Document:

exv10w1

Exhibit 10.1

EXECUTION COPY

CONFIDENTIAL

CITIGROUP GLOBAL MARKETS INC.

390 Greenwich Street

New York, New York 10013

May 31, 2011

Sealed Air Corporation

200 Riverfront Blvd, 3rd Floor

Elmwood Park, NJ 07407

Senior Secured Credit Facilities

Senior Bridge Facility

Commitment Letter

Ladies and Gentlemen:

You have advised Citi (as defined below, the “Commitment Party”, “we” or
“us”) that Sealed Air Corporation (the “US Borrower” or “you”) desire to
establish the Bank Facilities (as defined in Exhibit A) and the Senior Bridge Facility (as
defined in Exhibit A), the proceeds of which would be used to finance the transactions
described in Exhibit A (the “Transaction Description”). Capitalized terms used in
this letter agreement but not defined herein shall have the meanings given to them in the Exhibits
(as defined below) hereto.

Subject to the terms and conditions described in this letter agreement and the attached
Exhibits A, B, C and D (collectively, the “Exhibits” and,
together with this letter agreement, this “Commitment Letter”), (a) Citi is pleased to
inform you of its commitment to provide 100% of the principal amount of the Bank Facilities (in
such capacity, the “Initial Bank Lender”), (b) Citi is pleased to inform you of its
commitment to provide 100% of the entire principal amount of the Senior Bridge Facility (in such
capacity, the “Initial Bridge Lender”) and, together in its capacity as the Initial Bank
Lender, the “Initial Lender”), (c) Citi is pleased to advise you of its willingness to act
as the sole and exclusive administrative agent (in such capacity, the “Bank Administrative
Agent”) and collateral agent for the Bank Facilities, (d) Citi is pleased to advise you of its
willingness to act as the sole and exclusive administrative agent (in such capacity, the
“Bridge Administrative Agent” and, together with the Bank Administrative Agent, the
“Administrative Agent”) and collateral agent for the Senior Bridge Facility, (e) Citi is
pleased to advise you of its willingness to act as “left” lead arranger and “left” bookrunner (in
such capacity, the “Bank Lead Arranger”) for the Bank Facilities and its willingness to use
its commercially reasonable efforts to form a syndicate of Bank Lenders (as defined below) under
the Bank Facilities, and (f) Citi is pleased to advise you of its willingness to act as “left” lead
arranger and “left” bookrunner (in such capacity, the “Bridge Lead Arranger” and, together
in its capacity as the Bank Lead Arranger, the “Lead Arranger”) for the Senior Bridge
Facility and its willingness to use its commercially reasonable efforts to form a syndicate of
Bridge Lenders (as defined below) under the Senior Bridge Facility. It is understood and agreed
that Citi will have “left” placement on all marketing materials relating to the Senior Bridge
Facility and the Bank Facilities.

Solution — Commitment Letter

 

 

You may appoint (x) up to four additional financial institutions to be co-lead arrangers and
co-bookrunners for the Euro Bridge Subfacility, and (y) up to three additional financial
institutions to be co-lead arrangers and co-bookrunners for each of the other Facilities, in each
case, in a manner and with the economics determined by you, acting in consultation with Citi;
provided that (i) each such appointment shall be made within 30 days of the date hereof (or within
such longer time period as to which Citi may consent (such consent not to be unreasonably withheld
or delayed)), (ii) in no event shall Citi’s percentage of the aggregate economics with respect to
any Facility be reduced to a percentage that is less than Citi’s percentage of the aggregate
commitments in respect of such Facility, (iii) in no event shall the percentage of economics
received by any such financial institution with respect to any Facility exceed the percentage of
commitments made by it with respect to such Facility, and (iv) Citi at all times shall retain no
less than 50% of the aggregate economics and commitment amounts for each Facility. If you appoint
any additional co-lead arrangers and co-bookrunners pursuant to the first sentence of this
paragraph, then the economics and commitment amounts of the then-existing co-lead arrangers and
co-bookrunners shall be reduced based on the aggregate amount of the economics and commitment
amounts of such additional co-lead arrangers or co-bookrunners. Notwithstanding the appointment of
any additional financial institutions pursuant to this paragraph, it is understood and agreed that
(A) Citi will maintain its “left” placement on all marketing materials relating to the Senior
Bridge Facility and the Bank Facility, and (B) no assignment or novation shall become effective
with respect to all or any portion of the commitment amounts of any additional co-lead arrangers
and co-bookrunners in respect of the Facilities until the Closing Date. You may appoint additional
titled agents (without any economics) for each of the Facilities from among the Lenders in the
syndicate arranged by Citi.

For purposes of this Commitment Letter, “Citi” shall mean Citigroup Global Markets Inc., as
well as Citibank, N.A., Citicorp USA, Inc., Citicorp North America, Inc. and/or any other of its
affiliates as Citigroup Global Markets Inc. shall determine to be appropriate to provide the
services contemplated herein.

1. Conditions Precedent

The commitment and other obligations of the Commitment Party hereunder is subject only to the
satisfaction or waiver of the following conditions:

     (a) The execution and delivery by the applicable Loan Parties of definitive loan
documentation for the Bank Facilities (the “Bank Loan Documents”) and, if
applicable, for the Senior Bridge Facility (the “Bridge Loan Documents” and,
together with the Bank Loan Documents, the “Loan Documents”), in each case
including, without limitation, credit agreements, security agreements, guarantees,
intercreditor agreements and other agreements which shall, in each case, be consistent with
this Commitment Letter and subject to the Certain Funds Provisions as set forth below.

     (b) Since December 31, 2010, no Dish Material Adverse Effect (as defined below) shall
have occurred. For purposes hereof, “Dish Material Adverse Effect” means any event,
change, development, effect or occurrence that has been or would reasonably be expected to
be materially adverse to the business, assets, condition (financial or otherwise) or results
of operations of Dish and the “Dish Subsidiaries” (as defined in the Merger
Agreement) taken as a whole; provided, that in determining whether a Dish Material Adverse
Effect has occurred, there shall be excluded any effect to the extent resulting from the
following, either alone, or in combination: (i) any event, change, development, effect or
occurrence or event generally affecting the businesses or industries in which Dish and the
Dish Subsidiaries operate (including general pricing changes), (ii) changes in general
economic or business conditions, including changes in the financial, securities or credit
markets, or changes in such conditions in any area in

Solution — Commitment Letter

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	 	 	which Dish or the Dish Subsidiaries operate, (iii) changes in global or national
political conditions (including any outbreak or escalation of hostilities, declared or
undeclared acts of war or terrorism), (iv) except with respect to the representations and
warranties contained in Section 3.5 of the Merger Agreement, the negotiation, execution or
announcement of the Merger Agreement (including losses or threatened losses of the
relationships of Dish or the Dish Subsidiaries with customers, distributors, suppliers, or
franchisees) and the transactions contemplated thereby, (v) any action or omission (A)
required or permitted by the Merger Agreement or (B) pursuant to the written consent of, or
any action otherwise taken by, US Borrower or its Affiliates, (vi) the failure of Dish to
meet any internal or published projections, forecasts or revenue or earning predictions for
any period (provided that the underlying causes of such failure may be considered in
determining whether there is a Dish Material Adverse Effect), (vii) any change in the
trading prices of Dish’s 10.5% Senior Notes due 2020 and “DI’s” (as defined in the Merger
Agreement) 8.25% Senior Notes due 2019 (provided that the underlying causes of such change
may be considered in determining whether there is a Dish Material Adverse Effect), (viii)
(A) changes in accounting requirements or principles or (B) any changes in applicable Laws
(as defined in the Merger Agreement) or interpretations thereof, or (ix) seasonal
fluctuations in the business of Dish and the Dish Subsidiaries (in each of the foregoing
clause (i), (ii), (iii) and (viii)(B), to the extent such effect does not disproportionately
affect Dish and the Dish Subsidiaries in relation to others in the same businesses or
industries in which Dish and the Dish Subsidiaries operate).

     (c) The execution and delivery of this Commitment Letter and the Fee Letter.

     (d) The satisfaction or waiver of the conditions precedent to the initial funding of
the applicable Facility expressly set forth in Exhibits B and C.

     (e) The satisfaction or waiver of the additional conditions precedent to the initial
funding of the Facilities contained in Exhibit D.

It being understood that there are no conditions (implied or otherwise) to the commitments and
other agreements hereunder other than the conditions stated in clauses (a) through (e) (and upon
satisfaction of such conditions, the initial funding under the Facilities shall occur).

Notwithstanding anything in this Commitment Letter, the Fee Letter or any other letter agreement or
other undertaking concerning the financing of the Transactions to the contrary, (i) the only
representations or warranties, the making and accuracy of which shall be a condition to
availability of the Facilities (as defined in Exhibit A) on the Closing Date shall be (A)
such of the representations made by the Acquired Business in the Merger Agreement that are material
to the interests of the lenders, but only to the extent that you have the right to terminate your
obligations under the Merger Agreement as a result of a breach of such representations or
warranties in the Merger Agreement (the “Merger Agreement Representations”) and (B) the
Specified Representations (as defined below) made by the Borrowers in the Loan Documents and (ii)
the terms of the Loan Documents shall be in a form such that they do not impair availability of the
Facilities on the Closing Date if the conditions set forth in this Commitment Letter are satisfied
(it being understood that to the extent any security interest in the intended Collateral or any
deliverable related to the perfection of security interests in the intended Collateral (other than
any Collateral the security interest in which may be perfected solely by the filing of a UCC
financing statement, or possession of the certificated securities (if any, and to the extent
required to be pledged pursuant to the section entitled “Collateral” on Exhibit B to this
Commitment Letter) evidencing US Borrower’s, and its domestic subsidiaries’, equity) is not
provided on the Closing Date after your use of commercially reasonable efforts to do so, the
perfection or creation of such security interest(s) and, or provision of such deliverable shall not
constitute a condition precedent to the availability of the Facilities

Solution — Commitment Letter

3

 

on the Closing Date but shall be required to be delivered after the Closing Date pursuant to
arrangements to be mutually agreed between the Bank Administrative Agent and US Borrower. For
purposes hereof, the “Specified Representations” means the representations and warranties
relating to the US Borrower and its subsidiaries set forth in the Loan Documents relating as to due
organization, corporate existence, corporate power and authority (as to execution, delivery and
performance of the applicable Loan Documents), the due authorization, execution, delivery and
enforceability of the Loan Documents, the Loan Documents not conflicting with charter documents, no
material conflicts of the Loan Documents with law to the extent such conflict could reasonably be
expected to resulted in a Dish Material Adverse Effect, solvency of US Borrower and its
consolidated subsidiaries on a consolidated basis, Federal Reserve margin regulations, status of
debt under the Facilities as senior debt (if applicable), the Patriot Act and the Investment
Company Act, and, in the case of the Bank Facilities, subject to the last parenthetical appearing
in the preceding sentence, relating to the validity, priority and perfection of the security
interests required to be pledged hereunder. This paragraph, and the provisions herein, shall be
referred to as the “Certain Funds Provisions.”

2. Commitment Termination

The Commitment Party’s commitment and the other obligations set forth in this Commitment Letter
will terminate on the earlier of (A) January 1, 2012 (or such later date as may be extended
pursuant to the terms of Section 7.1(b) of the Merger Agreement) and (B) the date the Merger
Agreement is terminated in accordance with its terms prior to the closing of the Acquisition (such
earlier date, the “Termination Date”) unless the Commitment Party shall, in its sole
discretion, agree to an extension in writing.

3. Syndication

The Lead Arranger reserves the right, before or after the date of the consummation of the
Acquisition (such date, the “Closing Date”) until the Syndication Date (as defined below),
to syndicate all or a portion of the Initial Lender’s commitments under each Facility to one or
more other financial institutions and institutional lenders selected (a) with respect to the
Revolving Facility and the Term A Facility to (i) any of the pre-approved financial institutions
listed on an “Approved Lender List” (a draft of which shall be provided by you to us within
5 business days of the date hereof, and which list shall then be reviewed and, if we reasonably
deem it necessary, revised by you in cooperation with us), and (ii) otherwise, with your consent
(such consent not to be unreasonably withheld, delayed or conditioned), and (b) with respect to the
Term B Facility and the Senior Bridge Facility, in consultation with you, and in each case, that
will become parties to the applicable Loan Documents (the financial institutions becoming parties
to the Bank Loan Documents being collectively referred to herein as the “Bank Lenders” and
the financial institutions becoming parties to the Bridge Loan Documents being collectively
referred to herein as the “Bridge Lenders” and, together with the Bank Lenders, the
“Lenders”); provided that notwithstanding the Lead Arranger’s right to syndicate the
Facilities and receive commitments with respect thereto, (i) except to the extent that such
assignees shall become parties to this Commitment Letter, the Initial Lender shall not be relieved,
released or novated from its obligations hereunder (including its obligation to fund the Facilities
on the Closing Date) in connection with any syndication, assignment or participation of the
Facilities, including its commitments in respect thereof, until after the Closing Date has
occurred, (ii) no assignment or novation shall become effective with respect to all or any portion
of the Initial Lender’s commitments in respect of the Facilities until the initial funding of the
Facilities, and (iii) unless you otherwise agree in writing, the Initial Lender shall retain
exclusive control over all rights and obligations with respect to its commitments in respect of the
Facilities, including all rights with respect to consents, modifications, supplements, waivers and
amendments, until the Closing Date has occurred. Notwithstanding anything herein to the contrary,
the Initial Lender will not syndicate to those banks, financial institutions and other
institutional lenders identified in writing by you to us prior to the date hereof
(“Disqualified Lenders”).

Solution — Commitment Letter

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The Lead Arranger, in its capacity as such, will manage all aspects of the syndication of the
Facilities in consultation with you, including the timing of all offers to potential Lenders, the
determination of all amounts offered to potential Lenders, the selection of Lenders (subject to the
preceding paragraph), the allocation of commitments among the Lenders and the compensation to be
provided to the Lenders.

Without limiting your obligations to assist with syndication efforts as set forth herein, it is
understood that the Initial Lender’s commitments hereunder are not conditioned upon the syndication
of, or receipt of commitments in respect of, the Facilities and in no event shall the commencement
or successful completion of syndication of the Facilities constitute a condition to the
availability of the Facilities on the Closing Date. Until the earlier of (x) the date of
completion of a Successful Syndication (as defined in the Fee Letter) and (y) the date that is 90
days after the Closing Date (in either case, the “Syndication Date”), you agree to actively
assist the Lead Arranger in completing a timely syndication that is reasonably satisfactory to us
and you. US Borrower’s assistance in forming such syndicate shall include but not be limited to:
(i) as the Lead Arranger may reasonably request, making senior management, representatives and
advisors of US Borrower available (and using your commercially reasonable efforts to make senior
management of the Acquired Business available) to participate in informational meetings with
potential Lenders at such times and, to the extent applicable, places, to be mutually agreed; (ii)
ensuring that the syndication effort benefits from US Borrower’s existing lending relationships and
to the extent practical and appropriate, the Acquired Business’s existing lending relationships;
(iii) your cooperation (including using commercially reasonable efforts to cause the Acquired
Business to cooperate) in the preparation of a customary confidential information memorandum and
other marketing materials to be used in connection with the syndication; and (iv) using its
commercially reasonable efforts to arrange for (A) the rating of the Notes and the Bank Facilities,
in each case by each of Moody’s Investors Service, Inc. (“Moody’s”) and Standard & Poor’s
Financial Services LLC, a wholly-owned subsidiary of The McGraw-Hill Companies, Inc.
(“S&P”) before the marketing of the Notes and (B) an updated corporate family/corporate
credit rating in respect of US Borrower (giving pro forma effect to the Transactions) from Moody’s
and S&P. For the avoidance of doubt, you will not be required to provide any information to the
extent that the provision thereof would violate any law, rule or regulation, or any obligation of
confidentiality binding upon you, the Acquired Business or any of your or its affiliates.
Notwithstanding anything herein to the contrary, the only financial statements that shall be
required to be provided to the Commitment Party in connection with the syndication of the
Facilities shall be those required to be delivered pursuant to Exhibit D hereto.
Notwithstanding anything to the contrary contained in this Commitment Letter or the Fee Letter or
any other letter agreement or undertaking concerning the financing of the Transactions to the
contrary, the obtaining of the ratings referenced above shall not constitute a condition to the
commitments hereunder or the funding of the Facilities on the Closing Date.

You acknowledge that (i) the Lead Arranger may make available any Information and Projections (each
as defined in Section 8) (collectively, the “Company Materials”) on a confidential basis to
potential Lenders by posting the Company Materials on IntraLinks, the Internet or another similar
electronic system (the “Platform”) and (ii) certain of the potential Lenders may be public
side Lenders (i.e., Lenders that do not wish to receive material non-public information with
respect to you, the Acquired Business or any securities of any thereof) (each, a “Public
Lender” and each Lender that is not a Public Lender, a “Private Lender”). You agree
(A) at the request of the Lead Arranger, to assist (and to use commercially reasonable efforts to
cause the Acquired Business to assist) the Lead Arranger in preparing a version of the information
package and presentation to be provided to potential Lenders that does not contain material
non-public information concerning you, the Acquired Business or any securities of any thereof for
purposes of United States federal and state securities laws; (B) to use commercially reasonable
efforts to identify all Company Materials that are to be made available to Public Lenders which, at
a minimum, will mean that the word “PUBLIC” will appear prominently on the first page thereof; (C)
that by marking Company Materials “PUBLIC,” you will be deemed to have (i) represented that such
Company Materials marked “PUBLIC” do not contain any material non-public information concerning
you, the Acquired

Solution — Commitment Letter

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Business or any securities of any thereof, and (ii) authorized the Lead Arranger and the proposed
Lenders to treat such Company Materials as not containing any material non-public information
(although they may be confidential or proprietary) with respect to you, the Acquired Business or
any securities of any thereof for purposes of United States federal and state securities laws (it
being understood that you shall not be under any obligation to mark Company Materials “PUBLIC”);
(D) all Company Materials marked “PUBLIC” are permitted to be made available through a portion of
the Platform designated “Public Lender”; and (E) the Lead Arranger will be entitled to treat any
Company Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of
the Platform not designated “Public Lender.”

To ensure an orderly and effective syndication of each of the Facilities you agree that, until the
Syndication Date, you will not and will not permit any of your affiliates to, syndicate or issue,
attempt to syndicate or issue, announce or authorize the announcement of the syndication or
issuance of any debt security or commercial bank or other debt facility (including any renewals
thereof) (other than the Bank Facilities, the Senior Bridge Facility, the Notes, the Securities (or
other debt securities issued to refinance the Senior Bridge Facility in whole or in part), any
indebtedness of the Acquired Business permitted to be incurred pursuant to the Merger Agreement, up
to US$100.0 million of net debt under any structured finance facility in France and other debt
incurred in the ordinary course of business (including, for the avoidance of doubt, any European
securitization of accounts receivable up to a maximum aggregate amount of Euro 150.0 million), in
each case, that could reasonably be expected to (as determined by the Lead Arranger, in
consultation with the Borrower) adversely affect the syndication of the Facilities in any material
respect without the prior written consent of the Lead Arranger (not to be unreasonably withheld).

You agree that no Lender will receive any compensation of any kind for its participation in the
Facilities, except as expressly provided in the Fee Letter or in the Exhibits.

4. Fees

In addition to the fees described in the Exhibits, you will pay (or cause to be paid) the fees set
forth in letter agreement dated the date hereof (the “Fee Letter”), between you and the
Commitment Party. The terms of the Fee Letter are an integral part of the Commitment Party’s
commitment and other obligations hereunder and constitute part of this Commitment Letter for all
purposes hereof. Each of the fees described in the Fee Letter and Exhibits B and C
shall be nonrefundable when paid except as expressly set forth therein.

5. Indemnification

You agree to indemnify and hold harmless each Lead Arranger and each of their respective affiliates
and their respective officers, directors, members, employees, agents and controlling persons
(collectively, the “indemnified persons”), from and against any and all losses, claims,
damages, liabilities and expenses, joint or several, to which any such indemnified person may
become subject arising out of or in connection with this Commitment Letter, the Fee Letter, the
Loan Documents and the other transactions contemplated hereby or thereby, each of the Facilities
and the use of the proceeds thereof or any claim, litigation, investigation or proceeding (any of
the foregoing, a “Proceeding”) relating to any of the foregoing, regardless of whether any
such indemnified person is a party thereto and whether or not such Proceedings are brought by you,
by the Acquired Business, or by your or its respective creditors, equity holders or affiliates or
any other third person, and to reimburse each such indemnified person within 5 business days for
any reasonable and documented out-of-pocket legal expenses of one firm of counsel for all such
indemnified persons, taken as a whole and, if necessary, of one local counsel in each appropriate
jurisdiction (and, to the extent required by the subject matter, one specialist counsel for each
such specialized area of law in each appropriate jurisdiction), and for all such indemnified
persons, taken as a whole (and, in the case of a conflict of interest (as determined in the sole
discretion of each affected

Solution — Commitment Letter

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indemnified person) where the indemnified person affected by such conflict informs you of such
conflict and thereafter retains its own counsel, of another firm of counsel for each such affected
indemnified person) or other reasonable and documented out-of-pocket fees and expenses incurred in
connection with investigating or defending any of the foregoing; provided that the foregoing
indemnity will not, as to any indemnified person, apply to losses, claims, damages, liabilities or
related expenses (i) which resulted from the gross negligence, bad faith or willful misconduct of
such indemnified person or any of its affiliates or controlling persons or any of the officers,
directors, employees, partners, successors, agents, advisors or representatives of any of the
foregoing, (ii) to the extent arising from a material breach of the obligations of such indemnified
person or any of its affiliates or controlling persons or any of the officers, directors,
employees, partners, successors, agents, advisors or representatives of any of the foregoing under
this Commitment Letter, the Fee Letter or the Loan Documents (in the case of each of preceding
clauses (i) and (ii), as determined by a court of competent jurisdiction in a final and
non-appealable judgment) or (iii) arising out of any Proceeding that does not involve an act or
omission of you or any of your affiliates and that is brought by an indemnified person against any
other indemnified person (except when one of the parties to such action was acting in its capacity
as an agent, an arranger, a bookrunner or other agency capacity). Notwithstanding any other
provision of this Commitment Letter, no indemnified person shall be liable for any damages arising
from the use by others of information or other materials obtained through electronic,
telecommunications or other information transmission systems, except to the extent such damages are
found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted
from the bad faith, gross negligence or willful misconduct of such indemnified person or any
related indemnified person. Notwithstanding any other provisions of this Commitment Letter to the
contrary, none of we, you, the Acquired Business or any indemnified person shall be liable for any
indirect, special, punitive or consequential damages incurred in connection with the Transactions
or the other transactions contemplated by this Commitment Letter (provided that this provision
shall not limit your indemnification obligations set forth above, including, without limitation, as
to any claims by persons not party to this Commitment Letter, or brought in violation of this
sentence). For purposes hereof, a “related indemnified person” of an indemnified person means (1)
any person controlled by, controlling or under common control with such indemnified person (an
“affiliate”) and (2) the respective directors, officers, employees or agents of such indemnified
person or any affiliate of such indemnified person, in each case, acting on behalf of or at the
instructions of such indemnified person or any such affiliate.

6. Costs and Expenses

You shall pay or reimburse the Commitment Party from time to time, upon presentation of a summary
statement, together with any supporting documentation reasonably requested by you, for all
reasonable and documented or invoiced out-of-pocket costs and expenses incurred by the Commitment
Party (whether incurred before or after the date hereof) in connection with the Facilities and the
preparation, negotiation, execution, delivery and enforcement of this Commitment Letter and the
Loan Documents, provided that legal fees shall be limited to the reasonable fees and disbursements
of counsel to the Commitment Party identified in Exhibits B and C and, if
necessary, of one local counsel in each appropriate jurisdiction (and, to the extent required by
the subject matter, one specialist counsel for each such specialized area of law in each
appropriate jurisdiction) to the Commitment Parties in each relevant material jurisdiction;
provided that, if the Closing Date does not occur, you shall only be required to reimburse 50% of
the aggregate costs and expenses referenced in this Section 6. The foregoing provisions in this
paragraph shall be superseded in each case, to the extent covered thereby, by the applicable
provisions contained in the Loan Documents upon execution thereof and thereafter shall have no
further force and effect.

Solution — Commitment Letter

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7. Confidentiality

You agree that this Commitment Letter and the Fee Letter, and the contents hereof and thereof, are
for your confidential use only and that neither its existence nor the terms hereof will be
disclosed by you to any person without the prior written approval of the Lead Arranger (such
approval not to be unreasonably withheld or delayed) other than to your affiliates and your and
their officers, directors, employees, attorneys, accountants, agents and other advisors, and then
only on a confidential and “need to know” basis in connection with the transactions contemplated
hereby. Notwithstanding the foregoing, (i) you may disclose this Commitment Letter (and the Fee
Letter with fee amounts and percentages redacted) to the Acquired Business, its affiliates, their
respective subsidiaries and their respective officers, directors, employees, affiliates,
independent auditors, legal counsel and other legal advisors on a confidential and “need to know”
basis in connection with the Acquisition, (ii) following your acceptance hereof, you may disclose
the Commitment Letter (but not the Fee Letter) in any offering memoranda relating to the Notes, in
any syndication or other marketing materials in connection with the Facilities or in connection
with any public filing relating to the Transactions, (iii) following your acceptance of the
provisions hereof and its return of an executed counterpart of this Commitment Letter to the Lead
Arranger as provided below, you may file a copy of any portion of this Commitment Letter (other
than the Fee Letter) in any public record in which it is required by law to be filed, (iv) you may
disclose the existence and contents of this Commitment Letter, including the Exhibits A,
B and C to any rating agency or other person in connection with the Transactions to
the extent necessary to satisfy your obligations or the conditions hereunder, (v) you may make such
other public disclosures of any of the terms and conditions hereof pursuant to the order of any
court or administrative agency in any pending legal, judicial or administrative proceeding, or as
otherwise required by law or compulsory legal process or to the extent requested or required by
governmental and/or regulatory authorities, in each case based on the reasonable advice of your
legal counsel (in which case you agree, to the extent practicable and not prohibited by applicable
law, regulation or other compulsory legal process or order to inform us promptly thereof prior to
disclosure), (vi) you may disclose the aggregate fee amounts contained in the Fee Letter as part of
Projections and, where applicable, the absence of any “flex” or similar terms that would decrease
the amount of the Facilities, pro forma information or a generic disclosure of aggregate sources
and uses related to fee amounts related to the Transactions to the extent customary or required in
offering and marketing materials for the Facilities and/or the Notes or in any public filing
relating to the Transactions, and to the Acquired Business, its affiliates, their respective
subsidiaries and their respective officers, directors, employees, affiliates, independent auditors,
legal counsel and other legal advisors on a confidential and “need to know” basis solely in
connection with the Acquisition, and (vii) you may disclose the Exhibits and the existence of the
Commitment Letter to any rating agency in connection with the Transactions. Your obligations under
this paragraph shall terminate on the second anniversary of the date hereof.

The Commitment Party and its affiliates will use all confidential information provided to them or
such affiliates by or on behalf of you hereunder or in connection with the Acquisition and the
related Transactions solely for the purpose of providing the services which are the subject of this
Commitment Letter and shall treat confidentially all such information and shall not publish,
disclose or otherwise divulge, such information; provided that nothing herein shall prevent the
Commitment Party or its affiliates from disclosing any such information (a) pursuant to the order
of any court or administrative agency or in any pending legal, judicial or administrative
proceeding, or otherwise as required by applicable law or compulsory legal process based on the
advice of counsel (in which case the Commitment Party agrees (except with respect to any audit or
examination conducted by bank accountants or any governmental bank regulatory authority exercising
examination or regulatory authority), to the extent practicable and not prohibited by applicable
law, regulation, or other compulsory legal process or order, to inform you promptly thereof prior
to disclosure), (b) upon the request or demand of any regulatory authority having jurisdiction over
the Commitment Party or any of its affiliates (in which case the Commitment Party agrees, to the
extent practicable and not prohibited by applicable law,

Solution — Commitment Letter

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regulation, or other compulsory legal process or order, to inform you promptly thereof prior to
disclosure), (c) to the extent that such information becomes publicly available other than by
reason of improper disclosure by the Commitment Party or any of its affiliates, (d) to the extent
that such information is received by the Commitment Party from a third party that is not, to the
Commitment Party’s knowledge, subject to confidentiality obligations owing to you, the Borrower or
any respective affiliates or related parties, (e) to the extent that such information is
independently developed by the Commitment Party, (f) to the Commitment Party’s affiliates and to
their and their affiliates’ respective employees, legal counsel, independent auditors,
professionals and other experts or agents who need to know such information in connection with the
Transactions and who have agreed (including as a general condition of employment) to keep
information of this type confidential; (g) to potential or prospective lenders, participants or
prospective participants and to any direct or indirect contractual counterparty to any swap or
derivative transaction relating to US Borrower or any of its subsidiaries, in each case who agree
to be bound by the terms of this paragraph (or confidentiality and undertakings substantially
similar to this paragraph) or (h) for purposes of establishing a “due diligence” defense; provided
that (i) the disclosure of any such information to any potential or prospective Lenders,
participants or prospective participants or assignees and to any direct or indirect contractual
counterparty to any swap or derivative transaction relating to US Borrower or any of its
subsidiaries referred to above shall be made subject to the acknowledgment and acceptance by such
potential or prospective Lender, participant or prospective participant or assignees or any direct
or indirect contractual counterparty to any swap or derivative transaction relating to US Borrower
or any of its subsidiaries that such information is being disseminated on a confidential basis (on
substantially the terms set forth in this paragraph or as is otherwise reasonably acceptable to you
and the Commitment Party, including, without limitation, as agreed in any Company Materials or
other marketing materials) in accordance with the standard syndication processes of the Commitment
Party or customary market standards for dissemination of such type of information and (ii) no
disclosure shall be made by the Commitment Party to any Disqualified Lender. The Commitment
Party’s, and its affiliates’, if any, obligations under this paragraph shall terminate
automatically and be superseded by the confidentiality provisions in the Bank Loan Documentation
and Bridge Loan Documentation upon the initial funding thereunder; provided that if the Closing
Date does not occur, this paragraph shall automatically terminate on the second anniversary hereof.

8. Representations and Warranties

You represent and warrant (which representation and warranty shall be to the best of your knowledge
to the extent it related to the Acquired Business or its subsidiaries or businesses) that (i) all
written information, other than Projections (as defined below), other forward looking information
and information of a general economic or general or specific industry nature, that has been or will
hereafter be made available to the Commitment Party by you or by any of your representatives on
your behalf in connection with the transactions contemplated hereby (the “Information”),
when taken as a whole, is or will be correct in all material respects and does not or will not,
when furnished, contain any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements contained therein not materially misleading in light of
the circumstances under which such statements were or are made (giving effect to all supplements
and updates previously provided thereto) and (ii) all financial projections, if any, that have been
or will be prepared by or on behalf of you or by any of your representatives on your behalf in
connection with the transactions contemplated hereby (which information shall be to the best of
your knowledge to the extent it related to the Acquired Business or its subsidiaries or businesses)
and made available to the Commitment Party, any Lender or any potential Lender (the
“Projections”) have been or will be prepared in good faith based upon assumptions that are
believed by you to be reasonable at the time prepared; it being understood that the Projections are
as to future events and are not to be viewed as facts, the Projections are subject to significant
uncertainties and contingencies, many of which are beyond your control, that no assurance can be
given that any particular Projections will be realized and that actual results during the period or
periods covered by any such

Solution — Commitment Letter

9

 

Projections may differ significantly from the projected results and such differences may be
material. If, at any time prior to the Syndication Date, you become aware that any of the
representations and warranties in the preceding sentence would be incorrect in any material respect
if the Information or Projections were being furnished, and such representations and warranties
were being made, at such time, then you will (or, with respect to the Information and Projections
relating to the Acquired Business, you will use commercially reasonable efforts to) promptly
supplement the Information and or Projections so that such representations and warranties (and with
respect to the representations and warranties relating to the Acquired Business and its
subsidiaries, to the best of your knowledge) contained in this paragraph remain accurate and
complete in all material respects under those circumstances.

In arranging each of the Facilities including the syndications of the Facilities, the Commitment
Party will be entitled to use, and to rely on the accuracy of, the Information without
responsibility for independent verification thereof.

	9.	 	No Third Party Reliance; Not a Fiduciary, Etc.

The agreements of the Commitment Party hereunder and of any Lender that issues a commitment to
provide financing under the Bank Facilities and/or the Senior Bridge Facility are made solely for
your benefit and the benefit of the Commitment Party, as applicable, and may not be relied upon or
enforced by any other person.

You hereby acknowledge that the Commitment Party is acting pursuant to a contractual relationship,
on an arm’s length basis, and the parties hereto do not intend that the Commitment Party act or be
responsible as a fiduciary to you, your management, stockholders, creditors or any other person.
You and the Commitment Party hereby expressly disclaim any fiduciary relationship and agree they
are each responsible for making their own independent judgments with respect to any transactions
entered into between them. You also hereby acknowledge that the Commitment Party has not advised
and is not advising you as to any legal, accounting, regulatory or tax matters, and that you are
consulting your own advisors concerning such matters to the extent you deem it appropriate.

You understand that the Commitment Party and its affiliates (collectively, the “Group”) are
engaged in a wide range of financial services and businesses (including investment management,
financing, securities trading, corporate and investment banking and research). Members of the
Group and businesses within the Group generally act independently of each other, both for their own
account and for the account of clients. Accordingly, there may be situations where parts of the
Group and/or their clients either now have or may in the future have interests, or take actions,
that may conflict with your interests. For example, the Group may, in the ordinary course of
business, engage in trading in financial products or undertake other investment businesses for
their own account or on behalf of other clients, including without limitation, trading in or
holding long, short or derivative positions in securities, loans or other financial products of you
or your affiliates or other entities connected with the Facility or the transactions contemplated
hereby.

In recognition of the foregoing, you agree that the Group is not required to restrict its
activities as a result of this Commitment Letter and that the Group may undertake any business
activity without further consultation with or notification to you. Neither this Commitment Letter
nor the receipt by the Commitment Party of confidential information nor any other matter will give
rise to any fiduciary, equitable or contractual duties (including without limitation, any duty of
trust or confidence) that would prevent or restrict the Group from acting on behalf of other
customers or for its own account. Furthermore, you agree that neither the Group nor any member or
business of the Group is under a duty to disclose to you or use on your behalf any information
whatsoever about or derived from those activities or to account for any revenue or profits obtained
in connection with such activities. However, consistent

Solution — Commitment Letter

10

 

with the Group’s long-standing policy to hold in confidence the affairs of its customers, the Group
will not use confidential information obtained from you except in connection with its services to,
and its relationship with, you; provided, however, that the Group will be permitted to disclose
information as provided in Section 7 above.

10. Assignments

Other than pursuant to the syndication provisions in paragraph 3 above, this Commitment Letter and
the commitments hereunder shall not be assignable by any party hereto, without the prior written
consent of each other party hereto (such consent not to be unreasonably withheld or delayed) (and
any attempted assignment without such consent shall be void ab initio).

11. Amendments

This Commitment Letter may not be amended or any provision hereof waived or modified except by an
instrument in writing signed by each party hereto.

12. Miscellaneous

THIS COMMITMENT LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK; PROVIDED, HOWEVER, THAT THE INTERPRETATION OF THE DEFINITION OF “DISH MATERIAL
ADVERSE EFFECT” (AND WHETHER OR NOT A DISH MATERIAL ADVERSE EFFECT HAS OCCURRED) SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICTS OF LAW THEREOF TO THE EXTENT THE SAME WOULD PERMIT OR REQUIRE THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. This Commitment Letter and the Fee Letter set
forth the entire agreement among the parties with respect to the matters addressed herein and
supersede all prior communications, written or oral, with respect hereto. This Commitment Letter
may be executed in any number of counterparts, each of which, when so executed, shall be deemed to
be an original and all of which, taken together, shall constitute one and the same Commitment
Letter. Delivery of an executed counterpart of a signature page to this Commitment Letter by
telecopier shall be as effective as delivery of a manually executed counterpart of this Commitment
Letter. Sections 4 through 9 and 12 through 14 shall survive the termination of the Commitment
Party’s commitment hereunder shall remain in full force and effect regardless of whether definitive
Loan Documents are executed and delivered (with respect to Section 7, to the extent set forth
therein); provided that your obligations under this Commitment Letter (other than your obligations
with respect to (a) assistance to be provided in connection with the syndication thereof (including
supplementing and/or correcting Information and Projections) prior to the Syndication Date and (b)
confidentiality of the Fee Letter and the contents thereof) shall automatically terminate and be
superseded by the provisions of the Loan Documents upon the initial funding thereunder, and you
shall automatically be released from all liability in connection therewith at such time. You may
terminate this Commitment Letter and/or the Initial Lender’s commitments with respect to the
Facilities (or portion thereof) hereunder at any time subject to the provisions of the preceding
sentence. You acknowledge that information and documents relating to the Facilities may be
transmitted through the Platform, subject to the limitations set forth in Section 3.

Each of the parties hereto agrees that this Commitment Letter is a binding and enforceable
agreement with respect to the subject matter contained herein, including an agreement to negotiate
in good faith the Loan Documents by the parties hereto in a manner consistent with this Commitment
Letter, it being acknowledged and agreed that the commitment provided hereunder is subject to the
conditions precedent as expressly set forth herein. Reasonably promptly after the execution of
this Commitment Letter, the

Solution — Commitment Letter

11

 

parties hereto shall proceed with the negotiation of the Loan Documents for the purpose of
executing and delivering the Loan Documents substantially simultaneously with the consummation of
the Acquisition.

Section headings used herein are for convenience of reference only and are not to affect the
construction of, or to be taken into consideration in interpreting, this Commitment Letter.

	13. Taxes; Payments.

All payments under this Commitment Letter (including without limitation, the Fee Letter) will,
except as otherwise provided herein, be made in U.S. Dollars in New York, New York and will be made
free and clear of and without deduction for any and all present or future taxes, levies, imposts,
deductions, charges or withholdings, and all liabilities with respect thereto. You will pay any
and all such taxes and will indemnify the Commitment Party for and hold it harmless against any
such taxes and any liability arising therefrom or with respect thereto.

To the fullest extent permitted by law, you will make all payments hereunder regardless of any
defense or counterclaim, including, without limitation, any defense or counterclaim based on any
law, rule or policy which is now or hereafter promulgated by any governmental authority or
regulatory body and which may adversely affect your obligation to make, or the right of the
Commitment Party to receive, such payments.

	14. Waiver of Jury Trial, Etc.

EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS
COMMITMENT LETTER OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THE ACTIONS OF THE PARTIES HERETO IN
THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.

With respect to all matters relating to this Commitment Letter, the Fee Letter or any other letter
agreement or other undertaking concerning the financing of the Transactions and the financing
contemplated under those agreements or undertakings, each of the parties hereto hereby irrevocably
and unconditionally (i) submits, for itself and its property, to the exclusive jurisdiction of the
United States District Court for the Southern District of New York or, if that federal court lacks
subject matter jurisdiction, the Commercial Division of the Supreme Court of the State of New York
sitting in New York County, and any appellate court from any thereof, in any action or proceeding
arising out of or in any way relating to this Commitment Letter, the Fee Letter or any other letter
agreement or other undertaking concerning the financing of the Transactions and the financing
contemplated under those agreements or undertakings, or (subject to clause (v) below) for
recognition or enforcement of any judgment, (ii) agrees that it will not assert any claim, or in
any way support any suit, action or proceeding, arising out of or relating to this Commitment
Letter, the Fee Letter or any other letter agreement or other undertaking concerning the financing
of the Transactions and the financing contemplated under those agreements or undertakings, or for
recognition or enforcement of any judgment, other than in such courts, (iii) agrees that all suits,
claims, actions or proceedings related to this Commitment Letter, the Fee Letter or any other
letter agreement or other undertaking concerning the financing of the Transactions and the
financing contemplated under those agreements or undertakings shall be heard and determined only in
such courts, (iv) waives, to the fullest extent it may effectively do so, the defense of an
inconvenient forum, (v) agrees that a final judgment of such courts shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law, and
(vi) consents to the service of any process, summons, notice or document in any such suit, action
or proceeding by registered mail addressed to you or us at the addresses specified on the first
page of this Commitment Letter.

Solution — Commitment Letter

12

 

Nothing herein will affect the right of any party to serve legal process in any other manner
permitted by law.

15. Patriot Act

The Commitment Party hereby notifies you 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”), the
Commitment Party and the Lenders are required to obtain, verify and record information that
identifies Borrowers, which information includes the name, address, tax identification number and
other information regarding Borrowers that will allow the Commitment Party or such Lender to
identify Borrowers in accordance with the Patriot Act. This notice is given in accordance with the
requirements of the Patriot Act and is effective as to the Commitment Party and the Lenders.

Please indicate your acceptance of the provisions hereof by signing the enclosed copy of this
Commitment Letter and the Fee Letter and returning them to Christopher Wood at Citigroup Global
Markets Inc., 390 Greenwich St., New York, NY 10013, facsimile: (646) 291-5515, at or before 5:00
p.m. (New York City time) on June 3, 2011, the time at which the Commitment Party’s commitment and
other obligations hereunder (if not so accepted prior thereto) will terminate.

[SIGNATURE PAGES FOLLOW]

Solution — Commitment Letter

13

 

We are pleased to have been given the opportunity to assist you in connection with the financing
for the Transactions.

	 	 	 	 	 
	 	Very truly yours,

CITIGROUP GLOBAL MARKETS INC.

 	 
	 	By:  	/s/ Christopher Wood 	 
	 	 	Name:  	Christopher Wood 	 
	 	 	Title:  	Director 	 
	 

[SIGNATURE PAGE]

Solution — Commitment Letter

 

 

					
	 	

Accepted and agreed:

SEALED AIR CORPORATION

 	 
	 	By:  	/s/ David H. Kelsey 	 
	 	 	Name:  	David H. Kelsey 	 
	 	 	Title:  	CFO 	 
	 

[SIGNATURE PAGE]

Solution — Commitment Letter

 

 

			
	 	 	 
	CONFIDENTIAL
	 	EXHIBIT A

Transaction Description

All capitalized terms used herein but not defined herein shall have the meanings provided in the
Commitment Letter to which this Exhibit A is attached. The following transactions,
including the Acquisition, are referred to herein as the “Transactions.”

     1. Sealed Air Corporation (the “US Borrower”), through a wholly-owned
subsidiary, will acquire all of the outstanding shares of a company identified to you as
“Dish” (“Dish”, the “Acquired Business”) for aggregate consideration payable
to Dish’s shareholders equal to 31,700,000 shares of US Borrower’s common stock plus
US$2,284,437,000 (less certain transaction expenses as set forth in the Merger Agreement)
(the “Acquisition”) pursuant to an Agreement and Plan of Merger, to be entered into
by US Borrower, Dish and the other persons party thereto (together with all schedules,
exhibits and annexes thereto, the “Merger Agreement”).

     2. The US Borrower will incur senior secured credit facilities consisting of (i) a term
A loan facility, available in Euros, in an aggregate principal amount of up to the
Equivalent (as defined in Exhibit B) of US$750 million, provided that the US
Borrower may, within 30 days of the date on which it delivers to the Lead Arranger executed
counterparts of the Commitment Letter and the Fee Letter (the “Execution Date”),
with the consent of the Lead Arranger (such consent not to be unreasonably withheld, delayed
or conditioned), request that the entire amount of such term A loan facility be made
available in U.S. Dollars, instead of Euros (the “Term A Facility”); (ii) a term B
loan facility in the aggregate principal amount of up to the Equivalent of US$1,550 million,
of which US$1,000 million thereof will be available in U.S. Dollars and the Equivalent of
US$550 million thereof will be available in Euros, provided that the US Borrower may, within
30 days of the Execution Date, with the consent of the Lead Arranger (such consent not to be
unreasonably withheld, delayed or conditioned), request that the entire amount of such term
B loan facility be made available in U.S. Dollars (the “Term B Facility”, and
together with the Term A Facility, the “Term Facilities”); and (iii) a revolving
credit facility, in an aggregate principal amount of up to the Equivalent of US$700 million,
available in U.S. Dollars, Euros and in the Committed Currencies (the “Revolving
Facility” and, together with the Term Facilities, the “Bank Facilities”), of
which an amount to be agreed may be drawn on the Closing Date, in each case, as described in
the summary of terms and conditions attached hereto as Exhibit B (the “Bank Term
Sheet”).

     3. The US Borrower will (i) issue up to the Equivalent of US$1,500 million in aggregate
principal amount of its unsecured senior notes (the “Notes”), of which an aggregate
principal amount of up to the Equivalent of US$500 million thereof will be issued in Euros
and US$1,000 million thereof will be issued in U.S. Dollars, in a public offering or in a
Rule 144A or other private placement, or (ii) if and to the extent that some or all of the
Notes are not placed, borrow up to the Equivalent of US$1,500 million in senior bridge loans
(including an amount in Euros up to the Equivalent of US$500 million from one or more
lenders (the “Euro Bridge Subfacility”)) under the senior bridge facility (the
“Senior Bridge Facility” and, together with the Bank Facilities, the
“Facilities”) described in Exhibit C (the “Bridge Term Sheet”),
which would be anticipated to be refinanced with debt securities similar to the Notes (the
“Securities”).

     4. All material existing third party indebtedness for borrowed money of Dish and its
subsidiaries (which will exclude (x) certain existing indebtedness, including ordinary
course

Solution — Commitment Letter

A-1

 

	 	 	working capital credit lines, with an aggregate amount outstanding thereunder of up to
an amount that the Initial Lender and US Borrower reasonably agree may remain outstanding
after the Closing Date (collectively, the “Permitted Existing Debt”) and (y) other
de minimis indebtedness of Dish and its subsidiaries that is outstanding in a principal
amount not to exceed US$5 million; provided that the aggregate amount of indebtedness
outstanding pursuant to this clause (y) shall not exceed US$30 million) will be refinanced,
repaid or satisfied and discharged in accordance with the requirements of the applicable
indentures and the credit facility and all liens other than liens permitted to remain
outstanding under the Loan Documents (including, without limitation, any liens relating to
the Permitted Existing Debt) shall be discharged (or arrangements shall be made for such
discharge) (the “Dish Refinancing”). Letters of credit issued under Dish’s current
credit facility agreement will be reissued under, or assumed by the Issuing Bank pursuant
to, the Revolving Facility.

     5. All indebtedness under the Five Year Credit Agreement (the “Soap Credit Agreement”),
dated as of July 26, 2005 (as amended from time to time) by and among Sealed Air Corporation,
certain of its subsidiaries and CitiCorp USA, Inc., as Agent, will be refinanced, repaid or
satisfied and discharged in accordance with the requirements thereof (the “Soap
Refinancing” and together with the Dish Refinancing, the “Refinancing”). At the option
of the Borrowers, letters of credit issued under the Soap Credit Agreement will be reissued under,
or assumed by the Issuing Bank pursuant to, the Revolving Facility.

Solution — Commitment Letter

A-2

 

			
	CONFIDENTIAL
	 	EXHIBIT B

Senior Secured Bank Facilities

Summary of Principal Terms and Conditions

All capitalized terms used herein but not defined herein shall have the meanings provided in the
Commitment Letter (including the exhibits thereto) to which this Summary of Principal Terms and
Conditions is attached.

	 	 	 

	Borrowers:

	 	Sealed Air Corporation (the “US Borrower”, each
wholly-owned restricted foreign subsidiary of
the US Borrower listed on Annex I to this
Exhibit B and certain other wholly-owned
foreign restricted subsidiaries of the US
Borrower, to be agreed, the “Foreign
Borrowers”, and together with the US Borrower,
the “Borrowers”). The Borrowers and the
Guarantors (as defined below) are collectively
referred to herein as the “Loan Parties.”
	 
	 	 
	Bank Lead Arrangers:

	 	Citi (in its capacity as “left” lead arranger
and “left” bookrunner, the “Bank Lead
Arranger”, and together with such other lead
arrangers and bookrunners as may be appointed
by US Borrower in accordance with the terms of
the Commitment Letter, the “Bank Lead
Arrangers”).
	 
	 	 
	Bank Administrative Agent,
and Collateral Agent:

	 	Citi (in its capacity as administrative agent for the Bank Lenders,
the “Bank Administrative Agent”, and in its
capacity as collateral agent for the Bank
Lenders, the “Collateral Agent”).
	 
	 	 
	Bank Lenders:

	 	Citi and a syndicate of financial institutions
and institutional lenders (excluding
Disqualified Lenders) arranged by the Bank Lead
Arrangers in consultation with (or where
applicable, with the consent of), US Borrower,
in accordance with the syndication provisions
of the Commitment Letter (the “Bank Lenders”).
	 
	 	 
	Guarantors:

	 	All obligations under the Bank Facilities and
under any cash management, interest rate
protection or other hedging arrangements
entered into with the Bank Administrative
Agent, any Bank Lender, or any affiliates of
the foregoing shall be unconditionally and
irrevocably guaranteed on a senior secured
basis (the “Bank Guarantees”) by, except to the
extent prohibited or restricted by applicable
law or by contract existing on the Closing Date
or, with respect to subsidiaries acquired after
the Closing Date, existing when such subsidiary
was acquired (including any requirement to
obtain the consent of any governmental
authority or third party) or resulting in
material adverse tax consequences as reasonably
determined by US Borrower in consultation with
the Bank Administrative Agent, all of the
existing and future, direct and indirect,
wholly-owned, material domestic restricted
subsidiaries of US Borrower except: (i) any
indirect subsidiaries constituting controlled
foreign

Solution — Commitment Letter

B-1

 

	 	 	 

	 

	 	corporations or any direct subsidiaries thereof, (ii) any wholly-owned,
domestic restricted subsidiary substantially all of the assets of which
constitute the equity of controlled foreign corporations and (iii) any
unrestricted subsidiaries, captive insurance companies, not-for-profit
subsidiaries, special purpose entities and immaterial subsidiaries.
	 
	 	 
	 

	 	In addition, wholly-owned, material foreign
restricted subsidiaries of the Borrowers will be
required to provide Bank Guarantees with respect to
the obligations of Foreign Borrowers, subject to any
requirements of applicable law and the benefit from
any such guarantee outweighing the cost of obtaining
the same, as reasonably determined by the Bank
Administrative Agent in consultation with US
Borrower.
	 
	 	 
	 

	 	The subsidiary guarantors described under this
section being referred to herein as the “Guarantors”.
	 
	 	 
	Bank Facilities:

	 	(A) A term A term loan facility (the “Term A
Facility”), available in Euros, in an aggregate
principal amount equal to the Equivalent of US$750
million; provided, that the US Borrower may, within
30 days of the Execution Date (as defined in Exhibit
A), with the consent of the Lead Arranger (such
consent not to be unreasonably withheld, delayed or
conditioned), request that the entire amount of the
Term A Facility be made available in U.S. Dollars,
instead of Euros.
	 
	 	 
	 

	 	(B) A term B term loan facility (the “Term B
Facility”, and together with the Term A Facility, the
“Term Facilities”) in an aggregate principal amount
equal to the Equivalent of US$1,550 million, of which (x)
US$1,000 million shall be available in U.S. Dollars (the
“Dollar Term B Subfacility”), and (y) the Equivalent
of US$550 million shall be available in Euros (the “Euro
Term B Subfacility”); provided, that the US Borrower may,
within 30 days of the Execution Date, with the consent of the
Lead Arranger (such consent not to be unreasonably withheld,
delayed or conditioned), request that the entire amount of
the Euro Term B Subfacility re-allocated to the Dollar Term B
Subfacility and be made available in U.S. Dollars, instead of
Euros.
	 
	 	 
	 

	 	(C) A revolving credit facility (the “Revolving
Facility”, and together with the Term Facilities, the
“Bank Facilities”) in an aggregate principal amount
equal to the Equivalent of US$700 million, available in U.S.
Dollars, Euros and the Commitment Currencies (as defined
below). In addition, (i) up to an amount to be agreed of the
Revolving Facility will be available for the issuance of
letters of credit (“Letters of Credit”), and (ii) up
to an amount to be agreed of the Revolving Facility will be
available as a swingline subfacility (the “Swingline
Facility”).

Solution — Commitment Letter

B-2

 

	 	 	 

	 

	 	Letters of Credit issued under the Revolving Facility (i)
will be issued by Citi and by one or more Bank Lenders
reasonably acceptable to US Borrower and the Bank Lead
Arrangers (each such Bank Lender, an “Issuing Bank”)
and (ii) may be issued for the account of any Borrower. Each
Letter of Credit shall expire not later than the earlier of
(i) twelve months after the original date of issuance and
(ii) the fifth business day prior to the Revolving Maturity
Date (as defined below); provided that any letter of credit
may provide for renewal thereof on an “evergreen” basis for
additional periods of up to 12 months (which shall be subject
to customary non-renewal provisions, and which shall in no
event extend beyond the date referred to in clause (ii)
above).
	 
	 	 
	 

	 	“Committed Currencies” means the lawful currency of
Australia, lawful currency of Canada, lawful currency of
Japan, lawful currency of the United Kingdom of Great Britain
and Northern Ireland, lawful currency of The Swiss
Federation, lawful currency of New Zealand and such other
currencies as mutually agreed, in each case with applicable
sublimits to be determined as mutually agreed.
	 
	 	 
	 

	 	Drawings in respect of any Letter of Credit
shall be reimbursed by the Borrowers within one
business day after notice of such drawing by
the Bank Administrative Agent to the applicable
Borrower. To the extent the Borrowers do not
so reimburse the Issuing Bank, the Bank Lenders
under the Revolving Facility shall be
irrevocably obligated to reimburse the
applicable Issuing Bank on a pro rata basis in
accordance with their respective commitments
under the Revolving Facility. The issuance of
all Letters of Credit shall be subject to the
customary procedures of the applicable Issuing
Bank.
	 
	 	 
	 

	 	Except for purposes of calculating the
commitment fee described below, any swingline
borrowings will reduce availability under the
Revolving Facility on a dollar-for-dollar
basis.
	 
	 	 
	 

	 	“Equivalent” means, whenever this Commitment
Letter requires or permits a determination of
the equivalent in any currency (the “base
currency”) of an amount expressed in any other
currency (the “other currency”), the equivalent
amount in such base currency of such amount
expressed in the other currency as determined
by the Bank Administrative Agent on such date
on the basis of the Spot Rate for the purchase
of the base currency with such other currency
on the relevant computation date provided for
hereunder. “Spot Rate” for a currency means
the rate quoted by the Bank Administrative
Agent as the spot rate for the purchase by the
Bank Administrative Agent of such currency with
another currency through its foreign exchange
office at approximately 11:00 a.m. (New York
City time) on the date 2 business days prior to
the date as of which the applicable foreign

Solution — Commitment Letter

B-3

 

	 	 	 

	 

	 	exchange computation is made; provided that in the case of Canadian Dollars,
the Spot Rate will be determined at approximately 11:00 a.m. (New York City
time) on the date 1 business day prior to the date as of which the applicable
foreign exchange computation is made.
	 
	 	 
	Maturity and Amortization:

	 	Term A Facility: The Term A Facility shall
mature on the fifth anniversary of the Closing
Date (the “Term A Maturity Date”). The Term A
Facility will amortize in equal quarterly
installments in annual amounts set forth below:

	 	 	 	 	 
	 	 	Term A Facility
	Year 1

	 	 	5.00	%
	Year 2

	 	 	10.00	%
	Year 3

	 	 	10.00	%
	Year 4

	 	 	25.00	%
	Year 5

	 	 	50.00	%

	 	 	 

	 

	 	Term B Facility: The Term B Facility shall mature on
the seventh anniversary of the Closing Date (the “Term B
Maturity Date”). The Term B Facility will amortize in
equal quarterly installments in the annual amounts set forth
below:

	 	 	 	 	 
	 	 	Term B Facility
	Year 1

	 	 	1.00	%
	Year 2

	 	 	1.00	%
	Year 3

	 	 	1.00	%
	Year 4

	 	 	1.00	%
	Year 5

	 	 	1.00	%
	Year 6

	 	 	1.00	%
	Year 7

	 	 	1.00	%

	 	 	 

	 

	 	Revolving Facility: The Revolving Facility shall
mature on the fifth anniversary of the Closing
Date (the “Revolving Maturity Date”). There shall
be no amortization in respect of loans under the
Revolving Facility (the “Revolving Loans”; each of
the Terms Loans and the Revolving Loans, a “Bank
Loan” and collectively, the “Bank Loans”).
	 
	 	 
	Incremental Facilities:

	 	The Bank Loan Documents will permit the Borrowers
to (a) add one or more incremental term loan
facilities to the Bank Facilities (each, an
“Incremental Term Facility”) and (b) add one or
more revolving credit facilities and/or increase
commitments under the Revolving Facility (any such
revolving credit facility or increase, an
“Incremental Revolving Facility”; the Incremental
Term Facilities and the Incremental Revolving
Facilities are collectively referred to as
“Incremental Facilities”); provided that (i) US
Borrower is in pro forma compliance with the
Financial Covenant (as defined below) contained in
the Bank Facilities Documentation (regardless of
whether such Financial

Solution — Commitment Letter

B-4

 

	 	 	 

	 

	 	Covenant is otherwise then in effect), (ii) the Incremental Facilities do not
exceed in the aggregate the sum of (A) US$500 million and (B) up to an
additional US$500 million, so long as the US Borrower’s Total Net Secured
Leverage Ratio (to be defined in the Bank Loan Documents in a manner consistent
with the Documentation Principles), calculated giving pro forma effect to the
requested incremental borrowing, is no greater than 2.0 : 1.0, (iii) no Lender
will be required to participate in any such Incremental Facility, (iv) the
Incremental Facilities will rank pari passu in right of payment and security
with the other Bank Facilities, (v) the Incremental Term Facilities will have a
final maturity no earlier than the final maturity of the Term B Facility and
any Incremental Revolving Facility will have a final maturity no earlier than
the final maturity of the Revolving Facility, (vi) the weighted average life to
maturity of any Incremental Term Facility shall be no shorter than that of the
Term B Facility, (vii) subject to clauses (v) and (vi) above, the amortization
schedule applicable to any Incremental Term Facility shall be determined by US
Borrower and the lenders thereunder and the Incremental Revolving Facility
shall not have amortization, (viii) no event of default shall have occurred and
be continuing or would result therefrom, (ix) the all-in yield (whether in the
form of interest rate margins, original issue discount (“OID”), upfront fees or
a greater interest rate floor) applicable to any Incremental Facility will be
determined by US Borrower and the Lenders providing such Incremental Facility,
but will not be more than 0.50% higher than the corresponding all-in yield
(after giving effect to interest rate margins (including interest rate floors),
OID and upfront fees) for the existing Term B Facility or Revolving Facility,
as the case may be, unless the interest rate margins (and, if applicable,
interest rate floors) with respect to the existing Term B Facility or Revolving
Facility, as the case may be, are increased by an amount equal to the
difference between the all-in yield with respect to the Incremental Facility
and the corresponding all-in yield on the existing Term B Facility or Revolving
Facility, as the case may be, minus 0.50%, (x) the representations and
warranties in the Bank Loan Documents shall be true and correct in all material
respects, and (xi) except as otherwise required or permitted in clauses (i)
through (x) above, all other terms of such Incremental Facility, if not
consistent with the terms of the existing Term Facility or Revolving Facility,
as the case may be, will be as agreed among the US Borrower, the lenders
providing such Incremental Facility and the Administrative Agent. The
Borrowers may seek commitments in respect of the Incremental Facilities from
existing Lenders (each of which shall be entitled to agree or decline to
participate in its sole discretion) and additional banks, financial
institutions and other institutional lenders (in the case of such additional
banks, financial institutions and other institutional lenders, subject to the
consent of Administrative Agent (not to be unreasonably withheld or

Solution — Commitment Letter

B-5

 

	 	 	 

	 

	 	delayed) if such consent is required under “Assignments and Participations”)
who will become Lenders in connection therewith. No Lender shall be under any
obligation to provide any portion of any requested Incremental Facilities.
	 
	 	 
	Purpose and Availability:

	 	Term A Facility: The full amount of the Term A
Facility shall be available in a single
borrowing on the Closing Date and shall be
utilized to (a) finance the Acquisition and the
Transactions (including refinancing pre-existing
indebtedness (and any interest or fees in
connection therewith) of the Acquired Business),
and (b) pay fees and expenses incurred in
connection with the Transactions. Once repaid,
no amount of Term A Loans may be reborrowed.
	 
	 	 
	 

	 	Term B Facility: The full amount of the Term B
Facility shall be available in a single
borrowing on the Closing Date and shall be
utilized to (a) to finance the Acquisition and
the Transactions (including refinancing
pre-existing indebtedness (and any interest or
fees in connection therewith) of the Acquired
Business), and (b) pay fees and expenses
incurred in connection with the Transactions.
Once repaid, no amount of Term B Loans may be
reborrowed.
	 
	 	 
	 

	 	Revolving Facility: The Revolving Loans (and the
Letters of Credit issued thereunder) shall be
available on the Closing Date and shall be
utilized solely for the Borrowers’ and their
subsidiaries’ working capital requirements and
other general corporate purposes (including
permitted acquisitions); provided that on the
Closing Date the Revolving Loans shall be
available only (i) in an amount up to US$400
million (less any amount funded pursuant to
clause (ii) below) to finance liabilities
incurred by US Borrower arising out of the W.R.
Grace liability, (ii) in an amount of up to
US$25 million to finance the Transactions, (iii)
to fund OID or upfront fees in connection with
the Facilities in an amount sufficient to fund
any OID or upfront fees required to be funded on
the Closing Date including those required to be
funded under the “flex” provisions in the Fee
Letter or in connection with the issuance of the
Senior Term Loans or any Exchange Securities on
the Closing Date (excluding letter of credit
usage), and (iv) in an amount up to US$100
million for working capital needs. Revolving
Loans may be borrowed, repaid and reborrowed
from time to time.
	 
	 	 
	 

	 	Letters of credit may be issued on the Closing Date to
backstop or replace letters of credit outstanding on the
Closing Date (including by “grandfathering” such existing
letters of credit in the Revolving Facility) or for other
general corporate purposes.
	 
	 	 
	Collateral:

	 	Subject to the Certain Funds Provisions, the Bank Facilities of US Borrower, any cash
management, and all interest rate protection and other hedging arrangements entered into by US

Solution — Commitment Letter

B-6

 

	 	 	 

	 

	 	Borrower with the Bank Administrative Agent, any Bank Lender,
or any affiliates of the foregoing will be secured by a valid
and perfected first priority lien and security interest in
all of the following, whether owned on the Closing Date or
thereafter acquired (collectively, the “US
Collateral”):
	 
	 	 
	 

	 	(a)  All present and
future tangible and intangible assets of US Borrower and
the domestic Guarantors including but not limited to,
machinery and equipment, inventory and other goods,
accounts receivable, owned real property, fixtures,
deposit accounts, general intangibles, intercompany
debt, license rights, intellectual property, chattel
paper, contract rights, hedge agreements, documents,
instruments, tax refunds, investment property and cash,
wherever located, in each case, other than accounts
receivable securing any securitization facility; and

	 
	 	 
	 

	 	(b)   All proceeds and
products of the property and assets described in clause
(a) above.

	 
	 	 
	 

	 	Notwithstanding the foregoing, (a) the Collateral shall not
include: (i) pledges and security interests prohibited or
restricted by applicable law (including any requirement to
obtain the consent of any governmental authority or third
party), (ii) pledges and security interests in agreements,
licenses and leases that are prohibited or restricted by such
agreements, licenses and leases (including any requirement to
obtain the consent of any governmental authority or third
party), to the extent prohibited or restricted thereby, and
except to the extent such prohibition or restriction is
ineffective under the Uniform Commercial Code, other than
proceeds thereof, the assignment of which is expressly deemed
effective under the Uniform Commercial Code notwithstanding
such prohibition, (iii) any assets to the extent a security
interest in such assets would result in material adverse tax
consequences as reasonably determined by US Borrower and the
Bank Administrative Agent, (iv) any real property interest
constituting “Principal Property”, as defined in the
indentures governing the 5.625% Senior Notes due July 2013,
the 12% Senior Notes due February 2014, the 7.875% Senior
Notes due June 2017 and the 6.875% Senior Notes due July 2033
(collectively, the “Existing Senior Notes”) as in
effect on the date hereof and the capital stock of any
subsidiary which cannot be pledged under such indentures
without triggering the equal and ratable clauses thereunder,
while any Existing Senior Notes remain outstanding, (v) any
immaterial fee-owned real property and any leasehold interest
(it being understood there shall be no requirement to obtain
any landlord waivers, estoppels or collateral access
letters), (vi) letter of credit rights and commercial tort
claims, in each case below thresholds to be agreed, (vii) any
governmental licenses or state or local

Solution — Commitment Letter

B-7

 

	 	 	 

	 

	 	franchises, charters and authorizations, to the extent a
security interest in any such license, franchise, charter or
authorization is prohibited or restricted thereby, (viii)
margin stock and to the extent prohibited by the terms of any
applicable charter joint venture agreement, shareholders
agreement or similar agreement, equity interests in any
person other than material wholly-owned restricted
subsidiaries, (ix) any lease, license or agreement or any
property subject to a purchase money security interest or
similar arrangement to the extent that a grant of a security
interest therein would violate or invalidate such lease,
license or agreement or purchase money arrangement or create
a right of termination in favor of any other party thereto
after giving effect to the applicable anti-assignment
provisions of the Uniform Commercial Code or other applicable
law, other than proceeds and receivables thereof, the
assignment of which is expressly deemed effective under the
Uniform Commercial Code or other applicable law
notwithstanding such prohibition and (x) in the case of the
capital stock of any foreign subsidiary of a U.S. entity or
of a U.S. entity that is a disregarded entity for U.S.
federal income tax purposes substantially all of whose assets
consist of capital stock and/or indebtedness of one or more
foreign subsidiaries and any other assets incidental thereto,
shall be limited to 65% of the stock of such foreign
subsidiary or such U.S. entity, as the case may be, (b) no
actions shall be required to perfect a security interest in
letter of credit rights, chattel paper, hedge agreements, tax
refunds, motor vehicles and other assets subject to
certificates of title or commercial tort claims other than
the filing of a Uniform Commercial Code financing statement
and (c) control agreements and perfection by “control” shall
not be required with respect to any Collateral (other than
delivery of stock certificates of material wholly-owned
domestic subsidiaries and notes evidencing material
indebtedness).
	 
	 	 
	 

	 	Subject to the Certain Funds Provisions, all the
above-described pledges, security interests and mortgages
shall be created on terms and pursuant to documentation
reasonably satisfactory to the Bank Administrative Agent, and
none of the Collateral shall be subject to any other pledges,
security interests or mortgages, subject to exceptions to be
agreed upon. Assets will be excluded from the Collateral in
circumstances to be agreed and in circumstances where the
Bank Administrative Agent (in consultation with US Borrower)
determines in writing that the cost of obtaining a security
interest in such assets is excessive in relation to the value
afforded thereby.
	 
	 	 
	 

	 	Subject to the Certain Funds Provisions, the Bank Facilities
of the Foreign Borrowers will be secured by the US Collateral
and by a valid and perfected first priority security interest
in certain assets of the Foreign Guarantors to be agreed.

Solution — Commitment Letter

B-8

 

	 	 	 

	Documentation Principles:

	 	The Bank Loan Documents shall contain the terms
set forth in this Exhibit B and, to the extent
any other terms are not expressly set forth in
this Exhibit B, will be negotiated in good faith
and shall contain such other terms as US
Borrower and the Bank Lead Arrangers shall
reasonably agree; it being understood and agreed
that the Bank Loan Documents shall be usual and
customary for financings of this kind and size,
as agreed by the Bank Lead Arrangers and US
Borrower, as modified as appropriate in light of
the operational requirements of US Borrower and
its subsidiaries in light of their size,
industry, businesses, leverage, ratings and
business practices, and with baskets and
exceptions commensurate with the increased size
of US Borrower after giving effect to the
Transactions (the “Documentation Principles”).
	 
	 	 
	Interest:

	 	At the Borrowers’ option, the Bank Loans
denominated in U.S. dollars will bear interest
based on the Base Rate or Eurocurrency Rate (in
each case, as defined below), except that all
swingline borrowings will accrue interest based
only at the Base Rate. Bank Loans denominated
in Euros will bear interest at the Eurocurrency
Rate, and Bank Loans denominated in other
Committed Currencies shall bear interest at
their local equivalent of the Eurocurrency Rate.
	 
	 	 
	 

	 	A. Base Rate Option
	 
	 	 
	 

	 	Interest will be at the Base Rate plus the applicable
Interest Margin, calculated on the basis of the actual number
of days elapsed in a year of 365 days and payable quarterly
in arrears. “Base Rate” shall mean, for any day, a
fluctuating rate per annum equal to the highest of (i) the
Federal Funds Rate, as published by the Federal Reserve Bank
of New York, plus 1/2 of 1.00%, (ii) the rate that the Bank
Administrative Agent announces from time to time as its prime
or base commercial lending rate, as in effect from time to
time, and (iii) one-month LIBOR (determined as of such day)
plus 1.00%.
	 
	 	 
	 

	 	Base Rate borrowings will be in minimum amounts to be agreed
upon and (other than swingline borrowings) will require one
business day’s prior notice.
	 
	 	 
	 

	 	B. Eurocurrency Option
	 
	 	 
	 

	 	Interest will be determined for periods to be selected by the
Borrowers (“Interest Periods”) of one, two, three or
six months (or with the consent of each Lender, nine or
twelve months) and will be at an annual rate equal to (i) if
the currency of such loans is U.S. Dollars, the London
Interbank Offered Rate (“LIBOR”) for the
corresponding deposits of U.S. Dollars, plus the applicable
Interest Margin, and (ii) if the currency of such loans is
Euros, the rate per annum for deposits in Euros that appears
on

Solution — Commitment Letter

B-9

 

	 	 	 

	 

	 	Reuters Page EURIBOR-01 (“EURIBOR”), plus the
applicable Interest Margin.
	 
	 

	 	LIBOR will be determined by reference to the rate appearing
on Reuters Screen Libor 01 for the applicable interest period
(or on any successor or substitute page of such screen, or
any successor to or substitute for such screen, providing
rate quotations comparable to those currently provided on
such page of such screen, as determined by the Bank
Administrative Agent from time to time for purposes of
providing quotations of interest rates applicable to dollar
deposits in the London interbank market).
	 
	 

	 	EURIBOR will be determined by reference to the rate appearing
on Reuters Page EURIBOR-01 for the applicable interest period
(or on any successor or substitute page of such page, or any
successor to or substitute for such page, providing rate
quotations comparable to those currently provided on such
page, as determined by the Bank Administrative Agent from
time to time for purposes of providing quotations of interest
rates applicable to Euro deposits in the London interbank
market).
	 
	 

	 	The term “Eurocurrency Rate” shall mean LIBOR and/or
EURIBOR, as the context shall require.
	 
	 

	 	Interest will be paid at the end of each Interest Period or,
in the case of Interest Periods longer than three months,
quarterly, and will be calculated on the basis of the actual
number of days elapsed in a year of 360 days. The
Eurocurrency Rate will be adjusted for maximum statutory
reserve requirements (if any) pursuant to terms to be agreed.
	 
	 

	 	Eurocurrency borrowings will require 3 business days’ prior
notice and will be in minimum amounts to be agreed upon.
	 
	 

	 	At no time shall the
Eurocurrency Rate with respect to the Term B Facility be
less than 1.00% per annum.
	 
	 

	 	C. Interest Margins
	 
	 

	 	The applicable Interest Margin will be the basis points set
forth in the following table.

	 	 	 	 	 
	 	 	Base Rate Loans	 	Eurocurrency Rate Loans
	Revolving Facility
	 	1.50%	 	2.50%
	Term A Facility
	 	1.50%	 	2.50%
	Term B Facility
	 	 	 	 
	U.S. Dollar
	 	1.75%	 	2.75%
	EUR
	 	2.00%	 	3.00%

Solution — Commitment Letter

B-10

 

	 	 	 

	 

	 	The Interest Margin under the Revolving Facility and the Term
A Facility shall be subject to step-downs to be agreed.
	 
	 	 
	Default Interest:

	 	Any principal or interest payable under or in
respect of the Bank Facilities not paid when due
shall bear interest at the applicable interest
rate plus 2.00% per annum. Other overdue
amounts shall bear interest at 2.00% per annum
above the rate applicable to ABR loans.
	 
	 	 
	Unused Commitment Fees:

	 	0.50% per annum on the unused amount of the
commitments under the Revolving Facility
(calculated on an actual/360-day basis) subject
to a step-down to 0.375% based on a Net Total
Leverage Ratio level to be agreed, payable (i)
quarterly in arrears and (ii) on the date of
termination or expiration of the commitments
(the “Unused Commitment Fee”).
	 
	 	 
	Letter of Credit Fees:

	 	The Borrowers shall pay (calculated on an
actual/360-day basis) (a) to the applicable
Issuing Bank for its own account a fronting fee
equal to 0.125% per annum on the aggregate face
amount of each Letter of Credit issued and (b)
to the Bank Lenders under the Revolving Facility
a participation fee equal to the applicable
Interest Margin for Eurocurrency Revolving Loans
on the face amount of each such Letter of
Credit. Other customary administrative,
issuance, amendment and other charges shall be
payable to the applicable Issuing Bank for its
own account.
	 
	 	 
	Voluntary Prepayments and
Commitment Reductions:

	 	The Borrowers may prepay, in whole or in part,
the Bank Facilities, with prior notice but
without premium or penalty (other than any
breakage costs) and in minimum amounts to be
agreed. Voluntary reductions to the unutilized
commitments of the Revolving Facility may be
made from time to time by the Borrowers without
premium or penalty.
	 
	 	 
	Mandatory Prepayments:

	 	Mandatory prepayments of the Term Loans shall be
required from the following, subject to the
Documentation Principles:
	 
	 	 
	 

	 	      (a) 100% of the net cash proceeds of any non-ordinary
course sale or other disposition of assets (including as a
result of casualty or condemnation and excluding sales of
inventory, obsolete or worn-out property, property no longer
useful in such person’s business and other customary
exceptions to be agreed) by US Borrower and its restricted
subsidiaries in excess of an amount to be agreed (subject to
reinvestment of such proceeds in the business of US Borrower
or its restricted subsidiaries within (i) 12 months
following receipt or (ii) if US Borrower or its applicable
restricted subsidiaries have contractually committed to
reinvest such proceeds within 12 months following receipt, 18
months following receipt;

Solution — Commitment Letter

B-11

 

	 	 	 

	 

	 	      (b) 100% of the net cash proceeds from issuances or
incurrence of debt by US Borrower and its restricted
subsidiaries (other than indebtedness permitted by the Bank
Facilities, including the Notes, the Securities and other
indebtedness permitted or required to be issued under the
Senior Bridge Facility); and
	 
	 	 
	 

	 	      (c) 50% of excess cash flow for each fiscal year of US
Borrower (commencing with the first full fiscal year ended
after the Closing Date); provided, that the foregoing
percentage shall be reduced to 25% and 0% subject to Net
Total Leverage Ratio levels to be agreed; provided
further that (i) voluntary prepayments of the Term Loans and
the Revolving Loans (to the extent accompanied by a permanent
reduction of the corresponding commitment) made during such
fiscal year, or after the year end and prior to the time such
excess cash flow prepayment is due, will reduce the amount of
excess cash flow prepayments required for such fiscal year on
a dollar-for-dollar basis (in the case of Loans prepaid at a
discount to par, with such reduction of the amount of excess
cash flow prepayments being equal to the amount of cash spent
to make such prepayment (as opposed to the face amount of the
Loans so prepaid) and (ii) excess cash flow shall be reduced
for, among other things, cash used for capital expenditures,
certain permitted investments, permitted acquisitions and
certain limited restricted payments to be agreed (but in any
case, excluding therefrom the payment of public shareholder
dividends), in each case, to the extent financed with
internally generated funds and made during such fiscal year.
	 
	 	 
	Application of Prepayments:

	 	Optional prepayments of the Term
Facilities will be applied as directed
by the Borrowers. Mandatory
prepayments of the Term Facilities will
be applied ratably between and within
each of the Term Facilities in direct
order of occurrence for the next eight
immediately following scheduled
amortization payments (based on the
relative size of such scheduled
amortization payments), and then
applied ratably to the payment of the
remaining scheduled amortization
payments, on a pro rata basis between
and within each of the Term Facilities.
	 
	 	 
	Conditions Precedent
to Initial Funding:

	 	Subject to Certain Funds Provisions on
the Closing Date, the initial
borrowings under the Bank Facilities
shall be subject only to (a) the
conditions set forth in Section 1 of
the Commitment Letter, (b) the
conditions set forth in Exhibit D to
the Commitment Letter, and (c) the
delivery to the Bank Administrative
Agent of a notice of borrowing (along
with one or more letter of credit
requests, to the extent that the
Borrowers are requesting the issuance
of Letters of Credit on the Closing
Date).

Solution — Commitment Letter

B-12

 

	 	 	 

	Conditions Precedent
to All Other Extensions of Credit:

	 	After the Closing Date, the conditions
precedent to each borrowing and each
issuance of a Letter of Credit under
the Bank Facilities shall be (a)
delivery to the Bank Administrative
Agent of a notice of borrowing or
letter of credit request, as
applicable; (b) the absence of any
default or event of default under the
Bank Loan Documents at the time of, and
after giving effect to, such borrowing;
(c) the accuracy in all material
respects of the representations and
warranties of the Borrowers, each of
the Guarantors and each of their
respective restricted subsidiaries at
the time of, and after giving effect
to, such borrowings; and (d) to the
extent that compliance with the
Financial Covenant was not required in
the most recently reported fiscal
quarter, pro forma compliance, after
giving effect to such borrowing or
issuance (and all prior borrowings,
issuances and repayments), with the
Financial Covenant, calculated on a pro
forma basis for the most recent period
for which financial statements were
required to be delivered (whether or
not compliance with the Financial
Covenant was then otherwise
applicable).
	 
	 	 
	Representations and
Warranties:

	 	The Bank Facilities will contain such
representations and warranties by the
Borrowers and the Guarantors limited to
the following, subject to the
Documentation Principles and to
customary materiality qualifications
and exceptions to be agreed: organization, existence and good
standing; requisite power and
authority, qualification; equity
interests and ownership; due
authorization; no conflict;
governmental consents; binding
obligation; historical financial
statements; no material adverse change
(after the Closing Date); adverse
proceedings; payment of taxes;
properties; environmental matters; no
defaults; Investment Company Act;
margin stock; employee matters;
employee benefit plans; solvency;
compliance with law; disclosure; senior
indebtedness; Patriot Act; anti-money
laundering laws; intellectual property;
Regulation H (to the extent
applicable); and security documents.
	 
	 	 
	Affirmative Covenants:

	 	The Bank Facilities will contain such
affirmative covenants by the Borrowers
and the Guarantors limited to the
following, subject to the Documentation
Principles and to customary materiality
qualifications and exceptions to be
agreed: financial statements and other
reports; maintenance of existence;
payment of taxes and claims;
maintenance of properties; insurance;
books and records inspections; lenders’
meetings; compliance with laws;
environmental compliance; use of
proceeds; further assurances in respect
of subsidiaries, guaranties and
additional collateral; and using
commercially reasonable efforts to
maintain ratings.

Solution — Commitment Letter

B-13

 

	 	 	 

	Negative Covenants:

	 	The Bank Facilities will contain such
negative covenants by the Borrowers and
the Guarantors limited to the following,
subject to the Documentation Principles
and to customary materiality
qualifications and exceptions to be
agreed: indebtedness (with exceptions,
including to permit the Notes, the
Securities and the Facilities); liens;
restricted payments (with exceptions,
including for the payment of ordinary
dividends (a) in fiscal year 2011 (if the
Closing Date occurs prior to the end of
fiscal year 2011), up to an amount to be
agreed consistent with the Documentation
Principles, and (b) thereafter, up to the
amount for each respective fiscal year
set for the below:

	 	 	 

	fiscal year 2012:

	 	US$135 million
	fiscal year 2013:

	 	US$150 million
	fiscal year 2014:

	 	US$160 million
	fiscal year 2015 and thereafter:

	 	US$175 million

	 	 	 

	 

	 	provided, that if the Borrower pays less than the maximum
amount of ordinary dividends permitted in any fiscal year,
such unpaid excess amount may be added to increase the amount
of maximum ordinary dividends permitted to be paid in the
next two immediately following fiscal years (provided,
further, that (i) in no event shall the unpaid excess amount
of ordinary dividends permitted to be paid pursuant to this
provision from any fiscal year be added to increase the
maximum amount of ordinary dividends permitted to be paid in
any fiscal year beyond the two immediately following fiscal
years and (ii) upon the payment of ordinary dividends in any
fiscal year pursuant to this paragraph, the availability of
ordinary dividends permitted to be paid in such fiscal year
shall be reduced in the following order: first, to a
reduction of the unpaid excess amount of ordinary dividends
permitted to be carried over from previous fiscal years (in
the order of oldest in time), and second to a reduction of
the available amount of ordinary dividends permitted to be
paid in the then-current fiscal year)); no further negative
pledges; restricted junior payments; investments; fundamental
changes; disposition of assets (including subsidiaries);
acquisitions; sales and lease-backs; speculative hedging
activities; transactions with shareholders and affiliates;
conduct of business; amendments or waivers of organizational
documents; amendments or waivers with respect to certain
indebtedness; and fiscal year, in each case subject to
applicable periods, exceptions and baskets.
	 
	 	 
	 

	 	The Borrowers or any restricted subsidiary will be permitted
to make acquisitions (each, a “Permitted
Acquisition”) so long as (a) before and after giving
effect thereto, no event of default has occurred and is
continuing, (b) the Borrower would be in compliance (on a pro
forma basis after giving effect to such acquisition and any
other acquisition, disposition, debt incurrence, debt
retirement and customary pro forma adjustments, including pro
forma cost savings and synergy

Solution — Commitment Letter

B-14

 

	 	 	 

	 

	 	addbacks, to be agreed) with the Financial Covenant
recomputed as of the last day of the most recently ended
fiscal quarter of the Borrower for which financial statements
are available, and (c) subject to the limitations set forth
in “Guarantees” and “Security” above, the acquired company
and its subsidiaries (other than any designated as an
unrestricted subsidiary) will become Guarantors and pledge
their Collateral to the Administrative Agent. Acquisitions of
entities that do not become Guarantors and made with the
proceeds of any consideration provided by the Borrowers or a
Guarantor will be limited to an aggregate amount not to
exceed an amount equal to the sum of (x) an amount to be
agreed and (y) the amount described in the second succeeding
paragraph below. The foregoing requirements will not apply
to the consummation of the Acquisition.
	 
	 	 
	 

	 	So long as no event of default has occurred and is then
continuing, the Borrowers and any restricted subsidiary will
be permitted to:

	 	 	 

	 

	 	(a) incur senior unsecured indebtedness, subject to
compliance, on a pro forma basis (giving effect to such
incurrence and all other incurrences of indebtedness
since the most recently ended fiscal quarter of US
Borrower for which financial statements are available)
with either (i) the Financial Covenant, except
that, for purposes of determining compliance with this
clause (i), the then-applicable Financial Covenant shall
be reduced by 0.50 or (ii) (x) the Financial Covenant
and (y) a minimum 2.0 : 1.0 interest coverage ratio test
(to be defined in a mutually agreed manner, consistent
with the Documentation Principles but to exclude the
cash proceeds from the indebtedness being inccurred);
and
	 
	 	 
	 

	 	(b) incur subordinated indebtedness, subject to
compliance, on a pro forma basis (giving effect to such
incurrence and all other incurrences of indebtedness
since the most recently ended fiscal quarter of US
Borrower for which financial statements are available)
with the Financial Covenant;

	 	 	 

	 

	 	in each case, subject to terms and conditions consistent with
the Documentation Principles; provided that any such
indebtedness incurred by a restricted subsidiary that is not
a Guarantor shall be capped at an amount to be agreed.
	 
	 	 
	 

	 	So long as no event of default has occurred and is then
continuing, the Borrowers and any restricted subsidiary may
make fair market value, non-ordinary course asset sales, in
each fiscal year in an aggregate amount not to exceed 15% of
the US Borrower’s consolidated net tangible assets, as
determined as of

Solution — Commitment Letter

B-15

 

	 	 	 

	 

	 	the last day of the preceding fiscal year, and subject to the
mandatory prepayment provision and other terms and conditions
consistent with the Documentation Principles; provided, that
at least 75% of the proceeds from each such non-ordinary
course asset sale shall be in the form of cash or cash
equivalents. The foregoing limits on non-ordinary course
asset sales will fall away in the event that the US Borrower
obtains corporate family/corporate credit ratings of BBB-
and Baa3 from each of S&P and Moody’s,
respectively (in each case, with no negative outlook or
negative watch), though for the avoidance of doubt, such
non-ordinary course asset sales shall still remain subject to
the mandatory prepayment provision.
	 
	 	 
	 

	 	The limitations on investments, restricted payments and debt
payments referenced above shall be subject to (i) a carve-out
to permit investments, restricted payments or restricted
junior debt payments, subject to a building basket based on
excess cash flow that is not required to be prepaid pursuant
to the mandatory prepayment provisions of any Facility, and
with terms and conditions consistent with the Documentation
Principles; (ii) a carve-out to permit any investments,
restricted junior debt payments and restricted payments,
subject to pro forma compliance with a maximum Total Net
Leverage Ratio of 2.5 : 1.0; and (iii) in the case of any
debt payment, there shall be an exception for conversions of
the applicable indebtedness to common or “qualified
preferred” equity (or payments with the proceeds thereof) or
refinancing or exchanges of debt for like or junior debt.
	 
	 	 
	 

	 	Upon the US Borrower’s receipt of corporate family/corporate
credit ratings of BBB- and Baa3 from each of S&P
and Moody’s, respectively (in each case, with no
negative outlook or negative watch), (i) certain negative
covenants, to be mutually agreed, will be suspended for all
periods during which the US Borrower maintains such
investment grade ratings, (ii) certain other negative
covenants, to be mutually agreed, will be permanently
removed, and (iii) all collateral will be released.

	 	 	 

	Financial Covenant:

	 	The only financial covenant for the Bank Facilities will be maintenance of a
maximum Total Net Leverage Ratio (the “Financial Covenant”) for each period of four
fiscal quarters of US Borrower and its subsidiaries on a consolidated basis (beginning with
the first full fiscal quarter after the Closing Date), which shall be applicable only when
there exists any outstanding loan or letter of credit (drawn or undrawn) under the Term A
Facility or the Revolving Facility (in the case of undrawn Letters of Credit, unless such
Letters of Credit have been cash collateralized in an amount equal to no less than 102% of the
face amount thereof).

Solution — Commitment Letter

B-16

 

	 	 	 

	 

	 	The levels for the Financial Covenant shall be set at a
cushion of at least 30% above the levels set forth in the
model provided to the Initial Lender on May 18, 2011, or in
such subsequently provided model as may be mutually agreed
between the US Borrower and the Initial Lender.
	 
	 	 
	Events of Default:

	 	The Bank Facilities will contain events of
default limited to the following, subject to
the Documentation Principles and subject to
customary materiality qualifications and
exceptions to be agreed: failure to pay
principal when due and failure to pay interest,
fees and other amounts within 5 business days
of when due; representations or warranties
materially incorrect; failure to comply with
covenants, with customary notice and cure
periods (provided, that any breach of the
Financial Covenant shall require enforcement of
such default and acceleration of loans by the
Revolving Lenders and Term A Lenders to trigger
an event of default under the Term B Facility);
cross-default to payment defaults on principal
of indebtedness in an aggregate minimum
threshold amount to be agreed, or to other
events if the effect is to accelerate or permit
acceleration of such debt; failure to pay a
final judgment or court order not covered by
insurance if not stayed within an appropriate
period in excess of a minimum threshold amount
to be agreed; bankruptcy, liquidation, or the
appointment of a receiver or similar official
or institution of any such proceeding if not
dismissed within an appropriate period; ERISA;
change of control or ownership (with such
definition to be agreed in a mutually
acceptable manner, but in any event shall not
require any minimum ownership or control by any
person, entity or group); invalidity (actual or
asserted in writing by US Borrower) of the Bank
Loan Documents or portion of Collateral (such
portion of Collateral subject to a materiality
threshold to be agreed consistent with the
Documentation Principles); and failure of
subordinated indebtedness to be subordinated.
	 
	 	 
	Unrestricted Subsidiaries:

	 	The Bank Loan Documents will contain provisions
pursuant to which, subject to customary
limitations based on a minimum consolidated
restricted asset test to be agreed, and
customary limitations on investments, loans,
advances to, and other investments in,
unrestricted subsidiaries, US Borrower will be
permitted to designate any existing or
subsequently acquired or organized subsidiary
as an “unrestricted subsidiary” and
subsequently re-designate any such unrestricted
subsidiary as a restricted subsidiary.
Unrestricted subsidiaries will not be subject
to the representations and warranties,
affirmative or negative covenant or event of
default provisions of the Bank Loan Documents
and the results of operations and indebtedness
of unrestricted subsidiaries will not be taken
into account for purposes of determining any
financial ratio or covenant contained in the
Bank Loan Documents.

Solution — Commitment Letter

B-17

 

	 	 	 

	Expenses and Indemnity:

	 	The US Borrower shall pay or reimburse all
reasonable and documented out-of-pocket costs
and expenses incurred by the Bank Lead
Arrangers, the Bank Administrative Agent and
the Collateral Agent in connection with the
syndication of the Bank Facilities and with the
preparation, negotiation, execution and
delivery of the Bank Loan Documents and any
security arrangements in connection therewith,
including the reasonable and documented
out-of-pocket legal expenses of one firm of
counsel to the Bank Administrative Agent, the
Bank Lenders and the Bank Lead Arrangers, taken
as a whole and, if necessary, of one local
counsel in each appropriate jurisdiction (and,
to the extent required by the subject matter,
one specialist counsel for each such
specialized area of law in each appropriate
jurisdiction); provided that, if the Closing
Date does not occur, the US Borrower shall only
be required to reimburse 50% of the aggregate
costs and expenses referenced in the preceding
portion of this sentence.
	 
	 	 
	 

	 	US Borrower further agrees to pay all
reasonable and documented out-of-pocket costs
and expenses of the Bank Administrative Agent,
the Collateral Agent, the Issuing Banks, and
the Bank Lenders incurred in connection with
the administration, amendment, waiver or
modification (including proposed amendments,
waivers or modifications) of, and enforcement
of any of its rights and remedies under, the
Bank Loan Documents, including the reasonable
and documented out-of-pocket legal expenses of
one firm of counsel to the Bank Administrative
Agent, the Collateral Agent, the Issuing Banks,
and the Bank Lenders, taken as a whole and, if
necessary, of one local counsel in each
appropriate jurisdiction (and, to the extent
required by the subject matter, one specialist
counsel for each such specialized area of law
in each appropriate jurisdiction).
	 
	 	 
	 

	 	US Borrower will indemnify the Bank Lenders,
the Bank Lead Arrangers, the Bank
Administrative Agent, the Collateral Agent, the
Issuing Banks and their respective affiliates,
and hold them harmless from and against all
reasonable and documented out-of-pocket costs,
expenses (including the reasonable and
documented out-of-pocket legal expenses of one
firm of counsel to the Bank Lenders, the Bank
Lead Arrangers, the Bank Administrative Agent,
the Collateral Agent, the Issuing Banks and
their respective affiliates, taken as a whole
and, if necessary, of one local counsel in each
appropriate jurisdiction (and, to the extent
required by the subject matter, one specialist
counsel for each such specialized area of law
in each appropriate jurisdiction) (and, in the
case of a conflict of interest (as determined
in the sole discretion of each affected
indemnified person) where the indemnified
person affected by such conflict informs you of
such conflict and thereafter retains its own
counsel, of another firm of counsel for each
such affected indemnified person) and
liabilities arising out of or relating to

Solution — Commitment Letter

B-18

 

	 	 	 

	 

	 	the Bank Facilities and any actual or proposed use of the proceeds of any loans
made under the Bank Facilities; provided, however, that no such person will be
indemnified for costs, expenses or liabilities (i) to the extent determined by
a final, non-appealable judgment of a court of competent jurisdiction to have
been incurred solely from the gross negligence, bad faith or willful misconduct
of an indemnified person or any of its affiliates or their respective officers,
directors, employees, partners, agents, advisors or other representatives, (ii)
which resulted from a material breach of any material Bank Loan Documents by,
such indemnified person or any of its affiliates or their respective officers,
directors, employees, partners, agents, advisors or other representatives, as
determined by a final, non-appealable judgment of a court of competent
jurisdiction or (iii) any dispute solely among the indemnified persons and not
arising out of any act or omission of the US Borrower, or any of their
affiliates (except when one of the parties to such action was acting in its
capacity as an agent, an arranger, a bookrunner or other agency capacity);
provided that US Borrower shall not be liable for any indirect, special,
punitive or consequential damages (other than in respect of any such damages
required to be indemnified pursuant to the indemnification provisions).
	 
	 	 
	Waivers and Amendments:

	 	Amendments and waivers of the provisions of the
Bank Loan Documents shall require the approval of
Bank Lenders holding not less than a majority of
the aggregate principal amount of the loans and
commitments under the Bank Facilities; provided
that (a) the consent of each affected Bank Lender
shall be required with respect to (i) increases in
the commitment of such Bank Lender; (ii)
reductions of principal, interest or fees of such
Bank Lender; (iii) extensions of scheduled
amortization or the final maturity date; (iv)
releases of all or substantially all of the
Collateral or the guarantees; and (v) decreases in
the required voting percentages (or any of the
applicable definitions related thereto), and (b)
consent of the Bank Lenders holding not less than
a majority of any class of loans under the Bank
Facilities shall be required with respect to
matters customarily regarded as specifically
affecting the rights of such class.
Notwithstanding the foregoing, (x) amendments and
waivers of the Financial Covenant or its component
definitions will require only the approval of
Lenders holding more than 50% of the aggregate
amount of Loans and commitments under the Term A
Facility and the Revolving Facility, and (y) the
Bank Loan Documents will include customary “amend
and extend” provisions, as well as provisions
allowing for the Borrowers to repurchase loans on
a non pro rata basis through reverse Dutch
auctions.
	 
	 	 
	 

	 	The Bank Loan Documents shall contain customary
“yank-a-bank” provisions and customary provisions relating to
“defaulting” Bank Lenders (including provisions relating to
reallocation of defaulting Bank Lender commitments to non-

Solution — Commitment Letter

B-19

 

	 	 	 

	 

	 	defaulting Bank Lenders up to such non-defaulting Bank
Lenders’ commitments and, in the absence of such
reallocation, providing cash collateral to support swingline
loans or Letters of Credit, the suspension of voting rights,
rights to receive certain fees, and the termination or
assignment of commitments or loans of such Bank Lenders).
	 
	 	 
	 

	 	The Bank Loan Documents shall provide the right for
individual Lenders to agree to extend the maturity date of
their own outstanding Term Loans and/or Revolving Facility
commitments, as applicable, upon the request of US Borrower
and without the consent of any other Lender (it being
understood that each Lender under the tranche that is being
extended shall have the opportunity to participate in such
extension on the same terms and conditions as each other
Lender under such tranche), upon terms as are usual and
customary for financings of this kind and scope generally,
subject to the Documentation Principles.

	 	 	 

	Assignments and Participations:

	 	Each Bank Lender may assign (other than to
any Disqualified Lender) all or, subject
to minimum amounts to be agreed, a portion
of its loans and commitments under one or
more of the Bank Facilities. Assignments
will require payment of an administrative
fee to the Bank Administrative Agent, and
the consents of the Bank Administrative
Agent and, except with respect to
assignments made as part of the primary
syndication of the Facilities (subject to
the provisions of Section 2 of the
Commitment Letter), the consent of the US
Borrower (not to be unreasonably withheld,
delayed or conditioned); provided, the US
Borrower shall be deemed to have consented
to any such assignment in respect of the
Term Facilities, unless it shall object
thereto by written reply to the Bank
Administrative Agent within 5 business
days after having received notice thereof;
provided, further, that no consent of US
Borrower shall be required (i) for an
assignment to an existing Bank Lender or
an affiliate of an existing Bank Lender or
(ii) during a payment or bankruptcy event
of default; and provided, further, that no
consent of the Bank Administrative Agent
shall be required for an assignment to an
existing Bank Lender or an affiliate of an
existing Bank Lender. In addition, each
Bank Lender may sell participations (other
than to any Disqualified Lender) in all or
a portion of its loans and commitments
under one or more of the Bank Facilities;
provided that no purchaser of a
participation shall have the right to
exercise or to cause the selling Bank
Lender to exercise voting rights in
respect of the Bank Facilities (except as
to certain basic issues requiring a 100%
vote of affected Lenders).
	 
	 	 
	Yield Protection, Taxes and
Other Deductions:

	 	The Bank Loan documents will contain yield
protection provisions, customary for
facilities of this nature, protecting the
Bank Lenders in the event of
unavailability of funding, funding

Solution — Commitment Letter

B-20

 

	 	 	 

	 

	 	losses, reserve and capital adequacy requirements, subject to customary “yank-a-bank” provisions.
	 
	 	 
	 

	 	The Bank Loan Documents will provide that all payments are to be made free
and clear of any taxes (other than (i) income taxes in the jurisdiction of
the Bank Lenders’ applicable lending office, (ii) franchise taxes, (iii)
taxes on overall net income and (iv) taxes imposed under the foreign accounts
tax compliance provisions of Sections 1471 and 1472 of the Code. Bank
Lenders will furnish to the Bank Administrative Agent appropriate
certificates or other evidence of exemption from U.S. federal tax
withholding.
	 
	 	 
	Governing Law:

	 	The State of New York, except as to real estate and certain other collateral
documents required to be governed by local law. Each party to the Bank Loan
Documents will waive the right to trial by jury and will consent to the
exclusive jurisdiction of the state and federal courts located in The Borough
of Manhattan, The City of New York.
	 
	 	 
	Counsel to the Bank Lead
Arrangers and Bank
Administrative Agent:

	 	Shearman & Sterling LLP.

Solution — Commitment Letter

B-21

 

ANNEX I TO EXHIBIT B

Foreign Subsidiaries

	•	 	Diversey B.V.
	 
	•	 	Diversey Co., Ltd.
	 
	•	 	Diversey Brasil Indústria Quimica Ltda. or any other Brazilian subsidiary of Diversey,
Inc.
	 
	•	 	Diversey S.p.A. or any other Italian subsidiary of Diversey, Inc.
	 
	•	 	Soap Merger Sub Incorporated (Delaware)
	 
	•	 	Sealed Air Corporation
	 
	•	 	SAC US
	 
	•	 	Cryovac
	 
	•	 	Sealed Air Luxembourg, SCA
	 
	•	 	Cryovac Japan

Solution — Commitment Letter

B-A-1

 

			
	CONFIDENTIAL
	 	EXHIBIT C

Senior Bridge Facility

Summary of Principal Terms and Conditions

All capitalized terms used herein but not defined herein shall have the meanings provided in the
Commitment Letter (including the other exhibits thereto) to which this Summary of Principal Terms
and Conditions is attached.

	 	 	 

	Borrowers:

	 	Sealed Air Corporation (the “US Borrower”,
and one wholly-owned European restricted
subsidiary of the US Borrower, to be agreed,
the “European Borrower”, and such European
Borrower, together with the US Borrower, the
“Borrowers”). The Borrowers and the
Guarantors (as defined below) are
collectively referred to herein as the “Loan
Parties.”
	 
	 	 
	Acquisition:

	 	As described in the Transaction Description.
	 
	 	 
	Bridge Lead Arrangers:

	 	Citi (in its capacity as “left” lead arranger
and “left” bookrunner, the “Bridge Lead
Arranger”, and together with such other lead
arrangers and bookrunners as may be appointed
by US Borrower in accordance with the terms
of the Commitment Letter, the “Bridge Lead
Arrangers”).
	 
	 	 
	Bridge Administrative Agent:

	 	Citi (in its capacity as administrative agent
for the Bridge Lenders, the “Bridge
Administrative Agent”).
	 
	 	 
	Bridge Lenders:

	 	The Bridge Initial Lender and/or other
financial institutions (other than
Disqualified Lenders) arranged by the Bridge
Lead Arrangers in consultation with (or where
applicable, with the consent of), US
Borrower, in accordance with the syndication
provisions of the Commitment Letter (the
“Bridge Lenders”).
	 
	 	 
	Bridge Loans:

	 	The Bridge Lenders will make loans to the
Borrowers on the date the Acquisition is
consummated in an aggregate principal amount
up to the Equivalent of US$1,500 million, of
which (x) up to the Equivalent of US$500
million shall be available in Euros, (the
“Euro Bridge Loan”), and (y) up to the
Equivalent of US$1,000 million shall be
available in Dollars (the “Dollar Bridge
Loan” and, together with the Euro Bridge
Loan, the “Bridge Loans”)
	 
	 	 
	Purpose:

	 	The proceeds of the Bridge Loans will be used
to (a) finance the Acquisition and the
Transactions (including refinancing
pre-existing indebtedness of the Acquired
Business), and (b) pay fees and expenses
incurred in connection with the Transactions.
	 
	 	 
	Availability:

	 	A single drawing may be made on the Closing
Date of up to the full amount of the Bridge
Loans. Amounts borrowed under the

Solution — Commitment Letter

C-1

 

	 	 	 

	 

	 	Senior Bridge Facility and repaid or prepaid may not be reborrowed.
	 
	 	 
	Documentation Principles:

	 	The definitive documentation for the
Bridge Loans will contain only those
conditions to borrowing,
representations, warranties, covenants
and events of default expressly set
forth in this Exhibit C and other
provisions that are usual for
facilities and transactions of this
type (including as to operational
requirements of the Borrowers and the
Acquired Business and its subsidiaries
in light of their industries,
businesses and business practices) (the
“Bridge Documentation Principles”).
The documentation for the Bridge Loans
will include, among others, a credit
agreement (the “Bridge Loan
Agreement”), guarantees and other
appropriate documents (collectively,
the “Bridge Loan Documents”) and in any
event shall be no more restrictive to
the US Borrower and its subsidiaries
than the Bank Loan Documents.
	 
	 	 
	Conversion and Maturity Dates:

	 	All Bridge Loans shall have an initial
maturity date that is the one-year
anniversary of the Closing Date (the
“Bridge Loan Maturity Date”), which
shall be extended as provided below.
On the Bridge Loan Maturity Date, (i)
any Euro Bridge Loan that has not been
previously repaid in full will be
automatically converted into a
Euro-denominated senior term loan (any
such loan, a “Euro Senior Term Loan”)
due on the date that is eight years
after the Closing Date (the “Euro
Extended Maturity Date”), subject to
the conditions set forth herein, and
(ii) any Dollar Bridge Loan that has
not been previously repaid in full will
be automatically converted into two
U.S. Dollar-denominated senior term
loans, each such loan in an amount
equal to half the aggregate amount of
the then outstanding Dollar Bridge Loan
(the “Eight-Year Dollar Senior Term
Loan” and the “Ten-Year Dollar Senior
Term Loan”, respectively, and each a
“Dollar Senior Term Loan” and,
collectively with any Euro Senior Term
Loans, the “Senior Term Loans”). The
Eight-Year Dollar Senior Term Loans
shall be due on a date that is eight
years after the Closing Date, subject
to the conditions set forth herein.
The Ten-Year Dollar Senior Term Loans
shall be due on a date that is ten
years after the Closing Date, subject
to the conditions set forth herein.
The date on which Bridge Loans are
extended as Senior Term Loans is
referred to as the “Conversion Date.”
	 
	 	 
	 

	 	The Senior Term Loans will be governed
by the provisions of the Bridge Loan
Documents and will have the same terms
as the Bridge Loans except as expressly
set forth on Annex II hereto.
	 
	 	 
	Exchange of the Senior Term Loans:

	 	At any time or from time to time on or
after the Conversion Date, at the
option of the Bridge Lenders, any Euro
Senior Term Loans, Eight-Year Dollar
Senior Term Loans or Ten-Year Dollar
Senior Term Loans may be exchanged in
whole or in part for

Solution — Commitment Letter

C-2

 

	 	 	 

	 

	 	senior exchange notes, each such series of senior exchange notes having an aggregate principal amount equal to the principal amount
of Euro Senior Term Loans, Eight-Year Dollar Senior Term Loans or Ten-Year Dollar Senior Term Loans being exchanged (the “Euro
Exchange Securities”, the “Eight-Year Dollar Exchange Securities” and the “Ten-Year Dollar Exchange Securities”, respectively, and
collectively the “Exchange Securities”); provided that Borrowers may defer the first issuance of Exchange Securities until such time
as the applicable Borrower shall have received requests to issue an aggregate of at least the Equivalent of US$100.0 million in
aggregate principal amount of Exchange Securities.
	 
	 	 
	 

	 	When issued, the Exchange Securities will be governed by an indenture to be entered
into between Borrowers and a trustee in a form customarily utilized for a Rule 144A
offering of high-yield securities that complies with the Trust Indenture Act, with
terms to be mutually agreed, which shall have the terms set forth in this exhibit
for such Exchange Securities.
	 
	 	 
	 

	 	If reasonably requested by the Bridge Lead Arrangers or at any time prior thereto in
connection with a contemplated exchange by any Bridge Lender of Senior Term Loans
for Exchange Securities, US Borrower shall (i) deliver to the Lender that is
receiving Exchange Securities, and to such other Lenders as the Bridge Lender
requests, an offering memorandum of the type customarily utilized in a Rule 144A
offering of high-yield securities covering the resale of such Exchange Securities by
such Lenders, in such form and substance as reasonably acceptable to US Borrower and
the Bridge Lender, and keep such offering memorandum updated in a manner as would be
required pursuant to a customary Rule 144A securities purchase agreement, (ii) in
connection with any sale by such Bridge Lender, deliver or cause to be delivered
such opinions and accountants’ comfort letters addressed to the Bridge Lender and
such certificates as the Bridge Lender may reasonably request as would be customary
in Rule 144A offerings and (iii) take such other actions, and cause its advisors,
auditors and counsel to take such actions, as reasonably requested by the Bridge
Lender in connection with issuances or resales of Exchange Securities, including
providing such information regarding the business and operations of US Borrower and
its subsidiaries as is reasonably requested by any prospective holder of Exchange
Securities and customarily provided in due diligence investigations in connection
with purchases or resales of securities.
	 
	 	 
	 

	 	Notwithstanding the foregoing, the obligation to keep an offering memorandum updated
shall be subject to customary “blackout” periods of not more than 45 days in any
90-day period, not to exceed 90 days in any year, for material developments. Upon
effectiveness of any Shelf Registration Statement, consummation

Solution — Commitment Letter

C-3

 

	 	 	 

	 

	 	of any Registered Exchange Offer or notice by the Lead Arrangers that the Lead Arrangers have resold all of their Exchange
Securities, the Borrowers shall have no obligation to provide or update any offering memorandum pursuant to this section.
	 
	 	 
	Availability of the
Exchange Securities:

	 	The Exchange Securities will be available only in exchange for
the Senior Term Loans. The principal amount of any Exchange Security will equal
100% of the aggregate principal amount of the Senior Term Loan for which it is
exchanged.
	 
	 	 
	Guarantee:

	 	The obligations of US Borrower in respect of the Bridge Loans, the Senior Term Loans
and the Exchange Securities will be unconditionally and irrevocably guaranteed on a
senior basis (the “Guarantees”) by all the domestic guarantors of the Bank
Facilities. The Guarantees will automatically be released upon the release of the
corresponding guarantees of the Bank Facilities.
In addition, wholly-owned, material foreign restricted subsidiaries of the Borrowers
may be required to provide Guarantees with respect to the obligations of the
European Borrower, subject to any requirements of applicable law and the benefit
from any such guarantee outweighing the cost of obtaining the same, as reasonably
determined by the Bridge Administrative Agent in consultation with US Borrower.
	 
	 	 
	Collateral:

	 	None.
	 
	 	 
	Interest Rates and Fees:

	 	As set forth on Annex I hereto and in the Fee Letter.
	 
	 	 
	Ranking:

	 	The Bridge Loans, the Senior Term Loans and the Exchange Securities shall be pari
passu for all purposes.
With respect to the Bank Facilities, the Bridge Loans, the Senior Term Loans and the
Exchange Securities shall constitute senior debt and shall rank pari passu with the
Bank Facilities.
	 
	 	 
	Mandatory Prepayments:

	 	US Borrower will be required to prepay the Bridge Loans on a pro rata basis from the
net proceeds (after deduction of, among other things, mandatory prepayments under
the Bank Facilities) from the incurrence of any debt by US Borrower or any of its
subsidiaries whose proceeds are required to prepay the Bank Facilities or from all
non-ordinary course asset sales by US Borrower or any of its subsidiaries in excess
of amounts reinvested in the business of US Borrower or its restricted subsidiaries
on the same terms as permitted by the Bank Facilities, with exceptions and baskets
usual and customary for financings of this type.

Solution — Commitment Letter

C-4

 

	 	 	 

	 

	 	US Borrower will be required to prepay all Bridge Loans at 100% and offer to
repurchase all the Senior Term Loans at 100% of the outstanding principal amount
thereof plus accrued and unpaid interest to the date of repayment, upon the
occurrence of a change of control or ownership (with such change of control
definition to be agreed between Citi and the Borrower in a mutually acceptable
manner, but in any event shall not require any minimum ownership or control by any
person, entity or group).
	 
	 	 
	 

	 	The net cash proceeds from the issuance of the Securities (as defined in the
Engagement Letter dated the date hereof and delivered herewith with respect to the
Notes (the “Engagement Letter”)) will be applied to refinance the Bridge Loans held
by such Bridge Lender or its affiliates, notwithstanding the pro rata provisions
otherwise applicable to redemptions and prepayments.
	 
	 	 
	Optional Prepayment:

	 	The Bridge Loans will be prepayable at par at any time upon not less than 3 business
days’ prior notice at the applicable Borrower’s option, in whole or in part, plus
accrued and unpaid interest. Breakage costs, if any, will be paid by the Borrowers.
	 
	 	 
	 

	 	The Euro Exchange Securities will be non-callable for three years from the Closing
Date (subject to customary 35% clawback provisions in the first three years after
the Closing Date with the proceeds of equity offerings at par plus accrued interest
plus a premium equal to the coupon) and will be callable thereafter at par plus
accrued interest plus a premium equal to three-quarters of the coupon, which premium
shall decline ratably on each anniversary of the Closing Date to zero two years
before the maturity of the Euro Exchange Securities; provided, however, that any
Euro Exchange Securities will be callable prior to such third anniversary at a
redemption price equal to par plus accrued interest plus a make whole premium
calculated on the basis of a discount rate equal to the then Treasury Rate plus
one-half of one percent (0.50%).
	 
	 	 
	 

	 	The Eight-Year Dollar Exchange Securities will be non-callable for three years from
the Closing Date (subject to customary 35% clawback provisions in the first three
years after the Closing Date with the proceeds of equity offerings at par plus
accrued interest plus a premium equal to the coupon) and will be callable thereafter
at par plus accrued interest plus a premium equal to three-quarters of the coupon,
which premium shall decline ratably on each anniversary of the Closing Date to zero
two years before the maturity of the Eight-Year Dollar Exchange Securities;
provided, however, that any Eight-Year Dollar Exchange Securities will be callable
prior to such third anniversary at a redemption price equal to par plus accrued
interest plus a make whole premium calculated on the basis of a

Solution — Commitment Letter

C-5

 

	 	 	 

	 

	 	discount rate equal to the then Treasury Rate plus one-half of one percent (0.50%).
	 
	 	 
	 

	 	The Ten-Year Dollar Exchange Securities will be non-callable for five years from the
Closing Date (subject to customary 35% clawback provisions in the first three years
after the Closing Date with the proceeds of equity offerings at par plus accrued
interest plus a premium equal to the coupon) and will be callable thereafter at par
plus accrued interest plus a premium equal to one-half the coupon, which premium
shall decline ratably on each anniversary of the Closing Date to zero two years
before the maturity of the Ten-Year Dollar Exchange Securities; provided, however,
that any Ten-Year Dollar Exchange Securities will be callable prior to such fifth
anniversary at a redemption price equal to par plus accrued interest plus a make
whole premium calculated on the basis of a discount rate equal to the then Treasury
Rate plus one-half of one percent (0.50%).
	 
	 	 
	Representations and Warranties:

	 	The Bridge Facilities will contain representations and warranties relating to US
Borrower and its restricted subsidiaries set forth in Exhibit B under the caption
“Representations and Warranties,” with such changes as are appropriate in connection
with unsecured bridge loans (and in any event such representations and warranties
shall not be more restrictive to US Borrower and its subsidiaries than those set
forth in the Bank Loan Documents).
	 
	 	 
	Conditions Precedent:

	 	Subject to the Certain Funds Provisions, the availability of the initial borrowing
on the Closing Date shall be conditioned solely upon satisfaction of the applicable
conditions specified in Section 1 of the Commitment Letter and the Summary of
Additional Conditions Precedent as described in Exhibit D of the Commitment Letter.
	 
	 	 
	Covenants:

	 	Affirmative and incurrence-based negative covenants customary for senior unsecured
high-yield senior debt offerings, based on customary senior unsecured high-yield
debt securities (consistent with the Bridge Documentation Principles). Prior to the
Bridge Loan Maturity Date, the negative covenants (including limitations in respect
of debt incurrence, lien incurrence, merger and restricted payments will be more
restrictive, in certain agreed upon aspects, than those in the Exchange Securities
(but in any event less restrictive than those set forth in the Bank Loan Documents).
Following the Bridge Loan Maturity Date, the negative covenants relevant to the
Senior Term Loans will automatically be modified so as to be consistent with the
Exchange Securities.
	 
	 	 
	Financial Covenants:

	 	None.

Solution — Commitment Letter

C-6

 

	 	 	 

	Events of Default:

	 	1. Failure to pay principal, interest or any other amount, in each case, when
due.

	 
	 	 
	 

	 	2. Representations or warranties materially incorrect when
made.

	 
	 	 
	 

	 	3. Failure to
comply with covenants (with customary notice and cure
periods).

	 
	 	 
	 

	 	4.
Cross-acceleration to debt aggregating an amount to be
agreed.

	 
	 	 
	 

	 	5. Unsatisfied
judgment or order in excess of an amount to be agreed.

	 
	 	 
	 

	 	6. Bankruptcy or
insolvency.

	 
	 	 
	 

	 	7. Actual or
asserted invalidity of any Guarantee or any other
material Bridge Loan Document.

	 
	 	 
	 

	 	Any notice periods, cure periods or amounts shall be consistent with those contained in the
events of default in the Existing Senior Notes (but in any event no more restrictive than the
Bank Facilities); provided, however, that in the case of the Bridge Loans (but not the Senior
Term Loans or Exchange Securities) (i) the notice periods, cure periods or amounts may be more
restrictive than the notice periods, cure periods or amounts contained in the Existing Senior
Notes and (ii) the cross-acceleration event of default may be changed to a cross payment event of
default, as reasonably agreed by the Bridge Lead Arrangers and the US Borrower. The default
provisions of the Bridge Loan Documents shall be no more restrictive to the US Borrower and its
subsidiaries than those set forth in the Bank Loan Documents.
	 
	 	 
	Voting:

	 	Amendments and waivers of the documentation for the Bridge Loans and the other definitive credit
documentation related thereto will require the approval of Bridge Lenders holding at least a
majority of the outstanding Bridge Loans, except that the consent of each affected Bridge Lender
will be required for, among other things, (i) reductions of principal and interest rates and
fees, (ii) additional restrictions on the right to exchange Senior Term Loans for Exchange
Securities or any amendment of the rate of such exchange, (iii) any amendment to the Exchange
Securities that requires (or would, if any Exchange Securities were outstanding, require) the
approval of all holders of Exchange Securities and (iv) any amendment to the redemption times,
non-call period or call premiums in the Exchange Securities.

Solution — Commitment Letter

C-7

 

	 	 	 

	Assignment and
Participation of Loans:

	 	The Bridge Lenders will have the right to assign loans and
commitments to their affiliates and to other Bridge Lenders (and affiliates of such other Bridge
Lenders) and to any Federal Reserve Bank without restriction, and to other financial institutions
after the Closing Date in consultation with, but without the consent of, US Borrower; provided,
however, that prior to the Bridge Loan Maturity Date, unless there has been a Demand Failure
Event or any bankruptcy event with respect to US Borrower, the consent of US Borrower (such
consent not to be unreasonably withheld, delayed or conditioned) shall be required with respect
to any assignment if, subsequent thereto, any Bridge Lender would hold, in the aggregate, less
than 51% of the outstanding Bridge Loans held by it on the Closing Date (or immediately following
the Closing Date if such Bridge Lender acquired its Bridge Loans as part of the primary
syndication of Bridge Loans by the Initial Bridge Lender). Minimum aggregate assignment level
(except to affiliates of the assigning Bridge Lender and other Bridge Lenders and their
affiliates) of US$5,000,000 and increments of US$1,000,000 in excess thereof.
	 
	 	 
	 

	 	Each Bridge Lender will have the right to sell participations in its rights and obligations under
the loan documents, subject to customary restrictions on the participants’ voting rights.
	 
	 	 
	Right to Transfer
Exchange Securities:

	 	The holders of the Exchange Securities shall have the right to
transfer such Exchange Securities in compliance with applicable law to any Eligible Holder.
“Eligible Holder” will mean (a) a “qualified institutional buyer” within the meaning of Rule
144A under the Securities Act, (b) a person acquiring the Exchange Securities pursuant to an
offer and sale occurring outside of the United States within the meaning of Regulation S under
the Securities Act or (c) a non-U.S. person acquiring the Exchange Securities in a transaction
that is, in the opinion of counsel reasonably acceptable to the Issuer, exempt from the
registration requirements of the Securities Act; provided that in each case such Eligible Holder
represents that it is acquiring the Exchange Securities for its own account and that it is not
acquiring such Exchange Securities with a view to, or for offer or sale in connection with, any
distribution thereof (within the meaning of the Securities Act) that would be in violation of the
securities laws of the United States or any state thereof.

Solution — Commitment Letter

C-8

 

	 	 	 

	Yield Protection, Taxes
and Other Deductions:

	 	The Bridge Loan Documents will contain yield protection provisions, customary for facilities of
this nature, protecting the Bridge Lenders in the event of unavailability of funding, funding
losses, reserve and capital adequacy requirements, subject to customary “yank-a-bank” provisions.
	 
	 	 
	 

	 	The Bridge Loan Documents will provide that all payments are to be made free and clear of any
taxes (other than (i) income taxes in the jurisdiction of the Bridge Lender’s applicable lending
office, (ii) franchise taxes, (iii) taxes on overall net income and (iv) taxes imposed under the
foreign accounts tax compliance provisions of Sections 1471 and 1472 of the Code. Bridge Lenders
will furnish to the Bridge Administrative Agent appropriate certificates or other evidence of
exemption from U.S. federal tax withholding.
	 
	 	 
	Expenses and Indemnification:

	 	Provisions regarding expense reimbursement and indemnification as set forth in Exhibit B under
the caption “Expenses and Indemnification”.
	 
	 	 
	Governing Law and Forum:

	 	The laws of the State of New York. Each party to the Bridge Loan Documents will waive the right
to trial by jury and will consent to the exclusive jurisdiction of the state and federal courts
located in The City of New York, Borough of Manhattan.
	 
	 	 
	Counsel to Bridge Lenders,
Bridge Lead Arrangers and
Bridge Administrative Agent:

	 	Shearman & Sterling LLP

Solution — Commitment Letter

C-9

 

ANNEX I

to Exhibit C

Senior Bridge Facility

Interest Rates and Fees

	 	 	 

	Bridge Loans:

	 	Prior to the Bridge Loan Maturity Date, the Dollar
Bridge Loans will bear interest at a rate per annum
expressed as one month LIBOR (as adjusted monthly and
adjusted for all applicable reserve requirements)
plus the Spread. The Spread will initially be 575
basis points. If the Dollar Bridge Loans are not
repaid in full within three months following the
Closing Date, the Spread will increase by 50 basis
points at the beginning of the subsequent three-month
period and shall increase by an additional 50 basis
points at the beginning of each three-month period
thereafter. In no event shall LIBOR be deemed to be
less than 1.00%.
	 
	 	 
	 

	 	Interest on the Dollar Bridge Loans will be payable
in arrears at the end of each fiscal quarter and at
the Bridge Loan Maturity Date. Interest on the
Dollar Bridge Loans shall not exceed the blended
weighted average of the then applicable Total
Eight-Year Dollar Interest Cap (as defined in the Fee
Letter) and the then applicable Total Ten-Year Dollar
Interest Cap (as defined in the Fee Letter).
	 
	 	 
	 

	 	Prior to the Bridge Loan Maturity Date, the Euro
Bridge Loans will bear interest at a rate per annum
expressed as one month EURIBOR (as adjusted monthly
and adjusted for all applicable reserve requirements)
plus the Spread. The Spread will initially be 600
basis points. If the Euro Bridge Loans are not
repaid in full within three months following the
Closing Date, the Spread will increase by 50 basis
points at the beginning of the subsequent three-month
period and shall increase by an additional 50 basis
points at the beginning of each three-month period
thereafter. In no event shall EURIBOR be deemed to
be less than 1.25%.
	 
	 	 
	 

	 	Interest on the Euro Bridge Loans will be payable in
arrears at the end of each fiscal quarter and at the
Bridge Loan Maturity Date. Interest on the Euro
Bridge Loans shall not exceed the Total Euro Interest
Cap (as defined in the Fee Letter).
	 
	 	 
	 

	 	Upon the occurrence of a Demand Failure Event the
Dollar Bridge Loans will accrue interest at the fixed
rate of the blended weighted average of the then
applicable Total Eight-Year Dollar Interest Cap and
the then applicable Total Ten-Year Dollar Interest
Cap.

C-I-1

 

	 	 	 

	 

	 	Upon the occurrence of a Demand Failure Event the
Euro Bridge Loans will accrue interest at the fixed
rate of the Total Euro Interest Cap.
	 
	 	 
	 

	 	To the extent that LIBOR cannot be determined or any
Lender is unable to maintain a LIBOR loan, the Bridge
Loans shall bear interest at a rate per annum equal
to the higher of (x) the Federal Funds Rate plus 50
bps per annum or (y) the Prime Rate (as determined by
the Bridge Administrative Agent), plus in each case
the spread as indicated above (minus 100 bps).
	 
	 	 
	 

	 	Calculation of interest shall be on the basis of
actual days elapsed in a year of 360 days.
	 
	 	 
	 

	 	LIBOR and EURIBOR will each at all times include
statutory reserves.
	 
	 	 
	 

	 	On and after the first anniversary of the Closing
Date, the Senior Term Loans will bear interest at a
rate equal to the applicable Total Interest Cap (as
defined in the Fee Letter). On and after the first
anniversary of the Closing Date, interest on the
Bridge Loans will be payable quarterly in arrears.
	 
	 	 
	Exchange Securities:

	 	The Exchange Securities will bear interest at the
applicable Total Interest Cap.
	 
	 	 
	 

	 	Interest on the Exchange Securities will be payable
semiannually in arrears.
	 
	 	 
	Default:

	 	Amounts not paid when due under the Senior Bridge
Facility will bear interest at a rate of 2.00% per
annum plus the rate otherwise applicable to the loans
under the Senior Bridge Facility and will be payable
on demand. Notwithstanding anything to the contrary
set forth herein, in no event shall any cap or limit
on the interest rate payable with respect to the
Senior Bridge Facility or Exchange Securities affect
the payment of any default rate of interest in
respect of any Bridge Loans or Exchange Securities.

Solution — Commitment Letter

C-I-2

 

ANNEX II

to Exhibit C

Senior Term Loans

	 	 	 

	Maturity:

	 	The Euro Senior Term Loans will mature on the eighth anniversary of the Closing Date.
	 
	 	 
	 

	 	The Eight-Year Dollar Senior Term Loans will mature on the eighth anniversary of the Closing
Date.
	 
	 	 
	 

	 	The Ten-Year Dollar Senior Term Loans will mature on the tenth anniversary of the Closing
Date.
	 
	 	 
	Interest Rate:

	 	The Euro Senior Term Loans will bear interest at an interest rate per annum equal to the
Total Euro Interest Cap. Interest will be paid in cash.
	 
	 	 
	 

	 	The Eight-Year Dollar Senior Term Loans will bear interest at an interest rate per annum
equal to the Total Eight-Year Dollar Interest Cap. The Ten-Year Dollar Senior Term Loans
will bear interest at an interest rate per annum equal to the Total Ten-Year Dollar Interest
Cap. In each case interest will be paid in cash.
	 
	 	 
	 

	 	Interest shall be payable on the last day of each fiscal quarter of the applicable Borrower
and on the applicable maturity date for each of the Senior Term Loans, in each case payable
in arrears and computed on the basis of a 360-day year.
	 
	 	 
	Covenants, Defaults and Mandatory
Prepayments:

	 	Upon and after the Conversion Date, the covenants,
mandatory prepayments and defaults which would be applicable to the Exchange Securities, if
issued, will also be applicable to the Senior Term Loans in lieu of the corresponding
provisions of the Bridge Loan Documents.
	 
	 	 
	Optional Prepayment

	 	The Senior Term Loans may be prepaid, in whole or in part, at par, plus accrued and unpaid
interest upon not less than 3 days’ prior written notice, at the option of the Borrowers at
any time.

Solution — Commitment Letter

C-II-1

 

			
	CONFIDENTIAL
	 	EXHIBIT D

Summary of Additional Conditions Precedent

All capitalized terms used herein but not defined herein shall have the meanings provided in the
Commitment Letter (including the other exhibits thereto) to which this Summary of Additional
Conditions Precedent is attached.

The initial borrowing under the Facilities shall be subject to the following conditions precedent:

     1. Consummation of the Acquisition. The Acquisition shall be consummated substantially
concurrently with the initial funding of the Facilities in accordance with the fully
executed Merger Agreement, dated as of May 31, 2011, and the Merger Agreement shall not have
been amended or modified or any condition therein waived, in each case in any respect that
is materially adverse to the Lenders, without the prior written consent of the Commitment
Parties (such consent not to be unreasonably withheld or delayed); provided that without the
consent of the Lead Arranger, the Borrower shall not increase the portion of the purchase
price of the Acquired Business payable in cash, except to the extent that such increase in
the cash portion of the purchase price is funded entirely from proceeds of a contemporaneous
equity offering. Immediately following the consummation of the Transactions, neither the US
Borrower nor any of its subsidiaries shall have any indebtedness for borrowed money or
preferred equity other than as contemplated by the Commitment Letter or as otherwise
permitted under the draft Bank Loan Documents (including amounts disclosed on the schedules
thereto (which scheduled amounts shall include, without limitation, all amounts set forth on
Schedule 4.3(c) to the “Soap Disclosure Letter to the Agreement and Plan of Merger”, dated
as of the date hereof, made by and among US Borrower, Dish and the US Borrower’s
wholly-owned merger subsidiary, to the extent not otherwise repaid or refinanced prior to
the Closing Date).

     2. Financial Statements. The Administrative Agent shall have received, at least 40
days before the Closing Date, unaudited consolidated balance sheets and related statements
of income, stockholders’ equity and cash flows of each of Sealed Air Corporation and the
Acquired Business as of and for each quarterly period of Sealed Air Corporation and the
Acquired Business, respectively, ended after the date of the Commitment Letter, but at least
90 days prior to the Closing Date (the “Interim Financial Statements”).

     3. Pro Forma Financial Statements; Projections. The Administrative Agent shall have
received a pro forma consolidated balance sheet and related statements of income of US
Borrower (collectively, the “Pro Forma Financial Statements”), as of the ending date
of and for (i) the latest fiscal year of US Borrower ended at least 120 days before the
Closing Date and (ii) if applicable, for the latest interim period for which Borrower will
be required to provide the Interim Financial Statements pursuant to paragraph 2 above, in
each case, after giving effect to the Transactions as if the Transactions had occurred as of
such date (in the case of the balance sheet) or at the beginning of the period (in the case
of the income statements). US Borrower shall have delivered its most recent projections
through the 2016 fiscal year, prepared on a quarterly basis through the end of 2012.

     4. Solvency. The Administrative shall have received a solvency certificate from the
chief financial officer of US Borrower in the form of Annex I to this Exhibit D.

     5a. Offering Document for Notes. US Borrower shall have (i) prepared an offering
memorandum suitable for use in a customary “high-yield road show” relating to the Notes and
in

Solution — Commitment Letter

D-1

 

customary form for offering memoranda used in Rule 144A debt offerings, including
discussion of US Borrower and the Acquired Business, risk factors, financial statements, pro
forma financial statements and other financial data of the type and form customarily
included in such offering memoranda (other than consolidating and other financial statements
and data with respect to guarantor and non-guarantor subsidiaries), and all other data that
would be reasonably necessary for the Investment Bank (as defined in the Engagement Letter)
to receive customary “comfort” from independent accountants (including customary “negative
assurances”) in connection with the offering of the Notes and customary legal opinions in
Rule 144A offerings of high-yield securities (collectively, the “Offering Document”)
and delivered the Offering Document to the Investment Bank at least 20 business days prior
to the Closing Date; provided that this condition shall be deemed satisfied if such offering
memorandum excludes sections (document cover and plan of distribution) that would
customarily be provided by the Investment Bank; and (ii) caused the senior management and
other representatives of US Borrower, and used commercially reasonable efforts to cause the
senior management and other representatives of the Acquired Business, to provide access in
connection with due diligence investigations and to participate in a customary high-yield
“road show,” for a customary period during the consecutive 20 business day period commencing
on the date of delivery of a final Offering Document (at no time during which period the
financial information in the Offering Document shall be “stale”); provided that such
consecutive 20 business day period referenced in this paragraph shall (i) either be
completed prior to August 22, 2011 or shall commence after September 6, 2011, or (ii) if
commenced after September 6, 2011, either be completed prior to December 19, 2011 or shall
commence after January 6, 2012; provided, however that November 24 and 25, 2011 shall not be
considered business days for purposes of this paragraph but a period including such days
shall be considered a consecutive period for purposes of this paragraph.

     5b. Confidential Information Memorandum. The Lead Arranger shall have received, not
later than 20 business days prior to the Closing Date, the complete confidential information
memorandum relating to the Senior Secured Credit Facilities suitable for use in a customary
syndication of bank financing; provided that such consecutive 20 business day period
referenced in this paragraph shall (i) either be completed prior to August 22, 2011 or shall
commence after September 6, 2011, or (ii) if commenced after September 6, 2011, either be
completed prior to December 19, 2011 or shall commence after January 6, 2012; provided,
however that November 24 and 25, 2011 shall not be considered business days for purposes of
this paragraph but a period including such days shall be considered a consecutive period for
purposes of this paragraph. If the US Borrower reasonably believes, in good faith, that it
has provided the information required to be provided by it under Sections 2, 3, 5(a) and
5(b) of this Exhibit D (such information, the “Required Financial Information”), the
US Borrower may then deliver to the Administrative Agent and the Investment Bank a written
notice to that effect (stating how and when it believes it completed such delivery), in
which case the US Borrower shall thereafter be deemed to have provided the Required
Financial Information unless the Administrative Agent or the Investment Bank reasonably
believes, in good faith, the US Borrower has not completed the delivery of the Required
Financial Information and, within five Business Days after its receipt of such notice,
either the Administrative Agent or the Investment Bank, as applicable, delivers a written
notice to the US Borrower to that effect (stating with reasonable specificity which Required
Financial Information the Administrative Agent or the Investment Bank, as applicable,
reasonably believes has not delivered, or has been delivered incompletely, by the US
Borrower).

     6. Collateral. With respect to the Facilities, all documents and instruments required
to perfect the Administrative Agent’s security interest in the Collateral shall have been

Solution — Commitment Letter

D-2

 

executed and delivered and, if applicable, be in proper form for filing; provided,
however, that this condition is subject in all respects to the Certain Funds Provision.

     7. PATRIOT Act. The Bank Administrative Agent shall have received all documentation
and other information required by regulatory authorities under applicable “know your
customer” and anti-money laundering rules and regulations, including the PATRIOT Act that
has been requested by the Administrative Agent in writing at least 5 days prior to the
Closing Date.

     8. Miscellaneous Closing Conditions. Subject to the Certain Funds Provisions, the
delivery of customary legal opinions of Borrowers’ counsel; the Specified Representations
and the Merger Agreement Representations shall be true in all material respects; and
provision of customary evidence of authorization.

     9. Fees. Payment of all fees required to be paid on the Closing Date pursuant to the
Fee Letter and reasonable out-of-pocket expenses required to be paid on the Closing Date
pursuant to the Commitment Letter, to the extent invoiced at least 2 business days prior to
the Closing Date, shall, upon the initial borrowing under the Facilities, have been paid
(which amounts may be offset against the proceeds of the Facilities).

Solution — Commitment Letter

D-3

 

Form of Solvency Certificate

Date: _____, 2011

To the Administrative Agent and each of the Lenders party to the Credit Agreement referred to
below:

          I, the undersigned, the Chief Financial Officer of _____, a _____ _____ (the “Borrower”), in
that capacity only and not in my individual capacity (and without personal liability), do hereby
certify as of the date hereof, and based upon facts and circumstances as they exist as of the date
hereof (and disclaiming any responsibility for changes in such facts and circumstances after the
date hereof), that:

          1. This certificate is furnished to the Administrative Agent and the Lenders pursuant to
Section __ of the Credit Agreement, dated as of _________ ____, 2011, among _________ (the “Credit
Agreement”). Unless otherwise defined herein, capitalized terms used in this certificate shall
have the meanings set forth in the Credit Agreement.

          2. For purposes of this certificate, the terms below shall have the following definitions:

          (a) “Fair Value”

          The amount at which the assets (both tangible and intangible), in their entirety, of the
Borrower and its Subsidiaries taken as a whole would change hands between a willing buyer and a
willing seller, within a commercially reasonable period of time, each having reasonable knowledge
of the relevant facts, with neither being under any compulsion to act.

          (b) “Present Fair Salable Value”

          The amount that could be obtained by an independent willing seller from an independent willing
buyer if the assets of the Borrower and its Subsidiaries taken as a whole are sold with reasonable
promptness in an arm’s-length transaction under present conditions for the sale of comparable
business enterprises insofar as such conditions can be reasonably evaluated.

          (c) “Stated Liabilities”

          The recorded liabilities (including contingent liabilities that would be recorded in
accordance with GAAP) of the Borrower and its Subsidiaries taken as a whole, as of the date hereof
after giving effect to the consummation of the Transactions, determined in accordance with GAAP
consistently applied.

          (d) “Identified Contingent Liabilities”

          The maximum estimated amount of liabilities reasonably likely to result from pending
litigation, asserted claims and assessments, guaranties, uninsured risks and other contingent
liabilities of the Borrower and its Subsidiaries taken as a whole after giving effect to the
Transactions (including all fees and expenses related thereto but exclusive of such contingent
liabilities to the extent reflected in Stated Liabilities), as identified and explained in terms of
their nature and estimated magnitude by responsible officers of the Borrower.

Solution — Commitment Letter

D-A-1

 

          (e) “Will be able to pay their Stated Liabilities and Identified Contingent Liabilities as
they mature”

          For the period from the date hereof through the Maturity Date, the Borrower and its
Subsidiaries taken as a whole will have sufficient assets and cash flow to pay their respective
Stated Liabilities and Identified Contingent Liabilities as those liabilities mature or (in the
case of contingent liabilities) as they otherwise become payable.

          (f) “Do not have Unreasonably Small Capital”

          For the period from the date hereof through the Maturity Date, the Borrower and its
Subsidiaries taken as a whole after consummation of the Transactions is a going concern and has
sufficient capital to ensure that it will continue to be a going concern for such period.

          3. For purposes of this certificate, I, or officers of the Borrower under my direction and
supervision, have performed the following procedures as of and for the periods set forth below.

          (a) I have reviewed the financial statements (including the pro forma financial statements)
referred to in Section __ of the Credit Agreement.

          (b) I have knowledge of and have reviewed to my satisfaction the Credit Agreement.

          (c) As the Chief Financial Officer of the Borrower, I am familiar with the financial condition
of the Borrower and its Subsidiaries.

          4. Based on and subject to the foregoing, I hereby certify on behalf of the Borrower that
after giving effect to the consummation of the Transactions, it is my opinion that (i) the Fair
Value and Present Fair Salable Value of the assets of the Borrower and its Subsidiaries taken as a
whole exceed their Stated Liabilities and Identified Contingent Liabilities; (ii) the Borrower and
its Subsidiaries taken as a whole do not have Unreasonably Small Capital; (iii) the Borrower and
its Subsidiaries taken as a whole will be able to pay their Stated Liabilities and Identified
Contingent Liabilities as they mature and (iv) the Borrower and its Subsidiaries, on a consolidated
basis, are “solvent” within the meaning given to that term and similar terms under any United
States federal or state laws relating to fraudulent transfers and conveyances.

* * *

          IN WITNESS WHEREOF, the Borrower has caused this certificate to be executed on its behalf by
the Chief Financial Officer as of the date first written above.

	 	 	 	 	 
	 	SEALED AIR CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	Chief Financial Officer 	 
	 

Solution — Commitment Letter

D-A-2Exhibit 4.18

Exhibit 4.18

Purchase and Sale Contract

	 	 	 
	 

	 	Contract Reference No.: YWG(Xiao)-2010-57-1004
	 

	 	Place of Execution: Qidong
	 

	 	Date of Execution: September 15, 2010
	 
	 	 
	Seller: Ya An Yongwang Silicon
Co., Ltd.

	 	Buyer: Jiangsu Linyang Solarfun Co.,
Ltd.
	 
	 	 
	Address: Ya’an Industrial Park,
Mingshan 
County, Ya’an City,
Sichuan Province

	 	Address: 888 Linyang Road, Qidong
City, 
Jiangsu Province
	 
	 	 
	Tel/Fax: 0835-3228897

	 	Tel/Fax: 0513-83606228/83606227
	 
	 	 
	Opening Bank: Ya’an Branch,
Construction Bank of China

	 	Opening Bank: Qidong Operating Outlet,
Bank of China
	 
	 	 
	Account No.: 51001778605059080718

	 	Account No.: 647032159808091001
	 
	 	 
	Tax Identification No.:

	 	Tax Identification No.: 32681765140726

After friendly consultations between them, pursuant to the Contract Law of the People’s Republic of
China, the Parties agree to enter into the following contract terms with respect to the purchase of
the product set forth below for mutual observance and performance.

1. Name and Quality Requirements of the Product

1.1 Name of the Product: solar-grade polycrystalline silicon (the “Products”);

1.2 Quality Requirements: quality criteria and technical parameters: solar-grade; N-shaped
Resistivity>50Ω.cm or P-shaped Resistivity> 100Ω.cm; N-shaped minority
carrier lifetime>50μs.

2. Quantity and Specifications:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Aggregate	 	 
	Item	 	 	 	Measurement	 	 	 	 	 	Unit Price	 	Price	 	 
	No.	 	Name	 	Unit	 	Quantity	 	(RMB/KG)	 	(RMB)	 	Remarks
	1

	 	Crude
polycrystalline
silicon
	 	KG
	 	 	720,000	 	To be agreed
between the parties
through
negotiations on a
monthly basis (see
note below)
	 	To be determined on
the basis of the
price actually
adopted
	 	The delivery for
each month from
October 2010 to
October 2012 shall
be no less than
thirty (30) tons
	 
	 
	2	 	Total contract price	 	To be determined on the basis of the actual price (the selling price is inclusive of a 17% VAT)

 

 

 

Noted: the parties shall negotiate the unit price for each month based on the then prevailing
public market price. In view of the long-term partnership between the parties, Party A shall grant
Party B an appropriate discount by reference to the then prevailing public market price, which
discount shall be in no event higher than RMB10/KG. Where the parties fail to agree on the unit
price for the following month after negotiations, the unit price to apply to the Buyer for the
following month shall be equal to (i) the average of the prices for the sale of the polycrystalline
silicon by the Seller to the other customers for the following month as specified in one or more
contracts entered into with such other customers as provided by the Seller to the Buyer, less (ii)
RMB10/KG.

3. Methods of Settlement and Term of Payment:

3.1 Prior to the fifth (5th) day of each month, the Buyer shall remit in full the total
purchase price agreed for such month to a bank account designated by the Seller. Within two (2)
workdays as from its receipt in full of the total purchase price so remitted, the Seller shall
dispatch the Products to the Buyer in accordance with the dispatch schedule for such month as
agreed between the Parties; provided, however, that, the date for the first dispatch shall be after
the fifth (5th) date of the month; and provided, further, that prior to its receipt in
full of the total purchase price for the current month, the Seller shall have the right to cease
the dispatch to the Buyer until the receipt in full of the total purchase price, in which case, the
date of dispatch may be postponed accordingly.

3.2 Within five (5) workdays as of the date of effectiveness of this Contract (the “Effective
Date”) the Buyer shall pay the Seller a performance guarantee (the “Performance Guarantee”) in an
amount of RMB20,000,000 (in words: Twenty Million Renminbi Yuan Only). Within two (2) months as of
its receipt in full of the Performance Guarantee, and in consideration of that the Seller shall
issue to the Buyer a letter of guarantee in the same amount. Beginning from the date falling one
year after the performance of this Contract commences, the Performance Guarantee may be set off
against the purchase price payable by the Buyer hereunder during the period from October 2011 to
September 2012. Under such offsetting, the Seller may directly deduct any amount of the purchase
price payable by the Buyer from the Performance Guarantee, which purchase price shall be calculated
at a unit price of RMB55.56/KG (Fifty-five point five fix Renminbi Yuan). Notwithstanding the
foregoing provisions, in case prior to the commencement of or in the course of the proposed
offsetting against the Performance Guarantee, the aggregate quantity of the Products purchased by
the Buyer during a given period is less than the agreed quantity of purchase for such period set
forth herein, the Seller shall have the right to refuse to do the offsetting until
the date on which any quantity shortfall accrued previously is made up by the Buyer in the
performance of its purchase obligations for the subsequent months.

 

2

 

4. Methods and Place of Delivery:

4.1 Time of Delivery: to be agreed between the parties each month prior to the dispatch of the
shipment for such month.

4.2 Place and Methods: to be delivered to the Buyer’s warehouse by the Seller.

4.3 The Seller shall bear any and all the losses and damages that may occur to any Products prior
to the delivery of such Products to the Buyer’s warehouse.

5. Quality Inspection and Objections:

5.1 Within five (5) workdays as from its receipt of any shipment of the Products, the Buyer
shall conduct the acceptance inspection on such shipment as to the quantity, model no.,
specifications, and quality, and shall give a written notice of objection to the Seller within
two (2) days following the date of inspection, in which case, the Seller may conduct a
reinspection. Where the Parties have a dispute with respect to the result of the inspection,
either Party may submit such dispute to an independent third party acceptable to both Parties. In
case the Buyer fails to conduct the acceptance inspection within seven (7) workdays as from
its receipt of a shipment of the Products, the Buyer shall be deemed to have no objection to such
shipment.

6. Default Liabilities:

6.1 In case within the period of quality inspection, any of the model no., specifications,
technical parameters of any Products delivered by the Seller are confirmed by the Parties to fail
to conform to the requirements set forth herein, the Parties shall after negotiations, elect to
refund the payment for such nonconforming Products, replace such nonconforming Products with
conforming ones or have the Buyer accept such nonconforming Products at a discounted price.

6.2 In case after the Buyer completes the advance payment contemplated hereunder and the total
purchase price for any given month, the Seller fails to dispatch the agreed Products in accordance
with the dispatch schedule agreed between the Parties, the Seller shall pay the Buyer liquidated
damages on the value of the non-dispatched Products at a rate of 0.5%/day for each day during which
such failure continues. In case the non-dispatched Products remain overdue for more than thirty
(30) days, the Buyer shall have the right to terminate this Contract and the Seller shall refund to
the Buyer any amount of the Performance Guarantee left after the offset. Notwithstanding the
foregoing provisions, in case the Buyer has any delay in any payment or make the payment later than
the agreed time of dispatch, the Seller shall not be held liable for any default liabilities for
the failure to dispatch the relevant Products at the agreed time of dispatch, and the Buyer shall
not have the right to terminate this Contract.

6.3 In case the Buyer fails to pay the purchase price for any given month on time in accordance
with the agreed payment schedule, the Buyer pay the Seller liquidated damages on the overdue
purchase price at a rate of 0.5%/day for each day during which such overdue purchase price remains
unpaid. In case any overdue purchase price remains overdue for more than thirty (30) days, the
Seller shall have the right to terminate this Contract and shall refund to the Buyer any amount of
the Performance Guarantee left after the offset.

 

3

 

7. Force Majeure:

In case either the Buyer or the Seller is rendered unable to perform any of its obligations
hereunder due to the occurrence of a force majeure event, the Party affected by the force majeure
event shall give a written notice to the other Party within seven (7) days as of the occurrence of
such event and provide the other Party with written evidence issued by the relevant governmental
authority within fifteen (15) days after the force majeure event comes to an end. To the extent of
the effect of the force majeure event, the affected Party shall be released completely or partially
from the liability for the failure to perform the affected obligations hereunder; provided,
however, that, the affected Party shall not be released from the liability for such failure where
the force majeure occurs after the performance of the relevant obligations are delayed.

8. Dispute Resolution:

Any dispute between the Parties arising from the validity, performance or interpretation of this
Contract shall first be resolved through friendly consultations between the Parties. Where any
dispute fails to be resolved through such consultations, such dispute shall be submitted to the
jurisdiction of the court of first instance located in the place where the Party who brings an
action. Any expenses incurred in the action shall be borne by the losing party, including attorney
fees, travelling expenses, evidence collection fees, notarization fees, and legal costs.

9. Effectiveness and Miscellaneous:

9.1 This Contract shall take effect upon being signed and stamped by both parties. The contents on
the print-out copy of this Contract shall have the conclusive force. Any amendment to this Contract
hereafter shall be set forth in the print-out copy and signed off by both Parties for confirmation.
Where this Contract is longer than one page, the edge of each page of this Contract shall be
stamped.

9.2 This Contract shall be executed in two (2) counterparts with equal force and effect, with each
of the Buyer and the Seller to hold one. Each of the Buyer and the Seller shall deliver the
original of one counterpart of this Contract executed by it to the other Party by mail within three
(3) workdays after the date of execution. This Contract may be executed by fax transmission, and
each counterpart executed by fax transmission shall constitute an original.

9.3 Any matters not covered hereunder shall be set forth in supplementary agreements to be entered
into by and between the Parties after negotiations, which supplementary agreements shall have the
equal legal force as this Contract.

	 	 	 
	Seller: Ya An Yongwang Silicon Co., Ltd.	 	Buyer: Jiangsu Linyang Solarfun Co., Ltd.
	(affixed with Company Seal)	 	(affixed with Company Seal)
	 
	 	 
	Authorized Representative:                                         

	 	Authorized Representative:                                        
	 
	 	 
	Dated:

	 	Dated:

 

4

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