shall mean any mortgage, deed of trust, deed to secure debt or similar agreement or
instrument executed by a Credit Party in favor of the Administrative Agent pursuant to the terms of Section 5.10 or 5.12, as the same may be amended, modified, restated or supplemented from time to time. 
  
 “Mortgage Policy” shall mean, with respect to any Mortgage
Instrument, an ALTA mortgagee title insurance policy issued by a title insurance company (the “Title Insurance Company”) selected by the Administrative Agent in an amount satisfactory to the Administrative Agent, in form and
substance satisfactory to the Administrative Agent. 
  

 22 

 “Mortgaged Property” shall mean any owned or leased real property of a Credit Party with
respect to which such Credit Party executes a Mortgage Instrument in favor of the Administrative Agent. 
  
 “Multiemployer Plan” shall mean a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 
  
 “National Currency Unit” shall mean a fraction or multiple
of one Euro Unit expressed in units of the former national currency of a Participating Member State. 
  
 “Net Cash Proceeds” shall mean the aggregate cash proceeds received by any Credit Party or any Subsidiary in respect of any Asset
Disposition, Equity Issuance or Debt Issuance, net of (a) direct costs paid or payable as a result thereof (including, without limitation, reasonable legal, accounting and investment banking fees, and sales commissions), (b) taxes paid or payable as
a result thereof and (c) with respect to any Asset Disposition, the amount of Indebtedness that is secured by the assets that are subject to such Asset Disposition and that is repaid with the proceeds of such sale; it being understood that “Net
Cash Proceeds” shall include, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received by any Credit Party or any Subsidiary in any Asset Disposition, Equity Issuance or Debt Issuance.

  
 “NL Obligor” shall mean any of the Company,
Lionbridge Global Solutions Companies, Inc. f/k/a BGS Companies, Inc., a Delaware corporation, the Dutch Borrowers and the Dutch Guarantor. 
  
 “Note” or “Notes” shall mean the Revolving Notes, the Swingline Note and/or the Term Notes, collectively, separately or
individually, as appropriate. 
  
 “Notice of
Borrowing” shall mean a written request for a Revolving Loan or a Swingline Loan, in each case substantially in the form of Schedule 2.1(b)(i). 
  

“Notice of Conversion/Extension” shall mean the written notice of conversion of a LIBOR Rate Loan to an Alternate Base Rate Loan or an
Alternate Base Rate Loan to a LIBOR Rate Loan, or extension of a LIBOR Rate Loan, in each case substantially in the form of Schedule 2.11. 
  
 “OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control. 
  
 “Operating Lease” shall mean, as applied to any Person, any
lease (including, without limitation, leases which may be terminated by the lessee at any time) of any property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor. 

 
 “Participant” shall have the meaning set forth in Section
9.6(b). 
  

 23 

 “Participating Member State” shall mean each country so described in any EMU
Legislation. 
  
 “Participation Interest” shall
mean the purchase by a Revolving Lender of a participation interest in Letters of Credit as provided in Section 2.3 and in Swingline Loans as provided in Section 2.4. 
  
 “Patent License” shall mean all agreements, whether written or oral, providing for the grant by or to a
Credit Party of any right to manufacture, use or sell any invention covered by a Patent, including, without limitation, any thereof referred to in Schedule 3.16. 
  
 “Patents” shall mean (a) all letters patent of the United States or any other country and all reissues and
extensions thereof, including, without limitation, any thereof referred to in Schedule 3.16, and (b) all applications for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part
thereof, including, without limitation, any thereof referred to in Schedule 3.16. 
  
 “PBGC” shall mean the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA. 
  
 “Permitted Acquisition” shall mean an acquisition or any series of related acquisitions by a Credit Party
of (a) the assets or a majority of the outstanding Voting Stock or economic interests of a Person or (b) any division, line of business or other business unit of a Person (such Person or such division, line of business or other business unit of such
Person shall be referred to herein as the “Target”), in each case that is a type of business (or assets used in a type of business) permitted to be engaged in by the Credit Parties and their Subsidiaries pursuant to Section 6.3
hereof, so long as (i) no Default or Event of Default shall then exist or would exist after giving effect thereto, (ii) the Administrative Agent shall have received written notice of such acquisition at least fifteen (15) days prior to the
consummation of such acquisition, (iii) the Administrative Agent shall have received a consolidated balance sheet and a consolidated statement of income of the Credit Parties and their Subsidiaries, giving pro forma effect to such acquisition, that
demonstrate to the reasonable satisfaction of the Administrative Agent, and the Credit Parties shall provide calculations that demonstrate to the reasonable satisfaction of the Administrative Agent, that the Leverage Ratio calculated on a Pro Forma
Basis shall be less than or equal to the ratio that is 0.25 lower than the Leverage Ratio then applicable as set forth in Section 5.9(a), (iv) the Administrative Agent shall have received any available historical financial statements of the Target
(for the 3 fiscal years prior to such acquisition) and such other information with respect to the Target or such acquisition as may be reasonably required by the Administrative Agent, (v) the Administrative Agent, on behalf of the Lenders, shall
have received (or shall receive in connection with the closing of such acquisition) a first priority perfected security interest in all property (including, without limitation, Capital Stock) acquired with respect to the Target to the extent
required by the terms of Sections 5.10 and 5.12 and the Target, if a Person, shall have executed a Joinder Agreement to the extent required by the terms of Section 5.10, (vi) the Target shall have earnings before interest, taxes, depreciation and
amortization for the four fiscal quarter period prior to the acquisition date in an amount greater than $0, (vii) such acquisition shall not be a “hostile” acquisition and shall have been approved 
  

 24 

 by the Board of Directors and/or shareholders of the applicable Credit Party and the Target, (viii) after giving effect
to such acquisition, there shall be at least $10,000,000 of Accessible Borrowing Availability under the Revolving Committed Amount and (ix) the total consideration (including cash, assumed Indebtedness, earnout obligations, deferred compensation and
other forms of consideration, but excluding consideration consisting of Capital Stock of the Company and amounts financed with the net proceeds of a substantially concurrent issuance of Capital Stock of the Company) for (A) any acquisition shall not
exceed $10,000,000 in any twelve month period and (B) all such acquisitions made during the term of this Credit Agreement shall not exceed $25,000,000 in the aggregate. 
  
 “Permitted Investments” shall mean: 
  
 (a) cash and Corporate Investment Policy Investments; 
  
 (b) receivables owing to the Company or any of its
Subsidiaries and advances to suppliers, in each case if created, acquired or made in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; 
  
 (c) loans and advances to employees (other than officers or
directors) in an aggregate amount not to exceed $250,000 at any time outstanding; 
  
 (d) Investments received in connection with the bankruptcy or reorganization of suppliers and customers and in settlement of delinquent
obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business; 
  
 (e) Investments, acquisitions or transactions permitted under Section 6.4(b); 
  
 (f) Hedging Agreements to the extent permitted pursuant to
Section 6.1; 
  
 (g) Investments in and loans to
Credit Parties (other than Foreign Credit Parties); 
  
 (h) Investments in and loans to Foreign Credit Parties by Foreign Subsidiaries; 
  
 (i) Investments in and loans to Foreign Subsidiaries (other than Foreign Credit Parties) by Foreign Subsidiaries (other than Foreign
Credit Parties); 
  
 (j) so long as no Default or
Event of Default then exists or would exist after giving effect to any such Investment, (i) Investments in and loans to any Foreign Subsidiary by a Credit Party in accordance with the historical practices of the Credit Parties and (ii) other
Investments in and loans to any Foreign Subsidiary by a Credit Party in an aggregate amount, with respect to all Foreign Subsidiaries, not to exceed (in the case of clause (ii)), when combined (without duplication) with any outstanding Indebtedness
incurred pursuant to clause (ii) of Section 6.1(i), $500,000 at any time outstanding; 
  

 25 

 (k) Investments in the Chinese Venture in an aggregate amount not to exceed $2,500,000;

  
 (l) Investments and transactions permitted
pursuant to Sections 6.1, 6.4 and 9.22 to the extent not already permitted pursuant to this definition; 
  
 (m) additional loan advances and/or Investments; provided that such loans, advances and/or Investments made pursuant to this clause
shall not exceed an aggregate amount of $1,000,000. 
  
 “Permitted Liens” shall mean: 
  
 (a) Liens created by or otherwise existing, under or in connection with this Credit Agreement or the other Credit Documents in favor of the Administrative Agent on behalf of the Lenders; 
  
 (b) Liens in favor of a Hedging Agreement Provider in
connection with any Secured Hedging Agreement, but only if such Hedging Agreement Provider and the Administrative Agent, on behalf of the Lenders, shall share pari passu in the collateral subject to such Liens; 
  
 (c) Liens securing purchase money Indebtedness and Capital
Lease Obligations (and refinancings thereof) to the extent permitted under Section 6.1(c); provided that (i) any such Lien attaches to the property securing such Indebtedness or Capital Lease Obligations concurrently with or within 90 days
after the acquisition thereof and (ii) such Lien attaches solely to the property so acquired in such transaction; 
  
 (d) Liens for taxes, assessments, charges or other governmental levies not yet due or as to which the period of grace (not to exceed 90
days), if any, related thereto has not expired or which are being contested in good faith by appropriate proceedings; provided that adequate reserves with respect thereto are maintained on the books of any Credit Party or its Subsidiaries, as
the case may be, in conformity with GAAP (or, in the case of Subsidiaries with significant operations outside of the United States of America, generally accepted accounting principles in effect from time to time in their respective jurisdictions of
incorporation); 
  
 (e) 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 90 days or which are being contested in good faith by
appropriate proceedings; provided that a reserve or other appropriate provision shall have been made therefor and such liens shall have been incurred in the ordinary course of business and consistent with historical practice of the Company
and its Subsidiaries; 
  
 (f) pledges or deposits
in connection with workers’ compensation, unemployment insurance, old age pensions and other social security legislation and 
  

 26 

 deposits securing liability to insurance carriers under insurance or self-insurance arrangements in the
ordinary course of business and consistent with historical practice of the Company and its Subsidiaries; 
  
 (g) deposits to secure the performance of bids, tenders, trade contracts, (other than for borrowed money), leases, statutory obligations,
surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 
  
 (h) any extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any Lien referred
to in the foregoing clauses; provided that such extension, renewal or replacement Lien shall be limited to all or a part of the property which secured the Lien so extended, renewed or replaced; 
  
 (i) Liens existing on the Closing Date and set forth on
Schedule 1.1-2; provided that (i) no such Lien shall at any time be extended to cover property or assets other than the property or assets subject thereto on the Closing Date and (ii) the principal amount of the Indebtedness secured by such
Liens shall not be increased, extended, renewed, refunded or refinanced; 
  
 (j) easements, rights-of-way, zoning restrictions, restrictions on the use of real property, minor defects or irregularities in title, landlord’s or lessor’s liens and other similar encumbrances not
interfering in any material respect with the value or use of the property to which such encumbrance applies; 
  
 (k) Liens on equipment arising from precautionary UCC financing statements or similar statements under foreign laws relating to the lease
of such equipment to the extent permitted by this Credit Agreement; 
  
 (l) Liens arising out of judgments not resulting in an Event of Default; 
  
 (m) Liens on (i) the property of a Person existing at the time such Person becomes a Subsidiary of the Company and (ii) on property or
assets existing at the time such property or assets are acquired by the Company or any of its Subsidiaries, in each case, in a transaction permitted hereunder securing Indebtedness in an aggregate principal amount not to exceed $1,000,000;
provided, however, that (A) any such Lien shall secure only those obligations that it secures on the date such Person becomes a Subsidiary or such property or assets are acquired, (B) any such Lien may not extend to any other property
other than the property subject to such Lien on the date such Person becomes a Subsidiary or such property or assets are acquired and (C) any such Lien was not created in anticipation of or in connection with the transaction or series of
transactions pursuant to which such Person became a Subsidiary of the Company or such property or assets were acquired; 
  
 (n) with respect to any Foreign Credit Party organized in The Netherlands, any Lien created pursuant to the general conditions of a bank
operating in the 
  

 27 

 Netherlands based on the general conditions drawn up by the Netherlands Bankers’ Association
(Nederlandse Vereniging van Banken) and the Consumers Union (Consumentenbond); and 
  
 (o) licenses of Intellectual Property granted in the ordinary course of business. 
  
 “Person” shall mean an individual, partnership, corporation,
limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 
  
 “Plan” shall mean, as of any date of determination, any employee benefit plan which is covered by Title IV
of ERISA and in respect of which any Credit Party or a Commonly Controlled Entity is (or, if such plan were terminated on such date, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

  
 “Pledge Agreement” shall mean the Pledge
Agreement dated as of the Closing Date to be executed in favor of the Administrative Agent by the Company and each of the US Guarantors, as amended, modified, restated or supplemented from time to time. 
  
 “PMP” shall mean a professional market party
(professionele marktpartij) as defined in the Dutch BA Exemption Regulation, which currently includes (a) credit institutions, insurance companies, pension funds, securities intermediaries, asset managers and investment institutions that are
registered and subject to government supervision in the Netherlands, any other Member State of the European Economic Area, Hungary, Monaco, Poland, Puerto Rico, Saudi Arabia, Slovakia, the Czech Republic, Turkey, South Korea, the United States,
Japan, Australia, Canada, Mexico, New Zealand or Switzerland and subsidiaries thereof which are subject to government supervision, (b) central governments, international treaty organisations and supranational public institutions, (c) companies that
have assets with a book value of €500,000,000 or more, according to their annual accounts as per the end of the year preceding the year in which they grant or obtain the relevant loan or a portion thereof, (d) companies or natural persons with
net assets of €10,000,000 or more as per the end of the preceding year and that have been active on the financial market with an average of at least two transactions per month during the preceding two consecutive years, and (e) companies with,
and companies that issue securities with, a rating assigned by a rating agency recognised by the Dutch Central Bank (De Nederlandsche Bank N.V.). 
  
 “Polish Property” shall mean the real property owned by Bowne Global Solutions sp.zo.o. as of the Closing Date and located in Poland.

  
 “Pounds Sterling” or “GBP”
shall mean British pounds sterling, the lawful currency of the United Kingdom. 
  
 “Prime Rate” shall have the meaning set forth in the definition of Alternate Base Rate. 
  

 28 

 “Pro Forma Basis” shall mean, with respect to any transaction, that such transaction
shall be deemed to have occurred as of the first day of the twelve-month period ending as of the most recent month end preceding the date of such transaction. 
  

“Properties” shall have the meaning set forth in Section 3.10(a). 
  
 “Purchasing Lenders” shall have the meaning set forth in Section 9.6(c). 
  
 “Recovery Event” shall mean theft, loss, physical
destruction or damage, taking or similar event with respect to any property or assets owned by any Credit Party or any of its Subsidiaries which results in the receipt by the Company or any of its Subsidiaries of any cash insurance proceeds or
condemnation award payable by reason thereof. 
  
 “Register” shall have the meaning set forth in Section 9.6(d). 
  
 “Reimbursement Obligation” shall mean the obligation of the Company to reimburse the Issuing Lender pursuant to Section 2.3(d) for amounts drawn under Letters of Credit. 
  
 “Reorganization” shall mean, with respect to any
Multiemployer Plan, the condition that such Plan is in reorganization within the meaning of such term as used in Section 4241 of ERISA. 
  
 “Reportable Event” shall mean any of the events set forth in Section 4043(c) of ERISA, other than those events as to which the thirty-day
notice period is waived under PBGC Reg. §4043. 
  
 “Required Lenders” shall mean, as of any date of determination, Lenders holding at least a majority of (a) the outstanding Revolving Commitments and Term Loan or (ii) if the Commitments have been terminated, the outstanding
Loans and Participation Interests; provided, however, that if any Lender shall be a Defaulting Lender at such time, then there shall be excluded from the determination of Required Lenders, Obligations (including Participation
Interests) owing to such Defaulting Lender and such Defaulting Lender’s Commitments. 
  
 “Requirement of Law” shall mean, as to any Person, the certificate of incorporation and bylaws or other organizational or governing documents of such Person, and each law, treaty, rule or regulation
or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 
  
 “Responsible Officer” shall mean, as to (a) the Company, the
President, the Chief Executive Officer, the Chief Financial Officer and the Treasurer or (b) any other Credit Party, any duly authorized officer thereof. 
  
 “Restricted Payment” shall mean (a) any dividend or other distribution, direct or indirect, on account of any shares of any class of
Capital Stock of any Credit Party or any of its Subsidiaries, now or hereafter outstanding, (b) any redemption, retirement, sinking fund or 
  

 29 

 similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of Capital Stock
of any Credit Party or any of its Subsidiaries, now or hereafter outstanding, (c) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of Capital Stock of any
Credit Party or any of its Subsidiaries, now or hereafter outstanding, (d) any payment with respect to any earnout obligation, (e) any prepayment of principal of, premium, if any, or interest on, redemption, purchase, retirement, defeasance, sinking
fund or similar payment with respect to, any Subordinated Debt or (f) any payment of Subordinated Debt in violation of the subordination terms thereof. 
  
 “Revaluation Date” shall mean, with respect to any Extension of Credit, each of the following: (a) in connection with the origination of
any new Extension of Credit, the Business Day which is the earliest of the date such credit is extended or the date the rate is set; (b) in connection with any extension or conversion or continuation of an existing Loan, the Business Day that is the
earlier of the date such advance is extended, converted or continued, or the date the rate is set, as applicable, in connection with any extension, conversion or continuation; (c) each date a Letter of Credit is issued or renewed pursuant to Section
2.3 or amended in such a way as to modify the LOC Obligations; (d) the date of any reduction of any of the Revolving Committed Amount or the LOC Committed Amount pursuant to the terms of Section 2.7, as the case may be; and (e) such additional dates
as the Administrative Agent or the Required Lenders shall deem necessary. For purposes of determining availability hereunder, the rate of exchange for any Foreign Currency shall be the Spot Rate. 
  
 “Revolving Commitment” shall mean, with respect to each
Revolving Lender, the commitment of such Revolving Lender to make Revolving Loans in an aggregate principal amount up to such Revolving Lender’s Revolving Commitment Percentage of the Revolving Committed Amount. 
  
 “Revolving Commitment Percentage” shall mean, for each
Revolving Lender, the percentage identified as its Revolving Commitment Percentage in its Lender Commitment Letter or in the Assignment Agreement pursuant to which such Lender became a Lender hereunder, as such percentage may be modified in
connection with any assignment made in accordance with the provisions of Section 9.6(c). 
  
 “Revolving Commitment Termination Date” shall mean September 1, 2010. 
  
 “Revolving Committed Amount” shall mean TWENTY-FIVE MILLION DOLLARS ($25,000,000), as such amount may be reduced from time to time
as provided in Section 2.7. 
  
 “Revolving
Lender” shall mean, as of any date of determination, a Lender holding a Revolving Commitment on such date. 
  
 “Revolving Loans” shall have the meaning set forth in Section 2.1. 
  

 30 

 “Revolving Note” or “Revolving Notes” shall mean the promissory notes
of the Borrowers in favor of each of the Revolving Lenders requesting a promissory note evidencing the Revolving Loans provided pursuant to Section 2.1(e), individually or collectively, as appropriate, as such promissory notes may be amended,
modified, supplemented, extended, renewed or replaced from time to time. 
  
 “S&P” shall mean Standard & Poor’s Ratings Group, a division of The McGraw Hill Companies, Inc. 
  
 “Sanctioned Country” shall mean a country subject to a sanctions program identified on the list maintained by OFAC and available at
http://www.treas.gov/offices/enforcement /ofac/sanctions/index.html, or as otherwise published form time to time. 
  
 “Sanctioned Person” shall mean (a) a Person named on the list of “Specially Designated Nationals and Blocked Persons”
maintained by OFAC available at http://www.treas.gov/offices/enforcement/ofac/sdn/index.html, or as otherwise published from time to time, or (b) (i) an agency of the government of a Sanctioned Country, (ii) an organization controlled by a
Sanctioned Country, or (iii) a person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by OFAC. 
  
 “Scheduled Funded Debt Payments” shall mean, with respect to the Company and its Subsidiaries on a consolidated basis for the four
consecutive quarters ending on the last day of any fiscal quarter of the Company, the sum of all scheduled payments of principal on Funded Debt for such four quarter period (including the principal component of payments due on Capital Leases during
such period). 
  
 “Secured Hedging Agreement”
shall mean any Hedging Agreement between a Credit Party and a Hedging Agreement Provider to the extent permitted pursuant to Section 6.1, as amended, modified, supplemented, extended or restated from time to time. 
  
 “Security Agreement” shall mean the Security Agreement dated
as of the Closing Date given by the Company and the US Guarantors to the Administrative Agent, as amended, modified or supplemented from time to time in accordance with its terms. 
  
 “Security Documents” shall mean the Security Agreement, the Pledge Agreement, the Foreign Security
Documents, the Mortgage Instruments and all other agreements, documents and instruments relating to, arising out of, or in any way connected with any of the foregoing documents or granting to the Administrative Agent, Liens or security interests to
secure, inter alia, the Credit Party Obligations whether now or hereafter executed and/or filed, each as may be amended from time to time in accordance with the terms hereof, executed and delivered in connection with the granting, attachment and
perfection of the Administrative Agent’s security interests and liens arising thereunder, including, without limitation, UCC financing statements . 
  
 “Sellers” shall mean Bowne & Co., Inc., a Delaware corporation and Bowne of New York, LLC, a Delaware limited liability company.

  

 31 

 “Single Employer Plan” shall mean any Plan which is not a Multiemployer Plan.

  
 “Spot Rate” shall mean, with respect to any
Foreign Currency, the rate quoted by Wachovia as the spot rate for the purchase by Wachovia of such Foreign Currency with Dollars through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior
to the date as of which the foreign exchange computation is made. 
  
 “Subordinated Debt” shall mean any Indebtedness incurred by any Credit Party which by its terms is specifically subordinated in right of payment to the prior payment of the Credit Party Obligations and contains
subordination and other terms acceptable to the Required Lenders. 
  
 “Subsidiary” shall mean, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership interests having ordinary voting power (other than stock or such
other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, or the management
of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Credit Agreement
shall refer to a Subsidiary or Subsidiaries of the Company. 
  
 “Swingline Commitment” shall mean the commitment of the Swingline Lender to make Swingline Loans in an aggregate principal amount at any time outstanding up to the Swingline Committed Amount, and the commitment of the
Revolving Lenders to purchase participation interests in the Swingline Loans as provided in Section 2.4(b)(ii), as such amounts may be reduced from time to time in accordance with the provisions hereof. 
  
 “Swingline Committed Amount” shall mean the amount of the
Swingline Lender’s Swingline Commitment as specified in Section 2.4(a). 
  
 “Swingline Lender” shall mean Wachovia and any successor in such capacity. 
  
 “Swingline Loan” or “Swingline Loans” shall have the meaning set forth in Section 2.4(a). 
  
 “Swingline Mandatory Borrowing” shall have the meaning set
forth in Section 2.4(b)(ii). 
  
 “Swingline Note”
shall mean the promissory note of the Company in favor of the Swingline Lender evidencing the Swingline Loans provided pursuant to Section 2.4(d), as such promissory note may be amended, modified, supplemented, extended, renewed or replaced from
time to time. 
  
 “Target” shall have the meaning
set forth in the definition of “Permitted Acquisition.” 
  
 “Taxes” shall have the meaning set forth in Section 2.19. 
  

 32 

 “Term Loan” shall have the meaning set forth in Section 2.2(a). 
  
 “Term Loan Commitment” shall mean, with respect to each Term
Loan Lender, the commitment of such Term Loan Lender to make its portion of the Term Loan in a principal amount equal to such Term Loan Lender’s Term Loan Commitment Percentage of the Term Loan Committed Amount. 
  
 “Term Loan Commitment Percentage” shall mean, for any Term
Loan Lender, the percentage identified as its Term Loan Commitment Percentage as specified in its Lender Commitment Letter. 
  
 “Term Loan Committed Amount” shall have the meaning set forth in Section 2.2(a). 
  
 “Term Loan Lender” shall mean, as of any date of
determination, any Lender that holds a portion of the outstanding Term Loan on such date. 
  
 “Term Loan Maturity Date” shall mean September 1, 2011. 
  
 “Term Note” or “Term Notes” shall mean the promissory notes of the Company in favor of each of the Term Loan Lenders
evidencing the portion of the Term Loan provided pursuant to Section 2.2(d), individually or collectively, as appropriate, as such promissory notes may be amended, modified, restated, supplemented, extended, renewed or replaced from time to time.

  
 “Termination Date” shall mean the date upon
which all Credit Party Obligations have been paid in full in cash (other than indemnification obligations with respect to which no claim as been asserted, which shall survive the termination of the Credit Documents), all Commitments have been
terminated, and all Letters of Credit have expired undrawn or been terminated. 
  
 “Title Insurance Company” shall have the meaning set forth in the definition of Mortgage Policy. 
  
 “Trademark License” shall mean any agreement, written or oral, providing for the grant by or to a Credit Party of any right to use any
Trademark, including, without limitation, any thereof referred to in Schedule 3.16, but excluding any license of a Trademark to a Credit Party with respect to a generally available product. 
  
 “Trademarks” shall mean (a) all trademarks, trade names,
corporate names, company names, business names, fictitious business names, trade dress and service marks, logos and other source or business identifiers, and the goodwill associated therewith, now existing or hereafter adopted or acquired, all
registrations and recordings thereof, and all applications in connection therewith, whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any
political subdivision thereof, or otherwise, including, without limitation, any thereof referred to in Schedule 3.16, and (b) all renewals thereof, including, without limitation, any thereof referred to in Schedule 3.16. 
  

 33 

 “Tranche” shall mean the collective reference to LIBOR Rate Loans whose Interest Periods
begin and end on the same day. A Tranche may sometimes be referred to as a “LIBOR Tranche”. 
  
 “Transfer Effective Date” shall have the meaning set forth in each Assignment Agreement. 
  
 “Transferee” shall have the meaning given set forth in
Section 9.6(f). 
  
 “Treaty on European Union”
shall mean the Treaty of Rome of March 25, 1957, as amended by the Single European Act 1986 and the Maastricht Treaty (which was signed at Maastricht on February 1, 1992 and came into force on November 1, 1993), as amended from time to time.

  
 “US Credit Parties” shall mean the Company
and the US Guarantors. 
  
 “US Guarantor” shall
have the meaning set forth in the first paragraph of this Credit Agreement. 
  
 “US Guaranty” shall mean the guaranty of the US Guarantors set forth in Article X. 
  
 “Voting Stock” shall mean, with respect to any Person, Capital Stock issued by such Person the holders of which are ordinarily, in the
absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right so to vote has been suspended by the happening of such a contingency. 
  
 “Wachovia” shall mean Wachovia Bank, National Association,
together with its successors and/or assigns. 
  
 “Works” shall mean all works that are subject to copyright protection pursuant to Title 17 of the United States Code. 
  
 Section 1.2 Other Definitional Provisions. 
  
 (a) Unless otherwise specified therein, all terms defined in this Credit Agreement shall have the defined meanings when used in the Credit
Documents or any certificate or other document made or delivered pursuant hereto. 
  
 (b) The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Credit
Agreement shall refer to this Credit Agreement as a whole and not to any particular provision of this Credit Agreement, and Section, subsection, Schedule and Exhibit references are to this Credit Agreement unless otherwise specified. 
  
 (c) The meanings given to terms defined herein shall be
equally applicable to both the singular and plural forms of such terms. 
  

 34 

 Section 1.3 Accounting Terms. 
  
 Unless otherwise specified herein, all accounting terms used herein shall be
interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with GAAP applied on a basis consistent with the most recent audited consolidated
financial statements of the Company delivered to the Lenders; provided that, if the Company shall notify the Administrative Agent that it wishes to amend the definitions of Consolidated EBITDA, Consolidated Interest Expense, Funded Debt or
Excess Cash Flow or any provision in Section 2.8(b)(vi) or Section 5.9 to eliminate the effect of any change in GAAP on the operation of any such definition or provision (or if the Administrative Agent notifies the Company that the Required Lenders
wish to amend any such definition or provision for such purpose), then the Company’s compliance with such provisions shall be determined on the basis of GAAP in effect immediately before the relevant change in GAAP became effective, until
either such notice is withdrawn or such definition or provision is amended in a manner satisfactory to the Company and the Required Lenders. 
  
 The Company shall deliver to the Administrative Agent and each Lender at the same time as the delivery of any annual or quarterly financial statements
given in accordance with the provisions of Section 5.1, (i) a description in reasonable detail of any material change in the application of accounting principles employed in the preparation of such financial statements from those applied in the most
recently preceding quarterly or annual financial statements and (ii) a reasonable estimate of the effect on the financial statements on account of such changes in application. 
  
 Section 1.4 Resolution of Drafting Ambiguities. 
  
 Each Credit Party acknowledges and agrees that it was represented by counsel in connection with the execution and delivery
of this Credit Agreement and the other Credit Documents to which it is a party, that it and its counsel reviewed and participated in the preparation and negotiation hereof and thereof and that any rule of construction to the effect that ambiguities
are to be resolved against the drafting party shall not be employed in the interpretation hereof or thereof. 
  
 Section 1.5 Exchange Rates; Currency Equivalents. 
  

(a) The Administrative Agent shall determine the Spot Rates as of each Revaluation Date to be used for calculating the Dollar Amounts
of Extensions of Credit and amounts outstanding hereunder denominated in Foreign Currencies. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable
currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered by the Company hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of any
currency for purposes of the Credit Documents shall be such Dollar Amount as so determined by the Administrative Agent. 
  

 35 

 (b) Wherever in this Credit Agreement in connection with an Extension of Credit,
conversion, continuation or prepayment of a Loan, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Extension of Credit or Loan is denominated in a Foreign Currency, such amount shall be the relevant Foreign
Currency Equivalent of such Dollar Amount (rounded to the nearest 1,000 units of such Foreign Currency), as determined by the Administrative Agent. 
  
 Section 1.6 Redenomination of Certain Foreign Currencies and Computation of Dollar Amounts. 
  
 (a) Each obligation of the Borrowers to make a payment
denominated in the National Currency Unit of any member state of the European Union that adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euro at the time of such adoption (in accordance with the EMU
Legislation). If, in relation to the currency of any such member state, the basis of accrual of interest expressed in this Credit Agreement in respect of that currency shall be inconsistent with any convention or practice in the London interbank
market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state adopts the Euro as its lawful currency; provided
that if any Extension of Credit in the currency of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such Extension of Credit, at the end of the then current Interest Period.

  
 (b) Each provision of this Credit Agreement
shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions
or practices relating to the Euro. 
  
 (c)
References herein to minimum Dollar Amounts and integral multiples stated in Dollars, where they shall also be applicable to Foreign Currency, shall be deemed to refer to approximate Foreign Currency Equivalents. 
  
 ARTICLE II 
  
 THE LOANS; AMOUNT AND TERMS 
  
 Section 2.1 Revolving Loans. 
  
 (a) Revolving Commitment. During the Commitment
Period, subject to the terms and conditions hereof, each Revolving Lender severally agrees to make revolving credit loans in Dollars and in Foreign Currencies (the “Revolving Loans”) to the Borrowers from time to time in an
aggregate principal Dollar Amount (determined as of the most recent Revaluation Date) equal to its Revolving Commitment for the purposes hereinafter set forth; provided, however, that (i) with regard to each Revolving Lender
individually, the sum of the aggregate principal Dollar Amount of such Revolving 
  

 36 

 Lender’s outstanding Revolving Loans plus such Revolving Lender’s Revolving Commitment
Percentage of outstanding Swingline Loans plus such Revolving Lender’s Revolving Commitment Percentage of LOC Obligations shall not exceed such Revolving Lender’s Revolving Commitment, (ii) with regard to the Revolving Lenders
collectively, the sum of the aggregate principal Dollar Amount (determined as of the most recent Revaluation Date) of outstanding Revolving Loans plus outstanding Swingline Loans plus outstanding LOC Obligations shall not exceed the
Revolving Committed Amount then in effect, (iii) the aggregate principal Dollar Amount (determined as of the most recent Revaluation Date) of Revolving Loans that are Foreign Currency Loans outstanding to the Company, together with the outstanding
LOC Obligations with respect to Letters of Credit denominated in a Foreign Currency, shall not exceed $10,000,000, (iv) the aggregate principal Dollar Amount (determined as of the most recent Revaluation Date) of Revolving Loans that are Foreign
Currency Loans outstanding to the Borrowers in the aggregate shall not exceed $10,000,000 and (v) the aggregate principal Dollar Amount of Revolving Loans outstanding to the Irish Borrower and the Dutch Borrowers in the aggregate shall not exceed
$10,000,000. Revolving Loans may consist of Alternate Base Rate Loans or LIBOR Rate Loans, or a combination thereof, as the Company may request, and may be repaid and reborrowed in accordance with the provisions hereof; provided,
however, Revolving Loans made on the Closing Date or any of the three Business Days following the Closing Date may only consist of Alternate Base Rate Loans unless the Company delivers a Funding Indemnity Letter to the Administrative Agent at
least three Business Days (with respect to Revolving Loans denominated in Dollars) or four Business Days (with respect to Revolving Loans denominated in Foreign Currencies) prior to the Closing Date. Revolving Loans that are Foreign Currency Loans
shall consist only of LIBOR Rate Loans. 
  
 (b)
Revolving Loan Borrowings. 
  
 (i)
Notice of Borrowing. The Company shall request a Revolving Loan borrowing by delivering a Notice of Borrowing (or telephone notice promptly confirmed in writing by delivery of a Notice of Borrowing, which delivery may be by fax) to the
Administrative Agent (A) not later than 11:00 A.M. (Charlotte, North Carolina time) (I) on the Business Day prior to the date of requested borrowing in the case of Alternate Base Rate Loans and (II) on the third Business Day prior to the date of the
requested borrowing in the case of LIBOR Rate Loans and (B) not later than 10:00 A.M. (London, England time) four Business Days prior to the date of the requested borrowing in the case of Foreign Currency Loans. Each such request for borrowing shall
be irrevocable and shall specify (1) the applicable Borrower, (2) that a Revolving Loan is requested, (3) the date of the requested borrowing (which shall be a Business Day), (4) the aggregate principal amount to be borrowed, (5) the applicable
currency in which the Revolving Loan is to be funded, (6) if the Revolving Loan is to be made in Dollars, whether the borrowing shall be comprised of Alternate Base Rate Loans, LIBOR Rate Loans or a combination thereof, (7) if the Revolving Loan is
to be made in a Foreign Currency, that such Revolving Loan shall be comprised solely of LIBOR Rate Loans and (8) if LIBOR Rate Loans are requested, the Interest 
  

 37 

 Period(s) therefor. If the Company shall fail to specify in any such Notice of Borrowing (w) the
applicable Borrower, then such notice shall be deemed to be a request for a Revolving Loan to be made to the Company, (x) an applicable Interest Period in the case of a LIBOR Rate Loan, then such notice shall be deemed to be a request for an
Interest Period of one month, (y) the type of Revolving Loan requested in the case of a Revolving Loan to be made in Dollars, then such notice shall be deemed to be a request for an Alternate Base Rate Loan hereunder or (z) the currency for such
Revolving Loan, then such Revolving Loan shall be made in Dollars. The Administrative Agent shall give notice to each Revolving Lender promptly upon receipt of each Notice of Borrowing, the contents thereof and each such Revolving Lender’s
share thereof. 
  
 (ii) Minimum Amounts.
Each Revolving Loan which is an Alternate Base Rate Loan shall be in a minimum aggregate Dollar Amount (determined as of the most recent Revaluation Date) of $1,000,000 and in integral multiples of $500,000 in excess thereof (or the remaining amount
of the Revolving Committed Amount, if less). Each Revolving Loan which is an LIBOR Rate Loan shall be in a minimum aggregate Dollar Amount (determined as of the most recent Revaluation Date) of $1,000,000 and in integral multiples of $500,000 in
excess thereof (or the remaining amount of the Revolving Committed Amount, if less). 
  
 (iii) Advances. Each Revolving Lender will make its Revolving Commitment Percentage of each Revolving Loan borrowing available to
the Administrative Agent, for the account of the applicable Borrower, in Dollars or the applicable Foreign Currency and in funds immediately available to the Administrative Agent, at the Administrative Agent’s Office by (A) 1:00 P.M.
(Charlotte, North Carolina time) on the date specified in the applicable Notice of Borrowing in the case of any Revolving Loan denominated in Dollars and (B) the Applicable Time specified by the Administrative Agent in the case of any Revolving Loan
that is a Foreign Currency Loan. Such borrowing will then be made available to the applicable Borrower by the Administrative Agent by crediting the account of the applicable Borrower on the books of the Administrative Agent’s Office with the
aggregate of the amounts made available to the Administrative Agent by the Revolving Lenders and in like funds as received by the Administrative Agent. 
  
 (iv) Foreign Funding Subsidiaries. Each Revolving Lender (a “Designating Revolving Lender”) shall have the right
to designate a Subsidiary or Affiliate (a “Designated Funding Subsidiary”) to fund any Revolving Loan to a Foreign Borrower; provided that (i) the Designated Funding Subsidiary shall become a Lender under this Credit
Agreement pursuant to documentation reasonably satisfactory to the Administrative Agent, (ii) the Designating Revolving Lender shall be responsible for funding its Revolving Commitment Percentage of any Revolving Loan to a Foreign Borrower to the
extent such Designated Funding Subsidiary fails to fund such Revolving Loan, (iii) the Credit Parties, the Administrative Agent and the Lenders shall continue to deal with the 
  

 38 

 Designating Revolving Lender rather than the Designated Funding Subsidiary for all purposes of this
Credit Agreement, including for purposes of any notification to the Revolving Lenders (other than Notices of Borrowing and Notices of Conversion/Extension, which shall be sent to any Designated Funding Subsidiary to the extent applicable), (iv) any
consent given by such Designating Revolving Lender with respect to any amendment, waiver or other modification of any term of a Credit Document shall be deemed given on behalf of itself and the Designated Funding Subsidiary and (v) unless otherwise
directed in writing by such Designating Revolving Lender, any payments with respect to a Revolving Loan funded by the Designated Funding Subsidiary shall be made to such Designated Funding Subsidiary. 
  
 (c) Repayment. Subject to the terms of this Credit
Agreement, Revolving Loans may be borrowed, repaid and reborrowed during the Commitment Period. The principal amount of all Revolving Loans shall be due and payable in full on the Revolving Commitment Termination Date, unless accelerated sooner
pursuant to Section 7.2. 
  
 (d) Interest.
Subject to the provisions of Section 2.10, Revolving Loans shall bear interest as follows: 
  
 (i) Alternate Base Rate Loans. During such periods as Revolving Loans shall be comprised of Alternate Base Rate Loans, each such
Alternate Base Rate Loan shall bear interest at a per annum rate equal to the sum of the Alternate Base Rate plus the Applicable Percentage; and 
  
 (ii) LIBOR Rate Loans. During such periods as Revolving Loans shall be comprised of LIBOR Rate Loans, each such LIBOR Rate Loan
shall bear interest at a per annum rate equal to the sum of the LIBOR Rate plus the Applicable Percentage. 
  
 Interest on Revolving Loans shall be payable in arrears on each Interest Payment Date. 
  
 (e) Revolving Notes; Covenant to Pay. Each Revolving
Lender’s Revolving Commitment shall be evidenced, upon such Revolving Lender’s request, by duly executed promissory notes of the Borrowers to such Revolving Lender in substantially the form of Schedule 2.1(e). The Borrowers covenant
and agree to pay the Revolving Loans in accordance with the terms of this Credit Agreement and the Revolving Note or Revolving Notes. 
  
 Section 2.2 Term Loan Facility. 
  
 (a) Term Loan. Subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth herein,
each Term Loan Lender severally agrees to make available to the Company (through the Administrative Agent) 
  

 39 

 on the Closing Date such Term Loan Lender’s Term Loan Commitment Percentage of a term loan in
Dollars (the “Term Loan”) in the aggregate principal amount of ONE HUNDRED MILLION DOLLARS ($100,000,000) (the “Term Loan Committed Amount”) for the purposes hereinafter set forth. Upon receipt by the
Administrative Agent of the proceeds of the Term Loan, such proceeds will then be made available to the Company by the Administrative Agent by crediting the account of the Company on the books of the Administrative Agent’s Office with the
aggregate of such proceeds made available to the Administrative Agent by the Term Loan Lenders and in like funds as received by the Administrative Agent (or by crediting such other account(s) as directed by the Company). The Term Loan may consist of
Alternate Base Rate Loans or LIBOR Rate Loans, or a combination thereof, as the Company may request; provided that on the Closing Date and on the three Business Days following the Closing Date the Term Loan shall bear interest at the
Alternate Base Rate unless the Company delivers a Funding Indemnity Letter to the Administrative Agent at least three Business Days prior to the Closing Date. Amounts repaid or prepaid on the Term Loan may not be reborrowed. 
  
 (b) Repayment of Term Loan. The principal amount of
the Term Loan shall be repaid in twenty-four (24) consecutive quarterly installments as follows (as reduced pursuant to Section 2.8(b)(vii)), unless accelerated sooner pursuant to Section 7.2: 
  

				
	 Principal Amortization
 Payment
Date

	  	 Term Loan
 Principal Amortization
 Payment

	 December 31, 2005
	  	$	250,000.00
	 March 31, 2006
	  	$	250,000.00
	 June 30, 2006
	  	$	250,000.00
	 September 30, 2006
	  	$	250,000.00
	 December 31, 2006
	  	$	250,000.00
	 March 31, 2007
	  	$	250,000.00
	 June 30, 2007
	  	$	250,000.00
	 September 30, 2007
	  	$	250,000.00
	 December 31, 2007
	  	$	250,000.00
	 March 31, 2008
	  	$	250,000.00
	 June 30, 2008
	  	$	250,000.00
	 September 30, 2008
	  	$	250,000.00
	 December 31, 2008
	  	$	250,000.00
	 March 31, 2009
	  	$	250,000.00
	 June 30, 2009
	  	$	250,000.00

  

 40 

				
	 Principal Amortization
 Payment
Date

	  	 Term Loan
 Principal Amortization
 Payment

	 September 30, 2009
	  	$	250,000.00
	 December 31, 2009
	  	$	250,000.00
	 March 31, 2010
	  	$	250,000.00
	 June 30, 2010
	  	$	250,000.00
	 September 30, 2010
	  	$	250,000.00
	 December 31, 2010
	  	$	23,750,000.00
	 March 31, 2011
	  	$	23,750,000.00
	 June 30, 2011
	  	$	23,750,000.00
	 Term Loan Maturity Date
	  	$	23,750,000.00

  
 (c)
Interest on the Term Loan. Subject to the provisions of Section 2.10, the Term Loan shall bear interest as follows: 
  
 (i) Alternate Base Rate Loans. During such periods as the Term Loan shall be comprised of Alternate Base Rate Loans, each such
Alternate Base Rate Loan shall bear interest at a per annum rate equal to the sum of the Alternate Base Rate plus the Applicable Percentage; and 
  
 (ii) LIBOR Rate Loans. During such periods as the Term Loan shall be comprised of LIBOR Rate Loans, each such LIBOR Rate Loan shall
bear interest at a per annum rate equal to the sum of the LIBOR Rate plus the Applicable Percentage. 
  
 Interest on the Term Loan shall be payable in arrears on each Interest Payment Date. 
  
 (d) Term Notes. Each Term Loan Lender’s Term
Loan Commitment shall be evidenced, upon such Term Loan Lender’s request, by a duly executed promissory note of the Company to such Term Loan Lender in substantially the form of Schedule 2.2(d). 
  
 Section 2.3 Letter of Credit Subfacility. 
  
 (a) Issuance. Subject to the terms and conditions
hereof and of the LOC Documents, if any, and any other terms and conditions which the Issuing Lender may reasonably require, during the Commitment Period the Issuing Lender shall issue, and the Revolving Lenders shall participate in, Letters of
Credit for the account of the Company from time to time upon request in a form acceptable to the Issuing Lender; provided, however, that (i) the aggregate Dollar Amount of LOC Obligations shall not at any time exceed FIVE MILLION
DOLLARS ($5,000,000) (the “LOC Committed Amount”), 
  

 41 

 (ii) the sum of the aggregate principal Dollar Amount (determined as of the most recent Revaluation Date)
of outstanding Revolving Loans plus outstanding Swingline Loans plus outstanding LOC Obligations shall not at any time exceed the Revolving Committed Amount then in effect, (iii) all Letters of Credit shall be denominated in Dollars or
a Foreign Currency, (iv) the aggregate principal Dollar Amount (determined as of the most recent Revaluation Date) of Revolving Loans that are Foreign Currency Loans outstanding to the Company, together with the outstanding LOC Obligations with
respect to Letters of Credit denominated in a Foreign Currency, shall not exceed $10,000,000 and (v) Letters of Credit shall be issued for lawful corporate purposes and may be issued as standby letters of credit, including in connection with
workers’ compensation and other insurance programs, and trade letters of credit. Except as otherwise expressly agreed upon by all the Revolving Lenders, no Letter of Credit shall have an original expiry date more than twelve (12) months from
the date of issuance; provided, however, so long as no Default or Event of Default has occurred and is continuing and subject to the other terms and conditions to the issuance of Letters of Credit hereunder, the expiry dates of Letters
of Credit may be extended annually or periodically from time to time on the request of the Company or by operation of the terms of the applicable Letter of Credit to a date not more than twelve (12) months from the date of extension;
provided, further, that no Letter of Credit, as originally issued or as extended, shall have an expiry date extending beyond the date that is fifteen (15) days prior to the Revolving Commitment Termination Date. Each Letter of Credit
shall comply with the related LOC Documents. The issuance and expiry date of each Letter of Credit shall be a Business Day. Any Letters of Credit issued hereunder shall be in a minimum original face amount acceptable to the Issuing Lender and the
Administrative Agent. The Company’s reimbursement obligations in respect of each Existing Letter of Credit, and each Revolving Lender’s participation obligations in connection therewith, shall be governed by the terms of this Credit
Agreement. 
  
 (b) Notice and Reports. The
request for the issuance of a Letter of Credit shall be submitted to the Issuing Lender and the Administrative Agent at least five (5) Business Days prior to the requested date of issuance. Each Issuing Lender will provide to the Administrative
Agent each month and otherwise promptly upon the request of the Administrative Agent, for dissemination to the Revolving Lenders, a detailed report specifying the Letters of Credit which are then issued and outstanding and any activity with respect
thereto which may have occurred since the date of any prior report, and including therein, among other things, the account party, the beneficiary, the face amount, expiry date as well as any payments or expirations which may have occurred. The
Issuing Lender will further provide to the Administrative Agent promptly upon request copies of the Letters of Credit. The Issuing Lender will provide to the Administrative Agent promptly upon request a summary report of the nature and extent of LOC
Obligations then outstanding. 
  
 (c)
Participations. Each Revolving Lender, (i) on the Closing Date with respect to each Existing Letter of Credit and (ii) upon issuance of any other Letter of Credit, shall be deemed to have purchased without recourse a risk participation from
the Issuing Lender in such Letter of Credit and the obligations arising thereunder and any 
  

 42 

 collateral relating thereto, in each case in an amount equal to its Revolving Commitment Percentage of
the obligations under such Letter of Credit and shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its Revolving Commitment
Percentage of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Revolving Lender’s participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required
hereunder or under any LOC Document, each such Revolving Lender shall pay to the Issuing Lender, in Dollars, the Dollar Amount of its Revolving Commitment Percentage of such unreimbursed drawing pursuant to and in accordance with the provisions of
subsection (d) hereof. The obligation of each Revolving Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any
such reimbursement shall not relieve or otherwise impair the obligation of the Company to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided. 
  
 (d) Reimbursement. In the event of any drawing under
any Letter of Credit, the Issuing Lender will promptly notify the Company and the Administrative Agent. The Company shall reimburse the Issuing Lender on the day of drawing under any Letter of Credit (with the proceeds of a Revolving Loan obtained
hereunder or otherwise), in Dollars, in the Dollar Amount and in same day funds as provided herein or in the LOC Documents. If the Company shall fail to reimburse the Issuing Lender as provided herein, the unreimbursed amount of such drawing shall
bear interest at a per annum rate equal to the Alternate Base Rate plus the Applicable Percentage for Revolving Loans that are Alternate Base Rate Loans plus two percent (2%) for so long as such amount shall be unreimbursed. Unless the Company shall
immediately notify the Issuing Lender and the Administrative Agent of its intent to otherwise reimburse the Issuing Lender, the Company shall be deemed to have requested a LOC Mandatory Borrowing, in Dollars, in the Dollar Amount of the drawing as
provided in subsection (e) hereof, the proceeds of which will be used to satisfy the Reimbursement Obligations. Subject to the terms of Section 2.20, the Company’s Reimbursement Obligations hereunder shall be absolute and unconditional under
all circumstances irrespective of any rights of set-off, counterclaim or defense to payment the Company may claim or have against the Issuing Lender, the Administrative Agent, the Lenders, the beneficiary of the Letter of Credit drawn upon or any
other Person, including without limitation any defense based on any failure of the Company to receive consideration or the legality, validity, regularity or unenforceability of the Letter of Credit. The Issuing Lender will promptly notify the other
Revolving Lenders of the amount of any unreimbursed drawing and each Revolving Lender shall promptly pay to the Administrative Agent for the account of the Issuing Lender in Dollars and in immediately available funds, the Dollar Amount of such
Revolving Lender’s Revolving Commitment Percentage of such unreimbursed drawing. Such payment shall be made on the day such notice is received by such Revolving Lender from the Issuing Lender if such notice is received at or before 2:00 p.m.
(Charlotte, North Carolina time), otherwise such payment shall be made at or before 12:00 Noon (Charlotte, North Carolina time) on the Business Day next succeeding the day such notice 
  

 43 

 is received. If such Revolving Lender does not pay such amount to the Issuing Lender in full upon such
request, such Revolving Lender shall, on demand, pay to the Administrative Agent for the account of the Issuing Lender interest on the unpaid amount during the period from the date of such drawing until such Revolving Lender pays such amount to the
Issuing Lender in full at a rate per annum equal to, if paid within two (2) Business Days of the date of drawing, the Federal Funds Effective Rate and thereafter at a rate equal to the Alternate Base Rate. Each Revolving Lender’s obligation to
make such payment to the Issuing Lender, and the right of the Issuing Lender to receive the same, shall be absolute and unconditional, shall not be affected by any circumstance whatsoever and without regard to the termination of this Credit
Agreement or the Commitments hereunder, the existence of a Default or Event of Default or the acceleration of the Credit Party Obligations hereunder and shall be made without any offset, abatement, withholding or reduction whatsoever. 
  
 (e) Repayment with Revolving Loans. On any day on
which the Company shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested
or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing comprised entirely of Alternate Base Rate Loans in Dollars (each such borrowing, a “LOC Mandatory Borrowing”) shall
be made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before giving effect to any termination
of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans on the
day such notice is received by the Revolving Lenders from the Administrative Agent if such notice is received at or before 2:00 P.M., otherwise such payment shall be made at or before 12:00 Noon on the Business Day next succeeding the date such
notice is received, in each case notwithstanding (i) the amount of LOC Mandatory Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section
4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) the failure of any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b), (v) the date of such
LOC Mandatory Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event that any LOC Mandatory Borrowing cannot for any reason be made on the date otherwise required
above (including, without limitation, as a result of the occurrence of a Bankruptcy Event), then each such Revolving Lender hereby agrees that it shall forthwith fund (as of the date the LOC Mandatory Borrowing would otherwise have occurred, but
adjusted for any payments received from the Company on or after such date and prior to such purchase), in Dollars, the Dollar Amount of its Participation Interests in the outstanding LOC Obligations; provided, further, that in the
event any Lender shall fail to fund its Participation Interest on the day the LOC Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s unfunded Participation Interest 
  

 44 

 therein shall bear interest payable by such Revolving Lender to the Issuing Lender upon demand, at the
rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate. 
  

(f) Modification, Extension. The issuance of any supplement, modification, amendment, renewal, or extension to any Letter of
Credit shall, for purposes hereof, be treated in all respects the same as the issuance of a new Letter of Credit hereunder. 
  
 (g) ISP98 and UCP. Unless otherwise expressly agreed by the Issuing Lender and the Company when a Letter of Credit is issued, (i)
the rules of “International Standby Practices 1998,” as most recently published by the Institute of International Banking Law & Practice at the time of issuance, shall apply to each standby Letter of Credit and (ii) the rules of The
Uniform Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance, shall apply to each trade Letter of Credit. 
  
 (h) Conflict with LOC Documents. In the event of any
conflict between this Credit Agreement and any LOC Document (including any letter of credit application and any LOC Documents relating to the Existing Letters of Credit), this Credit Agreement shall control. 
  
 (i) Designation of Subsidiaries as Account Parties.
Notwithstanding anything to the contrary set forth in this Credit Agreement, including without limitation Section 2.3(a), a Letter of Credit issued hereunder may contain a statement to the effect that such Letter of Credit is issued for the account
of a Subsidiary of the Company so long as such Letter of Credit and the Issuing Lender’s issuance thereof complies with all applicable Requirements of Law; provided that, notwithstanding such statement, the Company shall be the actual
account party for all purposes of this Credit Agreement for such Letter of Credit and such statement shall not affect the Company’s Reimbursement Obligation hereunder with respect to such Letter of Credit. 
  
 Section 2.4 Swingline Loan Subfacility. 
  
 (a) Swingline Commitment. During the Commitment
Period, subject to the terms and conditions hereof, the Swingline Lender, in its individual capacity, agrees to make certain revolving credit loans in Dollars to the Company (each a “Swingline Loan” and, collectively, the
“Swingline Loans”) for the purposes hereinafter set forth; provided, however, (i) the aggregate principal amount of Swingline Loans outstanding at any time shall not exceed FIVE MILLION DOLLARS ($5,000,000) (the
“Swingline Committed Amount”) and (ii) the sum of the aggregate principal Dollar Amount (determined as of the most recent Revaluation Date) of outstanding Revolving Loans plus outstanding Swingline Loans plus
outstanding LOC Obligations shall not exceed the Revolving Committed Amount. Swingline Loans hereunder may be repaid and reborrowed in accordance with the provisions hereof. 
  

 45 

 (b) Swingline Loan Borrowings. 
  
 (i) Notice of Borrowing and Disbursement. Upon receiving a Notice of Borrowing from the Company not
later than 12:00 Noon (Charlotte, North Carolina time) on any Business Day requesting that a Swingline Loan be made, the Swingline Lender will make Swingline Loans which are denominated in Dollars available to the Company on the same Business Day
such request is received by the Administrative Agent. Swingline Loan borrowings hereunder shall be made in minimum amounts of $100,000 and in integral amounts of $100,000 in excess thereof. 
  
 (ii) Repayment of Swingline Loans. Each Swingline
Loan borrowing shall be due and payable on the Revolving Commitment Termination Date. The Swingline Lender may, at any time, in its sole discretion, by written notice to the Company and the Administrative Agent, demand repayment of its Swingline
Loans by way of a Revolving Loan borrowing, in which case the Company shall be deemed to have requested a Revolving Loan borrowing comprised entirely of Alternate Base Rate Loans in the amount of such Swingline Loans; provided,
however, that, in the following circumstances, any such demand shall also be deemed to have been given one Business Day prior to each of (i) the Revolving Commitment Termination Date, (ii) the occurrence of a Bankruptcy Event, (iii) upon
acceleration of the Credit Party Obligations hereunder, whether on account of a Bankruptcy Event or any other Event of Default, and (iv) the exercise of remedies in accordance with the provisions of Section 7.2 hereof (each such Revolving Loan
borrowing made on account of any such deemed request therefor as provided herein being hereinafter referred to as “Swingline Mandatory Borrowing”). Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans
promptly upon any such request or deemed request on account of each Mandatory Swingline Borrowing in the amount and in the manner specified in the preceding sentence on the date such notice is received by the Revolving Lenders from the
Administrative Agent if such notice is received at or before 2:00 P.M., otherwise such payment shall be made at or before 12:00 Noon on the Business Day next succeeding the date such notice is received notwithstanding (I) the amount of
Swingline Mandatory Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (II) whether any conditions specified in Section 4.2 are then satisfied, (III) whether a Default or an Event of
Default then exists, (IV) failure of any such request or deemed request for Revolving Loans to be made by the time otherwise required in Section 2.1(b)(i), (V) the date of such Swingline Mandatory Borrowing, or (VI) any reduction in the Revolving
Committed Amount or termination of the Revolving Commitments immediately prior to such Swingline Mandatory Borrowing or contemporaneously therewith. In the event that any Swingline Mandatory Borrowing cannot for any reason be made on the date
otherwise required above (including, without limitation, as a result of the commencement of a proceeding under the Bankruptcy Code), then each Revolving Lender hereby agrees that it shall forthwith purchase (as of the date the 
  

 46 

 Swingline Mandatory Borrowing would otherwise have occurred, but adjusted for any payments received from
the Company on or after such date and prior to such purchase) from the Swingline Lender such participations in the outstanding Swingline Loans as shall be necessary to cause each such Revolving Lender to share in such Swingline Loans ratably based
upon its respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2); provided that (A) all interest payable on the Swingline Loans shall be for the account of the
Swingline Lender until the date as of which the respective participation is purchased, and (B) at the time any purchase of participations pursuant to this sentence is actually made, the purchasing Revolving Lender shall be required to pay to the
Swingline Lender interest on the principal amount of such participation purchased for each day from and including the day upon which the Swingline Mandatory Borrowing would otherwise have occurred to but excluding the date of payment for such
participation, at the rate equal to, if paid within two (2) Business Days of the date of the Swingline Mandatory Borrowing, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate. 
  
 (c) Interest on Swingline Loans. Subject to the
provisions of Section 2.10, Swingline Loans shall bear interest at a per annum rate equal to the Alternate Base Rate plus the Applicable Percentage for Revolving Loans that are Alternate Base Rate Loans. Interest on Swingline Loans shall be
payable in arrears on each Interest Payment Date. 
  
 (d) Swingline Note. The Swingline Loans shall be evidenced by a duly executed promissory note of the Company to the Swingline Lender in the original amount of the Swingline Committed Amount and substantially in the form of Schedule
2.4(d). 
  
 Section 2.5 Incremental Term Facility.

  
 Subject to the terms and conditions set forth herein, the
Company shall have the right, at any time and from time to time (but not to exceed two (2) increases in the aggregate) prior to the Term Loan Maturity Date, to incur additional Indebtedness under this Credit Agreement in the form of an increase to
the Term Loan Committed Amount or an additional tranche or tranches of term loan (each an “Incremental Term Facility”) an aggregate amount of up to $50,000,000. The following terms and conditions shall apply to each Incremental Term
Facility: (a) the loans made under any such Incremental Term Facility (each an “Additional Term Loan”) shall constitute Credit Party Obligations and will be secured and guaranteed with the other Credit Party Obligations on a pari
passu basis, (b) any such Incremental Term Facility shall have a maturity date no sooner than the Term Loan Maturity Date and a weighted average life to maturity no shorter than the weighted average life to maturity of the Term Loan at the time of
the Incremental Term Loan Facility advance, (c) any such Incremental Term Facility shall be entitled to the same voting rights as the existing Term Loan and shall be entitled to receive proceeds of prepayments on the same basis as the existing Term
Loans, (d) any such Incremental Term Facility shall be obtained from existing Lenders or from other banks, financial institutions or investment funds, in each case in accordance with the terms set forth below, (e) any such Incremental Term Facility
shall be in a minimum principal amount of $25,000,000 and integral 
  

 47 

 multiples of $1,000,000 in excess thereof, (f) the proceeds of any Additional Term Loan will be used for the purposes set
forth in Section 3.11, (g) the Company shall execute a Term Note in favor of any new Lender requesting a Term Note, (h) the conditions to Extensions of Credit in Section 4.2 shall have been satisfied and (i) the Administrative Agent shall have
received from the Company updated financial projections and an officer’s certificate, in each case in form and substance reasonably satisfactory to the Administrative Agent, demonstrating that, after giving effect to any such Incremental Term
Facility on a Pro Forma Basis, the Company will be in compliance with the financial covenants set forth in Section 5.9 and no Default or Event of Default shall exist. Participation in the Incremental Term Facility may be offered to each of the
existing Lenders, but each such Lender shall have no obligation to provide all or any portion of the Incremental Term Facility. The Company may invite other banks, financial institutions and investment funds reasonably acceptable to the
Administrative Agent to join this Credit Agreement as Lenders hereunder, provided that such other banks, financial institutions and investment funds shall enter into such joinder agreements to give effect thereto as the Administrative Agent may
reasonably request. The Administrative Agent is authorized to enter into, on behalf of the Lenders, any amendment to this Credit Agreement or any other Credit Document as may be necessary to incorporate the terms of any new Incremental Term Facility
therein. 
  
 Section 2.6 Fees. 
  
 (a) Commitment Fee. In consideration of the Revolving
Commitments, the Company agrees to pay to the Administrative Agent for the ratable benefit of the Revolving Lenders a commitment fee (the “Commitment Fee”) in an amount equal to the Applicable Percentage per annum on the average
daily unused Dollar Amount (determined as of the most recent Revaluation Date) of the Revolving Committed Amount. For purposes of computation of the Commitment Fee, LOC Obligations shall be considered usage of the Revolving Committed Amount but
Swingline Loans shall not be considered usage of the Revolving Committed Amount. The Commitment Fee shall be payable in arrears quarterly on the first Business Day of each calendar quarter. 
  
 (b) Letter of Credit Fees. In consideration of the
LOC Commitments, the Company agrees to pay to the Administrative Agent, for the ratable benefit of the Revolving Lenders, a fee (the “Letter of Credit Fee”) equal to the Applicable Percentage per annum on the average daily maximum
amount available to be drawn under each Letter of Credit from the date of issuance to the date of expiration. The Letter of Credit Fee shall be payable quarterly in arrears on the first Business Day of each calendar quarter. 
  
 (c) Issuing Lender Fees. In addition to the Letter of
Credit Fees payable pursuant to subsection (b) hereof, the Company shall pay to the Issuing Lender for its own account without sharing by the other Lenders the reasonable and customary charges from time to time of the Issuing Lender with respect to
the amendment, transfer, administration, cancellation and conversion of, and drawings under, such Letters of Credit (collectively, the “Issuing Lender Fees”). The Issuing Lender may charge, and retain for its own account without
sharing by the other Lenders, an additional facing fee 
  

 48 

 (the “Letter of Credit Facing Fee”) of one-quarter of one percent (.25%) per annum on
the average daily maximum amount available to be drawn under each such Letter of Credit issued by it. The Issuing Lender Fees and the Letter of Credit Facing Fee shall be payable quarterly in arrears on the first Business Day of each calendar
quarter. 
  
 (d) Administrative Fee. The
Company agrees to pay to the Administrative Agent the annual administrative fee as described in the Fee Letter. 
  
 Section 2.7 Commitment Reductions. 
  
 (a) Voluntary Reductions. The Company shall have the right to terminate or permanently reduce the unused portion of the Revolving
Committed Amount at any time or from time to time upon not less than five Business Days’ prior notice to the Administrative Agent (which shall notify the Lenders thereof as soon as practicable) of each such termination or reduction, which
notice shall specify the effective date thereof and the amount of any such reduction which shall be in a minimum Dollar Amount (determined as of the most recent Revaluation Date) of $1,000,000 or a whole multiple of $500,000 in excess thereof and
shall be irrevocable and effective upon receipt by the Administrative Agent, provided that no such reduction or termination shall be permitted if after giving effect thereto, and to any prepayments of the Loans made on the effective date
thereof, the sum of the aggregate principal Dollar Amount (determined as of the most recent Revaluation Date) of outstanding Revolving Loans plus outstanding Swingline Loans plus LOC Obligations would exceed the Revolving Committed
Amount. 
  
 (b) Swingline Committed
Amount. If the Revolving Committed Amount is reduced pursuant to Section 2.8(a) below the then Swingline Committed Amount, the Swingline Committed Amount shall automatically be reduced by an amount such that the Swingline Committed Amount equals
the Revolving Committed Amount. 
  
 (c)
Revolving Commitment Termination Date. The Revolving Commitments, the Swingline Commitment and the LOC Commitment shall automatically terminate on the Revolving Commitment Termination Date. 
  
 Section 2.8 Prepayments. 
  
 (a) Optional Prepayments. The Borrowers shall have
the right to prepay Loans in whole or in part from time to time; provided, however, that each partial prepayment of a Revolving Loan or Term Loan shall be in a minimum principal Dollar Amount (determined as of the most recent
Revaluation Date) of $1,000,000 and integral multiples of $500,000 in excess thereof (or the remaining outstanding principal amount), and each partial prepayment of a Swingline Loan shall be in a minimum principal Dollar Amount (determined as of the
most recent Revaluation Date) of $100,000 and integral multiples of $100,000 in excess thereof (or the remaining outstanding principal amount). The Company shall give three Business Days’ irrevocable notice in the case of LIBOR Rate Loans and
same-day irrevocable notice on any Business Day in the case of Alternate 
  

 49 

 Base Rate Loans, to the Administrative Agent (which shall notify the Lenders thereof as soon as
practicable). To the extent that the Company elects to prepay the Term Loans, amounts prepaid under this Section 2.8(a) shall be (i) applied ratably to the remaining principal installments thereof and (ii) applied first to Alternate Base Rate Loans
and then to LIBOR Rate Loans in direct order of Interest Period maturities. All prepayments under this Section 2.8(a) shall be subject to Section 2.18, but otherwise without premium or penalty. Interest on the principal amount prepaid shall be
payable on the next occurring Interest Payment Date that would have occurred had such loan not been prepaid or, at the request of the Administrative Agent, interest on the principal amount prepaid shall be payable on any date that a prepayment is
made hereunder through the date of prepayment. Amounts prepaid on the Revolving Loans and the Swingline Loans may be reborrowed in accordance with the terms hereof. Amounts prepaid on the Term Loan may not be reborrowed.  
  
 (b) Mandatory Prepayments. The Credit Parties hereby
covenant and agree: 
  
 (i) Revolving
Committed Amount. If at any time after the Closing Date, (A) the sum of the aggregate principal Dollar Amount (determined as of the most recent Revaluation Date) of outstanding Revolving Loans plus outstanding Swingline Loans plus
outstanding LOC Obligations shall exceed the Revolving Committed Amount, (B) the aggregate principal Dollar Amount (determined as of the most recent Revaluation Date) of Revolving Loans that are Foreign Currency Loans outstanding to the Company,
together with the outstanding LOC Obligations with respect to Letters of Credit denominated in a Foreign Currency, exceeds $10,000,000, (C) the aggregate principal Dollar Amount (determined as of the most recent Revaluation Date) of Revolving Loans
that are Foreign Currency Loans outstanding to the Borrowers in the aggregate exceeds $10,000,000 or (D) the aggregate principal Dollar Amount of Revolving Loans outstanding to the Irish Borrower and the Dutch Borrowers in the aggregate exceeds
$10,000,000, in each case the Loans shall immediately be prepaid in an amount sufficient to eliminate such excess (such prepayment to be applied as set forth in clause (vii) below). 
  
 (ii) Asset Dispositions. Promptly following any Asset Disposition in excess of $250,000 in the
aggregate during any fiscal year, the Loans shall be prepaid in an aggregate amount equal to one hundred percent (100%) of the Net Cash Proceeds derived from such Asset Disposition (such prepayment to be applied as set forth in clause (vii) below);
provided, however, that, so long as no Default or Event of Default has occurred and is continuing, such Net Cash Proceeds shall not be required to be so applied to the extent the Company delivers to the Administrative Agent a
certificate stating that Credit Parties intend to use such Net Cash Proceeds to acquire assets useful to the business of the Credit Parties within 180 days of the receipt of such Net Cash Proceeds, it being expressly agreed that any Net Cash
Proceeds not so reinvested shall be applied to prepay the Loans. 

 50 

 (iii) Debt Issuances. Immediately upon receipt by any Credit Party of proceeds
from any Debt Issuance, the Loans shall be prepaid in an aggregate amount equal to one hundred percent (100%) of the Net Cash Proceeds of such Debt Issuance (such prepayment to be applied as set forth in clause (vii) below). 
  
 (iv) Equity Issuances. Immediately upon receipt by
any Credit Party of proceeds from any Equity Issuance, the Loans shall be prepaid in an aggregate amount equal to fifty percent (50%) of the Net Cash Proceeds of such Equity Issuance (such prepayment to be applied as set forth in clause (vii)
below). 
  
 (v) Recovery Event. To the
extent Net Cash Proceeds received in connection with any Recovery Event, the Loans shall be prepaid in an aggregate amount equal to one hundred percent (100%) of such Net Cash Proceeds (such prepayment to be applied as set forth in clause (vii)
below); provided, however, that, so long as no Default or Event of Default has occurred and is continuing, such Net Cash Proceeds shall not be required to be so applied to the extent the Company delivers to the Administrative Agent a
certificate stating that Credit Parties intend to use such Net Cash Proceeds to acquire assets useful to the business of the Credit Parties within 180 days of the receipt of such Net Cash Proceeds, it being expressly agreed that any Net Cash
Proceeds not so reinvested shall be applied to prepay the Loans. 
  
 (vi) Excess Cash Flow. Within ninety (90) days after the end of such fiscal year, the Loans shall be prepaid in an amount equal to seventy-five percent (75%) of the Excess Cash Flow earned during such prior
fiscal year; provided that if the Leverage Ratio, determined as of the end of such fiscal year, is less than 2.00 to 1.0, then the Borrowers shall prepay the Loans in an amount equal to fifty percent (50%) of the Excess Cash Flow earned
during such prior fiscal year (such prepayments to be applied as set forth in clause (vii) below).  
  
 (vii) Application of Mandatory Prepayments. All amounts required to be paid (A) pursuant to Section 2.8(b)(i)(A) shall be applied
(1) first, to the Swingline Loans; and (2) second, to the Revolving Loans; (B) pursuant to Section 2.8(b)(i)(B) shall be applied to the Revolving Loans that are Foreign Currency Loans outstanding to the Company; (C) pursuant to Section 2.8(b)(i)(C)
shall be applied to the Revolving Loans that are Foreign Currency Loans outstanding to the Borrowers; (D) pursuant to Section 2.8(b)(i)(D) shall be applied to the Revolving Loans that are Foreign Currency Loans outstanding to the Irish Borrower and
the Dutch Borrowers; and (E) pursuant to Sections 2.8(b)(ii)-(vi) shall be applied (1) first, to the Term Loan (ratably to the remaining principal installments thereof); (2) second, to the Swingline Loans (without a corresponding reduction of the
Swingline Committed Amount); (3) third, to the Revolving Loans (without a corresponding reduction to the Revolving Committed Amount); and (4) fourth, to the Borrower. Within the parameters of the applications set forth above, prepayments shall be
applied first to Alternate Base Rate Loans and then to LIBOR Rate Loans in direct order of Interest Period 
  

 51 

 maturities. All prepayments under this Section 2.8(b) shall be subject to Section 2.18 and be accompanied
by interest on the principal amount prepaid through the date of prepayment. 
  
 (c) Hedging Obligations Unaffected. Any repayment or prepayment made pursuant to this Section 2.8 shall not affect the Borrower’s obligation to continue to make payments under any Secured Hedging
Agreement, which shall remain in full force and effect notwithstanding such repayment or prepayment, subject to the terms of such Secured Hedging Agreement. 
  
 Section 2.9 Lending Offices. 
  
 LIBOR Rate Loans shall be made by each Lender at its LIBOR Lending Office and Alternate Base Rate Loans at its Domestic Lending Office. 
  
 Section 2.10 Default Rate. 
  
 Upon the occurrence, and during the continuance, of an Event of Default, at
the discretion of the Required Lenders, the principal of and, to the extent permitted by law, interest on the Loans and any other amounts owing hereunder or under the other Credit Documents (but excluding any NL Obligor’s Dutch Parallel Debts)
shall bear interest, payable on demand, at a per annum rate 2% greater than the rate which would otherwise be applicable (or if no rate is applicable, whether in respect of interest, fees or other amounts, then the Alternate Base Rate plus
the Applicable Percentage for Alternate Base Rate Revolving Loans plus 2%). 
  
 Section 2.11 Conversion Options. 
  
 (a) The Company may, in the case of Revolving Loans and the Term Loan, elect from time to time to convert Alternate Base Rate Loans
denominated in Dollars to LIBOR Rate Loans, by delivering a Notice of Conversion/Extension to the Administrative Agent at least three Business Days prior to the proposed date of conversion. In addition, the Company may elect from time to time to
convert all or any portion of a LIBOR Rate Loan denominated in Dollars to an Alternate Base Rate Loan by delivering a Notice of Conversion/Extension to the Administrative Agent by 11:00 A.M. three Business Days prior to the proposed date of
conversion. If the date upon which an Alternate Base Rate Loan is to be converted to a LIBOR Rate Loan is not a Business Day, then such conversion shall be made on the next succeeding Business Day and during the period from such last day of an
Interest Period to such succeeding Business Day such Loan shall bear interest as if it were an Alternate Base Rate Loan. If the Company shall convert LIBOR Rate Loans to Alternate Base Rate Loans on a date other than the last day of the applicable
Interest Period, then the Company shall pay breakage costs associated with such conversion as provided in Section 2.18. If the date upon which a LIBOR Rate Loan is to be converted to an Alternate Base Rate Loan is not a Business Day, then such
conversion shall be made on the next succeeding Business Day and during the period from such last day of an Interest Period to such succeeding Business Day such Loan shall bear interest as if it were an Alternate Base Rate Loan. All 
  

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 or any part of outstanding Alternate Base Rate Loans may be converted as provided herein, provided
that (i) no Loan may be converted into a LIBOR Rate Loan when any Default or Event of Default has occurred and is continuing and (ii) partial conversions shall be in an aggregate principal Dollar Amount (determined as of the most recent Revaluation
Date) of $1,000,000 or a whole multiple of $500,000 in excess thereof. All or any part of outstanding LIBOR Rate Loans may be converted as provided herein, provided that partial conversions shall be in an aggregate principal Dollar Amount
(determined as of the most recent Revaluation Date) of $1,000,000 or a whole multiple of $500,000 in excess thereof. 
  
 (b) Any LIBOR Rate Loans may be continued as such upon the expiration of an Interest Period with respect thereto by compliance by the
Company with the notice provisions contained in Section 2.11(a); provided, that no LIBOR Rate Loan may be continued as such when any Event of Default has occurred and is continuing, in which case such Loan shall be automatically converted to
an Alternate Base Rate Loan denominated in Dollars at the end of the applicable Interest Period with respect thereto. If the Company shall fail to give timely notice of an election to continue a LIBOR Rate Loan, or the continuation of LIBOR Rate
Loans is not permitted hereunder, such LIBOR Rate Loans shall be automatically converted to Alternate Base Rate Loans denominated in Dollars at the end of the applicable Interest Period with respect thereto. 
  
 (c) Unless otherwise agreed to by the Required Lenders, upon
the occurrence and during the continuance of any Event of Default, all Foreign Currency Loans then outstanding shall be redenominated into Dollars (based on the Dollar Amount (determined as of the most recent Revaluation Date) of such Foreign
Currency Loans on the date of redenomination) on the last day of the then current Interest Periods of such Foreign Currency Loans; provided that in each case the Company shall be liable for any currency exchange loss related to such payments
and shall promptly pay to each Lender upon receipt of notice thereof by the Company from such Lender the amount of any such loss incurred by such Lender. 
  
 Section 2.12 Computation of Interest and Fees; Usury. 
  
 (a) Interest payable hereunder with respect to Alternate Base Rate Loans based on the Prime Rate and Foreign
Currency Loans denominated in Pounds Sterling shall be calculated on the basis of a year of 365 days (or 366 days, as applicable) for the actual days elapsed. All other fees, interest and all other amounts payable hereunder shall be calculated on
the basis of a 360 day year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the Company and the Lenders of each determination of a LIBOR Rate on the Business Day of the determination thereof. Any change in
the interest rate on a Loan resulting from a change in the Alternate Base Rate shall become effective as of the opening of business on the day on which such change in the Alternate Base Rate shall become effective. The Administrative Agent shall as
soon as practicable notify the Company and the Lenders of the effective date and the amount of each such change. 
  

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 (b) Each determination of an interest rate by the Administrative Agent pursuant to any
provision of this Credit Agreement shall be conclusive and binding on the Borrowers and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Company, deliver to the Company a statement showing the
computations used by the Administrative Agent in determining any interest rate. 
  
 (c) It is the intent of the Lenders and the Credit Parties to conform to and contract in strict compliance with applicable usury law from
time to time in effect. All agreements between the Lenders and the Credit Parties are hereby limited by the provisions of this subsection which shall override and control all such agreements, whether now existing or hereafter arising and whether
written or oral. In no way, nor in any event or contingency (including but not limited to prepayment or acceleration of the maturity of any Credit Party Obligation), shall the interest taken, reserved, contracted for, charged, or received under this
Credit Agreement, under the Notes or otherwise, exceed the maximum nonusurious amount permissible under applicable law. If, from any possible construction of any of the Credit Documents or any other document, interest would otherwise be payable in
excess of the maximum nonusurious amount, any such construction shall be subject to the provisions of this paragraph and such interest shall be automatically reduced to the maximum nonusurious amount permitted under applicable law, without the
necessity of execution of any amendment or new document. If any Lender shall ever receive anything of value which is characterized as interest on the Loans under applicable law and which would, apart from this provision, be in excess of the maximum
nonusurious amount, an amount equal to the amount which would have been excessive interest shall, without penalty, be applied to the reduction of the principal amount owing on the Loans and not to the payment of interest, or refunded to the
applicable Borrower or the other payor thereof if and to the extent such amount which would have been excessive exceeds such unpaid principal amount of the Loans. The right to demand payment of the Loans or any other Indebtedness evidenced by any of
the Credit Documents does not include the right to receive any interest which has not otherwise accrued on the date of such demand, and the Lenders do not intend to charge or receive any unearned interest in the event of such demand. All interest
paid or agreed to be paid to the Lenders with respect to the Loans shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term (including any renewal or extension) of the Loans so
that the amount of interest on account of such Indebtedness does not exceed the maximum nonusurious amount permitted by applicable law. 
  
 Section 2.13 Pro Rata Treatment and Payments. 
  
 (a) Allocation of Payments Prior to Exercise of Remedies. Each borrowing of Revolving Loans and any reduction of the Revolving
Commitments shall be made pro rata according to the respective Revolving Commitment Percentages of the Revolving Lenders. Unless otherwise required by the terms of this Credit Agreement, each payment (other than prepayments pursuant to
Section 2.8) under this Credit Agreement or any Note shall be applied as the Company may elect, or if the Company shall make no such election, first, to any fees then due and owing by the Company 
  

 54 

 pursuant to Section 2.6, second, to interest then due and owing hereunder and under the Notes of the
Borrowers, third, to the outstanding principal of the Term Loan and, fourth, to the outstanding principal of the Revolving Loans. Each payment on account of any fees pursuant to Section 2.6 shall be made pro rata in accordance with the
respective Commitment Percentages of the Lenders (except as to the Letter of Credit Facing Fee, the Issuing Lender Fees and the administrative fee referenced in Section 2.6(d)). Each payment (other than prepayments) by the Borrowers on account of
principal of and interest on the Revolving Loans and on the Term Loan shall be made pro rata according to the respective amounts due and owing hereunder in the currency in which such amount is denominated and in such funds as are
customary at the place and time of payment for the settlement of international payments in such currency. Without limiting the terms of the preceding sentence, accrued interest on any Loans denominated in a Foreign Currency shall be payable in the
same Foreign Currency as such Loan. Each optional prepayment of the Loans shall be applied in accordance with Section 2.8(a) and each mandatory prepayment of the Loans shall be applied in accordance with Section 2.8(b)(vii). Payments made pursuant
to Section 2.16 shall be applied in accordance with such Section. All payments (including prepayments) to be made by the Borrowers on account of principal, interest and fees shall be made without defense, set-off or counterclaim (except as provided
in Section 2.19(b)), shall be made to the Administrative Agent for the account of the Lenders in immediately available funds at the Administrative Agent’s Office and (i) in the case of Loans or other amounts denominated in Dollars, shall be
made in Dollars not later than 12:00 Noon on the date when due and (ii) in the case of Loans or other amounts denominated in a Foreign Currency, unless otherwise specified herein, shall be made in such Foreign Currency not later than the Applicable
Time specified by the Administrative Agent on the date when due. Any payment received after the foregoing deadlines shall be deemed received on the next Business Day. The Administrative Agent shall distribute such payments to the Lenders entitled
thereto promptly upon receipt in like funds as received. If any payment hereunder (other than payments on the LIBOR Rate Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding
Business Day, and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. If any payment on a LIBOR Rate Loan becomes due and payable on a day other than a Business Day, such
payment date shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day.

  
 (b) Allocation of Payments After Exercise
of Remedies. Notwithstanding any other provisions of this Credit Agreement to the contrary, after the exercise of remedies (other than the invocation of default interest pursuant to Section 2.10) by the Administrative Agent or the Lenders
pursuant to Section 7.2 (or after the Commitments shall automatically terminate and the Loans (with accrued interest thereon) and all other amounts under the Credit Documents (including without limitation the maximum amount of all contingent
liabilities under Letters of Credit) shall automatically become due and payable in accordance with the terms of such Section), all amounts collected or received by the Administrative Agent or any Lender on account of the Credit Party Obligations or
any other amounts outstanding under any of the Credit Documents or in respect of the 
  

 55 

 Collateral shall be paid over or delivered as follows (irrespective of whether the following costs,
expenses, fees, interest, premiums, scheduled periodic payments or Credit Party Obligations are allowed, permitted or recognized as a claim in any proceeding resulting from the occurrence of a Bankruptcy Event): 
  
 FIRST, to the payment of all reasonable out-of-pocket costs
and expenses (including without limitation reasonable attorneys’ fees) of the Administrative Agent in connection with enforcing the rights of the Lenders under the Credit Documents and any protective advances made by the Administrative Agent
with respect to the Collateral under or pursuant to the terms of the Security Documents; 
  
 SECOND, to the payment of any fees owed to the Administrative Agent; 
  
 THIRD, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation,
reasonable attorneys’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents or otherwise with respect to the Credit Party Obligations owing to such Lender; 
  
 FOURTH, to the payment of all of the Credit Party
Obligations consisting of accrued fees and interest, and including with respect to any Secured Hedging Agreement, any fees, premiums and scheduled periodic payments due under such Secured Hedging Agreement and any interest accrued thereon;

  
 FIFTH, to the payment of the outstanding
principal amount of the Credit Party Obligations and the payment or cash collateralization of the outstanding LOC Obligations, and including with respect to any Secured Hedging Agreement, any breakage, termination or other payments due under such
Secured Hedging Agreement and any interest accrued thereon; 
  
 SIXTH, to all other Credit Party Obligations and other obligations which shall have become due and payable under the Credit Documents or otherwise and not repaid pursuant to clauses ”FIRST” through
“FIFTH” above; and 
  
 SEVENTH, to the
payment of the surplus, if any, to whoever may be lawfully entitled to receive such surplus. 
  
 In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (ii) each of the Lenders shall receive an
amount equal to its pro rata share (based on the proportion that the then outstanding Loans and LOC Obligations held by such Lender bears to the aggregate then outstanding Loans and LOC Obligations) of amounts available to be applied pursuant to
clauses ”THIRD”, “FOURTH”, “FIFTH” and “SIXTH” above; and (iii) to the extent that any amounts available for distribution pursuant to clause ”FIFTH” above are attributable to the issued but undrawn
amount of outstanding Letters of Credit, such amounts shall be held by the Administrative Agent in a cash collateral account and 
  

 56 

 applied (A) first, to reimburse the Issuing Lender from time to time for any drawings under such Letters
of Credit and (B) then, following the expiration of all Letters of Credit, to all other obligations of the types described in clauses ”FIFTH” and “SIXTH” above in the manner provided in this Section 2.13. Notwithstanding the
foregoing terms of this Section 2.13, none of the Dutch Borrowers, the Irish Borrower or any other Foreign Credit Party shall be required to repay or prepay, or to guarantee, nor shall any amount paid by the Dutch Borrowers, the Irish Borrower or
any other Foreign Credit Party be applied to, the Credit Party Obligations of the Company and the US Guarantors. 
  
 Section 2.14 Non-Receipt of Funds by the Administrative Agent. 
  
 (a) Unless the Administrative Agent shall have been notified in writing by a Lender prior to the date a Loan
is to be made by such Lender (which notice shall be effective upon receipt) that such Lender does not intend to make the proceeds of such Loan available to the Administrative Agent, the Administrative Agent may assume that such Lender has made such
proceeds available to the Administrative Agent on such date, and the Administrative Agent may in reliance upon such assumption (but shall not be required to) make available to the Borrowers a corresponding amount. If such corresponding amount is not
in fact made available to the Administrative Agent, the Administrative Agent shall be able to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s
demand therefor, the Administrative Agent will promptly notify the Company, and the applicable Borrower shall immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover from the
Lender or the applicable Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the applicable Borrower to the date such
corresponding amount is recovered by the Administrative Agent at a per annum rate equal to (i) from the applicable Borrower at the applicable rate for the applicable borrowing pursuant to the Notice of Borrowing and (ii) from a Lender at the Federal
Funds Effective Rate. 
  
 (b) Unless the
Administrative Agent shall have been notified in writing by the Company, prior to the date on which any payment is due from a Borrower hereunder (which notice shall be effective upon receipt) that the applicable Borrower does not intend to make such
payment, the Administrative Agent may assume that the applicable Borrower has made such payment when due, and the Administrative Agent may in reliance upon such assumption (but shall not be required to) make available to each Lender on such payment
date an amount equal to the portion of such assumed payment to which such Lender is entitled hereunder, and if the applicable Borrower has not in fact made such payment to the Administrative Agent, such Lender shall, on demand, repay to the
Administrative Agent the amount made available to such Lender. If such amount is repaid to the Administrative Agent on a date after the date such amount was made available to such Lender, such Lender shall pay to the Administrative Agent on demand
interest on such amount in respect of each day from the date such amount was made available by the Administrative Agent to such Lender to the date such amount is recovered by the Administrative Agent at a per annum rate equal to the Federal Funds
Effective Rate. 
  

 57 

 (c) A certificate of the Administrative Agent submitted to the Company or any Lender with
respect to any amount owing under this Section 2.14 shall be conclusive in the absence of manifest error. 
  
 Section 2.15 Inability to Determine Interest Rate. 
  

Notwithstanding any other provision of this Credit Agreement, if (a) the Administrative Agent shall reasonably determine (which determination shall be
conclusive and binding absent manifest error) that, by reason of circumstances affecting the relevant market, deposits in the relevant amount in the relevant currency and for the relevant Interest Period are not available in the relevant market to
any Lender or reasonable and adequate means do not exist for ascertaining LIBOR for such Interest Period, or (b) the Required Lenders shall reasonably determine (which determination shall be conclusive and binding absent manifest error) that the
LIBOR Rate does not adequately and fairly reflect the cost to such Lenders of funding LIBOR Rate Loans that the Company has requested be outstanding as a LIBOR Tranche during such Interest Period, the Administrative Agent shall forthwith give
telephone notice of such determination, confirmed in writing, to the Company, and the Lenders at least two Business Days prior to the first day of such Interest Period. If such notice is given (i) any affected Foreign Currency Loans requested to be
made on the first day of such Interest Period shall be made, at the sole option of the applicable Borrower, in Dollars as Alternate Base Rate Loans or such request shall be cancelled, (ii) any affected LIBOR Rate Loans requested to be made on the
first day of such Interest Period shall be made in Dollars as Alternate Base Rate Loans and (iii) any affected Loans that were to have been converted on the first day of such Interest Period to or continued as LIBOR Rate Loans shall be converted to
or continued in Dollars as Alternate Base Rate Loans. Until any such notice has been withdrawn by the Administrative Agent, no further Loans shall be made as, continued as, or converted into, LIBOR Rate Loans for the Interest Periods so affected.

  
 Section 2.16 Illegality. 
  
 (a) Notwithstanding any other provision herein, if (i) the
adoption of, or any change in, any Requirement of Law or in the interpretation or application thereof by the relevant Governmental Authority shall make it unlawful for any Lender or its LIBOR Lending Office to make or maintain LIBOR Rate Loans
denominated in Dollars or in any Foreign Currency as contemplated by this Credit Agreement, or (ii) there shall have occurred any change in national or international financial, political or economic conditions (including the imposition of or any
change in exchange controls) or currency exchange rates which would make it unlawful or impossible for any Lender to make Loans denominated in any Foreign Currency to the Borrowers, as contemplated by this Credit Agreement (any such affected LIBOR
Rate Loans or Foreign Currency Loans, the “Affected Loans”), then such Lender, together with Lenders giving notice under Section 2.18, 2.19 and 2.20, shall be an “Affected Lender” and by written notice to the
Company and to the Administrative Agent: 
  

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 (i) may declare that Affected Loans will not thereafter (for the duration of such
unlawfulness or impossibility) be made by such Lender hereunder, whereupon any request for an Affected Loan shall, as to such Lender only (A) if such Affected Loan is not a Foreign Currency Loan, be deemed a request for a Alternate Base Rate Loan
(unless it should also be illegal for the Affected Lender to provide an Alternate Base Rate Loan, in which case such Loan shall bear interest at a commensurate rate to be agreed upon by the Administrative Agent and the Affected Lender, and so long
as no Event of Default shall have occurred and be continuing, the Company), unless such declaration by the Affected Lender shall be subsequently withdrawn and (B) if such Affected Loan is a Foreign Currency Loan, be deemed to have been withdrawn,
unless such declaration by the Affected Lender shall be subsequently withdrawn; and 
  
 (ii) may require that all outstanding Affected Loans, as the case may be, made by it be (A) if such Affected Loans are not Foreign
Currency Loans, converted to Alternate Base Rate Loans, in which event all such Affected Loans shall be automatically converted to Alternate Base Rate Loans as of the effective date of such notice as provided in subsection (b) below or (B) if such
Affected Loans are Foreign Currency Loans, converted to Alternate Base Rate Loans denominated in Dollars, in which event all such Affected Loans shall be converted to Alternate Base Rate Loans denominated in Dollars as of the effective date of such
notice as provided in subsection (b) below; provided that the applicable Borrower shall be liable for any currency exchange loss related to such conversion. 
  
 In the event any Lender shall exercise its rights under (i) or (ii) above with respect to any Affected Loans which are not
Foreign Currency Loans, all payments and prepayments of principal which would otherwise have been applied to repay the Affected Loans of such Lender shall instead be applied to repay the Alternate Base Rate Loans made by such Lender in lieu of, or
resulting from the conversion of, such Affected Loans. 
  
 (b) For purposes of this Section 2.16, a notice to the Company by any Lender shall be effective as to each such Affected Loan, if lawful, on the last day of the Interest Period currently applicable to such Affected Loan; in all other cases
such notice shall be effective on the date of receipt by the Company. 
  
 Section 2.17 Requirements of Law. 
  
 (a) If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from
any central bank or other Governmental Authority made subsequent to the date hereof: 
  
 (i) shall subject such Lender to any tax of any kind whatsoever with respect to any Letter of Credit or any application relating thereto,
any LIBOR Rate Loan made by it, or change the basis of taxation of payments to such Lender in respect thereof (except for changes in the rate of tax on the overall net income of such Lender); 
  

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 (ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory
loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender which is not otherwise
included in the determination of the LIBOR Rate hereunder; or 
  
 (iii) shall impose on such Lender any other condition; 
  
 and the result of any of the foregoing is to increase the cost to such Lender of making or maintaining LIBOR Rate Loans or the Letters of
Credit (or the Participations Interests therein) or to reduce any amount receivable hereunder or under any Note, then, in any such case, the applicable Borrower shall promptly pay such Lender, upon its demand, any additional amounts necessary to
compensate such Lender for such additional cost or reduced amount receivable which such Lender reasonably deems to be material as determined by such Lender with respect to its LIBOR Rate Loans or Letters of Credit. A certificate as to any additional
amounts payable pursuant to this Section submitted by such Lender, through the Administrative Agent, to the Company shall be conclusive in the absence of manifest error. Each Lender agrees to use reasonable efforts (including reasonable efforts to
change its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this paragraph of this Section; provided, however, that such efforts shall
not cause the imposition on such Lender of any additional costs or legal or regulatory burdens deemed by such Lender to be material. 
  
 (b) If any Lender shall have reasonably determined that the adoption of or any change in any Requirement of Law regarding capital adequacy
or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender with any request or directive regarding capital adequacy (whether or not having the force of law) from any central bank or
Governmental Authority made subsequent to the date hereof does or shall have the effect of reducing the rate of return on such Lender’s or such corporation’s capital as a consequence of its obligations hereunder to a level below that which
such Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s or such corporation’s policies with respect to capital adequacy) by an amount reasonably deemed by
such Lender to be material, then from time to time, within fifteen (15) days after demand by such Lender, the applicable Borrower shall pay to such Lender such additional amount as shall be certified by such Lender as being required to compensate it
for such reduction. Such a certificate as to any additional amounts payable under this Section submitted by a Lender (which certificate shall include a description of the basis for the computation), through the Administrative Agent, to the Company
shall be conclusive absent manifest error. 
  

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 (c) The agreements in this Section 2.17 shall survive the termination of this Credit
Agreement and payment of the Credit Party Obligations. 
  
 Any claim by a Lender for indemnification under this Section 2.17 shall be made no later than 90 days after such Lender becomes aware any amount payable to such Lender under this Section. 
  
 Section 2.18 Indemnity. 
  
 Each of the Borrowers hereby agree to indemnify each Lender and to hold such
Lender harmless from any funding loss or expense which such Lender may sustain or incur as a consequence of (a) default by such Borrower in payment of the principal amount of or interest on any Loan by such Lender in accordance with the terms
hereof, (b) default by such Borrower in accepting a borrowing after such Borrower has given a notice in accordance with the terms hereof, (c) default by such Borrower in making any prepayment after such Borrower has given a notice in accordance with
the terms hereof, and/or (d) the making by such Borrower of a prepayment of a Loan, or the conversion thereof, on a day which is not the last day of the Interest Period with respect thereto, in each case including, but not limited to, any such loss
or expense arising from interest or fees payable by such Lender to lenders of funds obtained by it in order to maintain its Loans hereunder. A certificate as to any additional amounts payable pursuant to this Section submitted by any Lender, through
the Administrative Agent, to the Company (which certificate must be delivered to the Administrative Agent within thirty days following such default, prepayment or conversion) shall be conclusive in the absence of manifest error. The agreements in
this Section shall survive termination of this Credit Agreement and payment of the Credit Party Obligations; provided, that any claim by a Lender for indemnification under this Section 2.18 shall be made no later than 90 days after such
Lender becomes aware of such loss or expense. 
  
 Section 2.19
Taxes. 
  
 (a) All payments made by
the Credit Parties hereunder or under any Note shall be, except as provided in Section 2.19(b), made free and clear of, and without deduction or withholding for, any present or future taxes, levies, imposts, duties, fees, assessments or other
charges of whatever nature now or hereafter imposed by any Governmental Authority or by any political subdivision or taxing authority thereof or therein with respect to such payments (but excluding any tax imposed on or measured by the net income or
profits of a Lender pursuant to the laws of the jurisdiction in which it is organized or the jurisdiction in which the principal office or applicable lending office of such Lender is located or any subdivision thereof or therein) and all interest,
penalties or similar liabilities with respect thereto (all such non-excluded taxes, levies, imposts, duties, fees, assessments or other charges being referred to collectively as “Taxes”). If any Taxes are so levied or imposed, the
applicable Credit Parties agree to pay the full amount of such Taxes, and such additional amounts as may be necessary so that every payment of all amounts by such Credit Parties due under this Credit Agreement or under any Note, after withholding or
deduction for or on account of any Taxes, will not be less than the amount provided for herein or in such Note. The applicable Credit Parties will 
  

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 furnish to the Administrative Agent as soon as practicable after the date the payment of any Taxes is due
pursuant to applicable law certified copies (to the extent reasonably available and required by law) of tax receipts evidencing such payment by such Credit Parties. The applicable Credit Parties agree to indemnify and hold harmless each Lender, and
reimburse such Lender upon its written request, for the amount of any Taxes so levied or imposed and paid by such Lender. 
  
 (b) Each Lender that is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) agrees to deliver to the
Company and the Administrative Agent on or prior to the Closing Date, or in the case of a Lender that is an assignee or transferee of an interest under this Credit Agreement pursuant to Section 9.6(d) (unless the respective Lender was already a
Lender hereunder immediately prior to such assignment or transfer), on the date of such assignment or transfer to such Lender two accurate and complete original signed copies of Internal Revenue Service Form W-8BEN or W-8ECI (or successor forms)
certifying such Lender’s entitlement to a complete exemption from United States withholding tax with respect to payments to be made under this Credit Agreement and under any Note. In addition, each Lender agrees that it will deliver upon the
Company’s request updated versions of the foregoing, as applicable, whenever the previous certification has become obsolete or inaccurate in any material respect, together with such other forms as may be required in order to confirm or
establish the entitlement of such Lender to a continued exemption from or reduction in United States withholding tax with respect to payments under this Credit Agreement and any Note. Notwithstanding anything to the contrary contained in Section
2.19(a), but subject to the immediately succeeding sentence, (A) the Borrowers shall be entitled, to the extent required to do so by law, to deduct or withhold Taxes imposed by the United States (or any political subdivision or taxing authority
thereof or therein) from interest, fees or other amounts payable hereunder for the account of any Lender which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code) for U.S. Federal income tax purposes to the
extent that such Lender has not provided to the Company U.S. Internal Revenue Service Forms that establish a complete exemption from such deduction or withholding and (B) the Borrowers shall not be obligated pursuant to Section 2.19(a) hereof to
gross-up payments to be made to a Lender in respect of Taxes imposed by the United States if (I) such Lender has not provided to the Company the Internal Revenue Service Forms required to be provided to the Company pursuant to this Section 2.19(b)
or (II) in the case of a payment, other than interest, to a Lender described in clause (ii) above, to the extent that such Forms do not establish a complete exemption from withholding of such Taxes. Notwithstanding anything to the contrary contained
in the preceding sentence or elsewhere in this Section 2.19, the Credit Parties agree to pay additional amounts and to indemnify each Lender in the manner set forth in Section 2.19(a) (without regard to the identity of the jurisdiction requiring the
deduction or withholding) in respect of any amounts deducted or withheld by it as described in the immediately preceding sentence as a result of any changes after the Closing Date in any applicable law, treaty, governmental rule, regulation,
guideline or order, or in the interpretation thereof, relating to the deducting or withholding of Taxes. 
  

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 (c) Each Lender agrees to use reasonable efforts (including reasonable efforts to change
its Domestic Lending Office or LIBOR Lending Office, as the case may be) to avoid or to minimize any amounts which might otherwise be payable pursuant to this Section; provided, however, that such efforts shall not cause the imposition
on such Lender of any additional costs or legal or regulatory burdens deemed by such Lender in its sole discretion to be material. 
  
 (d) If the Credit Parties pay any additional amount pursuant to this Section 2.19 with respect to a Lender, such Lender shall use
reasonable efforts to obtain a refund of tax or credit against its tax liabilities on account of such payment; provided that such Lender shall have no obligation to use such reasonable efforts if either (i) it is in an excess foreign tax
credit position or (ii) it believes in good faith, in its sole discretion, that claiming a refund or credit would cause adverse tax consequences to it. In the event that such Lender receives such a refund or credit, such Lender shall pay to the
Credit Parties an amount that such Lender reasonably determines is equal to the net tax benefit obtained by such Lender as a result of such payment by the Credit Parties. In the event that no refund or credit is obtained with respect to the Credit
Parties’ payments to such Lender pursuant to this Section 2.19, then such Lender shall upon request provide a certification that such Lender has not received a refund or credit for such payments. Nothing contained in this Section 2.19 shall
require a Lender to disclose or detail the basis of its calculation of the amount of any tax benefit or any other amount or the basis of its determination referred to in the proviso to the first sentence of this Section 2.19 to the Credit Parties or
any other party. 
  
 (e) The agreements in this
Section 2.19 shall survive the termination of this Credit Agreement and the payment of the Credit Party Obligations. 
  
 Section 2.20 Indemnification; Nature of Issuing Lender’s Duties. 
  
 (a) In addition to its other obligations under Section 2.3, the applicable Borrower hereby agrees to
protect, indemnify, pay and save the Issuing Lender harmless from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including reasonable attorneys’ fees) that the Issuing Lender may incur or be
subject to as a consequence, direct or indirect, of (i) the issuance of any Letter of Credit on behalf such Borrower or one of its Subsidiaries or (ii) the failure of the Issuing Lender to honor a drawing under a Letter of Credit issued on behalf of
such Borrower or one of its Subsidiaries as a result of any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Authority (all such acts or omissions, herein called
“Government Acts”). 
  
 (b) As
between the Credit Parties and the Issuing Lender, the Credit Parties shall assume all risks of the acts, omissions or misuse of any Letter of Credit by the beneficiary thereof. The Issuing Lender shall not be responsible: (i) for the form,
validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for and issuance of any Letter of Credit, even if it should in fact prove to be in any or all respects invalid,
insufficient, inaccurate, 
  

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 fraudulent or forged; (ii) for the validity or sufficiency of any instrument transferring or assigning or
purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, that may prove to be invalid or ineffective for any reason; (iii) for failure of the beneficiary of a Letter of
Credit to comply fully with conditions required in order to draw upon a Letter of Credit; (iv) for errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not
they be in cipher; (v) for errors in interpretation of technical terms; (vi) for any loss or delay in the transmission or otherwise of any document required in order to make a drawing under a Letter of Credit or of the proceeds thereof; and (vii)
for any consequences arising from causes beyond the control of the Issuing Lender, including, without limitation, any Government Acts. None of the above shall affect, impair, or prevent the vesting of the Issuing Lender’s rights or powers
hereunder. 
  
 (c) In furtherance and extension
and not in limitation of the specific provisions hereinabove set forth, any action taken or omitted by the Issuing Lender, under or in connection with any Letter of Credit or the related certificates, if taken or omitted in the absence of gross
negligence or willful misconduct, shall not put such Issuing Lender under any resulting liability to the Credit Parties. It is the intention of the parties that this Credit Agreement shall be construed and applied to protect and indemnify the
Issuing Lender against any and all risks involved in the issuance of the Letters of Credit, all of which risks are hereby assumed by the Credit Parties, including, without limitation, any and all risks of the acts or omissions, whether rightful or
wrongful, of any Government Authority. The Issuing Lender shall not, in any way, be liable for any failure by the Issuing Lender or anyone else to pay any drawing under any Letter of Credit as a result of any Government Acts or any other cause
beyond the control of the Issuing Lender. 
  
 (d)
Except as provided in subsection (e) below, nothing in this Section 2.20 is intended to limit the Reimbursement Obligation of the Company contained in Section 2.3(d) hereof. The obligations of the Credit Parties under this Section 2.20 shall survive
the termination of this Credit Agreement. No act or omissions of any current or prior beneficiary of a Letter of Credit shall in any way affect or impair the rights of the Issuing Lender to enforce any right, power or benefit under this Credit
Agreement. 
  
 (e) Notwithstanding anything to
the contrary contained in this Section 2.20 the Credit Parties shall have no obligation to indemnify the Issuing Lender in respect of any liability incurred by the Issuing Lender arising out of the gross negligence or willful misconduct of the
Issuing Lender (including action not taken by the Issuing Lender), as determined by a court of competent jurisdiction. 
  
 Section 2.21 Replacement of Lenders. 
  
 The Company shall be permitted to replace, with a financial institution, any Lender (other than Wachovia) that (a) requests reimbursement for amounts
owing pursuant to Section 2.16, 2.17 or 2.19(a), or (b) is then in default of its obligation to make Loans hereunder; provided that 
  

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 (i) such replacement does not conflict with any Requirement of Law, (ii) no Event of Default shall have occurred and be
continuing at the time of such replacement, (iii) prior to any such replacement, such Lender shall have taken no action under Section 2.16, 2.17 or 2.19(a), as applicable, so as to eliminate the continued need for payment of amounts owing pursuant
to Section 2.16, 2.17 or 2.19(a), as applicable, (iv) the replacement financial institution shall purchase, at par, all Loans and other amounts owing to such replaced Lender on or prior to the date of replacement, (v) the Company shall be liable to
such Lender under Section 2.18 if any LIBOR Rate Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto, (vi) the replacement financial institution, if not already a Lender, shall be
reasonably satisfactory to the Administrative Agent, (vii) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 9.6 (provided that the Company shall be obligated to pay the registration and
processing fee referred to therein), (viii) until such time as such replacement shall be consummated, the Company shall pay all additional amounts (if any) required pursuant to Section 2.16, 2.17 or 2.19(a), as the case may be, and (ix) any such
replacement shall not be deemed to be a waiver of any rights that the Company, the Administrative Agent or any other Lender shall have against the replaced Lender. In the event the replaced Lender fails to execute the agreements required under
Section 9.6 in connection with any assignment pursuant to this Section 2.21, the Company may, upon two (2) Business Days prior notice to such replaced Lender, execute such agreements on behalf of such replaced Lender. A Lender shall not be required
to be replaced if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such replacement cease to apply. 
  
 Section 2.22 Parallel Debt. 
  
 (a) Without prejudice to the other provisions of the Credit Documents and the Secured Hedging Agreements and
for the sole purpose of ensuring the validity and effect of any security right governed by Dutch law and granted or to be granted by any NL Obligor pursuant to the Credit Documents, each NL Obligor irrevocably and unconditionally undertakes, as a
separate and independent obligation to the Administrative Agent, to pay to the Administrative Agent its Dutch Parallel Debt. The security rights governed by Dutch law granted under the Credit Documents to the Administrative Agent to secure the Dutch
Parallel Debt are granted to the Administrative Agent in its capacity as creditor of the Dutch Parallel Debt and shall not be held on trust. 
  
 (b) (i) No NL Obligor may pay its Dutch Parallel Debt other than at the instruction of, and in the manner determined by, the Administrative Agent.

  
 (ii) Without prejudice to clause (i) above, a
NL Obligor shall be obliged to pay its Dutch Parallel Debt (or, if the NL Obligor’s Corresponding Debts are due at different times, amounts of its respective Dutch Parallel Debt corresponding to each such Corresponding Debts) only when its
Corresponding Debts have fallen due. 
  
 (iii)
For the avoidance of any doubts, the Dutch Parallel Debts will become due and payable at the same time the Corresponding Debt becomes due and payable. 
  

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 (c) Any payment made, or amount recovered, in respect of a NL Obligor’s Dutch
Parallel Debt shall reduce that NL Obligor’s Corresponding Debts to any Lender or any Hedging Agreement Provider by the amount which that Lender or Hedging Agreement Provider is entitled to receive out of that payment or recovery under the
Credit Documents and Secured Hedging Agreements. 
  
 (d) Without limiting or affecting the Administrative Agent’s rights against the Credit Parties, each Credit Party acknowledges that nothing in this Section 2.22 shall impose any obligation on the Administrative Agent to advance any sum
to any Credit Party or otherwise under any Credit Document or any Secured Hedging Agreement, except in its capacity as a Lender or a Hedging Agreement Provider, as applicable. 
  
 Section 2.23 Obligations of Borrowers. 
  
 Notwithstanding anything in this Credit Agreement or in the other Credit Documents to the contrary (including, without
limitation, Section 2.8, Section 2.13, Article X and Article XI), the parties hereto acknowledge and agree that (a) each of the Borrowers, in its capacity as a Borrower hereunder, is not jointly and severally liable for the Credit Party Obligations
of the other Borrower; provided that it is acknowledged and agreed that the Company has guaranteed the Credit Party Obligations of the Foreign Borrowers pursuant to Article XI and that the Foreign Borrowers have not guaranteed the Credit
Party Obligations of the Company and (b) neither the Foreign Subsidiaries nor any other Foreign Credit Party shall be required to repay or prepay, or to guarantee, nor shall any amount paid by the Foreign Borrowers or any other Foreign Credit Party
be applied to, any Credit Party Obligations of the Company and the US Guarantors. 
  
 ARTICLE III 
  
 REPRESENTATIONS AND WARRANTIES 
  
 To induce the
Lenders to enter into this Credit Agreement and to make the Extensions of Credit herein provided for, the Credit Parties hereby represent and warrant to the Administrative Agent and to each Lender that: 
  
 Section 3.1 Financial Condition. 
  
 The Company has delivered to the Administrative Agent and the Lenders (a)
balance sheets and the related statements of income and of cash flows of the Company and its Subsidiaries and of the Acquired Company for the fiscal years ended December 31, 2003 and December 31, 2004, audited by a nationally recognized independent
accounting firm, (b) company-prepared unaudited monthly balance sheets and the related statements of income and cash flows of the Company and its Subsidiaries and of the Acquired Company as of, and for the period ending, June 30, 2005, (c) a
company-prepared pro forma balance sheet of the Company and its Subsidiaries as of June 30, 2005, giving effect to the making of the Loans and application of proceeds thereof and the Acquisition and (d) five-year projected financial statements
(including balance sheets and statements of income and cash flow) of the Company and its 
  

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 Subsidiaries prepared on an annual basis, all in form and substance satisfactory to the Administrative Agent and
certified by the chief financial officer of the Company that (i) with respect to the audited and unaudited financial statements, they fairly present the financial condition of the Company and its Subsidiaries and of the Acquired Company as of the
dates indicated, (ii) with respect to the audited and unaudited financial statements, they fairly present the results of their operations and their cash flows for the periods indicated, subject to changes resulting from audit and normal year-end
adjustments and (ii) with respect to the pro forma balance sheet and the projections, were prepared in good faith based upon reasonable assumptions. 
  
 Section 3.2 No Change. 
  
 Since December 31, 2004, there has been no development or event which, individually or in the aggregate, has had or could reasonably be expected to have a
Material Adverse Effect. 
  
 Section 3.3 Corporate
Existence; Compliance with Law. 
  
 Each of the Credit
Parties (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization (to the extent applicable under such laws), (b) has the requisite power and authority and the legal right to own and operate
all its property, to lease the property it operates as lessee and to conduct the business in which it is currently engaged, (c) is duly qualified to conduct business and in good standing (to the extent applicable) under the laws of (i) the
jurisdiction of its organization, (ii) the jurisdiction where its chief executive office is located and (iii) each other jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification
except to the extent that the failure to so qualify or be in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect on the business or operations of the Credit Parties and their
Subsidiaries in such jurisdiction and (d) is in compliance with all Requirements of Law, government permits and government licenses except to the extent that the failure to comply therewith could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. The jurisdictions in which the Credit Parties as of the Closing Date are organized and qualified to do business are described on Schedule 3.3. 
  
 Section 3.4 Corporate Power; Authorization; Enforceable
Obligations. 
  
 Each of the Credit Parties has full
power and authority and the legal right to make, deliver and perform the Credit Documents to which it is party and has taken all necessary limited liability company or corporate action to authorize the execution, delivery and performance by it of
the Credit Documents to which it is party. No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the borrowings hereunder or with the
execution, delivery or performance of any Credit Document by the Credit Parties (other than those that have been obtained) or with the validity or enforceability of any Credit Document against the Credit Parties (except such filings as are necessary
in connection with the perfection of the Liens created by such Credit Documents). Each Credit Document to which it is a party has been duly executed and delivered 
  

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 on behalf of each Credit Party. Each Credit Document to which it is a party constitutes a legal, valid and binding
obligation of each Credit Party, enforceable against such Credit Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement
of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law). 
  
 Section 3.5 No Legal Bar; No Default. 
  
 The execution, delivery and performance of the Credit Documents, the borrowings thereunder and the use of the proceeds of the Loans will not violate any
material Requirement of Law or any material Contractual Obligation of any Credit Party (except those as to which waivers or consents have been obtained), and will not result in, or require, the creation or imposition of any Lien on any Credit
Party’s properties or revenues pursuant to any Requirement of Law or Contractual Obligation other than the Liens arising under or contemplated in connection with the Credit Documents. No Credit Party is in default under or with respect to any
of its Contractual Obligations to the extent such default could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has occurred and is continuing. 
  
 Section 3.6 No Material Litigation. 
  
 No litigation, investigation, claim, criminal prosecution, civil investigative demand, imposition of criminal or civil fines
and penalties, or any other proceeding of or before any arbitrator or Governmental Authority is pending or, to the best knowledge of the Credit Parties, threatened by or against any Credit Party or any of its Subsidiaries or against any of its or
their respective properties or revenues (a) with respect to the Credit Documents or any Loan or any of the transactions contemplated hereby, or (b) which is reasonably expected to be adversely determined and, if adversely determined, could,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
  
 Section 3.7 Investment Company Act/Public Utility Holding Company Act. 
  
 No Credit Party is an “investment company”, or a company “controlled” by an “investment company”, within the meaning of the
Investment Company Act of 1940, as amended. No Credit Party is a subject to regulation under the Public Utility Holding Company Act of 1935, as amended, the Federal Power Act, the Interstate Commerce Act, or any federal or state statute or
regulation limiting its ability to incur the Credit Party Obligations. 
  
 Section 3.8 Margin Regulations. 
  
 No
part of the proceeds of any Extension of Credit hereunder will be used directly or indirectly for any purpose that violates, or that would be inconsistent with, the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve
System as now and from time to time hereafter in effect. The Credit Parties and their Subsidiaries (a) are not engaged, principally or as one of their important activities, in the business of extending credit for the purpose of
“purchasing” or “carrying” “margin stock” within the respective meanings of each of 
  

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 such terms under Regulation U and (b) taken as a group do not own “margin stock” except as identified in the
financial statements referred to in Section 3.1 and the aggregate value of all “margin stock” owned by the Credit Parties and their Subsidiaries taken as a group does not exceed 25% of the value of their assets. 
  
 Section 3.9 ERISA. 
  
 Neither a Reportable Event nor an “accumulated funding deficiency”
(within the meaning of Section 412 of the Code or Section 302 of ERISA) has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect to any Plan, and each Plan has complied in all
material respects with the applicable provisions of ERISA and the Code. No termination of a Single Employer Plan has occurred resulting in any liability that has remained underfunded, and no Lien in favor of the PBGC or a Plan has arisen, during
such five-year period. The present value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last annual valuation date prior to the date on which this representation is
made or deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits. Neither any Credit Party nor any Commonly Controlled Entity is currently subject to any liability for a complete or partial withdrawal from a
Multiemployer Plan. 
  
 Section 3.10 Environmental
Matters. 
  
 Except for matters that could not be
reasonably expected, either individually or in the aggregate, to have a Material Adverse Effect: 
  
 (a) The facilities and properties owned, leased or operated by the Credit Parties or any of their Subsidiaries (the
“Properties”) do not contain any Materials of Environmental Concern in amounts or concentrations which (i) constitute a violation of, or (ii) could give rise to liability under, any Environmental Law. 
  
 (b) The Properties and all operations of the Credit Parties
and/or their Subsidiaries at the Properties are in compliance, and have in the last five years been in compliance, with all applicable Environmental Laws, and there is no contamination at, under or about the Properties or violation of any
Environmental Law with respect to the Properties or the business operated by the Credit Parties or any of their Subsidiaries (the “Business”). 
  

(c) Neither the Credit Parties nor their Subsidiaries have received any written or actual notice of violation, alleged violation,
non-compliance, liability or potential liability with respect to environmental matters or Environmental Laws regarding any of the Properties or the Business, nor does the Credit Parties and their Subsidiaries have knowledge or reason to believe that
any such notice will be received or is being threatened. 
  
 (d) Materials of Environmental Concern have not been transported or disposed of from the Properties in violation of, or in a manner or to a location that could 
  

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 give rise to liability under any Environmental Law, and no Materials of Environmental Concern have been
generated, treated, stored or disposed of at, on or under any of the Properties in violation of, or in a manner that could give rise to liability under, any applicable Environmental Law. 
  
 (e) No judicial proceeding or governmental or administrative action is pending or, to the knowledge of the
Credit Parties and their Subsidiaries, threatened, under any Environmental Law to which any Credit Party or any Subsidiary is or will be named as a party with respect to the Properties or the Business, nor are there any consent decrees or other
decrees, consent orders, administrative orders or other orders, or other administrative or judicial requirements outstanding under any Environmental Law with respect to the Properties or the Business. 
  
 (f) There has been no release or threat of release of
Materials of Environmental Concern at or from the Properties, or arising from or related to the operations of any Credit Party or any Subsidiary in connection with the Properties or otherwise in connection with the Business, in violation of or in
amounts or in a manner that could give rise to liability under Environmental Laws. 
  
 Section 3.11 Purpose of Loans. 
  
 The proceeds of the Extensions of Credit shall be used by the Borrowers solely (a) to finance, in part, the Acquisition, (b) to refinance certain existing Indebtedness of the Borrowers and the Acquired Company, (c) to
pay any fees and expenses in connection with the Credit Agreement and the Acquisition and (d) to provide for the working capital and general corporate or limited liability company requirements of the Borrowers and their Subsidiaries (including
capital expenditures and Permitted Acquisitions). 
  
 Section
3.12 Subsidiaries. 
  
 Set forth on Schedule
3.12 is a complete and accurate list, as of the Closing Date or the date Schedule 3.12 was last updated in accordance with the terms of Section 5.2(b), as applicable, of all Subsidiaries of the Credit Parties. Information on the attached
Schedule includes the following: (a) the number of shares of each class of Capital Stock or other equity interests outstanding; (b) the number and percentage of outstanding shares of each class of Capital Stock owned by the Company or any of its
Subsidiaries; and (c) the number and effect, if exercised, of all outstanding options, warrants, rights of conversion or purchase and similar rights. The outstanding Capital Stock and other equity interests of all such Subsidiaries is validly
issued, fully paid and non-assessable and is owned free and clear of all Liens (other than those arising under or contemplated in connection with the Credit Documents). The Company may update Schedule 3.12 from time to time by providing a
replacement Schedule 3.12 to the Administrative Agent. 
  

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 Section 3.13 Ownership. 
  
 Each of the Credit Parties and its Subsidiaries has good and marketable title to all of its material assets, or if any
material Property is leased by such Credit Party or any of its Subsidiaries, such Person has a valid leasehold interest enforceable against the lessor of such material Property in accordance with the terms of such lease, and none of such material
assets is subject to any Lien other than Permitted Liens. 
  
 Section 3.14 Indebtedness. 
  
 Except as
otherwise permitted under Section 6.1, the Credit Parties and their Subsidiaries have no Indebtedness. There is no Indebtedness outstanding with respect to any CDLE Lien. 
  
 Section 3.15 Taxes. 
  

Each of the Credit Parties and their Subsidiaries has filed, or caused to be filed, all material tax returns (federal, state, local and foreign)
required to be filed and paid (a) all material amounts of taxes shown thereon to be due (including interest and penalties) and (b) all other material taxes, fees, assessments and other governmental charges (including mortgage recording taxes,
documentary stamp taxes and intangibles taxes) owing by it, except for such taxes (i) that are not yet delinquent or (ii) that are being contested in good faith and by proper proceedings, and against which adequate reserves are being maintained in
accordance with GAAP. None of the Credit Parties and their Subsidiaries is aware as of the Closing Date of any proposed material tax fine or penalty against it or any of its Subsidiaries. 
  
 Section 3.16 Intellectual Property. 
  
 Each of the Credit Parties and their Subsidiaries owns, or has the legal right to use, all Intellectual Property,
tradenames, technology, know-how and processes necessary for each of them to conduct its business as currently conducted. Set forth on Schedule 3.16 is a list, as of the Closing Date or the date Schedule 3.16 was last updated in
accordance with the terms of Section 5.2(b), as applicable, of all registered Intellectual Property owned by each of the Credit Parties and their Subsidiaries or with respect to which a Credit Party or any of its Subsidiaries has been granted a
license. Except as provided on Schedule 3.16, as of the Closing Date or the date Schedule 3.16 was last updated in accordance with the terms of Section 5.2(b), as applicable, no material claim has been asserted and is pending by any
Person challenging or questioning the use of any such Intellectual Property or the validity or effectiveness of any such Intellectual Property, nor do the Credit Parties or any of their Subsidiaries know of any such material claim, and, to the
knowledge of the Credit Parties and their Subsidiaries, the use of such Intellectual Property by the Credit Parties or any of their Subsidiaries does not infringe on the rights of any Person in any material respect. The Company may update
Schedule 3.16 from time to time to add new registered Intellectual Property by providing a replacement Schedule 3.16 to the Administrative Agent. 
  

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 Section 3.17 Solvency. 
  
 The fair saleable value of the assets of the Company and of the Company and its Subsidiaries taken as a whole, measured on a
going concern basis, exceeds all probable liabilities of the Company and the Company and its Subsidiaries taken as a whole, including those to be incurred pursuant to this Credit Agreement. Each of the Company, the Dutch Borrowers and the Irish
Borrower (a) does not have unreasonably small capital in relation to the business in which it is or proposes to be engaged or (b) has not incurred, or believes that it will incur after giving effect to the transactions contemplated by this Credit
Agreement, debts beyond its ability to pay such debts as they become due. The Credit Parties taken as a whole (i) do not have unreasonably small capital in relation to the business in which they are or propose to be engaged or (ii) have not
incurred, or believe that they will incur after giving effect to the transactions contemplated by this Credit Agreement, debts beyond their ability to pay such debts as they become due. In executing the Credit Documents and consummating the
transactions contemplated thereby, none of the Credit Parties intends to hinder, delay or defraud either present or future creditors or other Persons to which one or more of the Credit Parties is or will become indebted. 
  
 Section 3.18 Investments. 
  
 All Investments of each of the Credit Parties and their Subsidiaries are
Permitted Investments. 
  
 Section 3.19 Location of
Collateral. 
  
 Set forth on Schedule 3.19(a) is a
list of all Properties of the Credit Parties and their Subsidiaries as of the Closing Date with street address, county and state where located. Set forth on Schedule 3.19(b) is a list of all locations where any tangible personal property of
the Credit Parties and their Subsidiaries is located as of the Closing Date, including county and state where located. Set forth on Schedule 3.19(c) is the state of incorporation or organization, the chief executive office and the principal
place of business of each of the Credit Parties and their Subsidiaries as of the Closing Date. 
  
 Section 3.20 No Burdensome Restrictions. 
  
 None of the Credit Parties and their Subsidiaries is a party to any agreement or instrument or subject to any other obligation or any charter or corporate restriction or any provision of any applicable law, rule or
regulation which, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
  
 Section 3.21 Brokers’ Fees. 
  
 None of the Credit Parties and their Subsidiaries has any obligation to any Person in respect of any finder’s, broker’s, investment banking or
other similar fee in connection with any of the transactions contemplated under the Credit Documents other than the closing and other fees payable pursuant to this Credit Agreement and the as set forth in the Fee Letter. 
  

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 Section 3.22 Labor Matters. 
  
 Except as set forth on Schedule 3.22 hereto, there are no collective bargaining agreements or Multiemployer Plans
covering the employees of the Credit Parties or any of their Subsidiaries as of the Closing Date or the date Schedule 3.22 was last updated in accordance with the terms of Section 5.2(b), as applicable. None of the Credit Parties and their
Subsidiaries (other than the Acquired Company and its Subsidiaries) (a) has suffered any strikes, walkouts, work stoppages or other material labor difficulty within the last five years or (b) has knowledge of any potential or pending strike, walkout
or work stoppage which, in either case, could reasonably be expected to have a Material Adverse Effect. None of the Acquired Company and its Subsidiaries (i) has suffered any strikes, walkouts, work stoppages or other material labor difficulty since
the date that is one year prior to the Closing Date or (ii) has knowledge of any potential or pending strike, walkout or work stoppage which, in either case, could reasonably be expected to have a Material Adverse Effect. Other than as set forth on
Schedule 3.22, no material unfair labor practice complaint is pending against any Credit Party or any of its Subsidiaries as of the Closing Date or the date Schedule 3.22 was last updated in accordance with the terms of Section 5.2(b),
as applicable. 
  
 Section 3.23 Security Documents.

  
 The Security Documents create valid security interests
in, and Liens on, the Collateral purported to be covered thereby. Except as set forth in the Security Documents, such security interests and Liens are currently (or will be, upon (a) the filing of appropriate financing statements with the Secretary
of State of the state of incorporation for each Credit Party, the filing of appropriate assignments or notices with the United States Patent and Trademark Office and the United States Copyright Office, and the recordation of the applicable Mortgage
Instruments, in each case in favor of the Administrative Agent, on behalf of the Lenders, (b) the Administrative Agent obtaining Control (as defined in the Security Agreement) over those items of Collateral in which a security interest is perfected
through Control and (c) with respect to the Foreign Security Documents, providing such notifications and making such filings and registrations as are required under applicable law) perfected security interests and Liens, prior to all other Liens
other than Permitted Liens. 
  
 Section 3.24 Accuracy and
Completeness of Information. 
  
 All factual information
heretofore, contemporaneously or hereafter furnished by or on behalf of any Credit Party or any of its Subsidiaries to the Administrative Agent, the Arranger or any Lender for purposes of or in connection with this Credit Agreement or any other
Credit Document, or any transaction contemplated hereby or thereby, is or will be true and accurate in all material respects and not incomplete by omitting to state any material fact necessary to make such information not misleading. As of the
Closing Date, there is no fact now known to any Credit Party or any of its Subsidiaries which, individually or in the aggregate, has, or could reasonably be expected to have, a Material Adverse Effect, which fact has not been set forth herein, in
the financial statements of the Company and its Subsidiaries furnished to the Administrative Agent and the Lenders, or in any certificate, opinion or other written statement made or furnished by any Credit Party to the Administrative Agent and the
Lenders. 
  

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 Section 3.25 Material Contracts. 
  
 Schedule 3.25 sets forth a complete and accurate list, as of the
Closing Date or the date Schedule 3.25 was last updated in accordance with the terms of Section 5.2(b), as applicable, of all Material Contracts of the Company and its Subsidiaries. Other than as set forth in Schedule 3.25, each such
Material Contract in effect at the time this representation is made is, and after giving effect to the transactions contemplated by the Credit Documents will be, in full force and effect in accordance with the terms thereof. The Company and its
Subsidiaries have delivered to the Administrative Agent a true and complete copy of each such Material Contract. The Company may update Schedule 3.25 from time to time by providing a replacement Schedule 3.25 to the Administrative
Agent. 
  
 Section 3.26 Insurance. 
  
 The present insurance coverage of the Credit Parties and their Subsidiaries
is outlined as to carrier, policy number, expiration date, type and amount on Schedule 3.26 and such insurance coverage complies the requirements set forth in Section 5.5(b). 
  
 Section 3.27 Anti-Terrorism Laws. 
  
 Neither any Credit Party nor any of its Subsidiaries is an “enemy” or an “ally of the enemy” within the
meaning of Section 2 of the Trading with the Enemy Act of the United States of America (50 U.S.C. App. §§ 1 et seq.), as amended. Neither any Credit Party nor any or its Subsidiaries is in violation of (a) the Trading with the Enemy Act,
as amended, (b) any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto or (c) the Patriot Act (as defined in
Section 9.18). None of the Credit Parties (i) is a blocked person described in section 1 of the Anti-Terrorism Order or (ii) to the best of its knowledge, engages in any dealings or transactions, or is otherwise associated, with any such blocked
person. 
  
 Section 3.28 Compliance with OFAC Rules and
Regulations. 
  
 None of the Credit Parties or their
Subsidiaries or their respective Affiliates (i) is a Sanctioned Person, (ii) has more than 15% of its assets in Sanctioned Countries, or (iii) derives more than 15% of its operating income from investments in, or transactions with Sanctioned Persons
or Sanctioned Countries. No part of the proceeds of any Extension of Credit hereunder will be used directly or indirectly to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a
Sanctioned Country. 
  
 Section 3.29 Directors;
Capitalization. 
  
 Set forth on Schedule 3.29 is
a list of the directors of the Company’s board of directors as of the Closing Date. As of the Closing Date, the capitalization of the Company shall be as set forth on Schedule 3.29. 
  

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 Section 3.30 Consummation of Acquisition; Representations and Warranties from Other Documents.

  
 The Acquisition and related transactions have been
consummated substantially in accordance with the terms of the Acquisition Documents. As of the Closing Date, the Acquisition Documents have not been altered, amended or otherwise modified or supplemented in any material respect or any material
condition thereof waived without the prior written consent of the Administrative Agent. Each of the representations and warranties made in the Acquisition Documents by the Company and its Subsidiaries or, to the best knowledge of the Company, made
by any third party is true and correct in all material respects. 
  
 Section 3.31 Compliance with FCPA. 
  
 Each of the Credit Parties and their Subsidiaries is in compliance with the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et seq., and any foreign counterpart thereto. None of the Credit Parties and their Subsidiaries
has made a payment, offering, or promise to pay, or authorized the payment of, money or anything of value (a) in order to assist in obtaining or retaining business for or with, or directing business to, any foreign official, foreign political party,
party official or candidate for foreign political office, (b) to a foreign official, foreign political party or party official or any candidate for foreign political office, and (c) with the intent to induce the recipient to misuse his or her
official position to direct business wrongfully to such Credit Party or its Subsidiary or to any other Person, in violation of the Foreign Corrupt Practices Act, 15 U.S.C. §§ 78dd-1, et seq. 
  
 Section 3.32 Compliance with Dutch BA. 
  
 Subject to the representation set out in Section 9.21 (Professional
Market Party representation) being true, neither Dutch Borrower requires a licence as a credit institution (kredietinstelling) under section 6 of the Dutch BA. 
  
 ARTICLE IV 
  
 CLOSING CONDITIONS 
  
 Section 4.1 Conditions to Closing Date and Initial Revolving Loans and Term Loan. 
  
 The obligation of each Lender to make the initial Revolving Loans and the
Term Loans on the Closing Date is subject to the satisfaction of the following conditions precedent: 
  
 (a) Credit Documents. Each of the Credit Documents (other than the Credit Documents to be delivered pursuant to Section 5.16(a))
shall have been duly executed and delivered by the respective parties thereto, shall be in full force and effect and shall be in form and substance satisfactory to each of the Lenders. The Administrative Agent (or its counsel) shall have received
(including by telecopy or electronic transmission) a fully executed copy of each such Credit Document. 
  

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 (b) Authority Documents. The Administrative Agent shall have received the
following: 
  
 (i) Articles of
Incorporation. Copies of the articles of incorporation or other charter documents (or the foreign equivalent, if any), as applicable, of each Credit Party certified (A) by a secretary, assistant secretary or authorized board member(s) of such
Credit Party (pursuant to a secretary’s certificate in substantially the form of Schedule 4.1(b) attached hereto) as of the Closing Date to be true and correct and in force and effect as of such date, and (B) subject to Section 5.16, to
be true and complete as of a recent date by the appropriate Governmental Authority of the state of its incorporation or organization, as applicable. 
  
 (ii) Resolutions. Copies of resolutions of the board of directors or comparable managing body and, to the extent applicable, the
general meeting of shareholders of each Credit Party approving and adopting the Credit Documents, the transactions contemplated therein and authorizing execution and delivery thereof, certified by a secretary, assistant secretary or authorized board
member(s) of such Credit Party (pursuant to a secretary’s certificate in substantially the form of Schedule 4.1(b) attached hereto) as of the Closing Date to be true and correct and in force and effect as of such date. 
  
 (iii) Bylaws. A copy of the bylaws or comparable
operating agreement (or the foreign equivalent, if any) of each Credit Party certified by a secretary, assistant secretary or authorized board member(s) of such Credit Party (pursuant to a secretary’s certificate in substantially the form of
Schedule 4.1(b) attached hereto) as of the Closing Date to be true and correct and in force and effect as of such date. 
  
 (iv) Good Standing. Copies of certificates of good standing, existence or its equivalent with respect to each Credit Party (to the
extent applicable under the laws of its jurisdiction of organization) certified as of a recent date by the appropriate Governmental Authorities of its jurisdiction of organization and each other state in which the failure to so qualify and be in
good standing could reasonably be expected to have a Material Adverse Effect on the business or operations of the Credit Parties and their Subsidiaries in such state. 
  
 (v) Incumbency. An incumbency certificate (or the foreign equivalent) of each Credit Party certified
by a secretary, assistant secretary or authorized board member(s) (pursuant to a secretary’s certificate in substantially the form of Schedule 4.1(b) attached hereto) to be true and correct as of the Closing Date. 
  
 (vi) Dutch Trade Register. Updated excerpts of the
relevant Dutch trade register (handelsregister) of the Chamber of Commerce and Industry relating to each of the Dutch Borrowers. 
  

 76 

 (vii) Works Council. A positive advice of the works council of the Dutch Guarantor
or confirmation by such works council that it renounces any right to advice it may have. 
  
 (viii) Shareholders’ Register. A copy of the shareholders’ register of each of the Dutch Borrowers showing its
shareholders. 
  
 (c) Legal Opinions of
Counsel. The Administrative Agent shall have received (i) a signed opinion of Wilmer Cutler Pickering Hale and Dorr LLP, U.S. counsel to the Credit Parties (which shall include, without limitation, opinions with respect to the due organization
and valid existence of each US Credit Party, opinions as to perfection of the Liens granted to the Administrative Agent pursuant to the Pledge Agreement and the Security Agreement and opinions as to the non-contravention of the US Credit
Parties’ organizational documents and Material Contracts (if any)), (ii) a signed opinion of Arthur Cox, Irish counsel to the Credit Parties and (iii) a signed opinion of De Brauw Blackstone Westbroek, Dutch counsel to the Credit Parties,
delivered in escrow pending release upon delivery of the documentation required by Section 5.16(a)(i)-(vi). Each opinion delivered pursuant to Section 4.1(c) shall be addressed to the Administrative Agent and the Lenders and be in form and substance
acceptable to the Administrative Agent. 
  
 (d)
Personal Property Collateral. The Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent: 
  
 (i) (A) searches of Uniform Commercial Code filings (or the foreign equivalent) in the jurisdiction of the chief executive office of each
Credit Party and each jurisdiction where any Collateral is located or where a filing would need to be made in order to perfect the Lenders’ security interest in the Collateral, copies of the financing statements on file in such jurisdictions
and evidence that no Liens exist other than Permitted Liens and (B) tax lien, judgment and pending litigation searches; 
  
 (ii) searches of ownership of Intellectual Property in the appropriate governmental offices and such patent/trademark/copyright filings as
requested by the Administrative Agent in order to perfect the Administrative Agent’s security interest in the Intellectual Property; 
  
 (iii) completed UCC financing statements (or foreign equivalent) for each appropriate jurisdiction as is necessary, in the Administrative
Agent’s sole discretion, to perfect the Lenders’ security interest in the Collateral; 
  
 (iv) subject to Section 5.16, with respect to the stock or membership certificates, if any, evidencing the Capital Stock pledged to the
Administrative Agent pursuant to the Pledge Agreement, the Irish Pledge Agreements and the Dutch Pledge Agreements, duly executed in blank undated stock or transfer powers; 
  

 77 

 (v) duly executed consents as are necessary, in the Administrative Agent’s sole
discretion, to perfect the Lenders’ security interest in the Collateral; 
  
 (vi) subject to Section 5.16, in the case of any personal property Collateral located at premises leased by a Credit Party, such estoppel letters, consents and waivers from the landlords on such real property as may
be required by the Administrative Agent; and 
  
 (vii) copies of the Material Contracts, certified by an officer of the Company to be true and correct copies of such documents as of the Closing Date. 
  

(e) Liability, Casualty, Property and Business Interruption Insurance. Subject to Section 5.16, the Administrative Agent shall
have received copies of insurance policies or certificates of insurance evidencing liability, casualty, property and business interruption insurance meeting the requirements set forth herein or in the Security Documents. The Administrative Agent
shall be named as loss payee and/or additional insured with respect to any such insurance providing liability coverage or coverage in respect of any Collateral, and each provider of any such insurance shall agree, by endorsement upon the policy or
policies issued by it or by independent instruments furnished to the Administrative Agent, that it will give thirty (30) days prior written notice before any such policy or policies shall be altered or cancelled. 
  
 (f) Reports. The Administrative Agent shall have
received a copy of each material opinion and report required to be delivered pursuant to the Acquisition Documents in connection with the Acquisition and related transactions (and the Company will use reasonable efforts to obtain evidence that the
Administrative Agent and the Lenders have been authorized to rely on each such opinion and report), all in form and substance reasonably satisfactory to the Administrative Agent. 
  
 (g) Officer’s Certificates. The Administrative Agent shall have received a certificate executed
by a Responsible Officer of the Company as of the Closing Date stating that (i) there exists no material pending or, to the knowledge of the Company, overtly threatened litigation, investigation, bankruptcy or insolvency, injunction, order or claim
affecting or relating to, or seeking to enjoin, restrain, restrict, set aside or prohibit, impose material conditions upon or obtain substantial damages from or in respect of, any Credit Party or any of its Subsidiaries, the Acquired Company, this
Agreement and the other Credit Documents or the Acquisition, that has had or could reasonably be expected to have a Material Adverse Effect and has not been settled, dismissed, vacated, discharged or terminated prior to the Closing Date and (ii)
immediately after giving effect to this Credit Agreement (including the initial Extensions of Credit hereunder), the other Credit Documents, the Acquisition and the Acquisition Documents and all the transactions contemplated therein or thereby to
occur on such date, (A) no Default or Event of Default exists, (B) all representations and warranties contained herein and in the other Credit Documents (1) that contain a materiality qualification are true and correct and (2) that do not contain a
materiality qualification are true and correct in all material 
  

 78 

 respects and (C) the Credit Parties are in compliance with each of the financial covenants set forth in
Section 5.9 on a Pro Forma Basis and attached to such certificate are detailed calculations demonstrating such compliance. 
  
 (h) Account Designation Letter. The Administrative Agent shall have received the executed Account Designation Letter in the form of
Schedule 1.1-1 hereto. 
  
 (i) Notice
of Borrowing. The Administrative Agent shall have received a Notice of Borrowing with respect to the Revolving Loans to be made on the Closing Date. 
  
 (j) Solvency Certificate. The Administrative Agent shall have received an officer’s certificate prepared by the chief
financial officer of the Company as to the financial condition, solvency and related matters of each Credit Party, in each case after giving effect to the Acquisition and the initial Extensions of Credit under the Credit Documents, in substantially
the form of Schedule 4.1(j) hereto. 
  
 (k) Litigation. There shall not exist any material pending or, to the Company’s knowledge, overtly threatened litigation, investigation, bankruptcy or insolvency, injunction, order or claim affecting or relating to, or seeking
to enjoin, restrain, restrict, set aside or prohibit, impose material conditions upon or obtain substantial damages from or in respect of, any Credit Party or any of its Subsidiaries, the Acquired Company, this Agreement and the other Credit
Documents or the Acquisition, that has had or could reasonably be expected to have a Material Adverse Effect and has not been settled, dismissed, vacated, discharged or terminated prior to the Closing Date. 
  
 (l) Bankruptcy. There shall be no bankruptcy or
insolvency proceedings with respect to the Company, the Acquired Company or any of their respective Subsidiaries. 
  
 (m) Consents. The Administrative Agent shall have received evidence that all governmental, shareholder and material third party
consents and approvals necessary in connection with the Acquisition and the financings and other transactions contemplated hereby have been obtained and all applicable material waiting periods have expired without any action being taken by any
authority that could restrain, prevent or impose any material adverse conditions on such transactions. 
  
 (n) Compliance with Laws. The Acquisition, financings and other transactions contemplated hereby shall be in compliance with all
applicable laws and regulations (including all applicable securities and banking laws, rules and regulations). 
  
 (o) Material Adverse Effect. There shall have been no event and there shall exist no condition or state of facts that has had, or
could reasonably be expected to have, a Material Adverse Effect. 
  
 (p) Maximum Funded Debt. The Administrative Agent shall have received evidence reasonably satisfactory thereto provided by the Company that the aggregate 
  

 79 

 total Funded Debt of the Company and its Subsidiaries (after giving effect to the Acquisition and the
initial Extensions of Credit hereunder and excluding the Existing Letters of Credit and letters of credit set forth on Schedule 6.1 in an aggregate amount not to exceed $2,000,000) does not exceed $105,000,000. 
  
 (q) Minimum EBITDA. The Administrative Agent shall
have received evidence reasonably satisfactory thereto provided by the Company that the EBITDA of the Company and its Subsidiaries (including the Acquired Company) on an adjusted basis (as determined by the Administrative Agent) for the twelve month
period ending June 30, 2005 is at least $32,000,000 (of which no less than $20,625,000 shall be comprised of actual combined reported EBITDA of the Company and its Subsidiaries (including the Acquired Company)). 
  
 (r) Financial Statements. The Administrative Agent
shall have received copies of the financial statements referred to in Section 3.1 hereof, each in form and substance satisfactory to it. 
  
 (s) Fees. The Administrative Agent and the Lenders shall have received all fees, if any, owing pursuant to the Fee Letter and
Section 2.6. 
  
 (t) Termination of Existing
Indebtedness. The Administrative Agent shall have received evidence that all existing Indebtedness for borrowed money of the Company and its Subsidiaries and the Acquired Company (other than the Indebtedness listed on Schedule 6.1(b))
shall have been repaid in full and terminated and all Liens relating thereto shall have been terminated. 
  
 (u) Corporate Structure. The number of shares of each class of Capital Stock issued and outstanding and the ownership thereof of
the Credit Parties and their Subsidiaries as of the Closing Date (after giving effect to the Acquisition) shall be as described in Schedule 3.12 and Schedule 3.29. 
  
 (v) Acquisition Documents. There shall not have been any material modification, amendment, supplement
or waiver to the Acquisition Documents (including the conditions precedent therein) without the prior written consent of the Administrative Agent, and the Acquisition shall have been consummated (or shall be consummated upon the funding of the
initial Loans) in accordance with the terms of the Acquisition Documents. 
  
 (w) Patriot Act Certificate. The Administrative Agent shall have received a certificate satisfactory thereto, for benefit of itself and the Lenders, provided by the Company that sets forth information required
by the Patriot Act including, without limitation, the identity of the Company, the name and address of the Company and other information that will allow the Administrative Agent or any Lender, as applicable, to identify such Company in accordance
with the Patriot Act. 
  

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 (x) Debt Ratings. The Company shall have received ratings for its senior secured
debt from S&P and Moody’s. 
  
 (y)
Sources and Uses. The sources and uses of funds in connection with the Acquisition and the initial Extensions of Credit hereunder shall be as set forth on Schedule 4.1(y) hereto. 
  
 Section 4.2 Conditions to All Extensions of Credit. 

 
 The obligation of each Lender to make any Extension of Credit hereunder
is subject to the satisfaction of the following conditions precedent on the date of making such Extension of Credit: 
  
 (a) Representations and Warranties. The representations and warranties made by the Credit Parties herein, in the Security Documents
or which are contained in any certificate furnished at any time under or in connection herewith shall be true and correct on and as of the date of such Extension of Credit as if made on and as of such date, except to the extent such representations
and warranties were expressly made only as of a specific date. 
  
 (b) No Default or Event of Default. No Default or Event of Default shall have occurred and be continuing on such date or after giving effect to the Extension of Credit to be made on such date unless such
Default or Event of Default shall have been waived in accordance with this Credit Agreement. 
  
 (c) Compliance with Commitments. Immediately after giving effect to the making of any such Extension of Credit (and the application
of the proceeds thereof), (i) the sum of the aggregate principal Dollar Amount (determined as of the most recent Revaluation Date) of outstanding Revolving Loans plus outstanding Swingline Loans plus LOC Obligations shall not exceed
the Revolving Committed Amount, (ii) the LOC Obligations shall not exceed the LOC Committed Amount and (iii) the Swingline Loans shall not exceed the Swingline Committed Amount. 
  
 (d) Additional Conditions to Revolving Loans. If a Revolving Loan is requested, all conditions set
forth in Section 2.1 shall have been satisfied. 
  
 (e) Additional Conditions to Term Loan. If the Term Loan is requested, all conditions set forth in Section 2.2 shall have been satisfied. 
  
 (f) Additional Conditions to Letters of Credit. If the issuance of a Letter of Credit is requested, all conditions set fort in
Section 2.3 shall have been satisfied. 
  
 (g)
Additional Conditions to Swingline Loans. If a Swingline Loan is requested, all conditions set forth in Section 2.4 shall have been satisfied. 
  

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 (h) Additional Conditions to Incremental Term Facility. If an Additional Loan is
requested, all conditions set forth in Section 2.5 shall have been satisfied. 
  
 Each request for an Extension of Credit and each acceptance by the Company of any such Extension of Credit shall be deemed to constitute representations and warranties by the Credit Parties as of the date of such
Extension of Credit that the conditions set forth above in paragraphs (a) through (h), as applicable, have been satisfied. 
  
 ARTICLE V 
  
 AFFIRMATIVE COVENANTS 
  
 The Credit Parties hereby covenant and agree that on the Closing Date, and thereafter for so long as this Credit Agreement is in effect and until the Commitments have terminated, no Note remains outstanding and unpaid
and the Credit Party Obligations and all other amounts owing to the Administrative Agent or any Lender hereunder are paid in full, the Credit Parties shall, and shall cause each of their Subsidiaries (other than in the case of Sections 5.1 or 5.2
hereof), to: 
  
 Section 5.1 Financial Statements.

  
 Furnish to the Administrative Agent and each of the
Lenders: 
  
 (a) Annual Financial
Statements. As soon as available and in any event no later than the earlier of (i) to the extent applicable, the date the Company is required by the SEC to deliver its Form 10-K for any fiscal year of the Company and (ii) ninety (90) days after
the end of each fiscal year of the Company, a copy of the consolidated and consolidating balance sheet of the Company and its consolidated Subsidiaries as at the end of such fiscal year and the related consolidated and consolidating statements of
income and retained earnings and of cash flows of the Company and its consolidated Subsidiaries for such year, which in the case of the consolidated statements shall be audited by a firm of independent certified public accountants of nationally
recognized standing reasonably acceptable to the Administrative Agent, setting forth in each case in comparative form the figures for the previous year, reported on without a “going concern” or like qualification or exception, or
qualification indicating that the scope of the audit was inadequate to permit such independent certified public accountants to certify such financial statements without such qualification; 
  
 (b) Quarterly Financial Statements. As soon as
available and in any event no later than the earlier of (i) to the extent applicable, the date the Company is required by the SEC to deliver its Form 10-Q for any fiscal quarter of the Company and (ii) forty-five (45) days after the end of each
fiscal quarter of the Company, a copy of the consolidated and consolidating balance sheet of the Company and its consolidated Subsidiaries as at the end of such period and related consolidated and consolidating statements of income and retained
earnings and of cash flows for the Company and its consolidated 
  

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 Subsidiaries for such quarterly period and for the portion of the fiscal year ending with such period, in
each case setting forth in comparative form consolidated figures for the corresponding period or periods of the preceding fiscal year (subject to normal recurring year-end audit adjustments); and 
  
 (c) Annual Operating Budget and Cash Flow. As soon as
available, but in any event within thirty (30) days prior to the end of each fiscal year, a copy of the detailed annual operating budget or plan including cash flow projections of the Company and its Subsidiaries for the next four fiscal quarter
period prepared on a quarterly basis, in form and detail reasonably acceptable to the Administrative Agent and the Lenders, together with a summary of the material assumptions made in the preparation of such annual budget or plan; 
  
 all such financial statements to be complete and correct in all material respects (subject,
in the case of interim statements, to normal recurring year-end audit adjustments) and to be prepared in reasonable detail and, in the case of the annual and quarterly financial statements provided in accordance with subsections (a) and (b) above,
in accordance with GAAP applied consistently throughout the periods reflected therein and further accompanied by a description of, and an estimation of the effect on the financial statements on account of, a change, if any, in the application of
accounting principles as provided in Section 1.3. 
  
 Reports and
documents required to be delivered to the Lenders pursuant to Sections 5.1 and 5.2 shall be deemed delivered upon the delivery of such reports and documents electronically to the Administrative Agent in a format that will allow such reports and
documents to be posted to Intralinks, Syndtrak or other electronic medium accessible to the Lenders and reasonably acceptable to the Administrative Agent; provided, that if any Lender shall request a printed copy of any such report or
document, the Company shall promptly provide such printed copies to such Lender. 
  
 Section 5.2 Certificates; Other Information. 
  
 Furnish to the Administrative Agent and each of the Lenders: 
  
 (a) concurrently with the delivery of the financial statements referred to in Sections 5.1(a) and 5.1(b) above, a certificate of a
Responsible Officer stating that, to the best of such Responsible Officer’s knowledge, each of the Credit Parties during such period observed or performed in all material respects all of its covenants and other agreements, and satisfied in all
material respects every condition, contained in this Credit Agreement to be observed, performed or satisfied by it, and that such Responsible Officer has obtained no knowledge of any Default or Event of Default except as specified in such
certificate and such certificate shall include the calculations in reasonable detail required to indicate compliance with Section 5.9 as of the last day of such period; 
  
 (b) concurrently with or prior to the delivery of the financial statements referred to in Sections 5.1(a)
and 5.1(b) above, (i) an updated copy of Schedule 3.12 if the Company or any of its Subsidiaries has formed or acquired a new Subsidiary since the 
  

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 Closing Date or since Schedule 3.12 was last updated, as applicable, (ii) an updated copy of
Schedule 3.16 if the Company or any of its Subsidiaries has registered, applied for registration of, acquired or otherwise obtained ownership of any new Intellectual Property since the Closing Date or since Schedule 3.16 was last
updated, as applicable, (iii) an updated copy of Schedule 3.22 if the Company or any of its Subsidiaries has entered into any new collective bargaining agreement or Multiemployer Plan or if any new unfair labor practice complaint has been
filed against the Company or any of its Subsidiaries since Schedule 3.22 was last updated and (iv) an updated copy of Schedule 3.25 if any new Material Contract has been entered into since the Closing Date or since Schedule 3.25
was last updated, as applicable, together with a copy of each new Material Contract; 
  
 (c) within ninety (90) days after the end of each fiscal year of the Company, a certificate containing information regarding the amount of
all Asset Dispositions, Debt Issuances, and Equity Issuances that were made during the prior fiscal year and amounts received in connection with any Recovery Event during the prior fiscal year together with a statement demonstrating a calculation of
Excess Cash Flow; 
  
 (d) promptly upon receipt
thereof, a copy of any “management letter” or similar report submitted by independent accountants to the Company or any of its Subsidiaries in connection with any annual, interim or special audit of the books of such Person; and

  
 (e) promptly, such additional financial and
other information as the Administrative Agent, on behalf of any Lender, may from time to time reasonably request. 
  
 Section 5.3 Payment of Taxes. 
  
 Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, subject, where applicable, to specified
grace periods, (a) its material taxes (Federal, state, local and any other taxes) that, if unpaid, would result in Liens on the Collateral prior in rank to the Liens of the Administrative Agent and (b) any material additional costs that are imposed
as a result of any failure to so pay, discharge or otherwise satisfy such taxes, except, in each case, when the amount or validity of any such taxes is currently being contested in good faith by appropriate proceedings, reserves, if applicable, in
conformity with GAAP with respect thereto have been provided on the books of the Credit Parties and no foreclosure action has been commenced by a Governmental Authority with respect thereto. 
  
 Section 5.4 Conduct of Business and Maintenance of Existence.

  
 (a) Continue to engage in business of the same general
type as now conducted by it on the Closing Date and preserve, renew and keep in full force and effect its corporate existence; (b) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal
conduct of its business; (c) comply in all material respects with all Contractual 
  

 84 

 Obligations; and (d) comply with all Requirements of Law applicable to it, except, in the case of clauses (b), (c) and
(d) above, to the extent that failure to comply therewith could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
  

Section 5.5 Maintenance of Property; Insurance. 
  

(a) Keep all material property useful and necessary in its business in good working order and condition (ordinary wear and tear and
obsolescence excepted); 
  
 (b) Maintain with
financially sound and reputable insurance companies liability, casualty, property and business interruption insurance (including, without limitation, insurance with respect to its tangible Collateral) in at least such amounts and against at least
such risks as are usually insured against in the same general area by companies engaged in the same or a similar business; and furnish to the Administrative Agent, upon the request of the Administrative Agent, full information as to the insurance
carried. The Administrative Agent shall be named as loss payee or mortgagee, as its interest may appear, and/or additional insured with respect to any such casualty, property and liability insurance, as applicable, and each provider of any such
insurance shall agree, by endorsement upon the policy or policies issued by it or by independent instruments furnished to the Administrative Agent, that it will give the Administrative Agent thirty (30) days prior written notice before any such
policy or policies shall be altered or canceled, and such policies shall provide that no act or default of the Credit Parties or any of their Subsidiaries or any other Person shall affect the rights of the Administrative Agent or the Lenders under
such policy or policies. The insurance coverage of the Credit Parties and their Subsidiaries as of the Closing Date is outlined as to carrier, policy number, expiration date, type and amount on Schedule 3.26; and 
  
 (c) In case of any material loss, damage to or destruction
of the Collateral of any Credit Party or any part thereof, such Credit Party shall promptly give written notice thereof to the Administrative Agent generally describing the nature and extent of such damage or destruction. 
  
 Section 5.6 Inspection of Property; Books and Records; Discussions.

  
 Keep proper books of records and account in which full,
true and correct entries in conformity with GAAP and all Requirements of Law shall be made of all dealings and transactions in relation to its businesses and activities; and permit, during regular business hours and upon reasonable notice by the
Administrative Agent or any Lender, the Administrative Agent or any Lender to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable time and as often as may reasonably be desired,
and to discuss the business, operations, properties and financial and other condition of the Company and its Subsidiaries with officers and employees of the Company and its Subsidiaries and with its independent certified public accountants;
provided, that so long as no Event of Default has occurred and is continuing, the Credit Parties shall only be required to pay the fees and expenses of the Administrative Agent and any Lender for one such inspection by such Person in any
fiscal year. 
  

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 Section 5.7 Notices. 
  
 Give notice in writing to the Administrative Agent (which shall promptly transmit such notice to each Lender) of:

  
 (a) promptly, but in any event within two (2)
Business Days after any Credit Party knows or has reason to know thereof, the occurrence of any Default or Event of Default; 
  
 (b) promptly, (i) any default or event of default by the Company or any of its Subsidiaries under any Material Contract and (ii) any
material default or material event of default by a third party under any Material Contract; 
  
 (c) promptly, any litigation, or any investigation or proceeding known to any Credit Party (i) affecting any Credit Party or any of their
Subsidiaries which, if adversely determined, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect or involve a monetary claim in excess of $500,000, (ii) affecting or with respect to this Credit Agreement,
any other Credit Document or any security interest or Lien created thereunder or (iii) involving an environmental claim or potential liability under Environmental Laws which could reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect; 
  
 (d) any labor
controversy that has resulted in, or threatens to result in, a strike or other work action against any Credit Party which could reasonably be expected to have a Material Adverse Effect; 
  
 (e) any attachment, judgment, lien, levy or order exceeding $500,000 that may be assessed against or
threatened against any Credit Party other than Permitted Liens; 
  
 (f) as soon as possible and in any event within thirty (30) days after any Credit Party knows or has reason to know thereof: (i) the occurrence or expected occurrence of any Reportable Event with respect to any Plan,
a failure to make any required contribution to a Plan, the creation of any Lien in favor of the PBGC (other than a Permitted Lien) or a Plan or any withdrawal from, or the termination, Reorganization or Insolvency of, any Multiemployer Plan or (ii)
the institution of proceedings or the taking of any other action by the PBGC or any Credit Party, any Commonly Controlled Entity or any Multiemployer Plan, with respect to the withdrawal from, or the terminating, Reorganization or Insolvency of, any
Plan; 
  
 (g) promptly, any notice of any
violation received by any Credit Party from any Governmental Authority including, without limitation, any notice of violation of Environmental Laws; and 
  

 86 

 (h) promptly, any other development or event which could reasonably be expected to have a
Material Adverse Effect. 
  
 Each notice pursuant to this Section shall be
accompanied by a statement of a Responsible Officer setting forth details of the occurrence referred to therein and stating what action the Credit Parties propose to take with respect thereto. In the case of any notice of a Default or Event of
Default, the Company shall specify that such notice is a Default or Event of Default notice on the face thereof. 
  
 Section 5.8 Environmental Laws. 
  
 Except for matters that, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect: 
  
 (a) Comply in all material respects with, and ensure
compliance in all material respects by all tenants and subtenants, if any, with, all applicable Environmental Laws and obtain and comply in all material respects with and maintain, and ensure that all tenants and subtenants obtain and comply in all
material respects with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws; 
  
 (b) Conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions required under
Environmental Laws and promptly comply in all material respects with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws except to the extent that the same are being contested in good faith by appropriate
proceedings; and 
  
 (c) Defend, indemnify and
hold harmless the Administrative Agent and the Lenders, and their respective employees, agents, officers and directors, from and against any and all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever
kind or nature known or unknown, contingent or otherwise, arising out of, or in any way relating to the violation of, noncompliance with or liability under, any Environmental Law applicable to the operations of the Credit Parties or any of their
Subsidiaries or the Properties, or any orders, requirements or demands of Governmental Authorities related thereto, including, without limitation, reasonable attorney’s and consultant’s fees, investigation and laboratory fees, response
costs, court costs and litigation expenses, except to the extent that any of the foregoing arise out of the gross negligence or willful misconduct of the party seeking indemnification therefor. The agreements in this paragraph shall survive
repayment of the Credit Party Obligations and all other amounts payable hereunder and termination of the Commitments and the Credit Documents. 
  

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 Section 5.9 Financial Covenants. 
  
 Comply with the following financial covenants: 
  
 (a) Leverage Ratio. The Leverage Ratio, as of the
last day of each fiscal quarter of the Company occurring during the periods indicated below, shall be less than or equal to the following: 
  

			
	 Period

	  	Ratio

	 Closing Date through March 31, 2006
	  	3.75 to 1.0
	 April 1, 2006 through September 30, 2006
	  	3.00 to 1.0
	 October 1, 2006 through September 30, 2007
	  	2.75 to 1.0
	 October 1, 2007 September 30, 2008
	  	2.50 to 1.0
	 October 1, 2008 though September 30, 2009
	  	2.25 to 1.0
	 October 1, 2009 and thereafter
	  	2.00 to 1.0

  
 (b)
Fixed Charge Coverage Ratio. The Fixed Charge Coverage Ratio, as of the last day of each fiscal quarter of the Company occurring during the periods indicated below, shall be greater than or equal to the following: 
  

			
	 Period

	  	Ratio

	 Closing Date through March 31, 2006
	  	1.50 to 1.0
	 April 1, 2006 through September 30, 2006
	  	1.60 to 1.0
	 October 1, 2006 through September 30, 2007
	  	1.65 to 1.0
	 October 1, 2007 and thereafter
	  	1.75 to 1.0

  
 (c)
Consolidated Capital Expenditures. Consolidated Capital Expenditures as of the end of each period set forth below shall be less than or equal to the following: 
  

				
	 Period

	  	Amount

	 Closing Date through December 31, 2005
	  	$	8,000,000
	 January 1, 2006 through December 31, 2006
	  	$	8,500,000
	 January 1, 2007 through December 31, 2007
	  	$	9,000,000
	 January 1, 2008 through December 31, 2008
	  	$	9,500,000
	 January 1, 2009 through December 31, 2009
	  	$	10,000,000
	 January 1, 2010 through December 31, 2010
	  	$	10,000,000
	 January 1, 2011 through December 31, 2011
	  	$	10,000,000

  
 plus the unused amount available for Consolidated Capital Expenditures under this Section 5.9(c) for the immediately preceding fiscal year (excluding any carry forward available from any prior fiscal year); provided, that with
respect to any fiscal year, capital expenditures made during any such fiscal year shall be deemed to be made first with respect to the applicable limitation for such year and then with respect to any carry forward amount to the extent applicable.

  
 The parties hereto acknowledge and agree
that, for purposes of all calculations made in determining compliance for any applicable period with the financial covenants 
  

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 set forth in this Section 5.9, (i) after consummation of any Permitted Acquisition, (A) income statement
items and other balance sheet items (whether positive or negative) attributable to the Target acquired in such transaction shall be included in such calculations to the extent relating to such applicable period, subject to adjustments mutually
acceptable to the Company and the Required Lenders, and (B) Indebtedness of a Target which is retired in connection with a Permitted Acquisition shall be excluded from such calculations and deemed to have been retired as of the first day of such
applicable period and (ii) after any Asset Disposition permitted by Section 6.4(a)(vi), (A) income statement items and other balance sheet items (whether positive or negative) attributable to the Property disposed of shall be excluded in such
calculations to the extent relating to such applicable period, subject to adjustments mutually acceptable to the Company and the Required Lenders and (B) Indebtedness that is repaid with the proceeds of such Asset Disposition shall be excluded from
such calculations and deemed to have been repaid as of the first day of such applicable period. 
  
 Section 5.10 Additional Subsidiary Guarantors. 
  
 (a) US Guarantors. If at any time (i) any Domestic Subsidiary which is not a US Guarantor (each an “Excluded US
Subsidiary”) shall individually generate more than one percent (1%) of Consolidated Revenues for the period of four consecutive fiscal quarters ending as of the end of the immediately preceding fiscal quarter on a pro forma basis or (ii)
all Excluded US Subsidiaries shall, collectively, generate more than two percent (2%) of Consolidated Revenues for the period of four consecutive fiscal quarters ending as of the end of the immediately preceding fiscal quarter on a pro forma basis,
then in either case the Credit Parties will (A) within 30 days thereafter (or such extended period of time as agreed to by the Administrative Agent) (1) cause one or more Excluded US Subsidiaries to become a US Guarantor by execution of a Joinder
Agreement, such that immediately after its (or their) joinder as a US Guarantor, the remaining Excluded US Subsidiaries shall not, individually or collectively, exceed the threshold requirements set forth in clauses (i) and (ii) above, and (2)
deliver with each Joinder Agreement substantially the same documentation required pursuant to Sections 4.1(b)-(e) and 5.12 and such other documents or agreements as the Administrative Agent may reasonably request. The Credit Party Obligations of the
Company shall be secured by, among other things, a first priority perfected security interest in the Collateral of such new US Guarantor and a pledge of 100% of the Capital Stock of such new US Guarantor and its Domestic Subsidiaries and 65% (or
such higher percentage that would not result in material adverse tax consequences for such new US Guarantor) of the voting Capital Stock and 100% of the non-voting Capital Stock of its first-tier Foreign Subsidiaries. 
  
 (b) Foreign Guarantors. If at any time any Subsidiary
of a Foreign Credit Party which is not a Foreign Guarantor (each an “Excluded Foreign Subsidiary”) shall individually generate more than five percent (5%) of Consolidated Revenues for the period of four consecutive fiscal quarters
ending as of the end of the immediately preceding fiscal quarter on a pro forma basis, then the applicable Foreign Credit Party will (A) within 30 days thereafter (or such extended period of time as agreed to by the Administrative Agent) (1) cause
such Excluded Foreign Subsidiary to become a Foreign 
  

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 Guarantor by execution of a Joinder Agreement and substantially the same documentation required pursuant
to Sections 4.1(b)-(e) and 5.12, to the extent applicable, and such other documents or agreements as the Administrative Agent may reasonably request. The Credit Party Obligations of the Foreign Credit Party parent of such new Foreign Guarantor shall
be secured by, among other things, a first priority perfected security interest in the Collateral of such new Foreign Guarantor and a pledge of 100% of the Capital Stock of such new Foreign Guarantor (or such lesser percentage as would not result in
adverse tax consequences for such new Foreign Guarantor and the Credit Parties). 
  
 Section 5.11 Compliance with Law. 
  
 Comply with all laws, rules, regulations and orders, and all applicable restrictions imposed by all Governmental Authorities, applicable to it and its Property if noncompliance with any such law, rule, regulation,
order or restriction could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 
  
 Section 5.12 Pledged Assets. 
  
 (a) Cause each Credit Party’s Collateral (other than real property) to be subject at all times to a first priority, perfected Lien in
favor of the Administrative Agent (subject in each case to Permitted Liens) pursuant to the terms and conditions of the Security Documents or such other security documents (including foreign security documents) as the Administrative Agent shall
reasonably request; provided that, unless reasonably required by the Administrative Agent, Lionbridge Global Solutions BV shall not be required to pledge the Capital Stock of any of its Subsidiaries. 
  
 (b) From and after the Closing Date, in the event that (i)
any Credit Party acquires a fee interest in real property or (ii) at the time any Person becomes a Credit Party, such Person owns or holds a fee interest in real property, the Company will promptly notify the Administrative Agent of that fact and
the applicable Credit Party shall deliver to the Administrative Agent (A) with respect to any such real property located in the United States, within 45 days after such acquisition or the time such Person becomes a Credit Party (or such longer
period of time as may be agreed to by the Administrative Agent), a Mortgage Instrument, title report, Mortgage Policy, flood hazard determination and such other documentation as the Administrative Agent may require (including, without limitation, a
flood insurance policy, survey, environmental report, appraisal and zoning letter), each in form and substance reasonably satisfactory to the Administrative Agent, and (B) with respect to any such real property located outside the United States,
upon the reasonable request of the Administrative Agent and within 45 days after receipt of such request from the Administrative Agent (or such longer period of time as may be agreed to by the Administrative Agent), a Mortgage Instrument and such
other documentation as the Administrative Agent may require, each in form and substance reasonable satisfactory to the Administrative Agent. 
  

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 Section 5.13 Covenants Regarding Patents, Trademarks and Copyrights. 
  
 (a) Notify the Administrative Agent promptly if it knows
that any application, letters patent or registration relating to any Patent, Patent License, Trademark or Trademark License of the Credit Parties or any of their Subsidiaries material to the business of such Credit Party or such Subsidiary may
become abandoned, or of any adverse determination or development (including, without limitation, the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office or any court) regarding
any Credit Party’s or any of its Subsidiary’s ownership of any Patent or Trademark material to the business of such Credit Party or such Subsidiary, its right to patent or register the same, or to enforce, keep and maintain the same, or
its rights under any Patent License or Trademark License material to the business of such Credit Party or such Subsidiary. 
  
 (b) Notify the Administrative Agent promptly after it knows of any adverse determination or development (including, without limitation,
the institution of, or any such determination or development in, any proceeding in any court) regarding any Copyright or Copyright License of the Credit Parties or any of their Subsidiaries material to the business of such Credit Party or such
Subsidiary, whether (i) such Copyright or Copyright License may become invalid or unenforceable prior to its expiration or termination, or (ii) any Credit Party’s or any of its Subsidiary’s ownership of such Copyright, its right to
register the same or to enforce, keep and maintain the same, or its rights under such Copyright License, may become affected. 
  
 (c) (i) Promptly notify the Administrative Agent of any filing by any Credit Party or any of its Subsidiaries, either itself or through any agent,
employee, licensee or designee (but in no event later than the fifteenth day following such filing), of any application for registration of any Intellectual Property with the United States Copyright Office or United States Patent and Trademark
Office or any similar office or agency in any other country or any political subdivision thereof. 
  
 (ii) Concurrently with the delivery of quarterly and annual financial statements of the Company pursuant to Section 5.1 hereof, provide
the Administrative Agent and its counsel a complete and correct list of all Intellectual Property owned by or licensed to the Credit Parties or any of their Subsidiaries that have not been set forth as annexes of such documents and instruments
showing all filings and recordings for the protection of the security interest of the Administration Agent therein pursuant to the agreements of the United States Patent and Trademark Office or the United States Copyright Office. 
  
 (iii) Upon request of the Administrative Agent, execute and
deliver any and all agreements, instruments, documents, and papers as the Administrative Agent may reasonably request to evidence the Administrative Agent’s security interest in the Intellectual Property and the general intangibles referred to
in clauses (i) and (ii), including, without limitation, the goodwill of the Company or 
  

 91 

 its Subsidiaries, relating thereto or represented thereby (or such other Intellectual Property or the
general intangibles relating thereto or represented thereby as the Administrative Agent may reasonably request). 
  
 (d) Take all necessary actions, including, without limitation, in any proceeding before the United States Patent and Trademark Office or
the United States Copyright Office, to maintain each item of Intellectual Property of the Company and its Subsidiaries necessary to the business of such Person, including, without limitation, payment of maintenance fees, filing of applications for
renewal, affidavits of use, affidavits of incontestability and opposition, interference and cancellation proceedings. 
  
 (e) In the event that any Credit Party becomes aware that any Intellectual Property material to its business is infringed, misappropriated
or diluted by a third party in any material respect, notify the Administrative Agent promptly after it learns thereof and shall promptly take such actions as such Credit Party or such Subsidiary, as the case may be, shall reasonably deem appropriate
under the circumstances to protect such Intellectual Property. 
  
 Section 5.14 Deposit Accounts. 
  
 Upon
the occurrence and during the continuance of an Event of Default, deliver Deposit Account Control Agreements satisfactory to the Administrative Agent with respect to each deposit account of the US Credit Parties, to the extent such Deposit Account
Control Agreements may be obtained using commercially reasonable efforts; provided, if any Deposit Account Control Agreement is not so obtained, the US Credit Parties will take such action with respect to the applicable deposit account as the
Administrative Agent may reasonably request. 
  
 Section 5.15
Dutch Restrictions. 
  
 Each of the Dutch Borrowers
shall ensure that, subject to the representation set forth in Section 9.21 being true, at all times it does not require a licence as a credit institution (kredietinstelling) under Section 6 of the Dutch BA or, if such Dutch Borrower does
require such licence, it has been obtained. 
  
 Section 5.16
Post-Closing Covenant. 
  
 (a)
Dutch Borrower Joinder. Within one Business Day after the Closing Date (or such extended period of time as agreed to by the Administrative Agent), deliver to the Administrative Agent (i) an executed Dutch Borrower Joinder Agreement, (ii) an
executed Revolving Note in favor of each Revolving Lender that requests a Revolving Note, (iii) executed copies of the Dutch Pledge Agreements referred to in clauses (a) and (b) of the definition thereof, (iv) executed copies of the Dutch Security
Agreements referred to in clause (b) of the definition thereof, (v) with respect to Lionbridge Global Solutions BV, the authority documents contemplated by Section 4.1(b), and (vi) such other documentation as the Administrative Agent may require to
the extent consistent with the documentation delivered by Lionbridge Holdings BV pursuant to Article IV, all 
  

 92 

 such documentation to be in form and substance satisfactory to the Administrative Agent. Upon delivery of
the foregoing documentation, Lionbridge Global Solutions BV shall cause De Brauw Blackstone Westbroek to release its opinion delivered pursuant to Section 4.1(c). 
  
 (b) Gibraltar Pledge Agreement. Within ten days after the Closing Date (or such extended period of
time as agreed to by the Administrative Agent), deliver to the Administrative Agent (i) an executed copy of the Dutch Pledge Agreement referred to in clause (c) of the definition thereof, and (ii) such other documentation as the Administrative Agent
may require (including a legal opinion) to the extent consistent with the documentation delivered pursuant to Section 5.16(a). 
  
 (c) CDLE Lien. Within sixty days after the Closing Date (or such extended period of time as agreed to by the Administrative Agent),
deliver to the Administrative Agent evidence that all CDLE Liens have been terminated. 
  
 (d) Dutch Notification Letter. Within fifteen days after the Closing Date (or such extended period of time as agreed to by the
Administrative Agent), deliver to the Administrative Agent a copy of a notification letter of each Dutch Borrower to the Dutch Central Bank (De Nederlandsche Bank N.V.). 
  
 (e) Stock Certificate. Within thirty days after the Closing Date (or such extended period of time as
agreed to by the Administrative Agent), deliver to the Administrative Agent the original stock certificate of the Irish Borrower required to be delivered pursuant to the Irish Pledge Agreement referenced in clause (b) of the definition thereof.

  
 (f) Insurance Certificates. Within
thirty days after the Closing Date (or such extended period of time as agreed to by the Administrative Agent), deliver to the Administrative Agent copies of the insurance certificates required by Section 4.1(e) with respect to the Foreign
Subsidiaries of the Acquired Company. 
  
 (g)
Certified Articles. Within fifteen days after the Closing Date (or such extended period of time as agreed to by the Administrative Agent), deliver to the Administrative Agent a copy of the articles or certificate of incorporation of
Lionbridge Global Solutions II, Inc., certified to be true and complete as of a recent date by the New York Secretary of State. 
  
 (h) Landlord Waivers. Within thirty days after the Closing Date (or such extended period of time as agreed to by the Administrative
Agent), use commercially reasonable efforts to deliver to the Administrative Agent such estoppel letters, consents and waivers from the landlords on real property of the US Credit Parties as may be required by the Administrative Agent, to the extent
such estoppel letters, consents and waivers have not been previously delivered pursuant to Section 4.1(d). 
  

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 (i) Further Assurances. Upon the request of the Administrative Agent, promptly
perform or cause to be performed any and all acts and execute or cause to be executed any and all documents for filing under the provisions of the UCC or any other Requirement of Law which are necessary or advisable to maintain in favor of the
Administrative Agent, for the benefit of the Lenders, Liens on the Collateral that are duly perfected in accordance with the requirements of, or the obligations of the Credit Parties under, the Credit Documents and all applicable Requirements of
Law. 
  
 ARTICLE VI 
  
 NEGATIVE COVENANTS 
  
 The Credit Parties hereby covenant and agree that on the Closing Date, and
thereafter for so long as this Credit Agreement is in effect and until the Commitments have terminated, no Note remains outstanding and unpaid and the Credit Party Obligations and all other amounts owing to the Administrative Agent or any Lender
hereunder are paid in full, that: 
  
 Section 6.1
Indebtedness. 
  
 The Credit Parties will not, nor
will they permit any Subsidiary to, contract, create, incur, assume or permit to exist any Indebtedness, except: 
  
 (a) Indebtedness arising or existing under this Credit Agreement and the other Credit Documents; 
  
 (b) Indebtedness of the Credit Parties and their
Subsidiaries existing as of the Closing Date as referenced in the financial statements referenced in Section 3.1 (and set out more specifically in Schedule 6.1(b)) hereto and renewals, refinancings or extensions thereof in a principal amount
not in excess of that outstanding as of the date of such renewal, refinancing or extension; 
  
 (c) Indebtedness of the Credit Parties and their Subsidiaries incurred after the Closing Date consisting of Capital Leases or Indebtedness
incurred to provide all or a portion of the purchase price or cost of construction of an asset; provided that (i) such Indebtedness when incurred shall not exceed the purchase price or cost of construction of such asset; (ii) no such
Indebtedness shall be refinanced for a principal amount in excess of the principal balance outstanding thereon at the time of such refinancing; and (iii) the total amount of all such Indebtedness shall not exceed $5,000,000 at any time outstanding;

  
 (d) Indebtedness and obligations owing under
Secured Hedging Agreements and other Hedging Agreements entered into in order to manage existing or anticipated interest rate, exchange rate or commodity price risks and not for speculative purposes; 
  

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 (e) Guaranty Obligations in respect of Indebtedness of a Credit Party to the extent such
Indebtedness is permitted to exist or be incurred pursuant to this Section 6.1; 
  
 (f) unsecured intercompany Indebtedness owed by Credit Parties (other than Foreign Credit Parties) to Subsidiaries of the Company;

  
 (g) unsecured intercompany Indebtedness owed
by Foreign Credit Parties to Foreign Subsidiaries; 
  
 (h) unsecured intercompany Indebtedness owed by Foreign Subsidiaries (other than Foreign Credit Parties) to Foreign Subsidiaries (other than Foreign Credit Parties); 
  
 (i) so long as no Default or Event of Default then exists or would exist after giving effect to the
incurrence of such Indebtedness, (i) unsecured intercompany Indebtedness owed by Foreign Subsidiaries to Credit Parties in accordance with the historical practices of the Credit Parties and (ii) other unsecured intercompany Indebtedness owed by
Foreign Subsidiaries to Credit Parties in an aggregate amount, with respect to all Foreign Subsidiaries, not to exceed (in the case of clause (ii)), when combined (without duplication) with any outstanding Investments made pursuant to clause (j)(ii)
of the definition of Permitted Investments, $500,000 at any time outstanding; 
  
 (j) Indebtedness owed by Foreign Subsidiaries (other than Foreign Credit Parties) to entities other than Credit Parties and their Subsidiaries in an aggregate amount, with respect to all Foreign Subsidiaries (other
than Foreign Credit Parties), not to exceed $500,000 at any time outstanding; 
  
 (k) endorsements for collection, deposit or negotiation and warranties of products or services, in each case incurred in the ordinary course of business; 
  
 (l) transactions permitted pursuant to Sections 6.4, 6.5 and 9.22 to the extent not already permitted
pursuant to this Section 6.1; and 
  
 (m) other
Indebtedness of the Credit Parties and their Subsidiaries which does not exceed $5,000,000 in the aggregate at any time outstanding. 
  
 Section 6.2 Liens. 
  
 The Credit Parties will not, nor will they permit any Subsidiary to, contract, create, incur, assume or permit to exist any Lien with respect to any of
its property or assets of any kind (whether real or personal, tangible or intangible), whether now owned or hereafter acquired, except for Permitted Liens. 
  

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 Section 6.3 Nature of Business. 
  
 The Credit Parties will not, nor will they permit any Subsidiary to, alter
the character of its business in any material respect from that conducted as of the Closing Date, after giving effect to the Acquisition. 
  
 Section 6.4 Consolidation, Merger, Sale or Purchase of Assets, etc. 
  
 The Credit Parties will not, nor will they permit any Subsidiary to, 
  
 (a) dissolve, liquidate or wind up its affairs, or sell,
transfer, lease or otherwise dispose of its property or assets or agree to do so at a future time, except the following, without duplication, shall be expressly permitted: 
  
 (i) (A) the sale, transfer, lease or other disposition of inventory and materials in the ordinary course of
business and (B) the conversion of cash into Corporate Investment Policy Investments and Corporate Investment Policy Investments into cash; 
  
 (ii) Recovery Events; 
  
 (iii) the sale, lease, transfer or other disposition of machinery, parts and equipment no longer used or useful in the conduct of the
business of the Credit Parties or any of their Subsidiaries; 
  
 (iv) the sale, lease, transfer or other disposition of property or assets (at fair value) (A) between US Credit Parties, (B) between Foreign Credit Parties and (C) between Foreign Subsidiaries (other than Foreign
Credit Parties); 
  
 (v) the sale, lease or
transfer of the Polish Property and the Belgian Property; 
  
 (vi) the sale, lease or transfer of the German Property (including a sale, lease or transfer in connection with a sale-leaseback transaction); 
  
 (vii) the dissolution or winding up of any Subsidiary of the Company that is not a Credit Party;
provided, that the assets of any such Subsidiary shall be transferred to another Subsidiary of the Company; 
  
 (viii) the dissolution or winding up of any Credit Party (other than a Borrower); provided, that the assets of any such Credit
Party shall be transferred to another Credit Party; 
  
 (ix) (A) the sale or issuance of the Capital Stock of a Foreign Subsidiary (other than a Credit Party) of the Company to any Subsidiary of the Company to the extent not otherwise prohibited under this Credit Agreement or 
  

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 any of the other Credit Documents, (B) the sale or issuance of the Capital Stock of a US Credit Party
(other than the Company) to another US Credit Party and (C) the sale or issuance of the Capital Stock of a Foreign Credit Party to a Credit Party; 
  
 (x) the merger or consolidation of a Subsidiary of the Company (other than a Borrower) into another Subsidiary of the Company;
provided that if either Subsidiary is a Credit Party, the continuing or surviving Person shall be a Credit Party; 
  
 (xi) the merger or consolidation of any Subsidiary into the Company; provided that the Company shall be the continuing or surviving
entity; 
  
 (xii) transactions permitted pursuant
to Sections 6.1, 6.5 and 9.22 to the extent not already permitted pursuant to this Section 6.4(a); and 
  
 (xiii) the sale, lease or transfer of property or assets not to exceed $500,000 in the aggregate in any fiscal year; 
  
 provided that (A) with respect to clauses (i)(A), (ii), (iii), (vi)
and (xiii) above, at least 75% of the consideration received therefor by the Credit Parties or any such Subsidiary shall be in the form of cash or Corporate Investment Policy Investments, (B) after giving effect to any Asset Disposition pursuant to
clause (vi) above, the Credit Parties shall be in compliance on a Pro Forma Basis with the financial covenants set forth in Section 5.9 hereof, recalculated for the most recently ended month for which information is available, and (C) with respect
to clauses (iv), (v) and (vi) above, no Default or Event of Default shall exist or shall result therefrom; provided, further, that with respect to sales of assets permitted hereunder only, the Administrative Agent shall be entitled,
without the consent of the Required Lenders, to release its Liens relating to the particular assets sold; or 
  
 (b) (i) purchase, lease or otherwise acquire (in a single transaction or a series of related transactions) the property or assets of any
Person, other than (A) Permitted Acquisitions and (B) except as otherwise limited or prohibited herein, purchases, leases or acquisitions of inventory, materials, property and equipment in the ordinary course of business, or (ii) enter into any
transaction of merger or consolidation, except for (A) Investments or acquisitions permitted pursuant to Section 6.5 and (B) the merger or consolidation of a Credit Party with and into another Credit Party; provided that if the Company is a
party thereto, the Company will be the surviving corporation. 
  
 Section 6.5 Advances, Investments and Loans. 
  
 The Credit Parties will not, nor will they permit any Subsidiary to, make any Investment except for Permitted Investments. 
  

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 Section 6.6 Transactions with Affiliates. 
  
 The Credit Parties will not, nor will they permit any Subsidiary to, enter
into any transaction or series of transactions, whether or not in the ordinary course of business, with any officer, director, shareholder or Affiliate (other than Credit Parties) other than on terms and conditions substantially as favorable as
would be obtainable in a comparable arm’s-length transaction with a Person other than an officer, director, shareholder or Affiliate. 
  
 Section 6.7 Ownership of Subsidiaries; Restrictions. 
  
 The Credit Parties will not, nor will they permit any Subsidiary to, create, form or acquire any Subsidiaries, except for
Domestic Subsidiaries that are joined as Additional Credit Parties as required by the terms hereof and Foreign Subsidiaries. The Credit Parties will not sell, transfer, pledge or otherwise dispose of any Capital Stock or other equity interests in
any of their Subsidiaries, nor will they permit any of their Subsidiaries to issue, sell, transfer, pledge or otherwise dispose of any of their Capital Stock or other equity interests, except in a transaction permitted by Section 6.4. The Credit
Parties will not permit any of Lionbridge Technologies Canada, Lionbridge Technologies Deutschland GmbH, Lionbridge do Brasil LTDA or Lionbridge Technologies Veritest (U.K.) Ltd. to maintain operations (including revenue generation) or hold assets
unless the Administrative Agent has received a pledge of 65% of the Capital Stock of such Person pursuant to a Security Document in form and substance satisfactory to the Administrative Agent. 
  
 Section 6.8 Corporate Changes; Material Contracts. 

 
 No Credit Party will, nor will it permit any of its Subsidiaries to, (a)
change its fiscal year, (b) amend, modify or change its articles of incorporation, certificate of designation (or corporate charter or other similar organizational document) operating agreement or bylaws (or other similar document) in any respect
adverse to the interests of the Lenders without the prior written consent of the Required Lenders, (c) amend, modify, cancel or terminate or fail to renew or extend or permit the amendment, modification, cancellation or termination of any of its
Material Contracts or Acquisition Documents in any respect materially adverse to the interests of the Lenders without the prior written consent of the Required Lenders, (d) change its state of incorporation, organization or formation or have more
than one state of incorporation, organization or formation or (e) materially change its accounting method (except in accordance with GAAP) in any manner materially adverse to the interests of the Lenders without the prior written consent of the
Required Lenders. 
  
 Section 6.9 Limitation on Restricted
Actions. 
  
 The Credit Parties will not, nor will they
permit any Subsidiary to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any encumbrance or restriction on the ability of any such Person to (a) pay dividends or make any other distributions to any Credit
Party on its Capital Stock or with respect to any other interest or participation in, or measured by, its profits, (b) pay any Indebtedness or other obligation owed to any Credit Party, (c) make loans or advances to any Credit Party, (d) sell, lease
or transfer any of its properties or 
  

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 assets to any Credit Party, or (e) act as a US Guarantor or Foreign Guarantor and pledge its assets pursuant to the
Credit Documents or any renewals, refinancings, exchanges, refundings or extension thereof, except (in respect of any of the matters referred to in clauses (a)-(d) above) for such encumbrances or restrictions existing under or by reason of (i) this
Credit Agreement and the other Credit Documents, (ii) applicable law, (iii) any document or instrument governing Indebtedness incurred pursuant to Section 6.1(c) or 6.1(j); provided that any such restriction contained therein relates
only to the asset or assets constructed or acquired in connection therewith, or (iv) any Permitted Lien or any document or instrument governing any Permitted Lien; provided that any such restriction contained therein relates only to the asset
or assets subject to such Permitted Lien. 
  
 Section 6.10
Restricted Payments. 
  
 The Credit Parties will not,
nor will they permit any Subsidiary to, directly or indirectly, declare, order, make or set apart any sum for or pay any Restricted Payment, except (a) to make dividends payable solely in the same class of Capital Stock of such Person, (b) to make
dividends or other distributions (directly or indirectly through Subsidiaries) payable to any Credit Party and (c) the earnout obligations incurred in connection with the acquisition by the Company of all of the Capital Stock of Logoport Software
GmbH on February 1, 2005, such earnout obligations not to exceed $550,000 in the aggregate. 
  
 Section 6.11 Amendment of Subordinated Debt. 
  
 The Credit Parties will not, nor will they permit any Subsidiary to, amend or modify or waive (or permit the amendment, modification or waiver of), after
the issuance thereof, any of the terms of any Subordinated Debt if the effect of such amendment, modification or waiver would be (a) to increase the principal amount due thereunder, (b) to shorten or accelerate the time of payment of any amount due
thereunder, (c) to increase the applicable interest rate or amount of any fees or costs due thereunder, (d) to amend the subordination provisions, if any, thereunder (including any of the definitions relating thereto), (e) to make any covenant
therein more restrictive or add any new covenant, (f) to grant any Lien, (g) to provide for any additional guarantor with respect thereto unless such Person becomes a US Guarantor or Foreign Guarantor hereunder or (h) in the determination of the
Administrative Agent, be adverse in any other material respect to the rights or interests of the Lenders. With respect to any Subordinated Debt, none of the Credit Parties will breach or otherwise violate any of the subordination provisions
applicable thereto, including without limitation restrictions against payment of principal and interest and other amounts thereon. 
  
 Section 6.12 Sale Leasebacks. 
  
 The Credit Parties will not, nor will they permit any Subsidiary to, directly or indirectly, become or remain liable as lessee or as guarantor or other
surety with respect to any lease, whether an Operating lease or a Capital Lease, of any property (whether real, personal or mixed) (other than the Belgian Property, the Polish Property and the German Property), whether now owned or hereafter
acquired, (a) which any Credit Party or any Subsidiary has sold or transferred or is to sell or transfer to a Person which is not a Credit Party or a Subsidiary or (b) which any 
  

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 Credit Party or any Subsidiary intends to use for substantially the same purpose as any other property which has been
sold or is to be sold or transferred by a Credit Party or a Subsidiary to another Person which is not a Credit Party or a Subsidiary in connection with such lease. 
  
 Section 6.13 No Further Negative Pledges. 
  
 The Credit Parties will not, nor will they permit any Subsidiary to, enter into, assume or become subject to any agreement
prohibiting or otherwise restricting the creation or assumption of any Lien upon any of their properties or assets, whether now owned or hereafter acquired, or requiring the grant of any security for such obligation if security is given for some
other obligation, except (a) pursuant to this Credit Agreement and the other Credit Documents, (b) pursuant to any document or instrument governing Indebtedness incurred pursuant to Section 6.1(c) or 6.1(j); provided that any such restriction
contained therein relates only to the asset or assets constructed or acquired in connection therewith, (c) in connection with any Permitted Lien or any document or instrument governing any Permitted Lien; provided that any such restriction
contained therein relates only to the asset or assets subject to such Permitted Lien, (d) customary anti-assignment provisions contained in leases and licensing agreements entered into in the ordinary course of business, (e) restrictions imposed by
law, (f) customary restrictions contained in agreements relating to the sale of a Subsidiary of the Company pending such sale, so long as such restrictions and conditions apply only to such Subsidiary and such sale is permitted hereunder and (g)
restrictions imposed by any agreement relating to secured Indebtedness permitted by this Credit Agreement if such restrictions apply only to the property or assets securing such Indebtedness. 
  
 Section 6.14 Operating Leases. 
  
 The Credit Parties will not, nor will they permit any Subsidiary to,
enter into, assume or permit to exist any obligations for the payment of rent under Operating Leases which in the aggregate for all such Persons would exceed $22,000,000 in any fiscal year. 
  
 ARTICLE VII 
  
 EVENTS OF DEFAULT 
  
 Section 7.1 Events of Default. 
  
 An Event of Default shall exist upon the occurrence of any of the following
specified events (each an “Event of Default”): 
  
 (a) Payment. (i) Any Borrower shall fail to pay any principal on any Loan when due in accordance with the terms hereof; or (ii) the Company shall fail to reimburse the Issuing Lender for any LOC Obligations
when due in accordance with the terms hereof; or (iii) any Borrower shall fail to pay any interest on any Loan or any fee or other amount payable hereunder when due in accordance with the terms hereof and such failure shall continue unremedied for
three (3) days; or (iv) or any US Guarantor shall fail to pay 
  

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 on the US Guaranty or any Foreign Guarantor shall fail to pay on the Foreign Guaranty in respect of any
of the foregoing or in respect of any other Guaranty Obligations hereunder (after giving effect to the grace period in clause (iii)); or 
  
 (b) Misrepresentation. Any representation or warranty made or deemed made herein, in the Security Documents or in any of the other
Credit Documents or which is contained in any certificate, document or financial or other statement furnished at any time under or in connection with this Credit Agreement shall (i) with respect to representations and warranties that contain a
materiality qualification, prove to have been incorrect, false or misleading and (ii) with respect to representations and warranties that do not contain a materiality qualification, prove to have been incorrect, false or misleading in any material
respect, in each case on or as of the date made or deemed made; or 
  
 (c) Covenant. (i) Any Credit Party shall fail to perform, comply with or observe any term, covenant or agreement applicable to it contained in Section 5.1, 5.2, 5.4(a) (as such covenant relates to the Company
only), Section 5.7(a), Section 5.9 or Article VI hereof; or (ii) any Credit Party shall fail to comply with any other covenant contained in this Credit Agreement or the other Credit Documents or any other agreement, document or instrument among or
between any Credit Party, the Administrative Agent and the Lenders or executed by any Credit Party in favor of the Administrative Agent or the Lenders (other than as described in Sections 7.1(a) or 7.1(c)(i) above), and in the event such breach or
failure to comply is capable of cure, is not cured within thirty (30) days of its occurrence; or 
  
 (d) Cross Default. A Credit Party or any of its Subsidiaries shall (i) default in any payment of principal of or interest on any
Indebtedness (other than the Credit Party Obligations) in a principal amount outstanding of at least $1,000,000 in the aggregate for the Credit Parties and their Subsidiaries beyond the period of grace (not to exceed 30 days), if any, provided in
the instrument or agreement under which such Indebtedness was created; or (ii) default in the observance or performance of any other agreement or condition relating to any Indebtedness in a principal amount outstanding of at least $1,000,000 in the
aggregate for the Credit Parties and their Subsidiaries or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition
is to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Indebtedness (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 become due prior to its stated maturity; or (iii) breach or default any Secured Hedging Agreement; or 
  
 (e) Bankruptcy. (i) A Credit Party or any of its Subsidiaries (other than any de minimus Foreign Subsidiary that is not a Foreign
Credit Party) shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for
relief entered with respect to it, or seeking to 
  

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 adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up,
liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator, examiner or other similar official for it or for all or any substantial part of its
assets, or a Credit Party or any of its Subsidiaries shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against a Credit Party or any of its Subsidiaries any case, proceeding or other action of a
nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 60 days; or (iii) there shall be
commenced against a Credit Party or any of its Subsidiaries any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of their assets which results
in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (iv) a Credit Party or any of its Subsidiaries (other than, with respect to any
of acts set forth in clause (i) above, any de minimus Foreign Subsidiary that is not a Foreign Credit Party) shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause
(i), (ii), or (iii) above; or (v) a Credit Party or any of its Subsidiaries (other than any de minimus Foreign Subsidiary that is not a Foreign Credit Party) shall generally not, or shall be unable to, or shall admit in writing their inability to,
pay its debts as they become due; or 
  
 (f)
Judgment. One or more judgments or decrees shall be entered against a Credit Party or any of its Subsidiaries involving in the aggregate a liability (to the extent not covered by insurance) of $1,000,000 or more and all such judgments or
decrees shall not have been paid and satisfied, vacated, discharged, stayed or bonded pending appeal within 20 Business Days from the entry thereof or any injunction, temporary restraining order or similar decree shall be issued against a Credit
Party or any of its Subsidiaries that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect, and each such injunction, temporary restraining order or similar decree shall not have been vacated,
discharged or stayed; or 
  
 (g) ERISA.
(i) Any Person shall engage in any “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any “accumulated funding deficiency” (as defined in Section 302 of ERISA),
whether or not waived, shall exist with respect to any Plan or any Lien in favor of the PBGC or a Plan (other than a Permitted Lien) shall arise on the assets of the Credit Parties or any Commonly Controlled Entity, (iii) a Reportable Event
shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of
a trustee is, in the reasonable opinion of the Required Lenders, likely to result in the termination of such Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, (v) a Credit Party,
any of its Subsidiaries or any Commonly Controlled Entity shall, or in the reasonable opinion of the Required Lenders is likely to, incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, any 
  

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 Multiemployer Plan or (vi) any other similar event or condition shall occur or exist with respect
to a Plan, except to the extent any of the foregoing could not reasonably be expected to have a Material Adverse Effect; or 
  
 (h) Change of Control. There shall occur a Change of Control; or 
  
 (i) Invalidity of Guaranty. At any time after the execution and delivery thereof, the Guaranty, for
any reason other than the satisfaction in full of all Credit Party Obligations, shall cease to be in full force and effect (other than in accordance with its terms) or shall be declared to be null and void, or any Credit Party shall contest
the validity or enforceability of the Guaranty or any Credit Document in writing or deny in writing that it has any further liability, including with respect to future advances by the Lenders, under any Credit Document to which it is a party; or

  
 (j) Invalidity of Credit Documents.
Any other Credit Document shall fail to be in full force and effect or to give the Administrative Agent and/or the Lenders the security interests, liens, rights, powers and privileges purported to be created thereby (except as such documents may be
terminated or no longer in force and effect in accordance with the terms thereof, other than those indemnities and provisions which by their terms shall survive) or any Lien shall fail to be a first priority, perfected Lien, subject to Permitted
Liens, on a material portion of the Collateral, other than by action of the Administrative Agent or the Lenders; or 
  
 (k) Subordinated Debt. Any default (which is not waived or cured within the applicable period of grace) or event of default shall
occur under any Subordinated Debt or the subordination provisions contained therein shall cease to be in full force and effect or to give the Lenders the rights, powers and privileges purported to be created thereby. 
  
 Section 7.2 Acceleration; Remedies. 
  
 Upon the occurrence and during the continuance of an Event of Default, then,
and in any such event, (a) if such event is an Event of Default specified in Section 7.1(e) above, automatically the Commitments shall immediately terminate and the Loans (with accrued interest thereon), and all other amounts under the Credit
Documents (including without limitation the maximum amount of all contingent liabilities under Letters of Credit) shall immediately become due and payable, and (b) if such event is any other Event of Default, any or all of the following actions may
be taken: (i) with the written consent of the Required Lenders, the Administrative Agent may, or upon the written request of the Required Lenders, the Administrative Agent shall, declare the Commitments to be terminated forthwith, whereupon the
Commitments shall immediately terminate; (ii) the Administrative Agent may, or upon the written request of the Required Lenders, the Administrative Agent shall, declare the Loans (with accrued interest thereon) and all other amounts owing under this
Credit Agreement and the Notes to be due and payable forthwith and direct the Company to pay to the Administrative Agent cash collateral as security for the LOC Obligations for subsequent drawings under then outstanding Letters of Credit an amount
equal to the maximum amount of which may be drawn under Letters of Credit then outstanding, whereupon the same shall immediately become due and payable; 
  

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 and/or (iii) with the written consent of the Required Lenders, the Administrative Agent may, or upon the written request
of the Required Lenders, the Administrative Agent shall, exercise such other rights and remedies as provided under the Credit Documents and under applicable law. 
  
 ARTICLE VIII 
  
 THE AGENT 
  
 Section 8.1 Appointment. 
  
 Each Lender hereby irrevocably designates and appoints Wachovia as the Administrative Agent of such Lender under this Credit Agreement, and each such
Lender irrevocably authorizes Wachovia, as the Administrative Agent for such Lender, to take such action on its behalf under the provisions of this Credit Agreement and to exercise such powers and perform such duties as are expressly delegated to
the Administrative Agent by the terms of this Credit Agreement, together with such other powers as are reasonably incidental thereto. Each Lender acknowledges that the Credit Parties may rely on each action taken by the Administrative Agent on
behalf of the Lenders hereunder. Notwithstanding any provision to the contrary elsewhere in this Credit Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary
relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Credit Agreement or otherwise exist against the Administrative Agent. 
  
 Section 8.2 Delegation of Duties. 
  
 The Administrative Agent may execute any of its duties under this Credit
Agreement by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or
attorneys-in-fact selected by it with reasonable care. Without limiting the foregoing, the Administrative Agent may appoint one of its affiliates as its agent to perform the functions of the Administrative Agent hereunder relating to the advancing
of funds to the Borrowers and distribution of funds to the Lenders and to perform such other related functions of the Administrative Agent hereunder as are reasonably incidental to such functions. 
  
 Section 8.3 Exculpatory Provisions. 
  
 Neither the Administrative Agent nor any of its officers, directors,
employees, agents, attorneys-in-fact, Subsidiaries or affiliates shall be (i) liable to any Lender for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Credit Agreement (except for its or such
Person’s own gross negligence or willful misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Credit Party or any officer thereof contained in this Credit
Agreement or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Credit Agreement or for 
  

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 the value, validity, effectiveness, genuineness, enforceability or sufficiency of any of the Credit Documents or for any
failure of any Credit Party to perform its obligations hereunder or thereunder. The Administrative Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance by any Credit Party of any of the
agreements contained in, or conditions of, this Credit Agreement, or to inspect the properties, books or records of any Credit Party. 
  
 Section 8.4 Reliance by Administrative Agent. 
  
 (a) The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution,
notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document or conversation believed by it in good faith to be genuine and correct and to have been signed, sent or
made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Credit Parties), independent accountants and other experts selected by the Administrative Agent. The Administrative
Agent may deem and treat the payee of any Loan or Note as the owner thereof for all purposes unless an executed Assignment Agreement has been filed with the Administrative Agent pursuant to Section 9.6(c) with respect to such Loan or the Loans
evidenced by such Note. The Administrative Agent shall be fully justified in failing or refusing to take any action under this Credit Agreement unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate
or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully
protected in acting, or in refraining from acting, under any of the Credit Documents in accordance with a request of the Required Lenders or all of the Lenders, as may be required under this Credit Agreement, and such request and any action taken or
failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Notes. 
  
 (b) For purposes of determining compliance with the conditions specified in Section 4.1, each Lender that has signed this Credit 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. 
  
 Section 8.5 Notice of Default. 
  
 The Administrative Agent shall not be deemed to have knowledge or notice of
the occurrence of any Default or Event of Default hereunder unless the Administrative Agent has received notice from a Lender or the Company referring to this Credit Agreement, describing such Default or Event of Default and stating that such notice
is a “notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such
Default or Event of Default as shall be reasonably directed by the Required Lenders; provided, however, that unless and until the Administrative Agent shall have received such 
  

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 directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such
action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders except to the extent that this Credit Agreement expressly requires that such action be taken, or not taken, only with the
consent or upon the authorization of the Required Lenders, or all of the Lenders, as the case may be. 
  
 Section 8.6 Non-Reliance on Administrative Agent and Other Lenders. 
  
 Each Lender expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees,
agents, attorneys-in-fact or affiliates has made any representation or warranty to it and that no act by the Administrative Agent hereinafter taken, including any review of the affairs of any Credit Party, shall be deemed to constitute any
representation or warranty by the Administrative Agent to any Lender. Each Lender represents to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents
and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Borrowers and made its own decision to make its Loans
hereunder and enter into this Credit Agreement. Each Lender also represents that it will, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Credit Agreement, and to make such investigation as it deems necessary to inform itself as to the business, operations,
property, financial and other condition and creditworthiness of the Borrowers. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall
not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of the Borrowers which may come into the
possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates. 
  
 Section 8.7 Indemnification. 
  
 The Lenders agree to indemnify the Administrative Agent, the Issuing Lender and their Affiliates and their respective officers, directors, agents and
employees (to the extent not reimbursed by the Borrowers and without limiting the obligation of the Borrowers to do so), ratably according to their respective Revolving Commitment Percentages in effect on the date on which indemnification is sought
under this Section, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including, without limitation, at any
time following the payment of the Credit Party Obligations) be imposed on, incurred by or asserted against any such indemnitee in any way relating to or arising out of any Credit Document or any documents contemplated by or referred to herein or
therein or the transactions contemplated hereby or thereby or any action taken or omitted by any such indemnitee under or in connection with any of the foregoing; provided, however, that no Lender shall be liable for the payment of any
portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements to the extent resulting from such indemnitee’s 
  

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 gross negligence or willful misconduct, as determined by a court of competent jurisdiction. The agreements in this
Section 8.7 shall survive the termination of this Credit Agreement and payment of the Notes and all other amounts payable hereunder. 
  
 Section 8.8 Administrative Agent in Its Individual Capacity. 
  
 The Administrative Agent and its affiliates may make loans to, accept deposits from and generally engage in any kind of
business with the Company as though the Administrative Agent were not the Administrative Agent hereunder. With respect to its Loans made or renewed by it and any Note issued to it, the Administrative Agent shall have the same rights and powers under
this Credit Agreement as any Lender and may exercise the same as though it were not the Administrative Agent, and the terms “Lender” and “Lenders” shall include the Administrative Agent in its individual capacity. Notwithstanding
any provision to the contrary in any Credit Document, in relation to any NL Obligor’s Dutch Parallel Debt and any security governed by Dutch law, the Administrative Agent shall act for itself (but always for the benefit of the Lenders in
accordance with the provisions of the Credit Documents) and not as agent, representative or trustee of any Lender. 
  
 Section 8.9 Successor Administrative Agent. 
  
 The Administrative Agent may resign as Administrative Agent upon 30 days’ prior notice to the Company and the Lenders. If the Administrative Agent
shall resign as Administrative Agent under this Credit Agreement and the Notes or if the Administrative Agent enters or becomes subject to receivership, then the Required Lenders shall appoint from among the Lenders a successor agent for the
Lenders, which successor agent shall be subject to approval by the Company with such approval not to be unreasonably withheld (provided, however if an Event of Default shall exist at such time, no approval of the Company shall be required
hereunder), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and approval, and
the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Credit Agreement or
any holders of the Notes. After any retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Section 8.9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was
Administrative Agent under this Credit Agreement. 
  
 Section
8.10 Nature of Duties. 
  
 Except as otherwise
expressly stated herein, any agent (other than the Administrative Agent) or co-lead arranger listed from time to time on the cover page of this Credit Agreement shall have no obligations, responsibilities or duties under this Credit Agreement or
under any other Credit Document other than obligations, responsibilities and duties applicable to all Lenders in their capacity as Lenders; provided, however, that such agents and co-lead arrangers shall be entitled to the same rights, protections,
exculpations and indemnifications granted to the Administrative Agent under this Article VIII in their capacity as an agent or co-lead arranger. 
  

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 Section 8.11 Releases. 
  
 The Administrative Agent shall release any US Guarantor or any Foreign Guarantor and any Lien on any Collateral, which is
sold as permitted by the Credit Agreement or as otherwise permitted by the Lenders or Required Lenders, as applicable. In addition, the Administrative Agent shall release the pledge of any first-tier Foreign Subsidiary of a US Credit Party to the
extent such Foreign Subsidiary ceases to be a first-tier Foreign Subsidiary. 
  
 ARTICLE IX 
  
 MISCELLANEOUS 
  
 Section 9.1 Amendments,
Waivers and Release of Collateral. 
  
 Neither this
Credit Agreement nor any of the other Credit Documents, nor any terms hereof or thereof may be amended, supplemented, waived or modified (by amendment, waiver, consent or otherwise) except in accordance with the provisions of this Section nor may
Collateral be released except as specifically provided herein or in the Security Documents or in accordance with the provisions of this Section 9.1. The Required Lenders may or, with the written consent of the Required Lenders, the Administrative
Agent may, from time to time, (x) enter into with the Credit Parties written amendments, supplements or modifications hereto and to the other Credit Documents for the purpose of adding any provisions to this Credit Agreement or the other Credit
Documents or changing in any manner the rights of the Lenders or of the Credit Parties hereunder or thereunder or (b) waive or consent to the departure from, on such terms and conditions as the Required Lenders may specify in such instrument, any of
the requirements of this Credit Agreement or the other Credit Documents or any Default or Event of Default and its consequences; provided, however, that no such amendment, supplement, modification, release, waiver or consent shall:

  
 (i) reduce the amount or extend the scheduled
date of maturity of any Loan or Note or any installment thereon, or reduce the stated rate of any interest or fee payable hereunder (except in connection with a waiver of interest at the increased post-default rate set forth in Section 2.10 which
shall be determined by a vote of the Required Lenders) or extend the scheduled date of any payment thereof or increase the amount or extend the expiration date of any Lender’s Commitment, in each case without the written consent of each Lender
directly affected thereby; provided that, it is understood and agreed that (A) no waiver, reduction or deferral of a mandatory prepayment required pursuant to Section 2.8(b), nor any amendment of Section 2.8(b) or the definitions of Asset
Disposition, Debt Issuance, Equity Issuance, Excess Cash Flow, or Recovery Event, shall constitute a reduction of the amount of, or an extension of the scheduled date of, the scheduled date of maturity of, or any installment of, any Loan or Note,
(B) any reduction in the stated rate of interest on Revolving Loans shall only require the written consent of each Lender holding a Revolving Commitment and (C) any reduction in the stated rate of interest on the Term Loan shall only require the
written consent of each Lender holding a portion of the outstanding Term Loan; or 
  

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 (ii) amend, modify or waive any provision of this Section 9.1 or reduce the percentage
specified in the definition of Required Lenders, without the written consent of all the Lenders; or 
  
 (iii) amend, modify or waive any provision of Article VIII without the written consent of the then Administrative Agent; or 
  
 (iv) release a Borrower or all or substantially all of the
Guarantors from their obligations under the Foreign Guaranty or the US Guaranty, as applicable, without the written consent of all of the Lenders and Hedging Agreement Providers; or 
  
 (v) release all or substantially all of the Collateral, without the written consent of all of the Lenders
and Hedging Agreement Providers; or 
  
 (vi)
permit the Borrowers to assign or transfer any of their rights or obligations under this Credit Agreement or other Credit Documents; or 
  
 (vii) without the consent of Revolving Lenders holding in the aggregate more than 50% of the outstanding Revolving Commitments (or if the
Revolving Commitments have been terminated, the aggregate principal Dollar Amount of outstanding Revolving Loans), amend, modify or waive any provision in Section 4.2 or waive any Default or Event of Default (or amend any Credit Document to
effectively waive any Default or Event of Default) if the effect of such amendment, modification or waiver is that the Revolving Lenders shall be required to fund Revolving Loans when such Lenders would otherwise not be required to do so; or

  
 (viii) amend, modify or waive any provision
of the Credit Documents requiring consent, approval or request of the Required Lenders or all Lenders, without the written consent of all of the Required Lenders or Lenders as appropriate; or 
  
 (ix) amend, modify or waive any provision of the Credit
Documents affecting the rights or duties of the Administrative Agent, the Issuing Lender or the Swingline Lender under any Credit Document without the written consent of the Administrative Agent, the Issuing Lender and/or the Swingline Lender, as
applicable, in addition to the Lenders required hereinabove to take such action; or 
  
 (x) amend or modify the definition of Credit Party Obligations to delete or exclude any obligation or liability described therein without
the written consent of each Lender and each Hedging Agreement Provider directly affected thereby; or 
  

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 (xi) amend, modify or waive the order in which Credit Party Obligations are paid
in Section 2.13(b) without the written consent of each Lender and each Hedging Agreement Provider directly affected thereby; or 
  
 (xii) amend the definitions of “Hedging Agreement,” “Secured Hedging Agreement,” or “Hedging Agreement
Provider” without the consent of any Hedging Agreement Provider that would be adversely affected thereby. 
  
 Any such waiver, amendment, supplement or modification and any such release shall apply equally to each of the Lenders and shall be binding upon the
Borrowers, the other Credit Parties, the Lenders, the Administrative Agent and all future holders of the Notes. In the case of any waiver, the Borrowers, the other Credit Parties, the Lenders and the Administrative Agent shall be restored to their
former position and rights hereunder and under the outstanding Loans and Notes and other Credit Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent
or other Default or Event of Default, or impair any right consequent thereon. 
  
 Notwithstanding any of the foregoing to the contrary, the consent of the Borrowers and the other Credit Parties shall not be required for any amendment, modification or waiver of the provisions of Article VIII (other
than the provisions of Sections 8.9 and 8.11). 
  
 Notwithstanding
the fact that the consent of all the Lenders is required in certain circumstances as set forth above, (x) each Lender is entitled to vote as such Lender sees fit on any bankruptcy reorganization plan that affects the Loans, and each Lender
acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code supersedes the unanimous consent provisions set forth herein and (y) the Required Lenders may consent to allow a Credit Party to use cash collateral in the context of a
bankruptcy or insolvency proceeding. 
  
 Section 9.2
Notices. 
  
 Except as otherwise provided in Article
II, all notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made (a) when
delivered by hand, (b) when transmitted via telecopy (or other facsimile device) to the number set out herein, (c) the Business Day immediately following the day on which the same has been delivered prepaid (or pursuant to an invoice arrangement) to
a reputable national overnight air courier service, or (d) the third Business Day following the day on which the same is sent by certified or registered mail, postage prepaid, in each case, addressed as follows in the case of the Company, the other
Credit Parties and the Administrative Agent, and, with respect to each Lender, as set forth in such Lender’s Administrative Details Form, or to such other address as may be hereafter notified by the respective parties hereto and any future
holders of the Notes: 
  

			
	 The Company
 and the other
 Credit Parties:
	  	 Lionbridge Technologies, Inc.
 1050 Winter
Street
 Waltham, MA 02451
 Attention: Rory J.
Cowan
 Telecopier: (781) 890-3799
 Telephone: (781)
434-6001

  

 110 

			
	 The Administrative
 Agent:
	  	 Wachovia Bank, National Association, as Administrative Agent
 Charlotte Plaza
 201 South College Street, CP-8
 Charlotte, North Carolina 28288-0680
 Attention: Syndication Agency Services
 Telecopier: (704) 374-2698
 Telephone: (704)
  
 with a copy to:
  
 Wachovia Bank, National Association
 One Wachovia Center, NC0760
 Charlotte, North Carolina 28288-0737
 Attention: Laura
Douglas
 Telecopier: (704) 383-7611
 Telephone: (704)
383-1357
  
 with respect to Foreign Currency Loans:
  
 Wachovia Bank, National Association
 London Branch
 3 Bishopsgate
 London, England EC2N3AB
 Attention: Gillian White
 Telecopier: 011 44 (0) 20 7929 4644
 Telephone: 011 44 (0) 20 7149
8131

  
 Section 9.3 No
Waiver; Cumulative Remedies. 
  
 No failure to exercise
and no delay in exercising, on the part of the Administrative Agent or any Lender, 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. 
  
 Section 9.4 Survival of
Representations and Warranties. 
  
 All representations
and warranties made hereunder and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Credit Agreement and the Notes and the making of the Loans,
provided that all such representations and warranties shall terminate on the date upon which the Commitments have been terminated and all amounts owing hereunder and under any Notes have been paid in full. 
  

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 Section 9.5 Payment of Expenses and Taxes. 
  
 The Credit Parties agree (a) to pay or reimburse the Administrative Agent
and the Arranger for all their reasonable out-of-pocket costs and expenses incurred in connection with the development, preparation, negotiation, printing and execution of, and any amendment, supplement or modification to, this Credit Agreement and
the other Credit Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, together with the reasonable fees and disbursements of
counsel to the Administrative Agent and the Arranger, (b) to pay or reimburse each Lender and the Administrative Agent for all its costs and expenses incurred in connection with the enforcement or preservation of any rights under this Credit
Agreement and the other Credit Documents, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent and to the Lenders (including reasonable allocated costs of in-house legal counsel), and (c) on
demand, to pay, indemnify, and hold each Lender, the Administrative Agent and the Arranger harmless from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any delay in paying, stamp, documentary,
intangibles, excise and other similar taxes, charges or levies, if any, which may be payable or determined to be payable in connection with the execution and delivery of, or consummation or administration of any of the transactions contemplated by,
or any amendment, supplement or modification of, or any waiver or consent under or in respect of, the Credit Documents and any such other documents and (d) to pay, indemnify, and hold each Lender, the Administrative Agent, the Arranger and their
Affiliates and their respective officers, directors, employees, partners, members, counsel, agents, representatives, advisors and affiliates (collectively called the “Indemnitees”) harmless from and against, any and all other
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (other than those liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements for which indemnification is provided by the Credit Parties pursuant to Article II) with respect to the execution, delivery, enforcement, performance and administration of the Credit Documents and any such other
documents and the use, or proposed use, of proceeds of the Loans (all of the foregoing, collectively, the “Indemnified Liabilities”); provided, however, that the Borrowers shall not have any obligation hereunder to an
Indemnitee with respect to Indemnified Liabilities arising from the gross negligence, wrongful refusal to fund or willful misconduct of such Indemnitee, as determined by a court of competent jurisdiction pursuant to a final non-appealable judgment.
The agreements in this Section 9.5 shall survive repayment of the Loans, Notes and all other amounts hereunder. 
  
 Section 9.6 Successors and Assigns; Participations; Purchasing Lenders. 
  
 (a) This Credit Agreement shall be binding upon and inure to the benefit of the Credit Parties, the Lenders,
the Administrative Agent, all future holders of the Notes and their respective successors and assigns, except that the Credit Parties may not assign or transfer any of their rights or obligations under this Credit Agreement or the other Credit
Documents without the prior written consent of each Lender. 
  

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 (b) Any Lender may, in the ordinary course of its business and in accordance with
applicable law, at any time sell to one or more banks or other entities (“Participants”) participating interests in any Loan owing to such Lender, any Note held by such Lender, any Commitment of such Lender, or any other interest of
such Lender hereunder; provided, that a participating interest in any Revolving Loan or Revolving Commitment may only be sold to a PMP unless otherwise consented to by the Company. In the event of any such sale by a Lender of participating
interests to a Participant, such Lender’s obligations under this Credit Agreement to the other parties to this Credit Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall
remain the holder of any such Note for all purposes under this Credit Agreement, and the Company and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Credit Agreement. No Lender shall transfer or grant any participation under which the Participant shall have rights to approve any amendment to or waiver of this Credit Agreement or any other Credit Document except to the extent such
amendment or waiver would (i) extend the scheduled maturity of any Loan or Note or any installment thereon in which such Participant is participating, or reduce the stated rate or extend the time of payment of interest or fees thereon (except in
connection with a waiver of interest at the increased post-default rate set forth in Section 2.10 which shall be determined by a vote of the Required Lenders) or reduce the principal amount thereof, or increase the amount of the Participant’s
participation over the amount thereof then in effect; provided that, it is understood and agreed that (A) no waiver, reduction or deferral of a mandatory prepayment required pursuant to Section 2.8(b), nor any amendment of Section 2.8(b) or
the definitions of Asset Disposition, Debt Issuance, Equity Issuance, Excess Cash Flow, or Recovery Event, shall constitute a reduction of the amount of, or an extension of the scheduled date of, the scheduled date of maturity of, or any installment
of, any Loan or Note, (B) a waiver of any Default or Event of Default shall not constitute a change in the terms of such participation, and (C) an increase in any Commitment or Loan shall be permitted without consent of any participant if the
Participant’s participation is not increased as a result thereof, (ii) release a Borrower or all or substantially all of the Guarantors from their obligations under the US Guaranty or the Foreign Guaranty, as applicable, (iii) release
all or substantially all of the Collateral, or (iv) consent to the assignment or transfer by the Borrowers of any of their rights and obligations under this Credit Agreement. In the case of any such participation, the Participant shall not have any
rights under this Credit Agreement or any of the other Credit Documents (the Participant’s rights against such Lender in respect of such participation to be those set forth in the agreement executed by such Lender in favor of the Participant
relating thereto) and all amounts payable by the Borrowers hereunder shall be determined as if such Lender had not sold such participation; provided that each Participant shall be entitled to the benefits of Sections 2.16, 2.17, 2.18 and 9.5
with respect to its participation in the Commitments and the Loans outstanding from time to time; provided further, that no Participant shall be entitled to receive any greater amount pursuant to such Sections than the transferor
Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred. 
  

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 (c) Any Lender may, in accordance with applicable law, at any time, sell or assign to any
Lender or any Affiliate or Approved Fund thereof and to one or more additional banks, insurance companies, financial institutions, investment funds or other entities (“Purchasing Lenders”), all or any part of its rights and
obligations under this Credit Agreement and the Notes in minimum amounts of (i) $5,000,000 with respect to its Revolving Commitment and its Revolving Loans (or, if less, the entire amount of such Lender’s Revolving Commitment and Revolving
Loans) and (ii) $1,000,000 with respect to its Term Loans (or, if less, the entire amount of such Lender’s Term Loans), pursuant to an Assignment Agreement, executed by such Purchasing Lender, such transferor Lender, the Administrative Agent
and the Company (to the extent required), and delivered to the Administrative Agent for its acceptance and recording in the Register; provided, however, that (A) any sale or assignment to an existing Lender, or Affiliate or Approved
Fund thereof, shall not require the consent of the Company nor shall any such sale or assignment be subject to the minimum assignment amounts specified herein, (B) so long as no Default or Event of Default shall have occurred and be continuing, any
sale or assignment of a portion of the Revolving Loans and a Revolving Loan Commitment shall require the consent of the Company and (C) any sale or assignment of a portion of the Term Loan shall not require the consent of the Company;
provided, further, that notwithstanding anything in this Section 9.6 to the contrary, a Lender may only sell or assign a Revolving Loan or Revolving Commitment to a PMP unless otherwise consented to by the Company. Upon such execution,
delivery, acceptance and recording, from and after the Transfer Effective Date specified in such Assignment Agreement, (1) the Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment Agreement, have the
rights and obligations of a Lender hereunder with a Commitment as set forth therein, and (2) the transferor Lender thereunder shall, to the extent provided in such Assignment Agreement, be released from its obligations under this Credit Agreement
(and, in the case of an Assignment Agreement covering all or the remaining portion of a transferor Lender’s rights and obligations under this Credit Agreement, such transferor Lender shall cease to be a party hereto; provided, however, that
such Lender shall continue to be entitled to any indemnification rights that expressly survive hereunder). Such Assignment Agreement shall be deemed to amend this Credit Agreement to the extent, and only to the extent, necessary to reflect the
addition of such Purchasing Lender and the resulting adjustment of Commitment Percentages arising from the purchase by such Purchasing Lender of all or a portion of the rights and obligations of such transferor Lender under this Credit Agreement and
the Notes. On or prior to the Transfer Effective Date specified in such Assignment Agreement, the Borrowers, at their own expense, shall execute and deliver to the Administrative Agent in exchange for the Notes delivered to the Administrative Agent
pursuant to such Assignment Agreement new Notes to the order of such Purchasing Lender in an amount equal to the Commitment assumed by it pursuant to such Assignment Agreement and, unless the transferor Lender has not retained a Commitment
hereunder, new Notes to the order of the transferor Lender in an amount equal to the Commitment retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the form of the Notes replaced thereby.
Notwithstanding anything to the contrary contained in this Section 9.6, a Lender may assign any or all of its rights under this Credit Agreement to an Affiliate or an 
  

 114 

 Approved Fund of such Lender without delivering an Assignment Agreement to the Administrative Agent;
provided, however, that (w) the Credit Parties and the Administrative Agent may continue to deal solely and directly with such assigning Lender until an Assignment Agreement has been delivered to the Administrative Agent for
recordation on the Register, (x) the failure of such assigning lender to deliver an Assignment Agreement to the Administrative Agent shall not affect the legality, validity or binding effect of such assignment, (y) an Assignment Agreement between
the assigning Lender and an Affiliate or Approved Fund of such Lender shall be effective as of the date specified in such Assignment Agreement and (z) such Affiliate or Approved Fund shall comply with the terms of Section 6.1(g), to the extent
applicable. 
  
 (d) The Administrative Agent
shall maintain at its address referred to in Section 9.2 a copy of each Assignment Agreement delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, and
principal amount of the Loans owing to, each Lender from time to time. A Loan (and the related Note) recorded on the Register may be assigned or sold in whole or in part upon registration of such assignment or sale on the Register. The entries in
the Register shall be conclusive, in the absence of manifest error, and the Borrowers, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register as the owner of the Loan recorded therein for all purposes
of this Credit Agreement. The Register shall be available for inspection by the Company or any Lender at any reasonable time and from time to time upon reasonable prior notice. In the case of an assignment pursuant to the last sentence of Section
9.6(c) as to which an Assignment Agreement is not delivered to the Administrative Agent, the assigning Lender shall, acting solely for this purpose as a non-fiduciary agent of the Credit Parties, maintain a comparable register on behalf of the
Credit Parties. In the event that any Lender sells participations in a Loan recorded on the Register, such Lender shall maintain a register on which it enters the name of all participants in such Loans held by it (the “Participant
Register”). A Loan recorded on the Register (and the registered Note, if any, evidencing the same) may be participated in whole or in part only by registration of such participation on the Participant Register (and each registered Note
shall expressly so provide). Any participation of such Loan recorded on the Register (and the registered Note, if any, evidencing the same) may be effected only by the registration of such participation on the Participant Register. 
  
 (e) Upon its receipt of a duly executed Assignment
Agreement, together with payment to the Administrative Agent by the transferor Lender or the Purchasing Lender, as agreed between them, of a registration and processing fee of $3,500 (which registration and processing fee shall not be payable in
connection with an assignment to an Affiliate) for each Purchasing Lender listed in such Assignment Agreement and the Notes subject to such Assignment Agreement, the Administrative Agent shall (i) accept such Assignment Agreement, (ii) record the
information contained therein in the Register and (iii) give prompt notice of such acceptance and recordation to the Lenders and the Company. 
  

 115 

 (f) The Borrowers authorize each Lender to disclose to any Participant or Purchasing
Lender (each, a “Transferee”) and any prospective Transferee any and all financial information in such Lender’s possession concerning the Company and its Subsidiaries which has been delivered to such Lender by or on behalf of
the Borrowers pursuant to this Credit Agreement or which has been delivered to such Lender by or on behalf of the Borrowers in connection with such Lender’s credit evaluation of the Borrowers and their Affiliates prior to becoming a party to
this Credit Agreement, in each case subject to Section 9.15. 
  
 (g) At the time of each assignment pursuant to this Section 9.6 to a Person which is not already a Lender hereunder and which is not a United States person (as such term is defined in Section 7701(a)(30) of the Code)
for Federal income tax purposes, the respective assignee Lender shall provide to the Company and the Administrative Agent the appropriate Internal Revenue Service Forms (and, if applicable, a Tax Exempt Certificate) described in Section 2.19.

  
 (h) Nothing herein shall prohibit any Lender
from pledging or assigning any of its rights under this Credit Agreement (including, without limitation, any right to payment of principal and interest under any Note) to secure obligations of such Lender, including without limitation, (i) any
pledge or assignment to secure obligations to a Federal Reserve Bank and (ii) in the case of any Lender that is a fund or trust or entity that invests in commercial bank loans in the ordinary course of business, any pledge or assignment to any
holders of obligations owed, or securities issued, by such Lender including to any trustee for, or any other representative of, such holders; it being understood that the requirements for assignments set forth in this Section 9.6 shall not apply to
any such pledge or assignment of a security interest, except with respect to any foreclosure or similar action taken by such pledgee or assignee with respect to such pledge or assignment; provided that no such pledge or assignment of a security
interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto and no such pledgee or assignee shall have any voting rights under this Credit Agreement unless and
until the requirements for assignments set forth in this Section 9.6 are complied with in connection with any foreclosure or similar action taken by such pledgee or assignee. 
  
 Section 9.7 Adjustments; Set-off. 
  
 (a) Each Lender agrees that if any Lender (a “benefited Lender”) shall at any time receive
any payment of all or part of its Loans, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to a Bankruptcy Event or otherwise) in a greater proportion than any such payment
to or collateral received by any other Lender, if any, in respect of such other Lender’s Loans, or interest thereon, such benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such
other Lender’s Loan, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such benefited Lender to share the excess payment or benefits of such collateral or
proceeds ratably with each of the Lenders; provided, however, that if 
  

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 all or any portion of such excess payment or benefits is thereafter recovered from such benefited Lender,
such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. The Borrowers agree that each Lender so purchasing a portion of another Lender’s Loans may exercise all rights
of payment (including, without limitation, rights of set-off) with respect to such portion as fully as if such Lender were the direct holder of such portion. 
  

(b) In addition to any rights and remedies of the Lenders provided by law (including, without limitation, other rights of set-off),
each Lender shall have the right, without prior notice to the Borrowers or the applicable Credit Party, any such notice being expressly waived by the Credit Parties to the extent permitted by applicable law, upon the occurrence of any Event of
Default, to setoff and appropriate and apply any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect,
absolute or contingent, matured or unmatured, at any time held by or owing to such Lender or any branch or agency thereof to or for the credit or the account of the Borrowers or any other Credit Party, or any part thereof in such amounts as such
Lender may elect, against and on account of the Loans and other Credit Party Obligations of the Borrowers and the other Credit Parties to the Administrative Agent and the Lenders and claims of every nature and description of the Administrative Agent
and the Lenders against the Borrowers and the other Credit Parties, in any currency, whether arising hereunder, under any other Credit Document or any Secured Hedging Agreement pursuant to the terms of this Credit Agreement, as such Lender may
elect, whether or not the Administrative Agent or the Lenders have made any demand for payment and although such obligations, liabilities and claims may be contingent or unmatured. The aforesaid right of set-off may be exercised by such Lender
against the Borrowers, any other Credit Party or against any trustee in bankruptcy, debtor in possession, assignee for the benefit of creditors, receiver or execution, judgment or attachment creditor of the Borrowers or any other Credit Party, or
against anyone else claiming through or against the Borrowers, any other Credit Party or any such trustee in bankruptcy, debtor in possession, assignee for the benefit of creditors, receiver, or execution, judgment or attachment creditor,
notwithstanding the fact that such right of set-off shall not have been exercised by such Lender prior to the occurrence of any Event of Default. Each Lender agrees promptly to notify the Company and the Administrative Agent after any such set-off
and application made by such Lender; provided, however, that the failure to give such notice shall not affect the validity of such set-off and application. Notwithstanding the terms of this Section to the contrary, each of the Lenders
and the Administrative Agent acknowledge and agree that it will not set-off any account of a Foreign Borrower to repay Credit Party Obligations of a US Credit Party. 
  
 Section 9.8 Table of Contents and Section Headings. 
  
 The table of contents and the Section and subsection headings herein are
intended for convenience only and shall be ignored in construing this Credit Agreement. 
  

 117 

 Section 9.9 Counterparts. 
  
 This Credit Agreement may be executed by one or more of the parties to this Credit Agreement on any number of separate
counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A set of the copies of this Credit Agreement signed by all the parties shall be lodged with the Company and the Administrative
Agent. 
  
 Section 9.10 Effectiveness. 

 
 This Credit Agreement shall become effective on the date on which all of
the parties have signed a copy hereof (whether the same or different copies) and shall have delivered the same to the Administrative Agent pursuant to Section 9.2 or, in the case of the Lenders, shall have given to the Administrative Agent
written, telecopied or telex notice (actually received) at such office that the same has been signed and mailed to it. 
  
 Section 9.11 Severability. 
  
 Any provision of this Credit Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. 
  
 Section 9.12 Integration.

  
 This Credit Agreement and the other Credit Documents
represent the agreement of the Borrowers, the other Credit Parties, the Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Administrative
Agent, the Borrowers, the other Credit Parties, or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or therein. 
  
 Section 9.13 Governing Law. 
  
 This Credit Agreement and, unless otherwise specified therein, each other Credit Document and the rights and obligations of the parties under this Credit
Agreement and such other Credit Document shall be governed by, and construed and interpreted in accordance with, the law of the State of New York without regard to conflict of laws principles thereof (other than Sections 5-1401 and 5-1402 of The New
York General Obligations Law). 
  
 Section 9.14 Consent to
Jurisdiction and Service of Process. 
  
 All judicial
proceedings brought against the Borrowers and/or any other Credit Party with respect to this Credit Agreement, any Note or any of the other Credit Documents may be brought in any state or federal court of competent jurisdiction in the State of New
York, and, by execution and delivery of this Credit Agreement, the Borrowers and each of the other Credit 
  

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 Parties accepts, for itself and in connection with its properties, generally and unconditionally, the non-exclusive
jurisdiction of the aforesaid courts and irrevocably agrees to be bound by any final judgment rendered thereby in connection with this Credit Agreement from which no appeal has been taken or is available. The Borrowers and each of the other Credit
Parties irrevocably agree that all service of process in any such proceedings in any such court may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to it at its
address set forth in Section 9.2 or at such other address of which the Administrative Agent shall have been notified pursuant thereto, such service being hereby acknowledged by the Borrowers and the other Credit Parties to be effective and binding
service in every respect. The Borrowers, the other Credit Parties, the Administrative Agent and the Lenders irrevocably waive any objection, including, without limitation, any objection to the laying of venue or based on the grounds of forum non
conveniens which it may now or hereafter have to the bringing of any such action or proceeding in any such jurisdiction. Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the right of any
Lender to bring proceedings against the Borrowers or the other Credit Parties in the court of any other jurisdiction. 
  
 Section 9.15 Confidentiality. 
  
 The Administrative Agent and each of the Lenders agrees that it will not to disclose without the prior consent of the Company any information (the
“Information”) with respect to the Credit Parties and their Subsidiaries which is furnished pursuant to this Credit Agreement, any other Credit Document or any documents contemplated by or referred to herein or therein, except that
any Lender may disclose any such Information (a) to its employees, affiliates, auditors or counsel or to another Lender, (b) as has become generally available to the public other than by a breach of this Section 9.15, (c) as may be required or
appropriate in any report, statement or testimony submitted to any municipal, state or federal regulatory body having or claiming to have jurisdiction over such Lender or to the Federal Reserve Board or the Federal Deposit Insurance Corporation or
the Office of the Comptroller of the Currency or the National Association of Insurance Commissioners or similar organizations (whether in the United States or elsewhere) or their successors, (d) as may be required or appropriate in response to any
summons or subpoena or any law, order, regulation or ruling applicable to such Lender, (e) to (i) any prospective Participant or assignee in connection with any contemplated transfer pursuant to Section 9.6 or (ii) any actual or prospective
counterparty (or its advisors) to any swap or derivative transaction relating to the Borrowers, provided that such prospective transferee or counterparty shall have been made aware of this Section 9.15 and shall have agreed to be bound by its
provisions as if it were a party to this Credit Agreement, (f) to Gold Sheets and other similar bank trade publications; such information to consist of deal terms and other information regarding the credit facilities evidenced by this Credit
Agreement customarily found in such publications, (g) in connection with any suit, action or proceeding for the purpose of defending itself, reducing its liability, or protecting or exercising any of its claims, rights, remedies or interests under
or in connection with the Credit Documents or any Secured Hedging Agreement, (h) to any direct or indirect contractual counterparty in swap agreements or such contractual counterparty’s professional advisor (so long as such contractual
counterparty or professional advisor to such contractual counterparty agrees to be bound by the provisions of this Section 9.15), (i) any nationally recognized rating agency that requires access to customary information 
  

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 about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender, (j) to a Person
that is an investor or prospective investor in a Securitization (as defined below) that agrees that its access to information regarding the Borrowers and the Loans is solely for purposes of evaluating an investment in such Securitization;
provided that such Person shall have been made aware of this Section 9.15 and shall have agreed to be bound by its provisions as if it were a party to this Credit Agreement, (k) to a Person that is a trustee, collateral manager, servicer,
noteholder or secured party in a Securitization in connection with the administration, servicing and reporting on the assets serving as collateral for such Securitization; provided that such Person shall have been made aware of this Section
9.15 and shall have agreed to be bound by its provisions as if it were a party to this Credit Agreement, or (l) to a nationally recognized rating agency that requires access to information regarding the Borrowers and the Loans in connection with
ratings issued with respect to a Securitization. For purposes of this Section “Securitization” shall mean a public or private offering by a Lender or any of its affiliates or their respective successors and assigns, of securities
which represent an interest in, or which are collateralized in whole or in part by, the Loans. Unless specifically prohibited by applicable law or court order, each of the Lenders and the Administrative Agent shall, prior to disclosure pursuant to
clauses 9.15(c) and (d) above, notify the Company of any request for disclosure of any such non-public information. 
  
 Section 9.16 Acknowledgments. 
  
 The Company and the other Credit Parties each hereby acknowledges that: 
  
 (a) it has been advised by counsel in the negotiation, execution and delivery of each Credit Document;

  
 (b) neither the Administrative Agent nor any
Lender has any fiduciary relationship with or duty to the Company or any other Credit Party arising out of or in connection with this Credit Agreement and the relationship between the Administrative Agent and the Lenders, on one hand, and the
Company and the other Credit Parties, on the other hand, in connection herewith is solely that of debtor and creditor; and 
  
 (c) no joint venture exists among the Lenders or among the Company or the other Credit Parties and the Lenders. 
  
 Section 9.17 Waivers of Jury Trial; Waiver of Consequential
Damages. 
  
 THE BORROWERS, THE OTHER CREDIT PARTIES, THE
ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE, TO THE EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS CREDIT AGREEMENT OR ANY OTHER CREDIT DOCUMENT AND FOR ANY
COUNTERCLAIM THEREIN. Each of the Company, the other Credit Parties, the Administrative Agent and the Lenders agree not to assert any claim against any other party to this Credit Agreement or any their respective directors, officers, employees,
attorneys, Affiliates or agents, on any theory of liability, for special, indirect, consequential or punitive damages arising out of or otherwise relating to any of the transactions contemplated herein. 
  

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 Section 9.18 Patriot Act Notice. 
  
 Each Lender and the Administrative Agent (for itself and not on behalf of
any other party) hereby notifies the Company that, pursuant to the requirements of the USA Patriot Act, Title III of Pub. L. 107-56, signed into law October 26, 2001 (the “Patriot Act”), it is required to obtain, verify and record
information that identifies the Borrowers, which information includes the name and address of the Borrowers and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrowers in accordance with
the Patriot Act. 
  
 Section 9.19 Release of Collateral.

  
 Each Lender hereby directs the Administrative Agent to
release, and the Administrative Agent agrees to release, any Lien held by it under the Security Documents on the Termination Date; provided, however, that the Administrative Agent shall not be required to execute any such document on
terms which, in its opinion, would expose it to liability or create any obligation or entail any consequence other than the release of such Liens without recourse or warranty.  
  
 Section 9.20 Judgment Currency. 
  
 If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or under any other
Credit Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business
Day preceding that on which final judgment is given. The obligation of each of the Credit Parties in respect of any such sum due from it to the Administrative Agent or any Lender hereunder or under the other Credit Documents shall, notwithstanding
any judgment in a currency (the “Judgment Currency”) other than Dollars, be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or such Lender of any sum adjudged to be so due in the
Judgment Currency, the Administrative Agent or such Lender may in accordance with normal banking procedures purchase Dollars with the Judgment Currency. If the amount of Dollars so purchased is less than the sum originally due to the Administrative
Agent or such Lender in Dollars, the Company agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender or the Person to whom such obligation was owing against such loss. If the
amount of Dollars so purchased is greater than the sum originally due to the Administrative Agent or such Lender in such currency, the Administrative Agent and the Lenders agree to apply such excess to any Credit Party Obligations then due and
payable in accordance with the terms of Section 2.13. 
  

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 Section 9.21 Professional Market Party Representation. 
  
 With respect to any Revolving Loan made to a Dutch Borrower: 
  
 (a) Each Revolving Lender on the Closing Date represents and
warrants to the Dutch Borrowers that it is a PMP on the Closing Date and, to the extent required to comply with the exemption under Section 2 of the Dutch BA Exemption Regulation, on any date thereafter that it is a Revolving Lender under this
Credit Agreement. 
  
 (b) If on the date on which
a Transferee becomes a Revolving Lender it is a requirement of Dutch law that such Transferee be a PMP, each Transferee represents and warrants to the Dutch Borrowers that it is a PMP on such date and on any date thereafter that it is a Revolving
Lender under this Credit Agreement. 
  
 (c) Each
such Revolving Lender and Transferee acknowledges that the Dutch Borrowers have relied upon the representations and warranties of such Revolving Lender and Transferee contained in this Section. 
  
 Section 9.22 Foreign Subsidiary Restructuring. 
  
 After the Closing Date, the Company intends to restructure its Foreign
Subsidiaries to improve corporate management efficiency, reduce expenses and minimize tax obligations. The reorganization will be accomplished by consolidating the ownership of some of the Foreign Subsidiaries (including possibly some Foreign Credit
Parties) under one or more existing Foreign Credit Parties or one or more newly formed Foreign Subsidiaries (each a “Foreign Holding Company” and collectively the “Foreign Holding Companies”) that will immediately
become Foreign Credit Parties by the execution of a Joinder Agreement and shall deliver any other documentation required by Section 5.10(b). Therefore, notwithstanding any provision to the contrary within this Credit Agreement, the Administrative
Agent and the Lenders agree that the Credit Parties shall be permitted, without seeking an amendment or waiver under this Credit Agreement, to effect this restructuring by: (a) creating, if necessary, one or more Foreign Holding Companies; (b)
contributing, distributing, selling or otherwise transferring the Capital Stock of certain existing Foreign Subsidiaries (including Foreign Credit Parties) to one or more Foreign Holding Companies; provided that any Foreign Subsidiary that is
a Foreign Credit Party prior to such contribution, distribution, sale or other transfer shall remain a Foreign Credit Party after giving effect thereto, if still existing; (c) so long as no Default or Event of Default then exists or would exist
after giving effect to the incurrence thereof, creating unsecured intercompany Indebtedness owed from a Foreign Credit Party to a Credit Party for the purposes listed above. The Administrative Agent and the Lenders further agree that they will,
pursuant to Section 8.11, release any existing pledges of Capital Stock of a Foreign Subsidiary that, after the restructuring, is no longer a first-tier Foreign Subsidiary of a US Credit Party; provided, however, that the shares of any
first-tier Foreign Holding Company and any other first-tier Foreign Subsidiaries of a US Credit Party, if any, existing after such restructuring will be pledged pursuant to Section 5.10(a). 
  

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 ARTICLE X 
  

US GUARANTY 
  
 Section 10.1 The US Guaranty. 
  
 In order to induce the Lenders to enter into this Agreement and any Hedging Agreement Provider to enter into any Secured Hedging Agreement with the
Company or any of its Domestic Subsidiaries and to extend credit hereunder and thereunder, and in recognition of the direct benefits to be received by the US Guarantors from the Extensions of Credit hereunder and the extensions of credit under any
Secured Hedging Agreement, each of the US Guarantors hereby agrees with the Administrative Agent and the Lenders as follows: each US Guarantor hereby unconditionally and irrevocably jointly and severally guarantees as primary obligor and not merely
as surety the full and prompt payment when due, whether upon maturity, by acceleration or otherwise, of any and all Credit Party Obligations of the Company. If any or all of the Credit Party Obligations of the Company becomes due and payable, each
US Guarantor unconditionally promises to pay such Credit Party Obligations to the Administrative Agent, the Lenders and the Hedging Agreement Providers, or order, on demand, together with any and all reasonable expenses which may be incurred by the
Administrative Agent, the Lenders or the Hedging Agreement Providers in collecting any of such Credit Party Obligations. The US Guaranty set forth in this Article X is a guaranty of timely payment and not of collection. 
  
 Notwithstanding any provision to the contrary contained herein or in any
other of the Credit Documents, to the extent the obligations of a US Guarantor shall be adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or federal law relating to fraudulent
conveyances or transfers) then the obligations of each such US Guarantor hereunder shall be limited to the maximum amount that is permissible under applicable law (whether federal or state and including, without limitation, the Bankruptcy Code).

  
 Section 10.2 Bankruptcy. 
  
 Additionally, each of the US Guarantors unconditionally and irrevocably
guarantees jointly and severally the payment of any and all Credit Party Obligations of the Company to the Lenders and the Hedging Agreement Providers whether or not due or payable by the Company upon the occurrence of any of the events specified in
Section 7.1(e), and unconditionally promises to pay such Credit Party Obligations to the Administrative Agent for the account of the Lenders and to any such Hedging Agreement Provider, or order, on demand, in lawful money of the United States. Each
of the US Guarantors further agrees that to the extent that the Company or a US Guarantor shall make a payment or a transfer of an interest in any property to the Administrative Agent, any Lender or any Hedging Agreement Provider, which payment or
transfer or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, or otherwise is avoided, and/or required to be repaid to the Company or a US Guarantor, the estate of the Company or a US Guarantor, a trustee,
receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then to the extent of such avoidance or repayment, the obligation or part thereof intended to be satisfied shall be revived and continued in
full force and effect as if said payment had not been made. 
  

 123 

 Section 10.3 Nature of Liability. 
  
 The liability of each US Guarantor hereunder is exclusive and independent of
any security for or other guaranty of the Credit Party Obligations of the Company whether executed by any such US Guarantor, any other guarantor or by any other party, and no US Guarantor’s liability hereunder shall be affected or impaired by
(a) any direction as to application of payment by the Company or by any other party, (b) any other continuing or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Credit Party Obligations of the Company,
(c) any payment on or in reduction of any such other guaranty or undertaking, (d) any dissolution, termination or increase, decrease or change in personnel by the Company, or (e) any payment made to the Administrative Agent, the Lenders or any
Hedging Agreement Provider on the Credit Party Obligations which the Administrative Agent, such Lenders or such Hedging Agreement Provider repay the Company pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other
debtor relief proceeding, and each of the US Guarantors waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding. 
  
 Section 10.4 Independent Obligation. 
  
 The obligations of each US Guarantor hereunder are independent of the obligations of any other US Guarantor or the Company,
and a separate action or actions may be brought and prosecuted against each US Guarantor whether or not action is brought against any other US Guarantor or the Company and whether or not any other US Guarantor or the Company is joined in any such
action or actions. 
  
 Section 10.5 Authorization.

  
 Each of the US Guarantors authorizes the Administrative
Agent, each Lender and each Hedging Agreement Provider without notice or demand (except as shall be required by applicable statute and cannot be waived), and without affecting or impairing its liability hereunder, from time to time to (a) renew,
compromise, extend, increase, accelerate or otherwise change the time for payment of, or otherwise change the terms of the Credit Party Obligations or any part thereof in accordance with this Agreement, including any increase or decrease of the rate
of interest thereon, (b) take and hold security from any US Guarantor or any other party for the payment of the US Guaranty or the Credit Party Obligations and exchange, enforce waive and release any such security, (c) apply such security and direct
the order or manner of sale thereof as the Administrative Agent and the Lenders in their discretion may determine and (d) release or substitute any one or more endorsers, US Guarantors, the Company or other obligors. 
  

 124 

 Section 10.6 Reliance. 
  
 It is not necessary for the Administrative Agent, the Lenders or any Hedging Agreement Provider to inquire into the capacity
or powers of the Company or the officers, directors, members, partners or agents acting or purporting to act on its behalf, and any Credit Party Obligations made or created in reliance upon the professed exercise of such powers shall be guaranteed
hereunder. 
  
 Section 10.7 Waiver. 
  
 (a) Each of the US Guarantors waives any right (except as
shall be required by applicable statute and cannot be waived) to require the Administrative Agent, any Lender or any Hedging Agreement Provider to (i) proceed against the Company, any other guarantor or any other party, (ii) proceed against or
exhaust any security held from the Company, any other guarantor or any other party, or (iii) pursue any other remedy in the Administrative Agent’s, any Lender’s or any Hedging Agreement Provider’s power whatsoever. Each of the US
Guarantors waives any defense based on or arising out of any defense of the Company, any other guarantor or any other party other than payment in full of the Credit Party Obligations, including, without limitation, any defense based on or arising
out of the disability of the Company, any other guarantor or any other party, or the unenforceability of the Credit Party Obligations or any part thereof from any cause, or the cessation from any cause of the liability of the Company other than
payment in full of the Credit Party Obligations. The Administrative Agent may, at its election, foreclose on any security held by the Administrative Agent by one or more judicial or nonjudicial sales (to the extent such sale is permitted by
applicable law), or exercise any other right or remedy the Administrative Agent or any Lender may have against the Company or any other party, or any security, without affecting or impairing in any way the liability of any US Guarantor hereunder
except to the extent the Credit Party Obligations have been paid in full and the Commitments have been terminated. Each of the US Guarantors waives any defense arising out of any such election by the Administrative Agent or any of the Lenders, even
though such election operates to impair or extinguish any right of reimbursement or subrogation or other right or remedy of the US Guarantors against the Company or any other party or any security. 
  
 (b) Each of the US Guarantors waives all presentments,
demands for performance, protests and notices, including, without limitation, notices of nonperformance, notice of protest, notices of dishonor, notices of acceptance of the US Guaranty, and notices of the existence, creation or incurring of new or
additional Credit Party Obligations. Each US Guarantor assumes all responsibility for being and keeping itself informed of the Company’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the
Credit Party Obligations and the nature, scope and extent of the risks which such US Guarantor assumes and incurs hereunder, and agrees that neither the Administrative Agent nor any Lender shall have any duty to advise such US Guarantor of
information known to it regarding such circumstances or risks. 
  

 125 

 (c) Each of the US Guarantors hereby agrees it will not exercise any rights of
subrogation which it may at any time otherwise have as a result of the US Guaranty (whether contractual, under Section 509 of the U.S. Bankruptcy Code, or otherwise) to the claims of the Lenders or any Hedging Agreement Provider against the Company
or any other guarantor of the Credit Party Obligations of the Company owing to the Lenders or any such Hedging Agreement Provider (collectively, the “Other Parties”) and all contractual, statutory or common law rights of
reimbursement, contribution or indemnity from any Other Party which it may at any time otherwise have as a result of the US Guaranty until such time as the Loans hereunder shall have been paid and the Commitments have been terminated. Each of the US
Guarantors hereby further agrees not to exercise any right to enforce any other remedy which the Administrative Agent, the Lenders or any Hedging Agreement Provider now has or may hereafter have against any Other Party, any endorser or any other
guarantor of all or any part of the Credit Party Obligations of the Company and any benefit of, and any right to participate in, any security or collateral given to or for the benefit of the Lenders and/or any such Hedging Agreement Provider to
secure payment of the Credit Party Obligations of the Company until such time as the Loans hereunder shall have been paid and the Commitments have been terminated. 
  
 Section 10.8 Limitation on Enforcement. 
  
 The Lenders and the Hedging Agreement Providers agree that this US Guaranty may be enforced only by the action of the
Administrative Agent acting upon the instructions of the Required Lenders and that no Lender or Hedging Agreement Provider shall have any right individually to seek to enforce or to enforce the US Guaranty, it being understood and agreed that such
rights and remedies may be exercised by the Administrative Agent for the benefit of the Lenders under the terms of this Agreement and for the benefit of any Hedging Agreement Provider under any Secured Hedging Agreement. The Lenders and the Hedging
Agreement Providers further agree that this US Guaranty may not be enforced against any director, officer, employee or stockholder of the US Guarantors. 
  
 Section 10.9 Confirmation of Payment. 
  
 The Administrative Agent and the Lenders will, upon request after payment in cash in full of the Credit Party Obligations and obligations which are the
subject of the US Guaranty and termination of the Commitments relating thereto, confirm to the Company, the US Guarantors or any other Person that such Credit Party Obligations and obligations have been paid and the Commitments relating thereto
terminated, subject to the provisions of Section 10.2. 
  

 126 

 ARTICLE XI 
  

FOREIGN GUARANTY; JOINT AND SEVERAL LIABILITY 
 OF FOREIGN BORROWERS 
  
 Section 11.1 The
Foreign Guaranty. 
  
 In order to induce the Lenders to
enter into this Agreement and to extend credit hereunder, and in recognition of the direct benefits to be received by the Foreign Guarantors from the Extensions of Credit to the Foreign Borrowers hereunder, each of the Foreign Guarantors hereby
agrees with the Administrative Agent and the Lenders as follows: each Foreign Guarantor hereby unconditionally and irrevocably jointly and severally guarantees as primary obligor and not merely as surety the full and prompt payment when due, whether
upon maturity, by acceleration or otherwise, of any and all Credit Party Obligations of the Foreign Borrowers. If any or all of the Credit Party Obligations of the Foreign Borrowers becomes due and payable, each Foreign Guarantor unconditionally
promises to pay such indebtedness to the Administrative Agent and the Lenders, or order, on demand, together with any and all reasonable expenses which may be incurred by the Administrative Agent or the Lenders in collecting any of such Credit Party
Obligations. The Foreign Guaranty set forth in this Article XI is a guaranty of timely payment and not of collection. 
  
 Section 11.2 Bankruptcy. 
  
 Additionally, each of the Foreign Guarantors unconditionally and irrevocably guarantees jointly and severally the payment of any and all Credit Party
Obligations of the Foreign Borrowers to the Lenders whether or not due or payable by the Foreign Borrowers upon the occurrence of any of the events specified in Section 7.1(e), and unconditionally promises to pay such Credit Party Obligations to the
Administrative Agent for the account of the Lenders, or order, on demand, in lawful money of the United States. Each of the Foreign Guarantors further agrees that to the extent that the Foreign Borrowers or a Foreign Guarantor shall make a payment
or a transfer of an interest in any property to the Administrative Agent or any Lender, which payment or transfer or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, or otherwise is avoided, and/or required to
be repaid to the Foreign Borrowers or a Foreign Guarantor, the estate of the Foreign Borrowers or a Foreign Guarantor, a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then to the
extent of such avoidance or repayment, the obligation or part thereof intended to be satisfied shall be revived and continued in full force and effect as if said payment had not been made. 
  
 Section 11.3 Nature of Liability. 
  
 The liability of each Foreign Guarantor hereunder is exclusive and
independent of any security for or other guaranty of the Credit Party Obligations of the Foreign Borrowers whether executed by any such Foreign Guarantor, any other guarantor or by any other party, and no Foreign Guarantor’s liability hereunder
shall be affected or impaired by (a) any direction as to application of payment by the Foreign Borrowers or by any other party, (b) any other continuing 
  

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 or other guaranty, undertaking or maximum liability of a guarantor or of any other party as to the Credit Party
Obligations of the Foreign Borrowers, (c) any payment on or in reduction of any such other guaranty or undertaking, (d) any dissolution, termination or increase, decrease or change in personnel by the Foreign Borrowers, or (e) any payment made to
the Administrative Agent or the Lenders on the Credit Party Obligations of the Foreign Borrowers which the Administrative Agent or such Lenders repay the Foreign Borrowers pursuant to court order in any bankruptcy, reorganization, arrangement,
moratorium or other debtor relief proceeding, and each of the Foreign Guarantors waives any right to the deferral or modification of its obligations hereunder by reason of any such proceeding. 
  
 Section 11.4 Independent Obligation. 
  
 The obligations of each Foreign Guarantor hereunder are independent of the
obligations of any other Foreign Guarantor or the Foreign Borrowers, and a separate action or actions may be brought and prosecuted against each Foreign Guarantor whether or not action is brought against any other Foreign Guarantor or the Foreign
Borrowers and whether or not any other Foreign Guarantor or the Foreign Borrowers are joined in any such action or actions. 
  
 Section 11.5 Authorization. 
  
 Each of the Foreign Guarantors authorizes the Administrative Agent and each Lender without notice or demand (except as shall be required by applicable
statute and cannot be waived), and without affecting or impairing its liability hereunder, from time to time to (a) renew, compromise, extend, increase, accelerate or otherwise change the time for payment of, or otherwise change the terms of the
Credit Party Obligations or any part thereof in accordance with this Agreement, including any increase or decrease of the rate of interest thereon, (b) take and hold security from any Foreign Guarantor or any other party for the payment of the
Foreign Guaranty or the Credit Party Obligations of the Foreign Borrowers and exchange, enforce waive and release any such security, (c) apply such security and direct the order or manner of sale thereof as the Administrative Agent and the Lenders
in their discretion may determine and (d) release or substitute any one or more endorsers, Foreign Guarantors, Foreign Borrowers or other obligors. 
  
 Section 11.6 Reliance. 
  
 It is not necessary for the Administrative Agent or the Lenders to inquire into the capacity or powers of the Foreign Borrowers or the officers,
directors, members, partners or agents acting or purporting to act on its behalf, and any Credit Party Obligations of the Foreign Borrowers made or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder.

  
 Section 11.7 Waiver. 
  
 (a) Each of the Foreign Guarantors waives any right (except
as shall be required by applicable statute and cannot be waived) to require the Administrative Agent or any Lender to (i) proceed against the Foreign Borrowers, any other guarantor or any 
  

 128 

 other party, (ii) proceed against or exhaust any security held from the Foreign Borrowers, any other
guarantor or any other party, or (iii) pursue any other remedy in the Administrative Agent’s or any Lender’s power whatsoever. Each of the Foreign Guarantors waives any defense based on or arising out of any defense of the Foreign
Borrowers, any other guarantor or any other party other than payment in full of the Credit Party Obligations of the Foreign Borrowers and termination of all Commitments with respect thereto, including, without limitation, any defense based on or
arising out of the disability of the Foreign Borrowers, any other guarantor or any other party, or the unenforceability of the Credit Party Obligations or any part thereof from any cause, or the cessation from any cause of the liability of the
Foreign Borrowers other than payment in full of the Credit Party Obligations and termination of all Commitments with respect thereto. The Administrative Agent may, at its election, foreclose on any security held by the Administrative Agent by one or
more judicial or nonjudicial sales (to the extent such sale is permitted by applicable law), or exercise any other right or remedy the Administrative Agent or any Lender may have against the Foreign Borrowers or any other party, or any security,
without affecting or impairing in any way the liability of any Foreign Guarantor hereunder except to the extent the Credit Party Obligations of the Foreign Borrowers have been paid in full and the Commitments with respect thereto have been
terminated. Each of the Foreign Guarantors waives any defense arising out of any such election by the Administrative Agent or any of the Lenders, even though such election operates to impair or extinguish any right of reimbursement or subrogation or
other right or remedy of the Foreign Guarantors against the Foreign Borrowers or any other party or any security. 
  
 (b) Each of the Foreign Guarantors waives all presentments, demands for performance, protests and notices, including, without limitation,
notices of nonperformance, notice of protest, notices of dishonor, notices of acceptance of the Foreign Guaranty, and notices of the existence, creation or incurring of new or additional Credit Party Obligations. Each Foreign Guarantor assumes all
responsibility for being and keeping itself informed of the Foreign Borrowers’ financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the Credit Party Obligations of the Foreign Borrowers and the
nature, scope and extent of the risks which such Foreign Guarantor assumes and incurs hereunder, and agrees that neither the Administrative Agent nor any Lender shall have any duty to advise such Foreign Guarantor of information known to it
regarding such circumstances or risks. 
  
 (c)
Each of the Foreign Guarantors hereby agrees it will not exercise any rights of subrogation which it may at any time otherwise have as a result of the Foreign Guaranty (whether contractual, under Section 509 of the U.S. Bankruptcy Code, or
otherwise) to the claims of the Lenders against the Foreign Borrowers or any other guarantor of the Credit Party Obligations of the Foreign Borrowers owing to the Lenders (collectively, the “Other Parties”) and all contractual,
statutory or common law rights of reimbursement, contribution or indemnity from any Other Party which it may at any time otherwise have as a result of the Foreign Guaranty until such time as the Loans hereunder shall have been paid and the
Commitments have been terminated. Each of the Foreign Guarantors hereby further agrees not to exercise any right to enforce any other remedy 
  

 129 

 which the Administrative Agent or the Lenders now have or may hereafter have against any Other Party, any
endorser or any other guarantor of all or any part of the Credit Party Obligations of the Foreign Borrowers and any benefit of, and any right to participate in, any security or collateral given to or for the benefit of the Lenders to secure payment
of the Credit Party Obligations of the Foreign Borrowers until such time as the Loans hereunder shall have been paid and the Commitments have been terminated. 
  

Section 11.8 Limitation on Enforcement. 
  
 The Lenders agree that this Foreign Guaranty may be enforced only by the action of the Administrative Agent acting upon the instructions of the Required
Lenders and that no Lender shall have any right individually to seek to enforce or to enforce the Foreign Guaranty, it being understood and agreed that such rights and remedies may be exercised by the Administrative Agent for the benefit of the
Lenders under the terms of this Agreement. The Lenders further agree that this Foreign Guaranty may not be enforced against any director, officer, employee or stockholder of the Foreign Guarantors. 
  
 Section 11.9 Confirmation of Payment. 
  
 The Administrative Agent and the Lenders will, upon request after payment in
cash in full of the Credit Party Obligations of the Borrowers and obligations which are the subject of the Foreign Guaranty and termination of the Commitments relating thereto, confirm to the Foreign Borrowers, the Foreign Guarantors or any other
Person that such Credit Party Obligations of the Foreign Borrowers and obligations have been paid and the Commitments relating thereto terminated, subject to the provisions of Section 11.2. 
  
 Section 11.10 Dutch Limitations. 
  
 Notwithstanding the other provisions of this Article XI, no Foreign
Guarantor which is incorporated under the laws of the Netherlands shall be liable to pay any amount to the extent that, were it to be so liable it would violate Sections 2:7, 2:207c or 3:45 of the Dutch Civil Code or Section 42 or 43 of the Dutch
Bankruptcy Act (Faillissementswet). 
  
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 LIONBRIDGE TECHNOLOGIES, INC. 
 CREDIT AGREEMENT 
  
 IN WITNESS
WHEREOF, the parties hereto have caused this Credit Agreement to be duly executed and delivered by its proper and duly authorized officers as of the day and year first above written. 
  

					
	 COMPANY:
	 	LIONBRIDGE TECHNOLOGIES, INC.,
	 	 	a Delaware corporation
			
	 	 	By:	 	 /s/ Stephen J. Lifshatz

	 	 	Name:	 	Stephen J. Lifshatz
	 	 	Title:	 	Vice President
		
	 IRISH BORROWER:
	 	LIONBRIDGE TECHNOLOGIES IRELAND,
	 	 	a company organized under the laws of Ireland
			
	 	 	By:	 	 /s/ Rory Cowan

	 	 	Name:	 	Rory Cowan
	 	 	Title:	 	Director
		
	 DUTCH BORROWERS:
	 	LIONBRIDGE TECHNOLOGIES HOLDINGS B.V.,
	 	 	a company incorporated under the laws of The Netherlands
			
	 	 	By:	 	 /s/ Rory Cowan

	 	 	Name:	 	Rory Cowan
	 	 	Title:	 	Director
		
	 US GUARANTORS:
	 	VERITEST, INC.,
	 	 	a Delaware corporation
			
	 	 	By:	 	 /s/ Stephen J. Lifshatz

	 	 	Name:	 	Stephen J. Lifshatz
	 	 	Title:	 	Vice President

 LIONBRIDGE TECHNOLOGIES, INC. 
 CREDIT AGREEMENT 
  

			
	 MENTORIX TECHNOLOGIES INC.,

	 a California corporation

		
	 By:
	 	 /s/ Stephen J. Lifshatz

	 Name:
	 	Stephen J. Lifshatz
	 Title:
	 	Vice President
	
	 LIONBRIDGE US, INC.,

	 a Delaware corporation

		
	 By:
	 	 /s/ Stephen J. Lifshatz

	 Name:
	 	Stephen J. Lifshatz
	 Title:
	 	Vice President
	
	 LIONBRIDGE GLOBAL SOLUTIONS COMPANIES,
 INC. f/k/a BGS COMPANIES, INC.,

	 a Delaware corporation

		
	 By:
	 	 /s/ Stephen J. Lifshatz

	 Name:
	 	Stephen J. Lifshatz
	 Title:
	 	Vice President
	
	 LIONBRIDGE GLOBAL SOLUTIONS FEDERAL, INC.
 f/k/a BOWNE GLOBAL SOLUTIONS FEDERAL, INC.,

	 a Delaware corporation

		
	 By:
	 	 /s/ Stephen J. Lifshatz

	 Name:
	 	Stephen J. Lifshatz
	 Title:
	 	Vice President
	
	 LIONBRIDGE GLOBAL SOLUTIONS II, INC. f/k/a
 BOWNE GLOBAL SOLUTIONS II, INC.,

	 a New York corporation

		
	 By:
	 	 /s/ Stephen J. Lifshatz

	 Name:
	 	Stephen J. Lifshatz
	 Title:
	 	Vice President

 LIONBRIDGE TECHNOLOGIES, INC. 
 CREDIT AGREEMENT 
  

					
	 FOREIGN GUARANTORS:
	 	LIONBRIDGE TECHNOLOGIES B.V.,
	 	 	a company incorporated under the laws of The Netherlands
			
	 	 	By:	 	 /s/ Rory Cowan

	 	 	Name:	 	Rory Cowan
	 	 	Title:	 	Director

 LIONBRIDGE TECHNOLOGIES, INC. 
 CREDIT AGREEMENT 
  

					
	 ADMINISTRATIVE AGENT AND LENDERS:
	 	WACHOVIA BANK, NATIONAL ASSOCIATION,
	 	 	as Administrative Agent and as a Lender
			
	 	 	By:	 	 /s/ Scott C. Reeds

	 	 	Name:	 	Scott C. Reeds
	 	 	Title:	 	Vice President

 LIONBRIDGE TECHNOLOGIES, INC. 
 CREDIT AGREEMENT 
  

					
	 LENDERS:
	 	HSBC BANK USA, NATIONAL ASSOCIATION,
	 	 	as a Lender
			
	 	 	By:	 	 /s/ Kenneth V. McGraime

	 	 	Name:	 	Kenneth V. McGraime
	 	 	Title:	 	Senior Vice President, Commercial Executive

 LIONBRIDGE TECHNOLOGIES, INC. 
 CREDIT AGREEMENT 
  

			
	 JPMORGAN CHASE BANK, N.A.,

	 as a Lender

		
	 By:
	 	 /s/ Anthony Galea

	 Name:
	 	Anthony Galea
	 Title:
	 	Associate
	
	 J.P. MORGAN EUROPE LIMITED,

	 as a Lender and as a Designated Funding Subsidiary of
 JPMorgan Chase Bank, N.A.

		
	 By:
	 	 /s/ Mark John Herridge

	 Name:
	 	Mark John Herridge
	 Title:
	 	Assistant Vice President
		
	 By:
	 	 /s/ Paul Hogan

	 Name:
	 	Paul Hogan
	 Title:
	 	Assistant Vice President

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