Document:

exv10w1

Exhibit 10.1

 

CREDIT AGREEMENT

dated as of March 8, 2011

among

DANA FINANCIAL SERVICES IRELAND LIMITED,

as the Borrower,

VARIOUS LENDERS,

as the Lenders,

and

ING CAPITAL LLC,

as a Lender and as Agent for the Lenders

 

 

 

TABLE OF CONTENTS

	 	 	 
	 	 	Page
	Article 1 DEFINITIONS
	 	1
	Section 1.1 Defined Terms
	 	1
	Section 1.2 Use of Defined Terms
	 	21
	Section 1.3 Cross-References
	 	22
	Section 1.4 Accounting and Financial Determinations
	 	22
	 
	 	 
	Article 2 COMMITMENTS
	 	22
	Section 2.1 Commitment
	 	22
	Section 2.1.1 Facility Commitment
	 	22
	Section 2.1.2 Conditions Under Which Agent and Lenders Not Required to
Extend Credit
	 	22
	Section 2.2 Establishment of Reserves
	 	22
	Section 2.3 Unused Commitment Fee and Agent’s Fees
	 	23
	Section 2.4 Increased Costs; Capital Adequacy
	 	23
	Section 2.5 Defaulting Lenders
	 	24
	Section 2.6 New Affiliated Sellers
	 	25
	 
	 	 
	Article 3 LOANS AND NOTES
	 	25
	Section 3.1 Borrowing Procedure
	 	25
	Section 3.2 Disbursement of Loans
	 	25
	Section 3.3 Notes
	 	26
	Section 3.4 Principal Payments
	 	26
	Section 3.4.1 Repayments and Prepayments
	 	26
	Section 3.4.2 Facility Loans on Borrower’s Behalf
	 	26
	Section 3.4.3 Reduction of Commitment
	 	26
	Section 3.5 Interest
	 	27
	Section 3.5.1 Interest Rates
	 	27
	Section 3.5.2 Continuation and Conversion Elections
	 	27
	Section 3.5.3 Post-Default Rates
	 	28
	Section 3.5.4 Payment Dates
	 	28
	Section 3.5.5 Rate Determinations
	 	28
	Section 3.5.6 Limitation on Types of Loans
	 	28
	Section 3.5.7 Illegality
	 	29
	Section 3.5.8 Treatment of Affected Loans
	 	29
	Section 3.5.9 Compensation
	 	29
	Section 3.6 Taxes
	 	30
	Section 3.7 Payments, Interest Rate Computations, Other Computations, Etc.
	 	31 
	Section 3.8 Proration of Payments
	 	32
	Section 3.9 Setoff
	 	32
	Section 3.10 Use of Proceeds
	 	32
	Section 3.11 Letters of Credit
	 	32
	Section 3.11.1 Manner of Issuance
	 	33

 

 

	 	 	 
	 	 	Page
	Section 3.11.2 Terms of Letters of Credit
	 	33
	Section 3.11.3 Drawings Under Letters of Credit
	 	33
	Section 3.11.4 Letter of Credit Fees
	 	34
	Section 3.11.5 Limitation of Liability With Respect to Letters of Credit
	 	34
	Section 3.11.6 Cash Collateralization
	 	35
	Section 3.12 Mitigation Obligations; Replacement of Lenders
	 	35
	 
	 	 
	Article 4 CONDITIONS TO LOANS
	 	37
	Section 4.1 Initial Loans and Letters of Credit
	 	37
	Section 4.1.1 Loan Documents
	 	37
	Section 4.1.2 Resolutions, Etc.
	 	37
	Section 4.1.3 Notes
	 	37
	Section 4.1.4 No Contest, Etc.
	 	37
	Section 4.1.5 Certificate as to Completed Conditions, Warranties, No
Default, Etc.
	 	37
	Section 4.1.6 Compliance with Requirements of Law
	 	38
	Section 4.1.7 Opinions of Counsel
	 	38
	Section 4.1.8 Closing Fees, Expenses, Etc.
	 	38
	Section 4.1.9 Perfection
	 	38
	Section 4.1.10 Review of Borrower’s Legal Structure
	 	38
	Section 4.1.11 Governmental Approvals, Licenses, Permits, Etc.
	 	38
	Section 4.1.12 Affiliated Purchase Agreements
	 	38
	Section 4.1.13 [Reserved]
	 	38
	Section 4.1.14 Irish Subsidiary
	 	38
	Section 4.1.15 Other Documents, Certificates, Etc.
	 	39
	Section 4.2 All Loans and Letters of Credit
	 	39
	 
	 	 
	Article 5 REPRESENTATIONS AND WARRANTIES, ETC.
	 	39
	Section 5.1 Organization, Power, Authority, Etc.
	 	39
	Section 5.2 Due Authorization
	 	40
	Section 5.3 Validity, Etc.
	 	40
	Section 5.4 [Omitted]
	 	40
	Section 5.5 Solvency
	 	40
	Section 5.6 Absence of Default
	 	40
	Section 5.7 Litigation, Legislation, Etc.
	 	40
	Section 5.8 Taxes
	 	40
	Section 5.9 Ownership of Properties; Collateral
	 	41
	Section 5.10 Accuracy of Information
	 	41
	Section 5.11 Subsidiaries
	 	41
	Section 5.12 Data Protection
	 	41
	Section 5.13 Purchased Affiliated Accounts
	 	41
	Section 5.14 Anti-Terrorism Laws
	 	41
	 
	 	 
	Article 6 COVENANTS
	 	42
	Section 6.1 Affirmative Covenants
	 	42
	Section 6.1.1 Financial Information, Etc.
	 	42

- ii - 

 

	 	 	 
	 	 	Page
	Section 6.1.2 Maintenance of Corporate Existence, Etc.
	 	43
	Section 6.1.3 Foreign Qualification
	 	43
	Section 6.1.4 Payment of Taxes, Etc.
	 	43
	Section 6.1.5 Insurance
	 	43
	Section 6.1.6 Notice of Default, Litigation, Etc.
	 	43
	Section 6.1.7 Books and Records
	 	44
	Section 6.1.8 Maintenance of Properties, Etc.
	 	44
	Section 6.1.9 Maintenance of Licenses and Permits
	 	44
	Section 6.1.11 Compliance with Laws
	 	45
	Section 6.1.12 Deposit Accounts
	 	45
	Section 6.2 Negative Covenants
	 	45
	Section 6.2.1 Business Activities
	 	45
	Section 6.2.2 Indebtedness
	 	45
	Section 6.2.3 Liens
	 	45
	Section 6.2.4 Financial Covenant
	 	46
	Section 6.2.5 Investments
	 	46
	Section 6.2.6 Restricted Payments, Etc.
	 	46
	Section 6.2.7 Consolidation Merger, Etc.
	 	46
	Section 6.2.8 Subsidiaries
	 	47
	Section 6.2.9 Asset Dispositions, Etc.
	 	47
	Section 6.2.10 Modification of Organic Documents, Etc.
	 	47
	Section 6.2.11 Transactions with Affiliates
	 	47
	Section 6.2.12 Change in Accounting Method
	 	48
	Section 6.2.13 Change in Fiscal Year End
	 	48
	Section 6.2.14 Amendments to Affiliated Purchase Agreements
	 	48
	Section 6.2.15 Compliance with Anti-Terrorism Laws
	 	48
	 
	 	 
	Article 7 EVENTS OF DEFAULT
	 	48
	Section 7.1 Events of Default
	 	48
	Section 7.1.1 Non-Payment of Obligations
	 	48
	Section 7.1.2 Non-Performance of Certain Covenants
	 	48
	Section 7.1.3 Defaults Under Other Loan Documents; Non-Performance of Other
Obligations
	 	49
	Section 7.1.4 Bankruptcy
	 	49
	Section 7.1.5 Breach of Warranty
	 	49
	Section 7.1.6 Breach by Affiliated Seller
	 	49
	Section 7.1.7 Default on Other Indebtedness, Etc.
	 	49
	Section 7.1.8 Failure of Valid, Perfected Lien
	 	49
	Section 7.1.9 Judgments
	 	49
	Section 7.1.10 Loss of Permits, Etc.
	 	50
	Section 7.1.11 Change of Control
	 	50
	Section 7.2 Action if Bankruptcy Default
	 	50
	Section 7.3 Action if Other Event of Default
	 	50
	Section 7.4 Application of Proceeds Following Default
	 	51
	 
	Article 8 THE AGENT
	 	51 
	Section 8.1 Actions
	 	51

- iii - 

 

	 	 	 
	 	 	Page
	Section 8.2 Funding Reliance, Etc.
	 	52
	Section 8.3 Exculpation
	 	52
	Section 8.4 Successor
	 	53
	Section 8.5 Loans and other Transactions by the Agent and its Affiliates
	 	53
	Section 8.6 Credit Decisions
	 	53
	Section 8.7 Copies, Etc.
	 	53

	 
	Article 9 MISCELLANEOUS
	 	54
	Section 9.1 Waivers, Amendments, Etc.
	 	54
	Section 9.2 Notices
	 	55
	Section 9.3 Costs and Expenses
	 	56
	Section 9.4 Indemnification
	 	56
	Section 9.5 Survival
	 	57
	Section 9.6 Severability
	 	57
	Section 9.7 Headings
	 	57 
	Section 9.8 Counterparts, Effectiveness, Etc.
	 	57
	Section 9.9 Governing Law; Entire Agreement
	 	58
	Section 9.10 Successors and Assigns
	 	59 
	Section 9.11 Sale and Transfers, Participations, Etc.
	 	59
	Section 9.12 Other Transactions
	 	61
	Section 9.13 Confidentiality
	 	61
	Section 9.14 Change in Accounting Principles
	 	61
	Section 9.15 Waiver of Jury Trial, Etc.
	 	61
	Section 9.16 Limitation of Liability
	 	62
	Section 9.17 Usury Savings Clause
	 	62
	Section 9.18 Judgment Currency
	 	63
	Section 9.19 USA PATRIOT Act Notice and Customer Verification
	 	63
	 
	 	 

	 	 	 
	SCHEDULES
AND EXHIBITS
	 
	 	 
	Schedules
	 	 
	 
	 	 
	Schedule 1.1A 
	 	Closing Date Affiliated Sellers and Affiliated Purchase Agreements
	Schedule 1.1B 
	 	Eligible Account Debtor Jurisdictions
	Schedule 1.1C 
	 	European Operation Companies
	Schedule 1.1D 
	 	Additional Affiliated Sellers
	Schedule 6.2.3 
	 	Permitted Liens
	Schedule 6.2.4 
	 	Fixed Charge Coverage Ratio

- iv - 

 

	 	 	 
	Exhibits	 	 
	 
	Exhibit A 
	 	Form of Facility Note
	Exhibit B 
	 	Form of Borrowing Request
	Exhibit C 
	 	Form of Borrowing Base Certificate
	Exhibit D 
	 	Form of Compliance Certificate
	Exhibit E 
	 	Form of Continuation/Conversion Notice
	Exhibit F 
	 	Form of Letter of Credit Request

- v - 

 

CREDIT AGREEMENT

     THIS CREDIT AGREEMENT, dated as of March 8, 2011 (this “Agreement”), is made among (i)
DANA FINANCIAL SERVICES IRELAND LIMITED a limited liability company incorporated under the Laws of
Ireland (the “Borrower”); (ii) the various lenders from time to time party hereto (the
“Lenders”); and (iii) ING CAPITAL LLC, a Delaware limited liability company, as a Lender
and as agent for the Lenders (in such capacity, the “Agent”).

W I T N E S S E
T H:

RECITALS

     WHEREAS, the Borrower desires to obtain from the Lenders a senior secured revolving credit
facility in an aggregate principal amount, initially, of Fifty Million Euros (€50,000,000);
and

     WHEREAS, the Lenders are willing, on the terms and conditions hereinafter set forth
(including, without limitation, Articles 2 and 4), to extend such revolving credit
facility to the Borrower and make extensions of credit to the Borrower pursuant thereto; and

     WHEREAS, the credit facility will be used in the manner described in Section 3.9
below;

     NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:

ARTICLE 1

DEFINITIONS

     SECTION 1.1 Defined Terms. The following terms (whether or not underscored) when used
in this Agreement, including its preamble and recitals, shall, except where the context otherwise
requires, have the following meanings (such meanings to be equally applicable to the singular and
plural forms thereof):

     “Account Debtor” means any Person who is or may become obligated under, with respect
to, or on account of, an Account.

     Accounts” means, for any Person, all amounts payable to such Person, for property
that has been or is to be sold or leased, licensed, assigned or otherwise disposed of by such
Person, or for services rendered or to be rendered by Person, to another Person, whether, now or
hereafter owned or acquired by such Person or in which such Person now or hereafter has or acquires
any rights.

     “Affiliate” of any Person means any other Person which, directly or indirectly,
controls or is controlled by or under common control with such Person (excluding any trustee under,
or any committee with responsibility for administering, any Plan). A Person shall be deemed to
“control” another Person if such Person possesses, directly or indirectly, the power to direct or
cause the direction of the management or policies of such other Person, whether through the
ownership of Voting Stock, by contract or otherwise and the terms “controlled by” and “under

 

 

     common control with” shall have correlative meanings; provided, however, that no
Lender shall be deemed to be an Affiliate of the Borrower.

     “Affiliated Purchase Agreements” means the series of purchase and servicing agreements
made between Borrower, as purchaser, and each of the Affiliated Sellers, as sellers, in respect of
the sale and purchase and servicing after purchase of Purchased Affiliated Accounts by the Borrower
from the Affiliated Sellers from time to time, which, on the Closing Date, shall be limited to
those set described on Schedule 1.1A annexed hereto.

     “Affiliated Sellers” means (i) the Affiliates of the Borrower set forth and described
as such on Schedule 1.1A annexed hereto, and (ii) such other Affiliates of the Borrower
within the European Operations Companies as the Borrower may elect to add, subsequent to the
Closing Date, either from among the Affiliates described on Schedule 1.1D annexed hereto
or, if otherwise, with the prior approval of the Agent, in its Permitted Discretion, subject, in
the case of clause (ii) above, to compliance with Section 2.6.

     “Agent” means ING, as agent for the Lenders pursuant to the terms of this Agreement,
or such other Person as shall have subsequently been appointed as the successor agent pursuant to
Section 8.4.

     “Agreement” has the meaning set forth in the preamble to this Agreement and includes
this Credit Agreement as originally in effect on the Closing Date and as thereafter from time to
time amended, supplemented, amended and restated, or otherwise modified and in effect.

     “Anti-Terrorism Laws” shall mean any Requirement of Law related to terrorism financing
or money laundering in any relevant jurisdiction including the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (“the USA PATRIOT
Act”) of 2001 (Title III of Pub. L. 107-56), The Currency and Foreign Transactions Reporting
Act (also known as the “Bank Secrecy Act”, 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b)
and 1951-1959), the Trading With the Enemy Act (50 U.S.C. § 1 et seq., as amended)
and Executive Order 13224 (effective September 24, 2001).

     “Applicable Margin” means (i) for Eurodollar Loans, three and 50/100ths of one percent
(3.50%) per annum, and (ii) for Base Rate Loans, two and 50/100ths of one percent (2.50%) per
annum.

     “Approval” means each and every approval, consent, filing and registration by or with
any federal, state or other regulatory authority (domestic or foreign) necessary to authorize or
permit the execution, delivery or performance of this Agreement, the Notes or any other Loan
Document, the granting of any security contemplated hereby or thereby, the validity or
enforceability hereof or thereof, or the consummation of the transactions contemplated by the Loan
Documents.

     “Authorized Person,” in respect of any Transaction Party, means any Person whose
signature, incumbency and authority to bind such Transaction Party to contract shall have been
certified to the Agent and the Lenders pursuant to Section 4.1.2(a) (including, if so
certified,
Dana Europe A.G.) or which are so certified after the Closing Date in a certificate conforming
to the requirements of Section 4.1.2(a).

 - 2 -

 

     “Bank Products” means all bank, banking, financial, and other similar or related
products and services, offered by any Lender (or any Affiliate of a Lender) to the Borrower in
connection with the transactions contemplated hereby, including, without limitation, (a) cash
management or related services; (b) bankers’ acceptances, drafts, (and the issuance, amendment,
renewal, or extension thereof), documentary services, foreign currency exchange services; and (c)
interest rate swap, hedge, dollar or similar agreements.

     “Base Rate Loans” means Loans, or portions thereof, that bear interest on the basis of
the ING Alternate Base Rate.

     “Board of Directors” means the board of directors of a corporation or any comparable
governing body of any entity that is not a corporation.

     “Borrower” has the meaning set forth in the preamble to this Agreement.

     “Borrowing” means any group of Facility Loans, or portions thereof, of the same type
and, in the case of Eurodollar Loans, having the same Interest Period, in each case made, converted
or continued by the Lenders on the same Business Day pursuant to the same Borrowing Request or
Continuation/Conversion Notice in accordance with Sections 3.1 or 3.4.2,
respectively.

     “Borrowing Base” means, on any date of determination, an amount equal to: (a)
eighty-five percent (85%) of Eligible Accounts, minus (b) such reserves as may be
established from time to time by the Agent pursuant to Section 2.2 hereof.

     “Borrowing Base Certificate” means a certificate of an Authorized Person of the
Borrower in the form of Exhibit C attached hereto.

     “Borrowing Request” means a Loan request and certificate duly executed by an
Authorized Person of the Borrower in the form of Exhibit B attached hereto.

     “Business Day” means a day (other than a Saturday or Sunday) on which banks are open
for general business in London, New York City, Dublin, Luxembourg, Paris, Amsterdam and Zurich and
(in relation to any date for payment or purchase of Euro) any TARGET Day.

     “Capital Stock” of Borrower means any and all shares, interests, rights to purchase,
warrants, options, participations or other equivalents of or interests in (however designated)
corporate Stock or other equity participations, including partnership interests and limited
liability company membership interests, whether general or limited, voting or non-voting, of
Borrower, including any preferred Stock.

     “Charges” means all federal, state, provincial county, city, municipal, local, foreign
or other governmental (a) taxes at the time due and payable, and (b) levies, assessments, charges,
liens, claims or encumbrances upon or relating to (i) the Collateral, (ii) the Obligations, (iii) a
Person’s employees, payroll, income or gross receipts, (iv) a Person’s ownership or use of its
assets, or (v) any other aspect of a Person’s businesses.

     “Closing Date” means the date of this Agreement.

 - 3 -

 

     “Collateral” means all property and interests in property and proceeds thereof now
owned or hereafter acquired by the Borrower in and upon which a Lien is granted to the Agent, for
its benefit and the ratable benefit of the Lenders, under any of the Loan Documents, including,
without limitation, (a) the “Charged Property” under and as defined in the Security Agreement, (b)
all ownership interests, participation interests, security interests or other interests or rights
of any nature in such Accounts and any Related Security with respect thereto and (c) all rights to
Collections, (d) all rights to Deposit Accounts, to the extent provided in any applicable Deposit
Account Control Agreement, and (e) all rights, title, interests and claims of the Borrower under
the Affiliated Purchase Agreements. For avoidance of doubt, the Collateral shall include all
Accounts owned by the Borrower, including any which are not (or are no longer) Eligible Accounts,
to the extent purchased from the Affiliated Sellers under the Affiliated Purchase Agreements.

     “Collections” means, collectively (without duplication) (a) all cash collections
(including, if applicable, any value added taxes) and other cash proceeds of the Purchased
Affiliate Accounts, including all finance charges, cash proceeds of Related Security with respect
to any such Account, and any payments made by any Affiliated Seller as servicer with respect to
such Account (including any payments deemed made pursuant to the terms of the relevant Affiliated
Purchase Agreement), (b) if applicable, all recoveries of value added tax from any relevant
Governmental Authority relating to any such Account that is a Defaulted Account and (c) all other
cash collections and other cash proceeds of the Collateral.

     “Commitment” means, with respect to any Lender, its Facility Commitment.

     “Commitment Increase” has the meaning set forth in Section 3.4.4.

     “Compliance Certificate” means a certificate duly executed by an Authorized Person of
the Borrower in the form of Exhibit D attached hereto.

     “Continuation/Conversion Notice” means a notice of continuation or conversion and
certificate duly executed by an Authorized Person of the Borrower in the form of Exhibit E
attached hereto.

     “Contract” means in relation to any Account, any and all contracts, invoices, notes or
other writings, including any agreement evidenced by a purchase order or similar document, pursuant
to or under which an Account Debtor becomes or is obligated to make payments on or in respect of
such Account.

     “Contractual Obligation” means, any obligation arising under any Instrument or
undertaking to which a Person is a party or by which it or any of its property is bound, excluding,
in the case of the Borrower, any Loan Document to which it is party.

     “Data Protection Law” means the EU Data Protection Directive (95/46/EC), the Irish
Data Protection Act, 1988 and the Irish Data Protection (Amendment) Act 2003 or any other
applicable Law or regulation relating to data protection or privacy.

     “Dana European Entities” means Dana International Luxembourg SARL and each of its
Subsidiaries.

 - 4 -

 

     “Default” means any condition that constitutes an Event of Default, or that, with the
giving of any notice or lapse of time or both, would constitute an Event of Default.

     “Defaulting Lender” shall mean any Lender, as determined by the Agent, that (a) has
failed to fund any portion of its Loans or participations in Letters of Credit required to be
funded by it hereunder within one (1) Business Day of the date required to be funded by it
hereunder, (b) has notified the Agent, any Lender and/or the Borrower in writing that it does not
intend to comply with any of its funding obligations under this Agreement or has made a public
statement to the effect that it does not intend to comply with its funding obligations under this
Agreement or under other agreements in which it commits to extend credit, (c) has failed, within
three (3) Business Days after request by the Agent, to confirm that it will comply with the terms
of this Agreement relating to its obligations to fund prospective Loans and participations in then
outstanding Letters of Credit, (d) has otherwise failed to pay over to the Agent or any Lender any
other amount required to be paid by it hereunder within three (3) Business Days of the date when
due, unless the subject of a good faith dispute, or (e) shall take, or is the Subsidiary of any
Person that has taken, any action or be (or is) the subject of any action or proceeding of a type
described in Section 7.1.4 (or any comparable proceeding initiated by a Governmental
Authority having jurisdiction over such Lender or such Person).

     “Deposit Account” means any deposit account maintained with a bank or other depository
institution.

     “Deposit Account Control Agreement” means any deposit account control agreement
executed by and among the Borrower, the Agent, for the benefit of itself and the Lenders, and the
depository institution at which such the Borrower maintains a Deposit Account or any
acknowledgement of charge executed by such an institution in favor of the Agent, in each case in a
form and substance to be satisfactory to the Agent, in its Permitted Discretion.

     “Eligible Account Debtor” means any Account Debtor (a) that is a resident of an
Eligible Account Debtor Jurisdiction, (b) that is not an Governmental Authority (other than any
Governmental Authority that is a body corporate created under public Law all or part of whose
activities is commercial and which does not benefit from sovereign immunity), (c) that is not an
individual, and (d) that is not an Affiliate of any Transaction Party; except, in each case, as
otherwise may be approved by the Agent from time to time, in its Permitted Discretion.

     “Eligible Account Debtor Jurisdiction” means (i) Italy, Belgium, Germany, China and
Japan and (ii) other jurisdictions as may be approved by the Agent from time to time in its
Permitted Discretion, which shall include, initially, subject to adjustment by the Agent from time
to time in its Permitted Discretion upon giving the Borrower at least thirty (30) days advance
notice thereof (unless an Event of Default has occurred which is then continuing), all those
jurisdictions listed on Schedule 1.1B annexed hereto.

     “Eligible Currency” means Japanese Yen, Euros, Dollars, British Pounds Sterling and
any other currency approved by the Agent from time to time, in its Permitted Discretion.

     “Eligible Purchased Affiliate Account” means, at any time,

 - 5 -

 

     (A) any Purchased Affiliate Account owing by an Eligible Account Debtor to the Borrower in an
Eligible Currency:

     (a) which has been originated by an Affiliated Seller in the ordinary course of business and
represents the purchase price of goods sold by such Affiliated Seller to an Account Debtor;

     (b) which has been validly sold by such Affiliated Seller to the Borrower pursuant to (and in
accordance in all material respects with) an Affiliated Purchase Agreement with the result that the
Borrower has good and marketable title thereto (together with the Collections and Related Security
related thereto, subject to the Related Security Covenant), free and clear of all Liens (other than
Permitted Liens);

     (c) which does not arise from the sale of any goods that are subject to a Lien (other than any
Permitted Lien) covering the proceeds of such goods, if such Lien would extend to such Account;

     (d) which is evidenced by an invoice, proof of shipment or other writing, has been billed to
the relevant Account Debtor, is payable directly to the Borrower, and, according to the terms
thereof and any Contract related thereto, is required to be paid in full (subject to any
contractual rebate or discount) within one hundred fifty (150) days from the invoice date of such
Account;

     (e) which if such Account has a credit balance, such credit balance has been outstanding for
not more than sixty (60) days;

     (f) as to which no payment, or part thereof, remains unpaid for sixty-one (61) or more days
from the original due date for such Account;

     (g) as to which no payment, or part thereof, remains unpaid for one hundred fifty (150) or
more days from the invoice date of such Account;

     (h) as to which no Event of Bankruptcy has occurred and is continuing with respect to the
Account Debtor thereon;

     (i) which arises pursuant to a Contract with respect to which the applicable Affiliated Seller
has performed in all material respects all obligations required to be performed by it thereunder in
order to have such Purchased Affiliate Account become due and payable thereunder;

     (j) which does not arise from a sale pursuant to which the applicable Account Debtor has the
right to return the goods for which it has become obligated to pay in the event it is unable to
sell such goods and in respect of which the applicable Affiliated Seller is obligated to refund to
such Account Debtor any amount in respect of such returned goods;

     (k) as to which the Affiliated Seller is in compliance in all material respects with the terms
of such Purchased Affiliate Account or the related Contract;

 - 6 -

 

     (l) which arises under a Contract that, together with such Account, is in full force and
effect and constitutes the legal, valid and binding obligation of the related Account Debtor,
enforceable against such Account Debtor except as such enforcement against such Account Debtor may
be limited by any applicable Insolvency Law or by general principles of Law or equity (regardless
of whether enforcement is sought in a proceeding in equity or at Law), in each case, under all
applicable Law;

     (m) which, together with the Contract related thereto, does not contravene in any material
respect any Law applicable thereto (including Laws relating to truth in lending, cost of credit
disclosure, fair credit billing, fair credit reporting, equal credit opportunity, fair debt
collection practices and privacy);

     (n) the Account Debtor of which has been directed to make all payments with respect to such
Account to a Collection Account, in each case, with respect to which a valid and enforceable
Deposit Account Control Agreement is in effect,

     (o) the assignment of which (together with the Collections and Related Security related
thereto subject to the Related Security Covenant) under the applicable Affiliated Purchase
Agreement to the Borrower and the grant of a charge, security interest or pledge in respect thereof
(together with the Collections and Related Security related thereto, subject to the Related
Security Covenant) to the Agent, on behalf of the Lender Parties, pursuant to the Security
Documents, in each case, does not in any material respect violate, conflict with or contravene any
applicable Laws or any contractual or other restriction, limitation or encumbrance (including any
restriction or limitation under the related Contract);

     (p) which, together with the Contract related thereto, has not been rewritten, varied, waived
or extended or otherwise been re-invoiced and has not otherwise had its invoice date or due date
changed, except in the ordinary course of business and not for the purpose of extending the time
for payment thereof; e.g., no “re-cycled” Accounts shall be eligible;

     (q) with respect to which all of the Borrower’s right, title and interest in such Account in
respect thereof, in each case, together with the Related Security, subject to the Related Security
Covenant, is subject to a first priority charge, security interest or pledge under all applicable
Laws in favor of the Agent, on behalf of the Secured Parties, free and clear of all Liens (other
than Permitted Liens);

     (r) which is not subject to any contra-account, litigation, disputes, counterclaim, offset,
warranty claim, rebate or other reduction or defense in the amount thereof, provided that
such Accounts shall only be ineligible to the extent thereof;

     (s) which does not exceed any “country” limit established by the Agent, in its Permitted
Discretion, either (i) on the Closing Date, which shall be limited to the Peoples Republic of
China, Four Million Euros (€4,000,000), or (ii) from time to time after the Closing Date, upon
giving the Borrower at least thirty (30) days advance notice thereof unless an Event of Default has
occurred which is then continuing; in each case, to the extent applicable Eligible Accounts exceed
such limit;

 - 7 -

 

     (t) which is not an Account requiring consent of an Account Debtor for assignment where such
Account Debtor has not consented to the assignment of such Account pursuant to the applicable
Affiliated Purchase Agreement;

     (u) which is governed by the Laws of an Eligible Account Debtor Jurisdiction;

     (v) which is not an Account of an Account Debtor whose customary practice is to prepay in
whole or in part, amount of the Accounts owing by it, to the extent of such prepayment;

     (w) which is not part of a supplier payment system where a bank, acting on the Borrower’s
behalf, collects from the Account Debtor’s bank at the end of invoice term, including the Ricevuta
Bancaria system in Italy;

     (x) which is not an Account where the underlying goods sold are shipped “free on board” so
long as the goods remain in transit;

     (y) with respect to which not more than fifty percent (50%) of the aggregate outstanding
balance of all Purchased Affiliated Accounts owing by such Account Debtor are more than sixty (60)
days past their original due date; and

     (z) with respect to which the aggregate outstanding balance of the Eligible Purchased
Affiliated Accounts of such Account Debtor do not exceed ten percent (10%) of the aggregate
outstanding balance of all then outstanding Eligible Purchased Affiliate Accounts thereof, with the
excess thereof being ineligible;

provided, that, the determination by the Agent in its Permitted Discretion that any
Purchased Affiliate Account shall be deemed ineligible by virtue of its being described by one of
such categories shall not be deemed to indicate that such Account may not also be deemed ineligible
by virtue of being described by any other such category or to preclude the Agent from reclassifying
such Account into such other category, should such Account cease to be described by the first such
category; and

     (B) any other Purchased Affiliate Account approved by the Agent from time to time, in its
Permitted Discretion.

     “Embargoed Person” shall mean any party that (i) is publicly identified on the most
current list of “Specially Designated Nationals and Blocked Persons” published by the U.S. Treasury
Department’s Office of Foreign Assets Control (“OFAC”) or resides, is organized or
chartered, or has a place of business in a country or territory subject to OFAC sanctions or
embargo programs or (ii) is publicly identified as prohibited
from doing business with the United States under the International Emergency Economic Powers Act, the Trading With the Enemy Act,
or any other Requirement of Law.

     “Euro” and the sign “€” mean lawful money of the Participating Member Status.

     “Eurodollar Base Rate” means, with respect to each day during each Interest Period
pertaining to a Eurodollar Loan, the higher of: (i) one percent (1.0%) per annum or (ii) the rate

 - 8 -

 

per annum determined on the basis of the rate for deposits in Euros for a period equal to such
Interest Period commencing on the first day of such Interest Period appearing on the Reuters Screen
LIBOR01 Page (or such other page as may replace such page on such service for the purpose of
displaying the rates at which dollar deposits are offered by leading banks in the London interbank
deposit market) as of 11:00 A.M., London time, two (2) Business Days prior to the beginning of such
Interest Period. In the event that such rate does not appear on the Reuters Screen LIBOR01 Page
(or otherwise on such other page or screen), the “Eurodollar Base Rate” shall be determined
by reference to such other comparable publicly available service for displaying eurodollar rates as
may be selected by the Agent or, in the absence of such availability, by reference to the rate at
which the Agent is offered Dollar deposits at or about 11:00 A.M., New York City time, two (2)
Business Days prior to the beginning of such Interest Period in the interbank eurodollar market
where its eurodollar and foreign currency and exchange operations are then being conducted for
delivery on the first day of such Interest Period for the number of days comprised therein.

     “Eurodollar Loans” means Loans, or portions thereof, that bear interest on the basis
of the Eurodollar Rate.

     “Eurodollar Rate” means, with respect to any Borrowing of Eurodollar Loans for any
Interest Period therefor, the rate per annum (rounded upwards, if necessary, to the nearest
1/16th of 1%) determined by the Agent to be equal to (i) the Eurodollar Base Rate for
such Borrowing for such Interest Period divided by (ii) one (1) minus the Statutory
Reserves (if any). The Eurodollar Rate for any Interest Period will be determined initially by the
Agent on the basis of the Reserve Requirement in effect on the date two (2) Business Days prior to
the commencement of such Interest Period and, from time to time thereafter during such Interest
Period, such Eurodollar Rate shall be adjusted automatically on and as of the effective date of any
change in the Reserve Requirement during such Interest Period. Notwithstanding the foregoing, for
purposes of clause (c) of the definition of ING Alternate Base Rate, the rates referred to above
shall be the rates as of 11:00 a.m., London, England time, on the date of determination (rather
than the second London Business Day preceding the date of determination).

     “European Operations Companies” means the companies (including the Transaction
Parties) described in Schedule 1.1C annexed hereto, as the composition of those companies
may be changed from time to time (other than with respect to the Transaction Parties) by the
Borrower, with notice to the Agent.

     “European Operations Report” means a financial report, to include profit and loss
statement, EBITDA and other financial information to the extent reasonably requested by the Agent
(but, for avoidance of doubt, no balance sheet), for each of the Affiliated Sellers, individually,
and the European Operations Companies, considered as a whole.

     “Event of Bankruptcy” means, with respect to any Person, the occurrence of any of the
following:

     (a) such Person shall voluntarily commence any case, proceeding or other action, or present a
petition or make an application under any Insolvency Law: (i) relating to bankruptcy, insolvency,
court protection, reorganization or relief of debtors, seeking to have an order for

 - 9 -

 

relief entered
with respect to it or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization,
arrangement, adjustment, winding-up, examination, liquidation, administration, administrative
receivership, dissolution, court protection, composition, declaration or other similar relief with
respect to it or any of its debts’ or (ii) seeking the appointment of a liquidator, receiver,
administrative receiver, examiner, security trustee, custodian, compulsory manager, administrator
or other similar official for it or for all or any substantial part of its assets, other than in
connection with the solvent liquidation or reorganization of such Person.

     (b) there shall be commenced, presented or made against such Person any case, proceeding or
other action referred to in clause (a) above which is not dismissed by the relevant court, tribunal
or authority or otherwise withdrawn or terminated within sixty (60) days after its commencement;

     (c) there shall be commenced against such Person any case, proceeding or other action seeking
issuance or a warrant of attachment, sequestration, distress, expropriation, execution, distraint
or similar process against all or any substantial part of its assets which is not dismissed or
otherwise withdrawn or terminated within sixty (60) days after its commencement;

     (d) such Person ceasing or threatening to cease to carry on its business or stopping payment
or threatening to stop payment of its debts or being, being deemed to be or becoming unable to pay
its debts within the meaning of Clause 214 of the Irish Companies Act 1963 as amended or Clause
2(3) of the Irish Companies Amendment Act 1990, (or as the case may be, any analogous provision in
any applicable jurisdiction, including section 123(a)(a), (b) or (c) of the Insolvency Act of 1986,
as that section may be amended from time to time) or otherwise unable to pay its debts as they fall
due or the value of its assets falling to less than the amount of its liabilities (talking into
account for both these purposes its contingent and prospective liabilities) or such Person
otherwise becoming insolvent; or

     (e) a moratorium is declared in respect of any of its Indebtedness.

     “Event of Default” means any of the events set forth in Section 7.1.

     “Facility Availability” means, on any date, an amount equal to (a) the least
among (i) the Facility Commitment Amount, or (ii) the Borrowing Base or (iii) any time that the
Borrowing Base is less than one hundred ten percent (110%) of the Facility Commitment Amount, the
Facility Block Amount; minus (b) the sum of (1) the then aggregate outstanding principal
amount of all Facility Loans plus (2) the then aggregate outstanding amount of all Letter
of Credit Obligations.

     “Facility Block Amount” means Forty-Five Million Euros (€45,000,000) (increasing,
however, in increments of €5,000,000, for each Commitment Increase).

     “Facility Commitment” means the commitment of the Lenders to make Facility Loans
pursuant to Section 2.1.1 and to cause the issuance of Letters of Credit pursuant to
Section 3.11.1.

 - 10 -

 

     “Facility Commitment Amount” means Fifty Million Euros (€50,000,000), initially, as
such amount may be (i) reduced from time to time pursuant to Section 3.4.3 and (ii)
increased from time to time pursuant to Section 3.4.4.

     “Facility Exposure” means, with respect to any Lender at any time, such lender’s
Facility Percentage of the aggregate principal amount and such time of all then outstanding
Facility Loans plus the aggregate amount at such time of such Lender’s LC Exposure.

     “Facility Loan” means, relative to any Lender, any Loan made by such Lender to the
Borrower pursuant to Section 2.1.1.

     “Facility Office” means the office through which any Lender performs or will perform
its obligations under this Agreement and to which interest under this Agreement is paid to such
Lender.

     “Facility Maturity Date” means the earliest to occur of: (a) the fifth (5th)
anniversary of the Closing Date; (b) immediately and without further action, the date on which any
Event of Default described in Section 7.1.4 occurs; (c) the date on which any Event of
Default other than an Event of Default described in Section 7.1.4 shall have occurred and
be continuing and all Obligations are declared to be due and payable pursuant to Section
7.3.

     “Facility Note” means the promissory note of the Borrower, dated the date hereof, and
substantially in the form of Exhibit A attached hereto, as amended, restated, supplemented
or otherwise modified from time to time, and shall also refer to all other promissory notes
accepted from time to time in substitution therefor or renewal thereof.

     “Facility Percentage” means, as to any Lender, the percentage equivalent of a fraction
the numerator of which is the amount of such Lender’s Facility Commitment and the denominator of
which is the aggregate amount of the Facility Commitments of all Lenders.

     “Facility Term” shall have the meaning set forth in Section 2.1.1.

     “Federal Funds Rate” means, for any period, a fluctuating interest rate per annum
equal for each day during such period to:

     (a) the weighted average of the rates on overnight federal funds transactions with members of
the United States Federal Reserve System arranged by federal funds brokers, as published for such
day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal
Reserve Bank of New York; or

     (b) if such rate is not so published for any day which is a Business Day, the arithmetic
average of the quotations for such transactions received by the Agent, in its sole discretion,
either from (i) three (3) federal funds brokers of recognized standing selected by the Agent in its
sole, but reasonable, discretion or (ii) the Reference Lenders.

     “Fee Letter” means that certain confidential fee letter agreement between the Agent
and the Borrower, dated on or prior to the Closing Date.

 - 11 -

 

     “Fiscal Month” means any fiscal month of a Fiscal Year.

     “Fiscal Quarter” means any fiscal quarter of a Fiscal Year.

     “Fiscal Year” means each twelve (12) month accounting period of the applicable
Person(s).

     “F.R.S. Board” means the Board of Governors of the Federal Reserve System (or any
successor).

     “GAAP” for any Person means generally accepted accounting principles in effect from
time to time applicable to such Person.

     “Governmental Authority” means any nation or government, any state or other political
subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government.

     “herein”, “hereof”, “hereto”, “hereunder” and similar terms
contained in this Agreement or any other Loan Document refer to this Agreement or such other Loan
Document, as the case may be, as a whole and not to any particular section, subsection, clause or
provision of this Agreement or such other Loan Document.

     “including” means including without limiting the generality of any description
preceding such term.

     “Indebtedness” of Borrower means, all obligations of Borrower for borrowed money
(including all notes payable and drafts accepted representing extensions of credit) and all
obligations evidenced by bonds, debentures, notes or other similar instruments on which interest
charges are customarily paid.

     “Indemnified Liabilities” means any and all actions, causes of action, suits, losses,
costs, liabilities, damages and expenses incurred by or asserted or awarded against any Lender
Party and against which the Borrower has indemnified the Lender Parties as provided in Section
9.4.

     “ING” means ING Capital LLC, a Delaware limited liability company, and its successors
and assigns.

     “ING Alternate Base Rate” means a fluctuating rate of interest per annum equal to the
highest of:

     (a) the per annum rate publicly quoted from time to time by The Wall Street Journal as the
“base rate on United States corporate loans posted by at least 70% of the national’s largest banks”
(or, if The Wall Street Journal ceases quoting a base rate of the type described, either (i) the
per annum rate quoted as the base rate on such corporate loans in a different national publication
as selected by Agent or (ii) the highest per annum rate of interest published by the
Federal Reserve Board in Federal Reserve statistical release H.15 (519) entitled “Selected
Interest Rates” as the bank prime loan rate or its equivalent);

 - 12 -

 

     (c) the Eurodollar Rate for an Interest Period of one (1) month beginning on such day (or if
such day is not a Business Day then on the immediately preceding Business Day); or

     (d) one percent (1.0%) per annum.

Changes in the rate of interest on Base Rate Loans shall take effect on the date of each change in
the ING Alternate Base Rate.

     “Insolvency Law” means any Law relating to bankruptcy, insolvency, administration,
receivership, examination, administrative receivership, reorganization, winding up or composition,
moratorium or adjustment of debts or the rights of creditors generally (whether by way of voluntary
arrangement or otherwise).

     “Instrument” means any contract, agreement, letter of credit, indenture, mortgage,
warrant, deed, certificate of title, document or writing (whether by formal agreement, letter or
otherwise) under which any obligation is evidenced, assumed or undertaken, any Lien (or right or
interest therein) is granted or perfected, or any property (or right or interest therein) is
conveyed.

     “Interest Period” means, relative to any Eurodollar Loans comprising part of the same
Borrowing, the period beginning on (and including) the date on which such Eurodollar Loans are made
or continued as, or converted into, Eurodollar Loans pursuant to Section 3.1 or Section
3.5.2 and ending on (but excluding) the date which numerically corresponds to such date one
(1), two (2), three (3) or six (6) (or, if available to and offered by all Lenders, nine (9) or
twelve (12)) months) thereafter (or, if such month has no numerically corresponding date, on the
last Business Day of such month), in either case as the Borrower may select in its relevant notice
pursuant to Section 3.1 or Section 3.5.2; provided, however, that:

     (a) the Borrower shall not be permitted to select Interest Periods to be in effect at any one
time which have expiration dates occurring on more than three (3) different dates;

     (b) if such Interest Period would otherwise end on a day which is not a Business Day, such
Interest Period shall end on the next following Business Day (unless such next following Business
Day is the first Business Day of a calendar month, in which case such Interest Period shall end on
the Business Day next preceding such numerically corresponding date); and

     (c) no such Interest Period with respect to Facility Loans may end later than the Facility
Maturity Date.

     “Intermediate Holdco” means Dana European Holdings Luxembourg SARL.

     “Investment” means, relative to any Person: (a) any loan or advance made by such
Person to any other Person (excluding commission, travel and similar advances to officers and
employees made in the ordinary course of business); (b) any ownership or similar interest held by such Person in any other Person; and (c) the purchase of any debt or equity securities or
instruments issued by any other Person.

 - 13 -

 

     “Irish Subsidiary” means Dana Europe Financing (Ireland) Limited, a limited liability
company incorporated under the laws of Ireland.

     “Irish Subsidiary Collection Accounts” means Deposit Accounts opened by the Irish
Subsidiary as of the Closing Date, and used for the collection of Accounts under the Irish
Subsidiary Receivables Loan Program, including Accounts which are Affiliated Purchased Accounts.

     “Irish Subsidiary Purchase Agreement” means the Share Purchase and Termination
Agreement, dated March 8, 2011, made among the shareholders of the Irish Subsidiary, the Borrower
and the Irish Subsidiary (among others) for the sale and purchase of the Stock of the Irish
Subsidiary .

     “Irish Subsidiary Purchase Documents” means the Irish Subsidiary Purchase Agreement
and all documents, instruments, certificates and agreements exchanged between the parties in
connection therewith.

     “Irish Subsidiary Receivables Loan Program” means the program administered through the
Receivables Loan Agreement described in the recitals to the Irish Subsidiary Purchase Agreement.

     “Irish Subsidiary Guaranty” means a Guaranty Agreement, dated as of the Closing Date,
made by the Irish Subsidiary in favor of the Agent, for its benefit and for the ratable benefit of
the Lenders, as such agreement may be amended, restated, supplemented or otherwise modified from
time to time, pursuant to which the Irish Subsidiary shall guarantee the payment of all
Obligations.

     “Irish Subsidiary Security Agreement” means the Deed of Charge and Assignment, dated
as the Closing Date, made by the Irish Subsidiary in favor of the Agent, for its benefit and for
the ratable benefit of the Lenders, as such deed may be amended, restated, supplemented or
otherwise modified from time to time, in respect of the granting of a Lien on substantially the
same types and kinds of property of the Irish Subsidiary as the Collateral, including all Irish
Subsidiary Deposit Accounts, to secure the performance by the Irish Subsidiary of the Irish
Subsidiary Guaranty.

     “Law” means any law (including common Law), constitution, statute, treaty,
regulations, rule, ordinance, order, injunction, writ, decree, or award of any Governmental
Authority.

     “LC Exposure,” shall have the meaning set forth in Section 3.11.3(d).

     “Lender” means ING and any other of the various lenders as are, or may become, parties
to this Agreement as “Lenders” hereunder from time to time.

     “Lender Parties” means, collectively, the Agent and each Lender, and each of their
respective successors and assigns, and each of the respective officers, directors, employees,
attorneys and agents of the Agent and each Lender and each of their respective successors and
assigns, indemnified by the Borrower as provided in Section 9.4.

 - 14 -

 

     “Letter of Credit” means an irrevocable standby or commercial letter of credit
issued by a Lender for the account of the Borrower pursuant to Section 3.11.

     “Letter of Credit Obligation” means, in respect of each Letter of Credit, the undrawn
face amount of such Letter of Credit, plus the amount of all drawings under such Letter of
Credit for which the Agent has not been reimbursed by the Borrower pursuant hereto.

     “Letter of Credit Sub-Facility” means the letter of credit facility provided by the
Lenders to the Borrower pursuant to Section 2.1.2 and Section 3.11.

     “Letter of Credit Sub-Facility Amount” means Ten Million Euros (€10,000,000),as such
amount may be reduced from time to time pursuant to Section 3.4.3.

     “Letter of Credit Request” means a request and certificate for the issuance of a
Letter of Credit, duly executed by an Authorized Person of the Borrower in the form of Exhibit
F, delivered to the Agent pursuant to Section 3.11.1, together with the letter of
credit application accompanying such request.

     “Lien” means any mortgage, pledge, hypothecation, assignment, charge, deposit
arrangement, encumbrance, lien (statutory or otherwise), adverse claim or preference, priority or
other security agreement or preferential arrangement of any kind or nature whatsoever, including
any conditional sale or other title retention agreement, any financing lease involving
substantially the same economic effect as any of the foregoing and the filing of any financing
statement under the UCC or comparable Law of any jurisdiction.

     “Loan Documents” means, collectively, this Agreement, the Notes, the Irish Subsidiary
Guaranty, each Security Document, the Fee Letter, each Borrowing Request, the Affiliated Purchase
Agreements, and each other Instrument executed and delivered by the Borrower, on or prior to the
date hereof or at any time hereafter, in connection with the transactions contemplated by this
Agreement, in each case, as amended, modified or supplemented from time to time.

     “Loans” means the Facility Loans made to the Borrower pursuant to Section
2.1.1.

     “Material Adverse Change” means a material adverse change in (a) the financial
condition, operations, performance, business or properties of the European Operations Companies,
considered as a whole, or (b) the rights and remedies of the Lenders or the Agent under the Loan
Documents, or (c) the ability of the Borrower to repay the Obligations or the ability of the
Borrower to perform its obligations under the Loan Documents, (d) the legality, validity or
enforceability of any Loan Document or (e) the Liens granted the Agent for its benefit and the
ratable benefit of the Lenders pursuant to the Security Documents.

     “Maturity Date” means relative to any Facility Loan or portion thereof, the
earlier of the Facility Maturity Date or such other date when such Facility Loan or portion
thereof shall be or become due and payable in accordance with the terms of this Agreement, whether
by required repayment, prepayment, declaration, acceleration or otherwise.

     “Maximum Lawful Rate” shall have the meaning set forth in Section 9.17.

- 15 -

 

     “Monthly Payment Date” means the last day of each calendar month or, if such day is
not a Business Day, the immediately preceding Business Day.

     “Notes” means, collectively, the Facility Notes.

     “Obligations” means all obligations of the Borrower with respect to the payment or
performance of any obligations (monetary or otherwise) of the Borrower arising under or in
connection with this Agreement, the Notes and the other Loan Documents, including any Bank
Products.

     “Organic Document” means, relative to any Person, its articles or certificate of
incorporation or certificate of limited partnership or organization, its bylaws, partnership or
operating agreement or other organizational documents, and all stockholders agreements, voting
trusts and similar arrangements applicable to any of its Stock, partnership interests, membership
interests or other ownership interests, in each case, as amended.

     “Other Taxes” shall have the meaning set forth in Section 3.6(b).

     “Participating Member States” means any member state of the European Community that
adopts or has adopted the Euro as its Lawful currency in accordance with legislation of the
European Community relating to Economic and Monetary Union.

     “Participant” means the banks or other entities that purchase participating interests
in any Loan, Note, Commitment or other interest hereunder, as provided in subsection (a) of
Section 9.11.

     “Permitted Discretion” means the reasonable discretion of the Agent exercised by the
Agent in good faith based on credit considerations. Without limitation of the foregoing, in
respect of the imposition of Reserves pursuant to Section 2.2(vi) and the determination by the
Agent that any Purchased Affiliated Account shall not be, or shall no longer be, an Eligible
Purchased Affiliate Account as a result of the Agent’s exercise of such discretion, the Agent may
consider such factors already included in or tested by the definitions of Reserves and Eligible
Purchased Affiliate Accounts, respectively, as well as any of the following: (i) material changes
in collection history and dilution, collectability or expected collection amounts with respect to
such Accounts; (ii) material changes in the financial condition or composition of any of the
Account Debtors; (iii) material changes in the amounts or composition of any Charges; (iv) material
changes in the financial condition or composition of any of the Affiliated Sellers; (v) material
changes in any concentration of risk, whether by country or Account Debtor, with respect to such
Accounts; and (vi) any other factors that materially change the credit risk of lending to the
Borrower on the security of the Borrower’s Purchased Affiliate Accounts. The burden of
establishing lack of good faith, reasonable exercise or materiality under this definition shall be
on the Borrower.

     “Permitted Liens” means Liens permitted to exist in Section 6.2.3.

     “Person” means any natural person, corporation, partnership, limited liability
company, firm, association, government, governmental agency or any other entity, whether acting in
an individual, fiduciary or other capacity.

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     “Post-Default Rate” means the sum of (i) the contract rate per annum applicable to any
Loans from time to time pursuant hereto, plus (ii) two percent (2.00%) per annum.

     “Projections” means, collectively, projections of the European Operations Report for
any given Fiscal year, delivered to Agent from time to time, prepared by the Borrower on an annual
basis, together with supporting details and a statement of underlying assumptions.

     “Purchased Affiliate Accounts” means Accounts of the Affiliated Sellers sold to, and
purchased by, the Borrower pursuant to the Affiliated Purchase Agreements.

     “Purchasing Lender” means any financial institution which purchases all or any part of
the rights and obligations under this Agreement and the Notes of any Lender in accordance with
Section 9.11 or Section 3.12.2.

     “Qualifying Jurisdiction” means:

     (a) a member state of the European Communities other than Ireland;

     (b) a jurisdiction with which Ireland has entered into a Tax Treaty that has the force of law;
or

     (c) a jurisdiction with which Ireland has entered into a Tax Treaty where that treaty will (on
completion of necessary procedures) have the force of law.

     “Qualifying Lender” means a Lender which is beneficially entitled to interest payable
to that Lender in respect of an advance under this Agreement and is:

     (a) a bank which is licensed (pursuant to section 9 of the Central Bank Act 1971 of Ireland)
to carry on banking business in Ireland and which is carrying on a bona fide banking business in
Ireland (for the purposes of section 246(3) TCA) and whose Facility Office is located in Ireland;

     (b) a body corporate:

	 	(i)	 	which, by virtue of the law of a Qualifying Jurisdiction, is
resident in the Qualifying Jurisdiction for the purposes of tax and that
jurisdiction imposes a tax that generally applies to interest receivable in
that jurisdiction by companies from sources outside that jurisdiction;
	 
	 	(ii)	 	which is a US corporation which is incorporated in the United
States and is taxed in the United States on its worldwide income;
	 
	 	(iii)	 	which is a US limited liability company where (I) the ultimate
recipients of the interest would themselves be Qualifying Lenders under
sub-paragraphs (i), (ii) or (iv) of this paragraph (d), and (II) business is
conducted through the US limited liability company for market reasons and not
for tax avoidance purposes; or

- 17 -

 

	 	(iv)	 	where the interest:

	 	(1)	 	is exempted from the charge to
Irish income tax under a Tax Treaty in force on the date the
interest is paid; or
	 
	 	(2)	 	would be exempted from the charge
to Irish income tax if a Tax Treaty which has been signed but is
not yet in force had the force of law on the date the interest
is paid,

	 	 	 	except where, in respect of each of sub-paragraphs (i) to (iv), interest
payable to that body corporate in respect of an advance under this Agreement
is paid in connection with a trade or business which is carried on in
Ireland by that body corporate through a branch or agency;

     (c) a body corporate which advances money in the ordinary course of a trade which includes the
lending of money and whose Facility Office is located in Ireland where the interest on the advance
under this Agreement is taken into account in computing the trading income of such body corporate
and such body corporate has complied with the notification requirements under section 246(5) TCA;
or

     (d) a Treaty Lender.

     “Quarterly Payment Date” means the last day of each March, June, September and
December or, if such day is not a Business Day, the immediately preceding Business Day.

     “Reference Lenders” means, collectively, JPMorgan Chase Bank, N.A., Citibank, N.A. and
Bank of America, N.A.

     “Regulatory Change” means, as to any or all of the Lenders or the Agent, any change
(including, without limitation, any change in the interpretation) occurring after the Closing Date
in, or the adoption after the Closing Date of, (i) any Law applicable to the Agent or such Lender,
or (ii) any regulation, interpretation, directive, guideline or request (whether or not having the
force of Law) applicable to the Agent or such Lender of any court or Governmental Authority charged
with the interpretation or administration of any Law referred to in clause (i) or of any central
bank or fiscal, monetary or other Governmental Authority having jurisdiction over the Agent or a
Lender; provided that, notwithstanding anything herein to that contrary, the Dodd-Frank
Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements
and directives thereunder issued in connection therewith or in implementation thereof shall be
deemed to be a “Regulatory Change,” regardless of the date enacted, adopted, issued or implemented.

     “Related Security” means, with respect to any Purchased Affiliate Account, all of the
right, title and interest of an Affiliated Seller in, to and under: (a) all security interests,
hypothecs, reservations of ownership, Liens and property subject thereto from time to time
purporting to secure payment of such Account, whether pursuant to the Contract related to such
Account or otherwise, together with all financing statements, registrations, hypothecs, charges or
other similar filings or instruments against an Account Debtor and all security agreements
describing any collateral securing such Account; (b) all guarantees, insurance and other

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agreements or arrangements of whatever character from time to time supporting or securing
payment of such Account whether pursuant to the Contract related to such Account or otherwise
together with any amounts received by any Transaction Party in respect of, or otherwise in
connection with, such guarantee, insurance or other agreement or arrangement; (c) all books and
records related to such Account; (d) any and all goods (including returned goods, if any) and
documentation or title evidencing the shipment or storage of any goods, the sale of which by the
applicable Affiliated Seller gave rise to such Account; (e) all other rights, titles and interests
in, to and under the Transaction Documents in respect of such Account; and (f) all collections and
proceeds of the foregoing.

     “Related Security Covenant” means, in respect of any Related Security which by its
express terms is not assignable to the Borrower pursuant to the applicable Affiliated Purchase
Agreement (but the underlying Account is assignable, and is assigned), the covenant of the
applicable Affiliate Seller to maintain and, as applicable, enforce such Related Security as agent
for the Borrower on its behalf pursuant to such Affiliated Purchase Agreement.

     “Required Lenders” means, (a) Lenders having, in the aggregate, more than the Required
Lenders Percentage (as defined below) of the aggregate Commitments or (b) if the Commitments shall
have been terminated, whether pursuant to this Agreement or otherwise, Lenders having, in the
aggregate, more than the Required Lenders Percentage of the aggregate of the outstanding principal
amount of the Loans; provided, however, that the Loans, participations in Letters
of Credit, and unused Commitments held or deemed held by any Defaulting Lender shall be excluded
for purposes of making a determination of Required Lenders. As used herein, “Required Lenders
Percentage” means (i) sixty-six and two-thirds percent, (662/3%) if the aggregate
Commitments are less than or equal to One Hundred Fifty Million Euros (€150,000,000) or (ii)
fifty-one percent (51%), if the aggregate Commitments are greater than One Hundred Fifty Million
Euros (€150,000,000).

     “Requirements of Law” means, as to any Person, the Organic Documents of such Person,
and all federal, state and local Laws, rules, regulations, orders, decrees or other determinations
of an arbitrator, court or other Governmental Authority, in each case applicable to or binding upon
such Person or any of its property or to which such Person or any of its property is subject.

     “Reserves” has the meaning set forth in Section 2.2.

     “Schedule” means each Schedule attached hereto, as each may be amended, supplemented
or otherwise modified from time to time by the Borrower with the consent of the Required Lenders as
provided in Section 4.2.2.

     “Security Agreement” means the Deed of Charge and Assignment, dated the Closing Date,
made by the Borrower in favor of the Agent, for its benefit and for the ratable benefit of the
Lenders, as such deed may be amended, restated, supplemented or otherwise modified from time to
time, in respect of the granting of the Lien on the Collateral to secure payment of the
Obligations.

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     “Security Documents” means, collectively, the Security Agreement, the Irish Subsidiary
Security Agreement, each of the Deposit Account Control Agreements, and each other Instrument at
any time delivered in connection with the foregoing to secure the Obligations.

     “Statutory Reserves” means, with respect to any Lender and any Loan, any currency,
maximum reserve, liquid asset, fees or similar requirements (including any marginal, special,
emergency or supplemental reserves or other requirements) established by any central bank, monetary
authority, the Bank of England, the Financial Services Authority, the European Central Bank or
other Governmental Authority for any category of deposits or liabilities customarily used to fund
loans in Euros or by reference to which interest rates applicable to loans in such currency are
determined in each case expressed as a percentage of the principal balance of such Loan, as
determined by the Agent. The Statutory Reserve rate shall be adjusted automatically on and as of
the effective date of any change in any reserve, liquid asset or similar requirement.

     “Stock” means all shares of capital stock of or in a Person which is a corporation,
whether voting or non-voting, and including common stock and preferred stock, all membership or
other equity interests of or in a Person which is a limited liability company, all partnership and
other equity interests of or in a Person which is a partnership, and all similar equity and other
interests of or in any other Person.

     “Subsidiary” of any corporation means any other corporation, partnership or limited
liability company of which greater than fifty percent (50%) of the outstanding shares of Stock or
other ownership interests having ordinary voting power for the election of directors (or others
serving equivalent functions) is owned directly or indirectly by such corporation.

     “TARGET” means Trans-European Automated Real-time Gross Settlement Express Transfer
payment system.

     “TARGET Day” means any day on which TARGET is open for the settlement of payments in
Euro.

     “Taxes” means all taxes, levies, imposts, deductions, charges or withholdings, and all
liabilities with respect thereto, excluding, in the case of each Lender and the Agent, (i) taxes
imposed on its net income and franchise taxes imposed on it, (ii) any taxes similar to branch
profits taxes imposed by the United States of America that are imposed by any other jurisdiction,
(iii) any taxes that are attributable to such Lender’s failure to comply with the requirements of
Section 3.6(e), (iv) any withholding taxes imposed on amounts payable to a Lender at the time such
Lender becomes a party to this Agreement except, in the case of an assignment pursuant to Section
9.11(a), to the extent that such Lender’s assignor (if any) was entitled, at the time of
assignment, to receive additional amounts from the Borrower with respect to such Taxes pursuant to
Section 3.6, or (v) any taxes that are imposed as a result of any event occurring after the Lender
becomes a Lender other than a change in law or regulation or the introduction of any law or
regulation or a change in interpretation or administration of any law.

     “Tax Deduction” means a deduction or withholding for or on account of Tax from a
payment under this Agreement.

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     “Tax Treaty” means a double taxation treaty into which Ireland has entered which
contains an article dealing with interest or income from debt claims.

     “TCA” means the Taxes Consolidation Act 1997 of Ireland.

     “Transaction Parties” means the Borrower, the Irish Subsidiary and the Affiliated
Sellers.

     “Transfer Supplement” means a document to be executed by the Agent, a transferor
Lender, the Purchasing Lender and, as applicable, the Borrower respecting the transfer and
assignment of Loan and/or Commitments pursuant to Section 9.11.

     “Treaty Lender” means a Lender which:

     (a) is treated as a resident of a Treaty State for the purposes of a Tax Treaty which makes
provision for full exemption from tax imposed by Ireland on interest or income from debt claims;

     (b) does not carry on a business in Ireland through a permanent establishment with which that
Lender’s participation in the Loan is effectively connected; and

     (c) fulfills any conditions of the Tax Treaty which must be fulfilled for residents of that
Treaty State to be paid interest without the deduction of Irish tax (assuming the completion of any
necessary procedural formalities).

     “Treaty State” means a jurisdiction which has entered into a Tax Treaty with Ireland
which has the force of law.

     “Ultimate Holdco” shall mean Dana Holding Corporation, a Delaware corporation.

     “United States” or “U.S.” means the United States of America, its constituent
States and the District of Columbia.

     “USA PATRIOT Act” shall have the meaning set forth in the definition of
“Anti-Terrorism Laws.”

     “Unused Amount” shall have the meaning set forth in Section 2.3(a).

     “Voting Stock” means, with respect to any Person, Stock of such Person of the class or
classes pursuant to which the holders thereof have the general voting power under ordinary
circumstances to elect at least a majority of the board of directors, managers or trustees of such
Person (irrespective of whether or not at the time Stock of any other class or classes shall have
or might have voting power by reason of the happening of any contingency).

     “written” or “in writing” means any form of written communication or a
communication by means of telex, telecopier device, telegraph or cable.

     SECTION 1.2 Use of Defined Terms. Unless otherwise defined or the context otherwise
requires, terms for which meanings are provided in this Agreement shall have such

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meanings when used in the Schedules and each Note, Borrowing Request, Compliance Certificate,
the Borrowing Base Certificate, notice and other communication delivered from time to time in
connection with this Agreement or any other Loan Document.

     SECTION 1.3 Cross-References. Unless otherwise specified, references in this
Agreement and in each other Loan Document to any Article or Section are references to such Article
or Section of this Agreement or such other Loan Document, as the case may be, and unless otherwise
specified, references in any Article, Section, or definition to any subsection or clause are
references to such subsection or clause of such Section, Article or definition.

     SECTION 1.4 Accounting and Financial Determinations. Unless otherwise specified, all
accounting terms used herein or in any other Loan Document shall be interpreted, all accounting
determinations and computations hereunder or thereunder shall be made, and all financial statements
required to be delivered hereunder or thereunder shall be prepared, in accordance with GAAP
consistently applied in accordance with historical practices of the Borrower or, as applicable, the
European Operations Companies.

ARTICLE 2

COMMITMENTS

     SECTION 2.1 Commitment. Subject to the terms and conditions of this Agreement
(including Article 4), each Lender agrees to provide its Facility Commitment, as more fully
described in this Section 2.1.

     SECTION 2.1.1 Facility Commitment. Subject to the limitations set forth in this
Agreement, from time to time on any Business Day occurring during the period commencing on the
Closing Date to, but excluding, the Facility Maturity Date (the “Facility Term”), each
Lender severally will make its Facility Percentage of any Borrowing of Facility Loans on such
Business Day as the Borrower shall request in accordance with Section 3.1 and shall arrange
for the issuance of Letters of Credit as the Borrower shall request in accordance with Section
3.11. Subject to the terms hereof, the Borrower may from time to time borrow, repay, and
reborrow Facility Loans pursuant to the Facility Commitment.

     SECTION 2.1.2 Conditions Under Which Agent and Lenders Not Required to Extend Credit
The Agent and the Lenders, in any event, shall not be required to make any Facility Loan or issue
or cause the issuance of any Letter of Credit if, after giving effect thereto, the then aggregate
outstanding principal amount of all Facility Loans plus the outstanding amount of all
Letter of Credit Obligations would exceed the lesser of (i) the Facility Commitment Amount
or (ii) the Borrowing Base. The Agent and the Lenders shall not be required to issue or cause the
issuance of any Letter of Credit if, after giving effect thereto, the then aggregate outstanding
amount of all Letter of Credit Obligations would exceed the Letter of Credit Sub-Facility Amount.

     SECTION 2.2 Establishment of Reserves The Agent shall have the right to establish, in
such amounts, and with respect to such matters, as the Agent, in its Permitted Discretion, shall
deem necessary or appropriate, reserves (“Reserves”) with respect to (i) Charges and Liens;
(ii) sums as to which the Agent and the Lenders are permitted to make Facility Loans on the

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Borrower’ behalf under Section 3.4.2 of this Agreement; (iii) Eligible Purchased
Affiliate Accounts for which the Agent, in its Permitted Discretion, determines that the prospect
of payment or performance is impaired in any material respect or that there is a reasonable
probability that such Account will not be paid, (iv) Requirements of Law, and (v) such other
matters, events, conditions or contingencies as to which the Agent, in its Permitted Discretion,
determines Reserves should be established from time to time hereunder upon giving the Borrower
thirty (30) days advance notice thereof in the case of Reserves established pursuant to this clause
(vi) (unless an Event of Default has occurred which is then continuing).

     SECTION 2.3 Unused Commitment Fee and Agent’s Fees.

     (a) The Borrower agree to pay to Agent, for the benefit of each Lender based on such Lender’s
Facility Percentage, a nonrefundable unused commitment fee equal to seventy-five hundredths of one
percent (.75%) per annum (reducing, however, to fifty hundredths of one percent (.50%) per annum,
for any full calendar month following the Closing Date in which the daily average amount of all
Facility Loans and outstanding Letter of Credit Obligations exceeds sixty percent (60%) of the
daily average amount of the Facility Commitment in such month) on the amount by which (A) the
Facility Commitment Amount exceeds (B) the aggregate outstanding principal amount of all Facility
Loans plus the aggregate outstanding amount of Letter of Credit Obligations (the
“Unused Amount”). The unused commitment fee described in this subsection (a) shall be
calculated on a daily basis, invoiced by the Agent to the Borrower monthly on the first Business
Day of each calendar month and payable by the Borrower monthly on the second Business Day of each
calendar month.

     (b) The Borrower shall pay to the Agent, for its own account, the fees in the amount of and at
such times as shall be set forth in the Fee Letter.

     SECTION 2.4 Increased Costs; Capital Adequacy.

     (a) The Borrower shall pay to each Lender from time to time on demand such amounts as such
Lender may determine to be reasonably necessary to compensate it or its holding company for any
material costs applicable to its credit transactions generally which such Lender determines are
attributable to its making or maintaining Loans, issuing Letters of Credit, or maintaining
Commitments hereunder, or any reduction in any amount receivable by such Lender hereunder in
respect of any such Loans, Letters of Credit or Commitments, resulting from any Regulatory Change
which: (i) changes the basis of taxation of any amounts payable to such Lender under this Agreement
in respect of any of such Loans, Letters of Credit or Commitments (other than Taxes covered by
Section 3.6); or (ii) imposes or modifies any reserve, special deposit, deposit insurance
or assessment, minimum capital, capital ratio or similar requirement relating to any extensions of
credit or other assets of, or any deposits with or other liabilities of, such Lender or any holding
company of such Lender (including a request or requirement which affects the manner in which such
Lender or the holding company thereof allocates capital resources to commitments, including the
Commitments). Each affected Lender will notify the Borrower in writing of any event occurring
after the date of this Agreement which will entitle such Lender to compensation pursuant to this
subsection (a) as promptly as practicable after (but within 180 days in any event after) it obtains
knowledge thereof and determines to request such compensation.

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     (b) Without limiting the effect of the foregoing provisions of this Section 2.4 (but
without duplication), the Borrower shall pay to each Lender from time to time upon demand by such
Lender such amounts as such Lender may reasonably determine to be necessary to compensate such
Lender for any costs which it reasonably determines are attributable to the maintenance by it or
its holding company, pursuant to any Law or regulation of any jurisdiction or any interpretation,
directive or request (whether or not having the force of Law) of any court or governmental or
monetary authority, in effect after the date of this Agreement, of capital in respect of its Loans,
Letters of Credit or Commitments (such compensation to include an amount equal to any reduction in
return on assets or equity of such Lender or its holding company to a level below that which it
could have achieved but for such Law, regulation, interpretation, directive or request). Each
Lender will notify the Borrower if it is entitled to compensation pursuant to this subsection (b)
as promptly as practicable after it determines to request such compensation.

     (c) Each notice delivered by a Lender pursuant to this Section 2.4 shall contain a
statement of such Lender as to any such additional amount or amounts (including calculations
thereof in reasonable detail) which shall, in the absence of manifest error, be presumed correct of
the matters stated therein and be binding upon the Borrower. In determining such amount, each
affected Lender may use any method of averaging and attribution that it in good faith shall deem
applicable. Notwithstanding anything to the contrary in this Section 2.4, Borrower shall
not be required to compensate a Lender pursuant to this Section 2.4 for any amounts
incurred more than one hundred eighty (180) days prior to the date that such Lender notifies
Borrower of such Lender’s intention to claim compensation therefor.

     SECTION 2.5 Defaulting Lenders.

     Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a
Defaulting Lender, then the following provisions shall apply for so long as such Lender is a
Defaulting Lender:

     (a) the Unused Commitment Fee shall cease to accrue on the Commitment of such Lender so long
as it is a Defaulting Lender;

     (b) any amount payable to such Defaulting Lender hereunder (whether on account of principal,
interest, fees or otherwise) may (or, if directed by Borrower, shall), in lieu of being distributed
to such Defaulting Lender, be retained by the Agent in a segregated non-interest bearing account
and, subject to any applicable Requirements of Law, be applied at such time or times as may be
determined by the Agent in consultation with Borrower (i) first, to the payment of any
amounts owing by such Defaulting Lender to the Agent hereunder, (ii) second, pro rata, to
the payment of any amounts owing by such Defaulting Lender to the Lenders hereunder, (iii)
third, to the funding of any Loan or the funding or cash collateralization of any
participation in any Letter of Credit in respect of which such Defaulting Lender has failed to fund
its portion thereof as required by this Agreement, as determined by the Agent, (iv) fourth,
if so determined by the Agent, held in such account as cash collateral for future funding
obligations of the Defaulting Lender under this Agreement, (v) fifth, pro rata, to the
payment of any amounts owing to the Borrower or the Lenders as a result of such Defaulting Lender’s
breach of its obligations under this Agreement and (vi) sixth, to such Defaulting Lender or
as otherwise

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directed by a court of competent jurisdiction; provided that if such payment is (x) a
prepayment of the principal amount of any Loans or Letters of Credit Obligations which a Defaulting
Lender has funded its participation obligations and (y) made at a time when the conditions set
forth in Section 4.2 are satisfied, such payment shall be applied solely to prepay the
Loans of, and reimbursement obligations owed to, all non-Defaulting Lenders pro rata prior to being
applied to the prepayment of any Loans, or reimbursement obligations owed to, any Defaulting
Lender.

     (c) The rights and remedies against a Defaulting Lender under this Section are in addition to
other rights and remedies that the Borrower, the Agent, and the Lenders may have against such
Defaulting Lender. The arrangements permitted or required by this Section shall be permitted under
this Agreement, notwithstanding any limitation on Liens or the pro rata sharing provisions or
otherwise.

     SECTION 2.6 New Affiliated Sellers. Any Person becoming an Affiliated Seller
subsequent to the Closing Date and entering into an Affiliated Purchase Agreement with the Borrower
shall have completed the following requirements to the Agent’s satisfaction, in its Permitted
Discretion, prior to any Accounts of such Affiliated Seller being purchased by the Borrower: (i)
the Agent shall have reviewed and approved, in its Permitted Discretion, the terms of the
Affiliated Purchase Agreement proposed for use with such Affiliated Seller (it being understood
that any such Affiliated Purchase Agreement that has substantially the same form and content as any
Affiliated Purchase Agreement described on Schedule 1.1A hereto shall be acceptable to the Agent);
and (ii) the Agent shall have received a certificate from an Authorized Person of the Borrower that
attached thereto is a true and correct copy of the Affiliated Purchase Agreement as then in effect
in respect of such Affiliated Seller consistent with clause (i) above.

ARTICLE 3

LOANS AND NOTES

     SECTION 3.1 Borrowing Procedure. (a) In the case of Facility Loans, the Borrower may
from time to time request that a Borrowing of Facility Loans be made on the Business Day specified
in its Borrowing Request, by delivering such Borrowing Request to the Agent’s office (i) on or
before 2:00 p.m., New York City time, at least three (3) Business Days in advance of the requested
borrowing date for a Eurodollar Loan and (ii) on or before 2:00 p.m., New York City time, at least
three (3) Business Days in advance of the requested borrowing date for a Base Rate Loan. Such
Borrowings of Facility Loans shall be in a minimum aggregate amount equal to One Million Euros
(€1,000,000) for Eurodollar Loans and One Million Euros (€1,000,000) for Base Rate Loans, and in
integral multiples of Five Hundred Thousand Euros (€500,000) or, if less, the amount of the
Facility Availability immediately prior to such Borrowing. Each Borrowing shall be made on the
Business Day specified in the Borrowing Request therefor (including the initial Borrowing to be
made on the Closing Date, if any).

     SECTION 3.2 Disbursement of Loans. On the Business Day specified by the Borrower in
the Borrowing Request, the proceeds of such Borrowing shall be made available to the Borrower by
wire transfer of such proceeds to such transferees, or to such accounts of the Borrower, as the
Borrower shall have specified in the Borrowing Request therefor; provided, however,
that in each case the Agent shall be required to make available to the Borrower the

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proceeds of any Borrowing only to the extent received by it in same day funds from the
Lenders. No Lender’s obligation to make any Facility Loan shall be affected by any other Lender’s
failure to make any Facility Loan.

     SECTION 3.3 Notes. All Facility Loans made by any Lender shall, if requested by such
Lender, be evidenced by a single Facility Note made by the Borrower payable to the order of such
Lender in a principal amount equal to such Lender’s Facility Percentage of the Facility Commitment
Amount.

     SECTION 3.4 Principal Payments. Repayments and prepayments of principal of the Loans
shall be made in accordance with this Section 3.4.

     SECTION 3.4.1 Repayments and Prepayments. The Borrower shall make payment in full to
the Agent for the account of each Leader, of all unpaid principal of the Facility Loans on the
Facility Maturity Date (or such earlier date as the Loans may become or be declared due and payable
pursuant to Article 7). Prior thereto, the Borrower:

     (a) may, from time to time on any Business Day, make a voluntary prepayment, in whole or in
part, without premium or penalty (subject to compliance with Section 3.4.9), of the outstanding
principal amount of any Facility Loans.

     (b) shall, not later than thirty (30) days after delivery of the Borrowing Base Certificate
required under clause (i) of Section 6.1.1, make a mandatory prepayment of the Facility
Loans and, if the Facility Loans have been prepaid in full, provide cash collateral for outstanding
Letter of Credit Obligations in the aggregate amount, if any, by which the outstanding principal
amount of Facility Loans plus the outstanding amount of Letter of Credit Obligations exceed
the Borrowing Base shown thereon.

     Any voluntary or mandatory prepayment of the Facility Loans made by the Borrower pursuant to
this Section 3.4.1 shall be applied to the payment of the outstanding Facility Loans, but shall not
cause any reduction in the Facility Commitment.

     SECTION 3.4.2 Facility Loans on Borrower’s Behalf. The Lenders are authorized to, and
at their option may, make Facility Loans on behalf of the Borrower for payment of all fees,
expenses, charges, costs, principal and interest owed by the Borrower to the Lenders or the Agent
under this Agreement and the other Loan Documents. Such Facility Loans shall be made solely to the
extent that the Borrower fails to pay same when and as required by the Loan Documents, and all such
Facility Loans shall constitute Loans made to the Borrower and shall be secured by all of the
Collateral. Upon the making of any Facility Loans pursuant to this Section 3.3.3, such
Lender shall promptly notify the Borrower of the making of such Facility Loans and the aggregate
principal amount of such Loans; provided that the failure by any Lender to give such notice
shall not affect the Borrower’ obligations under this Agreement or with respect to such Facility
Loans.

     SECTION 3.4.3 Reduction of Commitment. The Borrower shall have the right without
premium or penalty to reduce the Facility Commitment Amount in increments of at least Five Million
Euros (€5,000,000), by giving the Agent at least three (3) Business Days’ notice to such

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effect, specifying the amount of such reduction, which notice and reduction shall be
irrevocable once given and made.

     SECTION 3.4.4 Increase of Commitments. At any time and from time to time on or after
the Closing Date but prior to the Facility Maturity Date, so long as no Event of Default then
exists or would arise therefrom, the Borrower shall have the right to request an increase of the
then outstanding Facility Commitments. Any such requested increase shall be first offered to all
existing Lenders, on a pro rata basis. To the extent that the existing Lenders decline to increase
their Commitments, or decline to increase their Facility Commitments to the amount requested by the
Borrower, the Agent, in consultation with the Borrower, will use its reasonable best efforts to
arrange for other Persons to become a Lender hereunder and to issue commitments in an amount equal
to the amount of the increase in the Facility Commitments requested by the Borrower and not
accepted by the existing Lenders (each such increase by either means, a “Commitment
Increase,” and each Person issuing, or Lender increasing, its Facility Commitment, an
“Additional Commitment Lender”); provided, however, that (i) no Lender
shall be obligated to provide a Commitment Increase as a result of any such request by the Borrower
and (ii) any Additional Commitment Lender which is not an existing Lender shall be subject to the
approval of the Agent and the Borrower (which approval, in each case, shall not be unreasonably
withheld). Each Commitment Increase shall be in a minimum aggregate amount of at least Five
Million Euros (€5,000,000) and in integral multiples of Five Million Euros (€5,000,000) in excess
thereof.

     SECTION 3.5 Interest. Interest on the outstanding principal amount of the Loans and
other outstanding Obligations shall accrue and be payable in accordance with this Section
3.5.

     SECTION 3.5.1 Interest Rates. Subject to Section 3.5.4, each Borrowing of
Facility Loans shall accrue interest at the following rates per annum, at the election of the
Borrower pursuant to an appropriately delivered Borrowing Request or Continuation/Conversion
Notice:

     (a) during such periods as such Borrowing consists of Base Rate Loans, the ING Alternate Base
Rate as in effect from time to time plus the Applicable Margin, and

     (b) during such periods as such Borrowing consists of Eurodollar Loans, for each Interest
Period relating thereto, the Eurodollar Rate for such Interest Period plus the Applicable Margin.

     SECTION 3.5.2 Continuation and Conversion Elections. By delivering a
Continuation/Conversion Notice to the Agent on or before 3:00 p.m., New York City time, on a
Business Day, the Borrower may from time to time irrevocably elect, on not less than three (3),
Business Days’ notice, that all or any portion of an aggregate minimum amount of One Million Euros
(€1,000,000) and an aggregate multiple of One Million Euros (€1,000,000) of Facility Loans be, in
the case of Base Rate Loans, converted into Eurodollar Loans or, in the case of Eurodollar Loans,
continued as Eurodollar Loans; provided, however, that no portion of the outstanding principal
amount of any Facility Loan may be continued as, or converted into, a Eurodollar Loan when any
Event of Default has occurred and while it is continuing. The Agent shall give prompt notice to
each Lender of the interest rate determined pursuant to this Section 3.5.2 with respect to
such Loans. Absent delivery of a Continuation/Conversion Notice with

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respect to any Eurodollar Loan at least three (3) Business Days before the last day of the
then current Interest Period with respect thereto, such Eurodollar Loan shall, on such last day,
automatically convert to a Base Rate Loan.

     SECTION 3.5.3 Post-Default Rates. At Agent’s election (or at the direction of the
Required Lenders) from and after the occurrence of an Event of Default under Section 7.1.1
and during the continuance thereof, the Borrower shall pay interest (after as well as before
judgment) on the outstanding principal amount of all overdue Loans and other Obligations at a rate
per annum equal to the Post-Default Rate applicable to such Loans and other Obligations.

     SECTION 3.5.4 Payment Dates. Accrued interest on the Loans shall be payable, without
duplication: (a) on the Maturity Date of such Loans; (b) with respect to any portion of any Loan
prepaid or repaid pursuant to Section 3.4.1, on the date of such prepayment or repayment is
due as provided in Section 3.4.1 and, in the case of a voluntary prepayment, on the date
set forth in any notice required for such prepayment; (c) with respect to Base Rate Loans, on each
Monthly Payment Date, commencing with the first such day following the Closing Date; (d) with
respect to Eurodollar Loans, on the last day of each applicable Interest Period (and if such
Interest Period shall exceed three (3) months, also on the numerically corresponding day of the
third calendar month after the commencement of such Interest Period); (e) with respect to any Base
Rate Loans converted into Eurodollar Loans on a day which is not a Quarterly Payment Date, on the
date of such conversion; (f) on the date of acceleration of such Loans pursuant to Section
7.2 or Section 7.3; and (g) with respect to interest accruing at any Post-Default Rate
and, to the extent permitted by applicable Law, interest on overdue amounts (including overdue
interest), upon demand.

     SECTION 3.5.5 Rate Determinations. All determinations by the Agent of the rate of
interest applicable to any Loan shall be presumed correct in the absence of manifest error.

     SECTION 3.5.6 Limitation on Types of Loans. (a) Anything herein to the contrary
notwithstanding, if on or prior to the determination of any Eurodollar Rate for any Interest
Period, the Agent reasonably determines in good faith, which determination shall be conclusive
absent manifest error, that quotations of interest rates for the relevant deposits referred to in
the definition of “Eurodollar Rate” are not being provided in the relevant amounts or for the
relevant maturities for purposes of determining rates of interest for Eurodollar Loans as provided
herein; or (b) the Required Lenders reasonably determine in good faith, which determination shall
be conclusive absent manifest error, and notify the Agent that the relevant rates of interest
referred to in the definition of “Eurodollar Rate” upon the basis of which the rate of interest for
Eurodollar Loans for such Interest Period is to be determined are not likely to cover adequately
the cost to such Lenders of making or maintaining Eurodollar Loans for such Interest Period; then
the Agent shall give the Borrower and each Lender prompt notice thereof, and so long as such
condition remains in effect, the Lenders shall be under no obligation to make additional Eurodollar
Loans, to continue Eurodollar Loans or to convert Base Rate Loans into Eurodollar Loans, and the
Borrower shall, on the last day(s) of the then current Interest Period(s) for the outstanding
Eurodollar Loans, either prepay such Loans or such Loans shall be converted into Base Rate Loans in
accordance with Section 3.5.8 hereof.

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     SECTION 3.5.7 Illegality. Notwithstanding any other provision of this Agreement, in
the event that it becomes unlawful for any Lender to honor its obligation to make or maintain
Eurodollar Loans hereunder, then such Lender shall promptly notify the Borrower thereof (with a
copy to the Agent) and such Lender’s obligation to make or continue, or to convert Base Rate Loans
into, Eurodollar Loans shall be suspended until such time as such Lender may again make and
maintain Eurodollar Loans (in which case the provisions of Section 3.5.8 hereof shall be
applicable).

     SECTION 3.5.8 Treatment of Affected Loans. If the obligation of any Lender to make
Eurodollar Loans or continue, or to convert Base Rate Loans into, Eurodollar Loans shall be
suspended pursuant to Sections 3.5.6 or 3.5.7 hereof, such Lender’s Eurodollar
Loans shall be automatically converted into Base Rate Loans on the last day(s) of the then current
Interest Period(s) for Eurodollar Loans (or, in the case of a conversion required by Sections
3.5.6 or 3.5.7 hereof, on such earlier date as such Lender may specify to the Borrower
with a copy to the Agent) and, unless and until such Lender gives notice as provided below that the
circumstances specified in Sections 3.5.6 or 3.5.7 hereof which gave rise to such
conversion no longer exist:

     (a) to the extent that such Lender’s Eurodollar Loans have been so converted, all payments and
prepayments of principal which would otherwise be applied to such Lender’s Eurodollar Loans shall
be applied instead to its Base Rate Loans; and

     (b) all Loans which would otherwise be made or continued by such Lender as Eurodollar Loans
shall be made or continued instead as Base Rate Loans and all Base Rate Loans of such Lender which
would otherwise be converted into Eurodollar Loans shall remain as Base Rate Loans.

Promptly after the circumstances specified in Sections 3.5.6 or 3.5.7 which gave
rise to the conversion of such Lender’s Eurodollar Loans pursuant to this Section 3.5.8 no
longer exist, such Lender shall give the Agent and the Borrower notice thereof, and the Borrower
may thereafter request conversion of such Loans to Eurodollar Loans, subject to the subsequent
application of Section 3.5.6 or 3.5.7.

     SECTION 3.5.9 Compensation. The Borrower shall pay to the Agent for the account of
each Lender, upon the request of such Lender through the Agent, such amount or amounts as shall be
sufficient to compensate it for any loss, cost or expense (other than loss of anticipated profits
or Applicable Margin) which such Lender reasonably determines is attributable to:

     (a) any payment, prepayment or conversion of a Eurodollar Loan made by Lender for any reason
(including, without limitation, the acceleration of the Loans pursuant to Article 7 hereof)
on a date other than the last day of the Interest Period for such Loan; or

     (b) any failure by the Borrower for any reason (including, without limitation, the failure of
any of the conditions precedent specified in Article 4 hereof to be satisfied) to borrow a
Eurodollar Loan from Lender on the date for such borrowing specified in the Borrowing Request given
pursuant to Section 3.1 hereof.

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     SECTION 3.6 Taxes.

     (a) Any and all payments by the Borrower hereunder or under the Notes or any other Loan
Document shall be made, in accordance with this Section 3.6, free and clear of and without
deduction for any and all present or future Taxes. If the Borrower shall be required by Law to
deduct any Taxes from or in respect of any sum payable hereunder or under any Note to any Lender or
the Agent, (i) the sum payable shall be increased as may be necessary so that after making all
required deductions (including deductions applicable to additional sums payable under this
Section 3.6), such Lender or the Agent (as the case may be) receives an amount equal to the
sum it would have received had no such deductions been made, (ii) the Borrower shall make such
deductions and (iii) the Borrower shall pay the full amount deducted to the relevant taxation
authority or other authority in accordance with applicable Law;

     (b) In addition, the Borrower agree to pay any present or future stamp or documentary taxes or
intangibles taxes or any other excise or property taxes, transfer taxes, charges or similar levies
which arise from any payment made hereunder or under the Notes or from the execution, delivery or
registration of, or otherwise with respect to this Agreement, the Notes, or any other Loan Document
(“Other Taxes”);

     (c) The Borrower will indemnify each Lender and the Agent for the full amount of the taxes,
charges and levies described in subsections (a) and (b) of this Section 3.6 (including,
without limitation, any such taxes, charges and levies imposed by any jurisdiction on amounts
payable under this Section 3.6) paid by such Lender or the Agent (as the case may be) and
any liability (including penalties, interest and expenses) arising therefrom or with respect
thereto, whether or not such taxes, charges and levies were correctly or legally asserted. Payment
under this subsection (c) shall be made within ten (10) days from the date such Lender or the Agent
(as the case may be) makes written demand therefor to the Borrower and provides a certificate to
the Borrower in reasonable detail of the amount required under Sections 3.6(a) and (b);

     (d) Within ten (10) days after the date of any payment of Taxes by the Borrower, the Borrower
will furnish to the Agent, at its address referred to in Section 9.2, the original or a
certified copy of any receipt received by the Borrower evidencing payment thereof.

     (e) Each Lender which becomes a Party on the day on which this Agreement is entered into
confirms that, on such date, it is a Qualifying Lender. Each Lender which becomes a Party after
the date of this Agreement confirms that, on the date on which it becomes a Party, it is a
Qualifying Lender. A Lender shall promptly notify the Borrower and the Agent if there is any
change in their position as a Qualifying Lender.

     (f) The Borrower is not required to make an increased payment to the Lenders under this
Section 3.6 for a Tax Deduction imposed under the laws of Ireland from a payment of interest on a
Loan if on the date on which the payment falls due:

     (1) the payment could have been made to the relevant Lender without a Tax Deduction if
it was a Qualifying Lender but, on that date, the Lender is not or has ceased to be a
Qualifying Lender other than as a result of any change after the date it became a Lender
under this Agreement in (or in the interpretation, administration, or application

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of) any law or Tax Treaty, or any published practice or concession of any relevant tax
authority; or

     (2) the relevant Lender is a Treaty Lender and the Borrower is able to demonstrate that
the payment could have been made to the Lender without the Tax Deduction had that Lender
complied with its obligations under this Section 3.6.

     (g) A Treaty Lender and the Borrower making a payment to which the Treaty Lender is entitled
shall co-operate in completing any procedural formalities necessary for that Lender to obtain
authorisation to make that payment without a Tax Deduction.

     (h) If a Lender or the Agent shall become aware that it is entitled to claim a refund from a
Governmental Authority in respect of Taxes or Other Taxes as to which it has been indemnified by
the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this
Section 3.6, it promptly shall notify the Borrower of the availability of such refund claim
and shall make a timely claim to such taxation authority for such refund at the Borrower’s expense.
If a Lender or the Agent receives a refund (including pursuant to a claim for refund made pursuant
to the preceding sentence) in respect of any Taxes or Other Taxes as to which it has been
indemnified by the Borrower or with respect to which the Borrower has paid additional amounts
pursuant to this Section 3.6, it shall within 30 days from the date of such receipt pay
over the amount of such refund to the Borrower, net of all reasonable out-of-pocket expenses of
such Lender or the Agent and without interest (other than interest paid by the relevant taxation
authority with respect to such refund); provided that the Borrower, upon the request of such Lender
or the Agent, agrees to repay the amount paid over to the Borrower (plus penalties, interest or
other reasonable charges) to such Lender or the Agent in the event such Lender or the Agent is
required to repay such refund to such taxation authority.

     SECTION 3.7 Payments, Interest Rate Computations, Other Computations, Etc. All
payments by the Borrower pursuant to this Agreement, the Notes or any other Loan Document, in
respect of principal or interest on the Facility Loans shall be made by the Borrower to the Agent
for the account of the Lenders, pro rata according to their respective Facility Percentages. The
payment of the fees referred to in Section 2.3 shall be made by the Borrower to the Agent
for the account of the Lenders pro rata according to their respective Facility Percentages. All
other amounts payable to the Agent or any Lender under this Agreement or any other Loan Document
(except under Section 2.4) shall be paid to the Agent for the account of the Person
entitled thereto. All such payments required to be made to the Agent shall be made, without
setoff, deduction or counterclaim, not later than 1:00 p.m., New York City time, on the date due,
in immediately available funds, to an account of the Agent specified from time to time in writing
to the Borrower. Funds received after that time shall be deemed to have been received by the Agent
on the next following Business Day. The Agent shall promptly remit in the type of funds received
to each Lender notified to the Agent its share, if any, of such payments received by the Agent for
the account of such Lender. All interest and fees shall be computed on the basis of the actual
number of days (including the first day but excluding the last day) occurring during the period for
which such interest or fee is payable over a year comprised of 360 days. Whenever any payment to
be made shall otherwise be due on a day which is not a Business Day, such payment shall be made on
the immediately preceding Business Day.

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     SECTION 3.8 Proration of Payments. If any Lender shall obtain any payment or other
recovery (whether voluntary, involuntary, by application of setoff or otherwise) on account of
principal of or interest on any Loan or other Obligations in excess of such Lender’s respective
share of payments then or therewith obtained thereon by all Lenders, such Lender which has received
in excess of its pro rata share shall purchase from the other Lenders such participations in such
Notes or other Obligations held by them as shall be necessary to cause such purchaser to share the
excess payment or other recovery ratably with each of them;
provided, however, that if all or any
portion of the excess payment or other recovery is thereafter recovered from such purchasing
holder, the purchase shall be rescinded and the purchase price restored to the extent of such
recovery, but without interest. The Borrower agrees that any Lender so purchasing a participation
from another Lender pursuant to this Section 3.8 may, to the fullest extent permitted by
Law, exercise all its rights of payment (including pursuant to Section 3.9) with respect to
such participation as fully as if such Lender were the direct creditor of the Borrower in the
amount of such participation. If under any applicable bankruptcy, insolvency or other similar Law,
any Lender receives a secured claim in lieu of a setoff to which this Section 3.8 applies,
such Lender shall, to the extent practicable, exercise its rights in respect of such secured claim
in a manner consistent with the rights of the Lenders under this Section 3.8 to share in
the benefits of any recovery on such secured claim.

     SECTION 3.9 Setoff. In addition to and not in limitation of any rights of any Lender
under applicable Law, each Lender shall, upon the occurrence and during the continuance of any
Event of Default, have the right to appropriate and apply to the payment of the Obligations owing
to it (whether or not then due), and Borrower hereby grants to each Lender, as security for such
Obligations, a continuing security interest in any and all balances, credits, deposits, accounts or
moneys of Borrower then or thereafter maintained with such Lender; provided,
however, any such appropriation and application shall be subject to the provisions of
Section 3.8.

     SECTION 3.10 Use of Proceeds. The Borrower shall use the proceeds of Facility Loans
made on the Closing Date (i) finance its initial purchase of Purchased Affiliated Accounts, (ii) to
pay fees and expenses associated with its entry and this Agreement, and (iii) for general corporate
purposes. The Borrower shall use the proceeds of any Facility Loans made after the Closing Date
(i) to purchase additional Purchased Affiliated Accounts, (ii) to make payments under the
Affiliated Purchase Agreements for Purchased Affiliate Accounts already purchased, (iii) to provide
for the ongoing working capital needs and general corporate purposes of the Borrower and (iv) to
pay for Letters of Credit issued pursuant to the terms of Section 3.11 for the purposes
provided therein. The Borrower shall not use any proceeds of any Facility Loans to finance its
acquisition of the Irish Subsidiary pursuant to the Irish Subsidiary Purchase Documents, and any
cash payable in respect of such acquisition shall be from capital contributions or share
subscription proceeds received by the Borrower from its shareholders.

     SECTION 3.11 Letters of Credit. Upon and subject to the terms and conditions of this
Section 3.11, in addition to the terms and conditions set forth elsewhere in this
Agreement, the Lenders, from time to time, in accordance with their respective Facility
Percentages, severally shall arrange for the issuance of Letters of Credit for the account of the
Borrower or any of its Subsidiaries.

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     SECTION 3.11.1 Manner of Issuance. The Borrower shall deliver to the Agent prior to
1:00 p.m. (New York City time) at least three (3) Business Days before the requested date of
issuance of a Letter of Credit, a Letter of Credit Request for the issuance of such Letter of
Credit setting forth (i) the beneficiary of the Letter of Credit, (ii) the stated amount thereof,
(iii) the requested issue date, (iv) the requested expiration date, and (v) the purpose for such
Letter of Credit. Each such Letter of Credit Request shall be accompanied by the proposed issuer’s
standard form standby or commercial letter of credit application, duly completed and executed by
the Borrower (which application shall be deemed for purposes of this Agreement to constitute part
of such Letter of Credit Request), together with all other documents, materials and evidences
reasonably required by the Agent prior to the issuance of such Letter of Credit.

     SECTION 3.11.2 Terms of Letters of Credit. Each Letter of Credit shall have an
expiration date not later than the earlier of (i) 365 days or, in the case of a leap year, 366
days, after the date of issuance thereof (or such longer period to which the Agent shall consent
provided that the Borrower agree to pay any additional issuance cost or facing fees arising by
virtue of the issuance of a Letter of Credit for a period longer than the period specified in this
clause (i)) and (ii) the Facility Maturity Date.

     SECTION 3.11.3 Drawings Under Letters of Credit.

     (a) Notice of Drawing. Promptly upon receipt by the Agent of any draft upon, or other
notice of drawing under, a Letter of Credit, the Agent shall give the Borrower written or
telephonic notice (promptly followed in writing) of the amount of such draft or notice of drawing,
of the Letter of Credit against which it is drawn and of the date upon which the Agent proposes to
honor such draft.

     (b) Repayment by Borrower. The Borrower shall pay to the Agent the amount of any
drawing under any Letter of Credit on the date of such drawing if notice is received by 1:00 p.m.
on the date of drawing and otherwise on the next Business Day. The amount of any drawing under a
Letter of Credit that is not paid on the date provided herein shall bear interest, payable on
demand, from the due date thereof until paid, at the Post-Default Rate.

     (c) Repayment of Letters of Credit with Loans. On the date of any drawing under a
Letter of Credit, the amount of such drawing automatically shall be paid with, and the Borrower
hereby authorizes the Lenders to make, a Borrowing of Facility Loans in the amount of such drawing,
provided that all conditions set forth in Section 4.2 have been satisfied. Unless
the Lenders shall have received a written notice otherwise prior to the making of any Facility
Loans pursuant to this subsection (c) of this Section 3.11.3, the making of any such
Facility Loans shall constitute a representation and warranty by the Borrower that on the date of
the making of such Facility Loans and after giving effect thereof, all statements set forth in
Section 4.2 are true and correct in all material respects.

     (d) Participations. By the issuance of any Letter of Credit (or any amendment thereto
which increases the amount thereof), and without any further action on the part of the Agent or the
applicable issuer of such Letter of Credit, each Lender shall be deemed to have acquired from the
Agent a participation in such Letter of Credit and the Agent’s reimbursement obligation to the
issuer thereof in an amount equal to each Lender’s Facility Percentage of the aggregate

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amount available to be drawn under such Letter of Credit. In consideration and in furtherance
of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Agent such
Lender’s Facility Percentage of each disbursement made by the Agent to an issuer in respect of any
drawings under each Letter of Credit, if and to the extent not reimbursed by Borrower in accordance
with subsection (a) or (b) above (the foregoing herein called, for each Lender, its
“LC Exposure”). Each Lender acknowledges and agrees that its obligation to acquire
participations in Letter of Credit Obligations pursuant to this paragraph is obsolete and
unconditional and shall not be affected by any circumstance whatsoever, including the occurrence
and continuation of an Event of Default or reduction or termination of the Commitments and that
each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.

     (e) Borrower’s Obligation Absolute. The obligation of the Borrower to pay the Agent
for each drawing under a Letter of Credit shall be irrevocable, shall not be subject to any
qualification or exception whatsoever and shall be binding in accordance with the terms and
conditions of this Agreement under all circumstances, including the following circumstances: (i)
any lack of validity or enforceability of this Agreement or any of the other Loan Documents; (ii)
the existence of any claim, set-off, defense or right which any Borrower or the account party may
have at any time against a beneficiary of any Letter of Credit or any transferee of any Letter of
Credit (or any Person for whom any such transferee may be acting), the Lender or any other Person,
whether in connection with this Agreement, or any Letter of Credit, the transactions contemplated
herein or any unrelated transactions; (iii) any draft, certificate or any other document presented
under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect
or any statement therein being untrue or inaccurate in any respect; (iv) the surrender or
impairment of any security for the performance or observance of any of the terms of this Agreement
or the other Loan Documents; (v) any failure of the Agent to provide notice to the Borrower of any
drawing under any Letter of Credit; (vi) the occurrence or continuance of any Default; or (vii) any
other reason.

     SECTION 3.11.4 Letter of Credit Fees. With respect to each Letter of Credit, the
Borrower shall pay to the Agent, (i) for the benefit of the Lenders in accordance with their
respective Facility Percentages, a per annum fee equal to the Applicable Margin in effect for
Eurodollar Rate Loans times the undrawn face amount of such Letter of Credit. Such fees
shall be calculated on a daily basis and shall be payable by the Borrower quarterly in advance on
each Quarterly Payment Date and on the Facility Maturity Date and (ii) for the Agent’s account,
Agent’s customary fees with respect to issuance, amendment, renewal or extension of any Letter of
Credit or processing of drawings thereunder. From and after the occurrence of an Event of Default
and during the continuance thereof, the fee payable hereunder shall increase to a per annum rate
equal to the Applicable Margin in effect for Eurodollar Rate Loans plus two percent (2.00%)
times the undrawn face amount of each Letter of Credit, payable on demand. All fees
payable under this Section 3.11.4 shall be fully earned and nonrefundable on the date such
fees are due.

     SECTION 3.11.5 Limitation of Liability With Respect to Letters of Credit. As between
or among the Borrower, the Agent and the Lenders, the Borrower assume all risks of the acts and
omissions of, or misuse of any Letter of Credit by, the beneficiaries of such Letter of Credit.
Without limiting the foregoing, neither the Agent nor any Lender shall not be responsible for:

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(a) the form, validity, sufficiency, accuracy, genuineness or legal effect of any draft,
demand, application or other documents submitted by any party in connection with any Letter of
Credit even if such document should in fact prove to be in any and all respects invalid,
insufficient, inaccurate, fraudulent or forged; (b) the validity, genuineness or sufficiency of any
instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the
rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be
invalid or ineffective for any reason; (c) failure of the beneficiary of a Letter of Credit to
comply fully with the conditions required in order to draw upon such Letter of Credit; (d) errors,
omissions, interruptions or delays in transmission or delivery of any messages by mail, cable,
telegraph, telex or otherwise, whether or not they be in cipher; (e) errors in interpretations of
technical terms; (f) any loss or delay in the transmission or otherwise of any document required to
make a drawing under any Letter of Credit or with respect to the proceeds thereof; (g) the
misapplication by the beneficiary of a Letter of Credit of the proceeds of any drawing under such
Letter of Credit; or (h) any consequences arising from causes beyond the control of the Agent or
any Lender, including any act or omission, rightfully or wrongfully, of any present or future
Governmental Authority. None of the above circumstances shall affect, impair or prevent the
vesting of any of the Agent’s or any Lender’s rights or powers under this Agreement.

     SECTION 3.11.6 Cash Collateralization. If (1) any Event of Default shall occur and be
continuing, on the Business Day that the Borrower receives notice from the Agent or the Required
Lenders (or, if the maturity of the Loans has been accelerated, from Lenders with LC Exposure,
collectively, representing greater than 50% of the Letter of Credit Obligations then outstanding)
demanding the deposit of cash collateral pursuant to this paragraph, or (2) the Borrower is
otherwise required to cash collateralize Letters of Credit pursuant to this Agreement, the Borrower
shall deposit on terms and in accounts reasonably satisfactory to the Agent, in the name of the
Agent and for the benefit of the Lenders, an amount in cash equal to 105% of the Letter of Credit
Obligations then outstanding as of such date plus any accrued and unpaid interest thereon;
provided that the obligation to deposit such cash collateral shall become effective
immediately, and such deposit shall become immediately due and payable, without demand or other
notice of any kind, upon the occurrence of an Event of Default with respect to the Borrower
described in Section 7.14. Funds so deposited shall be applied by the Agent to reimburse
the issuer for disbursements for which it has not been reimbursed and, to the extent not so
applied, shall be held for the satisfaction of outstanding Obligations, be applied to satisfy other
Obligations of borrower under and in accordance with the terms of this Agreement. if the Borrower
are required to provide an amount of cash collateral under this subsection (d) solely as a
result of the occurrence of an Event of Default, such amount plus any accrued interest or
realized profits with respect to such amounts (to the extent not applied as aforesaid) shall be
returned to the Borrower within three (3) Business Days after all Events of Default have been cured
or waived.

     SECTION 3.12 Mitigation Obligations; Replacement of Lenders.

     SECTION 3.12.1 Designation of a Different Lending Office. If any Lender requests
compensation under Section 2.4 or Section 3.6, then such Lender shall use
reasonable efforts to designate a different lending office for funding or booking its Loans
hereunder or to assign its
rights and obligations hereunder to another of its offices, branches or affiliates, if, in the
judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts

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payable pursuant to Section 2.4 or Section 3.6, in the future and (ii) would
not subject such Lender to any unreimbursed cost or expense and would not otherwise be materially
disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable and documented
out-of-pocket costs and expenses incurred by any Lender in connection with any such designation or
assignment. A certificate setting forth such costs and expenses submitted by such Lender to
Borrower shall be conclusive absent manifest error.

     SECTION 3.12.2 Replacement of Lenders. If any Lender requests compensation under
Section 2.4, or if any Lender is a Defaulting Lender, or if any Lender has refused to give
its consent to any amendment, modification or waiver requiring unanimous consent of all lenders, or
all affected Lenders, and the Required Lenders have given their consent thereto, then, Borrower
may, at its sole expense and effort, upon notice to such Lender and the Agent, require such Lender
to assign and delegate, without recourse (in accordance with and subject to the restrictions
contained in, and consents required by, Section 9.11), all of its interests, rights and
obligations under this Agreement and the other Loan Documents to a Purchasing Lender that shall
assume such obligations (which assignee may be another Lender, if a Lender accepts such
assignment); provided that:

     (i) Borrower or such Purchasing Lender shall have paid to the Agent the processing and
recordation fee specified in Section 9.11(d);

     (ii) such Lender shall have received payment of an amount equal to the outstanding
principal of its Loans and participations in LC Disbursements, accrued interest thereon,
accrued fees and all other amounts payable to it hereunder and under the other Loan
Documents, from the assignee (to the extent of such outstanding principal and accrued
interest and fees) or Borrower (in the case of all other amounts);

     (iii) in the case of any such assignment resulting from a claim for compensation under
Section 2.4, such assignment will result in a reduction in such compensation
thereafter;

     (iv) such assignment does not conflict with applicable Requirements of Law; and

     (v) such Purchasing Lender is a Qualifying Lender.

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a
result of a waiver by such Lender or otherwise, the circumstances entitling Borrower to require
such assignment and delegation cease to apply.

Each Lender agrees that, if Borrower elects to replace such Lender in accordance with this
Section 3.12.2, it shall promptly execute and deliver to the Agent an Assignment and
Assumption to evidence the assignment and shall deliver to the Agent any Note (if Notes have been
issued in respect of such Lender’s Loans) subject to such Assignment and Assumption; provided that
the failure of any such Lender to execute an Assignment and Assumption shall not render such
assignment invalid and such assignment shall be recorded in the register maintained by the Agent of
Lenders and Loans.

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ARTICLE 4

CONDITIONS TO LOANS

     SECTION 4.1 Initial Loans and Letters of Credit. The obligations of the Lenders to
make the initial Loans and to cause the issuance of the initial Letters of Credit on the Closing
Date shall be subject to the prior or concurrent satisfaction of each of the conditions precedent
set forth in this Section 4.1, except as the Required Lenders shall otherwise consent.

     SECTION 4.1.1 Loan Documents. The Borrower shall have delivered and caused the Irish
Subsidiary to deliver, each of the Loan Documents to which it is a party, each duly executed by an
Authorized Person of the Borrower and, as applicable, the Irish Subsidiary.

     SECTION 4.1.2 Resolutions, Etc. The Agent shall have received:

     (a) a certificate, dated the date hereof, of an Authorized Person of the Borrower and, as
applicable, the Irish Subsidiary as to: (i) resolutions of its board of directors (or comparable
body), then in full force and effect authorizing the execution, delivery and performance of the
Loan Documents to which the Borrower is a party and the related transactions contemplated thereby,
and (ii) the incumbency and signatures of those Authorized Persons authorized to act with respect
to the Loan Documents to which it is party, upon which certificate the Agent and the Lenders may
conclusively rely until it shall have received further certificates of an Authorized Person of the
Borrower and the Irish Subsidiary canceling or amending such prior certificates;

     (b) copies of the Organic Documents of the Borrower and the Irish Subsidiary certified by an
Authorized Person of the Borrower;

     (c) evidence of qualification of the Borrower and the Irish Subsidiary to do business in each
other jurisdiction in which the Borrower and the Irish Subsidiary are required to qualify, if any.

     SECTION 4.1.3 Notes. The Agent shall have received, for the account of each Lender
requesting the same, such Lender’s Notes, in each case duly executed and delivered pursuant to
subsections (a) and (b) of Section 3.2.

     SECTION 4.1.4 No Contest, Etc. On the Closing Date, no litigation, arbitration,
governmental investigation, injunction, proceeding or inquiry shall be pending or, to the knowledge
of the Borrower, threatened which seeks to enjoin or otherwise prevent the consummation of, or to
recover any damages or obtain relief as a result of, the transactions contemplated by or in
connection with this Agreement or any other Loan Document.

     SECTION 4.1.5 Certificate as to Completed Conditions, Warranties, No Default, Etc.
The Agent shall have received a certificate, dated the Closing Date, with counterparts for each
Lender, of the Authorized Person of the Borrower, to the effect that:

     (a) all representations and warranties set forth in Article 5 are true and correct in
all material respects;

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     (b) all other representations and warranties set forth in this Agreement and in the other Loan
Documents are true and correct in all material respects; and

     (c) no Default or Event of Default has occurred and is continuing.

     SECTION 4.1.6 Compliance with Requirements of Law. The Agent shall have received
evidence that each of the Borrower and the Irish Subsidiary is in compliance in all material
respects with all other Requirements of Law and has obtained and maintains in full force and effect
(a) all licenses, permits and approvals issued by Governmental Authorities necessary to carry on
its business, (b) all permits and consents necessary to consummate this Agreement and necessary for
Agent to have a first priority perfected security interest in any such permits or licenses, and (c)
all Approvals.

     SECTION 4.1.7 Opinions of Counsel. The Agent shall have received opinion letters,
each dated the Closing Date and addressed to the Agent and the Lenders from legal counsel to the
Borrower, the Irish Subsidiary and the Affiliate Sellers and from local counsel in Ireland to the
Agent, in form and substance reasonably satisfactory to the Agent.

     SECTION 4.1.8 Closing Fees, Expenses, Etc. The Agent shall have received, for its own
account, the fees payable on the Closing Date pursuant to this Agreement and all costs and expenses
of the Agent which are payable upon the initial Borrowing pursuant to Section 9.3.

     SECTION 4.1.9 Perfection. The Agent shall have received evidence that all actions
with respect to the Liens created by the Security Documents have been taken as are necessary or
appropriate to perfect such Liens.

     SECTION 4.1.10 Review of Borrower’s Legal Structure. The Agent or its representatives
shall have completed their review of the Borrower’s and the Irish Subsidiary’s legal structures.

     SECTION 4.1.11 Governmental Approvals, Licenses, Permits, Etc. The Agent shall be
satisfied that the Borrower and the Irish Subsidiary have received all necessary approvals,
licenses, permits or other requirements, necessary to consummate the transactions contemplated by
this Agreement.

     SECTION 4.1.12 Affiliated Purchase Agreements. The Agent shall have received a
certificate from an Authorized Person of the Borrower to the effect that attached thereto are true
and correct copies of the Affiliated Purchase Agreements as in effect on the Closing Date, and be
reasonably satisfied therewith.

     SECTION 4.1.13 [Reserved].

     SECTION 4.1.14 Irish Subsidiary. The Agent shall have received (i) a certificate from
an Authorized Person of the Borrower to the effect that (A) attached thereto are true and correct
copies of the Irish Subsidiary Purchase Documents as in effect on the Closing Date, and the Agent
shall be satisfied therewith; (B) that the Borrower has acquired all the Stock of the Irish
Subsidiary on the Closing Date in accordance with the terms of such Irish Subsidiary Purchase
Documents; and (C) that the Irish Receivables Loan Program has been terminated; (ii) all

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certificates evidencing the Borrower’s ownership of the Stock of the Irish Subsidiary, together
with duly executed “blank” stock powers appended thereto; (iii) an indemnity agreement in favor of
the Agent, for the benefit of the Lenders, from Dana Europe A.G. in respect of the acquisition by
the Borrower of the Stock of the Irish Subsidiary; (iv) the Irish Subsidiary Guaranty; and (v) the
Irish Subsidiary Security Agreement.

     SECTION 4.1.15 Other Documents, Certificates, Etc. The Agent shall have received such
other documents, certificates, opinions of counsel or other materials (certified at its request) as
it reasonably requests from the Borrower and the Irish Subsidiary with respect to this Agreement,
the transactions contemplated hereby, or any organic Documents, Contractual Obligations of the
Borrower and the Irish Subsidiary or Approvals.

     SECTION 4.2 All Loans and Letters of Credit. Without duplication of any conditions
precedent required to be satisfied pursuant to Section 4.1, the obligations of the Lenders
to make any Loans and to cause the issuance of Letters of Credit (including the initial Loans and
Letter of Credit), shall be subject to the satisfaction of each of the additional conditions
precedent set forth in this Section 4.2; (a) the representations and warranties set forth
in Article 5 shall have been true and correct in all material respects as of the date
initially made, and both before and after giving effect to the making of any such Loan (except to
the extent expressly stated to be as of an earlier date); (b) no Default or Event of Default shall
have occurred and be continuing or would result therefrom; (c) the aggregate of all Facility Loans
plus the aggregate outstanding amount of all Letter of Credit Obligations does not exceed the
Borrowing Base, as reflected by a then current Borrowing Base Certificate; and (d) the Agent shall
have received a duly completed Borrowing Request and/or a Letter of Credit Request, as applicable.

ARTICLE 5

REPRESENTATIONS AND WARRANTIES, ETC.

     In order to induce the Lenders and the Agent to enter into this Agreement, to engage in the
transactions contemplated herein and in the other Loan Documents and to make the Loans and cause
the issuance of Letters of Credit, the Borrower represents and warrants to the Agent and each
Lender as set forth in this Article 5. Each and all of the representations and warranties
set forth in this Article 5 shall be true and correct in all material respects, assuming
and after giving effect to the consummation of the transactions contemplated by this Agreement and
the other Loan Documents.

     SECTION 5.1 Organization, Power, Authority, Etc. Each of the Borrower and the Irish
Subsidiary (i) is duly organized and existing and in good standing under the Laws of the
jurisdiction of its organization or incorporation, (ii) is duly qualified to do business and is in
good standing as a foreign corporation in each jurisdiction where the failure to so qualify could
reasonably be expected to result in a Material Adverse Change, and (iii) has full power and
authority, and, holds all governmental licenses, permits, registrations and other approvals
required under all Requirements of Law, to own and hold under lease its property and to conduct its
business as
conducted prior to the Closing Date, including all Approvals, except as could not reasonably
be expected to result in a Material Adverse Change. Each of the Borrower and the Irish Subsidiary
has full power and authority to enter into and perform its Obligations under this

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Agreement, the Notes and each other Loan Document executed or to be executed by it and, in the
case of the Borrower, to obtain Loans hereunder.

     SECTION 5.2 Due Authorization. The execution and delivery by each of the Borrower and
the Irish Subsidiary of this Agreement, the Notes and each other Loan Document executed or to be
executed by it, and the incurrence and performance by the Borrower of the Obligations have been
duly authorized by all necessary corporate action, do not require any Approval (except those
Approvals already obtained), do not and will not conflict with, result in any violation of, or
constitute any default under, any provision of any Organic Document or Contractual Obligation of
the Borrower or the Irish Subsidiary or any Law or governmental regulation or court decree or
order, and will not result in or require the creation or imposition of any Lien on the Borrower’s
properties pursuant to the provisions of any Contractual Obligation of the Borrower other than the
Loan Documents.

     SECTION 5.3 Validity, Etc. This Agreement, the Notes and each other Loan Document
executed by each of the Borrower and the Irish Subsidiary constitute the legal, valid and binding
obligations of the Borrower, enforceable in accordance with their respective terms subject to the
effect of any applicable bankruptcy, insolvency, moratorium or similar Laws affecting creditors’
rights generally, and the effect of general principles of equity (regardless of whether considered
in a proceeding in equity or at Law).

     SECTION 5.4 [Omitted].

     SECTION 5.5 Solvency. As of the Closing Date, each of the Borrower and the Subsidiary
is able to pay its debts and liabilities, direct, subordinated, contingent or otherwise, as such
debts and liabilities become absolute and matured. As of the Closing Date, neither the Borrower
nor the Irish Subsidiary is not insolvent within the meaning of Section 214 of the Irish Companies
Act, 1963 or Section 2(3) of the Irish Companies (Amendment) Act, 1990. As of the Closing Date,
neither the Borrower nor the Irish Subsidiary intends to, and does not believe that it will, incur
debts or liabilities beyond its ability to pay such debts and liabilities as they mature, taking
into account the timing and amounts of cash to be received by it and the timing and amounts of cash
to be payable on or in respect of its Indebtedness.

     SECTION 5.6 Absence of Default. Neither the Borrower nor the Irish Subsidiary is in
default in the payment of (or in the performance of any obligation applicable to) any Indebtedness,
or is in default under any regulation of any Governmental Agency or court decree or order, or is in
default under any Requirements of Law, except as could not reasonably be expected to result in a
Material Adverse Change.

     SECTION 5.7 Litigation, Legislation, Etc. There is no pending or, to the knowledge of
the Borrower, threatened (in writing) litigation, arbitration or governmental investigation,
proceeding or inquiry in respect of the Borrower or the Irish Subsidiary which could reasonably be
expected to result in a Material Adverse Change.

     SECTION 5.8 Taxes. Neither the Borrower nor the Irish Subsidiary has failed to file
any tax returns and reports required by Law to have been filed by it and has paid all taxes and
Charges thereby shown to be owing, except any such taxes or Charges which are being diligently

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contested in good faith by appropriate proceedings and for which adequate reserves in accordance
with GAAP shall have been set aside on its books and except as could not reasonably be expected to
result in a Material Adverse Change.

     SECTION 5.9 Ownership of Properties; Collateral.

     (a) Each Purchased Affiliated Account is owned by the Borrower free and clear of any Lien,
other than any Permitted Liens; the Agent, for the benefit of the Lenders and itself has a valid
and perfected first priority Lien thereon.

     (b) The provisions of the Security Documents are effective to create in favor of the Agent for
the benefit of the Agent and the Lenders a legal, valid and enforceable security interest in all
right, title and interest of the Borrower in the Collateral described therein, and the Security
Documents will, after the taking any actions required under applicable law to perfect such security
interest, create a fully perfected first priority security interest in all right, title and
interest of the Borrower in all of the Collateral subject to no Liens, other than Permitted Liens.

     SECTION 5.10 Accuracy of Information. Neither this Agreement nor any document or
written statement furnished to the Agent or any of the Lenders by or on behalf of the Borrower or
the Irish Subsidiary in connection with the negotiation, execution and delivery of this Agreement
or any transaction contemplated hereby contains any untrue statement of a material fact or omits to
state any material fact necessary in order to make the statements contained herein or therein when
taken as a whole, not materially misleading.

     SECTION 5.11 Subsidiaries. There are no Subsidiaries of the Borrower or the Irish
Subsidiary as of the Closing Date, except for, in the case of the Borrower, the Irish Subsidiary.

     SECTION 5.12 Data Protection. Each of the Borrower and the Irish Subsidiary is in
compliance with any material provisions of all applicable Data Protection Laws applicable to it or
its business or properties, except where the failure to comply would not reasonably be expected to
have a Material Adverse Change.

     SECTION 5.13 Purchased Affiliated Accounts. Each purchase by the Borrower of
Purchased Affiliated Accounts from the applicable Affiliated Seller shall be made in exchange for
payment made by the Borrower to such Affiliated Seller in accordance with the provisions of the
applicable Affiliated Purchase Agreement of cash (including intercompany advances), in an amount
which constituted fair consideration, reasonably equivalent value and fair market value. Each such
purchase, acquisition or other transaction referred to above shall not have been made for or on
account of an antecedent debt owed by the applicable Affiliated Seller to the Borrower, and no such
sale, acquisition or other transaction is or may be voidable or subject to avoidance under any
section of any applicable bankruptcy, insolvency, moratorium or similar Law affecting creditors’
rights generally or by general principles of equity (regardless of whether enforcement is sought in
a proceeding in equity or at Law).

     SECTION 5.14 Anti-Terrorism Laws.

     (a) The Borrower has not, the Irish Subsidiary has not, and, to the knowledge of the Borrower,
none of its other Affiliates (including the Affiliated Sellers) and none of the respective

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officers, directors, brokers or agents of the Borrower, such Subsidiary or Affiliate (i) has
violated or is in violation of Anti-Terrorism Laws or (ii) has engaged or engages in any
transaction, investment, undertaking or activity that conceals the identity, source or destination
of the proceeds from any category of offenses designated in the “Forty Recommendations” and “Nine
Special Recommendations” published by the Organization for Economic Co-operation and Development’s
Financial Action Task Force on Money Laundering.

     (b) The Borrower is not, the Irish Subsidiary is not, and, to the Borrower’s knowledge, none
of its other Affiliates (including the Affiliated Sellers) and none of the respective officers,
directors, brokers or agents of the Borrower or such Affiliate is acting or benefiting in any
capacity in connection with the Loans is an Embargoed Person.

     (c) The Borrower is not, the Irish Subsidiary is not, and, to the knowledge of the Borrower,
none of its other Affiliates (including the Affiliated Sellers) and none of the respective
officers, directors, brokers or agents of the Borrower, such Subsidiary or such Affiliate acting or
benefiting in any capacity in connection with the Loans (i) conducts any business or engages in
making or receiving any contribution of funds, goods or services to or for the benefit of any
Embargoed Person, (ii) deals in, or otherwise engages in any transaction related to, any property
or interests in property blocked pursuant to any Anti-Terrorism Law or (iii) engages in or
conspires to engage in any transaction that evades or avoids, or has the purpose of evading or
avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law.

ARTICLE 6

COVENANTS

     SECTION 6.1 Affirmative Covenants. The Borrower agrees that until the Commitments
have terminated and all Obligations (other than unmatured contingent Obligations and Obligations
that expressly survive the termination of this Agreement pursuant to Section 9.5) have been
paid and performed in full, the Borrower will perform, and cause the Irish Subsidiary to perform,
as applicable, the obligations set forth in this Section 6.1.

     SECTION 6.1.1 Financial Information, Etc. The Borrower will furnish (or cause to be
furnished) to the Agent copies of the following financial statements, reports and information:

     (a) (i) promptly when available and in any event within one hundred twenty (120) days after
the close of each Fiscal Year, a consolidated balance sheet and a consolidating balance sheet for
the Ultimate Holdco and its Subsidiaries (including the Borrower and the Irish Subsidiary) at the
close of such Fiscal Year, and related consolidated statements of operations, retained earnings,
and cash flows for such Fiscal Year, of the Ultimate Holdco and its Subsidiaries (with comparable
information at the close of and for the prior Fiscal Year beginning with the Fiscal Year ending
December 31, 2011) in each case certified (in the case of consolidated statements) by its certified
public accountants existing on the Closing Date, or other independent public accountants reasonably
satisfactory to the Agent;

     (b) promptly when available and in any event within forty-five (45) days after the close of
each Fiscal Quarter of each Fiscal Year, a European Operations Report for such Fiscal Quarter and
the Fiscal Year to date;

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     (c) within forty-five (45) days after the close of each Fiscal Quarter, a Compliance
Certificate from an Authorized Person on behalf of the Borrower calculated as of the close of such
Fiscal Quarter and a brief report containing management’s discussion and analysis of the financial
condition and results of operations of the European Operations Companies;

     (d) within thirty (30) days after the end of each Fiscal Year of the European Operations
Companies, updates to the Projections prepared on a quarterly basis for the upcoming Fiscal Year
supporting details and a statement of underlying assumptions;

     (e) on or before the fifteenth (15th) day of each calendar month, a completed
Borrowing Base Certificate from an Authorized Person on behalf of the Borrower reported in Euros
with all necessary currency conversions made at spot exchange rates accurate as of the last day of
the immediately preceding calendar month together with supporting schedules in such form as the
Agent may reasonably approve; and

     (f) such other information with respect to the financial condition, business, property,
assets, revenues and operations of the Borrower or the Irish Subsidiary as the Agent may from time
to time reasonably request.

     SECTION 6.1.2 Maintenance of Corporate Existence, Etc. The Borrower will cause to be
done at all times all things necessary to maintain and preserve the corporate existence of the
Borrower and subject to Section 6.2.7, the Irish Subsidiary.

     SECTION 6.1.3 Foreign Qualification. The Borrower will cause to be done at all times
all things necessary to be, and have the Irish Subsidiary (as applicable) to be, duly qualified to
do business and be in good standing as a foreign corporation in each jurisdiction where the failure
to so qualify could reasonably be expected to result in a Material Adverse Change.

     SECTION 6.1.4 Payment of Taxes, Etc. The Borrower will pay and discharge, and cause
the Irish Subsidiary to pay and discharge, as the same become due and payable, (a) all Charges
against it or on any of its property, as well as claims of any kind which, if unpaid, could
reasonably be expected to become a Lien upon any one of its properties, and (b) all Lawful claims
for labor, materials, supplies, services or otherwise before any thereof become a default;
provided, however, that the foregoing shall not require the Borrower or the Irish Subsidiary to pay
or discharge any such Charge or claim so long as it shall be diligently contesting the validity
thereof in good faith by appropriate proceedings and shall have set aside on its books adequate
reserves in accordance with GAAP with respect thereto or as could not reasonably be expected to
result in a Material Adverse Change.

     SECTION 6.1.5 Insurance. The Borrower will maintain or cause to be maintained for
itself and the Irish Subsidiary insurance, either directly or through an Affiliate, with respect to
its properties and business against such
casualties, contingencies and liabilities and of such types and in such amounts as is usual
and customary for similar businesses of the Borrower and the Irish Subsidiary.

     SECTION 6.1.6 Notice of Default, Litigation, Etc. The Borrower will give prompt
written notice (with a description in reasonable detail) to the Agent of: (a) the occurrence of any
Default; (b) the occurrence of any litigation, arbitration or governmental investigation or

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proceeding not previously disclosed in writing by the Borrower to the Lenders which has been
instituted or, to the knowledge of the Borrower, is threatened (in writing) against, the Borrower
or the Irish Subsidiary or to which any of its respective properties, assets or revenues is subject
which could reasonably be expected to result in a Material Adverse Change; and (c) the occurrence
of any other circumstance which could reasonably be expected to result in a Material Adverse
Change.

     SECTION 6.1.7 Books and Records. The Borrower will keep its records concerning the
Purchased Affiliated Accounts at the address of the Borrower set forth below, or as the Borrower
shall otherwise specify to the Agent from time to time. The Borrower also will maintain and
implement administrative and operating procedures (including an ability to recreate records
evidencing Purchase Affiliated Accounts and related Contractual Obligations in the event of the
loss or destruction of the originals thereof), and keep and maintain all records and other
information reasonably necessary or advisable for the collection of all Purchased Affiliated
Accounts (including records adequate to permit collections of and adjustments to each existing
Purchased Affiliated Accounts). The Borrower shall give the Agent prompt notice of any material
change in its administrative and operating procedures referred to in the previous sentence. The
Borrower will permit the Agent or any of its representatives, at reasonable times and reasonable
intervals upon reasonable advance notice (and in any event at least two weeks’ advance notice
unless an Event of Default then exists and, then, with one (1) Business Day’s advance notice) to
visit all of its and the Irish Subsidiary’s offices, to discuss its financial matters with its
officers and, in the presence of representatives of the Borrower, independent public accountants
and to examine any of its and the Irish Subsidiary’s books or other corporate records. The Agent
may conduct all such field audits of all Collateral of the Borrower and the Irish Subsidiary as the
Agent may reasonably request, all at reasonable times and upon reasonable advance notice to
Borrower (and in any event at least two weeks’ advance notice unless an Event of Default then
exists and, then, with (1) Business Day’s advance notice), all such field audits to be conducted by
internal auditors of the Agent or of outside auditors of nationally recognized good standing
engaged by the Agent, and in form and substance reasonably satisfactory to the Agent and at such
intervals as Agent shall determine; provided, however, that unless an Event of
Default then exists, the Agent will limit such audits subsequent to the Closing Date to one (1) per
each twelve (12) months’ period with the first such audit not occurring until at least 180 days
after the Closing Date. The Borrower shall pay any reasonable and documented out-of-pocket fees
and expenses, including, without limitation, any fees of its independent public accountants and
internal or external auditors incurred in connection with the Agent’s or any Lender’s exercise of
its rights pursuant to this Section 6.1.7.

     SECTION 6.1.8 Maintenance of Properties, Etc. The Borrower will maintain and preserve
all of its and the Irish Subsidiary’s properties (real and personal and including all intangible
assets), except obsolete properties which are not used or necessary in the conduct of its business,
in good working order and condition, ordinary wear and tear excepted, in each case, except as could
not reasonably be expected to result in a Material Adverse Change.

     SECTION 6.1.9 Maintenance of Licenses and Permits. The Borrower will
maintain and preserve all of its and the Irish Subsidiary’s intellectual property rights,
permits, licenses, approvals and privileges issued under or arising under any Requirements of Law,
except as could not reasonably be expected to result in a Material Adverse Change.

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     SECTION 6.1.10 Maintenance of Affiliated Purchase Agreements. The Borrower will
maintain at all times in full force and effect the Affiliated Purchase Agreements, except as could
not reasonably be expected to result in a Material Adverse Change.

     SECTION 6.1.11 Compliance with Laws. The Borrower will comply and cause the Irish
Subsidiary to comply with all applicable Requirements of Law.

     SECTION 6.1.12 Deposit Accounts. The Borrower shall maintain all of its Deposit
Accounts with the Agent (or an Affiliate of the Agent), with another Lender or with another
depository institution approved by the Agent, in its Permitted Discretion, and such Deposit
Accounts shall at all time be subject to Deposit Account Control Agreements. Without limitation of
the foregoing, the Borrower shall cause all Collections to be deposited (whether by electronic
payment or otherwise) in Deposit Accounts of the Borrower subject to Deposit Account Control
Agreements. The Borrower shall establish and maintain a lockbox address pursuant to the terms of a
lockbox agreement with the Agent (or its designee) which shall be in form and substance
satisfactory to the Agent in its Permitted Discretion, and the Borrower shall request in writing
and otherwise take such reasonable steps to ensure that all of its Account Debtors which make
payments on Purchased Affiliated Accounts to the Borrower forward them directly to such lockbox
address. The parties hereto agree that, unless and until an Event of Default shall have occurred
and be continuing, the Borrower and the Irish Subsidiary may withdraw amounts on deposit in Deposit
Accounts on each Business Day.

     SECTION 6.2 Negative Covenants. The Borrower agrees that until all Commitments have
terminated and all Obligations (other than unmatured contingent Obligations and Obligations that
expressly survive the termination of this Agreement pursuant to Section 9.5) have been paid
and performed in full, the Borrower will perform, and cause the Irish Subsidiary to perform, the
obligations set forth in this Section 6.2.

     SECTION 6.2.1 Business Activities. The Borrower will not engage or permit the Irish
Subsidiary to engage in any material business activity, except those in which the Borrower is
engaged on the Closing Date and such activities as may be incidental or related thereto and
reasonable extensions thereof. For avoidance of any doubt, the business activity of the Borrower
on the Closing Date is limited to the acquisition of Purchased Affiliated Accounts pursuant to the
Affiliated Purchase Agreements, the financing thereof pursuant thereto, and the remittance of
borrowed funds to the Affiliated Sellers from time to time pursuant to the terms of the Affiliated
Purchase Agreements in payment of the Purchased Affiliate Accounts; and the business of the Irish
Subsidiary is as described and limited by Section 6.2.7. Other than the Purchased
Affiliated Accounts and for miscellaneous office equipment necessary to operate its business,
e.g., copiers, computers, etc., the Borrower shall own no material tangible assets.

     SECTION 6.2.2 Indebtedness. The Borrower will not, and will not permit the Irish
Subsidiary to, create, incur, assume or suffer to
exist or otherwise become or be liable in respect of any Indebtedness other than: (a)
Indebtedness in respect of the Loans, Letters of Credit and other Obligations; and (b) unsecured
Indebtedness owing to any Affiliate at any time.

     SECTION 6.2.3 Liens. The Borrower will not, and will not permit the Irish Subsidiary
to, create, incur, assume or suffer to exist any Lien upon any of its property, revenues or assets,

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whether now owned or hereafter acquired, except: (a) Liens in favor of the Agent or the Lenders
granted pursuant to any Loan Document; (b) Liens for taxes, assessments or other governmental
charges or levies not at the time delinquent or thereafter payable with penalty or being contested
in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP
shall have been set aside on its books; (c) judgment Liens with respect to judgments to the extent
such judgments do not constitute an Event of Default described in Section 7.1.9; (d) carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other non-consensual statutory liens; (e)
statutory or common law liens or rights of setoff of depository banks with respect to funds of the
Borrower or the Irish Subsidiary at such banks to secure fees and charges in connection with
returned items or the standard fees and charges of such banks in connection with the deposit
accounts maintained by the Borrower or the Irish Subsidiary at such banks; (f) extended retentions
of title on the Purchased Affiliate Accounts (provided that, pursuant to the Affiliated
Purchase Agreements, any such Liens are made subordinate to the Lien of the Agent on the
Collateral) that will expire upon the payment by the Borrower of the purchase price therefor; and
(g) as listed on Schedule 6.2.3 annexed hereto;

     SECTION 6.2.4 Financial Covenant. If Facility Availability at the end of any Fiscal
Month, determined on a daily average basis for such Fiscal Month, is less than Five Million Euros
(€5,000,000), then the Fixed Charge Coverage Ratio (as defined in Schedule 6.2.4), computed
for the applicable fiscal period described in said Schedule 6.2.4, shall be not less than
that amount specified on said Schedule 6.2.4 as of the end of such fiscal period.

     SECTION 6.2.5 Investments. The Borrower will not and will not permit the Irish
Subsidiary to make, incur, assume or suffer to exist any Investment in any other Person
except: (a) deposits for utilities, security deposits under leases and similar prepaid
expenses; (b) Purchased Affiliated Accounts; and (c) deposit accounts of the Borrower maintained
with banks in the ordinary course of business and the funds therein.

     SECTION 6.2.6 Restricted Payments, Etc. If and only if an Event of Default has
occurred which is then continuing, the Borrower will not declare, pay or make any dividend or
distribution (in cash, property or obligations) on the shares of any class of Stock (now or
hereafter outstanding) of the Borrower or on any warrants, options or other rights in respect of
any class of Stock (now or hereafter outstanding) of the Borrower or apply, any of its funds,
property or assets to the purchase, redemption, sinking fund or other retirement of any shares of
any class of Stock (now or hereafter outstanding) of the Borrower or any rights, options or
warrants to subscribe for or purchase any shares of any class of Stock of the Borrower, or make any
deposit for any of the foregoing.

     SECTION 6.2.7 Consolidation Merger, Etc. The Borrower will not, and will not permit
the Irish Subsidiary to, liquidate or dissolve, consolidate with, or merge into or with, any other
corporation, or purchase or otherwise acquire all or substantially all of the assets of any Person
(or of any division or business unit thereof), except by the Borrower of the Irish Subsidiary whose
Stock is being acquired by the Borrower on the Closing Date pursuant to the Irish Subsidiary
Purchase Documents; provided, however, that, notwithstanding the foregoing, (a)
soon as practicable
hereafter, but in any event, unless the Required Lenders otherwise approve, not later than
December 1, 2011, Borrower shall have caused all Irish Subsidiary Collection Accounts to be closed
and shall have dissolved the Irish Subsidiary, or caused the Irish

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Subsidiary to be merged into, or consolidated with, the Borrower or liquidated (in which event, the
Irish Subsidiary Guaranty and the Irish Subsidiary Security Agreement shall be released and
discharged concurrently therewith), and (b) pending such dissolution, merger, consolidation or
liquidation, from and after the Closing Date, (i) the Irish Subsidiary shall own no assets, other
than the Irish Subsidiary Collection Accounts, and have no liabilities, other than for the fees and
charges associated with the operation of the Irish Subsidiary Collection Accounts (which the
Borrower agrees to cause to be paid), (ii) the Irish Subsidiary shall conduct no business other
than to own and operate the Irish Subsidiary Collection Accounts for the benefit of the Borrower;
(iii) all funds deposited into the Irish Subsidiary Deposit Accounts constituting proceeds of
Purchased Affiliated Accounts shall constitute property of the Borrower and the Borrower shall
cause all such deposited funds to be withdrawn and paid over to the Borrower’s Deposit Accounts on
a daily basis; (iv) the Borrower shall make no loans or cash advances to, or otherwise invest any
funds in, the Irish Subsidiary except for nominal sums related to, and necessary for, its ongoing
existence and the maintenance of the Irish Subsidiary Collection Accounts.

     SECTION 6.2.8 Subsidiaries. The Borrower will not and will not permit the Irish
Subsidiary to create or acquire any Subsidiary except, in the case of the Borrower, for the Irish
Subsidiary.

     SECTION 6.2.9 Asset Dispositions, Etc. The Borrower will not and will not permit the
Irish Subsidiary to sell, transfer, lease or otherwise dispose of, or grant options, warrants or
other rights with respect to, any of its assets to any Person, unless the disposition does not
include any Eligible Accounts and except for any dispositions to the Borrower by the Irish
Subsidiary.

     SECTION 6.2.10 Modification of Organic Documents, Etc. The Borrower will not and will
not permit the Irish Subsidiary to consent to any amendment, supplement or other modification of
any of the terms or provisions contained in, or applicable to, the Organic Documents of the
Borrower or the Irish Subsidiary that is materially adverse to the interests of the Lenders.

     SECTION 6.2.11 Transactions with Affiliates. The Borrower will not and will not
permit the Irish Subsidiary to enter into, or cause, suffer or permit to exist any transaction,
arrangement or contract with any of its other Affiliates which is on terms which are less favorable
to the Borrower than are obtainable from any Person which is not one of its Affiliates, except that
(i) the Borrower may enter into, and perform under, the Affiliated Purchase Agreements (including
the purchase of Purchased Affiliated Accounts pursuant thereto), (ii) the Borrower may incur and
perform its obligations with respect to Indebtedness incurred in accordance with Section
6.2.2(b) hereof, (iii) the Borrower may acquire the Stock of the Irish Subsidiary pursuant to
the Irish Subsidiary Purchase Documents on the Closing Date, and thereafter own and operate the
Irish Subsidiary subject to the limitations set forth in Section 6.2.7, and (iv) the
Borrower and Dana Europe A.G. an Affiliate, may enter into an Intra-Group Service Agreement, dated
as of the Closing Date, pursuant to the Borrower may receive services thereunder from Dana Europe
A.G. pursuant thereto for the service fee described therein as in effect on the Closing Date.

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     SECTION 6.2.12 Change in Accounting Method. The Borrower will not and will not permit
the Irish Subsidiary to make any change in accounting treatment and reporting practices except as
required by Irish GAAP.

     SECTION 6.2.13 Change in Fiscal Year End. The Borrower will not and will not permit
the Irish Subsidiary to change its Fiscal Year end or have a different Fiscal Year from each other.

     SECTION 6.2.14 Amendments to Affiliated Purchase Agreements. The Borrower will not
and will not permit the Irish Subsidiary to amend, modify, waive, consent to any change in, or
otherwise agree to, or acquiesce in, any change to any of the terms and conditions of any of the
Affiliated Purchase Agreements at any time subsequent to the Closing Date, except with the prior
written approval of Agent.

     SECTION 6.2.15 Compliance with Anti-Terrorism Laws. The Borrower will not and will
not permit the Irish Subsidiary to: (a) directly or indirectly, in connection with the Loans,
knowingly (i) conduct any business or engage in making or receiving any contribution of funds,
goods or services to or for the benefit of any Embargoed Person, (ii) deal in, or otherwise engage
in any transaction relating to, any property or interests in property blocked pursuant to any
Anti-Terrorism Law or (iii) engage in or conspire to engage in any transaction that evades or
avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions
set forth in any Anti-Terrorism Law; (b) directly or indirectly, in connection with the Loans,
knowingly cause or permit any of the funds of the Borrower or the Irish Subsidiary that are used to
repay the Loans to be derived from any unlawful activity with the result that the making of the
Loans would be in violation of any Anti-Terrorism Law; and (c) knowingly cause or permit (i) an
Embargoed Person to have any direct or indirect interest in or benefit of any nature whatsoever in
the Loan Parties or (ii) any of the funds or properties of the Loan Parties that are used to repay
the Loans to constitute property of, or be beneficially owned directly or indirectly by, an
Embargoed Person.

ARTICLE 7

EVENTS OF DEFAULT

     SECTION 7.1 Events of Default. The term “Event of Default” shall mean any of the
events set forth in this Section 7.1.

     SECTION 7.1.1 Non-Payment of Obligations. Either: (i) The Borrower shall default:
(a) in the payment or prepayment when due of any principal of any Loan; or (b) in the payment when
due of the interest payable in respect of any Loan, the fees provided for in Section 2.3
hereof or any other Obligations and such default shall continue unremedied for a period of five (5)
Business Days; or (ii) the Irish Subsidiary shall default in the payment of its obligations under
the Irish Subsidiary Guaranty..

     SECTION 7.1.2 Non-Performance of Certain Covenants. The Borrower shall default in the
due performance and observance of any of its obligations under Section 6.1 (including any
which the Borrower has agreed to cause the Irish Subsidiary to perform or observe) and such default
shall continue unremedied for a period of thirty (30) days after receipt of notice thereof

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from Agent or any Lender, or shall default in the due performance or observation of any of its
obligations under Section 6.2.

     SECTION 7.1.3 Defaults Under Other Loan Documents; Non-Performance of Other
Obligations. Any “Event of Default” shall occur under the other Loan Documents; or the
Borrower shall default in the due performance and observance of any other obligation, covenant or
agreement contained herein or in any other Loan Document and such default shall continue unremedied
for a period of thirty (30) days after receipt of notice thereof from Agent or any Lender.

     SECTION 7.1.4 Bankruptcy. Any Event of Bankruptcy shall occur with respect to any
Transaction Party.

     SECTION 7.1.5 Breach of Warranty. Any representation or warranty of the Borrower or
the Irish Subsidiary hereunder or in any other Loan Document or in any other writing furnished by
or on behalf of the Borrower or the Irish Subsidiary to the Agent or any Lender for the purposes of
or in connection with this Agreement or any such Loan Document is or shall be incorrect in any
material respect when made.

     SECTION 7.1.6 Breach by Affiliated Seller. Either: (i) any representation, warranty,
certification or statement made by any Affiliated Seller in, respectively, the applicable Affiliate
Purchase Agreement shall prove to have been incorrect in any material respect when made or deemed
made, except to the extent that the affected Affiliated Seller has repurchased from Borrower, for
cash, all Purchased Affiliate Accounts affected thereby for the amount then owing thereunder twenty
(20) Business Days after such Default occurs to the extent required by the applicable Affiliated
Purchase Agreement; or (iii) any “Seller Termination Event” (as that term, or any similar term, is
defined in the applicable Affiliate Purchase Agreement) occurs.

     SECTION 7.1.7 Default on Other Indebtedness, Etc. (a) Any Indebtedness of any
Transaction Party in an aggregate principal amount exceeding Five Million Euros (€5,000,000) (i)
shall be duly declared to be or shall become due and payable prior to the stated maturity thereof,
or (ii) shall not be paid as and when the same becomes due and payable including any applicable
grace period; or (b) there shall occur and be continuing any event which constitutes an event of
default under any Instrument relating to any Indebtedness of any Transaction Party in an aggregate
principal amount exceeding Five Million Euros (€5,000,000) the effect of which is to permit the
holder or holders of such Indebtedness, or a trustee, agent or other representative on behalf of
such holder or holders, to cause such Indebtedness to become due prior to its stated maturity.

     SECTION 7.1.8 Failure of Valid, Perfected Lien. Agent’s Lien in the Collateral, and
all proceeds thereof, securing the Obligations shall cease to be valid or perfected at any time
after the Closing Date, except to the extent any failure to be perfected arises as a result of the
Agent failing to take any action to establish or maintain the validity or perfection thereof.

     SECTION 7.1.9 Judgments. A final judgment which (in each case to the extent not
covered by insurance), exceeds an aggregate of Five Million Euros (€5,000,000), shall be entered
against the Borrower or the Irish Subsidiary and, within sixty (60) days after entry thereof, such

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judgment shall not have been discharged or execution thereof stayed pending appeal, or, within
sixty (60) days after the expiration of any such stay, such judgment shall not have been
discharged.

     SECTION 7.1.10 Loss of Permits, Etc. Either (i) the entry of any order of a court
enjoining, restraining or otherwise preventing the Borrower or the Irish Subsidiary from conducting
all or any material part of its business affairs; or (ii) the cessation of business or dissolution
of the Borrower or, except as expressly contemplated hereby, the Irish Subsidiary.

     SECTION 7.1.11 Change of Control. Any of the following shall occur: (i) Ultimate
Holdco shall cease at any time to own and control directly or indirectly one hundred percent of the
issued and outstanding Voting Stock of each of the Affiliated Sellers and the Borrower; or (ii) the
Affiliated Sellers shall cease at any time to own and control directly or indirectly one hundred
percent (100%) of the issued and outstanding Voting Stock of the Borrower; or (iii) the Borrower
shall cease at any time to own and control one hundred percent (100%) of the issued and outstanding
Voting Stock of the Irish Subsidiary, except as contemplated hereby.

     SECTION 7.2 Action if Bankruptcy Default. If any Event of Default described in
Section 7.1.4 shall occur, the outstanding principal amount of all outstanding Loans and
all other Obligations automatically shall be and become immediately due and payable, without notice
or demand, and the Borrower will deposit with the Agent, as cash collateral, an amount equal to the
aggregate undrawn face amount of all Letters of Credit, which amount automatically shall become
immediately due and payable by the Borrower and to the extent paid by the Borrower shall constitute
a prepayment under this Agreement, and the Agent may exercise any and all rights and remedies
available under this Agreement or any other Loan Document, or available at Law or in equity, at any
time, in any order and in any combination. In addition thereto, the Borrower authorizes the Agent,
following the occurrence and during the continuation of a such Event of Default, to take any and
all steps in the Borrower’s name and on behalf of the Borrower that are necessary or desirable, in
the determination of the Agent, to collect amounts due under the Collateral, including (i)
endorsing the Borrower’s name on checks and other instruments representing Collections, (ii)
enforcing the Purchased Affiliated Accounts and any Related Security and other Loan Documents,
including to ask, demand, collect, sue for, recover, compromise, receive and give acquittance and
receipts for moneys due and to become due under or in connection with therewith and (iii) to file
any claims or take any action or institute any proceedings that the Agent (or such designee) may
deem to be necessary or desirable for the collection thereof or to enforce compliance with the
terms and conditions of, or to perform any obligations or enforce any rights of the Borrower in
respect of, the Purchased Affiliated Accounts and any Related Security and any other Loan
Documents.

     SECTION 7.3 Action if Other Event of Default. If any Event of Default (other than any
Event of Default described in Section 7.1.4) shall occur for any reason, whether voluntary
or involuntary, and be continuing, the Agent may, and upon the direction of the Required Lenders,
shall (a) declare all or any portion of the outstanding principal amount of the Loans to be due and
payable and any or
all other Obligations to be due and payable, whereupon the full unpaid amount of such Loans
and any and all other Obligations which shall be so declared due and payable shall be and become
immediately due and payable, without further notice, demand, or presentment, (b) demand that the
Borrower deposit with the Agent, as cash collateral, an amount

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equal to the aggregate undrawn face amount of all Letters of Credit, which amount shall become
immediately due and payable by the Borrower and to the extent paid by the Borrower shall constitute
a prepayment under this Agreement, and (c) to the extent permitted under any Letter of Credit,
require the beneficiary thereof to draw upon the undrawn face amount thereof, and the Agent may
exercise any and all rights and remedies available under this Agreement or any other Loan Document,
or available at Law or in equity, at any time, in any order and in any combination.

     SECTION 7.4 Application of Proceeds Following Default. Notwithstanding anything to the
contrary set forth in this Agreement, following the occurrence of an Event of Default and the
acceleration of the Obligations pursuant to Section 7.3, all proceeds of Collateral and
other payments made by the Borrower, or received from any other source, shall be applied as
follows: (a) first to the payment of all fees and reasonable expenses of the Agent then due
hereunder or under any of the other Loan Documents and allocated to the Facility until paid in
full; (b) second to the payment of all fees and expenses in respect of the Facility then due to the
Lenders having Facility Commitments hereunder, pro rata based on the outstanding principal balance
of each such Lender’s Facility Loan until paid in full; (c) third, to pay interest due in respect
of the Facility Loans, pro rata based on the outstanding principal balance of each such Lender’s
Facility Loan until paid in full; (d) fourth, to repay principal of the Facility Loans, pro rata
based on the outstanding principal balance of each such Lender’s Facility Loan until paid in full;
(e) fifth, to be held by the Agent as cash collateral in an amount up to one hundred five percent
(105%) of the then outstanding face amount of all Letters of Credit issued hereunder; (f) sixth, to
pay all other Obligations, including all fees, expenses and interest thereon, until all such
Obligations are paid in full; and (g) thereafter, to the Borrower or such other Person entitled
thereto under applicable Law.

ARTICLE 8

THE AGENT

     SECTION 8.1 Actions. Each Lender authorizes the Agent to act on behalf of such Lender
under this Agreement and any other Loan Document and, in the absence of other written instructions
from the Required Lenders received from time to time by the Agent (with respect to which the Agent
agrees that it will, subject to the last two sentences of this Section 8.1, comply, except
as otherwise reasonably advised by counsel), to exercise such powers hereunder and thereunder as
are specifically delegated to or required of the Agent by the terms hereof and thereof, together
with such powers as may be reasonably incidental thereto. Each Lender (including, without
limitation, ING in its capacity as a Lender) agrees (which agreement shall survive any termination
of this Agreement) to indemnify the Agent, severally but not jointly, pro rata according to such
Lender’s aggregate percentage of the Commitments from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind or nature whatsoever which may at any time be imposed on, incurred by, or
asserted against the Agent in any way relating to or arising out of this Agreement, the Notes, or
any other Loan Document, including the reimbursement of the Agent for all out-of-pocket expenses
(including attorneys’ fees) incurred by the Agent hereunder or in connection herewith or in enforcing the
Obligations of the Borrower under this Agreement or any other Loan Document, in all cases as to
which the Agent is not reimbursed by the Borrower;

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provided that no Lender shall be liable for the payment of any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements determined by a court of competent jurisdiction in a final proceeding to have
resulted primarily from the Agent’s gross negligence or willful misconduct. Notwithstanding any
other provision of this Agreement to the contrary, the Agent shall not be required to take any
action hereunder or under any other Loan Document, or to prosecute or defend any suit in respect
of this Agreement or any other Loan Document, unless it is indemnified to its satisfaction by the
Lenders against loss, costs, liability and expense. If any indemnity in favor of the Agent shall
become impaired, it may call for additional indemnity and cease to do the acts indemnified against
until such additional indemnity is given.

     SECTION 8.2 Funding Reliance, Etc. Unless the Agent shall have been notified by
telephone, confirmed in writing, by any Lender by 3:00 p.m., New York City time, on the day prior
to a Borrowing that such Lender will not make available the amount which would constitute its Loan
Percentage of the Facility Loans on the date specified therefor, the Agent may assume that such
Lender has made such amount available to the Agent and, in reliance upon such assumption, make
available to the Borrower a corresponding amount; provided,
however, that the Agent shall have no
obligation to do so. If such amount is made available by such Lender to the Agent on a date after
the date of such Borrowing, such Lender shall pay to the Agent on demand interest on such amount at
the Federal Funds Rate for the number of days from and including the date of such Borrowing to the
date on which such amount becomes immediately available to the Agent, together with such other
compensatory amounts as may be required to be paid by such Lender to the Agent pursuant to the
Rules for Interbank Compensation of the Council on International Banking or the Clearinghouse
Compensation Committee, as the case may be, as in effect from time to time. A statement of the
Agent submitted to any Lender with respect to any amounts owing under this Section 8.2
shall be conclusive, in the absence of manifest error. If such amount is not in fact made
available to the Agent by such Lender within three (3) Business Days after the date of such
Borrowing, the Agent shall be entitled to recover such amount, with interest thereon at the rate
per annum then applicable to the Loans comprising such Borrowing, within five Business Days after
demand, from the Borrower.

     SECTION 8.3 Exculpation. Neither the Agent nor any of its directors, officers,
employees or agents shall be liable to any Lender for any action taken or omitted to be taken by it
under this Agreement, the Notes, or any Loan Document, or in connection herewith or therewith,
except for its own willful misconduct or gross negligence. The Agent shall not be responsible to
any Lender for any recitals, statements, representations or warranties herein or in any certificate
or other document delivered in connection herewith or for the authorization, execution,
effectiveness, genuineness, validity, enforceability, perfection, collectibility, or sufficiency of
any of the Loan Documents, the financial condition of the Borrower or any Subsidiary or the
condition or value of any of the Collateral, or be required to make any inquiry concerning either
the performance or observance of any of the terms, provisions or conditions of any of the Loan
Documents, the financial condition of the Borrower or any Subsidiary or the existence or possible
existence of any Default. The Agent shall be entitled to rely upon advice of counsel concerning
legal matters and upon any notice, consent, certificate, statement or writing which it believes to
be genuine and to have been presented by a proper Person.

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     SECTION 8.4 Successor. The Agent may resign as such at any time upon at least thirty
(30) days’ prior notice to the Borrower and all Lenders, such resignation not to be effective until
a successor Agent is in place. If the Agent at any time resigns, the Required Lenders, with the
prior consent of the Borrower prior to the occurrence and continuation of any Event of Default (not
to be unreasonably withheld), may appoint another Lender as a successor Agent which shall thereupon
become the Agent hereunder. If no successor Agent shall have been so appointed by the Required
Lenders, and shall have accepted such appointment, within thirty (30) days after the retiring
Agent’s giving notice of resignation, then the retiring Agent may, on behalf of the Lenders,
appoint a successor Agent, which shall be one of the Lenders or a financial institution reasonably
acceptable to the Borrower organized under the Laws of the United States and having a combined
capital and surplus of at least Five Hundred Million Euros (€500,000,000). Upon the acceptance of
any appointment as Agent hereunder by a successor Agent, such successor Agent shall be entitled to
receive from the retiring Agent such documents of transfer and assignment as such successor Agent
may reasonably request, and shall thereupon succeed to and become vested with all rights, powers,
privileges, and duties of the retiring Agent, and the retiring Agent shall be discharged from its
duties and obligations under this Agreement and the other Loan Documents.

     SECTION 8.5 Loans and other Transactions by the Agent and its Affiliates. The Agent
shall have the same rights and powers with respect to (a) the Loans made by it or any of its
Affiliates, and (b) the Notes held by it or any of its Affiliates, as any Lender and may exercise
the same as if it were not the Agent. ING and its Affiliates may accept deposits from, lend money
to, act as trustee under indentures of, and generally engage in any kind of business with, the
Borrower or any Person who may do business with or own securities of the Borrower, all as if ING
were not the Agent and without any duty to account therefor to the Lenders.

     SECTION 8.6 Credit Decisions. Each Lender acknowledges that it has, independently of
the Agent and each other Lender, and based on such financial information and such other documents,
information and investigations as it has deemed appropriate, made its own credit decision to extend
its Commitments, to make the Loans. Each Lender also acknowledges that it will, independently of
the Agent and each other Lender, and based on such other documents, information and investigations
as it shall deem appropriate at any time, continue to make its own credit decisions as to
exercising or not exercising from time to time any rights and privileges available to it under this
Agreement or any other Loan Document.

     SECTION 8.7 Copies, Etc. The Agent shall give prompt notice to each Lender of each
notice or request required or permitted to be given to the Agent by the Borrower pursuant to the
terms of this Agreement. The Agent will distribute to each Lender each Instrument received for its
account and copies of all other communications received by the Agent from the Borrower for
distribution to the Lenders by the Agent in accordance with the terms of this Agreement.
Notwithstanding anything herein contained to the contrary, all notices and communications to, with
or from the Borrower under this Agreement and the other Loan Documents shall be effected by the
Lenders through the Agent and by the Borrower through the Agent.

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ARTICLE 9

MISCELLANEOUS

     SECTION 9.1 Waivers, Amendments, Etc.

     (a) The provisions of this Agreement and of each other Loan Document may from time to time be
amended, modified or waived, if such amendment, modification or waiver is in writing and, (x) in
the case of an amendment or modification, is consented to by the Borrower and the Required Lenders
or (y) in the case of a waiver of any obligation of the Borrower or of compliance by the Borrower
with any prohibition contained in this Agreement or any other Loan Document, is consented to by the
Required Lenders; provided, however, that no such amendment, modification or
waiver:

     (i) which would modify any requirement hereunder that any particular action be taken by
all the Lenders or by the Required Lenders shall be effective unless consented to by each
Lender;

     (ii) which would modify this Section 9.1, change the definition of “Required
Lenders,” reduce any fees payable to the Lenders described in Article 2 and Article 3 or
extend the Facility Maturity Date shall be made without the consent of each Lender directly
and adversely affected thereby;

     (iii) which would extend the due date for, or reduce the amount of, any payment or
prepayment of principal of or interest on any Loan (or reduce the principal amount of or
rate of interest on any Loan) shall be made without the consent of each Lender directly and
adversely affected thereby; or

     (iv) which would affect adversely the interests, rights, compensation or obligations of
the Agent shall be made without the consent of the Agent.

     (b) No Defaulting Lender shall have any right to approve or disapprove any amendment, waiver
or consent hereunder, except to the extent the consent of such Lender would be required under
clause (i), (ii) and (iii) in the proviso to the first sentence of this Section 9.1(a).

     (c) No failure or delay on the part of the Agent, any Lender or the holder of any Note in
exercising any power or right under this Agreement or any other Loan Document shall operate as a
waiver thereof, nor shall any single or partial exercise of any such power or right preclude any
other or further exercise thereof or the exercise of any other power or right. No notice to or
demand on the Borrower in any case shall entitle it to any notice or demand in similar or other
circumstances. No waiver or approval by the Agent, any Lender or the holder of any Note under this
Agreement or any other Loan Document shall, except as may be otherwise stated in such waiver or
approval, be applicable to subsequent transactions. No waiver or approval hereunder shall require
any similar or dissimilar waiver or approval thereafter to be granted hereunder.

     (d) Neither any Lender nor the Agent shall be under any obligation to marshal any assets in
favor of the Borrower or against or in payment of any or all of the Obligations. Recourse for
security shall not be required at any time. To the extent that the Borrower makes a payment or
payments to the Agent or the Lenders, or the Agent or the Lenders enforces their

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security interests or exercise their rights of setoff, and such payment or payments or
the proceeds of such enforcement or setoff or any part thereof are subsequently for any reason
invalidated, set aside or required to be repaid to a trustee, receiver or any other party under any
bankruptcy Law, state or federal Law, common Law or equitable cause, then to the extent of such
recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights
and remedies therefor, shall be revived and continued in full force and effect as if such payment
had not been made or such enforcement or setoff had not occurred.

     SECTION 9.2 Notices. All notices hereunder shall be in writing and shall be sufficiently
given to the Agent, the Lenders or the Borrower if addressed or delivered to them at the following
addresses:

	 	 	 	 	 

	 
	 	If to the Lender:	 	ING Capital LLC

	 
	 	 	 	Structured Finance Group

	 
	 	 	 	200 Galleria Parkway

	 
	 	 	 	Atlanta, Georgia 30339

	 
	 	 	 	Attention:  Portfolio Manager
	 
	 	 	 	 
	 
	 	with a copy to	 	King & Spalding, LLP

	 
	 	(which shall not	 	1180 Peachtree Street

	 
	 	constitute notice):	 	Atlanta, Georgia  30309

	 
	 	 	 	Attention:  Gerald T. Woods, Esq.
	 
	 	 	 	 
	 
	 	If to the Borrower:	 	Dana Financial Services Ireland Limited

	 
	 	 	 	25/26 Windsor Place

	 
	 	 	 	Lower Pembroke Street

	 
	 	 	 	Dublin 2 Ireland

	 
	 	 	 	Attention:  The Directors
	 
	 	 	 	 
	 
	 	with a copy to	 	Paul, Weiss, Rifkind, Wharton & Garrison LLP

	 
	 	(which shall not	 	1285 Avenue of the Americas

	 
	 	constitute notice):	 	New York New York  10019-6064

or at such other address as any party may designate to any other party by written notice. All such
notices and communications shall be deemed to have been duly given: at the time delivered by hand,
if personally delivered; when received, if deposited in the mail, postage prepaid; and on the next
Business Day, if timely delivered to an air courier guaranteeing overnight delivery.

     To the extent consented to by the Agent in writing from time to time, the Agent agrees that
receipt of notices and communications (other than any such notice or communication that (i) relates
to a request for a new, or a conversion of an existing, Borrowing or other extension of credit
(including any election of an interest rate or interest period relating thereto), (ii) relates to
the payment of any principal or other amount due under this Agreement prior to the scheduled date
therefor, (iii) provides notice of any Default under this Agreement or (iv) is required to be
delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any
borrowing or other extension of credit hereunder) by the Agent at its e-mail address(es) set forth

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above shall constitute effective delivery of notices and communications to the Agent for
purposes of the Loan Documents.

     SECTION 9.3 Costs and Expenses. The Borrower agree to pay all reasonable and
documented out-of-pocket expenses of the Agent for the negotiation, preparation, execution, and
delivery of this Agreement and each other Loan Document, including schedules and exhibits, and any
amendments, waivers, consents, supplements, terminations, releases or other modifications to this
Agreement or any other Loan Document as may from time to time hereafter be required (including the
reasonable and documented fees and expenses of a single outside counsel for the Agent (plus a
single local counsel in each relevant jurisdiction), or of any consultants or other experts
retained by the Agent from time to time in connection therewith) whether or not the transactions
contemplated hereby are consummated. The Borrower also agrees to pay and hold the Agent and the
Lenders harmless from any stamp, documentary, intangibles, transfer or similar taxes or charges,
and all recording or filing fees with respect to the Loan Documents or any payments to be made
thereunder and all title insurance premiums, surveyors costs and valuation fees, and to reimburse
the Agent and each Lender upon demand for all out-of-pocket expenses (including attorneys’ fees and
expenses) incurred by the Agent or such Lender in enforcing the Obligations of the Borrower under
this Agreement or any other Loan Document or related Document or in connection with any
restructuring or “work-out” of any Obligations. The Agent will provide copies of statements and
invoices with respect to such fees and expenses upon request by the Borrower from time to time.

     SECTION 9.4 Indemnification. In consideration of the execution and delivery of this
Agreement by the Agent and each Lender and the extension of the Commitments, the Borrower hereby
indemnifies and holds the Lender Parties free and harmless from and against any and all actions,
causes of action, suits, losses, costs, liabilities, damages and expenses (irrespective of whether
such Lender Party is a party to the action for which indemnification hereunder is sought),
including attorneys’ fees and disbursements (the “Indemnified Liabilities”), incurred by
the Lender Parties or any of them or asserted or awarded against the Lender Parties or any of them
as a result of, or arising out of, or relating to:

     (a) any transaction financed or to be financed in whole or in part, directly or indirectly,
with the proceeds of any Loan or Letter of Credit;

     (b) the use of any of the proceeds of any Loan or Letter of Credit by the Borrower or any
beneficiary of a Letter of Credit for any other purpose;

     (c) any information furnished by the Borrower in connection with the syndication of this
Agreement;

     (d) the entering into and performance of this Agreement and any other Loan Document by any of
the Lender Parties (other than the breach by such Lender Party of this Agreement);

     (e) the breach in any material respect by the Borrower of any representation or warranty set
forth in this Agreement or any Loan Document;

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     (f) the failure of the Borrower to comply in any material respect with any term, condition, or
covenant set forth in this Agreement or any Loan Document; or

     (g) any claim, litigation, investigation or proceeding relating to any of the foregoing,
whether or not the Agent or any Lender (or any of their respective officers, directors, partners,
employees or agents) is a party thereto;

except, in each case, for any such Indemnified Liabilities arising for the account of a particular
Lender Party by reason of the relevant Lender Party’s bad faith, gross negligence or willful
misconduct or breach of any Loan Document as determined by a final and nonappealable decision of a
court of competent jurisdiction. If and to the extent that the foregoing undertaking may be
unenforceable for any reason, the Borrower hereby agrees to make the maximum contribution to the
payment and satisfaction of each of the Indemnified Liabilities which is permissible under
applicable Law. The foregoing indemnity shall become effective immediately upon the execution and
delivery hereof and shall remain operative and in full force and effect notwithstanding the
consummation of the transactions contemplated hereunder, the repayment of any of the Loans made
hereunder, the invalidity or unenforceability of any term or provision of this Agreement or any
other Loan Document, or any investigation made by or on behalf of any Lender or the Agent.

     SECTION
9.5 Survival. The agreements in Sections 2.4, 3.6, 9.3 and
9.4 in each case survive any termination of this Agreement and the payment in full of principal,
interest and other amounts payable hereunder and under the Notes and the other Loan Documents. The
representations and warranties made by the Borrower in this Agreement, the Notes and in each other
Loan Document shall survive the execution and delivery of this Agreement, the Notes and each such
other Loan Document.

     SECTION 9.6 Severability. Any provision of this Agreement, the Notes or any other
Loan Document which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions of this Agreement, the Notes or such other Loan Document or
affecting the validity or enforceability of such provision in any other jurisdiction.

     SECTION 9.7 Headings. The various headings of this Agreement, the Notes and of each
other Loan Document are inserted for convenience only and shall not affect the meaning or
interpretation of this Agreement, the Notes or such other Loan Document or any provisions hereof or
thereof.

     SECTION 9.8 Counterparts, Effectiveness, Etc. This Agreement may be executed by the
parties hereto in several counterparts, each of which shall be executed by the Borrower, the
Lenders and the Agent and be deemed to be an original and all of which shall constitute together
but one and the same agreement. This Agreement shall become effective when counterparts hereof
executed on
behalf of the Borrower and each Lender shall have been received by the Agent and notice
thereof shall have been given by the Agent to the Borrower and each Lender. Delivery of an
executed counterpart of a signature page of this Agreement by telecopier or other electronic
transmission (i.e. a “pdf” or “tif” document) shall be effective as delivery of a manually executed
counterpart of this Agreement.

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     SECTION 9.9 Governing Law; Entire Agreement.

     (a) THIS AGREEMENT AND THE NOTES SHALL EACH BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED
BY THE INTERNAL LAWS OF THE STATE OF NEW YORK. THIS AGREEMENT, THE NOTES AND THE OTHER LOAN
DOCUMENTS CONSTITUTE THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT
MATTER HEREOF AND SUPERSEDE ANY PRIOR AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO.

     (b) EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW
YORK STATE OR FEDERAL COURT SITTING IN NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR RELATED DOCUMENT, AND EACH HEREBY
IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND
DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURT. EACH PARTY AGREES THAT SUCH JURISDICTION SHALL
BE EXCLUSIVE WITH RESPECT TO ANY SUCH ACTION OR PROCEEDING BROUGHT BY IT AGAINST ANY OTHER PARTY.
EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO
SO, THE DEFENSE OF ANY INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING.

     (c) The Borrower does hereby irrevocably designate, appoint and empower CT Corporation System,
whose present address is 111 Eighth Avenue, New York, New York 10011, as its authorized agent to
receive, for and on its behalf and its property, service of process in the State of New York when
and as such legal actions or proceedings may be brought in the courts of the State of New York or
of the United States of America sitting in New York, and such service of process shall be deemed
complete upon the date of delivery thereof to such agent whether or not such agent gives notice
thereof to the Borrower, or upon the earliest of any other date permitted by applicable Law. The
Borrower shall furnish the consent of CT Corporation System so to act to the Agent on or prior to
the Closing Date. It is understood that a copy of said process served on such agent will as soon
as practicable be forwarded to the Borrower, at its address set forth below, but its failure to
receive such copy shall not affect in any way the service of said process on said agent as the
agent of the Borrower. The Borrower irrevocably consents to the service of process out of any of
the aforementioned courts in any such action or proceeding by the mailing of the copies thereof by
certified mail, return receipt requested, postage prepaid, to it at its address set forth herein,
such service to become effective upon the earlier of (i) the date 10 calendar days after such
mailing or (ii) any earlier date permitted by applicable Law. The Borrower agrees that it will at
all times continuously maintain an agent to receive service of process in the State of New York on
behalf of itself and its properties and in the event that, for
any reason, the agent named above or its successor shall no longer serve as its agent to
receive service of process in the State of New York on its behalf, it shall promptly appoint a
successor so to serve and shall advise the Agent and the Lenders thereof (and shall furnish to the
Agent the consent of any successor agent so to act). Nothing in this Section 9.9 shall
affect the right of the Agent or any Lender to serve process in any other manner permitted by
applicable Law.

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     SECTION 9.10 Successors and Assigns. This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors and assigns;
provided, however, that the Borrower may not assign or transfer their rights or
obligations hereunder without the prior written consent of all Lenders; and the rights of sale,
assignment and transfer of the Lenders are subject to Section 9.11.

     SECTION 9.11 Sale and Transfers, Participations, Etc.

     (a) Any Lender may at any time assign, syndicate or sell to one or more Participants
participating interests in any Loan owing to such Lender, any Note held by such Lender, the
Commitment of such Lender, any interest of any Lender in any Letter of Credit Obligations or any
other interest of Lender under this Agreement and any Loan Document. In the event of any such sale
by a Lender of participating interests to a Participant, such Lender’s obligations under this
Agreement shall remain unchanged and such Lender shall remain solely responsible for the
performance thereof, such Lender shall remain the holder of any such Note for all purposes under
this Agreement and the other Loan Documents and the Borrower and the Agent shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights and obligations under
this Agreement and the other Loan Documents. The Borrower agrees that if amounts outstanding under
this Agreement and the Notes are due or unpaid, or shall have been declared or shall have become
due and payable upon the occurrence and continuance of an Event of Default, each Participant shall
be deemed to have the right of setoff in respect of its participating interest in amounts owing
under this Agreement and any Note to the same extent as if the amount of its participating interest
were owing directly to it as a Lender under this Agreement or any Note, provided that such
right of setoff shall be subject to the approval of the Required Lenders and to the obligations of
such Participant to share with the Lenders, and the Lenders agree to share with such Participant,
as provided in Section 3.7 as if the Participant were a Lender hereunder. The Borrower
also agree that any Participant shall be entitled to the benefits of (i) Section 9.4 and
(ii) Sections 2.4 and 3.6, with respect to its participation in the Commitments and
the Loans outstanding from time to time; provided, that no Participant shall be entitled to
receive any greater amount pursuant to the Sections referred to in clause (ii) than the transferor
Lender would have been entitled to receive in respect of the amount of the participation
transferred by such transferor Lender to such Participant had no such transfer occurred and each
Participant shall be subject to the obligations of such Lender set forth in such Sections. No
Lender shall grant any participation under which the Participant shall have rights to approve any
amendment to or waiver of this Agreement or any other Loan Document.

     (b) With the consent of the Agent (and prior to the occurrence of an Event of Default, with
the consent of the Borrower which shall not be unreasonably withheld), any Lender may at any time
sell to any Purchasing Lender all or any part in a minimum amount of Five Million
Euros (€5,000,000), of its rights and obligations under this Agreement and the Notes pursuant
to a Transfer Supplement, executed by such Purchasing Lender, such transferor Lender and the Agent.
Upon (i) such execution of such Transfer Supplement, and (ii) delivery of a fully executed copy
thereof to the Borrower, such Purchasing Lender shall for all purposes be a Lender party to this
Agreement and shall have all the rights and obligations of a Lender under this Agreement, to the
same extent as if it were an original party hereto with an Facility Percentage as set forth in such
Transfer Supplement, and no further consent or action by the Borrower, the Lenders or the Agent
shall be required. Such Transfer Supplement shall be

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deemed to amend this Agreement to the extent,
and only to the extent, necessary to reflect the addition of such Purchasing Lender and the
resulting adjustment of Facility Percentages arising from the purchase by such Purchasing Lender of
all or a portion of the rights and obligations of such transferor Lender under this Agreement and
the Notes. Upon the consummation of any transfer to a Purchasing Lender pursuant to this paragraph
(b), the transferor Lender, the Agent and the Borrower shall make appropriate arrangements so that,
if required, replacement Notes are issued to such transferor Lender and new Notes to the Purchasing
Lender in the amount equal to their respective Commitments and outstanding Loans, as appropriately
adjusted pursuant to such Transfer Supplement.

     (c) The Agent shall maintain at its address referred to herein a copy of each Transfer
Supplement delivered to it and the Register for the recordation of the names and addresses of the
Lenders and the Commitment of, and principal amount of the Loans owing to, each Lender from time to
time. The entries in the Register shall be conclusive, in the absence of manifest error, and the
Borrower, the Agent and the Lenders may treat each Person whose name is recorded in the Register as
the owner of the Loans recorded therein for all purposes of this Agreement. The Register shall be
available for inspection by the Borrower or any Lender at any reasonable time and from time to time
upon reasonable prior notice.

     (d) Upon its receipt of a Transfer Supplement executed by a transferor Lender, the Agent and a
Purchasing Lender together with payment by such Purchasing Lender to the Agent, for the account of
the Agent and not for the account of the Lenders, of a registration and processing fee of Five
Thousand Euros (€5,000), and the Notes subject to such Transfer Supplement, the Agent shall (i)
accept such Transfer Supplement, (ii) record the information therein in the Register and (iii) give
prompt notice of such acceptance and recordation to the Lenders and the Borrower.

     (e) Each Purchasing Lender, concurrently with the effectiveness of such transfer, shall
represent to the transferor Lender (for the benefit of the transferor Lender, the Agent and the
Borrower) that under applicable Law and treaties no taxes will be required to be withheld by the
Agent, the Borrower or the transferor Lender with respect to any payments to be made to such
Purchasing Lender in respect of the Loans (and will provide such properly completed and executed
documentation provided by the transferor Lender and prescribed by applicable law and such other
information reasonably requested to such effect).

     (f) Notwithstanding anything to the contrary set forth in this Section 9.11, (i) any
Lender may sell to any of its Affiliates all or any part of its rights and obligations under this
Agreement and the Notes, (ii) any Lender may create a security interest in all or any portion of
its rights under this Agreement (including, without limitation, the Loans owing to it and the
Notes held by it) in favor of the Federal Reserve Bank in accordance with Regulation A of the
F.R.S. Board, and (iii) upon the occurrence and during the continuance of an Event of Default, any
Lender may sell to any Purchasing Lender all or any part of its rights and obligations under this
Agreement and the Notes, in the case of clauses (i) and (ii) above, notwithstanding that the
Borrower does not consent to such sale, provided such Lender has obtained the consent of the Agent
(which consent shall not be unreasonably withheld or delayed) and otherwise meets the requirements
of this Section 9.11.

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     SECTION 9.12 Other Transactions. Nothing contained herein shall preclude the Agent or
any other Lender from engaging in any transaction, in addition to those contemplated by this
Agreement or any other Loan Document, with the Borrower or any of its Affiliates in which the
Borrower or such Affiliate is not restricted hereby from engaging with any other Person.

     SECTION 9.13 Confidentiality. The Lenders and the Agent shall hold all non-public,
proprietary or confidential information obtained pursuant to the requirements of this Agreement in
accordance with their customary procedures for handling confidential information of this nature and
in accordance with safe and sound lending practices; however, the Lenders and the Agent may make
disclosure of any such information to its examiners, Affiliates, outside auditors, counsel,
consultants, operators and other professional advisors in connection with this Agreement, in each
case, on a confidential and “need-to-know” basis, or as required by any proposed syndicate member,
transferee or participant in connection with the contemplated transfer of any Note, Obligations or
Commitments or the contemplating granting of a participation therein, as required or requested by
any governmental authority or representative thereof or in connection with the enforcement hereof
or of any other Loan Document or pursuant to legal process;
provided, however, that any such
proposed syndicate member or proposed transferee or participant shall have agreed in writing for
the Borrower’ benefit to be bound by the terms of this Section 9.13. In no event shall any
Lender or the Agent be obligated or required to return any materials furnished to it by the
Borrower or any of their Subsidiaries.

     SECTION 9.14 Change in Accounting Principles. If any changes in accounting principles
from those used in the preparation of the financial statements referred to in clause (a)(i) of
Section 5.4 hereafter occur as a result of the promulgation of rules, regulations,
pronouncements or opinions by the Accounting Standards Board (or successors thereto or agencies
with similar functions) result in a change in the method of calculation of financial covenants,
standards or terms found in this Agreement, upon the request of the Borrower or Agent, the parties
hereto agree to enter into negotiations in order to amend such financial covenants, standards or
terms so as to equitably reflect such changes with the desired result that the evaluations of the
Borrower’ financial condition shall be the same after such changes as if such changes had not been
made; provided, however, that, until the parties hereto have reached a definitive agreement on such
amendments the Borrower shall not change their Fiscal Year and the Borrower’ financial condition
and operations shall continue to be evaluated on the same principles as those used in the
preparation of the financial statements referred to in Section 5.4.

     SECTION 9.15 Waiver of Jury Trial, Etc. THE AGENT, THE LENDERS AND THE BORROWER
HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY
IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS
AGREEMENT, THE NOTES OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF THE AGENT, SUCH LENDERS OR THE BORROWER.
THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE AGENT AND SUCH LENDERS ENTERING INTO THIS
AGREEMENT.

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     SECTION 9.16 Limitation of Liability. NEITHER ANY PARTY HERETO NOR ANY AFFILIATE
THEREOF SHALL HAVE ANY LIABILITY WITH RESPECT TO, AND EACH SUCH PARTY DOES HEREBY WAIVE, RELEASE
AND AGREE NOT TO SUE UPON, ANY CLAIM FOR ANY SPECIAL, INDIRECT, PUNITIVE, EXEMPLARY OR
CONSEQUENTIAL DAMAGES SUFFERED BY SUCH PARTY IN CONNECTION WITH, ARISING OUT OF, OR IN ANY WAY
RELATED TO THIS AGREEMENT, THE LOAN DOCUMENTS, THE TRANSACTIONS CONTEMPLATED HEREIN, OR ANY ACT,
OMISSION OR EVENT OCCURRING IN CONNECTION THEREWITH.

     SECTION 9.17 Usury Savings Clause. Notwithstanding anything to the contrary in this
Agreement or any other Loan Document, if at any time any rate of interest accruing on any
Obligation, when aggregated with all amounts payable by the Borrower under any of the Loan
Documents that are deemed or construed to be interest accrued or accruing on such Obligation under
applicable Law, exceeds the highest rate of interest permissible under any Law which a court of
competent jurisdiction shall, in a final determination, deem applicable to such Lender with respect
to such Obligation (each a “Maximum Lawful Rate”), then in such event and so long as the
Maximum Lawful Rate would be so exceeded, such rate of interest shall be reduced to the Maximum
Lawful Rate; provided that if at any time thereafter such rate of interest accruing on
Obligations held by such Lender is less than the Maximum Lawful Rate, the Borrower shall continue
to pay interest to such Lender at the Maximum Lawful Rate until such time as the total interest
received by such Lender in respect of the Obligations held by it is equal to the total interest
which such Lender would have received had interest on all Obligations held by such Lender (but for
the operation of this Section 9.17) accrued at the rate otherwise applicable under this
Agreement and the other Loan Documents. Thereafter, interest payable to such Lender in respect of
the Obligations held by it shall accrue at the applicable rate set forth in this Agreement or other
Loan Documents unless and until such rate again exceeds the Maximum Lawful Rate, in which event
this Section 9.17 shall again apply. In no event, shall the total interest received by any
Lender pursuant to the terms hereof exceed the amount which such Lender could Lawfully have
received had interest been calculated for the full term of this Agreement at the Maximum Lawful
Rate. In the event that the Maximum Lawful Rate is calculated pursuant to this Section
9.17, (a) if required by applicable Law, such interest shall be calculated at a daily rate
equal to the Maximum Lawful Rate divided by the number of days in the year in which such
calculation is made, and (b) if permitted by applicable Law, the Borrower and such Lender shall (i)
characterize any non-principal payment as an expense, fee or premium rather than as interest, (ii)
exclude voluntary
prepayments and the effect thereof, and (iii) amortize, prorate, allocate and spread in equal
or unequal parts the total amount of interest throughout the entire contemplated term of the Loans
so that interest for the entire term of the Loans shall not exceed the Maximum Lawful Rate. In the
event that a court of competent jurisdiction, notwithstanding the provisions of this Section
9.17 shall make a final determination that such Lender has received interest in excess of the
Maximum Lawful Rate, such Lender shall, to the extent permitted by applicable Law, promptly apply
such excess, first to any interest due and outstanding under this Agreement and the other Loan
Documents, second to any principal due and payable under this Agreement and the Notes, third to the
remaining principal amount of the Notes and fourth to other unpaid Obligations held by such Lender,
and thereafter shall refund any excess to the Borrower or as a court of competent jurisdiction may
otherwise order.

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     SECTION 9.18 Judgment Currency.

     (a) If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum
owing hereunder in one currency into another currency, each party hereto agrees, to the fullest
extent that it may effectively do so, that the rate of exchange used shall be that at which in
accordance with normal banking procedures in the relevant jurisdiction the first currency could be
purchased with such other currency on the Business Day immediately preceding the day on which final
judgment is given.

     (b) The obligations of the Borrower in respect of any sum due to any party hereto or any
holder of the Obligations owing hereunder (the “Applicable Creditor”) shall,
notwithstanding any judgment in a currency (the “Judgment Currency”) other than the
currency in which such sum is stated to be due hereunder (the “Agreement Currency”), be
discharged only to the extent that, on the Business Day following receipt by the Applicable
Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in
accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement
Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased in less
than the sum originally due to the Applicable Creditor in the Agreement Currency, the Borrower
agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable
Creditor against such loss. The obligations of the Borrower contained in this Section 9.18
shall constitute part of the Obligations, be secured by the Collateral and survive the termination
of this Agreement and the payment of all other Obligations owing hereunder.

     SECTION 9.19 USA PATRIOT Act Notice and Customer Verification.

     Each Lender that is subject to the USA PATRIOT Act and the Agent (for itself and not on behalf
of any Lender) hereby notify the Borrower that pursuant to the “know your customer” regulations and
the requirements of the USA PATRIOT Act they are required to obtain, verify and record information
that identifies the Borrower which information includes the name, address and tax identification
number (and other identifying information in the event this information is insufficient to complete
verification) that will allow such Lender or the Agent, as applicable, to verify the identity of
the borrower. This information must be delivered to the Lenders and the Agent no later than five
days prior to the Closing Date and thereafter promptly
upon request. This notice is given in accordance with the requirements of the USA PATRIOT Act
and is effective as to the Lenders and the Agent.

[signature pages follow]

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

	 	 	 	 
	 	 	 	 
	 

	 	SIGNED for and on behalf of DANA FINANCIAL
 SERVICES
IRELAND LIMITED by its lawfully 
appointed attorney in
the presence of:	 
	Andres Virgili
	 	 	 
	 
	 	 	 
	 
	 	 	 
	 

	 	Lisa O’Sullivan	 
	 

	 	 	 
	 

	 	(Witness’s Signature)	 
	 
	 	 	 
	Lisa O’Sullivan

	 		 
	 

	 	 	 
	25-26 Windsor Place

	 	(Witness’ Address)	 
	Lower Pembroke Street
	 	 	 
	Dublin 2

	 		 
	 

	 	 	 
	Corporate Administrator

	 	(Witness’ Address)	 

[Signature Page to Credit Agreement]

 

 

	 	 	 	 	 
	 	ING CAPITAL LLC,

as Agent and a Lender

 	 
	 	By:  	/s/ W C Beddingfield
 	 
	 	 	Name:  	William C. Beddingfield 	 
	 	 	Title:  	Managing Director 	 
	 

[Signature Page to Credit Agreement]Exhibit 10.16

EXHIBIT 10.16

AGREEMENT

THIS AGREEMENT (the “Agreement”), by and between S1 Corporation (the “Company”) and Pierre
Naude (“You” or “Your”) (collectively, the “Parties”), is entered into and effective as of December
24, 2008 (the “Effective Date”).

WHEREAS, the Parties desire to enter into this Agreement to express the terms and conditions
in the event of Your termination of employment from the Company (or any of its affiliates) as
described herein;

NOW, THEREFORE, in consideration of the mutual agreements in this Agreement, the Parties agree
as follows:

1. Termination of Prior Agreement. Upon the execution of this Agreement, that certain
Employment Agreement dated as of December 1, 2006 by and between the Company and You (the “Prior
Agreement”) shall be terminated and of no further force or effect.

2. At-Will Employment/Compensation. This Agreement does not create a contract for
employment or a contract for benefits. Your employment with the Company shall be and remain at all
times an at-will relationship. This means that at either Your option or the Company’s option, Your
employment may be terminated at any time, with or without Cause, and with or without notice. While
You are employed by the Company (or any of its affiliates) (i) the Company shall pay You an annual
base salary at the rate of $250,000 per year (which base salary will be reviewed at least annually
and may be increased at the discretion of the Company), and (ii) You shall be eligible to receive
an annual on-target cash bonus of up to $150,000 for each calendar year (a “Bonus Calendar Year”)
occurring while You are employed by the Company (or any of its affiliates) (pro-rated for any
period that is less than 12 months), based on the attainment of specific Company and individual
performance targets during such Bonus Calendar Year as may be assigned by the Company annually.
Such annual bonus for a given Bonus Calendar Year shall be paid no later than March 15th
of the calendar year immediately following such Bonus Calendar Year.

3. Compensation Upon Termination. Subject to the terms and conditions of this
Agreement:

(a) Death. If Your employment with the Company (or any of its affiliates) is
terminated as a result of Your death, the Company shall pay Your estate, or as may be directed by
the legal representatives of Your estate, (i) Your base salary due through the date of termination,
and (ii) within thirty (30) days following Your date of termination, a pro rata portion of the
annual bonus that would have been payable to You for the calendar year of termination if Your
employment had not terminated (calculated based upon actual results through Your date of
termination and based upon budget for the remainder of the period and pro rated for the portion of
the year during which You were employed).

(b) Disability. If Your employment with the Company (or any of its affiliates) is
terminated as a result of You being substantially unable to perform the material duties of Your
then current position with the Company (or any of its affiliates) by reason of illness, physical or
mental disability or other similar incapacity, which inability shall continue for three consecutive
months (provided, that until such termination, You shall continue to receive Your then current
compensation and benefits, reduced by any benefits payable to You or under any disability insurance
policy or plan applicable You), the Company shall pay You (i) Your base salary due through the date
of termination, and (ii) within thirty (30) days following Your date of termination, a pro rata
portion of the annual bonus that would have been payable to You for the calendar year of
termination if Your employment had not terminated (calculated based upon actual results through
Your date of termination and based upon budget for the remainder of the period and pro rated for
the portion of the year during which You were employed); provided, that payments so made to
You with respect to any period that You are substantially unable to perform the material duties of
Your then current position with the Company (or any of its affiliates) by reason of illness,
physical or mental illness or other similar incapacity shall be reduced by the sum of the amounts,
if any, payable to You by reason of such disability, at or prior to the time of any such payment,
under any disability insurance policy or benefit plan and which amounts have not previously been
applied to reduce any such payment.

 

 

 

(c) Termination by the Company for Cause or by You without Good Reason. If the
Company (or any of its affiliates) terminates Your employment for Cause or You terminate Your
employment without Good Reason, the Company shall pay You Your base salary due through the date of
termination and shall have no further obligations to You. In the event the Company intends to
terminate You for Cause, You shall have a reasonable opportunity, together with Your counsel, to be
heard before the Board of Directors of the Company before such termination.

(d) Termination by the Company without Cause or by You with Good Reason. If (i) the
Company (or any of its affiliates) terminates your employment without Cause, or (ii) You terminate
Your employment for Good Reason, then the Company shall:

(A) pay You (i) in equal installments as of the 1st and 15th day of each
month during the 12-month period commencing on Your date of termination (the “Severance Period”),
an aggregate amount equal to Your then current base salary, and (ii) within thirty (30) days
following Your date of termination, a pro rata portion of the annual bonus that would have been
payable to You for the calendar year of termination if Your employment had not terminated
(calculated based upon actual results through Your date of termination and based upon budget for
the remainder of the period and pro rated for the portion of the year during which You were
employed);

(B) reimburse You for any COBRA premiums You pay for You and any of Your dependents during the
Severance Period, if and to the extent You and/or Your dependents are entitled to COBRA
continuation coverage under the Company’s major medical group plan in which You and/or Your
dependents participated immediately prior to the date of termination, provided, however, that
notwithstanding anything in this subsection to the contrary, all other terms and provisions of the
Company major medical group plan governing Your rights and Your dependent’s rights under COBRA
shall apply; and

(C) if Your termination occurs within two (2) years following a Change in Control (or before a
Change in Control has occurred, but after the Company has commenced negotiations of a transaction
that results in a Change in Control), cause all outstanding options to purchase common stock of the
Company and shares of restricted stock, if any, then held by You to be fully vested and exercisable
as of the date of termination.

4. Release Obligations. The Company’s obligation to pay You the separation payments
set forth in Section 3(d) shall be conditioned upon Your execution, compliance with, and
non-revocation of, a valid, binding and irrevocable Separation & Release Agreement in a form
prepared by the Company in its sole and absolute discretion, which includes, but is not limited to,
Your release of the Company and its officers, directors, employees, stockholders and affiliates
from any and all liability and claims of any kind and Your confirmation of the Company’s right to
continued performance by You of Your obligations under the Covenants Agreement (defined below)
during the period following the termination of Your employment.

5. Withholding. All payments made pursuant to this Agreement will be subject to
applicable withholdings, including taxes and Social Security.

 

 

 

6. Definitions.

(a) “Cause” means (i) the indictment by a grand jury or conviction of a felony or a
crime involving moral turpitude (excluding a traffic violation not involving any period of
incarceration) or the willful commission of any other act or omission involving dishonesty or fraud
with respect to, and materially adversely affecting the business affairs of, the Company or any of
its subsidiaries or any of their customers or suppliers, (ii) conduct tending to bring the Company
or any of its subsidiaries into public disgrace or disrepute that is determined by the Company to
cause or be reasonably likely to cause substantial injury to the business and operations of the
Company or such subsidiary, (iii) substantial and repeated failure to perform duties, including but
not limited to, achieving quarterly goals, of the office held by You as reasonably directed by the
Company (other than any such failure resulting from Your incapacity due to injury or illness), and
such failure is not cured within 30 days after You receive written notice thereof from the Company
that specifically identifies the manner in which the Company believes You have not substantially
performed Your duties, (iv) gross negligence or willful misconduct with respect to the Company or
any of its subsidiaries that causes substantial and material injury to the business and operations
of the Company or such subsidiary or (v) any material breach of the Covenants Agreement. For
purposes of this provision, no act or failure to act on Your part shall be considered “willful”
unless it is done, or omitted to be done, by You in bad faith or without reasonable belief that
Your action or omission was in the best interests of the Company. Any act or failure to act based
upon authority given pursuant to a resolution duly adopted by the Board of Directors of the Company
or based upon advice of counsel for the Company shall be conclusively presumed to be done, or
omitted to be done, by You in good faith and in the best interests of the Company;

(b) “Change in Control” means the earliest to occur of the following: (i) any person
(other than a corporation (a “Holding Company”) all of the common stock of which is owned,
immediately after the transaction, by persons who owned more than 50 percent of the voting shares
of the Company immediately before the transaction) becomes the beneficial owner of 50 percent or
more of the total number of voting shares of the Company; (ii) any person (other than the persons
named as proxies solicited on behalf of the Board) holds revocable or irrevocable proxies, as to
the election or removal of two or more directors of the Company, for more than 50 percent of the
total number of voting shares of the Company; (iii) any person (other than a Holding Company) has
commenced a tender or exchange offer, or entered into an agreement or received an option, to
acquire beneficial ownership of more than 50 percent of the total number of voting shares of the
Company; (iv) there is a sale or other transfer of all or substantially all of the assets of the
Company other than to a Holding Company or a corporation controlled by the Company, or (v) as the
result of, or in connection with, any cash tender or exchange offer, merger, or other business
combination, sale of assets or contested election, or any combination of the foregoing
transactions, the persons who were directors of the Company before such transaction shall cease to
constitute at least a majority of the Board of any successor corporation. In the event that the
Company (or any successor entity) becomes a subsidiary of a Holding Company, references to the
Company in the preceding sentence shall be deemed to be references to the Holding Company.
Notwithstanding the foregoing, a “Change in Control” will not be deemed to have occurred under
clauses (ii) or (iii) above if within 30 days of such action, the Board of Directors of the Company
(by a two-thirds affirmative vote of the directors in office before such action occurred) makes a
determination that such action does not and is not likely to constitute a change in control of the
Company. For purposes of this definition, a “person” includes an individual, corporation,
partnership, trust, association, joint venture, pool, syndicate, unincorporated organization,
joint-stock company, or similar organization or group acting in concert. A person for these
purposes shall be deemed to be a beneficial owner as that term is used in Rule 13d-3 under the
Securities Exchange Act of 1934, as amended;

(c) “Code” means the Internal Revenue Code of 1986, as amended;

(d) “Controlled Group” means the Company and any other entity the employees of which
would be required to be aggregated with the employees of the Company pursuant to Code §414(b), (c),
(m), or (o);

(e) “Good Reason” shall exist if (i) the Company, without Your written consent (a)
materially reduces or changes Your reporting, duties and/or job title, provided, however, that
where there is no reduction in Your base salary or annual bonus potential, a material reduction or
change in Your reporting, duties, job title, or responsibilities shall not be determined to be Good
Reason under this Agreement, or (b) requires You to relocate to a place more than 50 miles from
Norcross, Georgia to perform Your duties; (ii) You provide written notice to the Company of such
action and provide the Company with 30 days to remedy such action (the “Cure Period”); (iii) the
Company fails to remedy such action within the Cure Period; and (iv) You elect to resign within 30
days of the expiration of the Cure Period;

(f) “Separation from Service” means, with respect to You, a “separation from service”
(within the meaning of Code §409A(a)(2)(A)(i) and regulations issued thereunder) of You from all
members of the Controlled Group; and

(g) “Specified Employee” means a “key employee” (within the meaning of Code §416(i)
without regard to Code §416(i)(5) thereof) of any member of the Controlled Group which has stock
which has publicly traded on an established securities market or otherwise. You shall be treated
as being a Specified Employee as of any date occurring during the period beginning April 1 of a
given calendar year and ending on the next following March 31 if You meet the definition of a
Specified Employee in the preceding sentence at any time during the calendar year immediately
preceding such given calendar year.

 

 

 

7. Deferral of Compensation. Notwithstanding any provision of this Agreement to the
contrary, to the extent that (i) any amount(s) would be payable to You under Section 3(a), (b), (c)
or (d) above by reason of Your termination of employment, and (ii) such amount(s) constitute a
“deferral of compensation” within the meaning of Treasury regulations issued under Code §409A as
reasonably determined by the Company, then such amount(s) shall not be paid until You have incurred
a Separation from Service if such termination of employment does not constitute a Separation from
Service. Furthermore, to the extent that (i) any amount(s) would be payable to You within the
first six (6) months following Your Separation from Service on account of Your Separation from
Service, (ii) You are a Specified Employee as of the date of Your Separation from Service, and
(iii) such amount(s) constitute a “deferral of compensation” within the meaning of Treasury
regulations issued under Code §409A as reasonably determined by the Company, then such amount(s)
shall not be paid and shall instead be held and accumulated and paid as of the date which is six
(6) months and one (1) day after the date of Your Separation from Service. Any amounts paid which
are excepted from being a “deferral of compensation” shall not be subject to the foregoing
restrictions. For all purposes of this Agreement, the right to a series of installment payments
shall be treated as a right to a series of separate payments for purposes of Code §409A.

8. Limitation on Parachute Payments. Notwithstanding any other provision of this
Agreement or of any other agreement, contract, or understanding heretofore or hereafter entered
into by You with the Company or any subsidiary or affiliate, except an agreement, contract, or
understanding hereafter entered into that expressly modifies or excludes application of this
Section (an “Other Agreement”), and notwithstanding any formal or informal plan or other
arrangement for the direct or indirect provision of compensation to You (including groups or
classes of participants or beneficiaries of which You are a member), whether or not such
compensation is deferred, is in cash, or is in the form of a benefit to or for You (a “Benefit
Arrangement”), if You are a “disqualified individual,” as defined in Section 280G(c) of the Code,
no payment or benefit shall be made or provided to You or become vested, exercisable or payable, as
applicable, (i) to the extent that such payment, right to exercise, vesting, or other benefit,
taking into account all other payments, rights, or benefits to or for You, or becoming vested,
exercisable or payable, as the case may be, under this Agreement, all Other Agreements and all
Benefit Arrangements, would cause any such payment, right to exercise, vesting or other benefit to
which You are or would be entitled under this Agreement to be considered a “parachute payment”
within the meaning of Section 280G(b)(2) of the Code as then in effect (a “Parachute Payment”)
and (ii) if, as a result of receiving a Parachute Payment, the aggregate after-tax amounts
received by You under this Agreement, all Other Agreements, and all Benefit Arrangements would be
less than the maximum after-tax amount that could be received by You without causing any such
payment, right to exercise, vesting or other benefit to be considered a Parachute Payment. In the
event that the receipt of any such payment, right to exercise, vesting, or other benefit under this
Agreement, in conjunction with all other rights, payments, or benefits to or for You under any
Other Agreement or any Benefit Arrangement would cause You to be considered to have received a
Parachute Payment under this Agreement that would have the effect of decreasing the after-tax
amount received by You as described in clause (ii) of the preceding sentence, then You shall have
the right, in Your sole discretion, to designate those rights, payments or benefits (or the vesting
or exercisability thereof) under this Agreement, any Other Agreements and any Benefit Arrangements
that should be reduced or eliminated so as to avoid having the right, payment or benefit to You (or
the vesting or exercisability thereof) under this Agreement be deemed to be a Parachute Payment.
All determinations required to be made under this Section, including whether and when a reduction
in rights, payments or benefits (or the vesting or exercisability thereof) is required and the
amount of such reduction and the assumptions to be utilized in arriving at such determination,
shall be made by PricewaterhouseCoopers LLP or such other certified public accounting firm
reasonably acceptable to the Company as may be designated by You in writing (the “Accounting Firm”)
which shall provide detailed supporting calculations both to the Company and You within 15 business
days of the receipt of notice from You or the Company. In the event that the Accounting Firm is
serving as accountant or auditor for the Company or any individual, entity or group effecting a
change in the ownership or effective control of the Company (within the meaning of Section 280G of
the Code), You shall appoint another nationally recognized accounting firm that is reasonably
acceptable to the Company to make the determinations required hereunder (which accounting firm
shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the
Accounting Firm shall be borne solely by the Company. Any determination by the Accounting Firm
shall be binding upon the Company and You.

9. Entire Agreement. This Agreement constitutes the entire agreement between the
Parties concerning the subject matter of this Agreement and supersedes any prior communications,
agreements or understandings, whether oral or written, between You and the Company relating to
severance payments of any type or nature, including without limitation, the Prior Agreement. Other than the terms of this
Agreement, no other representation, promise or agreement has been made with You to cause You to
sign this Agreement.

 

 

 

10. Confidentiality, Non-Disclosure and Non-Solicitation Agreement. By execution of
this Agreement, the Parties acknowledge the continuing validity and effectiveness of the
Confidentiality, Non-Disclosure and Non-Solicitation Agreement (the “Covenants Agreement”) entered
into concurrently with the execution of the Prior Agreement.

11. Governing Law, Jurisdiction and Venue. The laws of the State of Georgia will
govern this Agreement. If Georgia’s conflict of law rules would apply another state’s laws, the
Parties agree that Georgia law will still govern. You agree that any claim arising out of or
relating to this Agreement will be brought in a state or federal court of competent jurisdiction in
Georgia. You consent to the personal jurisdiction of the state and/or federal courts located in
Georgia. You waive (i) any objection to jurisdiction or venue, or (ii) any defense claiming lack
of jurisdiction or improper venue, in any action brought in such courts.

12. Waiver. The Company’s failure to enforce any provision of this Agreement will not
act as a waiver of that or any other provision. The Company’s waiver of any breach of this
Agreement will not act as a waiver of any other breach.

13. Severability. The provisions of this Agreement are severable. If any provision
is determined to be invalid, illegal, or unenforceable, in whole or in part, the remaining
provisions and any partially enforceable provisions will remain in full force and effect.

14. Amendments. This Agreement may not be amended or modified except in writing
signed by both Parties.

15. Successors and Assigns. This Agreement will be assignable to, and will inure to
the benefit of, the Company’s successors and assigns, including, without limitation, successors
through merger, name change, consolidation, or sale of a majority of the Company’s stock or assets,
and will be binding upon You and Your heirs and assigns.

[Signatures Appear on Following Page]

 

 

 

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date.

	 	 	 	 	 
	 	S1 CORPORATION

 	 
	 	By:  	/s/ Gregory D. Orenstein
 	 
	 	 	Name:  	Gregory D. Orenstein 	 
	 	 	Title:  	SVP, Chief Legal Officer and Secretary 	 
	 
	 	          /s/ Pierre Naude
 	 
	 	Pierre Naude

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