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                           CHANGE IN CONTROL AGREEMENT

        THIS CHANGE IN CONTROL AGREEMENT, dated as of October 31, 2005, is made
by and between TRACTOR SUPPLY COMPANY, a Delaware corporation (the "Company"),
and Anthony F. Crudele (the "Executive").

        WHEREAS, the Company considers it essential to the best interests of its
stockholders to foster the continued employment of key management personnel; and

        WHEREAS, the Board recognizes that, as is the case with many publicly
held corporations, the possibility of a Change in Control exists and that such
possibility, and the uncertainty and questions that it may raise among
management, may result in the departure or distraction of management personnel
to the detriment of the Company and its stockholders; and

        WHEREAS, the Board has determined that appropriate steps should be taken
to reinforce and encourage the continued attention and dedication of certain
members of the Company's senior management, including the Executive, to their
assigned duties without distraction in the face of potentially disturbing
circumstances arising from the possibility of a Change in Control.

        NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the Company and the Executive hereby agree as
follows:

        1.      DEFINED TERMS. The definitions of capitalized terms used in this
Agreement are provided in the last Section hereof.

        2.      TERM OF AGREEMENT. The Term of this Agreement shall commence on
the date hereof and shall continue in effect through June 30, 2007; provided,
however, that if a Change in Control occurs during the Term, the Term shall
expire no earlier than the second anniversary of the date on which such Change
in Control occurs.

        3.      COMPANY'S COVENANTS. In order to induce the Executive to remain
in the employ of the Company and in consideration of the Executive's covenants
set forth in Section 4 hereof, the Company agrees, under the conditions
described herein, to pay the Executive the Severance Payments and the other
payments and benefits described herein. Except as provided in Section 5(c)
hereof, no Severance Payments or other benefits shall be payable or provided
under this Agreement unless there shall have been (or, under the terms of the
last sentence of Section 6(a) hereof, there shall be deemed to have been) a
termination of the Executive's employment with the Company following a Change in
Control and during the Term. This Agreement shall not be construed as creating
an express or implied contract of employment and, except as otherwise agreed in
writing between the Executive and the Company, the Executive shall not have any
right to be retained in the employ of the Company.

        4.      THE EXECUTIVE'S COVENANTS.

        (a)     EMPLOYMENT. The Executive agrees that, subject to the terms and
conditions of this Agreement, in the event of a Change in Control during the
Term, the Executive will remain in the employ of the Company until the earliest
of (i) a date which is six (6) months from the date of such Change in Control,
(ii) the Date of Termination by the Executive of the Executive's employment for
Good Reason or by

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reason of death, Disability or Retirement, or (iii) the termination by the
Company of the Executive's employment for any reason.

        (b)     NONCOMPETITION, ETC. The Executive agrees that the Executive
will not, for a period of one year from the Date of Termination of the
Executive's employment by the Company (other than following a termination by the
Executive for Good Reason), (i) directly or indirectly become an employee,
director, consultant or advisor of, or otherwise affiliated with, any operator
of farm and ranch stores in the United States, (ii) directly or indirectly
solicit or hire, or encourage the solicitation or hiring of, any person who was
an employee of the Company at any time on or after such Date of Termination
(unless more than six months shall have elapsed between the last day of such
person's employment by the Company and the first date of such solicitation or
hiring), (iii) disparage the name, business reputation or business practices of
the Company or any of its officers or directors, or interfere with the Company's
existing or prospective business relationships, or (iv) without the written
consent of the Company, disclose to any person, other than as required by law or
court order, any confidential information or trade secrets obtained by the
Executive while in the employ of the Company; provided, however, that
confidential information shall not include any information known generally to
the public (other than as a result of unauthorized disclosure by the Executive)
or any specific information or type of information generally not considered
confidential by persons engaged in the same business as the Company. The
Executive acknowledges that these restrictions are reasonable and necessary to
protect the Company's legitimate interests, that the Company would not have
entered into this Agreement in the absence of such restrictions, and that any
violation of these restrictions will result in irreparable harm to the Company.
The Executive agrees that the Company shall be entitled to preliminary and
permanent injunctive relief, without the necessity of proving actual damages, as
well as an equitable accounting of all earnings, profits and other benefits
arising from any violation hereof, which rights shall be cumulative and in
addition to any other rights or remedies to which the Company may be entitled.

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        5.      COMPENSATION OTHER THAN SEVERANCE PAYMENTS.

        (a)     If the Executive's employment shall be terminated for any reason
following a Change in Control and during the Term, the Company shall pay the
Executive's full salary to the Executive through the Date of Termination at the
rate in effect immediately prior to the Date of Termination or, if higher, the
rate in effect immediately prior to the first occurrence of an event or
circumstance constituting Good Reason, together with all compensation and
benefits payable to the Executive through the Date of Termination under the
terms of the Company's compensation and benefit plans, programs or arrangements
as in effect immediately prior to the Date of Termination or, if more favorable
to the Executive, as in effect immediately prior to the first occurrence of an
event or circumstance constituting Good Reason.

        (b)     If the Executive's employment shall be terminated for any reason
following a Change in Control and during the Term, the Company shall pay to the
Executive the Executive's normal post-termination compensation and benefits, if
any; provided, however, that, the severance benefits provided in Section 6
hereof shall be exclusive and the Executive shall not be entitled to participate
in, or receive benefits under, any other severance plan or program that may be
adopted by the Company. Such post-termination compensation and benefits shall be
determined under, and paid in accordance with, the Company's retirement,
insurance and other compensation or benefit plans, programs and arrangements as
in effect immediately prior to the Date of Termination or, if more favorable to
the Executive, as in effect immediately prior to the occurrence of the first
event or circumstance constituting Good Reason.

        (c)     Notwithstanding any provision of any stock option plan, stock
incentive plan, restricted stock plan, stock option or similar plan or agreement
to the contrary, immediately upon the occurrence of a Change in Control during
the Term, and without regard to whether the Executive's employment is
terminated, the Executive shall be fully vested in all then outstanding options
to acquire stock of the Company (or if such options have been assumed by, or
replaced with options for shares of, a parent, surviving or acquiring company,
such assumed or replacement options), and all then outstanding restricted shares
of stock of the Company (or the stock of any parent, surviving or acquiring
company into which such restricted shares have been converted or for which they
have been exchanged) held by the Executive.

        6.      SEVERANCE PAYMENTS.

        (a)     SEVERANCE PAYMENTS. If the Executive's employment is terminated
following a Change in Control and during the Term, other than (A) by the Company
for Cause, (B) by reason of death or Disability, or (C) by the Executive without
Good Reason, then the Company shall pay the Executive the following amounts, and
provide the Executive the following benefits (collectively, the "Severance
Payments"), together with any Gross-Up Payment payable under Section 6(b)
hereof, in addition to any payments and benefits to which the Executive is
entitled under Section 5 hereof:

                (i)     In lieu of any further salary payments to the Executive
        for periods subsequent to the Date of Termination and in lieu of any
        severance benefit otherwise payable to the Executive, the Company shall
        pay to the Executive a lump sum severance payment, in cash, equal to 1.5
        times the sum of (x) the Executive's base salary as in effect
        immediately prior to the Date of Termination or, if higher, in effect
        immediately prior to the first occurrence of an event or circumstance
        constituting Good Reason, and (y) the Executive's

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        target annual bonus pursuant to any annual bonus or incentive plan
        maintained by the Company in respect of the fiscal year in which occurs
        the Date of Termination or, if higher, in respect of the fiscal year in
        which occurs the Change in Control.

                (ii)    For the two year period immediately following the Date
        of Termination, the Company shall arrange to provide the Executive and
        his dependents life, disability, accident and health insurance benefits
        substantially similar to those provided to the Executive and his
        dependents immediately prior to the Date of Termination or, if more
        favorable to the Executive, those provided to the Executive and his
        dependents immediately prior to the first occurrence of an event or
        circumstance constituting Good Reason, at no greater cost to the
        Executive than the cost to the Executive immediately prior to such date
        or occurrence; provided, however, that, unless the Executive consents to
        a different method (after taking into account the effect of such method
        on the calculation of "parachute payments" pursuant to Section 6(b)
        hereof), such insurance benefits shall be provided through a third-party
        insurer. Benefits otherwise receivable by the Executive pursuant to this
        Section 6(a)(ii) shall be reduced to the extent benefits of the same
        type are received by or made available to the Executive by a subsequent
        employer of the Executive during the two year period following the
        Executive's termination of employment (and any such benefits received by
        or made available to the Executive shall be reported to the Company by
        the Executive); provided, however, that the Company shall reimburse the
        Executive for the excess, if any, of the cost of such benefits to the
        Executive over such cost immediately prior to the Date of Termination
        or, if more favorable to the Executive, the first occurrence of an event
        or circumstance constituting Good Reason.

                (iii)   Notwithstanding any provision of any stock option plan,
        stock incentive plan, restricted stock plan or similar plan or agreement
        to the contrary, as of the Date of Termination, (x) the Executive shall
        be fully vested in all outstanding options to acquire stock of the
        Company (or the options of any parent, surviving our acquiring company
        then held by the Executive) and all then outstanding restricted shares
        of stock of the Company (or such parent, surviving or acquiring company)
        held by the Executive, and (y) subject to any limitation on exercise in
        any such plan or agreement that may not be amended without stockholder
        approval, all options referred to in cause (x) above shall be
        immediately exercisable and shall remain exercisable until the earlier
        of (1) the second anniversary of the Date of Termination, or (2) the
        otherwise applicable normal expiration date of such option.

                (iv)    To the extent that the full vesting of any stock option
        or share of restricted stock, or the full exercisability of any stock
        option, provided for in Section 5(c) or Section 6(a)(iii) should violate
        any law, rule or regulation of any governmental authority or
        self-regulatory organization applicable to the Company, or to the extent
        otherwise determined by the Company is its sole discretion, the Company
        may, in lieu of providing any vesting or exercisability rights pursuant
        to Section 5(c) or 6(a)(iii), (x) cancel any or all of the Executive's
        outstanding options in exchange for a lump sum payment, in cash, equal
        to the excess of the fair market value of the shares of stock underlying
        such options (whether or not vested or exercisable) on the Date of
        Termination (as determined by the Board) over the aggregate exercise
        price provided for in such stock options, and (y) repurchase any shares
        of restricted stock at their fair

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        market value (as determined by the Board without regard to the
        restrictions on such shares of stock).

                (v)     The Company shall pay to the Executive a lump sum
        amount, in cash, equal to the Executive's target annual bonus under any
        bonus plan maintained by the Company in respect of the fiscal year in
        which occurs the Date of Termination multiplied by a fraction, the
        numerator of which is the number of days in such fiscal year through and
        including the Date of Termination, and the denominator of which is 365.

                (vi)    The Company shall provide the Executive with
        outplacement services suitable to the Executive's position for a period
        of one year or, if earlier, until the first acceptance by the Executive
        of an offer of employment.

        For purposes of this Agreement, the Executive's employment shall be
deemed to have been terminated following a Change in Control by the Company
without Cause or by the Executive with Good Reason, if (x) the Executive's
employment is terminated by the Company without Cause (whether or not a Change
in Control ever occurs) and, at the time of such termination, the Company is a
party to a written agreement the consummation of which would constitute a Change
in Control, or (y) the Executive terminates his employment for Good Reason
(whether or not a Change in Control ever occurs) and, both at the time the event
occurs that constitutes Good Reason and at the time of such termination, the
Company is a party to such an agreement.

        (b)     GROSS-UP PAYMENT

                (i)     Whether or not the Executive becomes entitled to the
        Severance Payments, except as otherwise provided in Section 6(b)(ii)
        hereof, if any of the payments or benefits received or to be received by
        the Executive in connection with a Change in Control or the Executive's
        termination of employment (whether pursuant to the terms of this
        Agreement or any other plan, arrangement or agreement with the Company,
        with any Person whose actions result in a Change in Control or with any
        Person affiliated with the Company or such Person) (such payments or
        benefits, excluding the Gross-Up Payment, being hereinafter referred to
        as the "Total Payments") will be subject to the Excise Tax, the Company
        shall pay to the Executive an additional amount (the "Gross-Up Payment")
        such that the net amount retained by the Executive, after deduction of
        any Excise Tax on the Total Payments and any federal, state and local
        income and employment taxes and Excise Tax upon the Gross-Up Payment,
        and after taking into account the phase out of the itemized deductions
        attributable to the Gross-Up Payment, shall be equal to the Total
        Payments.

                (ii)    If the Total Payments would (but for this Section 6(b))
        be subject (in whole or part) to the Excise Tax, but the aggregate value
        of the portion of the Total Payments that are considered "parachute
        payments" within the meaning of section 280G(b)(2) of the Code is less
        than 330% of the Executive's Base Amount, then subsection (i) of this
        Section 6(b) shall not apply, and the cash Severance Payments shall be
        reduced (if necessary, to zero), and all other Severance Payments shall
        thereafter be reduced (if necessary, to zero), to the extent necessary
        to cause the Total Payments not to be subject to the Excise Tax.

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                (iii)   For purposes of determining whether any of the Total
        Payments will be subject to the Excise Tax and the amount of such Excise
        Tax, (A) all of the Total Payments shall be treated as "parachute
        payments" (within the meaning of Section 280G(b)(2) of the Code) unless,
        in the opinion of tax counsel ("Tax Counsel") reasonably acceptable to
        the Executive and selected by the accounting firm that was, immediately
        prior to the Change in Control, the Company's independent auditor (the
        "Auditor"), such payments or benefits (in whole or in part) do not
        constitute parachute payments, including by reason of Section
        280G(b)(4)(A) of the Code, (B) all "excess parachute payments" within
        the meaning of Section 280G(b)(l) of the Code shall be treated as
        subject to the Excise Tax unless, in the opinion of Tax Counsel, such
        excess parachute payments (in whole or in part) represent reasonable
        compensation for services actually rendered (within the meaning of
        Section 280G(b)(4)(B) of the Code) in excess of the Base Amount
        allocable to such reasonable compensation, or are otherwise not subject
        to the Excise Tax, and (C) the value of any noncash benefits or any
        deferred payment or benefit shall be determined by the Auditor in
        accordance with the principles of Sections 280G(d)(3) and (4) of the
        Code. For purposes of determining the amount of the Gross-Up Payment,
        (x) the Executive shall be deemed to pay federal income tax at the
        highest marginal rate of federal income taxation in the calendar year in
        which the Gross-Up Payment is to be made and state and local income
        taxes at the highest marginal rate of taxation in the states and
        localities of the Executive's residence and employment on the Date of
        Termination, net of the maximum reduction in federal income taxes that
        could be obtained from deduction of such state and local taxes, (y) the
        Executive shall be deemed to pay employment taxes at the highest rates
        in effect in the state and locality of the Executive's employment, and
        (z) amounts actually withheld from any payment to the Executive pursuant
        to Section 11 hereof with respect to income or employment taxes shall be
        ignored.

                (iv)    In the event that the Excise Tax is Finally Determined
        to be less than the amount taken into account hereunder in calculating
        the Gross-Up Payment and, after giving effect to such Finally Determined
        amount, the Severance Payments are to be reduced pursuant to Section
        6(b)(ii) hereof, then the Executive shall repay to the Company, within
        five (5) business days following the date that the amount of such
        reduction in the Severance Payments is Finally Determined, the Gross-Up
        Payment previously paid to the Executive and the amount of such
        reduction in the Severance Payments, plus interest on the amount of such
        repayments at 120% of the rate provided in Section 1274(b)(2)(B) of the
        Code.

                (v)     In the event that the Excise Tax is Finally Determined
        to be less than the amount taken into account hereunder in calculating
        the Gross-Up Payment, but, after giving effect to such Finally
        Determined amount, no reduction of the Severance Payments is required
        pursuant to Section 6(b)(ii) hereof, then the Executive shall repay to
        the Company, within five (5) business days following the time that the
        amount of such reduction in the Excise Tax is Finally Determined, the
        portion of the Gross-Up Payment attributable to such reduction (plus
        that portion of the Gross-Up Payment attributable to the Excise Tax and
        federal, state and local income and employment taxes imposed on the
        Gross-Up Payment being repaid by the Executive), to the extent that such
        repayment results in a reduction in the Excise Tax and a
        dollar-for-dollar reduction in the Executive's taxable income and wages
        for purposes of federal, state and local income and employment taxes,
        plus interest on the amount of

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        such repayment at 120% of the rate provided in Section 1274(b)(2)(B) of
        the Code.

                (vi)    Except as otherwise provided in Section 6(b)(vii) below,
        in the event that the Excise Tax is Finally Determined to exceed the
        amount taken into account hereunder in calculating the Gross-Up Payment
        (including by reason of any payment the existence or amount of which
        cannot be determined at the time of the Gross-Up Payment), the Company
        shall, within five (5) business days following the time that the amount
        of such excess is Finally Determined, (A) make an additional Gross-Up
        Payment in respect of such excess and a Gross-Up Payment in respect of
        any amounts paid pursuant to clause (B) or (C) of this Section 6(b)(vi)
        (plus any interest, penalties or additions payable by the Executive with
        respect to such amounts), (B) if the Severance Payments were reduced
        pursuant to Section 6(b)(ii) hereof, but after giving effect to such
        final determination, the Severance Payments should not have been so
        reduced, the amount by which the Severance Payments were reduced
        pursuant to Section 6(b)(ii) hereof, and (C) interest on such amounts at
        120% of the rate provided in Section 1274(b)(2) of the Code.

                (vii)   In the event that the Severance Payments were reduced
        pursuant to Section 6(b)(ii) hereof and the value of the Total Payments
        that are considered "parachute payments" within the meaning of Section
        280G(b)(2) of the Code is Finally Determined to differ from the amount
        taken into account hereunder in calculating the Gross-Up Payment, but
        such Finally Determined value still does not exceed 330% of the
        Executive's Base Amount, then, within five (5) business days following
        the date on which such value is Finally Determined, (x) the Company
        shall pay to the Executive the amount (if any) by which the reduced
        Severance Payments (after taking the Finally Determined value into
        account) exceeds the amount of the reduced Severance Payments actually
        paid to the Executive, plus interest on the amount of such payment at
        120% of the rate provided in Section 1274(b) of the Code, or (y) the
        Executive shall pay to the Company the amount (if any) by which the
        reduced Severance Payments actually paid to the Executive exceeds the
        amount of the reduced Severance Payments (after taking the Finally
        Determined value into account), plus interest on the amount of such
        payment at 120% of the rate provided in Section 1274(b) of the Code.

        (c)     The payments provided for in Section 6(a)(i) and (b)(i) hereof
shall be made not later than the fifth business day following the Date of
Termination; provided, however, that if the amounts of such payments cannot be
Finally Determined on or before such day, the Company shall pay to the Executive
on such day an estimate, as determined in good faith by the Company or, in the
case of payments under Section 6(b)(i) hereof, in accordance with Section 6(b)
hereof, of the minimum amount of such payments to which the Executive is clearly
entitled and shall pay the remainder of such payments (together with interest on
the unpaid remainder (or on all such payments to the extent the Company fails to
make such payments when due) at 120% of the rate provided in section
1274(b)(2)(B) of the Code) as soon as the amount thereof can be determined but
in no event later than the sixtieth (60th) day after the Date of Termination. At
the time that payments are made under this Agreement, the Company shall provide
the Executive with a written statement setting forth the manner in which such
payments were calculated and the basis for such calculations including, without
limitation, any opinions or other advice the Company has received from Tax
Counsel, the Auditor or other advisors or consultants (and any such opinions or
advice which are in writing shall be attached to the statement).

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        (d)     The Executive and the Company shall each reasonably cooperate
with the other in connection with any administrative or judicial proceedings
concerning the existence or amount of liability for Excise Tax with respect to
the Total Payments. The Company shall pay to the Executive all legal fees and
expenses incurred by the Executive in disputing in good faith any issue
hereunder relating to the termination of the Executive's employment, in seeking
in good faith to obtain or enforce any benefit or right provided by this
Agreement or in connection with any tax audit or proceeding to the extent
attributable to the application of Section 4999 of the Code to any payment or
benefit provided hereunder. Such payments shall be made within five (5) business
days after delivery of the Executive's written requests for payment accompanied
with such evidence of fees and expenses incurred as the Company reasonably may
require.

        7.      TERMINATION PROCEDURES AND COMPENSATION DURING DISPUTE.

        (a)     NOTICE OF TERMINATION. After a Change in Control and during the
Term, any purported termination of the Executive's employment (other than by
reason of death) shall be communicated by written Notice of Termination from one
party hereto to the other party hereto in accordance with Section 10 hereof. For
purposes of this Agreement, a "Notice of Termination" shall mean a notice which
shall indicate the specific termination provision in this Agreement relied upon
and shall set forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of the Executive's employment under the
provision so indicated. Further, a Notice of Termination for Cause is required
to include an invitation to attend a meeting of the Board, to be held no sooner
than fifteen (15) days and no later than thirty (30) days following the date of
such Notice of Termination for the purpose of considering whether Cause existed
for the Executive's termination. If the Executive elects to attend the meeting,
the Executive and his or her counsel shall be given the opportunity to address
the Board. At the conclusion of the meeting, the Board shall vote whether the
Executive was guilty of conduct giving rise to Cause hereunder, which vote shall
require not less than three-quarters (3/4) of the entire membership of the Board
in order to confirm the Executive's termination for Cause. If the Board fails to
confirm the Executive's termination for Cause, the Board may elect to reinstate
the Executive or treat the termination as a termination without Cause for
purposes of this Agreement. The Company shall have no liability to the Executive
with respect to any benefit other than cash compensation that is denied the
Executive during the period between the delivery of a Notice of Termination for
Cause and the Board's subsequent failure to confirm that Cause existed. Notice
of Termination due to a Good Reason must be provided by the Executive to the
Company within six months of the Executive becoming aware that the basis for
such Good Reason exists.

        (b)     DATE OF TERMINATION. The "Date of Termination," with respect to
any termination of the Executive's employment after a Change in Control and
during the Term, shall mean the date specified in the Notice of Termination
which, except in the case of a termination for Cause, shall not be less than
fifteen (15) days from the date such Notice of Termination is given.
Notwithstanding the foregoing, the Company shall have the right to restrict the
Executive's access to company facilities and properties, and to terminate the
Executive's authority to act on behalf of the Company, in such manner as the
Company, in its sole discretion, shall deem appropriate during the period
between the delivery of such a Notice of Termination and the Date of
Termination. The Date of Termination with respect to a termination for Cause
shall be the date the Notice of Termination is delivered to the Executive or
such later date as the Company shall expressly provide; provided, however, that
if a Notice of Termination for Cause is delivered to the Executive and the Board
subsequently determines pursuant

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to Section 7(a) hereof that Cause did not exist but does not reinstate the
Executive, the Date of Termination shall be deemed to be the date of such Board
determination.

        8.      NO MITIGATION. The Company agrees that, if the Executive's
employment with the Company terminates during the Term, the Executive is not
required to seek other employment or to attempt in any way to reduce any amounts
payable to the Executive by the Company pursuant to Section 6 hereof. Further,
the amount of any payment or benefit provided for in this Agreement shall not be
reduced by any compensation earned by the Executive as the result of employment
by another employer, by retirement benefits, by offset against any amount
claimed to be owed by the Executive to the Company, or otherwise except as
expressly provided herein.

        9.      SUCCESSORS; BINDING AGREEMENT.

        (a)     In addition to any obligations imposed by law upon any successor
to the Company, the Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of the Company to expressly assume
and agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform it if no such succession had taken
place. Failure of the Company to obtain such assumption and agreement prior to
or upon the effectiveness of any such succession shall be a breach of this
Agreement and shall entitle the Executive to compensation from the Company in
the same amount and on the same terms as the Executive would be entitled to
hereunder if the Executive were to terminate the Executive's employment for Good
Reason after a Change in Control, except that, for purposes of implementing the
foregoing, the date on which any such succession becomes effective shall be
deemed the Date of Termination. If the Company successfully obtains such
assumption and agreement prior to or upon the effectiveness of any such
succession and the successor extends an offer of employment to the Executive,
any termination of the Executive's employment with the Company incident to such
succession shall be ignored for purposes of this Agreement; provided that
nothing contained in this Section 9(a) shall limit the Executive's right to
terminate employment with the successor for Good Reason if the succession
constitutes a Change in Control and the successor takes any action subsequent to
such succession that would constitute Good Reason hereunder.

        (b)     This Agreement shall inure to the benefit of and be enforceable
by the Executive's personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. If the Executive shall
die while any amount would still be payable to the Executive hereunder (other
than amounts which, by their terms, terminate upon the death of the Executive)
if the Executive had continued to live, all such amounts, unless otherwise
provided herein, shall be paid in accordance with the terms of this Agreement to
the executors, personal representatives or administrators of the Executive's
estate.

        10.     NOTICES. For the purpose of this Agreement, notices and all
other communications provided for in the Agreement shall be in writing and shall
be deemed to have been duly given when delivered or mailed by United States
registered mail, return receipt requested, postage prepaid, addressed, if to the
Executive, to the address inserted below the Executive's signature on the final
page hereof and, if to the Company, to the address set forth below, or to such
other address as either party may have furnished to the other in writing in
accordance herewith, except that notice of change of address shall be effective
only upon actual receipt:

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                To the Company:

                Tractor Supply Company
                200 Powell Place
                Brentwood, Tennessee 37027
                Attention:  Corporate Secretary

        11.     MISCELLANEOUS. No provision of this Agreement may be modified,
waived or discharged unless such waiver, modification or discharge is agreed to
in writing and signed by the Executive and such officer as may be designated by
the Board. No waiver by either party hereto at any time of any breach by the
other party hereto of, or of any lack of compliance with, any condition or
provision of this Agreement to be performed by such other party shall be deemed
a waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent time. The validity, interpretation, construction and
performance of this Agreement shall be governed by the laws of the State of
Tennessee. All references to sections of the Exchange Act or the Code shall be
deemed also to refer to any successor provisions to such sections. Any payments
provided for hereunder shall be paid net of any applicable withholding required
under federal, state or local law and any additional withholding to which the
Executive has agreed. The obligations of the Company and the Executive under
this Agreement which by their nature may require either partial or total
performance after the expiration of the Term (including, without limitation,
those under Sections 6 and 7 hereof) shall survive such expiration.

        12.     VALIDITY. The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

        13.     COUNTERPARTS. This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

        14.     SETTLEMENT OF DISPUTES. Except as otherwise provided by law or
the specific terms of any employee benefit plan of the Company, all claims by
the Executive for benefits under this Agreement shall be directed to and
determined by the Board and shall be in writing. The Executive shall provide the
Board with all materials and information reasonably requested by the Board in
connection with its review of any such claim. Any denial by the Board of a claim
for benefits under this Agreement shall be delivered to the Executive in writing
and shall set forth the specific reasons for the denial and the specific
provisions of this Agreement relied upon. The Board shall afford a reasonable
opportunity to the Executive for a review of the decision denying a claim and
shall further allow the Executive to appeal to the Board a decision of the Board
within sixty (60) days after notification by the Board that the Executive's
claim has been denied.

        15.     DEFINITIONS. For purposes of this Agreement, the following terms
shall have the meanings indicated below:

        (a)     "Affiliate" shall have the meaning set forth in Rule 12b-2
promulgated under Section 12 of the Exchange Act.

        (b)     "Auditor" shall have the meaning set forth in Section 6(b)
hereof.

        (c)     "Base Amount" shall have the meaning set forth in section
280G(b)(3) of the Code.

                                       10
<PAGE>

        (d)     "Beneficial Owner" shall have the meaning set forth in Rule
13d-3 under the Exchange Act.

        (e)     "Board" shall mean the Board of Directors of the Company.

        (f)     "Cause" for termination by the Company of the Executive's
employment shall mean (i) the willful and continued failure by the Executive to
substantially perform the Executive's duties with the Company (other than any
such failure resulting from the Executive's incapacity due to physical or mental
illness or any such actual or anticipated failure after the issuance of a Notice
of Termination for Good Reason by the Executive pursuant to Section 7(a) hereof)
that has not been cured within 30 days after a written demand for substantial
performance is delivered to the Executive by the Board, which demand
specifically identifies the manner in which the Board believes that the
Executive has not substantially performed the Executive's duties, or (ii) the
willful engaging by the Executive in conduct which is demonstrably and
materially injurious to the Company or its subsidiaries, monetarily or
otherwise. For purposes of clauses (i) and (ii) of this definition, no act, or
failure to act, on the Executive's part shall be deemed "willful" if done, or
omitted to be done, by the Executive in good faith and with a reasonable belief
that the Executive's act, or failure to act, was in the best interest of the
Company.

        (g)     "Change in Control" shall be deemed to have occurred if:

                (i)     Any Person (including a "group" as defined in Section
14(d) of the Exchange Act) other than an Exempt Person is or becomes the
Beneficial Owner, directly or indirectly, of securities of the Company
representing more than 30% of the combined voting power of the Company's then
outstanding securities; provided, however, that no Change of Control shall be
deemed to have occurred as a result of a change in ownership percentage
resulting solely from an acquisition of securities by the Company; or

                (ii)    During any two (2) consecutive years during the Term,
individuals who at the beginning of such two (2) year period constitute the
Board and any new director whose election to the Board or nomination for
election by the Company's stockholders was approved by a vote of at least
two-thirds of the directors then still in office who either were directors at
the beginning of the period or whose election or nomination for election was
previously so approved (such individuals and any such new director being
referred to as the "Incumbent Board") cease for any reason to constitute at
least a majority of the Board; provided, however, that no individual shall be
considered a member of the Incumbent Board if such individual initially assumed
office as a result of either an actual or threatened "Election Contest" (as
described in Rule 14a-11 promulgated under the Exchange Act) or other actual or
threatened solicitation of proxies or consents by or on behalf of a Person other
than the Board (a "Proxy Contest") including by reason of any agreement intended
to avoid or settle any Election Contest or Proxy Contest; or

                (iii)   Consummation of a reorganization, merger or
consolidation of the Company (a "Business Combination"), in each case, unless,
following such Business Combination, all or substantially all of the individuals
and entities who were the beneficial owners of outstanding voting securities of
the Company immediately prior to such Business Combination beneficially own,
directly or indirectly, more than 50% of the combined voting power of the then
outstanding voting securities entitled to vote generally in the election of
directors of the company resulting

                                       11
<PAGE>

from such Business Combination (including, without limitation, a company which,
as a result of such transaction, owns the Company or all or substantially all of
the Company's assets either directly or through one or more subsidiaries) in
substantially the same proportions as their ownership immediately prior to such
Business Combination of the outstanding voting securities of the Company; or

                (iv)    A sale or other disposition of all or substantially all
of the assets of the Company (other than in a transaction in which all or
substantially all of the individuals and entities who were the Beneficial Owners
of outstanding voting securities of the Company immediately prior to such sale
or other disposition beneficially own, directly or indirectly, substantially all
of the combined voting power of the then outstanding voting securities entitled
to vote generally in the election of directors of the acquirer of such assets
(either directly or through one or more subsidiaries) in substantially the same
proportions as their ownership immediately prior to such sale or other
disposition), or the approval by the stockholders of the Company of a complete
liquidation or dissolution of the Company.

        (h)     "Code" shall mean the Internal Revenue Code of 1986, as amended
from time to time.

        (i)     "Company" shall mean Tractor Supply Company and, except in
determining whether or not any Change in Control of the Company has occurred,
shall include any successor to its business or assets which assumes and agrees
to perform this Agreement by operation of law, or otherwise.

        (j)     "Date of Termination" shall have the meaning set forth in
Section 7(b) hereof.

        (k)     "Disability" shall be deemed the reason for the termination by
the Company of the Executive's employment, if, as a result of the Executive's
incapacity due to physical or mental illness, the Executive shall have been
absent from the full-time performance of the Executive's duties with the Company
for a period of six (6) consecutive months, the Company shall have given the
Executive a Notice of Termination for Disability, and, within thirty (30) days
after such Notice of Termination is given, the Executive shall not have returned
to the full-time performance of the Executive's duties.

        (l)     "Exchange Act" shall mean the Securities Exchange Act of 1934,
as amended from time to time.

        (m)     "Excise Tax" shall mean any excise tax imposed under Section
4999 of the Code.

        (n)     "Executive" shall mean the individual named in the preamble to
this Agreement.

        (o)     "Exempt Person" shall mean Joseph H. Scarlett, Jr., his spouse,
his children and their spouses, and his grandchildren (or the legal
representative of any such person) and each trust for the benefit of any such
person.

        (p)     "Finally Determined" shall mean, with respect to any amount used
in the computation of a Gross-Up Payment, that such amount has been the subject
of an audit adjustment by the Internal Revenue Service that is either (i) agreed
to by both the Executive and the Company, such agreement not to be unreasonably
withheld,

                                       12
<PAGE>

or (ii) sustained by a court of competent jurisdiction in a decision with which
the Executive and the Company concur, such concurrence not to be unreasonably
withheld, or with respect to which the period within which an appeal may be
filed has lapsed without a notice of appeal being filed or there is no further
right of appeal.

        (q)     "Good Reason" for termination by the Executive of the
Executive's employment shall mean the occurrence (without the Executive's
express written consent) after any Change in Control, of any one of the
following acts by the Company, or failures by the Company to act, unless, in the
case of any act or failure to act described in paragraph (i), (v) or (vi) below,
such act or failure to act is corrected prior to the Date of Termination
specified in the Notice of Termination given in respect thereof:

                (i)     the assignment to the Executive of any duties
        inconsistent with the Executive's status as a senior executive officer
        of the Company or a substantial adverse alteration in the nature or
        status of the Executive's responsibilities from those in effect
        immediately prior to the Change in Control;

                (ii)    a reduction by the Company in the Executive's annual
        base salary as in effect on the date hereof or as the same may be
        increased from time to time;

                (iii)   the relocation of the Executive's principal place of
        employment to a location more than 50 miles from the Executive's
        principal place of employment immediately prior to the Change in Control
        or the Company's requiring the Executive to be based anywhere other than
        such principal place of employment (or permitted relocation thereof)
        except for required travel on the Company's business to an extent
        substantially consistent with the Executive's present business travel
        obligations;

                (iv)    the failure by the Company to pay to the Executive any
        portion of the Executive's current compensation, or to pay to the
        Executive any portion of an installment of deferred compensation under
        any deferred compensation program of the Company, within seven (7) days
        of the date such compensation is due;

                (v)     the failure by the Company to continue in effect any
        compensation plan in which the Executive participates immediately prior
        to the Change in Control which is material to the Executive's total
        compensation, unless an equitable arrangement (embodied in an ongoing
        substitute or alternative plan) has been made with respect to such plan,
        or the failure by the Company to continue the Executive's participation
        therein (or in such substitute or alternative plan) on a basis not
        materially less favorable, both in terms of the amount or timing of
        payment of benefits provided and the level of the Executive's
        participation relative to other participants, as existed immediately
        prior to the Change in Control; or

                (vi)    the failure by the Company to continue to provide the
        Executive with benefits substantially similar to those enjoyed by the
        Executive under any of the Company's pension, savings, life insurance,
        medical, health and accident, or disability plans in which the Executive
        was participating immediately prior to the Change in Control (except for
        across the board changes similarly affecting all senior executives of
        the Company and all senior executives of any Person in control of the
        Company), the taking of any other

                                       13
<PAGE>

        action by the Company which would directly or indirectly materially
        reduce any of such benefits or deprive the Executive of any material
        fringe benefit enjoyed by the Executive at the time of the Change in
        Control, or the failure by the Company to provide the Executive with the
        number of paid vacation days to which the Executive is entitled in
        accordance with the Company's normal vacation policy in effect at the
        time of the Change in Control.

        The Executive's right to terminate the Executive's employment for Good
Reason shall not be affected by the Executive's incapacity due to physical or
mental illness. The Executive's continued employment shall not constitute
consent to, or a waiver of rights with respect to, any act or failure to act
constituting Good Reason hereunder.

        (r)     "Gross-Up Payment" shall have the meaning set forth in Section
6(b) hereof.

        (s)     "Notice of Termination" shall have the meaning set forth in
Section 7(a) hereof.

        (t)     "Person" shall have the meaning given in Section 3(a)(9) of the
Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except
that such term shall not include (i) the Company or any of its Affiliates, (ii)
a trustee or other fiduciary holding securities under an employee benefit plan
of the Company or any of its subsidiaries, (iii) an underwriter temporarily
holding securities pursuant to an offering of such securities or (iv) a
corporation owned, directly or indirectly, by the stockholders of the Company in
substantially the same proportions as their ownership of stock of the Company

        (u)     "Retirement" shall be deemed the reason for the termination by
the Executive of the Executive's employment if such employment is terminated in
accordance with the Company's retirement policy, including early retirement,
generally applicable to its salaried employees.

        (v)     "Severance Payments" shall have the meaning set forth in Section
6(a) hereof.

        (w)     "Tax Counsel" shall have the meaning set forth in Section 6(b)
hereof.

        (x)     "Term" shall mean the period of time described in Section 2
hereof (including any extension, continuation or termination described therein).

        (y)     "Total Payments" shall mean those payments so described in
Section 6(b) hereof.

                                       14
<PAGE>

        IT WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

                                    TRACTOR SUPPLY COMPANY

                                    By: /s/ James F. Wright
                                       --------------------
                                       Name: James F. Wright
                                       Title: Chief Executive Officer

                                    EXECUTIVE

                                    /s/ Anthony F. Crudele
                                    ----------------------
                                    Name: Anthony F. Crudele

                                    Address:

                                    818 Shadowstone Place
                                    Nashville, Tennessee 37220

                                    ----------------------------------

                                    (Please print carefully)

                                       15Exhibit 10.23

 Exhibit 10.23 
  
 DEUTSCHE BANK TRUST COMPANY AMERICAS 60 Wall Street New York, New York 10005 
  
 DEUTSCHE BANK SECURITIES INC. 60 Wall Street New York, New York 10005 
  
 October 31, 2005 
  
 Cbeyond Communications, Inc. 
 Cbeyond Communications, LLC 
 320 Interstate North Parkway, Suite 300 
 Atlanta, GA 30339 
  

	Attention:	    J. Robert Fugate, Executive Vice President and 

	                     Chief	Financial Officer 

  
 re Senior Secured Financing Commitment Letter 
  
 Ladies and Gentlemen: 
  
 You have informed Deutsche Bank Trust Company Americas (“DBTCA”) and Deutsche Bank Securities Inc.
(“DBSI” and, together with DBTCA, “DB”) that (i) Cbeyond Communications, Inc., a Delaware corporation (“Holdings”), intends to consummate an initial public offering of its common stock,
generating net cash proceeds of at least $60.0 million (the “IPO”) and (ii) in connection therewith, Holdings and Cbeyond Communications, LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of
Holdings (the “Borrower”), intend to refinance all of their existing indebtedness under their existing credit facility agented by Cisco Systems Capital Corporation (the “Refinancing”). You have further advised us
that you intend to obtain a $10.0 million senior secured revolving loan facility (the “Revolving Loan Facility”), a summary of certain of the terms and conditions of which is set forth in Exhibit A attached hereto (the
“Term Sheet”). The entering into of definitive loan documentation with respect to the Revolving Loan Facility, the consummation of the IPO and the Refinancing are herein collectively called the “Transaction”.

  
 DBTCA is pleased to confirm that, subject to the terms and
conditions set forth herein and in the Term Sheet, it hereby commits (i) to provide 100 % of the Revolving Loan Facility and (ii) to act as sole Administrative Agent (in such capacity, the “Administrative Agent”)
under the Revolving Loan Facility. At DB’s option, DBTCA, DBSI and/or one or more affiliates thereof may also be designated as “Lead Arranger”, “Syndication Agent”, “Documentation Agent” or such other title as may
be deemed appropriate or desirable by DB. You agree that, except as contemplated by the immediately preceding two sentences, no other agents, co-agents or arrangers will be appointed, no other titles will be awarded and no compensation (other than
that expressly contemplated by the Term Sheet and the Fee Letter referred to below) will be paid in connection with the Revolving Loan Facility, unless you and 

 
we shall so agree. DBTCA reserves the right, prior to or after execution of the definitive credit documentation for the Revolving Credit Facility, to
syndicate all or part of its commitment hereunder to one or more other lenders (together with DBTCA, the “Lenders”) that will become party to such definitive credit documentation pursuant to a syndication to be managed by DBSI in
consultation with you. All aspects of any syndication of the Revolving Loan Facility, including, without limitation, timing, potential syndicate members to be approached, titles, allocations and division of fees, shall be determined by DB in
consultation with you. You agree to actively assist DB in such syndication, including by using your commercially reasonable efforts to provide DB and the Lenders, promptly upon request, with all information reasonably deemed necessary by DB to
complete successfully the syndication, including, but not limited to projections and all information prepared by you or your affiliates or advisors relating to the transactions described herein. You also agree to make available your representatives
and senior officers, in each case from time to time and to attend and make presentations regarding the business and prospects of Holdings, the Borrower and their respective subsidiaries at a meeting or meetings of Lenders or prospective Lenders, in
each case at such times (with reasonable advance notice) and places as DB may reasonably request. 
  
 You represent, warrant and covenant that (i) no written information which has been or is hereafter furnished by you or on your behalf in connection
with the transactions contemplated hereby and (ii) no other information given at information meetings for potential syndicate members and supplied or approved by you or on your behalf (such written information and other information being
referred to herein collectively as the “Information”) taken as a whole contained (or, in the case of Information furnished after the date hereof, will contain), as of the time it was (or hereafter is) furnished, any material
misstatement of fact or omitted (or will omit) as of such time to state any material fact necessary to make the statements therein taken as a whole not misleading, in the light of the circumstances under which they were (or hereafter are) made;
provided that, with respect to Information consisting of statements, estimates and projections regarding the future performance of Holdings, the Borrower and their respective subsidiaries (collectively, the “Projections”), no
representation, warranty or covenant is made other than that the Projections have been (and, in the case of Projections furnished after the date hereof, will be) prepared in good faith based on assumptions believed to be reasonable at the time of
preparation thereof. You agree to supplement the Information and the Projections from time to time until the date of the effectiveness of the definitive credit documentation governing the Revolving Loan Facility (the “Closing
Date”), as appropriate, so that the representations and warranties in the preceding sentence remain correct. You understand that, in connection with any syndication of the Revolving Loan Facility, DB will use and rely on the Information and
the Projections without independent verification thereof. 
  
 DB’s commitments and agreements hereunder are subject to (a) there not occurring or becoming known to DB any condition or circumstance which DB shall determine has had, or could reasonably be expected to have, a material adverse
effect on (x) the Transaction, (y) the property, assets, nature of assets, business, operations, liabilities or condition (financial or otherwise) of Holdings, the Company and their respective subsidiaries taken as a whole since
December 31, 2004, or (z) the rights or remedies of the Lenders or the ability of Holdings, the Borrower and their respective subsidiaries to perform their obligations to the Lenders under the Revolving Loan Facility (each, a
“Material Adverse Effect”), (b) DB not becoming aware after the date hereof of any information not previously known to DB which DB 

  

 2 

 
believes is materially negative information with respect to the Transaction or the business, property, assets, nature of assets, operations, liabilities,
condition (financial or otherwise) or prospects of Holdings, the Borrower and their respective subsidiaries taken as a whole, or which is inconsistent in a material and adverse manner with any such information or other matter disclosed to DB prior
to the date hereof, and (c) the other conditions set forth or referred to herein and in the Term Sheet. 
  
 To induce DB to issue this letter (together with the Term Sheet, this “Commitment Letter”) and to proceed with the documentation of the
proposed Revolving Loan Facility, you hereby jointly and severally agree that all reasonable fees and expenses (including the reasonable fees and expenses of counsel and consultants) of DB and its affiliates arising in connection with this
Commitment Letter and in connection with the Transaction and other transactions described herein shall be for your joint and several account (and that you shall from time to time upon request from DB reimburse it and its affiliates for all such fees
and expenses paid or incurred by them), whether or not the Transaction is consummated or the Revolving Loan Facility is made available or definitive credit documents are executed. You further jointly and severally agree to indemnify and hold
harmless the Administrative Agent and each other agent or co-agent (if any) designated by DB with respect to the Revolving Loan Facility (each, an “Agent”), each Lender (including in any event DBTCA) and their respective affiliates
and each director, officer, employee, representative and agent thereof (each, an “indemnified person”) from and against any and all actions, suits, proceedings (including any investigations or inquiries), claims, losses, damages,
liabilities or expenses of any kind or nature whatsoever which may be incurred by or asserted against or involve any Agent, any Lender or any other such indemnified person as a result of or arising out of or in any way related to or resulting from
the Transaction or this Commitment Letter and, upon demand, to pay and reimburse (on a joint and several basis) each Agent, each Lender and each other indemnified person for any reasonable legal or other out-of-pocket expenses paid or incurred in
connection with investigating, defending or preparing to defend any such action, suit, proceeding (including any inquiry or investigation) or claim (whether or not any Agent, any Lender or any other such indemnified person is a party to any action
or proceeding out of which any such expenses arise); provided, however, that you shall not have to indemnify any indemnified person against any action, suit, proceeding, claim, loss, damage, expense or liability to the extent same
resulted from the gross negligence or willful misconduct of the respective indemnified person (as determined by a court of competent jurisdiction in a final and non-appealable judgment). Neither DB nor any other indemnified person shall be
responsible or liable to you or any other person or entity for (x) any determination made by it pursuant to this Commitment Letter in the absence of gross negligence or willful misconduct on the part of such person or entity (as determined by a
court of competent jurisdiction in a final and non-appealable judgment), (y) any damages arising from the use by others of information or other materials obtained through electronic, telecommunications or other information transmission systems
or (z) any indirect, special, incidental, punitive or consequential damages (including, without limitation, any loss of profits, business or anticipated savings) which may be alleged as a result of this Commitment Letter or the financing
contemplated hereby. 
  
 DB reserves the right to employ the
services of its affiliates (including Deutsche Bank AG) in providing services contemplated by this Commitment Letter and to allocate, in whole or in part, to its affiliates certain fees payable to DB in such manner as DB and its 

  

 3 

 
affiliates may agree in their sole discretion. You also agree that DB may at any time and from time to time assign all or any portion of its commitments
hereunder to one or more of its affiliates. You further acknowledge that (i) DB may share with any of its affiliates, and such affiliates may share with DB, any information related to the Transaction, Holdings, the Borrower (and your respective
subsidiaries and affiliates), or any of the matters contemplated hereby and (ii) DB and its affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other companies in respect of
which Holdings or the Borrower may have conflicting interests regarding the transactions described herein and otherwise. DB agrees to treat, and cause any such affiliate to treat, all non-public information provided to it by Holdings and the
Borrower as confidential information in accordance with customary banking industry practices. 
  
 You agree that this Commitment Letter is for your confidential use only and that, unless DB has otherwise consented, neither its existence nor the terms hereof will be disclosed by you to any person or entity other
than your officers, directors, employees, accountants, attorneys and other advisors, and then only on a “need to know” basis in connection with the transactions contemplated hereby and on a confidential basis. Notwithstanding the
foregoing, following your acceptance of the provisions hereof and your return of an executed counterpart of this Commitment Letter and the related fee letter of even date herewith among the parties hereto (the “Fee Letter”) to us as
provided below, (i) you may make public disclosure of the existence and amount of the commitments hereunder and of the identity of the Administrative Agent, (ii) you may file a copy of this Commitment Letter (but not the Fee Letter) in any
public record in which it is required by law to be filed and (iii) you may make such other public disclosure of the terms and conditions hereof as, and to the extent, you are required by law, in the opinion of your counsel, to make. If this
Commitment Letter is not accepted by you as provided below, please immediately return this Commitment Letter (and any copies hereof) to the undersigned. 
  
 You hereby represent and acknowledge that, to the best of your knowledge, neither DB, nor any employees or agents of, or other persons affiliated with,
DB, have directly or indirectly made or provided any statement (oral or written) to you or to any of your employees or agents, or other persons affiliated with or related to you (or, so far as you are aware, to any other person), as to the potential
tax consequences of the Transaction. 
  
 The provisions of the
four immediately preceding paragraphs shall survive any termination of this Commitment Letter. 
  
 In order to comply with the USA PATRIOT Act, DB must obtain, verify and record information that sufficiently identifies each entity (or individual) that enters into a business relationship with DB. As a result, in
addition to your corporate name and address, DB will obtain your corporate tax identification number and certain other information. DB may also request relevant corporate resolutions and other identifying documents. 
  
 This Commitment Letter and the Fee Letter (and your rights and obligations
hereunder and thereunder) shall not be assignable by you to any person or entity without the prior written consent of DB (and any purported assignment without such consent shall be null and void). This Commitment Letter and the Fee Letter may not be
amended or modified, or any provision hereof and thereof waived, except by an instrument in writing signed by you and DB. 

  

 4 

 
Each of this Commitment Letter and the Fee Letter may be executed in any number of counterparts, each of which shall be an original and all of which, when
taken together, shall constitute one agreement. Delivery of an executed signature page of this Commitment Letter or the Fee Letter by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof or thereof, as the
case may be. This Commitment Letter and the Fee Letter shall be governed by, and construed in accordance with, the laws of the State of New York. This Commitment Letter and the Fee Letter set forth the entire agreement between the parties hereto as
to the matters set forth herein and supersede all prior communications, written or oral, with respect to the matters herein. Matters that are not covered or made clear herein, in the Term Sheet or in Fee Letter are subject to mutual agreement of the
parties hereto. This Commitment Letter and the Fee Letter are intended to be solely for the benefit of the parties hereto and thereto and are not intended to confer any benefits upon, or create any rights in favor of, any person or entity other than
the parties hereto or thereto (and indemnified persons) and may not be relied upon by any person or entity other than you. Neither this Commitment Letter nor the Fee Letter is intended to create a fiduciary relationship among the parties hereto or
thereto. 
  
 Each of the parties hereto hereby waives any right to
trial by jury with respect to any claim, action, suit or proceeding arising out of or contemplated by this Commitment Letter or the Fee Letter. You hereby submit to the non-exclusive jurisdiction of the federal and New York state courts located in
the county of New York in connection with any dispute related to this Commitment Letter, the Fee Letter or any matters contemplated hereby or thereby. 
  
 DB’s willingness, and commitments, with respect to the Revolving Loan Facility as set forth above will terminate on November 18, 2005, unless on
or prior to such date the Transaction has been consummated and a definitive credit agreement evidencing the Revolving Loan Facility, in form and substance satisfactory to DB, shall have been entered into. Before such date, DB may terminate its
commitment hereunder if any event occurs or information becomes available that, in its reasonable judgment, results or is likely to result in the failure to satisfy any condition set forth in the fourth paragraph of this Commitment Letter.

  
 * * * 
  

 5 

 If you are in agreement with the foregoing, please sign and return to DB the enclosed copy of this
Commitment Letter, together with a copy of the enclosed Fee Letter, no later than 5:00 p.m., New York time, on November 1, 2005. Unless this Commitment Letter and the Fee Letter are signed and returned by the time and date provided in the
immediately preceding sentence, this Commitment Letter shall terminate at such time and date. 
  
 Very truly yours, 
  

			
	DEUTSCHE BANK TRUST COMPANY
    AMERICAS
		
	By:	 	     /s/  Calli S.
Hayes        

	 	 	 Name: Calli S. Hayes
 Title: Managing Director

		
	By:	 	     /s/  Stephen
Cayer        

	 	 	 Name: Stephen Cayer
 Title: Director

	
	DEUTSCHE BANK TRUST COMPANY
    AMERICAS
		
	By:	 	     /s/  David
Pearson        

	 	 	 Name: David Pearson
 Title: Managing Director

		
	By:	 	     /s/  Matthew
Maley        

	 	 	 Name: Matthew Maley
 Title: Vice President

  
 Agreed to and Accepted this 
  
 31 day of October, 2005: 
  

			
	CBEYOND COMMUNICATIONS, INC.
		
	By:	 	     /s/  J. Robert
Fugate        

	 	 	 Name: J. Robert Fugate
 Title: CFO

	
	CBEYOND COMMUNICATIONS, INC.
		
	By:	 	     /s/  J. Robert
Fugate        

	 	 	 Name: J. Robert Fugate
 Title: CFO

 SUMMARY OF CERTAIN TERMS OF REVOLVING LOAN FACILITY 
  
 Unless otherwise defined herein, capitalized terms used herein and defined in
the letter agreement (the “Commitment Letter”) to which this Exhibit A is attached are used herein as therein defined. 
  

	 Borrower: 
	 Cbeyond Communications, LLC (the “Borrower”). 

  

	 Administrative Agent: 
	 Deutsche Bank Trust Company Americas (“DBTCA”) (in such capacity, the “Administrative Agent”).

  

	 Lenders: 
	 DBTCA and such other financial institutions as may become party to the definitive credit agreement governing the Revolving Loan Facility referred
to below (the “Credit Agreement”) in accordance with the assignment provisions described below under the heading “Assignments and Participations” (collectively, the “Lenders”).

  

	 Total Revolving Loan Facility: 
	 A revolving loan facility in an aggregate principal amount of $10.0 million (the “Revolving Loan Facility”).

  

	 Transaction: 
	 As use herein, “Transaction” shall mean, collectively, (i) the entering into of definitive loan documentation with respect
to the Revolving Loan Facility and (ii) the consummation of an initial public offering of Cbeyond Communications, Inc. (“Holdings”) generating net cash proceeds of $60.0 million (the “IPO”) and the contribution
of the net cash proceeds therefrom to the Borrower. 

  

	 Use of Proceeds: 
	 The proceeds of loans under the Revolving Loan Facility (the “Revolving Loans”) shall be utilized for working capital, capital
expenditures and general corporate purposes (other than financing acquisitions, investments or dividends). 

  

	 Maturity: 
	 The final maturity date of the Revolving Loan Facility (the “Revolving Loan Maturity Date”) shall be 5 years from the date of the
effectiveness of the Credit Agreement (the “Closing Date”). 

  

	 Availability: 
	 Revolving Loans may be borrowed, repaid and reborrowed on and after the Closing Date and prior to the Revolving Loan Maturity Date in accordance
with the terms of the Credit Agreement. 

  

	 Guaranties: 
	 Holdings and each direct and indirect subsidiary of Holdings (other than the Borrower) (each, a “Guarantor” and, collectively,
the “Guarantors”) shall be required to provide an unconditional guaranty of all amounts owing under the Revolving Loan Facility (the “Guaranties”). Such Guaranties shall be in form and substance reasonably
satisfactory to 

 DBTCA. All Guaranties shall be guarantees of payment and not of collection. Notwithstanding anything to
the contrary contained above, no non-U.S. subsidiary of the Borrower which is a “controlled foreign corporation” (within the meaning of Section 957 of the Internal Revenue Code) (each, a “CFC”) shall be required to
provide a Guaranty (or constitute a Guarantor) if the furnishing of such Guaranty gives rise to material adverse tax consequences to Holdings or the Borrower. 
  

	 Security: 
	 All amounts owing under the Revolving Loan Facility (and all obligations under the Guaranties) will be secured by (x) a first priority
perfected security interest in all stock, other equity interests and promissory notes owned by the Borrower and the Guarantors, provided that not more than 65% of the total outstanding voting stock of any CFC shall be required to be pledged
if the pledging thereof would give rise to material adverse tax consequences to the Borrower, and (y) a first priority perfected security interest in all other tangible and intangible assets (including, without limitation, receivables,
inventory, equipment, contract rights, securities, patents, trademarks, other intellectual property, cash, real estate and leasehold interests) owned by the Borrower and the Guarantors, subject (in each case) to exceptions satisfactory to DBTCA.

  
 All documentation (collectively referred to
herein as the “Security Agreements”) evidencing the security required pursuant to the immediately preceding paragraph shall be in form and substance satisfactory to DBTCA, and shall effectively create first priority security
interests in the property purported to be covered thereby, with such exceptions as are acceptable to DBTCA in its reasonable discretion. 
  

	 Optional Commitment Reductions: 
	 The unutilized portion of the total commitments under the Revolving Loan Facility may, upon three business days’ notice, be reduced or
terminated by the Borrower, in whole or in part, without premium or penalty in minimum amounts to be agreed. 

  

	 Voluntary Prepayments: 
	 Voluntary prepayments may be made at any time on three business days’ notice in the case of Eurodollar Loans, or one business day’s
notice in the case of Base Rate Loans, without premium or penalty, in minimum principal amounts to be agreed; provided that voluntary prepayments of Eurodollar Loans made on a date other than the last day of an interest period applicable
thereto shall be subject to customary breakage costs. 

  

	 Mandatory Repayments: 
	 (i) If at any time the outstandings pursuant to the Revolving Loan Facility exceed the aggregate commitments with respect thereto,
prepayments of Revolving Loans shall be required in an amount equal to such excess, (ii) if at any time cash and cash equivalents held by Holdings and its 

  

 8 

 
subsidiaries exceeds $5.0 million for 10 consecutive days, repayments of Revolving Loans shall be required in an amount equal to such excess (without a
corresponding reduction to the commitments under the Revolving Loan Facility) and (iii) upon the occurrence of a change of control (to be defined), all commitments under the Revolving Loan Facility shall terminate and all outstanding Revolving
Loans shall become due and payable. 
  

	 Interest Rates: 
	 At the Borrower’s option, Revolving Loans may be maintained from time to time as (x) Base Rate Loans, which shall bear interest at the
Base Rate in effect from time to time plus the Applicable Margin (as defined below) or (y) Eurodollar Loans, which shall bear interest at the Eurodollar Rate (adjusted for maximum reserves) as determined by the Administrative Agent for
the respective interest period plus the Applicable Margin. 

  
 “Applicable Margin” shall mean a percentage per annum equal to (x) 1.75% in the case of Revolving Loans maintained as Base Rate Loans and (y) 2.75% in the case of Revolving Loans maintained
as Eurodollar Loans. 
  
 “Base Rate” shall mean
the higher of (x) the rate that the Administrative Agent announces from time to time as its prime lending rate, as in effect from time to time, and (y) 1/2 of 1% in excess of the overnight federal funds rate. 
  
 Interest periods of 1, 2, 3 and 6 months shall be available in the case of
Eurodollar Loans. 
  
 The Revolving Loan Facility shall include
customary protective provisions for such matters as defaulting banks, capital adequacy, increased costs, reserves, funding losses, illegality and withholding taxes. 
  
 Interest in respect of Base Rate Loans shall be payable quarterly in arrears on the last business day of each calendar
quarter. Interest in respect of Eurodollar Loans shall be payable in arrears at the end of the applicable interest period and every three months in the case of interest periods in excess of three months. Interest will also be payable at the time of
repayment of any Revolving Loans and at maturity. All interest on Base Rate Loans, Eurodollar Loans and commitment fees and any other fees shall be based on a 360-day year and actual days elapsed. 
  

	 Default Interest: 
	 Overdue principal, interest and other amounts shall bear interest at a rate per annum equal to the greater of (i) the rate which is 2% in
excess of the rate otherwise applicable to Base Rate Loans from time to time and (ii) the rate which is 2% in excess of the rate then borne by such borrowings. Such interest shall be payable on demand. 

  

 9 

	 Commitment Fee: 
	 A commitment fee, at a per annum rate of 0.50%, on the daily undrawn portion of the commitments of each Lender under the Revolving Loan Facility,
will commence accruing on the Closing Date and will be payable quarterly in arrears. 

  

	 Assignments and Participations: 
	 Neither Holdings nor the Borrower may assign its rights or obligations under the Revolving Loan Facility. Any Lender may assign, and may sell
participations in, its rights and obligations under the Revolving Loan Facility to an Eligible Assignee (to be defined to the reasonable satisfaction of the Administrative Agent and the Borrower, but, in any event, to exclude any direct corporate
competitor of Holdings or any of its subsidiaries), subject (x) in the case of participations, to customary restrictions on the voting rights of the participants and (y) in the case of assignments, to such limitations as may be established
by the Administrative Agent (including (i) a minimum assignment amount to be established by the Administrative Agent (or, if less, the entire amount of such assignor’s commitments and outstanding Revolving Loans at such time), (ii) an
assignment fee in the amount of $3,500 to be paid by the respective assignor or assignee to the Administrative Agent and (iii) the receipt of the consent of the Administrative Agent (not to be unreasonably withheld or delayed)). The Revolving
Loan Facility shall provide for a mechanism which will allow for each assignee to become a direct signatory to the Credit Agreement and will relieve the assigning Lender of its obligations with respect to the assigned portion of its commitment.

  

	 Waivers and Amendments: 
	 Amendments and waivers of the provisions of the Credit Agreement and the other loan documentation governing the Revolving Loan Facility will
require the approval of the Borrower and Lenders holding commitments and/or outstandings (as appropriate) representing more than 50% of the aggregate commitments and outstandings under the Revolving Loan Facility, except that (a) the consent of
each Lender affected thereby will be required with respect to (i) increases in commitment amounts, (ii) reductions of principal, interest or fees and (iii) extensions of final scheduled maturities or times for payment of interest or
fees, and (b) the consent of all of the Lenders shall be required with respect to releases of all or substantially all of the collateral. 

  

	 Documentation; Governing Law: 
	 The definitive financing agreements for the Revolving Loan Facility (and related security documentation, guaranties, etc.) shall be consistent
with the terms of the Commitment Letter and this Term Sheet, in each case prepared by White & Case LLP as counsel to the Administrative Agent, and reasonably satisfactory to the Administrative Agent (including, without limitation, as to the
terms, conditions, representations, covenants and events of default contained therein). All documentation shall be governed by the internal laws of the State of New York (except security 

  

 10 

 
documentation that the Administrative Agent determines should be governed by local law). 
  

	 Conditions Precedent to Closing Date: 
	 Those conditions precedent that are usual and customary for this type of facility, and such additional conditions precedent as DB shall reasonably
deem appropriate in the context of the proposed Transaction. Without limiting the foregoing, the following conditions shall apply: 

  

	 	(i)	The structure and all terms of, and the documentation for, each component of the Transaction shall be reasonably satisfactory in form and substance to DBTCA, and such documentation
shall be in full force and effect. All conditions precedent to the consummation of the Transaction, as set forth in the documentation relating thereto, shall have been satisfied, and not waived except with the consent of DBTCA. Each component of the
Transaction shall have been consummated in accordance with the documentation therefor and all applicable laws. 

  

	 	(ii)	The Borrower shall have received net cash proceeds of at least $60.0 million (calculated after underwriting fees) from the consummation of the IPO. 

  

	 	(iii)	All obligations of the Borrower and its subsidiaries with respect to the Second Amended and Restated Credit Agreement, dated as of November 1, 2002, among the Borrower,
Holdings, the lending institutions from time to time party thereto, and Cisco Systems Capital Corporation, as agent, shall have been paid in full, and all commitments, security interests and guaranties in connection therewith shall have been
terminated and released, all to the reasonable satisfaction of DBTCA. 

  

	 	(iv)	Holdings and its subsidiaries shall have no outstanding preferred equity, indebtedness or contingent liabilities, except for indebtedness incurred pursuant to the (i) the
Revolving Loan Facility and (ii) such other existing indebtedness and disclosed contingent liabilities, if any, as shall be permitted by DBTCA (the “Existing Indebtedness”), and all stock of the Borrower shall be owned by
Holdings free and clear of liens (other than those securing the Revolving Loan Facility). If any Existing Indebtedness is permitted to remain outstanding after the Closing Date, all terms and conditions thereof shall be required to be reasonably
satisfactory to DBTCA in its sole discretion. 

  

	 	(v)	 There shall be no conflict with, or default under, any material agreement of Holdings and its subsidiaries (including any such 

  

 11 

	 	 
agreements in respect of Existing Indebtedness), subject to such exceptions as may be agreed upon. 

  

	 	(vi)	There shall not exist any judgment, order, injunction or other restraint prohibiting or imposing materially adverse conditions upon the transactions contemplated by the Revolving
Loan Facility. 

  

	 	(vii)	Since December 31, 2004, nothing shall have occurred (and DBTCA shall not have become aware of any facts or conditions not previously known) which DBTCA shall determine has
had, or could reasonably be expected to have a material adverse effect on (x) the Revolving Loan Facility, (y) the property, assets, nature of assets, business, operations, liabilities or condition (financial or otherwise) of the Borrower
or Holdings and its subsidiaries taken as a whole, or (z) the rights or remedies of DBTCA or the ability of Holdings, the Borrower and their respective subsidiaries to perform their obligations to DBTCA under the Revolving Loan Facility (each,
a “Material Adverse Effect”). 

  

	 	(viii)	No litigation by any entity (private or governmental) shall be pending or threatened with respect to the Revolving Loan Facility or any documentation executed in connection
therewith, or which DBTCA shall determine has had, or could reasonably be expected to have, a Material Adverse Effect. 

  

	 	(ix)	All Revolving Loans and all other financings to the Borrower (and all guaranties thereof and security therefor) shall be in compliance with all applicable requirements of law,
including Regulations T, U and X of the Federal Reserve Board (the “Margin Regulations”). 

  

	 	(x)	All costs, fees, expenses (including, without limitation, legal fees and expenses) and other compensation contemplated hereby, payable to DBTCA or otherwise payable in respect of
the Revolving Loan Facility shall have been paid to the extent due. 

  

	 	(xi)	The Guaranties and Security Agreements required hereunder shall have been executed and delivered in form, scope and substance reasonably satisfactory to DBTCA, and the DBTCA shall
have a first priority perfected security interest in all assets of the Borrower and the Guarantors as and to the extent required above. 

  

	 	(xii)	 DBTCA shall have received (x) legal opinions from counsel (including, without limitation, New York counsel) covering matters acceptable to the Administrative
Agent (including, without limitation, (I) a no-conflicts opinion as to Existing Indebtedness (if any), and any other material contracts of Holdings, the Borrower or any of their respective subsidiaries and (II) compliance with the 

  

 12 

	 	 
Margin Regulations) and (y) a solvency certificate, in form and substance reasonably satisfactory to DBTCA, from the chief financial officer of
Holdings. 

  

	 	(xiii)	DBTCA shall have received and be satisfied with (i) audited consolidated financial statements of the Borrower for the three fiscal years of the Borrower ended prior to the
Closing Date, (ii) unaudited consolidated financial statements of the Borrower for each fiscal quarter of the Borrower ended after the close of its most recent fiscal year and at least 45 days prior to the Closing Date, (iii) pro
forma consolidated financial statements of Holdings and its subsidiaries (including the Borrower) meeting the requirements of Regulation S-X for registration statements (as if such a registration statement for a debt issuance of the Borrower,
guaranteed by Holdings, became effective on the Closing Date) on Form S-1, which pro forma financial statements shall demonstrate, to DBTCA’s reasonable satisfaction, that (x) the total consolidated indebtedness of Holdings and its
subsidiaries (determined on a pro forma basis after giving effect to the Transaction and including any repayment of indebtedness with the proceeds from the IPO) does not exceed 1.0 multiplied by Adjusted Consolidated EBITDA (to be defined in
a manner satisfactory to DB and the Borrower) of the Borrower for the twelve month period ending on September 30, 2005 and (y) Adjusted Consolidated EBITDA for the Borrower for the twelve month period ending on September 30, 2005 is
at least $21.0 million, (iv) interim financial statements of the Borrower for each month ended after the date of the last available quarterly financial statements and at least 30 days prior to the Closing Date and (v) detailed projected
consolidated financial statements of Holdings and its subsidiaries for the five fiscal years ended after the Closing Date, which projections shall (x) reflect the forecasted consolidated financial condition of Holdings and its subsidiaries
after giving effect to the Revolving Loan Facility, and (y) be prepared and approved by the Borrower (the “Projections”). 

  

	 	(xiv)	DBTCA shall have received evidence of insurance maintained by Holdings, the Borrower and their respective subsidiaries consistent with that of other companies of substantially
similar size and scope of operations in the same or substantially similar businesses. 

  

	 	(xv)	All agreements relating to, and the corporate and capital structure of, Holdings and its subsidiaries, and all organizational documents of Holdings and its subsidiaries, in each
case as the same will exist after giving effect to the Revolving Loan Facility, shall be reasonably satisfactory to DBTCA. 

  

 13 

 Conditions Precedent to Closing Date and Each Revolving Loan: 
  

	 	(i)	All representations and warranties shall be true and correct in all material respects on and as of the date of each borrowing of a Revolving Loan (although any representations and
warranties which expressly relate to a given date or period shall be required to be true and correct in all material respects as of the respective date or for the respective period, as the case may be), before and after giving effect to such
borrowing or issuance and to the application of the proceeds therefrom, as though made on and as of such date. 

  

	 	(ii)	No event of default under the Revolving Loan Facility or event which with the giving of notice or lapse of time or both would be an event of default under the Revolving Loan
Facility, shall have occurred and be continuing, or would result from any borrowing of a Revolving Loan. 

  

	 	(iii)	The Borrower may not incur any Revolving Loans if (after giving effect to the incurrence thereof and the application of proceeds therefrom and any cash or Cash Equivalents (to be
defined) on hand (to the extent such proceeds and/or other cash or Cash Equivalents are actually utilized by the Borrower and/or any other subsidiary of Holdings on the respective date of incurrence of such Revolving Loan for a permitted purpose
other than an investment in Cash Equivalents)) Holdings and its subsidiaries would hold cash and Cash Equivalents on such date of incurrence in an aggregate amount in excess of $5.0 million. 

  

	 Representations and Warranties: 
	 Those representations and warranties which are usual and customary for this type of facility, and such additional representations and warranties
as DBTCA shall deem appropriate. Although the representations and warranties have not yet been specifically determined, we anticipate that the representations and warranties shall in any event include, but not be limited to: (i) corporate
status, (ii) power and authority, (iii) no violation or conflicts, (iv) governmental and third-party approvals, (v) financial statements, undisclosed liabilities and projections, (vi) absence of a Material Adverse Effect,
(vii) solvency, (viii) absence of material litigation, (ix) true and complete disclosure, (x) use of proceeds and compliance with Margin Regulations, (xi) tax returns and payments, (xii) compliance with ERISA,
environmental law, general statutes, etc., (xiii) ownership of property, (xiv) perfection of security interests under Security Agreements, (xv) capitalization, (xvi) inapplicability of Investment Company Act and Public Utility
Holding Company Act, (xvii) employment and labor relations, (xviii) intellectual property, franchises, etc., (xix) Existing Indebtedness, (xx) maintenance of insurance, and (xxi) subordination. 

 

 14 

	 Affirmative and Negative Covenants: 
	 Those covenants usual and customary for these types of facilities, and such additional covenants as DB shall deem appropriate in the context of
the proposed Transaction (with customary exceptions and baskets to be agreed upon). Special-purpose “holding company” covenants shall apply to Holdings. Although the covenants have not yet been specifically determined, we anticipate that
the other covenants shall in any event include, but not be limited to: (i) limitations on other indebtedness (including contingent liabilities and seller notes), (ii) limitations on mergers and acquisitions and dispositions of assets,
(iii) limitations on sale-leaseback transactions, (iv) limitations on dividends and other restricted payments, (v) limitations on voluntary prepayments of other indebtedness and amendments thereto, and amendments to organizational
documents and other material agreements, (vi) limitations on transactions with affiliates, (vii) limitations on (x) investments (including joint ventures and partnerships) and (y) holding cash and cash equivalents in excess of
$5.0 million at any time Revolving Loans are outstanding, (viii) limitations on (x) formation of subsidiaries and (y) issuances of certain equity interests, (ix) maintenance of existence and properties; corporate separateness,
(x) limitations on liens, subject to customary exceptions and baskets to be agreed upon and to include a basket for liens securing purchase money security interest indebtedness and capital lease obligations; provided that (I) with
respect to such purchase money security interest indebtedness, (x) the aggregate principal amount thereof shall not exceed $10.0 million at any time outstanding, (y) the average weighted life to maturity of such indebtedness shall be no
shorter than the average weighted maturity of the Revolving Loan Facility (i.e., five years) and (z) all covenants, defaults, basket amounts and other relevant terms shall be no more restrictive than the comparable terms set forth in the
Credit Agreement and (II) with respect to capital lease obligations, the aggregate amount thereof shall not exceed $15.0 million at any time), (xi) adequate insurance coverage, (xii) ERISA covenants, (xiii) financial reporting, notice
of environmental, ERISA-related matters and material litigation and visitation and inspection rights, (xiv) compliance with laws, including environmental and ERISA, (xv) payment of taxes and other liabilities, (xvi) limitation on
changes in nature of business and (xvii) use of proceeds. 

  

	 Financial Covenants: 
	 Financial covenants to consist of the following: 

  

	 	(i)	 As at the end of each fiscal quarter of the Borrower, the Adjusted Consolidated EBITDA for the period of four consecutive fiscal quarters then last ended (taken as
a single accounting period) (each, a “Test Period”) shall equal at least (w) in the case of each Test Period ended in fiscal year 2006, 75%, (x) in the case of each Test Period ended in fiscal year 2007, 77%, (y) in
the case of each Test Period ended in fiscal year 2008, 79% and (z) in the case of each 

  

 15 

	 	 
Test Period ended thereafter, 80%, in each case of the amount specified for such Test Period as set forth in the Projections delivered to DB on or prior to
the date of the Commitment Letter; and 

  

	 	(ii)	As at the end of each fiscal quarter of the Borrower, the aggregate amount of capital expenditures (including purchase money security interests and capital lease obligations)
incurred by Holdings and its subsidiaries during the period commencing on October 1, 2005 and ending on the last day the fiscal quarter then last ended, shall not exceed 120% of the cumulative amount of permitted capital expenditures specified
for such period in the Projections delivered to DB on or prior to the date of the Commitment Letter. 

  

	 Events of Default: 
	 Those events of default usual and customary for this type of facility, and such additional events of default as are appropriate under the
circumstances, including, without limitation, (i) a change of control (to be defined to the reasonable satisfaction of DBTCA) of Holdings or the Borrower, (ii) payment defaults, (iii) inaccuracy of representations and warranties,
(iv) failure to perform covenants, (v) cross-default to other indebtedness and defaults under other agreements, (vi) bankruptcy, insolvency, etc., (vii) ERISA events, (viii) invalidity Security Agreements or loss of
first-priority perfection of security interests, (ix) invalidity of Guaranties, (x) judgments, (xi) Material Adverse Effect, (xii) failure to maintain consents, approvals, etc. and (xiii) subordination.

  

	 Indemnification: 
	 The documentation for the Revolving Loan Facility will contain customary indemnities for DBTCA, and its employees, agents and affiliates (other
than as a result of such person’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final and non-appealable decision). 

  

 16

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